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v3.26.1

Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2026
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 June 30, 2026 |  |  |  |  |  |  |  |
Interest Income |  | $ | 155,380 |  |  | $ | 39,909 |  |  | $ | 1,485 |  |  | $ | 196,774 |
Interest Expense |  | 108,287 |  |  | 25,339 |  |  | 4,577 |  |  | 138,203 |
Net Interest Income/(Expense) |  | $ | 47,093 |  |  | $ | 14,570 |  |  | $ | (3,092) |  |  | $ | 58,571 |
Reversal/(Provision) for Credit Losses on Residential Whole Loans |  | 62 |  |  | — |  |  | — |  |  | 62 |
Reversal/(Provision) for Credit Losses on Other Assets |  | — |  |  | — |  |  | — |  |  | — |
Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses |  | $ | 47,155 |  |  | $ | 14,570 |  |  | $ | (3,092) |  |  | $ | 58,633 |
Net gain/(loss) on residential whole loans measured at fair value through earnings |  | $ | (26,768) |  |  | $ | (18,712) |  |  | $ | — |  |  | $ | (45,480) |
Impairment and other net gain/(loss) on securities and other portfolio investments |  | (4,362) |  |  | 11 |  |  | 501 |  |  | (3,850) |
Net gain/(loss) on real estate owned |  | 534 |  |  | (2,025) |  |  | — |  |  | (1,491) |
Net gain/(loss) on derivatives |  | 40,009 |  |  | 4,616 |  |  | — |  |  | 44,625 |
Net gain/(loss) on securitized debt measured at fair value through earnings |  | 20,843 |  |  | 4,425 |  |  | — |  |  | 25,268 |
Lima One mortgage banking income |  | — |  |  | 8,367 |  |  | — |  |  | 8,367 |
Net realized gain/(loss) on residential whole loans held at carrying value |  | — |  |  | — |  |  | — |  |  | — |
Other, net |  | (326) |  |  | 1,685 |  |  | 887 |  |  | 2,246 |
Other Income/(Loss), net |  | $ | 29,930 |  |  | $ | (1,633) |  |  | $ | 1,388 |  |  | $ | 29,685 |
Compensation and benefits |  | $ | — |  |  | $ | 8,926 |  |  | $ | 9,066 |  |  | $ | 17,992 |
Other general and administrative expense |  | — |  |  | 4,086 |  |  | 9,076 |  |  | 13,162 |
Loan servicing, financing and other related costs |  | 3,780 |  |  | 2,169 |  |  | 4,117 |  |  | 10,066 |
Amortization of intangible assets |  | — |  |  | 300 |  |  | — |  |  | 300 |
Income/(loss) before income taxes |  | $ | 73,305 |  |  | $ | (2,544) |  |  | $ | (23,963) |  |  | $ | 46,798 |
Provision for/(benefit from) income taxes |  | — |  |  | — |  |  | — |  |  | — |
Net Income/(Loss) |  | $ | 73,305 |  |  | $ | (2,544) |  |  | $ | (23,963) |  |  | $ | 46,798 |
Less Preferred Stock Dividend Requirement |  | $ | — |  |  | $ | — |  |  | $ | 10,559 |  |  | $ | 10,559 |
Net Income/(Loss) Available to Common Stock and Participating Securities |  | $ | 73,305 |  |  | $ | (2,544) |  |  | $ | (34,522) |  |  | $ | 36,239 |
(In Thousands) |  | Mortgage-Related Assets |  | Lima One |  | Corporate |  | Total
Three months ended June 30, 2025 |  |  |  |  |  |  |  |
Interest Income |  | $ | 125,987 |  |  | $ | 59,830 |  |  | $ | 2,527 |  |  | $ | 188,344 |
Interest Expense |  | 84,424 |  |  | 38,099 |  |  | 4,545 |  |  | 127,068 |
Net Interest Income/(Expense) |  | $ | 41,563 |  |  | $ | 21,731 |  |  | $ | (2,018) |  |  | $ | 61,276 |
Reversal/(Provision) for Credit Losses on Residential Whole Loans |  | (791) |  |  | — |  |  | — |  |  | (791) |
Provision for Credit Losses on Other Assets |  | — |  |  | — |  |  | — |  |  | — |
Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses |  | $ | 40,772 |  |  | $ | 21,731 |  |  | $ | (2,018) |  |  | $ | 60,485 |
Net gain/(loss) on residential whole loans measured at fair value through earnings |  | $ | 26,675 |  |  | $ | (2,876) |  |  | $ | — |  |  | $ | 23,799 |
Impairment and other net gain/(loss) on securities and other portfolio investments |  | 4,007 |  |  | 2 |  |  | 2,636 |  |  | 6,645 |
