7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2016-12-31 2014-09-30 2014-06-30 2014-03-31 
      
    		                             
      cash flows from operating activities:
    		                             
      net income
    		19,170,000 17,109,000 11,555,000 31,331,000 27,563,000 32,123,000 16,430,000 19,024,000 31,196,000 28,090,000 22,191,000 74,254,000 28,685,000 43,212,000 19,154,000 27,072,000 18,929,000 10,460,000 432,000 -11,585,000 21,381,000 -5,193,000 -14,061,000 45,449,000 30,948,000 27,900,150 37,176,335 30,242,693 18,400,822 
      adjustments to reconcile net income to net cash from operating activities:
    		                             
      (gain) loss on extinguishment of debt
    		106,000 -1,000 -256,000 9,000 -20,000 0 -177,000 -118,000 -921,000 -462,000 -9,217,000 0 0                 
      depreciation and amortization
    		8,238,000 8,043,000 7,336,000 7,466,000 8,146,000 8,413,000 8,302,000 7,770,000 7,144,000 7,471,000 7,529,000 7,909,000 7,864,000 7,558,000 9,342,000 9,481,000 9,320,000 9,464,000 9,536,000 9,437,000 9,817,000 9,816,000 10,009,000 9,319,000 9,030,000 18,172,916 6,829,090 7,022,927 7,422,067 
      unrealized (gain) loss on derivative instruments
    		-11,000 220,000 -35,000 308,000 855,000 -83,000 780,000 215,000 184,000 -382,000 373,000 180,000 -1,516,000 529,000 162,000 -200,000 -509,000 669,000 -2,000 150,000 -68,000 570,000 -383,000 -653,000 622,000 -6,976,740 -14,031,899 6,276,905 10,507,734 
      unrealized (gain) loss on securities
    		177,000 -103,000 -687,000                           
      benefit from (release of) loan loss reserves
    		-31,000 -42,000 -81,000 47,000 3,063,000 5,055,000 5,768,000 6,006,000 7,473,000 6,881,000 4,736,000 2,338,000 1,501,000 -1,002,000 874,000 -1,763,000 -2,364,000 -335,000 -4,251,000 -5,065,000          
      amortization of equity based compensation
    		3,049,000 2,996,000 11,215,000 2,237,000 3,177,000 3,117,000 10,298,000 3,202,000 3,205,000 3,046,000 9,124,000 3,797,000 3,738,000 3,637,000 20,412,000 3,427,000 3,072,000 3,525,000 5,276,000 21,771,000 4,219,000 2,712,000 14,026,000 3,441,000 3,575,000 7,336,183 3,751,365 4,227,472 2,324,980 
      amortization of deferred financing costs included in interest expense
    		2,534,000 2,360,000 2,369,000 2,357,000 2,484,000 2,720,000 2,999,000 2,766,000 3,100,000 2,982,000 3,580,000 3,413,000 2,940,000 3,355,000 5,857,000 5,053,000 6,433,000 5,152,000 4,892,000 5,279,000 5,746,000 5,137,000 2,568,000 2,527,000 2,739,000 3,378,206 1,455,439 1,275,880 1,349,475 
      amortization of (premium)/discount on mortgage loan financing included in interest expense
    		-163,000 -152,000 -178,000                           
      amortization of above- and below-market lease intangibles
    		-319,000 -346,000 -402,000 -413,000 -425,000 -430,000 -432,000 -437,000 -453,000 -453,000 -454,000 -445,000 -437,000 -437,000 -444,000 -448,000 -477,000 -485,000 -478,000 -514,000 -533,000 -527,000 -660,000 -492,000 -470,000 -641,080 187,845 190,479 154,756 
      (accretion)/amortization of discount, premium and other fees on mortgage loans receivable
    		-2,392,000 -2,603,000 -2,747,000                           
      (accretion)/amortization of discount and premium on securities
    		-245,000 -492,000 -476,000 -373,000 -265,000 -153,000 -306,000 -556,000                      
      net result from mortgage loan receivables held for sale
    		376,000 -4,914,000 -162,000 608,000 -1,092,000 541,000 -87,000 -596,000 629,000 296,000 194,000                   
      realized (gain) loss on securities
    		-2,032,000 -488,000 -541,000 -97,000 0 -22,000 -53,000 0 -23,000 -8,000 307,000 -2,000 -9,000 -12,000 96,000 -715,000 -285,000 -15,000 -579,000 321,000 303,000 15,523,000 -3,011,000 -4,185,000 -3,397,000     
      (gain) loss on real estate
    		0 0 -3,807,000 -12,419,000 -315,000                         
      realized (gain) loss on sale of derivative instruments
    		   -8,000    22,000 0                     
      (earnings) income from investments in unconsolidated ventures in excess of distributions received
    		414,000 288,000 732,000 68,000 14,000 -18,000 15,000 155,000 -479,000 -217,000 -117,000 -213,000 -407,000                 
      origination of mortgage loan receivables held for sale
    		0 0 -63,360,000         0 0 -6,468,000 -54,850,000 -93,325,000 -50,630,000 -35,404,000 -41,000,000 0 0 -40,000 -212,805,000 -392,063,000 -220,773,000     
      repayment of mortgage loan receivables held for sale
    		0           0 0   57,000 46,000 44,000 36,000 35,000 77,000 228,000 64,000 175,000 122,000 817,045 169,118 465,770 316,067 
      proceeds from sales of mortgage loan receivables held for sale
    		0           -2,000 6,631,000   132,493,000 75,547,000   -27,000 56,473,000 66,468,000 189,359,000 450,054,000 143,654,000 -939,622,907 652,639,556 943,415,997 783,762,354 
      change in deferred tax liability
    		                             
