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Segment Reporting
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Disclosure Segment Reporting
An operating segment is defined as a component of an entity that (i) engages in business activities from which revenues are recognized and expenses incurred, (ii) has discrete financial information available, and (iii) is evaluated on a regular basis by the Chief Operating Decision Maker (the "CODM") for decision-making purposes, including investment and operating decisions, such as capital and resource allocation decisions; and communicates results, strategy, and other relevant information to the Board of Directors and shareholders. The Company's CODM is, collectively, its Chief Executive Officer and President and its Co-Chief Investment Officers.
The Company has determined that it has two reportable segments, the Investment Portfolio Segment and the Longbridge Segment. The Company’s CODM assesses each segment’s performance and makes investment and operating decisions, based on each segment's contribution of net income, among other metrics.
As discussed in Note 1, the Investment Portfolio Segment includes a diverse array of the Company's financial assets, as well as associated financing, hedging, and various allocable expenses. The Longbridge Segment is primarily focused on the origination and servicing of, and investment in, reverse mortgage loans, including associated financial assets, financing, hedging, and allocated expenses.
Income and expense items that are not directly allocable to either segment are included in Corporate/Other as reconciling items to the Company's consolidated financial statements. These unallocable items include: (i) all income and expense items related to the Company's Unsecured borrowings, at fair value and preferred stock outstanding, including any hedges related thereto; (ii) management and incentive fees; (iii) income tax expense (benefit); (iv) certain compensation and benefits expenses and various other expenses; and (v) interest income (expense) on cash margin.
The following tables present the Company's results of operations by reportable segment for the three- and nine-month periods ended September 30, 2025 and 2024, 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 September 30, 2025
(In thousands)Investment Portfolio SegmentLongbridge Segment
Corporate/ Other
Total
Interest income$90,790 $30,467 $1,589 $122,846 
Total other income (loss)(2,077)38,455 (3,342)33,036 
Significant expenses:
Interest expense(46,585)(22,576)(3,965)(73,126)
Base management fee to affiliate (net of fee rebates)— — (6,173)(6,173)
Investment related expenses—Servicing expense(1,499)(5,699)— (7,198)
Investment related expenses—Other(4,178)(6,437)— (10,615)
Compensation and benefits(1,828)(18,583)(1,305)(21,716)
Other expenses— (7,003)(4,307)(11,310)
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities
34,623 8,624 (17,503)25,744 
Income tax expense (benefit)— — 1,060 1,060 
Earnings (losses) from investments in unconsolidated entities13,074 — — 13,074 
Net Income (Loss)47,697 8,624 (18,563)37,758 
Net income (loss) attributable to non-controlling interests846 — 334 1,180 
Dividends on preferred stock— — 7,074 7,074 
Net Income (Loss) Attributable to Common Stockholders$46,851 $8,624 $(25,971)$29,504 
Non-cash items:
Amortization and depreciation expense$— $286 $— $286 
Three-Month Period Ended September 30, 2024
(In thousands)Investment Portfolio SegmentLongbridge Segment
Corporate/ Other
Total
Interest income$91,158 $14,600 $1,523 $107,281 
Total other income (loss)6,542 30,621 (3,812)33,351 
Significant expenses:
Interest expense(55,302)(13,861)(4,491)(73,654)
Base management fee to affiliate (net of fee rebates)— — (6,031)(6,031)
Investment related expenses—Servicing expense(1,465)(4,869)— (6,334)
Investment related expenses—Other(2,681)(6,669)— (9,350)
Compensation and benefits(1,418)(16,122)(1,447)(18,987)
Other expenses— (6,151)(4,071)(10,222)
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities
36,834 (2,451)(18,329)16,054 
Income tax expense (benefit)— — 12 12 
Earnings (losses) from investments in unconsolidated entities7,281 — — 7,281 
Net Income (Loss)44,115 (2,451)(18,341)23,323 
Net income (loss) attributable to non-controlling interests116 39 160 315 
Dividends on preferred stock— — 6,833 6,833 
Net Income (Loss) Attributable to Common Stockholders$43,999 $(2,490)$(25,334)$16,175 
Non-cash items:
Amortization and depreciation expense$— $314 $— $314 
Nine-Month Period Ended September 30, 2025
(In thousands)Investment Portfolio SegmentLongbridge Segment
Corporate/ Other
Total
Interest income$273,806 $75,453 $4,971 $354,230 
Total other income (loss)17,331 108,796 (4,241)121,886 
Significant expenses:
Interest expense(146,968)(58,526)(12,416)(217,910)
Base management fee to affiliate (net of fee rebates)— — (18,535)(18,535)
Incentive fee to affiliate— — (4,533)(4,533)
Investment related expenses—Servicing expense(4,586)(16,851)— (21,437)
Investment related expenses—Other(9,377)(19,274)— (28,651)
Compensation and benefits(6,124)(49,954)(3,912)(59,990)
Other expenses— (21,332)(11,583)(32,915)
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities
124,082 18,312 (50,249)92,145 
Income tax expense (benefit)— — 2,439 2,439 
Earnings (losses) from investments in unconsolidated entities38,449 — — 38,449 
Net Income (Loss)162,531 18,312 (52,688)128,155 
Net income (loss) attributable to non-controlling interests1,764 — 1,170 2,934 
Dividends on preferred stock— — 21,145 21,145 
Net Income (Loss) Attributable to Common Stockholders$160,767 $18,312 $(75,003)$104,076 
Non-cash items:
Amortization and depreciation expense$— $881 $— $881 
Nine-Month Period Ended September 30, 2024
(In thousands)Investment Portfolio
Segment		Longbridge Segment
Corporate/ Other
Total
Interest income$271,352 $32,606 $5,314 $309,272 
Total other income (loss)44,203 98,658 (7,465)135,396 
Significant expenses:
Interest expense(166,241)(31,034)(13,718)(210,993)
Base management fee to affiliate (net of fee rebates)— — (17,572)(17,572)
Investment related expenses—Servicing expense(3,940)(13,865)— (17,805)
Investment related expenses—Other(6,485)(15,718)— (22,203)
Compensation and benefits(3,594)(41,876)(4,513)(49,983)
Other expenses— (18,260)(11,741)(30,001)
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities
135,295 10,511 (49,695)96,111 
Income tax expense (benefit)— — 214 214 
Earnings (losses) from investments in unconsolidated entities21,549 — — 21,549 
Net Income (Loss)156,844 10,511 (49,909)117,446 
Net income (loss) attributable to non-controlling interests684 76 937 1,697 
Dividends on preferred stock— — 20,312 20,312 
Net Income (Loss) Attributable to Common Stockholders$156,160 $10,435 $(71,158)$95,437 
Non-cash items
Amortization and depreciation expense $— $1,156 $— $1,156 
The following tables present the Company's balance sheet by reportable segment as of September 30, 2025 and December 31, 2024 which reconciles to the Company's financial position overall.
September 30, 2025
(In thousands)Investment Portfolio
Segment		Longbridge
Segment
Corporate/ Other
Total
Total Assets$5,510,102 $12,145,764 $188,682 $17,844,548 
Total Liabilities3,863,656 11,853,616 331,456 16,048,728 
Total Equity1,646,446 292,148 (142,774)1,795,820 
December 31, 2024
(In thousands)Investment Portfolio
Segment		Longbridge
Segment
Corporate/ Other
Total
Total Assets$5,628,583 $10,493,971 $194,474 $16,317,028 
Total Liabilities4,076,568 10,270,289 379,349 14,726,206 
Total Equity1,552,015 223,682 (184,875)1,590,822