v3.26.3
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Interest Income:        
Residential whole loans $ 144,065 $ 153,501 $ 429,130 $ 460,490
Securities, at fair value 57,050 27,708 155,573 81,156
Other interest-earning assets 469 515 1,441 1,441
Cash and cash equivalent investments 2,323 4,278 7,486 12,875
Interest Income 203,907 186,002 593,630 555,962
Interest Expense:        
Asset-backed and other collateralized financing arrangements 137,441 124,403 398,486 365,357
Other interest expense 5,062 4,598 14,956 13,680
Interest Expense 142,503 129,001 413,442 379,037
Net Interest Income 61,404 57,001 180,188 176,925
Reversal/(Provision) for Credit Losses on Residential Whole Loans (45) (276) 259 (1,212)
Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses 61,359 56,725 180,447 175,713
Other Income/(Loss), net:        
Net gain/(loss) on residential whole loans measured at fair value through earnings (203,991) 31,241 (288,605) 105,690
Impairment and other net gain/(loss) on securities and other portfolio investments (223,303) 18,004 (265,423) 45,828
Net gain/(loss) on real estate owned (2,788) 300 (7,260) (4,119)
Net gain/(loss) on derivatives 158,845 200 235,532 (49,106)
Net gain/(loss) on securitized debt measured at fair value through earnings 115,540 (24,646) 160,653 (53,682)
Lima One mortgage banking income 7,418 5,383 22,422 15,796
Net realized gain/(loss) on residential whole loans held at carrying value 0 0 0 (882)
Other, net 2,409 266 9,588 6,874
Other Income/(Loss), net (145,870) 30,748 (133,093) 66,399
Operating and Other Expense:        
Compensation and benefits 15,892 18,185 56,043 60,750
Other general and administrative expense 7,742 10,769 33,058 31,681
Loan servicing, financing and other related costs 3,445 10,216 23,429 26,052
Amortization of intangible assets 100 300 700 1,900
Operating and Other Expense 27,179 39,470 113,230 120,383
Income/(loss) before income taxes (111,690) 48,003 (65,876) 121,729
Provision for/(benefit from) income taxes 0 (101) 0 (735)
Net Income/(Loss) (111,690) 48,104 (65,876) 122,464
Less Preferred Stock Dividend Requirement 10,682 10,834 31,665 29,613
Net Income/(Loss) Available to Common Stock and Participating Securities $ (122,372) $ 37,270 $ (97,541) $ 92,851
Basic Earnings/(Loss) per Common Share (in dollars per share) $ (1.19) $ 0.36 $ (0.95) $ 0.89
Diluted Earnings/(Loss) per Common Share (in dollars per share) $ (1.19) $ 0.35 $ (0.95) $ 0.87