MFA Financial (MFA) 10-K 23 Feb 22 2021 FY Annual report Financial data

Cover

Cover - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2021	Feb. 18, 2022	Jun. 30, 2021
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
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	One Vanderbilt Ave., 48th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017
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			$ 2
Entity Common Stock, Shares Outstanding (in shares)		425,050,505
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 7, 2022, are incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0001055160
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
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 Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	6.50% Series C Fixed-to-Floating Rate Cumulative RedeemablePreferred Stock, par value $0.01 per share
Trading Symbol	MFA/PC
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Auditor Information [Abstract]
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	New York, New York

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
Assets:
Total Residential Whole Loans	[1],[2]	$ 7,913,000	$ 5,325,401
Securities, at fair value	[2]	256,685	399,999
Cash and cash equivalents		304,696	814,354
Restricted cash		99,751	7,165
Other assets	[2]	565,556	385,381
Total Assets		9,139,688	6,932,300
Liabilities:
Financing agreements ($3,266,773 and $3,366,772 held at fair value, respectively)		6,378,782	4,336,976
Other liabilities		218,058	70,522
Total Liabilities		6,596,840	4,407,498
Commitments and contingencies (See Note 9)
Stockholders’ Equity:
Common stock, $0.01 par value; 874,300 and 874,300 shares authorized; 432,551 and 451,714 shares issued and outstanding, respectively		4,326	4,517
Additional paid-in capital, in excess of par		3,772,238	3,848,129
Accumulated deficit		(1,279,484)	(1,405,327)
Accumulated other comprehensive income		45,578	77,293
Total Stockholders’ Equity		2,542,848	2,524,802
Total Liabilities and Stockholders’ Equity		9,139,688	6,932,300
Series B Preferred Stock
Stockholders’ Equity:
Preferred stock		80	80
Series C Preferred Stock
Stockholders’ Equity:
Preferred stock		$ 110	$ 110
[1]	Includes approximately $3.0 billion and $1.8 billion of Residential whole loans transferred to consolidated variable interest entities (“VIEs”) at December 31, 2021 and December 31, 2020, respectively. Such assets can be used only to settle the obligations of each respective VIE.
[2]	See Note 6 for information regarding the Company’s pledged assets.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Residential whole loans, fair value	$ 5,305,349	$ 1,216,902
Financial agreements held at fair value	3,266,773	3,366,772
Preferred stock, liquidation preference, value	$ 275,000	$ 275,000
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	874,300	874,300
Common stock, shares issued (in shares)	432,551	451,714
Common stock, shares outstanding (in shares)	432,551	451,714
Non-Agency MBS Transfered to Consolidated VIEs
Residential whole loans, at carrying value	$ 3,000,000	$ 1,800,000
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, shares outstanding (in shares)	8,000	8,000
Preferred stock, liquidation preference, value	$ 200,000	$ 200,000
Series C Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	12,650	12,650
Preferred stock, dividend rate	6.50%	6.50%
Preferred stock, shares issued (in shares)	11,000	11,000
Preferred stock, shares outstanding (in shares)	11,000	11,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Interest Income:
Residential whole loans	$ 303,468	$ 332,212	$ 358,161
Securities, at fair value	56,690	90,094	327,201
Other interest-earning assets	1,800	9,850	7,152
Cash and cash equivalent investments	344	676	3,393
Interest Income	362,302	432,832	695,907
Interest Expense:
Asset-backed and other collateralized financing arrangements	104,597	242,039	315,344
Other interest expense	15,788	26,719	17,012
Interest Expense	120,385	268,758	332,356
Net Interest Income	241,917	164,074	363,551
Reversal/(Provision) for credit and valuation losses on residential whole loans and other financial instruments	44,863	(22,381)	(2,569)
Net Interest Income after Provision for Credit and Valuation Losses	286,780	141,693	360,982
Other Income, net:
Net gain on residential whole loans measured at fair value through earnings	16,736	20,765	44,149
Gain on investment in lima one common equity	38,933	0	0
Impairment and other gains and losses on securities available-for-sale and other assets	33,956	(425,082)	(180)
Lima One - origination, servicing and other fee income	22,600	0	0
Net gain/(loss) on real estate owned	22,838	5,391	(5,878)
Net realized (loss)/gain on sales of securities and residential whole loans	0	(188,847)	62,002
Loss on terminated swaps previously designated as hedges for accounting purposes	0	(57,034)	0
Other, net	30,040	(34,762)	11,583
Other Income/(Loss), net	165,103	(679,569)	111,676
Operating and Other Expense:
Compensation and benefits	53,817	31,042	32,235
Other general and administrative expense	31,729	25,666	20,413
Loan servicing, financing and other related costs	30,867	40,372	41,893
Amortization of intangible assets	6,600	0	0
Costs associated with restructuring/forbearance agreement	0	44,434	0
Operating and Other Expense	123,013	141,514	94,541
Net Income/(Loss)	328,870	(679,390)	378,117
Less Preferred Stock Dividend Requirement	32,875	29,796	15,000
Net Income/(Loss) Available to Common Stock and Participating Securities	$ 295,995	$ (709,186)	$ 363,117
Basic Earnings/(Loss) per Common Share (usd per share)	$ 0.67	$ (1.57)	$ 0.80
Diluted Earnings/(Loss) per Common Share (in usd per share)	$ 0.66	$ (1.57)	$ 0.79

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income/(loss)	$ 328,870	$ (679,390)	$ 378,117
Other Comprehensive (Loss):
Unrealized (losses)/gains on securities available-for-sale	(32,774)	420,281	20,335
Reclassification adjustment for securities sales included in net income	0	389,127	44,600
Reclassification adjustment for impairments included in net income	0	(344,269)	(180)
Derivative hedging instrument fair value changes, net	0	(50,127)	(23,342)
Changes in fair value of financing agreements at fair value due to changes in instrument-specific credit risk	1,059	(2,314)	0
Reclassification adjustment for losses/gains related to hedging instruments included in net income	0	72,802	(2,454)
Other Comprehensive (Loss)	(31,715)	(292,754)	(50,241)
Comprehensive income/(loss) before preferred stock dividends	297,155	(972,144)	327,876
Dividends required on preferred stock	(32,875)	(29,796)	(15,000)
Comprehensive Income/(Loss) Available to Common Stock and Participating Securities	$ 264,280	$ (1,001,940)	$ 312,876

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands		Total		Series B Preferred Stock	Series C Preferred Stock	Preferred StockSeries B Preferred Stock	Preferred StockSeries C Preferred Stock	Common Stock	Additional Paid-in Capital		Additional Paid-in CapitalSeries C Preferred Stock	Accumulated Deficit	Accumulated DeficitSeries B Preferred Stock	Accumulated DeficitSeries C Preferred Stock	Accumulated Other Comprehensive Income	Revision of Prior Period, Accounting Standards Update, Adjustment	Revision of Prior Period, Accounting Standards Update, AdjustmentAccumulated Deficit
Balance (in shares) at Dec. 31, 2018						8,000		449,787
Beginning balance at Dec. 31, 2018		$ 3,416,101				$ 80		$ 4,498	$ 3,623,275			$ (632,040)			$ 420,288
Increase (Decrease) in Stockholders' Equity
Cumulative effect adjustment on adoption of new accounting standard ASU 2016-13		Accounting Standards Update 2016-13 [Member]
Net income/(loss)		$ 378,117										378,117
Issuance of stock, net of expenses (in shares)								3,145
Issuance of stock, net of expenses		12,325						$ 26	12,299
Repurchase of shares of common stock (in shares)	[1]							(563)
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 securities, net		(24,445)													(24,445)
Derivative hedging instruments 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						8,000	0	452,369
Ending balance at Dec. 31, 2019		3,383,952				$ 80	$ 0	$ 4,524	3,640,341			(631,040)			370,047	$ (8,326)	$ (8,326)
Increase (Decrease) in Stockholders' Equity
Net income/(loss)		(679,390)										(679,390)
Issuance of stock, net of expenses (in shares)							11,000	13,792
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)
Repurchase of shares of common stock		(53,577)	[1]					$ (145)	(53,432)	[1]
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)		$ (15,000)	(14,796)								$ (15,000)	$ (14,796)
Dividends attributable to dividend equivalents		(229)										(229)
Change in unrealized losses on securities, net		(313,115)													(313,115)
Derivative hedging instruments fair value changes and amortization, net		22,675													22,675
Warrants issued and repurchased, net		19,608							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						8,000	11,000	451,714
Ending balance at Dec. 31, 2020		2,524,802				$ 80	$ 110	$ 4,517	3,848,129			(1,405,327)			77,293
Increase (Decrease) in Stockholders' Equity
Net income/(loss)		328,870										328,870
Issuance of stock, net of expenses (in shares)								1,152
Issuance of stock, net of expenses		1,832						$ 12	1,820
Repurchase of shares of common stock (in shares)	[1]							(20,315)
Repurchase of shares of common stock	[1]	(86,393)						$ (203)	(86,190)
Equity based compensation expense		9,038							9,038
Change in accrued dividends attributable to stock-based awards		(837)							(559)			(278)
Dividends declared on common stock		(169,275)										(169,275)
Dividends declared on preferred stock		(32,875)		$ (15,000)	$ (17,875)								$ (15,000)	$ (17,875)
Dividends attributable to dividend equivalents		(599)										(599)
Change in unrealized losses on securities, net		(32,774)													(32,774)
Changes in fair value of financing agreements at fair value due to changes in instrument-specific credit risk		1,059													1,059
Balance (in shares) at Dec. 31, 2021						8,000	11,000	432,551
Ending balance at Dec. 31, 2021		$ 2,542,848				$ 80	$ 110	$ 4,326	$ 3,772,238			$ (1,279,484)			$ 45,578
[1]	For the year ended December 31, 2021, includes approximately $799,000 (213,123 shares) surrendered for tax purposes related to equity-based compensation awards. 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.

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Common Stock, Dividends, Per Share, Declared	$ 0.385	$ 0.125	$ 0.80
Common stock, cash dividends declared (in dollars per share)	$ 0.385	$ 0.125	$ 0.80
Common Stock
Adjustments related to tax withholding for share-based compensation	$ 799	$ 2,700	$ 4,100
Shares paid for tax withholding for share based compensation (in shares)	213,123	360,534	562,815
Series B Preferred Stock
Preferred stock, cash dividends declared (in dollars per share)	$ 1.875	$ 1.875	$ 1.875
Preferred stock, dividend rate	7.50%	7.50%
Series B Preferred Stock | Preferred Stock
Preferred stock, dividend rate	7.50%	7.50%	7.50%
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25	$ 25
Series C Preferred Stock
Preferred stock, cash dividends declared (in dollars per share)	$ 1.625	$ 1.345
Preferred stock, dividend rate	6.50%	6.50%
Series C Preferred Stock | Preferred Stock
Preferred stock, dividend rate	6.50%	6.50%	6.50%
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25	$ 25

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash Flows From Operating Activities:
Net income/(loss) to common stockholders	$ 328,870	$ (679,390)	$ 378,117
Adjustments to reconcile net income to net cash provided by operating activities:
(Gains)/losses on residential whole loans and real estate owned, net	(31,703)	243,933	(79,948)
Gains on securities, net	(1,606)	(74,515)	(69,082)
Impairment and other gains and losses on securities available-for-sale and other assets	(72,996)	425,082	180
Loss on terminated swaps previously designed as hedges for accounting purposes	0	57,034	0
Accretion of purchase discounts and amortization of purchase premiums on residential whole loans and securities, and amortization of terminated hedging instruments	(59,424)	10,949	(25,167)
(Reversal of provision)/provision for credit and valuation losses on residential whole loans and other financial instruments	(48,355)	22,121	2,569
Net other non-cash losses included in net income	10,902	44,055	24,815
(Increase)/Decrease in other assets	(19,441)	39,930	(34,262)
Increase/(Decrease) in other liabilities	14,046	(50,803)	18,553
Net cash provided by operating activities	120,293	38,396	215,775
Cash Flows From Investing Activities:
Purchases of residential whole loans, loan related investments and capitalized advances	(4,516,971)	(1,477,320)	(4,591,422)
Proceeds from sales of residential whole loans, and residential whole loan repurchases	0	1,510,902	(6,769)
Principal payments on residential whole loans and loan related investments	2,012,901	1,825,606	1,378,529
Increase in cash balances resulting from Lima One purchase transaction, net	6,121	0	0
Purchases of securities	0	(163,748)	(1,008,215)
Proceeds from sales of securities and other assets	0	3,790,148	908,697
Principal payments on securities	157,297	633,194	2,098,416
Purchases of real estate owned and capital improvements	(1,338)	(10,198)	(20,110)
Proceeds from sales of real estate owned	187,010	279,786	108,012
Additions to leasehold improvements, furniture and fixtures	(12,048)	(4,862)	(1,879)
Net cash (used in)/provided by investing activities	(2,167,028)	6,383,508	(1,134,741)
Cash Flows From Financing Activities:
Principal payments on financing agreements with mark-to-market collateral provisions	(1,822,198)	(21,810,920)	(67,463,756)
Proceeds from borrowings under financing agreements with mark-to-market collateral provisions	3,022,279	14,008,042	68,724,021
Principal payments on other collateralized financing agreements	(1,883,068)	(1,733,345)	(114,386)
Proceeds from borrowings under other collateralized financing agreements	2,692,576	3,803,150	0
Payment made for other collateralized financing agreement related costs	(7,145)	(1,699)	0
Principal payment on redemption of Senior notes	(100,000)	0	0
Proceeds from issuance of convertible senior notes	0	0	223,311
Payments made for settlements and unwinds of Swaps	0	(60,022)	(40,029)
Proceeds from issuance of series C preferred stock	0	275,000	0
Payments made for costs related to series C preferred stock issuance	0	(8,948)	0
Proceeds from issuances of common stock	1,825	7,441	12,325
Payments made for the repurchase of common stock through the share repurchase program	(85,591)	(50,835)	0
Proceeds from the issuance of warrants	0	14,041	0
Payments made for the repurchase of warrants	0	(33,650)	0
Dividends paid on preferred stock	(32,875)	(29,796)	(15,000)
Dividends paid on common stock and dividend equivalents	(156,140)	(113,508)	(361,565)
Net cash provided by/(used in) financing activities	1,629,663	(5,735,049)	964,921
Net (decrease)/increase in cash, cash equivalents and restricted cash	(417,072)	686,855	45,955
Cash, cash equivalents and restricted cash at beginning of period	821,519	134,664	88,709
Cash, cash equivalents and restricted cash at end of period	404,447	821,519	134,664
Supplemental Disclosure of Cash Flow Information
Interest Paid	116,966	254,270	330,398
Non-cash Investing and Financing Activities:
Transfer from residential whole loans to real estate owned	72,304	96,766	257,701
Dividends and dividend equivalents declared and unpaid	47,751	34,016	90,749
Right-of-use lease asset and lease liability	40,893	0	0
Repayment of Lima One preferred stock in connection with the Lima One transaction	$ 22,030	$ 0	$ 0

Organization

Organization	12 Months Ended
	Dec. 31, 2021
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 8).

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
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”), credit risk transfer (“CRT”) securities and mortgage servicing rights (“MSR”) related assets (collectively, “Securities, at fair value”) (see Note 4), and Other assets (see Note 5), valuation of Securities, at fair value (see Notes 4 and 13), income recognition and valuation of residential whole loans (see Notes 3 and 13), valuation of derivative instruments (see Notes 5(c) and 13) 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 8). Actual results could differ from those estimates. The Company has one reportable segment as 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. In particular, prior period disclosures have been conformed to the current period presentation of interest income from residential whole loans at fair value. Starting in the second quarter of 2021, interest income for these loans is presented in interest income in the Company’s consolidated statements of operations. Previously, interest income received on residential whole loans at fair value was presented in other income in the Company’s consolidated statements of operations. On July 1, 2021, the Company completed the acquisition of Lima One Holdings, LLC, the parent company of Lima One Capital, LLC (collectively referred to as “Lima One”), a leading nationwide originator and servicer of business purpose loans (“BPLs”). Lima One’s financial results are consolidated with MFA’s results from that date (see Note 15). (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 or originated by Lima One. The accounting model utilized by the Company is determined at the time each loan package is initially acquired. Prior to the second quarter of 2021, the fair value option was typically elected on loans that were 60 or more days delinquent at purchase (“Purchased Non-performing Loans”). Purchased Credit Deteriorated Loans acquired prior to the second quarter of 2021, and where the underlying borrower had a delinquency status of less than 60 days at the acquisition date, are typically held at carrying value. Purchased Performing Loans acquired prior to the second quarter of 2021 are also 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. Starting in the second quarter of 2021, the Company elected the fair value option for all loans acquired, irrespective of borrower delinquency status at acquisition. Over time, the Company expects that election of the fair value option should serve to simplify reporting of the results of its loan investment activities as fair value accounting will be used for the majority of loans in the Company’s portfolio. The accounting model initially applied to loan acquisitions is not permitted to be subsequently changed. Consequently, the Company is not permitted to retroactively apply fair value accounting to loans held at carrying value acquired in periods prior to the second quarter of 2021. The Company’s residential whole loans pledged as collateral against financing agreements are included in the consolidated balance sheets with amounts pledged disclosed in Note 6. 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, 13 and 14). Purchased Performing Loans Acquisitions of Purchased Performing Loans to date (which include loans purchased from third parties or loans originated by Lima One) 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”), (iv) loans on investor properties that conform to the standards for purchase by a federally chartered corporation, such as the Federal National Mortgage Association (“Fannie Mae”) or the Federal Home Loan Mortgage Corporation (“Freddie Mac”) (“Agency eligible investor loans”), and (v) 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 (or amount funded for originated loans). Interest income on Purchased Performing Loans acquired at par is accrued based on each loan’s current interest bearing balance and current interest rate. Interest income on such loans acquired 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. For Purchased Performing Loans acquired prior to the second quarter of 2021 and where the fair value option was not elected, 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, interest income is recorded under the cash basis method as interest payments are received. Interest accruals are resumed when the loan becomes contractually current. 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 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, 2021. 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. Purchased Credit Deteriorated Loans acquired prior to the second quarter of 2021, or where the fair value option was not otherwise elected, 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. Prior to the second quarter of 2021, this accounting election was made primarily on Purchased Non-performing Loans. Starting in the second quarter of 2021, the Company made the fair value election on all loan acquisitions, which, to date, have been comprised exclusively of Purchased Performing Loans including loans originated by Lima One since its consolidation. The Company generally considers accounting for these loans at fair value to be more reflective of the expected pattern of returns from these loans under current economic conditions. 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 marketplace. 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. Interest income is recorded on these loans based on their yield and is presented as part of interest income in 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. Income and costs associated with originating loans on which the fair value option was elected are recorded in other income and expense respectively in the period in which they are earned or incurred. (c) Securities, at Fair Value 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 in Note 6. Purchases and sales of MSR-related assets are recorded on the trade date (see Notes 4, 6, and 13). 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 “available-for-sale” (“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 Accumulated other comprehensive income/(loss) (“AOCI”), a component of Stockholders’ Equity, 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. Residential Mortgage Securities Prior to the quarter ended June 30, 2020, the Company had invested in residential mortgage-backed securities (“MBS”) that are issued or 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 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 disposed of its remaining investments in Non-Agency MBS during the second quarter of 2021. 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 Securities 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 AFS. Such securities 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 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. In addition, 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 13). 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 in Note 6. Purchases and sales of securities are recorded on the trade date. (d) 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, 2021 and December 31, 2020. At December 31, 2021 and December 31, 2020, the Company had cash and cash equivalents of $304.7 million and $814.4 million, respectively. At December 31, 2021, the Company had $215.8 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, 2020, the Company had $752.4 million worth of investments in overnight money market funds. In addition, deposits in FDIC insured accounts generally exceed insured limits (see Notes 6 and 13). (e) Restricted Cash Restricted cash primarily represents the Company’s cash collections held in connection with certain of the Company’s financing agreements, Swaps and/or loan servicing activities that are 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 financing agreements and/or Swaps. The Company had aggregate restricted cash of $99.8 million and $7.2 million at December 31, 2021 and December 31, 2020, respectively (see Notes 5(c), 6 and 13). (f) Goodwill & Intangible Assets At December 31, 2021, the Company had goodwill of $61.1 million, which represents the excess of the fair value of consideration paid over the fair value of net assets acquired in connection with the acquisition of Lima One, see Note 15, and other intangible assets of $21.4 million (net of amortization) primarily comprised of customer relationships, non-competition agreements, trademarks and trade names, and internally developed software recognized as part of the acquisition of Lima One. The intangible assets are amortized over their expected useful lives, which range from one (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) Leases and Depreciation Leases The Company records its operating lease liabilities and operating lease right-of-use assets on its consolidated balance sheets. The operating lease liabilities are equal to the present value of the remaining fixed lease payments (excluding real estate tax and operating expense escalations) discounted at the Company’s estimated incremental borrowing rate at the date of lease commencement, and the operating lease right-of-use assets are equal to the operating lease liabilities adjusted for lease incentives and initial direct costs. As lease payments are made, the operating lease liabilities are reduced to the present value of the remaining lease payments and the operating lease right-of-use assets are reduced by the difference between the lease expense (straight-lined over the lease term) and the theoretical interest expense amount (calculated using the incremental borrowing rate at the date of lease commencement). See Notes 5 and 9 for further discussion on leases. 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 cha

Residential Whole Loans

Residential Whole Loans	12 Months Ended
	Dec. 31, 2021
Receivables [Abstract]
Residential Whole Loans	Residential Whole Loans Included on the Company’s consolidated balance sheets at December 31, 2021 and 2020 are approximately $7.9 billion and $5.3 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. Starting in the second quarter of 2021, the Company elected the fair value option for all loan acquisitions, including loans originated by Lima One subsequent to its acquisition by the Company. Prior to the second quarter of 2021, the fair value option was typically elected only for Purchased Non-performing Loans. The following table presents the components of the Company’s Residential whole loans, and the accounting model designated at December 31, 2021 and 2020: Held at Carrying Value Held at Fair Value Total (Dollars in Thousands) December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Purchased Performing Loans: Non-QM loans $ 1,448,162 $ 2,357,185 $ 2,013,369 $ — $ 3,461,531 $ 2,357,185 Rehabilitation loans 217,315 581,801 517,530 — 734,845 581,801 Single-family rental loans 331,808 446,374 619,415 — 951,223 446,374 Seasoned performing loans 102,041 136,264 — — 102,041 136,264 Agency eligible investor loans — — 1,082,765 — 1,082,765 — Total Purchased Performing Loans $ 2,099,326 $ 3,521,624 $ 4,233,079 $ — $ 6,332,405 $ 3,521,624 Purchased Credit Deteriorated Loans $ 547,772 $ 673,708 $ — $ — $ 547,772 $ 673,708 Allowance for Credit Losses $ (39,447) $ (86,833) $ — $ — $ (39,447) $ (86,833) Purchased Non-Performing Loans $ — $ — $ 1,072,270 $ 1,216,902 $ 1,072,270 $ 1,216,902 Total Residential Whole Loans $ 2,607,651 $ 4,108,499 $ 5,305,349 $ 1,216,902 $ 7,913,000 $ 5,325,401 Number of loans 9,361 13,112 14,734 5,622 24,095 18,734 The following table presents additional information regarding the Company’s Residential whole loans at December 31, 2021 and 2020: December 31, 2021 Fair Value / Carrying Value 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 $ 3,453,242 $ 3,361,164 5.07 % 355 66 % 731 $ 3,165,964 $ 77,581 $ 22,864 $ 94,755 Rehabilitation loans 727,964 731,154 7.18 11 67 735 616,733 5,834 5,553 103,034 Single-family rental loans 949,772 924,498 5.46 329 70 732 898,166 2,150 695 23,487 Seasoned performing loans 101,995 111,710 2.76 162 37 722 102,047 938 481 8,244 Agency eligible investor loans 1,082,765 1,060,486 3.40 354 62 767 1,039,257 21,229 — — Total Purchased Performing Loans $ 6,315,738 $ 6,189,012 5.05 % 307 Purchased Credit Deteriorated Loans $ 524,992 $ 643,187 4.55 % 283 69 % N/A $ 456,924 $ 50,048 $ 18,736 $ 117,479 Purchased Non-Performing Loans $ 1,072,270 $ 1,073,544 4.87 % 283 73 % N/A $ 492,481 $ 87,041 $ 40,876 $ 453,146 Residential whole loans, total or weighted average $ 7,913,000 $ 7,905,743 4.99 % 301 December 31, 2020 Fair Value / Carrying Value 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 $ 2,336,117 $ 2,294,086 5.84 % 351 64 % 712 $ 2,042,405 $ 71,303 $ 35,697 $ 144,681 Rehabilitation loans 563,430 581,801 7.29 3 63 719 390,706 29,315 25,433 136,347 Single-family rental loans 442,456 442,208 6.32 324 70 730 411,377 6,691 3,907 20,233 Seasoned performing loans 136,157 149,004 3.30 171 40 723 136,778 2,248 1,155 8,823 Total Purchased Performing Loans $ 3,478,160 $ 3,467,099 6.04 % 281 Purchased Credit Deteriorated Loans $ 630,339 $ 782,319 4.46 % 287 76 N/A $ 544,803 $ 65,791 $ 26,697 $ 145,028 Purchased Non-Performing Loans $ 1,216,902 $ 1,282,093 4.87 % 290 80 N/A $ 497,299 $ 104,993 $ 54,180 $ 625,621 Residential whole loans, total or weighted average $ 5,325,401 $ 5,531,511 5.54 % 284 (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 $137.3 million and $189.9 million at December 31, 2021 and 2020, 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 71% and 69% at December 31, 2021 and 2020, 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. No Residential whole loans were sold during 2021. During the year ended December 31, 2020, $1.8 billion of Non-QM loans were sold, realizing losses of $273.0 million. During the year ended December 31, 2020, Purchased Non-performing loans with an aggregate unpaid principal balance of $24.1 million were sold, realizing net losses of approximately $800,000. 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, 2021 (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, 2020 $ 21,068 $ 18,371 $ 3,918 $ 107 $ 43,369 $ 86,833 Current provision (6,523) (3,700) (1,172) (41) (10,936) (22,372) Write-offs — (1,003) — — (214) (1,217) Allowance for credit losses at March 31, 2021 $ 14,545 $ 13,668 $ 2,746 $ 66 $ 32,219 $ 63,244 Current provision/(reversal) (2,416) (1,809) (386) (9) (3,963) (8,583) Write-offs (37) (255) — — (108) (400) Allowance for credit losses at June 30, 2021 $ 12,092 $ 11,604 $ 2,360 $ 57 $ 28,148 $ 54,261 Current provision/(reversal) (2,403) (2,526) (670) (7) (4,020) (9,626) Write-offs — (393) (56) — (84) (533) Allowance for credit losses at September 30, 2021 $ 9,689 $ 8,685 $ 1,634 $ 50 $ 24,044 $ 44,102 Current provision/(reversal) (1,400) (706) (178) (4) (1,142) (3,430) Write-offs — (1,098) (5) — (122) (1,225) Allowance for credit losses at December 31, 2021 $ 8,289 $ 6,881 $ 1,451 $ 46 $ 22,780 $ 39,447 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 (1) In connection with purchased Rehabilitation loans at carrying value, the Company had unfunded commitments of $18.5 million and $73.2 million as of December 31, 2021 and 2020, respectively, with an allowance for credit losses of $205,000 and $1.2 million at December 31, 2021 and 2020, respectively. Such allowance is included in “Other liabilities” in the Company’s consolidated balance sheets (see Note 7). (2) Includes $87.0 million and $143.4 million of loans that were assessed for credit losses based on a collateral dependent methodology as of December 31, 2021 and 2020, respectively. (3) Includes $57.4 million and $72.7 million of loans that were assessed for credit losses based on a collateral dependent methodology as of December 31, 2021 and 2020, respectively. (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 the accounting standard addressing the measurement of credit losses on financial instruments (“CECL”) on January 1, 2020. 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 of 2020, primarily as a result of generally more stable markets and an ongoing economic recovery, the Company has made subsequent revisions to certain macroeconomic assumptions, including its estimates related to future rates of unemployment and home price appreciation, and has made adjustments to the quantitative model outputs for relevant qualitative factors. The net impact of these assumption revisions and qualitative adjustments, as well as reductions in balances subject to CECL, has resulted in a reversal of a portion of the allowance for loan loss since the end of the first quarter of 2020. 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 data available in regulatory filings of certain banks that are considered to have similar loan portfolios (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 period 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, 2021 and December 31, 2020 was $240.2 million and $373.3 million, respectively. The amortized cost basis of Purchased Credit Deteriorated Loans on nonaccrual status as of December 31, 2021 and December 31, 2020 was $108.9 million and $151.4 million, respectively. The fair value of Purchased Non-performing Loans on nonaccrual status as of December 31, 2021 and December 31, 2020 was $588.1 million and $730.9 million, respectively. During the year ended December 31, 2021, the Company recognized $21.2 million of interest income on loans on nonaccrual status, including $15.5 million on its portfolio of loans which were non-performing at acquisition. At December 31, 2021 and December 31, 2020, there were approximately $107.4 million and $130.7 million, respectively, 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, respectively. 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 table presents certain additional credit-related information regarding our Residential whole loans, at Carrying Value: Amortized Cost Basis by Origination Year and LTV Bands (Dollars In Thousands) 2021 2020 2019 2018 2017 Prior Total Non-QM loans LTV <= 80% (1) $ 60,441 $ 290,836 $ 662,258 $ 342,250 $ 35,833 $ 3,954 $ 1,395,572 LTV > 80% (1) 2,770 25,075 11,164 11,545 1,886 150 52,590 Total Non-QM loans $ 63,211 $ 315,911 $ 673,422 $ 353,795 $ 37,719 $ 4,104 $ 1,448,162 Year Ended December 31, 2021 Gross write-offs $ — $ — $ — $ 37 $ — $ — $ 37 Year Ended December 31, 2021 Recoveries — — — — — — — Year Ended December 31, 2021 Net write-offs $ — $ — $ — $ 37 $ — $ — $ 37 Rehabilitation loans LTV <= 80% (1) $ 12,754 $ 24,716 $ 151,632 $ 21,534 $ 3,427 $ — $ 214,063 LTV > 80% (1) — — 756 796 1,700 — 3,252 Total Rehabilitation loans $ 12,754 $ 24,716 $ 152,388 $ 22,330 $ 5,127 $ — $ 217,315 Year Ended December 31, 2021 Gross write-offs $ — $ — $ 1,329 $ 1,296 $ 123 $ — $ 2,748 Year Ended December 31, 2021 Recoveries — — — — — — — Year Ended December 31, 2021 Net write-offs $ — $ — $ 1,329 $ 1,296 $ 123 $ — $ 2,748 Single family rental loans LTV <= 80% (1) $ 15,444 $ 35,727 $ 186,931 $ 77,689 $ 10,107 $ — $ 325,898 LTV > 80% (1) — 512 5,312 86 — — 5,910 Total Single family rental loans $ 15,444 $ 36,239 $ 192,243 $ 77,775 $ 10,107 $ — $ 331,808 Year Ended December 31, 2021 Gross write-offs $ — $ — $ 56 $ 5 $ — $ — $ 61 Year Ended December 31, 2021 Recoveries — — — — — — — Year Ended December 31, 2021 Net write-offs $ — $ — $ 56 $ 5 $ — $ — $ 61 Seasoned performing loans LTV <= 80% (1) $ — $ — $ — $ — $ — $ 98,288 $ 98,288 LTV > 80% (1) — — — — — 3,754 3,754 Total Seasoned performing loans $ — $ — $ — $ — $ — $ 102,042 $ 102,042 Year Ended December 31, 2021 Gross write-offs $ — $ — $ — $ — $ — $ — $ — Year Ended December 31, 2021 Recoveries — — — — — — — Year Ended December 31, 2021 Net write-offs $ — $ — $ — $ — $ — $ — $ — Purchased credit deteriorated loans LTV <= 80% (1) $ — $ — $ — $ — $ 618 $ 404,603 $ 405,221 LTV > 80% (1) — — — — — 142,551 142,551 Total Purchased credit deteriorated loans $ — $ — $ — $ — $ 618 $ 547,154 $ 547,772 Year Ended December 31, 2021 Gross write-offs $ — $ — $ — $ — $ — $ 527 $ 527 Year Ended December 31, 2021 Recoveries — — — — — — — Year Ended December 31, 2021 Net write-offs $ — $ — $ — $ — $ — $ 527 $ 527 Total LTV <= 80% (1) $ 88,639 $ 351,279 $ 1,000,821 $ 441,473 $ 49,985 $ 506,845 $ 2,439,042 Total LTV > 80% (1) 2,770 25,587 17,232 12,427 3,586 146,455 208,057 Total residential whole loans, at carrying value $ 91,409 $ 376,866 $ 1,018,053 $ 453,900 $ 53,571 $ 653,300 $ 2,647,099 Total Gross write-offs $ — $ — $ 1,385 $ 1,338 $ 123 $ 527 $ 3,373 Total Recoveries — — — — — — — Total Net write-offs $ — $ — $ 1,385 $ 1,338 $ 123 $ 527 $ 3,373 (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 $137.3 million at December 31, 2021, 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 71% at December 31, 2021. Certain low value loans secured by vacant lots are categorized as LTV > 80%. The following tables present certain information regarding the LTVs of the Company’s Residential whole loans that are 90 days or more delinquent: December 31, 2021 (Dollars In Thousands) Carrying Value / Fair Value UPB LTV (1) Purchased Performing Loans Non-QM loans $ 96,473 $ 94,755 64.6 % Rehabilitation loans 103,166 103,034 67.6 % Single-family rental loans 23,524 23,487 73.4 % Seasoned performing loans 7,740 8,244 45.6 % Agency eligible investor loans — — — % Total Purchased Performing Loans $ 230,903 $ 229,520 Purchased Credit Deteriorated Loans $ 95,899 $ 117,479 79.1 % Purchased Non-Performing Loans $ 454,443 $ 453,146 80.2 % Total Residential whole loans $ 781,245 $ 800,145 December 31, 2020 (Dollars In Thousands) Carrying Value / Fair Value UPB LTV (1) Purchased Performing Loans 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 % Agency eligible investor loans — — — % Total Purchased Performing Loans $ 313,153 $ 310,084 Purchased Credit Deteriorated Loans $ 119,621 $ 145,028 86.7 % Purchased Non-Performing Loans $ 571,729 $ 625,621 86.8 % Total Residential whole loans $ 1,004,503 $ 1,080,733 (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. The following tables present the components of interest income on the Company’s Residential whole loans for the years ended December 31, 2021, 2020 and 2019: Held at Carrying Value Held at Fair Value Total For the Year Ended December 31, For the Year Ended December 31, For the Year Ended December 31, (In Thousands) 2021 2020 2019 2021 2020 2019 2021 2020 2019 Purchased Performing Loans: Non-QM loans $ 75,517 $ 136,527 $ 116,282 $ 21,431 $ — $ — $ 96,948 $ 136,527 $ 116,282 Rehabilitation loans 22,424 49,484 54,419 10,705 — — 33,129 49,484 54,419 Single-family rental loans 24,863 27,722 17,742 9,306 — — 34,169 27,722 17,742 Seasoned performing loans 6,684 8,793 12,191 — — — 6,684 8,793 12,191 Agency eligible investor loans — — — 11,667 — — 11,667 — — Total Purchased Performing Loans $ 129,488 $ 222,526 $ 200,634 $ 53,109 $ — $ — $ 182,597 $ 222,526 $ 200,634 Purchased Credit Deteriorated Loans $ 40,130 $ 36,238 $ 43,346 $ — $ — $ — $ 40,130 $ 36,238 $ 43,346 Purchased Non-Performing Loans $ — $ — $ — $ 80,741 $ 73,448 $ 114,181 $ 80,741 $ 73,448 $ 114,181 Total Residential Whole Loans $ 169,618 $ 258,764 $ 243,980 $ 133,850 $ 73,448 $ 114,181 $ 303,468 $ 332,212 $ 358,161 The following table presents the components of Net gain/(loss) on residential whole loans measured at fair value through earnings for the years ended December 31, 2021, 2020 and 2019: For the Year Ended December 31, (In Thousands) 2021 2020 2019 Net unrealized gains $ 16,243 $ 17,204 $ 47,849 Other income/(loss) (1) 493 3,561 (3,700) Total $ 16,736 $ 20,765 $ 44,149

