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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Assets:    
Cash and cash equivalents $ 84,016 $ 52,834
Mortgage loans held-for-sale, net 31,315 55,718
Mortgage loans held-for-investment, net [1] 403,056 864,551
Investments in securities available-for-sale, at fair value 166,650 131,558
Investments in securities held-to-maturity 47,144 59,691
Investment in equity securities, at fair value 21,918 0
Investments in beneficial interests, net [2] 88,996 104,162
Other assets 15,056 67,777
Total Assets 858,151 1,336,291
Liabilities:    
Secured borrowings, net [1] 266,776 411,212
Borrowings under repurchase transactions 231,464 375,745
Convertible senior notes 0 103,516
Notes payable, net 107,432 106,844
Warrant liability 0 16,644
Accrued expenses and other liabilities 5,386 11,435
Total Liabilities 611,058 1,025,396
Commitments and Contingencies – see Note 8
Equity:    
Common stock $0.01 par value, 125,000,000 shares authorized, 44,978,969 shares issued and outstanding at September 30, 2024 and 27,460,161 shares issued and outstanding at December 31, 2023 466 285
Additional paid-in capital 423,623 352,060
Treasury stock (11,594) (9,557)
Retained deficit (158,126) (54,382)
Accumulated other comprehensive loss (8,279) (14,027)
Equity attributable to stockholders 246,090 308,933
Non-controlling interests 1,003 1,962
Total Equity 247,093 310,895
Total Liabilities and Equity 858,151 1,336,291
7.25% Series A preferred stock    
Equity:    
Preferred stock $0.01 par value, 25,000,000 shares authorized 0 9,411
5.00% Series B preferred stock    
Equity:    
Preferred stock $0.01 par value, 25,000,000 shares authorized $ 0 $ 25,143
[1] Mortgage loans held-for-investment, net includes $400.6 million and $628.6 million of loans at September 30, 2024 and December 31, 2023, respectively, transferred to securitization trusts. These loans can only be used to settle obligations of the trusts. Secured borrowings consist of notes issued by the trusts that can only be settled with the assets and cash flows of the specific trust. The creditors do not have recourse to the Company. See Note 9 — Debt. Mortgage loans held-for-investment, net are net of an allowance of zero and $3.4 million at September 30, 2024 and December 31, 2023, respectively.
[2] Investments in beneficial interest, net of an allowance of $9.1 million and $6.9 million at September 30, 2024 and December 31, 2023, respectively.