MFA Financial (MFA) 10-K 23 Feb 23 2022 FY Annual report Financial data

Cover

Cover - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2022	Feb. 15, 2023	Jun. 30, 2022
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
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			$ 1.1
Entity Common Stock, Shares Outstanding (in shares)		101,911,876
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 6, 2023, 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	2022
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, 2022
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, 2022	Dec. 31, 2021
Assets:
Residential whole loans, net ($5,727,524 and $5,305,349 held at fair value, respectively)	[1],[2]	$ 7,518,739	$ 7,913,000
Securities, at fair value	[2]	333,364	256,685
Cash and cash equivalents		334,183	304,696
Restricted cash		159,898	99,751
Other assets	[2]	766,221	565,556
Total Assets		9,112,405	9,139,688
Liabilities:
Financing agreements ($3,898,744 and $3,266,773 held at fair value, respectively)		6,812,086	6,378,782
Other liabilities		311,470	218,058
Total Liabilities		7,123,556	6,596,840
Commitments and contingencies (See Note 9)
Stockholders’ Equity:
Common stock, $0.01 par value; 874,300 and 874,300 shares authorized; 101,802 and 108,138 shares issued and outstanding, respectively		1,018	1,082
Additional paid-in capital, in excess of par		3,684,291	3,775,482
Accumulated deficit		(1,717,991)	(1,279,484)
Accumulated other comprehensive income		21,341	45,578
Total Stockholders’ Equity		1,988,849	2,542,848
Total Liabilities and Stockholders’ Equity		9,112,405	9,139,688
Series B Preferred Stock
Stockholders’ Equity:
Preferred stock		80	80
Series C Preferred Stock
Stockholders’ Equity:
Preferred stock		$ 110	$ 110
[1]Includes approximately $4.0 billion and $3.0 billion of Residential whole loans transferred to consolidated variable interest entities (“VIEs”) at December 31, 2022 and December 31, 2021, 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, 2022	Dec. 31, 2021
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)	101,802	108,138
Common stock, shares outstanding (in shares)	101,802	108,138
Asset Pledged as Collateral with Right
Residential whole loans, fair value	$ 5,727,524	$ 5,305,349
Asset Pledged as Collateral
Financial agreements held at fair value	3,898,744	3,266,773
Non-Agency MBS Transfered to Consolidated VIEs
Residential whole loans, at carrying value	$ 4,000,000	$ 3,000,000
Series B Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, dividend rate	7.50%	7.50%
Preferred stock, shares authorized (in shares)	8,050	8,050
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, dividend rate	6.50%	6.50%
Preferred stock, shares authorized (in shares)	12,650	12,650
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, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest Income:
Residential whole loans	$ 441,223	$ 303,468	$ 332,212
Securities, at fair value	28,921	56,690	90,094
Other interest-earning assets	7,437	1,800	9,850
Cash and cash equivalent investments	4,838	344	676
Interest Income	482,419	362,302	432,832
Interest Expense:
Asset-backed and other collateralized financing arrangements	243,083	104,597	242,039
Other interest expense	15,760	15,788	26,719
Interest Expense	258,843	120,385	268,758
Net Interest Income	223,576	241,917	164,074
Reversal of Provision/(Provision) for Credit Losses on Residential Whole Loans	2,646	44,863	(22,381)
Provision for Credit Losses on Other Assets	(28,579)	0	0
Net Interest Income after (Provision)/Reversal of Provision for Credit Losses	197,643	286,780	141,693
Other (Loss)/Income, net:
Net (loss)/gain on residential whole loans measured at fair value through earnings	(866,762)	16,243	16,386
Net realized loss on residential whole loans held at carrying value	0	0	(273,030)
Impairment and other net (loss)/gain on securities and other portfolio investments	(25,067)	74,496	(350,567)
Net gain on real estate owned	25,379	22,838	5,391
Total Net gain/(loss) on derivatives used for risk management purposes	255,179	1,426	(61,249)
