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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest Income:        
Residential whole loans $ 140,538 $ 114,415 $ 388,096 $ 316,235
Securities, at fair value 11,945 5,612 29,201 16,181
Other interest-earning assets 2,587 2,216 7,560 5,071
Cash and cash equivalent investments 4,095 1,629 10,863 2,055
Interest Income 159,165 123,872 435,720 339,542
Interest Expense:        
Asset-backed and other collateralized financing arrangements 109,088 67,636 293,852 159,806
Other interest expense 3,936 3,943 11,853 11,811
Interest Expense 113,024 71,579 305,705 171,617
Net Interest Income 46,141 52,293 130,015 167,925
Reversal of Provision/(Provision) for Credit Losses on Residential Whole Loans 1,258 (588) 977 1,106
Provision for Credit Losses on Other Assets 0 0 0 (28,579)
Net Interest Income/(Expense) after Provision for Credit Losses 47,399 51,705 130,992 140,452
Other (Loss)/Income, net:        
Net loss on residential whole loans measured at fair value through earnings (132,894) (291,818) (134,423) (797,934)
Impairment and other net loss/gain on securities and other portfolio investments (14,161) (411) (15,799) (16,159)
Net gain on real estate owned 2,409 3,861 8,504 19,777
Net gain on derivatives used for risk management purposes 34,860 111,816 74,103 253,721
Net gain on securitized debt measured at fair value through earnings 36,431 98,858 12,100 247,548
Lima One - origination, servicing and other fee income 12,109 12,372 32,562 37,539
Other, net 1,854 1,131 10,522 7,353
Other Loss, net (59,392) (64,191) (12,431) (248,155)
Operating and Other Expense:        
Compensation and benefits 24,051 21,063 66,452 59,679
Other general and administrative expense 10,605 8,812 32,165 28,016
Loan servicing, financing and other related costs 8,989 11,357 26,126 34,993
Amortization of intangible assets 800 1,300 3,400 7,900
Operating and Other Expense 44,445 42,532 128,143 130,588
Net (Loss)/Income (56,438) (55,018) (9,582) (238,291)
Less Preferred Stock Dividend Requirement 8,219 8,218 24,656 24,656
Net (Loss)/Income Available to Common Stock and Participating Securities $ (64,657) $ (63,236) $ (34,238) $ (262,947)
Basic (Loss)/Earnings per Common Share (in dollars per share) $ (0.64) $ (0.62) $ (0.34) $ (2.54)
Diluted (Loss)/Earnings per Common Share (in dollars per share) $ (0.64) $ (0.62) $ (0.34) $ (2.54)