Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 148,212,000		$ 187,301,000
Restricted cash	21,185,000		27,588,000
Loan principal payments held by servicer	0		11,000,000
Loans receivable held-for-investment	6,913,273,000		7,020,383,000
Less: current expected credit loss reserve	(203,756,000)		(142,958,000)
Loans receivable held-for-investment, net	6,709,517,000		6,877,425,000
Loans receivable held-for-sale	0		261,709,000
Equity method investment	42,397,000		42,474,000
Real estate owned, net	518,719,000		522,959,000
Other assets	144,547,000		138,905,000
Total assets	7,584,577,000		8,069,361,000
Liabilities and Equity
Repurchase agreements	3,620,694,000		3,805,678,000
Term participation facility	370,193,000		465,434,000
Loan participations sold, net	100,759,000		120,508,000
Notes payable, net	244,018,000		283,341,000
Secured term loan, net	711,177,000		712,576,000
Debt related to real estate owned, net	278,600,000		289,913,000
Other liabilities	43,182,000		47,368,000
Dividends payable	35,541,000		35,328,000
Management fee payable - affiliate	9,011,000		9,315,000
Total liabilities	5,413,175,000		5,769,461,000
Commitments and Contingencies - Note 14
Equity
Common stock, $0.01 par value, 500,000,000 shares authorized, 138,954,433 and 138,745,357 shares issued and 138,954,433 and 138,745,357 shares outstanding at June 30, 2024 and December 31, 2023, respectively	1,390,000		1,387,000
Additional paid-in capital	2,732,228,000		2,725,217,000
Accumulated deficit	(562,216,000)		(426,704,000)
Total equity	2,171,402,000	$ 2,215,883,000	2,299,900,000
Total liabilities and equity	$ 7,584,577,000		$ 8,069,361,000