Ladder Capital Corp(NYSE:LADR) 
Ladder Capital Corp operates as a real estate investment trust in the United States. The company operates through three segments: Loans, Securities, and Real Estate. The Loans segment originates conduit first mortgage loans that are secured by cash-flowing commercial real estate; and originates and ...
Website: http://www.laddercapital.com
Founded: 2008
Full Time Employees: 60
Sector: Real Estate
Industry: REIT-Mortgage
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At a glance:
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Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 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 | 2019-06-30 | 2017-09-30 | 2017-06-30 | 2017-03-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
net interest income | 22,328,000 | 27,790,000 | 21,530,000 | 20,329,000 | 27,215,000 | 38,416,000 | 34,317,000 | 37,141,000 | 39,822,000 | 38,831,000 | 40,487,000 | 43,047,000 | 37,298,000 | 28,888,000 | 22,563,000 | 9,170,000 | 10,589,000 | -3,104,000 | -7,649,000 | -6,686,000 | -706,000 | -1,777,000 | -6,329,000 | 21,188,000 | 26,857,000 | 30,854,000 | 32,953,000 | 30,156,000 | 30,532,000 | 26,097,000 | |
interest income | 68,065,000 | 71,768,000 | 62,735,000 | 64,326,000 | 78,105,000 | 96,092,000 | 88,516,000 | 95,912,000 | 100,569,000 | 101,090,000 | 101,829,000 | 103,796,000 | 94,688,000 | 77,359,000 | 65,268,000 | 56,205,000 | 53,000,000 | 46,235,000 | 37,577,000 | 39,287,000 | 50,543,000 | 54,621,000 | 62,096,000 | 72,589,000 | 76,195,000 | 82,251,000 | 85,322,000 | 72,763,000 | 66,136,000 | 57,512,000 | |
interest expense | 45,737,000 | 43,978,000 | 41,205,000 | 43,997,000 | 50,890,000 | 57,676,000 | 54,199,000 | 58,771,000 | 60,747,000 | 62,259,000 | 61,342,000 | 60,749,000 | 57,390,000 | 48,471,000 | 42,705,000 | 47,035,000 | 42,411,000 | 49,339,000 | 45,226,000 | 45,973,000 | 51,249,000 | 56,398,000 | 68,425,000 | 51,401,000 | 49,338,000 | 51,397,000 | 52,369,000 | 42,607,000 | 35,604,000 | 31,415,000 | |
provision for (release of) loan loss reserves | -3,000 | -31,000 | -42,000 | -81,000 | 47,000 | 3,063,000 | 5,055,000 | 5,768,000 | 6,881,000 | 343,250 | 1,501,000 | 874,000 | -1,737,500 | -2,364,000 | -335,000 | ||||||||||||||||
net interest income after provision for (release of) loan loss reserves | 22,331,000 | 27,821,000 | 21,572,000 | 20,410,000 | 27,168,000 | 35,353,000 | 29,262,000 | 31,373,000 | |||||||||||||||||||||||
other income | |||||||||||||||||||||||||||||||
real estate operating income | 25,094,000 | 26,666,000 | 25,775,000 | 21,773,000 | 23,367,000 | 25,294,000 | 26,133,000 | 23,887,000 | 23,103,000 | 24,761,000 | 25,887,000 | 23,199,000 | 25,591,000 | 27,679,000 | 28,646,000 | 26,354,000 | 24,244,000 | 26,603,000 | 26,558,000 | ||||||||||||
net result from mortgage loan receivables held for sale | 16,000 | -377,000 | 4,914,000 | 162,000 | -608,000 | 1,092,000 | -541,000 | 87,000 | 596,000 | -629,000 | -296,000 | -194,000 | |||||||||||||||||||
gain on real estate | 3,807,000 | 12,419,000 | 315,000 | 12,543,000 | |||||||||||||||||||||||||||
fee and other income | 3,043,000 | 3,864,000 | 2,803,000 | 5,285,000 | 4,753,000 | 6,609,000 | 3,638,000 | 3,700,000 | 2,191,000 | 1,829,000 | 3,327,000 | 1,831,000 | 2,782,000 | 2,697,000 | 2,345,000 | 7,194,000 | 2,768,000 | 2,687,000 | 2,451,000 | 3,284,000 | 4,579,000 | 3,051,000 | 3,505,000 | 1,519,000 | 7,356,000 | 5,166,000 | 7,196,000 | 4,338,000 | 4,574,000 | 4,466,000 | |
net result from derivative transactions | -35,000 | 21,000 | 1,526,000 | 323,000 | 1,549,000 | -766,000 | 617,000 | 4,019,000 | -5,199,000 | 4,773,000 | 4,149,000 | -2,242,000 | -21,000 | 6,567,000 | 2,679,000 | 3,135,000 | 747,000 | 75,000 | -3,844,000 | 4,771,000 | 718,000 | 260,000 | -813,000 | -15,435,000 | 5,945,000 | -9,465,000 | -15,457,000 | -348,000 | -16,022,000 | -1,981,000 | |
earnings from investment in unconsolidated ventures | 19,000 | -414,000 | -288,000 | -732,000 | -68,000 | -14,000 | 18,000 | -15,000 | -155,000 | 479,000 | 217,000 | 217,000 | 213,000 | 407,000 | 356,000 | ||||||||||||||||
gain on extinguishment of debt | -106,000 | 1,000 | 256,000 | -9,000 | 20,000 | 177,000 | 118,000 | 921,000 | 462,000 | 9,217,000 | 685,000 | -54,000 | |||||||||||||||||||
total other income | 28,137,000 | 29,654,000 | 34,731,000 | 30,874,000 | 41,403,000 | 32,550,000 | 42,408,000 | 31,855,000 | 20,703,000 | 40,923,000 | 33,659,000 | 31,838,000 | 82,048,000 | 42,482,000 | 61,298,000 | 65,243,000 | 49,167,000 | 51,223,000 | 48,150,000 | 33,209,000 | 27,235,000 | 52,810,000 | 30,909,000 | 29,002,000 | 59,601,000 | 38,195,000 | 43,708,000 | 39,141,000 | 21,571,000 | 30,418,000 | |
costs and expenses | |||||||||||||||||||||||||||||||
compensation and employee benefits | 10,861,000 | 11,552,000 | 11,561,000 | 18,761,000 | 11,754,000 | 14,407,000 | 13,721,000 | 20,789,000 | 13,006,000 | 14,285,000 | 14,242,000 | 22,084,000 | 16,671,000 | 13,806,000 | 15,495,000 | 29,864,000 | |||||||||||||||
operating expenses | 4,867,000 | 5,276,000 | 4,767,000 | 4,516,000 | 4,862,000 | 4,508,000 | 5,178,000 | 4,643,000 | 4,485,000 | 4,775,000 | 4,987,000 | 5,256,000 | 5,413,000 | 5,143,000 | 4,651,000 | 5,508,000 | 4,797,000 | 4,418,000 | 4,216,000 | 4,241,000 | 4,337,000 | 3,938,000 | 6,224,000 | 5,794,000 | 5,868,000 | 5,314,000 | 6,012,000 | 4,790,000 | 5,829,000 | 5,479,000 | |
real estate operating expenses | 10,019,000 | 11,424,000 | 10,266,000 | 8,766,000 | 9,638,000 | 10,751,000 | 11,034,000 | 9,146,000 | 8,516,000 | 9,456,000 | 9,766,000 | 9,849,000 | 9,677,000 | 10,069,000 | 9,867,000 | 8,992,000 | 6,643,000 | 6,962,000 | 6,345,000 | 6,211,000 | 6,543,000 | 8,060,000 | 6,034,000 | 7,948,000 | 5,547,000 | 6,270,000 | 6,032,000 | 9,351,000 | 8,056,000 | 7,473,000 | |
investment related expenses | 825,000 | 855,000 | 844,000 | 1,188,000 | 1,809,000 | 1,628,000 | 2,288,000 | 1,993,000 | 2,387,000 | 2,279,000 | 2,661,000 | ||||||||||||||||||||
depreciation and amortization | 8,378,000 | 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 | 9,935,000 | 10,606,000 | 10,125,000 | 8,592,000 | |
total costs and expenses | 34,950,000 | 37,345,000 | 35,481,000 | 40,567,000 | 35,529,000 | 39,440,000 | 40,634,000 | 44,873,000 | 36,164,000 | 37,939,000 | 39,127,000 | 46,238,000 | 41,742,000 | 38,571,000 | 39,057,000 | 55,694,000 | 32,211,000 | 31,763,000 | 30,697,000 | 31,120,000 | 47,890,000 | 32,149,000 | 31,052,000 | 42,211,000 | 36,841,000 | 36,989,000 | 38,069,000 | 39,244,000 | 40,120,000 | 38,260,000 | |
income before taxes | 15,518,000 | 20,130,000 | 20,822,000 | 10,717,000 | 33,042,000 | 28,463,000 | 31,036,000 | 18,355,000 | 18,355,000 | 34,342,000 | 28,138,000 | 23,911,000 | 75,266,000 | 31,298,000 | 45,806,000 | 17,845,000 | 29,308,000 | 18,720,000 | 10,139,000 | -346,000 | -16,296,000 | 21,396,000 | -5,743,000 | -18,602,000 | 47,617,000 | 32,060,000 | 38,292,000 | 30,053,000 | 11,983,000 | 18,255,000 | |
income tax expense | -343,000 | 960,000 | 3,714,000 | -838,000 | 1,711,000 | 901,000 | -1,089,000 | 1,925,000 | 46,000 | 974,250 | 2,613,000 | -1,309,000 | -327,000 | -212,000 | -318,000 | 119,500 | 1,112,000 | ||||||||||||||
net income | 15,861,000 | 19,170,000 | 17,108,000 | 11,555,000 | 31,331,000 | 27,562,000 | 32,125,000 | 16,430,000 | 19,024,000 | 31,195,000 | 28,092,000 | 22,191,000 | 74,254,000 | 28,685,000 | 43,212,000 | 19,154,000 | 27,072,000 | 18,932,000 | 10,457,000 | 432,000 | -11,585,000 | 21,382,000 | -5,193,000 | -14,061,000 | 45,449,000 | 30,948,000 | 36,073,000 | 30,453,000 | 13,432,000 | 19,630,000 | |
yoy | -49.38% | -30.45% | -46.75% | -29.67% | 64.69% | -11.65% | 14.36% | -25.96% | -74.38% | 8.75% | -34.99% | 15.86% | 174.28% | 51.52% | 313.24% | 4333.80% | -333.68% | -11.46% | -301.37% | -103.07% | -125.49% | -30.91% | -114.40% | -146.17% | 238.36% | 57.66% | |||||
qoq | -17.26% | 12.05% | 48.06% | -63.12% | 13.67% | -14.20% | 95.53% | -13.64% | -39.02% | 11.05% | 26.59% | -70.11% | 158.86% | -33.62% | 125.60% | -29.25% | 43.00% | 81.05% | 2320.60% | -103.73% | -154.18% | -511.75% | -63.07% | -130.94% | 46.86% | -14.21% | 18.45% | 126.72% | -31.57% | ||
net loss attributable to noncontrolling interests in consolidated ventures | 28,000 | 19,000 | 220,000 | 220,000 | 55,000 | 351,000 | 224,000 | 179,000 | 71,000 | -2,097,000 | -102,000 | ||||||||||||||||||||
