v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Cash flows from operating activities:      
Net income/(loss) $ 12,292 $ 23,705  
Adjustments to reconcile net income to net cash (used in)/provided by operating activities:      
Premium amortization and (discount accretion), net (2,028) (2,531)  
Accretion of deferred commitment fees (363) (2,324)  
Amortization of deferred financing costs 2,787 3,246  
Share-based compensation 2,403 2,246  
Realized (gain)/loss on sale of commercial mortgage loans, held for sale, measured at fair value (4,344) (5,039)  
Income/(loss) from equity method investments (12,407) 0  
(Gain)/loss on derivative instruments (1,854) 1,056  
(Gain)/loss from other real estate investments 4,476 2,232  
Depreciation and amortization 3,420 1,380  
Straight line rental income (185) 288  
Provision/(benefit) for credit losses 11,391 (1,898)  
Origination of commercial mortgage loans, held for sale, measured at fair value (835,996) (24,150)  
Proceeds from sale or repayment of commercial mortgage loans, held for sale, measured at fair value 778,027 111,467  
Distributions from equity method investments 2,002 0  
MSR impairment and amortization 7,483 0  
Mortgage banking activities (15,414) 0  
Changes in assets and liabilities:      
Accrued interest receivable 2,889 7,715  
Prepaid expenses and other assets 5,602 (2,587)  
Accounts payable and accrued expenses 1,380 4,840  
Due to affiliates (996) (1,950)  
Interest payable 641 (1,458)  
Accrued compensation (14,281) 0  
Other liabilities (937) 0  
Net cash (used in)/provided by operating activities (54,012) 116,238  
Cash flows from investing activities:      
Origination and purchase of commercial mortgage loans, held for investment (495,505) (171,855)  
Principal repayments received on commercial mortgage loans, held for investment 291,666 396,900  
Purchase of and contributions to equity method investments (20,760) 0  
Distributions from equity method investments 4,221 0  
Proceeds from sale of real estate owned, held for sale 2,272 28,843  
Purchase of real estate owned and capital expenditures (240) (706)  
Purchase of real estate securities, available for sale (30,752) 0  
Proceeds from sale or paydown of real estate securities 2,911 35,442  
Payment of software development costs (120) 0  
Purchases of investment securities, held to maturity (5,000) 0  
Sales of investment securities, held to maturity 3,600 0  
Proceeds from sale/(purchase) of derivative instruments 1,595 (1,681)  
Net cash (used in)/provided by investing activities (246,112) 286,943  
Cash flows from financing activities:      
Payments for common stock repurchases (39,823) 0  
Shares cancelled for tax withholding on vested equity rewards (2,228) (2,393)  
Repayments of collateralized loan obligations (99,755) (403,953)  
Borrowings on repurchase agreements and revolving credit facilities - commercial mortgage loans 1,376,591 234,794  
Repayments of repurchase agreements and revolving credit facilities - commercial mortgage loans (968,378) (135,291)  
Net borrowings (paydowns) on repurchase agreements - real estate securities, less than 90 days maturity 24,797 (30,444)  
Payments of deferred financing costs (882) (954)  
Distributions to non-controlling interest (2,977) (1,467)  
Distributions paid (35,957) (36,233)  
Net cash (used in)/provided by financing activities: 251,388 (375,941)  
Net change in cash, cash equivalents and restricted cash (48,736) 27,240  
Cash, cash equivalents and restricted cash, beginning of period 185,181 196,864 $ 196,864
Cash, cash equivalents and restricted cash, end of period 136,445 224,104 185,181
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents, beginning of period 167,292 184,443 184,443
Restricted cash, beginning of period 17,889 12,421 12,421
Cash and cash equivalents, end of period 115,600 215,368 167,292
Restricted cash, end of period 20,845 8,736 17,889
Cash, cash equivalents and restricted cash, 136,445 224,104 185,181
Supplemental disclosures of cash flow information:      
Cash payments for income taxes 3 3,733  
Cash payments for interest 60,713 68,275  
Supplemental disclosures of non - cash flow information:      
Distribution payable 23,304 36,444 $ 38,935
Loans transferred from commercial mortgage loans, held for investment to real estate owned, held for sale 0 134,848  
Seller-based financing on sales of real estate owned, held for sale 0 88,500  
Modification accounted for as repayment and new loan $ 0 $ 60,000