XML 15 R4.htm IDEA: XBRL DOCUMENT v3.24.3
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues:        
Interest income $ 12,348 $ 17,879 $ 40,001 $ 54,675
Interest expense (8,660) (14,838) (34,333) (44,802)
Net interest income 3,688 3,041 5,668 9,873
Net change in the allowance for credit losses (857) (330) (5,087) 3,157
Net interest income after the net change in the allowance for credit losses 2,831 2,711 581 13,030
Loss from investments in affiliates (624) (628) (1,077) (991)
Loss on joint venture refinancing on beneficial interests 0 (1,215) 0 (11,024)
Mark to market loss on mortgage loans held-for-sale, net (1,712) 0 (55,507) 0
Other (loss)/income (3,278) 185 (5,119) (1,836)
Total (loss)/revenue, net (2,783) 1,053 (61,122) (821)
Expenses:        
Related party loan servicing fee 593 1,809 3,651 5,496
Related party management fee 2,235 1,940 21,866 5,769
Professional fees 1,083 611 2,643 2,534
Fair value adjustment on mark to market liabilities 0 540 (3,077) 4,001
Other expense 1,286 1,754 8,483 5,579
Total expense 5,197 6,654 33,566 23,379
Loss/(gain) on debt extinguishment 0 16 0 (31)
Loss before provision for income taxes (7,980) (5,617) (94,688) (24,169)
(Benefit)/provision for income taxes (23) (100) 119 174
Net loss (7,957) (5,517) (94,807) (24,343)
Less: net income/(loss) attributable to the non-controlling interest 72 25 (60) 79
Net loss attributable to the Company (8,029) (5,542) (94,747) (24,422)
Less: dividends on preferred stock 0 547 341 1,642
Net loss attributable to common stockholders $ (8,029) $ (6,089) $ (95,088) $ (26,064)
Net loss per share of common stock:        
Basic (in dollars per share) $ (0.18) $ (0.25) $ (2.46) $ (1.10)
Diluted (in dollars per share) $ (0.18) $ (0.25) $ (2.46) $ (1.10)
Weighted average number of shares of common stock outstanding:        
Basic (in shares) 45,327,254 24,001,702 38,482,055 23,395,727
Diluted (in shares) 45,327,254 24,244,147 38,482,055 23,688,918