v3.25.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Interest income:      
Loans held-for-investment $ 179,601 $ 254,733 $ 208,500
Cash and cash equivalents 5,950 9,002 2,354
Total interest income 185,551 263,735 210,854
Interest expense:      
Repurchase facilities 71,841 86,593 49,452
Secured credit facility 10,823 12,290 383
Securitized debt obligations 67,004 72,975 51,631
Convertible senior notes 0 6,975 17,527
Term financing facility 0 0 1,713
Asset-specific financings 0 2,902 1,669
Senior secured term loan facilities 0 0 3,754
Total interest expense 149,668 181,735 126,129
Net interest income 35,883 82,000 84,725
Other income (loss):      
Revenue from real estate owned operations 9,327 2,622 0
Provision for credit losses (201,412) (104,807) (69,265)
Gain (loss) on extinguishment of debt (786) 238 (18,823)
Realized losses on sales 0 0 (1,702)
Fee income 0 134 954
Total other (loss) income (192,871) (101,813) (88,836)
Expenses:      
Compensation and benefits 19,461 21,711 20,225
Servicing expenses 5,351 5,313 5,718
Expenses from real estate owned operations 13,186 5,977 0
Other operating expenses 12,075 10,289 10,754
Total expenses 50,073 43,290 36,697
(Loss) income before income taxes (207,061) (63,103) (40,808)
(Benefit from) provision for income taxes (10) 95 17
Net (loss) income (207,051) (63,198) (40,825)
Dividends on preferred stock 14,401 14,451 14,502
Net (loss) income attributable to common stockholders - basic (221,452) (77,649) (55,327)
Net (loss) income attributable to common stockholders - diluted $ (221,452) $ (77,649) $ (55,327)
Basic (loss) earnings per weighted average common share (in usd per share) $ (4.39) $ (1.50) $ (1.04)
Diluted (loss) earnings per weighted average common share (in usd per share) $ (4.39) $ (1.50) $ (1.04)
Weighted average number of shares of common stock outstanding:      
Basic (in shares) 50,423,243 51,641,619 53,011,806
Diluted (in shares) 50,423,243 51,641,619 53,011,806
Net (loss) income attributable to common stockholders - basic $ (221,452) $ (77,649) $ (55,327)
Net (loss) income attributable to common stockholders - diluted (221,452) (77,649) (55,327)
Comprehensive (loss) income $ (221,452) $ (77,649) $ (55,327)

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