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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash Flows From Operating Activities:    
Net loss $ (168,215) $ (49,725)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Accretion of discounts and net deferred fees on loans held-for-investment and deferred interest capitalized to loans held-for-investment (4,331) (6,954)
Amortization of deferred debt issuance costs 4,335 6,399
Provision for credit losses 164,219 83,236
(Gain) loss on extinguishment of debt 423 (274)
Amortization of equity-based compensation 6,165 5,912
Proceeds received from deferred interest capitalized on loans held-for-investment 2,935 359
Depreciation and amortization on real estate owned 4,580 0
Net change in assets and liabilities:    
Decrease (increase) in accrued interest receivable 3,212 449
Decrease (increase) in other assets (1,963) (242)
Increase (decrease) in other liabilities (2,634) 3,256
Net cash provided by operating activities 8,726 42,416
Cash Flows From Investing Activities:    
Originations, acquisitions and additional fundings of loans held-for-investment, net of deferred fees (41,348) (54,787)
Proceeds from repayment of loans held-for-investment 342,912 442,746
Increase in other assets, due from servicer on repayments of loans held-for-investment (42) 0
Capital expenditures related to real estate owned (1,966) 0
Purchases of preferred equity investments (366) 0
Net cash provided by investing activities 299,190 387,959
Cash Flows From Financing Activities:    
Proceeds from repurchase facilities 78,485 453,185
Principal payments on repurchase facilities (247,914) (547,641)
Principal payments on securitized debt obligations (176,447) (139,753)
Proceeds from asset-specific financings 0 910
Proceeds from secured credit facility 1,192 0
Payment of debt issuance costs (843) (3,600)
Tax withholding on restricted stock and RSUs (1,185) (966)
Repurchase of common stock (3,602) (5,118)
Redemption of cumulative redeemable preferred stock 0 (1,000)
Dividends paid on preferred stock (10,801) (10,851)
Dividends paid on common stock (21,313) (32,159)
Net cash used in financing activities (382,428) (286,993)
Net (decrease) increase in cash, cash equivalents and restricted cash (74,512) 143,382
Cash, cash equivalents, and restricted cash at beginning of period 199,216 140,165
Cash, cash equivalents, and restricted cash at end of period 124,704 283,547
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 120,774 134,780
Cash paid for taxes 0 836
Noncash Activities:    
Transfers of loans held-for-investment to loans held-for-sale 0 14,980
Dividends declared but not paid at end of period 6,296 14,336
Transfers from loans held-for-investment to real estate owned, other assets and other liabilities 35,659 24,000
Deferred financing costs, not yet paid $ 0 $ 1,063

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