v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:                
Net loss $ (20,184) $ 3,123 $ (25,172) $ 3,708 $ (17,060) $ (21,465)    
Adjustments to reconcile net loss to net cash provided by operating activities:                
Equity in (earnings) losses of unconsolidated ventures 602   0   602 0    
Depreciation and amortization 8,187   10,607   16,814 21,159    
Straight-line rental income         (223) (530)    
Origination fees received, net of discount accretion and fee amortization         3,521 (816)    
Amortization of deferred financing costs         5,109 4,275    
Paid-in-kind interest added to loan principal         (1,005) (1,048)    
Designated hedges and foreign currency translation reclassified to earnings         0 3,362    
Realized loss on sale of real estate         29 245 $ (1,100)  
Increase of current expected credit loss reserve         15,247 346    
Impairment of operating real estate         9,270 51,127    
Amortization of equity-based compensation         6,361 7,126    
Non-cash adjustments         54 (50)    
Deferred income tax (benefit) expense         94 (21,781)    
Changes in assets and liabilities:                
Receivables, net         (5,521) (3,812)    
Deferred costs and other assets         10,838 (3,298)    
Other liabilities         (3,789) (6,913)    
Net cash provided by operating activities         40,341 27,927    
Cash flows from investing activities:                
Acquisition, origination and funding of loans and preferred equity held for investment, net         (559,455) (210,652)    
Repayment on loans held for investment         292,980 146,419    
Proceeds from sale of real estate         25,812 5,184    
Cash and restricted cash received related to consolidation of loans held for investment and real estate owned         2,433 4,653    
Cash and restricted cash relinquished in deconsolidation of subsidiaries         (706) 0    
Acquisition of and additions to real estate and related intangibles         (2,129) (8,389)    
Change in escrow deposits payable         (6,250) (5,384)    
Net cash used in investing activities         (247,315) (68,169)    
Cash flows from financing activities:                
Distributions paid on common stock         (42,733) (41,550)    
Shares canceled for tax withholding on vested stock awards         (4,791) (3,878)    
Repurchase of common stock         (19,495) (4,008)    
Repayment of mortgage notes         (2,768) (2,957)    
Borrowings from master repurchase and credit facilities         936,953 116,224    
Repayment of master repurchase and credit facilities         (1,088,825) (111,678)    
Borrowing from securitization bonds         833,237 0    
Repayment of securitization bonds         (398,215) (105,965)    
Payment of deferred financing costs         (10,504) (4,780)    
Net cash provided by (used in) financing activities         202,859 (158,592)    
Effect of exchange rates on cash, cash equivalents and restricted cash         0 (180)    
Net decrease in cash, cash equivalents and restricted cash         (4,115) (199,014)    
Cash, cash equivalents and restricted cash - beginning of period   $ 173,835   $ 450,696 173,835 450,696 450,696  
Cash, cash equivalents and restricted cash - end of period 169,720   251,682   169,720 251,682 173,835  
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets                
Cash and cash equivalents 68,157   154,283   68,157 154,283 66,789 $ 302,173
Restricted cash 101,563   97,399   101,563 97,399 107,046 148,523
Total cash, cash equivalents and restricted cash $ 169,720   $ 251,682   169,720 251,682 $ 173,835 $ 450,696
Supplemental disclosure of cash flow information:                
Cash paid for interest         73,174 76,369    
Income taxes paid (refunded)         (10,166) 1,884    
Supplemental disclosure of non-cash investing and financing activities:                
Deconsolidation of assets following foreclosure (refer to Note 4)         (7,885) (194,665)    
Deconsolidation of liabilities following foreclosure (refer to Note 4)         5,829 168,699    
Accrual of distribution payable         21,885 20,862    
Assets transferred to held for sale         248,418 34,284    
Liabilities related to assets transferred to held for sale         (200,000) 0    
Assumption of accounts payable, accrued expenses and other liabilities related to consolidation of VIE and assumption of real estate         (2,267) (9,597)    
Assumption of receivables and other assets related to consolidation of VIE and assumption of real estate         443 10,742    
Assumption of real estate and consolidation of VIE (refer to Note 4)         $ 44,791 $ 166,918