net income attributable to class a common shareholders | 15,889,000 | 19,189,000 | 17,328,000 | 11,775,000 | 31,386,000 | 27,913,000 | 32,349,000 | 16,609,000 | 19,236,000 | 31,319,000 | 28,163,000 | 22,408,000 | 59,554,000 | 28,583,000 | 35,048,000 | 19,032,000 | 27,109,000 | 18,927,000 | 10,294,000 | 192,000 | -11,716,000 | 17,188,000 | -4,189,000 | -15,728,000 | 40,649,000 | 27,576,000 | 32,244,000 | 24,039,000 | 10,662,000 | 13,470,000 | |
earnings per share: | |||||||||||||||||||||||||||||||
basic | 0.13 | 0.15 | 0.14 | 0.09 | 0.25 | 0.22 | 0.26 | 0.13 | 0.15 | 0.25 | 0.23 | 0.18 | 0.48 | 0.23 | 0.28 | 0.15 | 0.22 | 0.15 | 0.08 | -0.11 | 0.15 | -0.04 | -0.15 | 0.38 | 0.26 | 0.31 | 0.28 | 0.13 | 0.18 | ||
diluted | 0.13 | 0.15 | 0.14 | 0.09 | 0.25 | 0.22 | 0.26 | 0.13 | 0.15 | 0.25 | 0.23 | 0.18 | 0.47 | 0.23 | 0.28 | 0.15 | 0.21 | 0.15 | 0.08 | -0.11 | 0.14 | -0.04 | -0.15 | 0.38 | 0.26 | 0.3 | 0.28 | 0.13 | 0.18 | ||
weighted-average shares outstanding: | |||||||||||||||||||||||||||||||
basic | 125,483,693 | 125,339,188 | 125,796,410 | 125,628,951 | 125,576,784 | 125,705,754 | 125,730,765 | 125,315,765 | 124,667,877 | 124,730,343 | 124,731,195 | 124,493,132 | 124,301,421 | 124,278,732 | 124,593,171 | 124,305,943 | 123,763,843 | 123,729,867 | 124,048,999 | 123,974,970 | 112,409,615 | 117,481,812 | 106,809,987 | 106,329,796 | 105,455,849 | 106,004,152 | 105,511,385 | 85,135,685 | 80,108,431 | 72,871,990 | |
diluted | 126,194,691 | 126,115,547 | 126,204,424 | 126,279,680 | 125,785,295 | 125,905,528 | 125,839,500 | 125,520,373 | 124,882,398 | 124,968,545 | 124,827,596 | 124,656,102 | 125,823,671 | 125,172,180 | 125,265,707 | 125,478,001 | 124,563,051 | 124,499,675 | 124,480,487 | 124,324,683 | 112,409,615 | 118,791,927 | 106,809,987 | 106,329,796 | 106,399,783 | 106,603,713 | 105,892,420 | 85,476,266 | 110,055,308 | 109,334,847 | |
benefit from (release of) loan loss reserves | 6,006,000 | 7,473,000 | 4,736,000 | -1,002,000 | -4,251,000 | ||||||||||||||||||||||||||
net interest income after benefit from (release of) loan losses | 25,818,750 | 31,358,000 | 38,311,000 | 23,565,000 | -2,435,000 | ||||||||||||||||||||||||||
realized gain on securities | 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 | -14,798,000 | 3,011,000 | 4,185,000 | 3,396,000 | 4,464,000 | 6,688,000 | 7,132,000 | 5,361,000 | ||||||||||
unrealized gain on securities | 49,000 | -42,000 | -95,000 | 117,000 | |||||||||||||||||||||||||||
realized gain on sale of real estate | 8,808,000 | 53,897,000 | 4,393,000 | 28,554,000 | 29,154,000 | 18,611,000 | 17,766,000 | 19,389,000 | -14,000 | 21,588,000 | -1,000 | 10,529,000 | 429,000 | 2,082,000 | -1,124,000 | 3,228,000 | 2,232,000 | 2,331,000 | |||||||||||||
income tax benefit | -669,000 | 3,147,000 | 1,720,000 | 2,594,000 | -778,000 | -4,711,000 | 14,000 | -550,000 | -4,541,000 | 2,219,000 | -400,000 | -1,449,000 | -1,375,000 | ||||||||||||||||||
net (income) loss attributable to noncontrolling interests in consolidated ventures | 212,000 | 124,000 | 217,000 | -8,164,000 | |||||||||||||||||||||||||||
net interest income after provision for (release of) loan losses | 33,606,000 | 14,811,750 | 27,387,000 | 8,296,000 | -2,622,250 | -740,000 | -7,314,000 | ||||||||||||||||||||||||
fee expense | 1,520,000 | 2,072,000 | 1,689,000 | 1,486,000 | 1,988,000 | 379,000 | 1,638,000 | 2,195,000 | 1,599,000 | 1,352,000 | 2,476,000 | 1,977,000 | 1,439,000 | 1,139,000 | 2,056,000 | 1,183,000 | 1,242,000 | 1,621,000 | 693,000 | ||||||||||||
sale of loans | -428,000 | 796,000 | -1,930,000 | -949,000 | 1,713,000 | 3,293,000 | 3,392,000 | -2,958,000 | 1,127,000 | -744,000 | 1,005,000 | 16,169,000 | 11,247,000 | 20,264,000 | -775,000 | -999,000 | |||||||||||||||
unrealized gain on equity securities | 36,000 | -61,000 | -30,000 | 14,000 | 401,000 | -533,000 | 396,000 | 254,000 | -990,000 | ||||||||||||||||||||||
unrealized gain on agency interest-only securities | -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 | 11,000 | 577,000 | 299,000 | 159,000 | |||||||||||||
earnings from investment in unconsolidated joint ventures | 434,000 | 373,000 | 533,000 | 237,000 | 436,000 | 462,000 | 447,000 | 471,000 | 441,000 | -185,000 | 1,094,000 | 1,564,000 | 127,000 | 10,000 | -74,000 | ||||||||||||||||
net loss attributable to noncontrolling interests in consolidated joint ventures | -122,000 | -102,000 | -5,000 | -163,000 | |||||||||||||||||||||||||||
salaries and employee benefits | 6,859,000 | 9,425,000 | 8,477,000 | 9,533,000 | 26,221,000 | 7,858,000 | 7,001,000 | 17,021,000 | 14,968,000 | 14,319,000 | 14,907,000 | 13,255,000 | 14,489,000 | 16,042,000 | |||||||||||||||||
net loss attributable to noncontrolling interests in operating partnership | |||||||||||||||||||||||||||||||
refer to the accompanying notes to consolidated financial statements. | |||||||||||||||||||||||||||||||
dividends per share of class a common stock | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.34 | 0.34 | 0.34 | 0.34 | 0.3 | 0.3 | 0.3 | |||||||||||||||||
operating lease income | 24,159,000 | 24,683,000 | 25,464,000 | 23,773,000 | 26,328,000 | 25,260,000 | 24,405,000 | 27,780,000 | 22,924,000 | 22,187,000 | 19,630,000 | ||||||||||||||||||||
net (income) loss attributable to noncontrolling interest in consolidated joint ventures | -240,000 | -127,000 | -4,149,000 | 250,000 | -1,519,000 | 307,000 | 265,000 | -77,000 | -322,000 | ||||||||||||||||||||||
net (income) loss attributable to noncontrolling interest in operating partnership | -4,000 | -45,000 | 754,000 | -148,000 | -4,136,000 | -6,679,000 | -2,693,000 | -5,838,000 | |||||||||||||||||||||||
benefit from/(release of) loan loss reserves | 5,835,000 | -2,512,000 | -729,000 | ||||||||||||||||||||||||||||
net interest income after benefit from/(release of) loan losses | -2,564,750 | 735,000 | |||||||||||||||||||||||||||||
impairment of real estate | |||||||||||||||||||||||||||||||
gain on extinguishment/defeasance of debt | 6,000 | 1,167,000 | 19,017,000 | 2,061,000 | |||||||||||||||||||||||||||
the accompanying notes are an integral part of these consolidated financial statements. | |||||||||||||||||||||||||||||||
net interest income after benefit from loan losses | -5,600,000 | -5,393,000 | 32,653,000 | 30,156,000 | 30,532,000 | 26,097,000 | |||||||||||||||||||||||||
benefit from loan losses | 26,581,000 | 300,000 | |||||||||||||||||||||||||||||
provision for loan losses | 150,000 | ||||||||||||||||||||||||||||||
net interest income after provision for loan losses | 24,606,250 | 30,854,000 | |||||||||||||||||||||||||||||
net loss attributable to noncontrolling interest in consolidated joint ventures | 172,750 | -64,000 | |||||||||||||||||||||||||||||
net loss attributable to noncontrolling interest in operating partnership | -2,561,750 | -3,308,000 | |||||||||||||||||||||||||||||
tenant recoveries | 2,382,000 | 1,159,000 | 1,579,000 | ||||||||||||||||||||||||||||
real estate acquisition costs | -19,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 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 | 2019-06-30 | 2018-06-30 | 2017-09-30 | 2017-06-30 | 2017-03-31 | 2016-12-31 | 2016-09-30 | 2016-06-30 | 2016-03-31 | 2015-09-30 | 2015-06-30 | 2015-03-31 | 2014-09-30 | 2014-06-30 | 2014-03-31 |
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assets | |||||||||||||||||||||||||||||||||||||||||
cash and cash equivalents | 37,953,000 | 49,434,000 | 134,939,000 | 479,770,000 | 1,323,481,000 | 1,607,204,000 | 1,195,559,000 | 1,220,217,000 | 1,015,678,000 | 798,391,000 | 777,078,000 | 626,139,000 | 609,078,000 | 328,440,000 | 217,361,000 | 431,762,000 | 548,744,000 | 758,051,000 | 1,169,843,000 | 1,305,686,000 | 1,254,432,000 | 875,839,000 | 826,059,000 | 358,352,000 | 58,171,000 | 83,097,000 | 126,529,000 | 51,918,000 | 48,894,000 | 58,225,000 | 62,568,000 | 44,615,000 | 59,693,000 | 81,415,000 | 82,678,000 | 181,540,000 | 102,877,000 | 83,459,000 | 87,833,330 | 84,966,296 | 115,465,783 |
restricted cash | 14,888,000 | 13,476,000 | 13,388,000 | 13,731,000 | 12,608,000 | 12,301,000 | 11,921,000 | 12,274,000 | 15,450,000 | 59,523,000 | 96,856,000 | 25,158,000 | 50,524,000 | 28,739,000 | 65,570,000 | 63,462,000 | 72,802,000 | 85,481,000 | 115,844,000 | 146,373,000 | 29,852,000 | 41,897,000 | 47,945,000 | 263,869,000 | 297,575,000 | 38,656,000 | 88,904,000 | 42,821,000 | 48,483,000 | 97,260,000 | 54,440,000 | ||||||||||
mortgage loan receivables held for investment, net, at amortized cost: | |||||||||||||||||||||||||||||||||||||||||
