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v3.25.3

Segment Reporting (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following tables summarize segment financial information, which in total reconciles to the same data for the Company as a whole:
(In Thousands) |  | Mortgage-Related Assets |  | Lima One |  | Corporate |  | Total
Three months ended September 30, 2025 |  |  |  |  |  |  |  |
Interest Income |  | $ | 128,336 |  |  | $ | 54,710 |  |  | $ | 2,745 |  |  | $ | 185,791 |
Interest Expense |  | 89,849 |  |  | 34,599 |  |  | 4,553 |  |  | 129,001 |
Net Interest Income/(Expense) |  | $ | 38,487 |  |  | $ | 20,111 |  |  | $ | (1,808) |  |  | $ | 56,790 |
Reversal/(Provision) for Credit Losses on Residential Whole Loans |  | (276) |  |  | — |  |  | — |  |  | (276) |
Reversal/(Provision) for Credit Losses on Other Assets |  | — |  |  | — |  |  | — |  |  | — |
Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses |  | $ | 38,211 |  |  | $ | 20,111 |  |  | $ | (1,808) |  |  | $ | 56,514 |
Net gain/(loss) on residential whole loans measured at fair value through earnings |  | $ | 34,969 |  |  | $ | 6,324 |  |  | $ | — |  |  | $ | 41,293 |
Impairment and other net gain/(loss) on securities and other portfolio investments |  | 17,978 |  |  | 26 |  |  | — |  |  | 18,004 |
Net gain/(loss) on real estate owned |  | 1,691 |  |  | (1,391) |  |  | — |  |  | 300 |
Net gain/(loss) on derivatives used for risk management purposes |  | 163 |  |  | 37 |  |  | — |  |  | 200 |
Net gain/(loss) on securitized debt measured at fair value through earnings |  | (22,267) |  |  | (2,379) |  |  | — |  |  | (24,646) |
Lima One mortgage banking income |  | — |  |  | 5,594 |  |  | — |  |  | 5,594 |
Net realized gain/(loss) on residential whole loans held at carrying value |  | — |  |  | — |  |  | — |  |  | — |
Other, net |  | (1,114) |  |  | (8,814) |  |  | 142 |  |  | (9,786) |
Other Income/(Loss), net |  | $ | 31,420 |  |  | $ | (603) |  |  | $ | 142 |  |  | $ | 30,959 |
Compensation and benefits |  | $ | — |  |  | $ | 9,271 |  |  | $ | 8,914 |  |  | $ | 18,185 |
Other general and administrative expense |  | — |  |  | 5,237 |  |  | 5,532 |  |  | 10,769 |
Loan servicing, financing and other related costs |  | 4,550 |  |  | 1,911 |  |  | 3,755 |  |  | 10,216 |
Amortization of intangible assets |  | — |  |  | 300 |  |  | — |  |  | 300 |
Income/(loss) before income taxes |  | $ | 65,081 |  |  | $ | 2,789 |  |  | $ | (19,867) |  |  | $ | 48,003 |
Provision for/(benefit from) income taxes |  | — |  |  | — |  |  | (101) |  |  | (101) |
Net Income/(Loss) |  | $ | 65,081 |  |  | $ | 2,789 |  |  | $ | (19,766) |  |  | $ | 48,104 |
Less Preferred Stock Dividend Requirement |  | $ | — |  |  | $ | — |  |  | $ | 10,834 |  |  | $ | 10,834 |
Net Income/(Loss) Available to Common Stock and Participating Securities |  | $ | 65,081 |  |  | $ | 2,789 |  |  | $ | (30,600) |  |  | $ | 37,270 |
(In Thousands) |  | Mortgage-Related Assets |  | Lima One |  | Corporate |  | Total
Three months ended September 30, 2024 |  |  |  |  |  |  |  |
Interest Income |  | $ | 101,374 |  |  | $ | 77,234 |  |  | $ | 3,366 |  |  | $ | 181,974 |
Interest Expense |  | 72,373 |  |  | 54,460 |  |  | 4,516 |  |  | 131,349 |
Net Interest Income/(Expense) |  | $ | 29,001 |  |  | $ | 22,774 |  |  | $ | (1,150) |  |  | $ | 50,625 |
Reversal/(Provision) for Credit Losses on Residential Whole Loans |  | 1,942 |  |  | — |  |  | — |  |  | 1,942 |
Provision for Credit Losses on Other Assets |  | — |  |  | — |  |  | — |  |  | — |
Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses |  | $ | 30,943 |  |  | $ | 22,774 |  |  | $ | (1,150) |  |  | $ | 52,567 |
Net gain/(loss) on residential whole loans measured at fair value through earnings |  | $ | 117,957 |  |  | $ | 25,459 |  |  | $ | — |  |  | $ | 143,416 |
