Consolidated Statement of Operations - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Net Interest Income
Interest income		$ 115,471	$ 100,470	$ 231,384	$ 201,990
Interest expense		(72,128)	(66,874)	(144,784)	(137,338)
Total net interest income		43,343	33,596	86,600	64,652
Other Income (Loss)
Realized gains (losses) on securities and loans, net		6,911	(22,968)	(1,893)	(40,176)
Realized gains (losses) on financial derivatives, net		(519)	6,313	11,122	9,791
Realized gains (losses) on real estate owned, net		(1,356)	(1,877)	(2,290)	(3,249)
Realized Gains (Losses) on Unsecured Borrowings, at fair value, net		0	0	(1,383)	0
Unrealized gains (losses) on securities and loans, net		59,810	40,271	105,918	45,844
Unrealized gains (losses) on financial derivatives, net		(25,608)	7,902	(52,724)	38,267
Unrealized gains (losses) on real estate owned, net		(1,396)	882	(4,707)	203
Unrealized gains (losses) on other secured borrowings, at fair value, net		(25,844)	(1,516)	(57,208)	(14,040)
Unrealized gains (losses) on unsecured borrowings, at fair value, net		(1,699)	1,868	(673)	3,696
Net change from HECM reverse mortgage loans, at fair value		168,817	146,706	345,807	352,202
Net change related to HMBS obligations, at fair value		(142,212)	(127,672)	(289,682)	(305,654)
Other, net		12,295	7,652	36,563	15,161
Total other income (loss)		49,199	57,561	88,850	102,045
Expenses
Base management fee to affiliate (Net of fee rebates of $57, $78, $117, and $164, respectively)(1)	[1]	6,270	5,811	12,362	11,541
Incentive Fee Expense		0	0	4,533	0
Other investment related expenses
Servicing expense		7,220	5,782	14,239	11,470
Debt issuance costs related to Other secured borrowings, at fair value		2,280	0	2,280	3,113
Other		9,147	5,305	15,756	9,740
Professional fees		3,143	2,438	6,860	5,407
Compensation and benefits		21,332	16,353	38,274	30,996
Other expenses		7,674	7,296	14,746	14,373
Total expenses		57,066	42,985	109,050	86,640
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities		35,476	48,172	66,400	80,057
Income tax expense (benefit)		1,475	142	1,379	202
Earnings (losses) from investments in unconsolidated entities		17,072	12,042	25,376	14,268
Net Income (Loss)		51,073	60,072	90,397	94,123
Net income (loss) attributable to non-controlling interests		1,114	900	1,754	1,382
Dividends on preferred stock		7,036	6,825	14,071	13,479
Net Income (Loss) Attributable to Common Stockholders		$ 42,923	$ 52,347	$ 74,572	$ 79,262
Net Income (Loss) per Share of Common Stock:
Basic and Diluted (USD per share)		$ 0.45	$ 0.62	$ 0.80	$ 0.94

[1] See Note 16 for further details on management fee rebates.