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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest Income:        
Residential whole loans $ 114,415 $ 79,602 $ 316,235 $ 213,156
Securities, at fair value 5,612 10,629 16,181 42,433
Other interest-earning assets 2,216 524 5,071 632
Cash and cash equivalent investments 1,629 126 2,055 239
Interest Income 123,872 90,881 339,542 256,460
Interest Expense:        
Asset-backed and other collateralized financing arrangements 67,636 25,135 159,806 72,827
Other interest expense 3,943 3,930 11,811 11,863
Interest Expense 71,579 29,065 171,617 84,690
Net Interest Income 52,293 61,816 167,925 171,770
(Provision)/Reversal of Provision for Credit Losses on Residential Whole Loans (588) 9,709 1,106 41,326
Provision for Credit Losses on Other Assets 0 0 (28,579) 0
Net Interest Income after (Provision)/Reversal of Provision for Credit Losses 51,705 71,525 140,452 213,096
Other (Loss)/Income, net:        
Net mark-to-market and other net (loss)/gain on residential whole loans measured at fair value (291,875) 21,815 (796,664) 59,325
Gain on investment in Lima One common equity 0 38,933 0 38,933
Net gains on derivatives used for risk management purposes 111,816 2,085 253,721 1,028
Net mark-to-market on Securitized debt measured at fair value 98,858 857 247,548 8,254
Net gain on real estate owned 3,860 6,829 19,777 13,725
Lima One - origination, servicing and other fee income 12,372 9,638 37,539 9,638
Other, net 778 14,289 (10,076) 19,510
Other (Loss)/Income, net (64,191) 94,446 (248,155) 150,413
Operating and Other Expense:        
Compensation and benefits 21,063 16,210 59,679 33,533
Other general and administrative expense 8,812 8,659 28,016 23,338
Loan servicing, financing and other related costs 11,357 5,291 34,993 18,591
Amortization of intangible assets 1,300 3,300 7,900 3,300
Operating and Other Expense 42,532 33,460 130,588 78,762
Net (Loss)/Income (55,018) 132,511 (238,291) 284,747
Less Preferred Stock Dividend Requirement 8,218 8,218 24,656 24,656
Net (Loss)/Income Available to Common Stock and Participating Securities $ (63,236) $ 124,293 $ (262,947) $ 260,091
Basic (Loss)/Earnings per Common Share (in dollars per share) $ (0.62) $ 1.12 $ (2.54) $ 2.33
Diluted (Loss)/Earnings per Common Share (in dollars per share) $ (0.62) $ 1.08 $ (2.54) $ 2.28