mortgage loans receivable | 2,217,375,000 | 1,920,588,000 | 1,593,710,000 | 1,665,243,000 | 1,591,322,000 | 2,039,545,000 | 2,539,323,000 | 2,797,945,000 | 3,155,089,000 | 3,371,685,000 | 3,501,235,000 | 3,794,075,000 | 3,885,746,000 | 4,019,297,000 | 4,003,793,000 | 3,857,471,000 | 3,553,737,000 | 2,811,141,000 | 2,531,048,000 | 2,007,730,000 | 2,354,059,000 | ||||||||||||||||||||
allowance for credit losses | -47,137,000 | -52,135,000 | -52,166,000 | -52,208,000 | -52,323,000 | -52,276,000 | -54,107,000 | -49,060,000 | -43,165,000 | -39,575,000 | -32,248,000 | -25,499,000 | -20,755,000 | -18,474,000 | -16,960,000 | -32,332,000 | -31,752,000 | -33,635,000 | -35,891,000 | -36,241,000 | -41,507,000 | -47,084,000 | |||||||||||||||||||
mortgage loan receivables held for sale | 27,986,000 | 27,970,000 | 28,347,000 | 90,420,000 | 26,898,000 | 27,506,000 | 26,414,000 | 26,955,000 | 26,868,000 | 26,272,000 | 26,901,000 | 27,197,000 | 27,391,000 | 27,818,000 | 35,850,000 | 53,901,000 | 37,513,000 | 59,182,000 | 71,482,000 | 30,518,000 | 30,553,000 | 85,977,000 | 146,713,000 | 122,325,000 | 174,214,000 | 111,977,000 | 107,744,000 | 522,961,000 | 200,726,000 | 516,582,000 | 357,882,000 | 784,186,000 | 583,453,000 | 353,331,000 | 333,531,000 | 507,710,000 | 250,583,000 | 206,501,369 | 103,718,508 | 162,107,043 | |
securities | 2,088,285,000 | 1,940,547,000 | 1,966,471,000 | 1,476,380,000 | 1,080,839,000 | 852,783,000 | 481,109,000 | 466,763,000 | 485,533,000 | 476,698,000 | 458,224,000 | 520,008,000 | 587,519,000 | 610,545,000 | |||||||||||||||||||||||||||
real estate and related lease intangibles | 703,537,000 | 705,511,000 | 690,186,000 | 654,709,000 | 670,803,000 | 691,391,000 | 707,083,000 | 733,635,000 | 726,442,000 | 675,334,000 | 686,701,000 | 693,266,000 | 700,136,000 | 769,935,000 | 788,310,000 | 792,857,000 | 865,694,000 | 914,359,000 | 948,448,000 | 976,971,000 | 985,304,000 | 990,583,000 | 1,042,210,000 | 1,047,418,000 | 1,048,081,000 | 981,333,000 | 984,377,000 | 1,060,243,000 | 1,041,901,000 | 1,006,286,000 | 814,353,000 | 822,338,000 | 825,593,000 | 808,755,000 | 809,230,000 | 791,577,000 | 797,328,000 | 829,529,000 | |||
investments in and advances to unconsolidated ventures | 44,468,000 | 18,489,000 | 18,903,000 | 19,191,000 | 19,923,000 | 19,991,000 | 20,005,000 | 6,862,000 | 6,877,000 | 7,032,000 | 6,553,000 | 6,336,000 | 6,219,000 | 6,006,000 | 5,599,000 | ||||||||||||||||||||||||||
derivative instruments | 264,000 | 284,000 | 247,000 | 467,000 | 437,000 | 818,000 | 757,000 | 674,000 | 1,454,000 | 1,817,000 | 1,853,000 | 1,421,000 | 2,038,000 | 2,075,000 | 234,000 | 402,000 | 207,000 | 301,000 | 299,000 | 449,000 | 380,000 | 950,000 | 693,000 | 22,000 | 536,000 | 660,000 | 568,000 | 4,554,000 | 108,000 | 5,018,000 | 254,000 | 218,000 | 215,000 | 299,000 | 1,600,000 | 164,000 | 5,750,654 | 196,009 | 838,922 | ||
accrued interest receivable | 15,890,000 | 14,485,000 | 13,302,000 | 15,274,000 | 12,936,000 | 16,704,000 | 20,946,000 | 23,207,000 | 24,233,000 | 23,056,000 | 23,646,000 | 25,794,000 | 24,938,000 | 20,344,000 | 16,845,000 | 14,450,000 | 13,645,000 | 13,955,000 | 12,767,000 | 13,335,000 | 16,088,000 | 18,259,000 | 18,783,000 | 23,231,000 | 21,066,000 | 22,699,000 | 24,269,000 | 27,632,000 | 26,426,000 | 26,486,000 | 27,264,000 | 24,439,000 | 23,794,000 | 21,168,000 | 22,140,000 | 22,220,000 | 20,568,000 | 22,479,000 | 21,074,036 | 18,448,989 | 16,115,725 |
other assets | 49,041,000 | 47,895,000 | 50,147,000 | 107,022,000 | 158,149,000 | 145,094,000 | 87,722,000 | 83,326,000 | 98,218,000 | 102,909,000 | 81,852,000 | 166,631,000 | 78,339,000 | 67,845,000 | 109,545,000 | 68,795,000 | 76,367,000 | 78,150,000 | 58,566,000 | 111,583,000 | 116,633,000 | 159,314,000 | 64,963,000 | 67,134,000 | 53,104,000 | 78,454,000 | 61,036,000 | 121,949,000 | 57,423,000 | 55,919,000 | 352,112,000 | 95,651,000 | 79,030,000 | 80,478,000 | 73,170,000 | 78,945,000 | 81,972,000 | 88,453,000 | 79,944,556 | 60,463,345 | 47,963,235 |
total assets | 5,152,550,000 | 4,686,544,000 | 4,457,474,000 | 4,469,999,000 | 4,845,073,000 | 5,379,139,000 | 5,048,187,000 | 5,322,798,000 | 5,512,677,000 | 5,503,142,000 | 5,628,651,000 | 5,860,526,000 | 5,951,173,000 | 5,869,972,000 | 5,843,009,000 | 5,974,197,000 | 5,851,252,000 | 5,416,040,000 | 5,616,809,000 | 5,405,811,000 | 5,881,229,000 | 6,359,463,000 | 6,609,550,000 | 7,331,872,000 | 6,669,152,000 | 6,619,874,000 | 6,406,775,000 | 6,389,414,000 | 6,412,040,000 | 6,218,124,000 | 5,941,622,000 | 5,578,337,000 | 6,215,816,000 | 5,987,373,000 | 5,655,295,000 | 5,829,961,000 | 5,718,550,000 | 5,844,584,000 | 4,673,793,182 | 3,824,083,991 | 3,490,246,848 |
liabilities and equity | |||||||||||||||||||||||||||||||||||||||||
liabilities | |||||||||||||||||||||||||||||||||||||||||
debt obligations | 3,510,402,000 | 2,997,232,000 | 2,783,166,000 | 2,769,754,000 | 3,135,617,000 | 3,585,332,000 | 3,378,099,000 | 3,667,029,000 | 3,783,946,000 | 3,793,845,000 | 3,958,095,000 | 4,082,428,000 | 4,245,697,000 | 4,237,886,000 | 4,206,057,000 | 4,343,311,000 | 4,219,703,000 | 3,765,779,000 | 3,975,715,000 | 3,767,819,000 | 4,209,864,000 | 4,714,510,000 | 4,953,514,000 | 5,681,020,000 | 4,859,873,000 | 4,860,687,000 | 4,613,088,000 | 4,377,686,000 | 3,942,138,000 | 4,601,011,000 | 4,394,969,000 | 4,091,449,000 | 3,603,512,000 | 3,477,227,000 | 3,602,178,000 | ||||||
dividends payable | 31,819,000 | 31,357,000 | 30,921,000 | 30,593,000 | 31,838,000 | 31,673,000 | 31,206,000 | 30,721,000 | 32,294,000 | 31,788,000 | 31,289,000 | 30,802,000 | 32,000,000 | 31,432,000 | 29,705,000 | 26,763,000 | 27,591,000 | 27,165,000 | 26,955,000 | 26,530,000 | 27,537,000 | 26,236,000 | 23,583,000 | 38,256,000 | 38,696,000 | 2,384,000 | 1,860,000 | 1,582,000 | 1,988,000 | 1,308,000 | 1,017,000 | 24,682,000 | 3,120,000 | 2,498,000 | 1,943,000 | 1,380,000 | 918,000 | 12,493,000 | |||
accrued expenses | 76,448,000 | 55,446,000 | 55,347,000 | 45,412,000 | 74,824,000 | 67,065,000 | 48,652,000 | 45,603,000 | 65,144,000 | 63,446,000 | 49,308,000 | 50,937,000 | 68,227,000 | 50,003,000 | 48,323,000 | 42,028,000 | 40,249,000 | 39,000,000 | 38,220,000 | 27,001,000 | 43,876,000 | 36,179,000 | 55,616,000 | 38,476,000 | 72,397,000 | 45,761,000 | 55,453,000 | 60,294,000 | 52,679,000 | 54,230,000 | 43,496,000 | 66,597,000 | 54,868,000 | 47,963,000 | 33,252,000 | 57,753,000 | 59,986,000 | 45,558,000 | 74,139,211 | 72,013,194 | 41,946,270 |
other liabilities | 52,524,000 | 109,095,000 | 87,970,000 | 109,883,000 | 69,855,000 | 164,377,000 | 61,735,000 | 55,560,000 | 99,095,000 | 75,910,000 | 58,459,000 | 167,805,000 | 71,688,000 | 47,032,000 | 48,934,000 | 52,938,000 | 50,090,000 | 74,545,000 | 55,686,000 | 53,622,000 | 51,527,000 | 60,744,000 | 68,457,000 | 73,293,000 | 57,427,000 | 63,151,000 | 61,241,000 | 66,257,000 | 58,246,000 | 55,604,000 | 29,012,000 | 29,006,000 | 28,690,000 | 27,409,000 | 23,773,000 | 30,005,000 | 30,136,000 | 24,143,000 | 29,989,945 | 24,069,898 | 16,098,944 |
total liabilities | 3,671,193,000 | 3,193,130,000 | 2,957,404,000 | 2,955,642,000 | 3,312,134,000 | 3,848,447,000 | 3,519,692,000 | 3,798,913,000 | 3,980,479,000 | 3,964,989,000 | 4,097,151,000 | 4,331,972,000 | 4,417,612,000 | 4,366,353,000 | 4,333,300,000 | 4,465,040,000 | 4,337,633,000 | 3,906,489,000 | 4,096,944,000 | 3,874,972,000 | 4,332,804,000 | 4,837,669,000 | 5,101,170,000 | 5,831,045,000 | 5,030,175,000 | 4,980,624,000 | 4,758,701,000 | 4,876,952,000 | 4,946,521,000 | 4,750,448,000 | 4,460,309,000 | 4,068,783,000 | 4,715,118,000 | 4,501,274,000 | 4,173,992,000 | 4,330,819,000 | 4,208,026,000 | 4,329,946,000 | 3,188,223,461 | 2,356,930,010 | 2,059,454,317 |
commitments and contingencies | |||||||||||||||||||||||||||||||||||||||||
equity | |||||||||||||||||||||||||||||||||||||||||
class a common stock, par value 0.001 per share... | 127,000 | 127,000 | 127,000 | 128,000 | 127,000 | 128,000 | 128,000 | 128,000 | 127,000 | 127,000 | 127,000 | 127,000 | 127,000 | 127,000 | 127,000 | 127,000 | 126,000 | 126,000 | 127,000 | 127,000 | 127,000 | 120,000 | 116,000 | 109,000 | 108,000 | 108,000 | 108,000 | 99,000 | 87,000 | 87,000 | 80,000 | 72,000 | 66,000 | 64,000 | 64,000 | 55,000 | 53,000 | 52,000 | 51,471 | 50,597 | 50,597 |
