CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	$ 154,283	$ 302,173
Restricted cash	97,399	148,523
Loans and preferred equity held for investment	2,392,415	2,518,925
Current expected credit loss reserve	(136,567)	(165,932)
Loans and preferred equity held for investment, net	2,255,848	2,352,993
Real estate, net	732,776	777,421
Receivables, net	46,071	38,732
Deferred leasing costs and intangible assets, net	35,454	47,172
Assets held for sale	34,284	5,170
Other assets	53,366	51,294
Total assets	3,409,481	3,723,478
Liabilities
Securitization bonds payable, net	982,198	1,087,074
Mortgage and other notes payable, net	483,109	619,055
Credit facilities	789,729	785,183
Accrued and other liabilities	68,453	82,625
Intangible liabilities, net	2,187	2,805
Escrow deposits payable	74,748	80,132
Dividends payable	20,797	20,793
Total liabilities	2,421,221	2,677,667
Commitments and contingencies (Note 13)
Stockholders’ equity
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively	0	0
Common stock	1,300	1,297
Additional paid-in capital	2,864,578	2,865,341
Accumulated deficit	(1,871,523)	(1,812,083)
Accumulated other comprehensive loss	0	(6,337)
Total stockholders’ equity	994,355	1,048,218
Noncontrolling interests in investment entities	(6,095)	(2,407)
Total equity	988,260	1,045,811
Total liabilities and equity	3,409,481	3,723,478
Primary beneficiary
Assets
Cash and cash equivalents	4,477	4,237
Restricted cash	15,626	61,194
Loans and preferred equity held for investment, net	1,158,885	1,218,140
Real estate, net	216,214	191,102
Receivables, net	13,572	11,455
Deferred leasing costs and intangible assets, net	7,055	7,209
Other assets	24,851	22,662
Total assets	1,440,680	1,515,999
Liabilities
Securitization bonds payable, net	982,198	1,087,074
Mortgage and other notes payable, net	164,098	165,810
Credit facilities	45,145	25,866
Accrued and other liabilities	14,365	9,229
Intangible liabilities, net	1,630	2,208
Escrow deposits payable	3,234	2,801
Total liabilities	$ 1,210,670	$ 1,292,988