v3.25.2
Segment Reporting (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Segment Reporting Information [Line Items]              
Interest Income $ 188,344   $ 186,831   $ 368,849 $ 363,662  
Interest Expense 127,068   133,342   250,036 262,359  
Net Interest Income 61,276   53,489   118,813 101,303  
Reversal/(Provision) for Credit Losses on Residential Whole Loans (791)   1,079   (936) 1,539  
Reversal/(Provision) for Credit Losses on Other Assets 0   (26)   0 (1,135)  
Net Interest Income after Reversal/(Provision) for Credit Losses 60,485   54,542   117,877 101,707  
Net gain/(loss) on residential whole loans measured at fair value through earnings 33,611   16,430   87,991 4,917  
Impairment and other net gain/(loss) on securities and other portfolio investments 6,645   (2,842)   27,824 (7,618)  
Net gain/(loss) on real estate owned (2,911)   1,880   (4,419) 2,871  
Net gain/(loss) on derivatives used for risk management purposes (18,251)   16,087   (49,306) 66,028  
Net gain/(loss) on securitized debt measured at fair value through earnings (7,105)   (10,642)   (29,036) (33,104)  
Lima One mortgage banking income 6,087   7,619   11,524 15,547  
Net realized gain/(loss) on residential whole loans held at carrying value (343)   0   (882) 418  
Other, net (5,483)   1,317   (6,934) 3,192  
Other Income/(Loss), net 12,250   29,849   36,762 52,251  
Compensation and benefits 19,308   21,747   42,565 47,215  
Other general and administrative expense 10,621   10,835   20,912 22,830  
Loan servicing, financing and other related costs 8,584   8,717   15,836 15,759  
Amortization of intangible assets 800   800   1,600 1,600  
Income/(loss) before income taxes 33,422   42,292   73,726 66,554  
Provision for/(benefit from) income taxes 238   346   (634) 1,395  
Net Income/(Loss) 33,184 $ 41,176 41,946 $ 23,213 74,360 65,159  
Less Preferred Stock Dividend Requirement 10,560   8,218   18,779 16,437  
Net Income/(Loss) Available to Common Stock and Participating Securities 22,624   33,728   55,581 48,722  
Total Assets 11,674,687       11,674,687   $ 11,409,604
Operating Segments | Mortgage-Related Assets              
Segment Reporting Information [Line Items]              
Interest Income 125,987   101,216   238,753 196,616  
Interest Expense 84,424   70,009   161,783 136,860  
Net Interest Income 41,563   31,207   76,970 59,756  
Reversal/(Provision) for Credit Losses on Residential Whole Loans (791)   1,079   (936) 1,539  
Reversal/(Provision) for Credit Losses on Other Assets 0   (26)   0 (1,135)  
Net Interest Income after Reversal/(Provision) for Credit Losses 40,772   32,260   76,034 60,160  
Net gain/(loss) on residential whole loans measured at fair value through earnings 28,117   28,474   76,780 19,775  
Impairment and other net gain/(loss) on securities and other portfolio investments 4,007   (1,358)   24,442 (6,133)  
Net gain/(loss) on real estate owned (1,374)   2,167   (1,305) 3,423  
Net gain/(loss) on derivatives used for risk management purposes (15,289)   11,296   (40,852) 47,455  
Net gain/(loss) on securitized debt measured at fair value through earnings (8,607)   (6,620)   (25,756) (18,196)  
Lima One mortgage banking income 0   0   0 0  
Net realized gain/(loss) on residential whole loans held at carrying value (343)   0   (882) 418  
Other, net (2,123)   (85)   (2,868) 875  
Other Income/(Loss), net 4,388   33,874   29,559 47,617  
Compensation and benefits 0   0   0 0  
Other general and administrative expense (30)   115   (22) 121  
Loan servicing, financing and other related costs 4,790   4,796   9,032 10,066  
Amortization of intangible assets 0   0   0 0  
Income/(loss) before income taxes 40,400   61,223   96,583 97,590  
Provision for/(benefit from) income taxes 0   0   0 0  
Net Income/(Loss) 40,400   61,223   96,583 97,590  
Less Preferred Stock Dividend Requirement 0   0   0 0  
