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

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