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 2019-06-30 2019-03-31 2016-06-30 2016-03-31 2015-12-31 2015-09-30 2015-06-30 2015-03-31 2014-09-30 2014-06-30 2014-03-31 2012-09-30 2011-09-30 2011-06-30 2011-03-31 2010-03-31 
      
    		                                         
      cash flows from operating activities:
    		                                         
      net income
    		79,930,000 134,696,000 116,101,000 70,822,000 72,170,000 77,725,000 159,860,000 84,640,000 51,377,000 222,379,000 59,761,000 169,204,000 223,838,000 281,705,000 384,314,000 103,029,000 140,487,000 126,384,000 122,526,000 114,655,000 164,734,000 152,961,000 -66,269,000 177,980,000 150,001,000 132,446,000 76,508,000 112,071,000 27,046,000 96,648,000 117,116,000 117,640,000 120,779,000 167,390,000 120,382,000 120,881,000 50,342,000 14,503,000 33,312,000 31,725,000 6,260,000 
      adjustments to reconcile net income to net cash from operating activities:
    		                                         
      amortization of deferred financing costs, premiums and discounts on secured borrowings
    		11,382,000 11,495,000 11,366,000 11,151,000 12,452,000 12,823,000 12,490,000 11,871,000 12,570,000 12,821,000 13,205,000 12,957,000 11,547,000 11,342,000 11,816,000 11,058,000 10,876,000 10,750,000 10,515,000 10,135,000 10,444,000 9,918,000 9,634,000 10,146,000                  
      amortization of discounts and deferred financing costs on unsecured senior notes
    		2,837,000 2,778,000 2,648,000 3,036,000 2,776,000 2,748,000 2,300,000 2,387,000 2,672,000 2,072,000 2,234,000 2,222,000 2,217,000 2,192,000 2,151,000 1,689,000 1,936,000 1,725,000 1,726,000 2,006,000 1,995,000 1,976,000 1,962,000 1,930,000                  
      accretion of net discount on investment securities
    		-1,195,000 -1,212,000 -2,075,000 -1,821,000 -1,285,000 -1,375,000 -1,387,000 -1,379,000 -2,846,000 -2,179,000 -2,094,000 -2,502,000 -2,715,000 -3,535,000 -3,475,000 -3,423,000 -3,317,000 -3,297,000 -3,476,000 -3,456,000 -3,239,000 -3,340,000 -2,783,000 -1,453,000 -2,481,000 -5,102,000 -2,755,000 -3,976,000 -3,373,000 -4,244,000 -3,998,000 -5,711,000 -10,603,000         
      accretion of net deferred loan fees and discounts
    		-20,053,000 -12,625,000 -13,964,000 -14,344,000 -16,689,000 -12,851,000 -19,891,000 -16,081,000 -18,819,000 -17,032,000 -15,180,000 -15,089,000 -16,599,000 -14,269,000 -16,600,000 -13,425,000 -14,784,000 -12,994,000 -16,745,000 -11,731,000 -9,628,000 -8,760,000 -12,080,000 -11,194,000 -8,081,000 -8,586,000 -7,526,000 -14,666,000 -8,696,000 -10,247,000 -8,476,000 -7,960,000 -10,179,000         
      share-based compensation
    		14,690,000 13,430,000 13,350,000 10,284,000 10,788,000 10,668,000 10,046,000 8,192,000 10,621,000 9,498,000 10,936,000 10,482,000 9,703,000 9,907,000 10,093,000 9,928,000 9,452,000 9,597,000 10,310,000 8,836,000 6,261,000 7,344,000 8,800,000 9,791,000 12,976,000 7,025,000 6,363,000 7,593,000 7,067,000 5,691,000 8,573,000 10,391,000 7,491,000 6,770,000 7,524,000 7,207,000      
      manager fees paid in stock
    		92,000 5,031,000 6,365,000 0 1,755,000 9,544,000 9,762,000 1,000 1,906,000 6,183,000 7,233,000 446,000 2,594,000 14,684,000 25,417,000 486,000 2,506,000 6,562,000 7,486,000 0 0                     
      change in fair value of investment securities
    		-1,794,000 -345,000 173,000 -510,000 778,000 -367,000 -915,000 -414,000 -283,000 12,000 -82,000 521,000 83,000 1,245,000 355,000 1,290,000 299,000 -1,508,000 306,000 -2,261,000 199,000 -827,000 -2,504,000 162,000 -266,000 -667,000 -62,000               
      change in fair value of consolidated vies
    		-7,638,000 -6,187,000 12,128,000 5,996,000 20,169,000 19,815,000 23,769,000 -6,279,000 -4,183,000 -18,451,000 -4,245,000 -13,979,000 2,253,000 24,957,000 11,928,000 -47,060,000 7,966,000 26,066,000 -7,042,000 17,152,000 -21,167,000 -18,508,000 80,683,000 -34,814,000 -21,027,000 -12,090,000 133,000 -8,139,000 54,038,000 28,208,000 13,775,000 9,320,000 -5,657,000         
      change in fair value of servicing rights
    		-2,016,000 -2,363,000 -753,000 -2,224,000 341,000 -895,000 -228,000 -1,196,000 68,000 -162,000 -304,000 224,000 -515,000 365,000 -1,084,000 -838,000 -2,237,000 -1,299,000 796,000 1,387,000 -634,000 2,569,000 393,000 1,332,000 625,000 916,000 767,000 12,191,000 6,739,000 4,194,000 4,217,000 2,652,000 1,542,000 7,897,000 5,523,000 5,251,000      
      change in fair value of loans
    		-52,367,000 -29,867,000 -58,404,000 74,399,000 -114,871,000 -64,421,000 29,013,000 -173,949,000 66,806,000 53,342,000 -8,901,000 19,485,000 87,474,000 113,480,000 125,783,000 -934,000 -31,727,000 -45,867,000 9,478,000 -53,424,000 -61,384,000 -34,450,000 16,134,000                   
      change in fair value of affordable housing fund investments
    		193,624,000 9,943,000 8,035,000 -88,711,000 20,161,000 3,954,000 3,896,000 -33,649,000 -2,199,000 -214,823,000 -1,160,000 -91,737,000 -110,415,000 -294,690,000 -223,851,000                           
      change in fair value of derivatives
    		-1,612,000 107,928,000 50,686,000 -127,457,000 99,639,000 18,679,000 -75,079,000 184,208,000 -69,325,000 -35,096,000 48,431,000 136,782,000 -205,309,000 -131,334,000 -129,343,000 -19,465,000 -44,372,000 8,479,000 -34,768,000 47,398,000 30,615,000 18,148,000 -7,617,000 27,484,000 -20,539,000 1,100,000 3,396,000 -21,225,000 23,557,000 -15,784,000 -3,983,000 17,942,000 -26,724,000  9,384,000 7,110,000      
      foreign currency gain
    		     -6,885,000 41,870,000                34,486,000   7,017,000 -5,547,000     -20,757,000 30,416,000         
      gain on sale of investments and other assets
    		-1,027,000   -432,000 -8,316,000 0 -91,962,000 -10,243,000 -10,616,000 -4,680,000 -190,000 -25,552,000 -13,453,000 -138,000 -98,468,000 -12,607,000 47,000 -8,731,000 -17,693,000 -542,000 0 -6,472,000 -296,000 -159,871,000 -21,157,000 -2,515,000 -4,485,000 90,000 -245,000 -1,909,000 -3,348,000 -209,000 -17,198,000         
      credit loss provision
    		   52,425,000 66,427,000 42,709,000 35,839,000 25,975,000 52,634,000         -11,844,000 44,000 -12,131,000 -3,587,000 10,202,000 48,669,000                   
      depreciation and amortization
    		27,705,000 11,569,000 12,756,000 12,453,000 11,418,000 11,336,000 11,049,000 13,426,000 13,575,000 13,660,000 13,635,000 14,030,000 13,793,000 13,361,000 12,757,000 16,938,000 22,519,000 22,606,000 22,528,000 23,528,000 23,489,000 23,273,000 23,864,000 27,222,000 28,756,000 28,527,000 28,889,000 17,905,000 16,759,000 11,359,000 6,794,000 5,387,000 3,692,000 2,628,000 4,764,000 5,786,000      
      earnings from unconsolidated entities
    		-2,463,000 -7,872,000 -537,000  -349,000 -1,670,000 -7,675,000  1,309,000    2,044,000    -2,042,000 -2,226,000 -1,734,000         -4,479,000 -4,065,000 -5,927,000 -5,706,000 -8,951,000 -6,090,000         
      distributions of earnings from unconsolidated entities
    		2,790,000 6,540,000 1,198,000 1,125,000 1,610,000 1,175,000 1,125,000 798,000 750,000 7,056,000 243,000 419,000 303,000 4,352,000 280,000 3,085,000 541,000 1,065,000 17,000 644,000 1,446,000 861,000 27,000 1,901,000 1,674,000 4,395,000 3,661,000 4,088,000 5,729,000 4,417,000 3,913,000 7,722,000 7,030,000 3,338,000 5,060,000 956,000      
      (gain) loss on extinguishment of debt
    		0                                         
      origination and purchase of loans held-for-sale, net of principal collections
    		-182,241,000 -467,691,000 -178,870,000 -484,815,000 -543,208,000 -253,773,000 -243,325,000 -344,349,000 -64,444,000 -133,879,000 -28,333,000 -796,381,000 -149,541,000 -1,285,166,000 -2,206,360,000 -2,145,486,000 -1,742,615,000 -957,268,000 -327,352,000 -349,337,000 -984,692,000 -118,817,000 -621,832,000 -993,806,000 -949,597,000 -880,511,000 -719,589,000               
      proceeds from sale of loans held-for-sale
    		169,251,000 445,845,000 297,319,000 666,416,000 703,181,000 139,813,000 218,596,000 475,782,000 123,633,000 157,879,000 13,439,000 160,107,000 32,098,000 1,682,331,000 2,278,467,000 1,497,945,000 856,188,000 905,652,000 571,927,000 804,467,000 656,818,000 589,693,000 751,140,000 1,402,846,000 846,047,000 367,045,000 561,702,000 218,369,000 256,964,000 656,345,000 410,227,000 551,635,000 482,009,000 498,790,000 364,332,000 302,461,000      
      changes in operating assets and liabilities:
    		                                         