Net gain/(loss) on securitized debt measured at fair value through earnings	290,639	15,027	(11,929)
Lima One - origination, servicing and other fee income	46,745	22,600	0
Other, net	9,297	12,473	(4,571)
Other (Loss)/Income, net	(264,590)	165,103	(679,569)
Operating and Other Expense:
Compensation and benefits	76,728	53,817	31,042
Other general and administrative expense	35,812	31,729	25,666
Loan servicing, financing and other related costs	42,894	30,867	40,372
Amortization of intangible assets	9,200	6,600	0
Costs associated with restructuring/forbearance agreement	0	0	44,434
Operating and Other Expense	164,634	123,013	141,514
Net (Loss)/Income	(231,581)	328,870	(679,390)
Less Preferred Stock Dividend Requirement	32,875	32,875	29,796
Net (Loss)/Income Available to Common Stock and Participating Securities	$ (264,456)	$ 295,995	$ (709,186)
Basic (Loss)/Earnings per Common Share (usd per share)	$ (2.57)	$ 2.66	$ (6.28)
Diluted (Loss)/Earnings per Common Share (in usd per share)	$ (2.57)	$ 2.63	$ (6.28)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net (loss)/income	$ (231,581)	$ 328,870	$ (679,390)
Other Comprehensive (Loss):
Unrealized (losses)/gains on securities available-for-sale	(25,492)	(32,774)	420,281
Reclassification adjustment for securities sales included in net income	0	0	(389,127)
Reclassification adjustment for impairments included in net income	0	0	(344,269)
Derivative hedging instrument fair value changes, net	0	0	(50,127)
Changes in fair value of financing agreements at fair value due to changes in instrument-specific credit risk	1,255	1,059	(2,314)
Reclassification adjustment for losses/gains related to hedging instruments included in net income	0	0	72,802
Other Comprehensive (Loss)	(24,237)	(31,715)	(292,754)
Comprehensive (loss)/income before preferred stock dividends	(255,818)	297,155	(972,144)
Dividends required on preferred stock	(32,875)	(32,875)	(29,796)
Comprehensive (Loss)/Income Available to Common Stock and Participating Securities	$ (288,693)	$ 264,280	$ (1,001,940)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands		Total	Revision of Prior Period, Accounting Standards Update, Adjustment	Series C Preferred Stock	Series B Preferred Stock	Preferred Stock Series C Preferred Stock	Preferred Stock Series B Preferred Stock	Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Series C Preferred Stock	Accumulated Deficit	Accumulated Deficit Revision of Prior Period, Accounting Standards Update, Adjustment	Accumulated Deficit Series C Preferred Stock	Accumulated Deficit Series B Preferred Stock	Accumulated Other Comprehensive Income
Balance (in shares) at Dec. 31, 2019						0	8,000	113,092
Beginning balance at Dec. 31, 2019		$ 3,383,952	$ (8,326)			$ 0	$ 80	$ 1,131	$ 3,643,734		$ (631,040)	$ (8,326)			$ 370,047
Increase (Decrease) in Stockholders' Equity
Net (loss)/income		(679,390)									(679,390)
Issuance of stock, net of expenses (in shares)						11,000		3,448
Issuance of stock, net of expenses		7,453		$ 266,052		$ 110		$ 34	7,419	$ 265,942
Repurchase of shares of common stock (in shares)	[1]							(3,611)
Repurchase of shares of common stock	[1]	(53,577)						$ (36)	(53,541)
Equity based compensation expense		6,715							6,715
Change in accrued dividends attributable to stock-based awards		856							856
Dividends declared on common stock		(56,546)									(56,546)
Dividends declared on preferred stock		(29,796)		(14,796)	$ (15,000)								$ (14,796)	$ (15,000)
Dividends attributable to dividend equivalents		(229)									(229)
Change in unrealized losses on 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						11,000	8,000	112,929
Ending balance at Dec. 31, 2020		2,524,802				$ 110	$ 80	$ 1,129	3,851,517		(1,405,327)				77,293
Increase (Decrease) in Stockholders' Equity
Net (loss)/income		328,870									328,870
Issuance of stock, net of expenses (in shares)								288
Issuance of stock, net of expenses		1,832						$ 3	1,829
Repurchase of shares of common stock (in shares)	[1]							(5,079)
