XML 10 R4.htm IDEA: XBRL DOCUMENT v3.25.1
Condensed Consolidated Statement of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Net interest income:    
Interest income from commercial mortgage loans $ 143,985 $ 183,716
Interest income from subordinate loans and other lending assets 557 849
Interest expense (105,057) (127,887)
Net interest income 39,485 56,678
Revenue from real estate owned operations 26,331 23,857
Total net revenue 65,816 80,535
Operating expenses:    
General and administrative expenses (includes equity-based compensation of $3,430 and $4,188 in 2025 and 2024, respectively) (6,652) (7,373)
Operating expenses related to real estate owned (20,767) (19,893)
Depreciation and amortization on real estate owned (2,456) (4,656)
Total operating expenses (38,439) (41,343)
Other income, net 1,194 570
Increase in current expected credit loss allowance, net (4,008) (147,684)
Foreign currency translation gain (loss) 40,558 (19,563)
Valuation allowance, commercial mortgage loan held for sale 0 679
Net income (loss) before taxes 26,107 (104,410)
Income tax provision (116) (114)
Net income (loss) 25,991 (104,524)
Preferred dividends (3,068) (3,068)
Net income (loss) available to common stockholders $ 22,923 $ (107,592)
Net income (loss) per share of common stock:    
Basic $ 0.16 $ (0.76)
Diluted $ 0.16 $ (0.76)
Basic weighted-average shares of common stock outstanding 138,639,004 141,869,604
Diluted weighted-average shares of common stock outstanding 138,991,818 141,869,604
Dividend declared per share of common stock $ 0.25 $ 0.35
Related Party    
Operating expenses:    
Management fees to related party $ (8,564) $ (9,421)
Foreign Exchange Forward    
Operating expenses:    
Gain (loss) on sale of derivatives (38,972) 23,398
Interest rate caps and swaps    
Operating expenses:    
Gain (loss) on sale of derivatives $ (42) $ 356