MFA Financial (MFA) 10-K 23 Feb 21 2020 FY Annual report Financial data

Cover

Cover - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2020	Feb. 17, 2021	Jun. 30, 2020
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-13991
Entity Registrant Name	MFA FINANCIAL, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	13-3974868
Entity Address, Address Line One	350 Park Avenue, 20th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	212
Local Phone Number	207-6400
Title of 12(g) Security	None
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1.1
Entity Common Stock, Shares Outstanding (in shares)		452,058,867
Documents Incorporated by Reference	Portions of the registrant’s proxy statement to be filed with the Securities and Exchange Commission in connection with the Annual Meeting of Stockholders scheduled to be held on or about June 2, 2021, are incorporated by reference into Part III of this Annual Report on Form 10-K.
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Central Index Key	0001055160
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	MFA
Security Exchange Name	NYSE
7.50% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	7.50% Series B Cumulative RedeemablePreferred Stock, par value $0.01 per share
Trading Symbol	MFA/PB
Security Exchange Name	NYSE
6.50% Series C Cumulative Redeemable Preferred Stock, par value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	6.50% Series C Cumulative RedeemablePreferred Stock, par value $0.01 per share
Trading Symbol	MFA/PC
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets:
Residential whole loans, at carrying value ($3,843,153 and $4,847,782 pledged as collateral, respectively)	$ 4,195,332	$ 6,069,370	[1]
Residential whole loans, at fair value ($705,666 and $794,684 pledged as collateral, respectively)	1,216,902	1,381,583
Allowance for credit losses on residential whole loans held at carrying value	(86,833)	(3,025)
Total residential whole loans, net	5,325,401	7,447,928
Residential mortgage securities, at fair value ($161,000 and $3,966,591 pledged as collateral, respectively)	161,000	3,983,519
Mortgage servicing rights (“MSR”) related assets ($238,999 and $1,217,002 pledged as collateral, respectively)	238,999	1,217,002
Cash and cash equivalents	814,354	70,629
Restricted cash	7,165	64,035
Other assets	385,381	785,057
Total Assets	6,932,300	13,568,170
Liabilities:
Financing agreements ($3,366,772 and $0 held at fair value, respectively)	4,336,976	10,031,606
Other liabilities	70,522	152,612
Total Liabilities	4,407,498	10,184,218
Commitments and contingencies (See Note 10)
Stockholders’ Equity:
Common stock, $0.01 par value; 874,300 and 886,950 shares authorized; 451,714 and 452,369 shares issued and outstanding, respectively	4,517	4,524
Additional paid-in capital, in excess of par	3,848,129	3,640,341
Accumulated deficit	(1,405,327)	(631,040)
Accumulated other comprehensive income	77,293	370,047
Total Stockholders’ Equity	2,524,802	3,383,952
Total Liabilities and Stockholders’ Equity	6,932,300	13,568,170
Non-Agency MBS Transfered to Consolidated VIEs
Assets:
Residential whole loans, at carrying value ($3,843,153 and $4,847,782 pledged as collateral, respectively)	1,400,000	186,400
Residential whole loans, at fair value ($705,666 and $794,684 pledged as collateral, respectively)	382,300	567,400
Series B Preferred Stock
Stockholders’ Equity:
Preferred stock	80	80
Series C Preferred Stock
Stockholders’ Equity:
Preferred stock	$ 110	$ 0
[1]	For the year ended December 31, 2020, includes approximately $2.7 million (360,534 shares) surrendered for tax purposes related to equity-based compensation awards. For the year ended December 31, 2019, includes approximately $4.1 million (562,815 shares) surrendered for tax purposes related to equity-based compensation awards. For the year ended December 31, 2018, includes approximately $3.4 million (464,429 shares) surrendered for tax purposes related to equity-based compensation awards.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Residential whole loans, carrying value	$ 2,704,646,000	$ 4,847,782,000
Residential whole loans, fair value	827,001,000	794,684,000
Servicing rights pledged as collateral	238,999,000	1,217,002,000
Financial agreements held at fair value	$ 3,366,772,000	$ 0
Preferred stock, shares outstanding (in shares)	8,000	8,000
Preferred stock, liquidation preference, value	$ 275,000,000
Common stock, par value (usd per share)	$ 0.01
Common stock, shares authorized (in shares)	874,300	886,950
Common stock, shares issued (in shares)	451,714	452,369
Common stock, shares outstanding (in shares)	451,714	452,369
Collateral Pledged | Non-Agency MBS
Securities, at fair value, pledged as collateral	$ 161,000,000	$ 3,966,591,000
Series B Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	8,050	8,050
Preferred stock, dividend rate	7.50%	7.50%
Preferred stock, shares issued (in shares)	8,000	8,000
Preferred stock, liquidation preference, value	$ 200,000,000	$ 200,000,000
Series C Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.01
Preferred stock, shares authorized (in shares)	12,650
Preferred stock, dividend rate	6.50%
Preferred stock, shares issued (in shares)	11,000
Preferred stock, shares outstanding (in shares)	11,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Interest Income:
Residential whole loans held at carrying value	$ 258,764	$ 243,980	$ 100,921
Residential mortgage securities	54,137	274,554	322,475
MSR-related assets	35,957	52,647	28,420
Other interest-earning assets	9,850	7,152	923
Cash and cash equivalent investments	676	3,393	2,936
Interest Income	359,384	581,726	455,675
Interest Expense:
Asset-backed and other collateralized financing arrangements	242,039	315,344	224,143
Other interest expense	26,719	17,012	8,043
Interest Expense	268,758	332,356	232,186
Net Interest Income	90,626	249,370	223,489
Provision for credit and valuation losses on residential whole loans and other financial instruments	(22,381)	(2,569)	(773)
Net Interest Income after Provision for Credit and Valuation Losses	68,245	246,801	222,716
Other Income, net:
Impairment and other losses on securities available-for-sale and other assets	(425,082)	(180)	(1,259)
Net realized (loss)/gain on sales of residential mortgage securities and residential whole loans	(188,847)	62,002	61,307
Net unrealized (loss)/gain on residential mortgage securities measured at fair value through earnings	(10,486)	7,080	(36,815)
Net gain on residential whole loans measured at fair value through earnings	94,213	158,330	137,619
Loss on terminated swaps previously designated as hedges for accounting purposes	(57,034)	0	0
Other, net	(18,885)	(1,375)	(2,877)
Other Income/(Loss), net	(606,121)	225,857	157,975
Operating and Other Expense:
Compensation and benefits	31,042	32,235	28,423
Other general and administrative expense	25,666	20,413	17,653
Loan servicing, financing and other related costs	40,372	41,893	32,814
Costs associated with restructuring/forbearance agreement	44,434	0	0
Operating and Other Expense	141,514	94,541	78,890
Net Income/(Loss)	(679,390)	378,117	301,801
Less Preferred Stock Dividend Requirement	29,796	15,000	15,000
Net Income/(Loss) Available to Common Stock and Participating Securities	$ (709,186)	$ 363,117	$ 286,801
Basic Earnings/(Loss) per Common Share (usd per share)	$ (1.57)	$ 0.80	$ 0.68
Diluted Earnings/(Loss) per Common Share (in usd per share)	$ (1.57)	$ 0.79	$ 0.68

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net (loss)/income	$ (679,390)	$ 378,117	$ 301,801
Other Comprehensive Income/(Loss):
Unrealized gains on securities available-for-sale	420,281	20,335	(150,642)
Reclassification adjustment for MBS sales included in net income	389,127	44,600	51,580
Reclassification adjustment for impairments included in net income	(344,269)	(180)	(1,259)
Derivative hedging instrument fair value changes, net	(50,127)	(23,342)	14,545
Changes in fair value of financing agreements at fair value due to changes in instrument-specific credit risk	(2,314)	0	0
Reclassification adjustment for losses/gains related to hedging instruments included in net income	72,802	(2,454)	0
Other Comprehensive Loss	(292,754)	(50,241)	(188,936)
Comprehensive (loss)/ income before preferred stock dividends	(972,144)	327,876	112,865
Dividends required on preferred stock	(29,796)	(15,000)	(15,000)
Comprehensive (Loss)/Income Available to Common Stock and Participating Securities	$ (1,001,940)	$ 312,876	$ 97,865

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands		Total	Series C Preferred Stock	Series B Preferred Stock	Preferred StockSeries C Preferred Stock	Preferred StockSeries B Preferred Stock	Common Stock	Additional Paid-in Capital	Additional Paid-in CapitalSeries C Preferred Stock	Accumulated Deficit	Accumulated DeficitSeries C Preferred Stock	Accumulated DeficitSeries B Preferred Stock	Accumulated Other Comprehensive Income	Revision of Prior Period, Accounting Standards Update, Adjustment	Revision of Prior Period, Accounting Standards Update, AdjustmentAccumulated Deficit
Increase (Decrease) in Stockholders' Equity
Preferred stock, liquidation preference (in dollars per share)						$ 25
Balance (in shares) at Dec. 31, 2017						8,000,000	397,831,000
Beginning balance at Dec. 31, 2017		$ 3,261,636				$ 80	$ 3,978	$ 3,227,304		$ (578,950)			$ 609,224	$ 295	$ 295
Increase (Decrease) in Stockholders' Equity
Net (loss)/income		301,801								301,801
Issuance of stock, net of expenses (in shares)							52,420,000
Issuance of stock, net of expenses		392,145					$ 520	391,625
Repurchase of shares of common stock (in shares)	[1]						(464,000)
Repurchase of shares of common stock	[1]	(3,392)						(3,392)
Equity based compensation expense		7,999						7,999
Change in accrued dividends attributable to stock-based awards		(261)						(261)
Dividends declared on common stock		(339,244)								(339,244)
Dividends declared on preferred stock		(15,000)								(15,000)
Dividends attributable to dividend equivalents		(942)								(942)
Change in unrealized losses on MBS, net		(203,481)											(203,481)
Derivative hedging instrument fair value changes and amortization, net		14,545											14,545
Changes in fair value of financing agreements at fair value due to changes in instrument-specific credit risk		0
Balance (in shares) at Dec. 31, 2018						8,000,000	449,787,000
Ending balance at Dec. 31, 2018		$ 3,416,101				$ 80	$ 4,498	3,623,275		(632,040)			420,288
Increase (Decrease) in Stockholders' Equity
Adjustments related to tax withholding for share-based compensation							$ 3,400
Shares paid for tax withholding for share based compensation (in shares)							464,429
Preferred stock, dividend rate						7.50%
Preferred stock, cash dividends declared (in dollars per share)				$ 1.875
Common stock, cash dividends declared (in dollars per share)		$ 0.80
Preferred stock, liquidation preference (in dollars per share)						$ 25
Net (loss)/income		$ 378,117								378,117
Issuance of stock, net of expenses (in shares)							3,145,000
Issuance of stock, net of expenses		12,325					$ 26	12,299
Repurchase of shares of common stock (in shares)	[1]						(563,000)
Repurchase of shares of common stock	[1]	(4,118)						(4,118)
Equity based compensation expense		9,230						9,230
Change in accrued dividends attributable to stock-based awards		(345)						(345)
Dividends declared on common stock		(361,033)								(361,033)
Dividends declared on preferred stock		(15,000)								(15,000)
Dividends attributable to dividend equivalents		(1,084)								(1,084)
Change in unrealized losses on MBS, net		(24,445)											(24,445)
Derivative hedging instrument fair value changes and amortization, net		(25,796)											(25,796)
Changes in fair value of financing agreements at fair value due to changes in instrument-specific credit risk		0
Balance (in shares) at Dec. 31, 2019					0	8,000,000	452,369,000
Ending balance at Dec. 31, 2019		$ 3,383,952			$ 0	$ 80	$ 4,524	3,640,341		(631,040)			370,047	$ (8,326)	$ (8,326)
Increase (Decrease) in Stockholders' Equity
Accounting Standards Update [Extensible List]		us-gaap:AccountingStandardsUpdate201613Member
Adjustments related to tax withholding for share-based compensation							$ 4,100
Shares paid for tax withholding for share based compensation (in shares)							562,815
Preferred stock, dividend rate				7.50%	6.50%	7.50%
Preferred stock, cash dividends declared (in dollars per share)				$ 1.875
Common stock, cash dividends declared (in dollars per share)		$ 0.80
Preferred stock, liquidation preference (in dollars per share)					$ 25	$ 25
Net (loss)/income		$ (679,390)								(679,390)
Issuance of stock, net of expenses (in shares)					11,000,000		13,792,000
Issuance of stock, net of expenses		7,453	$ 266,052		$ 110		$ 138	7,315	$ 265,942
Repurchase of shares of common stock (in shares)	[1]						(14,447,000)
Repurchase of shares of common stock	[1]	(53,577)					$ (145)	(53,432)
Equity based compensation expense		6,715						6,715
Change in accrued dividends attributable to stock-based awards		856						856
Dividends declared on common stock		(56,546)								(56,546)
Dividends declared on preferred stock		(29,796)	$ (14,796)	$ (15,000)							$ (14,796)	$ (15,000)
Dividends attributable to dividend equivalents		(229)								(229)
Change in unrealized losses on MBS, net		(313,115)											(313,115)
Derivative hedging instrument fair value changes and amortization, net		22,675											22,675
Warrants issued and repurchased, net		(19,608)
Changes in fair value of financing agreements at fair value due to changes in instrument-specific credit risk		(2,314)											(2,314)
Balance (in shares) at Dec. 31, 2020					11,000,000	8,000,000	451,714,000
Ending balance at Dec. 31, 2020		$ 2,524,802			$ 110	$ 80	$ 4,517	$ 3,848,129		$ (1,405,327)			$ 77,293
Increase (Decrease) in Stockholders' Equity
Adjustments related to tax withholding for share-based compensation							$ 2,700
Shares paid for tax withholding for share based compensation (in shares)							360,534
Preferred stock, dividend rate			6.50%	7.50%	6.50%	7.50%
Preferred stock, cash dividends declared (in dollars per share)			$ 1.345	$ 1.875
Common stock, cash dividends declared (in dollars per share)		$ 0.125
Preferred stock, liquidation preference (in dollars per share)					$ 25	$ 25
[1]	For the year ended December 31, 2020, includes approximately $2.7 million (360,534 shares) surrendered for tax purposes related to equity-based compensation awards. For the year ended December 31, 2019, includes approximately $4.1 million (562,815 shares) surrendered for tax purposes related to equity-based compensation awards. For the year ended December 31, 2018, includes approximately $3.4 million (464,429 shares) surrendered for tax purposes related to equity-based compensation awards.

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Cash Flows From Operating Activities:
Net (loss)/income	$ (679,390)	$ 378,117	$ 301,801
Adjustments to reconcile net income to net cash provided by operating activities:
Losses/(gains) on residential whole loans and real estate owned, net	243,933	(79,948)	(70,579)
Gains on residential mortgage securities and MSR related assets, net	(74,515)	(69,082)	(24,492)
Impairment and other losses on securities available-for-sale and other assets	425,082	180	1,259
Loss on terminated swaps previously designed as hedges for accounting purposes	57,034	0	0
Accretion of purchase discounts on residential mortgage securities, residential whole loans and MSR-related assets	(35,103)	(70,383)	(82,904)
Amortization of purchase premiums on residential mortgage securities and residential whole loans, and amortization of terminated hedging instruments	46,052	45,216	29,270
Provision for credit and valuation losses on residential whole loans and other financial instruments	22,121	2,569	773
Net valuation and other non-cash losses included in net income	44,055	24,815	19,208
Decrease/(increase) in other assets	39,930	(34,262)	(26,487)
(Decrease)/increase in other liabilities	(50,803)	18,553	32
Net cash provided by operating activities	38,396	215,775	147,881
Cash Flows From Investing Activities:
Purchases of residential whole loans, loan related investments and capitalized advances	(1,477,320)	(4,591,422)	(3,055,434)
Proceeds from sales of residential whole loans, and residential whole loan repurchases	1,510,902	(6,769)	(3,405)
Principal payments on residential whole loans and loan related investments	1,825,606	1,378,529	531,909
Purchases of residential mortgage securities and MSR-related assets	(163,748)	(1,008,215)	(2,604,234)
Proceeds from sales of residential mortgage securities, MSR-related assets, and other assets	3,790,148	908,697	538,668
Principal payments on residential mortgage securities and MSR-related assets	633,194	2,098,416	2,327,817
Purchases of real estate owned and capital improvements	(10,198)	(20,110)	(13,367)
Proceeds from sales of real estate owned	279,786	108,012	121,304
Additions to leasehold improvements, furniture and fixtures	(4,862)	(1,879)	(1,133)
Net cash provided by/(used in) investing activities	6,383,508	(1,134,741)	(2,157,875)
Cash Flows From Financing Activities:
Principal payments on financing agreements with mark-to-market collateral provisions	(21,810,920)	(67,463,756)	(67,063,283)
Proceeds from borrowings under financing agreements with mark-to-market collateral provisions	14,008,042	68,724,021	68,327,462
Principal payments on other collateralized financing agreements	(1,733,345)	(114,386)	(97,969)
Proceeds from borrowings under other collateralized financing agreements	3,803,150	0	419,970
Payment made for other collateralized financing agreement related costs	(1,699)	0	(2,497)
Proceeds from issuance of convertible senior notes	0	223,311	0
Payments made for settlements and unwinds of Swaps	(60,022)	(40,029)	(61,502)
Proceeds from settlements on Swaps	0	0	65,393
Proceeds from issuance of series C preferred stock	275,000	0	0
Payments made for costs related to series C preferred stock issuance	(8,948)	0	0
Proceeds from issuances of common stock	7,441	12,325	392,474
Payments made for costs related to common stock issuances	0	0	(329)
Payments made for the repurchase of common stock through the share repurchase program	(50,835)	0	0
Proceeds from the issuance of warrants	14,041	0	0
Payments made for the repurchase of warrants	(33,650)	0	0
Dividends paid on preferred stock	(29,796)	(15,000)	(15,000)
Dividends paid on common stock and dividend equivalents	(113,508)	(361,565)	(329,759)
Net cash (used in)/provided by financing activities	(5,735,049)	964,921	1,634,960
Net increase/(decrease) in cash, cash equivalents and restricted cash	686,855	45,955	(375,034)
Cash, cash equivalents and restricted cash at beginning of period	134,664	88,709	463,743
Cash, cash equivalents and restricted cash at end of period	821,519	134,664	88,709
Supplemental Disclosure of Cash Flow Information
Interest Paid	254,270	330,398	232,657
Non-cash Investing and Financing Activities:
Net decrease in securities obtained as collateral/obligation to return securities obtained as collateral	0	0	(505,850)
Transfer from residential whole loans to real estate owned	96,766	257,701	215,038
Dividends and dividend equivalents declared and unpaid	34,016	90,749	90,198
Dividends and dividend equivalents declared and unpaid	$ 0	$ 0	$ 211,129

Organization

Organization	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization MFA Financial, Inc. (the “Company”) was incorporated in Maryland on July 24, 1997 and began operations on April 10, 1998. The Company has elected to be treated as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. In order to maintain its qualification as a REIT, the Company must comply with a number of requirements under federal tax law, including that it must distribute at least 90% of its annual REIT taxable income to its stockholders. The Company has elected to treat certain of its subsidiaries as taxable REIT subsidiaries (“TRS”). In general, a TRS may hold assets and engage in activities that the Company cannot hold or engage in directly and generally may engage in any real estate or non-real estate related business. (See Note 2(n))

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies (a) Basis of Presentation and Consolidation The accompanying consolidated financial statements of the Company have been prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although the Company’s estimates contemplate current conditions and how it expects them to change in the future, it is reasonably possible that actual conditions could differ from those estimates, which could materially impact the Company’s results of operations and its financial condition. Management has made significant estimates in several areas, impairment, valuation allowances and loss allowances on residential whole loans (see Note 3), mortgage-backed securities (“MBS”) (see Note 4) and Other assets (see Note 5), valuation of MBS, CRT securities and MSR-related assets (see Notes 4 and 14), income recognition and valuation of residential whole loans (see Notes 3 and 14), valuation of derivative instruments (see Notes 5(c) and 14) and income recognition on certain Non-Agency MBS (defined below) purchased at a discount (see Note 4). In addition, estimates are used in the determination of taxable income used in the assessment of REIT compliance and contingent liabilities for related taxes, penalties and interest (see Note 2(n)). Actual results could differ from those estimates. The Company has one reportable segment since it manages its business and analyzes and reports its results of operations on the basis of one operating segment: investing, on a leveraged basis, in residential mortgage assets. The consolidated financial statements of the Company include the accounts of all subsidiaries. All intercompany accounts and transactions have been eliminated. In addition, the Company consolidates entities established to facilitate transactions related to the acquisition and securitization of residential whole loans completed in prior years. Certain prior period amounts have been reclassified to conform to the current period presentation. (b) Residential Whole Loans (including Residential Whole Loans transferred to consolidated VIEs) Residential whole loans included in the Company’s consolidated balance sheets are primarily comprised of pools of fixed- and adjustable-rate residential mortgage loans acquired through consolidated trusts in secondary market transactions. The accounting model utilized by the Company is determined at the time each loan package is initially acquired and is generally based on the delinquency status of the majority of the underlying borrowers in the package at acquisition. The accounting model described below for Purchased Credit Deteriorated Loans that are held at carrying value is typically utilized by the Company for Purchased Credit Deteriorated Loans where the underlying borrower has a delinquency status of less than 60 days at the acquisition date. The Company also acquires Purchased Performing Loans that are typically held at carrying value, but the accounting methods for income recognition and determination and measurement of any required credit loss reserves (as discussed below) differ from those used for Purchased Credit Deteriorated Loans held at carrying value. The accounting model described below for residential whole loans held at fair value is typically utilized by the Company for loans where the underlying borrower has a delinquency status of 60 days or more at the acquisition date. The accounting model initially applied is not subsequently changed. The Company’s residential whole loans pledged as collateral against financing agreements are included in the consolidated balance sheets with amounts pledged disclosed parenthetically. Purchases and sales of residential whole loans that are subject to an extended period of due diligence that crosses a reporting date are recorded in our balance sheet at amounts reflecting management’s current estimate of assets that will be acquired or disposed at the closing of the transaction. This estimate is subject to revision at the closing of the transaction, pending the outcome of due diligence performed prior to closing. Residential whole loans purchased under flow arrangements with loan origination partners are generally recorded at the transaction settlement date. Recorded amounts of residential whole loans for which the closing of the purchase transaction is yet to occur are not eligible to be pledged as collateral against any financing agreement until the closing of the purchase transaction. Interest income, credit related losses and changes in the fair value of loans held at fair value are recorded post settlement for acquired loans and until transaction settlement for sold loans (see Notes 3, 6, 7, 14 and 15). Residential Whole Loans at Carrying Value Purchased Performing Loans Acquisitions of Purchased Performing Loans to date have been primarily comprised of: (i) loans to finance (or refinance) one-to-four family residential properties that are not considered to meet the definition of a “Qualified Mortgage” in accordance with guidelines adopted by the Consumer Financial Protection Bureau (“Non-QM loans”), (ii) short-term business purpose loans collateralized by residential properties made to non-occupant borrowers who intend to rehabilitate and sell the property for a profit (“Rehabilitation loans” or “Fix and Flip loans”), (iii) loans to finance (or refinance) non-owner occupied one-to four-family residential properties that are rented to one or more tenants (“Single-family rental loans”), and (iv) previously originated loans secured by residential real estate that is generally owner occupied (“Seasoned performing loans”). Purchased Performing Loans are initially recorded at their purchase price. Interest income on Purchased Performing Loans acquired at par is accrued based on each loan’s current interest bearing balance and current interest rate, net of related servicing costs. Interest income on such loans purchased at a premium/discount to par is recorded each period based on the contractual coupon net of any amortization of premium or accretion of discount, adjusted for actual prepayment activity. For loans acquired with related servicing rights retained by the seller, interest income is reported net of related serving costs. An allowance for credit losses is recorded at acquisition, and maintained on an ongoing basis, for all losses expected over the life of the respective loan. Any required credit loss allowance would reduce the net carrying value of the loan with a corresponding charge to earnings, and may increase or decrease over time. Significant judgments are required in determining any allowance for credit loss, including assumptions regarding the loan cash flows expected to be collected, the value of the underlying collateral and the ability of the Company to collect on any other forms of security, such as a personal guaranty provided either by the borrower or an affiliate of the borrower. Income recognition is suspended, and interest accruals are reversed against income, for loans at the earlier of the date at which payments become 90 days past due or when, in the opinion of management, a full recovery of income and principal becomes doubtful (i.e., such loans are placed on nonaccrual status). For nonaccrual loans other than Fix and Flip loans, all payments are applied to principal under the cost recovery method. For nonaccrual Fix and Flip loans, interest income is recorded under the cash basis method as interest payments are received. Interest accruals are resumed when the loan becomes contractually current and performance is demonstrated to be resumed. A loan is written off when it is no longer realizable and/or it is legally discharged. Modified loans are considered “troubled debt restructurings” if the Company grants a concession to a borrower who is experiencing financial difficulty (including the interpretation of this definition set forth in OCC Bulletin 2020-35). Charge-offs to the allowance for loan losses occur when losses are confirmed through the receipt of cash or other consideration from the completion of a sale; when a modification or restructuring takes place in which we grant a concession to a borrower or agree to a discount in full or partial satisfaction of the loan; when we take ownership and control of the underlying collateral in full satisfaction of the loan; when loans are reclassified as other investments; or when significant collection efforts have ceased and it is highly likely that a loss has been realized. The aggregate allowance for credit losses is equal to the sum of the losses expected over the life of each respective loan. Expected losses are generally calculated based on the estimated probability of default and loss severity of loans in the portfolio, which involves projecting each loan’s expected cash flows based on their contractual terms, expected prepayments, and estimated default and loss severity rates. The results were not discounted. The default and severity rates were estimated based on the following steps: (i) obtained the Company’s historical experience through an entire economic cycle for each loan type or, to the extent the Company did not have sufficient historical loss experience for a given loan type, publicly available data derived from the historical loss experience of certain banks, which data the Company believes is generally representative of its portfolio, (ii) obtained historical economic data (U.S. unemployment rates and home price appreciation) over the same period, and (iii) estimated default and severity rates during three distinct future periods based on historical default and severity rates during periods when economic conditions similar to those forecasted were experienced. The default and severity rates were applied to the estimated amount of loans outstanding during each future period, based on contractual terms and expected prepayments. Expected prepayments are estimated based on historical experience and current and expected future economic conditions, including market interest rates. The three future periods were as follows: (i) a one-year forecast of economic conditions based on U.S. unemployment rates and home price appreciation, followed by (ii) a two-year “reversion” period during which economic conditions (U.S. unemployment rates and home price appreciation) are projected to revert to historical averages on a straight line basis, followed by (iii) the remaining life of each loan, during which period economic conditions (U.S. unemployment rates and home price appreciation) are projected to equal historical averages. In addition, a liability is established (and recorded in Other Liabilities) each period using a similar methodology for committed but undrawn loan amounts. The Company forecasts future economic conditions based on forecasts provided by an external preparer of economic forecasts, as well as its own knowledge of the market and its portfolio. The Company generally considers multiple scenarios and selects the one that it believes results in the most reasonable estimate of expected losses. The Company may apply qualitative adjustments to these results as further described in Note 3. For certain loans where foreclosure has been deemed to be probable, loss estimates are based on whether the value of the underlying collateral is sufficient to recover the carrying value of the loan. This methodology has not changed from the calculation of the allowance for credit losses on January 1, 2020 pursuant to the transition to Accounting Standards Update 2016-13 as described below under “New Accounting Standards and Interpretations,” other than a change in the reversion period from one year to two years to reflect the expected ongoing impact of current conditions (see Note 3). Purchased Credit Deteriorated Loans The Company has elected to account for these loans as credit deteriorated as they have experienced a more-than-insignificant deterioration in credit quality since origination and were acquired at discounted prices that reflect, in part, the impaired credit history of the borrower. Substantially all of these loans have previously experienced payment delinquencies and the amount owed may exceed the value of the property pledged as collateral. Consequently, these loans generally have a higher likelihood of default than newly originated mortgage loans with loan-to-value ratios (“LTVs”) of 80% or less to creditworthy borrowers. The Company believes that amounts paid to acquire these loans represent fair market value at the date of acquisition. Loans considered credit deteriorated are initially recorded at the purchase price on a net basis, after establishing an initial allowance for credit losses (their initial cost basis is equal to their purchase price plus the initial allowance for credit losses). Subsequent to acquisition, the gross recorded amount for these loans reflects the initial cost basis, plus accretion of interest income, less principal and interest cash flows received. These loans are presented on the Company’s consolidated balance sheets at carrying value, which reflects the recorded cost basis reduced by any allowance for credit losses. Interest income on such loans purchased is recorded each period based on the contractual coupon net of amortization of the difference between their cost basis and unpaid principal balance (“UPB”), subject to the Company’s nonaccrual policy. Residential Whole Loans at Fair Value Certain of the Company’s residential whole loans are presented at fair value on its consolidated balance sheets as a result of a fair value election made at the time of acquisition. For the majority of these loans, there is significant uncertainty associated with estimating the timing of and amount of cash flows that will be collected. Further, the cash flows ultimately collected may be dependent on the value of the property securing the loan. Consequently, the Company considers that accounting for these loans at fair value should result in a better reflection over time of the economic returns for the majority of these loans. The Company determines the fair value of its residential whole loans held at fair value after considering portfolio valuations obtained from a third-party that specializes in providing valuations of residential mortgage loans and trading activity observed in the market place. Subsequent changes in fair value are reported in current period earnings and presented in Net (loss)/gain on residential whole loans measured at fair value through earnings on the Company’s consolidated statements of operations. Cash received (or accrued) representing coupon interest payments on residential whole loans held at fair value is not included in Interest Income, but rather is included in Net (loss)/gain on residential whole loans measured at fair value through earnings on the Company’s consolidated statements of operations. Cash outflows associated with loan-related advances made by the Company on behalf of the borrower are included in the basis of the loan and are reflected in unrealized gains or losses reported each period. (c) Residential Mortgage Securities Prior to the quarter ended June 30, 2020, the Company had invested in residential MBS that are issued or guaranteed as to principal and/or interest by a federally chartered corporation, such as the Federal National Mortgage Association (“Fannie Mae”) or the Federal Home Loan Mortgage Corporation (“Freddie Mac”), or an agency of the U.S. Government, such as the Government National Mortgage Association (“Ginnie Mae”) (collectively, “Agency MBS”), and residential MBS that are not guaranteed by any agency of the U.S. Government or any federally chartered corporation (“Non-Agency MBS”). The Company disposed of its investments in Agency MBS during 2020 and has substantially reduced its investments in Non-Agency MBS. In addition, the Company has investments in CRT securities that are issued by or sponsored by Fannie Mae and Freddie Mac. The coupon payments on CRT securities are paid by the issuer and the principal payments received are dependent on the performance of loans in either a reference pool or an actual pool of loans. As the loans in the underlying pool are paid, the principal balance of the CRT securities is paid. As an investor in a CRT security, the Company may incur a principal loss if the performance of the actual or reference pool loans results in either an actual or calculated loss that exceeds the credit enhancement of the security owned by the Company. Designation MBS that the Company generally intends to hold until maturity, but that it may sell from time to time as part of the overall management of its business, are designated as “available-for-sale” (“AFS”). Such MBS are carried at their fair value with unrealized gains and losses excluded from earnings (except when an allowance for loan losses is recognized, as discussed below) and reported in Accumulated other comprehensive income/(loss) (“AOCI”), a component of Stockholders’ Equity. Upon the sale of an AFS security, any unrealized gain or loss is reclassified out of AOCI to earnings as a realized gain or loss using the specific identification method. The Company had elected the fair value option for certain of its previously held Agency MBS that it did not intend to hold to maturity. These securities were carried at their fair value with changes in fair value included in earnings for the period and reported in Other Income, net on the Company’s consolidated statements of operations. The Company has elected the fair value option for certain of its CRT securities as it considers this method of accounting to more appropriately reflect the risk-sharing structure of these securities. Such securities are carried at their fair value with changes in fair value included in earnings for the period and reported in Other Income, net on the Company’s consolidated statements of operations. Revenue Recognition, Premium Amortization and Discount Accretion Interest income on securities is accrued based on their outstanding principal balance and their contractual terms. Premiums and discounts associated with Agency MBS and Non-Agency MBS assessed as high credit quality at the time of purchase are amortized into interest income over the life of such securities using the effective yield method. Adjustments to premium amortization are made for actual prepayment activity. Determination of Fair Value for Residential Mortgage Securities In determining the fair value of the Company’s residential mortgage securities, management considers a number of observable market data points, including prices obtained from pricing services, brokers and repurchase agreement counterparties, dialogue with market participants, as well as management’s observations of market activity (see Note 14). Allowance for credit losses When the fair value of an AFS security is less than its amortized cost at the balance sheet date, the security is considered impaired. The Company assesses its impaired securities, as well as securities for which a credit loss allowance had been previously recorded, on at least a quarterly basis and determines whether any changes to the allowance for credit losses are required. If the Company intends to sell an impaired security, or it is more likely than not that it will be required to sell the impaired security before its anticipated recovery, then the Company must recognize a write-down through charges to earnings equal to the entire difference between the investment’s amortized cost and its fair value at the balance sheet date. If the Company does not expect to sell an impaired security, only the portion of the impairment related to credit losses is recognized through a loss allowance charged to earnings with the remainder recognized through AOCI on the Company’s consolidated balance sheets. Impairments recognized through other comprehensive income/(loss) (“OCI”) do not impact earnings. Credit loss allowances are subject to reversal through earnings resulting from improvements in expected cash flows. The determination as to whether to record (or reverse) a credit loss allowance is subjective, as such determinations are based on factual information available at the time of assessment as well as the Company’s estimates of future performance and cash flow projections. As a result, the timing and amount of losses constitute material estimates that are susceptible to significant change (see Note 4). Balance Sheet Presentation The Company’s residential mortgage securities pledged as collateral against financing agreements and interest rate swap agreements (“Swaps”) are included on the consolidated balance sheets with the fair value of the securities pledged disclosed parenthetically. Purchases and sales of securities are recorded on the trade date. ( d) MSR-Related Assets The Company has investments in financial instruments whose cash flows are considered to be largely dependent on underlying MSRs that either directly or indirectly act as collateral for the investment. These financial instruments, which are referred to as MSR-related assets, are discussed in more detail below. The Company’s MSR-related assets pledged as collateral against repurchase agreements are included in the consolidated balance sheets with the amounts pledged disclosed parenthetically. Purchases and sales of MSR-related assets are recorded on the trade date (see Notes 4, 6, 7 and 14). Term Notes Backed by MSR-Related Collateral The Company has invested in term notes that are issued by special purpose vehicles (“SPV”) that have acquired rights to receive cash flows representing the servicing fees and/or excess servicing spread associated with certain MSRs. The Company considers payment of principal and interest on these term notes to be largely dependent on the cash flows generated by the underlying MSRs as this impacts the cash flows available to the SPV that issued the term notes. Credit risk borne by the holders of the term notes is also mitigated by structural credit support in the form of over-collateralization. Credit support is also provided by a corporate guarantee from the ultimate parent or sponsor of the SPV that is intended to provide for payment of interest and principal to the holders of the term notes should cash flows generated by the underlying MSRs be insufficient. The Company’s term notes backed by MSR-related collateral are treated as AFS securities and reported at fair value on the Company’s consolidated balance sheets with unrealized gains and losses excluded from earnings and reported in AOCI, subject to impairment and loss allowances. Interest income is recognized on an accrual basis on the Company’s consolidated statements of operations. The Company’s valuation process for such notes is similar to that used for residential mortgage securities and considers a number of observable market data points, including prices obtained from pricing services, brokers and repurchase agreement counterparties, dialogue with market participants, as well as management’s observations of market activity. Other factors taken into consideration include estimated changes in fair value of the related underlying MSR collateral, as applicable, and the financial performance of the ultimate parent or sponsoring entity of the issuer, which has provided a guarantee that is intended to provide for payment of interest and principal to the holders of the term notes should cash flows generated by the related underlying MSR collateral be insufficient. Corporate Loans The Company has made or participated in loans to provide financing to entities that originate residential mortgage loans and own the related MSRs. These corporate loans are generally secured by certain MSRs, as well as certain other unencumbered assets owned by the borrower. Corporate loans are recorded on the Company’s consolidated balance sheets at the drawn amount, on which interest income is recognized on an accrual basis on the Company’s consolidated statements of operations, subject to loss allowances. Commitment fees received on the undrawn amount are deferred and recognized as interest income over the remaining loan term at the time of draw. At the end of the commitment period, any remaining deferred commitment fees are recorded as Other Income on the Company’s consolidated statements of operations. The Company evaluates the recoverability of its corporate loans on a quarterly basis considering various factors, including the current status of the loan, changes in the fair value of the MSRs that secure the loan and the recent financial performance of the borrower. (e) Cash and Cash Equivalents Cash and cash equivalents include cash on deposit with financial institutions and investments in money market funds, all of which have original maturities of three months or less. Cash and cash equivalents may also include cash pledged as collateral to the Company by its financing counterparties as a result of reverse margin calls (i.e., margin calls made by the Company). The Company did not hold any cash pledged by its counterparties at December 31, 2020 and 2019. At December 31, 2020 and 2019, the Company had cash and cash equivalents of $814.4 million and $70.6 million, respectively. At December 31, 2020, the Company had $752.4 million of investments in overnight money market funds, which are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. As of December 31, 2019, the Company had $39.6 million worth of investments in overnight money market funds. In addition, deposits in FDIC insured accounts generally exceed insured limits (see Notes 7 and 14). (f) Restricted Cash Restricted cash represents the Company’s cash held by its counterparties in connection with certain of the Company’s Swaps and/or financing agreements that is not available to the Company for general corporate purposes. Restricted cash may be applied against amounts due to financing agreement and/or Swap counterparties, or may be returned to the Company when the related collateral requirements are exceeded or at the maturity of the Swap and/or financing agreements. The Company had aggregate restricted cash held as collateral or otherwise in connection with its financing agreements and/or Swaps of $7.2 million and $64.0 million at December 31, 2020 and 2019, respectively (see Notes 5(c), 6, 7 and 14). (g) Real Estate Owned (“REO”) REO represents real estate acquired by the Company, including through foreclosure, deed in lieu of foreclosure, or purchased in connection with the acquisition of residential whole loans. REO acquired through foreclosure or deed in lieu of foreclosure is initially recorded at fair value less estimated selling costs. REO acquired in connection with the acquisition of residential whole loans is initially recorded at its purchase price. Subsequent to acquisition, REO is reported, at each reporting date, at the lower of the current carrying amount or fair value less estimated selling costs and for presentation purposes is included in Other assets on the Company’s consolidated balance sheets. Changes in fair value that result in an adjustment to the reported amount of an REO property that has a fair value at or below its carrying amount are reported in Other Income, net on the Company’s consolidated statements of operations. The Company has acquired certain properties that it holds for investment purposes, including rentals to third parties. These properties are held at their historical basis less depreciation, and are subject to impairment. Related rental income and expenses are recorded in Other Income, net (see Note 5). (h) Depreciation Leasehold Improvements, Real estate and Other Depreciable Assets Depreciation is computed on the straight-line method over the estimated useful life of the related assets or, in the case of leasehold improvements, over the shorter of the useful life or the lease term. Furniture, fixtures, computers and related hardware have estimated useful lives ranging from five (i) Loan Securitization and Other Debt Issuance Costs Loan securitization related costs are costs associated with the issuance of beneficial interests by consolidated VIEs and incurred by the Company in connection with various financing transactions completed by the Company. These costs may include underwriting, rating agency, legal, accounting and other fees. Such costs, which reflect deferred charges (unless the debt is recorded at fair value, as discussed below), are included on the Company’s consolidated balance sheets as a direct deduction from the corresponding debt liability. These deferred charges are amortized as an adjustment to interest expense using the effective interest method. For certain financing agreements, such costs are amortized over the shorter of the period to the expected or stated legal maturity of the debt instruments. The Company periodically reviews the recoverability of these deferred costs and, in the event an impairment charge is required, such amount will be included in Operating and Other Expense on the Company’s consolidated statements of operations. (j) Financing Agreements The Company finances the majority of its residential mortgage assets with financing agreements that include repurchase agreements and other forms of collateralized financing. Under repurchase agreements, the Company sells assets to a lender and agrees to repurchase the same assets in the future for a price that is higher than the original sale price. The difference between the sale price that the Company receives and the repurchase price that the Company pays represents interest paid to the lender. Although legally structured as sale and repurchase transactions, the Company accounts for repurchase agreements as secured borrowings. Under its repurchase agreements and other forms of collateralized financing, the Company pledges its assets as collateral to secure the borrowing, in an amount which is equal to a specified percentage of the fair value of the pledged collateral, while the Company retains beneficial ownership of the pledged collateral. At the maturity of a repurchase financing, unless the repurchase financing is renewed with the same counterparty, the Company is required to repay the loan including any accrued interest and concurrently receives back its pledged collateral from the lender. With the consent of the lender, the Company may renew a repurchase financing at the then prevailing financing terms. Margin calls, whereby a lender requires that the Company pledge additional assets or cash as collateral to secure borrowings under its repurchase financing with such lender, are routinely experienced by the Company when the value of the assets pledged as collateral declines as a result of principal amortization and prepayments or due to changes in market interest rates, spreads or other market conditions. The Company also may make margin calls on counterparties when collateral values increase. The Company’s repurchase financings collateralized by residential mortgage securities and MSR-related assets typically have terms ranging from one month to six months at inception, while the majority of our financing arrangements collateralized by residential whole loans have terms of twelve months or longer. Should a counterparty decide not to renew a financing arrangement at maturity, the Company must either refinance elsewhere or be in a position to satisfy the obligation. If, during the term of a financing, a lender should default on its obligation, the Company might experience difficulty recovering its pledged assets which could result in an unsecured claim against the lender for the difference between the amount loaned to the Company plus interest due to the counterparty and the fair value of the collateral pledged by the Company to such lender, including accrued interest receivable on such collateral (see Notes 6, 7 and 14). The Company has elected the fair value option on certain of its financing agreements. These agreements are reported at their fair value, with changes in fair value being recorded in earnings each period (or other comprehensive income, to the extent the change results from a change in instrument specific