      changes in operating assets and liabilities:
    		                             
      accrued interest receivable
    		-1,183,000 1,972,000 -2,338,000 3,767,000 4,243,000 2,261,000 1,026,000 -1,177,000 591,000 2,148,000 -856,000 -4,595,000 -3,499,000 -2,395,000 -805,000 -1,311,000 -1,188,000 568,000 2,580,000 2,088,000 523,000 4,449,000 -2,165,000 1,281,000 1,570,000     
      other assets
    		2,213,000 -3,198,000 -609,000 -3,865,000 3,224,000 -1,511,000 1,213,000 611,000 6,388,000 -1,349,000 1,902,000 -863,000 3,433,000 -477,000 2,332,000 2,512,000 3,560,000 1,251,000 -1,565,000 3,725,000 2,858,000 -1,630,000 -13,731,000 7,423,000 389,000     
      accrued expenses and other liabilities
    		-3,499,000 -45,769,000 14,204,000 -89,624,000 122,942,000 9,739,000 -63,321,000 27,475,000 29,962,000 -110,579,000 77,789,000 29,286,000 766,000 5,074,000 1,833,000 -3,795,000 414,000 14,016,000 -15,650,000 6,036,000 -22,499,000 15,556,000 -32,456,000 19,818,000 -8,205,000 -25,089,505 4,277,042   
      net cash from operating activities
    		26,338,000 44,045,000 -28,727,000 -60,121,000 169,011,000 45,406,000 -20,375,000 58,399,000 78,116,000 -67,321,000 111,410,000 54,494,000 38,269,000 43,982,000 -30,035,000 53,876,000 35,611,000 33,842,000 -43,590,000 23,934,000 44,556,000 84,545,000 -41,092,000 118,962,000 -68,300,000 42,438,233 -48,997,121 119,333,612 296,372,276 
      cash flows from investing activities:
    		                             