Net gain/(loss) on real estate owned |  | (1,374) |  |  | (1,537) |  |  | — |  |  | (2,911) |
Net gain/(loss) on derivatives |  | (15,289) |  |  | (2,962) |  |  | — |  |  | (18,251) |
Net gain/(loss) on securitized debt measured at fair value through earnings |  | (8,607) |  |  | 1,502 |  |  | — |  |  | (7,105) |
Lima One mortgage banking income |  | — |  |  | 6,087 |  |  | — |  |  | 6,087 |
Net realized gain/(loss) on residential whole loans held at carrying value |  | (343) |  |  | — |  |  | — |  |  | (343) |
Other, net |  | (681) |  |  | 3,972 |  |  | 1,038 |  |  | 4,329 |
Other Income/(Loss), net |  | $ | 4,388 |  |  | $ | 4,188 |  |  | $ | 3,674 |  |  | $ | 12,250 |
Compensation and benefits |  | $ | — |  |  | $ | 9,700 |  |  | $ | 9,608 |  |  | $ | 19,308 |
Other general and administrative expense |  | (30) |  |  | 4,867 |  |  | 5,784 |  |  | 10,621 |
Loan servicing, financing and other related costs |  | 4,790 |  |  | 1,796 |  |  | 1,998 |  |  | 8,584 |
Amortization of intangible assets |  | — |  |  | 800 |  |  | — |  |  | 800 |
Income/(loss) before income taxes |  | $ | 40,400 |  |  | $ | 8,756 |  |  | $ | (15,734) |  |  | $ | 33,422 |
Provision for/(benefit from) income taxes |  | — |  |  | — |  |  | 238 |  |  | 238 |
Net Income/(Loss) |  | $ | 40,400 |  |  | $ | 8,756 |  |  | $ | (15,972) |  |  | $ | 33,184 |
Less Preferred Stock Dividend Requirement |  | $ | — |  |  | $ | — |  |  | $ | 10,560 |  |  | $ | 10,560 |
Net Income/(Loss) Available to Common Stock and Participating Securities |  | $ | 40,400 |  |  | $ | 8,756 |  |  | $ | (26,532) |  |  | $ | 22,624 |
(In Thousands) |  | Mortgage-Related Assets |  | Lima One |  | Corporate |  | Total
Six months ended June 30, 2026 |  |  |  |  |  |  |  |
Interest Income |  | $ | 303,567 |  |  | $ | 82,046 |  |  | $ | 3,087 |  |  | $ | 388,700 |
Interest Expense |  | 209,550 |  |  | 52,244 |  |  | 9,145 |  |  | 270,939 |
Net Interest Income/(Expense) |  | $ | 94,017 |  |  | $ | 29,802 |  |  | $ | (6,058) |  |  | $ | 117,761 |
Reversal/(Provision) for Credit Losses on Residential Whole Loans |  | 304 |  |  | — |  |  | — |  |  | 304 |
Reversal/(Provision) for Credit Losses on Other Assets |  | — |  |  | — |  |  | — |  |  | — |
Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses |  | $ | 94,321 |  |  | $ | 29,802 |  |  | $ | (6,058) |  |  | $ | 118,065 |
Net gain/(loss) on residential whole loans measured at fair value through earnings |  | $ | (51,687) |  |  | $ | (32,926) |  |  | $ | — |  |  | $ | (84,613) |
Impairment and other net gain/(loss) on securities and other portfolio investments |  | (43,051) |  |  | 25 |  |  | 906 |  |  | (42,120) |
Net gain/(loss) on real estate owned |  | 917 |  |  | (5,389) |  |  | — |  |  | (4,472) |
Net gain/(loss) on derivatives |  | 69,408 |  |  | 7,278 |  |  | — |  |  | 76,686 |
Net gain/(loss) on securitized debt measured at fair value through earnings |  | 36,977 |  |  | 8,136 |  |  | — |  |  | 45,113 |
Lima One mortgage banking income |  | — |  |  | 16,027 |  |  | — |  |  | 16,027 |
Net realized gain/(loss) on residential whole loans held at carrying value |  | — |  |  | — |  |  | — |  |  | — |
Other, net |  | (50) |  |  | 2,474 |  |  | 4,755 |  |  | 7,179 |
Other Income/(Loss), net |  | $ | 12,514 |  |  | $ | (4,375) |  |  | $ | 5,661 |  |  | $ | 13,800 |
Compensation and benefits |  | $ | — |  |  | $ | 17,808 |  |  | $ | 22,343 |  |  | $ | 40,151 |
Other general and administrative expense |  | — |  |  | 8,398 |  |  | 16,918 |  |  | 25,316 |
Loan servicing, financing and other related costs |  | 7,389 |  |  | 4,523 |  |  | 8,072 |  |  | 19,984 |