Net Income/(Loss) Available to Common Stock and Participating Securities 40,400   61,223   96,583 97,590  
Total Assets 8,176,258       8,176,258   7,395,925
Operating Segments | Lima One              
Segment Reporting Information [Line Items]              
Interest Income 59,830   81,780   125,102 159,870  
Interest Expense 38,099   56,746   79,171 113,336  
Net Interest Income 21,731   25,034   45,931 46,534  
Reversal/(Provision) for Credit Losses on Residential Whole Loans 0   0   0 0  
Reversal/(Provision) for Credit Losses on Other Assets 0   0   0 0  
Net Interest Income after Reversal/(Provision) for Credit Losses 21,731   25,034   45,931 46,534  
Net gain/(loss) on residential whole loans measured at fair value through earnings 5,494   (12,044)   11,211 (14,858)  
Impairment and other net gain/(loss) on securities and other portfolio investments 2   0   (7) 0  
Net gain/(loss) on real estate owned (1,537)   (287)   (3,114) (552)  
Net gain/(loss) on derivatives used for risk management purposes (2,962)   4,791   (8,454) 18,573  
Net gain/(loss) on securitized debt measured at fair value through earnings 1,502   (4,022)   (3,280) (14,908)  
Lima One mortgage banking income 6,087   7,619   11,524 15,547  
Net realized gain/(loss) on residential whole loans held at carrying value 0   0   0 0  
Other, net (4,398)   914   (6,394) 1,418  
Other Income/(Loss), net 4,188   (3,029)   1,486 5,220  
Compensation and benefits 9,700   10,765   19,493 22,889  
Other general and administrative expense 4,867   4,936   9,243 10,573  
Loan servicing, financing and other related costs 1,796   615   2,944 1,135  
Amortization of intangible assets 800   800   1,600 1,600  
Income/(loss) before income taxes 8,756   4,889   14,137 15,557  
Provision for/(benefit from) income taxes 0   0   0 0  
Net Income/(Loss) 8,756   4,889   14,137 15,557  
Less Preferred Stock Dividend Requirement 0   0   0 0  
Net Income/(Loss) Available to Common Stock and Participating Securities 8,756   4,889   14,137 15,557  
Total Assets 3,153,196       3,153,196   3,632,472
Corporate              
Segment Reporting Information [Line Items]              
Interest Income 2,527   3,835   4,994 7,176  
Interest Expense 4,545   6,587   9,082 12,163  
Net Interest Income (2,018)   (2,752)   (4,088) (4,987)  
Reversal/(Provision) for Credit Losses on Residential Whole Loans 0   0   0 0  
Reversal/(Provision) for Credit Losses on Other Assets 0   0   0 0  
Net Interest Income after Reversal/(Provision) for Credit Losses (2,018)   (2,752)   (4,088) (4,987)  
Net gain/(loss) on residential whole loans measured at fair value through earnings 0   0   0 0  
Impairment and other net gain/(loss) on securities and other portfolio investments 2,636   (1,484)   3,389 (1,485)  
Net gain/(loss) on real estate owned 0   0   0 0  
Net gain/(loss) on derivatives used for risk management purposes 0   0   0 0  
Net gain/(loss) on securitized debt measured at fair value through earnings 0   0   0 0  
Lima One mortgage banking income 0   0   0 0  
Net realized gain/(loss) on residential whole loans held at carrying value 0   0   0 0  
Other, net 1,038   488   2,328 899  
Other Income/(Loss), net 3,674   (996)   5,717 (586)  
Compensation and benefits 9,608   10,982   23,072 24,326  
Other general and administrative expense 5,784   5,784   11,691 12,136  
Loan servicing, financing and other related costs 1,998   3,306   3,860 4,558  
Amortization of intangible assets 0   0   0 0  
Income/(loss) before income taxes (15,734)   (23,820)   (36,994) (46,593)  
Provision for/(benefit from) income taxes 238   346   (634) 1,395  
Net Income/(Loss) (15,972)   (24,166)   (36,360) (47,988)  
Less Preferred Stock Dividend Requirement 10,560   8,218   18,779 16,437  
Net Income/(Loss) Available to Common Stock and Participating Securities (26,532)   $ (32,384)   (55,139) $ (64,425)  
Total Assets $ 345,233       $ 345,233   $ 381,207