v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Cash flows from operating activities:          
Net income (loss) $ 30,309 $ 7,315 $ 22,650 $ (277,028)  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:          
Depreciation and amortization, net     29,024 24,150  
Amortization of deferred financing costs     6,961 7,376  
Amortization and accretion on deferred loan fees     (5,796) (3,857)  
Amortization and accretion of premiums and discounts on credit investments     (3,995) (4,612)  
Accretion of interest income on CLO subordinated note     (3,050) 0  
Capitalized interest income on real estate-related securities and loans held-for-investment     (13,014) (5,874)  
Equity-based compensation     3,268 2,354  
Straight-line rental income     (2,963) (1,986)  
Write-offs for uncollectible lease-related receivables     (1,492) (318)  
Gain on disposition of real estate assets and condominium developments, net     (7,876) (4,460)  
Loss on sale of credit investments, net     827 8,532  
Gain on investment in unconsolidated entities     (7,703) (9,875)  
Unrealized (gain) loss on equity securities     (3,648) 11,156  
Impairment of real estate assets     7,674 60,418  
Increase in provision for credit losses     73,423 308,542  
Write-off of deferred financing costs     0 950  
Return on investment in unconsolidated entities     6,464 9,875  
Changes in operating assets and liabilities:          
Rents and tenant receivables, net     1,645 1,155  
Prepaid expenses and other assets     (2,043) (428)  
Accrued interest receivable     1,803 (234)  
Accrued expenses and accounts payable     556 4,923  
Deferred rental income and other liabilities     747 (282)  
Due to affiliates     (765) 245  
Net cash provided by operating activities     102,697 130,722  
Cash flows from investing activities:          
Investment in unconsolidated entities     (25,919) (28,220)  
Return of investment in unconsolidated entities     45,602 397  
Investment in real estate-related securities and other     (4,597) (27,646)  
Investment in liquid corporate senior loans     (1,251) (65,086)  
Investment in real estate assets and capital expenditures     (44,879) (57,469)  
Cash resulting from deed-in-lieu of foreclosures, net     1,655 0  
Investment in corporate senior loans     (97,222) (49,012)  
Origination and funding of first mortgage loans     (201,292) (102,012)  
Origination and exit fees received on first mortgage loans     4,371 784  
Principal payments received on loans held-for-investment     341,716 310,375  
Principal payments received on real estate-related securities     42,786 98,652  
Proceeds from the repayment on the CLO subordinated note     4,842 0  
Net proceeds from sale of real estate-related securities     60,911 0  
Net proceeds from disposition of real estate assets and condominium developments     165,168 92,750  
Net proceeds from sale of liquid corporate senior loans     4,788 446,974  
Payment of property escrow deposits     0 (1,000)  
Refund of property escrow deposits     0 1,000  
Net cash provided by investing activities     296,679 620,487  
Cash flows from financing activities:          
Redemptions of common stock     (28,811) (33,485)  
Distributions to stockholders     (91,634) (114,988)  
Proceeds from borrowings     365,898 84,487  
Repayments of borrowings     (568,324) (749,249)  
Contributions from non-controlling interests     1,201 150  
Deferred financing costs paid     (3,711) (993)  
Net cash used in financing activities     (325,381) (814,078)  
Net increase (decrease) in cash and cash equivalents and restricted cash     73,995 (62,869)  
Cash and cash equivalents and restricted cash, beginning of period     185,210 260,582 $ 260,582
Cash and cash equivalents and restricted cash, end of period 259,205 197,713 259,205 197,713 185,210
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:          
Cash and cash equivalents 255,559 193,844 255,559 193,844 181,291
Restricted cash 3,646 3,869 3,646 3,869 3,919
Total cash and cash equivalents and restricted cash $ 259,205 $ 197,713 259,205 197,713 $ 185,210
Supplemental Disclosures of Non-Cash Investing and Financing Activities:          
Distributions declared and unpaid     12,713 16,658  
Accrued capital expenditures     2,071 552  
Real estate acquired via deed-in-lieu of foreclosure     151,043 0  
Assumption of other assets and liabilities related to real estate acquired via deed-in-lieu of foreclosure     (3,260) 0  
Transfer of loans held-for-investment to real estate acquired via deed-in-lieu of foreclosure     (149,438) 0  
Common stock issued through distribution reinvestment plan     23,806 32,214  
Change in fair value of real estate-related securities     (2,489) 0  
Conversion of loan held-for-investment to equity securities     0 (5,060)  
Supplemental Cash Flow Disclosures:          
Interest paid     125,829 185,617  
Cash paid for taxes     $ 411 $ 1,506