v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
| Interest income: | ||||
| Loans held-for-investment | $ 52,121 | $ 48,312 | $ 148,475 | $ 151,701 |
| Cash and cash equivalents | 714 | 95 | 960 | 298 |
| Total interest income | 52,835 | 48,407 | 149,435 | 151,999 |
| Interest expense: | ||||
| Repurchase facilities | 15,098 | 5,451 | 30,486 | 20,449 |
| Securitized debt obligations | 14,416 | 8,777 | 34,992 | 20,523 |
| Convertible senior notes | 4,585 | 4,556 | 13,703 | 13,618 |
| Term financing facility | 0 | 1,453 | 1,713 | 6,208 |
| Asset-specific financings | 442 | 414 | 1,046 | 1,959 |
| Senior secured term loan facilities | 0 | 5,654 | 3,754 | 16,587 |
| Total interest expense | 34,541 | 26,305 | 85,694 | 79,344 |
| Net interest income | 18,294 | 22,102 | 63,741 | 72,655 |
| Other income (loss): | ||||
| Benefit from (provision for) credit losses | (35,442) | 5,760 | (52,757) | 15,072 |
| Loss on extinguishment of debt | 0 | 0 | (18,823) | 0 |
| Fee income | 0 | 0 | 954 | 0 |
| Total other income (loss) | (35,442) | 5,760 | (70,626) | 15,072 |
| Expenses: | ||||
| Compensation and benefits | 4,953 | 5,634 | 16,539 | 16,111 |
| Servicing expenses | 1,336 | 1,323 | 4,297 | 3,763 |
| Other operating expenses | 2,068 | 2,276 | 6,867 | 6,967 |
| Total expenses | 8,357 | 9,233 | 27,703 | 26,841 |
| Income (loss) before income taxes | (25,505) | 18,629 | (34,588) | 60,886 |
| Benefit from income taxes | (1) | (1) | 11 | (4) |
| Net income (loss) | (25,504) | 18,630 | (34,599) | 60,890 |
| Dividends on preferred stock | 3,626 | 25 | 10,876 | 75 |
| Net (loss) income attributable to common stockholders - basic | $ (29,130) | $ 18,605 | $ (45,475) | $ 60,815 |
| Basic earnings per weighted average common share (in usd per share) | $ (0.56) | $ 0.34 | $ (0.85) | $ 1.11 |
| Diluted earnings per weighted average common share (in usd per share) | $ (0.56) | $ 0.33 | $ (0.85) | $ 1.05 |
| Weighted average number of shares of common stock outstanding: | ||||
| Basic (in shares) | 52,350,989 | 54,453,546 | 53,234,498 | 54,864,456 |
| Diluted (in shares) | 52,350,989 | 56,735,278 | 53,234,498 | 70,902,745 |
| Comprehensive income (loss): | ||||
| Net (loss) income attributable to common stockholders - basic | $ (29,130) | $ 18,605 | $ (45,475) | $ 60,815 |
| Comprehensive (loss) income | $ (29,130) | $ 18,605 | $ (45,475) | $ 60,815 |
| X | ||||||||||
- Definition Amount of credit loss expense (reversal of expense) for accounts and financing receivables. No definition available.
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| X | ||||||||||
- Definition Comprehensive income after adjustments for dividends on preferred stock (declared in the period). No definition available.
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| X | ||||||||||
- Definition The amount of interest recognized in the period associated with borrowings under asset-specific financing facilities. No definition available.
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- Definition The amount of interest recognized in the period associated with any convertible debt. No definition available.
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| X | ||||||||||
- Definition Interest Expense, Term Loan No definition available.
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| X | ||||||||||
- Definition All amounts that, per contract, are due to the servicer/subservicer in exchange for servicing the assets held by the entity. Depending on the servicing contract, those fees may include some or all of the difference between the interest rate collected on the asset being serviced and the rate to be paid to the entity (the beneficial owners of the asset). No definition available.
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| X | ||||||||||
- Definition All amounts that are due to the servicer of a financial asset, excluding contractually specified servicing fees and late fees. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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| X | ||||||||||
- Definition Total costs of sales and operating expenses for the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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| X | ||||||||||
- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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| X | ||||||||||
- Definition This element represents interest incurred for borrowed money which was used to produce goods or render services. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Represents the total of interest and dividend income, including any amortization and accretion (as applicable) of discounts and premiums, earned from (1) loans and leases whether held-for-sale or held-in-portfolio; (2) investment securities; (3) federal funds sold; (4) securities purchased under agreements to resell; (5) investments in banker's acceptances, commercial paper, or certificates of deposit; (6) dividend income; or (7) other investments not otherwise specified herein. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Interest and fee income generated from loans secured by commercial properties. Examples of properties commonly securing commercial real estate loans may include office buildings, apartment buildings, shopping centers, industrial property, and hotels. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Interest expense on beneficial interests issued by consolidated variable interest entities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Interest earned on deposits in United States money market accounts and other United States interest earning accounts. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The net amount of operating interest income (expense). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of expense for salary, wage, profit sharing; incentive and equity-based compensation; and other employee benefit. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The total amount of other operating cost and expense items that are associated with the entity's normal revenue producing operation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The amount of preferred stock dividends that is an adjustment to net income apportioned to common stockholders. No definition available.
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| X | ||||||||||
- Definition This is the amount of interest expense incurred during the reporting period as a result of repurchase agreements. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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