additional paid-in capital | 1,787,074,000 | 1,784,005,000 | 1,781,307,000 | 1,778,311,000 | 1,777,118,000 | 1,773,452,000 | 1,770,275,000 | 1,767,128,000 | 1,756,750,000 | 1,842,208,000 | 1,839,003,000 | 1,835,957,000 | 1,826,833,000 | 1,823,036,000 | 1,819,298,000 | 1,815,661,000 | 1,795,249,000 | 1,791,947,000 | 1,788,875,000 | 1,785,350,000 | 1,780,074,000 | 1,726,339,000 | 1,649,170,000 | 1,546,143,000 | 1,532,384,000 | 1,529,599,000 | 1,526,469,000 | 1,370,092,000 | 1,201,402,000 | 1,199,905,000 | 1,106,394,000 | 992,307,000 | 900,661,000 | 871,387,000 | 869,324,000 | 766,516,000 | 739,208,000 | 721,460,000 | 735,410,376 | 720,322,279 | 709,372,578 |
treasury stock | -39,056,000 | -38,128,000 | -36,584,000 | -29,964,000 | -30,475,000 | -23,053,000 | -21,852,000 | -21,611,000 | -12,001,000 | -105,943,000 | -105,738,000 | -105,738,000 | -95,600,000 | -94,960,000 | -92,302,000 | -88,258,000 | -76,324,000 | -76,228,000 | -68,593,000 | -67,495,000 | -62,859,000 | -54,543,000 | -53,619,000 | -52,983,000 | -42,699,000 | -41,556,000 | -41,535,000 | -32,793,000 | -24,501,000 | -24,501,000 | -24,501,000 | -11,244,000 | -11,244,000 | -11,244,000 | -11,244,000 | ||||||
retained earnings | -260,084,000 | -246,686,000 | -236,595,000 | -224,592,000 | -206,874,000 | -209,197,000 | -207,728,000 | -210,611,000 | -197,875,000 | -182,637,000 | -184,769,000 | -183,755,000 | -177,005,000 | -207,434,000 | -206,922,000 | -214,084,000 | -207,802,000 | -209,821,000 | -203,714,000 | -188,763,000 | -163,717,000 | -126,965,000 | -120,082,000 | -94,171,000 | -35,746,000 | -39,860,000 | -30,847,000 | 49,571,000 | 61,417,000 | 40,870,000 | 39,813,107 | 25,157,129 | 12,652,341 | ||||||||
accumulated other comprehensive income | -4,135,000 | -3,339,000 | -5,639,000 | -7,215,000 | -4,866,000 | -8,711,000 | -10,752,000 | -9,820,000 | -13,853,000 | -14,879,000 | -16,524,000 | -17,524,000 | -21,009,000 | -18,811,000 | -17,855,000 | -10,753,000 | -4,112,000 | -3,084,000 | -2,211,000 | -3,614,000 | -10,463,000 | -28,448,000 | -45,080,000 | -65,920,000 | 4,218,000 | 10,367,000 | 12,171,000 | -9,855,000 | 4,398,000 | 6,268,000 | 4,834,000 | 1,365,000 | 27,893,000 | 31,956,000 | 16,139,000 | 14,443,000 | 5,340,000 | 25,380,000 | |||
total shareholders’ equity | 1,483,926,000 | 1,495,979,000 | 1,502,616,000 | 1,516,668,000 | 1,535,030,000 | 1,532,619,000 | 1,530,071,000 | 1,525,214,000 | 1,533,148,000 | 1,538,876,000 | 1,532,099,000 | 1,529,067,000 | 1,533,346,000 | 1,501,958,000 | 1,502,346,000 | 1,502,693,000 | 1,507,137,000 | 1,502,940,000 | 1,514,484,000 | 1,525,605,000 | 1,543,162,000 | 1,516,503,000 | 1,430,510,000 | 1,333,190,000 | 1,458,277,000 | 1,458,670,000 | 1,466,378,000 | 1,315,450,000 | 1,124,359,000 | 1,126,913,000 | 1,047,142,000 | 971,390,000 | 885,980,000 | 851,105,000 | 847,801,000 | 830,629,000 | 806,065,000 | 787,762,000 | 773,231,509 | 750,554,255 | 720,435,712 |
noncontrolling interests in consolidated ventures | -2,569,000 | -2,565,000 | -2,546,000 | -2,311,000 | -2,091,000 | -1,927,000 | -1,576,000 | -1,329,000 | -950,000 | -723,000 | -599,000 | -513,000 | 215,000 | 1,661,000 | 7,363,000 | ||||||||||||||||||||||||||
total equity | 1,481,357,000 | 1,493,414,000 | 1,500,070,000 | 1,514,357,000 | 1,532,939,000 | 1,530,692,000 | 1,528,495,000 | 1,523,885,000 | 1,532,198,000 | 1,538,153,000 | 1,531,500,000 | 1,528,554,000 | 1,533,561,000 | 1,503,619,000 | 1,509,709,000 | 1,509,157,000 | 1,513,619,000 | 1,509,551,000 | 1,519,865,000 | 1,530,839,000 | 1,548,425,000 | 1,521,794,000 | 1,508,380,000 | 1,500,827,000 | 1,638,977,000 | 1,639,250,000 | 1,648,074,000 | 1,512,462,000 | 1,465,519,000 | 1,467,676,000 | 1,481,313,000 | 1,509,554,000 | 1,500,698,000 | 1,486,099,000 | 1,481,303,000 | 1,499,142,000 | 1,510,524,000 | 1,514,638,000 | 1,485,569,721 | 1,467,153,981 | 1,430,792,531 |
total liabilities and equity | 5,152,550,000 | 4,686,544,000 | 4,457,474,000 | 4,469,999,000 | 4,845,073,000 | 5,379,139,000 | 5,048,187,000 | 5,322,798,000 | 5,512,677,000 | 5,503,142,000 | 5,628,651,000 | 5,860,526,000 | 5,951,173,000 | 5,869,972,000 | 5,843,009,000 | 5,974,197,000 | 5,851,252,000 | 5,416,040,000 | 5,616,809,000 | 5,405,811,000 | 5,881,229,000 | 6,359,463,000 | 6,609,550,000 | 7,331,872,000 | 6,669,152,000 | 6,619,874,000 | 6,406,775,000 | 6,389,414,000 | 6,412,040,000 | 6,218,124,000 | 5,941,622,000 | 5,578,337,000 | 6,215,816,000 | 5,987,373,000 | 5,655,295,000 | 5,829,961,000 | 5,718,550,000 | 5,844,584,000 | 4,673,793,182 | 3,824,083,991 | 3,490,246,848 |
real estate held for sale | 18,078,000 | 11,455,000 | 7,402,000 | 55,412,000 | 25,179,000 | 49,022,000 | 48,970,000 | 21,904,000 | 19,028,992 | ||||||||||||||||||||||||||||||||
real estate securities | 617,096,000 | 662,942,000 | 703,280,000 | 724,737,000 | 719,183,000 | 764,083,000 | 1,058,298,000 | 1,447,625,000 | 1,506,713,000 | 1,930,605,000 | 1,721,305,000 | 1,911,456,000 | 1,788,415,000 | 1,106,358,000 | |||||||||||||||||||||||||||
investments in and advances to unconsolidated joint ventures | 5,243,000 | 23,154,000 | 26,081,000 | 37,819,000 | 44,508,000 | 46,253,000 | 49,155,000 | 48,919,000 | 48,659,000 | 48,433,000 | 51,419,000 | 57,751,000 | |||||||||||||||||||||||||||||
noncontrolling interests in consolidated joint ventures | 6,464,000 | 6,482,000 | 6,611,000 | 5,381,000 | |||||||||||||||||||||||||||||||||||||
noncontrolling interest in consolidated joint ventures | 5,234,000 | 5,263,000 | 5,291,000 | 6,902,000 | 7,171,000 | 8,646,000 | 8,849,000 | 9,230,000 | 11,854,000 | 11,788,000 | 10,525,000 | 5,240,000 | 4,918,000 | 5,068,000 | 5,586,000 | 5,477,000 | 7,008,000 | 7,450,000 | 8,126,000 | 7,617,577 | 7,473,357 | 8,352,239 | |||||||||||||||||||
fhlb stock | 31,000,000 | 61,619,000 | 61,619,000 | 61,619,000 | 61,619,000 | 61,619,000 | 61,619,000 | 77,915,000 | 77,915,000 | 77,915,000 | 77,915,000 | 77,915,000 | 77,915,000 | 77,915,000 | 77,915,000 | 77,915,000 | 69,931,000 | 72,340,000 | 59,740,000 | 57,240,000 | 50,400,000 | ||||||||||||||||||||
class b common stock, par value 0.001 per share... | 5,000 | 12,000 | 12,000 | 12,000 | 12,000 | 13,000 | 25,000 | 25,000 | 32,000 | 38,000 | 44,000 | 46,000 | 46,000 | 44,000 | 47,000 | ||||||||||||||||||||||||||
noncontrolling interest in operating partnership | 70,968,000 | 160,466,000 | 172,054,000 | 171,731,000 | 172,466,000 | 185,158,000 | 329,372,000 | 330,238,000 | 428,931,000 | 533,246,000 | 609,650,000 | 629,408,000 | 628,025,000 | 661,505,000 | 697,009,000 | 718,750,000 | 704,720,635 | 709,126,369 | 702,004,580 | ||||||||||||||||||||||
mortgage loans held by consolidated subsidiaries | 2,731,254,000 | 2,955,084,000 | 3,257,036,000 | 3,231,443,000 | 3,119,857,000 | 3,764,172,000 | 2,846,940,000 | 2,626,732,000 | |||||||||||||||||||||||||||||||||
allowance for loan losses | -49,102,000 | -20,500,000 | |||||||||||||||||||||||||||||||||||||||
mortgage loan receivables held for investment, net, at amortized cost | 3,383,322,000 | 2,300,093,000 | 1,996,095,000 | 1,643,035,000 | 1,543,883,000 | 1,572,833,000 | 1,794,812,000 | 1,740,808,000 | 1,775,006,000 | 1,323,279,126 | 1,026,118,013 | 674,980,076 | |||||||||||||||||||||||||||||
due from brokers | 244,000 | 3,962,000 | 5,000 | 12,526,000 | 26,443,000 | 22,000 | 10,000 | 5,583,000 | 4,000 | 4,000 | 25,991,000 | 4,276 | 33,435,077 | 28,676,406 | |||||||||||||||||||||||||||
due to brokers | 223,000 | 7,000,000 | 25,500,000 | 44,800,000 | 432,000 | 1,661,000 | 2,561,000 | 394,000 | 16,151,000 | 31,000 | 8,922,000 | 2,012,000 | 17,898,000 | 260,000 | 16,865,739 | 30,090,186 | |||||||||||||||||||||||||
amount payable pursuant to tax receivable agreement | 1,559,000 | 1,559,000 | 1,559,000 | 1,570,000 | 2,438,000 | 2,438,000 | 2,330,000 | 2,520,000 | 1,910,000 | 1,910,000 | 1,910,000 | 2,234,000 | 1,339,000 | 862,000 | 672,235 | ||||||||||||||||||||||||||
provision for loan losses | -18,500,000 | ||||||||||||||||||||||||||||||||||||||||
benefit from loan losses | -18,500,000 | -7,300,000 | -4,000,000 | -4,000,000 | |||||||||||||||||||||||||||||||||||||
investments in unconsolidated joint ventures | 35,302,000 | 35,007,000 | 34,520,000 | 34,185,000 | 34,025,000 | 33,860,000 | 33,778,000 | 34,855,000 | 33,793,000 | 2,992,000 | 2,828,000 | 5,938,241 | 5,836,776 | 7,311,247 | |||||||||||||||||||||||||||
debt obligations, net: | |||||||||||||||||||||||||||||||||||||||||
secured and unsecured debt obligations | 4,702,449,000 | 4,196,547,000 | 3,998,801,000 | ||||||||||||||||||||||||||||||||||||||
dividends in excess of earnings | -12,106,000 | ||||||||||||||||||||||||||||||||||||||||
