|
Revenue from real estate owned operations
|
|
—
|
—
|
—
|
$0
|
$0
|
$18.9m
|
$62.1m
|
$92.4m
|
$104.7m
|
$104.9m
|
|
Operating expenses related to real estate owned
|
|
—
|
—
|
—
|
$0
|
$0
|
($19.9m)
|
($52.4m)
|
($72.8m)
|
($81.7m)
|
($85.2m)
|
|
Total operating expenses
|
|
($48.4m)
|
($52.4m)
|
($56.9m)
|
($64.8m)
|
($66.6m)
|
($89.6m)
|
($121.2m)
|
($148.5m)
|
($159.1m)
|
($158.0m)
|
|
Interest income from commercial mortgage loans
|
|
$102.9m
|
$158.6m
|
$263.7m
|
$322.5m
|
$309.1m
|
$327.7m
|
$456.5m
|
$701.0m
|
$699.4m
|
$625.5m
|
|
Interest income from subordinate loans and other lending assets
|
|
$122.4m
|
$165.3m
|
$140.2m
|
$164.9m
|
$118.4m
|
$100.4m
|
$55.6m
|
$17.3m
|
$3.5m
|
$1.3m
|
|
Net interest income
|
|
$200.6m
|
$260.5m
|
$289.3m
|
$334.5m
|
$278.7m
|
$265.6m
|
$241.6m
|
$252.2m
|
$199.0m
|
$166.7m
|
|
Management fees to related party
|
|
($23.4m)
|
($31.7m)
|
($36.4m)
|
($40.7m)
|
($39.8m)
|
($38.2m)
|
($38.4m)
|
($38.0m)
|
($36.1m)
|
($34.2m)
|
|
Depreciation and amortization on real estate owned
|
|
—
|
—
|
—
|
$0
|
$0
|
($2.6m)
|
($704k)
|
($8.2m)
|
($11.7m)
|
($11.2m)
|
|
Other income, net
|
|
$1.1m
|
$940k
|
$1.4m
|
$2.1m
|
$1.6m
|
$3.8m
|
$2.5m
|
$4.6m
|
$4.5m
|
$7.9m
|
|
Income from equity method investment
|
|
($96k)
|
($2.8m)
|
$0
|
$0
|
$0
|
$1
|
$2
|
$0
|
$0
|
$15.4m
|
|
Decrease (increase) in current expected credit loss allowance, net
|
|
—
|
—
|
($20.0m)
|
($20.0m)
|
($125.6m)
|
$34.8m
|
$17.6m
|
($59.4m)
|
($155.8m)
|
($3.2m)
|
|
Foreign currency translation gain (loss)
|
|
($29.3m)
|
$18.5m
|
($30.3m)
|
$19.8m
|
$26.9m
|
($31.7m)
|
($116.4m)
|
$52.0m
|
($37.5m)
|
$99.5m
|
|
Gain (loss) on sale of derivatives
|
|
—
|
—
|
$0
|
($14.5m)
|
($39.2m)
|
$43.0m
|
$147.0m
|
($48.6m)
|
$53.2m
|
($98.7m)
|
|
Net realized loss on investments
|
|
—
|
—
|
—
|
—
|
—
|
—
|
$18.7m
|
($86.6m)
|
($128.2m)
|
($7.4m)
|
|
Gain on extinguishment of debt
|
|
$0
|
($1.9m)
|
($2.6m)
|
$0
|
$0
|
$0
|
$0
|
$495k
|
$0
|
$0
|
|
Income tax provision
|
|
—
|
—
|
—
|
—
|
—
|
$0
|
$0
|
($442k)
|
($394k)
|
($331k)
|
|
Preferred dividends
|
|
($30.3m)
|
($36.8m)
|
($27.3m)
|
($18.5m)
|
($13.5m)
|
($13.0m)
|
($12.3m)
|
($12.3m)
|
($12.3m)
|
($12.3m)
|
|
Total net revenue
|
|
—
|
—
|
—
|
$334.5m
|
$278.7m
|
$284.5m
|
$303.6m
|
$344.6m
|
$303.7m
|
$271.6m
|
|
Net income (loss) before taxes
|
|
—
|
—
|
—
|
—
|
—
|
$223.5m
|
$265.2m
|
$58.6m
|
($119.2m)
|
$127.1m
|
|
Net income (loss)
|
|
$157.9m
|
$193.0m
|
$220.0m
|
$230.2m
|
$18.4m
|
$223.5m
|
$265.2m
|
$58.1m
|
($119.6m)
|
$126.7m
|
|
Net income (loss) available to common stockholders
|
|
$127.6m
|
$156.3m
|
$192.6m
|
$211.6m
|
$4.8m
|
$210.6m
|
$253.0m
|
$45.9m
|
($131.9m)
|
$114.4m
|
|
Basic
|
|
$1.74
|
$1.54
|
$1.52
|
$1.41
|
$0.01
|
$1.48
|
$1.77
|
$0.29
|
($0.97)
|
$0.81
|
|
Diluted
|
|
$1.74
|
$1.54
|
$1.48
|
$1.40
|
$0.01
|
$1.46
|
$1.68
|
$0.29
|
($0.97)
|
$0.81
|
|
Dividend declared per share of common stock
|
|
$1.74
|
$1.54
|
$1.52
|
$1.84
|
$1.45
|
$1.40
|
$1.40
|
$1.40
|
$1.20
|
$1.00
|
|
Basic weighted-average shares of common stock outstanding
|
|
72.4m
|
99.9m
|
124.1m
|
146.9m
|
148.0m
|
139.9m
|
140.5m
|
141.3m
|
139.7m
|
138.9m
|
|
Diluted weighted-average shares of common stock outstanding
|
|
73.3m
|
101.2m
|
153.8m
|
175.8m
|
148.0m
|
168.4m
|
165.5m
|
141.3m
|
139.7m
|
138.9m
|
|
Interest expense
|
|
($63.8m)
|
($78.1m)
|
($114.6m)
|
($152.9m)
|
($148.9m)
|
($162.5m)
|
($270.5m)
|
($466.1m)
|
($503.9m)
|
($460.1m)
|
|
General and administrative expenses (includes equity-based compensation of $13,631, $16,468 and $17,444 in 2025, 2024 and 2023, respectively)
|
|
($25.0m)
|
($20.7m)
|
($20.5m)
|
($24.1m)
|
($26.8m)
|
($28.8m)
|
($29.7m)
|
($29.5m)
|
($29.6m)
|
($27.4m)
|