      related-party payable
    		2,093,000 -10,692,000 -2,420,000 13,416,000 -2,307,000 -16,377,000 -590,000 20,534,000 -3,043,000 -12,258,000 -1,603,000 15,040,000 -4,608,000 -25,861,000 -19,756,000 52,993,000 -3,053,000 -9,704,000 -3,035,000 17,074,000 1,155,000 -18,325,000 -1,659,000 16,439,000 3,342,000 -2,801,000 -20,098,000 -3,784,000 -16,965,000 18,151,000 -1,755,000 -3,114,000 -13,078,000 391,000 -4,983,000 11,665,000 828,000 -65,000 610,000 2,159,000 38,000 
      accrued and capitalized interest receivable, less purchased interest
    		-32,989,000 -48,540,000 2,850,000 -2,885,000 -23,995,000 -28,065,000 -15,475,000 -58,797,000 -19,035,000 -36,458,000 -41,541,000 -69,822,000 -59,180,000 -37,156,000 -35,342,000 -31,733,000 -23,647,000 -39,559,000 -41,833,000 -53,364,000 -41,221,000 -49,237,000 -31,465,000 -42,250,000 -17,645,000 -31,725,000 -22,536,000 -17,801,000 -23,350,000 -17,662,000 -16,125,000 -14,844,000 -17,341,000         
      other assets
    		69,647,000 -22,665,000 -10,858,000 -93,872,000 -5,169,000 32,666,000 -9,875,000 -67,883,000 20,066,000 71,704,000 -89,667,000 244,614,000 -139,869,000 3,602,000 -64,229,000 -1,201,000 4,896,000 -12,665,000 -19,467,000 -2,725,000 19,379,000 24,572,000 -40,944,000 82,936,000 -94,453,000 8,490,000 -26,760,000 -2,064,000 8,779,000 1,091,000 -18,124,000 -12,519,000 1,067,000    5,075,000    292,000 
      accounts payable, accrued expenses and other liabilities
    		28,371,000 -96,803,000 31,561,000 95,027,000 -6,498,000 55,427,000 -38,968,000 -117,298,000 135,475,000 -6,282,000 -29,886,000 -320,136,000 350,874,000 76,320,000 64,309,000 26,497,000 33,402,000 6,742,000 -25,945,000 9,319,000 -5,928,000 3,001,000 -6,764,000 -2,724,000 9,419,000 10,834,000 -22,987,000 1,538,000 -30,593,000 -2,147,000 -7,401,000 5,472,000 -23,282,000         
      net cash from operating activities
    		337,591,000 -87,354,000 238,865,000 295,580,000 241,799,000 53,258,000 55,949,000 11,854,000 356,387,000 188,914,000 -28,558,000 -630,993,000 159,491,000 530,869,000 154,374,000 -528,222,000 -749,740,000 17,221,000 270,766,000 519,399,000 -243,589,000 579,006,000 190,732,000 556,592,000 -86,941,000 -390,132,000 -92,718,000 17,421,000 131,129,000 352,819,000 -35,265,000 180,806,000 114,146,000 6,102,000 126,118,000 104,324,000 40,721,000 163,161,000   3,591,000 
      cash flows from investing activities:
    		                                         
