CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
|
| Revenues: | ||||
| Rental and other property income | $ 27,438 | $ 22,928 | $ 85,425 | $ 71,064 |
| Interest income | 77,023 | 98,430 | 232,630 | 306,594 |
| Total revenues | 104,461 | 121,358 | 318,055 | 377,658 |
| Expenses: | ||||
| General and administrative | 6,902 | 5,950 | 19,666 | 18,211 |
| Interest expense, net | 43,172 | 60,634 | 133,260 | 190,147 |
| Property operating | 2,768 | 2,329 | 9,668 | 8,659 |
| Real estate tax | 1,241 | 877 | 3,563 | 3,328 |
| Expense reimbursements to related parties | 3,707 | 3,864 | 10,121 | 10,583 |
| Management fees | 11,681 | 12,202 | 35,092 | 37,506 |
| Transaction-related | 12 | 2 | 155 | 68 |
| Depreciation and amortization | 8,980 | 7,381 | 27,578 | 24,320 |
| Real estate impairment | 0 | 3,486 | 7,674 | 60,418 |
| Increase in provision for credit losses | 6,445 | 24,527 | 73,423 | 308,542 |
| Total expenses | 84,908 | 121,252 | 320,200 | 661,782 |
| Other income (expense): | ||||
| Gain on disposition of real estate and condominium developments, net | 2,280 | 1,210 | 7,876 | 4,460 |
| Gain on investment in unconsolidated entities | 3,781 | 4,608 | 7,703 | 9,875 |
| Unrealized gain (loss) on equity securities | 2,458 | 4,486 | 3,648 | (11,156) |
| Other income (expense), net | 2,237 | (2,145) | 5,568 | 4,867 |
| Loss on extinguishment of debt | 0 | (950) | 0 | (950) |
| Total other income | 10,756 | 7,209 | 24,795 | 7,096 |
| Net income (loss) | 30,309 | 7,315 | 22,650 | (277,028) |
| Net income allocated to non-controlling interest | 27 | 3 | 59 | 3 |
| Net income (loss) attributable to the Company | $ 30,282 | $ 7,312 | $ 22,591 | $ (277,031) |
| Weighted average number of common shares outstanding: | ||||
| Basic (in shares) | 436,725,557 | 437,098,682 | 436,859,314 | 437,182,073 |
| Diluted (in shares) | 436,725,557 | 437,098,682 | 436,859,314 | 437,182,073 |
| Net income (loss) per common share: | ||||
| Basic (in usd per share) | $ 0.07 | $ 0.02 | $ 0.05 | $ (0.63) |
| Diluted (in usd per share) | $ 0.07 | $ 0.02 | $ 0.05 | $ (0.63) |
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- Definition Gain (Loss) On Investment In Unconsolidated Entities No definition available.
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- Definition Property Operating Expense No definition available.
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- Definition Amount of write-down of assets recognized in the income statement. Includes, but is not limited to, losses from tangible assets, intangible assets and goodwill. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of expense for acquisition-related cost incurred to effect business combination. Includes, but is not limited to, finder's fee; advisory, legal, accounting, valuation, and other professional and consulting fees; and general administrative cost, including cost of maintaining internal acquisition department. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Total costs of sales and operating expenses for the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Costs of sales and operating expenses for the period incurred from transactions with related parties. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of unrealized gain (loss) on investment in debt and equity securities. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of gain (loss) on sale or disposal of assets, including but not limited to property plant and equipment, intangible assets and equity in securities of subsidiaries or equity method investee. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of interest expense classified as operating. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of operating interest income, including, but not limited to, amortization and accretion of premiums and discounts on securities. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of expense for investment management fee, including, but not limited to, expense in connection with research, selection, supervision, and custody of investment. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of Net Income (Loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- References No definition available.
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- Definition Amount of operating lease income from lease payments and variable lease payments paid and payable to lessor. Includes, but is not limited to, variable lease payments not included in measurement of lease receivable. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of income (expense) related to nonoperating activities, classified as other. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of expense related loan transactions, lease transactions, credit loss from transactions other than loan and lease transactions, and other loss based on assessment of uncollectability from the counterparty to reduce the account to their net realizable value. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition A tax based on the assessed value of real estate by the local government. The tax is usually based on the value of property (including the land). Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- References No definition available.
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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