v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income (loss) $ 27,002 $ (47,767)
Adjustments to reconcile net income (loss) to cash flows from operating activities:    
Provision for (recovery of) loan losses 425 (112)
Depreciation and amortization 3,084 1,929
Amortization of discounts/premiums and deferred interest on loans, net (563) (526)
Amortization of premium, discount and deferred financing costs and paid-in-kind interest on debt obligations, net 3,806 3,971
Deferred operating lease income 139 105
Unrealized (gains) losses on equity investments (27,181) 39,486
Loss on early extinguishment of debt   70
Income from sales of real estate (14,365)  
Land development revenue (in excess of) cost of sales (2,887) (6,456)
Other operating activities, net 370 207
Changes in assets and liabilities:    
Changes in accrued interest and operating lease income receivable (629) (383)
Changes in deferred expenses and other assets, net (753) 418
Changes in accounts payable, accrued expenses and other liabilities 322 92
Cash flows used in operating activities (11,230) (8,966)
Cash flows from investing activities:    
Originations and fundings of loans receivable and other lending investments, net (20,285)  
Capital expenditures on real estate assets (527) (477)
Capital reimbursements (expenditures) on land and development assets, net 318 (37,790)
Repayments of and principal collections on loans receivable and other lending investments, net 2,800 3,495
Net proceeds from sales of land and development assets 14,707 31,875
Cash and restricted cash disposed upon deconsolidation of venture (refer to Note 5) (3,051)  
Other investing activities, net 245 (1,506)
Cash flows provided by (used in) investing activities (5,793) (4,403)
Cash flows from financing activities:    
Borrowings from debt obligations 4,818 29,255
Repayments of debt obligations   (5,000)
Payment of deferred financing costs (150) (216)
Payments of debt prepayment or extinguishment costs   (35)
Repurchase of common stock (1,998) (189)
Other financing activities, net (12) (105)
Cash flows provided by (used in) financing activities 2,658 23,710
Changes in cash and restricted cash (14,365) 10,341
Cash and restricted cash at beginning of period 67,172 45,546
Cash and restricted cash at end of period $ 52,807 $ 55,887