Securities, at Fair Value

Securities, at Fair Value	12 Months Ended
	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Securities, at Fair Value	Securities, at Fair Value MSR-Related Assets Term Notes Backed by MSR-Related Collateral At December 31, 2021 and 2020, the Company had $153.8 million and $239.0 million, 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, 2021, these term notes had an amortized cost of $121.4 million, gross unrealized gains of approximately $32.4 million, a weighted average yield of 10.3% and a weighted average term to maturity of 1.7 years. At December 31, 2020, the 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 8.7 years. During the year ended December 31, 2020, the Company sold certain term notes for $711.7 million, realizing gains of $28.7 million. 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. 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 6). Agency and Non-Agency MBS MBS investments held during the year ended December 31, 2020 and 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, until the second quarter of 2021 the Company’s MBS were 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 were 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 6). 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 2020, the Company sold all of its holdings of Legacy Non-Agency MBS and substantially reduced its holdings of other Non-Agency MBS. Due to issuer redemptions, remaining holdings of Non-Agency MBS were reduced to zero as of June 30, 2021. The following tables present certain information about the Company’s residential mortgage securities at December 31, 2021 and 2020: December 31, 2021 (In Thousands) Principal/ Current Purchase Accretable Discount Designated as Credit Reserve (1) Gross Amortized Gross Gross Net Fair Total residential mortgage securities (2)(3)(4) $ 99,999 $ 7,466 $ (55) $ (20,768) $ 86,642 $ 16,282 $ (10) $ 16,272 $ 102,914 December 31, 2020 (In Thousands) Principal/ Current Purchase Accretable Discount Designated as Credit Reserve (1) Gross Amortized Gross Gross Net Fair Value Total residential mortgage securities (2)(3)(4)(5) $ 161,878 $ 3,022 $ (8,206) $ (21,437) $ 135,257 $ 26,926 $ (1,183) $ 25,743 $ 161,000 (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) At December 31, 2020, the Company expected to recover approximately 99% of the then-current face amount of Non-Agency MBS. (4) Amounts disclosed at December 31, 2021 includes CRT securities with a fair value of $67.5 million for which the fair value option has been elected. Such securities had $1.8 million gross unrealized gains and gross unrealized losses of approximately $10,000 at December 31, 2021. 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 gross unrealized gains of approximately $551,000 and gross unrealized losses of approximately $322,000 at December 31, 2020. (5) 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. 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, 2021, 2020 and 2019. The Company has no continuing involvement with any of the sold securities. For the Year Ended December 31, 2021 2020 2019 (In Thousands) Sales Proceeds Gains/(Losses) Sales Proceeds Gains/(Losses) Sales Proceeds Gains/(Losses) Agency MBS $ — $ — $ 1,500,875 $ (19,291) $ 360,634 $ 499 Non-Agency MBS — — 1,318,958 107,999 291,391 50,360 CRT Securities — — 243,025 (27,011) 256,671 11,143 Total $ — $ — $ 3,062,858 $ 61,697 $ 908,696 $ 62,002 Unrealized Losses on Residential Mortgage Securities There were no gross unrealized losses on the Company’s AFS securities at December 31, 2021. 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 year ended December 31, 2021. 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. 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) 2021 2020 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, 2021, 2020, and 2019: For the Year Ended December 31, (In Thousands) 2021 2020 2019 AOCI from AFS securities: Unrealized gain on AFS securities at beginning of period $ 79,607 $ 392,722 $ 417,167 Unrealized (losses)/gains on securities available-for-sale (32,774) 420,281 20,335 Reclassification adjustment for MBS sales included in net income — (389,127) (44,600) Reclassification adjustment for impairment included in net income — (344,269) (180) Change in AOCI from AFS securities (32,774) (313,115) (24,445) Balance at end of period $ 46,833 $ 79,607 $ 392,722 Interest Income on Securities, at Fair Value The following table presents the components of interest income on the Company’s Securities, at fair value for the years ended December 31, 2021, 2020 and 2019: For the Year Ended December 31, (In Thousands) 2021 2020 2019 Agency MBS Coupon interest $ — $ 14,038 $ 82,446 Effective yield adjustment (1) — (5,186) (26,545) Interest income $ — $ 8,852 $ 55,901 Legacy Non-Agency MBS Coupon interest $ 14 $ 18,263 $ 87,024 Effective yield adjustment (2)(3) 670 10,565 59,622 Interest income $ 684 $ 28,828 $ 146,646 RPL/NPL MBS Coupon interest $ 373 $ 8,376 $ 53,086 Effective yield adjustment (1)(4) 8,136 560 338 Interest income $ 8,509 $ 8,936 $ 53,424 CRT securities Coupon interest $ 3,690 $ 7,010 $ 20,532 Effective yield adjustment (2) 4,459 511 (1,949) Interest income $ 8,149 $ 7,521 $ 18,583 MSR-related assets Coupon interest $ 7,462 $ 25,970 $ 52,644 Effective yield adjustment (1)(2)(5) 31,886 9,987 3 Interest income $ 39,348 $ 35,957 $ 52,647 (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 purchased at a discount of $670,000 and $14.5 million during the years ended December 31, 2021 and 2019, respectively. (4) Includes accretion income recognized due to the impact of redemptions of certain securities that had been previously purchased at a discount of $8.1 million and $329,000 during the years ended December 31, 2021 and 2019, respectively.

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets The following table presents the components of the Company’s Other assets at December 31, 2021 and 2020: (In Thousands) December 31, 2021 December 31, 2020 REO (1) $ 156,223 $ 249,699 Goodwill 61,076 — Intangibles, net (2) 21,400 — Capital contributions made to loan origination partners 71,673 47,148 Other interest-earning assets 57,522 — Interest receivable 50,191 38,850 Other loan related receivables 34,191 16,682 Lease Right-of-Use Asset (3) 39,370 758 Other 73,910 32,244 Total Other Assets $ 565,556 $ 385,381 (1) Includes $11.3 million and $61.8 million of REO that is held-for-investment at December 31, 2021 and 2020. (2) Net of aggregate accumulated amortization of $6.6 million as of December 31, 2021. (3) An estimated incremental borrowing rate of 7.5% was used in connection with the Company’s primary operating lease (see Notes 2 and 9). (a) Real Estate Owned At December 31, 2021, the Company had 553 REO properties with an aggregate carrying value of $156.2 million. At December 31, 2020, the Company had 946 REO properties with an aggregate carrying value of $249.7 million. At December 31, 2021, $155.2 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 $84.4 million of residential whole loans held at carrying value and $351.4 million of residential whole loans held at fair value at December 31, 2021. The following table presents the activity in the Company’s REO for the years ended December 31, 2021 and 2020: For the Year Ended December 31, (Dollars In Thousands) 2021 2020 Balance at beginning of period $ 249,699 $ 411,659 Adjustments to record at lower of cost or fair value (4,772) (12,570) Transfer from residential whole loans (1) 72,304 96,766 Purchases and capital improvements, net 2,458 10,198 Disposals and other (2) (163,466) (256,354) Balance at end of period $ 156,223 $ 249,699 Number of properties 553 946 (1) Includes a net loss recorded on transfer of approximately $700,000 and a net gain recorded on transfer of approximately $5.1 million, respectively, for the years ended December 31, 2021 and 2020. ( b ) Capital Contributions Made to Loan Origination Partners (c) Derivative Instruments Swaps The Company’s derivative instruments include Swaps, which are used to economically hedge the interest rate risk associated with certain borrowings. Pursuant to these arrangements, the Company agreed to pay a fixed rate of interest and receive a variable interest rate, generally based on Secured Overnight Financing Rate (“SOFR”), on the notional amount of the Swap. At December 31, 2021, none of the Company’s Swaps are designated as hedges for accounting purposes. In response to the turmoil in the financial markets resulting from COVID-19 experienced during the three months ended March 31, 2020, and given that management no longer considered these transactions to be effective hedges in the then prevailing interest rate environment, the Company unwound all of its approximately $4.1 billion of Swap hedging transactions late in the first quarter of 2020 in order to recover previously posted margin. The following table presents the assets pledged as collateral against the Company’s Swap contracts at December 31, 2021 and 2020: December 31, (In Thousands) 2021 2020 Restricted Cash $ 14,446 $ — At December 31, 2021, the Company had Swaps with an aggregate notional amount of $900.0 million and extended approximately 48 months on average with a maximum term of approximately 60 months. The following table presents information about the Company’s Swaps at December 31, 2021 and 2020: December 31, 2021 December 31, 2020 Maturity (1) Notional Weighted Weighted Average Variable Interest Rate (2) Notional Weighted Weighted Average Variable Interest Rate (2) (Dollars in Thousands) Within 30 days to 12 months $ — — % — % $ — — % — % Over 12 months to 24 months — — — — — — Over 24 months to 36 months 450,010 0.90 0.05 — — — Over 36 months to 48 months — — — — — — Over 48 months to 60 months 450,000 1.12 0.05 — — — Total Swaps $ 900,010 1.01 % 0.05 % $ — — % — % (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 annually based on SOFR. 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, 2021, 2020 and 2019: For the Year Ended December 31, (Dollars in Thousands) 2021 2020 2019 Interest expense attributable to Swaps $ — $ (3,359) $ 927 Weighted average Swap rate paid — % 2.06 % 2.28 % Weighted average Swap rate received — % 1.63 % 2.24 % During the year ended December 31, 2021, the Company recorded net losses on Swaps not designated in hedging relationships of approximately $598,000. During the years ended December 31, 2020 and 2019, the Company recorded net losses on Swaps not designated in hedging relationships of $4.3 million and $16.5 million, which included $9.4 million and $17.7 million, respectively, of losses realized on the unwind of certain Swaps. 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, 2021, 2020 and 2019: For the Year Ended December 31, (In Thousands) 2021 2020 2019 AOCI from derivative hedging instruments: Balance at beginning of period $ — $ (22,675) $ 3,121 Net loss on Swaps — (50,127) (23,342) Reclassification adjustment for losses/gains related to hedging instruments included in net income — 72,802 (2,454) Balance at end of period $ — $ — $ (22,675) TBA Securities In order to economically hedge the risks arising from the investments in Agency eligible investor loans, the Company has entered into short positions in certain TBA securities. The table below summarizes open short positions in TBA securities as of December 31, 2021, which had an aggregate value of $(1.3) million and were included in Other liabilities on the Company’s consolidated balance sheets. (Dollars in Thousands) Notional Amount Settlement Date TBA Security FNCL 2.5 1/22 $ 180,000 January 13, 2022 FNCL 2 1/21 $ 130,000 January 13, 2022 TBA short positions are subject to margining requirements which serve to mitigate counterparty credit risk associated with these transactions. Open TBA positions are measured at fair value each reporting date, with realized and unrealized changes in the fair value of these positions recorded in Other income, net in our consolidated statements of operations. For the year ended December 31, 2021, the Company recorded realized and unrealized changes in fair value on TBA short positions of $2.0 million. No TBA short positions had been entered into in the prior periods presented.

Financing Agreements

Financing Agreements	12 Months Ended
	Dec. 31, 2021
Disclosure of Repurchase Agreements [Abstract]
Financing Agreements	Financing Agreements The following tables present the components of the Company’s Financing agreements at December 31, 2021 and 2020: December 31, 2021 (In Thousands) Unpaid Principal Balance Amortized Cost Balance Fair Value/Carrying Value (1) Financing agreements, at fair value Agreements with mark-to-market collateral provisions $ 1,322,362 $ 1,322,362 $ 1,322,362 Agreements with non-mark-to-market collateral provisions 627,026 627,026 628,280 Securitized debt 1,304,912 1,318,593 1,316,131 Total Financing agreements, at fair value $ 3,254,300 $ 3,267,981 $ 3,266,773 Financing agreements, at carrying value Securitized debt $ 1,340,583 $ 1,334,342 Agreements with mark-to-market collateral provisions 1,240,510 1,239,937 Agreements with non-mark-to-market collateral provisions 311,977 311,260 Convertible senior notes 230,000 226,470 Total Financing agreements, at carrying value $ 3,123,070 $ 3,112,009 Total Financing agreements $ 6,377,370 $ 6,378,782 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 Financing agreements, at carrying value 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 and carrying value. 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, 2021 and 2020: (Dollars in Thousands) December 31, December 31, Mark-to-market financing agreements secured by residential whole loans $ 2,391,602 $ 1,113,553 Fair value of residential whole loans pledged as collateral under financing agreements (1) $ 3,301,288 $ 1,798,813 Weighted average haircut on residential whole loans (2) 25.27 % 34.17 % Mark-to-market financing agreements secured by securities at fair value $ 159,148 $ 213,915 Securities at fair value pledged as collateral under financing agreements $ 256,685 $ 399,999 Weighted average haircut on securities at fair value (2) 37.00 % 41.16 % Mark-to-market financing agreements secured by real estate owned $ 11,549 $ 10,609 Fair value of real estate owned pledged as collateral under financing agreements $ 34,606 $ 22,525 Weighted average haircut on real estate owned (2) 58.46 % 55.56 % (1) At December 31, 2020, includes Non-Agency MBS with an aggregate fair value of $141.9 million obtained in connection with the Company’s loan securitization transactions that are eliminated in consolidation. (2) Haircut represents the percentage amount by which the collateral value is contractually required to exceed the loan amount. 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, 2021 and 2020: (Dollars in Thousands) December 31, December 31, Non-mark-to-market financing secured by residential whole loans $ 928,055 $ 1,156,125 Fair value of residential whole loans pledged as collateral under financing agreements $ 1,420,283 $ 1,930,283 Weighted average haircut on residential whole loans 29.98 % 39.46 % Non-mark-to-market financing secured by real estate owned $ 11,485 $ 3,088 Fair value of real estate owned pledged as collateral under financing agreements $ 29,894 $ 7,441 Weighted average haircut on real estate owned 61.28 % 59.73 % In addition, the Company had aggregate restricted cash held in connection with its financing agreements of $10.2 million and $7.2 million at December 31, 2021 and 2020, 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, 2021 and 2020: December 31, 2021 December 31, 2020 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 $ 3,222,268 2.36 % $ 2,494,976 3.16 % Over 30 days to 3 months 257,444 2.49 — — Over 3 months to 12 months 22,164 4.50 — — Over 12 months — — — — Total financing agreements $ 3,501,876 2.38 % $ 2,494,976 3.16 % (a) Financing Agreements In conjunction with its exit from forbearance arrangements in the second quarter of 2020, the Company entered into several asset backed financing arrangements and renegotiated financing arrangements for certain assets with existing lenders. 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 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 mark-to-market collateral provisions The Company has entered into financing arrangements which 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 reset on a monthly or quarterly basis and can be renewed at the discretion of the lending counterparty at financing costs reflecting prevailing market pricing. Agreements with non-mark-to-market collateral provisions The Company has also entered into financing arrangements which do not contain mark-to-market provisions. The Company has generally pledged, as collateral security for these facilities, certain of its residential whole loans, as well as the equity in subsidiaries that own the loans. These facilities have maturities ranging from 5 to 45 months and $559.8 million of the facilities contain extension options, with maximum extensions ranging from 16 to 42 months, subject to certain conditions, in some cases including the payment of an extension fee and provided that no events of default have occurred. The financing cost for these facilities is generally calculated at a spread over prevailing short term market interest rates, which generally reset monthly. 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 1.58% at December 31, 2021 (see Notes 9 and 14 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. On January 6, 2021, the Company redeemed all of its outstanding Senior Notes. The Senior Notes bore interest at a fixed rate of 8.00% per year, paid quarterly in arrears on January 15, April 15, July 15 and October 15. The Senior Notes had an effective interest rate, including the impact of amortization to interest expense of debt issuance costs, of 8.31%. 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) Counterparties The Company had financing agreements, including repurchase agreements and other forms of secured financing, with 14 and 7 counterparties at December 31, 2021 and 2020, 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, 2021: December 31, 2021 Counterparty Rating (1) Amount at Risk (2) Weighted Percent of Counterparty (Dollars in Thousands) Credit Suisse BBB+/Baa1/A- $ 557,688 1 21.9 % Barclays Bank (3) BBB/Aa3/A 535,524 1 21.1 Wells Fargo A+/Aa2/AA- 251,079 1 9.9 (1) As rated at December 31, 2021 by S&P, Moody’s and Fitch, Inc., respectively. The counterparty rating presented is the lowest published rating 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 assets pledged by the Company as collateral, including accrued interest receivable on such assets. (3) Includes amounts at risk with various affiliates of Athene Holding, Ltd., held via participation in a loan syndication administered by Barclays Bank. (c) Pledged Collateral The following tables present the Company’s assets (based on carrying value) pledged as collateral for its various financing arrangements as of December 31, 2021 and 2020: December 31, 2021 Financing Agreements (In Thousands) Non-Mark-to-Market (1) Mark-to-Market (1) Securitized Total Assets: Residential whole loans, at carrying value $ 693,982 $ 459,349 $ 1,476,588 $ 2,629,919 Residential whole loans, at fair value 706,377 2,810,865 1,525,114 5,042,356 Securities, at fair value — 256,685 — 256,685 Other assets: REO 25,692 29,374 35,379 90,445 Total $ 1,426,051 $ 3,556,273 $ 3,037,081 $ 8,019,405 December 31, 2020 Financing Agreements (In Thousands) Non-Mark-to-Market (1) Mark-to-Market (1) Securitized Total Assets: Residential whole loans, at carrying value $ 1,497,281 $ 1,207,364 $ 1,436,316 $ 4,140,961 Residential whole loans, at fair value 430,183 396,817 382,349 1,209,349 Securities, at fair value — 399,999 — 399,999 Other assets: REO — — 49,477 49,477 Total $ 1,927,464 $ 2,004,180 $ 1,868,142 $ 5,799,786 (1) An aggregate of $25.7 million and $24.6 million of accrued interest on those assets pledged against non-mark-to-market and mark-to-market financings agreements had also been pledged as of December 31, 2021 and 2020, respectively. 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. The Company’s assets pledged as collateral are also described in Notes 2(e) - Restricted Cash and 5(c) - Derivative Instruments. 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.

