v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Net interest income        
Interest income $ 25,465 $ 22,838 $ 49,919 $ 44,881
Interest expense (8,926) (10,769) (18,081) (21,303)
Total net interest income 16,539 12,069 31,838 23,578
Other income (loss)        
Change in unrealized gain (loss) on preferred stock and stock warrant investments (4,056) 23,022 (8,538) 38,195
Reversal of (provision for) credit losses (773) (5,284) 2,210 (8,909)
Dividend income 7,442 4,036 14,606 6,035
Other income (loss) 22 52 360 (18)
Realized gain 749   745  
Loss on extinguishment of debt   (127)   (172)
Equity in income (losses) of equity method investments (705) (1,017) (651) (964)
Loss on sale from real estate owned     (1)  
Revenues from consolidated real estate owned 2,158 2,502 4,338 4,911
Total other income 10,796 19,473 28,129 42,209
Operating expenses        
General and administrative expenses 2,831 3,763 6,099 6,275
Loan servicing fees 272 374 572 695
Management fees 2,252 1,563 4,465 2,974
Expenses from consolidated real estate owned 4,681 3,571 8,899 7,610
Total operating expenses 10,036 9,271 20,035 17,554
Net income 17,299 22,271 39,932 48,233
Net (income) loss attributable to redeemable noncontrolling interests (1,252) (3,437) (3,618) (7,601)
Net income attributable to common stockholders $ 5,433 $ 12,285 $ 15,473 $ 28,802
Weighted average common shares outstanding - basic (in shares) 18,844 17,712 18,725 17,615
Weighted-average common shares outstanding - diluted (in shares) 53,978 39,460 52,597 37,349
Earnings per share outstanding - basic (in dollars per share) $ 0.29 $ 0.69 $ 0.83 $ 1.64
Earnings per share outstanding - diluted (in dollars per share) 0.29 0.54 0.73 1.24
Dividends declared per common share (in dollars per share) $ 0.5 $ 0.5 $ 1 $ 1
Series A Preferred Stock        
Operating expenses        
Net (income) loss attributable to preferred stockholders $ (874) $ (874) $ (1,748) $ (1,748)
Series B Preferred Stock        
Operating expenses        
Net (income) loss attributable to preferred stockholders (9,012) (5,675) (18,067) (10,082)
Series C Preferred Stock        
Operating expenses        
Net (income) loss attributable to preferred stockholders (728)   (1,026)  
CMBS Structured Pass Through Certificates        
Other income (loss)        
Unrealized gain (loss) 224 660 697 1,832
Common Stock        
Other income (loss)        
Change in unrealized gain (loss) on common stock investments 2,310 (5,160) 6,066 (6,574)
Noncontrolling interest in CMBS VIEs        
Other income (loss)        
Change in net assets related to consolidated CMBS variable interest entities 3,425 789 8,297 7,873
Unrealized gain (loss) 257 (4,801) 1,253 (3,882)
Redeemable Noncontrolling Interests        
Operating expenses        
Net (income) loss attributable to redeemable noncontrolling interests $ (1,252) $ (3,437) $ (3,618) $ (7,601)