v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest income:        
Loans held-for-investment $ 66,217 $ 49,056 $ 131,508 $ 96,354
Cash and cash equivalents 2,609 223 4,037 246
Total interest income 68,826 49,279 135,545 96,600
Interest expense:        
Repurchase facilities 22,872 10,380 42,644 15,388
Secured credit facility 3,075 0 6,004 0
Securitized debt obligations 17,888 10,844 35,939 20,576
Convertible senior notes 2,332 4,572 4,643 9,118
Term financing facility 0 340 0 1,713
Asset-specific financings 819 322 1,562 604
Senior secured term loan facilities 0 886 0 3,754
Total interest expense 46,986 27,344 90,792 51,153
Net interest income 21,840 21,935 44,753 45,447
Other (loss) income:        
Revenue from real estate owned operations 462 0 462 0
Provision for credit losses (5,818) (13,627) (52,228) (17,315)
Gain (loss) on extinguishment of debt 0 (13,032) 238 (18,823)
Fee income 0 461 0 954
Total other (loss) income (5,356) (26,198) (51,528) (35,184)
Expenses:        
Compensation and benefits 6,209 5,770 12,121 11,586
Servicing expenses 1,320 1,500 2,698 2,961
Expenses from real estate owned operations 1,664 0 1,664 0
Other operating expenses 2,180 2,185 5,451 4,799
Total expenses 11,373 9,455 21,934 19,346
Income (loss) before income taxes 5,111 (13,718) (28,709) (9,083)
Provision for (benefit from) income taxes 70 13 79 12
Net income (loss) 5,041 (13,731) (28,788) (9,095)
Dividends on preferred stock 3,625 3,625 7,250 7,250
Net income (loss) attributable to common stockholders 1,416 (17,356) (36,038) (16,345)
Net income (loss) attributable to common stockholders - diluted $ 1,416 $ (17,356) $ (36,038) $ (16,345)
Basic earnings (loss) per weighted average common share (in usd per share) $ 0.03 $ (0.32) $ (0.69) $ (0.30)
Diluted earnings (loss) per weighted average common share (in usd per share) $ 0.03 $ (0.32) $ (0.69) $ (0.30)
Weighted average number of shares of common stock outstanding:        
Basic (in shares) 51,538,309 53,512,005 51,921,217 53,683,575
Diluted (in shares) 51,619,072 53,512,005 51,921,217 53,683,575
Net income (loss) attributable to common stockholders $ 1,416 $ (17,356) $ (36,038) $ (16,345)
Comprehensive income (loss)        
Comprehensive income (loss) $ 1,416 $ (17,356) $ (36,038) $ (16,345)

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