Residential Whole Loans

Residential Whole Loans	12 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
Residential Whole Loans	Residential Whole Loans Included on the Company’s consolidated balance sheets as of December 31, 2020 and 2019 are approximately $5.3 billion and $7.4 billion, respectively, of residential whole loans arising from the Company’s interests in certain trusts established to acquire the loans and certain entities established in connection with its loan securitization transactions. The Company has assessed that these entities are required to be consolidated for financial reporting purposes. Residential Whole Loans, at Carrying Value The following table presents the components of the Company’s Residential whole loans, at carrying value at December 31, 2020 and 2019: (Dollars In Thousands) December 31, 2020 December 31, 2019 Purchased Performing Loans: Non-QM loans $ 2,357,185 $ 3,707,245 Rehabilitation loans 581,801 1,026,097 Single-family rental loans 446,374 460,742 Seasoned performing loans 136,264 176,569 Total Purchased Performing Loans 3,521,624 5,370,653 Purchased Credit Deteriorated Loans (1) 673,708 698,717 Total Residential whole loans, at carrying value $ 4,195,332 $ 6,069,370 Allowance for credit losses on residential whole loans held at carrying value (86,833) (3,025) Total Residential whole loans at carrying value, net $ 4,108,499 $ 6,066,345 Number of loans 13,112 17,082 (1) The amortized cost basis of Purchased Credit Deteriorated Loans was increased by $62.6 million on January 1, 2020 in connection with the adoption of ASU 2016-13. The following table presents the components of interest income on the Company’s Residential whole loans, at carrying value for the years ended December 31, 2020, 2019 and 2018: For the Year Ended December 31, (In Thousands) 2020 2019 2018 Purchased Performing Loans: Non-QM loans $ 136,527 $ 116,282 $ 31,036 Rehabilitation loans 49,484 54,419 15,975 Single-family rental loans 27,722 17,742 3,315 Seasoned performing loans 8,793 12,191 5,818 Total Purchased Performing Loans 222,526 200,634 56,144 Purchased Credit Deteriorated Loans 36,238 43,346 44,777 Total Residential whole loans, at carrying value $ 258,764 $ 243,980 $ 100,921 The following table presents additional information regarding the Company’s Residential whole loans, at carrying value at December 31, 2020: December 31, 2020 Carrying Value Amortized Cost Basis Unpaid Principal Balance (“UPB”) Weighted Average Coupon (1) Weighted Average Term to Maturity (Months) Weighted Average LTV Ratio (2) Weighted Average Original FICO (3) Aging by Amortized Cost Basis Past Due Days (Dollars In Thousands) Current 30-59 60-89 90+ Purchased Performing Loans: Non-QM loans (4) $ 2,336,117 $ 2,357,185 $ 2,294,086 5.84 % 351 64 % 712 $ 2,099,134 $ 73,163 $ 36,501 $ 148,387 Rehabilitation loans (4) 563,430 581,801 581,801 7.29 3 63 719 390,706 29,315 25,433 136,347 Single-family rental loans (4) 442,456 446,374 442,208 6.32 324 70 730 415,386 6,652 3,948 20,388 Seasoned performing loans (4) 136,157 136,264 149,004 3.30 171 40 723 124,877 2,186 1,170 8,031 Purchased Credit Deteriorated Loans (4)(5) 630,339 673,708 782,319 4.46 287 76 N/A N/M N/M N/M 119,621 Residential whole loans, at carrying value, total or weighted average $ 4,108,499 $ 4,195,332 $ 4,249,418 5.77 % 282 December 31, 2019 Carrying Value Amortized Cost Basis Unpaid Principal Balance (“UPB”) Weighted Average Coupon (1) Weighted Average Term to Maturity (Months) Weighted Average LTV Ratio (2) Weighted Average Original FICO (3) Aging by UPB Past Due Days (Dollars In Thousands) Current 30-59 60-89 90+ Purchased Performing Loans: Non-QM loans (4) $ 3,706,857 $ 3,707,245 $ 3,592,701 5.96 % 368 67 % 716 $ 3,492,533 $ 59,963 $ 19,605 $ 20,600 Rehabilitation loans (4) 1,023,766 1,026,097 1,026,097 7.30 8 64 717 868,281 67,747 27,437 62,632 Single-family rental loans (4) 460,679 460,741 457,146 6.29 324 70 734 432,936 15,948 2,047 6,215 Seasoned performing loans 176,569 176,569 192,151 4.24 181 46 723 187,683 2,164 430 1,874 Purchased Credit Impaired Loans (5) 698,474 698,718 873,326 4.46 294 81 N/A N/M N/M N/M 108,998 Residential whole loans, at carrying value, total or weighted average $ 6,066,345 $ 6,069,370 $ 6,141,421 5.96 % 288 (1) Weighted average is calculated based on the interest bearing principal balance of each loan within the related category. For loans acquired with servicing rights released by the seller, interest rates included in the calculation do not reflect loan servicing fees. For loans acquired with servicing rights retained by the seller, interest rates included in the calculation are net of servicing fees. (2) LTV represents the ratio of the total unpaid principal balance of the loan to the estimated value of the collateral securing the related loan as of the most recent date available, which may be the origination date. For Rehabilitation loans, the LTV presented is the ratio of the maximum unpaid principal balance of the loan, including unfunded commitments, to the estimated “after repaired” value of the collateral securing the related loan, where available. For certain Rehabilitation loans, totaling $189.9 million and $269.2 million at December 31, 2020 and December 31, 2019, respectively, an after repaired valuation was not obtained and the loan was underwritten based on an “as is” valuation. The weighted average LTV of these loans based on the current unpaid principal balance and the valuation obtained during underwriting, is 68% and 69% at December 31, 2020 and December 31, 2019, respectively. Excluded from the calculation of weighted average LTV are certain low value loans secured by vacant lots, for which the LTV ratio is not meaningful. (3) Excludes loans for which no Fair Isaac Corporation (“FICO”) score is available. (4) At December 31, 2020 and December 31, 2019 the difference between the Carrying Value and Amortized Cost Basis represents the related allowance for credit losses. (5) Purchased Credit Deteriorated Loans tend to be characterized by varying performance of the underlying borrowers over time, including loans where multiple months of payments are received in a period to bring the loan to current status, followed by months where no payments are received. Accordingly, delinquency information is presented for loans that are more than 90 days past due that are considered to be seriously delinquent. During the year-ended December 31, 2020, $1.8 billion of Non-QM loans were sold, realizing losses of $273.0 million. Allowance for Credit Losses The following table presents a roll-forward of the allowance for credit losses on the Company’s Residential Whole Loans, at Carrying Value: For the Year Ended December 31, 2020 (Dollars In Thousands) Non-QM Loans Rehabilitation Loans (1)(2) Single-family Rental Loans Seasoned Performing Loans Purchased Credit Deteriorated Loans (3) Totals Allowance for credit losses at December 31, 2019 $ 388 $ 2,331 $ 62 $ — $ 244 $ 3,025 Transition adjustment on adoption of ASU 2016-13 (4) 6,904 517 754 19 62,361 70,555 Current provision 26,358 33,213 6,615 230 8,481 74,897 Write-offs — (428) — — (219) (647) Valuation adjustment on loans held for sale 70,181 — — — — 70,181 Allowance for credit and valuation losses at March 31, 2020 $ 103,831 $ 35,633 $ 7,431 $ 249 $ 70,867 $ 218,011 Current provision/(reversal) (2,297) (5,213) (500) (25) (2,579) (10,614) Write-offs — (420) — — (207) (627) Valuation adjustment on loans held for sale (70,181) — — — — (70,181) Allowance for credit losses at June 30, 2020 $ 31,353 $ 30,000 $ 6,931 $ 224 $ 68,081 $ 136,589 Current provision/(reversal) (4,568) (7,140) (1,906) (74) (16,374) (30,062) Write-offs (32) (227) — — (22) (281) Allowance for credit losses at September 30, 2020 $ 26,753 $ 22,633 $ 5,025 $ 150 $ 51,685 $ 106,246 Current provision/(reversal) (5,599) (3,837) (1,107) (43) (7,997) (18,583) Write-offs (86) (425) — — (319) (830) Allowance for credit losses at December 31, 2020 $ 21,068 $ 18,371 $ 3,918 $ 107 $ 43,369 $ 86,833 For the Year Ended December 31, 2019 (Dollars In Thousands) Non-QM Loans Rehabilitation Loans Single-family Rental Loans Seasoned Performing Loans Purchased Credit Deteriorated Loans Totals Allowance for credit losses at December 31, 2018 $ — $ — $ — $ — $ 968 $ 968 Current provision — 500 — — 183 683 Write-offs — — — — — — Allowance for credit losses at March 31, 2019 $ — $ 500 $ — $ — $ 1,151 $ 1,651 Current provision — — — — 385 385 Write-offs — (50) — — — (50) Allowance for credit losses at June 30, 2019 $ — $ 450 $ — $ — $ 1,536 $ 1,986 Current provision — — — — 347 347 Write-offs — (62) — — — (62) Allowance for credit losses at September 30, 2019 $ — $ 388 $ — $ — $ 1,883 $ 2,271 Current provision/(reversal) 388 2,220 62 — (1,639) 1,031 Write-offs — (277) — — — (277) Allowance for credit losses at December 31, 2019 $ 388 $ 2,331 $ 62 $ — $ 244 $ 3,025 (1) In connection with purchased Rehabilitation loans, the Company had unfunded commitments of $60.6 million, with an allowance for credit losses of $1.2 million at December 31, 2020. Such allowance is included in “Other liabilities” in the Company’s consolidated balance sheets (see Note 9). (2) Includes $161.8 million of loans that were assessed for credit losses based on a collateral dependent methodology. (3) Includes $70.3 million of loans that were assessed for credit losses based on a collateral dependent methodology. (4) Of the $70.6 million of reserves recorded on adoption of ASU 2016-13, $8.3 million was recorded as an adjustment to stockholders’ equity and $62.4 million was recorded as a “gross up” of the amortized cost basis of Purchased Credit Deteriorated Loans. The Company adopted ASU 2016-13 (“CECL”) on January 1, 2020 (see Note 2). The anticipated impact of the COVID-19 pandemic on expected economic conditions, including forecasted unemployment, home price appreciation, and prepayment rates, for the short to medium term resulted in significantly increased estimates of credit losses recorded under CECL for the first quarter of 2020 for residential whole loans held at carrying value. Since the end of the first quarter, primarily as a result of generally more stable markets and an ongoing economic recovery, the Company has made subsequent revisions to certain macro-economic assumptions, including its estimates related to future rates of unemployment, and has made adjustments to the quantitative model outputs for relevant qualitative factors. The net impact of these assumption revisions and qualitative adjustments has resulted in a reversal of a portion of the allowance for loan loss since the end of the first quarter. The qualitative adjustments, which have the effect of increasing expected loss estimates, were determined based on a variety of factors, including differences between the Company’s loan portfolio and the loan portfolios represented by available proxy data, and differences between current (and expected future) market conditions in comparison to market conditions that occurred in historical periods. Such differences include uncertainty with respect to the ongoing impact of the pandemic, the speed of vaccine deployment and time taken for a significant portion of society to be vaccinated, the extent and timing of government stimulus efforts and heightened political uncertainty. The Company’s estimates of credit losses reflect the Company’s expectation that full recovery to pre-pandemic economic conditions will take an extended period, resulting in increased delinquencies and defaults during this period compared to historical periods. Estimates of credit losses under CECL are highly sensitive to changes in assumptions and current economic conditions have increased the difficulty of accurately forecasting future conditions. The amortized cost basis of Purchased Performing Loans on nonaccrual status as of December 31, 2020 and December 31, 2019 was $373.3 million and $99.9 million, respectively. The amortized cost basis of Purchased Credit Deteriorated Loans on nonaccrual status as of December 31, 2020 was $151.4 million. Because Purchase Credit Deteriorated Loans were previously accounted for in pools, there were no such loans on nonaccrual status as of December 31, 2019. No interest income was recognized from loans on nonaccrual status during the year ended December 31, 2020. At December 31, 2020, there were approximately $130.7 million of loans on nonaccrual status that did not have an associated allowance for credit losses, because they were determined to be collateral dependent and the estimated fair value of the related collateral exceeded the carrying value of each loan. In periods prior to the adoption of CECL, an allowance for loan losses was recorded when, based on current information and events, it was probable that the Company would be unable to collect all amounts due under the existing contractual terms of the loan agreement. Any required loan loss allowance would reduce the carrying value of the loan with a corresponding charge to earnings. Significant judgments were required in determining any allowance for loan loss, including assumptions regarding the loan cash flows expected to be collected, the value of the underlying collateral and the ability of the Company to collect on any other forms of security, such as a personal guaranty provided either by the borrower or an affiliate of the borrower. The following tables present certain additional credit-related information regarding our residential whole loans: Amortized Cost Basis by Origination Year and LTV Bands (Dollars In Thousands) 2020 2019 2018 2017 2016 Prior Total Non-QM loans LTV < 80% (1) $ 429,241 $ 1,111,534 $ 621,201 $ 67,547 $ 5,597 $ — $ 2,235,120 LTV >= 80% (1) 59,931 29,185 24,163 8,634 152 — 122,065 Total Non-QM loans $ 489,172 $ 1,140,719 $ 645,364 $ 76,181 $ 5,749 $ — $ 2,357,185 Year Ended December 31, 2020 Gross write-offs $ — $ 117 $ — $ — $ 117 Year Ended December 31, 2020 Recoveries — — — — — — — Year Ended December 31, 2020 Net write-offs $ — $ — $ 117 $ — $ — $ — $ 117 Rehabilitation loans LTV < 80% (1) $ 44,153 $ 448,646 $ 70,046 $ 4,203 $ — $ — $ 567,048 LTV >= 80% (1) 774 11,731 548 1,700 — — 14,753 Total Rehabilitation loans $ 44,927 $ 460,377 $ 70,594 $ 5,903 $ — $ — $ 581,801 Year Ended December 31, 2020 Gross write-offs $ — $ 21 $ 1,447 $ 32 $ — $ — $ 1,500 Year Ended December 31, 2020 Recoveries — — — — — — — Year Ended December 31, 2020 Net write-offs $ — $ 21 $ 1,447 $ 32 $ — $ — $ 1,500 Single family rental loans LTV < 80% (1) $ 34,342 $ 267,165 $ 117,523 $ 13,119 $ — $ — $ 432,149 LTV >= 80% (1) 1,394 12,619 212 — — — 14,225 Total Single family rental loans $ 35,736 $ 279,784 $ 117,735 $ 13,119 $ — $ — $ 446,374 Year Ended December 31, 2020 Gross write-offs $ — $ — $ — $ — $ — $ — $ — Year Ended December 31, 2020 Recoveries — — — — — — — Year Ended December 31, 2020 Net write-offs $ — $ — $ — $ — $ — $ — $ — Seasoned performing loans LTV < 80% (1) $ — $ — $ — $ — $ — $ 130,316 $ 130,316 LTV >= 80% (1) — — — — 79 5,869 5,948 Total Seasoned performing loans $ — $ — $ — $ — $ 79 $ 136,185 $ 136,264 Year Ended December 31, 2020 Gross write-offs $ — $ — $ — $ — $ — $ — $ — Year Ended December 31, 2020 Recoveries — — — — — — — Year Ended December 31, 2020 Net write-offs $ — $ — $ — $ — $ — $ — $ — Purchased credit deteriorated loans LTV < 80% (1) $ — $ — $ — $ 630 $ 4,872 $ 427,193 $ 432,695 LTV >= 80% (1) — — — — 1,260 239,753 241,013 Total Purchased credit deteriorated loans $ — $ — $ — $ 630 $ 6,132 $ 666,946 $ 673,708 Year Ended December 31, 2020 Gross write-offs $ — $ — $ — $ — $ — $ 768 $ 768 Year Ended December 31, 2020 Recoveries — — — — — — — Year Ended December 31, 2020 Net write-offs $ — $ — $ — $ — $ — $ 768 $ 768 Total LTV < 80% (1) $ 507,736 $ 1,827,345 $ 808,770 $ 85,499 $ 10,469 $ 557,509 $ 3,797,328 Total LTV >= 80% (1) 62,099 53,535 24,923 10,334 1,491 245,622 398,004 Total residential whole loans, at carrying value $ 569,835 $ 1,880,880 $ 833,693 $ 95,833 $ 11,960 $ 803,131 $ 4,195,332 Total Gross write-offs $ — $ 21 $ 1,564 $ 32 $ — $ 768 $ 2,385 Total Recoveries — — — — — — — Total Net write-offs $ — $ 21 $ 1,564 $ 32 $ — $ 768 $ 2,385 (1) LTV represents the ratio of the total unpaid principal balance of the loan to the estimated value of the collateral securing the related loan as of the most recent date available, which may be the origination date. For Rehabilitation loans, the LTV presented is the ratio of the maximum unpaid principal balance of the loan, including unfunded commitments, to the estimated “after repaired” value of the collateral securing the related loan, where available. For certain Rehabilitation loans, totaling $189.9 million at December 31, 2020, an after repaired valuation was not obtained and the loan was underwritten based on an “as is” valuation. The weighted average LTV of these loans based on the current unpaid principal balance and the valuation obtained during underwriting, is 68% at December 31, 2020. Certain low value loans secured by vacant lots are categorized as LTV >= 80%. The following table presents certain information regarding the LTVs of the Company’s Residential whole loans that are 90 days or more delinquent: December 31, 2020 (Dollars In Thousands) Carrying Value / Fair Value UPB LTV (1) Purchased Credit Deteriorated Loans $ 119,621 $ 145,028 86.7 % Non-QM loans $ 148,387 $ 144,681 65.9 % Rehabilitation loans $ 136,347 $ 136,347 65.8 % Single-family rental loans $ 20,388 $ 20,233 72.7 % Seasoned performing loans $ 8,031 $ 8,823 55.1 % Residential whole loans, at fair value $ 571,729 $ 625,621 86.8 % (1) LTV represents the ratio of the total unpaid principal balance of the loan to the estimated value of the collateral securing the related loan as of the most recent date available, which may be the origination date. For Rehabilitation loans, the LTV presented is the ratio of the maximum unpaid principal balance of the loan, including unfunded commitments, to the estimated “after repaired” value of the collateral securing the related loan, where available. For certain Rehabilitation loans, an after repaired valuation was not obtained and the loan was underwritten based on an “as is” valuation. Excluded from the calculation of weighted average LTV are certain low value loans secured by vacant lots, for which the LTV ratio is not meaningful. Residential Whole Loans at Fair Value Certain of the Company’s residential whole loans are presented at fair value on its consolidated balance sheets as a result of a fair value election made at the time of acquisition. Subsequent changes in fair value are reported in current period earnings and presented in Net gain on residential whole loans measured at fair value through earnings on the Company’s consolidated statements of operations. The following table presents information regarding the Company’s residential whole loans held at fair value at December 31, 2020 and 2019: (Dollars in Thousands) December 31, 2020 December 31, 2019 Less than 60 Days Past Due: Outstanding principal balance $ 602,292 $ 666,026 Aggregate fair value $ 595,521 $ 641,616 Weighted Average LTV Ratio (1) 72.57 % 76.69 % Number of loans 3,033 3,159 60 Days to 89 Days Past Due: Outstanding principal balance $ 54,180 $ 58,160 Aggregate fair value $ 49,652 $ 53,485 Weighted Average LTV Ratio (1) 82.11 % 79.48 % Number of loans 263 313 90 Days or More Past Due: Outstanding principal balance $ 625,621 $ 767,320 Aggregate fair value $ 571,729 $ 686,482 Weighted Average LTV Ratio (1) 86.78 % 89.69 % Number of loans 2,326 2,983 Total Residential whole loans, at fair value $ 1,216,902 $ 1,381,583 (1) LTV represents the ratio of the total unpaid principal balance of the loan, to the estimated value of the collateral securing the related loan. Excluded from the calculation of weighted average LTV are certain low value loans secured by vacant lots, for which the LTV ratio is not meaningful. The following table presents the components of Net gain on residential whole loans measured at fair value through earnings for the years ended December 31, 2020, 2019 and 2018: For the Year Ended December 31, (In Thousands) 2020 2019 2018 Coupon payments, realized gains, and other income received (1) $ 72,700 $ 91,438 $ 81,602 Net unrealized gains 17,204 47,849 36,725 Net gain on transfers to REO 4,309 19,043 19,292 Total $ 94,213 $ 158,330 $ 137,619 (1) Primarily includes gains on liquidation of non-performing loans, including the recovery of delinquent interest payments, recurring coupon interest payments received on mortgage loans that are contractually current, and cash payments received from private mortgage insurance on liquidated loans. During the year ended December 31, 2020, loans at fair value with an aggregate unpaid principal balance of $24.1 million were sold, realizing net losses of $0.8 million.

Residential Mortgage Securities

Residential Mortgage Securities and MSR Related Assets	12 Months Ended
	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Residential Mortgage Securities and MSR-Related Assets	Residential Mortgage Securities and MSR-Related Assets Agency and Non-Agency MBS MBS investments held during the year ended December 31, 2020 or in prior periods included Agency MBS and Non-Agency MBS which include MBS issued prior to 2008 (“Legacy Non-Agency MBS”). These MBS are secured by: (i) hybrid mortgages (“Hybrids”), which have interest rates that are fixed for a specified period of time and, thereafter, generally adjust annually to an increment over a specified interest rate index; (ii) adjustable-rate mortgages (“ARMs”), which have interest rates that reset annually or more frequently (collectively, “ARM-MBS”); and (iii) 15 and 30 year fixed-rate mortgages for Agency MBS and, for Non-Agency MBS, 30-year and longer-term fixed-rate mortgages. In addition, the Company’s MBS are also comprised of MBS backed by securitized re-performing/non-performing loans (“RPL/NPL MBS”), where the cash flows of the bond may not reflect the contractual cash flows of the underlying collateral. The Company’s RPL/NPL MBS are generally structured with a contractual coupon step-up feature where the coupon increases from 300 - 400 basis points at 36 - 48 months from issuance or sooner. The Company pledges a significant portion of its MBS as collateral against its borrowings under repurchase agreements (see Note 7). Agency MBS: Agency MBS are guaranteed as to principal and/or interest by a federally chartered corporation, such as Fannie Mae or Freddie Mac, or an agency of the U.S. Government, such as Ginnie Mae. The payment of principal and/or interest on Ginnie Mae MBS is explicitly backed by the full faith and credit of the U.S. Government. Since the third quarter of 2008, Fannie Mae and Freddie Mac have been under the conservatorship of the Federal Housing Finance Agency, which significantly strengthened the backing for these government-sponsored entities. The Company sold its remaining holdings of Agency MBS during the quarter ended June 30, 2020. Non-Agency MBS: The Company’s Non-Agency MBS are primarily secured by pools of residential mortgages, which are not guaranteed by an agency of the U.S. Government or any federally chartered corporation. Credit risk associated with Non-Agency MBS is regularly assessed as new information regarding the underlying collateral becomes available and based on updated estimates of cash flows generated by the underlying collateral. During the quarter ended June 30, 2020, the Company had sold substantially all of its holdings of Legacy Non-Agency MBS and substantially reduced its holdings of other Non-Agency MBS. The Company sold its remaining Legacy Non-Agency MBS during the quarter ended September 30, 2020. CRT Securities CRT securities are debt obligations issued by or sponsored by Fannie Mae and Freddie Mac. The coupon payments on CRT securities are paid by the issuer and the principal payments received are dependent on the performance of loans in either a reference pool or an actual pool of loans. As an investor in a CRT security, the Company may incur a principal loss if the performance of the actual or reference pool loans results in either an actual or calculated loss that exceeds the credit enhancement of the security owned by the Company. The Company assesses the credit risk associated with its investments in CRT securities by assessing the current and expected future performance of the associated loan pool. The Company pledges a portion of its CRT securities as collateral against its borrowings under repurchase agreements (see Note 7). The following tables present certain information about the Company’s residential mortgage securities at December 31, 2020 and 2019: December 31, 2020 (In Thousands) Principal/ Current Purchase Accretable Discount Designated as Credit Reserve (1) Gross Amortized Gross Gross Net Fair Value Non-Agency MBS (2)(3)(4) $ 57,847 $ — $ (8,136) $ (669) $ 49,042 $ 8,585 $ (861) $ 7,724 $ 56,766 CRT securities (5) 104,031 3,022 (70) (20,768) 86,215 18,341 (322) 18,019 104,234 Total residential mortgage securities $ 161,878 $ 3,022 $ (8,206) $ (21,437) $ 135,257 $ 26,926 $ (1,183) $ 25,743 $ 161,000 December 31, 2019 (In Thousands) Principal/ Current Purchase Accretable Discount Designated as Credit Reserve (1) Gross Amortized Cost (6) Gross Gross Net Fair Value Agency MBS: (7) Fannie Mae $ 1,119,708 $ 43,249 $ (22) $ — $ 1,162,935 $ 9,799 $ (14,741) $ (4,942) $ 1,157,993 Freddie Mac 480,879 19,468 — — 500,961 5,475 (3,968) 1,507 502,468 Ginnie Mae 3,996 73 — — 4,069 52 — 52 4,121 Total Agency MBS 1,604,583 62,790 (22) — 1,667,965 15,326 (18,709) (3,383) 1,664,582 Non-Agency MBS: Expected to Recover Par (2)(3) 722,477 — (16,661) — 705,816 19,861 (9) 19,852 725,668 Expected to Recover Less than Par (2) 1,472,826 — (73,956) (436,598) 962,272 375,598 (9) 375,589 1,337,861 Total Non-Agency MBS (4) 2,195,303 — (90,617) (436,598) 1,668,088 395,459 (18) 395,441 2,063,529 Total MBS 3,799,886 62,790 (90,639) (436,598) 3,336,053 410,785 (18,727) 392,058 3,728,111 CRT securities (5) 244,932 4,318 (55) — 249,195 6,304 (91) 6,213 255,408 Total residential mortgage securities $ 4,044,818 $ 67,108 $ (90,694) $ (436,598) $ 3,585,248 $ 417,089 $ (18,818) $ 398,271 $ 3,983,519 (1) Discount designated as Credit Reserve is generally not expected to be accreted into interest income. (2) Based on management’s current estimates of future principal cash flows expected to be received. (3) Includes RPL/NPL MBS, which at December 31, 2020 had a $55.0 million Principal/Current face, $46.9 million amortized cost and $53.9 million fair value. At December 31, 2019, RPL/NPL MBS had a $632.3 million Principal/Current face, $631.8 million amortized cost and $635.0 million fair value. (4) At December 31, 2020 and 2019, the Company expected to recover approximately 99% and 80% of the then-current face amount of Non-Agency MBS, respectively. (5) Amounts disclosed at December 31, 2020 includes CRT securities with a fair value of $66.2 million for which the fair value option has been elected. Such securities had $551,000 gross unrealized gains and gross unrealized losses of approximately $322,000 at December 31, 2020. Amounts disclosed at December 31, 2019 includes CRT securities with a fair value of $255.4 million for which the fair value option had been elected. Such securities had gross unrealized gains of approximately $6.3 million and gross unrealized losses of approximately $91,000 at December 31, 2019. (6) Includes principal payments receivable of $614,000 at December 31, 2019, which is not included in the Principal/Current Face. (7) Amounts disclosed at December 31, 2019 include Agency MBS with a fair value of $280.3 million, for which the fair value option has been elected. Such securities had $4.5 million unrealized gains and no gross unrealized losses at December 31, 2019, respectively. Sales of Residential Mortgage Securities The following table presents information about the Company’s sales of its residential mortgage securities for the years ended December 31, 2020, 2019 and 2018. The Company has no continuing involvement with any of the sold securities. For the Year Ended December 31, 2020 2019 2018 (In Thousands) Sales Proceeds Gains/(Losses) Sales Proceeds Gains/(Losses) Sales Proceeds Gains/(Losses) Agency MBS $ 1,500,875 $ (19,291) $ 360,634 $ 499 $ 122,027 $ (6,810) Non-Agency MBS 1,318,958 107,999 291,391 50,360 117,060 36,744 CRT Securities 243,025 (27,011) 256,671 11,143 299,878 31,373 Total $ 3,062,858 $ 61,697 $ 908,696 $ 62,002 $ 538,965 $ 61,307 Unrealized Losses on Residential Mortgage Securities The following table presents information about the Company’s residential mortgage securities that were in an unrealized loss position at December 31, 2020, with respect to which no allowance for credit losses has been recorded: Unrealized Loss Position For: Less than 12 Months 12 Months or more Total (Dollars in Thousands) Fair Unrealized Losses Number of Fair Unrealized Losses Number of Fair Unrealized Losses Non-Agency MBS (1) $ 41,139 $ 861 4 $ — $ — — $ 41,139 $ 861 CRT securities (2) 62,252 322 8 — — — 62,252 322 Total residential mortgage securities $ 103,391 $ 1,183 12 $ — $ — — $ 103,391 $ 1,183 (1) Based on management’s current estimates of future principal cash flows expected to be received. (2) Amounts disclosed at December 31, 2020 include CRT securities with a fair value of $62.2 million for which the fair value option has been elected. Such securities had unrealized losses of $322,000 at December 31, 2020. Gross unrealized losses on the Company’s Non-Agency MBS were $861,000 at December 31, 2020. Based upon the most recent evaluation, the Company does not consider these unrealized losses to require an allowance for credit losses and does not believe that these unrealized losses are credit related, but are rather a reflection of current market yields and/or marketplace bid-ask spreads. The Company has reviewed its Non-Agency MBS that are in an unrealized loss position to identify those securities that require an allowance for credit losses based on an assessment of changes in expected cash flows for such securities, which considers recent bond performance and, where possible, expected future performance of the underlying collateral. The Company did not recognize an allowance for credit losses (or other than temporary impairment in prior year periods) through earnings related to its MBS for the years ended December 31, 2020 and 2019. However, during the three months ended March 31, 2020, the Company recognized an aggregate impairment loss related to its MBS of $63.5 million based on its intent to sell, or the likelihood it will be required to sell, certain securities at such time. MSR-Related Assets (a) Term Notes Backed by MSR-Related Collateral At December 31, 2020 and 2019, the Company had $239.0 million and $1.2 billion, respectively, of term notes issued by SPVs that have acquired rights to receive cash flows representing the servicing fees and/or excess servicing spread associated with certain MSRs. Payment of principal and interest on these term notes is considered to be largely dependent on cash flows generated by the underlying MSRs, as this impacts the cash flows available to the SPV that issued the term notes. At December 31, 2020, these term notes had an amortized cost of $184.9 million, gross unrealized gains of approximately $54.0 million, a weighted average yield of 12.3% and a weighted average term to maturity of 9.2 years. During the year ended December 31, 2020, the Company sold certain term notes for $711.7 million, realizing gains of $28.7 million, respectively. During the three months ended March 31, 2020, the Company recognized an impairment loss related to its term notes of $280.8 million based on its intent to sell, or the likelihood it will be required to sell, such notes. At December 31, 2019, these term notes had an amortized cost of $1.2 billion, gross unrealized gains of $5.2 million, a weighted average yield of 4.75% and a weighted average term to maturity of 5.3 years. (b) Corporate Loans The Company has made or participated in loans to provide financing to entities that originate residential mortgage loans and own the related MSRs. These corporate loans are secured by MSRs, as well as certain other unencumbered assets owned by the borrower. The Company has participated in a loan where it committed to lend $32.6 million of which no amount was drawn at December 31, 2020. The facility expires in August 2021. During the remaining commitment period, the Company receives a commitment fee between 0.25% and 1.0% based on the undrawn amount of the loan. The following table presents a roll-forward of the allowance for credit losses on the Company’s Residential mortgage securities and MSR-related assets: For the Year Ended December 31, (Dollars In Thousands) 2020 2019 Allowance for credit losses at beginning of period $ — $ — Current provision: — — Securities with no prior loss allowance 344,269 — Securities with a prior loss allowance — — Write-offs, including allowance related to securities the Company intended to sell (344,269) — Allowance for credit losses at end of period $ — $ — Impact of AFS Securities on AOCI The following table presents the impact of the Company’s AFS securities on its AOCI for the years ended December 31, 2020, 2019, and 2018: For the Year Ended December 31, (In Thousands) 2020 2019 2018 AOCI from AFS securities: Unrealized gain on AFS securities at beginning of period $ 392,722 $ 417,167 $ 620,648 Unrealized (loss)/gain on Agency MBS, net (161) 21,844 (17,891) Unrealized gain/(loss) on Non-Agency MBS, net 367,469 (6,682) (131,939) Unrealized gain/(loss) on MSR term notes, net 52,973 5,173 (812) Reclassification adjustment for MBS sales included in net income (389,127) (44,600) (51,580) Reclassification adjustment for impairment included in net income (344,269) (180) (1,259) Change in AOCI from AFS securities (313,115) (24,445) (203,481) Balance at end of period $ 79,607 $ 392,722 $ 417,167 Interest Income on Residential Mortgage Securities and MSR-Related Assets The following table presents the components of interest income on the Company’s residential mortgage securities and MSR-related assets for the years ended December 31, 2020, 2019 and 2018: For the Year Ended December 31, (In Thousands) 2020 2019 2018 Agency MBS Coupon interest $ 14,038 $ 82,446 $ 88,233 Effective yield adjustment (1) (5,186) (26,545) (25,930) Interest income $ 8,852 $ 55,901 $ 62,303 Legacy Non-Agency MBS Coupon interest $ 18,263 $ 87,024 $ 109,714 Effective yield adjustment (2)(3) 10,565 59,622 69,309 Interest income $ 28,828 $ 146,646 $ 179,023 RPL/NPL MBS Coupon interest $ 8,376 $ 53,086 $ 46,339 Effective yield adjustment (1)(4) 560 338 1,434 Interest income $ 8,936 $ 53,424 $ 47,773 CRT securities Coupon interest $ 7,010 $ 20,532 $ 30,628 Effective yield adjustment (2) 511 (1,949) 2,748 Interest income $ 7,521 $ 18,583 $ 33,376 MSR-related assets Coupon interest $ 25,970 $ 52,644 $ 27,174 Effective yield adjustment (1)(2) 9,987 3 1,246 Interest income $ 35,957 $ 52,647 $ 28,420 (1) Includes amortization of premium paid net of accretion of purchase discount. For Agency MBS, RPL/NPL MBS and the corporate loan secured by MSRs, interest income is recorded at an effective yield, which reflects net premium amortization/accretion based on actual prepayment activity. (2) The effective yield adjustment is the difference between the net income calculated using the net yield less the current coupon yield. The net yield may be based on management’s estimates of the amount and timing of future cash flows or in the instrument’s contractual cash flows, depending on the relevant accounting standards. (3) Includes accretion income recognized due to the impact of redemptions of certain securities that had been previously been purchased at a discount of $14.5 million and $2.7 million during the years ended December 31, 2019 and 2018, respectively.

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2020
Other Assets [Abstract]
Other Assets	Other Assets The following table presents the components of the Company’s Other assets at December 31, 2020 and 2019: (In Thousands) December 31, 2020 December 31, 2019 REO (1) $ 249,699 $ 411,659 Capital contributions made to loan origination partners 47,148 147,992 Other interest-earning assets — 70,468 Interest receivable 38,850 70,986 Other MBS and loan related receivables 16,682 44,648 Other 33,002 39,304 Total Other Assets $ 385,381 $ 785,057 (1) Includes $61.8 million and $27.3 million of REO that is held-for-investment at December 31, 2020 and 2019. (a) Real Estate Owned At December 31, 2020, the Company had 946 REO properties with an aggregate carrying value of $249.7 million. At December 31, 2019, the Company had 1,652 REO properties with an aggregate carrying value of $411.7 million. At December 31, 2020, $247.2 million of residential real estate property was held by the Company that was acquired either through a completed foreclosure proceeding or from completion of a deed-in-lieu of foreclosure or similar legal agreement. In addition, formal foreclosure proceedings were in process with respect to $116.3 million of residential whole loans held at carrying value and $448.5 million of residential whole loans held at fair value at December 31, 2020. The following table presents the activity in the Company’s REO for the years ended December 31, 2020 and 2019: For the Year Ended December 31, (Dollars In Thousands) 2020 2019 Balance at beginning of period $ 411,659 $ 249,413 Adjustments to record at lower of cost or fair value (12,570) (14,884) Transfer from residential whole loans (1) 96,766 257,701 Purchases and capital improvements, net 10,198 20,746 Disposals (2) (256,354) (101,317) Balance at end of period $ 249,699 $ 411,659 Number of properties 946 1,652 (1) Includes net gain recorded on transfer of approximately $5.1 million and $19.8 million, respectively, for the years ended December 31, 2020 and 2019. ( b ) Capital Contributions Made to Loan Origination Partners The Company has made investments in several loan originators as part of its strategy to be a reliable source of capital to select partners from whom it sources residential mortgage loans through both flow arrangements and bulk purchases. To date, such contributions of capital include the following investments (based on their carrying value prior to any impairments): $30.4 million of common equity and $82.1 million of preferred equity. In addition, for certain partners, options or warrants may have also been acquired that provide the Company the ability to increase the level of its investment if certain conditions are met. At the end of each reporting period, or earlier if circumstances warrant, the Company evaluates whether the nature of its interests and other involvement with the investee entity requires the Company to apply equity method accounting or consolidate the results of the investee entity with the Company’s financial results. To date, the nature of the Company’s interests and/or involvement with investee companies has not resulted in consolidation. Further, to the extent that the nature of the Company’s interests has resulted in the need for the Company to apply equity method accounting, the impact of such accounting on the Company’s results for periods subsequent to that in which the Company was determined to have significant influence over the investee company was not material for any period. As the interests acquired to date by the Company generally do not have a readily determinable fair value, the Company accounts for its non-equity method interests (including any acquired options and warrants) in loan originators initially at cost. The carrying value of these investments will be adjusted if it is determined that an impairment has occurred or if there has been a subsequent observable transaction in either the investee company’s equity securities or a similar security that provides evidence to support an adjustment to the carrying value. Following an evaluation of the anticipated impact of the COVID-19 pandemic on economic conditions for the short to medium term, the Company recorded impairment charges of $65.3 million on investments in certain loan origination partners during the year ended December 31, 2020, which was included in “Impairment and other losses on securities available-for-sale and other assets” on the consolidated statements of operations. At December 31, 2020, approximately $738.4 million of the Company’s Residential whole loans, at carrying value were serviced by entities in which the Company has an investment. (c) Derivative Instruments The Company’s derivative instruments have been generally comprised of Swaps, the majority of which were designated as cash flow hedges against the interest rate risk associated with certain borrowings. In addition, in connection with managing risks associated with purchases of longer duration Agency MBS, the Company has also entered into Swaps that are not designated as hedges for accounting purposes. In response to the turmoil in the financial markets resulting from the COVID-19 pandemic experienced during the three months ended March 31, 2020, the Company unwound all of its approximately $4.1 billion of Swap hedging transactions late in the first quarter in order to recover previously posted margin. Gains or losses associated with these Swap hedging transactions are required to be transferred from AOCI to earnings over the original term of the Swap, if the underlying hedged item or transactions are assessed as probable of occurring. After the closing of several new financing transactions late in the quarter ended June 30, 2020, the Company evaluated its anticipated future financing requirements. The Company concluded that it was no longer probable that certain previously used financing strategies, including those that primarily utilized repurchase agreements with funding costs that reset on a monthly basis, would be used by the Company on an ongoing basis, as this financing strategy had been essentially replaced by the new financing transactions. Consequently, during the year ended December 31, 2020, the Company concluded that it was appropriate to transfer from AOCI to earnings approximately $57.0 million of losses on Swaps that had previously been designated as hedges for accounting purposes, because the hedged transactions were no longer considered probable to occur. This amount is included in Other income, net on the Company’s consolidated statements of operations. At December 31, 2020, there are no remaining losses included in AOCI on Swaps previously designated as hedges for accounting purposes. The following table presents the fair value of the Company’s derivative instruments at December 31, 2020 and 2019: December 31, 2020 2019 Derivative Instrument (1) Designation Notional Amount Fair Value Notional Amount Fair Value (In Thousands) Swaps Hedging $ — $ — $ 2,942,000 $ — Swaps Non-Hedging $ — $ — $ 230,000 $ — (1) Represents Swaps executed bilaterally with a counterparty in the over-the-counter market but then novated to a central clearing house, whereby the central clearing house becomes the counterparty to both of the original counterparties. Swaps The following table presents the assets pledged as collateral against the Company’s Swap contracts at December 31, 2020 and 2019: December 31, (In Thousands) 2020 2019 Agency MBS, at fair value $ — $ 2,241 Restricted cash — 16,777 Total assets pledged against Swaps $ — $ 19,018 The following table presents information about the Company’s Swaps at December 31, 2020 and 2019: December 31, 2020 December 31, 2019 Maturity (1) Notional Weighted Weighted Average Variable Interest Rate (2) Notional Weighted Weighted Average Variable Interest Rate (2) (Dollars in Thousands) Over 3 months to 6 months — — — 200,000 2.05 1.70 Over 6 months to 12 months — — — 1,430,000 2.30 1.77 Over 12 months to 24 months — — — 1,300,000 2.11 1.86 Over 24 months to 36 months — — — 20,000 1.38 1.90 Over 36 months to 48 months — — — 222,000 2.88 1.84 Total Swaps $ — — % — % $ 3,172,000 2.24 % 1.81 % (1) Each maturity category reflects contractual amortization and/or maturity of notional amounts. (2) Reflects the benchmark variable rate due from the counterparty at the date presented, which rate adjusts monthly or quarterly based on one-month or three-month LIBOR, respectively. The following table presents the net impact of the Company’s derivative hedging instruments on its net interest expense and the weighted average interest rate paid and received for such Swaps for the years ended December 31, 2020, 2019 and 2018: For the Year Ended December 31, (Dollars in Thousands) 2020 2019 2018 Interest expense attributable to Swaps $ (3,359) $ 927 $ 3,780 Weighted average Swap rate paid 2.06 % 2.28 % 2.12 % Weighted average Swap rate received 1.63 % 2.24 % 1.96 % During the year ended December 31, 2020, the Company recorded net losses on Swaps not designated in hedging relationships of approximately $4.3 million, which included $9.4 million of losses realized on the unwind of certain Swaps. During the year ended December 31, 2019, the Company recorded net losses on Swaps not designated in hedging relationships of $16.5 million, which included $17.7 million of losses realized on the unwind of certain Swaps. During the year ended December 31, 2018, the Company recorded net losses on Swaps not designated in hedging relationships of $9.6 million. These amounts are included in Other income, net on the Company’s consolidated statements of operations. Impact of Derivative Hedging Instruments on AOCI The following table presents the impact of the Company’s derivative hedging instruments on its AOCI for the years ended December 31, 2020, 2019 and 2018: For the Year Ended December 31, (In Thousands) 2020 2019 2018 AOCI from derivative hedging instruments: Balance at beginning of period $ (22,675) $ 3,121 $ (11,424) Net (loss)/gain on Swaps (50,127) (23,342) 14,545 Reclassification adjustment for losses/gains related to hedging instruments included in net income 72,802 (2,454) — Balance at end of period $ — $ (22,675) $ 3,121

