v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues:    
Rental and other property income $ 25,768 $ 28,808
Interest income 71,818 77,596
Total revenues 97,586 106,404
Expenses:    
General and administrative 6,344 5,615
Interest expense, net 37,369 45,250
Property operating 2,701 2,465
Real estate tax 1,306 1,004
Expense reimbursements to related parties 3,065 3,003
Management fees 11,628 11,723
Transaction-related 0 59
Depreciation and amortization 8,830 8,828
Real estate impairment 0 7,026
(Decrease) increase in provision for credit losses (7,123) 61,777
Total expenses 64,120 146,750
Other income (expense):    
Gain on disposition of real estate and condominium developments, net 5,743 1,552
(Loss) gain on investment in unconsolidated entities (971) 1,011
Unrealized gain on equity securities 3,317 3,300
Other income, net 1,799 1,609
Loss on extinguishment of debt (282) 0
Total other income 9,606 7,472
Net income (loss) 43,072 (32,874)
Net income allocated to non-controlling interest 44 9
Net income (loss) attributable to the Company $ 43,028 $ (32,883)
Weighted average number of common shares outstanding:    
Basic (in shares) 436,809,143 437,153,747
Diluted (in shares) 436,809,143 437,153,747
Net income (loss) per common share:    
Basic (in usd per share) $ 0.10 $ (0.08)
Diluted (in usd per share) $ 0.10 $ (0.08)