Impairment and other net gain/(loss) on securities and other portfolio investments |  | 24,431 |  |  | — |  |  | (1,503) |  |  | 22,928 |
Net gain/(loss) on real estate owned |  | 656 |  |  | (415) |  |  | — |  |  | 241 |
Net gain/(loss) on derivatives used for risk management purposes |  | (42,823) |  |  | (13,995) |  |  | — |  |  | (56,818) |
Net gain/(loss) on securitized debt measured at fair value through earnings |  | (53,766) |  |  | (21,507) |  |  | — |  |  | (75,273) |
Lima One mortgage banking income |  | — |  |  | 8,921 |  |  | — |  |  | 8,921 |
Net realized gain/(loss) on residential whole loans held at carrying value |  | — |  |  | — |  |  | — |  |  | — |
Other, net |  | 163 |  |  | (3,757) |  |  | 463 |  |  | (3,131) |
Other Income/(Loss), net |  | $ | 46,618 |  |  | $ | (5,294) |  |  | $ | (1,040) |  |  | $ | 40,284 |
Compensation and benefits |  | $ | — |  |  | $ | 10,757 |  |  | $ | 11,660 |  |  | $ | 22,417 |
Other general and administrative expense |  | 70 |  |  | 5,068 |  |  | 6,292 |  |  | 11,430 |
Loan servicing, financing and other related costs |  | 4,297 |  |  | 595 |  |  | 3,611 |  |  | 8,503 |
Amortization of intangible assets |  | — |  |  | 800 |  |  | — |  |  | 800 |
Income/(loss) before income taxes |  | $ | 73,194 |  |  | $ | 260 |  |  | $ | (23,753) |  |  | $ | 49,701 |
Provision for/(benefit from) income taxes |  | — |  |  | — |  |  | 1,518 |  |  | 1,518 |
Net Income/(Loss) |  | $ | 73,194 |  |  | $ | 260 |  |  | $ | (25,271) |  |  | $ | 48,183 |
Less Preferred Stock Dividend Requirement |  | $ | — |  |  | $ | — |  |  | $ | 8,219 |  |  | $ | 8,219 |
Net Income/(Loss) Available to Common Stock and Participating Securities |  | $ | 73,194 |  |  | $ | 260 |  |  | $ | (33,490) |  |  | $ | 39,964 |
(In Thousands) |  | Mortgage-Related Assets |  | Lima One |  | Corporate |  | Total
Nine months ended September 30, 2025 |  |  |  |  |  |  |  |
Interest Income |  | $ | 367,089 |  |  | $ | 179,812 |  |  | $ | 7,739 |  |  | $ | 554,640 |
Interest Expense |  | 251,633 |  |  | 113,769 |  |  | 13,635 |  |  | 379,037 |
Net Interest Income/(Expense) |  | $ | 115,456 |  |  | $ | 66,043 |  |  | $ | (5,896) |  |  | $ | 175,603 |
Reversal/(Provision) for Credit Losses on Residential Whole Loans |  | (1,212) |  |  | — |  |  | — |  |  | (1,212) |
Reversal/(Provision) for Credit Losses on Other Assets |  | — |  |  | — |  |  | — |  |  | — |
Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses |  | $ | 114,244 |  |  | $ | 66,043 |  |  | $ | (5,896) |  |  | $ | 174,391 |
Net gain/(loss) on residential whole loans measured at fair value through earnings |  | $ | 111,749 |  |  | $ | 17,535 |  |  | $ | — |  |  | $ | 129,284 |
Impairment and other net gain/(loss) on securities and other portfolio investments |  | 42,420 |  |  | 19 |  |  | 3,389 |  |  | 45,828 |
Net gain/(loss) on real estate owned |  | 386 |  |  | (4,505) |  |  | — |  |  | (4,119) |
Net gain/(loss) on derivatives used for risk management purposes |  | (40,689) |  |  | (8,417) |  |  | — |  |  | (49,106) |
Net gain/(loss) on securitized debt measured at fair value through earnings |  | (48,024) |  |  | (5,658) |  |  | — |  |  | (53,682) |
Lima One mortgage banking income |  | — |  |  | 17,118 |  |  | — |  |  | 17,118 |
Net realized gain/(loss) on residential whole loans held at carrying value |  | (882) |  |  | — |  |  | — |  |  | (882) |
Other, net |  | (3,982) |  |  | (15,208) |  |  | 2,470 |  |  | (16,720) |
Other Income/(Loss), net |  | $ | 60,978 |  |  | $ | 884 |  |  | $ | 5,859 |  |  | $ | 67,721 |
Compensation and benefits |  | $ | — |  |  | $ | 28,764 |  |  | $ | 31,986 |  |  | $ | 60,750 |
Other general and administrative expense |  | (22) |  |  | 14,480 |  |  | 17,223 |  |  | 31,681 |
Loan servicing, financing and other related costs |  | 13,581 |  |  | 4,855 |  |  | 7,616 |  |  | 26,052 |
