v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Cash flows from operating activities:      
Net income (loss) $ 43,072 $ (32,874)  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization, net 9,157 9,195  
Amortization of deferred financing costs 2,167 2,255  
Amortization and accretion on deferred loan fees (3,139) (1,915)  
Amortization and accretion of premiums and discounts on credit investments (1,325) (1,241)  
Accretion of interest income on CLO subordinated note (1,012) (1,028)  
Capitalized interest income on real estate-related securities and loans held-for-investment (3,732) (3,925)  
Equity-based compensation 1,223 740  
Straight-line rental income (884) (1,551)  
Recovery of uncollectible lease-related receivables (11) (1,357)  
Gain on disposition of real estate assets and condominium developments, net (5,743) (1,552)  
Loss on sale of credit investments, net 0 678  
Loss (gain) on investment in unconsolidated entities 971 (1,011)  
Unrealized gain on equity securities (3,317) (3,300)  
Impairment of real estate assets 0 7,026  
(Decrease) increase in provision for credit losses (7,123) 61,777  
Write-off of deferred financing costs 282 0  
Changes in operating assets and liabilities:      
Rents and tenant receivables, net 67 628  
Prepaid expenses and other assets 2,819 1,516  
Accrued interest receivable 689 243  
Accrued expenses and accounts payable (2,599) (2,958)  
Deferred rental income and other liabilities (429) 1,046  
Due to affiliates 1,338 (641)  
Net cash provided by operating activities 32,471 31,751  
Cash flows from investing activities:      
Investment in unconsolidated entities (24,375) (13,998)  
Return of investment in unconsolidated entities 47,453 3,893  
Investment in liquid corporate senior loans 0 (1,253)  
Investment in real estate assets and capital expenditures (3,590) (5,624)  
Net proceeds from deeds-in-lieu of foreclosure 0 1,655  
Investment in corporate senior loans (37,393) (32,596)  
Origination and funding of first mortgage loans (66,758) (92,602)  
Origination and exit fees received on first mortgage loans 1,251 1,644  
Principal payments received on loans held-for-investment 483,840 54,326  
Principal payments received on real estate-related securities 513 1,848  
Proceeds from the repayment on the CLO subordinated note 1,092 2,342  
Net proceeds from sale of real estate-related securities 0 43,616  
Net proceeds from disposition of real estate assets and condominium developments 18,554 29,211  
Proceeds from sale of loans 0 2,943  
Payment of loan escrow deposits (27,309) 0  
Net cash provided by (used in) investing activities 393,278 (4,595)  
Cash flows from financing activities:      
Redemptions of common stock (8,227) (11,236)  
Distributions to stockholders (29,770) (32,519)  
Proceeds from borrowings 33,510 90,751  
Repayments of borrowings (401,056) (116,671)  
Contributions from non-controlling interests 46 200  
Deferred financing costs paid (3,484) (524)  
Net cash used in financing activities (408,981) (69,999)  
Net increase (decrease) in cash and cash equivalents and restricted cash 16,768 (42,843)  
Cash and cash equivalents and restricted cash, beginning of period 189,272 185,210 $ 185,210
Cash and cash equivalents and restricted cash, end of period 206,040 142,367 189,272
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:      
Cash and cash equivalents 183,617 139,308 184,674
Restricted cash 22,423 3,059 4,598
Total cash and cash equivalents and restricted cash 206,040 142,367 $ 189,272
Supplemental Disclosures of Non-Cash Investing and Financing Activities:      
Distributions declared and unpaid 14,784 12,569  
Accrued capital expenditures 155 1,556  
Real estate acquired via deed-in-lieu of foreclosure 0 151,043  
Assumption of other assets and liabilities related to real estate acquired via deed-in-lieu of foreclosure 0 (3,260)  
Transfers of loans held-for-investment to real estate acquired via deed-in-lieu of foreclosure 0 (149,438)  
Common stock issued through distribution reinvestment plan 7,319 8,621  
Change in fair value of real estate-related securities (4,809) 659  
Supplemental Cash Flow Disclosures:      
Interest paid 36,086 42,993  
Cash paid for taxes $ 114 $ 177