Financing (Tables)

12 Months Ended

Dec. 31, 2025

Notes Payable [Abstract]

Schedule of Long-Term Debt Instruments

The following table sets forth the details of the Company’s financing as of December 31, 2025 and December 31, 2024 ($ in thousands):

	December 31, 2025							December 31, 2024
	Current Face		Carrying Value		Stated Maturity	Base/Fixed Interest Rate	Interest Rate Pricing Spread	Carrying Value
Notes payable
Multinational Bank 1 (1)	$	125,091	$	125,091	June 2026	Average Daily SOFR	1.65% - 2.10%	$	100,711
Global Investment Bank 2 (2)	—		—		March 2026	1 Month Term SOFR	1.65% - 2.40%	15,111
Global Investment Bank 3 (3)	60,263		60,263		September 2026	Compound SOFR	1.75% - 4.75%	13,637
Global Investment Bank 4 (4)	33,403		33,403		October 2027	Term SOFR	1.60%	—
Total Notes Payable Financing	$	218,757	$	218,757				$	129,459
Non-recourse securitization obligation	$	1,915,390	$	1,915,321	N/A	4.51%		$	1,593,612
Securities sold under agreements to repurchase	$	54,041	$	54,041	October 2025	5.44%		$	50,555
Senior Unsecured Notes
June 2030 Senior Unsecured Notes	$	42,500	$	40,784	June 2030	9.75%		$	—
July 2029 Senior Unsecured Notes	50,000		48,239		July 2029	9.50%		47,740
Total Senior Unsecured Notes	$	92,500	$	89,023				$	47,740
Total Financing	$	2,280,688	$	2,277,142				$	1,821,366

(1)     On December 26, 2025, this financing facility was extended through June 25, 2026 in accordance with the terms of the agreement, which contemplates rolling three-month renewals. The interest rate pricing spread remained unchanged from the prior extension at a range from 1.65% to 2.10%.

(2)     On March 28, 2024, the Company and two of its subsidiaries terminated the existing facility with Global Investment Bank 2 and the Company and two different subsidiaries entered into a new facility with Global Investment Bank 2 wherein the Company is guarantor, one of the subsidiaries is seller and Global Investment Bank 2 is buyer. This updated facility has been extended through March 27, 2026. On October 10, 2025, the facility was amended to reduce the interest rate pricing spread to a range of 1.65% to 2.40%; prior to this amendment, the interest rate pricing spread was a range of 1.75% to 3.35%.

(3)     On September 26, 2025, the facility’s termination date was extended to September 26, 2026. In addition, the interest rate pricing spread was reduced to a range from 1.75% to 4.75%; prior to this extension, the interest rate pricing spread was a range from 1.90% to 4.75%.

(4)     On October 6, 2025, the Company and one of its subsidiaries entered into a $200.0 million repurchase facility with a global investment bank (“Global Investment Bank 4”) through the execution of a Master Repurchase Agreement and Securities Contract (the “Global Investment Bank 4 Master Repurchase Agreement”). The amount expected to be advanced by Global Investment Bank 4 is generally in line with other similar agreements that the Company has entered into. Additionally, the rates, terms, events of default, and remedies for such events of default contained within the Master Repurchase Agreement are generally in line with other similar agreements that the Company has entered into. The interest rate is equal to the sum of (1) a spread of 1.60%, and (2) Term SOFR. The Master Repurchase Agreement expires on October 6, 2027, unless terminated earlier pursuant to the terms of the Global Investment Bank 4 Master Repurchase Agreement.

The following table sets forth the total unused borrowing capacity of each financing line as of December 31, 2025:

Note Payable	Borrowing Capacity		Balance Outstanding		Available Financing
	(in thousands)
Multinational Bank 1	$	600,000	$	125,091	$	474,909
Global Investment Bank 2	250,000		—		250,000
Global Investment Bank 3	200,000		60,263		139,737
Global Investment Bank 4	200,000		33,403		166,597
Total	$	1,250,000	$	218,757	$	1,031,243

The below table provides a summary of the Senior Unsecured Notes as of December 31, 2025 ($ in thousands).

			Carrying Value
Senior Unsecured Notes (1)	Principal Amount		December 31, 2025		December 31, 2024		Maturity Date (2)	Redemption Date (3)	Rate (4)
June 2030 Senior Unsecured Notes	$	42,500	$	40,784	$	—	June 2030	June 2027	9.75	%
July 2029 Senior Unsecured Notes	$	50,000	$	48,239	$	47,740	July 2029	July 2026	9.50	%
	$	92,500	$	89,023	$	47,740

(1)     The Senior Unsecured Notes are fully and unconditionally guaranteed on a senior unsecured basis by the Operating Partnership, including the due and punctual payment of principal, premium, if any, and interest on the Senior Unsecured Notes, whether at stated maturity, upon acceleration, call for redemption or otherwise.

(2)     The Company has the option to redeem the Senior Unsecured Notes earlier than the maturity date.

(3)     The Company may redeem the Senior Unsecured Notes in whole or in part at any time on or after the optional redemption date, at a redemption price equal to 100% of the outstanding principal amount of the Senior Unsecured Notes to be redeemed plus accrued and unpaid interest to, but excluding, the redemption date. Upon the occurrence of certain events relating to a change of control of the Company, the Company must make an offer to repurchase all outstanding Senior Unsecured Notes at a price in cash equal to 101% of the principal amount of the Senior Unsecured Notes, plus accrued and unpaid interest to, but excluding, the repurchase date.

(4)     The 2030 Notes bear interest at a rate equal to 9.75% per year, payable in cash quarterly in arrears on March 1, June 1, September 1, and December 1 of each year, beginning on September 1, 2025. The 2029 Notes bear interest at a rate equal to 9.50% per year, payable in cash quarterly in arrears on January 30, April 30, July 30 and October 30 of each year.

The below table details the total interest expense incurred on the Senior Unsecured Notes during the years ended December 31, 2025 and December 31, 2024 ($ in thousands).

	December 31, 2025		December 31, 2024
Coupon interest expense	$	7,298	$	2,072
Amortization expense	840		462
Total interest expense	$	8,138	$	2,534

Schedule of Repurchase Agreements

The following table summarizes certain characteristics of the Company’s repurchase agreements as of December 31, 2025 and December 31, 2024:

December 31, 2025
Repurchase Agreements	Amount Outstanding		Weighted Average Interest Rate		Weighted Average Remaining Maturity (Days)
	($ in thousands)
AOMT RMBS (1)	$	54,041	5.44	%	16
December 31, 2024
Repurchase Agreements	Amount Outstanding		Weighted Average Interest Rate		Weighted Average Remaining Maturity (Days)
	($ in thousands)
AOMT RMBS (1)	$	50,555	5.76	%	19

(1)     A portion of repurchase debt outstanding as of December 31, 2025 and December 31, 2024 includes borrowings against retained bonds received from on-balance sheet securitizations (i.e., consolidated VIEs). See Note 5 - Investment Securities.