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Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Net interest income      
Interest income $ 407,284 $ 293,520 $ 176,099
Interest expense 245,097 195,602 182,949
Net interest income (expense) 162,187 97,918 (6,850)
Provision for (release of) loan loss reserves, net 25,096 3,711 (8,713)
Net interest income (expense) after provision for (release of) loan loss reserves 137,091 94,207 1,863
Other income (loss)      
Real estate operating income 96,950 108,269 101,564
Net result from mortgage loan receivables held for sale (523) (2,511) 8,398
Realized gain (loss) on securities (276) (73) 1,594
Unrealized gain (loss) on securities 29 (86) (91)
Realized gain (loss) on sale of real estate, net 8,808 115,998 55,766
Fee and other income 9,178 15,020 11,190
Net result from derivative transactions 1,481 12,360 1,749
Earnings from investment in unconsolidated ventures 758 1,410 1,579
Gain on extinguishment of debt 10,718 685 0
Total other income (loss) 127,123 251,072 181,749
Costs and expenses      
Compensation and employee benefits 63,618 75,836 38,347
Operating expenses 19,503 20,716 17,672
Real estate operating expenses 37,587 38,605 26,161
Investment related expenses 8,847 7,235 5,810
Depreciation and amortization 29,914 32,673 37,801
Total costs and expenses 159,469 175,065 125,791
Income (loss) before taxes 104,745 170,214 57,821
Income tax expense (benefit) 4,244 4,909 928
Net income (loss) 100,501 165,305 56,893
Net (income) loss attributable to noncontrolling interests in consolidated ventures $ 624 $ (23,088) $ (371)
Earnings per share:      
Basic (in dollars per share) $ 0.81 $ 1.14 $ 0.46
Diluted (in dollars per share) $ 0.81 $ 1.13 $ 0.45
Weighted average shares outstanding:      
Basic (in shares) 124,667,877 124,301,421 123,763,843
Diluted (in shares) 124,882,398 125,823,671 124,563,051
Class A Common Stock      
Costs and expenses      
Net income (loss) attributable to Class A common shareholders $ 101,125 $ 142,217 $ 56,522
Earnings per share:      
Basic (in dollars per share) $ 0.81 $ 1.14 $ 0.46
Diluted (in dollars per share) $ 0.81 $ 1.13 $ 0.45
Weighted average shares outstanding:      
Basic (in shares) 124,667,877   123,763,843
Diluted (in shares) 124,882,398 125,823,671 124,563,051