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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash Flows From Operating Activities:    
Net loss $ (33,829) $ 4,636
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Accretion of discounts and net deferred fees on loans held-for-investment and deferred interest capitalized to loans held-for-investment (3,425) (4,531)
Amortization of deferred debt issuance costs 2,155 3,839
Provision for credit losses 46,410 3,688
Gain (loss) on extinguishment of debt, cash portion (274) 3,291
Amortization of equity-based compensation 1,955 2,171
Proceeds received from deferred interest capitalized on loans held-for-investment 0 284
Net change in assets and liabilities:    
Increase in accrued interest receivable (456) (426)
Decrease in other assets 2,276 542
Decrease in other liabilities (4,348) (265)
Net cash provided by (used in) operating activities 10,464 13,229
Cash Flows From Investing Activities:    
Originations, acquisitions and additional fundings of loans held-for-investment, net of deferred fees (16,706) (170,091)
Proceeds from loan sales 0 43,714
Proceeds from repayment of loans held-for-investment 59,450 118,098
Increase in other assets, due from servicer on repayments of loans held-for-investment (23,236) (570)
Net cash provided by (used in) investing activities 19,508 (8,849)
Cash Flows From Financing Activities:    
Proceeds from repurchase facilities 370,419 108,429
Principal payments on repurchase facilities (194,414) (37,159)
Principal payments on securitized debt obligations (99,300) (47,267)
Repayment of senior secured term loan facilities 0 50,000
Proceeds from asset-specific financings 911 0
Payment of debt issuance costs (627) (35)
Proceeds from issuance of preferred stock, net of offering costs 0 87,521
Tax withholding on restricted stock (889) (1,622)
Repurchase of common stock (5,118) 0
Dividends paid on preferred stock (3,625) (718)
Dividends paid on common stock (10,718) (13,688)
Net cash provided by financing activities 56,639 45,461
Net increase in cash, cash equivalents and restricted cash 86,611 49,841
Cash, cash equivalents and restricted cash at beginning of period 140,165 204,293
Cash, cash equivalents and restricted cash at end of period 226,776 254,134
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 44,689 19,347
Cash paid for taxes 5 291
Noncash Activities:    
Dividends declared but not paid at end of period 14,307 17,395
Deferred financing costs, not yet paid $ 30 $ 0

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