v3.25.2
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
INTEREST INCOME, NET        
Interest income $ 35,094 $ 25,902 $ 67,961 $ 51,114
Interest expense 25,154 16,439 47,934 33,072
NET INTEREST INCOME 9,940 9,463 20,027 18,042
REALIZED AND UNREALIZED GAINS (LOSSES), NET        
Net realized gain (loss) on mortgage loans, derivative contracts, RMBS, and CMBS (2,499) (6,770) (5,681) (8,192)
Net unrealized gain (loss) on trading securities, mortgage loans, portion of debt at fair value option, and derivative contracts (1,576) 2,658 15,049 13,342
TOTAL REALIZED AND UNREALIZED GAINS (LOSSES), NET (4,075) (4,112) 9,368 5,150
EXPENSES        
Stock compensation 296 630 533 1,260
Securitization costs 1,866 1,410 1,866 1,583
Management fee incurred with affiliate 1,149 1,294 2,293 2,606
Total operating expenses 5,098 5,482 8,097 10,162
INCOME (LOSS) BEFORE INCOME TAXES 767 (131) 21,298 13,030
Income tax expense (benefit) 0 142 0 429
NET INCOME (LOSS) ALLOCABLE TO COMMON STOCKHOLDERS 767 (273) 21,298 12,601
Other comprehensive income (loss) (491) 125 (1,186) 1,828
TOTAL COMPREHENSIVE INCOME (LOSS) $ 276 $ (148) $ 20,112 $ 14,429
Basic earnings (loss) per common share (in USD per share) $ 0.03 $ (0.01) $ 0.90 $ 0.51
Diluted earnings (loss) per common share (in USD per share) $ 0.03 $ (0.01) $ 0.89 $ 0.50
Weighted average number of common shares outstanding:        
Basic (shares) 23,524,735 24,810,021 23,460,798 24,792,918
Diluted (shares) 23,787,823 24,810,021 23,719,650 24,973,501
Nonrelated Party        
EXPENSES        
Operating expenses $ 1,334 $ 1,692 $ 2,536 $ 3,742
Affiliates        
EXPENSES        
Operating expenses $ 453 $ 456 $ 869 $ 971