Other Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other assets at March 31, 2026 and December 31, 2025 are summarized in the following table.

Table 15.1 – Components of Other Assets


(In Thousands)	March 31, 2026		December 31, 2025
Accrued interest receivable	$	143,415	$	130,955
Real estate owned	121,167		124,270
Margin receivable	81,807		33,439
Investment receivable	46,185		38,082
Receivable from joint venture partners (1)	31,304		9,298
Deferred tax asset	12,352		12,352
Intangible assets	8,613		10,623
Fixed assets and leasehold improvements (2)	8,253		6,354
Operating lease right-of-use assets	8,059		8,902




Other (3)	47,349		39,247
Total Other Assets	$	508,504	$	413,522

(1)Receivables from joint venture partners primarily represent amounts due from joint ventures related to construction draw advances initially funded by the Company, operating expenses paid on behalf of joint ventures, and distributions receivable under contractual waterfall arrangements associated with securitized loans.

(2)Fixed assets and leasehold improvements had a basis of $23 million and accumulated depreciation of $15 million at March 31, 2026.

(3)Consists primarily of receivables related to escrow advances, prepaid assets and other receivables.

Schedule of Activity of Real Estate Owned (REO)

The following table summarizes the activity and carrying values of REO assets held during the three months ended March 31, 2026.

Table 15.2 – REO Activity by Loan Type


	Three Months Ended March 31, 2026
(In Thousands)	Bridge Loans(1)		Sequoia Securitized Loans		Securitized Term Loans		Total
Balance at beginning of period	$	102,383	$	1,984	$	19,903	$	124,270
Transfers to REO	15,908		1,013		9,456		26,377
Liquidations (2)	(21,649)		—		—		(21,649)
Changes in fair value, net	(7,831)		—		—		(7,831)

Balance at End of Period	$	88,811	$	2,997	$	29,359	$	121,167

(1)Includes REO that were previously either legacy unsecuritized bridge loans or bridge loans within consolidated securitization entities.

(2)For the three months ended March 31, 2026, REO market valuation adjustments and liquidations resulted in net valuation losses of $8 million, which were recorded in Investment fair value changes, net on our consolidated statements of (loss) income.

Schedule of Components of Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities at March 31, 2026 and December 31, 2025 are summarized in the following table.

Table 15.3 – Components of Accrued Expenses and Other Liabilities


(In Thousands)	March 31, 2026		December 31, 2025
Payable to non-controlling interests	$	123,560	$	120,177
Accrued interest payable	102,385		81,851
Margin payable	45,360		47,264
Accrued compensation	19,477		39,964
Accrued operating expenses	14,982		11,617
Current accounts payable	14,422		9,698
Unsettled trades	14,304		32,046
Operating lease liabilities	9,713		10,666
Repurchase reserve	5,650		7,466
Guarantee obligations	4,074		1,267
Preferred stock dividends payable	1,478		1,478
Bridge loan holdbacks (1)	503		2,253
Accrued taxes payable	—		1,437
Other	61,754		31,751
Total Accrued Expenses and Other Liabilities	$	417,662	$	398,935

(1)Bridge loan holdbacks represent amounts withheld from the initial loan proceeds and are subsequently disbursed to the borrower to be used in the construction, rehabilitation or purchase of the mortgaged property or to fund interest on the bridge loan.