XML 49 R38.htm IDEA: XBRL DOCUMENT v3.26.1
Segment Reporting (Tables)
 6 Months Ended
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 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