v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income (loss) $ 63,695 $ 107,447 $ 100,501
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
(Gain) loss on extinguishment of debt (151) (188) (10,718)
Depreciation and amortization 31,995 32,327 29,914
Unrealized (gain) loss on derivative instruments 200 1,860 390
Unrealized (gain) loss on securities (749) 925 (25)
Provision for (release of) loan loss reserves, net (157) 13,933 25,096
Amortization of equity based compensation 20,329 18,829 18,577
Amortization of deferred financing costs included in interest expense 9,636 10,560 12,428
Amortization of (premium)/discount on mortgage loan financing included in interest expense (652) (767) (604)
Amortization of above- and below-market lease intangibles (1,294) (1,700) (1,797)
(Accretion)/amortization of discount, premium and other fees on mortgage loans receivable (10,183) (14,619) (19,046)
(Accretion)/amortization of discount and premium on securities (1,006) (1,097) (1,352)
Net result from mortgage loan receivables held for sale (4,716) (30) 523
Realized (gain) loss on securities (3,812) (172) 276
(Gain) loss on real estate, net (3,807) (25,277) (8,808)
Realized (gain) loss on sale of derivative instruments 0 (298) 291
(Earnings) loss from investments in unconsolidated ventures in excess of distributions received 1,415 79 (658)
Origination of mortgage loan receivables held for sale (63,360) 0 0
Repayment of mortgage loan receivables held for sale 140 0 0
Proceeds from sales of mortgage loan receivables held for sale 66,847 0 0
Change in deferred tax liability 2,025 1,684 1,182
Changes in operating assets and liabilities:      
Accrued interest receivable (2,955) 11,297 706
Other assets (3,131) (608) 9,081
Accrued expenses and other liabilities (13,290) (20,264) 24,647
Net cash provided by (used in) operating activities 87,019 133,921 180,604
Cash flows from investing activities:      
Origination and funding of mortgage loan receivables held for investment (1,294,976) (195,232) (68,415)
Repayment of mortgage loan receivables held for investment 710,985 1,626,554 738,464
Purchases of securities (1,949,687) (898,042) (143,953)
Repayment of securities 534,025 276,641 232,124
Basis recovery of interest-only securities 1,870 3,357 4,116
Proceeds from sales of securities 411,824 32,190 17,838
Capital improvements of real estate (8,342) (6,497) (4,374)
Proceeds from sale of real estate 13,079 102,285 13,391
Capital contributions and advances to investment in unconsolidated joint ventures (25,961) (13,125) 0
Proceeds from FHLB stock 0 5,175 4,410
Purchase of derivative instruments (76) (1,119) (223)
Sale of derivative instruments 0 574 125
Net cash provided by (used in) investing activities (1,607,259) 932,761 793,503
Cash flows from financing activities:      
Deferred financing costs paid (11,965) (18,321) (3,378)
Proceeds from borrowings under debt obligations 4,572,455 667,974 921,008
Repayment and repurchase of borrowings under debt obligations (4,195,577) (1,312,770) (1,348,093)
Cash dividends paid to Class A common shareholders (117,413) (117,710) (116,419)
Capital contributed by noncontrolling interests in consolidated ventures 40 0 0
Capital distributed to noncontrolling interests in consolidated ventures (31) (333) (541)
Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock (8,717) (8,894) (7,862)
Repurchase of treasury stock (11,750) (6,532) (2,481)
Net cash provided by (used in) financing activities 227,042 (796,586) (557,766)
Net increase (decrease) in cash, cash equivalents and restricted cash (1,293,198) 270,096 416,341
Cash, cash equivalents and restricted cash at beginning of period 1,346,039 1,075,943 659,602
Cash, cash equivalents and restricted cash at end of period 52,841 1,346,039 1,075,943
Supplemental information:      
Cash paid (received) for income taxes [1] 3,521 1,864 (2,402)
Cash paid for interest, net of amounts capitalized 157,503 199,426 233,637
Non-cash investing and financing activities:      
Securities purchased, not settled 0 15 0
Repurchase of treasury stock, not settled 0 1,511 0
Repayments in transit of securities (other assets) 628 0 0
Repayment in transit of mortgage loans receivable held for investment (other assets) 0 101,956 7,867
Non-cash disposition of loans via foreclosure (65,078) (52,975) (91,408)
Real estate and real estate held for sale acquired in settlement of mortgage loans receivable held for investment, net 65,078 48,796 87,526
Net settlement of sale of real estate, subject to debt - real estate 0 0 (31,292)
Net settlement of sale of real estate, subject to debt - debt obligations 0 0 31,292
Dividends declared, not paid $ 31,819 $ 31,838 $ 32,294
[1] For the year ended 2025, the Company made net payments of $2.4 million for federal income taxes and $1.1 million for state and local income taxes. Of this amount, $0.7 million was paid to Illinois and $0.4 million was paid to other state and local jurisdictions.