v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
[1]
Assets    
Cash and cash equivalents $ 37,953 $ 1,323,481
Restricted cash 14,888 12,608
Mortgage loan receivables held for investment, net, at amortized cost:    
Mortgage loans receivable 2,217,375 1,591,322
Allowance for credit losses (47,137) (52,323)
Mortgage loan receivables held for sale 27,986 26,898
Securities 2,088,285 1,080,839
Real estate and related lease intangibles, net 703,537 670,803
Investments in and advances to unconsolidated ventures 44,468 19,923
Derivative instruments 264 437
Accrued interest receivable 15,890 12,936
Other assets 49,041 158,149
Total assets 5,152,550 4,845,073
Liabilities    
Debt obligations, net 3,510,402 3,135,617
Dividends payable 31,819 31,838
Accrued expenses 76,448 74,824
Other liabilities 52,524 69,855
Total liabilities 3,671,193 3,312,134
Commitments and contingencies (refer to Note 16) 0 0
Equity    
Additional paid-in capital 1,787,074 1,777,118
Treasury stock, 3,557,032 and 2,776,538 shares, at cost (39,056) (30,475)
Retained earnings (dividends in excess of earnings) (260,084) (206,874)
Accumulated other comprehensive income (loss) (4,135) (4,866)
Total shareholders’ equity 1,483,926 1,535,030
Noncontrolling interests in consolidated ventures (2,569) (2,091)
Total equity 1,481,357 1,532,939
Total liabilities and equity 5,152,550 4,845,073
Class A Common Stock    
Equity    
Class A common stock, par value $0.001 per share, 600,000,000 shares authorized; 130,790,591 and 129,883,019 shares issued and 127,233,559 and 127,106,481 shares outstanding as of December 31, 2025 and December 31, 2024, respectively. $ 127 $ 127
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 6.