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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash Flows From Operating Activities:    
Net loss $ (7,015) $ (74,123)
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 (1,970) (2,166)
Amortization of deferred debt issuance costs 1,183 1,897
Provision for credit losses 3,770 75,552
Amortization of equity-based compensation 2,410 2,171
Depreciation and amortization on real estate owned 1,459 1,348
Net change in assets and liabilities:    
(Increase) decrease in accrued interest receivable (176) 1,014
Decrease (increase) in other assets (1,531) 1,277
Increase (decrease) in other liabilities (3,840) (5,319)
Net cash provided by operating activities (5,710) 1,651
Cash Flows From Investing Activities:    
Originations, acquisitions and additional fundings of loans held-for-investment, net of deferred fees (10,086) (17,510)
Proceeds from repayment of loans held-for-investment 93,960 34,601
Capital expenditures related to real estate owned (303) 0
Acquisition Costs on Real Estate Owned (1,587) 0
Purchases of other investments (1,905) 0
Net cash provided by investing activities 80,079 17,091
Cash Flows From Financing Activities:    
Proceeds from repurchase facilities 0 73,725
Principal payments on repurchase facilities (63,331) (106,829)
Principal payments on securitized debt obligations (15,232) (1,373)
Payment of debt issuance costs 0 (135)
Tax withholding on restricted stock and RSUs (1,102) (1,185)
Repurchase of common stock (2,525) 0
Dividends paid on preferred stock (3,600) (3,601)
Dividends paid on common stock (2,621) (10,535)
Net cash (used in) provided by financing activities (88,411) (49,933)
Net (decrease) increase in cash, cash equivalents and restricted cash (14,042) (31,191)
Cash, cash equivalents, and restricted cash at beginning of period 114,470 199,216
Cash, cash equivalents, and restricted cash at end of period 100,428 168,025
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 26,310 41,753
Cash paid for federal taxes 0 0
Cash paid for state taxes 0 0
Noncash Activities:    
Dividends declared but not paid at end of period 6,208 11,643
Transfers from loan held-for investment and receivables to real estate owned 71,000 0
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 1,300 877
Deferred financing costs, not yet paid $ 0 $ 24

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