The following tables present the Company's results of operations by reportable segment for the three- and six-month periods ended June 30, 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 June 30, 2026
(In thousands)	Investment Portfolio Segment		Longbridge Segment		Corporate/ Other		Total
Interest income	$	120,664	$	48,642	$	1,531	$	170,837
Total other income (loss)	6,461		65,305		(20,918)		50,848
Significant expenses:
Interest expense	(54,876)		(32,449)		(11,226)		(98,551)
Base management fee to affiliate (net of fee rebates)	—		—		(7,356)		(7,356)
Incentive fee to affiliate	—		—		(919)		(919)
Investment and transaction related expenses—Servicing expense	(1,638)		(6,295)		—		(7,933)
Investment and transaction related expenses—Other	(5,326)		(13,342)		—		(18,668)
Compensation and benefits	(3,353)		(22,838)		(2,207)		(28,398)
Other expenses	—		(8,775)		(3,973)		(12,748)
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities	61,932		30,248		(45,068)		47,112
Income tax expense (benefit)	—		—		52		52
Earnings (losses) from investments in unconsolidated entities	10,975		—		—		10,975
Net Income (Loss)	72,907		30,248		(45,120)		58,035
Net income (loss) attributable to non-controlling interests	(1,279)		—		706		(573)
Dividends on preferred stock	—		—		4,205		4,205
Net Income (Loss) Attributable to Common Stockholders	$	74,186	$	30,248	$	(50,031)	$	54,403
Non-cash items:
Amortization and depreciation expense	$	—	$	111	$	—	$	111


	Three-Month Period Ended June 30, 2025
(In thousands)	Investment Portfolio Segment		Longbridge Segment		Corporate/ Other		Total
Interest income	$	89,669	$	24,134	$	1,668	$	115,471
Total other income (loss)	7,017		44,008		(1,826)		49,199
Significant expenses:
Interest expense	(48,819)		(19,338)		(3,971)		(72,128)
Base management fee to affiliate (net of fee rebates)	—		—		(6,270)		(6,270)
Investment related expenses—Servicing expense	(1,524)		(5,696)		—		(7,220)
Investment related expenses—Other	(3,944)		(7,483)		—		(11,427)
Compensation and benefits	(2,038)		(17,611)		(1,683)		(21,332)
Other expenses	—		(7,333)		(3,484)		(10,817)
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities	40,361		10,681		(15,566)		35,476
Income tax expense (benefit)	—		—		1,475		1,475
Earnings (losses) from investments in unconsolidated entities	17,072		—		—		17,072
Net Income (Loss)	57,433		10,681		(17,041)		51,073
Net income (loss) attributable to non-controlling interests	602		—		512		1,114
Dividends on preferred stock	—		—		7,036		7,036
Net Income (Loss) Attributable to Common Stockholders	$	56,831	$	10,681	$	(24,589)	$	42,923
Non-cash items:
Amortization and depreciation expense	$	—	$	292	$	—	$	292


	Six-Month Period Ended June 30, 2026
(In thousands)	Investment Portfolio Segment		Longbridge Segment		Corporate/ Other		Total
Interest income	$	227,845	$	89,622	$	2,873	$	320,340
Total other income (loss)(1)	13,945		152,344		(5,427)		160,862
Significant expenses:
Interest expense	(102,956)		(61,228)		(22,616)		(186,800)
Base management fee to affiliate (net of fee rebates)	—		—		(14,457)		(14,457)
Incentive fee to affiliate	—		—		(20,141)		(20,141)
Investment and transaction related expenses—Servicing expense	(3,392)		(12,341)		—		(15,733)
Investment and transaction related expenses—Other	(7,599)		(23,096)		—		(30,695)
Compensation and benefits	(5,928)		(40,756)		(3,520)		(50,204)
Other expenses	—		(16,820)		(8,345)		(25,165)
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities	121,915		87,725		(71,633)		138,007
Income tax expense (benefit)	—		—		1,018		1,018
Earnings (losses) from investments in unconsolidated entities	28,539		—		—		28,539
Net Income (Loss)	150,454		87,725		(72,651)		165,528
Net income (loss) attributable to non-controlling interests	(104)		—		1,708		1,604
Dividends on preferred stock	—		—		10,088		10,088
Issuance costs of redeemed preferred stock	—		—		3,966		3,966
Net Income (Loss) Attributable to Common Stockholders	$	150,558	$	87,725	$	(88,413)	$	149,870
Non-cash items:
Amortization and depreciation expense	$	—	$	213	$	—	$	213


	Six-Month Period Ended June 30, 2025
(In thousands)	Investment Portfolio Segment		Longbridge Segment		Corporate/ Other		Total
Interest income	$	183,016	$	44,987	$	3,381	$	231,384
Total other income (loss)	19,409		70,341		(900)		88,850
Significant expenses:
Interest expense	(100,382)		(35,951)		(8,451)		(144,784)
Base management fee to affiliate (net of fee rebates)	—		—		(12,362)		(12,362)
Incentive fee to affiliate	—		—		(4,533)		(4,533)
Investment and transaction related expenses—Servicing expense	(3,087)		(11,152)		—		(14,239)
Investment and transaction related expenses—Other	(5,198)		(12,838)		—		(18,036)
Compensation and benefits	(4,297)		(31,371)		(2,606)		(38,274)
Other expenses	—		(14,329)		(7,277)		(21,606)
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities	89,461		9,687		(32,748)		66,400
Income tax expense (benefit)	—		—		1,379		1,379
Earnings (losses) from investments in unconsolidated entities	25,376		—		—		25,376
Net Income (Loss)	114,837		9,687		(34,127)		90,397
Net income (loss) attributable to non-controlling interests	918		—		836		1,754
Dividends on preferred stock	—		—		14,071		14,071
Net Income (Loss) Attributable to Common Stockholders	$	113,919	$	9,687	$	(49,034)	$	74,572
Non-cash items:
Amortization and depreciation expense	$	—	$	595	$	—	$	595