Finance Agreements

Finance Agreements	12 Months Ended
	Dec. 31, 2020
Disclosure of Repurchase Agreements [Abstract]
Finance Agreements	Financing Agreements The following tables present the components of the Company’s Financing agreements at December 31, 2020 and December 31, 2019: December 31, 2020 (In Thousands) Unpaid Principal Balance Amortized Cost Balance Fair Value/Carrying Value (1) Financing agreements, at fair value Agreements with non-mark-to-market collateral provisions $ 1,156,899 $ 1,156,899 $ 1,159,213 Agreements with mark-to-market collateral provisions 1,338,077 1,338,077 1,338,077 Securitized debt 866,203 857,553 869,482 Total Financing agreements, at fair value $ 3,361,179 $ 3,352,529 $ 3,366,772 Other financing agreements Securitized debt $ 648,300 $ 645,027 Convertible senior notes 230,000 225,177 Senior notes 100,000 100,000 Total Financing agreements at carrying value $ 978,300 $ 970,204 Total Financing agreements $ 4,339,479 $ 4,336,976 (1) Financing agreements at fair value are reported at estimated fair value each period as a result of the Company’s fair value option election. Other financing arrangements are reported at their carrying value (amortized cost basis) as the fair value option was not elected on these liabilities. Consequently, Total Financing agreements as presented reflects a summation of balances reported at fair value and carrying value. Set out below is information about the Company’s Financing agreements that existed as of December 31, 2019. During the second quarter of 2020, outstanding repurchase agreement transactions at that time were renegotiated as part of a reinstatement agreement that was entered into by the Company. The Company elected to account for these reinstated transactions under the fair value option from the time these repurchase agreements were reinstated. Accordingly, as of December 31, 2020, such liabilities are reported as Financing agreements at fair value. December 31, 2019 (In Thousands) Unpaid Principal Balance Carrying Value Repurchase agreements $ 9,140,944 $ 9,139,821 Securitized debt 573,900 570,952 Convertible senior notes 230,000 223,971 Senior notes 100,000 96,862 Total Financing agreements at carrying value $ 10,044,844 $ 10,031,606 (a) Financing Agreements, at Fair Value During the second quarter of 2020, the Company entered into a $500 million senior secured credit agreement. In addition, in conjunction with its exit from forbearance arrangements, the Company entered into several new asset backed financing arrangements and renegotiated financing arrangements for certain assets with existing lenders, which together resulted in the Company essentially refinancing the majority of its investment portfolio. The Company elected the fair value option on these financing arrangements, primarily to simplify the accounting associated with costs incurred to establish the new facilities or renegotiate existing facilities. The Company considers that the most relevant feature that distinguishes between the various asset backed financing arrangements is how the financing arrangement is collateralized, including the ability of the lender to make margin calls on the Company based on changes in value of the underlying collateral securing the financing. Accordingly, further details are provided below regarding assets that are financed with agreements that have non-mark-to-market collateral provisions and assets that are financed with agreements that have mark-to-market collateral provisions. Agreements with non-mark-to-market collateral provisions The Company and certain of its subsidiaries entered into a non-mark-to-market term loan facility with certain lenders with an initial borrowing capacity of $1.65 billion. The Company’s borrowing subsidiaries have pledged, as collateral security for the facility, certain of their residential whole loans (excluding Rehabilitation loans), as well as the equity in subsidiaries that own the loans. The facility has an initial term of two years, which may be extended for up to an additional three years, subject to certain conditions, including the payment of an extension fee and provided that no events of default have occurred. For the initial two year term, the financing cost for the facility will be calculated at a spread over the lender’s financing cost, which, depending on the lender, is expected to be based either on three-month LIBOR, or an index that it expected over time to be closely correlated to changes in three-month LIBOR. At December 31, 2020, the amount financed under this facility was approximately $886.1 million. In addition, the Company also entered into non-mark-to-market financing facilities on Rehabilitation loans. Under these facilities, Rehabilitation loans, as well as the equity in subsidiaries that own the loans, are pledged as collateral. The facilities have a two year term and the financing cost is calculated at a spread over three-month LIBOR. At December 31, 2020, the amount financed under these facilities was approximately $273.1 million. The following table presents information with respect to the Company’s financing agreements with non-mark-to-market collateral provisions and associated assets pledged as collateral at December 31, 2020 and December 31, 2019: (Dollars in Thousands) December 31, December 31, Non-mark-to-market financing secured by residential whole loans at carrying value $ 906,466 $ — Fair value of residential whole loans at carrying value pledged as collateral under financing agreements $ 1,500,100 $ — Weighted average haircut on residential whole loans at carrying value 38.62 % — % Non-mark-to-market financing secured by residential whole loans at fair value $ 252,747 $ — Fair value of residential whole loans at fair value pledged as collateral under financing agreements $ 430,183 $ — Weighted average haircut on residential whole loans at fair value 42.26 % — % Agreements with mark-to-market collateral provisions In addition to entering into the financing arrangements discussed above, the Company also entered into a reinstatement agreement with certain lending counterparties that facilitated its exit from the forbearance arrangements that the Company had previously entered into. In connection with the reinstatement agreement, terms of its prior financing arrangements on certain residential whole loans, residential mortgage securities, and MSR-related assets were renegotiated and those arrangements were reinstated on a go-forward basis. These financing arrangements continue to contain mark-to-market provisions that permit the lending counterparties to make margin calls on the Company should the value of the pledged collateral decline. The Company is also permitted to recover previously posted margin payments, should values of the pledged collateral subsequently increase. These facilities generally have a maturity ranging from one The following table presents information with respect to the Company’s financing agreements with mark-to-market collateral provisions and associated assets pledged as collateral at December 31, 2020 and December 31, 2019: (Dollars in Thousands) December 31, December 31, Mark-to-market financing agreements secured by residential whole loans (1) $ 1,124,162 $ 4,743,094 Fair value of residential whole loans pledged as collateral under financing agreements (2) $ 1,798,813 $ 5,986,267 Weighted average haircut on residential whole loans (3) 33.53 % 20.07 % Mark-to-market financing agreement borrowings secured by Agency MBS $ — $ 1,557,675 Fair value of Agency MBS pledged as collateral under financing agreements $ — $ 1,656,373 Weighted average haircut on Agency MBS (3) — % 4.46 % Mark-to-market financing agreement borrowings secured by Legacy Non-Agency MBS $ 1,282 $ 1,121,802 Fair value of Legacy Non-Agency MBS pledged as collateral under financing agreements $ 2,821 $ 1,420,797 Weighted average haircut on Legacy Non-Agency MBS (3) 50.00 % 20.27 % Mark-to-market financing agreement borrowings secured by RPL/NPL MBS $ 32,950 $ 495,091 Fair value of RPL/NPL MBS pledged as collateral under financing agreements $ 53,946 $ 635,005 Weighted average haircut on RPL/NPL MBS (3) 38.75 % 21.52 % Mark-to-market financing agreements secured by CRT securities $ 54,883 $ 203,569 Fair value of CRT securities pledged as collateral under financing agreements $ 104,234 $ 252,175 Weighted average haircut on CRT securities (3) 42.47 % 18.84 % Mark-to-market financing agreements secured by MSR-related assets $ 124,800 $ 962,515 Fair value of MSR-related assets pledged as collateral under financing agreements $ 238,999 $ 1,217,002 Weighted average haircut on MSR-related assets (3) 41.12 % 21.18 % Mark-to-market financing agreements secured by other interest-earning assets $ — $ 57,198 Fair value of other interest-earning assets pledged as collateral under financing agreements $ — $ 61,708 Weighted average haircut on other interest-earning assets (3) — % 22.01 % (1) Excludes $0 and $1.1 million of unamortized debt issuance costs at December 31, 2020 and December 31, 2019, respectively. (2) At December 31, 2020 and December 31, 2019, includes RPL/NPL MBS with an aggregate fair value of $141.9 million and $238.8 million, respectively, obtained in connection with the Company’s loan securitization transactions that are eliminated in consolidation. (3) Haircut represents the percentage amount by which the collateral value is contractually required to exceed the loan amount. In addition, the Company had cash pledged as collateral in connection with its financing agreements of $7.2 million and $25.2 million at December 31, 2020 and December 31, 2019, respectively. The following table presents repricing information (excluding the impact of associated derivative hedging instruments, if any) about the Company’s financing agreements that have non-mark-to-market collateral provisions as well as those that have mark-to-market collateral provisions, at December 31, 2020 and December 31, 2019: December 31, 2020 December 31, 2019 Amortized Cost Basis Weighted Average Interest Rate Amortized Cost Basis Weighted Average Interest Rate Time Until Interest Rate Reset (Dollars in Thousands) Within 30 days $ 2,494,976 3.16 % $ 4,472,120 2.55 % Over 30 days to 3 months — — 2,746,384 3.43 Over 3 months to 12 months — — 1,014,441 3.36 Over 12 months — — 907,999 3.44 Total financing agreements $ 2,494,976 3.16 % $ 9,140,944 2.99 % Less debt issuance costs — 1,123 Total financing agreements less debt $ 2,494,976 $ 9,139,821 The Company had financing agreements, including repurchase agreements and other forms of secured financing with 7 and 28 counterparties at December 31, 2020 and December 31, 2019, respectively. The following table presents information with respect to each counterparty under financing agreements for which the Company had greater than 5% of stockholders’ equity at risk in the aggregate at December 31, 2020: December 31, 2020 Counterparty Rating (1) Amount at Risk (2) Weighted Percent of Counterparty (Dollars in Thousands) Barclays Bank BBB/Aa3/A $ 505,580 1 20.0 % Credit Suisse BBB+/Baa1/A- 438,336 1 17.4 Wells Fargo A+/Aa2/AA- 337,769 1 13.4 Goldman Sachs (3) BBB+/A2/A 187,122 0 7.4 Athene (4) BBB+/N/A/BBB+ 133,286 1 5.3 (1) As rated at December 31, 2020 by S&P, Moody’s and Fitch, Inc., respectively. The counterparty rating presented is the lowest published for these entities. (2) The amount at risk reflects the difference between (a) the amount loaned to the Company through financing agreements, including interest payable, and (b) the cash and the fair value of the securities pledged by the Company as collateral, including accrued interest receivable on such securities. (3) Includes $25.4 million at risk with Goldman Sachs and $161.7 million at risk with Goldman Sachs Bank USA. (4) Includes amounts at risk with various Athene affiliates that collectively exceed 5% of stockholders’ equity. Senior Secured Term Loan Facility On June 26,2020, the Company entered into a $500 million senior secured term loan facility (the “Term Loan Facility”) with certain funds, accounts and/or clients managed by affiliates of Apollo Global Management, Inc. and affiliates of Athene Holding Ltd. The outstanding balance of the Term Loan Facility was repaid and the Term Loan Facility was terminated prior to December 31, 2020. (b) Other Financing Agreements These arrangements were either entered into prior to the Company experiencing financial difficulties related to the COVID-19 pandemic, or, in the case of the Company’s recent securitizations, after the Company’s exit from forbearance, and were not subject to the forbearance arrangements that were entered into by the Company or any negotiations related to the Company’s exit from those arrangements. Additional information regarding the Company’s Other financing arrangements as of December 31, 2020, is included below: Securitized Debt Securitized debt represents third-party liabilities of consolidated VIEs and excludes liabilities of the VIEs acquired by the Company that are eliminated in consolidation. The third-party beneficial interest holders in the VIEs have no recourse to the general credit of the Company. The weighted average fixed rate on the securitized debt was 2.11% at December 31, 2020 (see Notes 10 and 15 for further discussion). Convertible Senior Notes On June 3, 2019, the Company issued $230.0 million in aggregate principal amount of its Convertible Senior Notes in an underwritten public offering, including an additional $30.0 million issued pursuant to the exercise of the underwriters’ option to purchase additional Convertible Senior Notes. The total net proceeds the Company received from the offering were approximately $223.3 million, after deducting offering expenses and the underwriting discount. The Convertible Senior Notes bear interest at a fixed rate of 6.25% per year, paid semiannually on June 15 and December 15 of each year commencing December 15, 2019 and will mature on June 15, 2024, unless earlier converted, redeemed or repurchased in accordance with their terms. The Convertible Senior Notes are convertible at the option of the holders at any time until the close of business on the business day immediately preceding the maturity date into shares of the Company’s common stock based on an initial conversion rate of 125.7387 shares of the Company’s common stock for each $1,000 principal amount of the Convertible Senior Notes, which is equivalent to an initial conversion price of approximately $7.95 per share of common stock. The Convertible Senior Notes have an effective interest rate, including the impact of amortization to interest expense of debt issuance costs, of 6.94%. The Company does not have the right to redeem the Convertible Senior Notes prior to maturity, except to the extent necessary to preserve its status as a REIT, in which case the Company may redeem the Convertible Senior Notes, in whole or in part, at a redemption price equal to the principal amount redeemed plus accrued and unpaid interest. The Convertible Senior Notes are the Company’s senior unsecured obligations and are effectively junior to all of the Company’s secured indebtedness, which includes the Company’s repurchase agreements and other financing arrangements, to the extent of the value of the collateral securing such indebtedness and equal in right of payment to the Company’s existing and future senior unsecured obligations, including the Senior Notes. Senior Notes On April 11, 2012, the Company issued $100.0 million in aggregate principal amount of its Senior Notes in an underwritten public offering. The Senior Notes bear interest at a fixed rate of 8.00% per year. The Senior Notes have an effective interest rate, including the impact of amortization to interest expense of debt issuance costs, of 8.31%. On January 6, 2021, the Company redeemed all of its outstanding Senior Notes (see Note 17).

Collateral Positions

Collateral Positions	12 Months Ended
	Dec. 31, 2020
Transfers and Servicing [Abstract]
Collateral Positions	Collateral Positions The Company pledges securities or cash as collateral to its counterparties in relation to certain of its financing arrangements. In addition, the Company receives securities or cash as collateral pursuant to financing provided under reverse repurchase agreements. The Company exchanges collateral with its counterparties based on changes in the fair value, notional amount and term of the associated financing arrangements and Swap contracts, as applicable. In connection with these margining practices, either the Company or its counterparty may be required to pledge cash or securities as collateral. When the Company’s pledged collateral exceeds the required margin, the Company may initiate a reverse margin call, at which time the counterparty may either return the excess collateral or provide collateral to the Company in the form of cash or equivalent securities.

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	12 Months Ended
	Dec. 31, 2020
Offsetting [Abstract]
Offsetting Assets and Liabilities	Offsetting Assets and Liabilities Certain of the Company’s financing arrangements and derivative transactions are governed by underlying agreements that generally provide for a right of setoff in the event of default or in the event of a bankruptcy of either party to the transaction. In the Company’s consolidated balance sheets, all balances associated with repurchase agreements are presented on a gross basis. The fair value of financial instruments pledged against the Company’s financing arrangements was $4.1 billion and $11.2 billion at December 31, 2020 and December 31, 2019, respectively. The fair value of financial instruments pledged against the Company’s Swaps was $0 and $2.2 million at December 31, 2020 and December 31, 2019, respectively. In addition, cash that has been pledged as collateral against financing arrangements and Swaps is reported as Restricted cash on the Company’s consolidated balance sheets (see Notes 2(f), 5(c) and 6).

Other Liabilities

Other Liabilities	12 Months Ended
	Dec. 31, 2020
Other Liabilities [Abstract]
Other Liabilities	Other Liabilities The following table presents the components of the Company’s Other liabilities at December 31, 2020 and 2019: (In Thousands) December 31, 2020 December 31, 2019 Dividends and dividend equivalents payable $ 34,016 $ 90,749 Accrued interest payable 11,116 18,238 Accrued expenses and other 25,390 43,625 Total Other Liabilities $ 70,522 $ 152,612

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies (a) Lease Commitments The Company pays monthly rent pursuant to three office leases. In November 2018, the Company amended the lease for its corporate headquarters in New York, New York, under the same terms and conditions, to extend the expiration date for the lease by up to one year, through June 30, 2021, with a mutual option to terminate on or after February 15, 2021. For the year ended December 31, 2020, the Company recorded an expense of approximately $2.9 million in connection with the lease for its current corporate headquarters. In addition, in November 2018, the Company executed a lease agreement on new office space in New York, New York. The Company plans to relocate its corporate headquarters to this new office space upon the substantial completion of the building. The lease term specified in the agreement is fifteen years with an option to renew for an additional five years. The Company’s current estimate of annual lease rental expense under the new lease, excluding escalation charges which at this point are unknown, is approximately $4.6 million. The Company currently expects to relocate to the space in the first fiscal quarter of 2021, but this timing, as well as when it is required to begin making payments and recognize rental and other expenses under the new lease, is dependent on when the space is actually available for use. The Company recognized lease expense of $3.0 million, $2.7 million and $2.7 million for the years ended December 31, 2020, 2019 and 2018, respectively, which is included in Other general and administrative expense within the consolidated statements of operations. At December 31, 2020, the contractual minimum rental payments (exclusive of possible rent escalation charges and normal recurring charges for maintenance, insurance and taxes) were as follows: Year Ended December 31, Minimum Rental Payments (1) (In Thousands) 2021 $ 434 2022 85 2023 86 2024 65 2025 — Thereafter — Total $ 670 (1) Table excludes amounts related to the lease agreement for new office space discussed above as the Company is not contractually obligated to make rental payments until fourteen months after a temporary certificate of occupancy is delivered to the landlord, which is currently expected to occur on or before March 2021. (b) Representations and Warranties in Connection with Loan Securitization Transactions In connection with the loan securitization transactions entered into by the Company, the Company has the obligation under certain circumstances to repurchase assets previously transferred to securitization vehicles upon breach of certain representations and warranties. As of December 31, 2020, the Company had no reserve established for repurchases of loans and was not aware of any material unsettled repurchase claims that would require the establishment of such a reserve (see Note 15). (c) Corporate Loans The Company has participated in loans to provide financing to entities that originate loans and own MSRs, as well as certain other unencumbered assets owned by the borrower. At December 31, 2020, the Company’s commitment to lend is $32.6 million of which no amount was drawn at December 31, 2020 (see Note 4). (d) Rehabilitation Loan Commitments

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity ( a ) Preferred Stock 7.50% Series B Cumulative Redeemable Preferred Stock (“Series B Preferred Stock”) On April 15, 2013, the Company completed the issuance of 8.0 million shares of its Series B Preferred Stock with a par value of $0.01 per share, and a liquidation preference of $25.00 per share plus accrued and unpaid dividends, in an underwritten public offering. The Company’s Series B Preferred Stock is entitled to receive a dividend at a rate of 7.50% per year on the $25.00 liquidation preference before the Company’s common stock is paid any dividends and is senior to the Company’s common stock with respect to distributions upon liquidation, dissolution or winding up. Dividends on the Series B Preferred Stock are payable quarterly in arrears on or about March 31, June 30, September 30 and December 31 of each year. The Series B Preferred Stock is redeemable at $25.00 per share plus accrued and unpaid dividends (whether or not authorized or declared) exclusively at the Company’s option. The Series B Preferred Stock generally does not have any voting rights, subject to an exception in the event the Company fails to pay dividends on such stock for six or more quarterly periods (whether or not consecutive). Under such circumstances, the Series B Preferred Stock will be entitled to vote to elect two additional directors to the Company’s Board of Directors (the “Board”), until all unpaid dividends have been paid or declared and set apart for payment. In addition, certain material and adverse changes to the terms of the Series B Preferred Stock cannot be made without the affirmative vote of holders of at least 66 2/3% of the outstanding shares of Series B Preferred Stock. As a result of the turmoil in the financial markets resulting from the global COVID-19 pandemic, and in order to preserve liquidity, on March 25, 2020, the Company revoked the previously announced first quarter 2020 quarterly cash dividends on each of the Company's common stock and Series B Preferred Stock. On July 1, 2020, the Company announced that it had reinstated the payment of dividends on its Series B Preferred Stock and declared a preferred stock dividend of $0.9375 per share, payable on July 31, 2020 to Series B Preferred stockholders of record as of July 15, 2020. The following table presents cash dividends declared by the Company on its Series B Preferred Stock from January 1, 2018 through December 31, 2020: Year Declaration Date Record Date Payment Date Dividend Per Share 2020 November 18, 2020 December 4, 2020 December 31, 2020 $0.46875 August 12, 2020 September 8, 2020 September 30, 2020 0.46875 July 1, 2020 July 15, 2020 July 31, 2020 0.93750 2019 November 15, 2019 December 2, 2019 December 31, 2019 $0.46875 August 9, 2019 August 30, 2019 September 30, 2019 0.46875 May 20, 2019 June 3, 2019 June 28, 2019 0.46875 February 15, 2019 March 4, 2019 March 29, 2019 0.46875 2018 November 26, 2018 December 7, 2018 December 28, 2018 $0.46875 August 20, 2018 September 7, 2018 September 28, 2018 0.46875 May 17, 2018 June 4, 2018 June 29, 2018 0.46875 February 20, 2018 March 2, 2018 March 30, 2018 0.46875 Issuance of 6.50% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series C Preferred Stock”) On February 28, 2020, the Company amended its charter through the filing of articles supplementary to reclassify 12,650,000 shares of the Company’s authorized but unissued common stock as shares of the Company’s Series C Preferred Stock. On March 2, 2020, the Company completed the issuance of 11.0 million shares of its Series C Preferred Stock with a par value of $0.01 per share, and a liquidation preference of $25.00 per share plus accrued and unpaid dividends, in an underwritten public offering. The total net proceeds the Company received from the offering were approximately $266.0 million, after deducting offering expenses and the underwriting discount. The Company’s Series C Preferred Stock is entitled to receive dividends (i) from and including the original issue date to, but excluding, March 31, 2025, at a fixed rate of 6.50% per year on the $25.00 liquidation preference and (ii) from and including March 31, 2025, at a floating rate equal to three-month LIBOR plus a spread of 5.345% per year of the $25.00 per share liquidation preference before the Company’s common stock is paid any dividends, and is senior to the Company’s common stock with respect to distributions upon liquidation, dissolution or winding up. Dividends on the Series C Preferred Stock are payable quarterly in arrears on or about March 31, June 30, September 30 and December 31 of each year. The Series C Preferred Stock is not redeemable by the Company prior to March 31, 2025, except under circumstances where it is necessary to preserve the Company’s qualification as a REIT for U.S. federal income tax purposes and upon the occurrence of certain specified change in control transactions. On or after March 31, 2025, the Company may, at its option, subject to certain procedural requirements, redeem any or all of the shares of the Series C Preferred Stock for cash at a redemption price of $25.00 per share, plus any accrued and unpaid dividends thereon (whether or not authorized or declared) to, but excluding, the redemption date. The Series C Preferred Stock generally does not have any voting rights, subject to an exception in the event the Company fails to pay dividends on such stock for six or more quarterly periods (whether or not consecutive). Under such circumstances, the Series C Preferred Stock will be entitled to vote to elect two additional directors to the Company’s Board, until all unpaid dividends have been paid or declared and set apart for payment. In addition, certain material and adverse changes to the terms of the Series C Preferred Stock cannot be made without the affirmative vote of holders of at least 66 2/3% of the outstanding shares of Series C Preferred Stock. Pursuant to the now-terminated forbearance agreements that the Company had previously entered into, the Company was prohibited from paying dividends on its Series C Preferred Stock during the forbearance period. On July 1, 2020, the Company announced that it had reinstated the payment of dividends on its Series C Preferred Stock and declared a preferred stock dividend of $0.53264 per share, payable on July 31, 2020 to the Series C Preferred stockholders of record as of July 15, 2020. Upon payment of this dividend, the Company paid in full all accumulated but previously unpaid dividends on its Series C Preferred Stock. The following table presents cash dividends declared by the Company on its Series C Preferred Stock from January 1, 2020 through December 31, 2020: Year Declaration Date Record Date Payment Date Dividend Per Share 2020 November 18, 2020 December 4, 2020 December 31, 2020 $0.40625 August 12, 2020 September 8, 2020 September 30, 2020 0.40625 July 1, 2020 July 15, 2020 July 31, 2020 0.53264 (b) Dividends on Common Stock As discussed above, on March 25, 2020, the Company revoked its previously announced first quarter 2020 quarterly cash dividends on each of the Company's common stock and Series B Preferred Stock. The quarterly cash dividend of $0.20 per share on the Company's common stock had been declared on March 11, 2020, and was to be paid on April 30, 2020, to all stockholders of record as of the close of business March 31, 2020. On August 6, 2020, the Company declared a regular cash dividend of $0.05 per share of common stock. This dividend was paid on October 30, 2020, to stockholders of record on September 30, 2020. On December 17, 2020, the Company declared a regular cash dividend of $0.075 per share of common stock. This dividend was paid on January 29, 2021, to stockholders of record on December 30, 2020. At December 31, 2020, the Company had accrued dividends and dividend equivalents payable of $34.0 million related to the common stock dividend declared on December 17, 2020. The following table presents cash dividends declared by the Company on its common stock from January 1, 2018 through December 31, 2020: Year Declaration Date Record Date Payment Date Dividend Per Share 2020 December 17, 2020 December 30, 2020 January 29, 2021 $0.075 (1) August 6, 2020 September 30, 2020 October 30, 2020 0.05 2019 December 12, 2019 December 30, 2019 January 31, 2020 $0.20 September 12, 2019 September 30, 2019 October 31, 2019 0.20 June 12, 2019 July 1, 2019 July 31, 2019 0.20 March 6, 2019 March 29, 2019 April 30, 2019 0.20 2018 December 12, 2018 December 28, 2018 January 31, 2019 $0.20 September 13, 2018 October 1, 2018 October 31, 2018 0.20 June 7, 2018 June 29, 2018 July 31, 2018 0.20 March 7, 2018 March 29, 2018 April 30, 2018 0.20 (1) At December 31, 2020, we had accrued dividends and dividend equivalents payable of $34.0 million related to the common stock dividend declared on December 17, 2020. This dividend will be considered taxable income to the recipient in 2021. For more information see the Company’s 2020 Dividend Tax Information on its website. In general, the Company’s common stock dividends have been characterized as ordinary income to its stockholders for income tax purposes. However, a portion of the Company’s common stock dividends may, from time to time, be characterized as capital gains or return of capital. For the year ended December 31, 2020, the portion of the Company’s common stock dividends that was deemed to be a return of capital was $0.05 per share of common stock. For the years ended December 31, 2019 and 2018, the portions of the Company’s common stock dividends that were deemed to be capital gains were $0.1672 and $0.1290 per share of common stock, respectively. (c) Public Offering of Common Stock The Company did not issue any common stock through public offerings during the years ended December 31, 2020 and 2019. The table below presents information with respect to shares of the Company’s common stock issued through public offerings during the year ended December 31, 2018. Share Issue Date Shares Issued Gross Proceeds Per Share Gross Proceeds (In Thousands, Except Per Share Amounts) August 7, 2018 50,875 (1) $ 7.78 $ 395,807 (1) (1) Includes approximately 875,000 shares issued on September 5, 2018 pursuant to the exercise of the underwriters’ option to purchase additional shares. The Company incurred approximately $6.4 million of underwriting discounts and related expenses in connection with this equity offering. (d) Discount Waiver, Direct Stock Purchase and Dividend Reinvestment Plan (“DRSPP”) On October 15, 2019, the Company filed a shelf registration statement on Form S-3 with the SEC under the Securities Act of 1933, as amended (the “1933 Act”), for the purpose of registering additional common stock for sale through its DRSPP. Pursuant to Rule 462(e) under the 1933 Act, this shelf registration statement became effective automatically upon filing with the SEC and, when combined with the unused portion of the Company’s previous DRSPP shelf registration statements, registered an aggregate of 9.0 million shares of common stock. The Company’s DRSPP is designed to provide existing stockholders and new investors with a convenient and economical way to purchase shares of common stock through the automatic reinvestment of dividends and/or optional cash investments. At December 31, 2020, approximately 8.7 million shares of common stock remained available for issuance pursuant to the DRSPP shelf registration statement. During the years ended December 31, 2020, 2019 and 2018, the Company issued 235,635, 322,888 and 379,903 shares of common stock through the DRSPP, raising net proceeds of approximately $1.0 million, $2.4 million and $2.8 million, respectively. From the inception of the DRSPP in September 2003 through December 31, 2020, the Company issued 34,614,403 shares pursuant to the DRSPP, raising net proceeds of $287.6 million. ( e) At-the-Market Offering Program On August 16, 2019 the Company entered into a distribution agreement under the terms of which the Company may offer and sell shares of its common stock having an aggregate gross sales price of up to $400.0 million (the “ATM Shares”), from time to time, through various sales agents, pursuant to an at-the-market equity offering program (the “ATM Program”). Sales of the ATM Shares, if any, may be made in negotiated transactions or by transactions that are deemed to be “at-the-market” offerings, as defined in Rule 415 under the 1933 Act, including sales made directly on the New York Stock Exchange (“NYSE”) or sales made to or through a market maker other than an exchange. The sales agents are entitled to compensation of up to two percent of the gross sales price per share for any shares of common stock sold under the distribution agreement. During the year ended December 31, 2020, the Company did not sell any shares of common stock through the ATM Program. At December 31, 2020, approximately $390.0 million remained outstanding for future offerings under this program. During the year ended December 31, 2019, the Company sold 1,357,526 shares of common stock through the ATM Program at a weighted average price of $7.40, raising proceeds of approximately $9.9 million, net of fees and commissions paid to sales agents of approximately $100,000. (f) Stock Repurchase Program On November 2, 2020, the Company’s Board of Directors authorized a share repurchase program under which the Company may repurchase up to $250 million of its common stock through the end of 2022. The Board’s authorization replaces the authorization under the Company’s existing stock repurchase program that was adopted in December 2013, which authorized the Company to repurchase up to 10 million shares of common stock and under which approximately 6.6 million shares remained available for repurchase. The stock repurchase program does not require the purchase of any minimum number of shares. The timing and extent to which the Company repurchases its shares will depend upon, among other things, market conditions, share price, liquidity, regulatory requirements and other factors, and repurchases may be commenced or suspended at any time without prior notice. Acquisitions under the share repurchase program may be made in the open market, through privately negotiated transactions or block trades or other means, in accordance with applicable securities laws. During the year ended December 31, 2020, the Company repurchased 14,085,678 shares of its common stock through the stock repurchase program at an average cost of $3.61 per share and a total cost of approximately $50.8 million, net of fees and commissions paid to the sales agent of approximately $141,000. In addition, as discussed further below, during the year ended December 31, 2020 the Company repurchased 17,593,576, warrants for $33.7 million that were included in the stock repurchase program. At December 31, 2020, approximately $165.7 million remained outstanding for future repurchases under the repurchase program. The Company did not repurchase any shares of its common stock during the years ended December 31, 2019 and 2018. (g) Warrants On June 15, 2020, the Company entered into an Investment Agreement with Apollo and Athene (together the “Purchasers”), under which the Company agreed to issue to the Purchasers warrants (the “Warrants”) to purchase, in the aggregate, 37,039,106 shares (subject to adjustment in accordance with their terms) of the Company’s common stock. One half of the Warrants had an exercise price of $1.66 per share and the other half had an exercise price of $2.08 per share. The Investment Agreement and the Term Loan Facility (see Note 6) were entered into simultaneously, and the $495.0 million of proceeds received were allocated between the debt ($481.0 million) and the warrants ($14.0 million). The amount allocated to the warrants was recorded in Additional paid-in capital on the Company’s consolidated balance sheets. During the fourth quarter, the Company repurchased, for $33.7 million, approximately 48% of the Warrants that were issued to the Purchasers. The remaining Warrants were exercised by the Purchasers later in the fourth quarter, resulting in the Company issuing approximately 12.3 million shares of common stock and receiving $6.5 million in cash. (h) Accumulated Other Comprehensive Income/(Loss) The following table presents changes in the balances of each component of the Company’s AOCI for the years ended December 31, 2020, 2019 and 2018: For the Year Ended December 31, 2020 2019 2018 (In Thousands) Net Unrealized Net Net Unrealized Gain/(Loss) on Financing Agreements (3) Total Net Net Total Net Net Total Balance at beginning of period $ 392,722 $ (22,675) $ — $ 370,047 $ 417,167 $ 3,121 $ 420,288 $ 620,648 $ (11,424) $ 609,224 OCI before reclassifications 420,281 (50,127) (2,314) 367,840 20,335 (23,342) (3,007) (150,642) 14,545 (136,097) Amounts reclassified from AOCI (1) (733,396) 72,802 — (660,594) (44,780) (2,454) (47,234) (52,839) — (52,839) Net OCI during period (2) (313,115) 22,675 (2,314) (292,754) (24,445) (25,796) (50,241) (203,481) 14,545 (188,936) Balance at end of period $ 79,607 $ — $ (2,314) $ 77,293 $ 392,722 $ (22,675) $ 370,047 $ 417,167 $ 3,121 $ 420,288 (1) See separate table below for details about these reclassifications. (2) For further information regarding changes in OCI, see the Company’s consolidated statements of comprehensive income/(loss). (3) Net Unrealized Gain/(Loss) on Financing Agreements at Fair Value due to changes in instrument-specific credit risk. The following table presents information about the significant amounts reclassified out of the Company’s AOCI for the years ended December 31, 2020, 2019, and 2018: For the Year Ended December 31, 2020 2019 2018 Details about AOCI Components Amounts Reclassified from AOCI Affected Line Item in the Statement (In Thousands) AFS Securities: Realized gain on sale of securities $ (389,127) $ (44,600) $ (51,580) Net realized (loss)/gain on sales of residential mortgage securities and residential whole loans Impairment recognized in earnings (344,269) (180) (1,259) Other, net Total AFS Securities $ (733,396) $ (44,780) $ (52,839) Swaps designated as cash flow hedges: Reclassification adjustment for losses related to hedging instruments included in net income 72,802 (2,454) — Other, net Total Swaps designated as cash flow hedges $ 72,802 $ (2,454) $ — Total reclassifications for period $ (660,594) $ (47,234) $ (52,839)

EPS Calculation

EPS Calculation	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
EPS Calculation	EPS Calculation The following table presents a reconciliation of the (loss)/earnings and shares used in calculating basic and diluted (loss)/EPS for the years ended December 31, 2020, 2019 and 2018: For the Year Ended December 31, (In Thousands, Except Per Share Amounts) 2020 2019 2018 Basic (Loss)/Earnings per Share: Net (loss)/income to common stockholders $ (679,390) $ 378,117 $ 301,801 Dividends declared on preferred stock (29,796) (15,000) (15,000) Dividends, dividend equivalents and undistributed earnings allocated to participating securities (229) (1,087) (943) Net (loss)/income to common stockholders - basic $ (709,415) $ 362,030 $ 285,858 Basic weighted average common shares outstanding 452,033 450,972 418,934 Basic (Loss)/Earnings per Share $ (1.57) $ 0.80 $ 0.68 Diluted (Loss)/Earnings per Share: Net (loss)/income to common stockholders - basic $ (709,415) $ 362,030 $ 285,858 Interest expense on Convertible Senior Notes — 8,965 — Net (loss)/income to common stockholders - diluted $ (709,415) $ 370,995 $ 285,858 Basic weighted average common shares outstanding 452,033 450,972 418,934 Effect of assumed conversion of Convertible Senior Notes to common shares — 16,797 — Diluted weighted average common shares outstanding (1) 452,033 467,769 418,934 Diluted (Loss)/Earnings per Share $ (1.57) $ 0.79 $ 0.68 (1) At December 31, 2020, the Company had approximately 2.3 million equity instruments outstanding that were not included in the calculation of diluted EPS for the year ended December 31, 2020, as their inclusion would have been anti-dilutive. These equity instruments reflect RSUs (based on current estimate of expected share settlement amount) with a weighted average grant date fair value of $6.56 and may have a dilutive impact on future EPS.

Equity Compensation, Employment

Equity Compensation, Employment Agreements and Other Benefit Plans	12 Months Ended
	Dec. 31, 2020
Compensation Related Costs [Abstract]
Equity Compensation, Employment Agreements and Other Benefit Plans	Equity Compensation and Other Benefit Plans (a) Equity Compensation Plan In accordance with the terms of the Company’s Equity Plan, which was adopted by the Company’s stockholders on June 10, 2020 (and which amended and restated the Company’s 2010 Equity Compensation Plan), directors, officers and employees of the Company and any of its subsidiaries and other persons expected to provide significant services for the Company and any of its subsidiaries are eligible to receive grants of stock options (“Options”), restricted stock, RSUs, dividend equivalent rights and other stock-based awards under the Equity Plan. Subject to certain exceptions, stock-based awards relating to a maximum of 18.0 million shares of common stock may be granted under the Equity Plan; forfeitures and/or awards that expire unexercised do not count toward this limit. At December 31, 2020, approximately 14.3 million shares of common stock remained available for grant in connection with stock-based awards under the Equity Plan. A participant may generally not receive stock-based awards in excess of 2.0 million shares of common stock in any one year and no award may be granted to any person who, assuming exercise of all Options and payment of all awards held by such person, would own or be deemed to own more than 9.8% of the outstanding shares of the Company’s common stock. Unless previously terminated by the Board, awards may be granted under the Equity Plan until June 10, 2030. Restricted Stock Units Under the terms of the Equity Plan, RSUs are instruments that provide the holder with the right to receive, subject to the satisfaction of conditions set by the Compensation Committee at the time of grant, a payment of a specified value, which may be a share of the Company’s common stock, the fair market value of a share of the Company’s common stock, or such fair market value to the extent in excess of an established base value, on the applicable settlement date. Although the Equity Plan permits the Company to issue RSUs that can settle in cash, all of the Company’s outstanding RSUs as of December 31, 2020 are designated to be settled in shares of the Company’s common stock. All RSUs outstanding at December 31, 2020 may be entitled to receive dividend equivalent payments depending on the terms and conditions of the award either in cash at the time dividends are paid by the Company, or for certain performance-based RSU awards, as a grant of stock at the time such awards are settled. At December 31, 2020 and 2019, the Company had unrecognized compensation expense of $6.8 million and $5.5 million, respectively, related to RSUs. The unrecognized compensation expense at December 31, 2020 is expected to be recognized over a weighted average period of 1.7 years. The following table presents information with respect to the Company’s RSUs during the years ended December 31, 2020, 2019 and 2018: For the Year Ended December 31, 2020 RSUs With Weighted RSUs With Weighted Total Total Outstanding at beginning of year: 1,379,681 $ 7.62 1,301,250 $ 6.78 2,680,931 $ 7.21 Granted (1) 939,046 4.88 763,174 5.50 1,702,220 5.16 Settled (379,272) 7.75 (441,250) 6.48 (820,522) 7.07 Cancelled/forfeited (110,000) 7.59 — — (110,000) 7.59 Outstanding at end of year 1,829,455 $ 6.19 1,623,174 $ 6.26 3,452,629 $ 6.22 RSUs vested but not settled at end of year 1,160,416 $ 5.37 409,000 $ 6.91 1,569,416 $ 5.77 RSUs unvested at end of year 669,039 $ 7.61 1,214,174 $ 6.04 1,883,213 $ 6.60 For the Year Ended December 31, 2019 RSUs With Weighted RSUs With Weighted Total Total Outstanding at beginning of year: 1,206,446 $ 7.57 1,151,250 $ 6.21 2,357,696 $ 6.90 Granted (2) 461,525 7.35 451,000 6.97 912,525 7.16 Settled (269,290) 6.93 (290,000) 4.81 (559,290) 5.83 Cancelled/forfeited (19,000) 7.72 (11,000) 6.71 (30,000) 7.35 Outstanding at end of year 1,379,681 $ 7.62 1,301,250 $ 6.78 2,680,931 $ 7.21 RSUs vested but not settled at end of year 809,681 $ 7.70 441,250 $ 6.48 1,250,931 $ 7.27 RSUs unvested at end of year 570,000 $ 7.50 860,000 $ 6.94 1,430,000 $ 7.16 For the Year Ended December 31, 2018 RSUs With Weighted RSUs With Weighted Total Total Outstanding at beginning of year: 1,025,028 $ 7.67 1,021,250 $ 5.80 2,046,278 $ 6.73 Granted (3) 428,802 7.65 415,000 6.91 843,802 7.29 Settled (237,384) 8.17 (275,000) 5.73 (512,384) 6.86 Cancelled/forfeited (10,000) 7.23 (10,000) 5.64 (20,000) 6.44 Outstanding at end of year 1,206,446 $ 7.57 1,151,250 $ 6.21 2,357,696 $ 6.90 RSUs vested but not settled at end of year 708,946 $ 7.47 290,000 $ 4.81 998,946 $ 6.70 RSUs unvested at end of year 497,500 $ 7.71 861,250 $ 6.69 1,358,750 $ 7.06 (1) The weighted average grant date fair value of these awards require the Company to estimate certain valuation inputs. In determining the fair value for 1,204,713 of these awards granted in 2020, the Company applied: (i) a weighted average volatility estimate of approximately 14%, which was determined considering historic volatility in the price of the Company’s and its peer group companies’ common stock over the three-year period prior to the grant date and the implied volatility of certain exchange-traded options on the Company’s and peer group companies’ common stock at the grant date; and (ii) a weighted average risk-free rate of 1.36% based on the continuously compounded constant maturity treasury rate corresponding to a maturity commensurate with the expected vesting term of the awards. The weighted average grant date fair value for the remaining 452,585 and 44,922 awards with a service condition only was estimated based on the closing price of the Company’s common stock at the grant date of $2.32 and $2.56, respectively. There are no post vesting conditions on these awards. (2) The weighted average grant date fair value of these awards require the Company to estimate certain valuation inputs. In determining the fair value for 752,500 of these awards granted in 2019, the Company applied: (i) a weighted average volatility estimate of approximately 15%, which was determined considering historic volatility in the price of the Company’s and its peer group companies’ common stock over the three-year period prior to the grant date and the implied volatility of certain exchange-traded options on the Company’s and peer group companies’ common stock at the grant date; and (ii) a weighted average risk-free rate of 2.47% based on the continuously compounded constant maturity treasury rate corresponding to a maturity commensurate with the expected vesting term of the awards. The weighted average grant date fair value for the remaining 160,025 awards with a service condition only was estimated based on the closing price of the Company’s common stock at the grant date of $7.28. There are no post vesting conditions on these awards. (3) The weighted average grant date fair value of these awards require the Company to estimate certain valuation inputs. In determining the fair value for 692,500 of these awards granted in 2018, the Company applied: (i) a weighted average volatility estimate of approximately 17%, which was determined considering historic volatility in the price of the Company’s and its peer group companies’ common stock over the three-year period prior to the grant date and the implied volatility of certain exchange-traded options on the Company’s and peer group companies’ common stock at the grant date; and (ii) a weighted average risk-free rate of 2.36% based on the continuously compounded constant maturity treasury rate corresponding to a maturity commensurate with the expected vesting term of the awards. The weighted average grant date fair value for the remaining 151,302 awards with a service condition only was estimated based on the closing price of the Company’s common stock at the grant date of $7.70. There are no post vesting conditions on these awards. Restricted Stock At December 31, 2020 and 2019, the Company did not have any unvested shares of restricted common stock outstanding. The total fair value of restricted shares vested during the years ended December 31, 2020, 2019 and 2018 was approximately $131,000, $3.2 million and $3.0 million, respectively. The following table presents information with respect to the Company’s restricted stock for the years ended December 31, 2020, 2019 and 2018: For the Year Ended December 31, 2020 2019 2018 Shares of Weighted Average Grant Date Fair Value (1) Shares of Weighted Average Grant Date Fair Value (1) Shares of Weighted Average Grant Date Fair Value (1) Outstanding at beginning of year: — $ — — $ — — $ — Granted 79,545 1.65 412,185 7.83 450,193 6.74 Vested (2) (79,545) 1.65 (412,185) 7.83 (450,193) 6.74 Cancelled/forfeited — — — — — — Outstanding at end of year — $ — — $ — — $ — (1) The grant date fair value of restricted stock awards is based on the closing market price of the Company’s common stock at the grant date. (2) All restrictions associated with restricted stock are removed on vesting. Dividend Equivalents A dividend equivalent is a right to receive a distribution equal to the dividend distributions that would be paid on a share of the Company’s common stock. Dividend equivalents may be granted as a separate instrument or may be a right associated with the grant of another award (e.g., an RSU) under the Equity Plan, and they are paid in cash or other consideration at such times and in accordance with such rules, as the Compensation Committee of the Board shall determine in its discretion. Payments made on the Company’s outstanding dividend equivalent rights are generally charged to Stockholders’ Equity when common stock dividends are declared to the extent that such equivalents are expected to vest. The Company made dividend equivalent payments associated with RSU awards of approximately $367,000, $1,049,000, and $907,000 during the years ended December 31, 2020, 2019 and 2018, respectively. In addition, no dividend equivalents rights awarded as separate instruments were granted during the years ended December 31, 2020, 2019 and 2018. Expense Recognized for Equity-Based Compensation Instruments The following table presents the Company’s expenses related to its equity-based compensation instruments for the years ended December 31, 2020, 2019 and 2018: For the Year Ended December 31, (In Thousands) 2020 2019 2018 RSUs $ 6,592 $ 6,012 $ 4,974 Restricted shares of common stock 131 3,227 3,033 Total $ 6,723 $ 9,239 $ 8,007 (b) Deferred Compensation Plans The Company administers deferred compensation plans for its senior officers and non-employee directors (collectively, the “Deferred Plans”), pursuant to which participants may elect to defer up to 100% of certain cash compensation. The Deferred Plans are designed to align participants’ interests with those of the Company’s stockholders. Amounts deferred under the Deferred Plans are considered to be converted into “stock units” of the Company. Stock units do not represent stock of the Company, but rather are a liability of the Company that changes in value as would equivalent shares of the Company’s common stock. Deferred compensation liabilities are settled in cash at the termination of the deferral period, based on the value of the stock units at that time. The Deferred Plans are non-qualified plans under the Employee Retirement Income Security Act of 1974 and, as such, are not funded. Prior to the time that the deferred accounts are settled, participants are unsecured creditors of the Company. The Company’s liability for stock units in the Deferred Plans is based on the market price of the Company’s common stock at the measurement date. The following table presents the Company’s expenses related to its Deferred Plans for the years ended December 31, 2020, 2019 and 2018: For the Year Ended December 31, (In Thousands) 2020 2019 2018 Non-employee directors $ (911) $ 663 $ (165) Total $ (911) $ 663 $ (165) The Company distributed cash of $769,400, $568,900, and $123,700 to the participants of the Deferred Plans during the years ended December 31, 2020 and 2019, respectively. The following table presents the aggregate amount of income deferred by participants of the Deferred Plans through December 31, 2020 and 2019 that had not been distributed and the Company’s associated liability for such deferrals at December 31, 2020 and 2019: December 31, 2020 December 31, 2019 (In Thousands) Undistributed Income Deferred (1) Liability Under Undistributed Income Deferred (1) Liability Under Non-employee directors $ 2,197 $ 1,809 $ 2,349 $ 3,071 Total $ 2,197 $ 1,809 $ 2,349 $ 3,071 (1) Represents the cumulative amounts that were deferred by participants through December 31, 2020 and 2019, which had not been distributed through such respective date. (c) Savings Plan The Company sponsors a tax-qualified employee savings plan (the “Savings Plan”) in accordance with Section 401(k) of the Code. Subject to certain restrictions, all of the Company’s employees are eligible to make tax-deferred contributions to the

