v3.25.2
Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities    
Net income $ 69,720 $ 48,785
Adjustments to reconcile net income to net cash provided by (used in) operating activities    
Restricted stock units 14,764 15,235
Amortization of deferred fees on loans and debt securities (14,431) (5,863)
Amortization of deferred financing costs and discount 18,466 10,929
Credit loss expense, net 6,152 59,697
Net unrealized (gain) loss on valuation of interest rate cap 1,213 1,748
Net realized (gain) loss on sale of mortgage-backed securities, fair value option 0 (333)
Real estate depreciation and amortization 10,842 3,670
Net unrealized (gain) loss on mortgage-backed securities, fair value option 796 (441)
Net unrealized (gain) loss on mortgage loans and obligations held in securitization trusts (370) (1,078)
Net unrealized (gain) loss on real estate, held-for-sale 2,342 0
Changes in assets and liabilities    
Reimbursement due from (due to) sponsor (1,108) 0
Interest receivable (4,100) (12,915)
Other assets (903) (4,860)
Due to related party 0 (1)
Interest payable 2,603 730
Other liabilities (18,556) 1,617
Net cash provided by (used in) operating activities 87,430 116,920
Cash flows from investing activities    
Origination and fundings of loans receivable (793,415) (633,236)
Principal collections from loans receivable, held-for-investment 810,484 184,805
Exit and extension fees received on loans receivable, held-for-investment 5,249 1,854
Purchases of mortgage-backed securities, at fair value (64,043) (103,948)
Principal repayments of mortgage-backed securities, at fair value 42,373 14,489
Principal repayments of mortgage-backed securities, held-to-maturity 50,300 0
Purchases of mortgage loans held in securitization trusts, at fair value (62,314) (148,045)
Principal repayments of mortgage loans held in securitization trusts at fair value 2,145 30,378
Capital improvements to real estate (4,765) (28)
Net cash provided by (used in) investing activities (13,986) (653,731)
Cash flows from financing activities    
Issuance of common stock 221,078 250,922
Repurchases of common stock (313,081) (219,026)
Stockholder distributions paid (54,165) (54,543)
Stockholder servicing fees paid (7,164) (7,232)
Offering costs paid (1,659) (1,893)
Borrowings under repurchase agreements 1,281,347 620,357
Repayments under repurchase agreements (571,824) (87,843)
Borrowings under credit facilities 367,303 213,850
Repayments under credit facilities (367,266) (170,500)
Proceeds from issuance of collateralized loan obligations 888,011 0
Repayment of collateralized loan obligations (1,455,502) (121,723)
Payment of deferred financing costs (10,308) (9,006)
Net cash provided by (used in) financing activities (23,230) 413,363
Total increase (decrease) in cash, cash equivalents and restricted cash 50,214 (123,448)
Cash, cash equivalents and restricted cash at beginning of period 90,540 256,001
Cash, cash equivalents and restricted cash at end of period 140,754 132,553
Supplemental disclosure of cash flow information and non-cash financial activities    
Payments of interest 185,441 210,697
Accrued stockholder servicing fee (6,650) (5,874)
Distributions payable 8,607 8,948
Reinvestment of stockholder distributions 53,282 53,885
Payable for shares repurchased 35,006 42,016
Loan principal payments held by servicer 66,350 3,281
Payable for investments purchased 3,082 0
Consolidation of securitization trusts 532,214 0
Transfer of loans receivable held for investments to investments in real estate, held-for-sale $ (105,000) $ 0