Other Liabilities

Other Liabilities	12 Months Ended
	Dec. 31, 2021
Other Liabilities [Abstract]
Other Liabilities	Other Liabilities The following table presents the components of the Company’s Other liabilities at December 31, 2021 and 2020: (In Thousands) December 31, 2021 December 31, 2020 Dividends and dividend equivalents payable $ 47,751 $ 34,016 Lease liability 44,977 636 Accrued interest payable 9,621 11,116 Accrued expenses and other 115,709 24,754 Total Other Liabilities $ 218,058 $ 70,522

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	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 at the REIT level 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. The Company’s objective is to distribute 100% of its REIT taxable income to its stockholders within the permitted timeframe. 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 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. Generally, a domestic TRS is subject to U.S. federal, state and local corporate income taxes. Given that 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. 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, 2021 or 2020. As of the date of this filing, the Company’s tax returns for tax years 2018 through 2021 are open to examination. The tax effects of temporary differences that give rise to significant portions of net deferred tax assets (“DTAs”) recorded at the Company’s domestic TRS entities at December 31, 2021 and 2020 are presented in the following table: (In Thousands) December 31, 2021 December 31, 2020 Deferred tax assets (DTAs): Net operating loss and tax credit carryforwards $ 35,796 $ 37,338 Unrealized mark-to-market, impairments and loss provisions 3,753 15,203 Other realized / unrealized treatment differences 12,131 21,600 Total deferred tax assets 51,680 74,141 Less: valuation allowance (51,680) (74,141) Net deferred tax assets $ — $ — Realization of the Company’s DTAs at December 31, 2021 is dependent on several factors, including generating sufficient taxable income prior to the expiration of net operating loss (“NOL”) carryforwards and generating sufficient capital gains in future periods prior to the expiration of capital loss carryforwards. The Company determines the extent to which realization of the deferred assets is not expected to be more likely than not and establishes a valuation allowance accordingly. No net deferred tax benefit was recorded by the Company for the years ended December 31, 2021 and 2020, related to the net taxable losses in TRS entities, since a valuation allowance for the full amount of the associated deferred tax asset of approximately $51.7 million and $74.1 million at the ends of those periods, respectively, was recognized as its recovery was not considered more likely than not. The related NOL carryforwards generated prior to 2018 will begin to expire in 2037; those generated in 2018 and later can be carried forward indefinitely, until fully utilized. The Company’s estimate of net DTAs could change in future periods to the extent that actual or revised estimates of future taxable income change from current expectations. At December 31, 2021, the Company’s federal NOL carryforward was $142.1 million, which may be carried forward indefinitely. If certain substantial changes in the Company’s ownership occur, there could be an annual limitation on the amount of the carryforwards that can be utilized. The income tax provision (benefit) is included in Other general and administrative expense in the Company’s consolidated statements of operations. The following table summarizes the Company’s income tax provision (benefit) primarily recorded at the Company’s domestic TRS entities for the years ended December 31, 2021, 2020, and 2019: For the Year Ended (In Thousands) December 31, 2021 December 31, 2020 December 31, 2019 Current provision (benefit) Federal $ 2,025 $ 1,403 $ 3 State 644 598 496 Total current provision (benefit) 2,669 2,001 499 Deferred provision (benefit) Federal — — — State — — — Total deferred provision (benefit) — — — Total provision (benefit) $ 2,669 $ 2,001 $ 499 The following is a reconciliation of the statutory federal tax rate to the Company’s effective tax rate at December 31, 2021, 2020, and 2019: For the Year Ended December 31, 2021 December 31, 2020 December 31, 2019 Federal statutory rate 21.0 % 21.0 % 21.0 % Non-taxable REIT income (dividends paid deduction) (4.6) % 0.1 % (20.3) % Other differences in taxable income (loss) from GAAP (4.7) % (14.4) % (3.0) % State and local taxes — % — % — % Change in valuation allowance on DTAs (11.1) % (6.9) % 2.3 % Effective tax rate 0.6 % (0.2) % — %

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies (a) Lease Commitments The Company’s primary lease commitments relate to its corporate headquarters. In April 2021, the Company relocated its corporate headquarters, terminating its prior lease on April 30, 2021. For the year ended December 31, 2021, the Company recorded aggregate lease expense of approximately $4.0 million in connection with these two leases. The term specified in the current lease is approximately fifteen years with an option to renew for an additional five years. In addition, the Company has a lease through February 2025 for its Lima One offices located in Greenville, South Carolina. The Company recognized lease expense of $3.0 million and $2.7 million for the years ended December 31, 2020 and 2019, respectively, which is included in Other general and administrative expense within the consolidated statements of operations. At December 31, 2021, 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 (In Thousands) 2022 $ 5,334 2023 5,353 2024 5,351 2025 4,659 2026 4,552 Thereafter 49,604 Total $ 74,853 (b) Representations and Warranties in Connection with Loan Securitization Transactions In connection with the loan securitization and sale transactions entered into by the Company, the Company has the obligation under certain circumstances to repurchase assets previously transferred to securitization vehicles, or otherwise sold, upon breach of certain representations and warranties. As of December 31, 2021, the Company was not aware of any material unsettled repurchase claims that would require a reserve (see Note 14). (c) Rehabilitation Loan Commitments

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2021
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, 2019 through December 31, 2021: Year Declaration Date Record Date Payment Date Dividend Per Share 2021 November 16, 2021 December 1, 2021 December 31, 2021 $0.46875 August 26, 2021 September 8, 2021 September 30, 2021 0.46875 May 24, 2021 June 7, 2021 June 30, 2021 0.46875 February 19, 2021 March 5, 2021 March 31, 2021 0.46875 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 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 London Interbank Offered Rate (“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, 2021: Year Declaration Date Record Date Payment Date Dividend Per Share 2021 November 16, 2021 December 1, 2021 December 31, 2021 $0.40625 August 26, 2021 September 8, 2021 September 30, 2021 0.40625 May 24, 2021 June 7, 2021 June 30, 2021 0.40625 February 19, 2021 March 5, 2021 March 31, 2021 0.40625 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. The following table presents cash dividends declared by the Company on its common stock from January 1, 2019 through December 31, 2021: Year Declaration Date Record Date Payment Date Dividend Per Share 2021 December 14, 2021 December 31, 2021 January 31, 2022 $0.110 (1) September 15, 2021 September 30, 2021 October 29, 2021 0.100 June 15, 2021 June 30, 2021 July 30, 2021 0.100 March 12, 2021 March 31, 2021 April 30, 2021 0.075 2020 December 17, 2020 December 30, 2020 January 29, 2021 $0.075 (2) August 6, 2020 September 30, 2020 October 30, 2020 0.050 2019 December 12, 2019 December 30, 2019 January 31, 2020 $0.200 (3) September 12, 2019 September 30, 2019 October 31, 2019 0.200 June 12, 2019 July 1, 2019 July 31, 2019 0.200 March 6, 2019 March 29, 2019 April 30, 2019 0.200 (1) At December 31, 2021, the Company had accrued dividends and dividend equivalents payable of $47.8 million related to the common stock dividend declared on December 14, 2021. This dividend will be considered taxable income to the recipient in 2022. For more information see the Company’s 2021 Dividend Tax Information on its website. (2) 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 was considered taxable income to the recipient in 2021. For more information see our 2020 Dividend Tax Information on our website. (3) At December 31, 2019, we had accrued dividends and dividend equivalents payable of $90.7 million related to the common stock dividend declared on December 12, 2019. This dividend was considered taxable income to the recipient in 2019. For more information see our 2019 Dividend Tax Information on our 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, 2021, the portion of the Company’s common stock dividends that was deemed to be a return of capital was $0.2628 per share of common stock. 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 year ended December 31, 2019, the portion of the Company’s common stock dividends that were deemed to be capital gains were $0.1672 per share of common stock. (c) 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 “Securities Act”), for the purpose of registering additional common stock for sale through its DRSPP. Pursuant to Rule 462(e) under the Securities 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, 2021, approximately 8.3 million shares of common stock remained available for issuance pursuant to the DRSPP shelf registration statement. During the years ended December 31, 2021, 2020 and 2019, the Company issued 431,699, 235,635 and 322,888 shares of common stock through the DRSPP, raising net proceeds of approximately $1.9 million, $1.0 million and $2.4 million, respectively. From the inception of the DRSPP in September 2003 through December 31, 2021, the Company issued 35,046,102 shares pursuant to the DRSPP, raising net proceeds of $289.5 million. ( d) At-the-Market Offering Program On August 16, 2019 the Company entered into a three-year 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 Securities 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 years ended December 31, 2021 and 2020, the Company did not sell any shares of common stock through the ATM Program. At December 31, 2021, 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. (e) Stock Repurchase Program On November 2, 2020, the Company’s Board authorized a stock 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 10.0 million shares of common stock and under which approximately 6.6 million 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 stock 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 (including, in the Company’s discretion, through the use of one or more plans adopted under Rule 10b5-1 promulgated under the Exchange Act of 1934, as amended (the “Exchange Act”)). During the years ended December 31, 2021 and 2020, the Company repurchased 20,101,494 and 14,085,678 shares of its common stock through the stock repurchase program at an average cost of $4.26 and $3.61 per share and a total cost of approximately $85.6 million and $50.8 million, net of fees and commissions paid to the sales agent of approximately $201,000 and $141,000, respectively. 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. As of December 31, 2021, the Company was permitted to purchase an additional $80.3 million of its common stock. The Company did not repurchase any shares of its common stock during the year ended December 31, 2019. (f) 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 of 2020, 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 of 2020, resulting in the Company issuing approximately 12.3 million shares of common stock and receiving $6.5 million in cash. (g) Accumulated Other Comprehensive Income/(Loss) The following tables present changes in the balances of each component of the Company’s AOCI for the years ended December 31, 2021, 2020 and 2019: For the Year Ended December 31, 2021 (In Thousands) Net Unrealized Net Net Unrealized Gain/(Loss) on Financing Agreements (1) Total Balance at beginning of period $ 79,607 $ — $ (2,314) $ 77,293 OCI before reclassifications (32,774) — 1,059 (31,715) Amounts reclassified from AOCI (2) — — — — Net OCI during the period (3) (32,774) — 1,059 (31,715) Balance at end of period $ 46,833 $ — $ (1,255) $ 45,578 For the Year Ended December 31, 2020 (In Thousands) Net Unrealized Net Net Unrealized Gain/(Loss) on Financing Agreements (1) Total Balance at beginning of period $ 392,722 $ (22,675) $ — $ 370,047 OCI before reclassifications 420,281 (50,127) (2,314) 367,840 Amounts reclassified from AOCI (2) (733,396) 72,802 — (660,594) Net OCI during the period (3) (313,115) 22,675 (2,314) (292,754) Balance at end of period $ 79,607 $ — $ (2,314) $ 77,293 For the Year Ended December 31, 2019 (In Thousands) Net Unrealized Net Total Balance at beginning of period $ 417,167 $ 3,121 $ 420,288 OCI before reclassifications 20,335 (23,342) (3,007) Amounts reclassified from AOCI (2) (44,780) (2,454) (47,234) Net OCI during the period (3) (24,445) (25,796) (50,241) Balance at end of period $ 392,722 $ (22,675) $ 370,047 (1) Net Unrealized Gain/(Loss) on Financing Agreements at Fair Value due to changes in instrument-specific credit risk. (2) See separate table below for details about these reclassifications. (3) For further information regarding changes in OCI, see the Company’s consolidated statements of comprehensive income/(loss). The following table presents information about the significant amounts reclassified out of the Company’s AOCI for the years ended December 31, 2021, 2020, and 2019: For the Year Ended December 31, 2021 2020 2019 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) Net realized (loss)/gain on sales of securities and residential whole loans Impairment recognized in earnings — (344,269) (180) Other, net Total AFS Securities $ — $ (733,396) $ (44,780) Swaps designated as cash flow hedges: Amortization of de-designated hedging instruments — 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)

EPS Calculation

EPS Calculation	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
EPS Calculation	EPS Calculation The following table presents a reconciliation of the earnings/(loss) and shares used in calculating basic and diluted earnings/(loss) per share for the years ended December 31, 2021, 2020 and 2019: For the Year Ended December 31, (In Thousands, Except Per Share Amounts) 2021 2020 2019 Basic Earnings/(Loss) per Share: Net income/(loss) to common stockholders $ 328,870 $ (679,390) $ 378,117 Dividends declared on preferred stock (32,875) (29,796) (15,000) Dividends, dividend equivalents and undistributed earnings allocated to participating securities (1,044) (229) (1,087) Net income/(loss) to common stockholders - basic $ 294,951 $ (709,415) $ 362,030 Basic weighted average common shares outstanding 442,816 452,033 450,972 Basic Earnings/(Loss) per Share $ 0.67 $ (1.57) $ 0.80 Diluted Earnings/(Loss) per Share: Net income/(loss) to common stockholders - basic $ 294,951 $ (709,415) $ 362,030 Dividends, dividend equivalents and undistributed earnings allocated to participating securities 1,044 — — Interest expense on Convertible Senior Notes 15,668 — 8,965 Net income/(loss) to common stockholders - diluted $ 311,663 $ (709,415) $ 370,995 Basic weighted average common shares outstanding 442,816 452,033 450,972 Unvested and vested restricted stock units 2,130 — — Effect of assumed conversion of Convertible Senior Notes to common shares 28,920 — 16,797 Diluted weighted average common shares outstanding (1) 473,866 452,033 467,769 Diluted Earnings/(Loss) per Share $ 0.66 $ (1.57) $ 0.79 (1) At December 31, 2021, the Company had approximately 7.4 million equity instruments outstanding that were included in the calculation of diluted EPS for the year ended December 31, 2021. These equity instruments reflect RSUs (based on current estimate of expected share settlement amount) with a weighted average grant date fair value of $4.31. These equity instruments may continue to have a dilutive impact on future EPS.

Equity Compensation and Other B

Equity Compensation and Other Benefit Plans	12 Months Ended
	Dec. 31, 2021
Compensation Related Costs [Abstract]
Equity Compensation 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, 2021, approximately 10.5 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, 2021 are designated to be settled in shares of the Company’s common stock. All RSUs outstanding at December 31, 2021 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 time-based and performance-based RSU awards, as a grant of stock at the time such awards are settled. At December 31, 2021 and 2020, the Company had unrecognized compensation expense of $12.3 million and $6.8 million, respectively, related to RSUs. The unrecognized compensation expense at December 31, 2021 is expected to be recognized over a weighted average period of 1.8 years. The following table presents information with respect to the Company’s RSUs during the years ended December 31, 2021, 2020 and 2019: For the Year Ended December 31, 2021 RSUs With Weighted RSUs With Weighted Total Total Outstanding at beginning of year: 1,829,455 $ 6.19 1,623,174 $ 6.26 3,452,629 $ 6.22 Granted (1) 1,517,069 4.16 2,408,520 3.40 3,925,589 3.69 Settled (497,974) 6.49 (409,000) 6.91 (906,974) 6.68 Cancelled/forfeited — — — — — — Outstanding at end of year 2,848,550 $ 5.05 3,622,694 $ 4.29 6,471,244 $ 4.62 RSUs vested but not settled at end of year 1,142,900 $ 5.22 451,000 $ 6.97 1,593,900 $ 5.72 RSUs unvested at end of year 1,705,650 $ 4.94 3,171,694 $ 3.90 4,877,344 $ 4.27 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 (2) 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 (3) 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 (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 2,485,124 and 1,224,507 of these awards granted in 2021, the Company applied: (i) a weighted average volatility estimate of approximately 48% and 54%, which was determined considering historic volatility in the price of the Company’s and its peer group companies common stock over the three a service condition only was estimated based on the closing price of the Company’s common stock at the grant date of $4.70. All of the 2,408,520 RSUs with market and service conditions granted in 2021 are subject to a one-year post-vesting holding requirement. There are no post vesting conditions on the 1,517,069 RSUs with service conditions granted in 2021. (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 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. (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 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. Restricted Stock At December 31, 2021 and 2020, the Company did not have any unvested shares of restricted common stock outstanding, and no restricted shares vested during the year ended December 31, 2021. The total fair value of restricted shares vested during the years ended December 31, 2020 and 2019 was approximately $131,000 and $3.2 million, respectively. The following table presents information with respect to the Company’s restricted stock for the years ended December 31, 2021, 2020 and 2019: For the Year Ended December 31, 2021 2020 2019 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 Vested (2) — — (79,545) 1.65 (412,185) 7.83 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 $566,000, $367,000, and $1.0 million during the years ended December 31, 2021, 2020 and 2019, respectively. In addition, no dividend equivalents rights awarded as separate instruments were granted during the years ended December 31, 2021, 2020 and 2019. 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, 2021, 2020 and 2019: For the Year Ended December 31, (In Thousands) 2021 2020 2019 RSUs $ 9,043 $ 6,592 $ 6,012 Restricted shares of common stock — 131 3,227 Total $ 9,043 $ 6,723 $ 9,239 (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, 2021, 2020 and 2019: For the Year Ended December 31, (In Thousands) 2021 2020 2019 Non-employee directors $ 537 $ (911) $ 663 Total $ 537 $ (911) $ 663 The Company did not distribute cash to the participants of the Deferred Plans during the year ended December 31, 2021. The Company distributed cash of $769,400 and $568,900 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, 2021 and 2020 that had not been distributed and the Company’s associated liability for such deferrals at December 31, 2021 and 2020: December 31, 2021 December 31, 2020 (In Thousands) Undistributed Income Deferred (1) Liability Under Undistributed Income Deferred (1) Liability Under Non-employee directors $ 2,687 $ 2,836 $ 2,197 $ 1,809 Total $ 2,687 $ 2,836 $ 2,197 $ 1,809 (1) Represents the cumulative amounts that were deferred by participants through December 31, 2021 and 2020, which had not been distributed through such respective date. (c) Savings Plan

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2021
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 levels. 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. Securities, at Fair Value 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 other 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. Other Residential Mortgage Securities (including short positions in TBA securities) In determining the fair value of the Company’s other residential mortgage 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. Valuations of TBA securities positions are based on executed levels for positions entered into and subsequently rolled forward, as well as prices obtained from pricing services for outstanding positions at each reporting date. These valuations are assessed for reasonableness by considering market TBA levels observed via Bloomberg for the same coupon and term to maturity. 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. 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 residential mortgage 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. 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. Swaps Variation margin payments on the Company’s Swaps are treated as a legal settlement of the exposure under the related Swap contract, the effect of which reduces what would have otherwise been reported as the fair value of the Swap, generally to zero. 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, 2021 and 2020, on the consolidated balance sheets by the valuation hierarchy, as previously described: Fair Value at December 31, 2021 (In Thousands) Level 1 Level 2 Level 3 Total Assets: Residential whole loans, at fair value $ — $ 1,082,765 $ 4,222,584 $ 5,305,349 Securities, at fair value — 256,685 — 256,685 Total assets carried at fair value $ — $ 1,339,450 $ 4,222,584 $ 5,562,034 Liabilities: Agreements with non-mark-to-market collateral provisions $ — $ — $ 628,280 $ 628,280 Agreements with mark-to-market collateral provisions — — 1,322,362 1,322,362 Securitized debt — 1,316,131 — 1,316,131 Total liabilities carried at fair value $ — $ 1,316,131 $ 1,950,642 $ 3,266,773 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 Securities, at fair value — 399,999 — 399,999 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 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, 2021 and 2020 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) 2021 2020 Balance at beginning of period $ 1,216,902 $ 1,381,583 Purchases and originations 4,367,423 — Draws 53,599 — Changes in fair value recorded in Net gain on residential whole loans measured at fair value through earnings 16,243 17,204 Repayments (295,790) (92,733) Sales and repurchases (2,023) (18,530) Transfer to REO (51,005) (70,622) Transfer to Level 2 (1) (1,082,765) — Balance at end of period $ 4,222,584 $ 1,216,902 (1) The Company determined that the market inputs used in valuing its Agency eligible investor loans were sufficiently observable to be classified as Level 2 in the current reporting period. $654.7 million of these loans were valued based on the observable prices of the related securitized debt. The following table presents additional information for the year ended December 31, 2021 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) 2021 2020 Balance at beginning of period $ 1,159,213 $ — Transfer from Level 2 — 2,036,597 Issuances — — Payment of principal (529,874) (879,698) Change in unrealized (gains)/losses (1,059) 2,314 Balance at end of period $ 628,280 $ 1,159,213 The following table presents additional information for the year ended December 31, 2021 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) 2021 2020 Balance at beginning of period $ 1,124,162 $ — Transfer from Level 2 — 1,386,592 Issuances 1,275,265 258,322 Payment of principal (1,077,065) (520,752) Balance at end of period $ 1,322,362 $ 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, 2021 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, 2021 and 2020: December 31, 2021 (Dollars in Thousands) Fair Value (1) Valuation Technique Unobservable Input Weighted Average (2) Range Purchased Non-Performing Loans $ 720,766 Discounted cash flow Discount rate 3.6 % 1.5-9.8% Prepayment rate 14.4 % 0.0-44.0% Default rate 3.9 % 0.0-50.8% Loss severity 11.7 % 0.0-100.0% $ 351,008 Liquidation model Discount rate 8.0 % 6.7-50.0% Annual change in home prices 9.7 % 4.5-21.9% Liquidation timeline 1.7 0.1-4.5 Current value of underlying properties (3) $ 770 $10-$3,995 Total $ 1,071,774 December 31, 2020 (Dollars in Thousands) Fair Value (1) Valuation Technique Unobservable Input Weighted Average (2) Range Purchased Non-Performing Loans $ 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 (1) Excludes approximately $496,000 and $265,000 of loans for which management considers the purchase price continues to reflect the fair value of such loans at December 31, 2021 and 2020, 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 $421,000 and $380,000 as of December 31, 2021 and 2020, respectively. December 31, 2021 (Dollars in Thousands) Fair Value Valuation Technique Unobservable Input Weighted Average (1) Range Purchased Performing Loans $ 3,143,928 Discounted cash flow Discount rate 3.9 % 1.4-25.9% Prepayment rate 19.0 % 0.0-47.2% Default rate 0.2 % 0.0-17.8% Loss severity 8.4 % 0.0-10.0% $ 7,948 Liquidation model Discount rate 7.0 % 7.0-7.0% Annual change in home prices 6.5 % 0.0-14.8% Liquidation timeline (in years) 2.0 0.8-4.2 Current value of underlying properties $ 691 $60-$1,750 Total $ 3,151,876 (1) Amounts are weighted based on the fair value of the underlying loan. 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, 2021 and 2020: December 31, 2021 December 31, 2021 December 31, 2020 Level in Fair Value Hierarchy Carrying Estimated Fair Value Carrying Estimated Fair Value (In Thousands) Financial Assets: Residential whole loans 3 $ 6,830,235 $ 6,983,686 $ 5,325,401 $ 5,499,303 Residential whole loans 2 1,082,765 1,082,765 — — Securities, at fair value 2 256,685 256,685 399,999 399,999 Cash and cash equivalents 1 304,696 304,696 814,354 814,354 Restricted cash 1 99,751 99,751 7,165 7,165 Financial Liabilities (1) : Financing agreements with non-mark-to-market collateral provisions 3 939,540 940,257 1,159,213 1,159,213 Financing agreements with mark-to-market collateral provisions 3 2,403,151 2,403,724 1,124,162 1,124,162 Financing agreements with mark-to-market collateral provisions 2 159,148 159,148 213,915 213,915 Securitized debt (2) 2 2,650,473 2,646,203 1,514,509 1,519,567 Convertible senior notes 2 226,470 239,292 225,177 228,287 Senior notes (3) 1 — — 100,000 100,031 (1) Carrying value of securitized debt, Convertible Senior Notes, Senior Notes and certain repurchase agreements is net of associated debt issuance costs. (2) Includes Securitized debt that is carried at amortized cost basis and fair value. (3) On January 6, 2021, the Company redeemed all of its outstanding Senior Notes (see Note 6). 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, 2021 and 2020, the Company recorded REO with an aggregate estimated fair value, less estimated cost to sell, of $72.3 million and $96.8 million, respectively, at the time of foreclosure. The Company classifies fair value measurements of REO as Level 3 in the fair value hierarchy. In addition, on July 1, 2021, in connection with the Lima One transaction (see Note 15), the Company revalued its previously existing investments in Lima One and recorded a gain of $38.9 million. In connection with the Lima One transaction, all of Lima One’s assets and liabilities were recorded at their estimated fair value.

Use of Special Purpose Entities

Use of Special Purpose Entities and Variable Interest Entities	12 Months Ended
	Dec. 31, 2021
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 re-securitizing 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(p) 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, 2021 and 2020: (Dollars in Thousands) December 31, 2021 December 31, 2020 Aggregate unpaid principal balance of residential whole loans sold $ 3,984,355 $ 2,232,561 Face amount of Senior Bonds issued by the VIE and purchased by third-party investors $ 3,667,790 $ 1,862,068 Outstanding amount of Senior Bonds, at carrying value $ 1,334,342 (1) $ 645,027 (1) Outstanding amount of Senior Bonds, at fair value $ 1,316,131 $ 869,482 Outstanding amount of Senior Bonds, total $ 2,650,473 $ 1,514,509 Weighted average fixed rate for Senior Bonds issued 1.58 % (2) 2.11 % (2) Weighted average contractual maturity of Senior Bonds 36 years (2) 41 years (2) Face amount of Senior Support Certificates received by the Company (3) $ 283,930 $ 268,548 Cash received $ 3,682,082 $ 1,853,408 (1) Net of $6.8 million and $3.2 million of deferred financing costs at December 31, 2021 and 2020, respectively. (2) At December 31, 2021 and 2020, $329.0 million and $568.7 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 years ended December 31, 2021 and 2020, the Company issued Senior Bonds with a current face of $2.4 billion and $1.3 billion to third-party investors for proceeds of $2.4 billion and $1.3 billion, respectively, before offering costs and accrued interest. The Senior Bonds issued by the Company during the years ended December 31, 2021 and 2020 are included in “Financing agreements, at carrying value” and “Financing agreements, at fair value” on the Company’s consolidated balance sheets (see Note 6). As of December 31, 2021 and 2020, as a result of the transactions described above, securitized loans of approximately $3.0 billion and $1.8 billion are included in “Residential whole loans” and REO with a carrying value of approximately $35.4 million and $49.5 million are included in “Other assets” on the Company’s consolidated balance sheets, respectively. As of December 31, 2021 and 2020, the aggregate carrying value of Senior Bonds issued by consolidated VIEs was $2.7 billion and $1.5 billion, respectively. These Senior Bonds are disclosed as “Securitized debt” and are included in Financing agreements 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 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)

Acquisition of Lima One Holding

Acquisition of Lima One Holdings, LLC	12 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Acquisition of Lima One Holdings, LLC	Acquisition of Lima One Holdings, LLC On July 1, 2021, the Company completed the acquisition from affiliates of Magnetar Capital of their ownership interests in Lima One Holdings, LLC, the parent company of Lima One Capital, LLC (collectively, “Lima One”), a leading originator and servicer of business purpose loans. In connection with this transaction, the Company also acquired from certain members of management of Lima One their ownership interests in Lima One Holdings, LLC. With the completion of these transactions (collectively, “the transaction”), the Company acquired the remaining approximately 57% of the common equity interests of Lima One that it did not previously own, for cash consideration of $57.3 million and $4.7 million of restricted stock unit awards issued to certain members of the Lima One management team. As a result of these transactions, the Company gained control of 100% of the ownership interests in Lima One and was required to consolidate its financial results from that date. The transaction is accounted for under the purchase method of accounting. Under purchase accounting, the purchase consideration to acquire Lima One is defined as the cash paid to acquire the approximately 57% of the common equity interests not previously owned and the estimated fair value of the previously owned approximately 43% common equity interest. Further, under purchase accounting, the Company was required to revalue the previously owned common equity interest to fair value. At the time of the revaluation, the previously owned common equity interest had a carrying value of $5.6 million (net of a $21.0 million impairment charge that was recorded in the first quarter of 2020). Consequently, the revaluation resulted in the Company recording a gain of $38.9 million that is presented in Other income in the Company’s consolidated statement of operations for the year ended December 31, 2021. Accordingly, under the purchase method of accounting, the purchase consideration allocated was $101.7 million. The restricted stock awards issued are not included in the purchase consideration as it was determined that they should be accounted for as compensation expense for post-combination services. Additionally, concurrent with the closing of the transaction, the Company injected additional capital that facilitated the repayment by Lima One of $47.4 million of outstanding preferred equity interests, of which $22.0 million were held by the Company prior to closing. As the Company had previously recorded an impairment write-down on its investment in Lima One’s preferred equity that was repaid in connection with the transaction, the Company recorded a gain of $5.0 million to reflect the reversal of this impairment charge. This gain was recorded in Other Income in the consolidated statements of operations for the year ended December 31, 2021. Further, the Company paid a total of $428,000 of acquisition related expenses, which were recorded in Operating and Other Expenses in the consolidated statements of operations for the year ended December 31, 2021. The Company performed an allocation of the purchase consideration and recorded the underlying assets acquired (including certain identified intangible assets) and liabilities assumed based on their estimated fair values using the information available at the acquisition date. The excess of the purchase consideration over the net assets acquired of $61.1 million was allocated to goodwill. The goodwill is attributed to further access and expansion into business purpose loan markets as well as access to an experienced management team and workforce that are expected to continue to provide services to the business. In addition, the Company identified and recorded finite-lived intangible assets totaling $28.0 million. The purchase price allocations are summarized in the table below: Purchase Price Allocation (In Thousands) Acquisition Date July 1, 2021 Purchase Price: Cash $ 57,255 Equity method investment at fair value 44,465 Total consideration $ 101,720 Allocated to: Business purpose residential loans, at fair value $ 170,220 Cash and cash equivalents 16,531 Restricted cash 91,394 Other assets 37,107 Goodwill 61,076 Intangible assets 28,000 Total assets acquired $ 404,328 Short term debt, net $ (170,908) Accrued expenses and other liabilities (84,324) Total liabilities assumed $ (255,232) Preferred equity repaid at closing (47,376) Total net assets acquired $ 101,720 The amortization period for each of the finite lived intangible assets and the activity for the year ended December 31, 2021 is summarized in the table below: (Dollars in Thousands) Acquisition Date July 1, 2021 Amortization Period Ended December 31, 2021 Carrying Value at December 31, 2021 Amortization Period (Years) (1) Trademarks / Trade Names $ 4,000 $ (200) $ 3,800 10 Customer Relationships 16,000 (4,000) 12,000 4 Internally Developed Software 4,000 (400) 3,600 5 Non-Compete Agreements 4,000 (2,000) 2,000 1 Total Identified Intangibles $ 28,000 $ (6,600) $ 21,400 (1) Amortization is calculated on a straight-line basis over the amortization period, except for Customer Relationships, where amortization is calculated based on expected levels of customer attrition.