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments GAAP requires the categorization of fair value measurements into three broad levels that form a hierarchy. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of valuation hierarchy are defined as follows: Level 1 — Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 — Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 — Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The following describes the valuation methodologies used for the Company’s financial instruments measured at fair value on a recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy. Residential Whole Loans, at Fair Value The Company determines the fair value of its residential whole loans held at fair value after considering valuations obtained from a third-party that specializes in providing valuations of residential mortgage loans. The valuation approach applied generally depends on whether the loan is considered performing or non-performing at the date the valuation is performed. For performing loans, estimates of fair value are derived using a discounted cash flow approach, where estimates of cash flows are determined from the scheduled payments, adjusted using forecasted prepayment, default and loss given default rates. For non-performing loans, asset liquidation cash flows are derived based on the estimated time to liquidate the loan, the estimated value of the collateral, expected costs and estimated home price appreciation. Estimated cash flows for both performing and non-performing loans are discounted at yields considered appropriate to arrive at a reasonable exit price for the asset. Indications of loan value such as actual trades, bids, offers and generic market color may be used in determining the appropriate discount yield. The Company’s residential whole loans held at fair value are classified as Level 3 in the fair value hierarchy. Residential Mortgage Securities The Company determined the fair value of its Agency MBS based upon prices obtained from third-party pricing services, which are indicative of market activity, and repurchase agreement counterparties. For Agency MBS, the valuation methodology of the Company’s third-party pricing services incorporate commonly used market pricing methods, trading activity observed in the marketplace and other data inputs. The methodology also considers the underlying characteristics of each security, which are also observable inputs, including: collateral vintage, coupon, maturity date, loan age, reset date, collateral type, periodic and life cap, geography, and prepayment speeds. Management analyzes pricing data received from third-party pricing services and compares it to other indications of fair value including data received from repurchase agreement counterparties and its own observations of trading activity observed in the marketplace. The Company’s Agency MBS were classified as Level 2 in the fair value hierarchy. During the quarter ended June 30, 2020, the Company sold its remaining holdings of Agency MBS. In determining the fair value of the Company’s Non-Agency MBS and CRT securities, management considers a number of observable market data points, including prices obtained from pricing services and brokers as well as dialogue with market participants. In valuing Non-Agency MBS, the Company understands that pricing services use observable inputs that include, in addition to trading activity observed in the marketplace, loan delinquency data, credit enhancement levels and vintage, which are taken into account to assign pricing factors such as spread and prepayment assumptions. For tranches of Legacy Non-Agency MBS that are cross-collateralized, performance of all collateral groups involved in the tranche are considered. The Company collects and considers current market intelligence on all major markets, including benchmark security evaluations and bid-lists from various sources, when available. The Company’s Legacy Non-Agency MBS, RPL/NPL MBS and CRT securities are valued using various market data points as described above, which management considers directly or indirectly observable parameters. Accordingly, these securities are classified as Level 2 in the fair value hierarchy. As of December 31, 2020, the Company has sold substantially all of its holdings of Legacy Non-Agency MBS and substantially reduced its holdings of other Non-Agency MBS and CRT securities. Term Notes Backed by MSR-Related Collateral The Company’s valuation process for term notes backed by MSR-related collateral is similar to that used for residential mortgage securities and considers a number of observable market data points, including prices obtained from pricing services, brokers and repurchase agreement counterparties, dialogue with market participants, as well as management’s observations of market activity. Other factors taken into consideration include estimated changes in fair value of the related underlying MSR collateral and, as applicable, the financial performance of the ultimate parent or sponsoring entity of the issuer, which has provided a guarantee that is intended to provide for payment of interest and principal to the holders of the term notes should cash flows generated by the related underlying MSR collateral be insufficient. Based on its evaluation of the observability of the data used in its fair value estimation process, these assets are classified as Level 2 in the fair value hierarchy. Swaps As previously disclosed, in response to the turmoil in the financial markets resulting from the COVID-19 pandemic experienced during the three months ended March 31, 2020, the Company unwound all of its Swap hedging transactions late in the first quarter in order to recover previously posted margin. Prior to their termination, valuations provided by the central clearing house were used for purposes of determining the fair value of the Company’s Swaps. Such valuations obtained were tested with internally developed models that applied readily observable market parameters. Swaps were classified as Level 2 in the fair value hierarchy. Financing Agreements, at Fair Value Agreements with mark-to-market collateral provisions These agreements are secured and subject to margin calls and their base interest rates reset frequently to market based rates. As a result, no credit valuation adjustment is required, and the primary factor in determining their fair value is the credit spread paid over the base rate, which is a non observable input as it is determined based on negotiations with the counterparty. The Company’s financing agreements with mark-to-market collateral provisions held at fair value are classified as Level 2 in the fair value hierarchy if the credit spreads used to price the instrument reset frequently, which is typically the case with shorter term repurchase agreement contracts collateralized by securities. Financing agreements with mark-to-market collateral provisions that are typically longer term and are collateralized by residential whole loans where the credit spread paid over the base rate on the instrument is not reset frequently are classified as Level 3 in the fair value hierarchy. Agreements with non-mark-to-market collateral provisions These agreements are secured, but not subject to margin calls, and their base interest rates reset frequently to market based rates. As a result, a credit valuation adjustment would only be required if there were a significant decrease in collateral value, and the primary factor in determining their fair value is the credit spread paid over the base rate, which is a non observable input as it is determined based on negotiations with the counterparty. The Company’s financing agreements with non-mark-to-market collateral provisions held at fair value are classified as Level 3 in the fair value hierarchy. Securitized Debt In determining the fair value of securitized debt, management considers a number of observable market data points, including prices obtained from pricing services and brokers as well as dialogue with market participants. Accordingly, the Company’s securitized debt is classified as Level 2 in the fair value hierarchy. Changes to the valuation methodologies used with respect to the Company’s financial instruments are reviewed by management to ensure any such changes result in appropriate exit price valuations. The Company will refine its valuation methodologies as markets and products develop and pricing methodologies evolve. The methods described above may produce fair value estimates that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with those used by market participants, the use of different methodologies, or assumptions, to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. The Company uses inputs that are current as of the measurement date, which may include periods of market dislocation, during which price transparency may be reduced. The Company reviews the classification of its financial instruments within the fair value hierarchy on a quarterly basis, and management may conclude that its financial instruments should be reclassified to a different level in the future. The following tables present the Company’s financial instruments carried at fair value on a recurring basis as of December 31, 2020 and 2019, on the consolidated balance sheets by the valuation hierarchy, as previously described: Fair Value at December 31, 2020 (In Thousands) Level 1 Level 2 Level 3 Total Assets: Residential whole loans, at fair value $ — $ — $ 1,216,902 $ 1,216,902 Non-Agency MBS — 56,766 — 56,766 CRT securities — 104,234 — 104,234 Term notes backed by MSR-related collateral — 238,999 — 238,999 Total assets carried at fair value $ — $ 399,999 $ 1,216,902 $ 1,616,901 Liabilities: Agreements with non-mark-to-market collateral provisions $ — $ — $ 1,159,213 $ 1,159,213 Agreements with mark-to-market collateral provisions — 213,915 1,124,162 1,338,077 Securitized debt — 869,482 — 869,482 Total liabilities carried at fair value $ — $ 1,083,397 $ 2,283,375 $ 3,366,772 Fair Value at December 31, 2019 (In Thousands) Level 1 Level 2 Level 3 Total Assets: Residential whole loans, at fair value $ — $ — $ 1,381,583 $ 1,381,583 Non-Agency MBS — 2,063,529 — 2,063,529 Agency MBS — 1,664,582 — 1,664,582 CRT securities — 255,408 — 255,408 Term notes backed by MSR-related collateral — 1,157,463 — 1,157,463 Total assets carried at fair value $ — $ 5,140,982 $ 1,381,583 $ 6,522,565 Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents additional information for the years ended December 31, 2020 and 2019 about the Company’s Residential whole loans, at fair value, which are classified as Level 3 and measured at fair value on a recurring basis: Residential Whole Loans, at Fair Value For the Year Ended December 31, (In Thousands) 2020 2019 Balance at beginning of period $ 1,381,583 $ 1,471,263 Purchases (1) — 210,031 Changes in fair value recorded in Net gain on residential whole loans measured at fair value through earnings 17,204 47,849 Repayments (92,733) (127,063) Sales and repurchases (18,530) (1,338) Transfer to REO (70,622) (219,159) Balance at end of period $ 1,216,902 $ 1,381,583 (1) Included in the activity presented for the year ended December 31, 2019 is an adjustment of $70.6 million for loans the Company committed to purchase during the year ended December 31, 2018, but for which the closing of the purchase transaction occurred during the three months ended March 31, 2019. The adjustment was required following the finalization of due diligence performed prior to the closing of the purchase transaction and resulted in a downward revision to the prior estimate of the loan purchase amount. The following table presents additional information for the years ended December 31, 2020 and 2019 about the Company’s investments in term notes backed by MSR-related collateral, which were classified as Level 3 prior to September 30, 2019 and measured at fair value on a recurring basis: Term Notes Backed by MSR-Related Collateral Year Ended December 31, (In Thousands) 2020 2019 Balance at beginning of period $ — $ 538,499 Purchases — 573,137 Collection of principal — (12,897) Changes in unrealized gains — 5,391 Transfer to Level 2 — (1,104,130) Balance at end of period $ — $ — The following table presents additional information for the year ended December 31, 2020 about the Company’s financing agreements with non-mark-to-market collateral provisions, which are classified as Level 3 and measured at fair value on a recurring basis: Agreements with Non-mark-to-market Collateral Provisions Year Ended December 31, (In Thousands) 2020 Balance at beginning of period $ — Transfer from Level 2 2,036,597 Issuances — Payment of principal (879,698) Changes in unrealized losses 2,314 Balance at end of period $ 1,159,213 The following table presents additional information for the year ended December 31, 2020 about the Company’s financing agreements with mark-to-market collateral provisions, which are classified as Level 3 and measured at fair value on a recurring basis: Agreements with Mark-to-market Collateral Provisions Year Ended December 31, (In Thousands) 2020 Balance at beginning of period $ — Transfer from Level 2 1,386,592 Issuances 258,322 Payment of principal (520,752) Changes in unrealized losses — Balance at end of period $ 1,124,162 At June 30, 2020, the Company’s financing agreements with non-mark-to-market collateral provisions and the Company’s financing agreements with mark-to-market collateral provisions had just been issued and were therefore classified as Level 2 since their values were based on market transactions. However, market information for similar financings was not available at December 31, 2020 and the Company valued these financing instruments based on unobservable inputs. Fair Value Methodology for Level 3 Financial Instruments Residential Whole Loans, at Fair Value The following tables present a summary of quantitative information about the significant unobservable inputs used in the fair value measurement of the Company’s residential whole loans held at fair value for which it has utilized Level 3 inputs to determine fair value as of December 31, 2020 and 2019: December 31, 2020 (Dollars in Thousands) Fair Value (1) Valuation Technique Unobservable Input Weighted Average (2) Range Residential whole loans, at fair value $ 789,576 Discounted cash flow Discount rate 3.9 % 3.3-8.0% Prepayment rate 4.8 % 0.0-9.9% Default rate 3.8 % 0.0-18.9% Loss severity 12.7 % 0.0-100.0% $ 427,061 Liquidation model Discount rate 8.1 % 6.7-50.0% Annual change in home prices 3.6 % 0.0-6.5% Liquidation timeline (in years) 1.8 0.8-4.8 Current value of underlying properties (3) $ 729 $12-$4,500 Total $ 1,216,637 December 31, 2019 (Dollars in Thousands) Fair Value (1) Valuation Technique Unobservable Input Weighted Average (2) Range Residential whole loans, at fair value $ 829,842 Discounted cash flow Discount rate 4.2 % 3.8-8.0% Prepayment rate 4.5 % 0.7-18.0% Default rate 4 % 0.0-23.0% Loss severity 12.9 % 0.0-100.0% $ 551,271 Liquidation model Discount rate 8.0 % 6.2-50.0% Annual change in home prices 3.7 % 2.4-8.0% Liquidation timeline (in years) 1.8 0.1-4.5 Current value of underlying properties (3) $ 684 $10-$4,500 Total $ 1,381,113 (1) Excludes approximately $265,000 and $470,000 of loans for which management considers the purchase price continues to reflect the fair value of such loans at December 31, 2020 and 2019, respectively. (2) Amounts are weighted based on the fair value of the underlying loan. (3) The simple average value of the properties underlying residential whole loans held at fair value valued via a liquidation model was approximately $380,000 and $365,000 as of December 31, 2020 and 2019, respectively. Changes in market conditions, as well as changes in the assumptions or methodology used to determine fair value, could result in a significant increase or decrease in the fair value of residential whole loans. Loans valued using a discounted cash flow model are most sensitive to changes in the discount rate assumption, while loans valued using the liquidation model technique are most sensitive to changes in the current value of the underlying properties and the liquidation timeline. Increases in discount rates, default rates, loss severities, or liquidation timelines, either in isolation or collectively, would generally result in a lower fair value measurement, whereas increases in the current or expected value of the underlying properties, in isolation, would result in a higher fair value measurement. In practice, changes in valuation assumptions may not occur in isolation and the changes in any particular assumption may result in changes in other assumptions, which could offset or amplify the impact on the overall valuation. The following table presents the carrying values and estimated fair values of the Company’s financial instruments at December 31, 2020 and 2019: December 31, 2020 December 31, 2020 December 31, 2019 Level in Fair Value Hierarchy Carrying Estimated Fair Value Carrying Estimated Fair Value (In Thousands) Financial Assets: Residential whole loans, at carrying value 3 $ 4,108,499 $ 4,282,401 $ 6,069,370 $ 6,248,745 Residential whole loans, at fair value 3 1,216,902 1,216,902 1,381,583 1,381,583 Non-Agency MBS 2 56,766 56,766 2,063,529 2,063,529 Agency MBS 2 — — 1,664,582 1,664,582 CRT securities 2 104,234 104,234 255,408 255,408 MSR-related assets (1) 2 and 3 238,999 238,999 1,217,002 1,217,002 Cash and cash equivalents 1 814,354 814,354 70,629 70,629 Restricted cash 1 7,165 7,165 64,035 64,035 Financial Liabilities (2) : Financing agreements with non-mark-to-market collateral provisions 3 1,159,213 1,159,213 — — Financing agreements with mark-to-market collateral provisions 3 1,124,162 1,124,162 4,741,971 4,753,070 Financing agreements with mark-to-market collateral provisions 2 213,915 213,915 4,397,850 4,403,139 Securitized debt (3) 2 1,514,509 1,519,567 570,952 575,353 Convertible senior notes 2 225,177 228,287 223,971 244,088 Senior notes (4) 1 100,000 100,031 96,862 103,231 (1) Includes $59.5 million of MSR-related assets that are measured at fair value on a non-recurring basis that were classified as Level 3 in the fair value hierarchy at December 31, 2019. (2) Carrying value of securitized debt, Convertible Senior Notes, Senior Notes and certain repurchase agreements is net of associated debt issuance costs. (3) Includes Securitized debt that is carried at amortized cost basis and fair value. (4) On January 6, 2021, the Company redeemed all of its outstanding Senior Notes (see Note 17). Other Assets Measured at Fair Value on a Nonrecurring Basis The Company holds REO at the lower of the current carrying amount or fair value less estimated selling costs. During the years ended December 31, 2020 and 2019, the Company recorded REO with an aggregate estimated fair value, less estimated cost to sell, of $96.8 million and $257.7 million, respectively, at the time of foreclosure. The Company classifies fair value measurements of REO as Level 3 in the fair value hierarchy.

Use of Special Purpose Entities

Use of Special Purpose Entities and Variable Interest Entities	12 Months Ended
	Dec. 31, 2020
Use of Special Purpose Entities and Variable Interest Entities
Use of Special Purpose Entities and Variable Interest Entities	Use of Special Purpose Entities and Variable Interest Entities A Special Purpose Entity (“SPE”) is an entity designed to fulfill a specific limited need of the company that organized it. SPEs are often used to facilitate transactions that involve securitizing financial assets or resecuritizing previously securitized financial assets. The objective of such transactions may include obtaining non-recourse financing, obtaining liquidity or refinancing the underlying financial assets on improved terms. Securitization involves transferring assets to a SPE to convert all or a portion of those assets into cash before they would have been realized in the normal course of business, through the SPE’s issuance of debt or equity instruments. Investors in a SPE usually have recourse only to the assets in the SPE and, depending on the overall structure of the transaction, may benefit from various forms of credit enhancement such as over-collateralization in the form of excess assets in the SPE, priority with respect to receipt of cash flows relative to holders of other debt or equity instruments issued by the SPE, or a line of credit or other form of liquidity agreement that is designed with the objective of ensuring that investors receive principal and/or interest cash flow on the investment in accordance with the terms of their investment agreement. The Company has entered into several financing transactions that resulted in the Company consolidating as VIEs the SPEs that were created to facilitate these transactions. See Note 2(q) for a discussion of the accounting policies applied to the consolidation of VIEs and transfers of financial assets in connection with financing transactions. The Company has engaged in loan securitizations primarily for the purpose of obtaining improved overall financing terms as well as non-recourse financing on a portion of its residential whole loan portfolio. Notwithstanding the Company’s participation in these transactions, the risks facing the Company are largely unchanged as the Company remains economically exposed to the first loss position on the underlying assets transferred to the VIEs. Loan Securitization Transactions The following table summarizes the key details of the Company’s loan securitization transactions currently outstanding as of December 31, 2020 and 2019: (Dollars in Thousands) December 31, 2020 December 31, 2019 Aggregate unpaid principal balance of residential whole loans sold $ 2,232,561 $ 1,290,029 Face amount of Senior Bonds issued by the VIE and purchased by third-party investors $ 1,862,068 $ 802,817 Outstanding amount of Senior Bonds, at carrying value $ 645,027 (1) $ 570,952 (1) Outstanding amount of Senior Bonds, at fair value $ 869,482 $ — Outstanding amount of Senior Bonds, total $ 1,514,509 $ 570,952 Weighted average fixed rate for Senior Bonds issued 2.11 % (2) 3.68 % (2) Weighted average contractual maturity of Senior Bonds 41 years (2) 30 years (2) Face amount of Senior Support Certificates received by the Company (3) $ 268,548 $ 275,174 Cash received $ 1,853,408 $ 802,815 (1) Net of $3.2 million and $2.9 million of deferred financing costs at December 31, 2020 and December 31, 2019, respectively. (2) At December 31, 2020 and December 31, 2019, $568.7 million and $493.2 million, respectively, of Senior Bonds sold in securitization transactions contained a contractual coupon step-up feature whereby the coupon increases by either 100 or 300 basis points or more at 36 months from issuance if the bond is not redeemed before such date. (3) Provides credit support to the Senior Bonds sold to third-party investors in the securitization transactions. During the year ended December 31, 2020, the Company issued Senior Bonds with a current face of $1.3 billion to third-party investors for proceeds of $1.3 billion before offering costs and accrued interest. A portion of the Senior Bonds issued by the Company during the year ended December 31, 2020 are presented at fair value on its consolidated balance sheets as a result of a fair value election made at the time of issuance. As of December 31, 2020 and 2019, as a result of the transactions described above, securitized loans with a carrying value of approximately $1.4 billion and $186.4 million are included in “Residential whole loans, at carrying value,” securitized loans with a fair value of approximately $382.3 million and $567.4 million are included in “Residential whole loans, at fair value,” and REO with a carrying value of approximately $49.5 million and $137.8 million are included in “Other assets” on the Company’s consolidated balance sheets, respectively. As of December 31, 2020 and 2019, the aggregate carrying value of Senior Bonds issued by consolidated VIEs was $1.5 billion and $571.0 million, respectively. These Senior Bonds are disclosed as “Securitized debt” and are included in Other liabilities on the Company’s consolidated balance sheets. The holders of the securitized debt have no recourse to the general credit of the Company, but the Company does have the obligation, under certain circumstances to repurchase assets from the VIE upon the breach of certain representations and warranties with respect to the residential whole loans sold to the VIE. In the absence of such a breach, the Company has no obligation to provide any other explicit or implicit support to any VIE. The Company concluded that the entities created to facilitate the loan securitization transactions are VIEs. The Company then completed an analysis of whether each VIE created to facilitate the securitization transactions should be consolidated by the Company, based on consideration of its involvement in each VIE, including the design and purpose of the SPE, and whether its involvement reflected a controlling financial interest that resulted in the Company being deemed the primary beneficiary of each VIE. In determining whether the Company would be considered the primary beneficiary, the following factors were assessed: • whether the Company has both the power to direct the activities that most significantly impact the economic performance of the VIE; and • whether the Company has a right to receive benefits or absorb losses of the entity that could be potentially significant to the VIE. Based on its evaluation of the factors discussed above, including its involvement in the purpose and design of the entity, the Company determined that it was required to consolidate each VIE created to facilitate the loan securitization transactions. Residential Whole Loans and REO (including Residential Whole Loans and REO transferred to consolidated VIEs)

Summary of Quarterly Results of

Summary of Quarterly Results of Operations (Unaudited)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Summary of Quarterly Results of Operations (Unaudited)	Summary of Quarterly Results of Operations (Unaudited) 2020 Quarter Ended (In Thousands, Except per Share Amounts) March 31 June 30 September 30 December 31 Interest income $ 145,460 $ 87,368 $ 66,080 $ 60,476 Interest expense (83,759) (87,991) (55,964) (41,044) Net interest income 61,701 (623) 10,116 19,432 (Provision)/Reversal for credit and valuation losses on residential whole loans and other financial instruments (150,711) 85,377 27,244 15,709 Net Interest Income after Provision for Credit and Valuation Losses (89,010) 84,754 37,360 35,141 Net gain on residential whole loans measured at fair value through earnings (52,760) 20,320 76,871 49,782 Net realized gain on sales of residential mortgage securities and residential whole loans (238,380) 49,485 48 — Other income (499,623) 6,552 292 (18,708) Operating and other expense (29,222) (64,533) (27,361) (20,398) Net income (908,995) 96,578 87,210 45,817 Preferred stock dividends (5,215) (8,144) (8,219) (8,218) Net (loss)/ income available to common stock and participating securities $ (914,210) $ 88,434 $ 78,991 $ 37,599 (Loss)/Earnings per Common Share - Basic $ (2.02) $ 0.19 $ 0.17 $ 0.08 (Loss)/Earnings per Common Share - Diluted $ (2.02) $ 0.19 $ 0.17 $ 0.08 2019 Quarter Ended (In Thousands, Except per Share Amounts) March 31 June 30 September 30 December 31 Interest income $ 140,952 $ 144,935 $ 142,721 $ 153,118 Interest expense (79,026) (85,044) (85,823) (82,463) Net interest income 61,926 59,891 56,898 70,655 Provision for credit and valuation losses on residential whole loans and other financial instruments (805) (385) (347) (1,032) Net Interest Income after Provision for Credit and Valuation Losses 61,121 59,506 56,551 69,623 Net gain on residential whole loans measured at fair value through earnings 25,267 51,473 40,175 41,415 Net realized gain on sales of residential mortgage securities and residential whole loans 24,609 7,710 17,708 11,975 Other income 1,293 (2,321) 4,546 2,007 Operating and other expense (23,433) (23,328) (23,381) (24,399) Net income 88,857 93,040 95,599 100,621 Preferred stock dividends (3,750) (3,750) (3,750) (3,750) Net income available to common stock and participating securities $ 85,107 $ 89,290 $ 91,849 $ 96,871 Earnings per Common Share - Basic and Diluted $ 0.19 $ 0.20 $ 0.20 $ 0.21

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Redemption of Senior Notes On January 6, 2021, the Company redeemed all of the outstanding $100 million aggregate principal amount of 8.00% Senior Notes Due 2042. The Senior Notes were redeemed at a price equal to 100% of the principal amount of the Senior Notes, or $25 per $25 principal amount of Senior Notes, plus unpaid interest, if any, accrued thereon to, but excluding, the redemption date. In connection with this redemption, the Company recorded in its fourth quarter interest expense a non-cash charge of approximately $3.1 million representing remaining unamortized deferred expenses incurred when the Senior Notes were originally issued in 2012. Securitization of Business Purpose Rental Loans Subsequent to the end of the fourth quarter, the Company completed a securitization solely consisting of $217.5 million of Business Purpose Rental Loans, generating approximately $48.4 million of additional liquidity. As the weighted average coupon of the bonds sold was approximately 1.06%, this transaction is expected to lower the funding rate of the underlying assets by more than 150 basis points.

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	Mortgage Loans on Real Estate December 31, 2020 Asset Type Number Interest Maturity Balance Sheet Reported Amount Principal Amount of Loans Subject to Delinquent Principal or Interest (Dollars in Thousands) Residential Whole Loans, at Carrying Value Original loan balance $0 - $149,999 3,947 0.00% - 16.00% 9/1/2016-8/25/2058 $ 347,041 $ 29,614 Original loan balance $150,000 - $299,999 4,341 0.00% - 13.49% 11/1/2018-1/1/2060 832,365 73,749 Original loan balance $300,000 - $449,999 2,064 1.50% - 9.63% 12/1/2018-5/1/2062 667,272 65,629 Original loan balance greater than $449,999 2,760 0.88% - 11.25% 12/1/2018-1/1/2061 2,348,654 286,120 13,112 $ 4,195,332 (1) $ 455,112 Residential Whole Loans, at Fair Value Original loan balance $0 - $149,999 2,044 0.00% - 14.13% 7/26/2016-1/1/2060 $ 167,671 $ 70,748 Original loan balance $150,000 - $299,999 1,909 1.95% - 11.53% 3/10/2013-7/1/2060 355,854 167,303 Original loan balance $300,000 - $449,999 1,000 0.00% - 10.75% 5/1/2020-2/1/2060 313,588 165,901 Original loan balance greater than $449,999 669 1.70% - 10.20% 7/1/2017-11/1/2059 379,789 221,669 5,622 $ 1,216,902 $ 625,621 18,734 $ 5,412,234 (2) $ 1,080,733 (1) Excludes an allowance for loan losses of $86.8 million at December 31, 2020. (2) The federal income tax basis is approximately $3.9 billion. Reconciliation of Balance Sheet Reported Amounts of Mortgage Loans on Real Estate The following table summarizes the changes in the carrying amounts of residential whole loans during the year ended December 31, 2020: For the Year Ended December 31, 2020 (In Thousands) Residential Whole Loans, at Carrying Value Residential Whole Loans, at Fair Value Beginning Balance $ 6,066,345 $ 1,381,583 Additions during period: Purchases 1,431,673 — Changes in fair value recorded in Net gain on residential whole loans measured at fair value through earnings N/A 17,204 Deductions during period: Repayments (1,565,553) (92,733) Premium amortization/discount accretion, net (11,590) N/A Provision for loan loss (21,447) N/A Loan sales and repurchases (1,766,220) (18,530) Transfer to REO (24,709) (70,622) Ending Balance $ 4,108,499 $ 1,216,902

