v3.25.0.1
CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Interest Income      
Residential consumer loans $ 485,332 $ 253,911 $ 250,502
Residential investor loans 351,881 382,316 362,481
Consolidated Agency multifamily loans 18,239 18,645 18,938
Real estate securities 49,694 21,550 37,708
Other interest income 40,018 48,040 38,225
Total interest income 945,164 724,462 707,854
Interest Expense      
Asset-backed securities issued (572,497) (371,761) (370,219)
Debt obligations (270,059) (259,758) (182,181)
Total interest expense (842,556) (631,519) (552,400)
Net interest income (expense) 102,608 92,943 155,454
Non-interest Income (Loss)      
Mortgage banking activities, net 99,398 67,386 (13,659)
Investment fair value changes, net (14,759) (44,400) (178,272)
HEI income, net 41,831 35,117 2,714
Other income, net 27,528 12,886 21,204
Realized gains, net 306 1,699 5,334
Total non-interest income (loss), net 154,304 72,688 (162,679)
General and administrative expenses (136,393) (128,295) (140,908)
Portfolio management costs (20,915) (14,571) (7,951)
Loan acquisition costs (12,675) (7,166) (11,766)
Other expenses (14,088) (16,238) (15,590)
Net Income (Loss) before (Provision for) Benefit from Income Taxes 72,841 (639) (183,440)
(Provision for) benefit from income taxes (18,837) (1,635) 19,920
Net Income (Loss) 54,004 (2,274) (163,520)
Dividends on preferred stock (7,015) (6,684) 0
Net income (loss) available (related) to common stockholders, basic 46,989 (8,958) (163,520)
Net income (loss) available (related) to common stockholders, diluted $ 46,989 $ (8,958) $ (163,520)
Basic earnings (loss) per common share (in dollars per share) $ 0.32 $ (0.11) $ (1.43)
Diluted earnings (loss) per common share (in dollars per share) $ 0.32 $ (0.11) $ (1.43)
Basic weighted average common shares outstanding (in shares) 132,050,825 116,283,328 117,227,846
Diluted weighted average common shares outstanding (in shares) 132,139,434 116,283,328 117,227,846

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