Impac Mortgage (IMPM) 10-Q 16 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 09, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	1-14100
Entity Registrant Name	IMPAC MORTGAGE HOLDINGS, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	33-0675505
Entity Address, Address Line One	19500 Jamboree Road
Entity Address, City or Town	Irvine
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92612
City Area Code	949
Local Phone Number	475-3600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		21,466,837
Entity Central Index Key	0001000298
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	IMH
Security Exchange Name	NYSEAMER
Preferred Stock Purchase Rights
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock Purchase Rights
Trading Symbol	IMH
Security Exchange Name	NYSEAMER

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 70,566	$ 29,555
Restricted cash	5,508	5,657
Mortgage loans held-for-sale	160,422	308,477
Mortgage servicing rights	856	749
Securitized mortgage trust assets		1,642,730
Other assets	32,238	35,603
Total assets	269,590	2,022,771
LIABILITIES
Warehouse borrowings	150,721	285,539
Convertible notes, net	20,000	20,000
Long-term debt	47,549	46,536
Securitized mortgage trust liabilities		1,614,862
Other liabilities	44,575	45,898
Total liabilities	262,845	2,012,835
Commitments and contingencies (See Note 11)
STOCKHOLDERS' EQUITY
Common stock, $0.01 par value; 200,000,000 shares authorized; 21,455,170 and 21,332,684 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	215	213
Additional paid-in capital	1,238,246	1,237,986
Accumulated other comprehensive earnings, net of tax	19,775	22,044
Total accumulated deficit:
Cumulative dividends declared	(822,520)	(822,520)
Accumulated deficit	(428,992)	(427,808)
Total accumulated deficit	(1,251,512)	(1,250,328)
Total stockholders' equity	6,745	9,936
Total liabilities and stockholders' equity	269,590	2,022,771
Series A-1 junior participating preferred stock
STOCKHOLDERS' EQUITY
Preferred stock
Series B 9.375% redeemable preferred stock
STOCKHOLDERS' EQUITY
Preferred stock	7	7
Series C 9.125% redeemable preferred stock
STOCKHOLDERS' EQUITY
Preferred stock	$ 14	$ 14

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	21,455,170	21,332,684
Common stock, shares outstanding	21,455,170	21,332,684
Series A-1 junior participating preferred stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	2,500,000	2,500,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Series B 9.375% redeemable preferred stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, dividend rate (as a percent)	9.375%	9.375%
Preferred stock, liquidation value (in dollars)	$ 36,140	$ 36,140
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	665,592	665,592
Preferred stock, shares outstanding	665,592	665,592
Series C 9.125% redeemable preferred stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, dividend rate (as a percent)	9.125%	9.125%
Preferred stock, liquidation value (in dollars)	$ 35,127	$ 35,127
Preferred stock, shares authorized	5,500,000	5,500,000
Preferred stock, shares issued	1,405,086	1,405,086
Preferred stock, shares outstanding	1,405,086	1,405,086

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Gain on sale of loans, net	$ 5,955	$ 20,131
Real estate services fees, net	185	210
Gain on mortgage servicing rights, net	111	38
Servicing expense, net	(12)	(119)
Other	951	324
Total revenues, net	7,190	20,584
Expenses
Personnel	11,921	14,924
General, administrative and other	5,135	5,181
Business promotion	2,301	1,193
Total expenses	19,357	21,298
Operating loss	(12,167)	(714)
Other income
Interest income	13,106	16,525
Interest expense	(12,990)	(15,865)
Change in fair value of long-term debt	1,642	1,025
Change in fair value of net trust assets, including trust REO gains	9,248	(1,673)
Total other income, net	11,006	12
Loss before income taxes	(1,161)	(702)
Income tax expense (benefit)	23	(19)
Net loss	(1,184)	(683)
Other comprehensive loss
Change in fair value of instrument specific credit risk of long-term debt	(2,269)	(1,667)
Total comprehensive loss	$ (3,453)	$ (2,350)
Net loss per common share:
Basic (in dollars per share)	$ (0.07)	$ (0.03)
Diluted (in dollars per share)	$ (0.07)	$ (0.03)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Preferred Stock	Common Stock	Additional Paid-In Capital	Cumulative Dividends Declared	Accumulated Deficit	Accumulated Other Comprehensive Earnings, net of tax	Total
Balance at Dec. 31, 2020	$ 21	$ 212	$ 1,237,102	$ (822,520)	$ (423,930)	$ 24,766	$ 15,651
Balance (in shares) at Dec. 31, 2020	2,070,678	21,238,191
Increase (Decrease) in Stockholders' Equity
Issuance of restricted stock units		$ 1					1
Issuance of restricted stock units (in shares)		94,493
Stock based compensation			218				218
Other comprehensive loss						(1,667)	(1,667)
Net loss					(683)		(683)
Balance at Mar. 31, 2021	$ 21	$ 213	1,237,320	(822,520)	(424,613)	23,099	13,520
Balance (in shares) at Mar. 31, 2021	2,070,678	21,332,684
Balance at Dec. 31, 2021	$ 21	$ 213	1,237,986	(822,520)	(427,808)	22,044	9,936
Balance (in shares) at Dec. 31, 2021	2,070,678	21,332,684
Increase (Decrease) in Stockholders' Equity
Issuance of restricted stock units		$ 2					2
Issuance of restricted stock units (in shares)		122,486
Stock based compensation			260				260
Other comprehensive loss						(2,269)	(2,269)
Net loss					(1,184)		(1,184)
Balance at Mar. 31, 2022	$ 21	$ 215	$ 1,238,246	$ (822,520)	$ (428,992)	$ 19,775	$ 6,745
Balance (in shares) at Mar. 31, 2022	2,070,678	21,455,170

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (1,184)	$ (683)
(Gain) loss on sale of mortgage servicing rights	(50)
Change in fair value of mortgage servicing rights	(61)	(38)
Gain on sale of mortgage loans	(15,108)	(20,412)
Change in fair value of mortgage loans held-for-sale	7,265	868
Change in fair value of derivatives lending, net	1,314	215
Change in provision for repurchases	574	(802)
Origination of mortgage loans held-for-sale	(482,129)	(849,898)
Sale and principal reduction on mortgage loans held-for-sale	637,981	823,850
Gain from trust REO		(1,871)
Change in fair value of net trust assets, excluding trust REO	(9,248)	3,544
Change in fair value of long-term debt	(1,642)	(1,025)
Accretion of interest income and expense	5,931	14,173
Stock-based compensation	260	218
Loss on disposal of premises and equipment		102
Net change in other assets	1,889	(7,509)
Net change in other liabilities	(1,062)	854
Net cash provided by (used in) operating activities	144,730	(38,414)
CASH FLOWS FROM INVESTING ACTIVITIES
Net change in securitized mortgage collateral	72,889	136,953
Proceeds from transfer of trust assets and liabilities	37,500
Proceeds from the sale of mortgage servicing rights	50
Investment in corporate-owned life insurance	(932)	(270)
Purchase of premises and equipment	143
Proceeds on disposal of premises and equipment		20
Proceeds from the sale of trust REO		1,529
Net cash provided by investing activities	109,650	138,232
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of warehouse borrowings	(595,625)	(783,142)
Borrowings under warehouse agreements	460,807	835,708
Repayment of securitized mortgage borrowings	(78,818)	(153,408)
Net change in liabilities related to corporate-owned life insurance	116	111
Issuance of restricted stock	2	1
Net cash used in financing activities	(213,518)	(100,730)
Net change in cash, cash equivalents and restricted cash	40,862	(912)
Cash, cash equivalents and restricted cash at beginning of year	35,212	59,752
Cash, cash equivalents and restricted cash at end of period	76,074	58,840
NON-CASH TRANSACTIONS
Transfer of securitized mortgage collateral to trust REO	467	2,327
Transfer and deconsolidation of trust assets	1,543,608
Transfer and deconsolidation of trust liabilities	(1,543,608)
Mortgage servicing rights retained from issuance of mortgage backed securities and loan sales	$ 46	$ 121

Summary of Business and Financi

Summary of Business and Financial Statement Presentation	3 Months Ended
	Mar. 31, 2022
Summary of Business and Financial Statement Presentation
Summary of Business and Financial Statement Presentation	Note 1.—Summary of Business and Financial Statement Presentation Business Summary Impac Mortgage Holdings, Inc. (the Company or IMH) is a financial services company incorporated in Maryland with the following direct and indirect wholly-owned operating subsidiaries: Integrated Real Estate Service Corp. (IRES), Impac Mortgage Corp. (IMC), IMH Assets Corp. (IMH Assets), Impac Funding Corporation (IFC) and Copperfield Capital Corporation (CCC). The Company’s operations include the mortgage lending operations and real estate services conducted by IRES, IMC and CCC and the long-term mortgage portfolio (residual interests in securitizations reflected as securitized mortgage trust assets and liabilities in the consolidated balance sheets) conducted by IMH. The long-term mortgage portfolio was deconsolidated in March 2022 as the Company sold its residual interests in the consolidated securitized mortgage trusts (see Note. 6 — ). ​ Financial Statement Presentation ​ The accompanying unaudited consolidated financial statements of IMH and its subsidiaries (as defined above) have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments considered necessary for a fair presentation, have been included. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. These interim period condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the United States Securities and Exchange Commission. ​ All significant intercompany balances and transactions have been eliminated in consolidation. In addition, certain amounts in the prior periods’ consolidated financial statements have been reclassified to conform to the current period presentation. ​ Management has made a number of material estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period to prepare these consolidated financial statements in conformity with GAAP. Additionally, other items affected by such estimates and assumptions include the valuation of trust assets and trust liabilities, contingencies, the estimated obligation of repurchase reserves related to sold loans, the valuation of long-term debt, mortgage servicing rights (MSR), mortgage loans held-for-sale (LHFS) and derivative instruments, including interest rate lock commitments (IRLC). Actual results could differ from those estimates and assumptions. ​ Recent Accounting Pronouncements Not Yet Effective ​ There have been no developments to recently issued accounting standards, including the expected dates of adoption and estimated effects on the Company’s consolidated financial statements and footnote disclosures, from those disclosed in the 2021 Annual Report on Form 10-K, except for the following: ​ In March 2020 and January 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-04 and ASU 2021-01, “ Reference Rate Reform (Topic 848)” is currently evaluating the impact the adoption of this ASU would have on the Company’s consolidated financial statements. ​ In May 2021, the FASB issued ASU 2021-04, “ Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (a consensus of the FASB Emerging Issues Task Force)

Mortgage Loans Held-for-Sale

Mortgage Loans Held-for-Sale	3 Months Ended
	Mar. 31, 2022
Mortgage Loans Held-for-Sale
Mortgage Loans Held-for-Sale	Note 2.—Mortgage Loans Held-for-Sale A summary of the unpaid principal balance (UPB) of mortgage LHFS by type is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ ​ 2022 ​ 2021 Government (1) $ 5,247 $ 6,886 ​ Conventional (2) ​ 34,617 ​ 62,759 ​ Jumbo & Non-qualified mortgages (NonQM) ​ ​ 120,134 ​ ​ 231,142 ​ Fair value adjustment (3) ​ 424 ​ 7,690 ​ Total mortgage loans held-for-sale ​ $ 160,422 ​ $ 308,477 ​ (1) Includes all government-insured loans including Federal Housing Administration (FHA), Veterans Affairs (VA) and United States Department of Agriculture (USDA). (2) Includes loans eligible for sale to Federal National Mortgage Association (Fannie Mae or FNMA) and Federal Home Loan Mortgage Corporation (Freddie Mac or FHLMC). (3) Changes in fair value are included in gain on sale of loans, net in the accompanying consolidated statements of operations and comprehensive loss. ​ At March 31, 2022 and December 31, 2021, the Company had no mortgage loans that were 90 days or more delinquent. ​ Gain on sale of loans, net in the consolidated statements of operations and comprehensive loss, is comprised of the following for the three months ended March 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ March 31, ​ ​ 2022 ​ 2021 Gain on sale of mortgage loans $ 14,025 $ 21,263 Premium from servicing retained loan sales ​ 46 ​ 121 Unrealized loss from derivative financial instruments ​ (1,314) ​ (215) Gain from derivative financial instruments ​ 4,142 ​ 3,229 Mark to market loss on LHFS ​ (7,265) ​ (868) Direct origination expenses, net ​ (3,105) ​ (4,201) Change in provision for repurchases ​ (574) ​ 802 Gain on sale of loans, net ​ $ 5,955 ​ $ 20,131 ​

Mortgage Servicing Rights

Mortgage Servicing Rights	3 Months Ended
	Mar. 31, 2022
Mortgage Servicing Rights
Mortgage Servicing Rights	Note 3.—Mortgage Servicing Rights mortgagors, or if delinquent, when the underlying real estate is foreclosed upon and liquidated. The Company may receive other remuneration from rights to various mortgagor-contracted fees, such as late charges, collateral reconveyance charges and nonsufficient fund fees, and the Company is generally entitled to retain the interest earned on funds held pending remittance (or float) related to its collection of mortgagor principal, interest, tax and insurance payments. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2022 ​ 2021 Balance at beginning of year $ 749 $ 339 Additions from servicing retained loan sales ​ 46 ​ 536 Changes in fair value ​ 61 ​ (126) Fair value of MSRs at end of period ​ $ 856 ​ $ 749 (1) Changes in fair value are included within gain on mortgage servicing rights, net in the accompanying consolidated statements of operations and comprehensive loss. ​ At March 31, 2022 and December 31, 2021, the UPB of the mortgage servicing portfolio was comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ ​ 2022 ​ 2021 Government insured $ 74,060 $ 71,841 ​ Conventional ​ — ​ — ​ Total loans serviced ​ $ 74,060 ​ $ 71,841 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, Mortgage Servicing Rights Sensitivity Analysis ​ 2022 2021 Fair value of MSRs $ 856 ​ $ 749 Prepayment Speed: ​ ​ ​ ​ ​ ​ Decrease in fair value from 10% adverse change ​ (18) ​ (24) Decrease in fair value from 20% adverse change ​ ​ (38) ​ ​ (48) Decrease in fair value from 30% adverse change ​ (59) ​ (70) Discount Rate: ​ ​ ​ ​ ​ ​ Decrease in fair value from 10% adverse change ​ (38) ​ (31) Decrease in fair value from 20% adverse change ​ ​ (72) ​ ​ (59) Decrease in fair value from 30% adverse change ​ (104) ​ (85) ​ Sensitivities are hypothetical changes in fair value and cannot be extrapolated because the relationship of changes in assumptions to changes in fair value may not be linear. Also, the effect of a variation in a particular assumption is calculated without changing any other assumption, whereas a change in one factor may result in changes to another. Accordingly, no assurance can be given that actual results would be consistent with the results of these estimates. As a result, actual future changes in MSR values may differ significantly from those displayed above. Gain on mortgage servicing rights, net is comprised of the following for the three months ended March 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ March 31, ​ 2022 2021 Change in fair value of mortgage servicing rights ​ $ 61 ​ $ 38 Gain on sale of mortgage servicing rights ​ ​ 50 ​ ​ — Gain on mortgage servicing rights, net ​ $ 111 ​ $ 38 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ March 31, ​ 2022 2021 Contractual servicing fees ​ $ 70 ​ $ 32 Subservicing and other costs ​ ​ (82) ​ ​ (151) Servicing expense, net ​ $ (12) ​ $ (119) ​ Loans Eligible for Repurchase from Government National Mortgage Association (GNMA or Ginnie Mae) The Company sells loans in Ginnie Mae guaranteed mortgage-backed securities (MBS) by pooling eligible loans through a pool custodian and assigning rights to the loans to Ginnie Mae. When these Ginnie Mae loans are initially pooled and securitized, the Company meets the criteria for sale treatment and de-recognizes the loans. The terms of the Ginnie Mae MBS program allow, but do not require, the Company to repurchase mortgage loans when the borrower has made no payments for three consecutive months. When the Company has the unconditional right, as servicer, to repurchase Ginnie Mae pool loans it has previously sold and are more than 90 days past due, and the repurchase will provide a “more than trivial benefit”, the Company then re-recognizes the loans on its consolidated balance sheets in other assets, at their UPB and records a corresponding liability in other liabilities in the consolidated balance sheets. At March 31, 2022 and December 31, 2021, loans eligible for repurchase from GNMA totaled $337 thousand in UPB. As part of the Company’s repurchase reserve, the Company records a repurchase provision to provide for estimated losses from the sale or securitization of all mortgage loans, including these loans.

