v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows From Operating Activities:    
Net loss $ (2,426) $ (7,015)
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 (2,046) (1,970)
Amortization of deferred debt issuance costs 778 1,183
(Benefit from) provision for credit losses (216) 3,770
Realized losses on loan sales 18 0
Amortization of equity-based compensation 910 2,410
Depreciation and amortization on real estate owned 2,049 1,459
Straight-line rental income (57) 0
Net change in assets and liabilities:    
Decrease (increase) in accrued interest receivable 616 (176)
Decrease (increase) in other assets 1,815 (1,531)
Increase (decrease) in other liabilities (3,849) (3,840)
Net cash provided by (used in) operating (2,408) (5,710)
Cash Flows From Investing Activities:    
Originations, acquisitions and additional fundings of loans held-for-investment, net of deferred fees (13,761) (10,086)
Proceeds from loan sales 12,855 0
Proceeds from repayment of loans held-for-investment 176,867 93,960
Capital expenditures related to real estate owned (2,336) (303)
Acquisition costs on real estate owned 0 (1,587)
Purchases of other investments 0 (1,905)
Net cash provided by investing activities 173,625 80,079
Cash Flows From Financing Activities:    
Principal payments on repurchase facilities (91,682) (63,331)
Principal payments on securitized debt obligations (108,016) (15,232)
Tax withholding on vestings (912) (1,102)
Repurchase of common stock (306) (2,525)
Dividends paid on preferred stock (3,600) (3,600)
Dividends paid on common stock (2,613) (2,621)
Net cash used in financing activities (207,129) (88,411)
Net decrease in cash, cash equivalents and restricted cash (35,912) (14,042)
Cash, cash equivalents, and restricted cash at beginning of period 80,066 114,470
Cash, cash equivalents, and restricted cash at end of period 44,154 100,428
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 17,994 26,310
Non-cash Activities:    
Transfers of loans held-for-investment to loans held-for-sale 12,873 0
Dividends declared but not paid at end of period 6,160 6,208
Transfers from loan held-for investment and receivables to real estate owned 0 71,000
Acquisition of working capital related to real estate owned 0 63
Right-of-use lease asset and operating lease liability 835 7,239
Principal repayments of loans held-for-investment held by servicer $ 0 $ 1,300