v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating Activities:    
Net income (loss) attributable to common stockholders $ 403,479 $ 24,595
Adjustments to reconcile net income to net cash provided by (used in) operating activities    
Net realized and unrealized (gains) losses 261 714
Non-cash compensation expense 2,964 8,368
Amortization/accretion of premiums and discounts (479) (471)
Depreciation and amortization expense 718 718
Non-cash lease expense 928 967
Deferred provision (benefit) for income taxes (0) (3,619)
Amortization of deferred financing costs 0 291
Net income from discontinued operations [1] (417,067) (44,741)
Changes in operating assets and liabilities:    
(Increase) decrease in other assets (4,484) 1,030
Increase (decrease) in other liabilities and lease obligations (4,714) (1,525)
Net cash provided by (used in) operating activities from continuing operations (18,394) (13,673)
Net cash provided by (used in) operating activities from discontinued operations 53,242 1,605
Net cash provided by (used in) operating activities 34,848 (12,068)
Investing Activities:    
Purchases of investments (157,193) (74,348)
Proceeds from sales and maturities of investments 20,869 11,400
Net cash provided by (used in) investing activities from continuing operations (136,324) (62,948)
Net cash provided by (used in) investing activities from discontinued operations 696,339 73,016
Net cash provided by (used in) investing activities 560,015 10,068
Financing Activities:    
Dividends paid (4,529) (4,526)
Non-controlling interest (redemptions) contributions (5) 0
Cash (paid) received in connection with vested or exercised stock awards (502) (2,414)
Payment of debt issuance costs (50) (2,285)
Proceeds from borrowings and mortgage notes payable 0 74,250
Principal paydowns of borrowings and mortgage notes payable (74,249) (375)
Repurchases of common stock and other changes in additional paid-in capital (10,319) 0
Net cash provided by (used in) financing activities from continuing operations (89,654) 64,650
Net cash provided by (used in) financing activities from discontinued operations 42,160 (10,162)
Net cash provided by (used in) financing activities (47,494) 54,488
Effect of exchange rate changes on cash 2,193 6,296
Net increase (decrease) in cash, cash equivalents and restricted cash 549,562 58,784
Cash, cash equivalents and restricted cash – beginning of period 30,784 19,437
Cash, cash equivalents and restricted cash - beginning of period - held for sale 366,587 396,827
Cash, cash equivalents and restricted cash - end of period 946,933 [2] 475,048
Less: Reclassification of cash to held for sale 0 470,675
Cash, cash equivalents and restricted cash – end of period $ 946,933 $ 4,373
[1] See Note (3) Dispositions & Discontinued Operations for further details.
[2] The December 31, 2025 balance includes cash and cash equivalents associated with assets held for sale. Such amounts were included in assets held for sale on the Condensed Consolidated Balance Sheet as of December 31, 2025.