Repurchase of shares of common stock	[1]	(86,393)						$ (50)	(86,343)
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)		(17,875)	(15,000)								(17,875)	(15,000)
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						11,000	8,000	108,138
Ending balance at Dec. 31, 2021		2,542,848				$ 110	$ 80	$ 1,082	3,775,482		(1,279,484)				45,578
Increase (Decrease) in Stockholders' Equity
Net (loss)/income		(231,581)									(231,581)
Issuance of stock, net of expenses (in shares)								197
Issuance of stock, net of expenses		1,098						$ 1	1,097
Repurchase of shares of common stock (in shares)	[1]							(6,533)
Repurchase of shares of common stock	[1]	(103,253)						$ (65)	(103,188)
Equity based compensation expense		11,335							11,335
Change in accrued dividends attributable to stock-based awards		(2,432)							(435)		(1,997)
Dividends declared on common stock		(171,426)									(171,426)
Dividends declared on preferred stock		(32,875)		$ (17,875)	$ (15,000)								$ (17,875)	$ (15,000)
Dividends attributable to dividend equivalents		(628)									(628)
Change in unrealized losses on securities, net		(25,492)													(25,492)
Changes in fair value of financing agreements at fair value due to changes in instrument-specific credit risk		1,255													1,255
Balance (in shares) at Dec. 31, 2022						11,000	8,000	101,802
Ending balance at Dec. 31, 2022		$ 1,988,849				$ 110	$ 80	$ 1,018	$ 3,684,291		$ (1,717,991)				$ 21,341
[1]For the year ended December 31, 2022, includes approximately $1.0 million (56,690 shares) surrendered for tax purposes related to equity-based compensation awards. For the year ended December 31, 2021, includes approximately $799,000 (53,281 shares) surrendered for tax purposes related to equity-based compensation awards. For the year ended December 31, 2020, includes approximately $2.7 million (90,134 shares) surrendered for tax purposes related to equity-based compensation awards.

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
Common stock, cash dividends declared (in dollars per share)	$ 1.67	$ 1.540	$ 0.500
Common stock, cash dividends declared (in dollars per share)	$ 1.67	$ 1.540	$ 0.500
Change in accrued dividends attributable to stock-based awards | $	$ (2,432)	$ (837)	$ 856
Common Stock
Adjustments related to tax withholding for share-based compensation | $	$ 1,000	$ 799	$ 2,700
Shares paid for tax withholding for share based compensation (in shares) | shares	56,690	53,281	90,134
Additional Paid-in Capital
Change in accrued dividends attributable to stock-based awards | $	$ (435)	$ (559)	$ 856
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	$ 1.625	$ 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, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash Flows From Operating Activities:
Net (loss)/income	$ (231,581)	$ 328,870	$ (679,390)
Adjustments to reconcile net income to net cash provided by operating activities:
Net loss/(gain) on residential whole loans	866,762	(12,931)	246,419
Impairment and other net loss/(gain) on securities and other portfolio investments, net	25,067	(74,602)	350,567
Net gain on real estate owned	(24,473)	(18,772)	(2,486)
Accretion of purchase discounts and amortization of purchase premiums on residential whole loans and securities, and amortization of terminated hedging instruments	(27,314)	(59,424)	10,949
Provision/(Reversal of provision) for credit losses on residential whole loans and other assets	25,933	(48,355)	22,121
Net (gain)/loss on derivatives used for risk management purposes	(247,898)	(2,095)	60,680
Net margin received/(paid) for derivatives used for risk management purposes	214,754	574	0
Net (gain)/loss on securitized debt measured at fair value through earnings	(290,639)	(14,391)	11,929
Net other non-cash losses included in net income	27,503	27,388	28,480
Decrease/(Increase) in other assets	40,077	(20,015)	39,930
(Decrease)/Increase in other liabilities	(12,114)	14,046	(50,803)
Net cash provided by operating activities	366,077	120,293	38,396
Cash Flows From Investing Activities:
