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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash Flows From Operating Activities:      
Net loss $ (63,198) $ (40,825) $ 68,353
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 (8,398) (11,964) (23,291)
Amortization of deferred debt issuance costs 8,269 12,412 16,559
Provision for credit losses 104,807 69,265 (20,027)
(Gain) loss on extinguishment of debt (274) 11,307 0
Realized losses on available-for-sale securities 0 0 5,169
Realized losses on loan sales 0 1,702 0
Amortization of equity-based compensation 6,979 7,025 7,591
Proceeds received from deferred interest capitalized on loans held-for-investment 359 7,903 1,931
Depreciation and amortization on real estate owned 3,492 0 0
Net change in assets and liabilities:      
Decrease (increase) in accrued interest receivable 1,033 (2,697) 1,672
Decrease (increase) in other assets (771) 5,727 (171)
Increase (decrease) in other liabilities (202) (957) 2,515
Net cash provided by operating activities 52,096 58,898 60,301
Cash Flows From Investing Activities:      
Originations, acquisitions and additional fundings of loans held-for-investment, net of deferred fees (118,177) (557,468) (814,515)
Proceeds from loan sales 14,980 64,045 0
Proceeds from repayment of loans held-for-investment 664,626 902,743 958,399
Increase in other assets, due from servicer on repayments of loans held-for-investment 0 (689) (4,114)
Net cash provided by investing activities 561,429 408,631 139,770
Cash Flows From Financing Activities:      
Proceeds from repurchase facilities 558,954 828,893 599,579
Principal payments on repurchase facilities (699,501) (490,612) (1,631,169)
Proceeds from issuance of securitized debt obligations 0 0 1,188,330
Principal payments on securitized debt obligations (147,881) (543,023) (433,520)
Repayment of senior secured term loan facilities 0 (150,000) (75,000)
Proceeds from asset-specific financings 910 1,291 3,063
Repayment of asset-specific financings (45,823) 0 (82,532)
Proceeds from secured credit facility 0 100,000 0
Repayment of secured credit facility (16,000) 0 0
Repayment of convertible senior notes (131,600) (143,750) 0
Proceeds from term financing facility 0 0 349,291
Repayment of term financing facility 0 (129,099) (220,192)
Payment of debt issuance costs (3,923) (9,557) (15,572)
Settlement of warrants to purchase common stock 0 0 (32,138)
Contributions from non-controlling interests 0 0 125
Proceeds from issuance of preferred stock, net of offering costs 0 87,521 110,519
Tax withholding on restricted stock and RSUs (966) (1,736) (1,194)
Repurchase of common stock (10,298) (15,714) (17,803)
Redemption of cumulative redeemable preferred stock (1,000) 0 0
Dividends paid on preferred stock (14,451) (11,594) (100)
Dividends paid on common stock (42,895) (54,277) (66,658)
Net cash used in financing activities (554,474) (531,657) (324,971)
Net increase (decrease) in cash, cash equivalents and restricted cash 59,051 (64,128) (124,900)
Cash, cash equivalents, and restricted cash at beginning of period 140,165 204,293 329,193
Cash, cash equivalents, and restricted cash at end of period 199,216 140,165 204,293
Supplemental Disclosure of Cash Flow Information:      
Cash paid for interest 182,569 123,371 105,960
Cash paid for taxes 964 463 599
Noncash Activities:      
Transfers of loans held-for-investment to loans held-for-sale 14,980 22,033 0
Dividends declared but not paid at end of period 14,136 14,318 14,406
Transfers from loans held-for-investment to real estate owned, other assets and other liabilities 24,000 0 0
Deferred financing costs, not yet paid $ 1,313 $ 1,757 $ 0

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