v3.23.3
CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest Income        
Residential loans $ 62,512 $ 61,002 $ 177,137 $ 191,252
Business purpose loans 93,020 95,197 288,580 270,430
Consolidated Agency multifamily loans 4,677 4,762 13,992 14,247
Real estate securities 5,111 6,989 17,762 30,772
Other interest income 11,754 9,712 37,100 27,816
Total interest income 177,074 177,662 534,571 534,517
Interest Expense        
Short-term debt (27,323) (23,944) (87,862) (49,093)
Asset-backed securities issued (91,323) (90,910) (268,881) (285,464)
Long-term debt (38,077) (27,873) (104,944) (71,435)
Total interest expense (156,723) (142,727) (461,687) (405,992)
Net Interest Income 20,351 34,935 72,884 128,525
Non-Interest (Loss) Income        
Mortgage banking activities, net 19,440 16,535 52,663 2,833
Investment fair value changes, net (31,430) (57,697) (36,153) (151,789)
Other income, net 2,346 4,027 11,060 17,016
Realized gains, net 50 0 1,104 2,581
Total non-interest (loss) income, net (9,594) (37,135) 28,674 (129,359)
General and administrative expenses (29,697) (38,244) (96,057) (101,719)
Portfolio management costs (3,661) (1,863) (10,271) (5,208)
Loan acquisition costs (1,880) (2,426) (4,613) (10,371)
Other expenses (4,633) (4,261) (13,292) (11,814)
Net Loss before (Provision for) Benefit from Income Taxes (29,114) (48,994) (22,675) (129,946)
(Provision for) benefit from income taxes (1,696) (1,417) (642) 10,484
Net Loss (30,810) (50,411) (23,317) (119,462)
Dividends on preferred stock (1,750) 0 (4,927) 0
Net Loss related to common stockholders $ (32,560) $ (50,411) $ (28,244) $ (119,462)
Net loss related to common stockholders - Basic (in dollars per share) $ (0.29) $ (0.44) $ (0.27) $ (1.04)
Net loss related to common stockholders - Diluted (in dollars per share) $ (0.29) $ (0.44) $ (0.27) $ (1.04)
Basic weighted average common shares outstanding (in shares) 115,465,977 116,087,890 114,381,548 118,530,172
Diluted weighted average common shares outstanding (in shares) 115,465,977 116,087,890 114,381,548 118,530,172

Source