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accompanying consolidated financial statements of the Company have been prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although the Company’s estimates contemplate current conditions and how it expects them to change in the future, it is reasonably possible that actual conditions could differ from those estimates, which could materially impact the Company’s results of operations and its financial condition. Management has made significant estimates in several areas, impairment, valuation allowances and loss allowances on residential whole loans (see Note 3), mortgage-backed securities (“MBS”) (see Note 4) and Other assets (see Note 5), valuation of MBS, CRT securities and MSR-related assets (see Notes 4 and 14), income recognition and valuation of residential whole loans (see Notes 3 and 14), valuation of derivative instruments (see Notes 5(c) and 14) and income recognition on certain Non-Agency MBS (defined below) purchased at a discount (see Note 4). In addition, estimates are used in the determination of taxable income used in the assessment of REIT compliance and contingent liabilities for related taxes, penalties and interest (see Note 2(n)). Actual results could differ from those estimates. The Company has one reportable segment since it manages its business and analyzes and reports its results of operations on the basis of one operating segment: investing, on a leveraged basis, in residential mortgage assets. The consolidated financial statements of the Company include the accounts of all subsidiaries. All intercompany accounts and transactions have been eliminated. In addition, the Company consolidates entities established to facilitate transactions related to the acquisition and securitization of residential whole loans completed in prior years. Certain prior period amounts have been reclassified to conform to the current period presentation.
Residential Whole Loans (including Residential Whole Loans transferred to consolidated VIEs)	Residential Whole Loans (including Residential Whole Loans transferred to consolidated VIEs) Residential whole loans included in the Company’s consolidated balance sheets are primarily comprised of pools of fixed- and adjustable-rate residential mortgage loans acquired through consolidated trusts in secondary market transactions. The accounting model utilized by the Company is determined at the time each loan package is initially acquired and is generally based on the delinquency status of the majority of the underlying borrowers in the package at acquisition. The accounting model described below for Purchased Credit Deteriorated Loans that are held at carrying value is typically utilized by the Company for Purchased Credit Deteriorated Loans where the underlying borrower has a delinquency status of less than 60 days at the acquisition date. The Company also acquires Purchased Performing Loans that are typically held at carrying value, but the accounting methods for income recognition and determination and measurement of any required credit loss reserves (as discussed below) differ from those used for Purchased Credit Deteriorated Loans held at carrying value. The accounting model described below for residential whole loans held at fair value is typically utilized by the Company for loans where the underlying borrower has a delinquency status of 60 days or more at the acquisition date. The accounting model initially applied is not subsequently changed. The Company’s residential whole loans pledged as collateral against financing agreements are included in the consolidated balance sheets with amounts pledged disclosed parenthetically. Purchases and sales of residential whole loans that are subject to an extended period of due diligence that crosses a reporting date are recorded in our balance sheet at amounts reflecting management’s current estimate of assets that will be acquired or disposed at the closing of the transaction. This estimate is subject to revision at the closing of the transaction, pending the outcome of due diligence performed prior to closing. Residential whole loans purchased under flow arrangements with loan origination partners are generally recorded at the transaction settlement date. Recorded amounts of residential whole loans for which the closing of the purchase transaction is yet to occur are not eligible to be pledged as collateral against any financing agreement until the closing of the purchase transaction. Interest income, credit related losses and changes in the fair value of loans held at fair value are recorded post settlement for acquired loans and until transaction settlement for sold loans (see Notes 3, 6, 7, 14 and 15). Residential Whole Loans at Carrying Value Purchased Performing Loans Acquisitions of Purchased Performing Loans to date have been primarily comprised of: (i) loans to finance (or refinance) one-to-four family residential properties that are not considered to meet the definition of a “Qualified Mortgage” in accordance with guidelines adopted by the Consumer Financial Protection Bureau (“Non-QM loans”), (ii) short-term business purpose loans collateralized by residential properties made to non-occupant borrowers who intend to rehabilitate and sell the property for a profit (“Rehabilitation loans” or “Fix and Flip loans”), (iii) loans to finance (or refinance) non-owner occupied one-to four-family residential properties that are rented to one or more tenants (“Single-family rental loans”), and (iv) previously originated loans secured by residential real estate that is generally owner occupied (“Seasoned performing loans”). Purchased Performing Loans are initially recorded at their purchase price. Interest income on Purchased Performing Loans acquired at par is accrued based on each loan’s current interest bearing balance and current interest rate, net of related servicing costs. Interest income on such loans purchased at a premium/discount to par is recorded each period based on the contractual coupon net of any amortization of premium or accretion of discount, adjusted for actual prepayment activity. For loans acquired with related servicing rights retained by the seller, interest income is reported net of related serving costs. An allowance for credit losses is recorded at acquisition, and maintained on an ongoing basis, for all losses expected over the life of the respective loan. Any required credit loss allowance would reduce the net carrying value of the loan with a corresponding charge to earnings, and may increase or decrease over time. Significant judgments are required in determining any allowance for credit loss, including assumptions regarding the loan cash flows expected to be collected, the value of the underlying collateral and the ability of the Company to collect on any other forms of security, such as a personal guaranty provided either by the borrower or an affiliate of the borrower. Income recognition is suspended, and interest accruals are reversed against income, for loans at the earlier of the date at which payments become 90 days past due or when, in the opinion of management, a full recovery of income and principal becomes doubtful (i.e., such loans are placed on nonaccrual status). For nonaccrual loans other than Fix and Flip loans, all payments are applied to principal under the cost recovery method. For nonaccrual Fix and Flip loans, interest income is recorded under the cash basis method as interest payments are received. Interest accruals are resumed when the loan becomes contractually current and performance is demonstrated to be resumed. A loan is written off when it is no longer realizable and/or it is legally discharged. Modified loans are considered “troubled debt restructurings” if the Company grants a concession to a borrower who is experiencing financial difficulty (including the interpretation of this definition set forth in OCC Bulletin 2020-35). Charge-offs to the allowance for loan losses occur when losses are confirmed through the receipt of cash or other consideration from the completion of a sale; when a modification or restructuring takes place in which we grant a concession to a borrower or agree to a discount in full or partial satisfaction of the loan; when we take ownership and control of the underlying collateral in full satisfaction of the loan; when loans are reclassified as other investments; or when significant collection efforts have ceased and it is highly likely that a loss has been realized. The aggregate allowance for credit losses is equal to the sum of the losses expected over the life of each respective loan. Expected losses are generally calculated based on the estimated probability of default and loss severity of loans in the portfolio, which involves projecting each loan’s expected cash flows based on their contractual terms, expected prepayments, and estimated default and loss severity rates. The results were not discounted. The default and severity rates were estimated based on the following steps: (i) obtained the Company’s historical experience through an entire economic cycle for each loan type or, to the extent the Company did not have sufficient historical loss experience for a given loan type, publicly available data derived from the historical loss experience of certain banks, which data the Company believes is generally representative of its portfolio, (ii) obtained historical economic data (U.S. unemployment rates and home price appreciation) over the same period, and (iii) estimated default and severity rates during three distinct future periods based on historical default and severity rates during periods when economic conditions similar to those forecasted were experienced. The default and severity rates were applied to the estimated amount of loans outstanding during each future period, based on contractual terms and expected prepayments. Expected prepayments are estimated based on historical experience and current and expected future economic conditions, including market interest rates. The three future periods were as follows: (i) a one-year forecast of economic conditions based on U.S. unemployment rates and home price appreciation, followed by (ii) a two-year “reversion” period during which economic conditions (U.S. unemployment rates and home price appreciation) are projected to revert to historical averages on a straight line basis, followed by (iii) the remaining life of each loan, during which period economic conditions (U.S. unemployment rates and home price appreciation) are projected to equal historical averages. In addition, a liability is established (and recorded in Other Liabilities) each period using a similar methodology for committed but undrawn loan amounts. The Company forecasts future economic conditions based on forecasts provided by an external preparer of economic forecasts, as well as its own knowledge of the market and its portfolio. The Company generally considers multiple scenarios and selects the one that it believes results in the most reasonable estimate of expected losses. The Company may apply qualitative adjustments to these results as further described in Note 3. For certain loans where foreclosure has been deemed to be probable, loss estimates are based on whether the value of the underlying collateral is sufficient to recover the carrying value of the loan. This methodology has not changed from the calculation of the allowance for credit losses on January 1, 2020 pursuant to the transition to Accounting Standards Update 2016-13 as described below under “New Accounting Standards and Interpretations,” other than a change in the reversion period from one year to two years to reflect the expected ongoing impact of current conditions (see Note 3). Purchased Credit Deteriorated Loans The Company has elected to account for these loans as credit deteriorated as they have experienced a more-than-insignificant deterioration in credit quality since origination and were acquired at discounted prices that reflect, in part, the impaired credit history of the borrower. Substantially all of these loans have previously experienced payment delinquencies and the amount owed may exceed the value of the property pledged as collateral. Consequently, these loans generally have a higher likelihood of default than newly originated mortgage loans with loan-to-value ratios (“LTVs”) of 80% or less to creditworthy borrowers. The Company believes that amounts paid to acquire these loans represent fair market value at the date of acquisition. Loans considered credit deteriorated are initially recorded at the purchase price on a net basis, after establishing an initial allowance for credit losses (their initial cost basis is equal to their purchase price plus the initial allowance for credit losses). Subsequent to acquisition, the gross recorded amount for these loans reflects the initial cost basis, plus accretion of interest income, less principal and interest cash flows received. These loans are presented on the Company’s consolidated balance sheets at carrying value, which reflects the recorded cost basis reduced by any allowance for credit losses. Interest income on such loans purchased is recorded each period based on the contractual coupon net of amortization of the difference between their cost basis and unpaid principal balance (“UPB”), subject to the Company’s nonaccrual policy. Residential Whole Loans at Fair Value Certain of the Company’s residential whole loans are presented at fair value on its consolidated balance sheets as a result of a fair value election made at the time of acquisition. For the majority of these loans, there is significant uncertainty associated with estimating the timing of and amount of cash flows that will be collected. Further, the cash flows ultimately collected may be dependent on the value of the property securing the loan. Consequently, the Company considers that accounting for these loans at fair value should result in a better reflection over time of the economic returns for the majority of these loans. The Company determines the fair value of its residential whole loans held at fair value after considering portfolio valuations obtained from a third-party that specializes in providing valuations of residential mortgage loans and trading activity observed in the market place. Subsequent changes in fair value are reported in current period earnings and presented in Net (loss)/gain on residential whole loans measured at fair value through earnings on the Company’s consolidated statements of operations. Cash received (or accrued) representing coupon interest payments on residential whole loans held at fair value is not included in Interest Income, but rather is included in Net (loss)/gain on residential whole loans measured at fair value through earnings on the Company’s consolidated statements of operations. Cash outflows associated with loan-related advances made by the Company on behalf of the borrower are included in the basis of the loan and are reflected in unrealized gains or losses reported each period.
Residential Mortgage Securities	Residential Mortgage Securities Prior to the quarter ended June 30, 2020, the Company had invested in residential MBS that are issued or guaranteed as to principal and/or interest by a federally chartered corporation, such as the Federal National Mortgage Association (“Fannie Mae”) or the Federal Home Loan Mortgage Corporation (“Freddie Mac”), or an agency of the U.S. Government, such as the Government National Mortgage Association (“Ginnie Mae”) (collectively, “Agency MBS”), and residential MBS that are not guaranteed by any agency of the U.S. Government or any federally chartered corporation (“Non-Agency MBS”). The Company disposed of its investments in Agency MBS during 2020 and has substantially reduced its investments in Non-Agency MBS. In addition, the Company has investments in CRT securities that are issued by or sponsored by Fannie Mae and Freddie Mac. The coupon payments on CRT securities are paid by the issuer and the principal payments received are dependent on the performance of loans in either a reference pool or an actual pool of loans. As the loans in the underlying pool are paid, the principal balance of the CRT securities is paid. As an investor in a CRT security, the Company may incur a principal loss if the performance of the actual or reference pool loans results in either an actual or calculated loss that exceeds the credit enhancement of the security owned by the Company. Designation MBS that the Company generally intends to hold until maturity, but that it may sell from time to time as part of the overall management of its business, are designated as “available-for-sale” (“AFS”). Such MBS are carried at their fair value with unrealized gains and losses excluded from earnings (except when an allowance for loan losses is recognized, as discussed below) and reported in Accumulated other comprehensive income/(loss) (“AOCI”), a component of Stockholders’ Equity. Upon the sale of an AFS security, any unrealized gain or loss is reclassified out of AOCI to earnings as a realized gain or loss using the specific identification method. The Company had elected the fair value option for certain of its previously held Agency MBS that it did not intend to hold to maturity. These securities were carried at their fair value with changes in fair value included in earnings for the period and reported in Other Income, net on the Company’s consolidated statements of operations. The Company has elected the fair value option for certain of its CRT securities as it considers this method of accounting to more appropriately reflect the risk-sharing structure of these securities. Such securities are carried at their fair value with changes in fair value included in earnings for the period and reported in Other Income, net on the Company’s consolidated statements of operations. Revenue Recognition, Premium Amortization and Discount Accretion Interest income on securities is accrued based on their outstanding principal balance and their contractual terms. Premiums and discounts associated with Agency MBS and Non-Agency MBS assessed as high credit quality at the time of purchase are amortized into interest income over the life of such securities using the effective yield method. Adjustments to premium amortization are made for actual prepayment activity. Determination of Fair Value for Residential Mortgage Securities In determining the fair value of the Company’s residential mortgage securities, management considers a number of observable market data points, including prices obtained from pricing services, brokers and repurchase agreement counterparties, dialogue with market participants, as well as management’s observations of market activity (see Note 14). Allowance for credit losses When the fair value of an AFS security is less than its amortized cost at the balance sheet date, the security is considered impaired. The Company assesses its impaired securities, as well as securities for which a credit loss allowance had been previously recorded, on at least a quarterly basis and determines whether any changes to the allowance for credit losses are required. If the Company intends to sell an impaired security, or it is more likely than not that it will be required to sell the impaired security before its anticipated recovery, then the Company must recognize a write-down through charges to earnings equal to the entire difference between the investment’s amortized cost and its fair value at the balance sheet date. If the Company does not expect to sell an impaired security, only the portion of the impairment related to credit losses is recognized through a loss allowance charged to earnings with the remainder recognized through AOCI on the Company’s consolidated balance sheets. Impairments recognized through other comprehensive income/(loss) (“OCI”) do not impact earnings. Credit loss allowances are subject to reversal through earnings resulting from improvements in expected cash flows. The determination as to whether to record (or reverse) a credit loss allowance is subjective, as such determinations are based on factual information available at the time of assessment as well as the Company’s estimates of future performance and cash flow projections. As a result, the timing and amount of losses constitute material estimates that are susceptible to significant change (see Note 4). Balance Sheet Presentation
MSR Related Assets	MSR-Related Assets The Company has investments in financial instruments whose cash flows are considered to be largely dependent on underlying MSRs that either directly or indirectly act as collateral for the investment. These financial instruments, which are referred to as MSR-related assets, are discussed in more detail below. The Company’s MSR-related assets pledged as collateral against repurchase agreements are included in the consolidated balance sheets with the amounts pledged disclosed parenthetically. Purchases and sales of MSR-related assets are recorded on the trade date (see Notes 4, 6, 7 and 14). Term Notes Backed by MSR-Related Collateral The Company has invested in term notes that are issued by special purpose vehicles (“SPV”) that have acquired rights to receive cash flows representing the servicing fees and/or excess servicing spread associated with certain MSRs. The Company considers payment of principal and interest on these term notes to be largely dependent on the cash flows generated by the underlying MSRs as this impacts the cash flows available to the SPV that issued the term notes. Credit risk borne by the holders of the term notes is also mitigated by structural credit support in the form of over-collateralization. Credit support is also provided by a corporate guarantee from the ultimate parent or sponsor of the SPV that is intended to provide for payment of interest and principal to the holders of the term notes should cash flows generated by the underlying MSRs be insufficient. The Company’s term notes backed by MSR-related collateral are treated as AFS securities and reported at fair value on the Company’s consolidated balance sheets with unrealized gains and losses excluded from earnings and reported in AOCI, subject to impairment and loss allowances. Interest income is recognized on an accrual basis on the Company’s consolidated statements of operations. The Company’s valuation process for such notes is similar to that used for residential mortgage securities and considers a number of observable market data points, including prices obtained from pricing services, brokers and repurchase agreement counterparties, dialogue with market participants, as well as management’s observations of market activity. Other factors taken into consideration include estimated changes in fair value of the related underlying MSR collateral, as applicable, and the financial performance of the ultimate parent or sponsoring entity of the issuer, which has provided a guarantee that is intended to provide for payment of interest and principal to the holders of the term notes should cash flows generated by the related underlying MSR collateral be insufficient. Corporate Loans The Company has made or participated in loans to provide financing to entities that originate residential mortgage loans and own the related MSRs. These corporate loans are generally secured by certain MSRs, as well as certain other unencumbered assets owned by the borrower. Corporate loans are recorded on the Company’s consolidated balance sheets at the drawn amount, on which interest income is recognized on an accrual basis on the Company’s consolidated statements of operations, subject to loss allowances. Commitment fees received on the undrawn amount are deferred and recognized as interest income over the remaining loan term at the time of draw. At the end of the commitment period, any remaining deferred commitment fees are recorded as Other Income on the Company’s consolidated statements of operations. The Company evaluates the recoverability of its corporate loans on a quarterly basis considering various factors, including the current status of the loan, changes in the fair value of the MSRs that secure the loan and the recent financial performance of the borrower.
Cash and Cash Equivalents	Cash and Cash Equivalents  Cash and cash equivalents include cash on deposit with financial institutions and investments in money market funds, all of which have original maturities of three months or less.  Cash and cash equivalents may also include cash pledged as collateral to the Company by its financing counterparties as a result of reverse margin calls (i.e., margin calls made by the Company).  The Company did not hold any cash pledged by its counterparties at December 31, 2020 and 2019.
Restricted Cash	Restricted Cash
Real Estate Owned (REO)	Real Estate Owned (“REO”) REO represents real estate acquired by the Company, including through foreclosure, deed in lieu of foreclosure, or purchased in connection with the acquisition of residential whole loans. REO acquired through foreclosure or deed in lieu of foreclosure is initially recorded at fair value less estimated selling costs. REO acquired in connection with the acquisition of residential whole loans is initially recorded at its purchase price. Subsequent to acquisition, REO is reported, at each reporting date, at the lower of the current carrying amount or fair value less estimated selling costs and for presentation purposes is included in Other assets on the Company’s consolidated balance sheets. Changes in fair value that result in an adjustment to the reported amount of an REO property that has a fair value at or below its carrying amount are reported in Other Income, net on the Company’s consolidated statements of operations.
Depreciation	Depreciation Leasehold Improvements, Real estate and Other Depreciable Assets five
Loan Securitization and Other Debt Issuance Costs	Loan Securitization and Other Debt Issuance Costs Loan securitization related costs are costs associated with the issuance of beneficial interests by consolidated VIEs and incurred by the Company in connection with various financing transactions completed by the Company. These costs may include underwriting, rating agency, legal, accounting and other fees. Such costs, which reflect deferred charges (unless the debt is recorded at fair value, as discussed below), are included on the Company’s consolidated balance sheets as a direct deduction from the corresponding debt liability. These deferred charges are amortized as an adjustment to interest expense using the effective interest method. For certain financing agreements, such costs are amortized over the shorter of the period to the expected or stated legal maturity of the debt instruments. The Company periodically reviews the recoverability of these deferred costs and, in the event an impairment charge is required, such amount will be included in Operating and Other Expense on the Company’s consolidated statements of operations.
Repurchase Agreements	Financing Agreements The Company finances the majority of its residential mortgage assets with financing agreements that include repurchase agreements and other forms of collateralized financing. Under repurchase agreements, the Company sells assets to a lender and agrees to repurchase the same assets in the future for a price that is higher than the original sale price. The difference between the sale price that the Company receives and the repurchase price that the Company pays represents interest paid to the lender. Although legally structured as sale and repurchase transactions, the Company accounts for repurchase agreements as secured borrowings. Under its repurchase agreements and other forms of collateralized financing, the Company pledges its assets as collateral to secure the borrowing, in an amount which is equal to a specified percentage of the fair value of the pledged collateral, while the Company retains beneficial ownership of the pledged collateral. At the maturity of a repurchase financing, unless the repurchase financing is renewed with the same counterparty, the Company is required to repay the loan including any accrued interest and concurrently receives back its pledged collateral from the lender. With the consent of the lender, the Company may renew a repurchase financing at the then prevailing financing terms. Margin calls, whereby a lender requires that the Company pledge additional assets or cash as collateral to secure borrowings under its repurchase financing with such lender, are routinely experienced by the Company when the value of the assets pledged as collateral declines as a result of principal amortization and prepayments or due to changes in market interest rates, spreads or other market conditions. The Company also may make margin calls on counterparties when collateral values increase. The Company’s repurchase financings collateralized by residential mortgage securities and MSR-related assets typically have terms ranging from one month to six months at inception, while the majority of our financing arrangements collateralized by residential whole loans have terms of twelve months or longer. Should a counterparty decide not to renew a financing arrangement at maturity, the Company must either refinance elsewhere or be in a position to satisfy the obligation. If, during the term of a financing, a lender should default on its obligation, the Company might experience difficulty recovering its pledged assets which could result in an unsecured claim against the lender for the difference between the amount loaned to the Company plus interest due to the counterparty and the fair value of the collateral pledged by the Company to such lender, including accrued interest receivable on such collateral (see Notes 6, 7 and 14). The Company has elected the fair value option on certain of its financing agreements. These agreements are reported at their fair value, with changes in fair value being recorded in earnings each period (or other comprehensive income, to the extent the change results from a change in instrument specific credit risk), as further detailed in Note 6. Financing costs, including “up front” fees paid at inception related to financing agreements at fair value are expensed as incurred. Interest expense is recorded based on the current interest rate in effect for the related agreement.
Equity-Based Compensation	Equity-Based Compensation Compensation expense for equity-based awards that are subject to vesting conditions, is recognized ratably over the vesting period of such awards, based upon the fair value of such awards at the grant date. The Company has made annual grants of restricted stock units (“RSUs”) certain of which cliff vest after a three-year period, subject only to continued employment, and others of which cliff vest after a three-year period, subject to both continued employment and the achievement of certain performance criteria based on a formula tied to the Company’s achievement of average total shareholder return during that three-year period, as well as the total shareholder return (“TSR”) of the Company relative to the TSR of a group of peer companies (over the three-year period) selected by the Compensation Committee of the Company’s Board of Directors (the “Compensation Committee”) at the date of grant. The features in these awards related to the attainment of total shareholder return over a specified period constitute a “market condition”, which impacts the amount of compensation expense recognized for these awards. Specifically, the uncertainty regarding the achievement of the market condition was reflected in the grant date fair valuation of the RSUs, which is recognized as compensation expense over the relevant vesting period. The amount of compensation expense recognized is not dependent on whether the market condition was or will be achieved.
Earnings per Common Share ("EPS")	Earnings per Common Share (“EPS”)  Basic EPS is computed using the two-class method, which includes the weighted-average number of shares of common stock outstanding during the period and an estimate of other securities that participate in dividends, such as the Company’s dividend equivalents attached to/associated with RSUs, to arrive at total common equivalent shares.  In applying the two-class method, earnings are allocated to both shares of common stock and estimated securities that participate in dividends based on their respective weighted-average shares outstanding for the period.  For the diluted EPS calculation, common equivalent shares are further adjusted for the effect of RSUs outstanding that are unvested and have dividends that are subject to forfeiture, and for the effect of outstanding warrants, using the treasury stock method.  Under the treasury stock method, common equivalent shares are calculated assuming that all dilutive common stock equivalents are exercised and the proceeds, along with future compensation expenses associated with such instruments (if any), are used to repurchase shares of the Company’s outstanding common stock at the average market price during the reported period.  In addition, the Company’s Convertible Senior Notes are included in the calculation of diluted EPS if the assumed conversion into common shares is dilutive, using the “if-converted” method. This involves adding back the periodic interest expense associated with the Convertible Senior Notes to the numerator and by adding the shares that would be issued in an assumed conversion (regardless of whether the conversion option is in or out of the money) to the denominator for the purposes of calculating diluted EPS
Comprehensive Income/(Loss)	Comprehensive Income/(Loss) The Company’s comprehensive income/(loss) available to common stock and participating securities includes net income, the change in net unrealized gains/(losses) on its AFS securities and derivative hedging instruments (to the extent that such changes are not recorded in earnings), adjusted by realized net gains/(losses) reclassified out of AOCI for sold AFS securities and terminated hedging relationships, as well as the portion of unrealized gains/(losses) on its financing agreements held at fair value related to instrument-specific credit risk, and is reduced by dividends declared on the Company’s preferred stock and issuance costs of redeemed preferred stock.
U.S. Federal Income Taxes	U.S. Federal Income Taxes The Company has elected to be taxed as a REIT under the provisions of the Internal Revenue Code of 1986, as amended, (the “Code”), and the corresponding provisions of state law. The Company expects to operate in a manner that will enable it to satisfy the various requirements to maintain its status as a REIT for federal income tax purposes. In order to maintain its status as a REIT, the Company must, among other things, distribute at least 90% of its REIT taxable income (excluding net long-term capital gains) to stockholders in the timeframe permitted by the Code. As long as the Company maintains its status as a REIT, the Company will not be subject to regular federal income tax to the extent that it distributes 100% of its REIT taxable income (including net long-term capital gains) to its stockholders within the permitted timeframe. Should this not occur, the Company would be subject to federal taxes at prevailing corporate tax rates on the difference between its REIT taxable income and the amounts deemed to be distributed for that tax year. As the Company’s objective is to distribute 100% of its REIT taxable income to its stockholders within the permitted timeframe, no provision for current or deferred income taxes has been made in the accompanying consolidated financial statements. Should the Company incur a liability for corporate income tax, such amounts would be recorded as REIT income tax expense on the Company’s consolidated statements of operations. Furthermore, if the Company fails to distribute during each calendar year, or by the end of January following the calendar year in the case of distributions with declaration and record dates falling in the last three months of the calendar year, at least the sum of (i) 85% of its REIT ordinary income for such year, (ii) 95% of its REIT capital gain income for such year, and (iii) any undistributed taxable income from prior periods, the Company would be subject to a 4% nondeductible excise tax on the excess of the required distribution over the amounts actually distributed. To the extent that the Company incurs interest, penalties or related excise taxes in connection with its tax obligations, including as a result of its assessment of uncertain tax positions, such amounts will be included in Operating and Other Expense on the Company’s consolidated statements of operations. In addition, the Company has elected to treat certain of its subsidiaries as TRS. In general, a TRS may hold assets and engage in activities that the Company cannot hold or engage in directly and generally may engage in any real estate or non-real estate-related business. Generally, a domestic TRS is subject to U.S. federal, state and local corporate income taxes. Since a portion of the Company’s business is conducted through one or more TRS, the net taxable income earned by its domestic TRS, if any, is subject to corporate income taxation. To maintain the Company’s REIT election, no more than 20% of the value of the Company’s assets at the end of each calendar quarter may consist of stock or securities in TRS. For purposes of the determination of U. S. federal and state income taxes, the Company’s subsidiaries that elected to be treated as TRS record current or deferred income taxes based on differences (both permanent and timing) between the determination of their taxable income and net income under GAAP. No net deferred tax benefit was recorded by the Company in 2020 or 2019, related to the net taxable losses in the TRS, since a valuation allowance for the full amount of the associated deferred tax asset of approximately $74.1 million was recognized as its recovery is not considered more likely than not. The related net operating loss carryforwards generated prior to 2018 will begin to expire in 2034; those generated in 2020, 2019, and 2018 can be carried back to each of the five taxable years preceding the taxable year of such loss and thereafter can be carried forward and do not expire. Based on its analysis of any potentially uncertain tax positions, the Company concluded that it does not have any material uncertain tax positions that meet the relevant recognition or measurement criteria as of December 31, 2020, 2019 or 2018. As of the date of this filing, the Company’s tax returns for tax years 2017 through 2019 are open to examination.
Derivative Financial Instruments	Derivative Financial Instruments The Company may use a variety of derivative instruments to economically hedge a portion of its exposure to market risks, including interest rate risk and prepayment risk. The objective of the Company’s risk management strategy is to reduce fluctuations in net book value over a range of interest rate scenarios. In particular, the Company attempts to mitigate the risk of the cost of its variable rate liabilities increasing during a period of rising interest rates. The Company’s derivative instruments have generally been comprised of Swaps, the majority of which were designated as cash flow hedges against the interest rate risk associated with its borrowings. Swaps The Company documents its risk-management policies, including objectives and strategies, as they relate to its hedging activities and the relationship between the hedging instrument and the hedged liability for all Swaps designated as hedging transactions. The Company assesses, both at the inception of a hedge and on a quarterly basis thereafter, whether or not the hedge is “highly effective.” During the first quarter of 2020, the Company terminated all of its Swaps. Prior to their termination, Swaps were carried on the Company’s consolidated balance sheets at fair value, in Other assets, if their fair value was positive, or in Other liabilities, if their fair value was negative. Changes in the fair value of the Company’s Swaps previously designated in hedging transactions are recorded in OCI provided that the hedge remains effective. Periodic payments accrued in connection with Swaps designated as hedges are included in interest expense and are treated as an operating cash flow. The Company discontinues hedge accounting on a prospective basis and recognizes changes in fair value through earnings when: (i) it is determined that the derivative is no longer effective in offsetting cash flows of a hedged item (including forecasted transactions); (ii) it is no longer probable that the forecasted transaction will occur; or (iii) it is determined that designating the derivative as a hedge is no longer appropriate (see Notes 5(c), 7 and 14). Changes in the fair value of the Company’s Swaps not designated in hedging transactions are recorded in Other income, net on the Company’s consolidated statements of operations.
Fair Value Measurements and the Fair Value Option for Financial Assets and Financial Liabilities	Fair Value Measurements and the Fair Value Option for Financial Assets and Financial Liabilities The Company’s presentation of fair value for its financial assets and liabilities is determined within a framework that stipulates that the fair value of a financial asset or liability is an exchange price in an orderly transaction between market participants to sell the asset or transfer the liability in the market in which the reporting entity would transact for the asset or liability, that is, the principal or most advantageous market for the asset or liability. The transaction to sell the asset or transfer the liability is a hypothetical transaction at the measurement date, considered from the perspective of a market participant that holds the asset or owes the liability. This definition of fair value focuses on exit price and prioritizes the use of market-based inputs over entity-specific inputs when determining fair value. In addition, the framework for measuring fair value establishes a three-level hierarchy for fair value measurements based upon the observability of inputs to the valuation of an asset or liability as of the measurement date.
Variable Interest Entities	Variable Interest Entities An entity is referred to as a VIE if it meets at least one of the following criteria: (i) the entity has equity that is insufficient to permit the entity to finance its activities without the additional subordinated financial support of other parties; or (ii) as a group, the holders of the equity investment at risk lack (a) the power to direct the activities of an entity that most significantly impact the entity’s economic performance; (b) the obligation to absorb the expected losses; or (c) the right to receive the expected residual returns; or (iii) the holders of the equity investment at risk have disproportional voting rights and the entity’s activities are conducted on behalf of the investor that has disproportionately few voting rights. The Company consolidates a VIE when it has both the power to direct the activities that most significantly impact the economic performance of the VIE and a right to receive benefits or absorb losses of the entity that could be potentially significant to the VIE. The Company is required to reconsider its evaluation of whether to consolidate a VIE each reporting period, based upon changes in the facts and circumstances pertaining to the VIE. The Company has entered into several financing transactions which resulted in the Company forming entities to facilitate these transactions. In determining the accounting treatment to be applied to these transactions, the Company concluded that the entities used to facilitate these transactions are VIEs and that they should be consolidated. If the Company had determined that consolidation was not required, it would have then assessed whether the transfers of the underlying assets would qualify as sales or should be accounted for as secured financings under GAAP (see Note 15). The Company also includes on its consolidated balance sheets certain financial assets and liabilities that are acquired/issued by trusts and/or other special purpose entities that have been evaluated as being required to be consolidated by the Company under the applicable accounting guidance.
Offering Costs Related to Issuance and Redemption of Preferred Stock	Offering Costs Related to Issuance and Redemption of Preferred Stock Offering costs related to the issuance of preferred stock are recorded as a reduction in Additional paid-in capital, a component of Stockholders’ Equity, at the time such preferred stock is issued. On redemption of preferred stock, any excess of the fair value of the consideration transferred to the holders of the preferred stock over the carrying amount of the preferred stock in the Company’s consolidated balance sheets is included in the determination of Net Income Available to Common Stock and Participating Securities in the calculation of EPS.
New Accounting Standards and Interpretations	New Accounting Standards and Interpretations Accounting Standards Adopted in 2020 Financial Instruments - Credit Losses - Measurement of Credit Losses on Financial Instruments In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which has subsequently been amended by ASUs 2019-11, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, 2019-05, Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief, 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, 2020-02 Financial Instruments-Credit Losses (Topic 326)-Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date (SEC Update), and 2020-03 Codification Improvements to Financial Instruments. The amendments in ASU 2016-13 require entities to measure all expected credit losses (rather than incurred losses) for financial assets held at the reporting date, based on historical experience, current conditions and reasonable and supportable forecasts. ASU 2016-13 also requires enhanced financial statement disclosures to help financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. The amendments in this ASU were required to be applied by recording a cumulative-effect adjustment to equity as of the beginning of the first reporting period in which the guidance is effective. A prospective transition approach is required for debt securities for which an other than temporary impairment had been recognized before the effective date. The Company adopted the new ASU on January 1, 2020. The impact of adoption was that the allowance for credit losses on Purchased Performing Loans increased by approximately $8.3 million. This transition adjustment was recorded as an increase in the Company’s allowance for credit losses and an adjustment to decrease retained earnings as of the adoption date. In addition, for Purchased Credit Deteriorated Loans, the carrying value of the portfolio was adjusted on transition by $62.6 million to include an estimate of the allowance for credit losses as required by the new standard. For financial statement reporting purposes, this adjusted carrying value is presented net of the estimated allowance for credit losses. Consequently, the adjustments recorded on transition for Purchased Credit Deteriorated Loans do not result in any adjustment to retained earnings as of the adoption date. The Company does not consider these transition adjustments to be material to its financial position or previously reported GAAP or economic book value. Under ASU 2016-13, credit losses for available-for-sale debt securities are measured in a manner similar to prior GAAP. However, the amendments in this ASU require that credit losses be recorded through an allowance for credit losses, which will allow subsequent reversals in credit loss estimates to be recognized in current income. In addition, the allowance on available-for-sale debt securities will be limited to the extent that the fair value is less than the amortized cost. Under prior GAAP, credit impairment losses were generally required to be recorded as “other than temporary” impairment, which directly reduced the carrying amount of impaired securities, and was recorded in earnings and was not reversed if expected cash flows subsequently recovered. Under the new guidance, credit impairments on such securities (other than those related to expected sales) are recorded as an allowance for credit losses that is also recorded in earnings, but the allowance can be reversed through earnings in a subsequent period if expected cash flows subsequently recover. Transition to the new available-for-sale debt securities guidance did not result in a change to our retained earnings. Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which has subsequently been amended by ASU 2021-01, Reference Rate Reform (Topic 848): Scope. The amendments in this ASU provide temporary optional expedients to ease the financial reporting burden of the expected transition from the London Interbank Offered Rate (“LIBOR”) to an alternative reference rate such as the Secured

Residential Whole Loans (Tables

Residential Whole Loans (Tables)	12 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
Residential Whole Loans, at Carrying Value	The following table presents the components of the Company’s Residential whole loans, at carrying value at December 31, 2020 and 2019: (Dollars In Thousands) December 31, 2020 December 31, 2019 Purchased Performing Loans: Non-QM loans $ 2,357,185 $ 3,707,245 Rehabilitation loans 581,801 1,026,097 Single-family rental loans 446,374 460,742 Seasoned performing loans 136,264 176,569 Total Purchased Performing Loans 3,521,624 5,370,653 Purchased Credit Deteriorated Loans (1) 673,708 698,717 Total Residential whole loans, at carrying value $ 4,195,332 $ 6,069,370 Allowance for credit losses on residential whole loans held at carrying value (86,833) (3,025) Total Residential whole loans at carrying value, net $ 4,108,499 $ 6,066,345 Number of loans 13,112 17,082 (1) The amortized cost basis of Purchased Credit Deteriorated Loans was increased by $62.6 million on January 1, 2020 in connection with the adoption of ASU 2016-13.
Schedule of Interest Income Components	The following table presents the components of interest income on the Company’s Residential whole loans, at carrying value for the years ended December 31, 2020, 2019 and 2018: For the Year Ended December 31, (In Thousands) 2020 2019 2018 Purchased Performing Loans: Non-QM loans $ 136,527 $ 116,282 $ 31,036 Rehabilitation loans 49,484 54,419 15,975 Single-family rental loans 27,722 17,742 3,315 Seasoned performing loans 8,793 12,191 5,818 Total Purchased Performing Loans 222,526 200,634 56,144 Purchased Credit Deteriorated Loans 36,238 43,346 44,777 Total Residential whole loans, at carrying value $ 258,764 $ 243,980 $ 100,921
Financing Receivable Credit Quality Indicators	The following table presents additional information regarding the Company’s Residential whole loans, at carrying value at December 31, 2020: December 31, 2020 Carrying Value Amortized Cost Basis Unpaid Principal Balance (“UPB”) Weighted Average Coupon (1) Weighted Average Term to Maturity (Months) Weighted Average LTV Ratio (2) Weighted Average Original FICO (3) Aging by Amortized Cost Basis Past Due Days (Dollars In Thousands) Current 30-59 60-89 90+ Purchased Performing Loans: Non-QM loans (4) $ 2,336,117 $ 2,357,185 $ 2,294,086 5.84 % 351 64 % 712 $ 2,099,134 $ 73,163 $ 36,501 $ 148,387 Rehabilitation loans (4) 563,430 581,801 581,801 7.29 3 63 719 390,706 29,315 25,433 136,347 Single-family rental loans (4) 442,456 446,374 442,208 6.32 324 70 730 415,386 6,652 3,948 20,388 Seasoned performing loans (4) 136,157 136,264 149,004 3.30 171 40 723 124,877 2,186 1,170 8,031 Purchased Credit Deteriorated Loans (4)(5) 630,339 673,708 782,319 4.46 287 76 N/A N/M N/M N/M 119,621 Residential whole loans, at carrying value, total or weighted average $ 4,108,499 $ 4,195,332 $ 4,249,418 5.77 % 282 December 31, 2019 Carrying Value Amortized Cost Basis Unpaid Principal Balance (“UPB”) Weighted Average Coupon (1) Weighted Average Term to Maturity (Months) Weighted Average LTV Ratio (2) Weighted Average Original FICO (3) Aging by UPB Past Due Days (Dollars In Thousands) Current 30-59 60-89 90+ Purchased Performing Loans: Non-QM loans (4) $ 3,706,857 $ 3,707,245 $ 3,592,701 5.96 % 368 67 % 716 $ 3,492,533 $ 59,963 $ 19,605 $ 20,600 Rehabilitation loans (4) 1,023,766 1,026,097 1,026,097 7.30 8 64 717 868,281 67,747 27,437 62,632 Single-family rental loans (4) 460,679 460,741 457,146 6.29 324 70 734 432,936 15,948 2,047 6,215 Seasoned performing loans 176,569 176,569 192,151 4.24 181 46 723 187,683 2,164 430 1,874 Purchased Credit Impaired Loans (5) 698,474 698,718 873,326 4.46 294 81 N/A N/M N/M N/M 108,998 Residential whole loans, at carrying value, total or weighted average $ 6,066,345 $ 6,069,370 $ 6,141,421 5.96 % 288 (1) Weighted average is calculated based on the interest bearing principal balance of each loan within the related category. For loans acquired with servicing rights released by the seller, interest rates included in the calculation do not reflect loan servicing fees. For loans acquired with servicing rights retained by the seller, interest rates included in the calculation are net of servicing fees. (2) LTV represents the ratio of the total unpaid principal balance of the loan to the estimated value of the collateral securing the related loan as of the most recent date available, which may be the origination date. For Rehabilitation loans, the LTV presented is the ratio of the maximum unpaid principal balance of the loan, including unfunded commitments, to the estimated “after repaired” value of the collateral securing the related loan, where available. For certain Rehabilitation loans, totaling $189.9 million and $269.2 million at December 31, 2020 and December 31, 2019, respectively, an after repaired valuation was not obtained and the loan was underwritten based on an “as is” valuation. The weighted average LTV of these loans based on the current unpaid principal balance and the valuation obtained during underwriting, is 68% and 69% at December 31, 2020 and December 31, 2019, respectively. Excluded from the calculation of weighted average LTV are certain low value loans secured by vacant lots, for which the LTV ratio is not meaningful. (3) Excludes loans for which no Fair Isaac Corporation (“FICO”) score is available. (4) At December 31, 2020 and December 31, 2019 the difference between the Carrying Value and Amortized Cost Basis represents the related allowance for credit losses. (5) Purchased Credit Deteriorated Loans tend to be characterized by varying performance of the underlying borrowers over time, including loans where multiple months of payments are received in a period to bring the loan to current status, followed by months where no payments are received. Accordingly, delinquency information is presented for loans that are more than 90 days past due that are considered to be seriously delinquent. The following tables present certain additional credit-related information regarding our residential whole loans: Amortized Cost Basis by Origination Year and LTV Bands (Dollars In Thousands) 2020 2019 2018 2017 2016 Prior Total Non-QM loans LTV < 80% (1) $ 429,241 $ 1,111,534 $ 621,201 $ 67,547 $ 5,597 $ — $ 2,235,120 LTV >= 80% (1) 59,931 29,185 24,163 8,634 152 — 122,065 Total Non-QM loans $ 489,172 $ 1,140,719 $ 645,364 $ 76,181 $ 5,749 $ — $ 2,357,185 Year Ended December 31, 2020 Gross write-offs $ — $ 117 $ — $ — $ 117 Year Ended December 31, 2020 Recoveries — — — — — — — Year Ended December 31, 2020 Net write-offs $ — $ — $ 117 $ — $ — $ — $ 117 Rehabilitation loans LTV < 80% (1) $ 44,153 $ 448,646 $ 70,046 $ 4,203 $ — $ — $ 567,048 LTV >= 80% (1) 774 11,731 548 1,700 — — 14,753 Total Rehabilitation loans $ 44,927 $ 460,377 $ 70,594 $ 5,903 $ — $ — $ 581,801 Year Ended December 31, 2020 Gross write-offs $ — $ 21 $ 1,447 $ 32 $ — $ — $ 1,500 Year Ended December 31, 2020 Recoveries — — — — — — — Year Ended December 31, 2020 Net write-offs $ — $ 21 $ 1,447 $ 32 $ — $ — $ 1,500 Single family rental loans LTV < 80% (1) $ 34,342 $ 267,165 $ 117,523 $ 13,119 $ — $ — $ 432,149 LTV >= 80% (1) 1,394 12,619 212 — — — 14,225 Total Single family rental loans $ 35,736 $ 279,784 $ 117,735 $ 13,119 $ — $ — $ 446,374 Year Ended December 31, 2020 Gross write-offs $ — $ — $ — $ — $ — $ — $ — Year Ended December 31, 2020 Recoveries — — — — — — — Year Ended December 31, 2020 Net write-offs $ — $ — $ — $ — $ — $ — $ — Seasoned performing loans LTV < 80% (1) $ — $ — $ — $ — $ — $ 130,316 $ 130,316 LTV >= 80% (1) — — — — 79 5,869 5,948 Total Seasoned performing loans $ — $ — $ — $ — $ 79 $ 136,185 $ 136,264 Year Ended December 31, 2020 Gross write-offs $ — $ — $ — $ — $ — $ — $ — Year Ended December 31, 2020 Recoveries — — — — — — — Year Ended December 31, 2020 Net write-offs $ — $ — $ — $ — $ — $ — $ — Purchased credit deteriorated loans LTV < 80% (1) $ — $ — $ — $ 630 $ 4,872 $ 427,193 $ 432,695 LTV >= 80% (1) — — — — 1,260 239,753 241,013 Total Purchased credit deteriorated loans $ — $ — $ — $ 630 $ 6,132 $ 666,946 $ 673,708 Year Ended December 31, 2020 Gross write-offs $ — $ — $ — $ — $ — $ 768 $ 768 Year Ended December 31, 2020 Recoveries — — — — — — — Year Ended December 31, 2020 Net write-offs $ — $ — $ — $ — $ — $ 768 $ 768 Total LTV < 80% (1) $ 507,736 $ 1,827,345 $ 808,770 $ 85,499 $ 10,469 $ 557,509 $ 3,797,328 Total LTV >= 80% (1) 62,099 53,535 24,923 10,334 1,491 245,622 398,004 Total residential whole loans, at carrying value $ 569,835 $ 1,880,880 $ 833,693 $ 95,833 $ 11,960 $ 803,131 $ 4,195,332 Total Gross write-offs $ — $ 21 $ 1,564 $ 32 $ — $ 768 $ 2,385 Total Recoveries — — — — — — — Total Net write-offs $ — $ 21 $ 1,564 $ 32 $ — $ 768 $ 2,385 (1) LTV represents the ratio of the total unpaid principal balance of the loan to the estimated value of the collateral securing the related loan as of the most recent date available, which may be the origination date. For Rehabilitation loans, the LTV presented is the ratio of the maximum unpaid principal balance of the loan, including unfunded commitments, to the estimated “after repaired” value of the collateral securing the related loan, where available. For certain Rehabilitation loans, totaling $189.9 million at December 31, 2020, an after repaired valuation was not obtained and the loan was underwritten based on an “as is” valuation. The weighted average LTV of these loans based on the current unpaid principal balance and the valuation obtained during underwriting, is 68% at December 31, 2020. Certain low value loans secured by vacant lots are categorized as LTV >= 80%. The following table presents certain information regarding the LTVs of the Company’s Residential whole loans that are 90 days or more delinquent: December 31, 2020 (Dollars In Thousands) Carrying Value / Fair Value UPB LTV (1) Purchased Credit Deteriorated Loans $ 119,621 $ 145,028 86.7 % Non-QM loans $ 148,387 $ 144,681 65.9 % Rehabilitation loans $ 136,347 $ 136,347 65.8 % Single-family rental loans $ 20,388 $ 20,233 72.7 % Seasoned performing loans $ 8,031 $ 8,823 55.1 % Residential whole loans, at fair value $ 571,729 $ 625,621 86.8 %
Schedule of Activity in Allowance for Loan Losses, Residential Whole Loans	The following table presents a roll-forward of the allowance for credit losses on the Company’s Residential Whole Loans, at Carrying Value: For the Year Ended December 31, 2020 (Dollars In Thousands) Non-QM Loans Rehabilitation Loans (1)(2) Single-family Rental Loans Seasoned Performing Loans Purchased Credit Deteriorated Loans (3) Totals Allowance for credit losses at December 31, 2019 $ 388 $ 2,331 $ 62 $ — $ 244 $ 3,025 Transition adjustment on adoption of ASU 2016-13 (4) 6,904 517 754 19 62,361 70,555 Current provision 26,358 33,213 6,615 230 8,481 74,897 Write-offs — (428) — — (219) (647) Valuation adjustment on loans held for sale 70,181 — — — — 70,181 Allowance for credit and valuation losses at March 31, 2020 $ 103,831 $ 35,633 $ 7,431 $ 249 $ 70,867 $ 218,011 Current provision/(reversal) (2,297) (5,213) (500) (25) (2,579) (10,614) Write-offs — (420) — — (207) (627) Valuation adjustment on loans held for sale (70,181) — — — — (70,181) Allowance for credit losses at June 30, 2020 $ 31,353 $ 30,000 $ 6,931 $ 224 $ 68,081 $ 136,589 Current provision/(reversal) (4,568) (7,140) (1,906) (74) (16,374) (30,062) Write-offs (32) (227) — — (22) (281) Allowance for credit losses at September 30, 2020 $ 26,753 $ 22,633 $ 5,025 $ 150 $ 51,685 $ 106,246 Current provision/(reversal) (5,599) (3,837) (1,107) (43) (7,997) (18,583) Write-offs (86) (425) — — (319) (830) Allowance for credit losses at December 31, 2020 $ 21,068 $ 18,371 $ 3,918 $ 107 $ 43,369 $ 86,833 For the Year Ended December 31, 2019 (Dollars In Thousands) Non-QM Loans Rehabilitation Loans Single-family Rental Loans Seasoned Performing Loans Purchased Credit Deteriorated Loans Totals Allowance for credit losses at December 31, 2018 $ — $ — $ — $ — $ 968 $ 968 Current provision — 500 — — 183 683 Write-offs — — — — — — Allowance for credit losses at March 31, 2019 $ — $ 500 $ — $ — $ 1,151 $ 1,651 Current provision — — — — 385 385 Write-offs — (50) — — — (50) Allowance for credit losses at June 30, 2019 $ — $ 450 $ — $ — $ 1,536 $ 1,986 Current provision — — — — 347 347 Write-offs — (62) — — — (62) Allowance for credit losses at September 30, 2019 $ — $ 388 $ — $ — $ 1,883 $ 2,271 Current provision/(reversal) 388 2,220 62 — (1,639) 1,031 Write-offs — (277) — — — (277) Allowance for credit losses at December 31, 2019 $ 388 $ 2,331 $ 62 $ — $ 244 $ 3,025 (1) In connection with purchased Rehabilitation loans, the Company had unfunded commitments of $60.6 million, with an allowance for credit losses of $1.2 million at December 31, 2020. Such allowance is included in “Other liabilities” in the Company’s consolidated balance sheets (see Note 9). (2) Includes $161.8 million of loans that were assessed for credit losses based on a collateral dependent methodology. (3) Includes $70.3 million of loans that were assessed for credit losses based on a collateral dependent methodology. (4) Of the $70.6 million of reserves recorded on adoption of ASU 2016-13, $8.3 million was recorded as an adjustment to stockholders’ equity and $62.4 million was recorded as a “gross up” of the amortized cost basis of Purchased Credit Deteriorated Loans.
Residential Whole Loans, Fair Value	The following table presents information regarding the Company’s residential whole loans held at fair value at December 31, 2020 and 2019: (Dollars in Thousands) December 31, 2020 December 31, 2019 Less than 60 Days Past Due: Outstanding principal balance $ 602,292 $ 666,026 Aggregate fair value $ 595,521 $ 641,616 Weighted Average LTV Ratio (1) 72.57 % 76.69 % Number of loans 3,033 3,159 60 Days to 89 Days Past Due: Outstanding principal balance $ 54,180 $ 58,160 Aggregate fair value $ 49,652 $ 53,485 Weighted Average LTV Ratio (1) 82.11 % 79.48 % Number of loans 263 313 90 Days or More Past Due: Outstanding principal balance $ 625,621 $ 767,320 Aggregate fair value $ 571,729 $ 686,482 Weighted Average LTV Ratio (1) 86.78 % 89.69 % Number of loans 2,326 2,983 Total Residential whole loans, at fair value $ 1,216,902 $ 1,381,583 (1) LTV represents the ratio of the total unpaid principal balance of the loan, to the estimated value of the collateral securing the related loan. Excluded from the calculation of weighted average LTV are certain low value loans secured by vacant lots, for which the LTV ratio is not meaningful.
Residential Whole Loans, Fair Value, Component of Net gain on residential whole loans	The following table presents the components of Net gain on residential whole loans measured at fair value through earnings for the years ended December 31, 2020, 2019 and 2018: For the Year Ended December 31, (In Thousands) 2020 2019 2018 Coupon payments, realized gains, and other income received (1) $ 72,700 $ 91,438 $ 81,602 Net unrealized gains 17,204 47,849 36,725 Net gain on transfers to REO 4,309 19,043 19,292 Total $ 94,213 $ 158,330 $ 137,619

Residential Mortgage Securiti_2

Residential Mortgage Securities and MSR Related Assets (Tables)	12 Months Ended
	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	The following tables present certain information about the Company’s residential mortgage securities at December 31, 2020 and 2019: December 31, 2020 (In Thousands) Principal/ Current Purchase Accretable Discount Designated as Credit Reserve (1) Gross Amortized Gross Gross Net Fair Value Non-Agency MBS (2)(3)(4) $ 57,847 $ — $ (8,136) $ (669) $ 49,042 $ 8,585 $ (861) $ 7,724 $ 56,766 CRT securities (5) 104,031 3,022 (70) (20,768) 86,215 18,341 (322) 18,019 104,234 Total residential mortgage securities $ 161,878 $ 3,022 $ (8,206) $ (21,437) $ 135,257 $ 26,926 $ (1,183) $ 25,743 $ 161,000 December 31, 2019 (In Thousands) Principal/ Current Purchase Accretable Discount Designated as Credit Reserve (1) Gross Amortized Cost (6) Gross Gross Net Fair Value Agency MBS: (7) Fannie Mae $ 1,119,708 $ 43,249 $ (22) $ — $ 1,162,935 $ 9,799 $ (14,741) $ (4,942) $ 1,157,993 Freddie Mac 480,879 19,468 — — 500,961 5,475 (3,968) 1,507 502,468 Ginnie Mae 3,996 73 — — 4,069 52 — 52 4,121 Total Agency MBS 1,604,583 62,790 (22) — 1,667,965 15,326 (18,709) (3,383) 1,664,582 Non-Agency MBS: Expected to Recover Par (2)(3) 722,477 — (16,661) — 705,816 19,861 (9) 19,852 725,668 Expected to Recover Less than Par (2) 1,472,826 — (73,956) (436,598) 962,272 375,598 (9) 375,589 1,337,861 Total Non-Agency MBS (4) 2,195,303 — (90,617) (436,598) 1,668,088 395,459 (18) 395,441 2,063,529 Total MBS 3,799,886 62,790 (90,639) (436,598) 3,336,053 410,785 (18,727) 392,058 3,728,111 CRT securities (5) 244,932 4,318 (55) — 249,195 6,304 (91) 6,213 255,408 Total residential mortgage securities $ 4,044,818 $ 67,108 $ (90,694) $ (436,598) $ 3,585,248 $ 417,089 $ (18,818) $ 398,271 $ 3,983,519 (1) Discount designated as Credit Reserve is generally not expected to be accreted into interest income. (2) Based on management’s current estimates of future principal cash flows expected to be received. (3) Includes RPL/NPL MBS, which at December 31, 2020 had a $55.0 million Principal/Current face, $46.9 million amortized cost and $53.9 million fair value. At December 31, 2019, RPL/NPL MBS had a $632.3 million Principal/Current face, $631.8 million amortized cost and $635.0 million fair value. (4) At December 31, 2020 and 2019, the Company expected to recover approximately 99% and 80% of the then-current face amount of Non-Agency MBS, respectively. (5) Amounts disclosed at December 31, 2020 includes CRT securities with a fair value of $66.2 million for which the fair value option has been elected. Such securities had $551,000 gross unrealized gains and gross unrealized losses of approximately $322,000 at December 31, 2020. Amounts disclosed at December 31, 2019 includes CRT securities with a fair value of $255.4 million for which the fair value option had been elected. Such securities had gross unrealized gains of approximately $6.3 million and gross unrealized losses of approximately $91,000 at December 31, 2019. (6) Includes principal payments receivable of $614,000 at December 31, 2019, which is not included in the Principal/Current Face. (7) Amounts disclosed at December 31, 2019 include Agency MBS with a fair value of $280.3 million, for which the fair value option has been elected. Such securities had $4.5 million unrealized gains and no gross unrealized losses at December 31, 2019, respectively.
Schedule of Sale of Residential Mortgage Securities	The following table presents information about the Company’s sales of its residential mortgage securities for the years ended December 31, 2020, 2019 and 2018. The Company has no continuing involvement with any of the sold securities. For the Year Ended December 31, 2020 2019 2018 (In Thousands) Sales Proceeds Gains/(Losses) Sales Proceeds Gains/(Losses) Sales Proceeds Gains/(Losses) Agency MBS $ 1,500,875 $ (19,291) $ 360,634 $ 499 $ 122,027 $ (6,810) Non-Agency MBS 1,318,958 107,999 291,391 50,360 117,060 36,744 CRT Securities 243,025 (27,011) 256,671 11,143 299,878 31,373 Total $ 3,062,858 $ 61,697 $ 908,696 $ 62,002 $ 538,965 $ 61,307
Schedule of information about MBS and CRT Securities that were in an unrealized loss position	The following table presents information about the Company’s residential mortgage securities that were in an unrealized loss position at December 31, 2020, with respect to which no allowance for credit losses has been recorded: Unrealized Loss Position For: Less than 12 Months 12 Months or more Total (Dollars in Thousands) Fair Unrealized Losses Number of Fair Unrealized Losses Number of Fair Unrealized Losses Non-Agency MBS (1) $ 41,139 $ 861 4 $ — $ — — $ 41,139 $ 861 CRT securities (2) 62,252 322 8 — — — 62,252 322 Total residential mortgage securities $ 103,391 $ 1,183 12 $ — $ — — $ 103,391 $ 1,183 (1) Based on management’s current estimates of future principal cash flows expected to be received.
Debt Securities, Available-for-sale, Allowance for Credit Loss	The following table presents a roll-forward of the allowance for credit losses on the Company’s Residential mortgage securities and MSR-related assets: For the Year Ended December 31, (Dollars In Thousands) 2020 2019 Allowance for credit losses at beginning of period $ — $ — Current provision: — — Securities with no prior loss allowance 344,269 — Securities with a prior loss allowance — — Write-offs, including allowance related to securities the Company intended to sell (344,269) — Allowance for credit losses at end of period $ — $ —
Schedule of impact of AFS on AOCI	The following table presents the impact of the Company’s AFS securities on its AOCI for the years ended December 31, 2020, 2019, and 2018: For the Year Ended December 31, (In Thousands) 2020 2019 2018 AOCI from AFS securities: Unrealized gain on AFS securities at beginning of period $ 392,722 $ 417,167 $ 620,648 Unrealized (loss)/gain on Agency MBS, net (161) 21,844 (17,891) Unrealized gain/(loss) on Non-Agency MBS, net 367,469 (6,682) (131,939) Unrealized gain/(loss) on MSR term notes, net 52,973 5,173 (812) Reclassification adjustment for MBS sales included in net income (389,127) (44,600) (51,580) Reclassification adjustment for impairment included in net income (344,269) (180) (1,259) Change in AOCI from AFS securities (313,115) (24,445) (203,481) Balance at end of period $ 79,607 $ 392,722 $ 417,167
Schedule of interest income on MBS, CRT Securities and MSR Related Assets	The following table presents the components of interest income on the Company’s residential mortgage securities and MSR-related assets for the years ended December 31, 2020, 2019 and 2018: For the Year Ended December 31, (In Thousands) 2020 2019 2018 Agency MBS Coupon interest $ 14,038 $ 82,446 $ 88,233 Effective yield adjustment (1) (5,186) (26,545) (25,930) Interest income $ 8,852 $ 55,901 $ 62,303 Legacy Non-Agency MBS Coupon interest $ 18,263 $ 87,024 $ 109,714 Effective yield adjustment (2)(3) 10,565 59,622 69,309 Interest income $ 28,828 $ 146,646 $ 179,023 RPL/NPL MBS Coupon interest $ 8,376 $ 53,086 $ 46,339 Effective yield adjustment (1)(4) 560 338 1,434 Interest income $ 8,936 $ 53,424 $ 47,773 CRT securities Coupon interest $ 7,010 $ 20,532 $ 30,628 Effective yield adjustment (2) 511 (1,949) 2,748 Interest income $ 7,521 $ 18,583 $ 33,376 MSR-related assets Coupon interest $ 25,970 $ 52,644 $ 27,174 Effective yield adjustment (1)(2) 9,987 3 1,246 Interest income $ 35,957 $ 52,647 $ 28,420 (1) Includes amortization of premium paid net of accretion of purchase discount. For Agency MBS, RPL/NPL MBS and the corporate loan secured by MSRs, interest income is recorded at an effective yield, which reflects net premium amortization/accretion based on actual prepayment activity. (2) The effective yield adjustment is the difference between the net income calculated using the net yield less the current coupon yield. The net yield may be based on management’s estimates of the amount and timing of future cash flows or in the instrument’s contractual cash flows, depending on the relevant accounting standards. (3) Includes accretion income recognized due to the impact of redemptions of certain securities that had been previously been purchased at a discount of $14.5 million and $2.7 million during the years ended December 31, 2019 and 2018, respectively.

