Consolidated Balance Sheets - USD ($) $ in Thousands		Jun. 30, 2025	Dec. 31, 2024
ASSETS
Cash and cash equivalents		$ 9,056	$ 3,877
Restricted cash		4,682	3,176
Net Operating Real Estate Investments		64,718	121,836
Net Real Estate held for sale		56,043	0
Total Net Real Estate Investments		120,761	121,836
Common stock investments		50,816	57,389
Equity method investments ($1,539 and $1,504 with related parties, respectively)		1,539	1,504
Mortgage loans, held-for-investment, net	[1]	279,587	263,395
Preferred stock investments, at fair value		113,423	18,949
Accrued interest and dividends		49,360	41,208
Stock warrant investments, at fair value		65,634	27,400
Accounts receivable and other assets		2,480	1,457
TOTAL ASSETS		5,402,380	5,416,073
Liabilities:
Secured financing agreements, net		233,908	235,769
Master repurchase agreements		260,947	243,454
Unsecured notes		221,802	221,001
Mortgages payable, net		63,500	95,464
Mortgages payable held for sale, net		31,824	0
Accounts payable and other accrued liabilities		12,376	9,458
Accrued interest payable		11,507	10,020
Bonds payable held in variable interest entities, at fair value		3,883,947	4,029,214
Total Liabilities		4,719,811	4,844,380
Redeemable Series B Preferred stock		245,607	149,045
Redeemable noncontrolling interests in the OP		88,727	86,164
Stockholders' Equity:
Preferred stock, value, outstanding		16	16
Common stock, value, outstanding		177	174
Additional paid-in capital		389,300	387,892
Retained earnings (accumulated deficit)		(44,650)	(54,948)
Total Stockholders' Equity		348,235	336,484
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		5,402,380	5,416,073
CMBS Structured Pass Through Certificates
ASSETS
CMBS structured pass-through certificates, at fair value		44,122	34,979
Consolidated Entity, Excluding Consolidated VIE
ASSETS
Loans and leases receivable, net amount	[2]	474,203	497,544
Noncontrolling interest in CMBS VIEs
ASSETS
Loans and leases receivable, net amount		4,186,717	4,343,359
Stockholders' Equity:
Stockholders' equity attributable to noncontrolling interest		3,297	3,255
Noncontrolling interest in Subsidiary
Stockholders' Equity:
Stockholders' equity attributable to noncontrolling interest		$ 95	$ 95

[1] Includes credit allowance of $1.0 million and $0.6 million, respectively

[2] Includes credit allowance of $9.3 million and $0.8 million, respectively