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 $ 39,932 $ 48,233
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of premiums 6,548 4,820
Accretion of discounts (3,533) (5,101)
Depreciation and amortization of real estate investments 3,154 1,693
Amortization of deferred financing costs (4) 24
Provision for (reversal of) credit losses (2,210) 8,909
Net change in unrealized (gain) loss on investments held at fair value 522 (29,567)
Equity in (income) losses of unconsolidated equity method ventures 651 964
Net realized (gain) loss 706 84
Stock-based compensation expense 3,156 2,971
Payment in kind income (41,632) (6,355)
Loss on extinguishment of debt   172
Fair value adjustment for Preferred Stock (4,716)  
Changes in operating assets and liabilities:    
Accrued interest and dividends receivable 3,413 (8,152)
Accounts receivable and other assets (955) (805)
Accrued interest payable (438) 1,487
Accounts payable, accrued expenses and other liabilities (1,234) (20)
Net cash provided by operating activities 3,360 19,357
Cash flows from investing activities    
Originations of mortgage loans, held-for-investment, net (157,006) (8,404)
Purchases of preferred stock and stock warrants (37) (94,513)
Purchases of equity method investments (2,000) (1,000)
Increase in cash in connection with VIE consolidation 2,696  
Proceeds from payments received on sale of equity method investments 2,312  
Additions to real estate investments (1,935) (836)
Net cash provided by investing activities 108,850 89,584
Cash flows from financing activities    
Borrowings under secured financing agreements 357,007 46,084
Proceeds from secured borrowings of CMBS securitizations held in VIEs, at fair value 19,769  
Principal repayments on borrowings under secured financing agreements (53,018) (48,142)
Principal repayment on unsecured notes (180,000)  
Borrowings under master repurchase agreements 12,043 27,274
Principal repayments on borrowings under master repurchase agreements (42,996) (9,781)
Distributions from the redemptions of Series B preferred stock through public offering, net of redemption fees (1,916)  
Principal repayments on mortgages payable   (164)
Payments for taxes related to net share settlement of stock-based compensation (2,185) (1,560)
Dividends paid to common stockholders (21,747) (17,627)
Distributions to redeemable noncontrolling interests in the OP (4,186) (5,038)
Net cash used in financing activities (8,334) (102,256)
Net increase (decrease) in cash, cash equivalents, and restricted cash 103,876 6,685
Cash, cash equivalents and restricted cash, beginning of period 34,354 7,053
Cash, cash equivalents and restricted cash, end of period 138,230 13,738
Supplemental Disclosure of Cash Flow Information    
Interest paid 18,519 19,816
Supplemental Disclosure of Noncash Investing and Financing Activities    
Increase (decrease) in dividends payable upon vesting of restricted stock units (1,740) 877
Consolidation of noncontrolling interest in CMBS variable interest entities   42
Noncontrolling interest in CMBS VIEs    
Cash flows from investing activities    
Proceeds from sale of loans held-for-investment 148,110 191,438
Cash flows from financing activities    
Distributions to bondholders of variable interest entities (114,823) (180,095)
Consolidated Entity, Excluding Consolidated VIE    
Cash flows from investing activities    
Proceeds from sale of loans held-for-investment 116,710 39,671
Originations of mortgage loans, held-for-investment, net   (25,182)
CMBS Structured Pass Through Certificates | Consolidated Entity, Excluding Consolidated VIE    
Cash flows from investing activities    
Purchases of CMBS securitizations held in variable interest entities, at fair value   (11,590)
Series A Preferred Stock    
Cash flows from financing activities    
Dividends paid to preferred stockholders (1,748) (1,748)
Series B Preferred Stock    
Cash flows from financing activities    
Proceeds from the issuance of preferred stock through public offering, net of offering costs   96,562
Dividends paid to preferred stockholders (15,067) $ (8,021)
Series C Preferred Stock    
Cash flows from financing activities    
Proceeds from the issuance of preferred stock through public offering, net of offering costs 41,260  
Dividends paid to preferred stockholders $ (727)