CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
ASSETS
Cash and cash equivalents	$ 89,985	$ 63,799
Restricted cash ($4,150 and $2,495 related to consolidated VIEs, respectively)	4,150	2,495
Loans held for investment ($172,248 and $551,955 related to consolidated VIEs, respectively)	1,300,670	1,656,688
Current expected credit loss reserve	(117,695)	(136,224)
Loans held for investment, net of current expected credit loss reserve	1,182,975	1,520,464
Investment in available-for-sale debt securities, at fair value	7,808	8,684
Real estate owned held for investment, net ($56,756 and $58,844 related to consolidated VIEs, respectively)	135,468	139,032
Other assets ($313 and $1,991 of interest receivable related to consolidated VIEs, respectively)	18,252	16,732
Total assets	1,438,638	1,751,206
LIABILITIES
Secured funding agreements	641,842	588,468
Secured term loan	108,780	128,062
Collateralized loan obligation securitization debt (consolidated VIEs)	137,587	455,839
Due to affiliate	4,145	3,790
Dividends payable	8,368	13,924
Other liabilities ($347 and $1,309 of interest payable related to consolidated VIEs, respectively)	14,217	20,991
Total liabilities	914,939	1,211,074
Commitments and contingencies (Note 7)
STOCKHOLDERS' EQUITY
Common stock, par value $0.01 per share, 450,000,000 shares authorized at June 30, 2025 and December 31, 2024 and 55,005,353 and 54,542,178 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively	532	532
Additional paid-in capital	818,910	816,923
Accumulated other comprehensive income (loss)	28	37
Accumulated earnings (deficit)	(295,771)	(277,360)
Total stockholders' equity	523,699	540,132
Total liabilities and stockholders' equity	$ 1,438,638	$ 1,751,206