
(In Thousands)	Mortgage-Related Assets		Lima One		Corporate		Total
Three months ended June 30, 2025
Interest Income	$	125,987	$	59,830	$	2,527	$	188,344
Interest Expense	84,424		38,099		4,545		127,068
Net Interest Income/(Expense)	$	41,563	$	21,731	$	(2,018)	$	61,276
Reversal/(Provision) for Credit Losses on Residential Whole Loans	(791)		—		—		(791)
Reversal/(Provision) for Credit Losses on Other Assets	—		—		—		—
Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses	$	40,772	$	21,731	$	(2,018)	$	60,485

Net gain/(loss) on residential whole loans measured at fair value through earnings	$	28,117	$	5,494	$	—	$	33,611
Impairment and other net gain/(loss) on securities and other portfolio investments	4,007		2		2,636		6,645
Net gain/(loss) on real estate owned	(1,374)		(1,537)		—		(2,911)
Net gain/(loss) on derivatives used for risk management purposes	(15,289)		(2,962)		—		(18,251)
Net gain/(loss) on securitized debt measured at fair value through earnings	(8,607)		1,502		—		(7,105)
Lima One mortgage banking income	—		6,087		—		6,087
Net realized gain/(loss) on residential whole loans held at carrying value	(343)		—		—		(343)
Other, net	(2,123)		(4,398)		1,038		(5,483)
Other Income/(Loss), net	$	4,388	$	4,188	$	3,674	$	12,250

Compensation and benefits	$	—	$	9,700	$	9,608	$	19,308
Other general and administrative expense	(30)		4,867		5,784		10,621
Loan servicing, financing and other related costs	4,790		1,796		1,998		8,584
Amortization of intangible assets	—		800		—		800
Income/(loss) before income taxes	$	40,400	$	8,756	$	(15,734)	$	33,422
Provision for/(benefit from) income taxes	—		—		238		238
Net Income/(Loss)	$	40,400	$	8,756	$	(15,972)	$	33,184

Less Preferred Stock Dividend Requirement	$	—	$	—	$	10,560	$	10,560
Net Income/(Loss) Available to Common Stock and Participating Securities	$	40,400	$	8,756	$	(26,532)	$	22,624


(In Thousands)	Mortgage-Related Assets		Lima One		Corporate		Total
Three months ended June 30, 2024
Interest Income	$	101,216	$	81,780	$	3,835	$	186,831
Interest Expense	70,009		56,746		6,587		133,342
Net Interest Income/(Expense)	$	31,207	$	25,034	$	(2,752)	$	53,489
Reversal/(Provision) for Credit Losses on Residential Whole Loans	1,079		—		—		1,079
Provision for Credit Losses on Other Assets	(26)		—		—		(26)
Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses	$	32,260	$	25,034	$	(2,752)	$	54,542

Net gain/(loss) on residential whole loans measured at fair value through earnings	$	28,474	$	(12,044)	$	—	$	16,430
Impairment and other net gain/(loss) on securities and other portfolio investments	(1,358)		—		(1,484)		(2,842)
Net gain/(loss) on real estate owned	2,167		(287)		—		1,880
Net gain/(loss) on derivatives used for risk management purposes	11,296		4,791		—		16,087
Net gain/(loss) on securitized debt measured at fair value through earnings	(6,620)		(4,022)		—		(10,642)
Lima One mortgage banking income	—		7,619		—		7,619
Net realized gain/(loss) on residential whole loans held at carrying value	—		—		—		—
Other, net	(85)		914		488		1,317
Other Income/(Loss), net	$	33,874	$	(3,029)	$	(996)	$	29,849

Compensation and benefits	$	—	$	10,765	$	10,982	$	21,747
Other general and administrative expense	115		4,936		5,784		10,835
Loan servicing, financing and other related costs	4,796		615		3,306		8,717
Amortization of intangible assets	—		800		—		800
Income/(loss) before income taxes	$	61,223	$	4,889	$	(23,820)	$	42,292
Provision for/(benefit from) income taxes	—		—		346		346
Net Income/(Loss)	$	61,223	$	4,889	$	(24,166)	$	41,946

Less Preferred Stock Dividend Requirement	$	—	$	—	$	8,218	$	8,218
Net Income/(Loss) Available to Common Stock and Participating Securities	$	61,223	$	4,889	$	(32,384)	$	33,728


