v3.26.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net income/(loss) $ 1,525 $ 65,705
Adjustments to reconcile net income to net cash (used in)/provided by operating activities:    
Premium amortization and (discount accretion), net (7,093) (7,477)
Accretion of deferred commitment fees 1,515 (7,658)
Amortization of deferred financing costs 8,646 10,240
Share-based compensation 6,068 6,799
Realized gain/(loss) on extinguishment of debt (766) 0
Realized (gain)/loss on sale of available for sale securities, measured at fair value 888 (113)
Realized and unrealized (gain)/loss on sale of commercial mortgage loans, held for sale, measured at fair value (6,808) (8,710)
Change in net assets of consolidated variable interest entity, CMBS trust (460) 0
Income/(loss) from equity method investments (13,797) (187)
(Gain)/loss on derivative instruments (3,318) 456
(Gain)/loss from other real estate investments 9,597 1,664
Depreciation and amortization 7,641 6,193
Straight line rental income (555) 748
Provision/(benefit) for credit losses 61,509 (3,954)
Origination of commercial mortgage loans, held for sale, measured at fair value (2,053,759) (1,968,451)
Proceeds from sale or repayment of commercial mortgage loans, held for sale, measured at fair value 1,890,691 1,867,411
Origination and purchase of commercial mortgage loans, held for sale 0 (7,000)
Distributions from equity method investments 4,096 1,091
MSR impairment and amortization 26,833 13,883
Mortgage banking activities (28,190) (18,184)
Changes in assets and liabilities:    
Accrued interest receivable 10,046 12,633
Prepaid expenses and other assets (844) (1,329)
Accounts payable and accrued expenses 1,899 3,062
Due to affiliates 507 (1,378)
Interest payable (1,273) 6,088
Accrued compensation (1,656) 13,442
Other liabilities (8,387) (5,043)
Net cash (used in)/provided by operating activities (95,445) (20,069)
Cash flows from investing activities:    
Origination and purchase of commercial mortgage loans, held for investment (954,859) (406,148)
Principal repayments received on commercial mortgage loans, held for investment 1,223,628 982,887
Purchase of and contributions to equity method investments (22,998) (9,800)
Return of capital from equity method investments 15,725 834
Proceeds from sale of real estate owned, held for sale 5,711 50,390
Purchase of real estate owned and capital expenditures (4,181) (1,250)
Purchase of real estate securities, available for sale (40,555) (61,298)
Proceeds from sale or paydown of real estate securities 191,565 182,336
Proceeds from sale of commercial mortgage loans, held for investment 0 35,184
Purchase of NewPoint Holdings JV LLC 0 (297,308)
Payment of software development costs (120) (180)
Purchases of investment securities, held to maturity (19,300) (5,500)
Sales of investment securities, held to maturity 14,900 4,400
Proceeds from sale/(purchase) of derivative instruments 2,391 (844)
Payment to acquire interest in CMBS trust (27,406) 0
Net cash (used in)/provided by investing activities 384,501 473,703
Cash flows from financing activities:    
Payments for common stock repurchases (116,322) 0
Shares cancelled for tax withholding on vested equity rewards (2,228) (2,393)
Borrowings on collateralized loan obligations 778,094 0
Repayments of collateralized loan obligations (656,363) (821,831)
Borrowings on repurchase agreements and revolving credit facilities - commercial mortgage loans 3,303,492 2,470,932
Repayments of repurchase agreements and revolving credit facilities - commercial mortgage loans (3,552,678) (2,037,732)
Net borrowings/(paydowns) on repurchase agreements - real estate securities, less than 90 days maturity (147,882) (104,951)
Secured borrowings from CMBS Trust 157,413 0
Borrowings on unsecured debt 0 107,000
Repayments of unsecured debt (23,063) 0
Payments of deferred financing costs (9,359) (5,814)
Contributions from non-controlling interest 0 128
Distributions to non-controlling interest (6,885) (2,841)
Distributions paid (78,848) (109,133)
Net cash (used in)/provided by financing activities: (354,629) (506,635)
Net change in cash, cash equivalents and restricted cash (65,573) (53,001)
Cash, cash equivalents and restricted cash, beginning of period 185,181 196,864
Cash, cash equivalents and restricted cash, end of period 119,608 143,863
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents, beginning of period 167,292 184,443
Restricted cash, beginning of period 17,889 12,421
Cash and cash equivalents, end of period 100,821 116,652
Restricted cash, end of period 18,787 27,211
Cash, cash equivalents and restricted cash, 119,608 143,863
Supplemental disclosures of cash flow information:    
Cash payments for income taxes 1,110 781
Cash payments for interest 182,502 201,968
Supplemental disclosures of non - cash flow information:    
Distribution payable 21,431 39,425
OP Units redeemed for common stock 80,251 0
Loans transferred from commercial mortgage loans, held for investment to real estate owned, held for sale 80,869 169,817
Loans transferred from commercial mortgage loans, held for investment to real estate owned, held for investment 125,798 0
Property transferred from real estate owned, held for investment to real estate owned, held for sale 0 11,495
Property transferred from real estate owned, held for sale to real estate owned, held for investment 24,650 0
Loans transferred from commercial mortgage loans, held for investment to commercial mortgage loans, held for sale 0 33,909
Transfer of commercial mortgage loans, held for sale to consolidated VIE CMBS trust 157,413 0
Commercial mortgage loans acquired via consolidated VIE CMBS trust 387,743 0
CMBS bonds issued via consolidated VIE CMBS trust 360,338 0
Seller-based financing on sales of real estate owned, held for sale 72,000 140,129
Modification accounted for as repayment and new loan $ 0 $ 60,000