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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Interest Income:        
Residential whole loans $ 153,290 $ 157,406 $ 459,168 $ 480,788
Securities, at fair value 27,708 14,742 81,156 41,363
Other interest-earning assets 515 4,001 1,441 6,341
Cash and cash equivalent investments 4,278 5,825 12,875 17,144
Interest Income 185,791 181,974 554,640 545,636
Interest Expense:        
Asset-backed and other collateralized financing arrangements 124,403 126,833 365,357 377,030
Other interest expense 4,598 4,516 13,680 16,678
Interest Expense 129,001 131,349 379,037 393,708
Net Interest Income 56,790 50,625 175,603 151,928
Reversal/(Provision) for Credit Losses on Residential Whole Loans (276) 1,942 (1,212) 3,481
Reversal/(Provision) for Credit Losses on Other Assets 0 0 0 (1,135)
Net Interest Income after Reversal/(Provision) for Credit Losses 56,514 52,567 174,391 154,274
Other Income/(Loss), net:        
Net gain/(loss) on residential whole loans measured at fair value through earnings 41,293 143,416 129,284 148,333
Impairment and other net gain/(loss) on securities and other portfolio investments 18,004 22,928 45,828 15,310
Net gain/(loss) on real estate owned 300 241 (4,119) 3,112
Net gain/(loss) on derivatives used for risk management purposes 200 (56,818) (49,106) 9,210
Net gain/(loss) on securitized debt measured at fair value through earnings (24,646) (75,273) (53,682) (108,377)
Lima One mortgage banking income 5,594 8,921 17,118 24,468
Net realized gain/(loss) on residential whole loans held at carrying value 0 0 (882) 418
Other, net (9,786) (3,131) (16,720) 61
Other Income/(Loss), net 30,959 40,284 67,721 92,535
Operating and Other Expense:        
Compensation and benefits 18,185 22,417 60,750 69,632
Other general and administrative expense 10,769 11,430 31,681 34,260
Loan servicing, financing and other related costs 10,216 8,503 26,052 24,262
Amortization of intangible assets 300 800 1,900 2,400
Operating and Other Expense 39,470 43,150 120,383 130,554
Income/(loss) before income taxes 48,003 49,701 121,729 116,255
Provision for/(benefit from) income taxes (101) 1,518 (735) 2,913
Net Income/(Loss) 48,104 48,183 122,464 113,342
Less Preferred Stock Dividend Requirement 10,834 8,219 29,613 24,656
Net Income/(Loss) Available to Common Stock and Participating Securities $ 37,270 $ 39,964 $ 92,851 $ 88,686
Basic Earnings/(Loss) per Common Share (in dollars per share) $ 0.36 $ 0.38 $ 0.89 $ 0.85
Diluted Earnings/(Loss) per Common Share (in dollars per share) $ 0.35 $ 0.37 $ 0.87 $ 0.83