v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows From Operating Activities    
Net income (loss) $ (174,492) $ (36,322)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Accretion of deferred loan fees and discounts (6,722) (7,813)
Payment-in-kind interest 0 (771)
Amortization of deferred debt issuance costs and discounts 6,306 6,101
Loss (income) from equity method investments 2,533 2,232
Provision for credit losses, net 148,629 74,711
Change in fair value of loan held-for-sale 44,751 0
Depreciation and amortization 1,971 981
Stock-based compensation expense 3,707 4,268
(Gain) loss on sale of real estate owned 0 (1,192)
Unrealized loss (gain) on foreign currency translation 2,829 0
Unrealized loss (gain) on foreign currency forward contract (1,488) 0
Changes in operating assets and liabilities:    
Assets related to real estate owned, held-for-sale, net of liabilities (2,007) (751)
Accrued interest receivable, net 3,606 2,674
Other assets (2,046) 201
Accrued interest payable (1,629) (6,901)
Due to related parties 435 221
Other liabilities 1,583 (555)
Net cash provided by (used in) operating activities 27,764 37,043
Cash Flows From Investing Activities    
Proceeds from principal repayments of commercial real estate loans 1,041,462 629,832
Originations and fundings of commercial real estate loans (552,139) (626,464)
Capital expenditures on real estate owned (25,003) (1,895)
Payment to acquire real estate owned 0 (852)
Payment to acquire equity method investment, real estate asset (895) 0
Net proceeds (payment) on sale of real estate owned, held-for-investment 0 5,866
Net proceeds (payment) on sale of real estate owned, held-for-sale 0 24,395
Contributions to equity method investment, real estate asset (2,186) (5,648)
Payments for investments in CMBS securities (26,800) 0
Payment to acquire interest in consolidated CMBS trust (15,010) (9,021)
Net cash provided by (used in) investing activities 419,429 16,213
Cash Flows From Financing Activities    
Proceeds from borrowings under secured financing agreements 851,097 1,003,275
Proceeds from issuance of secured term loan 0 209,813
Proceeds from noncontrolling interest contributions 7,873 975
Principal repayments on borrowings under secured financing agreements (682,787) (853,178)
Principal repayments on borrowings under collateralized loan obligations (538,018) (318,357)
Principal repayments on borrowings under secured term loan (3,250) (1,375)
Payments of debt and collateralized debt obligation issuance costs (3,401) (16,315)
Payments of common stock dividends (32,161) (34,134)
Payments of preferred stock dividends (10,652) (10,652)
Payments to reacquire common stock (38,879) (29,895)
Net cash provided by (used in) financing activities (450,178) (49,843)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (2,985) 3,413
Cash, Cash Equivalents and Restricted Cash at Beginning of Period 87,338 106,547
Cash, Cash Equivalents and Restricted Cash at End of Period 84,353 109,960
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 83,058 107,717
Restricted cash (Note 9) 1,295 2,243
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows 84,353 109,960
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest 132,330 165,526
Cash paid during the period for income taxes 0 1
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Dividend declared, not yet paid 5,858 16,419
Consolidation of variable interest entities, CMBS Trust (incremental assets and liabilities) 752,719 482,974
Modification accounted for as a repayment and new loan, net of write-off 62,890 0
Loan principal repayments held by a servicer 254,772 4,500
Deferred financing costs, not yet paid 251 824
Transfer of senior loan to equity method investment 126,504 0
Acquisition of real estate owned 0 93,400
Acquisition of other assets related to real estate owned 0 258
Assumption of other liabilities related to real estate owned 0 (1,264)
Transfer of senior loan to real estate owned 0 91,766
Primary beneficiary    
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Change in net assets of consolidated variable interest entities, CMBS trusts $ (202) $ (41)