v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 7,528 $ (730)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
(Reversal of) provision for credit losses, net (967) (1,717)
Depreciation, amortization and accretion 1,788 4,321
Amortization of stock-based compensation 540 815
Gain on sale of investment in real estate (3,336) 0
Equity in (earnings) losses of unconsolidated subsidiaries (245) 492
Changes in operating assets and liabilities (4,395) (7,745)
Net cash provided by (used in) operating activities 913 (4,564)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Principal fundings of CRE loans (481,899) (26,515)
Principal payments received on CRE loans 81,451 115,940
Proceeds from sale of CRE loans 29,140 31,730
Investments in real estate (192) (1,237)
Proceeds from sale of investments in real estate 20,000 0
Investments in unconsolidated entities (240) (2,204)
Purchases of furniture and fixtures 0 (54)
Principal payments received on loan - due from Manager 75 75
Net cash (used in) provided by investing activities (351,665) 117,735
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repurchase of common stock 0 (4,377)
Proceeds from borrowings:    
Securitizations 879,499 0
CRE - term reinvestment financing facility 55,463 907,601
Payments on borrowings:    
Securitizations 0 (865,078)
Senior secured financing facility (20,172) 0
CRE - term warehouse financing facilities (515,134) (116,986)
Mortgages payable (39) 0
CRE - term reinvestment financing facility (74,590) (16,504)
Payment of debt issuance costs (6,317) (3,363)
Proceeds received from non-controlling interests 1,052 0
Distributions paid on preferred stock (5,148) (5,373)
Net cash provided by (used in) financing activities 314,614 (104,080)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (36,138) 9,091
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 85,958 57,603
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 49,820 $ 66,694