v3.26.1
Consolidated Statement 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 $ 170,837 $ 115,471 $ 320,340 $ 231,384
Interest expense (98,551) (72,128) (186,800) (144,784)
Total net interest income 72,286 43,343 133,540 86,600
Other Income (Loss)        
Realized gains (losses) on securities and loans, net (13,104) 6,911 1,611 (1,893)
Realized gains (losses) on financial derivatives, net 4,987 (519) 24,159 11,122
Realized gains (losses) on real estate owned, net (7,083) (1,356) (10,228) (2,290)
Realized Gains (Losses) on Unsecured Borrowings, at fair value, net 0 0 0 (1,383)
Unrealized gains (losses) on securities and loans, net 15,948 59,810 (3,664) 105,918
Unrealized gains (losses) on financial derivatives, net 4,471 (25,608) 11,513 (52,724)
Unrealized gains (losses) on real estate owned, net 1,565 (1,396) 2,820 (4,707)
Unrealized gains (losses) on other secured borrowings, at fair value, net 10,216 (25,844) 17,209 (57,208)
Unrealized gains (losses) on unsecured borrowings, at fair value, net (16,318) (1,699) 4,870 (673)
Net change from HECM reverse mortgage loans, at fair value 152,018 168,817 387,053 345,807
Net change related to HMBS obligations, at fair value (121,141) (142,212) (315,248) (289,682)
Litigation Settlement, Amount Awarded from Other Party 0 0 17,000 0
Other, net 19,289 12,295 23,767 36,563
Total other income (loss) 50,848 49,199 160,862 88,850
Expenses        
Base management fee to affiliate (Net of fee rebates of $132, $57, $414, and $117, respectively)(1) 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
Debt issuance costs related to Other secured borrowings, at fair value 4,158 2,280 6,482 2,280
Other 14,510 9,147 24,213 15,756
Professional fees 2,917 3,143 6,551 6,860
Compensation and benefits 28,398 21,332 50,204 38,274
Other expenses 9,831 7,674 18,614 14,746
Total expenses 76,022 57,066 156,395 109,050
Net Income (Loss) before Income 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) 58,035 51,073 165,528 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
Net Income (Loss) per Share of Common Stock:        
Basic and Diluted (USD per share) $ 0.43 $ 0.45 $ 1.21 $ 0.80
[1] See Note 16 for further details on management fee rebates.