Purchases of residential whole loans, loan related investments and capitalized advances	(3,206,941)	(4,516,971)	(1,477,320)
Proceeds from sales of residential whole loans, and residential whole loan repurchases	0	0	1,510,902
Principal payments on residential whole loans and loan related investments	1,878,802	2,012,901	1,825,606
Increase in cash balances resulting from Lima One purchase transaction, net	0	6,121	0
Purchases of securities	0	0	(163,748)
Proceeds from sales of securities and other assets	15,660	0	3,790,148
Principal payments on securities	53,121	157,297	633,194
Purchases of real estate owned and capital improvements	(978)	(1,338)	(10,198)
Proceeds from sales of real estate owned	133,980	187,010	279,786
Additions to leasehold improvements, furniture and fixtures	(300)	(12,048)	(4,862)
Net cash used in investing activities	(1,126,656)	(2,167,028)	6,383,508
Cash Flows From Financing Activities:
Principal payments on financing agreements with mark-to-market collateral provisions	(2,971,332)	(1,822,198)	(21,810,920)
Proceeds from borrowings under financing agreements with mark-to-market collateral provisions	2,631,606	3,022,279	14,008,042
Principal payments on other collateralized financing agreements	(2,152,143)	(1,883,068)	(1,733,345)
Proceeds from borrowings under other collateralized financing agreements	3,676,510	2,692,576	3,803,150
Payment made for other collateralized financing agreement related costs	(16,390)	(7,145)	(1,699)
Principal payment on redemption of Senior notes	0	(100,000)	0
Payments made for settlements and unwinds of Swaps designated as hedges	0	0	(60,022)
Proceeds from issuance of series C preferred stock	0	0	275,000
Payments made for costs related to series C preferred stock issuance	0	0	(8,948)
Proceeds from issuances of common stock	1,183	1,825	7,441
Payments made for the repurchase of common stock through the stock repurchase program	(102,311)	(85,591)	(50,835)
Proceeds from the issuance of warrants	0	0	14,041
Payments made for the repurchase of warrants	0	0	(33,650)
Dividends paid on preferred stock	(32,875)	(32,875)	(29,796)
Dividends paid on common stock and dividend equivalents	(184,035)	(156,140)	(113,508)
Net cash provided by/(used in) financing activities	850,213	1,629,663	(5,735,049)
Net increase in cash, cash equivalents and restricted cash	89,634	(417,072)	686,855
Cash, cash equivalents and restricted cash at beginning of period	404,447	821,519	134,664
Cash, cash equivalents and restricted cash at end of period	494,081	404,447	821,519
Supplemental Disclosure of Cash Flow Information
Interest Paid	239,185	116,966	254,270
Non-cash Investing and Financing Activities:
Transfer from residential whole loans to real estate owned	82,911	72,304	96,766
Dividends and dividend equivalents declared and unpaid	35,769	47,751	34,016
Right-of-use lease asset and lease liability	0	40,893	0
Repayment of Lima One preferred stock in connection with the Lima One transaction	0	22,030	0
Receivable for sale of unsettled residential whole loans	275,656	0	0
Payable for purchase of unsettled Agency MBS	132,025	0	0
Deconsolidation of securitized Agency eligible investor loans and related debt	$ 490,952	$ 0	$ 0

Organization

Organization	12 Months Ended
	Dec. 31, 2022
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, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies (a) Basis of Presentation and Consolidation On April 4, 2022, the Company effected a one-for-four reverse stock split of its issued and outstanding shares of common stock (the “Reverse Stock Split”). Accordingly, all share and per share data included in these consolidated financial statements and notes thereto have been adjusted retroactively to reflect the impact of the Reverse Stock Split. 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 financing agreements (Notes 6 and 13), and valuation of derivative instruments (see Notes 5(d) and 13). 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 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. Certain prior period amounts have been reclassified to conform to the current period presentation. 