Amortization of intangible assets |  | — |  |  | 600 |  |  | — |  |  | 600 |
Income/(loss) before income taxes |  | $ | 99,446 |  |  | $ | (5,902) |  |  | $ | (47,730) |  |  | $ | 45,814 |
Provision for/(benefit from) income taxes |  | — |  |  | — |  |  | — |  |  | — |
Net Income/(Loss) |  | $ | 99,446 |  |  | $ | (5,902) |  |  | $ | (47,730) |  |  | $ | 45,814 |
Less Preferred Stock Dividend Requirement |  | $ | — |  |  | $ | — |  |  | $ | 20,983 |  |  | $ | 20,983 |
Net Income/(Loss) Available to Common Stock and Participating Securities |  | $ | 99,446 |  |  | $ | (5,902) |  |  | $ | (68,713) |  |  | $ | 24,831 |
(In Thousands) |  | Mortgage-Related Assets |  | Lima One |  | Corporate |  | Total
Six months ended June 30, 2025 |  |  |  |  |  |  |  |
Interest Income |  | $ | 238,753 |  |  | $ | 125,102 |  |  | $ | 4,994 |  |  | $ | 368,849 |
Interest Expense |  | 161,783 |  |  | 79,171 |  |  | 9,082 |  |  | 250,036 |
Net Interest Income/(Expense) |  | $ | 76,970 |  |  | $ | 45,931 |  |  | $ | (4,088) |  |  | $ | 118,813 |
Reversal/(Provision) for Credit Losses on Residential Whole Loans |  | (936) |  |  | — |  |  | — |  |  | (936) |
Reversal/(Provision) for Credit Losses on Other Assets |  | — |  |  | — |  |  | — |  |  | — |
Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses |  | $ | 76,034 |  |  | $ | 45,931 |  |  | $ | (4,088) |  |  | $ | 117,877 |
Net gain/(loss) on residential whole loans measured at fair value through earnings |  | $ | 75,107 |  |  | $ | (658) |  |  | $ | — |  |  | $ | 74,449 |
Impairment and other net gain/(loss) on securities and other portfolio investments |  | 24,442 |  |  | (7) |  |  | 3,389 |  |  | 27,824 |
Net gain/(loss) on real estate owned |  | (1,305) |  |  | (3,114) |  |  | — |  |  | (4,419) |
Net gain/(loss) on derivatives |  | (40,852) |  |  | (8,454) |  |  | — |  |  | (49,306) |
Net gain/(loss) on securitized debt measured at fair value through earnings |  | (25,756) |  |  | (3,280) |  |  | — |  |  | (29,036) |
Lima One mortgage banking income |  | — |  |  | 11,524 |  |  | — |  |  | 11,524 |
Net realized gain/(loss) on residential whole loans held at carrying value |  | (882) |  |  | — |  |  | — |  |  | (882) |
Other, net |  | (1,195) |  |  | 5,475 |  |  | 2,328 |  |  | 6,608 |
Other Income/(Loss), net |  | $ | 29,559 |  |  | $ | 1,486 |  |  | $ | 5,717 |  |  | $ | 36,762 |
Compensation and benefits |  | $ | — |  |  | $ | 19,493 |  |  | $ | 23,072 |  |  | $ | 42,565 |
Other general and administrative expense |  | (22) |  |  | 9,243 |  |  | 11,691 |  |  | 20,912 |
Loan servicing, financing and other related costs |  | 9,032 |  |  | 2,944 |  |  | 3,860 |  |  | 15,836 |
Amortization of intangible assets |  | — |  |  | 1,600 |  |  | — |  |  | 1,600 |
Income/(loss) before income taxes |  | $ | 96,583 |  |  | $ | 14,137 |  |  | $ | (36,994) |  |  | $ | 73,726 |
Provision for/(benefit from) income taxes |  | — |  |  | — |  |  | (634) |  |  | (634) |
Net Income/(Loss) |  | $ | 96,583 |  |  | $ | 14,137 |  |  | $ | (36,360) |  |  | $ | 74,360 |
Less Preferred Stock Dividend Requirement |  | $ | — |  |  | $ | — |  |  | $ | 18,779 |  |  | $ | 18,779 |
Net Income/(Loss) Available to Common Stock and Participating Securities |  | $ | 96,583 |  |  | $ | 14,137 |  |  | $ | (55,139) |  |  | $ | 55,581 |
(In Thousands) |  | Mortgage-Related Assets |  | Lima One |  | Corporate |  | Total
June 30, 2026 |  |  |  |  |  |  |  |
Total Assets |  | $ | 11,186,791 |  |  | $ | 2,299,954 |  |  | $ | 166,947 |  |  | $ | 13,653,692 |
December 31, 2025 |  |  |  |  |  |  |  |
Total Assets |  | $ | 10,128,088 |  |  | $ | 2,632,740 |  |  | $ | 285,621 |  |  | $ | 13,046,449 |

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