      origination, purchase and funding of loans held-for-investment
    		-2,247,130,000 -2,118,588,000 -1,703,570,000 -975,975,000 -1,159,862,000 -644,829,000 -265,185,000 -1,057,863,000 -620,718,000 -607,524,000 -431,615,000 -536,614,000 -1,115,173,000 -2,334,404,000 -1,557,821,000 -3,001,506,000 -1,633,661,000 -1,705,922,000 -2,296,124,000                       
      proceeds from principal collections on loans
    		1,711,197,000 812,345,000 747,152,000 1,100,235,000 1,497,727,000 809,880,000 1,220,995,000 947,281,000 912,840,000 1,070,082,000 407,199,000 256,460,000 635,818,000 405,530,000 798,969,000 851,194,000 928,829,000 1,193,240,000 1,051,695,000 338,799,000 358,191,000 187,067,000 812,187,000 819,376,000 970,294,000 786,640,000 556,058,000 1,000,830,000 192,813,000 494,722,000 358,799,000 413,160,000 285,741,000 379,332,000 270,590,000 316,428,000      
      proceeds from loans sold
    		0   40,120,000 0   -11,000 42,370,000   30,675,000 64,539,000   76,872,000 35,356,000   69,134,000 0 396,078,000 39,019,000 196,345,000 101,722,000 343,073,000 500,271,000 23,394,000 97,882,000 37,620,000 220,928,000 293,455,000 85,121,000 138,958,000 56,114,000 146,400,000      
      purchase and funding of investment securities
    		-8,360,000 -7,747,000 -13,826,000 -24,220,000 -45,778,000 -9,488,000 -9,220,000 -4,590,000 -5,536,000 -861,000 -591,000 -454,000 0 -67,919,000 -18,139,000     0 -6,288,000 -10,391,000 -5,729,000                   
      proceeds from sales and redemptions of investment securities
    		2,018,000 4,193,000 1,350,000 0 2,376,000 0 1,314,000 1,320,000 1,427,000                                 
      proceeds from principal collections on investment securities
    		245,931,000 1,985,000 52,967,000 191,843,000 5,016,000 58,152,000 19,149,000 2,669,000 36,331,000 10,570,000 40,778,000 96,516,000 4,251,000 7,396,000 7,784,000 9,595,000 8,988,000 9,353,000 59,514,000 15,576,000 17,478,000 36,920,000 13,559,000 86,768,000 45,857,000 65,281,000 7,754,000 25,200,000 22,344,000 80,479,000 100,316,000 236,037,000 11,737,000 21,885,000 10,887,000 8,227,000      
      proceeds from sales of real estate
    		1,577,000       12,614,000 41,918,000 18,494,000 543,000 37,278,000 19,090,000 0 147,334,000  0 30,403,000 30,566,000  0                     
      net cash paid in merger
    		                                         
      purchases and additions to properties and other assets
    		-48,616,000 -9,017,000 -5,739,000 -6,998,000 -6,757,000 -8,608,000 -5,576,000 -5,423,000 -5,348,000 -8,475,000 -5,839,000 -7,930,000 -6,019,000 -4,672,000 -6,604,000 -9,013,000 -5,236,000 -8,511,000 -3,512,000 -7,241,000 -4,009,000      -8,526,000               
      free cash flows
    		288,975,000 -96,371,000 233,126,000 288,582,000 235,042,000 44,650,000 50,373,000 6,431,000 351,039,000 180,439,000 -34,397,000 -638,923,000 153,472,000 526,197,000 147,770,000 -537,235,000 -754,976,000 8,710,000 267,254,000 512,158,000 -247,598,000      -101,244,000               
      investments in unconsolidated entities
    		   -6,231,000    -89,000    0 0 0 -461,000                           
      proceeds from sale of interest in an unconsolidated entity
    		-5,000                                         
      distribution of capital from unconsolidated entities
    		0 0 250,000 146,000    6,189,000 2,181,000 2,330,000 277,000 0 0 3,254,000 121,000 4,893,000 4,292,000 5,283,000 15,980,000 937,000 2,279,000 53,000 153,000 5,672,000 2,414,000 9,155,000 886,000 330,000 914,000 1,852,000 6,876,000 10,831,000 11,296,000 8,402,000 12,710,000 17,834,000      
      cash acquired in foreclosure
    		0 2,000 731,000                                       
      payments for purchase or termination of derivatives
    		-27,396,000 -3,154,000 -12,936,000  -6,823,000 -4,726,000 -781,000  -18,823,000 -6,057,000 -3,340,000 -4,112,000 1,343,000 -7,767,000 -8,541,000 -19,203,000 -6,588,000 -7,260,000 -851,000 1,469,000 4,641,000 -13,588,000 -67,323,000 -6,475,000 -16,148,000 -16,316,000 -3,896,000 -2,533,000 -12,611,000 -8,783,000 -4,377,000 -7,777,000 -6,117,000         
      proceeds from termination of derivatives
    		30,001,000 9,011,000 27,172,000  1,346,000 10,982,000 16,925,000  6,948,000 7,176,000 5,605,000 34,273,000 16,247,000 69,764,000 82,596,000 13,468,000 16,323,000 4,892,000 23,527,000 3,006,000 539,000 4,216,000 8,912,000 25,777,000 4,080,000 8,207,000 692,000 19,537,000 7,910,000 6,353,000 5,412,000 17,794,000 6,988,000 3,519,000 1,293,000 799,000      
      net cash from investing activities
    		-1,219,276,000 -952,376,000 -906,449,000 337,541,000 310,238,000 270,514,000 1,165,661,000 -88,084,000 391,076,000 539,065,000 13,017,000 -93,908,000 -379,904,000 -1,921,732,000 -554,762,000 -2,264,223,000 -651,697,000 -246,529,000 -1,119,205,000 -341,849,000 -329,200,000 213,427,000 -454,183,000 -1,174,014,000 197,378,000 430,349,000 -229,581,000 259,631,000 -348,679,000 -390,589,000 109,270,000 206,360,000 -325,836,000     -3,166,000   -561,949,000 
      cash flows from financing activities:
    		                                         