mortgage loans transferred but not considered sold | 598,525,000 | 599,513,000 | |||||||||||||||||||||||||||||||||||||||
real estate securities, available-for-sale | 1,098,471,000 | 1,407,545,000 | 1,701,980,000 | 2,100,947,000 | 2,650,959,000 | 2,700,210,000 | 2,598,874,000 | 2,415,382,000 | 2,299,335,000 | 2,623,877,000 | |||||||||||||||||||||||||||||||
liability for transfers not considered sales | 631,480,000 | 632,130,000 | |||||||||||||||||||||||||||||||||||||||
retained earnings/ | -57,052,000 | -54,871,000 | -39,697,000 | -11,148,000 | -31,440,000 | -41,104,000 | -26,528,000 | ||||||||||||||||||||||||||||||||||
cash collateral held by broker | 19,402,000 | 37,497,000 | 50,517,000 | 30,054,000 | 50,921,000 | 44,455,000 | 47,971,000 | 54,524,990 | 37,995,922 | 32,595,226 | |||||||||||||||||||||||||||||||
senior unsecured notes | 611,981,000 | 611,357,000 | 619,555,000 | 625,000,000 | 325,000,000 | 325,000,000 | |||||||||||||||||||||||||||||||||||
class b common stock | |||||||||||||||||||||||||||||||||||||||||
real estate securities, available-for-sale: | |||||||||||||||||||||||||||||||||||||||||
investment grade commercial mortgage backed securities | 1,652,052,327 | 1,239,296,993 | 1,247,477,206 | ||||||||||||||||||||||||||||||||||||||
gn construction securities | 23,004,029 | 20,277,121 | 16,304,540 | ||||||||||||||||||||||||||||||||||||||
gn permanent securities | 39,312,154 | 99,917,460 | 105,249,603 | ||||||||||||||||||||||||||||||||||||||
interest-only securities | 462,246,662 | 474,996,698 | 381,009,103 | ||||||||||||||||||||||||||||||||||||||
real estate | 652,587,432 | 542,147,792 | 603,752,733 | ||||||||||||||||||||||||||||||||||||||
liabilities and capital | |||||||||||||||||||||||||||||||||||||||||
repurchase agreements | 761,627,218 | 685,693,352 | 370,970,039 | ||||||||||||||||||||||||||||||||||||||
mortgage loan financing | 398,265,284 | ||||||||||||||||||||||||||||||||||||||||
borrowings from the fhlb | 1,291,000,000 | 903,000,000 | 933,000,000 | ||||||||||||||||||||||||||||||||||||||
series a preferred units | |||||||||||||||||||||||||||||||||||||||||
series b preferred units | |||||||||||||||||||||||||||||||||||||||||
common units | |||||||||||||||||||||||||||||||||||||||||
accumulated other comprehensive income/ | 5,024,250 | ||||||||||||||||||||||||||||||||||||||||
long-term financing | 314,554,965 | 331,936,919 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 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 | 2017-09-30 | 2017-06-30 | 2017-03-31 | 2016-12-31 | 2016-09-30 | 2016-06-30 | 2016-03-31 | 2015-09-30 | 2015-06-30 | 2015-03-31 | 2014-06-30 | 2014-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | ||||||||||||||||||||||||||||||||||||||
net income | 15,861,000 | 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 | 432,000 | -11,585,000 | 21,381,000 | -5,193,000 | -14,061,000 | 45,449,000 | 30,948,000 | 30,453,000 | 13,432,000 | 19,630,000 | 71,621,000 | 49,599,000 | 3,944,000 | -11,444,000 | 2,799,000 | 68,696,000 | 17,963,000 | 30,242,693 | 18,400,822 | ||
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||||||||||||||||||||||||
loss on extinguishment of debt | 0 | 106,000 | -1,000 | -256,000 | 9,000 | -20,000 | 0 | -177,000 | ||||||||||||||||||||||||||||||
depreciation and amortization | 8,378,000 | 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 | 9,536,000 | 9,437,000 | 9,817,000 | 9,816,000 | 10,009,000 | 9,319,000 | 9,030,000 | 10,606,000 | 10,125,000 | 8,592,000 | 10,658,000 | 9,732,000 | 9,255,000 | 9,802,000 | 9,561,000 | 9,954,000 | 9,723,000 | 7,022,927 | 7,422,067 | ||
unrealized loss on derivative instruments | 26,000 | -11,000 | 220,000 | -35,000 | 308,000 | 855,000 | -83,000 | 780,000 | 162,000 | |||||||||||||||||||||||||||||
unrealized loss on securities | -136,000 | 177,000 | -103,000 | -687,000 | ||||||||||||||||||||||||||||||||||
provision for (release of) loan loss reserves | -3,000 | -31,000 | -42,000 | -81,000 | 47,000 | 3,063,000 | 5,055,000 | 5,768,000 | 874,000 | |||||||||||||||||||||||||||||
amortization of equity based compensation | 3,069,000 | 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 | 5,276,000 | 21,771,000 | 4,219,000 | 2,712,000 | 14,026,000 | 3,441,000 | 3,575,000 | 1,715,000 | 1,512,000 | 7,254,000 | 4,946,000 | 4,576,000 | 4,654,000 | 3,464,000 | 4,128,000 | 4,075,000 | 3,139,000 | 4,227,472 | 2,324,980 | ||
amortization of deferred financing costs included in interest expense | 2,373,000 | 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 | 4,892,000 | 5,279,000 | 5,746,000 | 5,137,000 | 2,568,000 | 2,527,000 | 2,739,000 | 1,719,000 | 1,518,000 | 2,436,000 | 1,524,000 | 1,647,000 | 1,600,000 | 2,688,000 | 1,268,000 | 1,306,000 | 1,593,000 | 1,275,880 | 1,349,475 | ||
amortization of (premium)/discount on mortgage loan financing included in interest expense | -159,000 | -163,000 | -152,000 | -178,000 | ||||||||||||||||||||||||||||||||||
amortization of above- and below-market lease intangibles | -227,000 | -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 | -478,000 | -514,000 | -533,000 | -527,000 | -660,000 | -492,000 | -470,000 | -278,000 | -148,000 | -25,000 | 7,000 | -150,000 | 62,000 | -27,000 | -1,004,000 | 398,000 | 405,000 | 190,479 | 154,756 | ||
amortization of discount, premium and other fees on mortgage loans receivable | -2,441,000 | -2,392,000 | -2,603,000 | -2,747,000 | ||||||||||||||||||||||||||||||||||
amortization of discount and premium on securities | 207,000 | -245,000 | -492,000 | -476,000 | -373,000 | -265,000 | -153,000 | -306,000 | ||||||||||||||||||||||||||||||
net result from mortgage loan receivables held for sale | -16,000 | 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 loss on securities | -751,000 | -2,032,000 | -488,000 | -541,000 | -97,000 | 0 | -22,000 | -53,000 | 96,000 | |||||||||||||||||||||||||||||
loss on real estate | 0 | 0 | 0 | -3,807,000 | -12,419,000 | -315,000 | ||||||||||||||||||||||||||||||||
realized loss on sale of derivative instruments | -8,000 | |||||||||||||||||||||||||||||||||||||
(earnings) loss from investments in unconsolidated ventures in excess of distributions received | -19,000 | 414,000 | 288,000 | 732,000 | 68,000 | 14,000 | -18,000 | 15,000 | ||||||||||||||||||||||||||||||
origination of mortgage loan receivables held for sale | 0 | 0 | 0 | -63,360,000 | 0 | 0 | -6,468,000 | -54,850,000 | -93,325,000 | -41,000,000 | 0 | 0 | -40,000 | -212,805,000 | -392,063,000 | -220,773,000 | -323,486,000 | -284,594,000 | -279,898,000 | -649,096,000 | -740,325,000 | -391,934,000 | ||||||||||||||||
repayment of mortgage loan receivables held for sale | 0 | 0 | 0 | 0 | 57,000 | 36,000 | 35,000 | 77,000 | 228,000 | 64,000 | 175,000 | 122,000 | 471,000 | 937,000 | 247,000 | 607,000 | 462,000 | 175,000 | 524,000 | 1,071,000 | 378,000 | 164,000 | 465,770 | 316,067 | ||||||||||||||
proceeds from sales of mortgage loan receivables held for sale | 0 | 0 | -2,000 | 6,631,000 | 132,493,000 | -27,000 | 56,473,000 | 66,468,000 | 189,359,000 | 450,054,000 | 143,654,000 | 736,349,000 | 344,285,000 | 42,795,000 | 316,766,000 | 837,370,000 | 497,344,000 | 589,169,000 | 943,415,997 | 783,762,354 | ||||||||||||||||||
change in deferred tax liability | 370,000 | |||||||||||||||||||||||||||||||||||||
changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||||||||
accrued interest receivable | -1,406,000 | -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 | 2,580,000 | 2,088,000 | 523,000 | 4,449,000 | -2,165,000 | 1,281,000 | 1,570,000 | 61,000 | 778,000 | -2,826,000 | -644,000 | -2,627,000 | 972,000 | 637,000 | -1,652,000 | 1,911,000 | 2,179,000 | ||||
other assets | -1,537,000 | 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 | -1,565,000 | 3,725,000 | 2,858,000 | -1,630,000 | -13,731,000 | 7,423,000 | 389,000 | -680,000 | -32,116,000 | 29,476,000 | 8,551,000 | 16,059,000 | -21,936,000 | -6,347,000 | -2,366,000 | 2,512,000 | -4,424,000 | ||||
accrued expenses and other liabilities | 21,774,000 | -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 | 466,000 | 11,368,000 | -22,781,000 | 12,633,000 | 8,225,000 | 16,113,000 | -46,056,000 | -2,930,000 | 15,263,000 | -43,776,000 | ||
net cash from operating activities | 45,363,000 | 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 | -281,836,000 | -278,172,000 | -225,305,000 | 547,884,000 | -124,475,000 | -196,572,000 | 182,310,000 | 206,059,000 | -168,863,000 | 168,927,000 | 119,333,612 | 296,372,276 |
