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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Interest Income:    
Residential whole loans $ 151,310 $ 157,665
Securities, at fair value 24,670 12,992
Other interest-earning assets 398 1,163
Cash and cash equivalent investments 4,127 5,011
Interest Income 180,505 176,831
Interest Expense:    
Asset-backed and other collateralized financing arrangements 118,431 123,442
Other interest expense 4,537 5,575
Interest Expense 122,968 129,017
Net Interest Income 57,537 47,814
Reversal/(Provision) for Credit Losses on Residential Whole Loans (145) 460
Reversal/(Provision) for Credit Losses on Other Assets 0 (1,109)
Net Interest Income after Reversal/(Provision) for Credit Losses 57,392 47,165
Other Income/(Loss), net:    
Net gain/(loss) on residential whole loans measured at fair value through earnings 54,380 (11,513)
Impairment and other net gain/(loss) on securities and other portfolio investments 21,179 (4,776)
Net gain/(loss) on real estate owned (1,508) 991
Net gain/(loss) on derivatives used for risk management purposes (31,055) 49,941
Net gain/(loss) on securitized debt measured at fair value through earnings (21,931) (22,462)
Lima One mortgage banking income 5,437 7,928
Net realized gain/(loss) on residential whole loans held at carrying value (539) 418
Other, net (1,451) 1,875
Other Income/(Loss), net 24,512 22,402
Operating and Other Expense:    
Compensation and benefits 23,257 25,468
Other general and administrative expense 10,291 11,995
Loan servicing, financing and other related costs 7,252 7,042
Amortization of intangible assets 800 800
Operating and Other Expense 41,600 45,305
Income/(loss) before income taxes 40,304 24,262
Provision for/(benefit from) income taxes (872) 1,049
Net Income/(Loss) 41,176 23,213
Less Preferred Stock Dividend Requirement 8,219 8,219
Net Income/(Loss) Available to Common Stock and Participating Securities $ 32,957 $ 14,994
Basic Earnings/(Loss) per Common Share (in dollars per share) $ 0.32 $ 0.14
Diluted Earnings/(Loss) per Common Share (in dollars per share) $ 0.31 $ 0.14