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2021
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, 2021 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 Original loan balance $0 - $149,999 6,872 0.00% - 16.00% 3/15/2010-7/1/2061 $ 601,637 $ 80,808 Original loan balance $150,000 - $299,999 7,875 0.00% - 13.49% 3/10/2013-1/1/2062 1,534,048 183,576 Original loan balance $300,000 - $449,999 4,184 —% - 11.65% 12/1/2018-5/1/2062 1,408,772 173,855 Original loan balance greater than $449,999 5,164 0.25% - 10.20% 9/1/1971-1/1/2062 4,407,981 361,904 24,095 $ 7,952,438 (1)(2) $ 800,143 (1) Excludes an allowance for loan losses of $39.4 million at December 31, 2021. (2) The federal income tax basis is approximately $5.2 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, 2021: For the Year Ended December 31, 2021 (In Thousands) Residential Whole Loans Beginning Balance $ 5,325,401 Additions during period: Purchases $ 4,591,645 Changes in fair value recorded in Net gain on residential whole loans measured at fair value through earnings 16,243 Deductions during period: Repayments $ (1,999,022) Premium amortization/discount accretion, net 14,273 Provision for loan loss 47,386 Loan sales and repurchases (7,310) Transfer to REO (75,616) Ending Balance $ 7,913,000

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
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”), credit risk transfer (“CRT”) securities and mortgage servicing rights (“MSR”) related assets (collectively, “Securities, at fair value”) (see Note 4), and Other assets (see Note 5), valuation of Securities, at fair value (see Notes 4 and 13), income recognition and valuation of residential whole loans (see Notes 3 and 13), valuation of derivative instruments (see Notes 5(c) and 13) 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 8). Actual results could differ from those estimates. The Company has one reportable segment as 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. In particular, prior period disclosures have been conformed to the current period presentation of interest income from residential whole loans at fair value. Starting in the second quarter of 2021, interest income for these loans is presented in interest income in the Company’s consolidated statements of operations. Previously, interest income received on residential whole loans at fair value was presented in other income in the Company’s consolidated statements of operations. On July 1, 2021, the Company completed the acquisition of Lima One Holdings, LLC, the parent company of Lima One Capital, LLC (collectively referred to as “Lima One”), a leading nationwide originator and servicer of business purpose loans (“BPLs”). Lima One’s financial results are consolidated with MFA’s results from that date (see Note 15).
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 or originated by Lima One. The accounting model utilized by the Company is determined at the time each loan package is initially acquired. Prior to the second quarter of 2021, the fair value option was typically elected on loans that were 60 or more days delinquent at purchase (“Purchased Non-performing Loans”). Purchased Credit Deteriorated Loans acquired prior to the second quarter of 2021, and where the underlying borrower had a delinquency status of less than 60 days at the acquisition date, are typically held at carrying value. Purchased Performing Loans acquired prior to the second quarter of 2021 are also 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. Starting in the second quarter of 2021, the Company elected the fair value option for all loans acquired, irrespective of borrower delinquency status at acquisition. Over time, the Company expects that election of the fair value option should serve to simplify reporting of the results of its loan investment activities as fair value accounting will be used for the majority of loans in the Company’s portfolio. The accounting model initially applied to loan acquisitions is not permitted to be subsequently changed. Consequently, the Company is not permitted to retroactively apply fair value accounting to loans held at carrying value acquired in periods prior to the second quarter of 2021. The Company’s residential whole loans pledged as collateral against financing agreements are included in the consolidated balance sheets with amounts pledged disclosed in Note 6. 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, 13 and 14). Purchased Performing Loans Acquisitions of Purchased Performing Loans to date (which include loans purchased from third parties or loans originated by Lima One) 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”), (iv) loans on investor properties that conform to the standards for purchase by a federally chartered corporation, such as the Federal National Mortgage Association (“Fannie Mae”) or the Federal Home Loan Mortgage Corporation (“Freddie Mac”) (“Agency eligible investor loans”), and (v) 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 (or amount funded for originated loans). Interest income on Purchased Performing Loans acquired at par is accrued based on each loan’s current interest bearing balance and current interest rate. Interest income on such loans acquired 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. For Purchased Performing Loans acquired prior to the second quarter of 2021 and where the fair value option was not elected, 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, interest income is recorded under the cash basis method as interest payments are received. Interest accruals are resumed when the loan becomes contractually current. 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 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, 2021. 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. Purchased Credit Deteriorated Loans acquired prior to the second quarter of 2021, or where the fair value option was not otherwise elected, 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. Prior to the second quarter of 2021, this accounting election was made primarily on Purchased Non-performing Loans. Starting in the second quarter of 2021, the Company made the fair value election on all loan acquisitions, which, to date, have been comprised exclusively of Purchased Performing Loans including loans originated by Lima One since its consolidation. The Company generally considers accounting for these loans at fair value to be more reflective of the expected pattern of returns from these loans under current economic conditions. 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 marketplace. 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. Interest income is recorded on these loans based on their yield and is presented as part of interest income in 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. Income and costs associated with originating loans on which the fair value option was elected are recorded in other income and expense respectively in the period in which they are earned or incurred.
Securities, at Fair Value	Securities, at Fair Value 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 in Note 6. Purchases and sales of MSR-related assets are recorded on the trade date (see Notes 4, 6, and 13). 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 “available-for-sale” (“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 Accumulated other comprehensive income/(loss) (“AOCI”), a component of Stockholders’ Equity, 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. Residential Mortgage Securities Prior to the quarter ended June 30, 2020, the Company had invested in residential mortgage-backed securities (“MBS”) that are issued or 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 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 disposed of its remaining investments in Non-Agency MBS during the second quarter of 2021. 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 Securities 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 AFS. Such securities 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 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. In addition, 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 13). 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
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, 2021 and December 31, 2020.
Restricted Cash	Restricted Cash
Goodwill & Intangible Assets	Goodwill & Intangible Assets At December 31, 2021, the Company had goodwill of $61.1 million, which represents the excess of the fair value of consideration paid over the fair value of net assets acquired in connection with the acquisition of Lima One, see Note 15, and other intangible assets of $21.4 million (net of amortization) primarily comprised of customer relationships, non-competition agreements, trademarks and trade names, and internally developed software recognized as part of the acquisition of Lima One. The intangible assets are amortized over their expected useful lives, which range from one
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. 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
Leases	LeasesThe Company records its operating lease liabilities and operating lease right-of-use assets on its consolidated balance sheets. The operating lease liabilities are equal to the present value of the remaining fixed lease payments (excluding real estate tax and operating expense escalations) discounted at the Company’s estimated incremental borrowing rate at the date of lease commencement, and the operating lease right-of-use assets are equal to the operating lease liabilities adjusted for lease incentives and initial direct costs. As lease payments are made, the operating lease liabilities are reduced to the present value of the remaining lease payments and the operating lease right-of-use assets are reduced by the difference between the lease expense (straight-lined over the lease term) and the theoretical interest expense amount (calculated using the incremental borrowing rate at the date of lease commencement).
Leasehold Improvements, Real estate and Other Depreciable Assets	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.
Financing Arrangements	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 and 13). 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 (“TSR”) during that three-year period, as well as the 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 TSR 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
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.
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. Swaps Historically, 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. The Company documented its risk-management policies, including objectives and strategies, for its hedging activities and the relationship between the hedging instrument and the hedged liability for all Swaps designated as hedging transactions. The Company assessed, both at the inception of a hedge and on a quarterly basis thereafter, whether or not the hedge was “highly effective.” During the first quarter of 2020, in response to the turmoil in the financial markets resulting from COVID-19, and given that management no longer considered these transactions to be effective hedges in the then prevailing interest rate environment, the Company terminated all of its then existing 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 were recorded in OCI provided that the hedge remained effective. Periodic payments accrued in connection with Swaps designated as hedges were included in interest expense and treated as an operating cash flow. The Company discontinued hedge accounting for the terminated Swaps as it determined that it was no longer probable that the forecasted transactions would occur (see Notes 5(c), 6 and 13). During the fourth quarter of 2021, the Company entered into Swaps that were not designated as hedges for accounting purposes. 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. To Be Announced (“TBA”) Securities The Company has entered into transactions to take short positions in TBA securities in connection with the management of interest rate and other market risks associated with purchases of Agency eligible investor loans. As the Company does not intend to physically settle its transactions in TBA securities, they are required to be accounted for as derivative financial instruments. The Company does not apply hedge accounting to its TBA securities. Accordingly, TBA securities are recorded on the Company’s balance sheets at fair value, with realized and unrealized changes in fair value each period recorded in Other income, net in 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 14). 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 2021 ASU 2020-06 Early Adoption In August 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (or ASU 2020-06). ASU 2020-06 was issued in order to reduce the complexity associated with recording financial instruments with characteristics of both liabilities and equity by eliminating certain accounting models associated with such instruments and enhancing disclosure requirements. The Company early adopted ASU 2020-06 in the first quarter of 2021 and it did not have a material impact on the Company’s accounting or disclosures.

Residential Whole Loans (Tables

Residential Whole Loans (Tables)	12 Months Ended
	Dec. 31, 2021
Receivables [Abstract]
Residential whole loans, at carrying and fair value	The following table presents the components of the Company’s Residential whole loans, and the accounting model designated at December 31, 2021 and 2020: Held at Carrying Value Held at Fair Value Total (Dollars in Thousands) December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Purchased Performing Loans: Non-QM loans $ 1,448,162 $ 2,357,185 $ 2,013,369 $ — $ 3,461,531 $ 2,357,185 Rehabilitation loans 217,315 581,801 517,530 — 734,845 581,801 Single-family rental loans 331,808 446,374 619,415 — 951,223 446,374 Seasoned performing loans 102,041 136,264 — — 102,041 136,264 Agency eligible investor loans — — 1,082,765 — 1,082,765 — Total Purchased Performing Loans $ 2,099,326 $ 3,521,624 $ 4,233,079 $ — $ 6,332,405 $ 3,521,624 Purchased Credit Deteriorated Loans $ 547,772 $ 673,708 $ — $ — $ 547,772 $ 673,708 Allowance for Credit Losses $ (39,447) $ (86,833) $ — $ — $ (39,447) $ (86,833) Purchased Non-Performing Loans $ — $ — $ 1,072,270 $ 1,216,902 $ 1,072,270 $ 1,216,902 Total Residential Whole Loans $ 2,607,651 $ 4,108,499 $ 5,305,349 $ 1,216,902 $ 7,913,000 $ 5,325,401 Number of loans 9,361 13,112 14,734 5,622 24,095 18,734
Financing Receivable Credit Quality Indicators	The following table presents additional information regarding the Company’s Residential whole loans at December 31, 2021 and 2020: December 31, 2021 Fair Value / Carrying Value 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 $ 3,453,242 $ 3,361,164 5.07 % 355 66 % 731 $ 3,165,964 $ 77,581 $ 22,864 $ 94,755 Rehabilitation loans 727,964 731,154 7.18 11 67 735 616,733 5,834 5,553 103,034 Single-family rental loans 949,772 924,498 5.46 329 70 732 898,166 2,150 695 23,487 Seasoned performing loans 101,995 111,710 2.76 162 37 722 102,047 938 481 8,244 Agency eligible investor loans 1,082,765 1,060,486 3.40 354 62 767 1,039,257 21,229 — — Total Purchased Performing Loans $ 6,315,738 $ 6,189,012 5.05 % 307 Purchased Credit Deteriorated Loans $ 524,992 $ 643,187 4.55 % 283 69 % N/A $ 456,924 $ 50,048 $ 18,736 $ 117,479 Purchased Non-Performing Loans $ 1,072,270 $ 1,073,544 4.87 % 283 73 % N/A $ 492,481 $ 87,041 $ 40,876 $ 453,146 Residential whole loans, total or weighted average $ 7,913,000 $ 7,905,743 4.99 % 301 December 31, 2020 Fair Value / Carrying Value 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 $ 2,336,117 $ 2,294,086 5.84 % 351 64 % 712 $ 2,042,405 $ 71,303 $ 35,697 $ 144,681 Rehabilitation loans 563,430 581,801 7.29 3 63 719 390,706 29,315 25,433 136,347 Single-family rental loans 442,456 442,208 6.32 324 70 730 411,377 6,691 3,907 20,233 Seasoned performing loans 136,157 149,004 3.30 171 40 723 136,778 2,248 1,155 8,823 Total Purchased Performing Loans $ 3,478,160 $ 3,467,099 6.04 % 281 Purchased Credit Deteriorated Loans $ 630,339 $ 782,319 4.46 % 287 76 N/A $ 544,803 $ 65,791 $ 26,697 $ 145,028 Purchased Non-Performing Loans $ 1,216,902 $ 1,282,093 4.87 % 290 80 N/A $ 497,299 $ 104,993 $ 54,180 $ 625,621 Residential whole loans, total or weighted average $ 5,325,401 $ 5,531,511 5.54 % 284 (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 $137.3 million and $189.9 million at December 31, 2021 and 2020, 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 71% and 69% at December 31, 2021 and 2020, 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. The following table presents certain additional credit-related information regarding our Residential whole loans, at Carrying Value: Amortized Cost Basis by Origination Year and LTV Bands (Dollars In Thousands) 2021 2020 2019 2018 2017 Prior Total Non-QM loans LTV <= 80% (1) $ 60,441 $ 290,836 $ 662,258 $ 342,250 $ 35,833 $ 3,954 $ 1,395,572 LTV > 80% (1) 2,770 25,075 11,164 11,545 1,886 150 52,590 Total Non-QM loans $ 63,211 $ 315,911 $ 673,422 $ 353,795 $ 37,719 $ 4,104 $ 1,448,162 Year Ended December 31, 2021 Gross write-offs $ — $ — $ — $ 37 $ — $ — $ 37 Year Ended December 31, 2021 Recoveries — — — — — — — Year Ended December 31, 2021 Net write-offs $ — $ — $ — $ 37 $ — $ — $ 37 Rehabilitation loans LTV <= 80% (1) $ 12,754 $ 24,716 $ 151,632 $ 21,534 $ 3,427 $ — $ 214,063 LTV > 80% (1) — — 756 796 1,700 — 3,252 Total Rehabilitation loans $ 12,754 $ 24,716 $ 152,388 $ 22,330 $ 5,127 $ — $ 217,315 Year Ended December 31, 2021 Gross write-offs $ — $ — $ 1,329 $ 1,296 $ 123 $ — $ 2,748 Year Ended December 31, 2021 Recoveries — — — — — — — Year Ended December 31, 2021 Net write-offs $ — $ — $ 1,329 $ 1,296 $ 123 $ — $ 2,748 Single family rental loans LTV <= 80% (1) $ 15,444 $ 35,727 $ 186,931 $ 77,689 $ 10,107 $ — $ 325,898 LTV > 80% (1) — 512 5,312 86 — — 5,910 Total Single family rental loans $ 15,444 $ 36,239 $ 192,243 $ 77,775 $ 10,107 $ — $ 331,808 Year Ended December 31, 2021 Gross write-offs $ — $ — $ 56 $ 5 $ — $ — $ 61 Year Ended December 31, 2021 Recoveries — — — — — — — Year Ended December 31, 2021 Net write-offs $ — $ — $ 56 $ 5 $ — $ — $ 61 Seasoned performing loans LTV <= 80% (1) $ — $ — $ — $ — $ — $ 98,288 $ 98,288 LTV > 80% (1) — — — — — 3,754 3,754 Total Seasoned performing loans $ — $ — $ — $ — $ — $ 102,042 $ 102,042 Year Ended December 31, 2021 Gross write-offs $ — $ — $ — $ — $ — $ — $ — Year Ended December 31, 2021 Recoveries — — — — — — — Year Ended December 31, 2021 Net write-offs $ — $ — $ — $ — $ — $ — $ — Purchased credit deteriorated loans LTV <= 80% (1) $ — $ — $ — $ — $ 618 $ 404,603 $ 405,221 LTV > 80% (1) — — — — — 142,551 142,551 Total Purchased credit deteriorated loans $ — $ — $ — $ — $ 618 $ 547,154 $ 547,772 Year Ended December 31, 2021 Gross write-offs $ — $ — $ — $ — $ — $ 527 $ 527 Year Ended December 31, 2021 Recoveries — — — — — — — Year Ended December 31, 2021 Net write-offs $ — $ — $ — $ — $ — $ 527 $ 527 Total LTV <= 80% (1) $ 88,639 $ 351,279 $ 1,000,821 $ 441,473 $ 49,985 $ 506,845 $ 2,439,042 Total LTV > 80% (1) 2,770 25,587 17,232 12,427 3,586 146,455 208,057 Total residential whole loans, at carrying value $ 91,409 $ 376,866 $ 1,018,053 $ 453,900 $ 53,571 $ 653,300 $ 2,647,099 Total Gross write-offs $ — $ — $ 1,385 $ 1,338 $ 123 $ 527 $ 3,373 Total Recoveries — — — — — — — Total Net write-offs $ — $ — $ 1,385 $ 1,338 $ 123 $ 527 $ 3,373 (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 $137.3 million at December 31, 2021, 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 71% at December 31, 2021. Certain low value loans secured by vacant lots are categorized as LTV > 80%. The following tables present certain information regarding the LTVs of the Company’s Residential whole loans that are 90 days or more delinquent: December 31, 2021 (Dollars In Thousands) Carrying Value / Fair Value UPB LTV (1) Purchased Performing Loans Non-QM loans $ 96,473 $ 94,755 64.6 % Rehabilitation loans 103,166 103,034 67.6 % Single-family rental loans 23,524 23,487 73.4 % Seasoned performing loans 7,740 8,244 45.6 % Agency eligible investor loans — — — % Total Purchased Performing Loans $ 230,903 $ 229,520 Purchased Credit Deteriorated Loans $ 95,899 $ 117,479 79.1 % Purchased Non-Performing Loans $ 454,443 $ 453,146 80.2 % Total Residential whole loans $ 781,245 $ 800,145 December 31, 2020 (Dollars In Thousands) Carrying Value / Fair Value UPB LTV (1) Purchased Performing Loans 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 % Agency eligible investor loans — — — % Total Purchased Performing Loans $ 313,153 $ 310,084 Purchased Credit Deteriorated Loans $ 119,621 $ 145,028 86.7 % Purchased Non-Performing Loans $ 571,729 $ 625,621 86.8 % Total Residential whole loans $ 1,004,503 $ 1,080,733 (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.
Financing Receivable, Allowance for Credit Loss	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, 2021 (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, 2020 $ 21,068 $ 18,371 $ 3,918 $ 107 $ 43,369 $ 86,833 Current provision (6,523) (3,700) (1,172) (41) (10,936) (22,372) Write-offs — (1,003) — — (214) (1,217) Allowance for credit losses at March 31, 2021 $ 14,545 $ 13,668 $ 2,746 $ 66 $ 32,219 $ 63,244 Current provision/(reversal) (2,416) (1,809) (386) (9) (3,963) (8,583) Write-offs (37) (255) — — (108) (400) Allowance for credit losses at June 30, 2021 $ 12,092 $ 11,604 $ 2,360 $ 57 $ 28,148 $ 54,261 Current provision/(reversal) (2,403) (2,526) (670) (7) (4,020) (9,626) Write-offs — (393) (56) — (84) (533) Allowance for credit losses at September 30, 2021 $ 9,689 $ 8,685 $ 1,634 $ 50 $ 24,044 $ 44,102 Current provision/(reversal) (1,400) (706) (178) (4) (1,142) (3,430) Write-offs — (1,098) (5) — (122) (1,225) Allowance for credit losses at December 31, 2021 $ 8,289 $ 6,881 $ 1,451 $ 46 $ 22,780 $ 39,447 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 (1) In connection with purchased Rehabilitation loans at carrying value, the Company had unfunded commitments of $18.5 million and $73.2 million as of December 31, 2021 and 2020, respectively, with an allowance for credit losses of $205,000 and $1.2 million at December 31, 2021 and 2020, respectively. Such allowance is included in “Other liabilities” in the Company’s consolidated balance sheets (see Note 7). (2) Includes $87.0 million and $143.4 million of loans that were assessed for credit losses based on a collateral dependent methodology as of December 31, 2021 and 2020, respectively. (3) Includes $57.4 million and $72.7 million of loans that were assessed for credit losses based on a collateral dependent methodology as of December 31, 2021 and 2020, respectively.
Schedule of Interest Income Components	The following tables present the components of interest income on the Company’s Residential whole loans for the years ended December 31, 2021, 2020 and 2019: Held at Carrying Value Held at Fair Value Total For the Year Ended December 31, For the Year Ended December 31, For the Year Ended December 31, (In Thousands) 2021 2020 2019 2021 2020 2019 2021 2020 2019 Purchased Performing Loans: Non-QM loans $ 75,517 $ 136,527 $ 116,282 $ 21,431 $ — $ — $ 96,948 $ 136,527 $ 116,282 Rehabilitation loans 22,424 49,484 54,419 10,705 — — 33,129 49,484 54,419 Single-family rental loans 24,863 27,722 17,742 9,306 — — 34,169 27,722 17,742 Seasoned performing loans 6,684 8,793 12,191 — — — 6,684 8,793 12,191 Agency eligible investor loans — — — 11,667 — — 11,667 — — Total Purchased Performing Loans $ 129,488 $ 222,526 $ 200,634 $ 53,109 $ — $ — $ 182,597 $ 222,526 $ 200,634 Purchased Credit Deteriorated Loans $ 40,130 $ 36,238 $ 43,346 $ — $ — $ — $ 40,130 $ 36,238 $ 43,346 Purchased Non-Performing Loans $ — $ — $ — $ 80,741 $ 73,448 $ 114,181 $ 80,741 $ 73,448 $ 114,181 Total Residential Whole Loans $ 169,618 $ 258,764 $ 243,980 $ 133,850 $ 73,448 $ 114,181 $ 303,468 $ 332,212 $ 358,161
Residential Whole Loans, Fair Value, Component of Net gain on residential whole loans	The following table presents the components of Net gain/(loss) on residential whole loans measured at fair value through earnings for the years ended December 31, 2021, 2020 and 2019: For the Year Ended December 31, (In Thousands) 2021 2020 2019 Net unrealized gains $ 16,243 $ 17,204 $ 47,849 Other income/(loss) (1) 493 3,561 (3,700) Total $ 16,736 $ 20,765 $ 44,149

Securities, at Fair Value (Tabl

Securities, at Fair Value (Tables)	12 Months Ended
	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Schedule of information about MBS and CRT Securities	The following tables present certain information about the Company’s residential mortgage securities at December 31, 2021 and 2020: December 31, 2021 (In Thousands) Principal/ Current Purchase Accretable Discount Designated as Credit Reserve (1) Gross Amortized Gross Gross Net Fair Total residential mortgage securities (2)(3)(4) $ 99,999 $ 7,466 $ (55) $ (20,768) $ 86,642 $ 16,282 $ (10) $ 16,272 $ 102,914 December 31, 2020 (In Thousands) Principal/ Current Purchase Accretable Discount Designated as Credit Reserve (1) Gross Amortized Gross Gross Net Fair Value Total residential mortgage securities (2)(3)(4)(5) $ 161,878 $ 3,022 $ (8,206) $ (21,437) $ 135,257 $ 26,926 $ (1,183) $ 25,743 $ 161,000 (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) At December 31, 2020, the Company expected to recover approximately 99% of the then-current face amount of Non-Agency MBS. (4) Amounts disclosed at December 31, 2021 includes CRT securities with a fair value of $67.5 million for which the fair value option has been elected. Such securities had $1.8 million gross unrealized gains and gross unrealized losses of approximately $10,000 at December 31, 2021. 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 gross unrealized gains of approximately $551,000 and gross unrealized losses of approximately $322,000 at December 31, 2020. (5) 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
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, 2021, 2020 and 2019. The Company has no continuing involvement with any of the sold securities. For the Year Ended December 31, 2021 2020 2019 (In Thousands) Sales Proceeds Gains/(Losses) Sales Proceeds Gains/(Losses) Sales Proceeds Gains/(Losses) Agency MBS $ — $ — $ 1,500,875 $ (19,291) $ 360,634 $ 499 Non-Agency MBS — — 1,318,958 107,999 291,391 50,360 CRT Securities — — 243,025 (27,011) 256,671 11,143 Total $ — $ — $ 3,062,858 $ 61,697 $ 908,696 $ 62,002
Schedule of Credit Losses	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) 2021 2020 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, 2021, 2020, and 2019: For the Year Ended December 31, (In Thousands) 2021 2020 2019 AOCI from AFS securities: Unrealized gain on AFS securities at beginning of period $ 79,607 $ 392,722 $ 417,167 Unrealized (losses)/gains on securities available-for-sale (32,774) 420,281 20,335 Reclassification adjustment for MBS sales included in net income — (389,127) (44,600) Reclassification adjustment for impairment included in net income — (344,269) (180) Change in AOCI from AFS securities (32,774) (313,115) (24,445) Balance at end of period $ 46,833 $ 79,607 $ 392,722
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 Securities, at fair value for the years ended December 31, 2021, 2020 and 2019: For the Year Ended December 31, (In Thousands) 2021 2020 2019 Agency MBS Coupon interest $ — $ 14,038 $ 82,446 Effective yield adjustment (1) — (5,186) (26,545) Interest income $ — $ 8,852 $ 55,901 Legacy Non-Agency MBS Coupon interest $ 14 $ 18,263 $ 87,024 Effective yield adjustment (2)(3) 670 10,565 59,622 Interest income $ 684 $ 28,828 $ 146,646 RPL/NPL MBS Coupon interest $ 373 $ 8,376 $ 53,086 Effective yield adjustment (1)(4) 8,136 560 338 Interest income $ 8,509 $ 8,936 $ 53,424 CRT securities Coupon interest $ 3,690 $ 7,010 $ 20,532 Effective yield adjustment (2) 4,459 511 (1,949) Interest income $ 8,149 $ 7,521 $ 18,583 MSR-related assets Coupon interest $ 7,462 $ 25,970 $ 52,644 Effective yield adjustment (1)(2)(5) 31,886 9,987 3 Interest income $ 39,348 $ 35,957 $ 52,647 (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 purchased at a discount of $670,000 and $14.5 million during the years ended December 31, 2021 and 2019, respectively. (4) Includes accretion income recognized due to the impact of redemptions of certain securities that had been previously purchased at a discount of $8.1 million and $329,000 during the years ended December 31, 2021 and 2019, respectively.

