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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows From Operating Activities:    
Net loss $ (60,835) $ (20,378)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Accretion of discounts and net deferred fees on loans held-for-investment and deferred interest capitalized to loans held-for-investment (2,902) (3,222)
Amortization of deferred debt issuance costs and discounts 2,502 2,463
Provision for credit losses 46,765 14,754
Impairment loss on real estate owned 6,079 0
Realized losses on loan sales 18 0
Amortization of equity-based compensation 2,020 4,638
Depreciation and amortization on real estate owned, held-for-investment 4,077 3,613
Straight-line rental income (104) 0
Gain on sale of real estate owned 0 (301)
Net change in assets and liabilities:    
Decrease (increase) in accrued interest receivable 2,129 (253)
Decrease (increase) in other assets 72 (3,311)
Increase (decrease) in other liabilities (1,720) (2,977)
Net cash provided by (used in) operating (1,899) (4,974)
Cash Flows From Investing Activities:    
Originations, acquisitions and additional fundings of loans held-for-investment, net of deferred fees (21,679) (23,133)
Proceeds from loan sales 12,855 0
Proceeds from repayment of loans held-for-investment 275,652 188,385
Capital expenditures related to real estate owned (2,953) (2,030)
Acquisition costs on real estate owned 0 (1,587)
Proceeds from sale of real estate owned 0 16,655
Purchases of other investments 0 (2,588)
Net cash provided by investing activities 263,875 175,702
Cash Flows From Financing Activities:    
Proceeds from repurchase facilities 0 13,700
Principal payments on repurchase facilities (125,452) (137,174)
Principal payments on securitized debt obligations (122,276) (45,184)
Proceeds from loan participations sold 27,240 0
Payment of debt issuance costs (491) (1,446)
Tax withholding on vestings (912) (1,102)
Repurchase of common stock (306) (5,662)
Dividends paid on preferred stock (7,201) (7,201)
Dividends paid on common stock (5,172) (5,228)
Net cash used in financing activities (234,570) (189,297)
Net increase (decrease) in cash, cash equivalents and restricted cash 27,406 (18,569)
Cash, cash equivalents, and restricted cash at beginning of period 80,066 114,470
Cash, cash equivalents, and restricted cash at end of period 107,472 95,901
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 33,099 51,192
Cash paid for federal taxes 0 60
Non-cash Activities:    
Transfers of loans held-for-investment to loans held-for-sale 12,873 0
Dividends declared but not paid at end of period 6,172 6,193
Transfers from loans held-for investment and receivables to real estate owned 0 71,000
Acquisition of working capital related to real estate owned 0 63
Right-of-use lease asset and operating lease liability 835 7,239
Principal repayments of loans held-for-investment held by servicer 1,174 48
Transfer of other receivables to loans held-for-investment 0 567
Fundings of loans held-for-investment and loan participations sold by participants 129 0
Transfer of assets to real estate owned assets, held-for-sale 62,151 0
Transfer of liabilities to real estate owned liabilities, held-for-sale $ 7,251 $ 0