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Consolidated Statement of Operations - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Net interest income      
Interest income $ 68,358 $ 77,988 $ 55,827
Interest expense (51,560) (40,255) (29,772)
Total net interest income 16,798 37,733 26,055
Other income (loss)      
Reversal of (provision for) credit losses (4,299) (169) (189)
Dividend income, net 193 0 0
Realized Losses 0 (1,084) (257)
Other income 1,520 399 780
Gain on deconsolidation of real estate owned 1,490 0 0
Gain on extinguishment of debt 0 17 0
Equity in income (losses) of equity method investments (2,564) 0 0
Revenues from consolidated real estate owned 5,144 12,402 10
Total other income (loss) 25,292 2,661 71,313
Operating expenses      
Property general and administrative expenses 9,204 7,243 6,371
Loan servicing fees 4,187 4,388 5,179
Management fees 3,281 3,151 2,296
Expenses from consolidated real estate owned 6,678 11,398 50
Total operating expenses 23,350 26,180 13,896
Net income (loss) 18,740 14,214 83,472
Net (income) loss attributable to redeemable noncontrolling interests (4,765) (4,969) (40,387)
Net (income) loss attributable to redeemable noncontrolling interests in subsidiaries $ 10,399 $ 3,234 $ 39,577
Weighted-average common shares outstanding - basic (in shares) 17,199 14,686 6,601
Weighted-average common shares outstanding - diluted (in shares) [1] 17,199 14,686 20,366
Earnings per share outstanding - basic (in dollars per share) $ 0.60 $ 0.22 $ 6.00
Earnings per share outstanding - diluted (in dollars per share) 0.60 0.22 3.93
Dividends declared per common share (in dollars per share) $ 2.7400 $ 2.0000 $ 1.9000
Series A Preferred Stock      
Operating expenses      
Net (income) loss attributable to series A preferred shareholders $ (3,496) $ (3,512) $ (3,508)
Series B Preferred Stock      
Operating expenses      
Net (income) loss attributable to series A preferred shareholders (80) 0 0
CMBS Structured Pass Through Certificates      
Other income (loss)      
Debt securities, trading, unrealized gain (loss) 1,533 (12,664) (483)
Common Stock      
Other income (loss)      
Change in unrealized gain (loss) on common stock investments (16,736) (5,196) 13,834
Preferred stock investments, at fair value      
Other income (loss)      
Change in unrealized gain (loss) on common stock investments 266 0 0
MSCR Notes      
Other income (loss)      
Debt securities, trading, unrealized gain (loss) 65 (53) 0
Collateralized Mortgage-Backed Securities      
Other income (loss)      
Debt securities, trading, unrealized gain (loss) 467 (1,230) 0
Variable Interest Entity, Primary Beneficiary      
Other income (loss)      
Change in net assets related to consolidated CMBS variable interest entities 38,213 10,239 57,618
Debt securities, trading, unrealized gain (loss) (2,414) (25,627) 29,838
Redeemable Noncontrolling Interests      
Operating expenses      
Net (income) loss attributable to redeemable noncontrolling interests (4,765) (4,969) (40,387)
Subsidiaries      
Operating expenses      
Net (income) loss attributable to redeemable noncontrolling interests $ 0 $ (2,499) $ 0
[1] Diluted EPS calculations were higher than basic EPS and thus anti-dilutive for the years ended December 31, 2023 and 2022, respectively. As such, the Company is presenting diluted EPS as equal to basic EPS.