v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - 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) $ 2,005 $ 1,899 $ 16 $ (1,493)  
Adjustments to reconcile net income (loss) to net cash used in operating activities:          
Stock-based management termination fee and compensation expense     0 13  
Mark-to-market on residential mortgage loans held-for-sale, net     326 (3,488)  
Mark-to-market adjustment on securities carried at fair value     105 4,771  
Mark-to-market adjustment on RTLs, at fair value     (142) 0  
Mark-to-market adjustment on CRE equity method investments, at fair value     (1,391) 0  
Discount accretion on mortgage loans     (334) (471)  
Interest and discount accretion on investment in debt securities     (527) (569)  
Discount accretion on investments in beneficial interests     (4,193) (3,084)  
Gain on sale of residential mortgage loans     (211) (100)  
Gain on sale of real estate owned properties     (25) (355)  
Loss on sale of securities     152 3,037  
Impairment of real estate owned     154 171  
Amortization of debt discount and prepaid financing costs     681 775  
Undistributed gain from investment in affiliates     (379) (550)  
Net change in operating assets and liabilities:          
Other assets     147 1,913  
Accrued expenses and other liabilities     1,655 (2,200)  
Net cash used in operating activities     (3,966) (1,630)  
Cash Flows from Investing Activities          
Principal paydowns on mortgage loans     15,944 19,371  
Proceeds from sale of mortgage loans     11,994 1,758  
Purchase of CMBS, at fair value     0 (49,075)  
Purchase of RTLs, at fair value     (102,988) 0  
Principal and interest collection on mortgage-backed securities     34,678 25,121  
Draws on RTLs     (12,715) 0  
Paydown on other investments     0 5,527  
Proceeds from sale of real estate owned, held-for-sale     177 1,164  
Investment in equity investments     0 (17,500)  
Distribution from affiliates     2,758 999  
Net cash provided by investing activities     109,251 1,706  
Cash Flows from Financing Activities          
Proceeds from issuance of preferred stock     0 50,785  
Net change in repurchase financing agreements     (95,731) 5,937  
Repayments on secured bonds payable     (14,244) (16,934)  
Repurchase of common stock     (224) 0  
Dividends paid on common stock and preferred stock     (8,104) (5,487)  
Net cash provided by (used in) financing activities     (118,303) 34,301  
Net Change in Cash and Cash Equivalents and Restricted Cash     (13,018) 34,377  
Cash and Cash Equivalents and Restricted Cash, Beginning of Period     80,132 64,252 $ 64,252
Cash and Cash Equivalents and Restricted Cash, End of Period 67,114 98,629 67,114 98,629 80,132
Supplemental Disclosure of Cash Flow Information:          
Cash paid for interest     16,288 18,142  
Supplemental Disclosure of Noncash Investing and Financing Activities:          
Common stock settled for management fee and compensation expense     4,821 0  
Net transfer of loans to real estate owned     830 92  
Reclassification of unrealized loss to earnings on debt securities AFS transferred to held-to-maturity 140 141 281 575  
Unrealized gain (loss) on AFS securities     (245) 5,064  
Reconciliation of cash and cash equivalents and restricted cash:          
Cash and cash equivalents 66,703 98,629 66,703 98,629 79,321
Restricted cash 411 0 411 0 811
Total Cash and Cash Equivalents and Restricted Cash $ 67,114 $ 98,629 67,114 98,629 $ 80,132
RMBS          
Cash Flows from Investing Activities          
Proceeds from sales of RMBS AFS and CMBS     0 14,341  
CMBS          
Cash Flows from Investing Activities          
Proceeds from sales of RMBS AFS and CMBS     $ 159,403 $ 0