      proceeds from borrowings
    		3,334,889,000 3,924,478,000 2,735,285,000 2,795,776,000 1,510,444,000 1,662,969,000 1,234,980,000 1,625,515,000 2,592,168,000 1,140,199,000 1,202,077,000 1,917,572,000 1,568,128,000 4,192,281,000 5,843,167,000 5,782,018,000 4,861,485,000 4,045,046,000 2,748,317,000 2,165,007,000 1,248,624,000 930,017,000 2,756,915,000 4,083,130,000 2,812,424,000 960,883,000 2,310,902,000               
      principal repayments on and repurchases of borrowings
    		-2,703,059,000 -2,904,189,000 -1,811,835,000 -3,140,565,000 -2,103,028,000 -1,833,940,000 -2,165,427,000 -1,565,507,000 -3,207,664,000 -1,808,491,000 -892,238,000 -1,136,358,000 -1,068,103,000 -2,529,989,000 -5,153,638,000 -3,362,323,000 -3,028,192,000 -3,537,328,000 -2,001,336,000 -1,915,779,000 -505,441,000 -1,792,804,000 -1,923,754,000 -3,121,329,000 -2,870,700,000 -900,237,000 -1,778,819,000 -1,084,655,000 -626,462,000 -1,045,717,000 -844,021,000 -1,598,628,000 -847,288,000         
      payment of deferred financing costs
    		-27,642,000 -14,389,000 -15,295,000 -28,603,000 -14,594,000 -20,260,000 -6,574,000 -7,117,000 -8,780,000 -2,169,000 -2,924,000 -20,973,000 -14,962,000 -11,887,000 -21,998,000 -25,662,000 -19,024,000 -22,120,000 -5,052,000 -9,144,000 -10,414,000 -3,987,000 -3,577,000 -27,035,000 -27,015,000 -13,682,000 -4,706,000 -468,000 -5,969,000 -7,825,000 -6,822,000 -5,791,000 -1,263,000        -663,000 
      net proceeds from issuances of common stock
    		                                         