capital expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
free cash flows | 45,363,000 | 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 | -281,836,000 | -278,172,000 | -225,305,000 | 547,884,000 | -124,475,000 | -196,572,000 | 182,310,000 | 206,059,000 | -168,863,000 | 168,927,000 | 119,333,612 | 296,372,276 |
cash flows from investing activities: | ||||||||||||||||||||||||||||||||||||||
origination and funding of mortgage loan receivables held for investment | -406,273,000 | -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 | 106,927,000 | 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 | 90,734,000 | 107,374,000 | 68,251,000 | 67,467,000 | 208,590,000 | 155,447,000 | 218,410,000 | 135,812,000 | 313,685,000 | 125,531,000 | 66,306,910 | 12,335,575 |
purchases of securities | -469,469,000 | -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 | 169,177,000 | 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 | 369,000 | 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 | 95,094,000 | 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 | -6,356,000 | -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 | -1,139,000 | -2,052,000 | -752,000 | -3,827,000 | -3,564,000 | -1,207,000 | -2,042,000 | -616,000 | -953,000 | -437,000 | ||
proceeds from sale of real estate | 0 | 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 | 7,932,000 | 6,265,000 | 6,325,000 | 12,437,000 | 22,902,000 | 14,099,000 | 23,515,000 | 20,878,000 | 41,711,000 | 22,067,000 | 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 | 0 | 45,000 | 0 | -148,000 | -155,000 | 0 | -86,000 | 1,000 | -65,000 | -46,000 | -100,000 | -51,000 | 0 | 0 | -199,000 | 0 | 0 | |||||||||||||||||||||
sale of derivative instruments | 35,000 | 12,000 | -17,000 | 1,000 | 149,000 | 297,000 | -1,000 | 51,000 | -10,000 | 0 | ||||||||||||||||||||||||||||
net cash from investing activities | -536,492,000 | -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 | 58,669,000 | -215,870,000 | 211,706,000 | 101,253,000 | -72,257,000 | -76,371,000 | 21,961,000 | -230,626,000 | 363,294,000 | -172,611,000 | ||
cash flows from financing activities: | ||||||||||||||||||||||||||||||||||||||
deferred financing costs paid | -866,000 | -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 | -4,500,000 | -2,109,000 | -8,143,000 | -3,791,000 | -941,000 | -779,000 | -416,000 | |||||
proceeds from borrowings under debt obligations | 2,216,729,000 | 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 | 1,770,130,000 | 3,811,788,000 | 2,666,161,000 | 3,069,456,000 | 3,138,415,000 | 2,916,491,000 | 3,235,468,000 | 4,025,726,000 | 4,463,459,000 | 4,344,073,000 | ||
repayment and repurchase of borrowings under debt obligations | -1,704,725,000 | -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 | -28,827,000 | -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 | -24,823,000 | -26,245,000 | -23,736,000 | -21,417,000 | -36,395,000 | -37,340,000 | -224,000 | -36,066,000 | -25,541,000 | -25,544,000 | -48,367,000 | 0 | -17,323,000 | -16,823,000 | -33,020,000 | -14,697,000 | ||||||
capital contributed by noncontrolling interests in consolidated ventures | 0 | 0 | ||||||||||||||||||||||||||||||||||||
capital distributed to noncontrolling interests in consolidated ventures | -16,000 | 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 | 0 | -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 | 0 | -4,421,000 | -7,865,000 | -29,000 | -154,000 | -9,078,000 | -1,141,000 | -23,000 | 0 | 0 | -13,258,000 | 0 | 0 | 0 | -786,000 | -1,091,000 | -14,000 | -3,780,000 | ||||
repurchase of treasury stock | -1,275,000 | |||||||||||||||||||||||||||||||||||||
net cash from financing activities | 481,060,000 | 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 | 178,223,000 | -477,374,000 | -509,173,000 | -257,993,000 | -743,536,000 | 785,032,000 | -44,141,000 | 211,001,000 | 165,059,000 | 532,519,000 | 41,179,000 | -664,215,000 | 175,010,000 | 271,680,000 | -230,552,000 | 103,230,000 | -175,013,000 | 10,925,000 | ||||
net increase in cash, cash equivalents and restricted cash | -10,069,000 | -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 | -166,372,000 | 167,775,000 | 366,548,000 | 43,732,000 | 251,783,000 | 266,475,000 | 233,993,000 | -93,680,000 | -58,108,000 | 38,477,000 | 27,580,000 | |||||||||||
cash, cash equivalents and restricted cash at beginning of period | 0 | 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 | 0 | 1,284,284,000 | 0 | 0 | 0 | 355,746,000 | 0 | 0 | 0 | 0 | 89,428,000 | |||||||||||
cash, cash equivalents and restricted cash at end of period | -10,069,000 | -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 | -166,372,000 | 1,452,059,000 | 366,548,000 | 43,732,000 | 251,783,000 | 622,221,000 | 233,993,000 | -93,680,000 | -58,108,000 | 38,477,000 | 117,008,000 | |||||||||||
supplemental information: | ||||||||||||||||||||||||||||||||||||||
cash paid for income taxes | 7,000 | 485,000 | 3,835,000 | 9,807,000 | -12,000 | 2,486,000 | 17,202,000 | 10,322,383 | 1,094,686 | |||||||||||||||||||||||||||||
cash paid for interest, net of amounts capitalized | 36,146,000 | 31,892,000 | 54,362,000 | 51,403,000 | 38,227,000 | 17,822,000 | 37,683,000 | |||||||||||||||||||||||||||||||
non-cash investing and financing activities: | ||||||||||||||||||||||||||||||||||||||
securities purchased, not settled | -8,922,000 | 15,886,000 | -17,638,000 | -260,000 | ||||||||||||||||||||||||||||||||||
repurchase of treasury stock, not settled | ||||||||||||||||||||||||||||||||||||||
repayments in transit of securities | 106,000 | 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 | -50,418,000 | 50,832,000 | |||||||||||||||||||||||
non-cash disposition of loans via foreclosure | 0 | -22,678,000 | 2,971,000 | |||||||||||||||||||||||||||||||||||
real estate and real estate held for sale acquired in settlement of mortgage loans receivable held for investment | 0 | 22,678,000 | 0 | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||
dividends declared, not paid | 462,000 | 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 | 425,000 | 26,530,000 | 680,000 | 622,000 | 353,000 | 826,000 | ||||||||||||||||
transfer of real estate, net into real estate held for sale | -7,402,000 | 0 | -55,412,000 | |||||||||||||||||||||||||||||||||||
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 | -1,098,000 | -214,000 | -452,000 | -895,000 | -482,000 | -1,206,000 | 0 | 0 | 0 | 0 | 0 | -4,652,000 | ||||||||||||
securities and derivatives purchased, not settled | 31,777,000 | 19,000 | 15,000 | 2,936,000 | 16,000 | -3,775,000 | 3,776,000 | 1,014,000 | -16,120,000 | |||||||||||||||||||||||||||||
non-cash operating lease expense | 329,000 | -252,000 | 237,000 | 17,000 | 65,000 | 381,000 | 538,000 | 538,000 | ||||||||||||||||||||||||||||||
unrealized loss on equity securities | -14,000 | |||||||||||||||||||||||||||||||||||||
amortization of discount, premium and other fees on loans | -3,684,000 | -3,044,000 | -3,851,000 | -4,040,000 | -5,162,000 | |||||||||||||||||||||||||||||||||
capital distribution from investment in unconsolidated ventures | 0 | 0 | ||||||||||||||||||||||||||||||||||||
securities and derivatives sold, not settled | 0 | 12,000 | 0 | 0 | -44,000 | 54,000 | ||||||||||||||||||||||||||||||||
repurchase of treasury shares, not settled | ||||||||||||||||||||||||||||||||||||||
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 | 0 | -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 | 0 | 43,750,000 | ||||||||||||||||||||||||||||||||||
(gain) loss on extinguishment of debt | -118,000 | -9,217,000 | 0 | 0 | 54,000 | 0 | 0 | 0 | -5,382,000 | |||||||||||||||||||||||||||||
unrealized (gain) loss on derivative instruments | 215,000 | 373,000 | -200,000 | -2,000 | 150,000 | -68,000 | 570,000 | -383,000 | 2,200,000 | -4,340,000 | 5,649,000 | -10,497,000 | -17,383,000 | 14,026,000 | 9,630,000 | 13,758,000 | -16,746,000 | 11,395,000 | 6,276,905 | 10,507,734 | ||||||||||||||||||
unrealized (gain) loss on equity securities | -23,000 | 6,000 | 0 | 0 | -401,000 | 533,000 | ||||||||||||||||||||||||||||||||
unrealized (gain) loss on agency interest-only securities | -26,000 | -123,000 | 4,000 | 20,000 | -80,000 | -9,000 | -98,000 | -76,000 | -577,000 | -298,000 | -159,000 | 85,000 | 47,000 | 584,000 | -660,000 | -730,000 | 51,000 | 1,318,000 | 1,034,146 | |||||||||||||||||||
