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 $ 22,633 $ 25,962
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of premiums 3,920 2,262
Accretion of discounts (1,883) (2,540)
Depreciation and amortization of real estate investments 1,426 1,079
Amortization of deferred financing costs   12
Provision for (reversal of) credit losses (2,983) 3,625
Net change in unrealized (gain) loss on investments held at fair value (746) (15,861)
Equity in (income) losses of unconsolidated equity method ventures (54) (53)
Net realized (gain) loss 1,102 (46)
Stock-based compensation expense 1,405 1,283
Payment in kind income (25,701) (3,242)
Loss on extinguishment of debt   45
Changes in operating assets and liabilities:    
Accrued interest and dividends receivable 6,704 892
Accounts receivable and other assets 219 674
Accrued interest payable 3,176 3,016
Accounts payable, accrued expenses and other liabilities 182 (1,069)
Net cash provided by operating activities 9,400 16,039
Cash flows from investing activities    
Originations of mortgage loans, held-for-investment, net (61,169) (4,066)
Purchases of preferred stock and stock warrants   (55,013)
Additions to real estate investments (486) (355)
Net cash provided by investing activities 84,694 71,281
Cash flows from financing activities    
Borrowings under secured financing agreements   23,359
Proceeds from secured borrowings of CMBS securitizations held in variable interest entities, at fair value 19,769  
Principal repayments on borrowings under secured financing agreements (12,545) (6,500)
Borrowings under master repurchase agreements 4,386 21,760
Principal repayments on borrowings under master repurchase agreements (22,915) (6,616)
Principal repayments on mortgages payable   (86)
Payments for taxes related to net share settlement of stock-based compensation (878) (1,490)
Dividends paid to common stockholders (12,323) (8,771)
Distributions to redeemable noncontrolling interests in the OP (2,093) (2,519)
Net cash used in financing activities (103,201) (70,885)
Net increase (decrease) in cash, cash equivalents, and restricted cash (9,107) 16,435
Cash, cash equivalents and restricted cash, beginning of period 34,354 7,053
Cash, cash equivalents and restricted cash, end of period 25,247 23,488
Supplemental Disclosure of Cash Flow Information    
Interest paid 5,979 7,518
Supplemental Disclosure of Noncash Investing and Financing Activities    
Increase (decrease) in dividends payable upon vesting of restricted stock units (2,523) 335
Consolidation of noncontrolling interest in CMBS variable interest entities   18
Noncontrolling interest in CMBS VIEs    
Cash flows from investing activities    
Proceeds from sale of loans held-for-investment 103,535 134,424
Cash flows from financing activities    
Distributions to bondholders of variable interest entities (85,915) (124,695)
Consolidated Entity, Excluding Consolidated VIE    
Cash flows from investing activities    
Proceeds from sale of loans held-for-investment 42,814 20,665
Originations of mortgage loans, held-for-investment, net   (18,480)
CMBS Structured Pass Through Certificates | Consolidated Entity, Excluding Consolidated VIE    
Cash flows from investing activities    
Purchases of CMBS securitizations held in variable interest entities, at fair value   (5,894)
Series A Preferred Stock    
Cash flows from financing activities    
Dividends paid to preferred stockholders (874) (874)
Series B Preferred Stock    
Cash flows from financing activities    
Proceeds from the issuance of preferred stock through public offering, net of offering costs   39,954
Dividends paid to preferred stockholders (6,044) $ (4,407)
Series C Preferred Stock    
Cash flows from financing activities    
Proceeds from the issuance of preferred stock through public offering, net of offering costs 16,381  
Dividends paid to preferred stockholders $ (150)