v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
NET INTEREST INCOME:      
Interest income $ 601,948 $ 401,280 $ 258,660
Interest expense 452,647 317,425 192,134
Total net interest income 149,301 83,855 66,526
NET LOSS FROM REAL ESTATE:      
Rental income 66,025 112,488 141,057
Other real estate income 10,309 20,151 30,717
Total income from real estate 76,334 132,639 171,774
Interest expense, mortgages payable on real estate 21,581 60,232 90,221
Depreciation and amortization 23,125 39,822 24,620
Other real estate expenses 44,045 75,426 88,235
Total expenses related to real estate 88,751 175,480 203,076
Total net loss from real estate (12,417) (42,841) (31,302)
OTHER INCOME (LOSS):      
Realized losses, net (65,428) (29,351) (27,059)
Unrealized gains (losses), net 217,395 (90,530) 97,196
(Losses) gains on derivative instruments, net (58,303) 95,996 (26,378)
Mortgage banking activities, net 26,621 0 0
(Loss) income from equity investments (3,168) 16,011 17,785
Impairment of real estate (9,767) (48,875) (89,548)
Loss on reclassification of disposal group 0 (14,636) (16,163)
Other income 16,509 29,149 4,736
Total other income (loss) 123,859 (42,236) (39,431)
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:      
General and administrative expenses 72,656 48,672 49,565
Portfolio operating expenses 28,011 30,688 23,952
Loan origination costs 8,101 0 0
Financing transaction costs 14,173 12,335 0
Total general, administrative and operating expenses 122,941 91,695 73,517
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES 137,802 (92,917) (77,724)
Income tax expense 145 1,036 75
NET INCOME (LOSS) 137,657 (93,953) (77,799)
Net loss attributable to non-controlling interests 11,391 31,924 29,134
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY 149,048 (62,029) (48,665)
Preferred stock dividends (47,942) (41,756) (41,837)
Gain on repurchase of preferred stock 0 0 467
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS 101,106 (103,785) (90,035)
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS $ 101,106 $ (103,785) $ (90,035)
Basic earnings (loss) per common share (in dollars per share) $ 1.12 $ (1.14) $ (0.99)
Diluted earnings (loss) per common share (in dollars per share) $ 1.10 $ (1.14) $ (0.99)
Weighted average shares outstanding-basic (in shares) 90,427 90,815 91,042
Weighted average shares outstanding-diluted (in shares) 91,510 90,815 91,042