v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Interest income:        
Loans held-for-investment $ 18,070 $ 33,006 $ 65,104 $ 100,357
Cash and cash equivalents 319 714 1,156 2,310
Total interest income 18,389 33,720 66,260 102,667
Interest expense:        
Repurchase facilities 9,566 8,852 21,693 31,327
Securitized debt obligations 4,000 12,178 21,285 37,462
Secured credit facility 1,764 2,394 5,355 7,497
Mortgage loan payable 334 0 990 0
Loan participations sold 2,309 0 3,721 0
Total interest expense 17,973 23,424 53,044 76,286
Net interest income 416 10,296 13,216 26,381
Other income (loss):        
Revenue from real estate owned operations 3,475 3,620 10,182 10,467
(Provision for) benefit from credit losses (45,404) 1,643 (92,169) (13,111)
Gain on sale of real estate owned 0 0 0 301
Loss on extinguishment of debt (401) 0 (401) 0
Realized loss on loan sales 0 0 (18) 0
Total other income (loss) (42,330) 5,263 (82,406) (2,343)
Expenses:        
Compensation and benefits 3,980 4,067 12,740 15,556
Servicing expenses 721 862 2,220 2,710
Impairment on real estate owned 2,645 0 8,724 0
Expenses from real estate owned operations 4,601 5,776 15,634 15,507
Other operating expenses 2,728 1,757 8,826 7,477
Total expenses 14,675 12,462 48,144 41,250
Income (loss) before income taxes (56,589) 3,097 (117,334) (17,212)
Provision for income taxes 63 62 153 131
Net income (loss) (56,652) 3,035 (117,487) (17,343)
Dividends on preferred stock 3,600 3,600 10,801 10,801
Net (loss) income attributable to common stockholders - basic (60,252) (565) (128,288) (28,144)
Net (loss) income attributable to common stockholders - diluted $ (60,252) $ (565) $ (128,288) $ (28,144)
Basic (loss) earnings per weighted average common share (in usd per share) $ (12.50) $ (0.12) $ (26.75) $ (5.86)
Diluted (loss) earnings per weighted average common share (in usd per share) $ (12.50) $ (0.12) $ (26.75) $ (5.86)
Weighted average number of shares of common stock outstanding:        
Basic (in shares) 4,819,710 4,739,345 4,795,788 4,802,537
Diluted (in shares) 4,819,710 4,739,345 4,795,788 4,802,537
Net (loss) income attributable to common stockholders - basic $ (60,252) $ (565) $ (128,288) $ (28,144)
Net (loss) income attributable to common stockholders - diluted (60,252) (565) (128,288) (28,144)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent $ (60,252) $ (565) $ (128,288) $ (28,144)

Source

PDF HTML 10-Q Filing
ZIP XBRL