v3.26.3
Segment Reporting (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following tables summarize segment financial information, which in total reconciles to the same data for the Company as a whole:

(In Thousands)
Mortgage-Related AssetsLima OneCorporateTotal
Three months ended September 30, 2026
Interest Income$163,073 $39,457 $1,377 $203,907 
Interest Expense113,973 23,945 4,585 142,503 
Net Interest Income/(Expense)$49,100 $15,512 $(3,208)$61,404 
Reversal/(Provision) for Credit Losses on Residential Whole Loans(45)— — (45)
Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses$49,055 $15,512 $(3,208)$61,359 
Net gain/(loss) on residential whole loans measured at fair value through earnings$(157,729)$(46,262)$— $(203,991)
Impairment and other net gain/(loss) on securities and other portfolio investments(223,345)42 — (223,303)
Net gain/(loss) on real estate owned478 (3,266)— (2,788)
Net gain/(loss) on derivatives144,175 14,670 — 158,845 
Net gain/(loss) on securitized debt measured at fair value through earnings92,940 22,600 — 115,540 
Lima One mortgage banking income— 7,418 — 7,418 
Net realized gain/(loss) on residential whole loans held at carrying value— — — — 
Other, net329 1,044 1,036 2,409 
Other Income/(Loss), net$(143,152)$(3,754)$1,036 $(145,870)
Compensation and benefits$— $8,486 $7,406 $15,892 
Other general and administrative expense— 4,071 3,671 7,742 
Loan servicing, financing and other related costs92 1,568 1,785 3,445 
Amortization of intangible assets— 100 — 100 
Income/(loss) before income taxes$(94,189)$(2,467)$(15,034)$(111,690)
Provision for/(benefit from) income taxes— — — — 
Net Income/(Loss)$(94,189)$(2,467)$(15,034)$(111,690)
Less Preferred Stock Dividend Requirement$— $— $10,682 $10,682 
Net Income/(Loss) Available to Common Stock and Participating Securities$(94,189)$(2,467)$(25,716)$(122,372)
(In Thousands)Mortgage-Related AssetsLima OneCorporateTotal
Three months ended September 30, 2025
Interest Income$128,336 $54,921 $2,745 $186,002 
Interest Expense89,849 34,599 4,553 129,001 
Net Interest Income/(Expense)$38,487 $20,322 $(1,808)$57,001 
Reversal/(Provision) for Credit Losses on Residential Whole Loans(276)— — (276)
Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses$38,211 $20,322 $(1,808)$56,725 
Net gain/(loss) on residential whole loans measured at fair value through earnings$34,704 $(3,463)$— $31,241 
Impairment and other net gain/(loss) on securities and other portfolio investments17,978 26 — 18,004 
Net gain/(loss) on real estate owned1,691 (1,391)— 300 
Net gain/(loss) on derivatives163 37 — 200 
Net gain/(loss) on securitized debt measured at fair value through earnings(22,267)(2,379)— (24,646)
Lima One mortgage banking income— 5,383 — 5,383 
Net realized gain/(loss) on residential whole loans held at carrying value— — — — 
Other, net(849)973 142 266 
Other Income/(Loss), net$31,420 $(814)$142 $30,748 
Compensation and benefits$— $9,271 $8,914 $18,185 
Other general and administrative expense— 5,237 5,532 10,769 
Loan servicing, financing and other related costs4,550 1,911 3,755 10,216 
Amortization of intangible assets— 300 — 300 
Income/(loss) before income taxes$65,081 $2,789 $(19,867)$48,003 
Provision for/(benefit from) income taxes— — (101)(101)
Net Income/(Loss)$65,081 $2,789 $(19,766)$48,104 
Less Preferred Stock Dividend Requirement$— $— $10,834 $10,834 
Net Income/(Loss) Available to Common Stock and Participating Securities$65,081 $2,789 $(30,600)$37,270 
(In Thousands)
Mortgage-Related AssetsLima OneCorporateTotal