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases
Leases	Note 4.—Leases The Company has three operating leases for office space expiring at various dates through 2024 and one financing lease which concludes in 2023. During the three months ended March 31, 2022 and 2021, cash paid for operating leases was $1.2 million while total operating lease expense was $1.0 million. Operating lease expense includes short-term leases and sublease income, both of which are immaterial. ​ The following table presents the operating and finance lease balances within the consolidated balance sheets, weighted average remaining lease term, and weighted average discount rates related to the Company’s operating and finance leases as of March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ Lease Assets and Liabilities ​ Classification ​ 2022 ​ Assets ​ ​ ​ ​ ​ Lease right-of-use assets ​ Other assets ​ $ 9,332 ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ Lease liabilities ​ Other liabilities ​ $ 11,510 ​ ​ ​ ​ ​ ​ ​ Weighted average remaining lease term (in years) ​ ​ ​ 2.5 ​ Weighted average discount rate ​ ​ ​ 4.8 % ​ The following table presents the maturity of the Company’s operating and financing lease liabilities as of March 31, 2022: ​ ​ ​ ​ Year remaining 2022 ​ $ 3,611 Year 2023 ​ ​ 4,909 Year 2024 ​ ​ 3,729 Total lease commitments ​ $ 12,249 Less: imputed interest ​ ​ (739) Total lease liability ​ $ 11,510 ​

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt
Debt	Note 5.—Debt Warehouse Borrowings The Company, through its subsidiaries, enters into Master Repurchase Agreements with lenders providing warehouse facilities. The warehouse facilities are used to fund, and are secured by, residential mortgage loans that are held for sale. The warehouse and revolving lines of credit are repaid using proceeds from the sale of loans. The base interest rates on the Company’s warehouse lines bear interest at 1-month LIBOR plus a margin or Note rate minus a margin. Some of the lines carry additional fees in the form of annual facility fees charged on the total line amount, commitment fees charged on the committed portion of the line and non-usage fees charged when monthly usage falls below a certain utilization percentage. The base interest rates for all warehouse lines of credit are subject to increase based upon the characteristics of the underlying loans collateralizing the lines of credit, including, but not limited to product type and number of days held for sale. Certain of the warehouse line lenders require the Company, at all times, to maintain cash accounts with minimum required balances. ​ Under the terms of these warehouse lines, the Company is required to maintain various financial and other covenants. At March 31, 2022, the Company was not in compliance with certain financial covenants from its lenders and received the necessary waivers. The following table presents certain information on warehouse borrowings for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum ​ Balance Outstanding at ​ ​ ​ ​ Borrowing ​ March 31, ​ December 31, ​ ​ ​ ​ Capacity ​ 2022 ​ 2021 ​ Maturity Date Short-term borrowings: ​ ​ ​ ​ Repurchase agreement 1 ​ $ 50,000 ​ $ 20,174 ​ $ 30,009 ​ May 24, 2022 Repurchase agreement 2 ​ 200,000 ​ 84,512 ​ 153,006 ​ September 13, 2022 Repurchase agreement 3 ​ ​ 300,000 ​ ​ 27,601 ​ ​ 56,794 ​ September 23, 2022 Repurchase agreement 4 ​ ​ 50,000 ​ ​ 18,434 ​ ​ 45,730 ​ March 31, 2023 Total warehouse borrowings ​ $ 600,000 ​ $ 150,721 ​ $ 285,539 ​ ​ ​ Convertible Notes ​ In May 2015, the Company issued $25.0 million Convertible Promissory Notes (Notes) to purchasers, some of which are related parties. The Notes were originally due to mature on or before May 9, 2020 and accrued interest at a rate of 7.5% per annum, to be paid quarterly. Noteholders may convert all or a portion of the outstanding principal amount of the Notes into shares of the Company’s common stock (Conversion Shares) at a rate of $21.50 per share, subject to adjustment for stock splits and dividends (Conversion Price). The Company has the right to convert the entire outstanding principal of the Notes into Conversion Shares at the Conversion Price if the market price per share of the common stock, as measured by the average volume-weighted closing stock price per share of the common stock on the NYSE AMERICAN (or any other U.S. national securities exchange then serving as the principal such exchange on which the shares of common stock are listed), reaches the level of $30.10 for any twenty (20) trading days in any period of thirty (30) consecutive trading days after the Closing Date (as defined in the Notes). Upon conversion of the Notes by the Company, the entire amount of accrued and unpaid interest (and all other amounts owing) under the Notes are immediately due and payable. To the extent the Company pays any cash dividends on its shares of common stock prior to conversion of the Notes, upon conversion of the Notes, the noteholders will also receive such dividends on an as-converted basis of the Notes less the amount of interest paid by the Company prior to such dividend. On April 15, 2020, the Company and the noteholders agreed to extend the outstanding Notes in the principal amount of $25.0 million originally issued in May 2015, at the conclusion of the original note term (First Amendment). The new Notes were issued with a six month term (November 9, 2020) and reduced the interest rate on such Notes to 7.0% per annum. In connection with the issuance of the First Amendment, the Company issued to the noteholders of the Notes, warrants to purchase up to an aggregate of 212,649 shares of the Company’s common stock at a cash exercise price of $2.97 per share. The relative fair value of the warrants was $242 thousand and recorded as debt discounts, which was accreted over the term of the warrants (October 2020), using an effective interest rate of 8.9%. The warrants are exercisable commencing on October 16, 2020 and expire on April 15, 2025. The First Amendment was accounted for as an extinguishment of debt. On October 28, 2020, the Company and certain holders of its Notes due November 9, 2020 in the aggregate principal amount of $25.0 million agreed to extend the maturity date of the Notes upon conclusion of the term on November 9, 2020. The new Notes have an 18-month term due May 9, 2022 and the Company decreased the aggregate principal amount of the Notes to $20.0 million, following the pay-down of $5.0 million in principal of the Notes on November 9, 2020 (Second Amendment). The interest rate on the Notes remains at 7.0% per annum. The Second Amendment was accounted for as an extinguishment of debt. On April 29, 2022, the Company and certain holders of its Notes due May 9, 2022 in the aggregate principal amount of $20.0 million agreed to extend the maturity date of the Notes upon conclusion of the term on May 9, 2022. The Company decreased the aggregate principal amount of the new Notes to $15.0 million, following the pay-down of $5.0 million in principal of the Notes on May 9, 2022 (Third Amendment). The new Notes shall be due and payable in three equal installments of $5.0 million on each of May 9, 2023, May 9, 2024 and the Stated Maturity Date of May 9, 2025. If the Company has not received by October 31, 2022 approval of its stockholders for the exchange of its 9.375% Cumulative Redeemable Series B Preferred Stock (Series B Preferred Stock) and 9.125% Redeemable Series C Preferred Stock (Series C Preferred Stock) for cash and shares of Company Common Stock and, in the case of the Series C Preferred Stock, a warrant to purchase 1.5 shares of Common Stock, on terms agreed to by the requisite percentage of holders of Series B Preferred Stock and Series C Preferred Stock and provided notice of the subsequent redemption of any remaining outstanding Series B Preferred Stock and its Series C Preferred Stock for Common Stock (other than any failure to receive such approvals and to provide such notice of redemption arising from (i) any breach of any covenant or agreement with the Company by any holder(s) of its capital stock or (ii) the institution of any legal or similar proceedings by any holder(s) of its capital stock or any Governmental Authority), then the Stated Maturity Date of this Note shall mean November 9, 2022. The interest rate on the Notes remains at 7.0% per annum. Long-term Debt The Company carries its Junior Subordinated Notes at estimated fair value as more fully described in Note 7.—Fair Value of Financial Instruments. The following table shows the remaining principal balance and fair value of Junior Subordinated Notes issued as of March 31, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2022 ​ 2021 Junior Subordinated Notes (1) $ 62,000 $ 62,000 ​ Fair value adjustment ​ (14,451) ​ (15,464) ​ Total Junior Subordinated Notes ​ $ 47,549 ​ $ 46,536 ​ (1) Stated maturity of March 2034; requires quarterly interest payments at a variable rate of 3-month LIBOR plus 3.75% per annum. ​

