v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Interest income:      
Loans held-for-investment $ 128,787 $ 179,601 $ 254,733
Cash and cash equivalents 2,943 5,950 9,002
Total interest income 131,730 185,551 263,735
Interest expense:      
Repurchase facilities 39,799 71,841 86,593
Secured credit facility 9,553 10,823 12,290
Securitized debt obligations 48,190 67,004 72,975
Mortgage loan payable 340 0 0
Convertible senior notes 0 0 6,975
Asset-specific financings 0 0 2,902
Total interest expense 97,882 149,668 181,735
Net interest income 33,848 35,883 82,000
Other income (loss):      
Revenue from real estate owned operations 13,554 9,327 2,622
Provision for credit losses (27,539) (201,412) (104,807)
Gain (loss) on sale of real estate owned 301 0 0
Gain (loss) on extinguishment of debt 0 (786) 238
Fee income 0 0 134
Total other (loss) income (13,684) (192,871) (101,813)
Expenses:      
Compensation and benefits 19,860 19,461 21,711
Servicing expenses 3,604 5,351 5,313
Impairment on real estate owned 6,753 0 0
Expenses from real estate owned operations 21,058 13,186 5,977
Other operating expenses 9,892 12,075 10,289
Total expenses 61,167 50,073 43,290
(Loss) income before income taxes (41,003) (207,061) (63,103)
(Benefit from) provision for income taxes 149 (10) 95
Net income (loss) (41,152) (207,051) (63,198)
Dividends on preferred stock 14,401 14,401 14,451
Net (loss) income attributable to common stockholders - basic (55,553) (221,452) (77,649)
Net (loss) income attributable to common stockholders - diluted $ (55,553) $ (221,452) $ (77,649)
Basic (loss) earnings per weighted average common share (in usd per share) $ (1.16) $ (4.39) $ (1.50)
Diluted (loss) earnings per weighted average common share (in usd per share) $ (1.16) $ (4.39) $ (1.50)
Weighted average number of shares of common stock outstanding:      
Basic (in shares) 47,870,235 50,423,243 51,641,619
Diluted (in shares) 47,870,235 50,423,243 51,641,619
Net (loss) income attributable to common stockholders - basic $ (55,553) $ (221,452) $ (77,649)
Net (loss) income attributable to common stockholders - diluted (55,553) (221,452) (77,649)
Comprehensive (loss) income $ (55,553) $ (221,452) $ (77,649)

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