v3.26.1
Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Net interest income        
Interest income $ 78,204 $ 62,735 $ 152,425 $ 127,061
Interest expense 55,617 41,205 106,821 85,202
Net interest income (expense) 22,587 21,530 45,604 41,859
Provision for (release of) loan loss reserves, net 122 (42) 94 (123)
Net interest income (expense) after provision for (release of) loan loss reserves 22,465 21,572 45,510 41,982
Other income (loss)        
Real estate operating income 30,906 25,775 58,197 47,548
Net result from mortgage loan receivables held for sale 174 4,914 247 5,076
Gain (loss) on real estate, net 0 0 0 3,807
Fee and other income 3,564 2,803 4,969 8,088
Net result from derivative transactions 203 1,526 553 1,849
Earnings (loss) from investment in unconsolidated ventures 252 (288) (4) (1,020)
Gain on extinguishment of debt 72 1 72 257
Total other income (loss) 35,171 34,731 64,034 65,605
Costs and expenses        
Compensation and employee benefits 12,260 11,561 34,584 30,322
Operating expenses 5,108 4,767 10,201 9,283
Real estate operating expenses 12,909 10,266 24,167 19,032
Investment related expenses 1,706 844 2,862 2,031
Depreciation and amortization 9,343 8,043 18,250 15,379
Total costs and expenses 41,326 35,481 90,064 76,047
Income (loss) before taxes 16,310 20,822 19,480 31,540
Effective income tax rate 1,749 3,714 2,315 2,876
Net income (loss) 14,561 17,108 17,165 28,664
Net (income) loss attributable to noncontrolling interests in consolidated ventures $ 27 $ 220 $ 29 $ 440
Earnings per share:        
Basic (in dollars per share) $ 0.12 $ 0.14 $ 0.14 $ 0.23
Diluted (in dollars per share) $ 0.12 $ 0.14 $ 0.14 $ 0.23
Weighted average shares outstanding:        
Basic (in shares) 124,730,611 125,796,410   125,713,143
Diluted (in shares) 125,249,856 126,204,424   126,242,515
Class A Common Stock        
Costs and expenses        
Net income (loss) attributable to Class A common shareholders $ 14,588 $ 17,328 $ 17,194 $ 29,104
Earnings per share:        
Basic (in dollars per share) $ 0.12 $ 0.14 $ 0.14 $ 0.23
Diluted (in dollars per share) $ 0.12 $ 0.14 $ 0.14 $ 0.23
Weighted average shares outstanding:        
Basic (in shares) 124,730,611 125,796,410 125,063,259 125,713,143
Diluted (in shares) 125,249,856 126,204,424 125,632,048 126,242,515