Amortization of intangible assets |  | — |  |  | 1,900 |  |  | — |  |  | 1,900 |
Income/(loss) before income taxes |  | $ | 161,663 |  |  | $ | 16,928 |  |  | $ | (56,862) |  |  | $ | 121,729 |
Provision for/(benefit from) income taxes |  | — |  |  | — |  |  | (735) |  |  | (735) |
Net Income/(Loss) |  | $ | 161,663 |  |  | $ | 16,928 |  |  | $ | (56,127) |  |  | $ | 122,464 |
Less Preferred Stock Dividend Requirement |  | $ | — |  |  | $ | — |  |  | $ | 29,613 |  |  | $ | 29,613 |
Net Income/(Loss) Available to Common Stock and Participating Securities |  | $ | 161,663 |  |  | $ | 16,928 |  |  | $ | (85,740) |  |  | $ | 92,851 |
(In Thousands) |  | Mortgage-Related Assets |  | Lima One |  | Corporate |  | Total
Nine months ended September 30, 2024 |  |  |  |  |  |  |  |
Interest Income |  | $ | 297,990 |  |  | $ | 237,104 |  |  | $ | 10,542 |  |  | $ | 545,636 |
Interest Expense |  | 209,234 |  |  | 167,796 |  |  | 16,678 |  |  | 393,708 |
Net Interest Income/(Expense) |  | $ | 88,756 |  |  | $ | 69,308 |  |  | $ | (6,136) |  |  | $ | 151,928 |
Reversal/(Provision) for Credit Losses on Residential Whole Loans |  | 3,481 |  |  | — |  |  | — |  |  | 3,481 |
Reversal/(Provision) for Credit Losses on Other Assets |  | (1,135) |  |  | — |  |  | — |  |  | (1,135) |
Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses |  | $ | 91,102 |  |  | $ | 69,308 |  |  | $ | (6,136) |  |  | $ | 154,274 |
Net gain/(loss) on residential whole loans measured at fair value through earnings |  | $ | 137,732 |  |  | $ | 10,601 |  |  | $ | — |  |  | $ | 148,333 |
Impairment and other net gain/(loss) on securities and other portfolio investments |  | 18,297 |  |  | — |  |  | (2,987) |  |  | 15,310 |
Net gain/(loss) on real estate owned |  | 4,080 |  |  | (968) |  |  | — |  |  | 3,112 |
Net gain/(loss) on derivatives used for risk management purposes |  | 4,631 |  |  | 4,579 |  |  | — |  |  | 9,210 |
Net gain/(loss) on securitized debt measured at fair value through earnings |  | (71,962) |  |  | (36,415) |  |  | — |  |  | (108,377) |
Lima One mortgage banking income |  | — |  |  | 24,468 |  |  | — |  |  | 24,468 |
Net realized gain/(loss) on residential whole loans held at carrying value |  | 418 |  |  | — |  |  | — |  |  | 418 |
Other, net |  | 1,038 |  |  | (2,339) |  |  | 1,362 |  |  | 61 |
Other Income/(Loss), net |  | $ | 94,234 |  |  | $ | (74) |  |  | $ | (1,625) |  |  | $ | 92,535 |
Compensation and benefits |  | $ | — |  |  | $ | 33,646 |  |  | $ | 35,986 |  |  | $ | 69,632 |
Other general and administrative expense |  | 190 |  |  | 15,642 |  |  | 18,428 |  |  | 34,260 |
Loan servicing, financing and other related costs |  | 14,363 |  |  | 1,729 |  |  | 8,170 |  |  | 24,262 |
Amortization of intangible assets |  | — |  |  | 2,400 |  |  | — |  |  | 2,400 |
Income/(loss) before income taxes |  | $ | 170,783 |  |  | $ | 15,817 |  |  | $ | (70,345) |  |  | $ | 116,255 |
Provision for/(benefit from) income taxes |  | — |  |  | — |  |  | 2,913 |  |  | 2,913 |
Net Income/(Loss) |  | $ | 170,783 |  |  | $ | 15,817 |  |  | $ | (73,258) |  |  | $ | 113,342 |
Less Preferred Stock Dividend Requirement |  | $ | — |  |  | $ | — |  |  | $ | 24,656 |  |  | $ | 24,656 |
Net Income/(Loss) Available to Common Stock and Participating Securities |  | $ | 170,783 |  |  | $ | 15,817 |  |  | $ | (97,914) |  |  | $ | 88,686 |
(In Thousands) |  | Mortgage-Related Assets |  | Lima One |  | Corporate |  | Total
September 30, 2025 |  |  |  |  |  |  |  |
Total Assets |  | $ | 8,844,673 |  |  | $ | 2,884,551 |  |  | $ | 368,257 |  |  | $ | 12,097,481 |
December 31, 2024 |  |  |  |  |  |  |  |
Total Assets |  | $ | 7,395,925 |  |  | $ | 3,632,472 |  |  | $ | 381,207 |  |  | $ | 11,409,604 |

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