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. (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 has 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 the Company’s 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 and multi-family properties made to non-occupant borrowers that intend to rehabilitate and sell the properties (“Transitional loans” or “TL”) (also sometimes referred to as “Rehabilitation loans” or “Fix and Flip loans”), (iii) business purpose 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 may consider multiple scenarios and select 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 significantly from the calculation of the allowance for credit losses in prior periods. Purchased Credit Deteriorated Loans The Company has elected to account for these loans as credit deteriorated as they have experienced a deterioration in credit quality since origination and prior to our purchase 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 third-parties that specialize 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. Other Residential Mortgage Securities The Company has invested in residential 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”). 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 has elected the fair value option for its Agency and Non-Agency MBS. These 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. 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 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, 2022 and December 31, 2021. At December 31, 2022 and December 31, 2021, the Company had cash and cash equivalents of $334.2 million and $304.7 million, respectively. At December 31, 2022, the Company had $267.1 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, 2021, the Company had $215.8 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 agreements 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 $159.9 million and $99.8 million at December 31, 2022 and December 31, 2021, respectively (see Notes 5(d), 6 and 13). (f) Goodwill & Intangible Assets At December 31, 2022 and 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, and other intangible assets of $12.2 million and $21.4 million, respectively (net of amortization), primarily comprised of customer relationships, non-competition agreements (fully amortized as of June 30, 2022), trademarks and trade names, and internally developed software recognized as part of the acquisition of Lima One (see Note 5(b)). The intangible assets are amortized over their expected useful lives, which ranged 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 charge is required, such amount will be included in Operating and Other Expense on the Company’s consolidated statements of operations. To the extent that the Company has elected the fair value option for the related debt liability, these costs are expensed at the closing of the transaction. (j) Financing Agreements The Company finances the majority of its residential mortgage assets with financing agreements that include repurchase agreements and other forms of collateralized financing. Under repurchase agreements, the Company sells assets to a lender and agrees to repurchase the same assets in the future for a price that is higher than the original sale price. The difference between the sale price that the Company receives and the repurchase price that the Company pays represents interest paid to the lender. Although legally structured as sale and repurchase transactions, the Company accounts for repurchase agreements as secured borrowings. Under its repurchase agreements and other forms of collateralized financing, the Company pledges its assets as collateral to secure the borrowing, in an amount which is equal to a specified percentage of the fair value of the pledged collateral, while the Company retains beneficial ownership of the pledged collateral. At the maturity of a repurchase financing, unless the repurchase financing is renewed with the same counterparty, the Company is required to repay the loan including any accrued interest and concurrently receives back its pledged collateral from the lender. With the consent of the lender, the Company may renew a repurchase financing at the then prevailing fina

