v3.25.4
Consolidated Statements of Income (Loss) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income      
Interest income $ 61,095 $ 55,798 $ 49,985
Interest expense 49,778 55,769 51,642
Net interest income (expense) 11,317 29 (1,657)
Servicing fee income 43,299 48,527 53,427
Servicing costs 9,275 12,418 11,248
Net servicing income 34,024 36,109 42,179
Other income (loss)      
Realized loss on RMBS, net (6,045) (6,595) (36,315)
Realized gain on investments in MSRs, net 0 504 0
Realized gain on derivatives, net 7,037 21,322 33,821
Realized gain on acquired assets, net 2 2 23
Unrealized gain (loss) on RMBS, measured at fair value through earnings, net 35,578 (19,445) 9,755
Unrealized gain (loss) on derivatives, net (39,767) 9,809 (43,071)
Unrealized loss on investments in Servicing Related Assets (18,825) (7,160) (25,937)
Total Income (Loss) 23,321 34,575 (21,202)
Expenses      
General and administrative expense 7,704 10,654 6,434
Compensation and benefits 6,478 1,572 466
Management fee to affiliate 0 6,037 6,830
Total Expenses 14,182 18,263 13,730
Income (Loss) Before Income Taxes 9,139 16,312 (34,932)
Provision for corporate business taxes [1] 2,197 4,102 523
Net Income (Loss) 6,942 12,210 (35,455)
Net (income) loss allocated to noncontrolling interests in Operating Partnership (114) (240) 661
Dividends on preferred stock (9,829) (9,969) (9,853)
Gain on repurchase and retirement of preferred stock 0 78 0
Net Income (Loss) Applicable to Common Stockholders $ (3,001) $ 2,079 $ (44,647)
Net Income (Loss) Per Share of Common Stock      
Basic (in dollars per share) $ (0.09) $ 0.07 $ (1.7)
Diluted (in dollars per share) $ (0.09) $ 0.07 $ (1.7)
Weighted Average Number of Shares of Common Stock Outstanding      
Basic (in shares) 34,422,750 30,438,081 26,262,407
Diluted (in shares) 34,422,750 30,440,349 26,293,903
[1] The provision for income taxes is recorded at the TRS level.