Nine months ended September 30, 2026
Interest Income$466,641 $122,526 $4,463 $593,630 
Interest Expense323,523 76,189 13,730 413,442 
Net Interest Income/(Expense)$143,118 $46,337 $(9,267)$180,188 
Reversal/(Provision) for Credit Losses on Residential Whole Loans259 — — 259 
Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses$143,377 $46,337 $(9,267)$180,447 
Net gain/(loss) on residential whole loans measured at fair value through earnings$(209,417)$(79,188)$— $(288,605)
Impairment and other net gain/(loss) on securities and other portfolio investments(266,396)67 906 (265,423)
Net gain/(loss) on real estate owned1,395 (8,655)— (7,260)
Net gain/(loss) on derivatives213,583 21,949 — 235,532 
Net gain/(loss) on securitized debt measured at fair value through earnings129,916 30,737 — 160,653 
Lima One mortgage banking income— 22,422 — 22,422 
Net realized gain/(loss) on residential whole loans held at carrying value— — — — 
Other, net278 3,520 5,790 9,588 
Other Income/(Loss), net$(130,641)$(9,148)$6,696 $(133,093)
Compensation and benefits$— $26,293 $29,750 $56,043 
Other general and administrative expense— 12,470 20,588 33,058 
Loan servicing, financing and other related costs7,482 6,090 9,857 23,429 
Amortization of intangible assets— 700 — 700 
Income/(loss) before income taxes$5,254 $(8,364)$(62,766)$(65,876)
Provision for/(benefit from) income taxes— — — — 
Net Income/(Loss)$5,254 $(8,364)$(62,766)$(65,876)
Less Preferred Stock Dividend Requirement$— $— $31,665 $31,665 
Net Income/(Loss) Available to Common Stock and Participating Securities$5,254 $(8,364)$(94,431)$(97,541)
(In Thousands)
Mortgage-Related AssetsLima OneCorporateTotal
Nine months ended September 30, 2025
Interest Income$367,089 $181,134 $7,739 $555,962 
Interest Expense251,633 113,769 13,635 379,037 
Net Interest Income/(Expense)$115,456 $67,365 $(5,896)$176,925 
Reversal/(Provision) for Credit Losses on Residential Whole Loans(1,212)— — (1,212)
Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses$114,244 $67,365 $(5,896)$175,713 
Net gain/(loss) on residential whole loans measured at fair value through earnings$109,812 $(4,122)$— $105,690 
Impairment and other net gain/(loss) on securities and other portfolio investments42,420 19 3,389 45,828 
Net gain/(loss) on real estate owned386 (4,505)— (4,119)
Net gain/(loss) on derivatives(40,689)(8,417)— (49,106)
Net gain/(loss) on securitized debt measured at fair value through earnings(48,024)(5,658)— (53,682)
Lima One mortgage banking income— 15,796 — 15,796 
Net realized gain/(loss) on residential whole loans held at carrying value(882)— — (882)
Other, net(2,045)6,449 2,470 6,874 
Other Income/(Loss), net$60,978 $(438)$5,859 $66,399 
Compensation and benefits$— $28,764 $31,986 $60,750 
Other general and administrative expense(22)14,480 17,223 31,681 
Loan servicing, financing and other related costs13,581 4,855 7,616 26,052 
Amortization of intangible assets— 1,900 — 1,900 
Income/(loss) before income taxes$161,663 $16,928 $(56,862)$121,729 
Provision for/(benefit from) income taxes— — (735)(735)
Net Income/(Loss)$161,663 $16,928 $(56,127)$122,464 
Less Preferred Stock Dividend Requirement$— $— $29,613 $29,613 
Net Income/(Loss) Available to Common Stock and Participating Securities$161,663 $16,928 $(85,740)$92,851 
(In Thousands)
Mortgage-Related AssetsLima OneCorporateTotal
September 30, 2026
Total Assets$11,178,381 $2,213,296 $149,611 $13,541,288 
December 31, 2025
Total Assets$10,128,088 $2,632,740 $285,621 $13,046,449