      origination and funding of mortgage loan receivables held for investment
    		-476,105,000 -159,550,000 -253,048,000 -123,422,000 -2,227,000 -20,881,000 -48,702,000 -7,003,000                      
      repayment of mortgage loan receivables held for investment
    		129,864,000 210,186,000 264,008,000 503,864,000 511,342,000 248,494,000 362,854,000 206,667,000 98,092,000 283,519,000 150,186,000 183,853,000 200,934,000 166,781,000 358,198,000 305,795,000 194,813,000 208,560,000 394,446,000 323,554,000 130,626,000 318,952,000 118,573,000 447,193,000 409,992,000 490,585,282 80,686,233 66,306,910 12,335,575 
      purchases of securities
    		-366,704,000 -591,711,000 -521,803,000 -315,024,000 -430,706,000 -81,709,000 -70,603,000 -67,396,000 -58,637,000 -14,407,000 -3,513,000                   
      repayment of securities
    		164,285,000 116,086,000 84,477,000 68,227,000 60,546,000 59,721,000 88,147,000 59,132,000 37,654,000 75,124,000 60,214,000                   
      basis recovery of interest-only securities
    		443,000 562,000 496,000 768,000 876,000 825,000 888,000 1,050,000 1,076,000 966,000 1,024,000 1,036,000 1,338,000 1,203,000 1,383,000               
      proceeds from sales of securities
    		257,362,000 19,488,000 39,880,000 21,609,000 0 5,782,000 4,799,000 0 3,607,000 636,000 13,595,000                   
      capital improvements of real estate
    		-479,000 -635,000 -872,000 -1,651,000 -3,015,000 -458,000 -1,373,000 -1,734,000 -1,144,000 -870,000 -626,000 -1,292,000 -1,799,000 -3,107,000 -751,000 -2,004,000 -1,250,000 -350,000 -1,269,000 -3,614,000 -509,000 -1,040,000 -940,000 -3,986,000 -1,899,000     
      proceeds from sale of real estate
    		0 0 13,079,000 44,640,000 10,759,000   0    137,408,000 9,503,000 84,143,000 79,473,000 55,777,000 52,611,000 38,732,000 43,750,000 4,508,000 51,170,000 266,000 11,160,000 1,329,000 2,273,000 -30,508,515 38,559,675 44,966,023 19,935,817 
      capital contributions and advances to investment in unconsolidated joint ventures
    		   0 0                   56,000 31,000     
      proceeds from fhlb stock
    		   0 0 4,050,000 1,125,000 0 2,700,000                     
      purchase of derivative instruments
    		   45,000    0 -148,000   -155,000    0    -86,000 1,000 -65,000 -46,000 -100,000 -51,000     
      sale of derivative instruments
    		   35,000        12,000        -17,000 1,000 149,000 297,000 -1,000 51,000     
      net cash from investing activities
    		-291,410,000 -405,574,000 -373,783,000 199,091,000 146,950,000 249,585,000 337,135,000 190,841,000 79,395,000 335,003,000 188,264,000 289,685,000 44,911,000 -81,070,000 -171,936,000 -718,780,000 -242,982,000 -378,437,000 688,739,000 851,787,000 257,169,000 910,774,000 -477,465,000 159,172,000 -236,381,000     
      cash flows from financing activities:
    		                             
      deferred financing costs paid
    		-9,266,000 -152,000 -1,681,000 -8,754,000 -7,773,000 -473,000 -1,321,000 -994,000 -729,000 -838,000 -817,000 -134,000 -6,437,000 -230,000 -1,510,000 -410,000 7,296,000 -9,486,000 -621,000 -506,000 -145,000 -5,184,000 -12,186,000 -2,457,000 0     
      proceeds from borrowings under debt obligations
    		2,007,944,000 347,532,000 250,000 13,269,000 513,052,000 60,711,000 80,942,000 176,669,000 6,133,000 136,868,000 601,338,000 873,598,000 666,420,000 442,782,000 443,866,000 1,141,550,000 224,182,000 1,521,775,000 1,631,557,000 888,242,000 1,086,117,000 2,121,828,000 5,924,969,000 4,216,183,000 3,809,154,000     
      repayment and repurchase of borrowings under debt obligations
    		-1,788,631,000 -335,213,000 -367,008,000 -463,170,000 -299,392,000 -351,024,000 -199,184,000 -188,100,000 -140,125,000 -262,089,000 -757,779,000                   
      cash dividends paid to class a common shareholders
    		-28,844,000 -29,003,000 -30,739,000 -28,897,000 -28,914,000 -28,981,000 -30,918,000 -28,687,000 -28,688,000 -28,688,000 -30,356,000 -28,557,000 -27,368,000 -24,944,000 -26,142,000    -26,245,000 -23,736,000 -21,417,000 -36,395,000 -37,340,000 -224,000 -36,066,000     
      capital distributed to noncontrolling interests in consolidated ventures
    		0   -110,000 0 -23,000 -200,000 -15,000 0 -15,000 -511,000 -16,146,000 -5,804,000                 
      payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock
    		-10,000 0 -8,707,000 0 -10,000 -1,000 -8,883,000 0 -10,000 0 -7,852,000 0 -35,000 0 -11,321,000    -4,421,000 -7,865,000 -29,000 -154,000 -9,078,000 -1,141,000 -23,000     
      repurchase of treasury stock
    		                             
