v3.26.1
Segment Reporting Operating Profit and Loss by Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]    
Interest income $ 149,503 $ 115,913
Interest expense (88,249) (72,656)
Noninterest Income 110,014 39,650
Operating Expenses (80,373) (51,983)
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest 90,895 30,924
Income tax expense (benefit) 966 (96)
Earnings (losses) from investments in unconsolidated entities 17,564 8,304
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest 107,493 39,324
Net income (loss) attributable to non-controlling interests 2,177 640
Dividends on preferred stock 5,883 7,035
Preferred Stock Redemption Discount 3,966 0
Net income (loss) attributable to common stockholders 95,467 31,649
Depreciation 102 303
Other investment related expenses - Servicing expense (7,800) (7,019)
Investment related expenses—Other 12,027 6,608
Management Fee Expense [1] (7,101) (6,092)
Incentive Fee Expense (19,222) (4,533)
Salary and Wage, NonOfficer, Excluding Cost of Good and Service Sold (21,806) (16,942)
Segment Reporting, Other Segment Item, Amount 12,417 10,789
Litigation Settlement, Amount Awarded from Other Party 17,000 0
Investment Portfolio Segment    
Segment Reporting Information [Line Items]    
Interest income 107,182 93,347
Interest expense (48,079) (51,563)
Noninterest Income 7,484 12,391
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest 59,986 49,099
Income tax expense (benefit) 0 0
Earnings (losses) from investments in unconsolidated entities 17,564 8,304
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest 77,550 57,403
Net income (loss) attributable to non-controlling interests 1,175 316
Dividends on preferred stock 0 0
Net income (loss) attributable to common stockholders 76,375 57,087
Depreciation 0 0
Other investment related expenses - Servicing expense (1,754) (1,563)
Investment related expenses—Other 2,273 1,254
Management Fee Expense 0 0
Incentive Fee Expense 0 0
Salary and Wage, NonOfficer, Excluding Cost of Good and Service Sold (2,574) (2,259)
Segment Reporting, Other Segment Item, Amount 0 0
Longbridge Segment    
Segment Reporting Information [Line Items]    
Interest income 40,980 20,852
Interest expense (28,779) (16,612)
Noninterest Income 87,038 26,331
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest 57,475 (995)
Income tax expense (benefit) 0 0
Earnings (losses) from investments in unconsolidated entities 0 0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest 57,475 (995)
Net income (loss) attributable to non-controlling interests 0 0
Dividends on preferred stock 0 0
Net income (loss) attributable to common stockholders 57,475 (995)
Depreciation 102 303
Other investment related expenses - Servicing expense (6,046) (5,456)
Investment related expenses—Other 9,754 5,354
Management Fee Expense 0 0
Incentive Fee Expense 0 0
Salary and Wage, NonOfficer, Excluding Cost of Good and Service Sold (17,919) (13,760)
Segment Reporting, Other Segment Item, Amount 8,045 6,996
Corporate Segment and Other Operating Segment    
Segment Reporting Information [Line Items]    
Interest income 1,341 1,714
Interest expense (11,391) (4,481)
Noninterest Income 15,492 928
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest (26,566) (17,180)
Income tax expense (benefit) 966 (96)
Earnings (losses) from investments in unconsolidated entities 0 0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest (27,532) (17,084)
Net income (loss) attributable to non-controlling interests 1,002 324
Dividends on preferred stock 5,883 7,035
Net income (loss) attributable to common stockholders (38,383) (24,443)
Depreciation 0 0
Other investment related expenses - Servicing expense 0 0
Investment related expenses—Other 0 0
Management Fee Expense (7,101) (6,092)
Incentive Fee Expense (19,222) (4,533)
Salary and Wage, NonOfficer, Excluding Cost of Good and Service Sold (1,313) (923)
Segment Reporting, Other Segment Item, Amount $ 4,372 $ 3,793
[1] See Note 16 for further details on management fee rebates.