      payment of dividends
    		-164,612,000 -163,710,000 -162,323,000 -162,786,000 -152,323,000 -152,582,000 -152,305,000 -150,685,000 -150,506,000 -150,236,000 -149,765,000 -148,663,000 -148,517,000 -147,568,000 -146,709,000 -138,953,000 -138,926,000 -138,384,000 -137,667,000 -137,992,000 -137,269,000 -135,735,000 -135,889,000 -135,905,000 -135,218,000 -134,786,000 -132,515,000 -114,527,000 -114,624,000 -114,824,000 -115,400,000 -108,434,000 -108,189,000        -5,349,000 
      contributions from non-controlling interests
    		0   5,520,000        -1,000 0 17,236,000 4,690,000 214,167,000 52,000 2,569,000 2,969,000 2,118,000 251,000      95,000 3,833,000 6,584,000             
      distributions to non-controlling interests
    		-46,164,000 -9,548,000 -9,125,000 -11,224,000 -12,297,000 -11,970,000 -9,987,000 -16,275,000 -9,984,000 -9,719,000 -9,390,000 -11,605,000 -13,661,000 -13,468,000 -10,718,000 -8,715,000 -17,258,000 -9,144,000 -8,833,000 -9,506,000 -13,492,000 -10,038,000 -66,476,000 -8,427,000 -10,677,000 -23,902,000 -6,952,000 -1,768,000 -582,000 -862,000 -467,000 -433,000 -359,000         
      issuance of debt of consolidated vies
    		   0 7,144,000 2,613,000 3,166,000         -1,000 27,111,000 30,684,000 11,604,000 163,118,000 0 0 24,376,000 34,591,000 49,725,000 66,546,000 33,678,000 0 596,000 0 1,619,000 750,000 6,763,000 16,656,000 25,995,000 45,761,000      
      repayment of debt of consolidated vies
    		-110,000 -57,115,000 -4,755,000 -61,311,000 -126,177,000 -107,000 -108,000 -48,117,000 -102,000 -108,000 -108,000 -100,000 -98,000 -205,574,000 -84,460,000 -158,992,000 -301,939,000 -279,006,000 -27,490,000 -242,929,000 -43,083,000 -199,383,000 -36,953,000 -214,840,000 -66,507,000 -38,952,000 -52,856,000 -91,794,000 -55,729,000 -218,013,000 -125,701,000 -68,991,000 -51,538,000         
      distributions of cash from consolidated vies
    		19,109,000 13,109,000 72,120,000 14,411,000 15,779,000 13,171,000 15,022,000 115,571,000 13,624,000 25,118,000 15,329,000 28,857,000 21,802,000 20,739,000 22,014,000 36,275,000 41,239,000 28,065,000 14,481,000 22,747,000 20,185,000 12,266,000 24,723,000 7,035,000 17,196,000 9,728,000 11,683,000 15,441,000 7,545,000 8,034,000 12,106,000 10,794,000 3,790,000 19,188,000 10,673,000 2,740,000      
      net cash from financing activities
    		946,521,000 821,846,000 805,506,000 -588,164,000 -478,393,000 -339,510,000 -1,079,833,000 -43,416,000 -770,619,000 -804,778,000 164,250,000 645,212,000 345,449,000 1,354,708,000 452,510,000 2,730,510,000 1,424,752,000 120,608,000 597,233,000 33,203,000 559,449,000 -1,199,449,000 620,080,000 795,581,000 -229,880,000 -69,652,000 380,672,000 -205,436,000 182,910,000 34,968,000 -146,888,000 -304,366,000 322,703,000 54,368,000 430,183,000 206,933,000 221,809,000 -171,890,000 331,491,000 194,790,000 21,223,000 
      net increase in cash, cash equivalents and restricted cash
    		64,836,000 -217,884,000 137,922,000 44,957,000 73,644,000 -15,738,000 141,777,000 -119,646,000 -23,156,000 -76,799,000 148,709,000 -79,689,000 125,036,000 -36,155,000 52,122,000    -251,206,000   -407,016,000 356,629,000   -29,435,000 58,373,000               
      cash, cash equivalents and restricted cash, beginning of period
    		0 0 553,995,000 0 0 0 311,972,000 0 0 0 382,133,000 0 0 0 321,914,000 0 0 0 722,162,000  0 0 574,031,000  0 0 487,865,000               
      effect of exchange rate changes on cash
    		-594,000 398,000 434,000 -1,098,000 790,000 -1,264,000 -1,045,000 348,000 214,000 -425,000 594,000 542,000 -562,000 -813,000 -262,000 61,000 -103,000 -638,000 -1,042,000 203,000 415,000 -246,000 733,000 1,214,000 -2,097,000 -351,000 -254,000 -2,015,000 1,044,000 -1,151,000 -827,000 2,958,000 -5,480,000  768,000 57,000      
      cash, cash equivalents and restricted cash, end of period
    		64,242,000 -217,486,000 692,351,000 43,859,000 74,434,000 -17,002,000 452,704,000 -119,298,000 -22,942,000 -77,224,000 531,436,000 -79,147,000 124,474,000 -36,968,000 373,774,000 -61,874,000 23,212,000 -109,338,000 469,914,000  -12,925,000 -407,262,000 931,393,000  -121,540,000 -29,786,000 545,984,000               
      supplemental disclosure of cash flow information:
    		                                         
      cash paid for interest
    		308,077,000 297,046,000 264,902,000 299,561,000 326,182,000 301,246,000 367,142,000 334,897,000 354,589,000 339,115,000 322,932,000 247,860,000 196,275,000 124,751,000 102,300,000 110,135,000 93,767,000 102,392,000 80,624,000 95,094,000 82,207,000 93,307,000 109,341,000 114,192,000 114,899,000 123,043,000 129,349,000 41,707,000 50,254,000 33,718,000 45,460,000 32,760,000 48,448,000 44,979,000 20,591,000 44,638,000 11,105,000 4,555,000 7,307,000 7,613,000 1,609,000 
      income taxes paid
    		50,000          42,000    566,000 757,000 165,000 6,446,000 425,000 9,108,000 1,604,000 88,000 569,000 2,436,000 1,578,000 6,786,000 484,000 1,255,000 922,000 1,915,000 9,593,000 14,760,000 2,903,000 4,248,000 12,067,000 2,725,000 301,000 216,000 684,000 174,000  
      supplemental disclosure of non-cash investing and financing activities:
    		                                         
      dividends declared with respect to the third quarter, but not yet paid
    		                                         
      consolidation of vies
    		0   887,711,000        0 0 3,251,711,000 1,109,614,000 905,275,000 1,649,200,000 2,384,906,000 393,373,000 1,075,979,000 512,300,000 599,935,000 2,477,422,000 4,264,902,000 1,999,780,000 824,070,000 3,280,065,000 1,746,946,000 15,103,275,000 3,982,562,000 2,410,232,000 1,244,019,000 4,413,608,000 3,103,149,000 3,755,019,000 20,236,513,000      
      deconsolidation of vies
    		0 0 62,461,000 -1,000 179,520,000 1,334,052,000 -622,077,000     1,000 0 0 730,012,000 0    24,618,000    35,885,000 37,359,000 257,917,000 45,910,000 2,535,712,000 2,591,268,000 -2,546,632,000 -1,797,217,000 -3,499,204,000 17,841,000 2,464,507,000 4,748,806,000 1,289,569,000      
      net assets acquired in merger:
    		                                         
      assets acquired, less cash
    		2,010,106,000 142,495,000 52,386,000 176,519,000 1,531,000   61,066,000 0   261,375,000 0                             
      liabilities assumed
    		1,324,005,000 1,499,000 990,000 3,998,000 0   909,000 0   -105,000 0                             
      net assets acquired through foreclosure or equity control:
    		                                         
      loan principal collections temporarily held at master servicer
    		32,676,000 -41,244,000 47,650,000 43,275,000 -9,614,000 7,682,000 5,305,000 -66,091,000 32,280,000 142,928,000 15,197,000 -2,632,000 -10,992,000 -28,172,000 42,225,000 -88,244,000 63,861,000 24,099,000 31,965,000 24,690,000 -2,363,000                     
      redemption of class a units for common stock
    		0               0 9,622,000 7,077,000 1,039,000 0 0                     
      debt assumed by purchaser in sale of real estate
    		   0 0 0 -194,900,000                                   
      reclassification of loans held-for-investment to loans held-for-sale
    		   0 0 0 48,695,000 0 0   49,748,000 0 63,616,000 346,000 30,425,000 46,333,000 23,898,000 166,901,000                       
      foreign currency (gain) loss
    		 -83,761,000 -34,791,000       -23,334,000 -15,019,000                               
      credit loss (reversal) provision
    		 5,666,000 -24,999,000            -3,658,000                           
      net proceeds from issuance of common stock
    		 31,721,000 1,434,000 618,000                                      
      dividends declared with respect to the second quarter, but not yet paid
    		                                         
