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Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
REVENUE        
Gain on life insurance policies, net $ 14,788 $ 19,930 $ 29,233 $ 41,426
Interest income 12,671 3,881 26,660 7,337
Trust services revenues 4,829 0 9,856 0
Other income 36,501 199 36,597 464
TOTAL REVENUE 68,789 24,010 102,346 49,227
EXPENSES        
Interest expense 37,142 28,487 73,013 55,462
Employee compensation and benefits 11,840 6,794 89,544 11,948
Legal and professional fees 7,643 4,722 13,806 7,669
Provision for loan losses 7,200 0 7,900 0
Other expenses 4,895 5,938 8,507 8,766
TOTAL EXPENSES 68,720 45,941 192,770 83,845
INCOME (LOSS) BEFORE INCOME TAXES 69 (21,931) (90,424) (34,618)
INCOME TAX BENEFIT 8,550 0 23,057 0
NET INCOME (LOSS) BEFORE INCOME (LOSS) FROM EQUITY METHOD INVESTMENT 8,619 (21,931) (67,367) (34,618)
Income (loss) from equity method investment (1,318) 600 (2,848) (1,327)
NET INCOME (LOSS) 7,301 (21,331) (70,215) (35,945)
Net loss (income) attributable to noncontrolling interests (21,723) 0 10,361 0
Less: Preferred stock dividends 3,714 4,278 7,666 8,574
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (18,136) $ (25,609) $ (67,520) $ (44,519)
NET LOSS PER COMMON SHARE        
Basic (in usd per share) $ (0.59) $ (0.78) $ (2.21) $ (1.35)
Diluted (in usd per share) $ (0.59) $ (0.78) $ (2.21) $ (1.35)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING        
Basic (in shares) 30,536,830 33,011,603 30,535,811 32,998,246
Diluted (in shares) 30,536,830 33,011,603 30,535,811 32,998,246