Residential Whole Loans

Residential Whole Loans	12 Months Ended
	Dec. 31, 2022
Receivables [Abstract]
Residential Whole Loans	Residential Whole Loans Included on the Company’s consolidated balance sheets at December 31, 2022 and 2021 are approximately $7.5 billion and $7.9 billion, respectively, of residential whole loans generally 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, 2022 and 2021: Held at Carrying Value Held at Fair Value Total (Dollars in Thousands) December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Purchased Performing Loans: Non-QM loans $ 987,282 $ 1,448,162 $ 2,372,548 $ 2,013,369 $ 3,359,830 $ 3,461,531 Transitional loans (1) 75,188 217,315 1,342,032 517,530 1,417,220 734,845 Single-family rental loans 210,833 331,808 1,165,741 619,415 1,376,574 951,223 Seasoned performing loans 82,932 102,041 — — 82,932 102,041 Agency eligible investor loans — — 51,094 1,082,765 51,094 1,082,765 Total Purchased Performing Loans $ 1,356,235 $ 2,099,326 $ 4,931,415 $ 4,233,079 $ 6,287,650 $ 6,332,405 Purchased Credit Deteriorated Loans $ 470,294 $ 547,772 $ — $ — $ 470,294 $ 547,772 Allowance for Credit Losses $ (35,314) $ (39,447) $ — $ — $ (35,314) $ (39,447) Purchased Non-Performing Loans $ — $ — $ 796,109 $ 1,072,270 $ 796,109 $ 1,072,270 Total Residential Whole Loans $ 1,791,215 $ 2,607,651 $ 5,727,524 $ 5,305,349 $ 7,518,739 $ 7,913,000 Number of loans 7,126 9,361 16,717 14,734 23,843 24,095 (1) As of December 31, 2022 includes $784.9 million of loans collateralized by one-to-four family residential properties and $632.3 million of loans collateralized by multi-family properties. As of December 31, 2021, includes $521.0 million of loans collateralized by one-to-four family residential properties and $213.9 million of loans collateralized by multi-family properties. The following table presents additional information regarding the Company’s Residential whole loans at December 31, 2022 and 2021: December 31, 2022 Fair Value / Carrying Value Unpaid Principal Balance (“UPB”) Weighted Average Coupon (2) Weighted Average Term to Maturity (Months) Weighted Average LTV Ratio (3) Weighted Average Original FICO (4) Aging by UPB 60+ Delinquency % Past Due Days (Dollars In Thousands) Current 30-59 60-89 90+ Purchased Performing Loans: Non-QM loans $ 3,352,471 $ 3,671,468 5.13 % 351 65 % 733 $ 3,520,671 $ 56,825 $ 32,253 $ 61,719 2.6 % Transitional loans (1) 1,411,997 1,431,692 7.78 12 66 746 1,348,815 6,463 2,234 74,180 5.3 Single-family rental loans 1,375,297 1,485,967 5.74 324 69 737 1,442,095 8,431 7,978 27,463 2.4 Seasoned performing loans 82,884 90,843 3.31 151 30 714 84,514 993 937 4,399 5.9 Agency eligible investor loans 51,094 61,816 3.44 344 68 757 61,816 — — — — Total Purchased Performing Loans $ 6,273,743 $ 6,741,786 5.78 % 271 3.1 % Purchased Credit Deteriorated Loans $ 448,887 $ 554,907 4.66 % 277 63 % N/A $ 403,042 $ 48,107 $ 16,270 $ 87,488 18.7 % Purchased Non-Performing Loans $ 796,109 $ 884,257 5.01 % 277 68 % N/A $ 444,045 $ 89,623 $ 40,554 $ 310,035 39.6 % Residential whole loans, total or weighted average $ 7,518,739 $ 8,180,950 5.64 % 272 8.1 % December 31, 2021 Fair Value / Carrying Value Unpaid Principal Balance (“UPB”) Weighted Average Coupon (2) Weighted Average Term to Maturity (Months) Weighted Average LTV Ratio (3) Weighted Average Original FICO (4) Aging by UPB 60+ Delinquency % 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 3.5 % Transitional loans (1) 727,964 731,154 7.18 11 67 735 616,733 5,834 5,553 103,034 14.9 Single-family rental loans 949,772 924,498 5.46 329 70 732 898,166 2,150 695 23,487 2.6 Seasoned performing loans 101,995 111,710 2.76 162 37 722 102,047 938 481 8,244 7.8 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 4.2 % Purchased Credit Deteriorated Loans $ 524,992 $ 643,187 4.55 % 283 69 % N/A $ 456,924 $ 50,048 $ 18,736 $ 117,479 21.2 % Purchased Non-Performing Loans $ 1,072,270 $ 1,073,544 4.87 % 283 73 % N/A $ 492,481 $ 87,041 $ 40,876 $ 453,146 46.0 % Residential whole loans, total or weighted average $ 7,913,000 $ 7,905,743 4.99 % 301 11.2 % (1) As of December 31, 2022 Transitional loans includes $632.3 million of loans collateralized by multi-family properties with a weighted average term to maturity of 18 months and a weighted average LTV ratio of 73%. As of December 31, 2021, Transitional loans includes $213.9 million of loans collateralized by multi-family properties with a weighted average term to maturity of 23 months and a weighted average LTV ratio of 80%. (2) 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. (3) 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 Transitional 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 Transitional loans, totaling $223.2 million and $137.3 million at December 31, 2022 and 2021, 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 70% and 71% at December 31, 2022 and 2021, 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. (4) Excludes loans for which no Fair Isaac Corporation (“FICO”) score is available. During 2022, Agency eligible investor loans with an unpaid principal balance of $337.8 million were sold, realizing losses, before the impact of economic hedging gains and the reversal of previously recognized unrealized losses of $72.3 million. No Residential whole loans were sold during 2021. During 2020, $1.8 billion of Non-QM loans were sold, realizing losses of $273.0 million, and Purchased Non-Performing loans with an aggregate unpaid principal of $24.1 million were sold, realizing net losses of approximately $800,000. In addition, in 2022, the Agency eligible investor loan securitizations were deconsolidated from the Company’s financial statements which resulted in the de-recognition of Agency eligible investor loans with an unpaid principal balance of $598.0 million (see Note 14 for further discussion). 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, 2022 (Dollars In Thousands) Non-QM Loans Transitional Loans (1)(2) Single-family Rental Loans Seasoned Performing Loans Purchased Credit Deteriorated Loans (3) Totals Allowance for credit losses at December 31, 2021 $ 8,289 $ 6,881 $ 1,451 $ 46 $ 22,780 $ 39,447 Current provision (909) (1,460) (122) (1) (975) (3,467) Write-offs (51) (219) (27) — (226) (523) Allowance for credit losses at March 31, 2022 $ 7,329 $ 5,202 $ 1,302 $ 45 $ 21,579 $ 35,457 Current provision/(reversal) (199) (23) 174 1 1,877 1,830 Write-offs — (118) (184) — (58) (360) Allowance for credit losses at June 30, 2022 $ 7,130 $ 5,061 $ 1,292 $ 46 $ 23,398 $ 36,927 Current provision/(reversal) (242) 583 83 3 120 547 Write-offs — (114) (61) — (107) (282) Allowance for credit losses at September 30, 2022 $ 6,888 $ 5,530 $ 1,314 $ 49 $ 23,411 $ 37,192 Current provision/(reversal) 471 (13) (37) (1) (1,996) (1,576) Write-offs — (294) — — (8) (302) Allowance for credit losses at December 31, 2022 $ 7,359 $ 5,223 $ 1,277 $ 48 $ 21,407 $ 35,314 For the Year Ended December 31, 2021 (Dollars In Thousands) Non-QM Loans Transitional 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 and valuation 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 (1) In connection with purchased Transitional loans at carrying value, the Company had unfunded commitments of $8.0 million and $18.5 million as of December 31, 2022 and 2021, respectively, with an allowance for credit losses of $29,000 and $205,000 at December 31, 2022 and 2021, respectively. Such allowance is included in “Other liabilities” in the Company’s consolidated balance sheets (see Note 7). (2) Includes $56.1 million and $87.0 million of loans that were assessed for credit losses based on a collateral dependent methodology as of December 31, 2022 and 2021, respectively. (3) Includes $48.5 million and $57.4 million of loans that were assessed for credit losses based on a collateral dependent methodology as of December 31, 2022 and 2021, respectively. 