Securitized Mortgage Trusts

Securitized Mortgage Trusts	3 Months Ended
	Mar. 31, 2022
Securitized Mortgage Trusts
Securitized Mortgage Trusts	Note 6.—Securitized Mortgage Trusts Securitized Mortgage Trust Assets Securitized mortgage trust assets, which are recorded at their estimated fair value, are comprised of the following at March 31, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2022 ​ 2021 Securitized mortgage collateral, at fair value ​ $ — ​ $ 1,639,251 REO, at net realizable value (NRV) ​ — ​ 3,479 Total securitized mortgage trust assets ​ $ — ​ $ 1,642,730 ​ Securitized Mortgage Trust Liabilities Securitized mortgage trust liabilities, which are recorded at their estimated fair value, are comprised of the following at March 31, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2022 ​ 2021 Securitized mortgage borrowings $ — $ 1,614,862 ​ Changes in fair value of net trust assets, including trust REO gains, are comprised of the following for the three months ended March 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ March 31, ​ ​ 2022 ​ 2021 Change in fair value of net trust assets, excluding REO (1) $ 9,248 $ (3,544) Gains from trust REO ​ — ​ 1,871 Change in fair value of net trust assets, including trust REO gains ​ $ 9,248 ​ $ (1,673) (1) Change in fair value of net trust assets, excluding REO for the three months ended March 31, 2022 represents the net increase in fair value of the net trust assets including REO as of February 28, 2022 and transaction costs.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2022
Fair Value of Financial Instruments
Fair Value of Financial Instruments	Note 7.—Fair Value of Financial Instruments The use of fair value to measure the Company’s financial instruments is fundamental to its consolidated financial statements and is a critical accounting estimate because a substantial portion of its assets and liabilities are recorded at estimated fair value. The following table presents the estimated fair value of financial instruments included in the consolidated financial statements as of the dates indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 ​ ​ Carrying ​ Estimated Fair Value ​ Carrying ​ Estimated Fair Value ​ ​ Amount ​ Level 1 ​ Level 2 ​ Level 3 ​ Amount ​ Level 1 ​ Level 2 ​ Level 3 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 70,566 ​ $ 70,566 ​ $ — ​ $ — ​ $ 29,555 ​ $ 29,555 ​ $ — ​ $ — ​ Restricted cash ​ 5,508 ​ 5,508 ​ — ​ — ​ 5,657 ​ 5,657 ​ — ​ — ​ Mortgage loans held-for-sale ​ 160,422 ​ — ​ 160,422 ​ — ​ 308,477 ​ — ​ 308,477 ​ — ​ Mortgage servicing rights ​ 856 ​ — ​ — ​ 856 ​ 749 ​ — ​ — ​ 749 ​ Derivative assets, lending, net (1) ​ 1,742 ​ — ​ 896 ​ 846 ​ 3,111 ​ — ​ — ​ 3,111 ​ Securitized mortgage collateral ​ — ​ — ​ — ​ — ​ 1,639,251 ​ — ​ — ​ 1,639,251 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warehouse borrowings ​ $ 150,721 ​ $ — ​ $ 150,721 ​ $ — ​ $ 285,539 ​ $ — ​ $ 285,539 ​ $ — ​ Convertible notes ​ ​ 20,000 ​ ​ — ​ ​ — ​ ​ 20,000 ​ ​ 20,000 ​ ​ — ​ ​ — ​ ​ 20,000 ​ Long-term debt ​ 47,549 ​ — ​ — ​ 47,549 ​ 46,536 ​ — ​ — ​ 46,536 ​ Securitized mortgage borrowings ​ — ​ — ​ — ​ — ​ 1,614,862 ​ — ​ — ​ 1,614,862 ​ Derivative liabilities, lending, net (2) ​ — ​ — ​ — ​ — ​ 55 ​ — ​ 55 ​ — ​ (1) Represents IRLCs and Hedging Instruments and are included in other assets in the accompanying consolidated balance sheets. (2) Represents Hedging Instruments and are included in other liabilities in the accompanying consolidated balance sheets. ​ The fair value amounts above have been estimated by management using available market information and appropriate valuation methodologies. Considerable judgment is required to interpret market data to develop the estimates of fair value in both inactive and orderly markets. Accordingly, the estimates presented are not necessarily indicative of the amounts that could be realized in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. For securitized mortgage collateral and securitized mortgage borrowings, the underlying bonds were collateralized by Alt-A (non-conforming) residential and commercial loans and had limited or no market activity. The Company’s methodology to estimate fair value of these assets and liabilities included the use of internal pricing techniques such as the net present value of future expected cash flows (with observable market participant assumptions, where available) discounted at a rate of return based on the Company’s estimates of market participant requirements. The significant assumptions utilized in these internal pricing techniques, which were based on the characteristics of the underlying collateral, include estimated credit losses, estimated prepayment speeds and appropriate discount rates. Fair Value Hierarchy The application of fair value measurements may be on a recurring or nonrecurring basis depending on the accounting principles applicable to the specific asset or liability or whether management has elected to carry the item at its estimated fair value. FASB ASC 820-10-35 specifies a hierarchy of valuation techniques based on whether the inputs to those techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs create the following fair value hierarchy: ● ● ● This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when estimating fair value. As a result of the lack of observable market data resulting from inactive markets, the Company has classified its MSRs, securitized mortgage collateral and borrowings, derivative assets and liabilities (IRLCs), Notes and long-term debt as Level 3 fair value measurements. Level 3 assets and liabilities measured at fair value on a recurring basis were approximately 1% and 22% and 83% and 84%, respectively, of total assets and total liabilities measured at estimated fair value at March 31, 2022 and December 31, 2021. Recurring Fair Value Measurements The Company assesses its financial instruments on a quarterly basis to determine the appropriate classification within the fair value hierarchy, as defined by ASC Topic 810. Transfers between fair value classifications occur when there are changes in pricing observability levels. Transfers of financial instruments among the levels occur at the beginning of the reporting period. There were no material transfers into Level 3 classified instruments during the three months ended March 31, 2022. The following tables present the Company’s assets and liabilities that are measured at estimated fair value on a recurring basis, including financial instruments for which the Company has elected the fair value option at March 31, 2022 and December 31, 2021, based on the fair value hierarchy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recurring Fair Value Measurements ​ ​ March 31, 2022 ​ December 31, 2021 ​ Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets ​ ​ ​ ​ ​ ​ ​ Mortgage loans held-for-sale ​ $ — ​ $ 160,422 ​ $ — ​ $ — ​ $ 308,477 ​ $ — ​ Derivative assets, lending, net (1) ​ — ​ 896 ​ 846 ​ — ​ — ​ 3,111 ​ Mortgage servicing rights ​ — ​ — ​ 856 ​ — ​ — ​ 749 ​ Securitized mortgage collateral ​ — ​ — ​ — ​ — ​ — ​ 1,639,251 ​ Total assets at fair value ​ $ — ​ $ 161,318 ​ $ 1,702 ​ $ — ​ $ 308,477 ​ $ 1,643,111 ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securitized mortgage borrowings ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 1,614,862 ​ Long-term debt ​ — ​ — ​ 47,549 ​ — ​ — ​ 46,536 ​ Derivative liabilities, lending, net (2) ​ — ​ — ​ — ​ — ​ 55 ​ — ​ Total liabilities at fair value ​ $ — ​ $ — ​ $ 47,549 ​ $ — ​ $ 55 ​ $ 1,661,398 ​ (1) At March 31, 2022, derivative assets, lending, net included $846 thousand in IRLCs and $896 thousand in Hedging Instruments included in other assets in the accompanying consolidated balance sheets. At December 31, 2021, derivative assets, lending, net included $3.1 million in IRLCs and is included in other assets in the accompanying consolidated balance sheets. (2) At December 31, 2021, derivative liabilities, lending, net are included in other liabilities in the accompanying consolidated balance sheets. ​ ​ The following tables present reconciliations for all assets and liabilities measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 3 Recurring Fair Value Measurements ​ ​ For the Three Months Ended March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ ​ ​ ​ ​ ​ Securitized ​ Securitized ​ Mortgage ​ rate lock ​ Long- ​ ​ ​ mortgage ​ mortgage ​ servicing ​ commitments, ​ term ​ ​ collateral borrowings rights net debt Fair value, December 31, 2021 $ 1,639,251 ​ $ (1,614,862) ​ $ 749 ​ $ 3,111 ​ $ (46,536) ​ Total gains (losses) included in earnings: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income (1) ​ 2,019 ​ — ​ — ​ — ​ — ​ Interest expense (1) ​ — ​ (7,564) ​ — ​ — ​ (386) ​ Change in fair value ​ 9,248 ​ — ​ 61 ​ (2,265) ​ 1,642 ​ Change in instrument specific credit risk ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (2,269) (2) Total gains (losses) included in earnings ​ 11,267 ​ (7,564) ​ 61 ​ (2,265) ​ (1,013) ​ Transfers in and/or out of Level 3 ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ​ Purchases, issuances and settlements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases ​ — ​ — ​ — ​ — ​ — ​ Issuances ​ — ​ — ​ 46 ​ — ​ — ​ Settlements ​ (1,650,518) ​ 1,622,426 ​ — ​ — ​ — ​ Fair value, March 31, 2022 ​ $ — ​ $ — ​ $ 856 ​ $ 846 ​ $ (47,549) ​ Unrealized gains (losses) still held (3) ​ $ — ​ $ — ​ $ 856 ​ $ 846 ​ $ 14,451 ​ ​ (1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities prior to the sale in March 2022. Net interest income, including cash received and paid, was $1.2 million for the three months ended March 31, 2022. The difference between accretion of interest income and expense and the amounts of interest income and expense recognized in the consolidated statements of operations and comprehensive loss is primarily from contractual interest on the securitized mortgage collateral and borrowings. (2) Amount represents the change in instrument specific credit risk in other comprehensive loss in the consolidated statements of operations and comprehensive loss. (3) Represents the amount of unrealized (losses) gains relating to assets and liabilities classified as Level 3 that are still held and reflected in the fair values at March 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 3 Recurring Fair Value Measurements ​ ​ For the Three Months Ended March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ ​ ​ ​ ​ Securitized ​ Securitized ​ Mortgage ​ rate lock ​ Long- ​ ​ mortgage ​ mortgage ​ servicing ​ commitments, ​ term ​ collateral borrowings rights net debt Fair value, December 31, 2020 $ 2,100,175 $ (2,086,557) $ 339 $ 7,275 $ (44,413) Total (losses) gains included in earnings: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income (1) ​ (4,757) ​ — ​ — ​ — ​ — ​ Interest expense (1) ​ — ​ (9,110) ​ — ​ — ​ (306) ​ Change in fair value ​ ​ 82,407 ​ ​ (85,951) ​ ​ 38 ​ ​ (2,197) ​ ​ 1,025 ​ Change in instrument specific credit risk ​ — ​ — ​ — ​ — ​ (1,667) (2) Total gains (losses) included in earnings ​ 77,650 ​ (95,061) ​ 38 ​ (2,197) ​ (948) ​ Transfers in and/or out of Level 3 ​ — ​ — ​ ​ — ​ ​ — ​ — ​ Purchases, issuances and settlements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases ​ — ​ — ​ — ​ — ​ — ​ Issuances ​ — ​ — ​ 121 ​ — ​ — ​ Settlements ​ (139,280) ​ 153,408 ​ — ​ — ​ — ​ Fair value, March 31, 2021 ​ $ 2,038,545 ​ $ (2,028,210) ​ $ 498 ​ $ 5,078 ​ $ (45,361) ​ Unrealized (losses) gains still held (3) ​ $ (189,589) ​ $ 2,405,613 ​ $ 498 ​ $ 5,078 ​ $ 16,639 ​ ​ (1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. Net interest income, including cash received and paid, was $2.2 million for the three months ended March 31, 2021. The difference between accretion of interest income and expense and the amounts of interest income and expense recognized in the consolidated statements of operations and comprehensive loss is primarily from contractual interest on the securitized mortgage collateral and borrowings. (2) Amount represents the change in instrument specific credit risk in other comprehensive loss in the consolidated statements of operations and comprehensive loss. (3) Represents the amount of unrealized (losses) gains relating to assets and liabilities classified as Level 3 that are still held and reflected in the fair values at March 31, 2021 ​ ​ The following table presents quantitative information about the valuation techniques and unobservable inputs applied to Level 3 fair value measurements for financial instruments measured at fair value on a recurring and nonrecurring basis at March 31, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ December 31, 2021 ​ ​ ​ Unobservable ​ Range of ​ Weighted ​ ​ Range of ​ Weighted ​ Financial Instrument Input Inputs Average Inputs Average Assets and liabilities backed by real estate ​ ​ ​ ​ ​ ​ ​ ​ ​ Securitized mortgage collateral, and ​ Prepayment rates - % - % 2.9 - 46.3 % 10.7 % Securitized mortgage borrowings ​ Default rates - % - % 0.06 - 4.3 % 1.7 % ​ ​ Loss severities - % - % 0.01 - 97.6 % 70.1 % ​ ​ Discount rates - % - % 2.1 - 13.0 % 3.6 % Other assets and liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage servicing rights ​ Discount rates 12.5 - 15.0 % 12.8 % 12.5 - 15.0 % 12.8 % ​ ​ Prepayment rates ​ 8.0 - 12.9 % 9.0 % ​ 8.01 - 29.1 % 10.3 % Derivative assets - IRLCs, net ​ Pull-through rates 40.0 - 98.0 % 73.3 % 50.0 - 98.0 % 79.0 % Long-term debt ​ Discount rates 9.4 % 9.4 % 8.6 % 8.6 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recurring Fair Value Measurements ​ ​ Changes in Fair Value Included in Net Earnings (Loss) ​ ​ For the Three Months Ended March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Change in Fair Value of ​ ​ ​ ​ ​ Interest ​ Interest ​ Net Trust ​ Long-term ​ Other Income ​ Gain on Sale ​ ​ ​ ​ ​ Income (1) ​ Expense (1) ​ Assets ​ Debt ​ and Expense ​ of Loans, net ​ Total Securitized mortgage collateral ​ $ 2,019 ​ $ — ​ $ 9,248 ​ $ — ​ $ — ​ $ — ​ $ 11,267 ​ Securitized mortgage borrowings ​ — ​ (7,564) ​ — ​ — ​ — ​ — ​ (7,564) ​ Long-term debt ​ — ​ (386) ​ — ​ 1,642 ​ — ​ — ​ 1,256 ​ Mortgage servicing rights (2) ​ — ​ — ​ — ​ — ​ 61 ​ — ​ 61 ​ Mortgage loans held-for-sale ​ — ​ — ​ — ​ — ​ — ​ (7,265) ​ (7,265) ​ Derivative assets — IRLCs ​ — ​ — ​ — ​ — ​ — ​ (2,265) ​ (2,265) ​ Derivative liabilities — Hedging Instruments ​ — ​ — ​ — ​ — ​ — ​ 951 ​ 951 ​ Total ​ $ 2,019 ​ $ (7,950) ​ $ 9,248 (3) $ 1,642 ​ $ 61 ​ $ (8,579) ​ $ (3,559) ​ (1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. (2) Included in gain on MSRs, net in the consolidated statements of operations and comprehensive loss. (3) For the three months ended March 31, 2022, change in the fair value of net trust assets, excluding REO was $9.2 million. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recurring Fair Value Measurements ​ ​ Changes in Fair Value Included in Net Earnings (Loss) ​ ​ For the Three Months Ended March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Change in Fair Value of ​ ​ ​ ​ ​ Interest ​ Interest ​ Net Trust ​ Long-term ​ Other Income ​ Gain on Sale ​ ​ ​ ​ ​ Income (1) ​ Expense (1) ​ Assets ​ Debt ​ and Expense ​ of Loans, net ​ Total Securitized mortgage collateral ​ $ (4,757) ​ $ — ​ $ 82,407 ​ $ — ​ $ — ​ $ — ​ $ 77,650 ​ Securitized mortgage borrowings ​ — ​ (9,110) ​ (85,951) ​ — ​ — ​ — ​ (95,061) ​ Long-term debt ​ — ​ (306) ​ — ​ 1,025 ​ — ​ — ​ 719 ​ Mortgage servicing rights (2) ​ — ​ — ​ — ​ — ​ 38 ​ — ​ 38 ​ Mortgage loans held-for-sale ​ — ​ — ​ — ​ — ​ — ​ (868) ​ (868) ​ Derivative assets — IRLCs ​ — ​ — ​ — ​ — ​ — ​ (2,197) ​ (2,197) ​ Derivative liabilities — Hedging Instruments ​ — ​ — ​ — ​ — ​ — ​ 1,982 ​ 1,982 ​ Total ​ $ (4,757) ​ $ (9,416) ​ $ (3,544) (3) $ 1,025 ​ $ 38 ​ $ (1,083) ​ $ (17,737) ​ (1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. (2) Included in gain on MSRs, net in the consolidated statements of operations and comprehensive loss. (3) For the three months ended March 31, 2021, change in the fair value of net trust assets, excluding REO was $3.5 million. ​ Mortgage servicing rights ​ Mortgage loans held-for-sale with similar characteristics, and purchase commitments and bid information received from market participants. Given the meaningful level of secondary market activity for mortgage loans, active pricing is available for similar assets and accordingly, the Company classifies its mortgage LHFS as a Level 2 measurement at March 31, 2022 and December 31, 2021. ​ Securitized mortgage collateral ​ Securitized mortgage borrowings ​ Long-term debt ​ Derivative assets and liabilities, lending ​ The following table includes information for the derivative assets and liabilities related to lending for the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Gains (Losses) ​ ​ Notional Amount ​ For the Three Months Ended ​ ​ March 31, ​ December 31, ​ March 31, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 Derivative – IRLC's $ 121,991 $ 255,150 ​ $ (2,265) ​ $ (2,197) Derivative – TBA MBS ​ 41,000 ​ 102,000 ​ 3,688 ​ 5,211 Derivative – Swap Futures ​ ​ 26,000 ​ — ​ 1,405 ​ — (1) Amounts included in gain on sale of loans, net within the accompanying consolidated statements of operations and comprehensive loss. ​ Nonrecurring Fair Value Measurements The Company is required to measure certain assets and liabilities at estimated fair value from time to time. These fair value measurements typically result from the application of specific accounting pronouncements under GAAP. The fair value measurements are considered nonrecurring fair value measurements under FASB ASC 820-10. There were no financial or non-financial assets measured using nonrecurring fair value measurements at March 31, 2022. The following tables present financial and non-financial assets measured using nonrecurring fair value measurements at March 31, 2021, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nonrecurring Fair Value Measurements ​ Total Gains (1) ​ ​ March 31, 2021 ​ For the Three Months Ended ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ March 31, 2021 REO (2) $ — $ 5,842 $ — $ 1,871 (1) Total gains reflect gains from all nonrecurring measurements during the period. (2) For the three months ended March 31, 2021, the Company recorded $1.9 million in gains, which represent recovery of the NRV attributable to an improvement in state specific loss severities on properties held during the period which resulted in an increase to NRV. ​ Real estate owned

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Taxes
Income Taxes	Note 8.—Income Taxes The Company calculates its quarterly tax provision pursuant to the guidelines in ASC 740 Income Taxes ​ For the quarter ended March 31, 2022, the Company recorded income tax expense of approximately $23 thousand, which was the result of state income taxes from states where the Company does not have net operating loss (NOL) carryforwards or state minimum taxes. Tax benefit for the three months ended March 31, 2021, was the result of net loss during the period partially offset by state income taxes from states where the Company does not have net operating loss (NOL) carryforwards or state minimum taxes. The net deferred tax assets (DTA) were fully reserved for at March 31, 2022, consistent with December 31, 2021. ​ As of December 31, 2021, the Company had estimated NOL carryforwards of approximately $623.5 million. Federal NOL carryforwards begin to expire in 2027. Included in the estimated NOL carryforward is $65.9 million of NOLs with an indefinite carryover period. As of December 31, 2021, the Company had estimated California NOL carryforwards of approximately $435.2 million, which begin to expire in 2028. The Company may not be able to realize the maximum benefit due to the nature and tax entities that hold the NOL.

Reconciliation of Loss Per Comm

Reconciliation of Loss Per Common Share	3 Months Ended
	Mar. 31, 2022
Reconciliation of Loss Per Common Share
Reconciliation of Loss Per Common Share	Note 9.—Reconciliation of Loss Per Common Share effect of stock options, restricted stock awards (RSAs), restricted stock units (RSUs), deferred stock units (DSUs), ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ March 31, ​ ​ 2022 ​ 2021 Numerator for basic loss per share: ​ ​ ​ ​ ​ Net loss ​ $ (1,184) ​ $ (683) ​ Less: Cumulative non-declared dividends on preferred stock (1) ​ ​ (390) ​ ​ — ​ Net loss attributable to common stockholders ​ $ (1,574) ​ $ (683) ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator for diluted loss per share: ​ ​ ​ ​ ​ ​ ​ Net loss ​ $ (1,574) ​ $ (683) ​ Interest expense attributable to convertible notes (2) ​ — ​ — ​ Net loss plus interest expense attributable to convertible notes ​ $ (1,574) ​ $ (683) ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for basic loss per share (3): ​ ​ ​ ​ ​ ​ ​ Basic weighted average common shares outstanding during the period ​ 21,417 ​ 21,294 ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for diluted loss per share (3): ​ ​ ​ ​ ​ ​ ​ Basic weighted average common shares outstanding during the period ​ 21,417 ​ 21,294 ​ Net effect of dilutive convertible notes and warrants (2) ​ — ​ — ​ Net effect of dilutive stock options, DSU’s, RSA's and RSU's (2) ​ — ​ — ​ Diluted weighted average common shares ​ 21,417 ​ 21,294 ​ Net loss per common share: ​ ​ ​ ​ ​ ​ ​ Basic ​ $ (0.07) ​ $ (0.03) ​ Diluted ​ $ (0.07) ​ $ (0.03) ​ (1) Cumulative non-declared dividends in arrears are included beginning July 15, 2021, which was the date the Maryland Court of Appeals affirmed the decision in granting summary judgment in favor of the plaintiffs on the Preferred B voting rights (see Note 12. ­– Equity and Share Based Payments). (2) Adjustments to diluted loss per share for the three months ended March 31, 2022 and 2021, were excluded from the calculation, as they were anti-dilutive. (3) Number of shares presented in thousands. ​ At March 31, 2022 and 2021, there were 844 thousand and 1.1 million shares, respectively, of stock options, RSUs and DSUs outstanding in the aggregate. For the three months ended March 31, 2022 and 2021, there were 930 thousand shares attributable to the Notes that were anti-dilutive. Additionally, for the three months ended March 31, 2022 and 2021, there were 213 thousand warrants that were anti-dilutive. ​ In addition to the potential dilutive effects of stock options, RSAs, RSUs, DSUs, warrants and Notes listed above, see Note 12.—Equity and Share Based Payments, Redeemable Preferred Stock ​ Common and preferred dividends are included in the reconciliation of earnings per share beginning July 15, 2021, which was the date the Maryland Court of Appeals affirmed the decision in granting summary judgment in favor of the plaintiffs on the Preferred B voting rights. Cumulative preferred dividends, whether or not declared, are reflected in basic and diluted earnings per share in accordance with ASC 260-10-45-11, despite not being accrued for on the consolidated balance sheets.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2022
Segment Reporting
Segment Reporting	Note 10.—Segment Reporting The Company has three primary reporting segments which include mortgage lending, real estate services and long-term mortgage portfolio. Unallocated corporate and other administrative costs, including the costs associated with being a public company, are presented in Corporate and other. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Statement of Operations Items for the ​ Mortgage ​ Real Estate ​ Long-term ​ Corporate ​ ​ ​ Three Months Ended March 31, 2022: ​ Lending ​ Services ​ Portfolio ​ and other ​ Consolidated Gain on sale of loans, net $ 5,955 $ — $ — $ — $ 5,955 ​ Servicing expense, net ​ (12) ​ — ​ — ​ — ​ (12) ​ Gain on mortgage servicing rights, net ​ ​ 111 ​ ​ — ​ ​ — ​ ​ — ​ ​ 111 ​ Real estate services fees, net ​ — ​ 185 ​ — ​ — ​ 185 ​ Other revenue ​ 2 ​ — ​ ​ 16 ​ 933 ​ 951 ​ Other operating expense ​ ​ (14,502) ​ ​ (358) ​ ​ (13) ​ ​ (4,484) ​ ​ (19,357) ​ Other income (expense) ​ 389 ​ — ​ 11,082 ​ (465) ​ 11,006 ​ Net (loss) earnings before income tax expense ​ $ (8,057) ​ $ (173) ​ $ 11,085 ​ $ (4,016) ​ ​ (1,161) ​ Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 23 ​ Net loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (1,184) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Statement of Operations Items for the Mortgage Real Estate Long-term Corporate ​ ​ ​ Three Months Ended March 31, 2021: ​ Lending ​ Services ​ Portfolio ​ and other ​ Consolidated ​ Gain on sale of loans, net ​ $ 20,131 $ — $ — $ — $ 20,131 ​ Servicing (expense) fees, net ​ (119) ​ — ​ — ​ — ​ (119) ​ Gain on mortgage servicing rights, net ​ ​ 38 ​ ​ — ​ ​ — ​ ​ — ​ ​ 38 ​ Real estate services fees, net ​ — ​ 210 ​ — ​ — ​ 210 ​ Other revenue ​ 23 ​ — ​ 27 ​ 274 ​ 324 ​ Other operating expense ​ ​ (16,228) ​ ​ (368) ​ ​ (122) ​ ​ (4,580) ​ ​ (21,298) ​ Other (expense) income ​ (183) ​ — ​ 656 ​ (461) ​ 12 ​ Net earnings (loss) before income tax expense ​ $ 3,662 ​ $ (158) ​ $ 561 ​ $ (4,767) ​ $ (702) ​ Income tax benefit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (19) ​ Net loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (683) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage ​ Real Estate ​ Long-term ​ Corporate ​ ​ ​ ​ Balance Sheet Items as of: ​ Lending ​ Services ​ Portfolio ​ and other ​ Consolidated ​ Total Assets at March 31, 2022 (1) $ 239,620 $ 502 $ 96 $ 29,372 $ 269,590 ​ Total Assets at December 31, 2021 (1) $ 351,173 $ 502 $ 1,642,871 $ 28,225 $ 2,022,771 ​ (1) All segment asset balances exclude intercompany balances. ​

