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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Interest Income:    
Residential whole loans $ 157,665 $ 119,510
Securities, at fair value 12,992 7,308
Other interest-earning assets 1,163 2,351
Cash and cash equivalent investments 5,011 3,036
Interest Income 176,831 132,205
Interest Expense:    
Asset-backed and other collateralized financing arrangements 123,442 88,880
Other interest expense 5,575 3,956
Interest Expense 129,017 92,836
Net Interest Income 47,814 39,369
Reversal/(Provision) for Credit Losses on Residential Whole Loans 460 13
Reversal/(Provision) for Credit Losses on Other Assets (1,109) 0
Net Interest Income after Reversal/(Provision) for Credit Losses 47,165 39,382
Other Income/(Loss), net:    
Net gain/(loss) on residential whole loans measured at fair value through earnings (11,513) 129,174
Impairment and other net gain/(loss) on securities and other portfolio investments (4,776) 2,931
Net gain/(loss) on real estate owned 991 3,942
Net gain/(loss) on derivatives used for risk management purposes 49,941 (21,208)
Net gain/(loss) on securitized debt measured at fair value through earnings (22,462) (51,725)
Lima One - origination, servicing and other fee income 7,928 8,976
Net realized gain/(loss) on residential whole loans held at carrying value 418 0
Other, net 1,875 3,014
Other Income/(Loss), net 22,402 75,104
Operating and Other Expense:    
Compensation and benefits 25,468 20,630
Other general and administrative expense 13,044 10,233
Loan servicing, financing and other related costs 7,042 9,539
Amortization of intangible assets 800 1,300
Operating and Other Expense 46,354 41,702
Net Income/(Loss) 23,213 72,784
Less Preferred Stock Dividend Requirement 8,219 8,219
Net Income/(Loss) Available to Common Stock and Participating Securities $ 14,994 $ 64,565
Basic Earnings/(Loss) per Common Share (in dollars per share) $ 0.14 $ 0.63
Diluted Earnings/(Loss) per Common Share (in dollars per share) $ 0.14 $ 0.62