v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows From Operating Activities:    
Net loss $ (20,378) $ (137,191)
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 (3,222) (3,453)
Amortization of deferred debt issuance costs 2,463 3,316
Provision for credit losses 14,754 136,308
(Gain) loss on extinguishment of debt 0 423
Amortization of equity-based compensation 4,638 3,631
Depreciation and amortization on real estate owned 3,613 2,558
Gain on sale of real estate owned (301) 0
Net change in assets and liabilities:    
(Increase) decrease in accrued interest receivable (253) 1,655
Decrease (increase) in other assets (3,311) (2,088)
Increase (decrease) in other liabilities (2,977) (2,521)
Net cash provided by (used in) operating (4,974) 2,638
Cash Flows From Investing Activities:    
Originations, acquisitions and additional fundings of loans held-for-investment, net of deferred fees (23,133) (34,053)
Proceeds from repayment of loans held-for-investment 188,385 96,883
Capital expenditures related to real estate owned (2,030) 0
Acquisition costs on real estate owned (1,587) 0
Proceeds from sale of real estate owned 16,655 0
Purchases of other investments (2,588) 0
Net cash provided by investing activities 175,702 62,830
Cash Flows From Financing Activities:    
Proceeds from repurchase facilities 13,700 78,486
Principal payments on repurchase facilities (137,174) (161,949)
Principal payments on securitized debt obligations (45,184) (54,210)
Proceeds from secured credit facility 0 1,192
Payment of debt issuance costs (1,446) (843)
Tax withholding on restricted stock and RSUs (1,102) (1,185)
Repurchase of common stock (5,662) (1,599)
Dividends paid on preferred stock (7,201) (7,201)
Dividends paid on common stock (5,228) (18,579)
Net cash used in financing activities (189,297) (165,888)
Net (decrease) increase in cash, cash equivalents and restricted cash (18,569) (100,420)
Cash, cash equivalents, and restricted cash at beginning of period 114,470 199,216
Cash, cash equivalents, and restricted cash at end of period 95,901 98,796
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 51,192 83,764
Cash paid for federal taxes 60 0
Cash paid for state taxes 0 0
Noncash Activities:    
Dividends declared but not paid at end of period 6,193 6,335
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
Principal repayments of loans held-for-investment held by servicer 48 0
Transfer of other receivables to loans held-for-investment $ 567 $ 0

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