v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities:    
Net income (loss) $ (5,223) $ (1,690)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Amortization of deferred financing costs 2,376 2,421
Accretion of discounts, deferred loan origination fees and costs (2,645) (1,997)
Stock-based compensation 1,779 1,987
Depreciation and amortization of real estate owned 1,491 4,501
Provision for (reversal of) current expected credit losses, net 12,003 (25,490)
Realized losses on loans 3,340 33,000
Changes in operating assets and liabilities:    
Other assets (7,659) 110
Due to affiliate 138 355
Other liabilities 1,338 (307)
Net cash provided by (used in) operating activities 6,938 12,890
Investing activities:    
Issuance of and fundings on loans held for investment (332,108) (19,085)
Principal collections and cost-recovery proceeds on loans held for investment 114,317 342,596
Receipt of origination and other loan fees 3,754 1,554
Principal repayment of available-for-sale debt securities 0 870
Purchases of capitalized additions to real estate owned (1,498) (937)
Receipt (disbursement) of escrows and reserves for loans held for investment, net 4,257 0
Net cash provided by (used in) investing activities (211,278) 324,998
Financing activities:    
Payment of secured funding costs (2,287) (2,709)
Repayments of debt of consolidated VIEs (99,921) (318,434)
Dividends paid (16,885) (22,278)
Net cash provided by (used in) financing activities 195,758 (310,047)
Change in cash, cash equivalents and restricted cash (8,582) 27,841
Cash, cash equivalents and restricted cash, beginning of period 67,157 66,294
Cash, cash equivalents and restricted cash, end of period 58,575 94,135
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 17,558 89,985
Restricted cash 41,017 4,150
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows 58,575 94,135
Supplemental disclosure of noncash investing and financing activities:    
Dividends declared, but not yet paid 8,458 8,368
Secured funding agreements    
Financing activities:    
Proceeds from secured funding agreements 430,553 114,797
Repayments of secured funding agreements (115,702) (61,423)
Secured term loan    
Financing activities:    
Repayments of secured funding agreements $ 0 $ (20,000)