v3.26.1
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 income (loss) $ 52,375 $ (292,290) $ 28,086
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization, net 38,172 31,759 42,344
Amortization of deferred financing costs 9,381 9,602 10,297
Amortization and accretion on deferred loan fees (7,948) (5,113) (8,229)
Amortization of premiums and discounts on credit investments (5,177) (6,662) (22,111)
Accretion of interest income on CLO subordinated note (4,072) (1,572) 0
Capitalized interest income on real estate-related securities and loans held-for-investment (16,864) (9,466) (1,170)
Equity-based compensation 4,562 3,334 480
Straight-line rental income (2,752) (2,560) (3,062)
Recovery of uncollectible lease-related receivables (1,487) (115) (336)
Gain on disposition of real estate assets and condominium developments, net (8,183) (6,605) (53,341)
Loss on sale of credit investments, net 748 17,304 40,071
Gain on investment in unconsolidated entities (9,140) (13,599) (11,723)
Unrealized (gain) loss on equity securities (5,719) 15,888 (4,751)
Impairment of real estate assets 9,860 61,309 35,079
Increase in provision for credit losses 70,807 342,815 134,289
Loss on interest rate caps 0 0 5,040
Return on investment in unconsolidated entities 7,901 13,599 11,723
Write-off of deferred financing costs 274 950 6,770
Changes in operating assets and liabilities:      
Rents and tenant receivables, net 2,197 1,464 5,536
Prepaid expenses and other assets (1,758) 1,181 11,780
Accrued interest receivable 3,660 6,551 (5,339)
Accrued expenses and accounts payable (1,080) (6,819) 7,375
Deferred rental income and other liabilities 1,274 519 (2,839)
Due to affiliates (1,019) (228) (2,189)
Net cash provided by operating activities 136,012 161,246 223,780
Cash flows from investing activities:      
Investment in unconsolidated entities (26,538) (58,744) (40,031)
Return of investment in unconsolidated entities 60,016 4,111 13,858
Investment in real estate-related securities and other (26,700) (52,582) (163,881)
Investment in liquid corporate senior loans (1,251) (65,377) (121,287)
Investment in corporate senior loans (125,617) (78,728) (154,060)
Investment in real estate assets and capital expenditures (78,059) (59,563) (12,505)
Net proceeds from deeds-in-lieu of foreclosure 1,655 0 0
Origination and funding of first mortgage loans (650,784) (162,892) (477,275)
Origination, modification and exit fees received on loans held-for-investment 9,713 2,174 2,449
Principal payments received on loans held-for-investment 562,012 479,239 196,980
Principal payments received on real estate-related securities 128,776 107,404 60,159
Proceeds from the repayment on the CLO subordinated note 6,070 0 0
Net proceeds from sale of real estate-related securities 75,632 31,079 77,385
Net proceeds from disposition of real estate assets and condominium developments 170,646 121,583 966,874
Net proceeds from sale of liquid corporate senior loans 5,077 452,857 210,807
Payment of property escrow deposits (1,926) (1,000) 0
Refund of property escrow deposits 1,926 1,000 0
Net cash provided by investing activities 110,648 720,561 559,473
Cash flows from financing activities:      
Redemptions of common stock (37,054) (44,979) (44,445)
Distributions to stockholders (121,293) (154,040) (141,818)
Proceeds from borrowings 764,741 169,098 545,865
Repayments of borrowings, and prepayment penalties (845,160) (925,609) (1,051,669)
Deferred financing costs paid (5,240) (1,982) (7,198)
Contributions from non-controlling interests 1,408 333 0
Net cash used in financing activities (242,598) (957,179) (699,265)
Net increase (decrease) in cash and cash equivalents and restricted cash 4,062 (75,372) 83,988
Cash and cash equivalents and restricted cash, beginning of period 185,210 260,582 176,594
Cash and cash equivalents and restricted cash, end of period 189,272 185,210 260,582
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets:      
Cash and cash equivalents 184,674 181,291 247,500
Restricted cash 4,598 3,919 13,082
Total cash and cash equivalents and restricted cash $ 189,272 $ 185,210 $ 260,582