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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash Flows From Operating Activities:    
Net loss $ (74,123) $ (33,829)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Accretion of discounts and net deferred fees on loans held-for-investment and deferred interest capitalized to loans held-for-investment (2,166) (3,425)
Amortization of deferred debt issuance costs 1,897 2,155
Provision for credit losses 75,552 46,410
(Gain) loss on extinguishment of debt 0 (274)
Amortization of equity-based compensation 2,171 1,955
Depreciation and amortization on real estate owned 1,348 0
Net change in assets and liabilities:    
Decrease (increase) in accrued interest receivable 1,014 (456)
Decrease (increase) in other assets 1,277 2,276
Increase (decrease) in other liabilities (5,319) (4,348)
Net cash provided by operating activities 1,651 10,464
Cash Flows From Investing Activities:    
Originations, acquisitions and additional fundings of loans held-for-investment, net of deferred fees (17,510) (16,706)
Proceeds from repayment of loans held-for-investment 35,478 59,450
Increase in other assets, due from servicer on repayments of loans held-for-investment (877) (23,236)
Net cash provided by (used in) investing activities 17,091 19,508
Cash Flows From Financing Activities:    
Proceeds from repurchase facilities 73,725 370,419
Principal payments on repurchase facilities (106,829) (194,414)
Principal payments on securitized debt obligations (1,373) (99,300)
Proceeds from asset-specific financings 0 911
Payment of debt issuance costs (135) (627)
Tax withholding on restricted stock and RSUs (1,185) (889)
Repurchase of common stock 0 (5,118)
Dividends paid on preferred stock (3,601) (3,625)
Dividends paid on common stock (10,535) (10,718)
Net cash (used in) provided by financing activities (49,933) 56,639
Net (decrease) increase in cash, cash equivalents and restricted cash (31,191) 86,611
Cash, cash equivalents, and restricted cash at beginning of period 199,216 140,165
Cash, cash equivalents, and restricted cash at end of period 168,025 226,776
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 41,753 44,689
Cash paid for taxes 0 5
Noncash Activities:    
Dividends declared but not paid at end of period 11,643 14,307
Deferred financing costs, not yet paid $ 24 $ 30

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