benefit from (release of) loan loss reserves | 6,006,000 | 4,736,000 | -1,763,000 | -4,251,000 | -5,065,000 | |||||||||||||||||||||||||||||||||
(accretion)/amortization of discount, premium and other fees on loans | -4,075,000 | -6,985,000 | ||||||||||||||||||||||||||||||||||||
(accretion)/amortization of discount and premium on securities | -556,000 | |||||||||||||||||||||||||||||||||||||
realized (gain) loss on disposition of loan via foreclosure | 0 | |||||||||||||||||||||||||||||||||||||
realized (gain) loss on securities | 0 | 307,000 | -715,000 | -579,000 | 321,000 | 303,000 | 15,523,000 | -3,011,000 | ||||||||||||||||||||||||||||||
realized (gain) loss on sale of real estate | 0 | -18,611,000 | 14,000 | -21,588,000 | 1,000 | -10,529,000 | ||||||||||||||||||||||||||||||||
realized (gain) loss on sale of derivative instruments | 22,000 | |||||||||||||||||||||||||||||||||||||
(earnings) income from investments in unconsolidated ventures in excess of distributions received | 155,000 | -117,000 | ||||||||||||||||||||||||||||||||||||
insurance proceeds for remediation work due to property damage | 0 | 0 | 0 | 473,000 | 747,000 | |||||||||||||||||||||||||||||||||
insurance proceeds used for remediation work due to property damage | -5,000 | -91,000 | 0 | 302,000 | -293,000 | -36,000 | -1,260,000 | |||||||||||||||||||||||||||||||
purchases of mortgage loan receivables held for investment | 0 | |||||||||||||||||||||||||||||||||||||
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 | -48,639,000 | -178,146,000 | -3,892,000 | -12,243,000 | -34,244,000 | -26,529,000 | -36,972,000 | -103,262,000 | |||||||||||||||||||||||
re-issuance of treasury stock | ||||||||||||||||||||||||||||||||||||||
issuance of common stock | 0 | 0 | 3,000 | 1,000 | -1,000 | 0 | 259,037,500 | |||||||||||||||||||||||||||||||
cash paid (received) for income taxes | 863,000 | 849,000 | ||||||||||||||||||||||||||||||||||||
reissuance of treasury stock | -1,000 | -1,000 | 1,000 | |||||||||||||||||||||||||||||||||||
unrealized loss on agency interest-only securities | -3,000 | |||||||||||||||||||||||||||||||||||||
amortization of discount, premium and other fees on securities | -37,000 | |||||||||||||||||||||||||||||||||||||
realized loss on sale of real estate | -29,154,000 | |||||||||||||||||||||||||||||||||||||
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 | -306,589,000 | -313,563,000 | -249,829,000 | |||||||||||||||||||
(accretion)/amortization of discount, premium and other fees on securities | -501,000 | |||||||||||||||||||||||||||||||||||||
realized gain on sale of derivative instruments | 244,000 | 103,000 | 0 | -86,000 | -125,000 | 0 | -24,000 | -1,584,000 | 48,000 | 0 | ||||||||||||||||||||||||||||
unrealized (gain) loss on investment in mutual fund | -63,000 | 0 | -1,086,000 | 991,000 | -1,000 | -16,000 | -40,000 | |||||||||||||||||||||||||||||||
realized (gain) loss on sale of mortgage loan receivables held for sale | -1,713,000 | 26,000 | -1,126,000 | -5,921,000 | -1,005,000 | 775,000 | 0 | 999,000 | ||||||||||||||||||||||||||||||
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 | -34,317,000 | -31,309,000 | -43,572,000 | -139,872,000 | -306,714,000 | -311,639,000 | -218,837,000 | -224,471,000 | -110,193,000 | -243,635,000 | ||||||||||||||
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 | 11,486,000 | 7,462,000 | 74,285,000 | 376,296,000 | 172,233,000 | 99,478,000 | 36,136,000 | 27,832,000 | 41,866,000 | 72,982,000 | 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 | 339,561,000 | 282,502,000 | 361,323,000 | 230,866,000 | 184,379,000 | 108,573,000 | 15,477,000 | 61,978,000 | 382,636,000 | 344,350,000 | 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 | -1,569,149,000 | -3,551,177,000 | -2,231,899,000 | -3,728,667,000 | -2,932,725,000 | -2,613,317,000 | -3,414,355,000 | -3,887,884,000 | -4,588,171,000 | -4,314,529,000 | ||||||||||||||
capital distributed to noncontrolling interests in operating partnership | -34,000 | -332,000 | -2,198,000 | -4,134,000 | -4,441,000 | -4,284,000 | -7,409,000 | -7,929,000 | -21,034,000 | -765,000 | -12,336,000 | -13,767,000 | -12,937,000 | -17,851,000 | -24,688,000 | -13,735,000 | ||||||||||||||||||||||
issuance of purchase right | 0 | 0 | ||||||||||||||||||||||||||||||||||||
exchange of noncontrolling interest for common stock | 0 | 28,133,000 | 0 | 28,328,000 | 35,384,000 | 0 | 697,096,682 | |||||||||||||||||||||||||||||||
change in deferred tax asset related to exchanges of noncontrolling interest for common stock | 0 | |||||||||||||||||||||||||||||||||||||
rebalancing of ownership percentage between company and operating partnership | -12,773,476 | 14,666,762 | ||||||||||||||||||||||||||||||||||||
realized loss on sale of mortgage loan receivables held for sale | 949,000 | |||||||||||||||||||||||||||||||||||||
realized loss on disposition of loan via foreclosure | ||||||||||||||||||||||||||||||||||||||
property insurance proceeds | 0 | |||||||||||||||||||||||||||||||||||||
repayments in transit of real estate securities | -8,191,000 | |||||||||||||||||||||||||||||||||||||
(earnings) loss from investments in unconsolidated joint ventures in excess of distributions received | 191,000 | |||||||||||||||||||||||||||||||||||||
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 | -16,000 | -269,000 | -155,000 | -5,968,000 | -368,000 | -3,296,000 | -200,000 | -751,000 | -98,000 | -448,000 | -80,000 | -125,000 | -104,000 | -357,000 | -47,000 | -185,000 | |||||||||||||||||||||
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 | -273,000 | -294,000 | -279,000 | -278,000 | -309,000 | -284,000 | -526,000 | -221,000 | -234,000 | -226,000 | -234,000 | -223,000 | -221,000 | -216,000 | -247,000 | -239,000 | -192,000 | ||||||||||||||||||||
(earnings) income from investments in unconsolidated joint ventures in excess of distributions received | -353,000 | |||||||||||||||||||||||||||||||||||||
purchases of mortgage loan receivables held for sale | 0 | |||||||||||||||||||||||||||||||||||||
distributions from operations of investment in unconsolidated joint ventures | 250,000 | 0 | 0 | 0 | 12,000 | 1,000 | 281,000 | |||||||||||||||||||||||||||||||
capitalization of interest on investment in unconsolidated joint ventures | 0 | 0 | -360,000 | -324,000 | -234,000 | -223,000 | -224,000 | -216,000 | -204,000 | |||||||||||||||||||||||||||||
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 | 1,626,000 | 0 | 55,000 | 19,000 | ||||||||||||||||||||||||||||
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 | -3,408,000 | -3,063,000 | -3,550,000 | -4,993,000 | -3,924,000 | -3,440,000 | -4,111,000 | -3,366,000 | -2,071,000 | -2,468,000 | -2,426,000 | -1,601,000 | -1,901,000 | -3,013,000 | ||||||||||||||||||||||||
amortization of premium/(accretion) of discount and other fees on securities | 35,000 | 54,000 | 29,000 | 12,000 | 431,000 | 135,000 | 169,000 | 11,659,000 | 17,299,000 | 19,357,000 | 20,324,000 | 19,560,000 | 17,633,000 | 18,958,000 | ||||||||||||||||||||||||
deferred tax asset | 1,219,000 | -6,728,000 | -3,092,000 | -2,123,000 | 12,037,000 | -2,591,000 | 1,069,000 | -1,919,000 | -1,909,000 | -2,728,000 | 8,131,000 | 430,000 | -4,702,000 | -1,991,000 | -833,000 | -2,318,000 | 1,563,000 | |||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
realized (gain) loss on disposition of loan | 26,000 | -149,000 | 0 | 0 | 51,000 | |||||||||||||||||||||||||||||||||
(income) income from investments in unconsolidated joint ventures in excess of distributions received | -436,000 | -462,000 | -447,000 | -471,000 | -441,000 | -127,000 | -11,000 | 74,000 | ||||||||||||||||||||||||||||||
(gain) loss on extinguishment/defeasance of debt | -6,000 | -1,167,000 | -19,016,000 | -2,061,000 | ||||||||||||||||||||||||||||||||||
common stock offering costs | ||||||||||||||||||||||||||||||||||||||
benefit from loan losses | -729,000 | 26,581,000 | 0 | 0 | 150,000 | 150,000 | 150,000 | 150,000 | 150,000 | 150,000 | 150,000 | |||||||||||||||||||||||||||
payments pursuant to tax receivable agreement | 0 | |||||||||||||||||||||||||||||||||||||
loss on extinguishment/defeasance of debt | ||||||||||||||||||||||||||||||||||||||
unrealized loss on investment in mutual fund | ||||||||||||||||||||||||||||||||||||||
provision for loan losses | ||||||||||||||||||||||||||||||||||||||
loss from investments in unconsolidated joint ventures in excess of distributions received | ||||||||||||||||||||||||||||||||||||||
