v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues:      
Rental and other property income $ 111,683 $ 93,912 $ 115,379
Interest income 304,321 389,988 453,480
Total revenues 416,004 483,900 568,859
Expenses:      
General and administrative 25,994 25,519 17,572
Interest expense, net 174,282 239,466 260,768
Property operating 12,633 9,906 13,350
Real estate tax 4,828 4,178 4,838
Expense reimbursements to related parties 13,105 13,501 13,285
Management fees 46,788 49,672 50,975
Transaction-related 258 71 3,653
Depreciation and amortization 36,402 31,981 42,532
Real estate impairment 9,860 61,309 35,079
Increase in provision for credit losses 70,807 342,815 134,289
Total expenses 394,957 778,418 576,341
Other income (expense):      
Gain on disposition of real estate and condominium developments, net 8,183 6,605 53,341
Gain on investment in unconsolidated entities 9,140 13,599 11,723
Unrealized gain (loss) on equity securities 5,719 (15,888) 4,751
Other income (expense), net 8,560 (1,138) (26,459)
Loss on extinguishment of debt (274) (950) (7,788)
Total other income 31,328 2,228 35,568
Net income (loss) 52,375 (292,290) 28,086
Net income allocated to non-controlling interest 19 11 8
Net income (loss) attributable to the Company $ 52,356 $ (292,301) $ 28,078
Weighted average number of common shares outstanding:      
Basic (in shares) 436,824,784 437,160,077 437,375,332
Diluted (in shares) 436,824,784 437,160,077 437,375,332
Net income (loss) per common share:      
Basic (in usd per share) $ 0.12 $ (0.67) $ 0.06
Diluted (in usd per share) $ 0.12 $ (0.67) $ 0.06