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of other assets	The following table presents the components of the Company’s Other assets at December 31, 2021 and 2020: (In Thousands) December 31, 2021 December 31, 2020 REO (1) $ 156,223 $ 249,699 Goodwill 61,076 — Intangibles, net (2) 21,400 — Capital contributions made to loan origination partners 71,673 47,148 Other interest-earning assets 57,522 — Interest receivable 50,191 38,850 Other loan related receivables 34,191 16,682 Lease Right-of-Use Asset (3) 39,370 758 Other 73,910 32,244 Total Other Assets $ 565,556 $ 385,381 (1) Includes $11.3 million and $61.8 million of REO that is held-for-investment at December 31, 2021 and 2020. (2) Net of aggregate accumulated amortization of $6.6 million as of December 31, 2021. (3) An estimated incremental borrowing rate of 7.5% was used in connection with the Company’s primary operating lease (see Notes 2
Schedule of activity for real estate owned	The following table presents the activity in the Company’s REO for the years ended December 31, 2021 and 2020: For the Year Ended December 31, (Dollars In Thousands) 2021 2020 Balance at beginning of period $ 249,699 $ 411,659 Adjustments to record at lower of cost or fair value (4,772) (12,570) Transfer from residential whole loans (1) 72,304 96,766 Purchases and capital improvements, net 2,458 10,198 Disposals and other (2) (163,466) (256,354) Balance at end of period $ 156,223 $ 249,699 Number of properties 553 946 (1) Includes a net loss recorded on transfer of approximately $700,000 and a net gain recorded on transfer of approximately $5.1 million, respectively, for the years ended December 31, 2021 and 2020.
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, 2021 and 2020: December 31, (In Thousands) 2021 2020 Restricted Cash $ 14,446 $ —
Schedule of information about swaps	The following table presents information about the Company’s Swaps at December 31, 2021 and 2020: December 31, 2021 December 31, 2020 Maturity (1) Notional Weighted Weighted Average Variable Interest Rate (2) Notional Weighted Weighted Average Variable Interest Rate (2) (Dollars in Thousands) Within 30 days to 12 months $ — — % — % $ — — % — % Over 12 months to 24 months — — — — — — Over 24 months to 36 months 450,010 0.90 0.05 — — — Over 36 months to 48 months — — — — — — Over 48 months to 60 months 450,000 1.12 0.05 — — — Total Swaps $ 900,010 1.01 % 0.05 % $ — — % — % (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, 2021, 2020 and 2019: For the Year Ended December 31, (Dollars in Thousands) 2021 2020 2019 Interest expense attributable to Swaps $ — $ (3,359) $ 927 Weighted average Swap rate paid — % 2.06 % 2.28 % Weighted average Swap rate received — % 1.63 % 2.24 %
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, 2021, 2020 and 2019: For the Year Ended December 31, (In Thousands) 2021 2020 2019 AOCI from derivative hedging instruments: Balance at beginning of period $ — $ (22,675) $ 3,121 Net loss on Swaps — (50,127) (23,342) Reclassification adjustment for losses/gains related to hedging instruments included in net income — 72,802 (2,454) Balance at end of period $ — $ — $ (22,675)
Schedule of Notional Amounts of Outstanding Derivative Positions	The table below summarizes open short positions in TBA securities as of December 31, 2021, which had an aggregate value of $(1.3) million and were included in Other liabilities on the Company’s consolidated balance sheets. (Dollars in Thousands) Notional Amount Settlement Date TBA Security FNCL 2.5 1/22 $ 180,000 January 13, 2022 FNCL 2 1/21 $ 130,000 January 13, 2022

Financing Agreements (Tables)

Financing Agreements (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of Repurchase Agreements [Abstract]
Financing Agreements	The following tables present the components of the Company’s Financing agreements at December 31, 2021 and 2020: December 31, 2021 (In Thousands) Unpaid Principal Balance Amortized Cost Balance Fair Value/Carrying Value (1) Financing agreements, at fair value Agreements with mark-to-market collateral provisions $ 1,322,362 $ 1,322,362 $ 1,322,362 Agreements with non-mark-to-market collateral provisions 627,026 627,026 628,280 Securitized debt 1,304,912 1,318,593 1,316,131 Total Financing agreements, at fair value $ 3,254,300 $ 3,267,981 $ 3,266,773 Financing agreements, at carrying value Securitized debt $ 1,340,583 $ 1,334,342 Agreements with mark-to-market collateral provisions 1,240,510 1,239,937 Agreements with non-mark-to-market collateral provisions 311,977 311,260 Convertible senior notes 230,000 226,470 Total Financing agreements, at carrying value $ 3,123,070 $ 3,112,009 Total Financing agreements $ 6,377,370 $ 6,378,782 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 Financing agreements, at carrying value 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
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, 2021 and 2020: (Dollars in Thousands) December 31, December 31, Mark-to-market financing agreements secured by residential whole loans $ 2,391,602 $ 1,113,553 Fair value of residential whole loans pledged as collateral under financing agreements (1) $ 3,301,288 $ 1,798,813 Weighted average haircut on residential whole loans (2) 25.27 % 34.17 % Mark-to-market financing agreements secured by securities at fair value $ 159,148 $ 213,915 Securities at fair value pledged as collateral under financing agreements $ 256,685 $ 399,999 Weighted average haircut on securities at fair value (2) 37.00 % 41.16 % Mark-to-market financing agreements secured by real estate owned $ 11,549 $ 10,609 Fair value of real estate owned pledged as collateral under financing agreements $ 34,606 $ 22,525 Weighted average haircut on real estate owned (2) 58.46 % 55.56 % (1) At December 31, 2020, includes Non-Agency MBS with an aggregate fair value of $141.9 million obtained in connection with the Company’s loan securitization transactions that are eliminated in consolidation.
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, 2021 and 2020: (Dollars in Thousands) December 31, December 31, Non-mark-to-market financing secured by residential whole loans $ 928,055 $ 1,156,125 Fair value of residential whole loans pledged as collateral under financing agreements $ 1,420,283 $ 1,930,283 Weighted average haircut on residential whole loans 29.98 % 39.46 % Non-mark-to-market financing secured by real estate owned $ 11,485 $ 3,088 Fair value of real estate owned pledged as collateral under financing agreements $ 29,894 $ 7,441 Weighted average haircut on real estate owned 61.28 % 59.73 %
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, 2021 and 2020: December 31, 2021 December 31, 2020 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 $ 3,222,268 2.36 % $ 2,494,976 3.16 % Over 30 days to 3 months 257,444 2.49 — — Over 3 months to 12 months 22,164 4.50 — — Over 12 months — — — — Total financing agreements $ 3,501,876 2.38 % $ 2,494,976 3.16 %
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, 2021: December 31, 2021 Counterparty Rating (1) Amount at Risk (2) Weighted Percent of Counterparty (Dollars in Thousands) Credit Suisse BBB+/Baa1/A- $ 557,688 1 21.9 % Barclays Bank (3) BBB/Aa3/A 535,524 1 21.1 Wells Fargo A+/Aa2/AA- 251,079 1 9.9 (1) As rated at December 31, 2021 by S&P, Moody’s and Fitch, Inc., respectively. The counterparty rating presented is the lowest published rating 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 assets pledged by the Company as collateral, including accrued interest receivable on such assets. (3) Includes amounts at risk with various affiliates of Athene Holding, Ltd., held via participation in a loan syndication administered by Barclays Bank.
Schedule of additional information about assets Pledged as collateral pursuant to borrowings under repurchase agreements and Derivative Hedging Contracts	The following tables present the Company’s assets (based on carrying value) pledged as collateral for its various financing arrangements as of December 31, 2021 and 2020: December 31, 2021 Financing Agreements (In Thousands) Non-Mark-to-Market (1) Mark-to-Market (1) Securitized Total Assets: Residential whole loans, at carrying value $ 693,982 $ 459,349 $ 1,476,588 $ 2,629,919 Residential whole loans, at fair value 706,377 2,810,865 1,525,114 5,042,356 Securities, at fair value — 256,685 — 256,685 Other assets: REO 25,692 29,374 35,379 90,445 Total $ 1,426,051 $ 3,556,273 $ 3,037,081 $ 8,019,405 December 31, 2020 Financing Agreements (In Thousands) Non-Mark-to-Market (1) Mark-to-Market (1) Securitized Total Assets: Residential whole loans, at carrying value $ 1,497,281 $ 1,207,364 $ 1,436,316 $ 4,140,961 Residential whole loans, at fair value 430,183 396,817 382,349 1,209,349 Securities, at fair value — 399,999 — 399,999 Other assets: REO — — 49,477 49,477 Total $ 1,927,464 $ 2,004,180 $ 1,868,142 $ 5,799,786

Other Liabilities (Tables)

Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Other Liabilities [Abstract]
Other Liabilities	The following table presents the components of the Company’s Other liabilities at December 31, 2021 and 2020: (In Thousands) December 31, 2021 December 31, 2020 Dividends and dividend equivalents payable $ 47,751 $ 34,016 Lease liability 44,977 636 Accrued interest payable 9,621 11,116 Accrued expenses and other 115,709 24,754 Total Other Liabilities $ 218,058 $ 70,522

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Net Deferred Tax Assets	The tax effects of temporary differences that give rise to significant portions of net deferred tax assets (“DTAs”) recorded at the Company’s domestic TRS entities at December 31, 2021 and 2020 are presented in the following table: (In Thousands) December 31, 2021 December 31, 2020 Deferred tax assets (DTAs): Net operating loss and tax credit carryforwards $ 35,796 $ 37,338 Unrealized mark-to-market, impairments and loss provisions 3,753 15,203 Other realized / unrealized treatment differences 12,131 21,600 Total deferred tax assets 51,680 74,141 Less: valuation allowance (51,680) (74,141) Net deferred tax assets $ — $ —
Schedule of Income Tax Provision (Benefit)	The following table summarizes the Company’s income tax provision (benefit) primarily recorded at the Company’s domestic TRS entities for the years ended December 31, 2021, 2020, and 2019: For the Year Ended (In Thousands) December 31, 2021 December 31, 2020 December 31, 2019 Current provision (benefit) Federal $ 2,025 $ 1,403 $ 3 State 644 598 496 Total current provision (benefit) 2,669 2,001 499 Deferred provision (benefit) Federal — — — State — — — Total deferred provision (benefit) — — — Total provision (benefit) $ 2,669 $ 2,001 $ 499
Schedule of Statutory Federal Tax Rate to our Effective Tax Rate	The following is a reconciliation of the statutory federal tax rate to the Company’s effective tax rate at December 31, 2021, 2020, and 2019: For the Year Ended December 31, 2021 December 31, 2020 December 31, 2019 Federal statutory rate 21.0 % 21.0 % 21.0 % Non-taxable REIT income (dividends paid deduction) (4.6) % 0.1 % (20.3) % Other differences in taxable income (loss) from GAAP (4.7) % (14.4) % (3.0) % State and local taxes — % — % — % Change in valuation allowance on DTAs (11.1) % (6.9) % 2.3 % Effective tax rate 0.6 % (0.2) % — %

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Lessee, Operating Lease, Liability, Maturity	Year Ended December 31, Minimum Rental Payments (In Thousands) 2022 $ 5,334 2023 5,353 2024 5,351 2025 4,659 2026 4,552 Thereafter 49,604 Total $ 74,853

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Schedule of Preferred Stock Dividend Declaration and Payment	The following table presents cash dividends declared by the Company on its Series B Preferred Stock from January 1, 2019 through December 31, 2021: Year Declaration Date Record Date Payment Date Dividend Per Share 2021 November 16, 2021 December 1, 2021 December 31, 2021 $0.46875 August 26, 2021 September 8, 2021 September 30, 2021 0.46875 May 24, 2021 June 7, 2021 June 30, 2021 0.46875 February 19, 2021 March 5, 2021 March 31, 2021 0.46875 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 The following table presents cash dividends declared by the Company on its Series C Preferred Stock from January 1, 2020 through December 31, 2021: Year Declaration Date Record Date Payment Date Dividend Per Share 2021 November 16, 2021 December 1, 2021 December 31, 2021 $0.40625 August 26, 2021 September 8, 2021 September 30, 2021 0.40625 May 24, 2021 June 7, 2021 June 30, 2021 0.40625 February 19, 2021 March 5, 2021 March 31, 2021 0.40625 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
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, 2019 through December 31, 2021: Year Declaration Date Record Date Payment Date Dividend Per Share 2021 December 14, 2021 December 31, 2021 January 31, 2022 $0.110 (1) September 15, 2021 September 30, 2021 October 29, 2021 0.100 June 15, 2021 June 30, 2021 July 30, 2021 0.100 March 12, 2021 March 31, 2021 April 30, 2021 0.075 2020 December 17, 2020 December 30, 2020 January 29, 2021 $0.075 (2) August 6, 2020 September 30, 2020 October 30, 2020 0.050 2019 December 12, 2019 December 30, 2019 January 31, 2020 $0.200 (3) September 12, 2019 September 30, 2019 October 31, 2019 0.200 June 12, 2019 July 1, 2019 July 31, 2019 0.200 March 6, 2019 March 29, 2019 April 30, 2019 0.200 (1) At December 31, 2021, the Company had accrued dividends and dividend equivalents payable of $47.8 million related to the common stock dividend declared on December 14, 2021. This dividend will be considered taxable income to the recipient in 2022. For more information see the Company’s 2021 Dividend Tax Information on its website. (2) 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 was considered taxable income to the recipient in 2021. For more information see our 2020 Dividend Tax Information on our website.
Schedule of changes in balances in each component of the entity's AOCI	The following tables present changes in the balances of each component of the Company’s AOCI for the years ended December 31, 2021, 2020 and 2019: For the Year Ended December 31, 2021 (In Thousands) Net Unrealized Net Net Unrealized Gain/(Loss) on Financing Agreements (1) Total Balance at beginning of period $ 79,607 $ — $ (2,314) $ 77,293 OCI before reclassifications (32,774) — 1,059 (31,715) Amounts reclassified from AOCI (2) — — — — Net OCI during the period (3) (32,774) — 1,059 (31,715) Balance at end of period $ 46,833 $ — $ (1,255) $ 45,578 For the Year Ended December 31, 2020 (In Thousands) Net Unrealized Net Net Unrealized Gain/(Loss) on Financing Agreements (1) Total Balance at beginning of period $ 392,722 $ (22,675) $ — $ 370,047 OCI before reclassifications 420,281 (50,127) (2,314) 367,840 Amounts reclassified from AOCI (2) (733,396) 72,802 — (660,594) Net OCI during the period (3) (313,115) 22,675 (2,314) (292,754) Balance at end of period $ 79,607 $ — $ (2,314) $ 77,293 For the Year Ended December 31, 2019 (In Thousands) Net Unrealized Net Total Balance at beginning of period $ 417,167 $ 3,121 $ 420,288 OCI before reclassifications 20,335 (23,342) (3,007) Amounts reclassified from AOCI (2) (44,780) (2,454) (47,234) Net OCI during the period (3) (24,445) (25,796) (50,241) Balance at end of period $ 392,722 $ (22,675) $ 370,047 (1) Net Unrealized Gain/(Loss) on Financing Agreements at Fair Value due to changes in instrument-specific credit risk. (2) See separate table below for details about these reclassifications.
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, 2021, 2020, and 2019: For the Year Ended December 31, 2021 2020 2019 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) Net realized (loss)/gain on sales of securities and residential whole loans Impairment recognized in earnings — (344,269) (180) Other, net Total AFS Securities $ — $ (733,396) $ (44,780) Swaps designated as cash flow hedges: Amortization of de-designated hedging instruments — 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)

EPS Calculation (Tables)

EPS Calculation (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Schedule of reconciliation of the earnings and shares used in calculating basic and diluted EPS	years ended December 31, 2021, 2020 and 2019: For the Year Ended December 31, (In Thousands, Except Per Share Amounts) 2021 2020 2019 Basic Earnings/(Loss) per Share: Net income/(loss) to common stockholders $ 328,870 $ (679,390) $ 378,117 Dividends declared on preferred stock (32,875) (29,796) (15,000) Dividends, dividend equivalents and undistributed earnings allocated to participating securities (1,044) (229) (1,087) Net income/(loss) to common stockholders - basic $ 294,951 $ (709,415) $ 362,030 Basic weighted average common shares outstanding 442,816 452,033 450,972 Basic Earnings/(Loss) per Share $ 0.67 $ (1.57) $ 0.80 Diluted Earnings/(Loss) per Share: Net income/(loss) to common stockholders - basic $ 294,951 $ (709,415) $ 362,030 Dividends, dividend equivalents and undistributed earnings allocated to participating securities 1,044 — — Interest expense on Convertible Senior Notes 15,668 — 8,965 Net income/(loss) to common stockholders - diluted $ 311,663 $ (709,415) $ 370,995 Basic weighted average common shares outstanding 442,816 452,033 450,972 Unvested and vested restricted stock units 2,130 — — Effect of assumed conversion of Convertible Senior Notes to common shares 28,920 — 16,797 Diluted weighted average common shares outstanding (1) 473,866 452,033 467,769 Diluted Earnings/(Loss) per Share $ 0.66 $ (1.57) $ 0.79 (1) At December 31, 2021, the Company had approximately 7.4 million equity instruments outstanding that were included in the calculation of diluted EPS for the year ended December 31, 2021. These equity instruments reflect RSUs (based on current estimate of expected share settlement amount) with a weighted average grant date fair value of $4.31. These equity instruments may continue to have a dilutive impact on future EPS.

Equity Compensation and Other_2

Equity Compensation and Other Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021, 2020 and 2019: For the Year Ended December 31, 2021 RSUs With Weighted RSUs With Weighted Total Total Outstanding at beginning of year: 1,829,455 $ 6.19 1,623,174 $ 6.26 3,452,629 $ 6.22 Granted (1) 1,517,069 4.16 2,408,520 3.40 3,925,589 3.69 Settled (497,974) 6.49 (409,000) 6.91 (906,974) 6.68 Cancelled/forfeited — — — — — — Outstanding at end of year 2,848,550 $ 5.05 3,622,694 $ 4.29 6,471,244 $ 4.62 RSUs vested but not settled at end of year 1,142,900 $ 5.22 451,000 $ 6.97 1,593,900 $ 5.72 RSUs unvested at end of year 1,705,650 $ 4.94 3,171,694 $ 3.90 4,877,344 $ 4.27 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 (2) 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 (3) 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 (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 2,485,124 and 1,224,507 of these awards granted in 2021, the Company applied: (i) a weighted average volatility estimate of approximately 48% and 54%, which was determined considering historic volatility in the price of the Company’s and its peer group companies common stock over the three a service condition only was estimated based on the closing price of the Company’s common stock at the grant date of $4.70. All of the 2,408,520 RSUs with market and service conditions granted in 2021 are subject to a one-year post-vesting holding requirement. There are no post vesting conditions on the 1,517,069 RSUs with service conditions granted in 2021. (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 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.
Schedule of restricted stock activity	The following table presents information with respect to the Company’s restricted stock for the years ended December 31, 2021, 2020 and 2019: For the Year Ended December 31, 2021 2020 2019 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 Vested (2) — — (79,545) 1.65 (412,185) 7.83 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, 2021, 2020 and 2019: For the Year Ended December 31, (In Thousands) 2021 2020 2019 RSUs $ 9,043 $ 6,592 $ 6,012 Restricted shares of common stock — 131 3,227 Total $ 9,043 $ 6,723 $ 9,239
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, 2021, 2020 and 2019: For the Year Ended December 31, (In Thousands) 2021 2020 2019 Non-employee directors $ 537 $ (911) $ 663 Total $ 537 $ (911) $ 663
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, 2021 and 2020 that had not been distributed and the Company’s associated liability for such deferrals at December 31, 2021 and 2020: December 31, 2021 December 31, 2020 (In Thousands) Undistributed Income Deferred (1) Liability Under Undistributed Income Deferred (1) Liability Under Non-employee directors $ 2,687 $ 2,836 $ 2,197 $ 1,809 Total $ 2,687 $ 2,836 $ 2,197 $ 1,809 (1) Represents the cumulative amounts that were deferred by participants through December 31, 2021 and 2020, 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, 2021
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, 2021 and 2020, on the consolidated balance sheets by the valuation hierarchy, as previously described: Fair Value at December 31, 2021 (In Thousands) Level 1 Level 2 Level 3 Total Assets: Residential whole loans, at fair value $ — $ 1,082,765 $ 4,222,584 $ 5,305,349 Securities, at fair value — 256,685 — 256,685 Total assets carried at fair value $ — $ 1,339,450 $ 4,222,584 $ 5,562,034 Liabilities: Agreements with non-mark-to-market collateral provisions $ — $ — $ 628,280 $ 628,280 Agreements with mark-to-market collateral provisions — — 1,322,362 1,322,362 Securitized debt — 1,316,131 — 1,316,131 Total liabilities carried at fair value $ — $ 1,316,131 $ 1,950,642 $ 3,266,773 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 Securities, at fair value — 399,999 — 399,999 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 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, 2021 and 2020: December 31, 2021 (Dollars in Thousands) Fair Value (1) Valuation Technique Unobservable Input Weighted Average (2) Range Purchased Non-Performing Loans $ 720,766 Discounted cash flow Discount rate 3.6 % 1.5-9.8% Prepayment rate 14.4 % 0.0-44.0% Default rate 3.9 % 0.0-50.8% Loss severity 11.7 % 0.0-100.0% $ 351,008 Liquidation model Discount rate 8.0 % 6.7-50.0% Annual change in home prices 9.7 % 4.5-21.9% Liquidation timeline 1.7 0.1-4.5 Current value of underlying properties (3) $ 770 $10-$3,995 Total $ 1,071,774 December 31, 2020 (Dollars in Thousands) Fair Value (1) Valuation Technique Unobservable Input Weighted Average (2) Range Purchased Non-Performing Loans $ 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 (1) Excludes approximately $496,000 and $265,000 of loans for which management considers the purchase price continues to reflect the fair value of such loans at December 31, 2021 and 2020, 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 $421,000 and $380,000 as of December 31, 2021 and 2020, respectively. December 31, 2021 (Dollars in Thousands) Fair Value Valuation Technique Unobservable Input Weighted Average (1) Range Purchased Performing Loans $ 3,143,928 Discounted cash flow Discount rate 3.9 % 1.4-25.9% Prepayment rate 19.0 % 0.0-47.2% Default rate 0.2 % 0.0-17.8% Loss severity 8.4 % 0.0-10.0% $ 7,948 Liquidation model Discount rate 7.0 % 7.0-7.0% Annual change in home prices 6.5 % 0.0-14.8% Liquidation timeline (in years) 2.0 0.8-4.2 Current value of underlying properties $ 691 $60-$1,750 Total $ 3,151,876 (1) 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, 2021 and 2020 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) 2021 2020 Balance at beginning of period $ 1,216,902 $ 1,381,583 Purchases and originations 4,367,423 — Draws 53,599 — Changes in fair value recorded in Net gain on residential whole loans measured at fair value through earnings 16,243 17,204 Repayments (295,790) (92,733) Sales and repurchases (2,023) (18,530) Transfer to REO (51,005) (70,622) Transfer to Level 2 (1) (1,082,765) — Balance at end of period $ 4,222,584 $ 1,216,902 (1) The Company determined that the market inputs used in valuing its Agency eligible investor loans were sufficiently observable to be classified as Level 2 in the current reporting period. $654.7 million of these loans were valued based on the observable prices of the related securitized debt. The following table presents additional information for the year ended December 31, 2021 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) 2021 2020 Balance at beginning of period $ 1,159,213 $ — Transfer from Level 2 — 2,036,597 Issuances — — Payment of principal (529,874) (879,698) Change in unrealized (gains)/losses (1,059) 2,314 Balance at end of period $ 628,280 $ 1,159,213 The following table presents additional information for the year ended December 31, 2021 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) 2021 2020 Balance at beginning of period $ 1,124,162 $ — Transfer from Level 2 — 1,386,592 Issuances 1,275,265 258,322 Payment of principal (1,077,065) (520,752) Balance at end of period $ 1,322,362 $ 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, 2021 and 2020: December 31, 2021 December 31, 2021 December 31, 2020 Level in Fair Value Hierarchy Carrying Estimated Fair Value Carrying Estimated Fair Value (In Thousands) Financial Assets: Residential whole loans 3 $ 6,830,235 $ 6,983,686 $ 5,325,401 $ 5,499,303 Residential whole loans 2 1,082,765 1,082,765 — — Securities, at fair value 2 256,685 256,685 399,999 399,999 Cash and cash equivalents 1 304,696 304,696 814,354 814,354 Restricted cash 1 99,751 99,751 7,165 7,165 Financial Liabilities (1) : Financing agreements with non-mark-to-market collateral provisions 3 939,540 940,257 1,159,213 1,159,213 Financing agreements with mark-to-market collateral provisions 3 2,403,151 2,403,724 1,124,162 1,124,162 Financing agreements with mark-to-market collateral provisions 2 159,148 159,148 213,915 213,915 Securitized debt (2) 2 2,650,473 2,646,203 1,514,509 1,519,567 Convertible senior notes 2 226,470 239,292 225,177 228,287 Senior notes (3) 1 — — 100,000 100,031 (1) Carrying value of securitized debt, Convertible Senior Notes, Senior Notes and certain repurchase agreements is net of associated debt issuance costs. (2) Includes Securitized debt that is carried at amortized cost basis and fair value.

Use of Special Purpose Entiti_2

Use of Special Purpose Entities and Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 and 2020: (Dollars in Thousands) December 31, 2021 December 31, 2020 Aggregate unpaid principal balance of residential whole loans sold $ 3,984,355 $ 2,232,561 Face amount of Senior Bonds issued by the VIE and purchased by third-party investors $ 3,667,790 $ 1,862,068 Outstanding amount of Senior Bonds, at carrying value $ 1,334,342 (1) $ 645,027 (1) Outstanding amount of Senior Bonds, at fair value $ 1,316,131 $ 869,482 Outstanding amount of Senior Bonds, total $ 2,650,473 $ 1,514,509 Weighted average fixed rate for Senior Bonds issued 1.58 % (2) 2.11 % (2) Weighted average contractual maturity of Senior Bonds 36 years (2) 41 years (2) Face amount of Senior Support Certificates received by the Company (3) $ 283,930 $ 268,548 Cash received $ 3,682,082 $ 1,853,408 (1) Net of $6.8 million and $3.2 million of deferred financing costs at December 31, 2021 and 2020, respectively. (2) At December 31, 2021 and 2020, $329.0 million and $568.7 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.

Acquisition of Lima One Holdi_2

Acquisition of Lima One Holdings, LLC (Tables)	12 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Purchase Price Allocations	The purchase price allocations are summarized in the table below: Purchase Price Allocation (In Thousands) Acquisition Date July 1, 2021 Purchase Price: Cash $ 57,255 Equity method investment at fair value 44,465 Total consideration $ 101,720 Allocated to: Business purpose residential loans, at fair value $ 170,220 Cash and cash equivalents 16,531 Restricted cash 91,394 Other assets 37,107 Goodwill 61,076 Intangible assets 28,000 Total assets acquired $ 404,328 Short term debt, net $ (170,908) Accrued expenses and other liabilities (84,324) Total liabilities assumed $ (255,232) Preferred equity repaid at closing (47,376) Total net assets acquired $ 101,720
Finite-lived Intangible Assets Amortization Expense	The amortization period for each of the finite lived intangible assets and the activity for the year ended December 31, 2021 is summarized in the table below: (Dollars in Thousands) Acquisition Date July 1, 2021 Amortization Period Ended December 31, 2021 Carrying Value at December 31, 2021 Amortization Period (Years) (1) Trademarks / Trade Names $ 4,000 $ (200) $ 3,800 10 Customer Relationships 16,000 (4,000) 12,000 4 Internally Developed Software 4,000 (400) 3,600 5 Non-Compete Agreements 4,000 (2,000) 2,000 1 Total Identified Intangibles $ 28,000 $ (6,600) $ 21,400

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Basis of Presentation and Consolidation (Details)	12 Months Ended
	Dec. 31, 2021segment
Accounting Policies [Abstract]
Number of reportable segments	1
Number of operating segments	1

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Residential Whole Loans (Details)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Number of days considered to classify loans delinquent	60 days
Weighted Average LTV Ratio	80.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 304,696	$ 814,354
Overnight money market funds	215,800	752,400
Restricted cash	$ 99,751	$ 7,165

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Jul. 01, 2021	Dec. 31, 2020
Business Combination, Separately Recognized Transactions [Line Items]
Goodwill	$ 61,076		$ 0
Intangible assets, net	$ 21,400		$ 0
Minimum
Business Combination, Separately Recognized Transactions [Line Items]
Expected useful lives (in years)	1 year
Maximum
Business Combination, Separately Recognized Transactions [Line Items]
Expected useful lives (in years)	10 years
Lima One
Business Combination, Separately Recognized Transactions [Line Items]
Goodwill	$ 61,100	$ 61,076

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Leases and Depreciation (Details)	12 Months Ended
	Dec. 31, 2021
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	15 years
Building
Estimated useful life of long-lived assets
Estimated useful life	27 years 6 months

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Financing Agreements (Details)	12 Months Ended
	Dec. 31, 2021
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, High End of Range	12 months

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Equity-Based Compensation, Taxes, Derivatives (Details) - RSUs	12 Months Ended
	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Period for measuring market condition of award	3 years

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Earnings per Common Share (Details)	Dec. 31, 2021	Jun. 03, 2019
Convertible Debt
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stated interest rate	6.25%	6.25%

Residential Whole Loans - Narra

Residential Whole Loans - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)
Receivables [Abstract]
Total residential whole loans	$ 7,900,000	$ 5,300,000
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of whole loans sold | loan	0
Nonperforming Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, sale		24,100
Loss on sale of financing receivable		800
Financing receivable, nonaccrual	$ 588,100	730,900
Non-QM Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, sale		1,800,000
Loss on sale of financing receivable		273,000
Purchased Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, nonaccrual	240,200	373,300
Purchased Credit Deteriorated Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, nonaccrual	108,900	151,400
Interest Income On Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, nonaccrual	21,200	15,500
Without Associated Credit Losses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, nonaccrual	$ 107,400	$ 130,700

Residential Whole Loans - Resid

Residential Whole Loans - Residential Whole Loans (Details) $ in Thousands	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 2,647,099
Allowance for Credit Losses	(39,447)	$ (86,833)
Total Residential Whole Loans	$ 7,913,000	$ 5,325,401
Number of loans | loan	24,095	18,734
Performing Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 6,332,405	$ 3,521,624
Nonperforming Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,072,270	1,216,902
Held at Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for Credit Losses	(39,447)	(86,833)
Total Residential Whole Loans	$ 2,607,651	$ 4,108,499
Number of loans | loan	9,361	13,112
Held at Carrying Value | Performing Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 2,099,326	$ 3,521,624
Held at Carrying Value | Nonperforming Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	0	0
Held at Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for Credit Losses	0	0
Total Residential Whole Loans	$ 5,305,349	$ 1,216,902
Number of loans | loan	14,734	5,622
Held at Fair Value | Performing Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 4,233,079	$ 0
Held at Fair Value | Nonperforming Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,072,270	1,216,902
Non-QM loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,448,162
Non-QM loans | Performing Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	3,461,531	2,357,185
Non-QM loans | Held at Carrying Value | Performing Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,448,162	2,357,185
Non-QM loans | Held at Fair Value | Performing Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	2,013,369	0
Rehabilitation loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	217,315
Rehabilitation loans | Performing Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	734,845	581,801
Rehabilitation loans | Held at Carrying Value | Performing Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	217,315	581,801
Rehabilitation loans | Held at Fair Value | Performing Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	517,530	0
Single-family rental loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	331,808
Single-family rental loans | Performing Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	951,223	446,374
Single-family rental loans | Held at Carrying Value | Performing Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	331,808	446,374
Single-family rental loans | Held at Fair Value | Performing Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	619,415	0
Seasoned performing loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	102,042
Seasoned performing loans | Performing Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	102,041	136,264
Seasoned performing loans | Held at Carrying Value | Performing Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	102,041	136,264
Seasoned performing loans | Held at Fair Value | Performing Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	0	0
Agency eligible investor loans | Performing Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,082,765	0
Agency eligible investor loans | Held at Carrying Value | Performing Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	0	0
Agency eligible investor loans | Held at Fair Value | Performing Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,082,765	0
Purchased Credit Deteriorated Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	547,772	673,708
Purchased Credit Deteriorated Loans | Held at Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	547,772	673,708
Purchased Credit Deteriorated Loans | Held at Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 0	$ 0

