v3.26.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2026
Mar. 31, 2026
Sep. 30, 2025
Mar. 31, 2025
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:                
Net income (loss) $ 47,234 $ 3,123 $ (1,304) $ 3,708 $ 30,175 $ (22,769)    
Adjustments to reconcile net loss to net cash provided by operating activities:                
Equity in (earnings) losses of unconsolidated ventures 0   0   602 0    
Depreciation and amortization 4,084   7,188   20,897 28,346    
Straight-line rental income         (199) (1,033)    
Origination fees received, net of discount accretion and fee amortization         4,627 (133)    
Amortization of deferred financing costs         7,767 6,198    
Paid-in-kind interest added to loan principal         (1,667) (1,787)    
Designated hedges and foreign currency translation reclassified to earnings         0 3,362    
Realized (gain) loss on sale of real estate         (60,291) 764 $ (1,100)  
Increase of current expected credit loss reserve         30,286 8,562    
Impairment of operating real estate         15,256 53,636    
Amortization of equity-based compensation         9,942 9,920    
Non-cash adjustments         72 164    
Deferred income tax (benefit) expense         94 (21,781)    
Changes in assets and liabilities:                
Receivables, net         (10,814) (2,654)    
Deferred costs and other assets         12,144 1,219    
Other liabilities         (1,902) (4,214)    
Net cash provided by operating activities         56,989 57,800    
Cash flows from investing activities:                
Acquisition, origination and funding of loans and preferred equity held for investment, net         (835,024) (356,578)    
Repayment on loans held for investment         372,061 243,630    
Proceeds from sale of real estate         148,638 39,554    
Cash and restricted cash received related to consolidation of loans held for investment and real estate owned         2,433 6,141    
Cash and restricted cash relinquished in deconsolidation of subsidiaries         (1,194) (5,638)    
Acquisition of and additions to real estate and related intangibles         (4,041) (10,837)    
Change in escrow deposits payable         5,628 (4,338)    
Net cash used in investing activities         (311,499) (88,066)    
Cash flows from financing activities:                
Distributions paid on common stock         (63,021) (62,412)    
Shares canceled for tax withholding on vested stock awards         (5,041) (3,878)    
Repurchase of common stock         (29,432) (4,972)    
Repayment of mortgage notes         (4,096) (4,184)    
Borrowings from master repurchase and credit facilities         1,243,981 229,285    
Repayment of master repurchase and credit facilities         (1,262,226) (235,798)    
Borrowing from securitization bonds         833,237 0    
Repayment of securitization bonds         (444,305) (111,734)    
Payment of deferred financing costs         (10,825) (4,990)    
Net cash provided by (used in) financing activities         258,272 (198,683)    
Effect of exchange rates on cash, cash equivalents and restricted cash         0 (180)    
Net increase (decrease) in cash, cash equivalents and restricted cash         3,762 (229,129)    
Cash, cash equivalents and restricted cash - beginning of period   $ 173,835   $ 450,696 173,835 450,696 450,696  
Cash, cash equivalents and restricted cash - end of period 177,597   221,567   177,597 221,567 173,835  
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets                
Cash and cash equivalents 63,601   113,378   63,601 113,378 66,789 $ 302,173
Restricted cash 113,996   108,189   113,996 108,189 107,046 148,523
Total cash, cash equivalents and restricted cash $ 177,597   $ 221,567   177,597 221,567 $ 173,835 $ 450,696
Supplemental disclosure of cash flow information:                
Cash paid for interest         113,604 111,638    
Income taxes paid (refunded)         (10,179) (1,879)    
Supplemental disclosure of non-cash investing and financing activities:                
Deconsolidation of assets following foreclosure (refer to Note 4)         (7,885) (264,170)    
Deconsolidation of liabilities following foreclosure (refer to Note 4)         5,829 241,332    
Accrual of distribution payable         21,812 20,756    
Assets transferred to held for sale         32,012 34,284    
Mortgage notes payable assumed by buyer in connection with sale of real estate         (200,000) 0    
Assumption of accounts payable, accrued expenses and other liabilities related to consolidation of VIE and assumption of real estate         (2,267) (10,633)    
Assumption of receivables and other assets related to consolidation of VIE and assumption of real estate         443 12,591    
Assumption of real estate and consolidation of VIE (refer to Note 4)         $ 44,791 $ 226,964