v3.25.4
SEGMENT REPORTING - Company's Performance Evaluation by Segment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Net interest income      
Interest income $ 266,894 $ 358,625 $ 407,284
Interest expense (174,917) (221,537) (245,097)
Net interest income (expense) 91,977 137,088 162,187
(Provision for) release of loan loss reserves 157 (13,933) (25,096)
Net interest income (expense) after provision for (release of) loan reserves 92,134 123,155 137,091
Other income (loss)      
Real estate operating income 99,308 98,681 96,950
Net result from mortgage loan receivables held for sale 4,716 30 (523)
Gain (loss) on real estate, net 3,807 25,277 8,808
Fee and other income 14,995 18,700 8,931
Net result from derivative transactions 1,835 5,420 1,481
Earnings (loss) from investment in unconsolidated ventures (1,415) (79) 758
Gain (loss) on extinguishment of debt 151 188 10,718
Total other income (loss) 123,397 148,217 127,123
Costs and expenses      
Compensation and employee benefits (52,735) (60,671) (63,618)
Operating expenses (19,426) (19,193) (19,503)
Real estate operating expenses (40,475) (40,568) (37,587)
Investment related expenses (3,712) (7,718) (8,847)
Depreciation and amortization (31,995) (32,327) (29,914)
Total costs and expenses (148,343) (160,477) (159,469)
Income (loss) before taxes 67,188 110,895 104,745
Income tax (expense) benefit (3,493) (3,448) (4,244)
Segment net income (loss) 63,695 107,447 100,501
Total assets 5,152,550 4,845,073 [1] 5,512,677
Investment in unconsolidated ventures 44,468 19,923 [1]  
Capital improvements of real estate (8,342) (6,497) (4,374)
Carrying value of FHLB stock     5,200
Bonus expense 20,329 18,829 18,577
Real Estate      
Costs and expenses      
Gain on sale of mortgage loans 3,600    
Operating Segment | Loans      
Net interest income      
Interest income 152,303 247,432 341,840
Interest expense (14,653) (92,187) (122,420)
Net interest income (expense) 137,650 155,245 219,420
(Provision for) release of loan loss reserves 157 (13,933) (25,096)
Net interest income (expense) after provision for (release of) loan reserves 137,807 141,312 194,324
Other income (loss)      
Real estate operating income 0 0 0
Net result from mortgage loan receivables held for sale 4,716 2,700 (523)
Gain (loss) on real estate, net 0 0 0
Fee and other income 8,860 19,003 8,237
Net result from derivative transactions 1,301 185 404
Earnings (loss) from investment in unconsolidated ventures 0 0 0
Gain (loss) on extinguishment of debt 0 0 0
Total other income (loss) 14,877 21,888 8,118
Costs and expenses      
Compensation and employee benefits 0 0 0
Operating expenses 0 0 0
Real estate operating expenses 0 0 0
Investment related expenses (1,478) (4,946) (6,310)
Depreciation and amortization 0 0 0
Total costs and expenses (1,478) (4,946) (6,310)
Income (loss) before taxes 151,206 158,254 196,132
Income tax (expense) benefit 0 0 0
Segment net income (loss) 151,206 158,254 196,132
Total assets 2,198,224 1,565,897 3,138,794
Operating Segment | Securities      
Net interest income      
Interest income 99,689 43,069 32,479
Interest expense (11,621) (61) (3,177)
Net interest income (expense) 88,068 43,008 29,302
(Provision for) release of loan loss reserves 0 0 0
Net interest income (expense) after provision for (release of) loan reserves 88,068 43,008 29,302
Other income (loss)      
Real estate operating income 0 0 0
Net result from mortgage loan receivables held for sale 0 0 0
Gain (loss) on real estate, net 0 0 0
Fee and other income 6,069 (655) (232)
Net result from derivative transactions 0 80 595
Earnings (loss) from investment in unconsolidated ventures 0 0 0
Gain (loss) on extinguishment of debt 0 0 0
Total other income (loss) 6,069 (575) 363
Costs and expenses      
Compensation and employee benefits 0 0 0
Operating expenses 0 0 0
Real estate operating expenses 0 0 0
Investment related expenses (178) (183) (191)
Depreciation and amortization 0 0 0
Total costs and expenses (178) (183) (191)
Income (loss) before taxes 93,959 42,250 29,474
Income tax (expense) benefit 0 0 0
Segment net income (loss) 93,959 42,250 29,474
Total assets 2,088,285 1,080,839 485,533
Operating Segment | Real Estate      
Net interest income      
Interest income 264 352 12
Interest expense (25,490) (32,097) (31,443)
Net interest income (expense) (25,226) (31,745) (31,431)
(Provision for) release of loan loss reserves 0 0 0
Net interest income (expense) after provision for (release of) loan reserves (25,226) (31,745) (31,431)
Other income (loss)      
Real estate operating income 99,308 98,681 96,950
Net result from mortgage loan receivables held for sale 0 0 0
Gain (loss) on real estate, net 3,807 25,277 8,808
Fee and other income 66 52 300
Net result from derivative transactions 42 248 482
Earnings (loss) from investment in unconsolidated ventures (1,415) (79) 758
Gain (loss) on extinguishment of debt 0 0 0
Total other income (loss) 101,808 124,179 107,298
Costs and expenses      
Compensation and employee benefits 0 0 0
Operating expenses 0 0 0
Real estate operating expenses (40,475) (40,568) (37,587)
Investment related expenses (493) (573) (903)
Depreciation and amortization (31,550) (31,888) (29,482)
Total costs and expenses (72,518) (73,029) (67,972)
Income (loss) before taxes 4,064 19,405 7,895
Income tax (expense) benefit 0 0 0
Segment net income (loss) 4,064 19,405 7,895
Total assets 748,006 690,726 733,319
Investment in unconsolidated ventures 44,500 19,900 6,900
Capital improvements of real estate (8,300) (6,500) (4,400)
Corporate/Other      
Net interest income      
Interest income 14,638 67,772 32,953
Interest expense (123,153) (97,192) (88,057)
Net interest income (expense) (108,515) (29,420) (55,104)
(Provision for) release of loan loss reserves 0 0 0
Net interest income (expense) after provision for (release of) loan reserves (108,515) (29,420) (55,104)
Other income (loss)      
Real estate operating income 0 0 0
Net result from mortgage loan receivables held for sale 0 (2,670) 0
Gain (loss) on real estate, net 0 0 0
Fee and other income 0 300 626
Net result from derivative transactions 492 4,907 0
Earnings (loss) from investment in unconsolidated ventures 0 0 0
Gain (loss) on extinguishment of debt 151 188 10,718
Total other income (loss) 643 2,725 11,344
Costs and expenses      
Compensation and employee benefits (52,735) (60,671) (63,618)
Operating expenses (19,426) (19,193) (19,503)
Real estate operating expenses 0 0 0
Investment related expenses (1,563) (2,016) (1,443)
Depreciation and amortization (445) (439) (432)
Total costs and expenses (74,169) (82,319) (84,996)
Income (loss) before taxes (182,041) (109,014) (128,756)
Income tax (expense) benefit (3,493) (3,448) (4,244)
Segment net income (loss) (185,534) (112,462) (133,000)
Total assets 118,035 1,507,611 1,155,031
Bonus expense 20,300 18,800 18,600
Corporate/Other | Senior Unsecured Notes      
Costs and expenses      
Senior notes $ 2,200,000 $ 2,000,000 $ 1,600,000
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 6.