v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Net Interest Income:        
Interest income [1] $ 221,625 $ 201,297 $ 440,920 $ 391,914
Interest expense [2] 151,116 135,287 295,408 256,684
Net interest income 70,509 66,010 145,512 135,230
Increase in provision for credit losses 7,192 4,409 10,016 7,796
Other income (losses):        
Net unrealized gains (losses) on derivatives 15,398 (2,554) 33,548 (9,024)
Realized gains (losses) on derivatives 9,527 (17,954) 12,397 (17,872)
Periodic interest on derivatives, net 2,061 5,067 3,895 9,202
Net gains (losses) on derivatives 26,986 (15,441) 49,840 (17,694)
Investment management and advisory fees 6,540 8,810 13,704 17,745
Interest income from investment in MSR financing receivables [3] 838 0 3,149 0
Net unrealized gains (losses) on financial instruments at fair value (43,386) 6,971 (80,923) 135,866
Net realized gains (losses) on sales of investments (9,623) (1,915) (50,051) (1,915)
Gains (losses) on extinguishment of debt (2,748) 0 (41,605) 2,122
Other investment gains (losses) 1,229 2,953 320 2,536
Gain on origination and sale of loans, net 22,210 0 43,595 0
Total other income (losses) 2,046 1,378 (61,971) 138,660
Other expenses:        
Compensation and benefits [4] 25,102 11,660 51,808 24,745
General and administrative expenses 11,479 6,815 23,640 13,721
Servicing and asset manager fees 4,431 7,306 9,953 14,737
Depreciation, amortization, and impairment of intangible assets 4,076 949 13,725 1,902
Transaction expenses 3,207 390 3,305 6,077
Total other expenses 48,295 27,120 102,431 61,182
Income (loss) before income taxes 17,068 35,859 (28,906) 204,912
Income tax (benefit) expense (301) 409 (2,365) 2,165
Net income (loss) 17,369 35,450 (26,541) 202,747
Dividends on preferred stock 21,381 21,426 42,478 42,783
Net income (loss) available to common shareholders $ (4,012) $ 14,024 $ (69,019) $ 159,964
Net income (loss) per share available to common shareholders:        
Basic (in dollars per share) $ (0.05) $ 0.17 $ (0.82) $ 1.97
Diluted (in dollars per share) $ (0.05) $ 0.17 $ (0.82) $ 1.94
Weighted average number of common shares outstanding:        
Basic (in shares) 83,813,331 81,408,087 83,739,672 81,386,680
Diluted (in shares) 83,813,331 82,600,108 83,739,672 82,564,708
[1] Includes interest income of consolidated VIEs of $106,189 and $141,818 for the quarters ended June 30, 2026 and 2025, respectively, and $235,258 and $286,220 for the six months ended June 30, 2026 and 2025, respectively. See Note 10 for further discussion.
[2] Includes interest expense of consolidated VIEs of $54,598 and $73,038 for the quarters ended June 30, 2026 and 2025, respectively, and $118,478 and $142,690 for the six months ended June 30, 2026 and 2025, respectively. See Note 10 for further discussion.
[3] Includes interest income from investment in MSR financing receivables of a consolidated VIE of $454 for the quarter ended June 30, 2026 and $1,850 for the six months ended June 30, 2026. The Company did not hold any interests in MSR financing receivables for the quarter or six months ended June 30, 2025. See Note 10 for further discussion.
[4] Includes a related-party, non-cash imputed compensation expense from the Palisades Acquisition of $341 and $341 for the quarters ended June 30, 2026 and 2025, respectively, and $682 and $682 for the six months ended June 30, 2026 and 2025, respectively.