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2020
Other Assets [Abstract]
Schedule of other assets	The following table presents the components of the Company’s Other assets at December 31, 2020 and 2019: (In Thousands) December 31, 2020 December 31, 2019 REO (1) $ 249,699 $ 411,659 Capital contributions made to loan origination partners 47,148 147,992 Other interest-earning assets — 70,468 Interest receivable 38,850 70,986 Other MBS and loan related receivables 16,682 44,648 Other 33,002 39,304 Total Other Assets $ 385,381 $ 785,057 (1) Includes $61.8 million and $27.3 million of REO that is held-for-investment at December 31, 2020 and 2019.
Schedule of activity for real estate owned	The following table presents the activity in the Company’s REO for the years ended December 31, 2020 and 2019: For the Year Ended December 31, (Dollars In Thousands) 2020 2019 Balance at beginning of period $ 411,659 $ 249,413 Adjustments to record at lower of cost or fair value (12,570) (14,884) Transfer from residential whole loans (1) 96,766 257,701 Purchases and capital improvements, net 10,198 20,746 Disposals (2) (256,354) (101,317) Balance at end of period $ 249,699 $ 411,659 Number of properties 946 1,652 (1) Includes net gain recorded on transfer of approximately $5.1 million and $19.8 million, respectively, for the years ended December 31, 2020 and 2019.
Schedule of derivative instruments and balance sheet location	The following table presents the fair value of the Company’s derivative instruments at December 31, 2020 and 2019: December 31, 2020 2019 Derivative Instrument (1) Designation Notional Amount Fair Value Notional Amount Fair Value (In Thousands) Swaps Hedging $ — $ — $ 2,942,000 $ — Swaps Non-Hedging $ — $ — $ 230,000 $ —
Schedule of assets pledged as collateral against derivative contracts	The following table presents the assets pledged as collateral against the Company’s Swap contracts at December 31, 2020 and 2019: December 31, (In Thousands) 2020 2019 Agency MBS, at fair value $ — $ 2,241 Restricted cash — 16,777 Total assets pledged against Swaps $ — $ 19,018
Schedule of information about swaps	The following table presents information about the Company’s Swaps at December 31, 2020 and 2019: December 31, 2020 December 31, 2019 Maturity (1) Notional Weighted Weighted Average Variable Interest Rate (2) Notional Weighted Weighted Average Variable Interest Rate (2) (Dollars in Thousands) Over 3 months to 6 months — — — 200,000 2.05 1.70 Over 6 months to 12 months — — — 1,430,000 2.30 1.77 Over 12 months to 24 months — — — 1,300,000 2.11 1.86 Over 24 months to 36 months — — — 20,000 1.38 1.90 Over 36 months to 48 months — — — 222,000 2.88 1.84 Total Swaps $ — — % — % $ 3,172,000 2.24 % 1.81 % (1) Each maturity category reflects contractual amortization and/or maturity of notional amounts.
Schedule of interest expense and the weighted average interest rate paid and received on swaps	The following table presents the net impact of the Company’s derivative hedging instruments on its net interest expense and the weighted average interest rate paid and received for such Swaps for the years ended December 31, 2020, 2019 and 2018: For the Year Ended December 31, (Dollars in Thousands) 2020 2019 2018 Interest expense attributable to Swaps $ (3,359) $ 927 $ 3,780 Weighted average Swap rate paid 2.06 % 2.28 % 2.12 % Weighted average Swap rate received 1.63 % 2.24 % 1.96 %
Schedule of impact of hedging instruments on AOCI	The following table presents the impact of the Company’s derivative hedging instruments on its AOCI for the years ended December 31, 2020, 2019 and 2018: For the Year Ended December 31, (In Thousands) 2020 2019 2018 AOCI from derivative hedging instruments: Balance at beginning of period $ (22,675) $ 3,121 $ (11,424) Net (loss)/gain on Swaps (50,127) (23,342) 14,545 Reclassification adjustment for losses/gains related to hedging instruments included in net income 72,802 (2,454) — Balance at end of period $ — $ (22,675) $ 3,121

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure of Repurchase Agreements [Abstract]
Financing Agreements	The following tables present the components of the Company’s Financing agreements at December 31, 2020 and December 31, 2019: December 31, 2020 (In Thousands) Unpaid Principal Balance Amortized Cost Balance Fair Value/Carrying Value (1) Financing agreements, at fair value Agreements with non-mark-to-market collateral provisions $ 1,156,899 $ 1,156,899 $ 1,159,213 Agreements with mark-to-market collateral provisions 1,338,077 1,338,077 1,338,077 Securitized debt 866,203 857,553 869,482 Total Financing agreements, at fair value $ 3,361,179 $ 3,352,529 $ 3,366,772 Other financing agreements Securitized debt $ 648,300 $ 645,027 Convertible senior notes 230,000 225,177 Senior notes 100,000 100,000 Total Financing agreements at carrying value $ 978,300 $ 970,204 Total Financing agreements $ 4,339,479 $ 4,336,976 (1) Financing agreements at fair value are reported at estimated fair value each period as a result of the Company’s fair value option election. Other financing arrangements are reported at their carrying value (amortized cost basis) as the fair value option was not elected on these liabilities. Consequently, Total Financing agreements as presented reflects a summation of balances reported at fair value and carrying value. Set out below is information about the Company’s Financing agreements that existed as of December 31, 2019. During the second quarter of 2020, outstanding repurchase agreement transactions at that time were renegotiated as part of a reinstatement agreement that was entered into by the Company. The Company elected to account for these reinstated transactions under the fair value option from the time these repurchase agreements were reinstated. Accordingly, as of December 31, 2020, such liabilities are reported as Financing agreements at fair value. December 31, 2019 (In Thousands) Unpaid Principal Balance Carrying Value Repurchase agreements $ 9,140,944 $ 9,139,821 Securitized debt 573,900 570,952 Convertible senior notes 230,000 223,971 Senior notes 100,000 96,862 Total Financing agreements at carrying value $ 10,044,844 $ 10,031,606
Finance Agreements With Non Mark to Market Collateral Provisions and Associated Assets Pledged as Collateral	The following table presents information with respect to the Company’s financing agreements with non-mark-to-market collateral provisions and associated assets pledged as collateral at December 31, 2020 and December 31, 2019: (Dollars in Thousands) December 31, December 31, Non-mark-to-market financing secured by residential whole loans at carrying value $ 906,466 $ — Fair value of residential whole loans at carrying value pledged as collateral under financing agreements $ 1,500,100 $ — Weighted average haircut on residential whole loans at carrying value 38.62 % — % Non-mark-to-market financing secured by residential whole loans at fair value $ 252,747 $ — Fair value of residential whole loans at fair value pledged as collateral under financing agreements $ 430,183 $ — Weighted average haircut on residential whole loans at fair value 42.26 % — %
Schedule of Company's borrowings under repurchase agreements and associated assets pledged as collateral	The following table presents information with respect to the Company’s financing agreements with mark-to-market collateral provisions and associated assets pledged as collateral at December 31, 2020 and December 31, 2019: (Dollars in Thousands) December 31, December 31, Mark-to-market financing agreements secured by residential whole loans (1) $ 1,124,162 $ 4,743,094 Fair value of residential whole loans pledged as collateral under financing agreements (2) $ 1,798,813 $ 5,986,267 Weighted average haircut on residential whole loans (3) 33.53 % 20.07 % Mark-to-market financing agreement borrowings secured by Agency MBS $ — $ 1,557,675 Fair value of Agency MBS pledged as collateral under financing agreements $ — $ 1,656,373 Weighted average haircut on Agency MBS (3) — % 4.46 % Mark-to-market financing agreement borrowings secured by Legacy Non-Agency MBS $ 1,282 $ 1,121,802 Fair value of Legacy Non-Agency MBS pledged as collateral under financing agreements $ 2,821 $ 1,420,797 Weighted average haircut on Legacy Non-Agency MBS (3) 50.00 % 20.27 % Mark-to-market financing agreement borrowings secured by RPL/NPL MBS $ 32,950 $ 495,091 Fair value of RPL/NPL MBS pledged as collateral under financing agreements $ 53,946 $ 635,005 Weighted average haircut on RPL/NPL MBS (3) 38.75 % 21.52 % Mark-to-market financing agreements secured by CRT securities $ 54,883 $ 203,569 Fair value of CRT securities pledged as collateral under financing agreements $ 104,234 $ 252,175 Weighted average haircut on CRT securities (3) 42.47 % 18.84 % Mark-to-market financing agreements secured by MSR-related assets $ 124,800 $ 962,515 Fair value of MSR-related assets pledged as collateral under financing agreements $ 238,999 $ 1,217,002 Weighted average haircut on MSR-related assets (3) 41.12 % 21.18 % Mark-to-market financing agreements secured by other interest-earning assets $ — $ 57,198 Fair value of other interest-earning assets pledged as collateral under financing agreements $ — $ 61,708 Weighted average haircut on other interest-earning assets (3) — % 22.01 % (1) Excludes $0 and $1.1 million of unamortized debt issuance costs at December 31, 2020 and December 31, 2019, respectively. (2) At December 31, 2020 and December 31, 2019, includes RPL/NPL MBS with an aggregate fair value of $141.9 million and $238.8 million, respectively, obtained in connection with the Company’s loan securitization transactions that are eliminated in consolidation.
Schedule of repricing information about borrowings under repurchase agreements	The following table presents repricing information (excluding the impact of associated derivative hedging instruments, if any) about the Company’s financing agreements that have non-mark-to-market collateral provisions as well as those that have mark-to-market collateral provisions, at December 31, 2020 and December 31, 2019: December 31, 2020 December 31, 2019 Amortized Cost Basis Weighted Average Interest Rate Amortized Cost Basis Weighted Average Interest Rate Time Until Interest Rate Reset (Dollars in Thousands) Within 30 days $ 2,494,976 3.16 % $ 4,472,120 2.55 % Over 30 days to 3 months — — 2,746,384 3.43 Over 3 months to 12 months — — 1,014,441 3.36 Over 12 months — — 907,999 3.44 Total financing agreements $ 2,494,976 3.16 % $ 9,140,944 2.99 % Less debt issuance costs — 1,123 Total financing agreements less debt $ 2,494,976 $ 9,139,821
Schedule of information about counterparty for repurchase agreements for which the entity had greater than 5% of stockholders' equity at risk	The following table presents information with respect to each counterparty under financing agreements for which the Company had greater than 5% of stockholders’ equity at risk in the aggregate at December 31, 2020: December 31, 2020 Counterparty Rating (1) Amount at Risk (2) Weighted Percent of Counterparty (Dollars in Thousands) Barclays Bank BBB/Aa3/A $ 505,580 1 20.0 % Credit Suisse BBB+/Baa1/A- 438,336 1 17.4 Wells Fargo A+/Aa2/AA- 337,769 1 13.4 Goldman Sachs (3) BBB+/A2/A 187,122 0 7.4 Athene (4) BBB+/N/A/BBB+ 133,286 1 5.3 (1) As rated at December 31, 2020 by S&P, Moody’s and Fitch, Inc., respectively. The counterparty rating presented is the lowest published for these entities. (2) The amount at risk reflects the difference between (a) the amount loaned to the Company through financing agreements, including interest payable, and (b) the cash and the fair value of the securities pledged by the Company as collateral, including accrued interest receivable on such securities. (3) Includes $25.4 million at risk with Goldman Sachs and $161.7 million at risk with Goldman Sachs Bank USA. (4) Includes amounts at risk with various Athene affiliates that collectively exceed 5% of stockholders’ equity.

Other Liabilities (Tables)

Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2020
Other Liabilities [Abstract]
Other Liabilities	The following table presents the components of the Company’s Other liabilities at December 31, 2020 and 2019: (In Thousands) December 31, 2020 December 31, 2019 Dividends and dividend equivalents payable $ 34,016 $ 90,749 Accrued interest payable 11,116 18,238 Accrued expenses and other 25,390 43,625 Total Other Liabilities $ 70,522 $ 152,612

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Lessee, Operating Lease, Liability, Maturity	At December 31, 2020, the contractual minimum rental payments (exclusive of possible rent escalation charges and normal recurring charges for maintenance, insurance and taxes) were as follows: Year Ended December 31, Minimum Rental Payments (1) (In Thousands) 2021 $ 434 2022 85 2023 86 2024 65 2025 — Thereafter — Total $ 670 (1) Table excludes amounts related to the lease agreement for new office space discussed above as the Company is not contractually obligated to make rental payments until fourteen months after a temporary certificate of occupancy is delivered to the landlord, which is currently expected to occur on or before March 2021.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Schedule of cash dividends declared on Series B preferred stock	The following table presents cash dividends declared by the Company on its Series B Preferred Stock from January 1, 2018 through December 31, 2020: Year Declaration Date Record Date Payment Date Dividend Per Share 2020 November 18, 2020 December 4, 2020 December 31, 2020 $0.46875 August 12, 2020 September 8, 2020 September 30, 2020 0.46875 July 1, 2020 July 15, 2020 July 31, 2020 0.93750 2019 November 15, 2019 December 2, 2019 December 31, 2019 $0.46875 August 9, 2019 August 30, 2019 September 30, 2019 0.46875 May 20, 2019 June 3, 2019 June 28, 2019 0.46875 February 15, 2019 March 4, 2019 March 29, 2019 0.46875 2018 November 26, 2018 December 7, 2018 December 28, 2018 $0.46875 August 20, 2018 September 7, 2018 September 28, 2018 0.46875 May 17, 2018 June 4, 2018 June 29, 2018 0.46875 February 20, 2018 March 2, 2018 March 30, 2018 0.46875
Schedule of cash dividends declared on common stock	The following table presents cash dividends declared by the Company on its common stock from January 1, 2018 through December 31, 2020: Year Declaration Date Record Date Payment Date Dividend Per Share 2020 December 17, 2020 December 30, 2020 January 29, 2021 $0.075 (1) August 6, 2020 September 30, 2020 October 30, 2020 0.05 2019 December 12, 2019 December 30, 2019 January 31, 2020 $0.20 September 12, 2019 September 30, 2019 October 31, 2019 0.20 June 12, 2019 July 1, 2019 July 31, 2019 0.20 March 6, 2019 March 29, 2019 April 30, 2019 0.20 2018 December 12, 2018 December 28, 2018 January 31, 2019 $0.20 September 13, 2018 October 1, 2018 October 31, 2018 0.20 June 7, 2018 June 29, 2018 July 31, 2018 0.20 March 7, 2018 March 29, 2018 April 30, 2018 0.20 (1) At December 31, 2020, we had accrued dividends and dividend equivalents payable of $34.0 million related to the common stock dividend declared on December 17, 2020. This dividend will be considered taxable income to the recipient in 2021. For more information see the Company’s 2020 Dividend Tax Information on its website.
Public Offering of Common Stock	The table below presents information with respect to shares of the Company’s common stock issued through public offerings during the year ended December 31, 2018. Share Issue Date Shares Issued Gross Proceeds Per Share Gross Proceeds (In Thousands, Except Per Share Amounts) August 7, 2018 50,875 (1) $ 7.78 $ 395,807 (1) (1) Includes approximately 875,000 shares issued on September 5, 2018 pursuant to the exercise of the underwriters’ option to purchase additional shares. The Company incurred approximately $6.4 million of underwriting discounts and related expenses in connection with this equity offering.
Schedule of changes in balances in each component of the entity's AOCI	The following table presents changes in the balances of each component of the Company’s AOCI for the years ended December 31, 2020, 2019 and 2018: For the Year Ended December 31, 2020 2019 2018 (In Thousands) Net Unrealized Net Net Unrealized Gain/(Loss) on Financing Agreements (3) Total Net Net Total Net Net Total Balance at beginning of period $ 392,722 $ (22,675) $ — $ 370,047 $ 417,167 $ 3,121 $ 420,288 $ 620,648 $ (11,424) $ 609,224 OCI before reclassifications 420,281 (50,127) (2,314) 367,840 20,335 (23,342) (3,007) (150,642) 14,545 (136,097) Amounts reclassified from AOCI (1) (733,396) 72,802 — (660,594) (44,780) (2,454) (47,234) (52,839) — (52,839) Net OCI during period (2) (313,115) 22,675 (2,314) (292,754) (24,445) (25,796) (50,241) (203,481) 14,545 (188,936) Balance at end of period $ 79,607 $ — $ (2,314) $ 77,293 $ 392,722 $ (22,675) $ 370,047 $ 417,167 $ 3,121 $ 420,288 (1) See separate table below for details about these reclassifications. (2) For further information regarding changes in OCI, see the Company’s consolidated statements of comprehensive income/(loss). (3) Net Unrealized Gain/(Loss) on Financing Agreements at Fair Value due to changes in instrument-specific credit risk.
Information about the significant amounts reclassified out of the entity's AOCI	The following table presents information about the significant amounts reclassified out of the Company’s AOCI for the years ended December 31, 2020, 2019, and 2018: For the Year Ended December 31, 2020 2019 2018 Details about AOCI Components Amounts Reclassified from AOCI Affected Line Item in the Statement (In Thousands) AFS Securities: Realized gain on sale of securities $ (389,127) $ (44,600) $ (51,580) Net realized (loss)/gain on sales of residential mortgage securities and residential whole loans Impairment recognized in earnings (344,269) (180) (1,259) Other, net Total AFS Securities $ (733,396) $ (44,780) $ (52,839) Swaps designated as cash flow hedges: Reclassification adjustment for losses related to hedging instruments included in net income 72,802 (2,454) — Other, net Total Swaps designated as cash flow hedges $ 72,802 $ (2,454) $ — Total reclassifications for period $ (660,594) $ (47,234) $ (52,839)

EPS Calculation (Tables)

EPS Calculation (Tables)	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Schedule of reconciliation of the earnings and shares used in calculating basic and diluted EPS	The following table presents a reconciliation of the (loss)/earnings and shares used in calculating basic and diluted (loss)/EPS for the years ended December 31, 2020, 2019 and 2018: For the Year Ended December 31, (In Thousands, Except Per Share Amounts) 2020 2019 2018 Basic (Loss)/Earnings per Share: Net (loss)/income to common stockholders $ (679,390) $ 378,117 $ 301,801 Dividends declared on preferred stock (29,796) (15,000) (15,000) Dividends, dividend equivalents and undistributed earnings allocated to participating securities (229) (1,087) (943) Net (loss)/income to common stockholders - basic $ (709,415) $ 362,030 $ 285,858 Basic weighted average common shares outstanding 452,033 450,972 418,934 Basic (Loss)/Earnings per Share $ (1.57) $ 0.80 $ 0.68 Diluted (Loss)/Earnings per Share: Net (loss)/income to common stockholders - basic $ (709,415) $ 362,030 $ 285,858 Interest expense on Convertible Senior Notes — 8,965 — Net (loss)/income to common stockholders - diluted $ (709,415) $ 370,995 $ 285,858 Basic weighted average common shares outstanding 452,033 450,972 418,934 Effect of assumed conversion of Convertible Senior Notes to common shares — 16,797 — Diluted weighted average common shares outstanding (1) 452,033 467,769 418,934 Diluted (Loss)/Earnings per Share $ (1.57) $ 0.79 $ 0.68 (1) At December 31, 2020, the Company had approximately 2.3 million equity instruments outstanding that were not included in the calculation of diluted EPS for the year ended December 31, 2020, as their inclusion would have been anti-dilutive. These equity instruments reflect RSUs (based on current estimate of expected share settlement amount) with a weighted average grant date fair value of $6.56 and may have a dilutive impact on future EPS.

Equity Compensation, Employme_2

Equity Compensation, Employment Agreements and Other Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2020
Compensation Related Costs [Abstract]
Schedule of restricted stock units activity	The following table presents information with respect to the Company’s RSUs during the years ended December 31, 2020, 2019 and 2018: For the Year Ended December 31, 2020 RSUs With Weighted RSUs With Weighted Total Total Outstanding at beginning of year: 1,379,681 $ 7.62 1,301,250 $ 6.78 2,680,931 $ 7.21 Granted (1) 939,046 4.88 763,174 5.50 1,702,220 5.16 Settled (379,272) 7.75 (441,250) 6.48 (820,522) 7.07 Cancelled/forfeited (110,000) 7.59 — — (110,000) 7.59 Outstanding at end of year 1,829,455 $ 6.19 1,623,174 $ 6.26 3,452,629 $ 6.22 RSUs vested but not settled at end of year 1,160,416 $ 5.37 409,000 $ 6.91 1,569,416 $ 5.77 RSUs unvested at end of year 669,039 $ 7.61 1,214,174 $ 6.04 1,883,213 $ 6.60 For the Year Ended December 31, 2019 RSUs With Weighted RSUs With Weighted Total Total Outstanding at beginning of year: 1,206,446 $ 7.57 1,151,250 $ 6.21 2,357,696 $ 6.90 Granted (2) 461,525 7.35 451,000 6.97 912,525 7.16 Settled (269,290) 6.93 (290,000) 4.81 (559,290) 5.83 Cancelled/forfeited (19,000) 7.72 (11,000) 6.71 (30,000) 7.35 Outstanding at end of year 1,379,681 $ 7.62 1,301,250 $ 6.78 2,680,931 $ 7.21 RSUs vested but not settled at end of year 809,681 $ 7.70 441,250 $ 6.48 1,250,931 $ 7.27 RSUs unvested at end of year 570,000 $ 7.50 860,000 $ 6.94 1,430,000 $ 7.16 For the Year Ended December 31, 2018 RSUs With Weighted RSUs With Weighted Total Total Outstanding at beginning of year: 1,025,028 $ 7.67 1,021,250 $ 5.80 2,046,278 $ 6.73 Granted (3) 428,802 7.65 415,000 6.91 843,802 7.29 Settled (237,384) 8.17 (275,000) 5.73 (512,384) 6.86 Cancelled/forfeited (10,000) 7.23 (10,000) 5.64 (20,000) 6.44 Outstanding at end of year 1,206,446 $ 7.57 1,151,250 $ 6.21 2,357,696 $ 6.90 RSUs vested but not settled at end of year 708,946 $ 7.47 290,000 $ 4.81 998,946 $ 6.70 RSUs unvested at end of year 497,500 $ 7.71 861,250 $ 6.69 1,358,750 $ 7.06 (1) The weighted average grant date fair value of these awards require the Company to estimate certain valuation inputs. In determining the fair value for 1,204,713 of these awards granted in 2020, the Company applied: (i) a weighted average volatility estimate of approximately 14%, which was determined considering historic volatility in the price of the Company’s and its peer group companies’ common stock over the three-year period prior to the grant date and the implied volatility of certain exchange-traded options on the Company’s and peer group companies’ common stock at the grant date; and (ii) a weighted average risk-free rate of 1.36% based on the continuously compounded constant maturity treasury rate corresponding to a maturity commensurate with the expected vesting term of the awards. The weighted average grant date fair value for the remaining 452,585 and 44,922 awards with a service condition only was estimated based on the closing price of the Company’s common stock at the grant date of $2.32 and $2.56, respectively. There are no post vesting conditions on these awards. (2) The weighted average grant date fair value of these awards require the Company to estimate certain valuation inputs. In determining the fair value for 752,500 of these awards granted in 2019, the Company applied: (i) a weighted average volatility estimate of approximately 15%, which was determined considering historic volatility in the price of the Company’s and its peer group companies’ common stock over the three-year period prior to the grant date and the implied volatility of certain exchange-traded options on the Company’s and peer group companies’ common stock at the grant date; and (ii) a weighted average risk-free rate of 2.47% based on the continuously compounded constant maturity treasury rate corresponding to a maturity commensurate with the expected vesting term of the awards. The weighted average grant date fair value for the remaining 160,025 awards with a service condition only was estimated based on the closing price of the Company’s common stock at the grant date of $7.28. There are no post vesting conditions on these awards. (3) The weighted average grant date fair value of these awards require the Company to estimate certain valuation inputs. In determining the fair value for 692,500 of these awards granted in 2018, the Company applied: (i) a weighted average volatility estimate of approximately 17%, which was determined considering historic volatility in the price of the Company’s and its peer group companies’ common stock over the three-year period prior to the grant date and the implied volatility of certain exchange-traded options on the Company’s and peer group companies’ common stock at the grant date; and (ii) a weighted average risk-free rate of 2.36% based on the continuously compounded constant maturity treasury rate corresponding to a maturity commensurate with the expected vesting term of the awards. The weighted average grant date fair value for the remaining 151,302 awards with a service condition only was estimated based on the closing price of the Company’s common stock at the grant date of $7.70. There are no post vesting conditions on these awards.
Schedule of restricted stock activity	The following table presents information with respect to the Company’s restricted stock for the years ended December 31, 2020, 2019 and 2018: For the Year Ended December 31, 2020 2019 2018 Shares of Weighted Average Grant Date Fair Value (1) Shares of Weighted Average Grant Date Fair Value (1) Shares of Weighted Average Grant Date Fair Value (1) Outstanding at beginning of year: — $ — — $ — — $ — Granted 79,545 1.65 412,185 7.83 450,193 6.74 Vested (2) (79,545) 1.65 (412,185) 7.83 (450,193) 6.74 Cancelled/forfeited — — — — — — Outstanding at end of year — $ — — $ — — $ — (1) The grant date fair value of restricted stock awards is based on the closing market price of the Company’s common stock at the grant date. (2) All restrictions associated with restricted stock are removed on vesting.
Schedule of expenses related to equity-based compensation	The following table presents the Company’s expenses related to its equity-based compensation instruments for the years ended December 31, 2020, 2019 and 2018: For the Year Ended December 31, (In Thousands) 2020 2019 2018 RSUs $ 6,592 $ 6,012 $ 4,974 Restricted shares of common stock 131 3,227 3,033 Total $ 6,723 $ 9,239 $ 8,007
Schedule of expenses related to deferred compensation plans	The following table presents the Company’s expenses related to its Deferred Plans for the years ended December 31, 2020, 2019 and 2018: For the Year Ended December 31, (In Thousands) 2020 2019 2018 Non-employee directors $ (911) $ 663 $ (165) Total $ (911) $ 663 $ (165)
Schedule of aggregate income deferred by participants and associated liability under deferred compensation plans	The following table presents the aggregate amount of income deferred by participants of the Deferred Plans through December 31, 2020 and 2019 that had not been distributed and the Company’s associated liability for such deferrals at December 31, 2020 and 2019: December 31, 2020 December 31, 2019 (In Thousands) Undistributed Income Deferred (1) Liability Under Undistributed Income Deferred (1) Liability Under Non-employee directors $ 2,197 $ 1,809 $ 2,349 $ 3,071 Total $ 2,197 $ 1,809 $ 2,349 $ 3,071 (1) Represents the cumulative amounts that were deferred by participants through December 31, 2020 and 2019, which had not been distributed through such respective date.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of quantitative information about significant unobservable inputs	The following tables present the Company’s financial instruments carried at fair value on a recurring basis as of December 31, 2020 and 2019, on the consolidated balance sheets by the valuation hierarchy, as previously described: Fair Value at December 31, 2020 (In Thousands) Level 1 Level 2 Level 3 Total Assets: Residential whole loans, at fair value $ — $ — $ 1,216,902 $ 1,216,902 Non-Agency MBS — 56,766 — 56,766 CRT securities — 104,234 — 104,234 Term notes backed by MSR-related collateral — 238,999 — 238,999 Total assets carried at fair value $ — $ 399,999 $ 1,216,902 $ 1,616,901 Liabilities: Agreements with non-mark-to-market collateral provisions $ — $ — $ 1,159,213 $ 1,159,213 Agreements with mark-to-market collateral provisions — 213,915 1,124,162 1,338,077 Securitized debt — 869,482 — 869,482 Total liabilities carried at fair value $ — $ 1,083,397 $ 2,283,375 $ 3,366,772 Fair Value at December 31, 2019 (In Thousands) Level 1 Level 2 Level 3 Total Assets: Residential whole loans, at fair value $ — $ — $ 1,381,583 $ 1,381,583 Non-Agency MBS — 2,063,529 — 2,063,529 Agency MBS — 1,664,582 — 1,664,582 CRT securities — 255,408 — 255,408 Term notes backed by MSR-related collateral — 1,157,463 — 1,157,463 Total assets carried at fair value $ — $ 5,140,982 $ 1,381,583 $ 6,522,565 The following tables present a summary of quantitative information about the significant unobservable inputs used in the fair value measurement of the Company’s residential whole loans held at fair value for which it has utilized Level 3 inputs to determine fair value as of December 31, 2020 and 2019: December 31, 2020 (Dollars in Thousands) Fair Value (1) Valuation Technique Unobservable Input Weighted Average (2) Range Residential whole loans, at fair value $ 789,576 Discounted cash flow Discount rate 3.9 % 3.3-8.0% Prepayment rate 4.8 % 0.0-9.9% Default rate 3.8 % 0.0-18.9% Loss severity 12.7 % 0.0-100.0% $ 427,061 Liquidation model Discount rate 8.1 % 6.7-50.0% Annual change in home prices 3.6 % 0.0-6.5% Liquidation timeline (in years) 1.8 0.8-4.8 Current value of underlying properties (3) $ 729 $12-$4,500 Total $ 1,216,637 December 31, 2019 (Dollars in Thousands) Fair Value (1) Valuation Technique Unobservable Input Weighted Average (2) Range Residential whole loans, at fair value $ 829,842 Discounted cash flow Discount rate 4.2 % 3.8-8.0% Prepayment rate 4.5 % 0.7-18.0% Default rate 4 % 0.0-23.0% Loss severity 12.9 % 0.0-100.0% $ 551,271 Liquidation model Discount rate 8.0 % 6.2-50.0% Annual change in home prices 3.7 % 2.4-8.0% Liquidation timeline (in years) 1.8 0.1-4.5 Current value of underlying properties (3) $ 684 $10-$4,500 Total $ 1,381,113 (1) Excludes approximately $265,000 and $470,000 of loans for which management considers the purchase price continues to reflect the fair value of such loans at December 31, 2020 and 2019, respectively. (2) Amounts are weighted based on the fair value of the underlying loan.
Schedule of significant unobservable inputs used in fair value measurement	The following table presents additional information for the years ended December 31, 2020 and 2019 about the Company’s Residential whole loans, at fair value, which are classified as Level 3 and measured at fair value on a recurring basis: Residential Whole Loans, at Fair Value For the Year Ended December 31, (In Thousands) 2020 2019 Balance at beginning of period $ 1,381,583 $ 1,471,263 Purchases (1) — 210,031 Changes in fair value recorded in Net gain on residential whole loans measured at fair value through earnings 17,204 47,849 Repayments (92,733) (127,063) Sales and repurchases (18,530) (1,338) Transfer to REO (70,622) (219,159) Balance at end of period $ 1,216,902 $ 1,381,583 (1) Included in the activity presented for the year ended December 31, 2019 is an adjustment of $70.6 million for loans the Company committed to purchase during the year ended December 31, 2018, but for which the closing of the purchase transaction occurred during the three months ended March 31, 2019. The adjustment was required following the finalization of due diligence performed prior to the closing of the purchase transaction and resulted in a downward revision to the prior estimate of the loan purchase amount. The following table presents additional information for the years ended December 31, 2020 and 2019 about the Company’s investments in term notes backed by MSR-related collateral, which were classified as Level 3 prior to September 30, 2019 and measured at fair value on a recurring basis: Term Notes Backed by MSR-Related Collateral Year Ended December 31, (In Thousands) 2020 2019 Balance at beginning of period $ — $ 538,499 Purchases — 573,137 Collection of principal — (12,897) Changes in unrealized gains — 5,391 Transfer to Level 2 — (1,104,130) Balance at end of period $ — $ — The following table presents additional information for the year ended December 31, 2020 about the Company’s financing agreements with non-mark-to-market collateral provisions, which are classified as Level 3 and measured at fair value on a recurring basis: Agreements with Non-mark-to-market Collateral Provisions Year Ended December 31, (In Thousands) 2020 Balance at beginning of period $ — Transfer from Level 2 2,036,597 Issuances — Payment of principal (879,698) Changes in unrealized losses 2,314 Balance at end of period $ 1,159,213 The following table presents additional information for the year ended December 31, 2020 about the Company’s financing agreements with mark-to-market collateral provisions, which are classified as Level 3 and measured at fair value on a recurring basis: Agreements with Mark-to-market Collateral Provisions Year Ended December 31, (In Thousands) 2020 Balance at beginning of period $ — Transfer from Level 2 1,386,592 Issuances 258,322 Payment of principal (520,752) Changes in unrealized losses — Balance at end of period $ 1,124,162
Schedule of carrying value and fair value of financial instruments	The following table presents the carrying values and estimated fair values of the Company’s financial instruments at December 31, 2020 and 2019: December 31, 2020 December 31, 2020 December 31, 2019 Level in Fair Value Hierarchy Carrying Estimated Fair Value Carrying Estimated Fair Value (In Thousands) Financial Assets: Residential whole loans, at carrying value 3 $ 4,108,499 $ 4,282,401 $ 6,069,370 $ 6,248,745 Residential whole loans, at fair value 3 1,216,902 1,216,902 1,381,583 1,381,583 Non-Agency MBS 2 56,766 56,766 2,063,529 2,063,529 Agency MBS 2 — — 1,664,582 1,664,582 CRT securities 2 104,234 104,234 255,408 255,408 MSR-related assets (1) 2 and 3 238,999 238,999 1,217,002 1,217,002 Cash and cash equivalents 1 814,354 814,354 70,629 70,629 Restricted cash 1 7,165 7,165 64,035 64,035 Financial Liabilities (2) : Financing agreements with non-mark-to-market collateral provisions 3 1,159,213 1,159,213 — — Financing agreements with mark-to-market collateral provisions 3 1,124,162 1,124,162 4,741,971 4,753,070 Financing agreements with mark-to-market collateral provisions 2 213,915 213,915 4,397,850 4,403,139 Securitized debt (3) 2 1,514,509 1,519,567 570,952 575,353 Convertible senior notes 2 225,177 228,287 223,971 244,088 Senior notes (4) 1 100,000 100,031 96,862 103,231 (1) Includes $59.5 million of MSR-related assets that are measured at fair value on a non-recurring basis that were classified as Level 3 in the fair value hierarchy at December 31, 2019. (2) Carrying value of securitized debt, Convertible Senior Notes, Senior Notes and certain repurchase agreements is net of associated debt issuance costs. (3) Includes Securitized debt that is carried at amortized cost basis and fair value. (4) On January 6, 2021, the Company redeemed all of its outstanding Senior Notes (see Note 17). Other Assets Measured at Fair Value on a Nonrecurring Basis The Company holds REO at the lower of the current carrying amount or fair value less estimated selling costs. During the years ended December 31, 2020 and 2019, the Company recorded REO with an aggregate estimated fair value, less estimated cost to sell, of $96.8 million and $257.7 million, respectively, at the time of foreclosure. The Company classifies fair value measurements of REO as Level 3 in the fair value hierarchy.

Use of Special Purpose Entiti_2

Use of Special Purpose Entities and Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2020
Use of Special Purpose Entities and Variable Interest Entities
Summary of key details related to securitization transactions	The following table summarizes the key details of the Company’s loan securitization transactions currently outstanding as of December 31, 2020 and 2019: (Dollars in Thousands) December 31, 2020 December 31, 2019 Aggregate unpaid principal balance of residential whole loans sold $ 2,232,561 $ 1,290,029 Face amount of Senior Bonds issued by the VIE and purchased by third-party investors $ 1,862,068 $ 802,817 Outstanding amount of Senior Bonds, at carrying value $ 645,027 (1) $ 570,952 (1) Outstanding amount of Senior Bonds, at fair value $ 869,482 $ — Outstanding amount of Senior Bonds, total $ 1,514,509 $ 570,952 Weighted average fixed rate for Senior Bonds issued 2.11 % (2) 3.68 % (2) Weighted average contractual maturity of Senior Bonds 41 years (2) 30 years (2) Face amount of Senior Support Certificates received by the Company (3) $ 268,548 $ 275,174 Cash received $ 1,853,408 $ 802,815 (1) Net of $3.2 million and $2.9 million of deferred financing costs at December 31, 2020 and December 31, 2019, respectively. (2) At December 31, 2020 and December 31, 2019, $568.7 million and $493.2 million, respectively, of Senior Bonds sold in securitization transactions contained a contractual coupon step-up feature whereby the coupon increases by either 100 or 300 basis points or more at 36 months from issuance if the bond is not redeemed before such date. (3) Provides credit support to the Senior Bonds sold to third-party investors in the securitization transactions.

Summary of Quarterly Results _2

Summary of Quarterly Results of Operations (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Summary of Quarterly Results of Operations (Unaudited)	2020 Quarter Ended (In Thousands, Except per Share Amounts) March 31 June 30 September 30 December 31 Interest income $ 145,460 $ 87,368 $ 66,080 $ 60,476 Interest expense (83,759) (87,991) (55,964) (41,044) Net interest income 61,701 (623) 10,116 19,432 (Provision)/Reversal for credit and valuation losses on residential whole loans and other financial instruments (150,711) 85,377 27,244 15,709 Net Interest Income after Provision for Credit and Valuation Losses (89,010) 84,754 37,360 35,141 Net gain on residential whole loans measured at fair value through earnings (52,760) 20,320 76,871 49,782 Net realized gain on sales of residential mortgage securities and residential whole loans (238,380) 49,485 48 — Other income (499,623) 6,552 292 (18,708) Operating and other expense (29,222) (64,533) (27,361) (20,398) Net income (908,995) 96,578 87,210 45,817 Preferred stock dividends (5,215) (8,144) (8,219) (8,218) Net (loss)/ income available to common stock and participating securities $ (914,210) $ 88,434 $ 78,991 $ 37,599 (Loss)/Earnings per Common Share - Basic $ (2.02) $ 0.19 $ 0.17 $ 0.08 (Loss)/Earnings per Common Share - Diluted $ (2.02) $ 0.19 $ 0.17 $ 0.08 2019 Quarter Ended (In Thousands, Except per Share Amounts) March 31 June 30 September 30 December 31 Interest income $ 140,952 $ 144,935 $ 142,721 $ 153,118 Interest expense (79,026) (85,044) (85,823) (82,463) Net interest income 61,926 59,891 56,898 70,655 Provision for credit and valuation losses on residential whole loans and other financial instruments (805) (385) (347) (1,032) Net Interest Income after Provision for Credit and Valuation Losses 61,121 59,506 56,551 69,623 Net gain on residential whole loans measured at fair value through earnings 25,267 51,473 40,175 41,415 Net realized gain on sales of residential mortgage securities and residential whole loans 24,609 7,710 17,708 11,975 Other income 1,293 (2,321) 4,546 2,007 Operating and other expense (23,433) (23,328) (23,381) (24,399) Net income 88,857 93,040 95,599 100,621 Preferred stock dividends (3,750) (3,750) (3,750) (3,750) Net income available to common stock and participating securities $ 85,107 $ 89,290 $ 91,849 $ 96,871 Earnings per Common Share - Basic and Diluted $ 0.19 $ 0.20 $ 0.20 $ 0.21

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (MSR Related Assets, Residential Whole Loans, Cash and Goodwill) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)segment	Dec. 31, 2019USD ($)
Accounting Policies [Abstract]
Number of reportable segments | segment	1
Number of operating segments | segment	1
Number of days considered to classify loans delinquent	60 days
Weighted Average LTV Ratio	80.00%
Cash and cash equivalents	$ 814,354	$ 70,629
Overnight money market funds	752,400	39,600
Restricted cash	$ 7,165	$ 64,035

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Depreciation) (Details)	12 Months Ended
	Dec. 31, 2020
Furniture, fixtures, computers and related hardwares | Minimum
Estimated useful life of long-lived assets
Estimated useful life	5 years
Furniture, fixtures, computers and related hardwares | Maximum
Estimated useful life of long-lived assets
Estimated useful life	8 years
Building
Estimated useful life of long-lived assets
Estimated useful life	27 years 6 months

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Financing Agreements) (Details)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Repurchase financing period, low end of range	1 month
Repurchase financing period, high end of range	6 months
Repurchase agreements financing collateralized, period	12 months

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Equity-Based Compensation, Taxes, Derivatives) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Percentage of annual REIT taxable income intended to be distributed to stockholders	100.00%
REIT income tax expense	$ 0
Deferred income tax expense (benefit)	0	$ 0
Valuation allowance decrease	$ 74,100,000

Summary of Significant Accoun_7

Summary of Significant Accounting Policies (New Accounting Standards and Interpretations) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit loss	$ 86,833	$ 106,246	$ 136,589	$ 218,011		$ 3,025	$ 2,271	$ 1,986	$ 1,651	$ 968
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit loss	$ 8,300				$ 8,300
Cumulative Effect, Period of Adoption, Adjustment | Purchased Credit Deteriorated Loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit loss					$ 62,600

Residential Whole Loans (Narrat

Residential Whole Loans (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Total residential whole loans	$ 5,300,000,000	$ 7,400,000,000
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loss on sale of financing receivable	(800,000)
Interest income	0
Unpaid principal balance	24,100,000
Non-QM Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, sale	1,800,000,000
Loss on sale of financing receivable	273,000,000
Purchased Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, nonaccrual	373,300,000	$ 99,900,000
Purchased Credit Deteriorated Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, nonaccrual	151,400,000
Without Associated Credit Losses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, nonaccrual	$ 130,700,000

Residential Whole Loans (Reside

Residential Whole Loans (Residential Whole Loans, at Carrying Value) (Details) $ in Thousands	Dec. 31, 2020USD ($)loan	Jan. 01, 2020USD ($)	Dec. 31, 2019USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased performing loans	$ 3,521,624		$ 5,370,653
Purchased credit impaired loans	673,708		698,717
Total Residential whole loans, at carrying value	4,195,332		6,069,370	[1]
Allowance for credit losses on residential whole loans held at carrying value	(86,833)		(3,025)
Total Residential whole loans at carrying value, net	$ 4,108,499		$ 6,066,345
Number of loans | loan	13,112		17,082
Cumulative Effect, Period of Adoption, Adjustment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased credit impaired loans		$ 62,600
Non-QM loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased performing loans	$ 2,357,185		$ 3,707,245
Rehabilitation loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased performing loans	581,801		1,026,097
Single-family rental loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased performing loans	446,374		460,742
Seasoned performing loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased performing loans	$ 136,264		$ 176,569
[1]	For the year ended December 31, 2020, includes approximately $2.7 million (360,534 shares) surrendered for tax purposes related to equity-based compensation awards. For the year ended December 31, 2019, includes approximately $4.1 million (562,815 shares) surrendered for tax purposes related to equity-based compensation awards. For the year ended December 31, 2018, includes approximately $3.4 million (464,429 shares) surrendered for tax purposes related to equity-based compensation awards.

