v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest income:        
Loans held-for-investment $ 43,031 $ 63,848 $ 141,878 $ 195,356
Cash and cash equivalents 1,266 2,839 4,953 6,876
Total interest income 44,297 66,687 146,831 202,232
Interest expense:        
Repurchase facilities 17,365 21,986 57,424 64,630
Secured credit facility 2,753 3,178 8,156 9,182
Securitized debt obligations 16,521 18,414 52,939 54,353
Convertible senior notes 0 2,332 0 6,975
Asset-specific financings 0 862 0 2,424
Total interest expense 36,639 46,772 118,519 137,564
Net interest income 7,658 19,915 28,312 64,668
Other income (loss):        
Revenue from real estate owned operations 3,792 1,056 6,045 1,518
Provision for credit losses (27,911) (31,008) (164,219) (83,236)
Gain (loss) on extinguishment of debt 0 0 (786) 238
Fee income 0 81 0 81
Total other (loss) (24,119) (29,871) (158,960) (81,399)
Expenses:        
Compensation and benefits 5,375 5,044 16,083 17,165
Servicing expenses 1,197 1,331 3,971 4,029
Expenses from real estate owned operations 4,827 2,233 8,822 3,897
Other operating expenses 3,166 2,358 8,695 7,809
Total expenses 14,565 10,966 37,571 32,900
(Loss) income before income taxes (31,026) (20,922) (168,219) (49,631)
(Benefit from) provision for income taxes (2) 15 (4) 94
Net (loss) income (31,024) (20,937) (168,215) (49,725)
Dividends on preferred stock 3,600 3,600 10,800 10,850
Net (loss) income attributable to common stockholders - basic (34,624) (24,537) (179,015) (60,575)
Net (loss) income attributable to common stockholders - diluted $ (34,624) $ (24,537) $ (179,015) $ (60,575)
Basic (loss) earnings per weighted average common share (in usd per share) $ (0.69) $ (0.48) $ (3.53) $ (1.17)
Diluted (loss) earnings per weighted average common share (in usd per share) $ (0.69) $ (0.48) $ (3.53) $ (1.17)
Weighted average number of shares of common stock outstanding:        
Basic (in shares) 50,526,492 51,577,143 50,736,066 51,805,265
Diluted (in shares) 50,526,492 51,577,143 50,736,066 51,805,265
Net (loss) income attributable to common stockholders - basic $ (34,624) $ (24,537) $ (179,015) $ (60,575)
Net (loss) income attributable to common stockholders - diluted (34,624) (24,537) (179,015) (60,575)
Comprehensive (loss) income        
Comprehensive (loss) income $ (34,624) $ (24,537) $ (179,015) $ (60,575)

Source

PDF HTML 10-Q Filing
ZIP XBRL