v3.24.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Interest income:      
Loans held-for-investment $ 254,733 $ 208,500 $ 197,942
Cash and cash equivalents 9,002 2,354 346
Total interest income 263,735 210,854 198,288
Interest expense:      
Repurchase facilities 86,593 49,452 25,973
Secured credit facility 12,290 383 0
Securitized debt obligations 72,975 51,631 29,926
Convertible senior notes 6,975 17,527 18,167
Term financing facility 0 1,713 7,585
Asset-specific financings 2,902 1,669 2,241
Senior secured term loan facilities 0 3,754 21,688
Total interest expense 181,735 126,129 105,580
Net interest income 82,000 84,725 92,708
Other (loss) income:      
Revenue from real estate owned operations 2,622 0 0
(Provision for) benefit from credit losses (104,807) (69,265) 20,027
Gain (loss) on extinguishment of debt 238 (18,823) (8,919)
Realized losses on sales 0 (1,702) 0
Fee income 134 954 0
Total other (loss) income (101,813) (88,836) 11,108
Expenses:      
Compensation and benefits 21,711 20,225 21,464
Servicing expenses 5,313 5,718 5,173
Expenses from real estate owned operations 5,977 0 0
Other operating expenses 10,289 10,754 8,634
Total expenses 43,290 36,697 35,271
(Loss) income before income taxes (63,103) (40,808) 68,545
Provision for (benefit from) income taxes 95 17 192
Net (loss) income (63,198) (40,825) 68,353
Dividends on preferred stock 14,451 14,502 793
Net (loss) income attributable to common stockholders - basic (77,649) (55,327) 67,560
Net (loss) income attributable to common stockholders - diluted $ (77,649) $ (55,327) $ 67,560
Basic (loss) earnings per weighted average common share (in usd per share) $ (1.50) $ (1.04) $ 1.24
Diluted (loss) earnings per weighted average common share (in usd per share) $ (1.50) $ (1.04) $ 1.23
Weighted average number of shares of common stock outstanding:      
Basic (in shares) 51,641,619 53,011,806 54,593,499
Diluted (in shares) 51,641,619 53,011,806 54,929,070
Net (loss) income attributable to common stockholders - basic $ (77,649) $ (55,327) $ 67,560
Net (loss) income attributable to common stockholders - diluted (77,649) (55,327) 67,560
Comprehensive (loss) income      
Comprehensive (loss) income $ (77,649) $ (55,327) $ 67,560

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