v3.25.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Interest Income:        
Residential whole loans $ 154,568 $ 165,717 $ 305,878 $ 323,382
Securities, at fair value 28,778 13,629 53,448 26,621
Other interest-earning assets 528 1,177 926 2,340
Cash and cash equivalent investments 4,470 6,308 8,597 11,319
Interest Income 188,344 186,831 368,849 363,662
Interest Expense:        
Asset-backed and other collateralized financing arrangements 122,523 126,755 240,954 250,197
Other interest expense 4,545 6,587 9,082 12,162
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
Other Income/(Loss), net:        
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
Operating and Other Expense:        
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
Operating and Other Expense 39,313 42,099 80,913 87,404
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 41,946 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
Basic Earnings/(Loss) per Common Share (in dollars per share) $ 0.22 $ 0.32 $ 0.53 $ 0.47
Diluted Earnings/(Loss) per Common Share (in dollars per share) $ 0.21 $ 0.32 $ 0.52 $ 0.46