v3.25.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Interest income:    
Loans held-for-investment $ 34,327 $ 51,965
Cash and cash equivalents 817 2,090
Total interest income 35,144 54,055
Interest expense:    
Repurchase facilities 11,885 20,728
Securitized debt obligations 12,680 18,115
Secured credit facility 2,539 2,689
Total interest expense 27,104 41,532
Net interest income 8,040 12,523
Other income (loss):    
Revenue from real estate owned operations 3,094 1,142
Provision for credit losses (3,770) (75,552)
Total other (loss) income (676) (74,410)
Expenses:    
Compensation and benefits 5,771 5,987
Servicing expenses 1,031 1,376
Expenses from real estate owned operations 4,504 2,045
Other operating expenses 3,003 2,829
Total expenses 14,309 12,237
(Loss) income before income taxes (6,945) (74,124)
(Benefit from) provision for income taxes 70 (1)
Net (loss) income (7,015) (74,123)
Dividends on preferred stock 3,600 3,600
Net (loss) income attributable to common stockholders - basic (10,615) (77,723)
Net (loss) income attributable to common stockholders - diluted $ (10,615) $ (77,723)
Basic (loss) earnings per weighted average common share (in usd per share) $ (0.22) $ (1.53)
Diluted (loss) earnings per weighted average common share (in usd per share) $ (0.22) $ (1.53)
Weighted average number of shares of common stock outstanding:    
Basic (in shares) 48,668,667 50,744,532
Diluted (in shares) 48,668,667 50,744,532
Net (loss) income attributable to common stockholders - basic $ (10,615) $ (77,723)
Net (loss) income attributable to common stockholders - diluted (10,615) (77,723)
Comprehensive (loss) income $ (10,615) $ (77,723)

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