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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash Flows From Operating Activities:    
Net loss $ (17,343) $ (168,215)
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 (4,600) (4,331)
Amortization of deferred debt issuance costs 3,186 4,335
Provision for credit losses 13,111 164,219
(Gain) loss on extinguishment of debt 0 423
Amortization of equity-based compensation 5,534 6,165
Proceeds received from deferred interest capitalized on loans held-for-investment 0 2,935
Depreciation and amortization on real estate owned 5,837 4,580
Gain on sale of real estate owned (301) 0
Net change in assets and liabilities:    
(Increase) decrease in accrued interest receivable (328) 3,212
Decrease (increase) in other assets (5,773) (1,963)
Increase (decrease) in other liabilities 222 (2,634)
Net cash provided by (used in) operating (455) 8,726
Cash Flows From Investing Activities:    
Originations, acquisitions and additional fundings of loans held-for-investment, net of deferred fees (34,421) (41,348)
Proceeds from repayment of loans held-for-investment 291,422 342,912
Increase in other assets, due from servicer on repayments of loans held-for-investment 0 (42)
Capital expenditures related to real estate owned (2,799) (1,966)
Acquisition costs on real estate owned (1,587) 0
Proceeds from sale of real estate owned 16,655 0
Purchases of other investments (3,245) (366)
Net cash provided by investing activities 266,025 299,190
Cash Flows From Financing Activities:    
Proceeds from repurchase facilities 13,700 78,485
Principal payments on repurchase facilities (173,453) (247,914)
Principal payments on securitized debt obligations (111,850) (176,447)
Proceeds from secured credit facility 0 1,192
Repayment of secured credit facility (7,500) 0
Payment of debt issuance costs (1,663) (843)
Tax withholding on restricted stock and RSUs (1,102) (1,185)
Repurchase of common stock (5,662) (3,602)
Dividends paid on preferred stock (10,801) (10,801)
Dividends paid on common stock (7,806) (21,313)
Net cash used in financing activities (306,137) (382,428)
Net (decrease) increase in cash, cash equivalents and restricted cash (40,567) (74,512)
Cash, cash equivalents, and restricted cash at beginning of period 114,470 199,216
Cash, cash equivalents, and restricted cash at end of period 73,903 124,704
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 74,139 120,774
Cash paid for federal taxes 100 0
Cash paid for state taxes 78 0
Noncash Activities:    
Dividends declared but not paid at end of period 6,164 6,296
Transfers from loan held-for investment and receivables to real estate owned 71,000 35,659
Acquisition of working capital related to real estate owned 63 0
Right-of-use lease asset and operating lease liability assumed 7,239 0
Transfer of other receivables to loans held-for-investment $ 980 $ 0

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