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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows From Operating Activities:      
Net loss $ (41,152) $ (207,051) $ (63,198)
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 (5,588) (5,196) (8,398)
Amortization of deferred debt issuance costs 4,058 5,406 8,269
Provision for credit losses 27,539 201,412 104,807
Impairment on real estate owned 6,753 0 0
(Gain) loss on extinguishment of debt 0 423 (274)
Amortization of equity-based compensation 6,582 6,565 6,979
Proceeds received from deferred interest capitalized on loans held-for-investment 0 2,935 359
Depreciation and amortization on real estate owned 8,030 6,513 3,492
Straight-line rental income (1,129) 0 0
Gain on sale of real estate owned (301) 0 0
Net change in assets and liabilities:      
(Increase) decrease in accrued interest receivable (318) 3,712 1,033
(Increase) decrease in other assets (827) (1,995) (771)
Increase (decrease) in other liabilities (980) (3,968) (202)
Net cash provided by (used in) operating 2,667 8,756 52,096
Cash Flows From Investing Activities:      
Originations, acquisitions and additional fundings of loans held-for-investment, net of deferred fees (47,586) (100,816) (118,177)
Proceeds from loan sales 0 16,400 14,980
Proceeds from repayment of loans held-for-investment 335,727 534,630 664,626
Increase in other assets, due from servicer on repayments of loans held-for-investment 0 (11,480) 0
Capital expenditures related to real estate owned (4,213) (2,767) 0
Payment For Acquisition Costs, Real Estate, Held-for-Investment (1,587) 0 0
Proceeds from sale of real estate owned 16,655 0 0
Purchases of other investments 0 (730) 0
Net cash provided by investing activities 298,996 435,237 561,429
Cash Flows From Financing Activities:      
Proceeds from repurchase facilities 38,809 145,928 558,954
Principal payments on repurchase facilities (197,510) (423,074) (699,501)
Principal payments on securitized debt obligations (145,615) (204,477) (147,881)
Proceeds from asset-specific financings 0 0 910
Repayment of asset-specific financings 0 0 (45,823)
Proceeds from secured credit facility 0 2,774 0
Repayment of secured credit facility (15,000) 0 (16,000)
Repayment of convertible senior notes 0 0 (131,600)
Proceeds from mortgage loan 18,000 0 0
Payment of debt issuance costs (2,842) (2,671) (3,923)
Tax withholding on restricted stock and RSUs (1,476) (1,187) (966)
Repurchase of common stock (5,662) (7,621) (10,298)
Redemption of cumulative redeemable preferred stock 0 0 (1,000)
Dividends paid on preferred stock (14,401) (14,402) (14,451)
Dividends paid on common stock (10,370) (24,009) (42,895)
Net cash used in financing activities (336,067) (528,739) (554,474)
Net (decrease) increase in cash, cash equivalents and restricted cash (34,404) (84,746) 59,051
Cash, cash equivalents, and restricted cash at beginning of period 114,470 199,216 140,165
Cash, cash equivalents, and restricted cash at end of period 80,066 114,470 199,216
Supplemental Disclosure of Cash Flow Information:      
Cash paid for interest 94,812 147,038 182,569
Cash paid (received) for federal taxes 115 (477) 875
Cash paid for state taxes 90 0 89
Noncash Activities:      
Transfers of loans held-for-investment to loans held-for-sale 0 16,400 14,980
Dividends declared but not paid at end of period 6,164 6,238 14,136
Transfers from loan held-for investment and receivables to real estate owned 71,000 35,659 24,000
Acquisition of working capital related to real estate owned 63 0 0
Right-of-use lease asset and operating lease liability assumed 7,239 0 0
Transfer of other receivables to loans held-for-investment 980 0 0
Transfer of other investments to loans held-for-investment 730 0 0
Principal repayments of loans held-for-investment held by servicer 86 0 0
Deferred financing costs, not yet paid $ 0 $ 0 $ 1,313

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