      loss on extinguishment of debt
    		   1,139,000 242,000 855,000 1,704,000 -1,018,000 1,072,000 1,123,000 61,000 149,000 213,000 0 624,000 5,231,000 499,000 1,182,000 516,000 1,277,000 0      3,298,000   0 0 629,000 5,292,000         
      proceeds from sales of real estate, net of debt assumed by purchaser
    		   0 17,837,000 10,948,000 188,040,000                                   
      income taxes refunded
    		  -53,000                                       
      dividends declared with respect to the first quarter, but not yet paid
    		  163,979,000                                       
      net assets acquired through foreclosure:
    		                                         
      impairment charges on properties and related intangibles
    		       101,046,000 0   0 0 0 55,000         102,000 0 1,272,000 120,000               
      (earnings) income from unconsolidated entities
    		          -2,725,000         -5,252,000 -3,192,000 -28,776,000 -97,000                   
      cash resulting from foreclosures and initial consolidation of entities
    		   3,347,000 0                                     
      payments for purchase or early termination of derivatives
    		                                         
      proceeds from origination or early termination of derivatives
    		                                         
      income taxes paid (refunded)
    		       -219,000 16,000                                 
      dividends declared with respect to the fourth quarter, but not yet paid
    		                                         
      net assets acquired through foreclosure, control or conversion to equity interest:
    		                                         
      net assets acquired from consolidated vies
    		                           60,463,000 42,513,000             
      unsettled derivative transactions
    		                                         
      proceeds from common stock issuances
    		     596,000 1,400,000 475,000 625,000 628,000 1,269,000 16,801,000 860,000 33,605,000 251,000 393,389,000 209,000 226,000 262,000 587,000 142,000 216,000 153,000 135,000 253,000 212,000 167,000 95,000 82,000 67,000 65,000 326,241,000 55,000 46,000        
      income taxes (refunded) paid
    		     223,000 -269,000     751,000 -393,000                             
      dividends declared, but not yet paid
    		     238,000 152,591,000 291,000 522,000 341,000 152,551,000 1,501,000 386,000 1,558,000 148,998,000 8,062,000 480,000 872,000 139,113,000 -662,000 1,495,000 1,248,000 135,994,000 182,000 918,000 662,000 134,953,000 441,000 114,572,000 -244,000 -384,000 7,140,000 108,435,000 44,000 12,588,000 95,424,000 26,000     
      cash resulting from initial consolidation of entities
    		       701,000 0   0 0                             
      cash reclassified to investments of affordable housing fund
    		                                         
      proceeds from early termination of derivatives
    		                                         
      payment of equity offering costs
    		           -318,000 0 -667,000 -89,000 -693,000 -5,000 0 -22,000 -26,000 -54,000         0 -53,000           
      net assets acquired through foreclosure, equity control or conversion to equity interest:
    		                                         
      reclassification of loans held-for-sale to loans held-for-investment
    		               30,616,000 -1,000 -2,000 124,935,000                       
      lease liabilities arising from obtaining right-of-use assets
    		           0                              
      transfer of loans from vie assets to residential loans upon redemption of consolidated rmbs trusts
    		               93,753,000                          
      foreign currency loss
    		            107,318,000 78,602,000 27,281,000  27,003,000 -2,627,000 11,681,000  -25,452,000       16,767,000 402,000             
      credit loss provision (reversal)
    		          43,194,000  15,343,000                             
      loss (earnings) from unconsolidated entities
    		              910,000         69,718,000 -2,747,000                 
      proceeds from sales of investment securities
    		                   0 0 0 7,940,000 3,348,000 0 750,000 3,228,000   109,000 1,203,000 385,000 4,713,000 49,947,000 22,336,000 27,883,000      
      proceeds from sale of interest in unconsolidated entities
    		                   0 0                     
      purchase of treasury stock
    		                   -4,998,000 0 0 -28,830,000     0 -19,723,000 -18,954,000 -27,524,000           
      contribution of woodstar ii portfolio net assets from non-controlling interests
    		                                         
      net assets acquired through foreclosure, control or conversion to equity interest
    		                                         
      proceeds from sales of real estate and related businesses, net of cash transferred
    		                                         
      net decrease in cash, cash equivalents and restricted cash
    		               -61,935,000 23,315,000                         
      assets of ireland real estate subsidiary sold, net of cash
    		                                         
      liabilities of ireland real estate subsidiary sold
    		                                         
      settlement of convertible notes in shares
    		                                         
      settlement of loans transferred as secured borrowings
    		                          74,692,000               
      investment in unconsolidated entities
    		                   0 -3,000      -510,000 -3,843,000 -11,000 -373,000 2,000 -4,024,000 -28,041,000         
      net assets acquired through conversion to equity interest and foreclosure
    		                0                         
      unsettled common stock issuances
    		                                         
      transfer of loans from vie assets residential loans upon redemption of a consolidated rmbs trust
    		                                         
      ​
    		                  2,021,000 0 0 0 2,020,000 0 0                 
      net assets acquired through conversion to equity interest
    		                  7,320,000                       
      origination and purchase of loans held-for-investment
    		                   -764,265,000 -702,028,000 -414,158,000 -1,252,745,000 -2,485,714,000 -936,039,000 -764,645,000 -1,287,001,000 -525,184,000 -472,237,000 -690,101,000 -413,340,000 -606,898,000 -649,886,000         
      infrastructure lending business combination
    		                                         
      cash, cash equivalents and restricted cash, beginning of year
    		                                         
      cash, cash equivalents and restricted cash, end of year
    		                                         
      transfer of loans from vie assets to loans held-for-sale upon redemption of a consolidated rmbs trust
    		                                         
      net assets acquired through control, foreclosure or conversion to equity interest
    		                                         
      settlement of 2019 convertible notes in shares
    		                          75,525,000               
      fair value of assets acquired, net of cash and restricted cash
    		                                         
