Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Sep. 30, 2026 |
Sep. 30, 2025 |
Sep. 30, 2026 |
Sep. 30, 2025 |
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| Revenue | ||||||||
| Interest and related income | $ 41,536 | $ 88,904 | $ 146,786 | $ 315,080 | ||||
| Less: interest and related expense | 40,291 | 71,839 | 137,788 | 243,061 | ||||
| Net interest income | 1,245 | 17,065 | 8,998 | 72,019 | ||||
| Revenue from real estate owned | 31,394 | 29,009 | 82,873 | 69,062 | ||||
| Total net revenue | 32,639 | 46,074 | 91,871 | 141,081 | ||||
| Expenses | ||||||||
| Management fees - affiliate | 6,822 | 7,733 | 21,246 | 24,327 | ||||
| General and administrative expenses | 3,582 | 4,812 | 11,516 | 14,118 | ||||
| Stock-based compensation expense | 1,442 | 2,061 | 5,248 | 11,897 | ||||
| Real estate owned: | ||||||||
| Operating expenses | 22,216 | 18,489 | 60,820 | 47,100 | ||||
| Interest expense | [1] | 8,688 | 9,416 | 26,811 | 24,134 | |||
| Depreciation and amortization | 4,453 | 3,740 | 16,996 | 5,023 | ||||
| Total expenses | 47,203 | 46,251 | 142,637 | 126,599 | ||||
| Unrealized loss on interest rate cap | (71) | (71) | ||||||
| Gain on sales of real estate owned | 2,006 | 341 | 366 | |||||
| Loss from equity method investment | (35) | (32) | (116) | (93) | ||||
| Loss on extinguishment of debt | 0 | 0 | (5,898) | (547) | ||||
| Valuation adjustment for real estate owned held-for-sale | (4) | 12,980 | (29,627) | 12,618 | ||||
| Provision for current expected credit loss reserve | (387) | (24,234) | (240,598) | (254,846) | ||||
| Recovery of principal charge-offs | 733 | 0 | 2,682 | 0 | ||||
| Valuation adjustment for loan receivable held-for-sale | 0 | 0 | 0 | (41,767) | ||||
| Net Loss | $ (14,257) | $ (9,528) | $ (323,982) | $ (269,858) | ||||
| Net Loss per share of common stock: | ||||||||
| Basic | $ (0.1) | $ (0.07) | $ (2.3) | $ (1.93) | ||||
| Diluted | $ (0.1) | $ (0.07) | $ (2.3) | $ (1.93) | ||||
| Weighted-average shares of common stock outstanding: | ||||||||
| Basic | [2] | 141,380,300 | 140,563,026 | 141,088,707 | 140,052,069 | |||
| Diluted | [2] | 141,380,300 | 140,563,026 | 141,088,707 | 140,052,069 | |||
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| X | ||||||||||
- Definition Interest expense excludes interest expense from real estate owned debt. No definition available.
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- Definition (Provision for) reversal of current expected credit loss. No definition available.
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- Definition Real estate owned. No definition available.
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- Definition Real estate owned depreciation and amortization expenses. No definition available.
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- Definition Real estate owned, interest expense. No definition available.
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- Definition Real estate owned operating expenses. No definition available.
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- Definition Amount of real estate owned operating revenues. No definition available.
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- Definition Recovery of principal charge-offs. No definition available.
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- Definition Valuation adjustment for loans receivable held-for-sale No definition available.
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- References No definition available.
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- 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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- 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/disclosureRef
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- Definition Amount of expense for employee benefit and equity-based compensation. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- 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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- Definition The net gain (loss) resulting from sales and other disposals of real estate owned for investment purposes. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of income (loss) for proportionate share of equity method investee's income (loss). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- 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://www.xbrl.org/2003/role/exampleRef
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| X | ||||||||||
- Definition Amount of interest income (expense) classified as operating. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of expense for investment management fee, including, but not limited to, expense in connection with research, selection, supervision, and custody of investment. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- References No definition available.
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- Definition The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Total Increase or Decrease in the real estate owned valuation allowance for period. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). 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 net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period. 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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- References No definition available.
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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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