v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash Flows from Operating Activities    
Net income (loss) $ 1,474 $ (93,050)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:    
Stock-based management termination fee and compensation expense 13 16,978
Mark-to-market on residential mortgage loans held-for-sale, net (5,892) 54,537
Mark-to-market adjustment on securities carried at fair value 5,669 (1,565)
Mark-to-market adjustment on equity method investments, at fair value 5,172 0
Discount accretion on mortgage loans (557) (3,042)
Interest and discount accretion on investment in debt securities (1,057) (10,501)
Discount accretion on investments in beneficial interests (6,540) (5,177)
(Gain) loss on sale of mortgage loans (100) 4,534
Gain on sale of real estate owned properties (455) (727)
Loss on sale of residential mortgage-backed securities 3,037 2,197
Impairment of real estate owned 756 606
Credit loss expense on mortgage loans and beneficial interests 388 910
Net decrease/(increase) in net present value of expected credit losses (7,003) 4,230
Amortization of debt discount and prepaid financing costs 1,514 5,416
Undistributed (gain) loss from investment in affiliates (1,637) 3,590
Fair value adjustment on mark-to-market liabilities 0 (3,078)
Net change in operating assets and liabilities:    
Other assets 1,314 26,436
Accrued expenses and other liabilities (4,401) (2,004)
Net cash (used in) provided by operating activities (8,305) 290
Cash Flows from Investing Activities    
Principal paydowns on mortgage loans 36,096 52,464
Proceeds from sale of mortgage loans 1,759 384,056
Origination of commercial loan (16,378) 0
Purchase of commercial mortgage-backed securities, at fair value (49,075) (255,318)
Principal and interest collection on mortgage-backed securities 33,064 56,808
Investment in credit risk transfer agreement 0 (7,998)
Paydown on other investments 7,998 0
Proceeds from sale of real estate owned, held-for-sale 2,638 1,864
Investment in equity investments (67,500) 0
Distribution from affiliates 3,810 408
Net cash (used in) provided by investing activities (33,247) 297,275
Cash Flows from Financing Activities    
Proceeds from issuance of Preferred Stock 50,715 0
Net change in repurchase financing agreements 50,506 (19,180)
Repayments on secured bonds payable (32,764) (154,680)
Redemption of senior convertible notes 0 (103,516)
Payment of transaction costs 0 (10,426)
Sale of Common Stock, net of offering costs 0 14,000
Distribution to noncontrolling interests 0 (900)
Dividends paid on Common Stock and Preferred Stock (11,025) (11,445)
Net cash provided by (used in) financing activities 57,432 (286,147)
Net Change in Cash and Cash Equivalents and Restricted Cash 15,880 11,418
Cash and Cash Equivalents and Restricted Cash, Beginning of Period 64,252 52,834
Cash and Cash Equivalents and Restricted Cash, End of Period 80,132 64,252
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 35,408 25,867
Cash paid for income taxes 470 97
Supplemental Disclosure of Noncash Investing and Financing Activities:    
Net transfer of loans from residential mortgage held-for-investment, net to residential mortgage loans held-for-sale, net 0 428,029
Preferred Stock and warrants redeemed for Common Stock 0 58,031
Conversion of 2020 Warrants for Common Stock 0 18,677
Common Stock settled for management fee and compensation expense 0 16,914
Issuance of 2024 Warrants 0 2,734
Net transfer of loans to property held-for-sale 288 2,041
Reclassification to earnings of unrealized loss on debt securities available-for-sale transferred to held-to-maturity 857 3,055
Other non-cash loan charges 0 671
Treasury stock received through distributions from investment in Former Manager 0 2,037
Unrealized gain on available-for-sale securities 6,487 1,981
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents 79,321 64,252
Restricted cash 811 0
Total Cash and Cash Equivalents and Restricted Cash 80,132 64,252
RMBS    
Cash Flows from Investing Activities    
Proceeds from sales of residential mortgage-backed securities, available-for-sale 14,341 57,802
CMBS    
Cash Flows from Investing Activities    
Proceeds from sales of residential mortgage-backed securities, available-for-sale $ 0 $ 7,189