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Consolidated Statements of Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income        
Interest income $ 14,813 $ 13,677 $ 29,614 $ 26,418
Interest expense 12,172 13,510 24,807 27,158
Net interest income (expense) 2,641 167 4,807 (740)
Servicing fee income 10,933 12,349 21,906 25,240
Servicing costs 1,952 3,455 4,497 6,089
Net servicing income 8,981 8,894 17,409 19,151
Other income (loss)        
Realized loss on RMBS, net (2,053) (1,859) (6,045) (1,859)
Realized gain on investments in MSRs, net 0 741 0 741
Realized gain on derivatives, net 14,838 9,430 19,472 15,682
Unrealized gain (loss) on RMBS, measured at fair value through earnings, net 3,508 (4,440) 18,288 (12,761)
Unrealized gain (loss) on derivatives, net (19,147) (3,042) (41,888) 9,282
Unrealized loss on investments in Servicing Related Assets (2,731) (3,312) (9,056) (6,569)
Total Income 6,037 6,579 2,987 22,927
Expenses        
General and administrative expense 1,947 3,197 4,006 4,914
Compensation and benefits 1,408 174 3,118 298
Management fee to affiliate 0 1,760 0 3,508
Total Expenses 3,355 5,131 7,124 8,720
Income (Loss) Before Income Taxes 2,682 1,448 (4,137) 14,207
Provision for corporate business taxes [1] 1,121 664 1,294 1,367
Net Income (Loss) 1,561 784 (5,431) 12,840
Net (income) loss allocated to noncontrolling interests in Operating Partnership (34) (19) 99 (254)
Dividends on preferred stock (2,462) (2,555) (4,916) (4,862)
Gain (loss) on repurchase and retirement of preferred stock 0 (74) 0 78
Net Income (Loss) Applicable to Common Stockholders $ (935) $ (1,864) $ (10,248) $ 7,802
Net Income (Loss) Per Share of Common Stock        
Basic (in dollars per share) $ (0.03) $ (0.06) $ (0.32) $ 0.26
Diluted (in dollars per share) $ (0.03) $ (0.06) $ (0.32) $ 0.26
Weighted Average Number of Shares of Common Stock Outstanding        
Basic (in shares) 33,199,712 29,978,791 32,449,353 29,978,462
Diluted (in shares) 33,199,712 30,029,960 32,449,353 30,025,173
[1] The provision for income taxes is recorded at the TRS level.