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Segment Reporting
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
At September 30, 2025, the Company’s reportable segments include (i) mortgage-related assets and (ii) Lima One. The Corporate column in the table below primarily consists of corporate cash and related interest income, investments in loan originators and related economics, general and administrative expenses not directly attributable to Lima One, interest expense on unsecured senior notes (see Note 6), securitization issuance costs, and preferred stock dividends. The Company’s segments are managed by its “chief operating decision maker” or “CODM” as defined under GAAP; the Company’s CODM is its Chief Executive Officer. The CODM utilizes the segment reporting as part of their analysis of relative segment performance in deciding where to focus resources to enhance the Company’s future performance.

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 AssetsLima OneCorporateTotal
Three months ended September 30, 2025
Interest Income$128,336 $54,710 $2,745 $185,791 
Interest Expense89,849 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 investments17,978 26 — 18,004 
Net gain/(loss) on real estate owned1,691 (1,391)— 300 
Net gain/(loss) on derivatives used for risk management purposes163 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 costs4,550 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 AssetsLima OneCorporateTotal
Three months ended September 30, 2024
Interest Income$101,374 $77,234 $3,366 $181,974 
Interest Expense72,373 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 investments24,431 — (1,503)22,928 
Net gain/(loss) on real estate owned656 (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, net163 (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 expense70 5,068 6,292 11,430 
Loan servicing, financing and other related costs4,297 595 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 AssetsLima OneCorporateTotal
Nine months ended September 30, 2025
Interest Income$367,089 $179,812 $7,739 $554,640 
Interest Expense251,633 113,769 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 investments42,420 19 3,389 45,828 
Net gain/(loss) on real estate owned386 (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 costs13,581 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 AssetsLima OneCorporateTotal
Nine months ended September 30, 2024
Interest Income$297,990 $237,104 $10,542 $545,636 
Interest Expense209,234 167,796 16,678 393,708 
Net Interest Income/(Expense)$88,756 $69,308 $(6,136)$151,928 
Reversal/(Provision) for Credit Losses on Residential Whole Loans3,481 — — 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 investments18,297 — (2,987)15,310 
Net gain/(loss) on real estate owned4,080 (968)— 3,112 
Net gain/(loss) on derivatives used for risk management purposes4,631 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 value418 — — 418 
Other, net1,038 (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 expense190 15,642 18,428 34,260 
Loan servicing, financing and other related costs14,363 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 AssetsLima OneCorporateTotal
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 

Lima One Segment

The Lima One segment includes the stand-alone mortgage origination and servicing business of Lima One, including related goodwill, intangible assets, and direct expenses, plus Lima One-related residential whole loans and REO (defined as both those owned by Lima One on the acquisition date and those originated by Lima One since the acquisition date) and the economics related thereto (including any related taxes and the economics of associated financing and hedging instruments), all as recorded under GAAP. Associated financing economics are equal to the results of direct financings of Lima One-related residential whole loans and REO plus allocations of the results of financings which include Lima One related residential whole loans and REO as part of
their collateral, based on the relative carrying values of the financed assets. Associated hedging economics are equal to allocations of the Company’s overall hedging results based on the relative estimated duration of each asset class hedged and the relative fair values of assets within each asset class.

Mortgage-Related Assets Segment
This segment is comprised of the remainder of the Company’s investments (including any related taxes and the economics of associated financing and hedging instruments).