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Segment Reporting (Tables) | 12 Months Ended
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Dec. 31, 2025
Segment Reporting [Abstract] |
Schedule of Reportable Operating Segments | The following tables present the reportable operating segments related to the Company’s results of operations for the years ended December 31, 2025 and 2024 (in thousands).
| Year Ended December 31, 2025
| Loans and Securities |  | Arc Home (1) (2) |  |  |  | Other |  | Total
Interest income | $ | 477,071 |  |  | $ | — |  |  |  |  | $ | 3,259 |  |  | $ | 480,330 |
Interest expense | 393,607 |  |  | — |  |  |  |  | 10,190 |  |  | 403,797 |
Total Net Interest Income | 83,464 |  |  | — |  |  |  |  | (6,931) |  |  | 76,533 |
Total Other Income/(Loss) | 13,217 |  |  | — |  |  |  |  | — |  |  | 13,217 |
Management fee to affiliate | — |  |  | — |  |  |  |  | 9,266 |  |  | 9,266 |
Non-investment related expenses | — |  |  | — |  |  |  |  | 10,819 |  |  | 10,819 |
Investment related expenses | 15,625 |  |  | — |  |  |  |  | — |  |  | 15,625 |
Transaction related expenses | 6,400 |  |  | 895 |  |  |  |  | 10 |  |  | 7,305 |
Total Expenses | 22,025 |  |  | 895 |  |  |  |  | 20,095 |  |  | 43,015 |
Income/(loss) before equity in earnings/(loss) from affiliates | 74,656 |  |  | (895) |  |  |  |  | (27,026) |  |  | 46,735 |
Equity in earnings/(loss) from affiliates | (1,304) |  |  | 4,125 |  |  |  |  | — |  |  | 2,821 |
Income/(loss) before income taxes | 73,352 |  |  | 3,230 |  |  |  |  | (27,026) |  |  | 49,556 |
Income tax expense | 888 |  |  | — |  |  |  |  | — |  |  | 888 |
Net Income/(Loss) | 72,464 |  |  | 3,230 |  |  |  |  | (27,026) |  |  | 48,668 |
Dividends on preferred stock | — |  |  | — |  |  |  |  | 21,242 |  |  | 21,242 |
Net Income/(Loss) Available to Common Stockholders | $ | 72,464 |  |  | $ | 3,230 |  |  |  |  | $ | (48,268) |  |  | $ | 27,426 |
| Year Ended December 31, 2024
| Loans and Securities |  | Arc Home (1) (2) |  |  |  | Other |  | Total
Interest income | $ | 404,269 |  |  | $ | — |  |  |  |  | $ | 4,226 |  |  | $ | 408,495 |
Interest expense | 330,456 |  |  | — |  |  |  |  | 12,147 |  |  | 342,603 |
Total Net Interest Income | 73,813 |  |  | — |  |  |  |  | (7,921) |  |  | 65,892 |
Total Other Income/(Loss) | 21,655 |  |  | — |  |  |  |  | — |  |  | 21,655 |
Management fee to affiliate | — |  |  | — |  |  |  |  | 7,533 |  |  | 7,533 |
Non-investment related expenses | — |  |  | — |  |  |  |  | 10,620 |  |  | 10,620 |
Investment related expenses | 13,522 |  |  | — |  |  |  |  | — |  |  | 13,522 |
Transaction related expenses | 3,044 |  |  | — |  |  |  |  | 120 |  |  | 3,164 |
Total Expenses | 16,566 |  |  | — |  |  |  |  | 18,273 |  |  | 34,839 |
Income/(loss) before equity in earnings/(loss) from affiliates | 78,902 |  |  | — |  |  |  |  | (26,194) |  |  | 52,708 |
Equity in earnings/(loss) from affiliates | 2,000 |  |  | 1,141 |  |  |  |  | — |  |  | 3,141 |
Income/(loss) before income taxes | 80,902 |  |  | 1,141 |  |  |  |  | (26,194) |  |  | 55,849 |
Income tax expense | 112 |  |  | — |  |  |  |  | — |  |  | 112 |
Net Income/(Loss) | 80,790 |  |  | 1,141 |  |  |  |  | (26,194) |  |  | 55,737 |
Dividends on preferred stock | — |  |  | — |  |  |  |  | 19,353 |  |  | 19,353 |
Net Income/(Loss) Available to Common Stockholders | $ | 80,790 |  |  | $ | 1,141 |  |  |  |  | $ | (45,547) |  |  | $ | 36,384 |
(1)Net Income/(loss) recognized by AG Arc does not include the Company's portion of gains or losses recorded by Arc Home in connection with the sale of residential mortgage loans to the Company. Refer to Note 10 for more information on this accounting policy. (2)During the years ended December 31, 2025 and 2024, the Company recorded an unrealized gain/(loss) on its investment in AG Arc of $2.7 million and $2.6 million, respectively. The following table presents the Company's assets, liabilities, and stockholders' equity by reportable segment as of December 31, 2025 and 2024, which reconciles to the total assets, liabilities, and stockholders' equity of the Company on a consolidated basis (in thousands).
| Loans and Securities |  | Arc Home |  |  |  | Other |  | Total
December 31, 2025 |  |  |  |  |  |  |  |  |
Total Assets | $ | 8,600,220 |  |  | $ | 50,016 |  |  |  |  | $ | 61,294 |  |  | $ | 8,711,530 |
Total Liabilities | 8,039,534 |  |  | — |  |  |  |  | 111,262 |  |  | 8,150,796 |
Total Stockholders' Equity | 560,686 |  |  | 50,016 |  |  |  |  | (49,968) |  |  | 560,734 |
December 31, 2024 |  |  |  |  |  |  |  |  |
Total Assets | $ | 6,760,628 |  |  | $ | 30,778 |  |  |  |  | $ | 122,203 |  |  | $ | 6,913,609 |
Total Liabilities | 6,263,163 |  |  | — |  |  |  |  | 107,023 |  |  | 6,370,186 |
Total Stockholders' Equity | 497,465 |  |  | 30,778 |  |  |  |  | 15,180 |  |  | 543,423 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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