      net cash from financing activities
    		179,655,000 -23,471,000 -410,202,000 -492,145,000 175,772,000 -320,002,000 -160,211,000 -41,127,000 -163,615,000 -154,762,000 -198,262,000 -41,756,000 -8,932,000 -175,205,000 75,649,000    -477,374,000 -509,173,000 -257,993,000 -743,536,000 785,032,000 -44,141,000 211,001,000 -1,495,330,384 839,359,147   
      net increase in cash, cash equivalents and restricted cash
    		-85,417,000 -385,000,000 -812,712,000 -353,175,000 491,733,000 -25,011,000 156,549,000 208,113,000 -6,104,000 112,920,000 101,412,000 302,423,000 74,248,000 -212,293,000 -126,322,000    167,775,000 366,548,000 43,732,000 251,783,000 266,475,000 233,993,000 -93,680,000     
      cash, cash equivalents and restricted cash at beginning of period
    		0 0 1,346,039,000 1,000 0 0 1,075,942,000 0 0 0 659,602,000 0 0 0 621,546,000    1,284,284,000 0 0 0 355,746,000 0 0     
      cash, cash equivalents and restricted cash at end of period
    		-85,417,000 -385,000,000 533,327,000 -353,174,000 491,733,000 -25,011,000 1,232,491,000 208,113,000 -6,104,000 112,920,000 761,014,000 302,423,000 74,248,000 -212,293,000 495,224,000    1,452,059,000 366,548,000 43,732,000 251,783,000 622,221,000 233,993,000 -93,680,000     
      non-cash investing and financing activities:
    		                             
      securities purchased, not settled
    		                             
      repurchase of treasury stock, not settled
    		                             
      repayments in transit of securities
    		  582,000    27,000                       
      repayment in transit of mortgage loans receivable held for investment
    		-1,047,000 -18,900,000 19,822,000 129,475,000 -74,631,000 6,755,000 40,357,000 -39,203,000 21,309,000   -2,391,000 -30,454,000 33,400,000 18,373,000    50,832,000           
      non-cash disposition of loans via foreclosure
    		-22,678,000   2,971,000                          
      real estate and real estate held for sale acquired in settlement of mortgage loans receivable held for investment
    		22,678,000   0                          
      transfer of real estate, net into real estate held for sale
    		            -7,402,000 0 -55,412,000               
      dividends declared, not paid
    		436,000 1,428,000 29,493,000 165,000 467,000 485,000 30,721,000 506,000 499,000 487,000 30,802,000 568,000 1,727,000 2,942,000 26,763,000    26,530,000           
      change in deferred tax asset
    		 2,178,000 -459,000 1,119,000 -779,000 0 1,344,000 -1,747,000 1,989,000 113,000 827,000 -642,000 -1,588,000 2,127,000 -402,000               
      purchase of treasury stock
    		 -6,620,000 -2,317,000 -4,483,000 -1,191,000 -211,000 -647,000 0 -196,000 0 -2,285,000 -1,758,000 -1,502,000 -4,045,000 -611,000    -214,000 -452,000 -895,000 -482,000 -1,206,000 0 0     
      securities and derivatives purchased, not settled
    		 31,777,000 19,000    15,000     2,936,000 16,000 -3,775,000 3,776,000               
      non-cash operating lease expense
    		   329,000 -252,000 237,000 17,000 65,000 381,000 538,000 538,000                   
      unrealized (gain) loss on equity securities
    		       -23,000 9,000 -17,000 6,000 -36,000 61,000 30,000 -14,000     0 0 -401,000 533,000 -396,000 -253,000     
      (accretion)/amortization of discount, premium and other fees on loans
    		   -3,684,000 -3,044,000 -3,851,000 -4,040,000 -4,075,000 -3,152,000 -4,834,000 -6,985,000 -5,827,000 -4,679,000 -5,091,000 -5,162,000               
      capital distribution from investment in unconsolidated ventures
    		           0 0                 
      capital contributed by noncontrolling interests in consolidated ventures
    		           0 0                 
      supplemental information:
    		                             
