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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Interest Income:        
Residential whole loans $ 140,951 $ 154,568 $ 284,042 $ 305,878
Securities, at fair value 52,770 28,778 98,523 53,448
Other interest-earning assets 481 528 972 926
Cash and cash equivalent investments 2,572 4,470 5,163 8,597
Interest Income 196,774 188,344 388,700 368,849
Interest Expense:        
Asset-backed and other collateralized financing arrangements 133,234 122,523 261,045 240,954
Other interest expense 4,969 4,545 9,894 9,082
Interest Expense 138,203 127,068 270,939 250,036
Net Interest Income 58,571 61,276 117,761 118,813
Reversal/(Provision) for Credit Losses on Residential Whole Loans 62 (791) 304 (936)
Reversal/(Provision) for Credit Losses on Other Assets 0 0 0 0
Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses 58,633 60,485 118,065 117,877
Other Income/(Loss), net:        
Net gain/(loss) on residential whole loans measured at fair value through earnings (45,480) 23,799 (84,613) 74,449
Impairment and other net gain/(loss) on securities and other portfolio investments (3,850) 6,645 (42,120) 27,824
Net gain/(loss) on real estate owned (1,491) (2,911) (4,472) (4,419)
Net gain/(loss) on derivatives 44,625 (18,251) 76,686 (49,306)
Net gain/(loss) on securitized debt measured at fair value through earnings 25,268 (7,105) 45,113 (29,036)
Lima One mortgage banking income 8,367 6,087 16,027 11,524
Net realized gain/(loss) on residential whole loans held at carrying value 0 (343) 0 (882)
Other, net 2,246 4,329 7,179 6,608
Other Income/(Loss), net 29,685 12,250 13,800 36,762
Operating and Other Expense:        
Compensation and benefits 17,992 19,308 40,151 42,565
Other general and administrative expense 13,162 10,621 25,316 20,912
Loan servicing, financing and other related costs 10,066 8,584 19,984 15,836
Amortization of intangible assets 300 800 600 1,600
Operating and Other Expense 41,520 39,313 86,051 80,913
Income/(loss) before income taxes 46,798 33,422 45,814 73,726
Provision for/(benefit from) income taxes 0 238 0 (634)
Net Income/(Loss) 46,798 33,184 45,814 74,360
Less Preferred Stock Dividend Requirement 10,559 10,560 20,983 18,779
Net Income/(Loss) Available to Common Stock and Participating Securities $ 36,239 $ 22,624 $ 24,831 $ 55,581
Basic Earnings/(Loss) per Common Share (in dollars per share) $ 0.35 $ 0.22 $ 0.23 $ 0.53
Diluted Earnings/(Loss) per Common Share (in dollars per share) $ 0.34 $ 0.21 $ 0.23 $ 0.52