v3.25.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Interest income:        
Loans held-for-investment $ 33,024 $ 46,882 $ 67,351 $ 98,847
Cash and cash equivalents 779 1,597 1,596 3,687
Total interest income 33,803 48,479 68,947 102,534
Interest expense:        
Repurchase facilities 10,590 19,331 22,475 40,059
Securitized debt obligations 12,604 18,303 25,284 36,418
Secured credit facility 2,564 2,714 5,103 5,403
Total interest expense 25,758 40,348 52,862 81,880
Net interest income 8,045 8,131 16,085 20,654
Other income (loss):        
Revenue from real estate owned operations 3,753 1,111 6,847 2,253
Provision for credit losses (10,984) (60,756) (14,754) (136,308)
Gain (loss) on sale of real estate owned 301 0 301 0
Gain (loss) on extinguishment of debt     0 (786)
Total other (loss) income (6,930) (60,431) (7,606) (134,841)
Expenses:        
Compensation and benefits 5,718 4,721 11,489 10,708
Servicing expenses 817 1,398 1,848 2,774
Expenses from real estate owned operations 5,227 1,950 9,731 3,995
Other operating expenses 2,717 2,700 5,720 5,529
Total expenses 14,479 10,769 28,788 23,006
(Loss) income before income taxes (13,364) (63,069) (20,309) (137,193)
(Benefit from) provision for income taxes (1) (1) 69 (2)
Net (loss) income (13,363) (63,068) (20,378) (137,191)
Dividends on preferred stock 3,601 3,600 7,201 7,200
Net (loss) income attributable to common stockholders - basic (16,964) (66,668) (27,579) (144,391)
Net (loss) income attributable to common stockholders - diluted $ (16,964) $ (66,668) $ (27,579) $ (144,391)
Basic (loss) earnings per weighted average common share (in usd per share) $ (0.35) $ (1.31) $ (0.57) $ (2.84)
Diluted (loss) earnings per weighted average common share (in usd per share) $ (0.35) $ (1.31) $ (0.57) $ (2.84)
Weighted average number of shares of common stock outstanding:        
Basic (in shares) 48,030,130 50,939,476 48,347,634 50,842,004
Diluted (in shares) 48,030,130 50,939,476 48,347,634 50,842,004
Net (loss) income attributable to common stockholders - basic $ (16,964) $ (66,668) $ (27,579) $ (144,391)
Net (loss) income attributable to common stockholders - diluted (16,964) (66,668) (27,579) (144,391)
Comprehensive (loss) income $ (16,964) $ (66,668) $ (27,579) $ (144,391)

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