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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 3,594 $ 11,321
Adjustments to reconcile net income to net cash provided by operating activities:    
(Reversal of) Provision for credit losses, net (2,497) 6,233
Depreciation, amortization and accretion 7,119 3,375
Amortization of stock-based compensation 1,400 1,291
Gain on conversion of real estate 0 (5,835)
Equity in losses of unconsolidated subsidiaries 1,161 41
Changes in operating assets and liabilities (3,574) (6,215)
Net cash provided by operating activities 7,203 10,211
CASH FLOWS FROM INVESTING ACTIVITIES:    
Principal fundings of CRE loans (103,934) (20,556)
Principal payments received on CRE loans 133,596 149,511
Proceeds from sale of loans 31,730 0
Investments in real estate (2,227) (26,418)
Investments in unconsolidated entities (4,558) 0
Purchases of furniture and fixtures (106) 0
Principal payments received on loan - due from Manager 125 125
Net cash provided by investing activities 54,626 102,662
CASH FLOWS FROM FINANCING ACTIVITIES:    
Offering costs 0 (82)
Repurchase of common stock (9,449) (3,623)
Repurchase of preferred stock 0 (2,157)
Proceeds from borrowings:    
CRE - term warehouse financing facilities 56,640 19,168
Mortgages payable 0 21,499
CRE - term reinvestment financing facility 907,601 0
Payments on borrowings:    
Securitizations (865,078) (112,215)
Senior secured financing facility 0 (1,397)
CRE - term warehouse financing facilities (131,565) (24,938)
CRE - term reinvestment financing facility (18,708) 0
Payment of debt issuance costs (3,366) 0
Proceeds received from non-controlling interests 0 241
Distributions paid on preferred stock (10,657) (9,662)
Net cash (used in) provided by financing activities (74,582) (113,166)
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (12,753) (293)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 57,603 91,886
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 44,850 $ 91,593