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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows From Operating Activities:      
Net loss $ (207,051) $ (63,198) $ (40,825)
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 (5,196) (8,398) (11,964)
Amortization of deferred debt issuance costs 5,406 8,269 12,412
Provision for credit losses 201,412 104,807 69,265
(Gain) loss on extinguishment of debt 423 (274) 11,307
Realized losses on loan sales 0 0 1,702
Amortization of equity-based compensation 6,565 6,979 7,025
Proceeds received from deferred interest capitalized on loans held-for-investment 2,935 359 7,903
Depreciation and amortization on real estate owned 6,513 3,492 0
Net change in assets and liabilities:      
Decrease (increase) in accrued interest receivable 3,712 1,033 (2,697)
Decrease (increase) in other assets (1,995) (771) 5,727
Increase (decrease) in other liabilities (3,968) (202) (957)
Net cash provided by operating activities 8,756 52,096 58,898
Cash Flows From Investing Activities:      
Originations, acquisitions and additional fundings of loans held-for-investment, net of deferred fees (100,816) (118,177) (557,468)
Proceeds from loan sales 16,400 14,980 64,045
Proceeds from repayment of loans held-for-investment 534,630 664,626 902,743
Increase in other assets, due from servicer on repayments of loans held-for-investment (11,480) 0 (689)
Capital expenditures related to real estate owned (2,767) 0 0
Purchases of other investments (730) 0 0
Net cash provided by investing activities 435,237 561,429 408,631
Cash Flows From Financing Activities:      
Proceeds from repurchase facilities 145,928 558,954 828,893
Principal payments on repurchase facilities (423,074) (699,501) (490,612)
Principal payments on securitized debt obligations (204,477) (147,881) (543,023)
Repayment of senior secured term loan facilities 0 0 (150,000)
Proceeds from asset-specific financings 0 910 1,291
Repayment of asset-specific financings 0 (45,823) 0
Proceeds from secured credit facility 2,774 0 100,000
Repayment of secured credit facility 0 (16,000) 0
Repayment of convertible senior notes 0 (131,600) (143,750)
Repayment of term financing facility 0 0 (129,099)
Payment of debt issuance costs (2,671) (3,923) (9,557)
Proceeds from issuance of preferred stock, net of offering costs 0 0 87,521
Tax withholding on restricted stock and RSUs (1,187) (966) (1,736)
Repurchase of common stock (7,621) (10,298) (15,714)
Redemption of cumulative redeemable preferred stock 0 (1,000) 0
Dividends paid on preferred stock (14,402) (14,451) (11,594)
Dividends paid on common stock (24,009) (42,895) (54,277)
Net cash used in financing activities (528,739) (554,474) (531,657)
Net decrease in cash, cash equivalents and restricted cash (84,746) 59,051 (64,128)
Cash, cash equivalents, and restricted cash at beginning of period 199,216 140,165 204,293
Cash, cash equivalents, and restricted cash at end of period 114,470 199,216 140,165
Supplemental Disclosure of Cash Flow Information:      
Cash paid for interest 147,038 182,569 123,371
Cash (received) paid for taxes (477) 964 463
Noncash Activities:      
Transfers of loans held-for-investment to loans held-for-sale 16,400 14,980 22,033
Dividends declared but not paid at end of period 6,238 14,136 14,318
Transfers from loans held-for-investment to real estate owned, other assets and other liabilities 35,659 24,000 0
Deferred financing costs, not yet paid $ 0 $ 1,313 $ 1,757

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