v3.25.4
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net (loss) income $ 109,669,000 $ (201,833,000) $ 249,897,000
Adjustments to reconcile net income (loss) to net cash provided by operating activities      
Non-cash compensation expense 28,262,000 31,828,000 30,655,000
Amortization of deferred fees on loans (59,421,000) (64,133,000) (78,428,000)
Amortization of deferred financing costs and premiums/discounts on debt obligations 38,387,000 42,955,000 54,264,000
Payment-in-kind interest, net of interest received (19,535,000) (16,660,000) (2,865,000)
Increase in current expected credit loss reserve 112,486,000 538,801,000 249,790,000
Straight-line rental income 2,847,000 151,000 0
Gain on extinguishment of debt 0 (5,352,000) (4,616,000)
Depreciation and amortization of owned real estate 68,840,000 9,407,000 0
(Income) loss from unconsolidated entities (8,307,000) 2,748,000 0
Distributions of earnings from unconsolidated entities 1,509,000 0 0
Unrealized loss (gain) on derivative financial instruments, net 2,741,000 (2,075,000) 2,769,000
Realized gain on derivative financial instruments, net (21,489,000) (9,987,000) (28,202,000)
Changes in assets and liabilities, net      
Other assets 30,452,000 45,170,000 (20,666,000)
Other liabilities (10,568,000) (4,567,000) 6,243,000
Net cash provided by operating activities 275,873,000 366,453,000 458,841,000
Cash flows from investing activities      
Principal fundings of loans receivable (5,617,406,000) (1,356,208,000) (1,344,130,000)
Principal collections, sales proceeds, and cost-recovery proceeds from loans receivable 6,218,729,000 4,790,510,000 2,840,467,000
Origination and other fees received on loans receivable 70,713,000 31,693,000 17,992,000
Payments under derivative financial instruments (203,010,000) (150,027,000) (233,544,000)
Receipts under derivative financial instruments 130,761,000 90,221,000 163,682,000
Collateral deposited under derivative agreements (433,280,000) (191,780,000) (352,120,000)
Return of collateral deposited under derivative agreements 412,790,000 290,470,000 351,730,000
Investment in unconsolidated entities (207,119,000) (7,200,000) 0
Capital expenditures on owned real estate (12,773,000) (590,000) 0
Net cash provided by investing activities 359,405,000 3,497,089,000 1,444,077,000
Cash flows from financing activities      
Proceeds from issuance of securitized debt obligations 1,021,964,000 0 0
Proceeds from sale of loan participations 0 0 100,692,000
Repayments of loan participations (104,028,000) (235,960,000) 0
Proceeds from issuance of senior secured notes 0 450,000,000 0
Payment of deferred financing costs (53,800,000) (30,787,000) (23,215,000)
Contributions from non-controlling interests 0 1,245,000 0
Distributions to non-controlling interests (1,501,000) (16,412,000) (8,955,000)
Dividends paid on class A common stock (322,731,000) (404,016,000) (426,927,000)
Repurchases of class A common stock (109,507,000) (29,233,000) 0
Net cash used in financing activities (514,419,000) (3,882,684,000) (1,847,943,000)
Net increase (decrease) in cash and cash equivalents 120,859,000 (19,142,000) 54,975,000
Cash and cash equivalents at beginning of period 323,483,000 350,014,000 291,340,000
Effects of currency translation on cash and cash equivalents 8,184,000 (7,389,000) 3,699,000
Cash and cash equivalents at end of period 452,526,000 323,483,000 350,014,000
Supplemental disclosure of cash flows information      
Payments of interest (966,619,000) (1,261,379,000) (1,292,598,000)
Payments of income taxes (4,008,000) (4,483,000) (6,668,000)
Supplemental disclosure of non-cash investing and financing activities      
Dividends declared, not paid (79,081,000) (81,214,000) (107,390,000)
Loan principal payments held by servicer, net 71,089,000 109,457,000 48,287,000
Transfer of senior loans to owned real estate 565,110,000 590,937,000 0
Assumption of other assets and liabilities related to owned real estate 89,223,000 168,249,000 0
Accrued capital expenditures on owned real estate 333,000 1,176,000 0
Secured debt, net      
Cash flows from financing activities      
Borrowings under long-term debt 4,359,966,000 1,433,578,000 1,636,899,000
Repayments and repurchases of long-term debt (4,437,917,000) (4,176,428,000) (2,742,450,000)
Securitized debt obligations, net      
Cash flows from financing activities      
Repayments and repurchases of long-term debt (715,930,000) (666,004,000) (166,027,000)
Asset-specific debt, net      
Cash flows from financing activities      
Borrowings under long-term debt 702,051,000 224,014,000 292,019,000
Repayments and repurchases of long-term debt (936,275,000) 0 (239,037,000)
Secured term loans, net      
Adjustments to reconcile net income (loss) to net cash provided by operating activities      
Amortization of deferred financing costs and premiums/discounts on debt obligations 11,386,000 11,799,000 9,266,000
Cash flows from financing activities      
Borrowings under long-term debt 90,732,000 646,750,000 0
Repayments and repurchases of long-term debt (7,443,000) (1,020,785,000) (21,997,000)
Senior secured notes, net      
Adjustments to reconcile net income (loss) to net cash provided by operating activities      
Amortization of deferred financing costs and premiums/discounts on debt obligations 2,658,000 1,124,000 1,158,000
Cash flows from financing activities      
Repayments and repurchases of long-term debt 0 (27,222,000) (28,945,000)
Convertible notes, net      
Adjustments to reconcile net income (loss) to net cash provided by operating activities      
Amortization of deferred financing costs and premiums/discounts on debt obligations 1,129,000 1,227,000 1,589,000
Gain on extinguishment of debt   (2,000,000)  
Cash flows from financing activities      
Repayments and repurchases of long-term debt $ 0 $ (31,424,000) $ (220,000,000)