v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
NET INTEREST INCOME:        
Interest income $ 181,234 $ 160,633 $ 527,692 $ 431,268
Interest expense 132,437 124,047 380,275 325,137
Total net interest income 48,797 36,586 147,417 106,131
NET LOSS FROM REAL ESTATE:        
Rental income 11,263 16,600 35,871 51,940
Other real estate income 1,995 2,504 5,972 8,457
Total income from real estate 13,258 19,104 41,843 60,397
Interest expense, mortgages payable on real estate 3,281 5,409 10,452 17,298
Depreciation expense 4,503 5,936 13,612 17,759
Other real estate expenses 8,235 11,637 25,430 34,466
Total expenses related to real estate 16,019 22,982 49,494 69,523
Total net loss from real estate (2,761) (3,878) (7,651) (9,126)
OTHER (LOSS) INCOME:        
Realized losses, net (6,063) (5,610) (29,703) (50,481)
Unrealized (losses) gains, net (471,875) 54,852 (542,942) 197,670
Gains (losses) on derivative instruments, net 298,961 (13,006) 435,565 (86,774)
Mortgage banking activities, net 10,856 14,103 42,394 14,103
(Loss) income from equity investments (3,196) (1,595) (2,706) 567
Impairment of real estate (98) (1,619) (2,489) (9,437)
Other income 3,183 1,479 57,754 5,644
Total other (loss) income (168,232) 48,604 (42,127) 71,292
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:        
General and administrative expenses 24,262 23,349 74,363 47,549
Portfolio operating expenses 5,835 6,747 18,400 21,307
Loan origination costs 4,198 3,788 13,070 3,788
Financing transaction costs 5,661 7,941 14,168 14,173
Total general, administrative and operating expenses 39,956 41,825 120,001 86,817
(LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES (162,152) 39,487 (22,362) 81,480
Income tax (benefit) expense (22) (298) 150 189
NET (LOSS) INCOME (162,130) 39,785 (22,512) 81,291
Net loss (income) attributable to non-controlling interests 2,996 5,035 (32,840) 14,231
NET (LOSS) INCOME ATTRIBUTABLE TO COMPANY (159,134) 44,820 (55,352) 95,522
Preferred stock dividends (11,849) (12,118) (35,311) (36,021)
NET (LOSS) INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS (170,983) 32,702 (90,663) 59,501
NET (LOSS) INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS $ (170,983) $ 32,702 $ (90,663) $ 59,501
Basic (loss) earnings per common share (in dollars per share) $ (1.89) $ 0.36 $ (1.01) $ 0.66
Diluted (loss) earnings per common share (in dollars per share) $ (1.89) $ 0.36 $ (1.01) $ 0.65
Weighted average shares outstanding-basic (in shares) 90,275 90,406 90,202 90,437
Weighted average shares outstanding-diluted (in shares) 90,275 91,614 90,202 91,352