XML 23 R4.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
REVENUE        
Gain on life insurance policies, net $ 14,122 $ 17,792 $ 43,355 $ 59,219
Interest income 12,928 3,935 39,588 11,273
Trust services revenues 4,556 0 14,412 0
Other income (loss) (3,093) 484 33,504 947
TOTAL REVENUE 28,513 22,211 130,859 71,439
EXPENSES        
Interest expense 40,792 28,290 113,805 83,752
Employee compensation and benefits 33,777 9,137 123,321 21,085
Legal and professional fees 7,830 2,594 21,636 10,263
(Recapture of) provision for loan losses (4,986) 0 2,914 0
Other expenses 4,550 3,549 13,057 12,316
TOTAL EXPENSES 81,963 43,570 274,733 127,416
LOSS BEFORE INCOME TAXES (53,450) (21,359) (143,874) (55,977)
INCOME TAX EXPENSE (BENEFIT) 22,444 0 (613) 0
NET LOSS BEFORE INCOME (LOSS) FROM EQUITY METHOD INVESTMENT (75,894) (21,359) (143,261) (55,977)
Income (loss) from equity method investment (1,431) 956 (4,279) (371)
NET LOSS (77,325) (20,403) (147,540) (56,348)
Net loss attributable to noncontrolling interests 12,745 0 23,106 0
Less: Preferred stock dividends 3,569 4,232 11,235 12,806
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (68,149) $ (24,635) $ (135,669) $ (69,154)
NET LOSS PER COMMON SHARE        
Basic (in usd per share) $ (2.23) $ (0.75) $ (4.44) $ (2.09)
Diluted (in usd per share) $ (2.23) $ (0.75) $ (4.44) $ (2.09)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING        
Basic (in shares) 30,584,719 33,033,420 30,552,233 33,010,100
Diluted (in shares) 30,584,719 33,033,420 30,552,233 33,010,100