v3.26.1
Consolidated Statement of Operations - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Net Interest Income    
Interest income $ 149,503 $ 115,913
Interest expense (88,249) (72,656)
Total net interest income 61,254 43,257
Other Income (Loss)    
Realized gains (losses) on securities and loans, net 14,715 (8,804)
Realized gains (losses) on financial derivatives, net 19,172 11,641
Realized gains (losses) on real estate owned, net (3,145) (934)
Realized Gains (Losses) on Unsecured Borrowings, at fair value, net 0 (1,383)
Unrealized gains (losses) on securities and loans, net (19,612) 46,108
Unrealized gains (losses) on financial derivatives, net 7,042 (27,115)
Unrealized gains (losses) on real estate owned, net 1,255 (3,311)
Unrealized gains (losses) on other secured borrowings, at fair value, net 6,993 (31,364)
Unrealized gains (losses) on unsecured borrowings, at fair value, net 21,188 1,027
Net change from HECM reverse mortgage loans, at fair value 235,035 176,990
Net change related to HMBS obligations, at fair value (194,107) (147,471)
Litigation Settlement, Amount Awarded from Other Party 17,000 0
Other, net 4,478 24,266
Total other income (loss) 110,014 39,650
Expenses    
Base management fee to affiliate (Net of fee rebates of $282 and $59, respectively)(1) [1] 7,101 6,092
Incentive Fee Expense 19,222 4,533
Other investment related expenses    
Servicing expense 7,800 7,019
Debt issuance costs related to Other secured borrowings, at fair value 2,324 0
Other 9,703 6,608
Professional fees 3,634 3,716
Compensation and benefits 21,806 16,942
Other expenses 8,783 7,073
Total expenses 80,373 51,983
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities 90,895 30,924
Income tax expense (benefit) 966 (96)
Earnings (losses) from investments in unconsolidated entities 17,564 8,304
Net Income (Loss) 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
Net Income (Loss) per Share of Common Stock:    
Basic and Diluted (USD per share) $ 0.78 $ 0.35
[1] See Note 16 for further details on management fee rebates.