      fair value of liabilities assumed
    		                           22,943,000 147,486,000 -628,952,000 2,948,000           
      reclassification of loans held-for-investment to held-for-sale
    		                                         
      reclassification of loans held-for-sale to held-for-investment
    		                                         
      net assets acquired through foreclosure
    		                          8,963,000               
      reclassification of residential loans held-for-investment to held-for-sale
    		                                         
      share-based component of incentive fees
    		                      9,080,000 938,000 0 0 10,977,000 2,300,000 10,923,000 2,551,000 2,089,000 3,294,000 9,445,000 2,028,000 3,654,000 3,308,000      
      unsettled infrastructure loan sales
    		                          68,564,000               
      change in fair value of loans held-for-sale
    		                       -5,923,000 -32,521,000 -21,891,000 -11,266,000 -13,235,000 -6,891,000 -13,276,000 -19,082,000 -10,831,000 -21,131,000         
      loan loss provision
    		                       3,884,000 -39,000 2,518,000 763,000               
      purchase of investment securities
    		                       -93,093,000    -266,305,000 -84,337,000 -19,000,000 -15,595,000 -80,176,000 -67,247,000         
      real estate business combinations, net of cash and restricted cash acquired
    		                                         
      return of investment basis in purchased derivative asset
    		                           68,000 69,000 77,000 83,000 87,000 90,000 424,000 391,000 407,000 858,000     
      reclassification of residential loans held-for-sale to held-for-investment
    		                                         
      net assets acquired through foreclosure or conversion to equity interest
    		                                         
      proceeds from sales and insurance recoveries on properties
    		                        50,495,000 378,000 1,463,000               
      amortization of deferred financing costs, premiums and discounts on secured financing agreements and secured borrowings on transferred loans
    		                         8,256,000 9,183,000               
      amortization of discounts and deferred financing costs on senior notes
    		                         1,916,000 1,933,000               
      income from unconsolidated entities
    		                          43,200,000               
      amortization of deferred financing costs, premiums and discounts on secured financing agreements
    		                           4,238,000 3,974,000             
      amortization of convertible debt discount and deferred costs
    		                           5,351,000 5,277,000             
      amortization of net discount from secured borrowings on transferred loans
    		                                         
      change in fair value of fair value option investment securities
    		                           -1,319,000 -753,000 480,000 -2,617,000 -1,446,000 499,000         
      loan loss allowance
    		                           2,029,000 -761,000  -2,667,000 2,661,000 317,000 1,575,000 -139,000 497,000      
      bargain purchase gain
    		                                         
      originations of loans held-for-sale, net of principal collections
    		                           -288,015,000 -200,433,000 -423,304,000 -535,424,000 -476,386,000 -413,027,000         
      real estate business combinations, net of cash acquired
    		                           -17,547,000 -73,639,000 -315,118,000 -144,042,000           
      proceeds from sale of properties
    		                             2,520,000 0 0 33,056,000         
      purchase of other assets
    		                           -2,675,000 -2,846,000 -1,611,000   -435,000         
      increase in restricted cash
    		                           7,090,000 -24,930,000             
      borrowings under financing agreements
    		                           1,068,407,000 991,192,000 1,394,066,000 959,310,000 1,143,286,000 1,320,732,000 1,110,052,000 809,462,000 997,767,000      
      net increase in cash and cash equivalents
    		                           71,616,000 -34,640,000 -2,802,000 -72,883,000 82,800,000 111,013,000 -187,377,000   -48,642,000     
      cash and cash equivalents, beginning of period
    		                           0 368,815,000  0 0 255,187,000 0 0 317,627,000 0 0 0 226,854,000 645,129,000 
      cash and cash equivalents, end of period
    		                           69,601,000 335,219,000  -73,710,000 85,758,000 360,720,000 -191,305,000 292,156,000 226,471,000 -48,642,000 -11,895,000 -25,962,000 122,692,000 107,994,000 
      fair value of assets acquired, net of cash
    		                           48,896,000 221,125,000             
      unsettled common stock repurchased
    		                              1,537,000           
      deposit on property acquisition
    		                                -18,178,000         
      amortization of deferred financing costs
    		                             3,558,000 3,896,000 3,649,000 3,510,000 2,958,000 2,648,000 2,895,000 1,445,000 957,000 1,039,000 394,000 30,000 
      amortization of convertible debt discount and deferred fees
    		                             5,201,000 5,128,000 5,140,000 5,363,000 3,167,000 3,221,000 2,988,000      
      amortization of net discount (premium) from secured borrowings on transferred loans
    		                                         
      impairment of real estate
    		                                         
      other-than-temporary impairment
    		                                 0      434,000  
      capitalized costs written off
    		                                         
      decrease (increase) in restricted cash
    		                                   234,000      
      spin-off of starwood waypoint residential trust
    		                                         
      acquisition and improvement of single family homes
    		                                         
      purchase of non-performing loans
    		                                         
      proceeds from sale of non-performing loans
    		                                 0 0 1,153,000      
      purchase of lnr, net of cash acquired
    		                                         
      proceeds from issuance of convertible senior notes
    		                                         
      proceeds from secured borrowings
    		                                         
      cash and cash equivalents, beginning of year
    		                                         
      cash and cash equivalents, end of year
    		                                         
      fair value of assets acquired
    		                             342,408,000 146,990,000           
      net assets distributed in spin-off of starwood waypoint residential trust
    		                                 0 0 1,008,377,000      
      interest only security received in connection with securitization
    		                                         
      amortization of net premium (discount) from secured borrowings on transferred loans
    		                              0 0 4,000         
      decrease in restricted cash
    		                                5,326,000         
      assets acquired from consolidated vies
    		                              -70,815,000           
      unsettled trades and loans receivable
    		                                         
      amortization of premium from secured borrowings on transferred loans
    		                                         
      gain on non-performing loans and sale of investments
    		                                         
      accrued interest receivable, less purchased interest
    		                                   3,063,000     -1,275,000 
      proceeds from sale of single family homes
    		                                 0 0 1,784,000      
      principal repayments on borrowings
    		                                        -44,000 
      other-than-temporary impairment of investment securities
    		                                   213,000      
      deposit on purchase of lnr
    		                                         
