v3.26.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net Loss $ (323,982) $ (269,858)
Adjustments to reconcile net loss to net cash used in operating activities:    
Accretion of fees and discounts on loans receivable (3,841) (8,454)
Amortization of deferred financing costs on secured financings 15,102 16,851
Amortization of deferred financing costs on debt related to real estate owned hotel portfolio 2,123 1,590
Amortization of discount on secured term loan 2,255  
Non-cash stock-based compensation expense 5,397 12,050
Depreciation and amortization on real estate owned, in-place lease values, and deferred leasing costs 16,996 5,023
Amortization of above and below market lease values, net 477 946
Straight-line rent adjustment (401) (434)
Unrealized loss on interest rate cap   71
Gain on sales of real estate owned (341) (366)
Loss from equity method investment 116 93
Loss on extinguishment of debt 5,898 547
Valuation adjustment for real estate owned held-for-sale 29,627 (12,618)
Non-cash advances on loans receivable in lieu of interest (1,064) (39,011)
Non-cash advances on secured financings in lieu of interest   6,234
Non-cash advances on debt related to real estate owned hotel portfolio   1,146
Repayment of non-cash advances on loans receivable in lieu of interest 31,845 27,991
Repayment of non-cash advances on debt related to real estate owned hotel portfolio   (1,146)
Provision for current expected credit loss reserve 240,598 254,846
Valuation adjustment for loan receivable held-for-sale   41,767
Changes in operating assets and liabilities:    
Other assets (20,955) (44,248)
Other liabilities (9,464) (6,591)
Management fee payable - affiliate (951) (19,287)
Net cash used in operating activities (10,565) (32,858)
Cash flows from investing activities    
Loan originations, acquisitions and advances, net of fees (34,022) (84,735)
Advances on loan receivable held-for-sale   (12,079)
Repayments of loans receivable 534,896 1,280,016
Proceeds from sales of loans receivable 260,325 [1] 304,004
Extension and exit fees received from loans receivable 683 2,284
Proceeds from sales of real estate owned 69,209 38,648
Capital expenditures on real estate owned (8,099) (1,113)
Capital expenditures on real estate owned held-for-sale   (362)
Payment of deferred leasing costs (28) (353)
Cash and restricted cash acquired from foreclosures on real estate owned 3,419 4,148
Payment of transaction costs from foreclosures on real estate owned (537) (1,376)
Net cash provided by investing activities 825,846 1,529,082
Cash flows from financing activities    
Payments for withholding taxes upon delivery of stock-based awards (998) (1,467)
Proceeds from secured financings 12,116 690,528
Proceeds from secured term loan and issuance of warrants 500,000  
Proceeds from debt related to real estate owned hotel portfolio   235,000
Payment of deferred financing costs (23,455) (20,762)
Payment of equity issuance costs (500)  
Payment of fees on secured financings (2,592) (1,038)
Purchase of interest rate cap   (71)
Repayments of secured financings (785,127) (1,894,932)
Repayments of secured term loan (556,188) (5,721)
Repayments of debt related to real estate owned hotel portfolio   (275,000)
Net cash used in financing activities (856,744) (1,273,463)
Net (decrease) increase in cash, cash equivalents and restricted cash (41,463) 222,761
Cash, cash equivalents and restricted cash, beginning of period 190,785 133,500
Cash, cash equivalents and restricted cash, end of period 149,322 356,261
Cash and cash equivalents, end of period 133,764 339,518
Restricted cash, end of period 15,558 16,743
Cash, cash equivalents and restricted cash, end of period 149,322 356,261
Supplemental disclosure of cash flow information:    
Cash paid for interest 148,342 250,107
Supplemental disclosure of non-cash investing and financing activities:    
Accrued deferred financing costs 244  
Accrued equity issuance costs 6  
Real estate acquired in foreclosure 58,574 250,670
Lease intangibles, net acquired in foreclosures on real estate owned 1,226 7,030
Working capital acquired in foreclosures of real estate owned (3,968) (3,862)
Settlement of loans receivable in foreclosures on real estate owned 102,011 $ 305,298
Settlement of loan receivable through assignment to lender 56,166  
Settlement of note payable through assignment to lender $ 56,166  
[1] For each loan receivable sold, the financial asset was legally isolated, control of the financial asset was transferred to the transferee, the transfer imposed no condition that would constrain the transferee from pledging the financial asset received, and we have no continuing involvement with the transferred financial asset. As such, we have determined each transaction constituted a sale.