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FY2025
12 months to Dec 31, 2025
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FY2024
12 months to Dec 31, 2024
|
FY2023
12 months to Dec 31, 2023
|
FY2022
12 months to Dec 31, 2022
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FY2021
12 months to Dec 31, 2021
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|---|---|---|---|---|---|
| Cash flows from operating activities: | |||||
| Net loss | |||||
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||
| Equity in (earnings) losses of unconsolidated ventures | |||||
| Depreciation and amortization | |||||
| Straight-line rental income | |||||
| Amortization of above (below) market lease values, net | |||||
| Amortization of premium/accretion of discount and fees on investments and borrowings, net | |||||
| Amortization of deferred financing costs | |||||
| Amortization of right-of-use lease assets and operating lease liabilities | |||||
| Paid-in-kind interest added to loan principal, net of interest received | |||||
| Unrealized gain on mortgage loans and obligations held in securitization trusts, net | |||||
| Realized loss on mortgage loans and obligations held in securitization trusts, net | |||||
| Realized gain on sale of real estate securities, available for sale | |||||
| Designated hedges and foreign currency translation reclassified to earnings | |||||
| Realized gain on sale of real estate, net | |||||
| Increase of current expected credit loss reserve | |||||
| Impairment of operating real estate | |||||
| Amortization of equity-based compensation | |||||
| Mortgage notes (above) below market value amortization | |||||
| Realized gain on sales of unconsolidated ventures | |||||
| Deferred income tax benefit | |||||
| Other loss, net | |||||
| Changes in assets and liabilities: | |||||
| Receivables, net | |||||
| Deferred costs and other assets | |||||
| Due to related party | |||||
| Other liabilities | |||||
| Net cash provided by operating activities | |||||
| Cash flows from investing activities: | |||||
| Acquisition, origination and funding of loans and preferred equity held for investment, net | |||||
| Repayment on loans held for investment | |||||
| Proceeds from sale of real estate | |||||
| Acquisition of and additions to real estate and related intangibles | |||||
| Investments in unconsolidated ventures | |||||
| Proceeds from sale of investments in unconsolidated ventures | |||||
| Distributions in excess of cumulative earnings from unconsolidated ventures | |||||
| Repayment of real estate securities, available for sale, from sales | |||||
| Repayment of real estate securities, available for sale, from cost recovery | |||||
| Repayment of principal in mortgage loans held in securitization trusts | |||||
| Proceeds from sale of beneficial interests of securitization trusts | |||||
| Net receipts on settlement of derivative instruments | |||||
| Cash relinquished in deconsolidation of subsidiaries | |||||
| Cash and restricted cash received related to consolidation of loans held for investment and real estate owned | |||||
| Change in escrow deposits payable | |||||
| Net cash (used in) provided by investing activities | |||||
| Cash flows from financing activities: | |||||
| Distributions paid on common stock | |||||
| Distributions paid on common stock to noncontrolling interests | |||||
| Shares canceled for tax withholding on vested stock awards | |||||
| Repurchase of common stock | |||||
| Redemption of OP units | |||||
| Borrowings from mortgage notes | |||||
| Repayment of mortgage notes | |||||
| Borrowings from master repurchase and credit facilities | |||||
| Repayment of master repurchase and credit facilities | |||||
| Borrowing from securitization bonds | |||||
| Repayment of securitization bonds | |||||
| Repayment of mortgage obligations issued by securitization trusts | |||||
| Payment of deferred financing costs | |||||
| Contributions from noncontrolling interests | |||||
| Distributions to noncontrolling interests | |||||
| Forfeiture of stock awards | |||||
| Issuance of common stock | |||||
| Net cash provided by (used in) financing activities | |||||
| Effect of exchange rates on cash, cash equivalents and restricted cash | |||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | |||||
| Cash, cash equivalents and restricted cash - beginning of period | |||||
| Cash, cash equivalents and restricted cash - end of period | |||||
| Supplemental disclosure of cash flow information: | |||||
| Cash paid for interest | |||||
| Cash paid for income taxes, net of refunds | |||||
| Deconsolidation of securitization trust (VIE asset/liability reductions) | |||||
| Supplemental disclosure of non-cash investing and financing activities: | |||||
| Deconsolidation of assets following foreclosure (refer to Note 4) | |||||
| Deconsolidation of liabilities following foreclosure (refer to Note 4) | |||||
| Accrual of distribution payable | |||||
| Assets transferred to held for sale | |||||
| Assumption of accounts payable, accrued expenses and other liabilities related to consolidation of VIE and assumption of real estate | |||||
| Assumption of receivables and other assets related to consolidation of VIE and assumption of real estate | |||||
| Assumption of real estate and consolidation of VIE (refer to Note 4) | |||||
| Settlement of loans held for investment, net by real estate, net and assets held for sale | |||||
| Right-of-use lease assets and operating lease liabilities | |||||
| Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets | |||||
| Cash and cash equivalents | |||||
| Restricted cash | |||||
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