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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash Flows From Operating Activities:    
Net loss $ (117,487) $ (17,343)
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 (3,354) (4,600)
Amortization of deferred debt issuance costs and discounts 4,339 3,186
Provision for credit losses 92,169 13,111
Impairment loss on real estate owned 8,724 0
Realized losses on loan sales 18 0
Amortization of equity-based compensation 2,926 5,534
Depreciation and amortization on real estate owned, held-for-investment 5,076 5,837
Straight-line rental income (383) 0
Gain on sale of real estate owned 0 (301)
Net change in assets and liabilities:    
Decrease (increase) in accrued interest receivable 3,104 (328)
Decrease (increase) in other assets 5,642 (5,773)
Increase (decrease) in other liabilities (2,086) 222
Net cash provided by (used in) operating (1,312) (455)
Cash Flows From Investing Activities:    
Originations, acquisitions and additional fundings of loans held-for-investment, net of deferred fees (26,117) (34,421)
Proceeds from loan sales 12,855 0
Proceeds from repayment of loans held-for-investment 340,501 291,422
Capital expenditures related to real estate owned (4,414) (2,799)
Acquisition costs on real estate owned 0 (1,587)
Proceeds from sale of real estate owned 0 16,655
Purchases of other investments 0 (3,245)
Net cash provided by investing activities 322,825 266,025
Cash Flows From Financing Activities:    
Proceeds from repurchase facilities 589,422 13,700
Principal payments on repurchase facilities (301,865) (173,453)
Principal payments on securitized debt obligations (643,767) (111,850)
Repayment of secured credit facility (4,615) (7,500)
Proceeds from loan participations sold 27,240 0
Payment of debt issuance costs (2,432) (1,663)
Tax withholding on vestings (912) (1,102)
Repurchase of common stock (306) (5,662)
Dividends paid on preferred stock (10,801) (10,801)
Dividends paid on common stock (7,744) (7,806)
Net cash used in financing activities (355,780) (306,137)
Net (decrease) increase in cash, cash equivalents and restricted cash (34,267) (40,567)
Cash, cash equivalents, and restricted cash at beginning of period 80,066 114,470
Cash, cash equivalents, and restricted cash at end of period 45,799 73,903
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 48,556 74,139
Cash paid for federal taxes 0 100
Cash paid for state taxes 0 78
Non-cash Activities:    
Transfers of loans held-for-investment to loans held-for-sale 12,873 0
Dividends declared but not paid at end of period 4,114 6,164
Transfers from loans held-for investment and receivables to real estate owned 0 71,000
Acquisition of working capital related to real estate owned 0 63
Right-of-use lease asset and operating lease liability 835 7,239
Principal repayments of loans held-for-investment held by servicer 783 0
Transfer of other receivables to loans held-for-investment 0 980
Fundings of loans held-for-investment and loan participations sold by participants 3,680 0
Transfer of assets to real estate owned assets, held-for-sale 62,151 0
Transfer of liabilities to real estate owned liabilities, held-for-sale 7,251 0
Deferred financing costs, not yet paid $ 1,063 $ 0

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