The following tables present the Company's results of operations by reportable segment for the three-month periods ended March 31, 2026 and 2025, and various reconciling items to the Company's results of operations overall. Other segment expenses may include professional, administrative and custody fees, technology- and data-related expenses, marketing expenses, licensing fees, rent and miscellaneous office expenses, and non-cash equity compensation.


	Three-Month Period Ended March 31, 2026
(In thousands)	Investment Portfolio Segment		Longbridge Segment		Corporate/ Other		Total
Interest income	$	107,182	$	40,980	$	1,341	$	149,503
Total other income (loss)(1)	7,484		87,038		15,492		110,014
Significant expenses:
Interest expense	(48,079)		(28,779)		(11,391)		(88,249)
Base management fee to affiliate (net of fee rebates)	—		—		(7,101)		(7,101)
Incentive fee to affiliate	—		—		(19,222)		(19,222)
Investment and transaction related expenses—Servicing expense	(1,754)		(6,046)		—		(7,800)
Investment and transaction related expenses—Other	(2,273)		(9,754)		—		(12,027)
Compensation and benefits	(2,574)		(17,919)		(1,313)		(21,806)
Other expenses	—		(8,045)		(4,372)		(12,417)
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities	59,986		57,475		(26,566)		90,895
Income tax expense (benefit)	—		—		966		966
Earnings (losses) from investments in unconsolidated entities	17,564		—		—		17,564
Net Income (Loss)	77,550		57,475		(27,532)		107,493
Net income (loss) attributable to non-controlling interests	1,175		—		1,002		2,177
Dividends on preferred stock	—		—		5,883		5,883
Issuance costs of redeemed preferred stock	—		—		3,966		3,966
Net Income (Loss) Attributable to Common Stockholders	$	76,375	$	57,475	$	(38,383)	$	95,467
Non-cash items:
Amortization and depreciation expense	$	—	$	102	$	—	$	102


	Three-Month Period Ended March 31, 2025
(In thousands)	Investment Portfolio Segment		Longbridge Segment		Corporate/ Other		Total
Interest income	$	93,347	$	20,852	$	1,714	$	115,913
Total other income (loss)	12,391		26,331		928		39,650
Significant expenses:
Interest expense	(51,563)		(16,612)		(4,481)		(72,656)
Base management fee to affiliate (net of fee rebates)	—		—		(6,092)		(6,092)
Incentive fee to affiliate	—		—		(4,533)		(4,533)
Investment and transaction related expenses—Servicing expense	(1,563)		(5,456)		—		(7,019)
Investment and transaction related expenses—Other	(1,254)		(5,354)		—		(6,608)
Compensation and benefits	(2,259)		(13,760)		(923)		(16,942)
Other expenses	—		(6,996)		(3,793)		(10,789)
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities	49,099		(995)		(17,180)		30,924
Income tax expense (benefit)	—		—		(96)		(96)
Earnings (losses) from investments in unconsolidated entities	8,304		—		—		8,304
Net Income (Loss)	57,403		(995)		(17,084)		39,324
Net income (loss) attributable to non-controlling interests	316		—		324		640
Dividends on preferred stock	—		—		7,035		7,035
Net Income (Loss) Attributable to Common Stockholders	$	57,087	$	(995)	$	(24,443)	$	31,649
Non-cash items
Amortization and depreciation expense	$	—	$	303	$	—	$	303