v3.26.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash Flows From Operating Activities    
Net income (loss) $ (175,266) $ (23,550)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Accretion of deferred loan fees and discounts (9,998) (12,104)
Payment-in-kind interest 0 (1,181)
Amortization of deferred debt issuance costs and discounts 9,129 10,833
Loss (income) from equity method investments 2,498 3,097
Provision for credit losses, net 150,010 75,686
Loss on commercial real estate loan, held-for-sale 49,975 0
Straight-line rental income (3,645) 0
Depreciation and amortization 2,975 1,711
Stock-based compensation expense 5,583 6,442
(Gain) loss on sale of real estate owned (211) (1,192)
Unrealized loss (gain) on foreign currency translation 3,177 0
Unrealized loss (gain) on foreign currency forward contract (1,573) 0
Changes in operating assets and liabilities:    
Assets related to real estate owned, held-for-sale, net of liabilities (1,583) (1,529)
Accrued interest receivable, net 2,760 3,008
Other assets (5,931) 1,209
Accrued interest payable (1,845) (7,259)
Due to related parties (1,452) 174
Other liabilities 5,956 299
Net cash provided by (used in) operating activities 30,298 55,548
Cash Flows From Investing Activities    
Proceeds from principal repayments of commercial real estate loans 2,413,469 1,112,490
Originations and fundings of commercial real estate loans (708,463) (706,368)
Capital expenditures on real estate owned (34,831) (2,875)
Payment to acquire real estate owned 0 (10,651)
Payment to acquire equity method investment, real estate asset (895) 0
Net proceeds on sale of real estate owned, held-for-investment 0 5,866
Net proceeds on sale of real estate owned, held-for-sale 2,814 24,395
Contributions to equity method investment, real estate asset (2,537) (14,072)
Payments for investments in CMBS securities (26,800) 0
Payment to acquire interest in consolidated CMBS trust (15,010) (9,021)
Net cash provided by (used in) investing activities 1,627,747 399,764
Cash Flows From Financing Activities    
Proceeds from borrowings under secured financing agreements 1,500,844 1,288,799
Proceeds from issuance of secured term loan 0 310,765
Proceeds from noncontrolling interest contributions 10,865 1,242
Principal repayments on borrowings under secured financing agreements (1,773,665) (1,386,916)
Principal repayments on borrowings under collateralized loan obligations (1,198,379) (441,752)
Principal repayments on borrowings under secured term loan (4,875) (3,000)
Payments of debt and collateralized debt obligation issuance costs (6,692) (23,199)
Payments of common stock dividends (38,019) (50,553)
Payments of preferred stock dividends (15,978) (15,978)
Payments to reacquire common stock (50,182) (34,131)
Net cash provided by (used in) financing activities (1,576,081) (354,723)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 81,964 100,589
Cash, Cash Equivalents and Restricted Cash at Beginning of Period 87,338 106,547
Cash, Cash Equivalents and Restricted Cash at End of Period 169,302 207,136
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 165,883 204,094
Restricted cash (Note 9) 3,419 3,042
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows 169,302 207,136
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest 185,380 243,838
Cash paid during the period for income taxes 0 1
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Dividend declared, not yet paid 5,703 16,307
Consolidation of variable interest entities, CMBS Trust (incremental assets and liabilities) 752,719 482,974
Modification accounted for as a repayment and new loan, net of write-off 62,890 0
Loan principal repayments held by a servicer 53,356 1,500
Deferred financing costs, not yet paid 713 517
Transfer of senior loan to equity method investment 126,504 0
Loan assignment in full satisfaction of secured financing 182,491 0
Acquisition of real estate owned 0 164,900
Acquisition of other assets related to real estate owned 0 1,385
Assumption of other liabilities related to real estate owned 0 (2,081)
Transfer of senior loans to real estate owned 0 162,865
Primary beneficiary    
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Change in net assets of consolidated variable interest entities, CMBS trusts $ (261) $ (96)