For the Six Months Ended June 30,

2025

2024

Supplemental cash flows:

Interest expense paid in cash

$

43,250

$

58,131

Income taxes paid in cash

178

83

Non-cash investing activities include the following:

Transfer of whole loans to investments in real estate

$

—

$

20,123

Transfer of investment in real estate to investment in unconsolidated entities

—

(20,123

)

Non-cash financing activities include the following:

Incentive compensation paid in common stock

$

—

$

19

Distributions on preferred stock accrued but not paid

3,545

3,229

Capitalized amortization of deferred debt issuance costs

—

614

Capitalized interest

—

964