      net decrease in cash and cash equivalents
    		                                        -537,135,000 
      unsettled trade receivable
    		                                         
      conversion of non-performing residential loans to residential real estate
    		                                   3,590,000      
      accretion of net discount on mortgage-backed securities
    		                                         
      amortization of premium from collateralized debt obligations
    		                                         
      stock-based compensation
    		                                    4,236,000 2,991,000 3,557,000 3,884,000 1,560,000 
      incentive-fee compensation
    		                                    1,135,000 659,000    
      gain on sale of available-for-sale securities
    		                                         
      gain on sale of loans
    		                                         
      gain on foreign currency remeasurement
    		                                         
      gain on sale of other investments
    		                                         
      net change in unrealized (gains) losses on loans held-for-sale at fair value
    		                                    0     
      unrealized (gains) losses on interest rate hedges
    		                                         
      unrealized gains on credit hedges
    		                                         
      unrealized (gains) losses on currency hedges
    		                                         
      unrealized foreign currency remeasurement losses
    		                                         
      otti
    		                                    676,000 892,000    
      accounts payable and accrued expenses
    		                                    3,216,000    1,063,000 
      other liabilities
    		                                    -2,764,000 -12,404,000   -3,147,000 
      origination of held-for-sale loans
    		                                         
      proceeds from sale of held-for-sale loans
    		                                    0     
      purchase of mortgage-backed securities
    		                                         
      proceeds from sale of mortgage-backed securities
    		                                    199,464,000 0    
      proceeds from mortgage-backed securities maturities
    		                                     0 5,605,000 6,160,000  
      mortgage-backed securities principal repayments
    		                                    24,417,000     
      origination and purchase of loans held for investment
    		                                         
      loan maturities
    		                                    41,922,000 164,547,000    
      proceeds from sale of loans held for investment
    		                                    -46,000     
      loan investment principal repayments
    		                                         
      purchased interest on investments
    		                                        -2,572,000 
      purchase of other investments
    		                                         
      return of investment from other investments
    		                                    298,000     
      proceeds from sale of other investments
    		                                     0 1,000 2,843,000  
      purchase of treasury securities
    		                                         
      proceeds from sale of treasury securities
    		                                       112,741,000  
      cash deposited as collateral under treasury securities loan agreement
    		                                         
      return of collateral under treasury securities loan agreement
    		                                         
      borrowings under secured financing agreements
    		                                    572,254,000     
      principal repayments on borrowings under secured financing arrangements
    		                                         
      proceeds from common stock offering
    		                                    0 0    
      payment of underwriting and offering costs
    		                                         
      treasury stock purchased
    		                                         
      distributions to non-controlling interest owners
    		                                         
      supplemental disclosure of non-cash financing activity:
    		                                         
      unrealized gains on interest rate hedges
    		                                         
      unrealized losses on currency hedges
    		                                      2,113,000 3,916,000  
      loan investment principal amortization
    		                                         
      investments in other investments
    		                                        -6,000,000 
      net change in unrealized losses (gains) on loans held-for-sale at fair value
    		                                         
      unrealized losses on credit hedges
    		                                         
      loan investment repayments
    		                                     3,706,000   2,201,000 
      supplemental disclosure of non-cash investing and financing activity:
    		                                         
      amortization of net discount on mortgage backed securities
    		                                        -749,000 
      amortization of net deferred loan fees and discounts
    		                                        -481,000 
      unrealized losses on loans held for sale at fair value
    		                                         
      unrealized losses on interest rate hedges
    		                                     6,869,000    
      unrealized gains on credit spread hedges
    		                                         
      unrealized foreign currency remeasurement gain
    		                                         
      receivable for securities sold
    		                                         
      origination of held for sale loans
    		                                         
      proceeds from sale of held for sale loans
    		                                     154,365,000 83,472,000 56,312,000  
      mortgage-backed securities principal paydowns
    		                                     17,474,000 43,320,000 34,033,000  
      purchase of loans held for investment
    		                                         
      proceeds from other investment repayments
    		                                         
      borrowings from secured financing arrangements
    		                                     237,663,000 455,898,000 322,927,000  
      proceeds from collateralized debt obligations
    		                                         
      contribution from noncontrolling interest owners
    		                                         
      distribution to noncontrolling interest owners
    		                                         
      dividends declared, not yet paid
    		                                     -122,000 11,139,000 30,539,000  
      unsettled securities purchased
    		                                         
      transfer of cmbs from held-to-maturity to available-for-sale
    		                                         
      unrealized gain on held for sale loans at fair value
    		                                         
      unrealized remeasurement gain
    		                                         
      realized loss on derivatives
    		                                       268,000  
      unrealized gains on held for sale loans at fair value
    		                                         
      purchases of mortgage-backed securities
    		                                         
      proceeds from sales of mortgage-backed securities
    		                                       92,669,000  
      origination or acquisition of loans held for investment
    		                                         
      loans held for investment repayments
    		                                       5,753,000  
      other investments
    		                                         
      investment in mortgage-backed securities
    		                                        -35,918,000 
      mortgage-backed securities investment repayments
    		                                        1,699,000 
      investment in loans
    		                                        -521,359,000 
      borrowings of secured financing arrangements
    		                                        25,000,000 
      contribution from noncontrolling interests
    		                                        2,578,000 
      distribution to noncontrolling interests
    		                                        -299,000 
      dividends declared
    		                                        10,698,000 
      unsettled acquisition trades
    		                                        3,764,000 
      adjustments to reconcile net income to net cash provided from operating activities:
    		                                         
      amortization of net discount
    		                                         
      interest income receivable, less purchased interest
    		                                         
      investment in commercial mortgage-backed securities held to maturity
    		                                         
      purchased interest on commercial mortgage-backed securities
    		                                         
      contractual deposits
    		                                         
      repurchase and retirement of shares
    		                                         
      proceeds from common stock offerings
    		                                         
      payments of underwriting and offering costs
    		                                         
      deferred offering costs
    		                                         
    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.