      cash paid for interest, net of amounts capitalized
    		              36,146,000    54,362,000           
      cash paid (received) for income taxes
    		              7,000    863,000           
      securities and derivatives sold, not settled
    		         0 12,000 0 0 -44,000 54,000               
      repurchase of treasury shares, not settled
    		                             
      net settlement of sale of real estate, subject to debt - real estate
    		       0                      
      net settlement of sale of real estate, subject to debt - debt obligations
    		       0                      
      real estate acquired in former unconsolidated venture agreement
    		           0 0                 
      amortization of premium/discount on mortgage loan financing included in interest expense
    		    -218,000 -189,000 -151,000 -152,000 -152,000 -150,000 -150,000 -82,000 -149,000 -170,000 -330,000               
      settlement of mortgage loan receivable held for investment by real estate
    		     -28,105,000 -14,541,000 -60,911,000           -43,129,000           
      real estate and real estate held for sale acquired in settlement of mortgage loan receivable held for investment
    		                             
      real estate acquired in settlement of mortgage loan receivable held for investment
    		      14,110,000 57,126,000           43,750,000           
      unrealized (gain) loss on agency interest-only securities
    		       -26,000 33,000 112,000 -123,000 24,000 5,000 19,000 -3,000 4,000 19,000 48,000 20,000 -80,000 -9,000 -98,000 -76,000 -46,000 -16,000    1,034,146 
      realized (gain) loss on disposition of loan via foreclosure
    		               0 0             
      realized (gain) loss on sale of real estate
    		       0    -53,897,000 -4,393,000 -28,554,000 -29,154,000 -18,611,000 -17,766,000   14,000 -21,588,000 1,000 -10,529,000 -429,000 -2,082,000     
      insurance proceeds for remediation work due to property damage
    		       0 0 0 473,000     747,000 0             
      insurance proceeds used for remediation work due to property damage
    		       -5,000 -91,000   0 302,000 -293,000 -36,000 -1,260,000 0             
      purchases of mortgage loan receivables held for investment
    		                             
      proceeds from sale of mortgage loan receivables held for investment
    		                             
      purchases of real estate
    		               0    -1,201,000 0 0 -6,239,000 -6,330,000 -8,834,000     
      re-issuance of treasury stock
    		                             
      issuance of common stock
    		            0 0 3,000    1,000    -1,000    0 0 259,037,500 
      reissuance of treasury stock
    		              -1,000    -1,000    1,000       
      (accretion)/amortization of discount, premium and other fees on securities
    		         -206,000 -501,000 -467,000 -184,000 -139,000 -37,000               
      origination of mortgage loan receivables held for investment
    		         -11,600,000 -32,616,000 -51,343,000 -179,108,000 -355,807,000 -648,507,000 -1,017,872,000 -496,300,000 -679,161,000 -116,555,000 -10,446,000 -8,869,000 -20,411,000 -313,936,000 -466,224,000 -501,329,000     
      realized gain on sale of derivative instruments
    		          244,000         103,000 0 -86,000 -125,000 0 -24,000     
      unrealized (gain) loss on investment in mutual fund
    		                   -63,000 0 -1,086,000 991,000 -97,000 -54,000     
      realized (gain) loss on sale of mortgage loan receivables held for sale
    		           428,000 -796,000 1,930,000 949,000 -1,713,000 -3,293,000   26,000 -1,126,000 -5,921,000 -1,005,000 -16,169,000 -11,247,000     
      realized (gain) loss on sale of mortgage loan receivables held for investment
    		                   2,931,000 0         
      purchases of real estate securities
    		           -28,134,000 -22,816,000 -19,190,000 -26,033,000 -103,120,000 -42,544,000 -61,342,000 -40,016,000 -1,028,000 -1,038,000 -123,000 -438,423,000 -452,788,000 -364,853,000     
      repayment of real estate securities
    		           47,974,000 34,670,000 44,438,000 57,756,000 28,678,000 29,563,000 95,713,000 10,540,000 40,712,000 42,414,000 19,405,000 43,627,000 313,412,000 68,025,000 518,387,469 42,991,362 76,062,292 46,701,877 
      proceeds from sales of real estate securities
    		           326,000 724,000 469,000 4,261,000 73,635,000 25,721,000 10,175,000 329,063,000 365,706,000 33,992,000 426,093,000 106,367,000 321,369,000 149,893,000 -25,804,884 335,185,619 171,627,985 58,286,280 
      proceeds from sale of fhlb stock
    		           0    0 1,125,000 0 18,040,000           
      repayment of borrowings under debt obligations
    		           -868,757,000 -634,205,000 -581,504,000 -328,495,000 -673,246,000 -435,030,000 -1,308,129,000 -2,077,161,000 -1,396,667,000 -1,315,533,000 -2,829,356,000 -5,073,000,000 -4,251,861,000 -3,557,336,000     
      capital distributed to noncontrolling interests in operating partnership
    		                   -34,000 -332,000 -2,198,000 -4,134,000 -4,441,000 -4,284,000     
      issuance of purchase right
    		                   0 0         
      exchange of noncontrolling interest for common stock
    		                          0 0 697,096,682 
      change in deferred tax asset related to exchanges of noncontrolling interest for common stock
    		                             