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies
Commitments and Contingencies	Note 11.—Commitments and Contingencies Legal Proceedings ​ The Company is a defendant in or a party to a number of legal actions or proceedings that arise in the ordinary course of business. In some of these actions and proceedings, claims for monetary damages are asserted against the Company. In view of the inherent difficulty of predicting the outcome of such legal actions and proceedings, the Company generally cannot predict what the eventual outcome of the pending matters will be, what the timing of the ultimate resolution of these matters will be, or what the eventual loss related to each pending matter may be, if any. ​ In accordance with applicable accounting guidance, the Company establishes an accrued liability for litigation when those matters present loss contingencies that are both probable and estimable. In any case, there may be an exposure to losses in excess of any such amounts whether accrued or not. Any estimated loss is subject to significant judgment and is based upon currently available information, a variety of assumptions, and known and unknown uncertainties. The matters underlying the estimated loss will change from time to time, and actual results may vary significantly from the current estimate. Therefore, an estimate of possible loss represents what the Company believes to be an estimate of possible loss only for certain matters meeting these criteria. It does not represent the Company’s maximum loss exposure. ​ Based on the Company’s current understanding of these pending legal actions and proceedings, management does not believe that judgments or settlements arising from pending or threatened legal matters, individually or in the aggregate, will have a material adverse effect on the consolidated financial position, operating results or cash flows of the Company. However, in light of the inherent uncertainties involved in these matters, some of which are beyond the Company’s control, and the very large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these matters could be material to the Company’s results of operations or cash flows for any particular reporting period. ​ The legal matter updates summarized below are ongoing and may have an effect on the Company’s business and future financial condition and results of operations: ​ On December 7, 2011, a purported class action was filed in the Circuit Court of Baltimore City entitled Timm v. Impac Mortgage Holdings, Inc., et al. alleging on behalf of holders of the Company’s 9.375% Series B Cumulative Redeemable Preferred Stock (Preferred B) and 9.125% Series C Cumulative Redeemable Preferred Stock (Preferred C) who did not tender their stock in connection with the Company’s 2009 completion of its Offer to Purchase and Consent Solicitation that the Company failed to achieve the required consent of the Preferred B and C holders, the consents to amend the Preferred stock were not effective because they were given on unissued stock (after redemption), the Company tied the tender offer with a consent requirement that constituted an improper “vote buying” scheme, and that the tender offer was a breach of a fiduciary duty. The action sought the payment of two quarterly dividends for the Preferred B and C holders, the unwinding of the consents and reinstatement of the cumulative dividend on the Preferred B and C stock, and the election of two directors by the Preferred B and C holders. The action also sought punitive damages and legal expenses. On July 16, 2018, the Circuit Court entered a Judgment Order (“Judgment Order”) whereby it (1) declared and entered judgment in favor of all defendants on all claims related to the Preferred C holders and all claims against all individual defendants thereby affirming the validity of the 2009 amendments to the Preferred C Articles Supplementary; (2) declared its interpretation of the voting provision language in the Preferred B Articles Supplementary to mean that consent of two-thirds argument was held on December 4, 2020. On July 15, 2021, the Maryland Court of Appeals affirmed the decision of the Circuit Court (and the Court of Special Appeals) in granting summary judgment in favor of the plaintiffs on the Preferred B voting rights and, although the Court of Appeals found the voting rights provision to be ambiguous, it concluded that the extrinsic evidence presented to the Circuit Court, which it found to be undisputed, supported the plaintiffs’ interpretation that the voting rights provision required separate voting by the Preferred B stockholders to amend the 2004 Preferred B Articles Supplementary. Accordingly, the 2009 amendments to the Preferred B Articles Supplementary were not validly adopted and the 2004 Preferred Articles Supplementary remain in effect. On August 17, 2021, the Court of Appeals issued its mandate returning the case to the Circuit Court for final proceedings. On October 25, 2021, the case was assigned to a judge of the Circuit Court to oversee final disposition of outstanding issues. Thereafter, and in consideration of the Circuit Court’s outstanding Order, co-Plaintiff Camac Fund LP called upon the Company to hold a special meeting of the Preferred B stockholders for the election of two directors (“Special Meeting”) under the 2004 Preferred B Articles Supplementary. The Special Meeting was convened on October 13, 2021, then adjourned by a vote of all shares present to November 23, 2021 due to lack of a quorum sufficient for election of directors. A quorum was not present at the meeting as reconvened on November 23, 2021, and the Special Meeting was further adjourned to January 6, 2022. At the reconvened Special Meeting held on January 6, 2022, a quorum was again not present, and the meeting was concluded. As a quorum was not established at the Special Meeting, no directors have yet been elected by the holders of Series B Preferred Shares. On remand, the Circuit Court entered a scheduling order on November 5, 2021 directing plaintiffs to file any motions for certification of a Preferred B class and any other requested relief by December 17, 2021, and further directing the parties to file responses by January 18, 2022 and replies by February 1, 2022. The parties complied and Circuit Court heard arguments on February 18, 2022. The Circuit Court took the matters under submission and has not yet issued any rulings. ​ On September 18, 2018, a purported class action was filed in the Superior Court of California, Orange County, entitled McNair v. Impac Mortgage Corp. dba CashCall Mortgage. The plaintiff contends the defendant did not pay the plaintiff and purported class members overtime compensation, provide required meal and rest breaks, or provide accurate wage statements. The action seeks damages, restitution, penalties, interest, attorney’s fees, and all other appropriate injunctive, declaratory, and equitable relief. On March 8, 2019, a First Amended Complaint was filed, which added a claim alleging PAGA violations. On March 12, 2019, the parties filed a stipulation with the court stating (1) the plaintiff’s individual claims should be arbitrated pursuant to the parties’ arbitration agreement, (2) the class claims should be struck from the First Amended Complaint, and (3) the plaintiff will proceed solely with regard to her PAGA claims. This case was consolidated with the Batres v. Impac Mortgage Corp. dba CashCall Mortgage case discussed below with a rescheduled trial date of January 18, 2022. On October 28, 2021, the Company entered into a settlement agreement, which was amended and restated on February 17, 2022. On March 14, 2022, the court issued an order granting preliminary approval of the settlement. No assurances can be given that such settlement will receive final approval by the court. ​ On December 27, 2018, a purported class action was filed in the Superior Court of California, Orange County, entitled Batres v. Impac Mortgage Corp. dba CashCall Mortgage. The plaintiff contends the defendant did not pay the plaintiff and purported class members overtime compensation, provide required meal and rest breaks, or provide accurate wage statements. The action seeks damages, restitution, penalties, interest, attorney’s fees, and all other appropriate injunctive, declaratory, and equitable relief. On March 14, 2019, the plaintiff filed an amended complaint alleging only PAGA violations and seeking penalties, attorneys’ fees, and such other appropriate relief. This case was consolidated with the McNair v. Impac Mortgage Corp. dba CashCall Mortgage discussed above with a rescheduled trial date of January 18, 2022. On October 28, 2021, the Company entered into a settlement agreement, which was amended and restated on February 17, 2022. On March 14, 2022, the court issued an order granting preliminary approval of the settlement. No assurances can be given that such settlement will receive final approval by the court. ​ On December 17, 2021, a summons with notice was filed in the Supreme Court of the State of New York, County of New York, initiating a lawsuit entitled UBS Americas Inc., et al. v. Impac Funding Corporation et al. The plaintiffs contend that the defendants are required to indemnify payments that plaintiffs made to resolve claims asserted by the Federal Home Loan Bank of San Francisco and HSH Nordbank AG related to certain residential mortgage-backed securities (RMBS). Plaintiffs contend that the RMBS included loans that the defendants allegedly sold to certain UBS entities in breach of contractual representations and warranties. Plaintiffs further contend that they settled the cases for which plaintiffs are demanding indemnification in December 2015 and March 2016. On April 18, 2022, the Company accepted service of the summons with notice on behalf of Impac Funding Corp. and Impac Mortgage Holdings, Inc. The Company believes the claims are without merit and intends to defend itself vigorously. ​ The Company is a party to other litigation and claims which are in the course of the Company’s operations. While the results of such other litigation and claims cannot be predicted with certainty, the Company believes the final outcome of such matters will not have a material adverse effect on our financial condition or results of operations. The Company believes that it has meritorious defenses to the claims and intends to defend these claims vigorously and as such the Company believes the final outcome of such matters will not have a material adverse effect on its financial condition or results of operations. Nevertheless, litigation is uncertain and the Company may not prevail in the lawsuits and can express no opinion as to their ultimate resolution. An adverse judgment in any of these matters could have a material adverse effect on the Company’s financial position and results of operations. ​ Please refer to IMH’s report on Form 10-K for the year ended December 31, 2021 for additional information regarding litigation and claims. ​ Repurchase Reserve When the Company sells mortgage loans, it makes customary representations and warranties to the purchasers about various characteristics of each loan such as the origination and underwriting guidelines, including but not limited to the validity of the lien securing the loan, property eligibility, borrower credit, income and asset requirements, and compliance with applicable federal, state and local law. The Company’s whole loan sale agreements generally require it to repurchase loans if the Company breached a representation or warranty given to the loan purchaser as well as refunds of premiums to investors for early payoffs on loans sold. The following table summarizes the repurchase reserve activity, within other liabilities on the consolidated balance sheets, related to previously sold loans for the three months ended March 31, 2022 and year ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2022 ​ 2021 Beginning balance $ 4,744 $ 7,054 Provision for repurchases (1) ​ 574 ​ 111 Settlements ​ (272) ​ (2,421) Total repurchase reserve ​ $ 5,046 ​ $ 4,744 (1) The provision for repurchases is included in gain on sale of loans, net in the accompanying consolidated statements of operations and comprehensive loss. ​ Corporate-owned Life Insurance Trusts ​ During the first quarter of 2020, there was a triggering event that caused the Company to reevaluate the consolidation of certain corporate-owned life insurance trusts. As a result, the Company has consolidated life insurance trusts for three former executive officers. The corporate-owned life insurance contracts are recorded at cash surrender value, which is provided by a third party and held within trusts. At March 31, 2022, the cash surrender value of the policies was $11.7 million and were recorded within other assets on the consolidated balance sheets. At March 31, 2022, the liability associated with the corporate-owned life insurance trusts was $13.1 million and is recorded in other liabilities on the consolidated balance sheets. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At March 31, 2022 Corporate-owned life insurance trusts: ​ Trust #1 ​ Trust #2 ​ Trust #3 ​ Total Corporate-owned life insurance cash surrender value $ 5,361 ​ $ 4,166 ​ $ 2,193 ​ $ 11,720 Corporate-owned life insurance liability ​ 6,068 ​ 4,757 ​ 2,318 ​ 13,143 Corporate-owned life insurance shortfall (1) ​ $ (707) ​ $ (591) ​ $ (125) ​ $ (1,423) (1) The initial $1.3 million of shortfall was recorded as a change in retained deficit at the time of the consolidation of the trusts. The additional shortfall was recognized in the accompanying consolidated statements of operations and comprehensive loss. ​ Commitments to Extend Credit The Company enters into IRLCs with prospective borrowers whereby the Company commits to lend a certain loan amount under specific terms and interest rates to the borrower. These loan commitments are treated as derivatives and are carried at fair value. See Note 7. — Fair Value of Financial Instruments for more information.

Equity and Share Based Payments

Equity and Share Based Payments	3 Months Ended
	Mar. 31, 2022
Equity and Share Based Payments
Equity and Share Based Payments	Note 12.—Equity and Share Based Payments Redeemable Preferred Stock As discussed within Note 11.—Commitments and Contingencies, on July 15, 2021, the Maryland Court of Appeals affirmed the decision of the Circuit Court (and the Court of Special Appeals) in granting summary judgment in favor of the plaintiffs on the Preferred B voting rights and, although the Court of Appeals found the voting rights provision to be ambiguous, it concluded that the extrinsic evidence presented to the Circuit Court, which it found to be undisputed, supported the plaintiffs’ interpretation that the voting rights provision required separate voting by the Preferred B stockholders to amend the Preferred B Articles Supplementary. Accordingly, the 2009 amendments to the Preferred B Articles Supplementary were not validly adopted and the 2004 Preferred Articles Supplementary remain in effect. ​ ​ the following redemption consideration: (i) for each outstanding share of Series B Preferred Stock, subject to potential escrow or reduction to reflect the payment of any attorneys’ fees or costs that are the subject of any petition therefor filed by any attorneys representing holders of Series B Preferred Stock or any order entered by a court in respect of any such petition, (a) cash in the amount of $5.00 and (b) twenty (20) shares of Common Stock and (ii) for each outstanding share of Series C Preferred Stock, (a) cash in the amount of $0.10; (b) 1.25 shares of Common Stock and (c) a warrant to purchase 1.5 shares of Common Stock at a purchase price of $5.00 per share of Common Stock. ​ 66 2/3% 66 2/3% ​ ​ Share Based Payments ​ The following table summarizes activity, pricing and other information for the Company’s stock options for the three months ended March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ Average ​ ​ ​ Number of ​ Exercise ​ ​ ​ Shares ​ Price ​ Options outstanding at the beginning of the year 570,228 $ 7.89 Options granted — ​ — Options exercised — ​ — Options forfeited/cancelled (3,334) ​ 3.59 Options outstanding at the end of the period 566,894 ​ ​ 7.92 Options exercisable at the end of the period 518,874 ​ $ 8.34 ​ ​ As of March 31, 2022, there was approximately $64 thousand of total unrecognized compensation cost related to stock option compensation arrangements granted under the plan, net of estimated forfeitures. That cost is expected to be recognized over the remaining weighted average period of 1.9 years. ​ The following table summarizes activity, pricing and other information for the Company’s RSU’s for the three months ended March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ Average ​ ​ Number of ​ Grant Date ​ ​ Shares ​ Fair Value RSUs outstanding at beginning of the year 397,829 $ 4.11 RSUs granted — ​ ​ — RSUs issued (122,486) ​ 4.31 RSUs forfeited/cancelled — ​ — RSUs outstanding at end of the period 275,343 ​ $ 4.02 ​ As of March 31, 2022, there was approximately $806 thousand of total unrecognized compensation cost related to the RSU compensation arrangements granted under the plan. That cost is expected to be recognized over the remaining weighted average period of 1.5 years. ​ The following table summarizes activity, pricing and other information for the Company’s DSU’s for the three months ended March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ Average ​ ​ ​ Number of ​ Grant Date ​ ​ ​ Shares ​ Fair Value ​ DSUs outstanding at the beginning of the year 54,500 $ 6.61 DSUs granted — ​ — DSUs issued — ​ — DSUs forfeited/cancelled — ​ — DSUs outstanding at the end of the period 54,500 ​ $ 6.61 ​ As of March 31, 2022, there was no unrecognized compensation cost related to the DSU compensation arrangements granted under the plan.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events
Subsequent Events	Note 13.—Subsequent Events ​ Subsequent events have been evaluated through the date of this filing. ​

