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Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
At June 30, 2026, 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 June 30, 2026
Interest Income$155,380 $39,909 $1,485 $196,774 
Interest Expense108,287 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 Loans62 — — 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 owned534 (2,025)— (1,491)
Net gain/(loss) on derivatives40,009 4,616 — 44,625 
Net gain/(loss) on securitized debt measured at fair value through earnings20,843 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 costs3,780 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 AssetsLima OneCorporateTotal
Three months ended June 30, 2025
Interest Income$125,987 $59,830 $2,527 $188,344 
Interest Expense84,424 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 investments4,007 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 costs4,790 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 AssetsLima OneCorporateTotal
Six months ended June 30, 2026
Interest Income$303,567 $82,046 $3,087 $388,700 
Interest Expense209,550 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 Loans304 — — 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 owned917 (5,389)— (4,472)
Net gain/(loss) on derivatives69,408 7,278 — 76,686 
Net gain/(loss) on securitized debt measured at fair value through earnings36,977 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 costs7,389 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 AssetsLima OneCorporateTotal
Six months ended June 30, 2025
Interest Income$238,753 $125,102 $4,994 $368,849 
Interest Expense161,783 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 investments24,442 (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 costs9,032 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 AssetsLima OneCorporateTotal
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 

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).