v3.26.1
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
INTEREST INCOME, NET    
Interest income $ 40,694 $ 32,867
Interest expense 28,584 22,780
NET INTEREST INCOME 12,110 10,087
REALIZED AND UNREALIZED GAINS (LOSSES), NET    
Net realized gain (loss) on mortgage loans, derivative contracts, RMBS, and CMBS (2,721) (3,182)
Net unrealized gain (loss) on mortgage loans, portion of debt at fair value option, derivative contracts, and trading securities (11,592) 16,625
TOTAL REALIZED AND UNREALIZED GAINS (LOSSES), NET (14,313) 13,443
EXPENSES    
Stock compensation 423 237
Securitization costs 1,402 0
Management fee incurred with affiliate 1,129 1,145
Total operating expenses 5,176 2,999
INCOME (LOSS) BEFORE INCOME TAXES (7,379) 20,531
Income tax expense (benefit) 0 0
NET INCOME (LOSS) ALLOCABLE TO COMMON STOCKHOLDERS (7,379) 20,531
Net unrealized gain/(loss) on AFS securities 4,398 (695)
TOTAL COMPREHENSIVE INCOME (LOSS) $ (2,981) $ 19,836
Basic earnings (loss) per common share (USD per share) $ (0.30) $ 0.88
Diluted earnings (loss) per common share (USD per share) $ (0.30) $ 0.87
Weighted average number of common shares outstanding:    
Basic (in shares) 24,757,346 23,396,151
Diluted (in shares) 24,757,346 23,644,598
Nonrelated Party    
EXPENSES    
Operating expenses $ 1,657 $ 1,201
Affiliates    
EXPENSES    
Operating expenses $ 565 $ 416