Summary of Business and Finan_2

Summary of Business and Financial Statement Presentation (Policies)	3 Months Ended
	Mar. 31, 2022
Summary of Business and Financial Statement Presentation
Financial Statement Presentation	Financial Statement Presentation ​ The accompanying unaudited consolidated financial statements of IMH and its subsidiaries (as defined above) have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments considered necessary for a fair presentation, have been included. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. These interim period condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the United States Securities and Exchange Commission. ​ All significant intercompany balances and transactions have been eliminated in consolidation. In addition, certain amounts in the prior periods’ consolidated financial statements have been reclassified to conform to the current period presentation. ​ Management has made a number of material estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period to prepare these consolidated financial statements in conformity with GAAP. Additionally, other items affected by such estimates and assumptions include the valuation of trust assets and trust liabilities, contingencies, the estimated obligation of repurchase reserves related to sold loans, the valuation of long-term debt, mortgage servicing rights (MSR), mortgage loans held-for-sale (LHFS) and derivative instruments, including interest rate lock commitments (IRLC). Actual results could differ from those estimates and assumptions. ​
Recent Accounting Pronouncements Not Yet Effective	Recent Accounting Pronouncements Not Yet Effective ​ There have been no developments to recently issued accounting standards, including the expected dates of adoption and estimated effects on the Company’s consolidated financial statements and footnote disclosures, from those disclosed in the 2021 Annual Report on Form 10-K, except for the following: ​ In March 2020 and January 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-04 and ASU 2021-01, “ Reference Rate Reform (Topic 848)” is currently evaluating the impact the adoption of this ASU would have on the Company’s consolidated financial statements. ​ In May 2021, the FASB issued ASU 2021-04, “ Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (a consensus of the FASB Emerging Issues Task Force)

Mortgage Loans Held-for-Sale (T

Mortgage Loans Held-for-Sale (Tables)	3 Months Ended
	Mar. 31, 2022
Mortgage Loans Held-for-Sale
Summary of the unpaid principal balance (UPB ) of mortgage loans held-for-sale by type	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ ​ 2022 ​ 2021 Government (1) $ 5,247 $ 6,886 ​ Conventional (2) ​ 34,617 ​ 62,759 ​ Jumbo & Non-qualified mortgages (NonQM) ​ ​ 120,134 ​ ​ 231,142 ​ Fair value adjustment (3) ​ 424 ​ 7,690 ​ Total mortgage loans held-for-sale ​ $ 160,422 ​ $ 308,477 ​ (1) Includes all government-insured loans including Federal Housing Administration (FHA), Veterans Affairs (VA) and United States Department of Agriculture (USDA). (2) Includes loans eligible for sale to Federal National Mortgage Association (Fannie Mae or FNMA) and Federal Home Loan Mortgage Corporation (Freddie Mac or FHLMC). (3) Changes in fair value are included in gain on sale of loans, net in the accompanying consolidated statements of operations and comprehensive loss. ​
Schedule of gain on sale of loans, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ March 31, ​ ​ 2022 ​ 2021 Gain on sale of mortgage loans $ 14,025 $ 21,263 Premium from servicing retained loan sales ​ 46 ​ 121 Unrealized loss from derivative financial instruments ​ (1,314) ​ (215) Gain from derivative financial instruments ​ 4,142 ​ 3,229 Mark to market loss on LHFS ​ (7,265) ​ (868) Direct origination expenses, net ​ (3,105) ​ (4,201) Change in provision for repurchases ​ (574) ​ 802 Gain on sale of loans, net ​ $ 5,955 ​ $ 20,131

Mortgage Servicing Rights (Tabl

Mortgage Servicing Rights (Tables)	3 Months Ended
	Mar. 31, 2022
Mortgage Servicing Rights
Schedule of changes in the fair value of MSRs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2022 ​ 2021 Balance at beginning of year $ 749 $ 339 Additions from servicing retained loan sales ​ 46 ​ 536 Changes in fair value ​ 61 ​ (126) Fair value of MSRs at end of period ​ $ 856 ​ $ 749 (1) Changes in fair value are included within gain on mortgage servicing rights, net in the accompanying consolidated statements of operations and comprehensive loss.
Schedule of the outstanding loans serviced by entity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ ​ 2022 ​ 2021 Government insured $ 74,060 $ 71,841 ​ Conventional ​ — ​ — ​ Total loans serviced ​ $ 74,060 ​ $ 71,841 ​
Schedule of hypothetical changes in the fair values of MSRs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, Mortgage Servicing Rights Sensitivity Analysis ​ 2022 2021 Fair value of MSRs $ 856 ​ $ 749 Prepayment Speed: ​ ​ ​ ​ ​ ​ Decrease in fair value from 10% adverse change ​ (18) ​ (24) Decrease in fair value from 20% adverse change ​ ​ (38) ​ ​ (48) Decrease in fair value from 30% adverse change ​ (59) ​ (70) Discount Rate: ​ ​ ​ ​ ​ ​ Decrease in fair value from 10% adverse change ​ (38) ​ (31) Decrease in fair value from 20% adverse change ​ ​ (72) ​ ​ (59) Decrease in fair value from 30% adverse change ​ (104) ​ (85)
Schedule of gain on mortgage servicing rights	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ March 31, ​ 2022 2021 Change in fair value of mortgage servicing rights ​ $ 61 ​ $ 38 Gain on sale of mortgage servicing rights ​ ​ 50 ​ ​ — Gain on mortgage servicing rights, net ​ $ 111 ​ $ 38
Schedule of components of servicing (expense) fees, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ March 31, ​ 2022 2021 Contractual servicing fees ​ $ 70 ​ $ 32 Subservicing and other costs ​ ​ (82) ​ ​ (151) Servicing expense, net ​ $ (12) ​ $ (119)

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases
Schedule of balance sheets, weighted average remaining lease term and weighted average discount rates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ Lease Assets and Liabilities ​ Classification ​ 2022 ​ Assets ​ ​ ​ ​ ​ Lease right-of-use assets ​ Other assets ​ $ 9,332 ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ Lease liabilities ​ Other liabilities ​ $ 11,510 ​ ​ ​ ​ ​ ​ ​ Weighted average remaining lease term (in years) ​ ​ ​ 2.5 ​ Weighted average discount rate ​ ​ ​ 4.8 %
Schedule of maturities of operating and finance leases	The following table presents the maturity of the Company’s operating and financing lease liabilities as of March 31, 2022: ​ ​ ​ ​ Year remaining 2022 ​ $ 3,611 Year 2023 ​ ​ 4,909 Year 2024 ​ ​ 3,729 Total lease commitments ​ $ 12,249 Less: imputed interest ​ ​ (739) Total lease liability ​ $ 11,510

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Long-term Debt
Schedule of information on warehouse borrowings	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum ​ Balance Outstanding at ​ ​ ​ ​ Borrowing ​ March 31, ​ December 31, ​ ​ ​ ​ Capacity ​ 2022 ​ 2021 ​ Maturity Date Short-term borrowings: ​ ​ ​ ​ Repurchase agreement 1 ​ $ 50,000 ​ $ 20,174 ​ $ 30,009 ​ May 24, 2022 Repurchase agreement 2 ​ 200,000 ​ 84,512 ​ 153,006 ​ September 13, 2022 Repurchase agreement 3 ​ ​ 300,000 ​ ​ 27,601 ​ ​ 56,794 ​ September 23, 2022 Repurchase agreement 4 ​ ​ 50,000 ​ ​ 18,434 ​ ​ 45,730 ​ March 31, 2023 Total warehouse borrowings ​ $ 600,000 ​ $ 150,721 ​ $ 285,539 ​ ​
Junior subordinated notes
Long-term Debt
Schedule of remaining principal balance and fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2022 ​ 2021 Junior Subordinated Notes (1) $ 62,000 $ 62,000 ​ Fair value adjustment ​ (14,451) ​ (15,464) ​ Total Junior Subordinated Notes ​ $ 47,549 ​ $ 46,536 ​ (1) Stated maturity of March 2034; requires quarterly interest payments at a variable rate of 3-month LIBOR plus 3.75% per annum.

Securitized Mortgage Trusts (Ta

Securitized Mortgage Trusts (Tables)	3 Months Ended
	Mar. 31, 2022
Securitized Mortgage Trusts
Schedule of securitized mortgage trust assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2022 ​ 2021 Securitized mortgage collateral, at fair value ​ $ — ​ $ 1,639,251 REO, at net realizable value (NRV) ​ — ​ 3,479 Total securitized mortgage trust assets ​ $ — ​ $ 1,642,730
Schedule of securitized mortgage trust liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2022 ​ 2021 Securitized mortgage borrowings $ — $ 1,614,862
Schedule of changes in fair value of net trust assets, including trust REO gains	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ March 31, ​ ​ 2022 ​ 2021 Change in fair value of net trust assets, excluding REO (1) $ 9,248 $ (3,544) Gains from trust REO ​ — ​ 1,871 Change in fair value of net trust assets, including trust REO gains ​ $ 9,248 ​ $ (1,673) (1) Change in fair value of net trust assets, excluding REO for the three months ended March 31, 2022 represents the net increase in fair value of the net trust assets including REO as of February 28, 2022 and transaction costs.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value of Financial Instruments
Schedule of estimated fair value of financial instruments included in consolidated financial statements	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 ​ ​ Carrying ​ Estimated Fair Value ​ Carrying ​ Estimated Fair Value ​ ​ Amount ​ Level 1 ​ Level 2 ​ Level 3 ​ Amount ​ Level 1 ​ Level 2 ​ Level 3 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 70,566 ​ $ 70,566 ​ $ — ​ $ — ​ $ 29,555 ​ $ 29,555 ​ $ — ​ $ — ​ Restricted cash ​ 5,508 ​ 5,508 ​ — ​ — ​ 5,657 ​ 5,657 ​ — ​ — ​ Mortgage loans held-for-sale ​ 160,422 ​ — ​ 160,422 ​ — ​ 308,477 ​ — ​ 308,477 ​ — ​ Mortgage servicing rights ​ 856 ​ — ​ — ​ 856 ​ 749 ​ — ​ — ​ 749 ​ Derivative assets, lending, net (1) ​ 1,742 ​ — ​ 896 ​ 846 ​ 3,111 ​ — ​ — ​ 3,111 ​ Securitized mortgage collateral ​ — ​ — ​ — ​ — ​ 1,639,251 ​ — ​ — ​ 1,639,251 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warehouse borrowings ​ $ 150,721 ​ $ — ​ $ 150,721 ​ $ — ​ $ 285,539 ​ $ — ​ $ 285,539 ​ $ — ​ Convertible notes ​ ​ 20,000 ​ ​ — ​ ​ — ​ ​ 20,000 ​ ​ 20,000 ​ ​ — ​ ​ — ​ ​ 20,000 ​ Long-term debt ​ 47,549 ​ — ​ — ​ 47,549 ​ 46,536 ​ — ​ — ​ 46,536 ​ Securitized mortgage borrowings ​ — ​ — ​ — ​ — ​ 1,614,862 ​ — ​ — ​ 1,614,862 ​ Derivative liabilities, lending, net (2) ​ — ​ — ​ — ​ — ​ 55 ​ — ​ 55 ​ — ​ (1) Represents IRLCs and Hedging Instruments and are included in other assets in the accompanying consolidated balance sheets. (2) Represents Hedging Instruments and are included in other liabilities in the accompanying consolidated balance sheets.
Schedule of assets and liabilities that are measured at estimated fair value on recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recurring Fair Value Measurements ​ ​ March 31, 2022 ​ December 31, 2021 ​ Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets ​ ​ ​ ​ ​ ​ ​ Mortgage loans held-for-sale ​ $ — ​ $ 160,422 ​ $ — ​ $ — ​ $ 308,477 ​ $ — ​ Derivative assets, lending, net (1) ​ — ​ 896 ​ 846 ​ — ​ — ​ 3,111 ​ Mortgage servicing rights ​ — ​ — ​ 856 ​ — ​ — ​ 749 ​ Securitized mortgage collateral ​ — ​ — ​ — ​ — ​ — ​ 1,639,251 ​ Total assets at fair value ​ $ — ​ $ 161,318 ​ $ 1,702 ​ $ — ​ $ 308,477 ​ $ 1,643,111 ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securitized mortgage borrowings ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 1,614,862 ​ Long-term debt ​ — ​ — ​ 47,549 ​ — ​ — ​ 46,536 ​ Derivative liabilities, lending, net (2) ​ — ​ — ​ — ​ — ​ 55 ​ — ​ Total liabilities at fair value ​ $ — ​ $ — ​ $ 47,549 ​ $ — ​ $ 55 ​ $ 1,661,398 ​ (1) At March 31, 2022, derivative assets, lending, net included $846 thousand in IRLCs and $896 thousand in Hedging Instruments included in other assets in the accompanying consolidated balance sheets. At December 31, 2021, derivative assets, lending, net included $3.1 million in IRLCs and is included in other assets in the accompanying consolidated balance sheets. (2) At December 31, 2021, derivative liabilities, lending, net are included in other liabilities in the accompanying consolidated balance sheets.
Schedule of reconciliation for all assets and liabilities measured at estimated fair value on recurring basis using significant unobservable inputs (Level 3)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 3 Recurring Fair Value Measurements ​ ​ For the Three Months Ended March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ ​ ​ ​ ​ ​ Securitized ​ Securitized ​ Mortgage ​ rate lock ​ Long- ​ ​ ​ mortgage ​ mortgage ​ servicing ​ commitments, ​ term ​ ​ collateral borrowings rights net debt Fair value, December 31, 2021 $ 1,639,251 ​ $ (1,614,862) ​ $ 749 ​ $ 3,111 ​ $ (46,536) ​ Total gains (losses) included in earnings: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income (1) ​ 2,019 ​ — ​ — ​ — ​ — ​ Interest expense (1) ​ — ​ (7,564) ​ — ​ — ​ (386) ​ Change in fair value ​ 9,248 ​ — ​ 61 ​ (2,265) ​ 1,642 ​ Change in instrument specific credit risk ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (2,269) (2) Total gains (losses) included in earnings ​ 11,267 ​ (7,564) ​ 61 ​ (2,265) ​ (1,013) ​ Transfers in and/or out of Level 3 ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ​ Purchases, issuances and settlements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases ​ — ​ — ​ — ​ — ​ — ​ Issuances ​ — ​ — ​ 46 ​ — ​ — ​ Settlements ​ (1,650,518) ​ 1,622,426 ​ — ​ — ​ — ​ Fair value, March 31, 2022 ​ $ — ​ $ — ​ $ 856 ​ $ 846 ​ $ (47,549) ​ Unrealized gains (losses) still held (3) ​ $ — ​ $ — ​ $ 856 ​ $ 846 ​ $ 14,451 ​ ​ (1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities prior to the sale in March 2022. Net interest income, including cash received and paid, was $1.2 million for the three months ended March 31, 2022. The difference between accretion of interest income and expense and the amounts of interest income and expense recognized in the consolidated statements of operations and comprehensive loss is primarily from contractual interest on the securitized mortgage collateral and borrowings. (2) Amount represents the change in instrument specific credit risk in other comprehensive loss in the consolidated statements of operations and comprehensive loss. (3) Represents the amount of unrealized (losses) gains relating to assets and liabilities classified as Level 3 that are still held and reflected in the fair values at March 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 3 Recurring Fair Value Measurements ​ ​ For the Three Months Ended March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ ​ ​ ​ ​ Securitized ​ Securitized ​ Mortgage ​ rate lock ​ Long- ​ ​ mortgage ​ mortgage ​ servicing ​ commitments, ​ term ​ collateral borrowings rights net debt Fair value, December 31, 2020 $ 2,100,175 $ (2,086,557) $ 339 $ 7,275 $ (44,413) Total (losses) gains included in earnings: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income (1) ​ (4,757) ​ — ​ — ​ — ​ — ​ Interest expense (1) ​ — ​ (9,110) ​ — ​ — ​ (306) ​ Change in fair value ​ ​ 82,407 ​ ​ (85,951) ​ ​ 38 ​ ​ (2,197) ​ ​ 1,025 ​ Change in instrument specific credit risk ​ — ​ — ​ — ​ — ​ (1,667) (2) Total gains (losses) included in earnings ​ 77,650 ​ (95,061) ​ 38 ​ (2,197) ​ (948) ​ Transfers in and/or out of Level 3 ​ — ​ — ​ ​ — ​ ​ — ​ — ​ Purchases, issuances and settlements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases ​ — ​ — ​ — ​ — ​ — ​ Issuances ​ — ​ — ​ 121 ​ — ​ — ​ Settlements ​ (139,280) ​ 153,408 ​ — ​ — ​ — ​ Fair value, March 31, 2021 ​ $ 2,038,545 ​ $ (2,028,210) ​ $ 498 ​ $ 5,078 ​ $ (45,361) ​ Unrealized (losses) gains still held (3) ​ $ (189,589) ​ $ 2,405,613 ​ $ 498 ​ $ 5,078 ​ $ 16,639 ​ ​ (1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. Net interest income, including cash received and paid, was $2.2 million for the three months ended March 31, 2021. The difference between accretion of interest income and expense and the amounts of interest income and expense recognized in the consolidated statements of operations and comprehensive loss is primarily from contractual interest on the securitized mortgage collateral and borrowings. (2) Amount represents the change in instrument specific credit risk in other comprehensive loss in the consolidated statements of operations and comprehensive loss. (3) Represents the amount of unrealized (losses) gains relating to assets and liabilities classified as Level 3 that are still held and reflected in the fair values at March 31, 2021 ​ ​
Schedule of quantitative information about the valuation techniques and unobservable inputs applied to Level 3 fair value measurements for financial instruments measured at fair value on a recurring and non-recurring basis	The following table presents quantitative information about the valuation techniques and unobservable inputs applied to Level 3 fair value measurements for financial instruments measured at fair value on a recurring and nonrecurring basis at March 31, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ December 31, 2021 ​ ​ ​ Unobservable ​ Range of ​ Weighted ​ ​ Range of ​ Weighted ​ Financial Instrument Input Inputs Average Inputs Average Assets and liabilities backed by real estate ​ ​ ​ ​ ​ ​ ​ ​ ​ Securitized mortgage collateral, and ​ Prepayment rates - % - % 2.9 - 46.3 % 10.7 % Securitized mortgage borrowings ​ Default rates - % - % 0.06 - 4.3 % 1.7 % ​ ​ Loss severities - % - % 0.01 - 97.6 % 70.1 % ​ ​ Discount rates - % - % 2.1 - 13.0 % 3.6 % Other assets and liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage servicing rights ​ Discount rates 12.5 - 15.0 % 12.8 % 12.5 - 15.0 % 12.8 % ​ ​ Prepayment rates ​ 8.0 - 12.9 % 9.0 % ​ 8.01 - 29.1 % 10.3 % Derivative assets - IRLCs, net ​ Pull-through rates 40.0 - 98.0 % 73.3 % 50.0 - 98.0 % 79.0 % Long-term debt ​ Discount rates 9.4 % 9.4 % 8.6 % 8.6 %
Schedule of changes in recurring fair value measurements included in net loss	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recurring Fair Value Measurements ​ ​ Changes in Fair Value Included in Net Earnings (Loss) ​ ​ For the Three Months Ended March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Change in Fair Value of ​ ​ ​ ​ ​ Interest ​ Interest ​ Net Trust ​ Long-term ​ Other Income ​ Gain on Sale ​ ​ ​ ​ ​ Income (1) ​ Expense (1) ​ Assets ​ Debt ​ and Expense ​ of Loans, net ​ Total Securitized mortgage collateral ​ $ 2,019 ​ $ — ​ $ 9,248 ​ $ — ​ $ — ​ $ — ​ $ 11,267 ​ Securitized mortgage borrowings ​ — ​ (7,564) ​ — ​ — ​ — ​ — ​ (7,564) ​ Long-term debt ​ — ​ (386) ​ — ​ 1,642 ​ — ​ — ​ 1,256 ​ Mortgage servicing rights (2) ​ — ​ — ​ — ​ — ​ 61 ​ — ​ 61 ​ Mortgage loans held-for-sale ​ — ​ — ​ — ​ — ​ — ​ (7,265) ​ (7,265) ​ Derivative assets — IRLCs ​ — ​ — ​ — ​ — ​ — ​ (2,265) ​ (2,265) ​ Derivative liabilities — Hedging Instruments ​ — ​ — ​ — ​ — ​ — ​ 951 ​ 951 ​ Total ​ $ 2,019 ​ $ (7,950) ​ $ 9,248 (3) $ 1,642 ​ $ 61 ​ $ (8,579) ​ $ (3,559) ​ (1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. (2) Included in gain on MSRs, net in the consolidated statements of operations and comprehensive loss. (3) For the three months ended March 31, 2022, change in the fair value of net trust assets, excluding REO was $9.2 million. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recurring Fair Value Measurements ​ ​ Changes in Fair Value Included in Net Earnings (Loss) ​ ​ For the Three Months Ended March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Change in Fair Value of ​ ​ ​ ​ ​ Interest ​ Interest ​ Net Trust ​ Long-term ​ Other Income ​ Gain on Sale ​ ​ ​ ​ ​ Income (1) ​ Expense (1) ​ Assets ​ Debt ​ and Expense ​ of Loans, net ​ Total Securitized mortgage collateral ​ $ (4,757) ​ $ — ​ $ 82,407 ​ $ — ​ $ — ​ $ — ​ $ 77,650 ​ Securitized mortgage borrowings ​ — ​ (9,110) ​ (85,951) ​ — ​ — ​ — ​ (95,061) ​ Long-term debt ​ — ​ (306) ​ — ​ 1,025 ​ — ​ — ​ 719 ​ Mortgage servicing rights (2) ​ — ​ — ​ — ​ — ​ 38 ​ — ​ 38 ​ Mortgage loans held-for-sale ​ — ​ — ​ — ​ — ​ — ​ (868) ​ (868) ​ Derivative assets — IRLCs ​ — ​ — ​ — ​ — ​ — ​ (2,197) ​ (2,197) ​ Derivative liabilities — Hedging Instruments ​ — ​ — ​ — ​ — ​ — ​ 1,982 ​ 1,982 ​ Total ​ $ (4,757) ​ $ (9,416) ​ $ (3,544) (3) $ 1,025 ​ $ 38 ​ $ (1,083) ​ $ (17,737) ​ (1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. (2) Included in gain on MSRs, net in the consolidated statements of operations and comprehensive loss. (3) For the three months ended March 31, 2021, change in the fair value of net trust assets, excluding REO was $3.5 million.
Schedule of derivative assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Gains (Losses) ​ ​ Notional Amount ​ For the Three Months Ended ​ ​ March 31, ​ December 31, ​ March 31, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 Derivative – IRLC's $ 121,991 $ 255,150 ​ $ (2,265) ​ $ (2,197) Derivative – TBA MBS ​ 41,000 ​ 102,000 ​ 3,688 ​ 5,211 Derivative – Swap Futures ​ ​ 26,000 ​ — ​ 1,405 ​ — (1) Amounts included in gain on sale of loans, net within the accompanying consolidated statements of operations and comprehensive loss. ​
Schedule of financial and non-financial assets and liabilities measured using nonrecurring fair value measurements	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nonrecurring Fair Value Measurements ​ Total Gains (1) ​ ​ March 31, 2021 ​ For the Three Months Ended ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ March 31, 2021 REO (2) $ — $ 5,842 $ — $ 1,871 (1) Total gains reflect gains from all nonrecurring measurements during the period. (2) For the three months ended March 31, 2021, the Company recorded $1.9 million in gains, which represent recovery of the NRV attributable to an improvement in state specific loss severities on properties held during the period which resulted in an increase to NRV. ​