      rebalancing of ownership percentage between company and operating partnership
    		                          -1,661,514 -12,773,476 14,666,762 
      property insurance proceeds
    		                0             
      repayments in transit of real estate securities
    		            -8,191,000                 
      (earnings) income from investments in unconsolidated joint ventures in excess of distributions received
    		              191,000 -353,000              
      capital distribution from investment in unconsolidated joint ventures
    		              2,284,000 3,280,000 12,174,000 6,926,000 2,181,000 3,366,000 210,000 211,000 215,000 2,495,000 7,394,000     
      capital distributed to noncontrolling interests in consolidated joint ventures
    		              -140,000    -269,000 -155,000 -5,968,000 -368,000 -3,296,000 -200,000 -751,000     
      real estate acquired in former unconsolidated joint venture agreement
    		              15,436,000               
      impairment of real estate
    		                       0 0     
      amortization of premium on mortgage loan financing
    		               -228,000 -336,000 -389,000 -273,000 -294,000 -279,000 -278,000 -309,000 -284,000 -526,000     
      purchases of mortgage loan receivables held for sale
    		                       0      
      distributions from operations of investment in unconsolidated joint ventures
    		                       250,000 0     
      capitalization of interest on investment in unconsolidated joint ventures
    		                       0 0     
      purchase of fhlb stock
    		                       0 0     
      capital contributed by noncontrolling interests in consolidated joint ventures
    		                   0 209,000 348,000 303,000 0 307,000     
      transfer from mortgage loans receivable held for sale to mortgage loans receivable held for investment, net, at amortized cost
    		                             
      transfer of real estate and related lease intangible, net into real estate held for sale
    		                             
      amortization of premium/(accretion) of discount and other fees on loans
    		                -3,255,000 -2,299,000 -3,408,000 -3,063,000 -3,550,000 -4,993,000 -3,924,000 -3,440,000 -4,111,000     
      amortization of premium/(accretion) of discount and other fees on securities
    		                93,000 48,000 35,000 54,000 29,000 12,000 431,000 135,000 169,000     
      deferred tax asset
    		                -1,283,000 -1,227,000 1,219,000 -6,728,000 -3,092,000 -2,123,000 12,037,000 -2,591,000 1,069,000     
      proceeds from sale of mortgage loan receivables held for investment, at amortized cost
    		                0 0 46,557,000 98,079,000 7,048,000         
      basis recovery of agency interest-only securities
    		                1,626,000 1,676,000 2,002,000 1,635,000 2,123,000 1,973,000 1,880,000 2,747,000 2,926,000     
      (income) income from investments in unconsolidated joint ventures in excess of distributions received
    		                 -237,000 -436,000 -462,000 -447,000 -471,000 -441,000 185,000 -1,095,000     
      realized (gain) loss on disposition of loan
    		                  26,000 -149,000 0 0 51,000       
      (gain) loss on extinguishment/defeasance of debt
    		                   -6,000 -1,167,000 -19,016,000 -2,061,000 0 0     
      common stock offering costs
    		                             
      benefit from loan losses
    		                     -729,000 26,581,000 2,000,000 0 -150,000 150,000 150,000 150,000 
      payments pursuant to tax receivable agreement
    		                             
