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Segment Reporting (Tables)

9 Months Ended

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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- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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- References

No definition available.

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