v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Interest Income:    
Residential whole loans $ 143,091 $ 151,310
Securities, at fair value 45,753 24,670
Other interest-earning assets 491 398
Cash and cash equivalent investments 2,591 4,127
Interest Income 191,926 180,505
Interest Expense:    
Asset-backed and other collateralized financing arrangements 127,811 118,431
Other interest expense 4,925 4,537
Interest Expense 132,736 122,968
Net Interest Income 59,190 57,537
Reversal/(Provision) for Credit Losses on Residential Whole Loans 242 (145)
Reversal/(Provision) for Credit Losses on Other Assets 0 0
Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses 59,432 57,392
Other Income/(Loss), net:    
Net gain/(loss) on residential whole loans measured at fair value through earnings (34,761) 54,380
Impairment and other net gain/(loss) on securities and other portfolio investments (38,270) 21,179
Net gain/(loss) on real estate owned (2,981) (1,508)
Net gain/(loss) on derivatives used for risk management purposes 30,726 (31,055)
Net gain/(loss) on securitized debt measured at fair value through earnings 19,845 (21,931)
Lima One mortgage banking income 7,660 5,437
Net realized gain/(loss) on residential whole loans held at carrying value 0 (539)
Other, net 1,896 (1,451)
Other Income/(Loss), net (15,885) 24,512
Operating and Other Expense:    
Compensation and benefits 22,159 23,257
Other general and administrative expense 12,154 10,291
Loan servicing, financing and other related costs 9,918 7,252
Amortization of intangible assets 300 800
Operating and Other Expense 44,531 41,600
Income/(loss) before income taxes (984) 40,304
Provision for/(benefit from) income taxes 0 (872)
Net Income/(Loss) (984) 41,176
Less Preferred Stock Dividend Requirement 10,424 8,219
Net Income/(Loss) Available to Common Stock and Participating Securities $ (11,408) $ 32,957
Basic Earnings/(Loss) per Common Share (in dollars per share) $ (0.11) $ 0.32
Diluted Earnings/(Loss) per Common Share (in dollars per share) $ (0.11) $ 0.31