Residential Whole Loans - Res_2

Residential Whole Loans - Residential Whole Loans, at Carrying Value Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average LTV Ratio	80.00%
Settled Whole Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Purchased Performing Loans	$ 6,315,738	$ 3,478,160
Unpaid Principal Balance (“UPB”)	$ 6,189,012	$ 3,467,099
Weighted Average Coupon	5.05%	6.04%
Weighted Average Term to Maturity (Months)	307 months	281 months
Non-QM loans | Settled Whole Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased performing loans	$ 3,453,242	$ 2,336,117
Unpaid Principal Balance (“UPB”)	$ 3,361,164	$ 2,294,086
Weighted Average Coupon	5.07%	5.84%
Weighted Average Term to Maturity (Months)	355 months	351 months
Weighted Average LTV Ratio	66.00%	64.00%
Weighted Average FICO Scores	731	712
Non-QM loans | Settled Whole Loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	$ 3,165,964	$ 2,042,405
Non-QM loans | Settled Whole Loans | 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	77,581	71,303
Non-QM loans | Settled Whole Loans | 60-89
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	22,864	35,697
Non-QM loans | Settled Whole Loans | 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	94,755	144,681
Rehabilitation loans | Settled Whole Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased performing loans	727,964	563,430
Unpaid Principal Balance (“UPB”)	$ 731,154	$ 581,801
Weighted Average Coupon	7.18%	7.29%
Weighted Average Term to Maturity (Months)	11 months	3 months
Weighted Average LTV Ratio	67.00%	63.00%
Weighted Average FICO Scores	735	719
Rehabilitation loans | Settled Whole Loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	$ 616,733	$ 390,706
Rehabilitation loans | Settled Whole Loans | 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	5,834	29,315
Rehabilitation loans | Settled Whole Loans | 60-89
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	5,553	25,433
Rehabilitation loans | Settled Whole Loans | 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	103,034	136,347
Single-family rental loans | Settled Whole Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased performing loans	949,772	442,456
Unpaid Principal Balance (“UPB”)	$ 924,498	$ 442,208
Weighted Average Coupon	5.46%	6.32%
Weighted Average Term to Maturity (Months)	329 months	324 months
Weighted Average LTV Ratio	70.00%	70.00%
Weighted Average FICO Scores	732	730
Single-family rental loans | Settled Whole Loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	$ 898,166	$ 411,377
Single-family rental loans | Settled Whole Loans | 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	2,150	6,691
Single-family rental loans | Settled Whole Loans | 60-89
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	695	3,907
Single-family rental loans | Settled Whole Loans | 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	23,487	20,233
Seasoned performing loans | Settled Whole Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased performing loans	101,995	136,157
Unpaid Principal Balance (“UPB”)	$ 111,710	$ 149,004
Weighted Average Coupon	2.76%	3.30%
Weighted Average Term to Maturity (Months)	162 months	171 months
Weighted Average LTV Ratio	37.00%	40.00%
Weighted Average FICO Scores	722	723
Seasoned performing loans | Settled Whole Loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	$ 102,047	$ 136,778
Seasoned performing loans | Settled Whole Loans | 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	938	2,248
Seasoned performing loans | Settled Whole Loans | 60-89
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	481	1,155
Seasoned performing loans | Settled Whole Loans | 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	8,244	8,823
Agency eligible investor loans | Settled Whole Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased performing loans	1,082,765
Unpaid Principal Balance (“UPB”)	$ 1,060,486
Weighted Average Coupon	3.40%
Weighted Average Term to Maturity (Months)	354 months
Weighted Average LTV Ratio	62.00%
Weighted Average FICO Scores	767
Agency eligible investor loans | Settled Whole Loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	$ 1,039,257
Agency eligible investor loans | Settled Whole Loans | 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	21,229
Agency eligible investor loans | Settled Whole Loans | 60-89
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	0
Agency eligible investor loans | Settled Whole Loans | 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	0
Purchased Credit Deteriorated Loans | Settled Whole Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased Credit Deteriorated Loans	524,992	630,339
Unpaid Principal Balance (“UPB”)	$ 643,187	$ 782,319
Weighted Average Coupon	4.55%	4.46%
Weighted Average Term to Maturity (Months)	283 months	287 months
Weighted Average LTV Ratio	69.00%	76.00%
Purchased Credit Deteriorated Loans | Settled Whole Loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	$ 456,924	$ 544,803
Purchased Credit Deteriorated Loans | Settled Whole Loans | 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	50,048	65,791
Purchased Credit Deteriorated Loans | Settled Whole Loans | 60-89
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	18,736	26,697
Purchased Credit Deteriorated Loans | Settled Whole Loans | 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	117,479	145,028
Purchased Non-performing Loans | Settled Whole Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased Credit Deteriorated Loans	1,072,270	1,216,902
Unpaid Principal Balance (“UPB”)	$ 1,073,544	$ 1,282,093
Weighted Average Coupon	4.87%	4.87%
Weighted Average Term to Maturity (Months)	283 months	290 months
Weighted Average LTV Ratio	73.00%	80.00%
Purchased Non-performing Loans | Settled Whole Loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	$ 492,481	$ 497,299
Purchased Non-performing Loans | Settled Whole Loans | 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	87,041	104,993
Purchased Non-performing Loans | Settled Whole Loans | 60-89
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	40,876	54,180
Purchased Non-performing Loans | Settled Whole Loans | 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	453,146	625,621
Residential whole loans | Settled Whole Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased Credit Deteriorated Loans	7,913,000	5,325,401
Unpaid Principal Balance (“UPB”)	$ 7,905,743	$ 5,531,511
Weighted Average Coupon	4.99%	5.54%
Weighted Average Term to Maturity (Months)	301 months	284 months
Certain rehabilitation loans | Settled Whole Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased performing loans	$ 137,300	$ 189,900
Weighted Average LTV Ratio	71.00%	69.00%

Residential Whole Loans - Compo

Residential Whole Loans - Components of Interest Income (Details) - Residential whole loans - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 303,468	$ 332,212	$ 358,161
Purchased Credit Deteriorated Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 40,130	$ 36,238	$ 43,346

Residential Whole Loans - Allow

Residential Whole Loans - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Jan. 01, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 44,102	$ 54,261	$ 63,244	$ 86,833	$ 106,246	$ 136,589	$ 218,011	$ 3,025	$ 86,833
Transition adjustment on adoption of ASU 2016-13								70,555	70,600
Current provision	(3,430)	(9,626)	(8,583)	(22,372)	(18,583)	(30,062)	(10,614)	74,897
Write-offs	(1,225)	(533)	(400)	(1,217)	(830)	(281)	(627)	(647)	(3,373)
Valuation adjustment on loans held for sale							(70,181)	70,181
Ending balance	39,447	44,102	54,261	63,244	86,833	106,246	136,589	218,011	39,447
Loans	2,647,099								2,647,099
Allowance for credit loss	39,447	44,102	54,261	63,244	86,833	106,246	136,589	218,011	39,447
Gross up of the amortized cost basis of Purchased Credit Deteriorated Loans									62,400
2021	91,409								91,409
2020	376,866								376,866
2019	1,018,053								1,018,053
2018	453,900								453,900
2017	53,571								53,571
Prior	653,300								653,300
Recoveries									0
Net write-offs									3,373
Gross write-offs, prior									527
Net write-offs, prior									527
Gross write-offs, 2017									123
Net write-offs, 2017									123
Gross write-offs, 2018									1,338
Net write-offs, 2018									1,338
Gross write-offs, 2019									1,385
Net write-offs, 2019									1,385
Gross write-offs, 2020									0
Net write-offs, 2020									0
Debt-to-Value Ratio, Less than 80 Percent
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Loans	2,439,042								2,439,042
2021	88,639								88,639
2020	351,279								351,279
2019	1,000,821								1,000,821
2018	441,473								441,473
2017	49,985								49,985
Prior	506,845								506,845
Debt-to-Value Ratio, 80 to 100 Percent
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Loans	208,057								208,057
2021	2,770								2,770
2020	25,587								25,587
2019	17,232								17,232
2018	12,427								12,427
2017	3,586								3,586
Prior	146,455								146,455
Non-QM Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	9,689	12,092	14,545	21,068	26,753	31,353	103,831	388	21,068
Transition adjustment on adoption of ASU 2016-13								6,904
Current provision	(1,400)	(2,403)	(2,416)	(6,523)	(5,599)	(4,568)	(2,297)	26,358
Write-offs	0	0	(37)	0	(86)	(32)	0	0
Valuation adjustment on loans held for sale							(70,181)	70,181
Ending balance	8,289	9,689	12,092	14,545	21,068	26,753	31,353	103,831	8,289
Allowance for credit loss	8,289	9,689	12,092	14,545	21,068	26,753	31,353	103,831	8,289
Rehabilitation loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	8,685	11,604	13,668	18,371	22,633	30,000	35,633	2,331	18,371
Transition adjustment on adoption of ASU 2016-13								517
Current provision	(706)	(2,526)	(1,809)	(3,700)	(3,837)	(7,140)	(5,213)	33,213
Write-offs	(1,098)	(393)	(255)	(1,003)	(425)	(227)	(420)	(428)
Valuation adjustment on loans held for sale							0	0
Ending balance	6,881	8,685	11,604	13,668	18,371	22,633	30,000	35,633	6,881
Loans	87,000				143,400				87,000
Allowance for credit loss	6,881	8,685	11,604	13,668	18,371	22,633	30,000	35,633	6,881
Single-family rental loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1,634	2,360	2,746	3,918	5,025	6,931	7,431	62	3,918
Transition adjustment on adoption of ASU 2016-13								754
Current provision	(178)	(670)	(386)	(1,172)	(1,107)	(1,906)	(500)	6,615
Write-offs	(5)	(56)	0	0	0	0	0	0
Valuation adjustment on loans held for sale							0	0
Ending balance	1,451	1,634	2,360	2,746	3,918	5,025	6,931	7,431	1,451
Allowance for credit loss	1,451	1,634	2,360	2,746	3,918	5,025	6,931	7,431	1,451
Seasoned Performing Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	50	57	66	107	150	224	249	0	107
Transition adjustment on adoption of ASU 2016-13								19
Current provision	(4)	(7)	(9)	(41)	(43)	(74)	(25)	230
Write-offs	0	0	0	0	0	0	0	0
Valuation adjustment on loans held for sale							0	0
Ending balance	46	50	57	66	107	150	224	249	46
Allowance for credit loss	46	50	57	66	107	150	224	249	46
Purchased Credit Deteriorated Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	24,044	28,148	32,219	43,369	51,685	68,081	70,867	244	43,369
Transition adjustment on adoption of ASU 2016-13								62,361
Current provision	(1,142)	(4,020)	(3,963)	(10,936)	(7,997)	(16,374)	(2,579)	8,481
Write-offs	(122)	(84)	(108)	(214)	(319)	(22)	(207)	(219)
Valuation adjustment on loans held for sale							0	0
Ending balance	22,780	24,044	28,148	32,219	43,369	51,685	68,081	70,867	22,780
Loans	57,400				72,700				57,400
Allowance for credit loss	22,780	$ 24,044	$ 28,148	32,219	43,369	$ 51,685	$ 68,081	$ 70,867	22,780
Unfunded Loan Commitment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance				$ 1,200					1,200
Ending balance	205				1,200				205
Commitment to lend, unfunded	18,500				73,200				18,500
Allowance for credit loss	205				1,200				205
Non-QM Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Write-offs									(37)
Loans	1,448,162								1,448,162
2021	63,211								63,211
2020	315,911								315,911
2019	673,422								673,422
2018	353,795								353,795
2017	37,719								37,719
Prior	4,104								4,104
Recoveries									0
Net write-offs									37
Gross write-offs, prior									0
Net write-offs, prior									0
Gross write-offs, 2017									0
Net write-offs, 2017									0
Gross write-offs, 2018									37
Net write-offs, 2018									37
Gross write-offs, 2019									0
Net write-offs, 2019									0
Gross write-offs, 2020									0
Net write-offs, 2020									0
Non-QM Loans | Debt-to-Value Ratio, Less than 80 Percent
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Loans	1,395,572								1,395,572
2021	60,441								60,441
2020	290,836								290,836
2019	662,258								662,258
2018	342,250								342,250
2017	35,833								35,833
Prior	3,954								3,954
Non-QM Loans | Debt-to-Value Ratio, 80 to 100 Percent
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Loans	52,590								52,590
2021	2,770								2,770
2020	25,075								25,075
2019	11,164								11,164
2018	11,545								11,545
2017	1,886								1,886
Prior	150								150
Rehabilitation loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Write-offs									(2,748)
Loans	217,315								217,315
2021	12,754								12,754
2020	24,716								24,716
2019	152,388								152,388
2018	22,330								22,330
2017	5,127								5,127
Prior	0								0
Recoveries									0
Net write-offs									2,748
Gross write-offs, prior									0
Net write-offs, prior									0
Gross write-offs, 2017									123
Net write-offs, 2017									123
Gross write-offs, 2018									1,296
Net write-offs, 2018									1,296
Gross write-offs, 2019									1,329
Net write-offs, 2019									1,329
Gross write-offs, 2020									0
Net write-offs, 2020									0
Rehabilitation loans | Debt-to-Value Ratio, Less than 80 Percent
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Loans	214,063								214,063
2021	12,754								12,754
2020	24,716								24,716
2019	151,632								151,632
2018	21,534								21,534
2017	3,427								3,427
Prior	0								0
Rehabilitation loans | Debt-to-Value Ratio, 80 to 100 Percent
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Loans	3,252								3,252
2021	0								0
2020	0								0
2019	756								756
2018	796								796
2017	1,700								1,700
Prior	0								0
Single-family rental loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Write-offs									(61)
Loans	331,808								331,808
2021	15,444								15,444
2020	36,239								36,239
2019	192,243								192,243
2018	77,775								77,775
2017	10,107								10,107
Prior	0								0
Recoveries									0
Net write-offs									61
Gross write-offs, prior									0
Net write-offs, prior									0
Gross write-offs, 2017									0
Net write-offs, 2017									0
Gross write-offs, 2018									5
Net write-offs, 2018									5
Gross write-offs, 2019									56
Net write-offs, 2019									56
Gross write-offs, 2020									0
Net write-offs, 2020									0
Single-family rental loans | Debt-to-Value Ratio, Less than 80 Percent
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Loans	325,898								325,898
2021	15,444								15,444
2020	35,727								35,727
2019	186,931								186,931
2018	77,689								77,689
2017	10,107								10,107
Prior	0								0
Single-family rental loans | Debt-to-Value Ratio, 80 to 100 Percent
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Loans	5,910								5,910
2021	0								0
2020	512								512
2019	5,312								5,312
2018	86								86
2017	0								0
Prior	0								0
Seasoned Performing Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Write-offs									0
Loans	102,042								102,042
2021	0								0
2020	0								0
2019	0								0
2018	0								0
2017	0								0
Prior	102,042								102,042
Recoveries									0
Net write-offs									0
Gross write-offs, prior									0
Net write-offs, prior									0
Gross write-offs, 2017									0
Net write-offs, 2017									0
Gross write-offs, 2018									0
Net write-offs, 2018									0
Gross write-offs, 2019									0
Net write-offs, 2019									0
Gross write-offs, 2020									0
Net write-offs, 2020									0
Seasoned Performing Loans | Debt-to-Value Ratio, Less than 80 Percent
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Loans	98,288								98,288
2021	0								0
2020	0								0
2019	0								0
2018	0								0
2017	0								0
Prior	98,288								98,288
Seasoned Performing Loans | Debt-to-Value Ratio, 80 to 100 Percent
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Loans	3,754								3,754
2021	0								0
2020	0								0
2019	0								0
2018	0								0
2017	0								0
Prior	3,754								3,754
Purchased Credit Deteriorated Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Write-offs									(527)
Loans	547,772				$ 673,708				547,772
2021	0								0
2020	0								0
2019	0								0
2018	0								0
2017	618								618
Prior	547,154								547,154
Recoveries									0
Net write-offs									527
Gross write-offs, prior									527
Net write-offs, prior									527
Gross write-offs, 2017									0
Net write-offs, 2017									0
Gross write-offs, 2018									0
Net write-offs, 2018									0
Gross write-offs, 2019									0
Net write-offs, 2019									0
Gross write-offs, 2020									0
Net write-offs, 2020									0
Purchased Credit Deteriorated Loans | Debt-to-Value Ratio, Less than 80 Percent
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Loans	405,221								405,221
2021	0								0
2020	0								0
2019	0								0
2018	0								0
2017	618								618
Prior	404,603								404,603
Purchased Credit Deteriorated Loans | Debt-to-Value Ratio, 80 to 100 Percent
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Loans	142,551								142,551
2021	0								0
2020	0								0
2019	0								0
2018	0								0
2017	0								0
Prior	$ 142,551								$ 142,551
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit loss										$ 8,300

Residential Whole Loans - Addit

Residential Whole Loans - Additional Credit Related Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
2021	$ 91,409								$ 91,409
2020	376,866								376,866
2019	1,018,053								1,018,053
2018	453,900								453,900
2017	53,571								53,571
Prior	653,300								653,300
Residential whole loans, total or weighted average	2,647,099								2,647,099
Gross write-offs, 2020									0
Gross write-offs, 2019									1,385
Gross write-offs									1,338
Gross write-offs, prior									527
Nine Months Ended September 30, 2021 Gross write-offs	1,225	$ 533	$ 400	$ 1,217	$ 830	$ 281	$ 627	$ 647	3,373
Net write-offs, 2020									0
Net write-offs, 2019									1,385
Net write-offs, 2018									1,338
Net write-offs, prior									527
Nine Months Ended September 30, 2021 Net write-offs									$ 3,373
Weighted Average LTV Ratio									80.00%
Debt-to-Value Ratio, Less than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2021	88,639								$ 88,639
2020	351,279								351,279
2019	1,000,821								1,000,821
2018	441,473								441,473
2017	49,985								49,985
Prior	506,845								506,845
Residential whole loans, total or weighted average	2,439,042								2,439,042
Debt-to-Value Ratio, 80 to 100 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2021	2,770								2,770
2020	25,587								25,587
2019	17,232								17,232
2018	12,427								12,427
2017	3,586								3,586
Prior	146,455								146,455
Residential whole loans, total or weighted average	208,057								208,057
Non-QM Loans
Financing Receivable, Credit Quality Indicator [Line Items]
2021	63,211								63,211
2020	315,911								315,911
2019	673,422								673,422
2018	353,795								353,795
2017	37,719								37,719
Prior	4,104								4,104
Residential whole loans, total or weighted average	1,448,162								1,448,162
Gross write-offs, 2020									0
Gross write-offs, 2019									0
Gross write-offs									37
Gross write-offs, prior									0
Nine Months Ended September 30, 2021 Gross write-offs									37
Net write-offs, 2020									0
Net write-offs, 2019									0
Net write-offs, 2018									37
Net write-offs, prior									0
Nine Months Ended September 30, 2021 Net write-offs									37
Non-QM Loans | Debt-to-Value Ratio, Less than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2021	60,441								60,441
2020	290,836								290,836
2019	662,258								662,258
2018	342,250								342,250
2017	35,833								35,833
Prior	3,954								3,954
Residential whole loans, total or weighted average	1,395,572								1,395,572
Non-QM Loans | Debt-to-Value Ratio, 80 to 100 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2021	2,770								2,770
2020	25,075								25,075
2019	11,164								11,164
2018	11,545								11,545
2017	1,886								1,886
Prior	150								150
Residential whole loans, total or weighted average	52,590								52,590
Rehabilitation loans
Financing Receivable, Credit Quality Indicator [Line Items]
2021	12,754								12,754
2020	24,716								24,716
2019	152,388								152,388
2018	22,330								22,330
2017	5,127								5,127
Prior	0								0
Residential whole loans, total or weighted average	217,315								217,315
Gross write-offs, 2020									0
Gross write-offs, 2019									1,329
Gross write-offs									1,296
Gross write-offs, prior									0
Nine Months Ended September 30, 2021 Gross write-offs									2,748
Net write-offs, 2020									0
Net write-offs, 2019									1,329
Net write-offs, 2018									1,296
Net write-offs, prior									0
Nine Months Ended September 30, 2021 Net write-offs									2,748
Rehabilitation loans | Debt-to-Value Ratio, Less than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2021	12,754								12,754
2020	24,716								24,716
2019	151,632								151,632
2018	21,534								21,534
2017	3,427								3,427
Prior	0								0
Residential whole loans, total or weighted average	214,063								214,063
Rehabilitation loans | Debt-to-Value Ratio, 80 to 100 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0								0
2020	0								0
2019	756								756
2018	796								796
2017	1,700								1,700
Prior	0								0
Residential whole loans, total or weighted average	3,252								3,252
Single-family rental loans
Financing Receivable, Credit Quality Indicator [Line Items]
2021	15,444								15,444
2020	36,239								36,239
2019	192,243								192,243
2018	77,775								77,775
2017	10,107								10,107
Prior	0								0
Residential whole loans, total or weighted average	331,808								331,808
Gross write-offs, 2020									0
Gross write-offs, 2019									56
Gross write-offs									5
Gross write-offs, prior									0
Nine Months Ended September 30, 2021 Gross write-offs									61
Net write-offs, 2020									0
Net write-offs, 2019									56
Net write-offs, 2018									5
Net write-offs, prior									0
Nine Months Ended September 30, 2021 Net write-offs									61
Single-family rental loans | Debt-to-Value Ratio, Less than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2021	15,444								15,444
2020	35,727								35,727
2019	186,931								186,931
2018	77,689								77,689
2017	10,107								10,107
Prior	0								0
Residential whole loans, total or weighted average	325,898								325,898
Single-family rental loans | Debt-to-Value Ratio, 80 to 100 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0								0
2020	512								512
2019	5,312								5,312
2018	86								86
2017	0								0
Prior	0								0
Residential whole loans, total or weighted average	5,910								5,910
Seasoned Performing Loans
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0								0
2020	0								0
2019	0								0
2018	0								0
2017	0								0
Prior	102,042								102,042
Residential whole loans, total or weighted average	102,042								102,042
Gross write-offs, 2020									0
Gross write-offs, 2019									0
Gross write-offs									0
Gross write-offs, prior									0
Nine Months Ended September 30, 2021 Gross write-offs									0
Net write-offs, 2020									0
Net write-offs, 2019									0
Net write-offs, 2018									0
Net write-offs, prior									0
Nine Months Ended September 30, 2021 Net write-offs									0
Seasoned Performing Loans | Debt-to-Value Ratio, Less than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0								0
2020	0								0
2019	0								0
2018	0								0
2017	0								0
Prior	98,288								98,288
Residential whole loans, total or weighted average	98,288								98,288
Seasoned Performing Loans | Debt-to-Value Ratio, 80 to 100 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0								0
2020	0								0
2019	0								0
2018	0								0
2017	0								0
Prior	3,754								3,754
Residential whole loans, total or weighted average	3,754								3,754
Purchased Credit Deteriorated Loans
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0								0
2020	0								0
2019	0								0
2018	0								0
2017	618								618
Prior	547,154								547,154
Residential whole loans, total or weighted average	547,772				673,708				547,772	$ 673,708
Gross write-offs, 2020									0
Gross write-offs, 2019									0
Gross write-offs									0
Gross write-offs, prior									527
Nine Months Ended September 30, 2021 Gross write-offs									527
Net write-offs, 2020									0
Net write-offs, 2019									0
Net write-offs, 2018									0
Net write-offs, prior									527
Nine Months Ended September 30, 2021 Net write-offs									527
Purchased Credit Deteriorated Loans | Debt-to-Value Ratio, Less than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0								0
2020	0								0
2019	0								0
2018	0								0
2017	618								618
Prior	404,603								404,603
Residential whole loans, total or weighted average	405,221								405,221
Purchased Credit Deteriorated Loans | Debt-to-Value Ratio, 80 to 100 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0								0
2020	0								0
2019	0								0
2018	0								0
2017	0								0
Prior	142,551								142,551
Residential whole loans, total or weighted average	142,551								142,551
Settled Whole Loans | Non-QM Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Purchased performing loans	3,453,242				2,336,117				$ 3,453,242	$ 2,336,117
Weighted Average LTV Ratio									66.00%	64.00%
Settled Whole Loans | Rehabilitation loans
Financing Receivable, Credit Quality Indicator [Line Items]
Purchased performing loans	727,964				563,430				$ 727,964	$ 563,430
Weighted Average LTV Ratio									67.00%	63.00%
Settled Whole Loans | Single-family rental loans
Financing Receivable, Credit Quality Indicator [Line Items]
Purchased performing loans	949,772				442,456				$ 949,772	$ 442,456
Weighted Average LTV Ratio									70.00%	70.00%
Settled Whole Loans | Seasoned Performing Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Purchased performing loans	101,995				136,157				$ 101,995	$ 136,157
Weighted Average LTV Ratio									37.00%	40.00%
Settled Whole Loans | Certain rehabilitation loans
Financing Receivable, Credit Quality Indicator [Line Items]
Purchased performing loans	$ 137,300				$ 189,900				$ 137,300	$ 189,900
Weighted Average LTV Ratio									71.00%	69.00%

Residential Whole Loans - LTV o

Residential Whole Loans - LTV on Loans (Details) - 90 or more $ in Thousands	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Held at Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	$ 230,903	$ 313,153
UPB	229,520	310,084
Held at Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	781,245	1,004,503
UPB	800,145	1,080,733
Held at Fair Value | Nonperforming Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	454,443	571,729
UPB	$ 453,146	$ 625,621
LTV (as a percent)	0.802	0.868
Non-QM loans | Held at Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	$ 96,473	$ 148,387
UPB	$ 94,755	$ 144,681
LTV (as a percent)	0.646	0.659
Rehabilitation loans | Held at Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	$ 103,166	$ 136,347
UPB	$ 103,034	$ 136,347
LTV (as a percent)	0.676	0.658
Single-family rental loans | Held at Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	$ 23,524	$ 20,388
UPB	$ 23,487	$ 20,233
LTV (as a percent)	0.734	0.727
Seasoned performing loans | Held at Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	$ 7,740	$ 8,031
UPB	$ 8,244	$ 8,823
LTV (as a percent)	0.456	0.551
Agency eligible investor loans | Held at Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	$ 0	$ 0
UPB	$ 0	$ 0
LTV (as a percent)	0	0
Purchased Credit Deteriorated Loans | Held at Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	$ 95,899	$ 119,621
UPB	$ 117,479	$ 145,028
LTV (as a percent)	0.791	0.867

Residential Whole Loans - Inter

Residential Whole Loans - Interest Income Components (Details) - Residential whole loans - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 303,468	$ 332,212	$ 358,161
Performing Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	182,597	222,526	200,634
Nonperforming Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	80,741	73,448	114,181
Non-QM loans | Performing Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	96,948	136,527	116,282
Rehabilitation loans | Performing Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	33,129	49,484	54,419
Single-family rental loans | Performing Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	34,169	27,722	17,742
Seasoned performing loans | Performing Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	6,684	8,793	12,191
Agency eligible investor loans | Performing Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	11,667	0	0
Purchased Credit Deteriorated Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	40,130	36,238	43,346
Held at Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	169,618	258,764	243,980
Held at Carrying Value | Performing Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	129,488	222,526	200,634
Held at Carrying Value | Nonperforming Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	0	0	0
Held at Carrying Value | Non-QM loans | Performing Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	75,517	136,527	116,282
Held at Carrying Value | Rehabilitation loans | Performing Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	22,424	49,484	54,419
Held at Carrying Value | Single-family rental loans | Performing Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	24,863	27,722	17,742
Held at Carrying Value | Seasoned performing loans | Performing Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	6,684	8,793	12,191
Held at Carrying Value | Agency eligible investor loans | Performing Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	0	0	0
Held at Carrying Value | Purchased Credit Deteriorated Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	40,130	36,238	43,346
Held at Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	133,850	73,448	114,181
Held at Fair Value | Performing Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	53,109	0	0
Held at Fair Value | Nonperforming Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	80,741	73,448	114,181
Held at Fair Value | Non-QM loans | Performing Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	21,431	0	0
Held at Fair Value | Rehabilitation loans | Performing Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	10,705	0	0
Held at Fair Value | Single-family rental loans | Performing Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	9,306	0	0
Held at Fair Value | Seasoned performing loans | Performing Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	0	0	0
Held at Fair Value | Agency eligible investor loans | Performing Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	11,667	0	0
Held at Fair Value | Purchased Credit Deteriorated Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 0	$ 0	$ 0

Residential Whole Loans - Fair

Residential Whole Loans - Fair Value Components of Net Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Net unrealized gains	$ 16,243	$ 17,204	$ 47,849
Other income/(loss)	493	3,561	(3,700)
Total	$ 16,736	$ 20,765	$ 44,149

Securities, at Fair Value - Nar

Securities, at Fair Value - Narrative (Details) - USD ($)	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020
Debt Securities, Available-for-sale [Line Items]
Securities, at fair value	$ 399,999,000		$ 256,685,000	$ 399,999,000
Minimum term of fixed rate mortgages underlying MBS			15 years
Maximum term of fixed rate mortgages underlying MBS			30 years
Allowance for credit loss	86,833,000	$ 218,011,000	$ 39,447,000	86,833,000	$ 3,025,000	$ 44,102,000	$ 54,261,000	$ 63,244,000	$ 106,246,000	$ 136,589,000
Impairment and other gains and losses on securities available-for-sale and other assets			(33,956,000)	425,082,000	$ 180,000
Term Notes backed by MSR Related Collateral
Debt Securities, Available-for-sale [Line Items]
Securities, at fair value	239,000,000		153,800,000	239,000,000
Amortized costs	184,900,000		121,400,000	184,900,000
Gross unrealized gains	$ 54,000,000		$ 32,400,000	54,000,000
Weighted average yield	12.30%		10.30%
Weighted average to maturity	8 years 8 months 12 days		1 year 8 months 12 days
Proceeds from Sale of Mortgage Servicing Rights (MSR)				711,700,000
Gross realized losses				$ 28,700,000
Impairment		280,800,000
Mortgage-backed Securities, Issued by Private Enterprises
Debt Securities, Available-for-sale [Line Items]
Securities, at fair value							$ 0
Gross unrealized losses			$ 0
Allowance for credit loss			$ 0
MBS and MSR-Related Assets
Debt Securities, Available-for-sale [Line Items]
Impairment and other gains and 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

Securities, at Fair Value - Res

Securities, at Fair Value - Residential and Mortgage Securities (Details) - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Fair  Value	[1]	$ 256,685	$ 399,999
Residential Mortgage Securities
Debt Securities, Available-for-sale [Line Items]
Principal/ Current Face		99,999	161,878
Purchase Premiums		7,466	3,022
Accretable Purchase Discounts		(55)	(8,206)
Discount Designated as Credit Reserve		(20,768)	(21,437)
Gross Amortized Cost		86,642	135,257
Gross Unrealized Gains		16,282	26,926
Gross Unrealized Losses		(10)	(1,183)
Net Unrealized Gain/(Loss)		16,272	25,743
Fair  Value		102,914	161,000
RPL/NPL MBS
Debt Securities, Available-for-sale [Line Items]
Principal/ Current Face			55,000
Gross Amortized Cost			46,900
Fair  Value			$ 53,900
Expected to Recover Less Than Par
Debt Securities, Available-for-sale [Line Items]
Percentage of current face amount of Non-Agency MBS to be recovered			99.00%
CRT, Fair Value Option
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Gains		1,800	$ 551
Gross Unrealized Losses		(10)	(322)
Fair  Value		$ 67,500	$ 66,200
[1]	See Note 6 for information regarding the Company’s pledged assets.

