v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income (loss) $ 17,165 $ 28,664
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
(Gain) loss on extinguishment of debt (72) (257)
Depreciation and amortization 18,250 15,379
Unrealized (gain) loss on derivative instruments 147 185
Unrealized (gain) loss on securities 1,848 (790)
Provision for (release of) loan loss reserves, net 94 (123)
Amortization of equity based compensation 17,811 14,211
Amortization of deferred financing costs included in interest expense 5,513 4,729
Amortization of (premium)/discount on mortgage loan financing included in interest expense (292) (330)
Amortization of above- and below-market lease intangibles (456) (748)
(Accretion)/amortization of discount, premium and other fees on mortgage loans receivable (8,095) (5,350)
(Accretion)/amortization of discount and premium on securities (97) (968)
Net result from mortgage loan receivables held for sale (247) (5,076)
Realized (gain) loss on securities (2,777) (1,029)
(Gain) loss on real estate, net 0 (3,807)
(Earnings) loss from investments in unconsolidated ventures in excess of distributions received 4 1,020
Origination of mortgage loan receivables held for sale (25,203) (63,360)
Repayment of mortgage loan receivables held for sale 0 140
Proceeds from sales of mortgage loan receivables held for sale 26,231 66,847
Change in deferred tax liability (842) 1,719
Changes in operating assets and liabilities:    
Accrued interest receivable (1,107) (366)
Other assets (4,190) (3,807)
Accrued expenses and other liabilities (12,404) (31,565)
Net cash provided by (used in) operating activities 31,281 15,318
Cash flows from investing activities:    
Origination and funding of mortgage loan receivables held for investment (1,034,275) (412,598)
Repayment of mortgage loan receivables held for investment 377,811 474,194
Purchases of securities (581,249) (1,113,514)
Repayment of securities 177,584 200,563
Basis recovery of interest-only securities 687 1,058
Proceeds from sales of securities 630,490 59,368
Capital improvements of real estate (726) (1,507)
Proceeds from sale of real estate 0 13,079
Capital contributions to investment in unconsolidated ventures (10,030) 0
Capital distribution from investment in unconsolidated ventures 13,000 0
Net cash provided by (used in) investing activities (426,708) (779,357)
Cash flows from financing activities:    
Deferred financing costs paid (5,639) (1,833)
Proceeds from borrowings under debt obligations 9,204,414 347,782
Repayment and repurchase of borrowings under debt obligations (8,712,207) (702,221)
Cash dividends paid to Class A common shareholders (59,288) (59,742)
Capital distributed to noncontrolling interests in consolidated ventures (15) (15)
Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock (9,136) (8,707)
Repurchase of treasury stock (21,164) (8,937)
Net cash provided by (used in) financing activities 396,965 (433,673)
Net increase (decrease) in cash, cash equivalents and restricted cash 1,538 (1,197,712)
Cash, cash equivalents and restricted cash at beginning of period 52,841 1,346,039
Cash, cash equivalents and restricted cash at end of period 54,379 148,327
Non-cash investing and financing activities:    
Securities purchased, not settled 27,042 31,796
Repurchase of treasury stock, not settled 300 0
Repayments in transit of securities (other assets) 15,737 0
Repayment in transit of mortgage loans receivable held for investment (other assets) (3,825) 922
Non-cash disposition of loans via foreclosure (87,971) (42,400)
Real estate and real estate held for sale acquired in settlement of mortgage loans receivable held for investment, net 87,971 42,400
Dividends declared, not paid $ 31,057 $ 30,921