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Consolidated Statements of Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income        
Interest income $ 15,643 $ 14,327 $ 45,257 $ 40,745
Interest expense 12,343 14,218 37,150 41,376
Net interest income (expense) 3,300 109 8,107 (631)
Servicing fee income 10,764 11,681 32,670 36,921
Servicing costs 2,297 3,206 6,794 9,295
Net servicing income 8,467 8,475 25,876 27,626
Other income (loss)        
Realized loss on RMBS, net 0 (3,651) (6,045) (5,510)
Realized gain (loss) on investments in MSRs, net 0 (237) 0 504
Realized gain (loss) on derivatives, net (10,496) (7,987) 8,976 7,695
Realized gain on acquired assets, net 2 2 2 2
Unrealized gain on RMBS, measured at fair value through earnings, net 10,730 24,990 29,018 12,229
Unrealized gain (loss) on derivatives, net 2,482 (21,311) (39,406) (12,029)
Unrealized loss on investments in Servicing Related Assets (5,912) (7,467) (14,968) (14,036)
Total Income (Loss) 8,573 (7,077) 11,560 15,850
Expenses        
General and administrative expense 2,154 3,233 6,160 8,147
Compensation and benefits 1,620 178 4,738 476
Management fee to affiliate 0 1,671 0 5,179
Total Expenses 3,774 5,082 10,898 13,802
Income (Loss) Before Income Taxes 4,799 (12,159) 662 2,048
Provision for corporate business taxes [1] 284 285 1,578 1,652
Net Income (Loss) 4,515 (12,444) (916) 396
Net (income) loss allocated to noncontrolling interests in Operating Partnership (83) 246 16 (8)
Dividends on preferred stock (2,477) (2,594) (7,393) (7,456)
Gain on repurchase and retirement of preferred stock 0 0 0 78
Net Income (Loss) Applicable to Common Stockholders $ 1,955 $ (14,792) $ (8,293) $ (6,990)
Net Income (Loss) Per Share of Common Stock        
Basic (in dollars per share) $ 0.05 $ (0.49) $ (0.25) $ (0.23)
Diluted (in dollars per share) $ 0.05 $ (0.49) $ (0.25) $ (0.23)
Weighted Average Number of Shares of Common Stock Outstanding        
Basic (in shares) 36,134,925 30,216,341 33,691,377 30,058,334
Diluted (in shares) 36,148,929 30,216,341 33,691,377 30,058,334
[1] The provision for income taxes is recorded at the TRS level.