Residential Whole Loans (Compon

Residential Whole Loans (Components of Interest Income) (Details) - Residential whole loans - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 258,764	$ 243,980	$ 100,921
Non-QM loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	136,527	116,282	31,036
Rehabilitation loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	49,484	54,419	15,975
Single-family rental loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	27,722	17,742	3,315
Seasoned performing loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	8,793	12,191	5,818
Purchased Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	222,526	200,634	56,144
Purchased credit impaired loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 36,238	$ 43,346	$ 44,777

Residential Whole Loans (Allowa

Residential Whole Loans (Allowance for Credit Losses) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 106,246	$ 136,589	$ 218,011	$ 3,025	$ 2,271	$ 1,986	$ 1,651	$ 968	$ 3,025
Transition adjustment on adoption of ASU 2016-13				70,555					70,600
Current provision/(reversal)	(18,583)	(30,062)	(10,614)	74,897	1,031	347	385	683
Write-offs	(830)	(281)	(627)	(647)	(277)	(62)	(50)	0	(2,385)
Valuation adjustment on loans held for sale			(70,181)	70,181
Ending balance	86,833	106,246	136,589	218,011	3,025	2,271	1,986	1,651	86,833
Residential whole loans, at carrying value	4,195,332								4,195,332
Gross up of the amortized cost basis of Purchased Credit Deteriorated Loans									62,400
Non-QM Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	26,753	31,353	103,831	388	0	0	0	0	388
Transition adjustment on adoption of ASU 2016-13				6,904
Current provision/(reversal)	(5,599)	(4,568)	(2,297)	26,358	388	0	0	0
Write-offs	(86)	(32)	0	0	0	0	0	0
Valuation adjustment on loans held for sale			(70,181)	70,181
Ending balance	21,068	26,753	31,353	103,831	388	0	0	0	21,068
Rehabilitation loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	22,633	30,000	35,633	2,331	388	450	500	0	2,331
Transition adjustment on adoption of ASU 2016-13				517
Current provision/(reversal)	(3,837)	(7,140)	(5,213)	33,213	2,220	0	0	500
Write-offs	(425)	(227)	(420)	(428)	(277)	(62)	(50)	0
Valuation adjustment on loans held for sale			0	0
Ending balance	18,371	22,633	30,000	35,633	2,331	388	450	500	18,371
Residential whole loans, at carrying value	161,800								161,800
Single-family rental loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	5,025	6,931	7,431	62	0	0	0	0	62
Transition adjustment on adoption of ASU 2016-13				754
Current provision/(reversal)	(1,107)	(1,906)	(500)	6,615	62	0	0	0
Write-offs	0	0	0	0	0	0	0	0
Valuation adjustment on loans held for sale			0	0
Ending balance	3,918	5,025	6,931	7,431	62	0	0	0	3,918
Seasoned performing loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	150	224	249	0	0	0	0	0	0
Transition adjustment on adoption of ASU 2016-13				19
Current provision/(reversal)	(43)	(74)	(25)	230	0	0	0	0
Write-offs	0	0	0	0	0	0	0	0
Valuation adjustment on loans held for sale			0	0
Ending balance	107	150	224	249	0	0	0	0	107
Purchased Credit Deteriorated Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	51,685	68,081	70,867	244	1,883	1,536	1,151	968	244
Transition adjustment on adoption of ASU 2016-13				62,361
Current provision/(reversal)	(7,997)	(16,374)	(2,579)	8,481	(1,639)	347	385	183
Write-offs	(319)	(22)	(207)	(219)	0	0	0	0
Valuation adjustment on loans held for sale			0	0
Ending balance	43,369	$ 51,685	$ 68,081	$ 70,867	$ 244	$ 1,883	$ 1,536	$ 1,151	43,369
Residential whole loans, at carrying value	70,300								70,300
Unfunded Loan Commitment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Ending balance	1,200								1,200
Commitment to lend, unfunded	60,600								60,600
Non-QM Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Write-offs									(117)
Residential whole loans, at carrying value	2,357,185								2,357,185
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Ending balance	$ 8,300								$ 8,300

Residential Whole Loans (Resi_2

Residential Whole Loans (Residential Whole Loans, at Carrying Value - Additional Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased performing loans	$ 3,521,624	$ 5,370,653
Purchased Credit Deteriorated Loans	673,708	698,717
Total	4,195,332
Non-QM Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased performing loans	2,357,185	3,707,245
Total	2,357,185
Rehabilitation loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased performing loans	581,801	1,026,097
Total	581,801
Single-family rental loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased performing loans	446,374	460,742
Total	446,374
Seasoned performing loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased performing loans	136,264	$ 176,569
Total	$ 136,264
90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average LTV Ratio	86.78%	89.69%
90 or more | Non-QM Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	$ 144,681
90 or more | Rehabilitation loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	136,347
90 or more | Single-family rental loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	20,233
90 or more | Seasoned performing loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	8,823
Settled Whole Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	4,108,499	$ 6,066,345
Amortized Cost Basis	4,195,332	6,069,370
Unpaid Principal Balance (“UPB”)	$ 4,249,418	$ 6,141,421
Weighted Average Coupon	5.77%	5.96%
Weighted Average Term to Maturity (Months)	282 months	288 months
Settled Whole Loans | Non-QM Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased performing loans	$ 2,336,117	$ 3,706,857
Amortized Cost Basis	2,357,185	3,707,245
Unpaid Principal Balance (“UPB”)	$ 2,294,086	$ 3,592,701
Weighted Average Coupon	5.84%	5.96%
Weighted Average Term to Maturity (Months)	351 months	368 months
Weighted Average LTV Ratio	64.00%	67.00%
Weighted Average FICO Scores	712	716
Settled Whole Loans | Rehabilitation loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased performing loans	$ 563,430	$ 1,023,766
Amortized Cost Basis	581,801	1,026,097
Unpaid Principal Balance (“UPB”)	$ 581,801	$ 1,026,097
Weighted Average Coupon	7.29%	7.30%
Weighted Average Term to Maturity (Months)	3 months	8 months
Weighted Average LTV Ratio	63.00%	64.00%
Weighted Average FICO Scores	719	717
Settled Whole Loans | Single-family rental loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased performing loans	$ 442,456	$ 460,679
Amortized Cost Basis	446,374	460,741
Unpaid Principal Balance (“UPB”)	$ 442,208	$ 457,146
Weighted Average Coupon	6.32%	6.29%
Weighted Average Term to Maturity (Months)	324 months	324 months
Weighted Average LTV Ratio	70.00%	70.00%
Weighted Average FICO Scores	730	734
Settled Whole Loans | Seasoned performing loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased performing loans	$ 136,157	$ 176,569
Amortized Cost Basis	136,264	176,569
Unpaid Principal Balance (“UPB”)	$ 149,004	$ 192,151
Weighted Average Coupon	3.30%	4.24%
Weighted Average Term to Maturity (Months)	171 months	181 months
Weighted Average LTV Ratio	40.00%	46.00%
Weighted Average FICO Scores	723	723
Settled Whole Loans | Purchased credit impaired loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased Credit Deteriorated Loans	$ 630,339	$ 698,474
Amortized Cost Basis	673,708	698,718
Unpaid Principal Balance (“UPB”)	$ 782,319	$ 873,326
Weighted Average Coupon	4.46%	4.46%
Weighted Average Term to Maturity (Months)	287 months	294 months
Weighted Average LTV Ratio	76.00%	81.00%
Settled Whole Loans | Certain rehabilitation loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased performing loans	$ 189,900	$ 269,200
Weighted Average LTV Ratio	68.00%	69.00%
Settled Whole Loans | Current | Non-QM Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	$ 2,099,134	$ 3,492,533
Settled Whole Loans | Current | Rehabilitation loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	390,706	868,281
Settled Whole Loans | Current | Single-family rental loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	415,386	432,936
Settled Whole Loans | Current | Seasoned performing loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	124,877	187,683
Settled Whole Loans | 30-59 | Non-QM Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	73,163	59,963
Settled Whole Loans | 30-59 | Rehabilitation loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	29,315	67,747
Settled Whole Loans | 30-59 | Single-family rental loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	6,652	15,948
Settled Whole Loans | 30-59 | Seasoned performing loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	2,186	2,164
Settled Whole Loans | 60-89 | Non-QM Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	36,501	19,605
Settled Whole Loans | 60-89 | Rehabilitation loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	25,433	27,437
Settled Whole Loans | 60-89 | Single-family rental loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	3,948	2,047
Settled Whole Loans | 60-89 | Seasoned performing loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	1,170	430
Settled Whole Loans | 90 or more | Non-QM Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	148,387	20,600
Settled Whole Loans | 90 or more | Rehabilitation loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	136,347	62,632
Settled Whole Loans | 90 or more | Single-family rental loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	20,388	6,215
Settled Whole Loans | 90 or more | Seasoned performing loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	8,031	1,874
Settled Whole Loans | 90 or more | Purchased credit impaired loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	$ 119,621	$ 108,998

Residential Whole Loans (Additi

Residential Whole Loans (Additional Credit Related Information) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Credit Quality Indicator [Line Items]
2020	$ 569,835								$ 569,835
2019	1,880,880								1,880,880
2018	833,693								833,693
2017	95,833								95,833
2016	11,960								11,960
Prior	803,131								803,131
Total	4,195,332								4,195,332
Gross write-offs, 2019									21
Gross write-offs, 2018									1,564
Gross write-offs, 2017									32
Gross write-offs, prior									768
Year Ended December 31, 2020 Gross write-offs	830	$ 281	$ 627	$ 647	$ 277	$ 62	$ 50	$ 0	2,385
Net write-offs, 2019									21
Net write-offs, 2018									1,564
Net write-offs, 2017									32
Net write-offs, prior									768
Total Recoveries									0
Year Ended December 31, 2020 Net write-offs									2,385
Purchased performing loans	3,521,624				5,370,653				3,521,624	$ 5,370,653
Debt-to-Value Ratio, Less than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2020	507,736								507,736
2019	1,827,345								1,827,345
2018	808,770								808,770
2017	85,499								85,499
2016	10,469								10,469
Prior	557,509								557,509
Total	3,797,328								3,797,328
Debt-to-Value Ratio, 80 to 100 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2020	62,099								62,099
2019	53,535								53,535
2018	24,923								24,923
2017	10,334								10,334
2016	1,491								1,491
Prior	245,622								245,622
Total	398,004								398,004
Non-QM Loans
Financing Receivable, Credit Quality Indicator [Line Items]
2020	489,172								489,172
2019	1,140,719								1,140,719
2018	645,364								645,364
2017	76,181								76,181
2016	5,749								5,749
Prior	0								0
Total	2,357,185								2,357,185
Gross write-offs, 2018									117
Year Ended December 31, 2020 Gross write-offs									117
Net write-offs, 2018									117
Total Recoveries									0
Year Ended December 31, 2020 Net write-offs									117
Purchased performing loans	2,357,185				3,707,245				2,357,185	3,707,245
Non-QM Loans | Debt-to-Value Ratio, Less than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2020	429,241								429,241
2019	1,111,534								1,111,534
2018	621,201								621,201
2017	67,547								67,547
2016	5,597								5,597
Prior	0								0
Total	2,235,120								2,235,120
Non-QM Loans | Debt-to-Value Ratio, 80 to 100 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2020	59,931								59,931
2019	29,185								29,185
2018	24,163								24,163
2017	8,634								8,634
2016	152								152
Prior	0								0
Total	122,065								122,065
Rehabilitation loans
Financing Receivable, Credit Quality Indicator [Line Items]
2020	44,927								44,927
2019	460,377								460,377
2018	70,594								70,594
2017	5,903								5,903
2016	0								0
Prior	0								0
Total	581,801								581,801
Gross write-offs, 2019									21
Gross write-offs, 2018									1,447
Gross write-offs, 2017									32
Year Ended December 31, 2020 Gross write-offs									1,500
Net write-offs, 2019									21
Net write-offs, 2018									1,447
Net write-offs, 2017									32
Total Recoveries									0
Year Ended December 31, 2020 Net write-offs									1,500
Purchased performing loans	581,801				1,026,097				581,801	1,026,097
Rehabilitation loans | Debt-to-Value Ratio, Less than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2020	44,153								44,153
2019	448,646								448,646
2018	70,046								70,046
2017	4,203								4,203
2016	0								0
Prior	0								0
Total	567,048								567,048
Rehabilitation loans | Debt-to-Value Ratio, 80 to 100 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2020	774								774
2019	11,731								11,731
2018	548								548
2017	1,700								1,700
2016	0								0
Prior	0								0
Total	14,753								14,753
Single-family rental loans
Financing Receivable, Credit Quality Indicator [Line Items]
2020	35,736								35,736
2019	279,784								279,784
2018	117,735								117,735
2017	13,119								13,119
2016	0								0
Prior	0								0
Total	446,374								446,374
Purchased performing loans	446,374				460,742				446,374	460,742
Single-family rental loans | Debt-to-Value Ratio, Less than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2020	34,342								34,342
2019	267,165								267,165
2018	117,523								117,523
2017	13,119								13,119
2016	0								0
Prior	0								0
Total	432,149								432,149
Single-family rental loans | Debt-to-Value Ratio, 80 to 100 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2020	1,394								1,394
2019	12,619								12,619
2018	212								212
2017	0								0
2016	0								0
Prior	0								0
Total	14,225								14,225
Seasoned performing loans
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0								0
2019	0								0
2018	0								0
2017	0								0
2016	79								79
Prior	136,185								136,185
Total	136,264								136,264
Purchased performing loans	136,264				176,569				136,264	176,569
Seasoned performing loans | Debt-to-Value Ratio, Less than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0								0
2019	0								0
2018	0								0
2017	0								0
2016	0								0
Prior	130,316								130,316
Total	130,316								130,316
Seasoned performing loans | Debt-to-Value Ratio, 80 to 100 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0								0
2019	0								0
2018	0								0
2017	0								0
2016	79								79
Prior	5,869								5,869
Total	5,948								5,948
Purchased Credit Deteriorated Loans
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0								0
2019	0								0
2018	0								0
2017	630								630
2016	6,132								6,132
Prior	666,946								666,946
Total	673,708								673,708
Gross write-offs, prior									768
Year Ended December 31, 2020 Gross write-offs									768
Net write-offs, prior									768
Total Recoveries									0
Year Ended December 31, 2020 Net write-offs									768
Purchased Credit Deteriorated Loans | Debt-to-Value Ratio, Less than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0								0
2019	0								0
2018	0								0
2017	630								630
2016	4,872								4,872
Prior	427,193								427,193
Total	432,695								432,695
Purchased Credit Deteriorated Loans | Debt-to-Value Ratio, 80 to 100 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0								0
2019	0								0
2018	0								0
2017	0								0
2016	1,260								1,260
Prior	239,753								239,753
Total	241,013								241,013
Settled Whole Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	4,108,499				6,066,345				4,108,499	6,066,345
Settled Whole Loans | Non-QM Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Purchased performing loans	2,336,117				3,706,857				$ 2,336,117	$ 3,706,857
Weighted average LTV ratio									64.00%	67.00%
Settled Whole Loans | Rehabilitation loans
Financing Receivable, Credit Quality Indicator [Line Items]
Purchased performing loans	563,430				1,023,766				$ 563,430	$ 1,023,766
Weighted average LTV ratio									63.00%	64.00%
Settled Whole Loans | Single-family rental loans
Financing Receivable, Credit Quality Indicator [Line Items]
Purchased performing loans	442,456				460,679				$ 442,456	$ 460,679
Weighted average LTV ratio									70.00%	70.00%
Settled Whole Loans | Seasoned performing loans
Financing Receivable, Credit Quality Indicator [Line Items]
Purchased performing loans	136,157				176,569				$ 136,157	$ 176,569
Weighted average LTV ratio									40.00%	46.00%
Settled Whole Loans | Certain rehabilitation loans
Financing Receivable, Credit Quality Indicator [Line Items]
Purchased performing loans	$ 189,900				$ 269,200				$ 189,900	$ 269,200
Weighted average LTV ratio									68.00%	69.00%

Residential Whole Loans (LTV on

Residential Whole Loans (LTV on Loans) (Details) - 90 Days or More Past Due $ in Thousands	Dec. 31, 2020USD ($)
Purchased Credit Deteriorated Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	$ 119,621
UPB	$ 145,028
LTV	0.867
Non-QM loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	$ 148,387
UPB	$ 144,681
LTV	0.659
Rehabilitation loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	$ 136,347
UPB	$ 136,347
LTV	0.658
Single-family rental loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	$ 20,388
UPB	$ 20,233
LTV	0.727
Seasoned performing loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	$ 8,031
UPB	$ 8,823
LTV	0.551
Residential Loans At Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	$ 571,729
UPB	$ 625,621
LTV	0.868

Residential Whole Loans (Fair V

Residential Whole Loans (Fair Value) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)loan	Dec. 31, 2019USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Residential whole loans, at fair value	$ 1,216,902	$ 1,381,583
Less than 60 Days Past Due:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding principal balance	602,292	666,026
Aggregate fair value	$ 595,521	$ 641,616
Weighted average LTV ratio	72.57%	76.69%
Number of loans | loan	3,033	3,159
60 Days to 89 Days Past Due:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding principal balance	$ 54,180	$ 58,160
Aggregate fair value	$ 49,652	$ 53,485
Weighted average LTV ratio	82.11%	79.48%
Number of loans | loan	263	313
90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding principal balance	$ 625,621	$ 767,320
Aggregate fair value	$ 571,729	$ 686,482
Weighted average LTV ratio	86.78%	89.69%
Number of loans | loan	2,326	2,983

Residential Whole Loans (Fair_2

Residential Whole Loans (Fair Value Components of Net Income) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Receivables [Abstract]
Coupon payments and other income received									$ 72,700	$ 91,438	$ 81,602
Net unrealized gains									17,204	47,849	36,725
Net gain on transfers to REO									4,309	19,043	19,292
Total	$ 49,782	$ 76,871	$ 20,320	$ (52,760)	$ 41,415	$ 40,175	$ 51,473	$ 25,267	$ 94,213	$ 158,330	$ 137,619

Residential Mortgage Securiti_3

Residential Mortgage Securities and MSR Related Assets (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Minimum term of fixed rate mortgages underlying MBS	15 years
Maximum term of fixed rate mortgages underlying MBS	30 years
Available-for-sale, unrealized loss position, accumulated loss	$ 1,183,000
Allowance for credit loss	86,833,000	$ 3,025,000	$ 968,000	$ 106,246,000	$ 136,589,000	$ 218,011,000	$ 2,271,000	$ 1,986,000	$ 1,651,000
Impairment and other losses on securities available-for-sale and other assets	(425,082,000)	(180,000)	$ (1,259,000)
Non-Agency MBS
Debt Securities, Available-for-sale [Line Items]
Available-for-sale, unrealized loss position, accumulated loss	861,000
Allowance for credit loss	0	$ 0
MBS and MSR-Related Assets
Debt Securities, Available-for-sale [Line Items]
Impairment and other losses on securities available-for-sale and other assets	$ (63,500,000)
Minimum | RPL/NPL MBS
Debt Securities, Available-for-sale [Line Items]
Debt instrument, basis spread on variable rate	3.00%
Debt instrument, coupon step-up period	36 months
Maximum | RPL/NPL MBS
Debt Securities, Available-for-sale [Line Items]
Debt instrument, basis spread on variable rate	4.00%
Debt instrument, coupon step-up period	48 months

Residential Mortgage Securiti_4

Residential Mortgage Securities and MSR-Related Assets (Residential and Mortgage Securities) (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Principal/ Current Face	$ 161,878,000	$ 4,044,818,000
Purchase Premiums	3,022,000	67,108,000
Accretable Purchase Discounts	(8,206,000)	(90,694,000)
Discount Designated as Credit Reserve	(21,437,000)	(436,598,000)
Gross Amortized Cost	135,257,000	3,585,248,000
Gross Unrealized Gains	26,926,000	417,089,000
Gross Unrealized Losses	(1,183,000)	(18,818,000)
Net Unrealized Gain/(Loss)	25,743,000	398,271,000
Fair Value	161,000,000	3,983,519,000
Principal payments receivable		614,000
Non-Agency MBS
Debt Securities, Available-for-sale [Line Items]
Principal/ Current Face	57,847,000	2,195,303,000
Purchase Premiums	0	0
Accretable Purchase Discounts	(8,136,000)	(90,617,000)
Discount Designated as Credit Reserve	(669,000)	(436,598,000)
Gross Amortized Cost	49,042,000	1,668,088,000
Gross Unrealized Gains	8,585,000	395,459,000
Gross Unrealized Losses	(861,000)	(18,000)
Net Unrealized Gain/(Loss)	7,724,000	395,441,000
Fair Value	$ 56,766,000	2,063,529,000
Expected to Recover Par
Debt Securities, Available-for-sale [Line Items]
Principal/ Current Face		722,477,000
Purchase Premiums		0
Accretable Purchase Discounts		(16,661,000)
Discount Designated as Credit Reserve		0
Gross Amortized Cost		705,816,000
Gross Unrealized Gains		19,861,000
Gross Unrealized Losses		(9,000)
Net Unrealized Gain/(Loss)		19,852,000
Fair Value		725,668,000
Expected to Recover Less Than Par
Debt Securities, Available-for-sale [Line Items]
Principal/ Current Face		1,472,826,000
Purchase Premiums		0
Accretable Purchase Discounts		(73,956,000)
Discount Designated as Credit Reserve		(436,598,000)
Gross Amortized Cost		962,272,000
Gross Unrealized Gains		375,598,000
Gross Unrealized Losses		(9,000)
Net Unrealized Gain/(Loss)		375,589,000
Fair Value		$ 1,337,861,000
Percentage of current face amount of Non-Agency MBS to be recovered	99.00%	80.00%
Agency MBS
Debt Securities, Available-for-sale [Line Items]
Principal/ Current Face		$ 1,604,583,000
Purchase Premiums		62,790,000
Accretable Purchase Discounts		(22,000)
Discount Designated as Credit Reserve		0
Gross Amortized Cost		1,667,965,000
Gross Unrealized Gains		15,326,000
Gross Unrealized Losses		(18,709,000)
Net Unrealized Gain/(Loss)		(3,383,000)
Fair Value		1,664,582,000
Agency MBS | Fannie Mae
Debt Securities, Available-for-sale [Line Items]
Principal/ Current Face		1,119,708,000
Purchase Premiums		43,249,000
Accretable Purchase Discounts		(22,000)
Discount Designated as Credit Reserve		0
Gross Amortized Cost		1,162,935,000
Gross Unrealized Gains		9,799,000
Gross Unrealized Losses		(14,741,000)
Net Unrealized Gain/(Loss)		(4,942,000)
Fair Value		1,157,993,000
Agency MBS | Freddie Mac
Debt Securities, Available-for-sale [Line Items]
Principal/ Current Face		480,879,000
Purchase Premiums		19,468,000
Accretable Purchase Discounts		0
Discount Designated as Credit Reserve		0
Gross Amortized Cost		500,961,000
Gross Unrealized Gains		5,475,000
Gross Unrealized Losses		(3,968,000)
Net Unrealized Gain/(Loss)		1,507,000
Fair Value		502,468,000
Agency MBS | Ginnie Mae
Debt Securities, Available-for-sale [Line Items]
Principal/ Current Face		3,996,000
Purchase Premiums		73,000
Accretable Purchase Discounts		0
Discount Designated as Credit Reserve		0
Gross Amortized Cost		4,069,000
Gross Unrealized Gains		52,000
Gross Unrealized Losses		0
Net Unrealized Gain/(Loss)		52,000
Fair Value		4,121,000
Total MBS
Debt Securities, Available-for-sale [Line Items]
Principal/ Current Face		3,799,886,000
Purchase Premiums		62,790,000
Accretable Purchase Discounts		(90,639,000)
Discount Designated as Credit Reserve		(436,598,000)
Gross Amortized Cost		3,336,053,000
Gross Unrealized Gains		410,785,000
Gross Unrealized Losses		(18,727,000)
Net Unrealized Gain/(Loss)		392,058,000
Fair Value		3,728,111,000
CRT securities
Debt Securities, Available-for-sale [Line Items]
Principal/ Current Face	$ 104,031,000	244,932,000
Purchase Premiums	3,022,000	4,318,000
Accretable Purchase Discounts	(70,000)	(55,000)
Discount Designated as Credit Reserve	(20,768,000)	0
Gross Amortized Cost	86,215,000	249,195,000
Gross Unrealized Gains	18,341,000	6,304,000
Gross Unrealized Losses	(322,000)	(91,000)
Net Unrealized Gain/(Loss)	18,019,000	6,213,000
Fair Value	104,234,000	255,408,000
RPL/NPL MBS
Debt Securities, Available-for-sale [Line Items]
Principal/ Current Face	55,000,000	632,300,000
Gross Amortized Cost	46,900,000	631,800,000
Fair Value	53,900,000	635,000,000
CRT, Fair Value Option
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Gains	551,000	6,300,000
Gross Unrealized Losses	(322,000)	(91,000)
Fair Value	$ 66,200,000	255,400,000
Agency MBS, Fair Value Option
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Gains		4,500,000
Gross Unrealized Losses		0
Debt securities, fair value option		$ 280,300,000

Residential Mortgage Securiti_5

Residential Mortgage Securities and MSR Related Assets (Sales of Residential Mortgage Securities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Sales Proceeds	$ 3,062,858	$ 908,696	$ 538,965
Gains/(Losses)	61,697	62,002	61,307
Agency MBS
Debt Securities, Available-for-sale [Line Items]
Sales Proceeds	1,500,875	360,634	122,027
Gains/(Losses)	(19,291)	499	(6,810)
Non-Agency MBS
Debt Securities, Available-for-sale [Line Items]
Sales Proceeds	1,318,958	291,391	117,060
Gains/(Losses)	107,999	50,360	36,744
CRT securities
Debt Securities, Available-for-sale [Line Items]
Sales Proceeds	243,025	256,671	299,878
Gains/(Losses)	$ (27,011)	$ 11,143	$ 31,373

Residential Mortgage Securiti_6

Residential Mortgage Securities and MSR-Related Assets (Unrealized Losses) (Details) $ in Thousands	Dec. 31, 2020USD ($)security	Dec. 31, 2019USD ($)
Fair Value
Less than 12 Months	$ 103,391
12 Months or more	0
Total	103,391
Unrealized Losses
Less than 12 Months	1,183
12 Months or more	0
Total	$ 1,183
Number of Securities
Less than 12 months (in security) | security	12
12 months or more (in security) | security	0
Fair Value	$ 161,000	$ 3,983,519
Gross unrealized losses	1,183	18,818
Non-Agency MBS
Fair Value
Less than 12 Months	41,139
12 Months or more	0
Total	41,139
Unrealized Losses
Less than 12 Months	861
12 Months or more	0
Total	$ 861
Number of Securities
Less than 12 months (in security) | security	4
12 months or more (in security) | security	0
Fair Value	$ 56,766	2,063,529
Gross unrealized losses	861	18
CRT securities
Fair Value
Less than 12 Months	62,252
12 Months or more	0
Total	62,252
Unrealized Losses
Less than 12 Months	322
12 Months or more	0
Total	$ 322
Number of Securities
Less than 12 months (in security) | security	8
12 months or more (in security) | security	0
Fair Value	$ 104,234	255,408
Gross unrealized losses	322	$ 91
CRT in Loss Positions Only, Fair Value Option
Number of Securities
Fair Value	62,200
Gross unrealized losses	$ 322,000

Residential Mortgage Securiti_7

Residential Mortgage Securities and MSR Related Assets (MSR-Related Assets - Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Term Notes backed by MSR Related Collateral
Debt Securities, Available-for-sale [Line Items]
Term notes backed by MSR related collateral	$ 238,999	$ 1,157,463
Amortized costs	184,900	1,200,000
Gross unrealized gains	$ 54,000	$ 5,200
Weighted average yield	12.30%	4.75%
Weighted average to maturity	9 years 2 months 12 days	5 years 3 months 18 days
Proceeds from Sale of Mortgage Servicing Rights (MSR)	$ 711,700
Gross realized losses	28,700
Impairment	280,800
Corporate Loan
Debt Securities, Available-for-sale [Line Items]
Commitment to lend		$ 32,600
Amount drawn	$ 0
Minimum | Corporate Loan
Debt Securities, Available-for-sale [Line Items]
Commitment fee income rate	0.25%
Maximum | Corporate Loan
Debt Securities, Available-for-sale [Line Items]
Commitment fee income rate	1.00%

Residential Mortgage Securiti_8

Residential Mortgage Securities and MSR Related Assets (Rollforward) (Details) - Agency MBS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses at beginning of period	$ 0	$ 0
Securities with no prior loss allowance	344,269	0
Securities with a prior loss allowance	0	0
Write-offs, including allowance related to securities the Company intended to sell	(344,269)	0
Allowance for credit losses at end of period	$ 0	$ 0

Residential Mortgage Securiti_9

Residential Mortgage Securities and MSR Related Assets (Impact of AFS Securities on AOCI) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
AOCI from AFS Securities:
Unrealized gain on AFS securities at beginning of period	$ 392,722	$ 417,167	$ 620,648
Unrealized (loss)/gain on AFS securities, net	420,281	20,335	(150,642)
Reclassification adjustment for MBS sales included in net income	(389,127)	(44,600)	(51,580)
Reclassification adjustment for impairments included in net income	(344,269)	(180)	(1,259)
Change in AOCI from AFS securities	(313,115)	(24,445)	(203,481)
Balance at end of period	79,607	392,722	417,167
Agency MBS
AOCI from AFS Securities:
Unrealized (loss)/gain on AFS securities, net	(161)	21,844	(17,891)
Mortgage-backed Securities, Issued by Private Enterprises [Member]
AOCI from AFS Securities:
Unrealized (loss)/gain on AFS securities, net	367,469	(6,682)	(131,939)
Unrealized gain/(loss) on MSR term notes, net
AOCI from AFS Securities:
Unrealized (loss)/gain on AFS securities, net	$ 52,973	$ 5,173	$ (812)

Residential Mortgage Securit_10

Residential Mortgage Securities and MSR Related Assets (Interest Income) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Interest income		$ 54,137	$ 274,554	$ 322,475
Agency MBS
Debt Securities, Available-for-sale [Line Items]
Coupon interest		14,038	82,446	88,233
Effective yield adjustment		(5,186)	(26,545)	(25,930)
Interest income		8,852	55,901	62,303
Legacy Non-Agency MBS
Debt Securities, Available-for-sale [Line Items]
Coupon interest		18,263	87,024	109,714
Effective yield adjustment		10,565	59,622	69,309
Interest income		28,828	146,646	179,023
Accretion income	$ 2,700		14,500
RPL/NPL MBS
Debt Securities, Available-for-sale [Line Items]
Coupon interest		8,376	53,086	46,339
Effective yield adjustment		560	338	1,434
Interest income		8,936	53,424	47,773
Accretion income	$ 1,400		329
CRT securities
Debt Securities, Available-for-sale [Line Items]
Coupon interest		7,010	20,532	30,628
Effective yield adjustment		511	(1,949)	2,748
Interest income		7,521	18,583	33,376
MSR related assets
Debt Securities, Available-for-sale [Line Items]
Coupon interest		25,970	52,644	27,174
Effective yield adjustment		9,987	3	1,246
Interest income		$ 35,957	$ 52,647	$ 28,420

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other Assets [Abstract]
REO	$ 249,699	$ 411,659	$ 249,413
Capital contributions made to loan origination partners	47,148	147,992
Other interest-earning assets	0	70,468
Interest receivable	38,850	70,986
Other MBS and loan related receivables	16,682	44,648
Other	33,002	39,304
Other assets	385,381	785,057
REO held for investment	$ 61,800	$ 27,300

Other Assets (Real Estate Owned

Other Assets (Real Estate Owned) (Details) $ in Thousands	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)
Real Estate Owned Properties [Line Items]
Number of properties | property	946	1,652
Real estate investments	$ 249,699	$ 411,659	$ 249,413
Residential Whole Loans acquired through foreclosure ordered in lieu	247,200
Estimated fair value
Real Estate Owned Properties [Line Items]
Mortgage loans in process of foreclosure	448,500
Carrying value
Real Estate Owned Properties [Line Items]
Mortgage loans in process of foreclosure	$ 116,300

Other Assets (Real Estate Own_2

Other Assets (Real Estate Owned - Activity) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)
Real Estate Owned [Roll Forward]
Balance at beginning of period	$ 411,659	$ 249,413
Adjustments to record at lower of cost or fair value	(12,570)	(14,884)
Transfer from residential whole loans	96,766	257,701	$ 215,038
Purchases and capital improvements, net	10,198	20,746
Disposals	(256,354)	(101,317)
Balance at end of period	$ 249,699	$ 411,659	$ 249,413
Number of properties | property	946	1,652
Gain recorded on transfer from residential whole loans to real estate owned	$ 5,100	$ 19,800
Properties sold during period property | property	1,086	571
Gain on sales of real estate owned	$ 15,100	$ 7,400
Proceeds from sale of real estate	$ 271,400	$ 109,200

Other Assets (Capital Contribut

Other Assets (Capital Contributions Made to Loan Origination Partners) (Details) - Loan Originators $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)
Other Assets [Line Items]
Equity method investments	$ 30.4
Impairment charges	65.3
Company’s residential whole loans at carrying value are serviced by entities the Company has an investment in	738.4
Preferred Stock
Other Assets [Line Items]
Equity method investments	$ 82.1

Other Assets (Derivative Instru

Other Assets (Derivative Instruments Narrative) (Details ) - USD ($)	12 Months Ended
	Dec. 31, 2020	Mar. 31, 2020
Derivative [Line Items]
Derivative, terminated amount		$ 4,100,000,000
Swaps | Hedging
Derivative [Line Items]
Reclassification of hedge loss from AOCI	$ 57,000,000
Loss on derivative	$ 0

Other Assets (Derivative Inst_2

Other Assets (Derivative Instruments Balance Sheet Location) (Details) - Swaps - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Hedging
Derivative Instruments
Notional amount of derivative liabilities	$ 0	$ 2,942,000
Derivative liabilities, at fair value	0	0
Non-Hedging
Derivative Instruments
Notional amount of derivative liabilities	0	230,000
Derivative liabilities, at fair value	$ 0	$ 0

(Derivative Instruments) (Detai

(Derivative Instruments) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Swaps, at fair value
Derivative [Line Items]
Assets Pledged	$ 0	$ 19,018,000
Notional Amount	$ 0	$ 3,172,000,000
Weighted average fixed-pay rate	0.00%	2.24%
Weighted Average Variable Interest Rate	0.00%	1.81%
Interest expense attributable to Swaps	$ (3,359,000)	$ 927,000	$ 3,780,000
Weighted average Swap rate paid	2.06%	2.28%	2.12%
Weighted average Swap rate received	1.63%	2.24%	1.96%
Swaps, at fair value | Over 3 months to 6 months
Derivative [Line Items]
Notional Amount	$ 0	$ 200,000,000
Weighted average fixed-pay rate	0.00%	2.05%
Weighted Average Variable Interest Rate	0.00%	1.70%
Swaps, at fair value | Over 6 months to 12 months
Derivative [Line Items]
Notional Amount	$ 0	$ 1,430,000,000
Weighted average fixed-pay rate	0.00%	2.30%
Weighted Average Variable Interest Rate	0.00%	1.77%
Swaps, at fair value | Over 12 months to 24 months
Derivative [Line Items]
Notional Amount	$ 0	$ 1,300,000,000
Weighted average fixed-pay rate	0.00%	2.11%
Weighted Average Variable Interest Rate	0.00%	1.86%
Swaps, at fair value | Over 24 months to 36 months
Derivative [Line Items]
Notional Amount	$ 0	$ 20,000,000
Weighted average fixed-pay rate	0.00%	1.38%
Weighted Average Variable Interest Rate	0.00%	1.90%
Swaps, at fair value | Over 36 months to 48 months
Derivative [Line Items]
Notional Amount	$ 0	$ 222,000,000
Weighted average fixed-pay rate	0.00%	2.88%
Weighted Average Variable Interest Rate	0.00%	1.84%
Agency MBS, at fair value | Swaps, at fair value
Derivative [Line Items]
Assets Pledged	$ 0	$ 2,241,000
Restricted cash | Swaps, at fair value
Derivative [Line Items]
Assets Pledged	0	16,777,000
Swaps | Hedging
Derivative [Line Items]
Loss on derivative	0
Swaps | Non-Hedging
Derivative [Line Items]
Loss on derivative	4,300,000	16,500,000	$ 9,600,000
Realized loss	$ 9,400,000	$ 17,700,000

Other Assets (Impact of Derivat

Other Assets (Impact of Derivative Hedging Instruments on AOCI) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Derivatives used in Net Investment Hedge, Net of Tax [Roll Forward]
Balance at beginning of period	$ (22,675)	$ 3,121	$ (11,424)
Net (loss)/gain on Swaps	(50,127)	(23,342)	14,545
Reclassification adjustment for losses/gains related to hedging instruments included in net income	72,802	(2,454)	0
Balance at end of period	$ 0	$ (22,675)	$ 3,121

Financing Agreements (Financing

Financing Agreements (Financing Agreements) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Jun. 26, 2020	Dec. 31, 2019
Financing Agreements [Line Items]
Unpaid Principal Balance	$ 4,339,479		$ 10,044,844
Fair value / Carrying Value	4,336,976		10,031,606
Financing agreements with non-mark-to-market collateral provisions
Financing Agreements [Line Items]
Unpaid Principal Balance	1,156,899
Amortized Cost Balance	1,156,899
Fair value / Carrying Value	1,159,213
Financing agreements with mark-to-market collateral provisions
Financing Agreements [Line Items]
Unpaid Principal Balance	1,338,077
Amortized Cost Balance	1,338,077
Fair value / Carrying Value	1,338,077	$ 1,650,000
Securitized debt
Financing Agreements [Line Items]
Unpaid Principal Balance	866,203		573,900
Amortized Cost Balance	857,553
Fair value / Carrying Value	869,482		570,952
Total Financing agreements, at fair value
Financing Agreements [Line Items]
Unpaid Principal Balance	3,361,179
Amortized Cost Balance	3,352,529
Fair value / Carrying Value	3,366,772
Repurchase agreements
Financing Agreements [Line Items]
Unpaid Principal Balance			9,140,944
Fair value / Carrying Value			9,139,821
Securitized debt
Financing Agreements [Line Items]
Unpaid Principal Balance	648,300
Fair value / Carrying Value	645,027
Convertible senior notes
Financing Agreements [Line Items]
Unpaid Principal Balance	230,000		230,000
Fair value / Carrying Value	225,177		223,971
Senior Notes
Financing Agreements [Line Items]
Unpaid Principal Balance	100,000		100,000
Fair value / Carrying Value	100,000		$ 96,862
Total Financing agreements at carrying value
Financing Agreements [Line Items]
Unpaid Principal Balance	978,300
Fair value / Carrying Value	$ 970,204

Financing Agreements (Financi_2

Financing Agreements (Financing Agreements, at Fair Values Narrative) (Details) - USD ($) $ in Thousands	Jun. 26, 2020	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Financing Agreements [Line Items]
Agreement amount		$ 4,339,479		$ 10,044,844
Financial instruments		4,336,976		10,031,606
Financing Agreement
Financing Agreements [Line Items]
Cash collateral pledged		7,200		$ 25,200
Senior secured credit agreement
Financing Agreements [Line Items]
Agreement amount			$ 500,000
Financing agreements with mark-to-market collateral provisions
Financing Agreements [Line Items]
Agreement amount		1,338,077
Financial instruments	$ 1,650,000	1,338,077
Non Mark to Market Financing Facilities
Financing Agreements [Line Items]
Financial instruments		886,100
Debt instrument term	2 years
Debt instrument, term, extension	3 years
Non Mark to Market Financing Facilities on Rehabilitation Loans
Financing Agreements [Line Items]
Long-term debt, term	2 years
Debt outstanding		$ 273,100
Minimum | Financing agreements with mark-to-market collateral provisions
Financing Agreements [Line Items]
Debt instrument term		1 month
Maximum | Financing agreements with mark-to-market collateral provisions
Financing Agreements [Line Items]
Debt instrument term		3 months

Financing Agreements (Borrowing

Financing Agreements (Borrowings Under Repurchase Agreement And Associated Assets Pledged as Collateral) (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Repurchase Agreements
Total Fair Value of Assets Pledged and Accrued Interest	$ 4,100,000,000	$ 11,300,000,000
Non Mark to Market Financing Facilities
Repurchase Agreements
Carrying Value	906,466,000	0
Total Fair Value of Assets Pledged and Accrued Interest	$ 1,500,100,000	$ 0
Weighted average haircut rate	38.62%	0.00%
Financing agreements with non-mark-to-market collateral provisions
Repurchase Agreements
Carrying Value	$ 252,747,000	$ 0
Total Fair Value of Assets Pledged and Accrued Interest	$ 430,183,000	$ 0
Weighted average haircut rate	42.26%	0.00%
Residential whole loans
Repurchase Agreements
Carrying Value	$ 1,124,162,000	$ 4,743,094,000
Total Fair Value of Assets Pledged and Accrued Interest	$ 1,798,813,000	$ 5,986,267,000
Weighted average haircut rate	33.53%	20.07%
Agency MBS
Repurchase Agreements
Carrying Value	$ 0	$ 1,557,675,000
Total Fair Value of Assets Pledged and Accrued Interest	$ 0	$ 1,656,373,000
Weighted average haircut rate	0.00%	4.46%
Non-Agency MBS
Repurchase Agreements
Carrying Value	$ 1,282,000	$ 1,121,802,000
Total Fair Value of Assets Pledged and Accrued Interest	$ 2,821,000	$ 1,420,797,000
Weighted average haircut rate	50.00%	20.27%
RPL/NPL MBS
Repurchase Agreements
Carrying Value	$ 32,950,000	$ 495,091,000
Total Fair Value of Assets Pledged and Accrued Interest	$ 53,946,000	$ 635,005,000
Weighted average haircut rate	38.75%	21.52%
CRT securities
Repurchase Agreements
Carrying Value	$ 54,883,000	$ 203,569,000
Total Fair Value of Assets Pledged and Accrued Interest	$ 104,234,000	$ 252,175,000
Weighted average haircut rate	42.47%	18.84%
Term Notes Backed by MSR-Related Collateral
Repurchase Agreements
Carrying Value	$ 124,800,000	$ 962,515,000
Total Fair Value of Assets Pledged and Accrued Interest	$ 238,999,000	$ 1,217,002,000
Weighted average haircut rate	41.12%	21.18%
Other Interest Earning Assets
Repurchase Agreements
Carrying Value	$ 0	$ 57,198,000
Total Fair Value of Assets Pledged and Accrued Interest	$ 0	$ 61,708,000
Weighted average haircut rate	0.00%	22.01%
Repurchase agreements
Repurchase Agreements
Unamortized debt issuance expense	$ 0	$ 1,123,000
Loan Securitization
Repurchase Agreements
Total Fair Value of Assets Pledged and Accrued Interest	$ 141,900,000	$ 238,800,000

Financing Agreements (Borrowi_2

Financing Agreements (Borrowings Under Repurchase Agreement) (Details) - Repurchase agreements - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Financing agreements	$ 2,494,976,000	$ 9,140,944,000
Weighted Average Interest Rate	3.16%	2.99%
Less debt issuance costs	$ 0	$ 1,123,000
Total financing agreements less debt issuance costs	2,494,976,000	9,139,821,000
Within 30 days
Debt Securities, Available-for-sale [Line Items]
Financing agreements	$ 2,494,976,000	$ 4,472,120,000
Weighted Average Interest Rate	3.16%	2.55%
Over 30 days to 3 months
Debt Securities, Available-for-sale [Line Items]
Financing agreements	$ 0	$ 2,746,384,000
Weighted Average Interest Rate	0.00%	3.43%
Over 3 months to 12 months
Debt Securities, Available-for-sale [Line Items]
Financing agreements	$ 0	$ 1,014,441,000
Weighted Average Interest Rate	0.00%	3.36%
Over 12 months
Debt Securities, Available-for-sale [Line Items]
Financing agreements	$ 0	$ 907,999,000
Weighted Average Interest Rate	0.00%	3.44%

Financing Agreements (Counterpa

Financing Agreements (Counterparty for Repurchase Agreement) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)counterparty	Dec. 31, 2019counterparty
Repurchase agreements counterparty risk
Number of counterparties | counterparty	7	28
Threshold of stockholders' equity at risk with single counterparty to repurchase agreements or linked transactions (greater than) (percent)	5.00%
Amounts at risk, exceeding equity	5.00%
Barclays Bank
Repurchase agreements counterparty risk
Amount at Risk	$ 505,580
Weighted  Average Months  to Repricing for Repurchase Agreements	1 month
Percent of Stockholders’ Equity	20.00%
Credit Suisse
Repurchase agreements counterparty risk
Amount at Risk	$ 438,336
Weighted  Average Months  to Repricing for Repurchase Agreements	1 month
Percent of Stockholders’ Equity	17.40%
Wells Fargo
Repurchase agreements counterparty risk
Amount at Risk	$ 337,769
Weighted  Average Months  to Repricing for Repurchase Agreements	1 month
Percent of Stockholders’ Equity	13.40%
Goldman Sachs
Repurchase agreements counterparty risk
Amount at Risk	$ 187,122
Weighted  Average Months  to Repricing for Repurchase Agreements	0 months
Percent of Stockholders’ Equity	7.40%
Goldman Sachs Lending Partners
Repurchase agreements counterparty risk
Amount at Risk	$ 25,400
Goldman Sachs Bank USA
Repurchase agreements counterparty risk
Amount at Risk	161,700
Athene
Repurchase agreements counterparty risk
Amount at Risk	$ 133,286
Weighted  Average Months  to Repricing for Repurchase Agreements	1 month
Percent of Stockholders’ Equity	5.30%

Financing Agreements (Senior Se

Financing Agreements (Senior Secured Credit Agreement - Narrative) (Details) $ in Millions	Jun. 26, 2020USD ($)
Senior Secured Term Loan Facility
Repurchase agreements counterparty risk
Face amount	$ 500

Financing Agreements (Securitiz

Financing Agreements (Securitized Debt) (Details)	Dec. 31, 2020	Dec. 31, 2019
Asset-backed Securities, Securitized Loans and Receivables
Debt Instrument [Line Items]
Weighted average interest rate	2.11%	3.68%

Financing Agreements (Convertib

Financing Agreements (Convertible Senior Notes) (Details)	Jun. 03, 2019USD ($)$ / shares	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Proceeds from issuance of Convertible Senior Notes		$ 0	$ 223,311,000	$ 0
Convertible Debt
Debt Instrument [Line Items]
Proceeds from issuance of Convertible Senior Notes	$ 230,000,000
Proceed from debt net of offering expenses and underwriting discount	$ 223,300,000
Stated interest rate	6.25%
Conversion ratio	125.7387
Face amount	$ 1,000
Conversion price (in dollars per share) | $ / shares	$ 7.95
Effective interest rate	6.94%
Additional Convertible Senior Notes
Debt Instrument [Line Items]
Proceeds from issuance of Convertible Senior Notes	$ 30,000,000

