XML 32 R5.htm IDEA: XBRL DOCUMENT v3.24.0.1
Consolidated Statement of Operations - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Net interest income:      
Interest income from commercial mortgage loans $ 701,002,000 $ 456,513,000 $ 327,702,000
Interest income from subordinate loans and other lending assets 17,280,000 55,590,000 100,413,000
Interest expense (466,110,000) (270,525,000) (162,522,000)
Net interest income 252,172,000 241,578,000 265,593,000
Revenue from real estate owned operations 92,419,000 62,062,000 18,917,000
Total net revenue 344,591,000 303,640,000 284,510,000
Operating expenses:      
General and administrative expenses (includes equity-based compensation of $17,444, $18,252 and $17,633 in 2023, 2022 and 2021, respectively) (29,520,000) (29,662,000) (28,845,000)
Operating expenses related to real estate owned (72,759,000) (52,368,000) (19,923,000)
Depreciation and amortization on real estate owned (8,248,000) (704,000) (2,645,000)
Total operating expenses (148,505,000) (121,153,000) (89,573,000)
Other income, net 4,616,000 2,494,000 3,821,000
Net realized gain (loss) on investments (86,604,000) 18,683,000 (20,767,000)
Gain on extinguishment of debt 495,000 0 0
Decrease (increase) in current expected credit loss allowance, net (59,428,000) 17,623,000 34,773,000
Realized losses and impairments on real estate owned 0 0 (550,000)
Foreign currency translation gain (loss) 52,031,000 (116,399,000) (31,687,000)
Net income before taxes 58,569,000 265,232,000 223,515,000
Income tax provision (442,000) 0 0
Net income 58,127,000 265,232,000 223,515,000
Preferred dividends (12,272,000) (12,272,000) (12,964,000)
Net income available to common stockholders $ 45,855,000 $ 252,960,000 $ 210,551,000
Net income per share of common stock:      
Basic (in dollars per share) $ 0.29 $ 1.77 $ 1.48
Diluted (in dollars per share) $ 0.29 $ 1.68 $ 1.46
Basic weighted-average shares of common stock outstanding 141,281,286 140,534,635 139,869,244
Diluted weighted-average shares of common stock outstanding 141,281,286 165,504,660 168,402,515
Dividend declared per share of common stock (in dollars per share) $ 1.4 $ 1.40 $ 1.40
Related Party      
Operating expenses:      
Management fees to related party $ (37,978,000) $ (38,419,000) $ (38,160,000)
Foreign Exchange Forward      
Operating expenses:      
Gain (loss) on sale of derivatives (48,213,000) 146,981,000 41,674,000
Interest rate cap and swaps      
Operating expenses:      
Gain (loss) on sale of derivatives $ (414,000) $ 13,363,000 $ 1,314,000