v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Net interest income    
Interest income $ 24,454 $ 22,043
Interest expense (9,155) (10,534)
Total net interest income 15,299 11,509
Other income (loss)    
Change in unrealized gain (loss) on preferred stock and stock warrant investments (4,482) 15,173
Reversal of (provision for) credit losses 2,983 (3,625)
Dividend income 7,164 1,999
Other income (loss) 338 (70)
Realized loss (4)  
Loss on extinguishment of debt   (45)
Equity in income (losses) of equity method investments 54 53
Loss on sale from real estate owned (1)  
Revenues from consolidated real estate owned 2,180 2,409
Total other income 17,333 22,736
Operating expenses    
General and administrative expenses 3,268 2,512
Loan servicing fees 300 321
Management fees 2,213 1,411
Expenses from consolidated real estate owned 4,218 4,039
Total operating expenses 9,999 8,283
Net income 22,633 25,962
Net (income) loss attributable to redeemable noncontrolling interests (2,366) (4,163)
Net income attributable to common stockholders $ 10,040 $ 16,518
Weighted average common shares outstanding - basic (in shares) 18,605 17,516
Weighted-average common shares outstanding - diluted (in shares) 51,456 36,049
Earnings per share outstanding - basic (in dollars per share) $ 0.54 $ 0.94
Earnings per share outstanding - diluted (in dollars per share) 0.42 0.7
Dividends declared per common share (in dollars per share) $ 0.5 $ 0.5
Series A Preferred Stock    
Operating expenses    
Net (income) loss attributable to preferred stockholders $ (874) $ (874)
Series B Preferred Stock    
Operating expenses    
Net (income) loss attributable to preferred stockholders (9,055) (4,407)
Series C Preferred Stock    
Operating expenses    
Net (income) loss attributable to preferred stockholders (298)  
CMBS Structured Pass Through Certificates    
Other income (loss)    
Unrealized gain (loss) 473 1,172
Common Stock    
Other income (loss)    
Change in unrealized gain (loss) on common stock investments 3,756 (1,414)
Noncontrolling interest in CMBS VIEs    
Other income (loss)    
Change in net assets related to consolidated CMBS variable interest entities 4,872 7,084
Unrealized gain (loss) 996 919
Redeemable Noncontrolling Interests    
Operating expenses    
Net (income) loss attributable to redeemable noncontrolling interests $ (2,366) $ (4,163)