v3.26.1
Condensed Consolidated Statement of Operations (Unaudited) - 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 from commercial mortgage loans $ 41,726 $ 166,691 $ 191,715 $ 310,676
Interest income from subordinate loans and other lending assets 0 557 0 1,114
Interest expense (33,585) (124,178) (147,507) (229,235)
Net interest income 8,141 43,070 44,208 82,555
Revenue from real estate owned operations 36,242 27,832 58,809 54,163
Total net revenue 44,383 70,902 103,017 136,718
Operating expenses:        
General and administrative expenses (includes equity-based compensation of $3,047 and $36,094 in 2026 and $3,400 and $6,830 in 2025, respectively) (5,810) (6,561) (11,762) (13,213)
Operating expenses related to real estate owned (23,081) (21,113) (41,299) (41,880)
Depreciation and amortization on real estate owned (4,631) (2,531) (8,612) (4,987)
Total operating expenses (37,078) (38,561) (73,347) (77,000)
Other income, net 8,362 1,943 9,775 3,826
Loss from equity method investment (178) (711) (452) (1,400)
Decrease (increase) in current expected credit loss allowance, net 379,224 (3,113) 382,513 (7,121)
Foreign currency translation gain 18,920 73,705 1,772 114,263
Decrease in valuation allowance, loans and other lending assets held for sale 0 (1,236) 0 (1,236)
Net realized loss on investments (339,087) 0 (339,087) 0
Loss on extinguishment of debt (30,714) 0 (30,714) 0
Net income before taxes 25,806 20,855 52,263 46,962
Income tax provision (27) (116) (257) (232)
Net income 25,779 20,739 52,006 46,730
Preferred dividends (3,068) (3,068) (6,136) (6,136)
Net income available to common stockholders $ 22,711 $ 17,671 $ 45,870 $ 40,594
Net income per share of common stock:        
Basic $ 0.11 $ 0.12 $ 0.27 $ 0.28
Diluted $ 0.11 $ 0.12 $ 0.27 $ 0.28
Basic weighted-average shares of common stock outstanding 131,022,330 138,943,566 135,043,996 138,792,126
Diluted weighted-average shares of common stock outstanding 131,597,073 139,208,860 135,634,057 139,103,947
Dividend declared per share of common stock $ 3.75 $ 0.25 $ 4 $ 0.5
Related Party        
Operating expenses:        
Management fees to related party $ (3,556) $ (8,356) $ (11,674) $ (16,920)
Foreign Exchange Forward        
Operating expenses:        
Gain (loss) on sale of derivatives (18,026) (82,139) (1,214) (121,111)
Interest rate caps and swaps        
Operating expenses:        
Gain (loss) on sale of derivatives $ 0 $ 65 $ 0 $ 23