accretion of premium on liability for transfers not considered sales | ||||||||||||||||||||||||||||||||||||||
realized (gain) loss on real estate securities | -6,688,000 | -7,133,000 | -5,361,000 | 1,800,000 | -7,126,000 | -2,971,000 | 573,000 | |||||||||||||||||||||||||||||||
realized gain on sale of real estate | -3,227,000 | -2,232,000 | -2,331,000 | -5,020,000 | -4,648,000 | -4,873,000 | -6,095,000 | -6,407,000 | -7,278,000 | -7,662,000 | ||||||||||||||||||||||||||||
capital contributions to investment in unconsolidated joint ventures | -59,000 | |||||||||||||||||||||||||||||||||||||
distributions received from investments in unconsolidated joint ventures in excess of income | -1,000 | 0 | ||||||||||||||||||||||||||||||||||||
capital contributed by noncontrolling interests in operating partnership | 0 | 0 | 0 | 250,000 | ||||||||||||||||||||||||||||||||||
origination of mortgage loans receivable held for investment | 13,500,000 | |||||||||||||||||||||||||||||||||||||
repayment of mortgage loans receivable held for investment | -13,500,000 | |||||||||||||||||||||||||||||||||||||
transfer from mortgage loans receivable held for sale to mortgage loans receivable held for investment, at amortized cost | 0 | |||||||||||||||||||||||||||||||||||||
stock dividends | 0 | 0 | 0 | 64,100,000 | ||||||||||||||||||||||||||||||||||
securities sold, not settled | 25,987,000 | |||||||||||||||||||||||||||||||||||||
amount payable pursuant to tax receivable agreement | -230,000 | |||||||||||||||||||||||||||||||||||||
increase in amount due from trustee included in other assets | -302,281,000 | |||||||||||||||||||||||||||||||||||||
realized gain on sale of mortgage loan receivables held for sale | 4,256,000 | -19,640,000 | -2,795,000 | -7,830,000 | -15,166,000 | -14,524,000 | -30,027,000 | |||||||||||||||||||||||||||||||
realized gain on disposition of loan | ||||||||||||||||||||||||||||||||||||||
realized gain on assignment of mortgage loan financing | ||||||||||||||||||||||||||||||||||||||
income from investments in unconsolidated joint ventures in excess of distributions received | 59,000 | 141,000 | ||||||||||||||||||||||||||||||||||||
reduction (addition) of cash collateral held by broker for derivatives | 19,455,000 | 13,699,000 | -20,182,000 | -5,356,000 | -10,319,000 | 12,035,000 | -6,593,000 | |||||||||||||||||||||||||||||||
sale of fhlb stock | 0 | |||||||||||||||||||||||||||||||||||||
reduction (addition) of cash collateral held by broker | -1,360,000 | -679,000 | -281,000 | 6,113,000 | 3,854,000 | -8,519,000 | 1,060,000 | |||||||||||||||||||||||||||||||
addition (reduction) of deposits received for loan originations | 442,000 | -171,000 | 1,206,000 | -517,000 | ||||||||||||||||||||||||||||||||||
escrow cash and title deposits included in other assets | 228,000 | |||||||||||||||||||||||||||||||||||||
capital contributions to investment in mutual fund | ||||||||||||||||||||||||||||||||||||||
partners’ capital distributions | ||||||||||||||||||||||||||||||||||||||
net increase in cash | -15,078,000 | -21,722,000 | -1,263,000 | -26,281,000 | 78,663,000 | 19,418,000 | 7,241,000 | -30,499,487 | 36,723,526 | |||||||||||||||||||||||||||||
cash and cash equivalents at beginning of period | 0 | 0 | 0 | 108,959,000 | 0 | 0 | 76,218,000 | 0 | 78,742,257 | |||||||||||||||||||||||||||||
cash and cash equivalents at end of period | -15,078,000 | -21,722,000 | -1,263,000 | 82,678,000 | 78,663,000 | 19,418,000 | 83,459,000 | -30,499,487 | 115,465,783 | |||||||||||||||||||||||||||||
origination and purchases of mortgage loan receivables held for sale | -525,840,000 | -270,297,000 | -91,027,000 | |||||||||||||||||||||||||||||||||||
origination and purchases of mortgage loan receivables held for investment | -306,141,000 | -124,746,000 | -49,735,000 | -186,990,000 | -275,620,000 | -378,042,000 | ||||||||||||||||||||||||||||||||
change in deferred tax asset related to change in tax receivable agreement | -641,000 | 0 | -772,000 | 1,054,000 | ||||||||||||||||||||||||||||||||||
title deposits included in other assets | 19,021,000 | -940,000 | 7,222,000 | -1,848,000 | -8,756,000 | |||||||||||||||||||||||||||||||||
earnings on investment in unconsolidated joint ventures | -794,000 | 25,000 | -164,000 | -441,000 | ||||||||||||||||||||||||||||||||||
distributions of return of capital from investment in unconsolidated joint ventures | 375,000 | 0 | 3,372,000 | 1,657,365 | 1,500,000 | |||||||||||||||||||||||||||||||||
accretion/amortization of discount, premium and other fees on loans | -2,976,000 | -4,017,000 | -1,591,000 | |||||||||||||||||||||||||||||||||||
accretion/amortization of discount, premium and other fees on securities | 19,965,000 | 25,726,000 | 22,082,000 | |||||||||||||||||||||||||||||||||||
realized gain on real estate securities | -513,000 | -11,017,000 | -12,150,000 | |||||||||||||||||||||||||||||||||||
addition of deposits received for loan originations | -583,000 | 3,057,000 | -1,248,000 | |||||||||||||||||||||||||||||||||||
proceeds from notes issued | ||||||||||||||||||||||||||||||||||||||
adjustment to tax receivable agreement as a result of the exchange of class b shares | ||||||||||||||||||||||||||||||||||||||
cash paid for interest | 38,175,000 | 16,461,000 | 35,929,000 | 9,950,648 | 19,315,740 | |||||||||||||||||||||||||||||||||
supplemental disclosure of non-cash investing activities: | ||||||||||||||||||||||||||||||||||||||
supplemental disclosure of non-cash financing activities: | ||||||||||||||||||||||||||||||||||||||
exchange of capital for common stock | 0 | 483,567,974 | ||||||||||||||||||||||||||||||||||||
exchange of predecessor lp units for common stock | ||||||||||||||||||||||||||||||||||||||
mortgage debt assumed by buyer in real estate sale | ||||||||||||||||||||||||||||||||||||||
deferred financing costs | -370,000 | -938,000 | ||||||||||||||||||||||||||||||||||||
cash flows used in investing activities: | ||||||||||||||||||||||||||||||||||||||
accretion/amortization of discount, premium and other fees on loans and securities | 20,062,028 | 17,144,061 | ||||||||||||||||||||||||||||||||||||
distributions of return on capital from investment in unconsolidated joint ventures | 804,491 | 799,690 | ||||||||||||||||||||||||||||||||||||
due to brokers | -13,224,447 | 30,090,186 | ||||||||||||||||||||||||||||||||||||
due from brokers | ||||||||||||||||||||||||||||||||||||||
security deposits included in other assets | -347,432 | 2,007,219 | ||||||||||||||||||||||||||||||||||||
purchases of real estate and capital improvements | ||||||||||||||||||||||||||||||||||||||
proceeds from repurchase agreements | 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 | 1,082,000,000 | 1,649,000,000 | ||||||||||||||||||||||||||||||||||||
repayments of fhlb borrowings | ||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||
supplemental disclosure of non-cash operating activities: | ||||||||||||||||||||||||||||||||||||||
establishment of deferred tax asset | ||||||||||||||||||||||||||||||||||||||
transfer from mortgage loan receivables held for investment, at amortized cost to mortgage loan receivable held for sale | ||||||||||||||||||||||||||||||||||||||
transfer from real estate, net to real estate held for sale | ||||||||||||||||||||||||||||||||||||||
change in other comprehensive income related to change in current and deferred tax asset | ||||||||||||||||||||||||||||||||||||||
operating expense | ||||||||||||||||||||||||||||||||||||||
real estate operating expense | ||||||||||||||||||||||||||||||||||||||
income before tax | ||||||||||||||||||||||||||||||||||||||
income tax expense | ||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||
interest expense | 12,089,249 | 11,322,239 | ||||||||||||||||||||||||||||||||||||
net interest income | 18,078,525 | 19,939,093 | ||||||||||||||||||||||||||||||||||||
net interest income after benefit from loan losses | 17,928,525 | 19,789,093 | ||||||||||||||||||||||||||||||||||||
sale of loans | 36,286,893 | 85,157,414 | ||||||||||||||||||||||||||||||||||||
total other income | 70,569,706 | 102,006,085 | ||||||||||||||||||||||||||||||||||||
income before taxes | 61,471,005 | 92,402,544 | ||||||||||||||||||||||||||||||||||||
net income attributable to preferred and common unit holders | 60,209,522 | 90,307,537 | ||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||
unrealized gain on agency io securities |