v3.26.1
Segment Reporting Operating Profit and Loss by Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
Jun. 30, 2025
Segment Reporting [Line Items]            
Interest income $ 170,837   $ 115,471   $ 320,340 $ 231,384
Total other income (loss) 50,848   49,199   160,862 88,850
Interest expense (98,551)   (72,128)   (186,800) (144,784)
Base management fee to affiliate 7,356   6,270 [1]   14,457 [1] 12,362 [1]
Incentive Fee Expense (919)   0   (20,141) (4,533)
Other investment related expenses - Servicing expense (7,933)   (7,220)   (15,733) (14,239)
Investment related expenses—Other (18,668)   (11,427)   (30,695) (18,036)
Compensation and benefits 28,398   21,332   50,204 38,274
Other segment expenses - not significant 12,748   10,817   25,165 21,606
Net Income (Loss) before Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities 47,112   35,476   138,007 66,400
Income tax expense (benefit) 52   1,475   1,018 1,379
Earnings (losses) from investments in unconsolidated entities 10,975   17,072   28,539 25,376
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest 58,035 $ 107,493 51,073 $ 39,324 165,528 90,397
Net income (loss) attributable to non-controlling interests (573)   1,114   1,604 1,754
Dividends on preferred stock 4,205   7,036   10,088 14,071
Preferred Stock Redemption Discount 0   0   3,966 0
Net income (loss) attributable to common stockholders 54,403   42,923   149,870 74,572
Depreciation 111   292   213 595
Litigation Settlement, Amount Awarded from Other Party 0   0   17,000 0
Segment Reporting, Reconciling Item, Corporate Nonsegment            
Segment Reporting [Line Items]            
Interest income 1,531   1,668   2,873 3,381
Total other income (loss) (20,918)   (1,826)   (5,427) (900)
Interest expense (11,226)   (3,971)   (22,616) (8,451)
Base management fee to affiliate     6,270   14,457 12,362
Incentive Fee Expense         (20,141) (4,533)
Other investment related expenses - Servicing expense 0   0   0 0
Investment related expenses—Other 0   0   0 0
Compensation and benefits 2,207   1,683   3,520 2,606
Other segment expenses - not significant 3,973   3,484   8,345 7,277
Net Income (Loss) before Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities (45,068)   (15,566)   (71,633) (32,748)
Income tax expense (benefit) 52   1,475   1,018 1,379
Earnings (losses) from investments in unconsolidated entities 0   0   0 0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest (45,120)   (17,041)   (72,651) (34,127)
Net income (loss) attributable to non-controlling interests 706   512   1,708 836
Dividends on preferred stock 4,205   7,036   10,088 14,071
Preferred Stock Redemption Discount         3,966  
Net income (loss) attributable to common stockholders (50,031)   (24,589)   (88,413) (49,034)
Depreciation 0   0   0 0
Investment Portfolio Segment | Operating Segments            
Segment Reporting [Line Items]            
Interest income 120,664   89,669   227,845 183,016
Total other income (loss) 6,461   7,017   13,945 19,409
Interest expense (54,876)   (48,819)   (102,956) (100,382)
Base management fee to affiliate     0   0 0
Incentive Fee Expense         0 0
Other investment related expenses - Servicing expense (1,638)   (1,524)   (3,392) (3,087)
Investment related expenses—Other (5,326)   (3,944)   (7,599) (5,198)
Compensation and benefits 3,353   2,038   5,928 4,297
Other segment expenses - not significant 0   0   0 0
Net Income (Loss) before Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities 61,932   40,361   121,915 89,461
Income tax expense (benefit) 0   0   0 0
Earnings (losses) from investments in unconsolidated entities 10,975   17,072   28,539 25,376
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest 72,907   57,433   150,454 114,837
Net income (loss) attributable to non-controlling interests (1,279)   602   (104) 918
Dividends on preferred stock 0   0   0 0
Preferred Stock Redemption Discount         0  
Net income (loss) attributable to common stockholders 74,186   56,831   150,558 113,919
Depreciation 0   0   0 0
Longbridge Segment | Operating Segments            
Segment Reporting [Line Items]            
Interest income 48,642   24,134   89,622 44,987
Total other income (loss) 65,305   44,008   152,344 70,341
Interest expense (32,449)   (19,338)   (61,228) (35,951)
Base management fee to affiliate     0   0 0
Incentive Fee Expense         0 0
Other investment related expenses - Servicing expense (6,295)   (5,696)   (12,341) (11,152)
Investment related expenses—Other (13,342)   (7,483)   (23,096) (12,838)
Compensation and benefits 22,838   17,611   40,756 31,371
Other segment expenses - not significant 8,775   7,333   16,820 14,329
Net Income (Loss) before Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities 30,248   10,681   87,725 9,687
Income tax expense (benefit) 0   0   0 0
Earnings (losses) from investments in unconsolidated entities 0   0   0 0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest 30,248   10,681   87,725 9,687
Net income (loss) attributable to non-controlling interests 0   0   0 0
Dividends on preferred stock 0   0   0 0
Preferred Stock Redemption Discount         0  
Net income (loss) attributable to common stockholders 30,248   10,681   87,725 9,687
Depreciation $ 111   $ 292   $ 213 $ 595
[1] See Note 16 for further details on management fee rebates.