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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest Income:        
Residential whole loans $ 165,717 $ 128,048 $ 323,382 $ 247,558
Securities, at fair value 13,629 9,948 26,621 17,256
Other interest-earning assets 1,177 2,622 2,340 4,973
Cash and cash equivalent investments 6,308 3,732 11,319 6,768
Interest Income 186,831 144,350 363,662 276,555
Interest Expense:        
Asset-backed and other collateralized financing arrangements 126,755 95,884 250,197 184,764
Other interest expense 6,587 3,961 12,162 7,917
Interest Expense 133,342 99,845 262,359 192,681
Net Interest Income 53,489 44,505 101,303 83,874
Reversal/(Provision) for Credit Losses on Residential Whole Loans 1,079 (294) 1,539 (281)
Reversal/(Provision) for Credit Losses on Other Assets (26) 0 (1,135) 0
Net Interest Income after Reversal/(Provision) for Credit Losses 54,542 44,211 101,707 83,593
Other Income/(Loss), net:        
Net gain/(loss) on residential whole loans measured at fair value through earnings 16,430 (130,703) 4,917 (1,529)
Impairment and other net gain/(loss) on securities and other portfolio investments (2,842) (4,569) (7,618) (1,638)
Net gain/(loss) on real estate owned 1,880 2,153 2,871 6,095
Net gain/(loss) on derivatives used for risk management purposes 16,087 60,451 66,028 39,243
Net gain/(loss) on securitized debt measured at fair value through earnings (10,642) 27,394 (33,104) (24,331)
Lima One - origination, servicing and other fee income 7,619 11,477 15,547 20,453
Net realized gain/(loss) on residential whole loans held at carrying value 0 0 418 0
Other, net 1,317 5,492 3,192 8,506
Other Income/(Loss), net 29,849 (28,305) 52,251 46,799
Operating and Other Expense:        
Compensation and benefits 21,747 21,771 47,215 42,401
Other general and administrative expense 10,835 11,522 22,830 21,199
Loan servicing, financing and other related costs 8,717 7,598 15,759 17,137
Amortization of intangible assets 800 1,300 1,600 2,600
Operating and Other Expense 42,099 42,191 87,404 83,337
Income/(loss) before income taxes 42,292 (26,285) 66,554 47,055
Provision for/(benefit from) income taxes 346 (357) 1,395 199
Net Income/(Loss) 41,946 (25,928) 65,159 46,856
Less Preferred Stock Dividend Requirement 8,218 8,218 16,437 16,437
Net Income/(Loss) Available to Common Stock and Participating Securities $ 33,728 $ (34,146) $ 48,722 $ 30,419
Basic Earnings/(Loss) per Common Share (in dollars per share) $ 0.32 $ (0.34) $ 0.47 $ 0.30
Diluted Earnings/(Loss) per Common Share (in dollars per share) $ 0.32 $ (0.34) $ 0.46 $ 0.29