v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 |
Sep. 30, 2025 |
Jun. 30, 2025 |
Mar. 31, 2025 |
Dec. 31, 2024 |
Sep. 30, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
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| Net interest income: | ||||||||||||||||||||||
| Interest income | $ 220,328 | $ 209,100 | $ 201,297 | $ 190,616 | $ 192,364 | $ 195,295 | $ 186,717 | $ 186,574 | $ 821,343 | [1] | $ 760,950 | [1] | $ 772,904 | [1] | ||||||||
| Interest expense | 154,150 | 144,089 | 135,287 | 121,397 | 126,540 | 128,844 | 119,422 | 121,468 | 554,924 | [2] | 496,274 | [2] | 509,541 | [2] | ||||||||
| Net interest income | 66,178 | 65,011 | 66,010 | 69,219 | 65,824 | 66,451 | 67,295 | 65,106 | 266,419 | 264,676 | 263,363 | |||||||||||
| Increase in provision for credit losses | 5,322 | 2,587 | 4,409 | 3,387 | 4,448 | 358 | 3,684 | 1,347 | 15,705 | 9,838 | 11,371 | |||||||||||
| Other income (losses): | ||||||||||||||||||||||
| Net unrealized gains (losses) on derivatives | 27,303 | (7,907) | (2,554) | (6,469) | 276 | (14,457) | 11,955 | 5,189 | 10,371 | 2,963 | (6,411) | |||||||||||
| Realized losses on derivatives | (17,495) | 2,015 | (17,954) | 82 | 641 | (4,864) | (17,317) | 0 | (33,352) | (21,540) | (40,957) | |||||||||||
| Periodic interest on derivatives, net | 5,422 | 5,751 | 5,067 | 4,135 | 4,542 | 6,789 | 6,971 | 5,476 | 20,375 | 23,780 | 17,167 | |||||||||||
| Net gains (losses) on derivatives | 15,230 | (141) | (15,441) | (2,252) | 5,459 | (12,532) | 1,609 | 10,665 | (2,606) | 5,203 | (30,201) | |||||||||||
| Investment management and advisory fees | 9,128 | 8,509 | 8,810 | 8,936 | 2,710 | 0 | 0 | 0 | 35,382 | 2,710 | 0 | |||||||||||
| Interest income from investment in MSR financing receivables | 20 | 500 | 0 | 0 | 520 | [3] | 0 | [3] | 0 | [3] | ||||||||||||
| Net unrealized gains on financial instruments at fair value | (17,138) | (36,995) | 6,971 | 128,895 | (181,197) | 104,012 | 11,231 | 76,765 | 81,735 | 10,811 | 34,373 | |||||||||||
| Net realized losses on sales of investments | (23,268) | 1,991 | (1,915) | 0 | (1,468) | 0 | 0 | (3,750) | (23,192) | (5,219) | (31,234) | |||||||||||
| Gains on extinguishment of debt | 20 | 0 | 0 | 2,122 | 2,142 | 0 | 3,875 | |||||||||||||||
| Other investment gains | 1,252 | 1,945 | 2,953 | (417) | 2,490 | 1,366 | 1,001 | 4,686 | 5,733 | 9,543 | 1,091 | |||||||||||
| Gain on origination and sale of loans, net | 20,590 | 0 | 0 | 0 | 20,590 | 0 | 0 | |||||||||||||||
| Total other income (losses) | 5,834 | (24,191) | 1,378 | 137,284 | (172,005) | 92,846 | 13,841 | 88,366 | 120,304 | 23,048 | (22,096) | |||||||||||
| Other expenses: | ||||||||||||||||||||||
| Compensation and benefits | 18,202 | 13,756 | 11,660 | 13,085 | 17,936 | 7,203 | 7,011 | 9,213 | 56,702 | [4] | 41,364 | [4] | 30,570 | [4] | ||||||||
| General and administrative expenses | 9,337 | 6,936 | 6,815 | 6,907 | 5,597 | 5,610 | 6,276 | 5,720 | 29,995 | 23,201 | 25,117 | |||||||||||
| Servicing and asset manager fees | 6,011 | 6,991 | 7,306 | 7,431 | 7,328 | 7,334 | 7,470 | 7,663 | 27,737 | 29,795 | 32,624 | |||||||||||
| Amortization of intangibles and depreciation expenses | 7,183 | 321 | 0 | |||||||||||||||||||
| Transaction expenses | 625 | 9,931 | 390 | 5,688 | 4,707 | 2,317 | 0 | 67 | 16,634 | 7,091 | 15,379 | |||||||||||
| Total other expenses | 38,507 | 38,562 | 27,120 | 34,062 | 35,890 | 22,464 | 20,757 | 22,663 | 138,251 | 101,772 | 103,690 | |||||||||||
| Income before income taxes | 232,767 | 176,114 | 126,206 | |||||||||||||||||||
| Income tax expense | 2,268 | 49 | 102 | |||||||||||||||||||
| Net income | 28,332 | (580) | 35,450 | 167,297 | (146,514) | 136,459 | 56,664 | 129,454 | 230,499 | 176,065 | 126,104 | |||||||||||
| Dividends on preferred stock | 21,831 | 21,417 | 21,426 | 21,357 | 21,761 | 22,787 | 22,751 | 18,438 | 86,031 | 85,736 | 73,750 | |||||||||||
| Net income available to common shareholders | $ 6,501 | $ (21,997) | $ 14,024 | $ 145,940 | $ (168,275) | $ 113,672 | $ 33,913 | $ 111,016 | $ 144,468 | $ 90,329 | $ 52,354 | |||||||||||
| Net income per share available to common shareholders: | ||||||||||||||||||||||
| Basic (in dollars per share) | $ 0.08 | $ (0.27) | $ 0.17 | $ 1.79 | $ (2.07) | $ 1.41 | $ 0.42 | $ 1.37 | $ 1.76 | $ 1.12 | $ 0.68 | |||||||||||