(In Thousands)	Mortgage-Related Assets		Lima One		Corporate		Total
Six months ended June 30, 2025
Interest Income	$	238,753	$	125,102	$	4,994	$	368,849
Interest Expense	161,783		79,171		9,082		250,036
Net Interest Income/(Expense)	$	76,970	$	45,931	$	(4,088)	$	118,813
Reversal/(Provision) for Credit Losses on Residential Whole Loans	(936)		—		—		(936)
Reversal/(Provision) for Credit Losses on Other Assets	—		—		—		—
Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses	$	76,034	$	45,931	$	(4,088)	$	117,877

Net gain/(loss) on residential whole loans measured at fair value through earnings	$	76,780	$	11,211	$	—	$	87,991
Impairment and other net gain/(loss) on securities and other portfolio investments	24,442		(7)		3,389		27,824
Net gain/(loss) on real estate owned	(1,305)		(3,114)		—		(4,419)
Net gain/(loss) on derivatives used for risk management purposes	(40,852)		(8,454)		—		(49,306)
Net gain/(loss) on securitized debt measured at fair value through earnings	(25,756)		(3,280)		—		(29,036)
Lima One mortgage banking income	—		11,524		—		11,524
Net realized gain/(loss) on residential whole loans held at carrying value	(882)		—		—		(882)
Other, net	(2,868)		(6,394)		2,328		(6,934)
Other Income/(Loss), net	$	29,559	$	1,486	$	5,717	$	36,762

Compensation and benefits	$	—	$	19,493	$	23,072	$	42,565
Other general and administrative expense	(22)		9,243		11,691		20,912
Loan servicing, financing and other related costs	9,032		2,944		3,860		15,836
Amortization of intangible assets	—		1,600		—		1,600
Income/(loss) before income taxes	$	96,583	$	14,137	$	(36,994)	$	73,726
Provision for/(benefit from) income taxes	—		—		(634)		(634)
Net Income/(Loss)	$	96,583	$	14,137	$	(36,360)	$	74,360

Less Preferred Stock Dividend Requirement	$	—	$	—	$	18,779	$	18,779
Net Income/(Loss) Available to Common Stock and Participating Securities	$	96,583	$	14,137	$	(55,139)	$	55,581


(In Thousands)	Mortgage-Related Assets		Lima One		Corporate		Total
Six months ended June 30, 2024
Interest Income	$	196,616	$	159,870	$	7,176	$	363,662
Interest Expense	136,860		113,336		12,163		262,359
Net Interest Income/(Expense)	$	59,756	$	46,534	$	(4,987)	$	101,303
Reversal/(Provision) for Credit Losses on Residential Whole Loans	1,539		—		—		1,539
Reversal/(Provision) for Credit Losses on Other Assets	(1,135)		—		—		(1,135)
Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses	$	60,160	$	46,534	$	(4,987)	$	101,707

Net gain/(loss) on residential whole loans measured at fair value through earnings	$	19,775	$	(14,858)	$	—	$	4,917
Impairment and other net gain/(loss) on securities and other portfolio investments	(6,133)		—		(1,485)		(7,618)
Net gain/(loss) on real estate owned	3,423		(552)		—		2,871
Net gain/(loss) on derivatives used for risk management purposes	47,455		18,573		—		66,028
Net gain/(loss) on securitized debt measured at fair value through earnings	(18,196)		(14,908)		—		(33,104)
Lima One mortgage banking income	—		15,547		—		15,547
Net realized gain/(loss) on residential whole loans held at carrying value	418		—		—		418
Other, net	875		1,418		899		3,192
Other Income/(Loss), net	$	47,617	$	5,220	$	(586)	$	52,251

Compensation and benefits	$	—	$	22,889	$	24,326	$	47,215
Other general and administrative expense	121		10,573		12,136		22,830
Loan servicing, financing and other related costs	10,066		1,135		4,558		15,759
Amortization of intangible assets	—		1,600		—		1,600
Income/(loss) before income taxes	$	97,590	$	15,557	$	(46,593)	$	66,554
Provision for/(benefit from) income taxes	—		—		1,395		1,395
Net Income/(Loss)	$	97,590	$	15,557	$	(47,988)	$	65,159

Less Preferred Stock Dividend Requirement	$	—	$	—	$	16,437	$	16,437
Net Income/(Loss) Available to Common Stock and Participating Securities	$	97,590	$	15,557	$	(64,425)	$	48,722