Reconciliation of Loss Per Co_2

Reconciliation of Loss Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2022
Reconciliation of Loss Per Common Share
Schedule of computation of basic and diluted earnings per common share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ March 31, ​ ​ 2022 ​ 2021 Numerator for basic loss per share: ​ ​ ​ ​ ​ Net loss ​ $ (1,184) ​ $ (683) ​ Less: Cumulative non-declared dividends on preferred stock (1) ​ ​ (390) ​ ​ — ​ Net loss attributable to common stockholders ​ $ (1,574) ​ $ (683) ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator for diluted loss per share: ​ ​ ​ ​ ​ ​ ​ Net loss ​ $ (1,574) ​ $ (683) ​ Interest expense attributable to convertible notes (2) ​ — ​ — ​ Net loss plus interest expense attributable to convertible notes ​ $ (1,574) ​ $ (683) ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for basic loss per share (3): ​ ​ ​ ​ ​ ​ ​ Basic weighted average common shares outstanding during the period ​ 21,417 ​ 21,294 ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for diluted loss per share (3): ​ ​ ​ ​ ​ ​ ​ Basic weighted average common shares outstanding during the period ​ 21,417 ​ 21,294 ​ Net effect of dilutive convertible notes and warrants (2) ​ — ​ — ​ Net effect of dilutive stock options, DSU’s, RSA's and RSU's (2) ​ — ​ — ​ Diluted weighted average common shares ​ 21,417 ​ 21,294 ​ Net loss per common share: ​ ​ ​ ​ ​ ​ ​ Basic ​ $ (0.07) ​ $ (0.03) ​ Diluted ​ $ (0.07) ​ $ (0.03) ​ (1) Cumulative non-declared dividends in arrears are included beginning July 15, 2021, which was the date the Maryland Court of Appeals affirmed the decision in granting summary judgment in favor of the plaintiffs on the Preferred B voting rights (see Note 12. ­– Equity and Share Based Payments). (2) Adjustments to diluted loss per share for the three months ended March 31, 2022 and 2021, were excluded from the calculation, as they were anti-dilutive. (3) Number of shares presented in thousands. ​

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting
Reconciliation of assets from segment to consolidated	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage ​ Real Estate ​ Long-term ​ Corporate ​ ​ ​ ​ Balance Sheet Items as of: ​ Lending ​ Services ​ Portfolio ​ and other ​ Consolidated ​ Total Assets at March 31, 2022 (1) $ 239,620 $ 502 $ 96 $ 29,372 $ 269,590 ​ Total Assets at December 31, 2021 (1) $ 351,173 $ 502 $ 1,642,871 $ 28,225 $ 2,022,771 ​ (1) All segment asset balances exclude intercompany balances.
Reconciliation of earnings from segment to consolidated	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Statement of Operations Items for the ​ Mortgage ​ Real Estate ​ Long-term ​ Corporate ​ ​ ​ Three Months Ended March 31, 2022: ​ Lending ​ Services ​ Portfolio ​ and other ​ Consolidated Gain on sale of loans, net $ 5,955 $ — $ — $ — $ 5,955 ​ Servicing expense, net ​ (12) ​ — ​ — ​ — ​ (12) ​ Gain on mortgage servicing rights, net ​ ​ 111 ​ ​ — ​ ​ — ​ ​ — ​ ​ 111 ​ Real estate services fees, net ​ — ​ 185 ​ — ​ — ​ 185 ​ Other revenue ​ 2 ​ — ​ ​ 16 ​ 933 ​ 951 ​ Other operating expense ​ ​ (14,502) ​ ​ (358) ​ ​ (13) ​ ​ (4,484) ​ ​ (19,357) ​ Other income (expense) ​ 389 ​ — ​ 11,082 ​ (465) ​ 11,006 ​ Net (loss) earnings before income tax expense ​ $ (8,057) ​ $ (173) ​ $ 11,085 ​ $ (4,016) ​ ​ (1,161) ​ Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 23 ​ Net loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (1,184) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Statement of Operations Items for the Mortgage Real Estate Long-term Corporate ​ ​ ​ Three Months Ended March 31, 2021: ​ Lending ​ Services ​ Portfolio ​ and other ​ Consolidated ​ Gain on sale of loans, net ​ $ 20,131 $ — $ — $ — $ 20,131 ​ Servicing (expense) fees, net ​ (119) ​ — ​ — ​ — ​ (119) ​ Gain on mortgage servicing rights, net ​ ​ 38 ​ ​ — ​ ​ — ​ ​ — ​ ​ 38 ​ Real estate services fees, net ​ — ​ 210 ​ — ​ — ​ 210 ​ Other revenue ​ 23 ​ — ​ 27 ​ 274 ​ 324 ​ Other operating expense ​ ​ (16,228) ​ ​ (368) ​ ​ (122) ​ ​ (4,580) ​ ​ (21,298) ​ Other (expense) income ​ (183) ​ — ​ 656 ​ (461) ​ 12 ​ Net earnings (loss) before income tax expense ​ $ 3,662 ​ $ (158) ​ $ 561 ​ $ (4,767) ​ $ (702) ​ Income tax benefit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (19) ​ Net loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (683) ​

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies
Schedule of the activity related to the repurchase reserve for previously sold loans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2022 ​ 2021 Beginning balance $ 4,744 $ 7,054 Provision for repurchases (1) ​ 574 ​ 111 Settlements ​ (272) ​ (2,421) Total repurchase reserve ​ $ 5,046 ​ $ 4,744 (1) The provision for repurchases is included in gain on sale of loans, net in the accompanying consolidated statements of operations and comprehensive loss.
Schedule of corporate-owned life insurance trusts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At March 31, 2022 Corporate-owned life insurance trusts: ​ Trust #1 ​ Trust #2 ​ Trust #3 ​ Total Corporate-owned life insurance cash surrender value $ 5,361 ​ $ 4,166 ​ $ 2,193 ​ $ 11,720 Corporate-owned life insurance liability ​ 6,068 ​ 4,757 ​ 2,318 ​ 13,143 Corporate-owned life insurance shortfall (1) ​ $ (707) ​ $ (591) ​ $ (125) ​ $ (1,423) (1) The initial $1.3 million of shortfall was recorded as a change in retained deficit at the time of the consolidation of the trusts. The additional shortfall was recognized in the accompanying consolidated statements of operations and comprehensive loss.

Equity and Share Based Paymen_2

Equity and Share Based Payments (Tables)	3 Months Ended
	Mar. 31, 2022
Summary of activity, pricing and other information for the Company's stock options	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ Average ​ ​ ​ Number of ​ Exercise ​ ​ ​ Shares ​ Price ​ Options outstanding at the beginning of the year 570,228 $ 7.89 Options granted — ​ — Options exercised — ​ — Options forfeited/cancelled (3,334) ​ 3.59 Options outstanding at the end of the period 566,894 ​ ​ 7.92 Options exercisable at the end of the period 518,874 ​ $ 8.34
Restricted stock units (RSU's)
Summary of activity, pricing and other information for the Company's	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ Average ​ ​ Number of ​ Grant Date ​ ​ Shares ​ Fair Value RSUs outstanding at beginning of the year 397,829 $ 4.11 RSUs granted — ​ ​ — RSUs issued (122,486) ​ 4.31 RSUs forfeited/cancelled — ​ — RSUs outstanding at end of the period 275,343 ​ $ 4.02
Deferred stock units
Summary of activity, pricing and other information for the Company's	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ Average ​ ​ ​ Number of ​ Grant Date ​ ​ ​ Shares ​ Fair Value ​ DSUs outstanding at the beginning of the year 54,500 $ 6.61 DSUs granted — ​ — DSUs issued — ​ — DSUs forfeited/cancelled — ​ — DSUs outstanding at the end of the period 54,500 ​ $ 6.61

Mortgage Loans Held-for-Sale (D

Mortgage Loans Held-for-Sale (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Mortgage loans held-for-Sale
Total mortgage loans held-for-sale	$ 160,422		$ 308,477
Gain on LHFS
Change in provision for repurchases	(574)	$ 802
Gain on sale of loans, net	15,108	20,412
Government
Mortgage loans held-for-Sale
Total mortgage loans held-for-sale	5,247		6,886
Conventional
Mortgage loans held-for-Sale
Total mortgage loans held-for-sale	34,617		62,759
Jumbo & Non-qualified mortgages (NonQM)
Mortgage loans held-for-Sale
Total mortgage loans held-for-sale	120,134		231,142
Mortgage loans, held-for-sale
Mortgage loans held-for-Sale
Fair value adjustment	424		7,690
Gain on LHFS
Gain on sale of mortgage loans	14,025	21,263
Premium from servicing retained loan sales	46	121
Unrealized loss from derivative financial instruments	(1,314)	(215)
Gains from derivative financial instruments	4,142	3,229
Mark to market loss on LHFS	(7,265)	(868)
Direct origination expenses, net	(3,105)	(4,201)
Change in provision for repurchases	(574)	802
Gain on sale of loans, net	5,955	$ 20,131
Mortgage loans, held-for-sale | 90 days or more past due
Mortgage loans held-for-Sale
Carrying value of nonaccrual loans	$ 0		$ 0

Mortgage Servicing Rights (Deta

Mortgage Servicing Rights (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Changes in the fair value of MSRs
Balance at beginning of year	$ 749
Fair value of MSRs at end of period	856		$ 749
Total loans serviced	74,060		71,841
Proceeds from the sale of mortgage servicing rights	50
Mortgage Servicing Rights Sensitivity Analysis
Change in fair value of mortgage servicing rights	61	$ 38
Gain on sale of mortgage servicing rights	50
Gain on mortgage servicing rights, net	111	38
Servicing (expense) fees, net:
Contractual servicing fees	70	32
Subservicing and other costs	(82)	(151)
Servicing (expenses) fees, net	(12)	(119)
Loans eligible for repurchase from GNMA	337		337
Government
Changes in the fair value of MSRs
Total loans serviced	74,060		71,841
Mortgage servicing rights
Changes in the fair value of MSRs
Balance at beginning of year	749	$ 339	339
Additions from servicing retained loan sales	46		536
Changes in fair value	61		(126)
Fair value of MSRs at end of period	856		749
Mortgage Servicing Rights Sensitivity Analysis
Fair value of MSRs	856		749
Prepayment Speed, Decrease in fair value from 10% adverse change	(18)		(24)
Prepayment Speed, Decrease in fair value from 20% adverse change	(38)		(48)
Prepayment Speed, Decrease in fair value from 30% adverse change	(59)		(70)
Discount Rate, Decrease in fair value from 10% adverse change	(38)		(31)
Discount Rate, Decrease in fair value from 20% adverse change	(72)		(59)
Discount Rate, Decrease in fair value from 30% adverse change	$ (104)		$ (85)

