CONSOLIDATED STATEMENTS OF (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest Income
Residential consumer loans	$ 312,002	$ 184,403	$ 588,637	$ 346,746
Residential investor loans	50,784	72,104	107,823	150,259
Consolidated Agency multifamily loans	0	4,508	0	8,956
Real estate securities	15,018	16,121	30,205	34,658
Other interest income	7,420	7,200	15,478	15,811
Total interest income	385,224	284,336	742,143	556,430
Interest Expense
Asset-backed securities issued	(270,503)	(198,537)	(508,721)	(377,907)
Debt obligations	(82,650)	(71,965)	(166,634)	(136,747)
Total interest expense	(353,153)	(270,502)	(675,355)	(514,654)
Net interest income (expense)	32,071	13,834	66,788	41,776
Non-Interest Income
Mortgage banking activities, net	32,071	40,857	64,035	73,910
Investment fair value changes, net	(22,523)	(84,704)	(45,722)	(89,892)
HEI income (loss), net	2,798	(12,899)	9,907	(2,733)
Servicing income, net	2,648	1,608	10,669	5,015
Fee income, net	2,960	2,209	5,846	4,560
Other income, net	5,985	352	8,422	1,902
Realized gains, net	0	640	0	1,207
Total non-interest income (loss), net	23,939	(51,937)	53,157	(6,031)
General and administrative expenses	(38,198)	(36,983)	(87,556)	(74,454)
Portfolio management costs	(7,030)	(10,028)	(15,759)	(16,519)
Loan acquisition costs	(5,990)	(4,781)	(12,719)	(8,349)
Other expenses	(4,747)	(4,035)	(11,872)	(7,944)
Net Income (Loss) Before Provision for Income Taxes	45	(93,930)	(7,961)	(71,521)
(Provision for) benefit from income taxes	(1,145)	(4,562)	1,358	(10,824)
Net (Loss) Income	(1,100)	(98,492)	(6,603)	(82,345)
Dividends on preferred stock	(1,758)	(1,757)	(3,508)	(3,507)
Net (Loss) Income (Related) Available To Common Stockholders	$ (2,858)	$ (100,249)	$ (10,111)	$ (85,852)
Basic (loss) earnings per common share (in dollars per share)	$ (0.03)	$ (0.76)	$ (0.10)	$ (0.67)
Diluted (loss) earnings per common share (in dollars per share)	$ (0.03)	$ (0.76)	$ (0.10)	$ (0.67)
Basic weighted average common shares outstanding (in shares)	125,333,440	133,006,312	125,052,944	132,886,919
Diluted weighted average common shares outstanding (in shares)	125,333,440	133,006,312	125,052,944	132,886,919