Securities, at Fair Value - Sal

Securities, at Fair Value - Sales of Residential Mortgage Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Sales Proceeds	$ 0	$ 3,062,858	$ 908,696
Gains/(Losses)	0	61,697	62,002
Agency MBS
Debt Securities, Available-for-sale [Line Items]
Sales Proceeds	0	1,500,875	360,634
Gains/(Losses)	0	(19,291)	499
Non-Agency MBS
Debt Securities, Available-for-sale [Line Items]
Sales Proceeds	0	1,318,958	291,391
Gains/(Losses)	0	107,999	50,360
CRT securities
Debt Securities, Available-for-sale [Line Items]
Sales Proceeds	0	243,025	256,671
Gains/(Losses)	$ 0	$ (27,011)	$ 11,143

Securities, at Fair Value - Rol

Securities, at Fair Value - Rollforward (Details) - Agency MBS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
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	0	344,269
Securities with a prior loss allowance	0	0
Write-offs, including allowance related to securities the Company intended to sell	0	(344,269)
Allowance for credit losses at end of period	$ 0	$ 0

Securities, at Fair Value - Imp

Securities, at Fair Value - Impact of AFS Securities on AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
AOCI from AFS Securities:
Unrealized gain on AFS securities at beginning of period	$ 79,607	$ 392,722	$ 417,167
Unrealized (losses)/gains on securities available-for-sale	(32,774)	420,281	20,335
Reclassification adjustment for securities sales included in net income	0	(389,127)	(44,600)
Reclassification adjustment for impairments included in net income	0	(344,269)	(180)
Change in AOCI from AFS securities	(32,774)	(313,115)	(24,445)
Balance at end of period	46,833	79,607	392,722
Agency MBS
AOCI from AFS Securities:
Unrealized (losses)/gains on securities available-for-sale	$ (32,774)	$ 420,281	$ 20,335

Securities, at Fair Value - Int

Securities, at Fair Value - Interest Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Interest income	$ 56,690	$ 90,094	$ 327,201
Agency MBS
Debt Securities, Available-for-sale [Line Items]
Coupon interest	0	14,038	82,446
Effective yield adjustment	0	(5,186)	(26,545)
Interest income	0	8,852	55,901
Legacy Non-Agency MBS
Debt Securities, Available-for-sale [Line Items]
Coupon interest	14	18,263	87,024
Effective yield adjustment	670	10,565	59,622
Interest income	684	28,828	146,646
Accretion income	670		14,500
RPL/NPL MBS
Debt Securities, Available-for-sale [Line Items]
Coupon interest	373	8,376	53,086
Effective yield adjustment	8,136	560	338
Interest income	8,509	8,936	53,424
Accretion income	8,100		329
CRT securities
Debt Securities, Available-for-sale [Line Items]
Coupon interest	3,690	7,010	20,532
Effective yield adjustment	4,459	511	(1,949)
Interest income	8,149	7,521	18,583
MSR related assets
Debt Securities, Available-for-sale [Line Items]
Coupon interest	7,462	25,970	52,644
Effective yield adjustment	31,886	9,987	3
Interest income	39,348	$ 35,957	$ 52,647
Accretion income	$ 20,500

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
REO		$ 156,223	$ 249,699	$ 411,659
Goodwill		61,076	0
Intangible assets, net		21,400	0
Capital contributions made to loan origination partners		71,673	47,148
Other interest-earning assets		57,522	0
Interest receivable		50,191	38,850
Other loan related receivables		$ 34,191	$ 16,682
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]		Total Other Assets	Total Other Assets
Operating Lease, Right-of-Use Asset		$ 39,370	$ 758
Other		73,910	32,244
Total Other Assets	[1]	565,556	385,381
Real estate held-for-investment		11,300	$ 61,800
Accumulated amortization		$ 6,600
Borrowing rate		7.50%
[1]	See Note 6 for information regarding the Company’s pledged assets.

Other Assets - Real Estate Owne

Other Assets - Real Estate Owned (Details) $ in Thousands	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)
Real Estate Owned Properties [Line Items]
Number of real estate owned properties | property	553	946
Real estate owned	$ 156,223	$ 249,699	$ 411,659
Residential Whole Loans acquired through foreclosure ordered in lieu	155,200
Held at Carrying Value
Real Estate Owned Properties [Line Items]
Mortgage loans in process of foreclosure	84,400
Held at Fair Value
Real Estate Owned Properties [Line Items]
Mortgage loans in process of foreclosure	$ 351,400

Other Assets - Real Estate Ow_2

Other Assets - Real Estate Owned - Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)
Real Estate Owned [Roll Forward]
Balance at beginning of period	$ 249,699	$ 411,659
Adjustments to record at lower of cost or fair value	(4,772)	(12,570)
Transfer from residential whole loans	72,304	96,766	$ 257,701
Purchases and capital improvements, net	2,458	10,198
Disposals and other	(163,466)	(256,354)
Balance at end of period	$ 156,223	$ 249,699	$ 411,659
Number of properties | property	553	946
Gain recorded on transfer from residential whole loans to real estate owned	$ (700)	$ 5,100
Properties sold during period property | property	647	1,086
Gain on sales of real estate owned	$ 23,500	$ 15,100
Proceeds from sale of real estate	$ 187,900	$ 274,100

Other Assets - Capital Contribu

Other Assets - Capital Contributions Made to Loan Origination Partners (Details) $ in Thousands	Jul. 01, 2021USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2021USD ($)investment	Dec. 31, 2020USD ($)
Preferred Stock
Other Assets [Line Items]
Gain on investment			$ 24,000
Gain to reflect reversal of impairment			$ 10,000
Number of investments repaid | investment			2
Lima One
Other Assets [Line Items]
Gain on investment	$ 38,900
Impairment (reversal) on investment		$ 21,000
Gain to reflect reversal of impairment	$ 5,000
Loan Originators
Other Assets [Line Items]
Equity method investments			$ 23,200
Impairment (reversal) on investment			0	$ 65,300
Preferred Stock | Loan Originators
Other Assets [Line Items]
Equity method investments			$ 78,900

Other Assets - Derivative Instr

Other Assets - Derivative Instruments Narrative (Details ) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
Derivative [Line Items]
Notional Amount	$ 900,000
Average maturity term of swaps	48 months
Maximum maturity term of swaps	60 months
Designated as Hedging Instrument
Derivative [Line Items]
Derivative, terminated amount				$ 4,100,000
Swap | Not Designated as Hedging Instrument
Derivative [Line Items]
Loss on derivative	$ 598	$ 4,300	$ 16,500
Realized loss		$ 9,400	$ 17,700

Other Assets - Collateral Pledg

Other Assets - Collateral Pledged Against Derivative Contracts (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Swaps
Derivative [Line Items]
Restricted Cash	$ 14,446	$ 0

Other Assets - Derivative Ins_2

Other Assets - Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Notional Amount	$ 900,000
Swaps, at fair value
Derivative [Line Items]
Notional Amount	$ 900,010	$ 0
Weighted Average Fixed-Pay Interest Rate	1.01%	0.00%
Weighted Average Variable Interest Rate	0.05%	0.00%
Swaps, at fair value | Within 30 days to 12 months
Derivative [Line Items]
Notional Amount	$ 0	$ 0
Weighted Average Fixed-Pay Interest Rate	0.00%	0.00%
Weighted Average Variable Interest Rate	0.00%	0.00%
Swaps, at fair value | Over 12 months to 24 months
Derivative [Line Items]
Notional Amount	$ 0	$ 0
Weighted Average Fixed-Pay Interest Rate	0.00%	0.00%
Weighted Average Variable Interest Rate	0.00%	0.00%
Swaps, at fair value | Over 24 months to 36 months
Derivative [Line Items]
Notional Amount	$ 450,010	$ 0
Weighted Average Fixed-Pay Interest Rate	0.90%	0.00%
Weighted Average Variable Interest Rate	0.05%	0.00%
Swaps, at fair value | Over 36 months to 48 months
Derivative [Line Items]
Notional Amount	$ 0	$ 0
Weighted Average Fixed-Pay Interest Rate	0.00%	0.00%
Weighted Average Variable Interest Rate	0.00%	0.00%
Swaps, at fair value | Over 48 months to 60 months
Derivative [Line Items]
Notional Amount	$ 450,000	$ 0
Weighted Average Fixed-Pay Interest Rate	1.12%	0.00%
Weighted Average Variable Interest Rate	0.05%	0.00%

Other Assets - Weighted Average

Other Assets - Weighted Average Interest Rates Paid Received (Details) - Swaps - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Interest expense attributable to Swaps	$ 0	$ (3,359)	$ 927
Weighted average Swap rate paid	0.00%	2.06%	2.28%
Weighted average Swap rate received	0.00%	1.63%	2.24%

Other Assets - Impact of Deriva

Other Assets - Impact of Derivative Hedging Instruments on AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivatives used in Net Investment Hedge, Net of Tax [Roll Forward]
Balance at beginning of period	$ 0	$ (22,675)	$ 3,121
Net loss on Swaps	0	(50,127)	(23,342)
Reclassification adjustment for losses/gains related to hedging instruments included in net income	0	72,802	(2,454)
Balance at end of period	$ 0	$ 0	$ (22,675)

Other Assets - TBA Securities (

Other Assets - TBA Securities (Details)	12 Months Ended
	Dec. 31, 2021USD ($)
Derivative [Line Items]
Notional Amount	$ 900,000,000
TBA Securities | Short
Derivative [Line Items]
Aggregate value	(1,300,000)
Gain on derivative	2,000,000
FNCL 2.5 1/22 | Short
Derivative [Line Items]
Notional Amount	180,000,000
FNCL 2 1/21 | Short
Derivative [Line Items]
Notional Amount	$ 130,000,000

Financing Agreements - Financin

Financing Agreements - Financing Agreements (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financing Agreements [Line Items]
Unpaid Principal Balance	$ 6,377,370	$ 4,339,479
Fair value / Carrying Value	6,378,782	4,336,976
Held at Carrying Value
Financing Agreements [Line Items]
Unpaid Principal Balance	3,123,070	978,300
Fair value / Carrying Value	3,112,009	970,204
Fair Value
Financing Agreements [Line Items]
Unpaid Principal Balance	3,254,300	3,361,179
Amortized Cost Balance	3,267,981	3,352,529
Fair value / Carrying Value	3,266,773	3,366,772
Agreements with mark-to-market collateral provisions | Held at Carrying Value
Financing Agreements [Line Items]
Unpaid Principal Balance	1,240,510
Fair value / Carrying Value	1,239,937
Agreements with mark-to-market collateral provisions | Fair Value
Financing Agreements [Line Items]
Unpaid Principal Balance	1,322,362	1,156,899
Amortized Cost Balance	1,322,362	1,156,899
Fair value / Carrying Value	1,322,362	1,159,213
Agreements with non-mark-to-market collateral provisions | Held at Carrying Value
Financing Agreements [Line Items]
Unpaid Principal Balance	311,977
Fair value / Carrying Value	311,260
Agreements with non-mark-to-market collateral provisions | Fair Value
Financing Agreements [Line Items]
Unpaid Principal Balance	627,026	1,338,077
Amortized Cost Balance	627,026	1,338,077
Fair value / Carrying Value	628,280	1,338,077
Securitized debt | Held at Carrying Value
Financing Agreements [Line Items]
Unpaid Principal Balance	1,340,583	648,300
Fair value / Carrying Value	1,334,342	645,027
Securitized debt | Fair Value
Financing Agreements [Line Items]
Unpaid Principal Balance	1,304,912	866,203
Amortized Cost Balance	1,318,593	857,553
Fair value / Carrying Value	1,316,131	869,482
Convertible senior notes | Held at Carrying Value
Financing Agreements [Line Items]
Unpaid Principal Balance	230,000	230,000
Fair value / Carrying Value	$ 226,470	225,177
Senior Notes | Held at Carrying Value
Financing Agreements [Line Items]
Unpaid Principal Balance		100,000
Fair value / Carrying Value		$ 100,000

Financing Agreements - Borrowin

Financing Agreements - Borrowings Under Repurchase Agreement And Associated Assets Pledged as Collateral (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Repurchase Agreements
Fair value of securities pledged as collateral under financing agreements	$ 8,019,405	$ 5,799,786
Mark-to-market financing agreements secured by residential whole loans
Repurchase Agreements
Fair value of securities pledged as collateral under financing agreements	2,629,919	4,140,961
Mark-to-market financing agreements secured by residential whole loans | Fair Value
Repurchase Agreements
Carrying Value	2,391,602	1,113,553
Fair value of securities pledged as collateral under financing agreements	$ 3,301,288	$ 1,798,813
Weighted average haircut rate	25.27%	34.17%
Mark-to-market financing agreements secured by securities at fair value | Fair Value
Repurchase Agreements
Carrying Value	$ 159,148	$ 213,915
Fair value of securities pledged as collateral under financing agreements	$ 256,685	$ 399,999
Weighted average haircut rate	37.00%	41.16%
Mark-to-market financing agreements secured by real estate owned
Repurchase Agreements
Fair value of securities pledged as collateral under financing agreements	$ 90,445	$ 49,477
Mark-to-market financing agreements secured by real estate owned | Fair Value
Repurchase Agreements
Carrying Value	11,549	10,609
Fair value of securities pledged as collateral under financing agreements	$ 34,606	$ 22,525
Weighted average haircut rate	58.46%	55.56%
Non-mark-to-market financing secured by residential whole loans | Fair Value
Repurchase Agreements
Carrying Value	$ 928,055	$ 1,156,125
Fair value of securities pledged as collateral under financing agreements	$ 1,420,283	$ 1,930,283
Weighted average haircut rate	29.98%	39.46%
Non-mark-to-market financing secured by real estate owned | Fair Value
Repurchase Agreements
Carrying Value	$ 11,485	$ 3,088
Fair value of securities pledged as collateral under financing agreements	$ 29,894	$ 7,441
Weighted average haircut rate	61.28%	59.73%
Loan Securitization
Repurchase Agreements
Fair value of securities pledged as collateral under financing agreements		$ 141,900

Financing Agreements - Financ_2

Financing Agreements - Financing Agreements, at Fair Values Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Financing Agreements [Line Items]
Financial instruments	$ 6,378,782	$ 4,336,976
Financing Agreement
Financing Agreements [Line Items]
Cash collateral pledged	10,200	$ 7,200
Non-mark-to-market financing secured by residential whole loans
Financing Agreements [Line Items]
Financial instruments	$ 559,800
Minimum | Non-mark-to-market financing secured by residential whole loans
Financing Agreements [Line Items]
Facility maturity period	5 months
Extension term	16 months
Maximum | Non-mark-to-market financing secured by residential whole loans
Financing Agreements [Line Items]
Facility maturity period	45 months
Extension term	42 months

Financing Agreements - Borrow_2

Financing Agreements - Borrowings Under Repurchase Agreement (Details) - Repurchase Agreement Borrowings - Fair Value - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	$ 3,501,876	$ 2,494,976
Weighted Average Interest Rate	2.38%	3.16%
Within 30 days
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	$ 3,222,268	$ 2,494,976
Weighted Average Interest Rate	2.36%	3.16%
Over 30 days to 3 months
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	$ 257,444	$ 0
Weighted Average Interest Rate	2.49%	0.00%
Over 3 months to 12 months
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	$ 22,164	$ 0
Weighted Average Interest Rate	4.50%	0.00%
Over 12 months
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	$ 0	$ 0
Weighted Average Interest Rate	0.00%	0.00%

Financing Agreements - Securiti

Financing Agreements - Securitized Debt (Details)	Dec. 31, 2021	Dec. 31, 2020
Asset-backed Securities, Securitized Loans and Receivables
Debt Instrument [Line Items]
Weighted average fixed rate for Senior Bonds issued	1.58%	2.11%

Financing Agreements - Converti

Financing Agreements - Convertible Senior Notes (Details)	Jun. 03, 2019USD ($)$ / shares	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Proceeds from issuance of Convertible Senior Notes		$ 0	$ 0	$ 223,311,000
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%	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 N

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%

Financing Agreements - Senior S

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

Financing Agreements - Counterp

Financing Agreements - Counterparty for Repurchase Agreement (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)counterparty	Dec. 31, 2020counterparty
Repurchase agreements counterparty risk
Number of counterparties | counterparty	7	7
Threshold of stockholders' equity at risk with single counterparty to repurchase agreements or linked transactions (greater than) (percent)	5.00%
Barclays Bank
Repurchase agreements counterparty risk
Amount at Risk	$ 535,524
Weighted  Average Months  to Repricing for Repurchase Agreements	1 month
Percent of Stockholders’ Equity	21.10%
Credit Suisse
Repurchase agreements counterparty risk
Amount at Risk	$ 557,688
Weighted  Average Months  to Repricing for Repurchase Agreements	1 month
Percent of Stockholders’ Equity	21.90%
Wells Fargo
Repurchase agreements counterparty risk
Amount at Risk	$ 251,079
Weighted  Average Months  to Repricing for Repurchase Agreements	1 month
Percent of Stockholders’ Equity	9.90%

Financing Agreements - Pledged

Financing Agreements - Pledged Collateral (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	$ 8,019,405	$ 5,799,786
Accrued interest on assets	25,700	24,600
Non-Mark-to-Market
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	1,426,051	1,927,464
Mark-to-Market
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	3,556,273	2,004,180
Securitized
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	3,037,081	1,868,142
Residential whole loans, at carrying value
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	2,629,919	4,140,961
Residential whole loans, at carrying value | Non-Mark-to-Market
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	693,982	1,497,281
Residential whole loans, at carrying value | Mark-to-Market
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	459,349	1,207,364
Residential whole loans, at carrying value | Securitized
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	1,476,588	1,436,316
Residential whole loans, at fair value
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	5,042,356	1,209,349
Residential whole loans, at fair value | Non-Mark-to-Market
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	706,377	430,183
Residential whole loans, at fair value | Mark-to-Market
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	2,810,865	396,817
Residential whole loans, at fair value | Securitized
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	1,525,114	382,349
Securities, at fair value
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	256,685	399,999
Securities, at fair value | Non-Mark-to-Market
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	0	0
Securities, at fair value | Mark-to-Market
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	256,685	399,999
Securities, at fair value | Securitized
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	0	0
Other assets: REO
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	90,445	49,477
Other assets: REO | Non-Mark-to-Market
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	25,692	0
Other assets: REO | Mark-to-Market
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	29,374	0
Other assets: REO | Securitized
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	$ 35,379	$ 49,477

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Liabilities [Abstract]
Dividends and dividend equivalents payable	$ 47,751	$ 34,016
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Total Other Liabilities	Total Other Liabilities
Lease liability	$ 44,977	$ 636
Accrued interest payable	9,621	11,116
Accrued expenses and other	115,709	24,754
Total Other Liabilities	$ 218,058	$ 70,522

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Percentage of REIT taxable income that is the Company's objective to distribute within the permitted timeframe	100.00%
Valuation allowance	$ 51,680	$ 74,141
Federal net operating loss carryforward	$ 142,100

Income Taxes - Net Deferred Tax

Income Taxes - Net Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets (DTAs):
Net operating loss and tax credit carryforwards	$ 35,796	$ 37,338
Unrealized mark-to-market, impairments and loss provisions	3,753	15,203
Other realized / unrealized treatment differences	12,131	21,600
Total deferred tax assets	51,680	74,141
Less: valuation allowance	(51,680)	(74,141)
Net deferred tax assets	$ 0	$ 0

Income Taxes - Income Tax Provi

Income Taxes - Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current provision (benefit)
Federal	$ 2,025	$ 1,403	$ 3
State	644	598	496
Total current provision (benefit)	2,669	2,001	499
Deferred provision (benefit)
Federal	0	0	0
State	0	0	0
Total deferred provision (benefit)	0	0	0
Total provision (benefit)	$ 2,669	$ 2,001	$ 499

Income Taxes - Statutory Federa

Income Taxes - Statutory Federal Tax Rate to our Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Federal statutory rate	21.00%	21.00%	21.00%
Non-taxable REIT income (dividends paid deduction)	(4.60%)	0.10%	(20.30%)
Other differences in taxable income (loss) from GAAP	(4.70%)	(14.40%)	(3.00%)
State and local taxes	0.00%	0.00%	0.00%
Change in valuation allowance on DTAs	(11.10%)	(6.90%)	2.30%
Effective tax rate	0.60%	(0.20%)	0.00%

Commitments and Contingencies -

Commitments and Contingencies - Lease Commitments (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)lease	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Lease Commitments
Number of lease commitments | lease	2
Operating lease expense		$ 3	$ 2.7
Corporate headquarters
Lease Commitments
Lease cost	$ 4
New Corporate Headquarters Location
Lease Commitments
Term of lease	15 years
Renewal term	5 years

Commitments and Contingencies_2

Commitments and Contingencies - Minimum Payments (Details) $ in Thousands	Dec. 31, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
2022	$ 5,334
2023	5,353
2024	5,351
2025	4,659
2026	4,552
Thereafter	49,604
Total	$ 74,853

Commitments and Contingencies_3

Commitments and Contingencies - Rehabilitation Loan Commitments (Details) $ in Millions	Dec. 31, 2021USD ($)
Rehabilitation Loan Commitments
Other Commitments [Line Items]
Other commitment	$ 285.8

Stockholders' Equity (Series B)

Stockholders' Equity (Series B) (Details)	Nov. 16, 2021$ / shares	Aug. 26, 2021$ / shares	May 24, 2021$ / shares	Feb. 19, 2021$ / shares	Nov. 18, 2020$ / shares	Aug. 12, 2020$ / shares	Jul. 01, 2020$ / shares	Feb. 28, 2020$ / sharesshares	Nov. 15, 2019$ / shares	Aug. 09, 2019$ / shares	May 20, 2019$ / shares	Feb. 15, 2019$ / shares	Apr. 15, 2013$ / sharesshares	Mar. 31, 2020directorquarter	Dec. 31, 2021quarterdirector$ / sharesshares	Dec. 31, 2020$ / sharesshares	Dec. 31, 2019$ / shares	Dec. 31, 2018$ / shares
Class of Stock [Line Items]
Maximum quarters without dividends to get voting rights, in quarters | quarter															6
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate															7.50%	7.50%
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, cash dividends declared (in dollars per share)	$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875	$ 0.93750		$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875			$ 1.875	$ 1.875	$ 1.875
Minimum percentage of preferred shareholders required for approval															66.67%
Series B Preferred Stock | Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate								7.50%					7.50%		7.50%	7.50%	7.50%	7.50%
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, redemption price (in dollars per share)													$ 25
Number of additional directors that can be elected by preferred stock holders | director															2
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate															6.50%	6.50%
Preferred stock, shares issued (in shares) | shares															11,000,000	11,000,000
Preferred stock, par value (in dollars per share)															$ 0.01	$ 0.01
Preferred stock, cash dividends declared (in dollars per share)	$ 0.40625	$ 0.40625	$ 0.40625	$ 0.40625	$ 0.40625	$ 0.40625	$ 0.53264								$ 1.625	$ 1.345
Minimum percentage of preferred shareholders required for approval															66.67%
Series C Preferred Stock | Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate								6.50%							6.50%	6.50%	6.50%
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	$ 25
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 (Series C)

Stockholders' Equity (Series C) (Details) $ / shares in Units, $ in Thousands	Mar. 02, 2020USD ($)	Feb. 28, 2020$ / sharesshares	Mar. 31, 2020directorquarter	Dec. 31, 2021USD ($)quarter$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / shares
Class of Stock [Line Items]
Proceeds from issuance of series C preferred stock | $				$ 0	$ 275,000	$ 0
Maximum quarters without dividends to get voting rights, in quarters | quarter				6
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate				6.50%	6.50%
Preferred stock, shares issued (in shares) | shares				11,000,000	11,000,000
Preferred stock, par value (in dollars per share)				$ 0.01	$ 0.01
Minimum percentage of preferred shareholders required for approval				66.67%
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%	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	$ 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. 16, 2021	Aug. 26, 2021	May 24, 2021	Feb. 19, 2021	Nov. 18, 2020	Aug. 12, 2020	Jul. 01, 2020	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Return of capital (in dollars per share)								$ 0.2628	$ 0.05
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, cash dividends declared (in dollars per share)	$ 0.40625	$ 0.40625	$ 0.40625	$ 0.40625	$ 0.40625	$ 0.40625	$ 0.53264	$ 1.625	$ 1.345

Stockholders' Equity (Dividen_2

Stockholders' Equity (Dividends on Common Stock) (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 14, 2021	Sep. 15, 2021	Jun. 15, 2021	Mar. 12, 2021	Dec. 17, 2020	Aug. 06, 2020	Dec. 12, 2019	Sep. 12, 2019	Jun. 12, 2019	Mar. 06, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Mar. 11, 2020
Stockholders' Equity Note [Abstract]
Dividend declared, never paid (in dollars per share)														$ 0.20
Common stock, cash dividends declared (in dollars per share)	$ 0.110	$ 0.100	$ 0.100	$ 0.075	$ 0.075	$ 0.050	$ 0.200	$ 0.200	$ 0.200	$ 0.200	$ 0.385	$ 0.125	$ 0.80
Dividends and dividend equivalents declared and unpaid											$ 47,751	$ 34,016	$ 90,749
Return of capital (in dollars per share)											$ 0.2628	$ 0.05
Common stock dividends, capital gains (in dollars per share)													$ 0.1672

Stockholders' Equity (DRSPP) (D

Stockholders' Equity (DRSPP) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended			220 Months Ended
	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2021	Aug. 08, 2013
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	874,300,000	874,300,000	874,300,000		874,300,000
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)		8,300,000			8,300,000
Issuance of stock, net of expenses (in shares)		431,699	235,635	322,888	35,046,102
Value of shares issued net of expenses		$ 1.9	$ 1	$ 2.4	$ 289.5

Stockholders' Equity (At-the-Ma

Stockholders' Equity (At-the-Market) (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 16, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Shares repurchased and retired (in shares)		20,101,494	14,085,678	0
At The Market
Class of Stock [Line Items]
Distribution agreement term	3 years
At-the-market, maximum potential proceeds	$ 400,000
Sales commission, percent of gross sales price	2.00%
Number of shares issued (in shares)		0	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, 2021	Dec. 31, 2020	Dec. 31, 2019	Nov. 02, 2020	Dec. 31, 2014
Stockholders' Equity Note [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)	20,101,494	14,085,678	0
Average cost per share (usd per share)	$ 4.26	$ 3.61
Cost for shares repurchased	$ 85,600,000	$ 50,800,000
Payments for fees and commissions paid to the sales agent	201,000	$ 141,000
Warrants repurchased (in shares)		17,593,576
Remaining authorized repurchase amount	$ 80,300,000

Stockholders' Equity (Warrants)

