v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
NET INTEREST INCOME:    
Interest income $ 172,065 $ 129,734
Interest expense 123,654 96,636
Total net interest income 48,411 33,098
NET LOSS FROM REAL ESTATE:    
Rental income 12,625 17,534
Other real estate income 1,943 3,121
Total income from real estate 14,568 20,655
Interest expense, mortgages payable on real estate 3,821 6,007
Depreciation expense 4,623 5,895
Other real estate expenses 8,726 10,988
Total expenses related to real estate 17,170 22,890
Total net loss from real estate (2,602) (2,235)
OTHER INCOME (LOSS):    
Realized losses, net (10,680) (41,100)
Unrealized (losses) gains, net (62,568) 118,203
Gains (losses) on derivative instruments, net 87,814 (46,802)
Mortgage banking activities, net 15,330 0
Income from equity investments 721 3,589
Impairment of real estate (2,231) (3,905)
Other income 52,561 1,967
Total other income 80,947 31,952
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:    
General and administrative expenses 24,487 12,414
Portfolio operating expenses 6,137 7,206
Loan origination costs 4,025 0
Financing transaction costs 5,382 5,482
Total general, administrative and operating expenses 40,031 25,102
INCOME FROM OPERATIONS BEFORE INCOME TAXES 86,725 37,713
Income tax expense 159 648
NET INCOME 86,566 37,065
Net (income) loss attributable to non-controlling interests (37,965) 5,090
NET INCOME ATTRIBUTABLE TO COMPANY 48,601 42,155
Preferred stock dividends (11,704) (11,870)
NET INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS 36,897 30,285
NET INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS $ 36,897 $ 30,285
Basic earnings (loss) per common share (in dollars per share) $ 0.41 $ 0.33
Diluted earnings per common share (in dollars per share) $ 0.40 $ 0.33
Weighted average shares outstanding-basic (in shares) 90,353 90,583
Weighted average shares outstanding-diluted (in shares) 92,060 91,091