Financing Agreements (Senior No

Financing Agreements (Senior Notes) (Details) - Senior Notes $ in Millions	Apr. 11, 2012USD ($)
Debt Instrument [Line Items]
Proceeds from issuance of debt	$ 100
Stated interest rate	8.00%
Effective interest rate	8.31%

Collateral Positions (Collatera

Collateral Positions (Collateral Pledged and Held) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Transfers and Servicing [Abstract]
Fair value pledged as collateral	$ 4,100	$ 11,300
Accrued interest on pledged assets	$ 24.6	$ 57.2

Offsetting Assets and Liabili_2

Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Offsetting [Abstract]
Fair value of securities pledged against the repurchase agreements	$ 4,100	$ 11,200
Fair value of securities pledged against the swaps	$ 0	$ 2.2

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Other Liabilities [Abstract]
Dividends and dividend equivalents payable	$ 34,016	$ 90,749
Accrued interest payable	11,116	18,238
Accrued expenses and other	25,390	43,625
Total Other Liabilities	$ 70,522	$ 152,612

Commitments and Contingencies_2

Commitments and Contingencies (Lease Commitments) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)lease	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Lease Commitments
Number of operating leases | lease	3
Operating lease expense	$ 3	$ 2.7	$ 2.7
Corporate headquarters
Lease Commitments
Lease cost	$ 2.9
New Corporate Headquarters Location
Lease Commitments
Term of lease	15 years
Renewal term	5 years
Operating lease, liability	$ 4.6

Commitments and Contingencies_3

Commitments and Contingencies (Minimum Payments) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
2021	$ 434
2022	85
2023	86
2024	65
2025	0
Thereafter	0
Total	$ 670
Grace period for payments on new space	14 months

Commitments and Contingencies_4

Commitments and Contingencies (Representations and Warranties in Connection with Loan Securitization Transactions) (Details)	Dec. 31, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Allowance for repurchased loans	$ 0

Commitments and Contingencies_5

Commitments and Contingencies (Corporate Loans) (Details) - Corporate Loans $ in Millions	Dec. 31, 2020USD ($)
Other Commitments [Line Items]
Commitment to lend	$ 32.6
Amount drawn	$ 0

Commitments and Contingencies_6

Commitments and Contingencies (Rehabilitation Loan Commitments) (Details) $ in Millions	Dec. 31, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Unfunded commitment for rehabilitation loans	$ 60.6

Stockholders' Equity (Series B)

Stockholders' Equity (Series B) (Details)	Nov. 18, 2020$ / shares	Aug. 12, 2020$ / shares	Jul. 01, 2020$ / shares	Nov. 15, 2019$ / shares	Aug. 09, 2019$ / shares	May 20, 2019$ / shares	Feb. 15, 2019$ / shares	Nov. 26, 2018$ / shares	Aug. 20, 2018$ / shares	May 17, 2018$ / shares	Feb. 20, 2018$ / shares	Apr. 15, 2013$ / sharesshares	Dec. 31, 2020directorquarter$ / sharesshares	Dec. 31, 2019$ / sharesshares	Dec. 31, 2018$ / shares	Dec. 31, 2017$ / shares
Class of Stock [Line Items]
Maximum quarters without dividends to get voting rights, in quarters | quarter													6
Minimum percentage of preferred shareholders required for approval													66.67%
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares) | shares													8,000,000	8,000,000
Preferred stock, par value (in dollars per share)													$ 0.01	$ 0.01
Preferred stock, dividend rate													7.50%	7.50%
Preferred stock, cash dividends declared (in dollars per share)	$ 0.46875	$ 0.46875	$ 0.93750	$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875		$ 1.875	$ 1.875	$ 1.875
Series B Preferred Stock | Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares) | shares												8,000,000
Preferred stock, par value (in dollars per share)												$ 0.01
Preferred stock, liquidation preference (in dollars per share)												$ 25	$ 25	$ 25	$ 25	$ 25
Preferred stock, dividend rate												7.50%	7.50%	7.50%	7.50%	7.50%
Preferred stock, redemption price (in dollars per share)												$ 25
Number of additional directors that can be elected by preferred stock holders | director													2

Stockholders' Equity (Series C)

Stockholders' Equity (Series C) (Details) $ / shares in Units, $ in Thousands	Mar. 02, 2020USD ($)	Feb. 28, 2020$ / sharesshares	Mar. 31, 2020directorquarter	Dec. 31, 2020USD ($)quarter$ / sharesshares	Dec. 31, 2019USD ($)$ / shares	Dec. 31, 2018USD ($)
Class of Stock [Line Items]
Proceeds from issuance of series C preferred stock | $				$ 275,000	$ 0	$ 0
Maximum quarters without dividends to get voting rights, in quarters | quarter				6
Minimum percentage of preferred shareholders required for approval				66.67%
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate				6.50%
Preferred stock, shares issued (in shares) | shares				11,000,000
Preferred stock, par value (in dollars per share)				$ 0.01
Preferred stock, per share amounts of preferred dividends in arrears				$ 0.53264
Series C Preferred Stock | Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate		6.50%		6.50%	6.50%
Shares reclassified to redeemable capital stock (in shares) | shares		12,650,000
Preferred stock, shares issued (in shares) | shares		11,000,000
Preferred stock, par value (in dollars per share)		$ 0.01
Preferred stock, liquidation preference (in dollars per share)		$ 25		$ 25	$ 25
Proceeds from issuance of series C preferred stock | $	$ 266,000
Debt instrument, basis spread on variable rate		5.345%
Preferred stock, redemption price (in dollars per share)		$ 25
Maximum quarters without dividends to get voting rights, in quarters | quarter			6
Number of additional directors that can be elected by preferred stock holders | director			2

Stockholders' Equity (Dividends

Stockholders' Equity (Dividends on Series C) (Details) - $ / shares	Nov. 18, 2020	Aug. 12, 2020	Jul. 01, 2020	Dec. 31, 2020
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, cash dividends declared (in dollars per share)	$ 0.40625	$ 0.40625	$ 0.53264	$ 1.345

Stockholders' Equity (Dividen_2

Stockholders' Equity (Dividends on Common Stock) (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 17, 2020	Aug. 06, 2020	Dec. 12, 2019	Sep. 12, 2019	Jun. 12, 2019	Mar. 06, 2019	Dec. 12, 2018	Sep. 13, 2018	Jun. 07, 2018	Mar. 07, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Mar. 11, 2020
Share-based Payment Arrangement [Abstract]
Dividend declared, never paid (in dollars per share)														$ 0.20
Common stock, cash dividends declared (in dollars per share)	$ 0.075	$ 0.05	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.125	$ 0.80	$ 0.80
Dividends and dividend equivalents declared and unpaid	$ 34,000										$ 34,016	$ 90,749	$ 90,198
Return of capital (in dollars per share)											$ 0.05
Common stock dividends, capital gains (in dollars per share)												$ 0.1672	$ 0.1290

Stockholders' Equity (Public Of

Stockholders' Equity (Public Offering) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Sep. 05, 2018	Aug. 07, 2018	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Subsidiary, Sale of Stock [Line Items]
Shares issued (in shares)			12,300
Payments made for costs related to common stock issuances				$ 0	$ 0	$ 329
Public Offering
Subsidiary, Sale of Stock [Line Items]
Shares Issued (in shares)		50,875
Gross proceeds (usd per share)		$ 7.78
Gross Proceeds		$ 395,807
Shares issued (in shares)	875
Payments made for costs related to common stock issuances	$ 6,400

Stockholders' Equity (DRSPP) (D

Stockholders' Equity (DRSPP) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended		172 Months Ended
	Dec. 31, 2020	Sep. 30, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2017	Aug. 08, 2013
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	874,300,000		874,300,000	886,950,000
Issuance of stock, net of expenses (in shares)	12,300,000
DRSPP
Class of Stock [Line Items]
Common stock, shares authorized (in shares)						9,000,000
Shares of common stock authorized and available for issuance (in shares)	8,700,000		8,700,000
Issuance of stock, net of expenses (in shares)		379,903	235,635	322,888	34,614,403
Value of shares issued net of expenses		$ 2.8	$ 1	$ 2.4	$ 287.6

Stockholders' Equity (At-the-Ma

Stockholders' Equity (At-the-Market) (Details) - At The Market - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Aug. 16, 2019
Class of Stock [Line Items]
At-the-market, maximum potential proceeds			$ 400,000
Sales commission, percent of gross sales price			2.00%
Number of shares issued (in shares)	0	1,357,526
Value remaining outstanding for future offerings	$ 390,000
Gross proceeds (usd per share)		$ 7.40
Proceeds from sale of stock		$ 9,900
Debt issuance fees		$ 100

Stockholders' Equity (Stock Rep

Stockholders' Equity (Stock Repurchase Program) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Nov. 02, 2020	Dec. 31, 2013
Share-based Payment Arrangement [Abstract]
Stock repurchase program, authorized amount				$ 250,000,000
Number of shares authorized to be repurchased under the Repurchase Program (in shares)					10,000,000
Number of remaining shares authorized to be repurchased under the Repurchase Program (in shares)					6,600,000
Shares repurchased and retired (in shares)	14,085,678	0	0
Average cost per share (usd per share)	$ 3.61
Cost for shares repurchased	$ 50,800,000
Payments for fees and commissions paid to the sales agent	$ 141,000
Warrants repurchased (in shares)	17,593,576
Remaining authorized repurchase amount	$ 165,700,000

Stockholders' Equity (Warrants)

Stockholders' Equity (Warrants) (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 15, 2020	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Number of securities called by warrants (in shares)	37,039,106
Proceeds from the issuance of warrants	$ 495,000		$ 14,041	$ 0	$ 0
Payments for Repurchase of Warrants		$ 33,700	$ 33,650	$ 0	$ 0
Warrants Repurchased Rate		48.00%
Shares issued (in shares)		12,300,000
Proceeds from warrant exercises		$ 6,500
Warrant
Class of Stock [Line Items]
Proceeds from the issuance of warrants	14,000
Debt
Class of Stock [Line Items]
Proceeds from the issuance of warrants	$ 481,000
Exercise Price Range One
Class of Stock [Line Items]
Exercise price of warrants (usd per share)	$ 1.66
Exercise Price Range Two
Class of Stock [Line Items]
Exercise price of warrants (usd per share)	$ 2.08

Stockholders' Equity (AOCI) (De

Stockholders' Equity (AOCI) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 3,383,952	$ 3,416,101	$ 3,261,636
OCI before reclassifications	367,840	(3,007)	(136,097)
Amounts reclassified from AOCI	(660,594)	(47,234)	(52,839)
Other Comprehensive Loss	(292,754)	(50,241)	(188,936)
Ending balance	2,524,802	3,383,952	3,416,101
Net Unrealized Gain/(Loss) on AFS Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	392,722	417,167	620,648
OCI before reclassifications	420,281	20,335	(150,642)
Amounts reclassified from AOCI	(733,396)	(44,780)	(52,839)
Other Comprehensive Loss	(313,115)	(24,445)	(203,481)
Ending balance	79,607	392,722	417,167
Net  Gain/(Loss) on Swaps
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(22,675)	3,121	(11,424)
OCI before reclassifications	(50,127)	(23,342)	14,545
Amounts reclassified from AOCI	72,802	(2,454)	0
Other Comprehensive Loss	22,675	(25,796)	14,545
Ending balance	0	(22,675)	3,121
Net Unrealized Gain/(Loss) on Financing Agreements
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0
OCI before reclassifications	(2,314)
Amounts reclassified from AOCI	0
Other Comprehensive Loss	(2,314)
Ending balance	(2,314)	0
Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	370,047	420,288	609,224
Ending balance	$ 77,293	$ 370,047	$ 420,288

Stockholders' Equity (AOCI Recl

Stockholders' Equity (AOCI Reclassifications) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net realized (loss)/gain on sales of residential mortgage securities and residential whole loans		$ (188,847)	$ 62,002	$ 61,307
Other, net		(18,885)	(1,375)	(2,877)
Net Income/(Loss) Available to Common Stock and Participating Securities		(709,186)	363,117	286,801
Amounts Reclassified from AOCI
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net Income/(Loss) Available to Common Stock and Participating Securities		(660,594)	(47,234)	(52,839)
Amounts Reclassified from AOCI | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Including Noncontrolling Interest
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net realized (loss)/gain on sales of residential mortgage securities and residential whole loans		(389,127)	(44,600)	(51,580)
Other, net		(344,269)	(180)	(1,259)
Net Income/(Loss) Available to Common Stock and Participating Securities		(733,396)	(44,780)	(52,839)
Amounts Reclassified from AOCI | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other, net	$ (2,454)	72,802		0
Net Income/(Loss) Available to Common Stock and Participating Securities		$ 72,802	$ (2,454)	$ 0

EPS Calculation (Details)

EPS Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Basic Earnings/(Loss) per Share:
Net (loss)/income	$ 45,817	$ 87,210	$ 96,578	$ (908,995)	$ 100,621	$ 95,599	$ 93,040	$ 88,857	$ (679,390)	$ 378,117	$ 301,801
Dividends declared on preferred stock									(29,796)	(15,000)	(15,000)
Dividends, dividend equivalents and undistributed earnings allocated to participating securities									(229)	(1,087)	(943)
Net income available to common stock and participating securities	$ 37,599	$ 78,991	$ 88,434	$ (914,210)	96,871	91,849	89,290	85,107	$ (709,415)	$ 362,030	$ 285,858
Basic weighted average common shares outstanding (in shares)									452,033	450,972	418,934
Basic Earnings/(Loss) per Common Share (usd per share)	$ 0.08	$ 0.17	$ 0.19	$ (2.02)					$ (1.57)	$ 0.80	$ 0.68
Diluted Earnings/(Loss) per Share:
Net income/(loss) to common stockholders - basic	$ 37,599	$ 78,991	$ 88,434	$ (914,210)	$ 96,871	$ 91,849	$ 89,290	$ 85,107	$ (709,415)	$ 362,030	$ 285,858
Interest expense on Convertible Senior Notes									0	8,965	0
Net income/(loss) to common stockholders - diluted									$ (709,415)	$ 370,995	$ 285,858
Basic weighted average common shares outstanding (in shares)									452,033	450,972	418,934
Effect of assumed Convertible Senior Notes conversion to common shares (in shares)									0	16,797	0
Diluted weighted average common shares outstanding (in shares)									452,033	467,769	418,934
Diluted Earnings/(Loss) per Common Share (in usd per share)	$ 0.08	$ 0.17	$ 0.19	$ (2.02)					$ (1.57)	$ 0.79	$ 0.68
Anti-dilutive securities excluded from diluted earnings per share calculations (in shares)									2,300
Restricted Stock Units
Diluted Earnings/(Loss) per Share:
Weighted average grant date fair value (in dollars per share)	$ 6.56								$ 6.56

Equity Compensation, Employme_3

Equity Compensation, Employment Agreements and Other Benefit Plans (Narrative) (Details) - Equity Compensation Plan	12 Months Ended
	Dec. 31, 2020shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum shares authorized for grant (in shares)	18,000,000
Shares available for grant	14,300,000
Maximum number of common shares that can be granted to participant in any one year (in shares)	2,000,000
Period during which a participant can be awarded the maximum number of shares allowable under the Plan	1 year
Maximum percentage of common shares that can be owned or deemed to be owned by a participant (more than)	9.80%

Equity Compensation, Employme_4

Equity Compensation, Employment Agreements and Other Benefit Plans (Restricted Stock Units) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
RSUs With Service Condition
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at beginning of year (in shares)	1,379,681	1,206,446	1,025,028
Outstanding at beginning of year (in dollars per share)	$ 7.62	$ 7.57	$ 7.67
Granted (in shares)	939,046	461,525	428,802
Granted (in dollars per share)	$ 4.88	$ 7.35	$ 7.65
Settled (in shares)	(379,272)	(269,290)	(237,384)
Settled (in dollars per share)	$ 7.75	$ 6.93	$ 8.17
Cancelled, forfeited or expired (in shares)	(110,000)	(19,000)	(10,000)
Cancelled/forfeited (in dollars per share)	$ 7.59	$ 7.72	$ 7.23
Outstanding at end of year (in shares)	1,829,455	1,379,681	1,206,446
Outstanding at end of year (in dollars per share)	$ 6.19	$ 7.62	$ 7.57
RSUs vested but not settled at end of year (in shares)	1,160,416	809,681	708,946
RSUs vested but not settled at end of year (in dollars per share)	$ 5.37	$ 7.70	$ 7.47
RSUs unvested at end of year (in shares)	669,039	570,000	497,500
Weighted average grant date fair value (in dollars per share)	$ 7.61	$ 7.50	$ 7.71
RSUs With Market and Service Conditions
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at beginning of year (in shares)	1,301,250	1,151,250	1,021,250
Outstanding at beginning of year (in dollars per share)	$ 6.78	$ 6.21	$ 5.80
Granted (in shares)	763,174	451,000	415,000
Granted (in dollars per share)	$ 5.50	$ 6.97	$ 6.91
Settled (in shares)	(441,250)	(290,000)	(275,000)
Settled (in dollars per share)	$ 6.48	$ 4.81	$ 5.73
Cancelled, forfeited or expired (in shares)	0	(11,000)	(10,000)
Cancelled/forfeited (in dollars per share)	$ 0	$ 6.71	$ 5.64
Outstanding at end of year (in shares)	1,623,174	1,301,250	1,151,250
Outstanding at end of year (in dollars per share)	$ 6.26	$ 6.78	$ 6.21
RSUs vested but not settled at end of year (in shares)	409,000	441,250	290,000
RSUs vested but not settled at end of year (in dollars per share)	$ 6.91	$ 6.48	$ 4.81
RSUs unvested at end of year (in shares)	1,214,174	860,000	861,250
Weighted average grant date fair value (in dollars per share)	$ 6.04	$ 6.94	$ 6.69
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 6.8	$ 5.5
Period for recognizing unrecognized compensation cost	1 year 8 months 12 days
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at beginning of year (in shares)	2,680,931	2,357,696	2,046,278
Outstanding at beginning of year (in dollars per share)	$ 7.21	$ 6.90	$ 6.73
Granted (in shares)	1,702,220	912,525	843,802
Granted (in dollars per share)	$ 5.16	$ 7.16	$ 7.29
Settled (in shares)	(820,522)	(559,290)	(512,384)
Settled (in dollars per share)	$ 7.07	$ 5.83	$ 6.86
Cancelled, forfeited or expired (in shares)	(110,000)	(30,000)	(20,000)
Cancelled/forfeited (in dollars per share)	$ 7.59	$ 7.35	$ 6.44
Outstanding at end of year (in shares)	3,452,629	2,680,931	2,357,696
Outstanding at end of year (in dollars per share)	$ 6.22	$ 7.21	$ 6.90
RSUs vested but not settled at end of year (in shares)	1,569,416	1,250,931	998,946
RSUs vested but not settled at end of year (in dollars per share)	$ 5.77	$ 7.27	$ 6.70
RSUs unvested at end of year (in shares)	1,883,213	1,430,000	1,358,750
Weighted average grant date fair value (in dollars per share)	$ 6.60	$ 7.16	$ 7.06
RSUs with Service Condition and both Service and Market Conditions
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Granted (in shares)	1,204,713	752,500	692,500
Weighted average volatility estimated	14.00%	15.00%	17.00%
Expected term	3 years	3 years	3 years
Weighted average risk-free rate	1.36%	2.47%	2.36%
RSUs with Service Condition, weighted average grant date fair value based on share closing price
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Granted (in shares)	452,585	160,025	151,302
Share price (dollars per share)	$ 2.32	$ 7.28	$ 7.70
RSUs With Service Condition, Weighted Average Grant Date Fair Value Based on Share Closing Price
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Granted (in shares)	44,922
Share price (dollars per share)	$ 2.56

Equity Compensation, Employme_5

Equity Compensation, Employment Agreements and Other Benefit Plans (Restricted Stock) (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of stock vested	$ 3,000	$ 131	$ 3,200
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at beginning of year (in shares)	0	0	0	0
Outstanding at beginning of year (in dollars per share)	$ 0	$ 0	$ 0	$ 0
Granted (in shares)		79,545	412,185	450,193
Granted (in dollars per share)		$ 1.65	$ 7.83	$ 6.74
Vested (in shares)		(79,545)	(412,185)	(450,193)
Vested (in dollars per share)		$ 1.65	$ 7.83	$ 6.74
Cancelled, forfeited or expired (in shares)		0	0	0
Cancelled/forfeited (in dollars per share)		$ 0	$ 0	$ 0
Outstanding at end of year (in shares)		0	0	0
Outstanding at end of year (in dollars per share)		$ 0	$ 0	$ 0

Equity Compensation, Employme_6

Equity Compensation, Employment Agreements and Other Benefit Plans (Dividend Equivalents) (Details) - DER - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments attributable to DERs	$ 367,000	$ 1,049,000	$ 907,000
Dividend equivalent rights (in shares)	0	0

Equity Compensation, Employme_7

Equity Compensation, Employment Agreements and Other Benefit Plans (Expense Allocation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense related to equity-based compensation instruments	$ 6,723	$ 9,239	$ 8,007
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense related to equity-based compensation instruments	6,592	6,012	4,974
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense related to equity-based compensation instruments	$ 131	$ 3,227	$ 3,033

Equity Compensation, Employme_8

Equity Compensation, Employment Agreements and Other Benefit Plans (Deferred Compensation Plans) (Details) - Deferred Compensation Plans - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferrable compensation by the employee, maximum		100.00%
Expenses related to Deferred Plans		$ (911,000)	$ 663,000	$ (165,000)
Cash distributed to the participants	$ 123,700	769,400	568,900
Undistributed Income Deferred		2,197,000	2,349,000
Liability Under Deferred Plans		1,809,000	3,071,000
Non-employee directors
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Expenses related to Deferred Plans		(911,000)	663,000	$ (165,000)
Undistributed Income Deferred		2,197,000	2,349,000
Liability Under Deferred Plans		$ 1,809,000	$ 3,071,000

Equity Compensation, Employme_9

Equity Compensation, Employment Agreements and Other Benefit Plans (Savings Plan) (Details) - Savings Plan - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employer contribution percentage on first 3 percent of eligible compensation deferred by employees		100.00%
Percentage of eligible compensation deferred by employees qualifying for 100 percent matching contribution		3.00%
Employer contribution percentage on next 2 percent of eligible compensation deferred by employees		50.00%
Percentage of eligible compensation deferred by employees qualifying for 50 percent matching contribution		2.00%
Percentage of employer matching contributions that vest immediately		100.00%
Expenses for matching contributions	$ 371,000	$ 480,000	$ 503,500

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Fair Value Hierarchy) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets:
Residential whole loans, at fair value	$ 1,216,902	$ 1,381,583
Fair Value	161,000	3,983,519
Total assets carried at fair value	1,616,901	6,522,565
Liabilities:
Securitized debt	869,482
Residential whole loans, at fair value
Assets:
Residential whole loans, at fair value	1,216,902	1,381,583
Liabilities:
Total liabilities carried at fair value	3,366,772
Non-Agency MBS
Assets:
Fair Value	56,766	2,063,529
Agency MBS
Assets:
Fair Value		1,664,582
CRT securities
Assets:
Fair Value	104,234	255,408
Term notes backed by MSR-related collateral
Assets:
Term notes backed by MSR related collateral	238,999	1,157,463
Financing agreements with non-mark-to-market collateral provisions
Liabilities:
Liabilities carried at fair value	1,159,213
Financing agreements with mark-to-market collateral provisions
Liabilities:
Liabilities carried at fair value	1,338,077
Level 1
Assets:
Total assets carried at fair value	0	0
Liabilities:
Securitized debt	0
Level 1 | Residential whole loans, at fair value
Assets:
Residential whole loans, at fair value	0	0
Liabilities:
Total liabilities carried at fair value	0
Level 1 | Non-Agency MBS
Assets:
Fair Value	0	0
Level 1 | Agency MBS
Assets:
Fair Value		0
Level 1 | CRT securities
Assets:
Fair Value	0	0
Level 1 | Term notes backed by MSR-related collateral
Assets:
Term notes backed by MSR related collateral	0	0
Level 1 | Financing agreements with non-mark-to-market collateral provisions
Liabilities:
Liabilities carried at fair value	0
Level 1 | Financing agreements with mark-to-market collateral provisions
Liabilities:
Liabilities carried at fair value	0
Level 2
Assets:
Total assets carried at fair value	399,999	5,140,982
Liabilities:
Securitized debt	869,482
Level 2 | Residential whole loans, at fair value
Assets:
Residential whole loans, at fair value	0	0
Liabilities:
Total liabilities carried at fair value	1,083,397
Level 2 | Non-Agency MBS
Assets:
Fair Value	56,766	2,063,529
Level 2 | Agency MBS
Assets:
Fair Value		1,664,582
Level 2 | CRT securities
Assets:
Fair Value	104,234	255,408
Level 2 | Term notes backed by MSR-related collateral
Assets:
Term notes backed by MSR related collateral	238,999	1,157,463
Level 2 | Financing agreements with non-mark-to-market collateral provisions
Liabilities:
Liabilities carried at fair value	0
Level 2 | Financing agreements with mark-to-market collateral provisions
Liabilities:
Liabilities carried at fair value	213,915
Level 3
Assets:
Total assets carried at fair value	1,216,902	1,381,583
Liabilities:
Securitized debt	0
Level 3 | Residential whole loans, at fair value
Assets:
Residential whole loans, at fair value	1,216,902	1,381,583
Liabilities:
Total liabilities carried at fair value	2,283,375
Level 3 | Non-Agency MBS
Assets:
Fair Value	0	0
Level 3 | Agency MBS
Assets:
Fair Value		0
Level 3 | CRT securities
Assets:
Fair Value	0	0
Level 3 | Term notes backed by MSR-related collateral
Assets:
Term notes backed by MSR related collateral	0	$ 0
Level 3 | Financing agreements with non-mark-to-market collateral provisions
Liabilities:
Liabilities carried at fair value	1,159,213
Level 3 | Financing agreements with mark-to-market collateral provisions
Liabilities:
Liabilities carried at fair value	$ 1,124,162

Fair Value of Financial Instr_4

Fair Value of Financial Instruments (Level 3 Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Residential whole loans held at fair value for which the closing price of the purchase transaction had not occurred	$ 70,600
Recurring basis | Level 3 | Residential whole loans, at fair value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	1,381,583	$ 1,471,263
Purchases	0	210,031
Changes in unrealized gains	17,204	47,849
Collection of principal	(92,733)	(127,063)
Sales and repurchases	(18,530)	(1,338)
Transfer to REO	(70,622)	(219,159)
Balance at end of period	1,216,902	1,381,583
Recurring basis | Level 3 | Term Notes Backed by MSR-Related Collateral
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	0	538,499
Purchases	0	573,137
Collection of principal	0	(12,897)
Changes in unrealized gains	0	5,391
Transfer to Level 2	0	(1,104,130)
Balance at end of period	$ 0	$ 0

Fair Value of Financial Instr_5

Fair Value of Financial Instruments (Level 3 Liabilities) (Details) - Level 3 - Recurring basis - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2020
Agreements with Non-mark-to-market Collateral Provisions
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 0
Transfer from Level 2	2,036,597
Issuances	0
Payment of principal	(879,698)
Changes in unrealized losses	2,314
Balance at end of period	0	$ 1,159,213
Agreements with Mark-to-market Collateral Provisions
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	0
Transfer from Level 2	1,386,592
Issuances	258,322
Payment of principal	(520,752)
Changes in unrealized losses	0
Balance at end of period	$ 0	$ 1,124,162

Fair Value of Financial Instr_6

Fair Value of Financial Instruments (Fair Value Methodology) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Residential whole loans, at fair value	$ 1,216,637	$ 1,381,113
Purchases excluded	265	470
Discounted cash flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Residential whole loans, at fair value	789,576	829,842
Liquidation model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Residential whole loans, at fair value	427,061	551,271
Simple average amount	$ 380	$ 365
Residential whole loans, at fair value | Level 3 | Liquidation model | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Annual change in home prices	0.00%	2.40%
Liquidation timeline (in years)	9 months 18 days	1 month 6 days
Current value of underlying properties	$ 12	$ 10
Residential whole loans, at fair value | Level 3 | Liquidation model | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Annual change in home prices	6.50%	8.00%
Liquidation timeline (in years)	4 years 9 months 18 days	4 years 6 months
Current value of underlying properties	$ 4,500	$ 4,500
Discount rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.033	0.038
Discount rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.080	0.080
Discount rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.039	0.042
Discount rate | Residential whole loans, at fair value | Level 3 | Liquidation model | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.067	0.062
Discount rate | Residential whole loans, at fair value | Level 3 | Liquidation model | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.500	0.500
Discount rate | Residential whole loans, at fair value | Level 3 | Liquidation model | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.081	0.080
Prepayment rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0	0.007
Prepayment rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.099	0.180
Prepayment rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.048	0.045
Prepayment rate | Residential whole loans, at fair value | Level 3 | Liquidation model | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Annual change in home prices	3.60%	3.70%
Default rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0	0
Default rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.189	0.230
Default rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.038	0.04
Default rate | Residential whole loans, at fair value | Level 3 | Liquidation model | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liquidation timeline (in years)	1 year 9 months 18 days	1 year 9 months 18 days
Loss severity | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0	0
Loss severity | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	1	1
Loss severity | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.127	0.129
Loss severity | Residential whole loans, at fair value | Level 3 | Liquidation model | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current value of underlying properties	$ 729	$ 684

Fair Value of Financial Instr_7

Fair Value of Financial Instruments (Carry Value vs Fair Value) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Residential whole loans, at carrying value	$ 4,195,332	$ 6,069,370	[1]
Residential whole loans, at fair value	1,216,902	1,381,583
Fair Value	161,000	3,983,519
MSR-related assets	238,999	1,217,002
Restricted cash	7,165	64,035
Carrying value
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
MSR-related assets	238,999	1,217,002
Cash and cash equivalents	814,354	70,629
Restricted cash	7,165	64,035
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Financing agreements with mark-to-market collateral provisions	1,124,162	4,741,971
Securitized debt	1,514,509	570,952
Convertible senior notes	225,177	223,971
Senior notes (4)	100,000	96,862
Estimated fair value
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
MSR-related assets	238,999	1,217,002
Cash and cash equivalents	814,354	70,629
Restricted cash	7,165	64,035
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Financing agreements with mark-to-market collateral provisions	1,124,162	4,753,070
Securitized debt	1,519,567	575,353
Convertible senior notes	228,287	244,088
Senior notes (4)	100,031	103,231
Residential whole loans
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Residential whole loans, at fair value	1,216,902	1,381,583
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Financing agreements with mark-to-market collateral provisions	1,124,162	4,743,094
Residential whole loans | Carrying value
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Residential whole loans, at carrying value	4,108,499	6,069,370
Residential whole loans, at fair value	1,216,902	1,381,583
Residential whole loans | Estimated fair value
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Residential whole loans, at carrying value	4,282,401	6,248,745
Residential whole loans, at fair value	1,216,902	1,381,583
Non-Agency MBS
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fair Value	56,766	2,063,529
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Financing agreements with mark-to-market collateral provisions	1,282	1,121,802
Non-Agency MBS | Carrying value
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fair Value	56,766	2,063,529
Non-Agency MBS | Estimated fair value
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fair Value	56,766	2,063,529
Agency MBS
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fair Value		1,664,582
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Financing agreements with mark-to-market collateral provisions	0	1,557,675
Agency MBS | Carrying value
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fair Value	0	1,664,582
Agency MBS | Estimated fair value
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fair Value	0	1,664,582
CRT securities
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fair Value	104,234	255,408
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Financing agreements with mark-to-market collateral provisions	54,883	203,569
CRT securities | Carrying value
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fair Value	104,234	255,408
CRT securities | Estimated fair value
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fair Value	104,234	255,408
Financing agreements with non-mark-to-market collateral provisions
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Financing agreements with mark-to-market collateral provisions	252,747	0
Financing agreements with non-mark-to-market collateral provisions | Carrying value
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Financing agreements	1,159,213	0
Financing agreements with non-mark-to-market collateral provisions | Estimated fair value
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Financing agreements	1,159,213	0
Financing agreements with mark-to-market collateral provisions | Carrying value
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Financing agreements	213,915	4,397,850
Financing agreements with mark-to-market collateral provisions | Estimated fair value
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Financing agreements	$ 213,915	4,403,139
Fair Value, Nonrecurring | Carrying value
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
MSR-related assets		$ 59,500
[1]	For the year ended December 31, 2020, includes approximately $2.7 million (360,534 shares) surrendered for tax purposes related to equity-based compensation awards. For the year ended December 31, 2019, includes approximately $4.1 million (562,815 shares) surrendered for tax purposes related to equity-based compensation awards. For the year ended December 31, 2018, includes approximately $3.4 million (464,429 shares) surrendered for tax purposes related to equity-based compensation awards.

Fair Value of Financial Instr_8

Fair Value of Financial Instruments (Assets Measured at Fair Value on a Nonrecurring Basis) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Other real estate, fair value	$ 96.8	$ 257.7

Use of Special Purpose Entiti_3

Use of Special Purpose Entities and Variable Interest Entities (Loan Securitization Transaction) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Asset-backed Securities, Securitized Loans and Receivables
Variable Interest Entity [Line Items]
Aggregate fair value	$ 2,232,561	$ 1,290,029
Outstanding amount of Senior Bonds, at carrying value	645,027	570,952
Outstanding amount of Senior Bonds, at fair value	869,482	0
Outstanding amount of Senior Bonds, total	$ 1,514,509	$ 570,952
Weighted average interest rate	2.11%	3.68%
Weighted average contractual maturity of Senior Bonds	41 years	30 years
Cash received	$ 1,853,408	$ 802,815
Debt issuance cost	3,200	2,900
Senior Notes
Variable Interest Entity [Line Items]
Cash received	1,300,000
Senior Notes | Asset-backed Securities, Securitized Loans and Receivables
Variable Interest Entity [Line Items]
Debt instrument, face amount	1,862,068	802,817
Proceeds from Senior bond sold with Step up feature	$ 568,700	493,200
Debt instrument, coupon step-up period	36 months
Senior Notes | Asset-backed Securities, Securitized Loans and Receivables | Minimum
Variable Interest Entity [Line Items]
Debt instrument, basis spread on variable rate	1.00%
Senior Notes | Asset-backed Securities, Securitized Loans and Receivables | Maximum
Variable Interest Entity [Line Items]
Debt instrument, basis spread on variable rate	3.00%
Senior Support Certificates | Asset-backed Securities, Securitized Loans and Receivables
Variable Interest Entity [Line Items]
Debt instrument, face amount	$ 268,548	$ 275,174

Use of Special Purpose Entiti_4

Use of Special Purpose Entities and Variable Interest Entities (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Residential whole loans, at carrying value	$ 4,195,332	$ 6,069,370	[1]
Residential whole loans, at fair value	1,216,902	1,381,583
Residential whole loans	5,300,000	7,400,000
Residential whole loans, net	4,108,499	6,066,345
Senior Notes
Variable Interest Entity [Line Items]
Proceeds from issuance of debt	1,300,000
Proceed from senior notes net of offering expenses and underwriting discount	1,300,000
Asset-backed Securities, Securitized Loans and Receivables
Variable Interest Entity [Line Items]
Proceeds from issuance of debt	1,853,408	802,815
Residential whole loans, at carrying value	1,400,000	186,400
Residential whole loans, at fair value	382,300	567,400
Securitized debt	1,500,000	571,000
Asset-backed Securities, Securitized Loans and Receivables | Other Assets
Variable Interest Entity [Line Items]
Real estate owned at fair value	$ 49,500	$ 137,800
[1]	For the year ended December 31, 2020, includes approximately $2.7 million (360,534 shares) surrendered for tax purposes related to equity-based compensation awards. For the year ended December 31, 2019, includes approximately $4.1 million (562,815 shares) surrendered for tax purposes related to equity-based compensation awards. For the year ended December 31, 2018, includes approximately $3.4 million (464,429 shares) surrendered for tax purposes related to equity-based compensation awards.

Summary of Quarterly Results _3

Summary of Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Interest income	$ 60,476	$ 66,080	$ 87,368	$ 145,460	$ 153,118	$ 142,721	$ 144,935	$ 140,952	$ 359,384	$ 581,726	$ 455,675
Interest expense	(41,044)	(55,964)	(87,991)	(83,759)	(82,463)	(85,823)	(85,044)	(79,026)	(268,758)	(332,356)	(232,186)
Net Interest Income	19,432	10,116	(623)	61,701	70,655	56,898	59,891	61,926	90,626	249,370	223,489
Reversal (Provision) for Credit and Valuation Losses on Residential Whole Loans and Other Financial Instruments	15,709	27,244	85,377	(150,711)	(1,032)	(347)	(385)	(805)	(22,381)	(2,569)	(773)
Net Interest Income after Provision for Credit and Valuation Losses	35,141	37,360	84,754	(89,010)	69,623	56,551	59,506	61,121	68,245	246,801	222,716
Net gain on residential whole loans measured at fair value through earnings	49,782	76,871	20,320	(52,760)	41,415	40,175	51,473	25,267	94,213	158,330	137,619
Net realized gain on sales of residential mortgage securities and residential whole loans	0	48	49,485	(238,380)	11,975	17,708	7,710	24,609
Other income	(18,708)	292	6,552	(499,623)	2,007	4,546	(2,321)	1,293
Operating and other expense	(20,398)	(27,361)	(64,533)	(29,222)	(24,399)	(23,381)	(23,328)	(23,433)	(141,514)	(94,541)	(78,890)
Net Income/(Loss)	45,817	87,210	96,578	(908,995)	100,621	95,599	93,040	88,857	(679,390)	378,117	301,801
Preferred stock dividends	(8,218)	(8,219)	(8,144)	(5,215)	(3,750)	(3,750)	(3,750)	(3,750)	(29,796)	(15,000)	(15,000)
Net income available to common stock and participating securities	$ 37,599	$ 78,991	$ 88,434	$ (914,210)	$ 96,871	$ 91,849	$ 89,290	$ 85,107	$ (709,415)	$ 362,030	$ 285,858
Earnings per Common Share - Basic (usd per share)	$ 0.08	$ 0.17	$ 0.19	$ (2.02)					$ (1.57)	$ 0.80	$ 0.68
Earnings per Common Share - Diluted (usd per share)	$ 0.08	$ 0.17	$ 0.19	$ (2.02)					$ (1.57)	$ 0.79	$ 0.68
Earnings per Common Share - Basic and Diluted (usd per share)					$ 0.21	$ 0.20	$ 0.20	$ 0.19

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - USD ($)	Jan. 06, 2021	Feb. 23, 2021
Subsequent Event [Line Items]
Repurchased face amount	$ 100,000,000
Stated interest rate	8.00%
Redemption price as percentage of principal amount	100.00%
Redemption value per every $25	$ 25
Noncash Charge For Unamortized Deferred Expenses	$ 3,100,000
Financing Receivable, after Allowance for Credit Loss		$ 217,500,000
Proceeds from Accounts Receivable Securitization		$ 48,400,000
Weighted average interest rate		1.06%
Basis spread		1.50%

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)loan	Dec. 31, 2019USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Allowance for credit loss	$ 86,833	$ 3,025	$ 106,246	$ 136,589	$ 218,011	$ 2,271	$ 1,986	$ 1,651	$ 968
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Residential whole loans, at carrying value, beginning balance	698,717
Residential whole loans, at fair value, beginning balance	1,381,583
Residential whole loans, at carrying value, ending balance	673,708	698,717
Residential whole loans, at fair value, ending balance	$ 1,216,902	1,381,583
Residential whole loans, at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number | loan	18,734
Balance Sheet Reported Amount	$ 5,412,234
Principal Amount of Loans Subject to Delinquent Principal or Interest	1,080,733
Tax basis of loans	$ 3,900,000
Residential whole loans, at fair value | Carrying value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number | loan	13,112
Balance Sheet Reported Amount	$ 4,195,332
Principal Amount of Loans Subject to Delinquent Principal or Interest	455,112
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Residential whole loans, at carrying value, beginning balance	6,066,345
Purchases	1,431,673
Repayments	(1,565,553)
Premium amortization/discount accretion, net	(11,590)
Provision for loan loss	(21,447)
Loan sales and repurchases	(1,766,220)
Transfer to REO	(24,709)
Residential whole loans, at carrying value, ending balance	$ 4,108,499	6,066,345
Residential whole loans, at fair value | Fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number | loan	5,622
Balance Sheet Reported Amount	$ 1,216,902
Principal Amount of Loans Subject to Delinquent Principal or Interest	625,621
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Residential whole loans, at fair value, beginning balance	1,381,583
Purchases	0
Changes in unrealized gains	17,204
Repayments	(92,733)
Repurchases	(18,530)
Transfer to REO	(70,622)
Residential whole loans, at fair value, ending balance	$ 1,216,902	$ 1,381,583
Original loan balance $0 - $149,999 | Residential whole loans, at fair value | Carrying value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number | loan	3,947
Balance Sheet Reported Amount	$ 347,041
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 29,614
Original loan balance $0 - $149,999 | Residential whole loans, at fair value | Carrying value | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	0.00%
Original loan balance $0 - $149,999 | Residential whole loans, at fair value | Carrying value | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	16.00%
Original loan balance $0 - $149,999 | Residential whole loans, at fair value | Fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number | loan	2,044
Balance Sheet Reported Amount	$ 167,671
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 70,748
Original loan balance $0 - $149,999 | Residential whole loans, at fair value | Fair value | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	0.00%
Original loan balance $0 - $149,999 | Residential whole loans, at fair value | Fair value | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	14.13%
Original loan balance $150,000 - $299,999 | Residential whole loans, at fair value | Carrying value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number | loan	4,341
Balance Sheet Reported Amount	$ 832,365
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 73,749
Original loan balance $150,000 - $299,999 | Residential whole loans, at fair value | Carrying value | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	0.00%
Original loan balance $150,000 - $299,999 | Residential whole loans, at fair value | Carrying value | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	13.49%
Original loan balance $150,000 - $299,999 | Residential whole loans, at fair value | Fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number | loan	1,909
Balance Sheet Reported Amount	$ 355,854
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 167,303
Original loan balance $150,000 - $299,999 | Residential whole loans, at fair value | Fair value | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	1.95%
Original loan balance $150,000 - $299,999 | Residential whole loans, at fair value | Fair value | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	11.53%
Original loan balance $300,000 - $449,999 | Residential whole loans, at fair value | Carrying value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number | loan	2,064
Balance Sheet Reported Amount	$ 667,272
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 65,629
Original loan balance $300,000 - $449,999 | Residential whole loans, at fair value | Carrying value | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	1.50%
Original loan balance $300,000 - $449,999 | Residential whole loans, at fair value | Carrying value | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	9.63%
Original loan balance $300,000 - $449,999 | Residential whole loans, at fair value | Fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number | loan	1,000
Balance Sheet Reported Amount	$ 313,588
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 165,901
Original loan balance $300,000 - $449,999 | Residential whole loans, at fair value | Fair value | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	0.00%
Original loan balance $300,000 - $449,999 | Residential whole loans, at fair value | Fair value | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	10.75%
Original loan balance greater than $449,999 | Residential whole loans, at fair value | Carrying value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number | loan	2,760
Balance Sheet Reported Amount	$ 2,348,654
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 286,120
Original loan balance greater than $449,999 | Residential whole loans, at fair value | Carrying value | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	0.88%
Original loan balance greater than $449,999 | Residential whole loans, at fair value | Carrying value | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	11.25%
Original loan balance greater than $449,999 | Residential whole loans, at fair value | Fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number | loan	669
Balance Sheet Reported Amount	$ 379,789
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 221,669
Original loan balance greater than $449,999 | Residential whole loans, at fair value | Fair value | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	1.70%
Original loan balance greater than $449,999 | Residential whole loans, at fair value | Fair value | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	10.20%

Uncategorized Items - mfa-20201

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Accounting Standards Update [Extensible List]	us-gaap_AccountingStandardsUpdateExtensibleList	us-gaap:AccountingStandardsUpdate201409Member