| Diluted (in dollars per share) | $ 1.72 | $ 1.10 | $ 0.68 | |||||||||||||||||||
| Weighted average number of common shares outstanding: | ||||||||||||||||||||||
| Basic (in shares) | 82,175,111 | 80,976,745 | 76,685,785 | |||||||||||||||||||
| Diluted (in shares) | 83,942,704 | 82,157,622 | 77,539,289 | |||||||||||||||||||
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| X | ||||||||||
- Definition Gain (Loss) On Other Investments No definition available.
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- Definition Gain On Origination And Sale Of Loans, Net No definition available.
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- Definition Interest Income, Investment In Mortgage Servicing Rights No definition available.
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- Definition Other Expenses, Deal Expenses No definition available.
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- Definition Sum of reported expenses for the period that are not included in net investment income (loss). No definition available.
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- Definition The aggregate amount of other gains (losses) not disclosed separately. No definition available.
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- Definition Other Gains Losses [Abstract] No definition available.
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| X | ||||||||||
- Definition Realized and Unrealized Gain (Loss) On Derivative Instruments No definition available.
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- Definition Unrealized Gain (Loss) on Financial Instruments No definition available.
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| X | ||||||||||
- Definition Amount, excluding accrued interest, of increase (decrease) in allowance for credit loss of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition Amount of paid and unpaid preferred stock dividends declared with the form of settlement in cash, stock and payment-in-kind (PIK). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of fee income including, but not limited to, managerial assistance, servicing of investment, and origination and commitment fees. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition Gain (loss) incurred in hedging activities. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The difference between the book value and the sale price of options, swaps, futures, forward contracts, and other derivative instruments. This element refers to the gain (loss) included in earnings. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of gain (loss) on sale or disposal of assets utilized in financial service operations. No definition available.
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| X | ||||||||||
- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of interest expense classified as operating. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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| X | ||||||||||
- Definition Amount of interest income (expense) classified as operating. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- References No definition available.
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| X | ||||||||||
- Definition Amount of operating interest income, including, but not limited to, amortization and accretion of premiums and discounts on securities. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of expense for salary, wage, profit sharing; incentive and equity-based compensation; and other employee benefit. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of expense charged against earnings to allocate the cost of tangible and intangible assets over their remaining economic lives, classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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| X | ||||||||||
- Definition The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The amount of expense between the reporting entity and the Variable Interest Entity (VIE). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- References No definition available.
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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