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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest Income:        
Residential whole loans $ 157,406 $ 140,538 $ 480,788 $ 388,096
Securities, at fair value 14,742 11,945 41,363 29,201
Other interest-earning assets 4,001 2,587 6,341 7,560
Cash and cash equivalent investments 5,825 4,095 17,144 10,863
Interest Income 181,974 159,165 545,636 435,720
Interest Expense:        
Asset-backed and other collateralized financing arrangements 126,833 109,088 377,030 293,852
Other interest expense 4,516 3,936 16,678 11,853
Interest Expense 131,349 113,024 393,708 305,705
Net Interest Income 50,625 46,141 151,928 130,015
Reversal/(Provision) for Credit Losses on Residential Whole Loans 1,942 1,258 3,481 977
Reversal/(Provision) for Credit Losses on Other Assets 0 0 (1,135) 0
Net Interest Income after Reversal/(Provision) for Credit Losses 52,567 47,399 154,274 130,992
Other Income/(Loss), net:        
Net gain/(loss) on residential whole loans measured at fair value through earnings 143,416 (132,894) 148,333 (134,423)
Impairment and other net gain/(loss) on securities and other portfolio investments 22,928 (14,161) 15,310 (15,799)
Net gain/(loss) on real estate owned 241 2,409 3,112 8,504
Net gain/(loss) on derivatives used for risk management purposes (56,818) 34,860 9,210 74,103
Net gain/(loss) on securitized debt measured at fair value through earnings (75,273) 36,431 (108,377) 12,100
Lima One mortgage banking income 8,921 12,109 24,468 32,562
Net realized gain/(loss) on residential whole loans held at carrying value 0 0 418 0
Other, net (3,131) 1,418 61 9,924
Other Income/(Loss), net 40,284 (59,828) 92,535 (13,029)
Operating and Other Expense:        
Compensation and benefits 22,417 24,051 69,632 66,452
Other general and administrative expense 11,430 10,075 34,260 31,272
Loan servicing, financing and other related costs 8,503 8,989 24,262 26,126
Amortization of intangible assets 800 800 2,400 3,400
Operating and Other Expense 43,150 43,915 130,554 127,250
Income/(loss) before income taxes 49,701 (56,344) 116,255 (9,287)
Provision for/(benefit from) income taxes 1,518 94 2,913 295
Net Income/(Loss) 48,183 (56,438) 113,342 (9,582)
Less Preferred Stock Dividend Requirement 8,219 8,219 24,656 24,656
Net Income/(Loss) Available to Common Stock and Participating Securities $ 39,964 $ (64,657) $ 88,686 $ (34,238)
Basic Earnings/(Loss) per Common Share (in dollars per share) $ 0.38 $ (0.64) $ 0.85 $ (0.34)
Diluted Earnings/(Loss) per Common Share (in dollars per share) $ 0.37 $ (0.64) $ 0.83 $ (0.34)