v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Interest income:        
Loans held-for-investment $ 21,413 $ 33,024 $ 47,034 $ 67,351
Cash and cash equivalents 415 779 837 1,596
Total interest income 21,828 33,803 47,871 68,947
Interest expense:        
Repurchase facilities 5,330 10,590 12,127 22,475
Securitized debt obligations 8,173 12,604 17,285 25,284
Secured credit facility 1,802 2,564 3,591 5,103
Mortgage loan payable 329 0 656 0
Loan participations sold 1,412 0 1,412 0
Total interest expense 17,046 25,758 35,071 52,862
Net interest income 4,782 8,045 12,800 16,085
Other income (loss):        
Revenue from real estate owned operations 3,487 3,753 6,707 6,847
Provision for credit losses (46,981) (10,984) (46,765) (14,754)
Gain (loss) on sale of real estate owned 0 301 0 301
Realized loss on loan sales 0 0 (18) 0
Total other income (loss) (43,494) (6,930) (40,076) (7,606)
Expenses:        
Compensation and benefits 4,315 5,718 8,760 11,489
Servicing expenses 756 817 1,499 1,848
Expenses from real estate owned operations 5,273 5,227 11,033 9,731
Other operating expenses 3,183 2,717 6,098 5,720
Total expenses 19,606 14,479 33,469 28,788
Income (loss) before income taxes (58,318) (13,364) (60,745) (20,309)
Provision for (benefit from) income taxes 91 (1) 90 69
Net income (loss) (58,409) (13,363) (60,835) (20,378)
Dividends on preferred stock 3,600 3,601 7,201 7,201
Net (loss) income attributable to common stockholders - basic (62,009) (16,964) (68,036) (27,579)
Net (loss) income attributable to common stockholders - diluted $ (62,009) $ (16,964) $ (68,036) $ (27,579)
Basic (loss) earnings per weighted average common share (in usd per share) $ (1.29) $ (0.35) $ (1.42) $ (0.57)
Diluted (loss) earnings per weighted average common share (in usd per share) $ (1.29) $ (0.35) $ (1.42) $ (0.57)
Weighted average number of shares of common stock outstanding:        
Basic (in shares) 47,999,208 48,030,130 47,837,359 48,347,634
Diluted (in shares) 47,999,208 48,030,130 47,837,359 48,347,634
Net (loss) income attributable to common stockholders - basic $ (62,009) $ (16,964) $ (68,036) $ (27,579)
Net (loss) income attributable to common stockholders - diluted (62,009) (16,964) (68,036) (27,579)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent (62,009) (16,964) (68,036) (27,579)
Impairment on real estate owned $ 6,079 $ 0 $ 6,079 $ 0