| Schedule of Segment Reporting Information, by Segment |
The following table presents financial information by reportable segment for the year ended December 31, 2025, which in total reconciles to the same data for the Company on a consolidated basis (dollar amounts in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | Investment Portfolio | | Constructive | | Corporate/Other | | Total | | NET INTEREST INCOME: | | | | | | | | | Interest income | $ | 596,537 | | | $ | 5,343 | | | $ | 68 | | | $ | 601,948 | | | Interest expense | 418,838 | | | 5,009 | | | 28,800 | | | 452,647 | | Total net interest income (loss) | 177,699 | | | 334 | | | (28,732) | | | 149,301 | | | | | | | | | | | NET LOSS FROM REAL ESTATE: | | | | | | | | | Rental income | 66,025 | | | — | | | — | | | 66,025 | | | Other real estate income | 10,309 | | | — | | | — | | | 10,309 | | | Total income from real estate | 76,334 | | | — | | | — | | | 76,334 | | | Interest expense, mortgages payable on real estate | 21,581 | | | — | | | — | | | 21,581 | | | Depreciation and amortization | 23,125 | | | — | | | — | | | 23,125 | | | Other real estate expenses | 44,045 | | | — | | | — | | | 44,045 | | | Total expenses related to real estate | 88,751 | | | — | | | — | | | 88,751 | | | Total net loss from real estate | (12,417) | | | — | | | — | | | (12,417) | | | | | | | | | | OTHER INCOME: | | | | | | | | | Realized losses, net | (65,428) | | | — | | | — | | | (65,428) | | Unrealized gains (losses), net | 220,438 | | | — | | | (3,043) | | | 217,395 | | | (Losses) gains on derivative instruments, net | (66,560) | | | (1,943) | | | 10,200 | | | (58,303) | | | Mortgage banking activities, net | — | | | 26,621 | | | — | | | 26,621 | | Loss from equity investments | (1,614) | | | — | | | (1,554) | | | (3,168) | | | Impairment of real estate | (9,767) | | | — | | | — | | | (9,767) | | Other income | 16,509 | | | — | | | — | | | 16,509 | | Total other income | 93,578 | | | 24,678 | | | 5,603 | | | 123,859 | | | | | | | | | | | GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES: | | | | | | | | | General and administrative expenses | 1,077 | | | 25,437 | | | 46,142 | | | 72,656 | | | Portfolio operating expenses | 26,701 | | | — | | | 1,310 | | | 28,011 | | Loan origination costs | — | | | 8,101 | | | — | | | 8,101 | | | Financing transaction costs | 6,589 | | | — | | | 7,584 | | | 14,173 | | | Total general, administrative and operating expenses | 34,367 | | | 33,538 | | | 55,036 | | | 122,941 | | | | | | | | | | | INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES | 224,493 | | | (8,526) | | | (78,165) | | | 137,802 | | Income tax (benefit) expense | (82) | | | — | | | 227 | | | 145 | | | | | | | | | | | NET INCOME (LOSS) | 224,575 | | | (8,526) | | | (78,392) | | | 137,657 | | | Net loss attributable to non-controlling interests | 11,391 | | | — | | | — | | | 11,391 | | | NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY | 235,966 | | | (8,526) | | | (78,392) | | | 149,048 | | | Preferred stock dividends | — | | | — | | | (47,942) | | | (47,942) | | NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ | 235,966 | | | $ | (8,526) | | | $ | (126,334) | | | $ | 101,106 | |
The following table presents the Company's assets by reportable segment as of December 31, 2025, which in total reconciles to the same data for the Company on a consolidated basis (dollar amounts in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Investment Portfolio (1) | | Constructive (2) | | Corporate/Other | | Total | Total Assets | | $ | 12,140,475 | | | $ | 276,691 | | | $ | 221,681 | | | $ | 12,638,847 | |
(1)The Company had investments in equity method investees in the amount of approximately $24.7 million as of December 31, 2025 (see Note 6). During the year ended December 31, 2025, the Company's expenditures for long-lived assets totaled approximately $8.2 million. (2)Goodwill in the amount of approximately $22.4 million was allocated to Constructive during the year ended December 31, 2025 (see Note 24).
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