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Segment Reporting (Tables)

12 Months Ended

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

X

- 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

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No definition available.

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