v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Cash flows from operating activities:          
Net income/(loss) $ 16,275 $ 24,384 $ 28,567 $ 48,089  
Adjustments to reconcile net income to net cash (used in)/provided by operating activities:          
Premium amortization and (discount accretion), net     (4,413) (5,126)  
Accretion of deferred commitment fees     1,089 (5,349)  
Amortization of deferred financing costs     5,767 6,462  
Share-based compensation     4,860 4,562  
Realized gain/(loss) on extinguishment of debt 933 0 933 0  
Realized (gain)/loss on sale of available for sale securities, measured at fair value     0 (113)  
Realized (gain)/loss on sale of commercial mortgage loans, held for sale, measured at fair value     (6,517) (5,303)  
Change in net assets of consolidated variable interest entity, CMBS trust     (192) 0  
Income/(loss) from equity method investments (1,345) (181) (13,752) (181)  
(Gain)/loss on derivative instruments     (2,334) 1,209  
(Gain)/loss from other real estate investments     (3,229) (452)  
Depreciation and amortization     5,403 2,761  
Straight line rental income     (370) 522  
Provision/(benefit) for credit losses 7,235 (1,487) 18,626 (3,385)  
Origination of commercial mortgage loans, held for sale, measured at fair value     (1,376,844) (49,300)  
Proceeds from sale or repayment of commercial mortgage loans, held for sale, measured at fair value     1,334,824 124,723  
Distributions from equity method investments     3,145 0  
MSR impairment and amortization     17,261 0  
Mortgage banking activities     (10,222) 0  
Changes in assets and liabilities:          
Accrued interest receivable     6,714 11,270  
Prepaid expenses and other assets     6,782 (2,060)  
Accounts payable and accrued expenses     (3,252) 1,226  
Due to affiliates     (732) (1,032)  
Interest payable     (2,650) (466)  
Accrued compensation     (10,784) 0  
Other liabilities     (4,418) 0  
Net cash (used in)/provided by operating activities     (5,738) 128,057  
Cash flows from investing activities:          
Origination and purchase of commercial mortgage loans, held for investment     (671,060) (223,054)  
Principal repayments received on commercial mortgage loans, held for investment     749,108 596,503  
Purchase of and contributions to equity method investments     (20,760) (9,800)  
Return of capital from equity method investments     13,863 0  
Proceeds from sale of real estate owned, held for sale     5,711 44,888  
Purchase of real estate owned and capital expenditures     (431) (1,123)  
Purchase of real estate securities, available for sale     (40,554) (61,298)  
Proceeds from sale or paydown of real estate securities     4,556 181,270  
Payment of software development costs     (120) 0  
Purchases of investment securities, held to maturity     (12,300) 0  
Sales of investment securities, held to maturity     9,400 0  
Proceeds from sale/(purchase) of derivative instruments     1,648 (1,572)  
Payment to acquire interest in CMBS trust     (27,406) 0  
Net cash (used in)/provided by investing activities     11,655 525,814  
Cash flows from financing activities:          
Payments for common stock repurchases     (55,823) 0  
Shares cancelled for tax withholding on vested equity rewards     (2,228) (2,393)  
Borrowings on collateralized loan obligations     778,094 0  
Repayments of collateralized loan obligations     (568,021) (589,479)  
Borrowings on repurchase agreements and revolving credit facilities - commercial mortgage loans     2,339,256 413,157  
Repayments of repurchase agreements and revolving credit facilities - commercial mortgage loans     (2,623,963) (169,875)  
Net borrowings/(paydowns) on repurchase agreements - real estate securities, less than 90 days maturity     9,167 (107,718)  
Secured borrowings from CMBS Trust     157,413 0  
Borrowings on unsecured debt     0 107,000  
Payments of deferred financing costs     (7,186) (4,564)  
Contributions from non-controlling interest     0 64  
Distributions to non-controlling interest     (5,216) (1,471)  
Distributions paid     (57,580) (72,676)  
Net cash (used in)/provided by financing activities:     (36,087) (427,955)  
Net change in cash, cash equivalents and restricted cash     (30,170) 225,916  
Cash, cash equivalents and restricted cash, beginning of period     185,181 196,864 $ 196,864
Cash, cash equivalents and restricted cash, end of period 155,011 422,780 155,011 422,780 185,181
Reconciliation of cash, cash equivalents and restricted cash:          
Cash and cash equivalents, beginning of period     167,292 184,443 184,443
Restricted cash, beginning of period     17,889 12,421 12,421
Cash and cash equivalents, end of period 136,347 414,085 136,347 414,085 167,292
Restricted cash, end of period 18,664 8,695 18,664 8,695 17,889
Cash, cash equivalents and restricted cash, 155,011 422,780 155,011 422,780 185,181
Supplemental disclosures of cash flow information:          
Cash payments for income taxes     1,114 766  
Cash payments for interest     126,481 133,972  
Supplemental disclosures of non - cash flow information:          
Distribution payable $ 22,945 $ 36,456 22,945 36,456 $ 38,935
Loans transferred from commercial mortgage loans, held for investment to real estate owned, held for sale     0 169,817  
Loans transferred from commercial mortgage loans, held for investment to real estate owned, held for investment     56,534 0  
Transfer of commercial mortgage loans, held for sale to consolidated VIE CMBS trust     157,413 0  
Commercial mortgage loans acquired via consolidated VIE CMBS trust     387,743 0  
CMBS bonds issued via consolidated VIE CMBS trust     360,338 0  
Seller-based financing on sales of real estate owned, held for sale     72,000 128,129  
Modification accounted for as repayment and new loan     $ 0 $ 60,000