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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Interest income:    
Loans held-for-investment $ 51,965 $ 65,291
Cash and cash equivalents 2,090 1,428
Total interest income 54,055 66,719
Interest expense:    
Repurchase facilities 20,728 19,772
Secured credit facility 2,689 2,929
Securitized debt obligations 18,115 18,051
Convertible senior notes 0 2,311
Asset-specific financings 0 743
Total interest expense 41,532 43,806
Net interest income 12,523 22,913
Other income (loss):    
Revenue from real estate owned operations 1,142 0
Provision for credit losses (75,552) (46,410)
Gain (loss) on extinguishment of debt 0 238
Total other loss (74,410) (46,172)
Expenses:    
Compensation and benefits 5,987 5,912
Servicing expenses 1,376 1,378
Expenses from real estate owned operations 2,045 0
Other operating expenses 2,829 3,271
Total expenses 12,237 10,561
(Loss) income before income taxes (74,124) (33,820)
(Benefit from) provision for income taxes (1) 9
Net (loss) income (74,123) (33,829)
Dividends on preferred stock 3,600 3,625
Net (loss) income attributable to common stockholders - basic (77,723) (37,454)
Net (loss) income attributable to common stockholders - diluted $ (77,723) $ (37,454)
Basic (loss) earnings per weighted average common share (in usd per share) $ (1.53) $ (0.72)
Diluted (loss) earnings per weighted average common share (in usd per share) $ (1.53) $ (0.72)
Weighted average number of shares of common stock outstanding:    
Basic (in shares) 50,744,532 52,308,380
Diluted (in shares) 50,744,532 52,308,380
Net (loss) income attributable to common stockholders - basic $ (77,723) $ (37,454)
Net (loss) income attributable to common stockholders - diluted (77,723) (37,454)
Comprehensive (loss) income    
Comprehensive (loss) income $ (77,723) $ (37,454)

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