v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest income:        
Loans held-for-investment $ 46,882 $ 66,217 $ 98,847 $ 131,508
Cash and cash equivalents 1,597 2,609 3,687 4,037
Total interest income 48,479 68,826 102,534 135,545
Interest expense:        
Repurchase facilities 19,331 22,872 40,059 42,644
Secured credit facility 2,714 3,075 5,403 6,004
Securitized debt obligations 18,303 17,888 36,418 35,939
Convertible senior notes 0 2,332 0 4,643
Asset-specific financings 0 819 0 1,562
Total interest expense 40,348 46,986 81,880 90,792
Net interest income 8,131 21,840 20,654 44,753
Other income (loss):        
Revenue from real estate owned operations 1,111 462 2,253 462
Provision for credit losses (60,756) (5,818) (136,308) (52,228)
Gain (loss) on extinguishment of debt (786) 0 (786) 238
Total other loss (60,431) (5,356) (134,841) (51,528)
Expenses:        
Compensation and benefits 4,721 6,209 10,708 12,121
Servicing expenses 1,398 1,320 2,774 2,698
Expenses from real estate owned operations 1,950 1,664 3,995 1,664
Other operating expenses 2,700 2,180 5,529 5,451
Total expenses 10,769 11,373 23,006 21,934
(Loss) income before income taxes (63,069) 5,111 (137,193) (28,709)
(Benefit from) provision for income taxes (1) 70 (2) 79
Net (loss) income (63,068) 5,041 (137,191) (28,788)
Dividends on preferred stock 3,600 3,625 7,200 7,250
Net (loss) income attributable to common stockholders - basic (66,668) 1,416 (144,391) (36,038)
Net (loss) income attributable to common stockholders - diluted $ (66,668) $ 1,416 $ (144,391) $ (36,038)
Basic (loss) earnings per weighted average common share (in usd per share) $ (1.31) $ 0.03 $ (2.84) $ (0.69)
Diluted (loss) earnings per weighted average common share (in usd per share) $ (1.31) $ 0.03 $ (2.84) $ (0.69)
Weighted average number of shares of common stock outstanding:        
Basic (in shares) 50,939,476 51,538,309 50,842,004 51,921,217
Diluted (in shares) 50,939,476 51,619,072 50,842,004 51,921,217
Net (loss) income attributable to common stockholders - basic $ (66,668) $ 1,416 $ (144,391) $ (36,038)
Net (loss) income attributable to common stockholders - diluted (66,668) 1,416 (144,391) (36,038)
Comprehensive (loss) income        
Comprehensive (loss) income $ (66,668) $ 1,416 $ (144,391) $ (36,038)

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