Stockholders' Equity (Warrants) (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 15, 2020	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Number of securities called by warrants (in shares)	37,039,106
Proceeds from Investment Agreement	$ 495,000
Proceeds allocated to debt	481,000
Proceeds allocated to warrants	$ 14,000		$ 0	$ 14,041	$ 0
Payments for Repurchase of Warrants		$ 33,700	$ 0	$ 33,650	$ 0
Warrants Repurchased Rate		48.00%
Shares issued (in shares)		12,300,000
Proceeds from warrant exercises		$ 6,500
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, 2021	Dec. 31, 2020	Dec. 31, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 2,524,802	$ 3,383,952	$ 3,416,101
OCI before reclassifications	(31,715)	367,840	(3,007)
Amounts reclassified from AOCI	0	(660,594)	(47,234)
Other Comprehensive (Loss)	(31,715)	(292,754)	(50,241)
Ending balance	2,542,848	2,524,802	3,383,952
Net Unrealized Gain/(Loss) on AFS Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	79,607	392,722	417,167
OCI before reclassifications	(32,774)	420,281	20,335
Amounts reclassified from AOCI	0	(733,396)	(44,780)
Other Comprehensive (Loss)	(32,774)	(313,115)	(24,445)
Ending balance	46,833	79,607	392,722
Net  Gain/(Loss) on Swaps
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0	(22,675)	3,121
OCI before reclassifications	0	(50,127)	(23,342)
Amounts reclassified from AOCI	0	72,802	(2,454)
Other Comprehensive (Loss)	0	22,675	(25,796)
Ending balance	0	0	(22,675)
Net Unrealized Gain/(Loss) on Financing Agreements
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(2,314)	0
OCI before reclassifications	1,059	(2,314)
Amounts reclassified from AOCI	0	0
Other Comprehensive (Loss)	1,059	(2,314)
Ending balance	(1,255)	(2,314)	0
Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	77,293	370,047	420,288
Ending balance	$ 45,578	$ 77,293	$ 370,047

Stockholders' Equity (AOCI Recl

Stockholders' Equity (AOCI Reclassifications) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net realized (loss)/gain on sales of securities and residential whole loans		$ 0	$ (188,847)	$ 62,002
Other, net		30,040	(34,762)	11,583
Net Income/(Loss) Available to Common Stock and Participating Securities		295,995	(709,186)	363,117
Amounts Reclassified from AOCI
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net Income/(Loss) Available to Common Stock and Participating Securities		0	(660,594)	(47,234)
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 securities and residential whole loans		0	(389,127)	(44,600)
Other, net		0	(344,269)	(180)
Net Income/(Loss) Available to Common Stock and Participating Securities		0	(733,396)	(44,780)
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	$ 72,802	0		(2,454)
Net Income/(Loss) Available to Common Stock and Participating Securities		$ 0	$ 72,802	$ (2,454)

EPS Calculation (Details)

EPS Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Basic Earnings/(Loss) per Share:
Net income/(loss) to common stockholders	$ 328,870	$ (679,390)	$ 378,117
Dividends declared on preferred stock	(32,875)	(29,796)	(15,000)
Dividends, dividend equivalents and undistributed earnings allocated to participating securities	(1,044)	(229)	(1,087)
Net income/(loss) to common stockholders - basic	$ 294,951	$ (709,415)	$ 362,030
Basic weighted average common shares outstanding (in shares)	442,816	452,033	450,972
Basic Earnings/(Loss) per Common Share (usd per share)	$ 0.67	$ (1.57)	$ 0.80
Diluted Earnings/(Loss) per Share:
Net income/(loss) to common stockholders - basic	$ 294,951	$ (709,415)	$ 362,030
Dividends, dividend equivalents and undistributed earnings allocated to participating securities	1,044	0	0
Interest expense on Convertible Senior Notes	15,668	0	8,965
Net income/(loss) to common stockholders - diluted	$ 311,663	$ (709,415)	$ 370,995
Basic weighted average common shares outstanding (in shares)	442,816	452,033	450,972
Unvested and vested restricted stock units (in shares)	2,130	0	0
Effect of assumed Convertible Senior Notes conversion to common shares (in shares)	28,920	0	16,797
Diluted weighted average common shares outstanding (in shares)	473,866	452,033	467,769
Diluted Earnings/(Loss) per Common Share (in usd per share)	$ 0.66	$ (1.57)	$ 0.79
Anti-dilutive securities excluded from diluted earnings per share calculations (in shares)	7,400
RSUs
Diluted Earnings/(Loss) per Share:
Weighted average grant date fair value (in dollars per share)	$ 4.31

Equity Compensation and Other_3

Equity Compensation and Other Benefit Plans - Narrative (Details) - Equity Compensation Plan	12 Months Ended
	Dec. 31, 2021shares
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	10,500,000
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 and Other_4

Equity Compensation and Other Benefit Plans - Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
RSUs With Service Condition
RSUs With Service Condition
Outstanding at beginning of year (in shares)	1,829,455	1,379,681	1,206,446
Granted (in shares)	1,517,069	939,046	461,525
Settled (in shares)	(497,974)	(379,272)	(269,290)
Cancelled, forfeited or expired (in shares)	0	(110,000)	(19,000)
Outstanding at end of year (in shares)	2,848,550	1,829,455	1,379,681
RSUs vested but not settled at end of year (in shares)	1,142,900	1,160,416	809,681
RSUs unvested at end of year (in shares)	1,705,650	669,039	570,000
Weighted Average Grant Date Fair Value
Outstanding at beginning of year (in dollars per share)	$ 6.19	$ 7.62	$ 7.57
Granted (in dollars per share)	4.16	4.88	7.35
Settled (in dollars per share)	6.49	7.75	6.93
Cancelled/forfeited (in dollars per share)	0	7.59	7.72
Outstanding at end of year (in dollars per share)	5.05	6.19	7.62
RSUs vested but not settled at end of year (in dollars per share)	5.22	5.37	7.70
Weighted average grant date fair value (in dollars per share)	$ 4.94	$ 7.61	$ 7.50
RSUs With Market and Service Conditions
RSUs With Service Condition
Outstanding at beginning of year (in shares)	1,623,174	1,301,250	1,151,250
Granted (in shares)	2,408,520	763,174	451,000
Settled (in shares)	(409,000)	(441,250)	(290,000)
Cancelled, forfeited or expired (in shares)	0	0	(11,000)
Outstanding at end of year (in shares)	3,622,694	1,623,174	1,301,250
RSUs vested but not settled at end of year (in shares)	451,000	409,000	441,250
RSUs unvested at end of year (in shares)	3,171,694	1,214,174	860,000
Weighted Average Grant Date Fair Value
Outstanding at beginning of year (in dollars per share)	$ 6.26	$ 6.78	$ 6.21
Granted (in dollars per share)	3.40	5.50	6.97
Settled (in dollars per share)	6.91	6.48	4.81
Cancelled/forfeited (in dollars per share)	0	0	6.71
Outstanding at end of year (in dollars per share)	4.29	6.26	6.78
RSUs vested but not settled at end of year (in dollars per share)	6.97	6.91	6.48
Weighted average grant date fair value (in dollars per share)	$ 3.90	$ 6.04	$ 6.94
Expected term	1 year
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 12.3	$ 6.8
Period for recognizing unrecognized compensation cost	1 year 9 months 18 days
RSUs With Service Condition
Outstanding at beginning of year (in shares)	3,452,629	2,680,931	2,357,696
Granted (in shares)	3,925,589	1,702,220	912,525
Settled (in shares)	(906,974)	(820,522)	(559,290)
Cancelled, forfeited or expired (in shares)	0	(110,000)	(30,000)
Outstanding at end of year (in shares)	6,471,244	3,452,629	2,680,931
RSUs vested but not settled at end of year (in shares)	1,593,900	1,569,416	1,250,931
RSUs unvested at end of year (in shares)	4,877,344	1,883,213	1,430,000
Weighted Average Grant Date Fair Value
Outstanding at beginning of year (in dollars per share)	$ 6.22	$ 7.21	$ 6.90
Granted (in dollars per share)	3.69	5.16	7.16
Settled (in dollars per share)	6.68	7.07	5.83
Cancelled/forfeited (in dollars per share)	0	7.59	7.35
Outstanding at end of year (in dollars per share)	4.62	6.22	7.21
RSUs vested but not settled at end of year (in dollars per share)	5.72	5.77	7.27
Weighted average grant date fair value (in dollars per share)	$ 4.27	$ 6.60	$ 7.16
RSUs with Service Condition, weighted average grant date fair value based on share closing price
RSUs With Service Condition
Granted (in shares)	2,485,124	452,585	160,025
Weighted Average Grant Date Fair Value
Weighted average volatility estimated	48.00%
Expected term	3 years
Weighted average risk-free rate	0.17%
Share price (dollars per share)		$ 2.32	$ 7.28
RSUs With Service Condition, Weighted Average Grant Date Fair Value Based on Share Closing Price
RSUs With Service Condition
Granted (in shares)	1,224,507	44,922
Weighted Average Grant Date Fair Value
Weighted average volatility estimated	54.00%
Expected term	2 years 6 months
Weighted average risk-free rate	0.36%
Share price (dollars per share)		$ 2.56
Remaining RSUs With Service Condition, Weighted Average Grant Date Fair Value Based on Share Closing Price
RSUs With Service Condition
Granted (in shares)	215,958
Weighted Average Grant Date Fair Value
Share price (dollars per share)	$ 4.70
RSUs with Service Condition and both Service and Market Conditions
RSUs With Service Condition
Granted (in shares)		1,204,713	752,500
Weighted Average Grant Date Fair Value
Weighted average volatility estimated		14.00%	15.00%
Expected term		3 years	3 years
Weighted average risk-free rate		1.36%	2.47%

Equity Compensation and Other_5

Equity Compensation and Other Benefit Plans - Restricted Stock (Details) - Restricted shares of common stock - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of stock vested	$ 0	$ 131	$ 3,200
RSUs With Service Condition
Outstanding at beginning of year (in shares)	0	0	0
Granted (in shares)	0	79,545	412,185
Vested (in shares)	0	(79,545)	(412,185)
Cancelled, forfeited or expired (in shares)	0	0	0
Outstanding at end of year (in shares)	0	0	0
Weighted Average Grant Date Fair Value
Outstanding at beginning of year (in dollars per share)	$ 0	$ 0	$ 0
Granted (in dollars per share)	0	1.65	7.83
Vested (in dollars per share)	0	1.65	7.83
Cancelled/forfeited (in dollars per share)	0	0	0
Outstanding at end of year (in dollars per share)	$ 0	$ 0	$ 0

Equity Compensation and Other_6

Equity Compensation and Other Benefit Plans - Dividend Equivalents (Details) - DER - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments attributable to DERs	$ 566	$ 367	$ 1,000
Dividend equivalent rights (in shares)	0	0

Equity Compensation and Other_7

Equity Compensation and Other Benefit Plans - Expense Allocation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense related to equity-based compensation instruments	$ 9,043	$ 6,723	$ 9,239
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense related to equity-based compensation instruments	9,043	6,592	6,012
Restricted shares of common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense related to equity-based compensation instruments	$ 0	$ 131	$ 3,227

Equity Compensation and Other_8

Equity Compensation and Other Benefit Plans - Deferred Compensation Plans (Details) - Deferred Compensation Plans - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferrable compensation by the employee, maximum	100.00%
Expenses related to Deferred Plans	$ 537,000	$ (911,000)	$ 663,000
Cash distributed to the participants	0	769,400	568,900
Undistributed Income Deferred	2,687,000	2,197,000
Liability Under Deferred Plans	2,836,000	1,809,000
Non-employee directors
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Expenses related to Deferred Plans	537,000	(911,000)	$ 663,000
Undistributed Income Deferred	2,687,000	2,197,000
Liability Under Deferred Plans	$ 2,836,000	$ 1,809,000

Equity Compensation and Other_9

Equity Compensation and Other Benefit Plans - Savings Plan (Details) - Savings Plan - USD ($)	12 Months Ended
	Dec. 31, 2021	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	$ 697,100	$ 480,000	$ 503,500

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets:
Securities, at fair value	$ 256,685	$ 399,999
Total assets carried at fair value	5,562,034	1,616,901
Liabilities:
Securitized debt	1,316,131	869,482
Residential whole loans, at fair value
Assets:
Residential whole loans, at fair value	5,305,349	1,216,902
Liabilities:
Total liabilities carried at fair value	3,266,773	3,366,772
Securities, at fair value
Assets:
Securities, at fair value	153,800	239,000
Agreements with non-mark-to-market collateral provisions
Liabilities:
Liabilities carried at fair value	628,280	1,159,213
Agreements with mark-to-market collateral provisions
Liabilities:
Liabilities carried at fair value	1,322,362	1,338,077
Level 1
Assets:
Securities, at fair value	0	0
Total assets carried at fair value	0	0
Liabilities:
Securitized debt	0	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	0
Level 1 | Agreements with non-mark-to-market collateral provisions
Liabilities:
Liabilities carried at fair value	0	0
Level 1 | Agreements with mark-to-market collateral provisions
Liabilities:
Liabilities carried at fair value	0	0
Level 2
Assets:
Securities, at fair value	256,685	399,999
Total assets carried at fair value	1,339,450	399,999
Liabilities:
Securitized debt	1,316,131	869,482
Level 2 | Residential whole loans, at fair value
Assets:
Residential whole loans, at fair value	1,082,765	0
Liabilities:
Total liabilities carried at fair value	1,316,131	1,083,397
Level 2 | Agreements with non-mark-to-market collateral provisions
Liabilities:
Liabilities carried at fair value	0	0
Level 2 | Agreements with mark-to-market collateral provisions
Liabilities:
Liabilities carried at fair value	0	213,915
Level 3
Assets:
Securities, at fair value	0	0
Total assets carried at fair value	4,222,584	1,216,902
Liabilities:
Securitized debt	0	0
Level 3 | Residential whole loans, at fair value
Assets:
Residential whole loans, at fair value	4,222,584	1,216,902
Liabilities:
Total liabilities carried at fair value	1,950,642	2,283,375
Level 3 | Agreements with non-mark-to-market collateral provisions
Liabilities:
Liabilities carried at fair value	628,280	1,159,213
Level 3 | Agreements with mark-to-market collateral provisions
Liabilities:
Liabilities carried at fair value	$ 1,322,362	$ 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, 2021	Dec. 31, 2020
Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Transfer to Level 2	$ 654,700
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	1,216,902	$ 1,381,583
Purchases and originations	4,367,423	0
Draws	53,599	0
Changes in fair value recorded in Net gain on residential whole loans measured at fair value through earnings	16,243	17,204
Repayments	(295,790)	(92,733)
Loan sales and repurchases	(2,023)	(18,530)
Transfer to REO	(51,005)	(70,622)
Transfer to Level 2	(1,082,765)	0
Balance at end of period	$ 4,222,584	$ 1,216,902

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, 2021	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	$ 1,159,213	$ 0
Transfer from Level 2	0	2,036,597
Issuances	0	0
Payment of principal	(529,874)	(879,698)
Change in unrealized (gains)/losses	(1,059)	2,314
Balance at end of period	628,280	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	1,124,162	0
Transfer from Level 2	0	1,386,592
Issuances	1,275,265	258,322
Payment of principal	(1,077,065)	(520,752)
Balance at end of period	$ 1,322,362	$ 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, 2021USD ($)	Dec. 31, 2020USD ($)
Nonperforming Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchased Loans	$ 1,071,774	$ 1,216,637
Purchases excluded from level 2 fair value	496	265
Performing Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchased Loans	3,151,876
Discounted cash flow | Nonperforming Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchased Loans	720,766	789,576
Discounted cash flow | Performing Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchased Loans	3,143,928
Liquidation model | Nonperforming Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchased Loans	351,008	427,061
Simple average amount	421	$ 380
Liquidation model | Performing Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchased Loans	$ 7,948
Residential whole loans, at fair value | Level 3 | Liquidation model | Minimum | Nonperforming Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Annual Change in Home Prices	4.50%	0.00%
Liquidation timeline (in years)	1 month 6 days	9 months 18 days
Fair Value Inputs, Value of Underlying Property	$ 10	$ 12
Residential whole loans, at fair value | Level 3 | Liquidation model | Minimum | Performing Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Annual Change in Home Prices	0.00%
Liquidation timeline (in years)	9 months 18 days
Fair Value Inputs, Value of Underlying Property	$ 60
Residential whole loans, at fair value | Level 3 | Liquidation model | Maximum | Nonperforming Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Annual Change in Home Prices	21.90%	6.50%
Liquidation timeline (in years)	4 years 6 months	4 years 9 months 18 days
Fair Value Inputs, Value of Underlying Property	$ 3,995	$ 4,500
Residential whole loans, at fair value | Level 3 | Liquidation model | Maximum | Performing Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Annual Change in Home Prices	14.80%
Liquidation timeline (in years)	4 years 2 months 12 days
Fair Value Inputs, Value of Underlying Property	$ 1,750
Discount rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Minimum | Nonperforming Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.015	0.033
Discount rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Minimum | Performing Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.014
Discount rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Maximum | Nonperforming Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.098	0.080
Discount rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Maximum | Performing Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.259
Discount rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Weighted Average | Nonperforming Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.036	0.039
Discount rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Weighted Average | Performing Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.039
Discount rate | Residential whole loans, at fair value | Level 3 | Liquidation model | Minimum | Nonperforming Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.067	0.067
Discount rate | Residential whole loans, at fair value | Level 3 | Liquidation model | Minimum | Performing Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.070
Discount rate | Residential whole loans, at fair value | Level 3 | Liquidation model | Maximum | Nonperforming Financial Instruments
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 | Maximum | Performing Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.070
Discount rate | Residential whole loans, at fair value | Level 3 | Liquidation model | Weighted Average | Nonperforming Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.080	0.081
Discount rate | Residential whole loans, at fair value | Level 3 | Liquidation model | Weighted Average | Performing Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.070
Prepayment rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Minimum | Nonperforming Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0	0
Prepayment rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Minimum | Performing Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0
Prepayment rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Maximum | Nonperforming Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.440	0.099
Prepayment rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Maximum | Performing Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.472
Prepayment rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Weighted Average | Nonperforming Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.144	0.048
Prepayment rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Weighted Average | Performing Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.190
Prepayment rate | Residential whole loans, at fair value | Level 3 | Liquidation model | Weighted Average | Nonperforming Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Annual Change in Home Prices	9.70%	3.60%
Prepayment rate | Residential whole loans, at fair value | Level 3 | Liquidation model | Weighted Average | Performing Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Annual Change in Home Prices	6.50%
Default rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Minimum | Nonperforming Financial Instruments
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 | Minimum | Performing Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0
Default rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Maximum | Nonperforming Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.508	0.189
Default rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Maximum | Performing Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.178
Default rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Weighted Average | Nonperforming Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.039	0.038
Default rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Weighted Average | Performing Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.002
Default rate | Residential whole loans, at fair value | Level 3 | Liquidation model | Weighted Average | Nonperforming Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liquidation timeline (in years)	1 year 8 months 12 days	1 year 9 months 18 days
Default rate | Residential whole loans, at fair value | Level 3 | Liquidation model | Weighted Average | Performing Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liquidation timeline (in years)	2 years
Loss severity | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Minimum | Nonperforming Financial Instruments
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 | Minimum | Performing Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0
Loss severity | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Maximum | Nonperforming Financial Instruments
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 | Maximum | Performing Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.100
Loss severity | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Weighted Average | Nonperforming Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.117	0.127
Loss severity | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Weighted Average | Performing Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.084
Loss severity | Residential whole loans, at fair value | Level 3 | Liquidation model | Weighted Average | Nonperforming Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Value of Underlying Property	$ 770	$ 729
Loss severity | Residential whole loans, at fair value | Level 3 | Liquidation model | Weighted Average | Performing Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Value of Underlying Property	$ 691

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Carrying Value vs Fair Value (Details) - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
Financial Assets:
Securities, at fair value	[1]	$ 256,685	$ 399,999
Restricted cash		99,751	7,165
Level 1 | Held at Carrying Value
Financial Assets:
Cash and cash equivalents		304,696	814,354
Restricted cash		99,751	7,165
Financial Liabilities:
Senior notes		0	100,000
Level 1 | Held at Fair Value
Financial Assets:
Cash and cash equivalents		304,696	814,354
Restricted cash		99,751	7,165
Financial Liabilities:
Senior notes		0	100,031
Level 2 | Held at Carrying Value
Financial Assets:
Securities, at fair value		256,685	399,999
Financial Liabilities:
Securitized debt		2,650,473	1,514,509
Convertible senior notes		226,470	225,177
Level 2 | Held at Fair Value
Financial Assets:
Securities, at fair value		256,685	399,999
Financial Liabilities:
Securitized debt		2,646,203	1,519,567
Convertible senior notes		239,292	228,287
Residential whole loans, at fair value | Level 2 | Held at Carrying Value
Financial Assets:
Residential whole loans		1,082,765	0
Residential whole loans, at fair value | Level 2 | Held at Fair Value
Financial Assets:
Residential whole loans		1,082,765	0
Residential whole loans, at fair value | Level 3 | Held at Carrying Value
Financial Assets:
Residential whole loans		6,830,235	5,325,401
Residential whole loans, at fair value | Level 3 | Held at Fair Value
Financial Assets:
Residential whole loans		6,983,686	5,499,303
Agreements with non-mark-to-market collateral provisions | Level 3 | Held at Carrying Value
Financial Liabilities:
Financing agreements with mark-to-market collateral provisions		939,540	1,159,213
Agreements with non-mark-to-market collateral provisions | Level 3 | Held at Fair Value
Financial Liabilities:
Financing agreements with mark-to-market collateral provisions		940,257	1,159,213
Agreements with mark-to-market collateral provisions | Level 3 | Held at Carrying Value
Financial Liabilities:
Financing agreements with mark-to-market collateral provisions		2,403,151	1,124,162
Agreements with mark-to-market collateral provisions | Level 3 | Held at Fair Value
Financial Liabilities:
Financing agreements with mark-to-market collateral provisions		2,403,724	1,124,162
Financing agreements with mark-to-market collateral provisions | Level 2 | Held at Carrying Value
Financial Liabilities:
Financing agreements with mark-to-market collateral provisions		159,148	213,915
Financing agreements with mark-to-market collateral provisions | Level 2 | Held at Fair Value
Financial Liabilities:
Financing agreements with mark-to-market collateral provisions		$ 159,148	$ 213,915
[1]	See Note 6 for information regarding the Company’s pledged assets.

Fair Value of Financial Instr_8

Fair Value of Financial Instruments - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands	Jul. 01, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Carrying value and estimated fair value of financial instruments
Other real estate, fair value		$ 72,300	$ 96,800
Gain on investment in lima one common equity		$ 38,933	$ 0	$ 0
Lima One
Carrying value and estimated fair value of financial instruments
Gain on investment in lima one common equity	$ 38,900

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, 2021	Dec. 31, 2020
Asset-backed Securities, Securitized Loans and Receivables
Variable Interest Entity [Line Items]
Aggregate unpaid principal balance of residential whole loans sold	$ 3,984,355	$ 2,232,561
Outstanding amount of Senior Bonds, at carrying value	1,334,342	645,027
Outstanding amount of Senior Bonds, at fair value	1,316,131	869,482
Outstanding amount of Senior Bonds, total	$ 2,650,473	$ 1,514,509
Weighted average fixed rate for Senior Bonds issued	1.58%	2.11%
Weighted average contractual maturity of Senior Bonds	36 years	41 years
Cash received	$ 3,682,082	$ 1,853,408
Debt issuance cost	6,800	3,200
Senior Notes
Variable Interest Entity [Line Items]
Cash received	2,400,000	1,300,000
Senior Notes | Asset-backed Securities, Securitized Loans and Receivables
Variable Interest Entity [Line Items]
Debt instrument, face amount	3,667,790	1,862,068
Proceeds from Senior bond sold with Step up feature	$ 329,000	568,700
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	$ 283,930	$ 268,548

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, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Residential whole loans	$ 7,900,000	$ 5,300,000
Senior Notes
Variable Interest Entity [Line Items]
Proceeds from issuance of debt	2,400,000	1,300,000
Proceed from senior notes net of offering expenses and underwriting discount	2,400,000	1,300,000
Asset-backed Securities, Securitized Loans and Receivables
Variable Interest Entity [Line Items]
Proceeds from issuance of debt	3,682,082	1,853,408
Residential Whole Loans, Carrying Value	3,000,000	1,800,000
Securitized debt	2,700,000	1,500,000
Asset-backed Securities, Securitized Loans and Receivables | Other Assets
Variable Interest Entity [Line Items]
Real estate owned at fair value	$ 35,400	$ 49,500

Acquisition of Lima One Holdi_3

Acquisition of Lima One Holdings, LLC - Narrative (Details) - USD ($) $ in Thousands	Jul. 01, 2021	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2021
Business Combination, Separately Recognized Transactions [Line Items]
Gain on investment in lima one common equity			$ 38,933	$ 0	$ 0
Outstanding preferred equity repaid at acquisition			22,030	0	$ 0
Goodwill			61,076	$ 0
Lima One
Business Combination, Separately Recognized Transactions [Line Items]
Percentage acquired	57.00%
Cash	$ 57,255
Ownership percentage	100.00%
Prior ownership percentage						43.00%
Comment equity interest, book value		$ 5,600
Impairment (reversal) on investment		$ 21,000
Gain on investment in lima one common equity	$ 38,900
Consideration allocated	101,720
Outstanding preferred equity repaid at acquisition	47,400
Gain to reflect reversal of impairment	5,000
Acquisition related costs			428
Goodwill	61,076		61,100
Finite-lived intangible assets	28,000
Lima One | Net Interest Income and Other Revenue
Business Combination, Separately Recognized Transactions [Line Items]
Subsidiary net Interest income and other revenue			51,500
Lima One | Net Income
Business Combination, Separately Recognized Transactions [Line Items]
Subsidiary net Interest income and other revenue			$ 27,400
Lima One | MFA Financial
Business Combination, Separately Recognized Transactions [Line Items]
Outstanding preferred equity repaid at acquisition	22,000
Lima One | RSUs
Business Combination, Separately Recognized Transactions [Line Items]
Cash	$ 4,700

Acquisition of Lima One Holdi_4

Acquisition of Lima One Holdings, LLC - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Jul. 01, 2021	Dec. 31, 2021	Dec. 31, 2020
Business Combination, Separately Recognized Transactions [Line Items]
Goodwill		$ 61,076	$ 0
Lima One
Business Combination, Separately Recognized Transactions [Line Items]
Cash	$ 57,255
Equity method investment at fair value	44,465
Total consideration	101,720
Business purpose residential loans, at fair value	170,220
Cash and cash equivalents	16,531
Restricted cash	91,394
Other assets	37,107
Goodwill	61,076	$ 61,100
Intangible assets	28,000
Total assets acquired	404,328
Short term debt, net	(170,908)
Accrued expenses and other liabilities	(84,324)
Total liabilities assumed	(255,232)
Preferred equity repaid at closing	(47,376)
Total net assets acquired	$ 101,720

Acquisition of Lima One Holdi_5

Acquisition of Lima One Holdings, LLC - Intangible Assets (Details) - Lima One - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Jul. 01, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangibles	$ 21,400	$ 28,000
Amortization	(6,600)
Trademarks / Trade Names
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangibles	3,800	4,000
Amortization	$ (200)
Amortization Period	10 years
Customer Relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangibles	$ 12,000	16,000
Amortization	$ (4,000)
Amortization Period	4 years
Internally Developed Software
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangibles	$ 3,600	4,000
Amortization	$ (400)
Amortization Period	5 years
Non-Compete Agreements
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangibles	$ 2,000	$ 4,000
Amortization	$ (2,000)
Amortization Period	1 year

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Allowance for credit loss	$ 39,447	$ 86,833	$ 44,102	$ 54,261	$ 63,244	$ 106,246	$ 136,589	$ 218,011	$ 3,025
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Premium amortization/discount accretion, net	14,273
Carrying value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Allowance for credit loss	$ 39,400
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	24,095
Balance Sheet Reported Amount	$ 7,952,438
Principal Amount of Loans Subject to Delinquent Principal or Interest	800,143
Tax basis of loans	5,200,000
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	5,325,401
Purchases	4,591,645
Changes in fair value recorded in Net gain on residential whole loans measured at fair value through earnings	16,243
Repayments	(1,999,022)
Provision for loan loss	47,386
Loan sales and repurchases	(7,310)
Transfer to REO	(75,616)
Residential whole loans, at fair value, ending balance	$ 7,913,000	$ 5,325,401
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	6,872
Balance Sheet Reported Amount	$ 601,637
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 80,808
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 $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	7,875
Balance Sheet Reported Amount	$ 1,534,048
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 183,576
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 $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	4,184
Balance Sheet Reported Amount	$ 1,408,772
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 173,855
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	0.00%
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	11.65%
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	5,164
Balance Sheet Reported Amount	$ 4,407,981
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 361,904
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	0.25%
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	10.20%