Leases (Details)

Leases (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)lease	Mar. 31, 2021USD ($)
Leases
Number of operating leases | lease	3
Number of finance leases | lease	1
Cash paid for operating leases | $	$ 1.2	$ 1.2
Total operating lease expense | $	$ 1	$ 1

Leases - Lease Information (Det

Leases - Lease Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Lease Assets and Liabilities
Lease liabilities	$ 11,510
Weighted average remaining lease term (in years)	2 years 6 months
Weighted average discount rate	4.80%
Other assets
Lease Assets and Liabilities
Lease ROU assets	$ 9,332
Other liabilities
Lease Assets and Liabilities
Lease liabilities	$ 11,510

Leases - Maturities (Details)

Leases - Maturities (Details) $ in Thousands	Mar. 31, 2022USD ($)
Total lease liabilities:
Year remaining 2022	$ 3,611
Year 2023	4,909
Year 2024	3,729
Total lease commitments	12,249
Less: imputed interest	(739)
Lease Liability	$ 11,510

Debt - Warehouse Borrowings (De

Debt - Warehouse Borrowings (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Warehouse Borrowings
Maximum Borrowing Capacity	$ 600,000
Balance Outstanding	150,721	$ 285,539
Repurchase agreement 1
Warehouse Borrowings
Maximum Borrowing Capacity	50,000
Balance Outstanding	20,174	30,009
Repurchase agreement 2
Warehouse Borrowings
Maximum Borrowing Capacity	200,000
Balance Outstanding	84,512	153,006
Repurchase agreement 3
Warehouse Borrowings
Maximum Borrowing Capacity	300,000
Balance Outstanding	27,601	56,794
Repurchase agreement 4
Warehouse Borrowings
Maximum Borrowing Capacity	50,000
Balance Outstanding	$ 18,434	$ 45,730

Debt - Convertible Notes (Detai

Debt - Convertible Notes (Details) $ / shares in Units, $ in Thousands	Apr. 29, 2022USD ($)installment$ / sharesshares	Oct. 28, 2020USD ($)	Apr. 15, 2020USD ($)$ / sharesshares	Dec. 07, 2011	May 31, 2015USD ($)D$ / shares	Mar. 31, 2022	Dec. 31, 2021
Convertible Notes
Amount of debt	$ 20,000	$ 25,000	$ 25,000		$ 25,000
Debt principal after scheduled paydown	15,000	20,000
Scheduled decrease in the aggregate principal amount	$ 5,000	$ 5,000
Interest rate of debt (as a percent)	7.00%	7.00%	7.00%		7.50%
Conversion price (in dollars per share) | $ / shares					$ 21.50
Conditional conversion price (in dollars per share) | $ / shares					$ 30.10
Number of trading days for which stock price must exceed specified price | D					20
Number of consecutive trading days during which stock price must exceed specified price | D					30
Agreement term		18 months	6 months
Warrant cash exercise price | $ / shares			$ 2.97
Relative fair value of warrants recorded as debt discount			$ 242
Effective interest rate			8.90%
Number of installments | installment	3
Principal payment	$ 5,000
Maximum
Convertible Notes
Aggregate number of common shares which can be purchased with warrants issued | shares			212,649
Series B 9.375% redeemable preferred stock
Convertible Notes
Preferred stock, dividend rate (as a percent)	9.375%			9.375%		9.375%	9.375%
Series C 9.125% redeemable preferred stock
Convertible Notes
Number of common shares that can be purchased with each warrant | shares	1.5
Warrant cash exercise price | $ / shares	$ 5
Preferred stock, dividend rate (as a percent)	9.125%			9.125%		9.125%	9.125%

Debt - Long-term Debt (Details)

Debt - Long-term Debt (Details) - Junior subordinated notes - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Junior Subordinated Notes, Fair Value
Long-term debt	$ 62,000	$ 62,000
Fair value adjustment	(14,451)	(15,464)
Total	$ 47,549	$ 46,536
London Interbank Offered Rate (LIBOR)
Long-term Debt
Applicable margin (as a percent)	3.75%

Securitized Mortgage Trusts - A

Securitized Mortgage Trusts - Additional Information (Details) $ in Thousands	Mar. 16, 2022USD ($)	Mar. 31, 2022USD ($)item	Mar. 31, 2021USD ($)
Securitized Mortgage Trusts
Number of securitization | item		37
Aggregate sales price for sale of consolidated securitization trusts	$ 37,500	$ 37,500
Payment received on sale of consolidated securitization trusts	$ 20,000
Increase in fair value of securitization trust assets		9,248	$ (3,544)
Transaction costs related to sale of consolidated securitization trusts		277
Securitized mortgage trust assets deconsolidated		1,600,000
Securitized mortgage trust liabilities deconsolidated		$ 1,600,000

Securitized Mortgage Trusts - S

Securitized Mortgage Trusts - Securitized Mortgage Trust Assets (Details) $ in Thousands	Dec. 31, 2021USD ($)
Trust Assets
Total securitized mortgage trust assets	$ 1,642,730
Securitized mortgage collateral
Trust Assets
Securitized mortgage collateral, at fair value	1,639,251
REO inside trusts
Trust Assets
REO, at net realizable value (NRV)	$ 3,479

Securitized Mortgage Trusts -_2

Securitized Mortgage Trusts - Securitized Mortgage Trust Liabilities (Details) $ in Thousands	Dec. 31, 2021USD ($)
Securitized Mortgage Trust Liabilities
Securitized mortgage borrowings	$ 1,614,862

Securitized Mortgage Trusts - C

Securitized Mortgage Trusts - Change in Fair Value of Net Trust Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Change in fair value of net trust assets, including trust REO gains:
Change in fair value of net trust assets, excluding REO	$ 9,248	$ (3,544)
(Losses) gains from trust REO		1,871
Change in fair value of net trust assets, including trust REO gains (losses)	$ 9,248	$ (1,673)

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Fair value of Financial Instruments Included in the Consolidated Financial Statements (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets
Mortgage servicing rights	$ 856	$ 749
Carrying Amount
Assets
Cash and cash equivalents	70,566	29,555
Restricted cash	5,508	5,657
Mortgage loans held for-for-sale	160,422	308,477
Mortgage servicing rights	856	749
Derivatives assets, lending, net	1,742	3,111
Securitized mortgage collateral		1,639,251
Liabilities
Warehouse borrowings	150,721	285,539
Convertible notes	20,000	20,000
Long-term debt	47,549	46,536
Securitized mortgage borrowings		1,614,862
Derivative liabilities, lending, net		55
Estimated Fair Value | Level 1
Assets
Cash and cash equivalents	70,566	29,555
Restricted cash	5,508	5,657
Estimated Fair Value | Level 2
Assets
Mortgage loans held for-for-sale	160,422	308,477
Derivatives assets, lending, net	896
Liabilities
Warehouse borrowings	150,721	285,539
Derivative liabilities, lending, net		55
Estimated Fair Value | Level 3
Assets
Mortgage servicing rights	856	749
Derivatives assets, lending, net	846	3,111
Securitized mortgage collateral		1,639,251
Liabilities
Convertible notes	20,000	20,000
Long-term debt	$ 47,549	46,536
Securitized mortgage borrowings		$ 1,614,862

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets
Mortgage servicing rights	$ 856	$ 749
Level 3
Fair Value Measurements
Percentage of level three assets to total assets measured at fair value	1.00%	83.00%
Percentage of level three liabilities to total liabilities measured at fair value	22.00%	84.00%
Recurring basis | Level 2
Assets
Mortgage loans held for-for-sale	$ 160,422	$ 308,477
Derivatives assets, lending, net	896
Total assets at fair value	161,318	308,477
Liabilities
Derivative liabilities, lending, net		55
Total liabilities at fair value		55
Recurring basis | Level 3
Assets
Derivatives assets, lending, net	846	3,111
Mortgage servicing rights	856	749
Securitized mortgage collateral		1,639,251
Total assets at fair value	1,702	1,643,111
Liabilities
Securitized mortgage borrowings		1,614,862
Long-term debt	47,549	46,536
Total liabilities at fair value	47,549	1,661,398
Recurring basis | Interest rate lock commitments (IRLCs) | Level 3
Assets
Derivatives assets, lending, net	846,000	$ 3,100
Recurring basis | Hedging Instruments | Level 2
Assets
Derivatives assets, lending, net	$ 896,000

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Reconciliation of All Assets and Liabilities Measured Using Level 3 Input (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Purchases, issuances and settlements:
Net interest income including cash received and paid	$ 1,200	$ 2,200
Recurring basis | Securitized mortgage borrowings | Level 3
Changes in fair value of liabilities during the period
Fair value in the beginning of the period	(1,614,862)	(2,086,557)
Total gains (losses) included in earnings:
Total (losses) gains included in earnings	(7,564)	(95,061)
Purchases, issuances and settlements:
Settlements	1,622,426	153,408
Fair value at the end of the period		(2,028,210)
Unrealized gains (losses) still held		2,405,613
Recurring basis | Securitized mortgage borrowings | Interest expense | Level 3
Total gains (losses) included in earnings:
Total (losses) gains included in earnings	(7,564)	(9,110)
Recurring basis | Securitized mortgage borrowings | Change in fair value | Level 3
Total gains (losses) included in earnings:
Total (losses) gains included in earnings		(85,951)
Recurring basis | Long-term debt | Level 3
Changes in fair value of liabilities during the period
Fair value in the beginning of the period	(46,536)	(44,413)
Total gains (losses) included in earnings:
Total (losses) gains included in earnings	(1,013)	(948)
Purchases, issuances and settlements:
Fair value at the end of the period	(47,549)	(45,361)
Unrealized gains (losses) still held	14,451	16,639
Recurring basis | Long-term debt | Interest expense | Level 3
Total gains (losses) included in earnings:
Total (losses) gains included in earnings	(386)	(306)
Recurring basis | Long-term debt | Change in fair value | Level 3
Total gains (losses) included in earnings:
Total (losses) gains included in earnings	1,642	1,025
Recurring basis | Long-term debt | Change in instrument specific credit risk | Level 3
Total gains (losses) included in earnings:
Total (losses) gains included in earnings	(2,269)	(1,667)
Recurring basis | Securitized mortgage collateral | Level 3
Changes in fair value of assets during the period
Fair value at the beginning of the period	1,639,251	2,100,175
Total (losses) gains included in earnings:
Total (losses) gains included in earnings	11,267	77,650
Purchases, issuances and settlements
Settlements	(1,650,518)	(139,280)
Fair value at the end of the period		2,038,545
Unrealized gains (losses) still held		(189,589)
Recurring basis | Securitized mortgage collateral | Interest income | Level 3
Total (losses) gains included in earnings:
Total (losses) gains included in earnings	2,019	(4,757)
Recurring basis | Securitized mortgage collateral | Change in fair value | Level 3
Total (losses) gains included in earnings:
Total (losses) gains included in earnings	9,248	82,407
Recurring basis | Mortgage servicing rights | Level 3
Changes in fair value of assets during the period
Fair value at the beginning of the period	749	339
Total (losses) gains included in earnings:
Total (losses) gains included in earnings	61	38
Purchases, issuances and settlements
Issuances	46	121
Fair value at the end of the period	856	498
Unrealized gains (losses) still held	856	498
Recurring basis | Mortgage servicing rights | Change in fair value | Level 3
Total (losses) gains included in earnings:
Total (losses) gains included in earnings	61	38
Recurring basis | Interest rate lock commitments (IRLCs) | Level 3
Changes in fair value of assets during the period
Fair value at the beginning of the period	3,111	7,275
Total (losses) gains included in earnings:
Total (losses) gains included in earnings	(2,265)	(2,197)
Purchases, issuances and settlements
Fair value at the end of the period	846	5,078
Unrealized gains (losses) still held	846	5,078
Recurring basis | Interest rate lock commitments (IRLCs) | Change in fair value | Level 3
Total (losses) gains included in earnings:
Total (losses) gains included in earnings	$ (2,265)	$ (2,197)

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Valuation Techniques And Unobservable Inputs Applied (Details) - Level 3	Mar. 31, 2022	Dec. 31, 2021USD ($)
Securitized mortgage borrowings | Measurement Input, Default Rate | Minimum
Unobservable input
Measurement input, securitized mortgage borrowings		0.0006
Securitized mortgage borrowings | Measurement Input, Default Rate | Maximum
Unobservable input
Measurement input, securitized mortgage borrowings		0.043
Securitized mortgage borrowings | Measurement Input, Default Rate | Weighted Average
Unobservable input
Measurement input, securitized mortgage borrowings		0.017
Securitized mortgage borrowings | Measurement Input, Loss Severity | Minimum
Unobservable input
Measurement input, securitized mortgage borrowings		0.0001
Securitized mortgage borrowings | Measurement Input, Loss Severity | Maximum
Unobservable input
Measurement input, securitized mortgage borrowings		0.976
Securitized mortgage borrowings | Measurement Input, Loss Severity | Weighted Average
Unobservable input
Measurement input, securitized mortgage borrowings		0.701
Securitized mortgage borrowings | Measurement Input, Discount Rate | Minimum
Unobservable input
Measurement input, securitized mortgage borrowings		0.021
Securitized mortgage borrowings | Measurement Input, Discount Rate | Maximum
Unobservable input
Measurement input, securitized mortgage borrowings		0.130
Securitized mortgage borrowings | Measurement Input, Discount Rate | Weighted Average
Unobservable input
Measurement input, securitized mortgage borrowings		0.036
Long-term debt | Measurement Input, Discount Rate
Unobservable input
Measurement input, long-term debt	0.094	0.086
Long-term debt | Measurement Input, Discount Rate | Weighted Average
Unobservable input
Measurement input, long-term debt	0.094	0.086
Securitized mortgage collateral | Measurement Input, Prepayment Rate | Minimum
Unobservable input
Measurement input, securitized mortgage collateral		0.029
Securitized mortgage collateral | Measurement Input, Prepayment Rate | Maximum
Unobservable input
Measurement input, securitized mortgage collateral		0.463
Securitized mortgage collateral | Measurement Input, Prepayment Rate | Weighted Average
Unobservable input
Measurement input, securitized mortgage collateral		0.107
Mortgage servicing rights | Measurement Input, Prepayment Rate | Minimum
Unobservable input
Measurement input, mortgage servicing rights	0.080	0.0801
Mortgage servicing rights | Measurement Input, Prepayment Rate | Maximum
Unobservable input
Measurement input, mortgage servicing rights	0.129	0.291
Mortgage servicing rights | Measurement Input, Prepayment Rate | Weighted Average
Unobservable input
Measurement input, mortgage servicing rights	0.090	0.103
Mortgage servicing rights | Measurement Input, Discount Rate | Minimum
Unobservable input
Measurement input, mortgage servicing rights	0.125	0.125
Mortgage servicing rights | Measurement Input, Discount Rate | Maximum
Unobservable input
Measurement input, mortgage servicing rights	0.150	0.150
Mortgage servicing rights | Measurement Input, Discount Rate | Weighted Average
Unobservable input
Measurement input, mortgage servicing rights	0.128	0.128
Interest rate lock commitments (IRLCs) | Measurement Input, Pull-through Rate | Minimum
Unobservable input
Measurement input, derivative assets - IRLCs, net	0.400	0.500
Interest rate lock commitments (IRLCs) | Measurement Input, Pull-through Rate | Maximum
Unobservable input
Measurement input, derivative assets - IRLCs, net	0.980	0.980
Interest rate lock commitments (IRLCs) | Measurement Input, Pull-through Rate | Weighted Average
Unobservable input
Measurement input, derivative assets - IRLCs, net	0.733	0.790