      realized gain on sale of mortgage loan receivables held for sale
    		                             
      realized gain on disposition of loan
    		                             
      realized (gain) loss on real estate securities
    		                             
      realized gain on sale of real estate
    		                             
      realized gain on assignment of mortgage loan financing
    		                             
      income from investments in unconsolidated joint ventures in excess of distributions received
    		                             
      reduction (addition) of cash collateral held by broker for derivatives
    		                             
      sale of fhlb stock
    		                             
      reduction (addition) of cash collateral held by broker
    		                             
      addition (reduction) of deposits received for loan originations
    		                             
      escrow cash and title deposits included in other assets
    		                             
      capital contributions to investment in unconsolidated joint ventures
    		                             
      distributions received from investments in unconsolidated joint ventures in excess of income
    		                             
      capital contributions to investment in mutual fund
    		                             
      partners’ capital distributions
    		                             
      capital contributed by noncontrolling interests in operating partnership
    		                             
      net increase in cash
    		                         -73,435,073 2,867,034 -30,499,487 36,723,526 
      cash and cash equivalents at beginning of period
    		                         30,216,743 0 0 78,742,257 
      cash and cash equivalents at end of period
    		                         -43,218,330 2,867,034 -30,499,487 115,465,783 
      accretion/amortization of discount, premium and other fees on loans and securities
    		                          26,546,653 20,062,028 17,144,061 
      realized gain on real estate securities
    		                             
      earnings on investment in unconsolidated joint ventures
    		                             
      distributions of return on capital from investment in unconsolidated joint ventures
    		                          127,514 804,491 799,690 
      due to brokers
    		                           -13,224,447 30,090,186 
      due from brokers
    		                             
      amount payable pursuant to tax receivable agreement
    		                             
      cash flows used in investing activities:
    		                             
      origination and purchases of mortgage loan receivables held for investment
    		                             
      addition of deposits received for loan originations
    		                          4,042,982   
      security deposits included in other assets
    		                           -347,432 2,007,219 
      distributions of return of capital from investment in unconsolidated joint ventures
    		                          97,486 1,657,365 1,500,000 
      purchases of real estate and capital improvements
    		                             
      deferred financing costs
    		                             
      proceeds from repurchase agreements
    		                          2,480,223,414 3,255,648,891 1,405,389,678 
      repayment of repurchase agreements
    		                             
      proceeds from borrowings under credit agreements
    		                             
      repayment of borrowings under credit agreements
    		                             
      proceeds from revolving credit facility
    		                             
      repayment of revolving credit facility
    		                             
      proceeds from mortgage loan financing
    		                             
      repayment of mortgage loan financing
    		                             
      proceeds from fhlb borrowings
    		                          1,434,000,000 1,082,000,000 1,649,000,000 
      repayments of fhlb borrowings
    		                             
      proceeds from notes issued
    		                             
      partners’ capital contributions
    		                             
      capital contributed by a noncontrolling interest
    		                             
      capital distributed by a noncontrolling interest
    		                             
      shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock
    		                             
      adjustment to tax receivable agreement as a result of the exchange of class b shares
    		                             
      cash paid for interest
    		                          21,242,364 9,950,648 19,315,740 
      cash paid for income taxes
    		                          -1,877,678 10,322,383 1,094,686 
      supplemental disclosure of non-cash operating activities:
    		                             
      establishment of deferred tax asset
    		                             
      supplemental disclosure of non-cash investing activities:
    		                             
      transfer from mortgage loan receivables held for investment, at amortized cost to mortgage loan receivable held for sale
    		                          -200,000   
      transfer from real estate, net to real estate held for sale
    		                          292,608   
      supplemental disclosure of non-cash financing activities:
    		                             
      exchange of capital for common stock
    		                          0 0 483,567,974 
      change in other comprehensive income related to change in current and deferred tax asset
    		                             
      amortization of (premium) discount on long-term debt
    		                             
      realized gain on sale of mortgage loan receivables
    		                             
      proceeds from long-term financing
    		                           0 41,083,035 
      repayment of long-term financing
    		                             
      change in other comprehensive income related to change in current and deferred tax provision
    		                             
      realized gain on sale of real estate securities
    		                             
      cash collateral held by broker for derivatives
    		                            3,999,088 
      purchases of real estate and capital improvments
    		                             
      capital distributed to a noncontrolling interest
    		                             
      change in other comprehensive income related to change in deferred tax asset
    		                            305,950 
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.