CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Operating activities:
Net income (loss)	$ (1,690)	$ (18,448)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization of deferred financing costs	2,421	2,379
Accretion of discounts, deferred loan origination fees and costs	(1,997)	(2,476)
Stock-based compensation	1,987	2,436
Depreciation and amortization of real estate owned	4,501	1,556
Provision for (reversal of) current expected credit losses, net	(25,490)	(24,643)
Realized losses on loans	33,000	62,113
Change in unrealized losses on loans held for sale	0	(995)
Changes in operating assets and liabilities:
Other assets	110	(1,448)
Due to affiliate	355	391
Other liabilities	(307)	(820)
Net cash provided by (used in) operating activities	12,890	20,045
Investing activities:
Issuance of and fundings on loans held for investment	(19,085)	(23,099)
Principal collections and cost-recovery proceeds on loans held for investment	342,596	117,180
Proceeds from sale of loans held for sale	0	38,981
Receipt of origination and other loan fees	1,554	659
Principal repayment of available-for-sale debt securities	870	0
Purchases of capitalized additions to real estate owned	(937)	0
Net cash provided by (used in) investing activities	324,998	133,721
Financing activities:
Payment of secured funding costs	(2,709)	(2,622)
Repayments of debt of consolidated VIEs	(318,434)	(135,055)
Dividends paid	(22,278)	(32,019)
Net cash provided by (used in) financing activities	(310,047)	(193,576)
Change in cash, cash equivalents and restricted cash	27,841	(39,810)
Cash, cash equivalents and restricted cash, beginning of period	66,294	110,459
Cash, cash equivalents and restricted cash, end of period	94,135	70,649
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	89,985	70,649
Restricted cash	4,150	0
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	94,135	70,649
Supplemental disclosure of noncash investing and financing activities:
Dividends declared, but not yet paid	8,368	13,812
Assumption of real estate owned	0	14,509
Assumption of other assets related to real estate owned	0	993
Assumption of other liabilities related to real estate owned	0	1,060
Transfer of senior mortgage loans to real estate owned	0	30,828
Secured funding agreements
Financing activities:
Proceeds from secured debt	114,797	12,781
Repayments of secured funding agreements	(61,423)	(26,661)
Secured term loan
Financing activities:
Repayments of secured funding agreements	$ (20,000)	$ (10,000)