v3.25.3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Interest income:        
Loans held-for-investment $ 33,006 $ 43,031 $ 100,357 $ 141,878
Cash and cash equivalents 714 1,266 2,310 4,953
Total interest income 33,720 44,297 102,667 146,831
Interest expense:        
Repurchase facilities 8,852 17,365 31,327 57,424
Securitized debt obligations 12,178 16,521 37,462 52,939
Secured credit facility 2,394 2,753 7,497 8,156
Total interest expense 23,424 36,639 76,286 118,519
Net interest income 10,296 7,658 26,381 28,312
Other income (loss):        
Revenue from real estate owned operations 3,620 3,792 10,467 6,045
Benefit from (provision for) credit losses 1,643 (27,911) (13,111) (164,219)
Gain (loss) on sale of real estate owned 0 0 301 0
(Loss) gain on extinguishment of debt 0 0 0 (786)
Total other (loss) income 5,263 (24,119) (2,343) (158,960)
Expenses:        
Compensation and benefits 4,067 5,375 15,556 16,083
Servicing expenses 862 1,197 2,710 3,971
Expenses from real estate owned operations 5,776 4,827 15,507 8,822
Other operating expenses 1,757 3,166 7,477 8,695
Total expenses 12,462 14,565 41,250 37,571
Income (loss) before income taxes 3,097 (31,026) (17,212) (168,219)
Provision for (benefit from) income taxes 62 (2) 131 (4)
Net income (loss) 3,035 (31,024) (17,343) (168,215)
Dividends on preferred stock 3,600 3,600 10,801 10,800
Net (loss) income attributable to common stockholders - basic (565) (34,624) (28,144) (179,015)
Net (loss) income attributable to common stockholders - diluted $ (565) $ (34,624) $ (28,144) $ (179,015)
Basic (loss) earnings per weighted average common share (in usd per share) $ (0.01) $ (0.69) $ (0.59) $ (3.53)
Diluted (loss) earnings per weighted average common share (in usd per share) $ (0.01) $ (0.69) $ (0.59) $ (3.53)
Weighted average number of shares of common stock outstanding:        
Basic (in shares) 47,394,519 50,526,492 48,026,438 50,736,066
Diluted (in shares) 47,394,519 50,526,492 48,026,438 50,736,066
Net (loss) income attributable to common stockholders - basic $ (565) $ (34,624) $ (28,144) $ (179,015)
Net (loss) income attributable to common stockholders - diluted (565) (34,624) (28,144) (179,015)
Comprehensive (loss) income $ (565) $ (34,624) $ (28,144) $ (179,015)

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