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Changes in Recurring Fair Value Measurements Included in Earnings (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Change in Fair Value Included in Net Loss
Change in fair value of net trust assets, excluding trust REO	$ (9,248)	$ 3,544
Derivative liabilities, net | TBA's
Derivative assets and liabilities
Derivative Liability, Notional Amount	41,000		$ 102,000
Gains from derivative financial instruments	3,688	5,211
Derivative assets, net | Interest rate lock commitments (IRLCs)
Derivative assets and liabilities
Derivative Assets, Notional Balance	121,991		255,150
Gains from derivative financial instruments	(2,265)	(2,197)
Mortgage loans held-for-sale | Forward delivery loan commitment
Derivative assets and liabilities
Derivative Assets, Notional Balance	26,000
Gains from derivative financial instruments	1,405
Recurring basis
Change in Fair Value Included in Net Loss
Total	(3,559)	(17,737)
Recurring basis | Interest income
Change in Fair Value Included in Net Loss
Total	2,019	(4,757)
Recurring basis | Interest expense
Change in Fair Value Included in Net Loss
Total	(7,950)	(9,416)
Recurring basis | Change in Fair Value of Net Trust Assets
Change in Fair Value Included in Net Loss
Total	9,248	(3,544)
Change in fair value of net trust assets, excluding trust REO	9,200	(3,500)
Recurring basis | Change in Fair Value of Long-term Debt
Change in Fair Value Included in Net Loss
Total	1,642	1,025
Recurring basis | Other revenue
Change in Fair Value Included in Net Loss
Total	61	38
Recurring basis | Gain on sale of loans, net
Change in Fair Value Included in Net Loss
Total	(8,579)	(1,083)
Recurring basis | Securitized mortgage borrowings
Change in Fair Value Included in Net Loss
Change in fair value of liabilities	(7,564)	(95,061)
Recurring basis | Securitized mortgage borrowings | Interest expense
Change in Fair Value Included in Net Loss
Change in fair value of liabilities	(7,564)	(9,110)
Recurring basis | Securitized mortgage borrowings | Change in Fair Value of Net Trust Assets
Change in Fair Value Included in Net Loss
Change in fair value of liabilities		(85,951)
Recurring basis | Derivative liabilities, net | Hedging Instruments
Change in Fair Value Included in Net Loss
Change in fair value of liabilities	951	1,982
Recurring basis | Derivative liabilities, net | Hedging Instruments | Gain on sale of loans, net
Change in Fair Value Included in Net Loss
Change in fair value of liabilities	951	1,982
Recurring basis | Long-term debt
Change in Fair Value Included in Net Loss
Change in fair value of liabilities	1,256	719
Recurring basis | Long-term debt | Interest expense
Change in Fair Value Included in Net Loss
Change in fair value of liabilities	(386)	(306)
Recurring basis | Long-term debt | Change in Fair Value of Long-term Debt
Change in Fair Value Included in Net Loss
Change in fair value of liabilities	1,642	1,025
Recurring basis | Securitized mortgage collateral
Change in Fair Value Included in Net Loss
Change in fair value of assets	11,267	77,650
Recurring basis | Securitized mortgage collateral | Interest income
Change in Fair Value Included in Net Loss
Change in fair value of assets	2,019	(4,757)
Recurring basis | Securitized mortgage collateral | Change in Fair Value of Net Trust Assets
Change in Fair Value Included in Net Loss
Change in fair value of assets	9,248	82,407
Recurring basis | Mortgage servicing rights
Change in Fair Value Included in Net Loss
Change in fair value of assets	61	38
Recurring basis | Mortgage servicing rights | Other revenue
Change in Fair Value Included in Net Loss
Change in fair value of assets	61	38
Recurring basis | Derivative assets, net | Interest rate lock commitments (IRLCs)
Change in Fair Value Included in Net Loss
Change in fair value of assets	(2,265)	(2,197)
Recurring basis | Derivative assets, net | Interest rate lock commitments (IRLCs) | Gain on sale of loans, net
Change in Fair Value Included in Net Loss
Change in fair value of assets	(2,265)	(2,197)
Recurring basis | Mortgage loans held-for-sale
Change in Fair Value Included in Net Loss
Change in fair value of assets	(7,265)	(868)
Recurring basis | Mortgage loans held-for-sale | Gain on sale of loans, net
Change in Fair Value Included in Net Loss
Change in fair value of assets	(7,265)	$ (868)
Recurring basis | Level 3
Long-term debt
Estimated fair value of long-term debt	47,549		$ 46,536
Recurring basis | Level 3 | Long-term debt
Long-term debt
Long-term debt unpaid principal balance	62,000
Estimated fair value of long-term debt	47,500
Difference between aggregate unpaid principal balances and fair value of long-term debt	$ 14,500

Fair Value of Financial Instr_8

Fair Value of Financial Instruments - Securitized mortgage collateral And mortgage borrowings (Details) - USD ($) $ in Thousands	Mar. 16, 2022	Mar. 31, 2022	Mar. 31, 2021
Fair Value of Financial Instruments
Aggregate sales price for sale of consolidated securitization trusts	$ 37,500	$ 37,500
Increase in fair value of securitization trust assets		9,248	$ (3,544)
Transaction Costs Related To Transfer of Securitization Trust		$ 277

Fair Value of Financial Instr_9

Fair Value of Financial Instruments - Nonrecurring Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2022	Dec. 31, 2021
Fair Value Measurements
Retained earnings		$ (1,251,512)	$ (1,250,328)
Nonrecurring Fair Value Measurements
Total Losses
REO	$ 1,871
Nonrecurring Fair Value Measurements | Level 2
Fair Value Measurements
REO	$ 5,842

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Income taxes
Income tax expense (benefit)	$ 23	$ (19)
Federal
Income taxes
Net operating loss carryforwards			$ 623,500
Net operating loss carryforwards with indefinite carryover period			65,900
California
Income taxes
Net operating loss carryforwards			$ 435,200

Reconciliation of Loss Per Co_3

Reconciliation of Loss Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator for basic loss per share:
Net loss	$ (1,184)	$ (683)
Less: Cumulative non-declared dividends on preferred stock	(390)
Net earnings (loss) attributable to common stockholders	(1,574)	(683)
Numerator for diluted loss per share:
Net earnings (loss) attributable to common stockholders	(1,574)	(683)
Net loss plus interest expense attributable to convertible notes	$ (1,574)	$ (683)
Denominator for basic loss per share:
Basic weighted average common shares outstanding during the period	21,417	21,294
Denominator for diluted loss per share :
Basic weighted average common shares outstanding during the period	21,417	21,294
Diluted weighted average common shares	21,417	21,294
Basic (in dollars per share)	$ (0.07)	$ (0.03)
Diluted (in dollars per share)	$ (0.07)	$ (0.03)
Stock options, RSUs and DSUs
Denominator for diluted loss per share :
Antidilutive securities excluded from weighted average share calculations (in shares)	844	1,100
Convertible Notes
Denominator for diluted loss per share :
Antidilutive securities excluded from weighted average share calculations (in shares)	930	930
Warrants
Denominator for diluted loss per share :
Antidilutive securities excluded from weighted average share calculations (in shares)	213	213

Segment Reporting - Statement o

Segment Reporting - Statement of Operations (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)item	Mar. 31, 2021USD ($)item	Dec. 31, 2021USD ($)
Segment Reporting
Number of reportable segments | item	3	3
Gain on sale of loans, net	$ 5,955	$ 20,131
Servicing expense, net	(12)	(119)
Gain on mortgage servicing rights, net	111	38
Real estate services fees, net	185	210
Other revenue	951	324
Other operating expense	(19,357)	(21,298)
Other income (expense)	11,006	12
Loss before income taxes	(1,161)	(702)
Income tax expense (benefit)	23	(19)
Net loss	(1,184)	(683)
Total assets	269,590		$ 2,022,771
Operating segments | Mortgage Lending
Segment Reporting
Gain on sale of loans, net	5,955	20,131
Servicing expense, net	(12)	(119)
Gain on mortgage servicing rights, net	111	38
Other revenue	2	23
Other operating expense	(14,502)	(16,228)
Other income (expense)	389	(183)
Loss before income taxes	(8,057)	3,662
Total assets	239,620		351,173
Operating segments | Real Estate Services
Segment Reporting
Real estate services fees, net	185	210
Other operating expense	(358)	(368)
Loss before income taxes	(173)	(158)
Total assets	502		502
Operating segments | Long-term Mortgage Portfolio
Segment Reporting
Other revenue	16	27
Other operating expense	(13)	(122)
Other income (expense)	11,082	656
Loss before income taxes	11,085	561
Total assets	96		1,642,871
Corporate and other
Segment Reporting
Other revenue	933	274
Other operating expense	(4,484)	(4,580)
Other income (expense)	(465)	(461)
Loss before income taxes	(4,016)	$ (4,767)
Total assets	$ 29,372		$ 28,225

Commitments and Contingencies -

Commitments and Contingencies - Legal Proceedings (Details) $ in Millions	Apr. 29, 2022	Jul. 16, 2018USD ($)directoritem	Dec. 07, 2011itemdirector	Mar. 31, 2022USD ($)itemdirector	Dec. 31, 2021	Jan. 06, 2022director
Series B 9.375% redeemable preferred stock
Repurchase reserve
Preferred stock, dividend rate (as a percent)	9.375%		9.375%	9.375%	9.375%
Number of directors elected by Preferred shareholders				2		0
Number of quarterly dividends payments granted under judgement for Preferred shareholders | item				3
Dividend amount required to be paid by company in three quarterly payments | $				$ 1.2
Series C 9.125% redeemable preferred stock
Repurchase reserve
Preferred stock, dividend rate (as a percent)	9.125%		9.125%	9.125%	9.125%
Curtis J. Timm
Repurchase reserve
Preferred B stock approval percentage		66.67%
Curtis J. Timm | Series B and C Preferred Stock
Repurchase reserve
Number of directors elected by Preferred shareholders			2
Number of quarterly dividend payments sought for Preferred shareholders | item			2
Curtis J. Timm | Series B 9.375% redeemable preferred stock
Repurchase reserve
Number of additional directors to be elected by Preferred shareholders		2
Number of directors elected by Preferred shareholders		2				0
Number of days within which special election for election of directors to be held		60 days
Number of quarterly dividends payments granted under judgement for Preferred shareholders | item		3
Dividend amount required to be paid by company in three quarterly payments | $		$ 1.2

Commitments and Contingencies_2

Commitments and Contingencies - Repurchase Reserve (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Commitments and Contingencies
Beginning balance	$ 4,744	$ 7,054
Provision for repurchases	(574)	(111)
Settlements	(272)	(2,421)
Total repurchase reserve	$ 5,046	$ 4,744

Commitments and Contingencies_3

Commitments and Contingencies - Corporate-owned Life Insurance Trusts (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)item
Corporate-owned life insurance trusts
Number of life insurance trusts held for former executive officers | item	3
Corporate-owned life insurance cash surrender value	$ 11,720
Corporate-owned life insurance liability	13,143
Corporate-owned life insurance short-fall	(1,423)
Accumulated Deficit
Corporate-owned life insurance trusts
Initial shortfall of corporate-owned life insurance trusts at consolidation of trusts	1,300
Trust #1
Corporate-owned life insurance trusts
Corporate-owned life insurance cash surrender value	5,361
Corporate-owned life insurance liability	6,068
Corporate-owned life insurance short-fall	(707)
Trust #2
Corporate-owned life insurance trusts
Corporate-owned life insurance cash surrender value	4,166
Corporate-owned life insurance liability	4,757
Corporate-owned life insurance short-fall	(591)
Trust #3
Corporate-owned life insurance trusts
Corporate-owned life insurance cash surrender value	2,193
Corporate-owned life insurance liability	2,318
Corporate-owned life insurance short-fall	$ (125)

Equity and Share Based Paymen_3

Equity and Share Based Payments - Redeemable Preferred Stock (Details) $ / shares in Units, $ in Thousands	Apr. 29, 2022$ / sharesshares	Dec. 07, 2011director	Mar. 31, 2022USD ($)itemdirector$ / shares	Dec. 31, 2021USD ($)$ / shares	Jan. 06, 2022director	Apr. 15, 2020$ / shares	Jul. 16, 2018USD ($)itemdirector
Equity and Share Based Payments
Common stock, par value (in dollars per share)			$ 0.01	$ 0.01
Warrant cash exercise price						$ 2.97
Common Stock
Equity and Share Based Payments
Percentage of holders of outstanding shares	40.20%
Common stock, par value (in dollars per share)	$ 0.01
Series B and C Preferred Stock
Equity and Share Based Payments
Outstanding liquidation preference | $			$ 71,300
Liquidation preference amount per share (in dollars per share)			$ 25
Series B 9.375% redeemable preferred stock
Equity and Share Based Payments
Outstanding liquidation preference | $			$ 36,140	$ 36,140
Liquidation preference amount per share (in dollars per share)			$ 54.30
Cumulative undeclared dividends in arrears | $			$ 19,500
Cumulative undeclared dividends in arrears (per share)			$ 29.30
Cumulative undeclared dividends in arrears, increase in every quarter (per share)			$ 0.5859
Amount of increase in cumulative undeclared dividends in arrears in each quarter | $			$ 390
Number of quarterly dividends payments granted under judgement for Preferred shareholders | item			3
Dividend amount required to be paid by company in three quarterly payments | $			$ 1,200
Number of directors elected by Preferred shareholders | director			2		0
Percentage of holders of outstanding shares	59.30%
Preferred stock, par value (in dollars per share)	$ 0.01		$ 0.01	$ 0.01
Preferred stock, dividend rate (as a percent)	9.375%	9.375%	9.375%	9.375%
Cash payable per share	$ 5
Shares of common stock to be issued | shares	20
Threshold percentage of outstanding shares	66.67%
Series C 9.125% redeemable preferred stock
Equity and Share Based Payments
Outstanding liquidation preference | $			$ 35,127	$ 35,127
Percentage of holders of outstanding shares	53.20%
Preferred stock, par value (in dollars per share)	$ 0.01		$ 0.01	$ 0.01
Preferred stock, dividend rate (as a percent)	9.125%	9.125%	9.125%	9.125%
Cash payable per share	$ 0.10
Shares of common stock to be issued | shares	1.25
Number of common shares that can be purchased with each warrant | shares	1.5
Warrant cash exercise price	$ 5
Threshold percentage of outstanding shares	66.67%
Curtis J. Timm | Series B and C Preferred Stock
Equity and Share Based Payments
Number of directors elected by Preferred shareholders | director		2
Curtis J. Timm | Series B 9.375% redeemable preferred stock
Equity and Share Based Payments
Number of quarterly dividends payments granted under judgement for Preferred shareholders | item							3
Dividend amount required to be paid by company in three quarterly payments | $							$ 1,200
Number of directors elected by Preferred shareholders | director					0		2

Equity and Share Based Paymen_4

Equity and Share Based Payments - Stock Options (Details) - Stock options $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)$ / sharesshares
Number of Shares
Options outstanding at beginning of period (in shares) | shares	570,228
Options forfeited / cancelled (in shares) | shares	(3,334)
Options outstanding at end of year (in shares) | shares	566,894
Options exercisable at end of year (in shares) | shares	518,874
Weighted-Average Exercise Price
Options outstanding at beginning of period (in dollars per share) | $ / shares	$ 7.89
Options forfeited / cancelled (in dollars per share) | $ / shares	3.59
Options outstanding at end of year (in dollars per share) | $ / shares	7.92
Options exercisable at end of year (in dollars per share) | $ / shares	$ 8.34
Additional disclosure related to options
Unrecognized compensation cost | $	$ 64
Weighted-average period over which compensation cost is expected to be recognized	1 year 10 months 24 days

Equity and Share Based Paymen_5

Equity and Share Based Payments - Stock Units And Awards (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)$ / sharesshares
Restricted stock units (RSU's)
Number of Shares
Outstanding at beginning of year (in shares) | shares	397,829
Issued (in shares) | shares	(122,486)
Outstanding at end of period (in shares) | shares	275,343
Weighted-Average Grant Date Fair Value
Outstanding at beginning of year (in dollars per share) | $ / shares	$ 4.11
Issued (in dollars per share) | $ / shares	4.31
Outstanding at end of period (in dollars per share) | $ / shares	$ 4.02
Additional information
Unrecognized compensation cost | $	$ 806
Weighted-average period over which compensation cost is expected to be recognized	1 year 6 months
Deferred stock units
Number of Shares
Outstanding at beginning of year (in shares) | shares	54,500
Outstanding at end of period (in shares) | shares	54,500
Weighted-Average Grant Date Fair Value
Outstanding at beginning of year (in dollars per share) | $ / shares	$ 6.61
Outstanding at end of period (in dollars per share) | $ / shares	$ 6.61
Additional information
Unrecognized compensation cost | $	$ 0