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 Company’s estimates of expected losses that form the basis of the Allowance for Credit Losses include certain qualitative adjustments which have the effect of increasing expected loss estimates. These qualitative adjustments 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 COVID-19 pandemic, anticipated inflation and increasing market interest rates, and heightened political uncertainty. The Company’s estimates of credit losses reflect the Company’s expectation that the performance of its portfolio will experience higher delinquencies and defaults compared to the performance in historical periods of portfolios included in the available proxy data. 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, 2022 and December 31, 2021 was $195.1 million and $240.2 million, respectively. The amortized cost basis of Purchased Credit Deteriorated Loans on nonaccrual status as of December 31, 2022 and December 31, 2021 was $80.5 million and $108.9 million, respectively. The fair value of Purchased Non-performing Loans on nonaccrual status as of December 31, 2022 and December 31, 2021 was $413.1 million and $588.1 million, respectively. During the year ended December 31, 2022, the Company recognized $18.8 million of interest income on loans on nonaccrual status, including $13.2 million on its portfolio of loans which were non-performing at acquisition. At December 31, 2022 and December 31, 2021, there were approximately $71.7 million and $107.4 million, respectively, of loans held at carrying value 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. 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) 2022 2021 2020 2019 2018 Prior Total Non-QM loans LTV <= 80% (1) $ — $ 47,343 $ 189,257 $ 460,422 $ 232,400 $ 28,516 $ 957,938 LTV > 80% (1) — 2,128 14,330 5,752 6,078 1,056 29,344 Total Non-QM loans $ — $ 49,471 $ 203,587 $ 466,174 $ 238,478 $ 29,572 $ 987,282 Year Ended December 31, 2022 Gross write-offs $ — $ — $ — $ — $ 51 $ — $ 51 Transitional loans LTV <= 80% (1) $ — $ 1,182 $ 5,153 $ 44,815 $ 12,727 $ 3,047 $ 66,924 LTV > 80% (1) — — — 4,594 1,971 1,699 8,264 Total Transitional loans $ — $ 1,182 $ 5,153 $ 49,409 $ 14,698 $ 4,746 $ 75,188 Year Ended December 31, 2022 Gross write-offs $ — $ — $ 92 $ 367 $ 287 $ — $ 746 Single-family rental loans LTV <= 80% (1) $ — $ 13,487 $ 25,036 $ 119,112 $ 47,476 $ 3,195 $ 208,306 LTV > 80% (1) — — 313 2,129 85 — 2,527 Total Single-family rental loans $ — $ 13,487 $ 25,349 $ 121,241 $ 47,561 $ 3,195 $ 210,833 Year Ended December 31, 2022 Gross write-offs $ — $ — $ — $ 205 $ 68 $ — $ 273 Seasoned performing loans LTV <= 80% (1) $ — $ — $ — $ — $ — $ 80,341 $ 80,341 LTV > 80% (1) — — — — — 2,591 2,591 Total Seasoned performing loans $ — $ — $ — $ — $ — $ 82,932 $ 82,932 Year Ended December 31, 2022 Gross write-offs $ — $ — $ — $ — $ — $ — $ — Purchased credit deteriorated loans LTV <= 80% (1) $ — $ — $ — $ — $ — $ 378,816 $ 378,816 LTV > 80% (1) — — — — — 91,478 91,478 Total Purchased credit deteriorated loans $ — $ — $ — $ — $ — $ 470,294 $ 470,294 Year Ended December 31, 2022 Gross write-offs $ — $ — $ — $ — $ — $ 400 $ 400 Total LTV <= 80% (1) $ — $ 62,012 $ 219,446 $ 624,349 $ 292,603 $ 493,915 $ 1,692,325 Total LTV > 80% (1) — 2,128 14,643 12,475 8,134 96,824 134,204 Total residential whole loans, at carrying value $ — $ 64,140 $ 234,089 $ 636,824 $ 300,737 $ 590,739 $ 1,826,529 Year Ended December 31, 2022 Total Gross write-offs $ — $ — $ 92 $ 572 $ 406 $ 400 $ 1,470 (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 Transitional 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 Transitional loans, totaling $223.2 million at December 31, 2022, 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 70% at December 31, 2022. 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, 2022 (Dollars In Thousands) Carrying Value / Fair Value UPB LTV (1) Purchased Performing Loans Non-QM loans $ 61,812 $ 61,719 67.9 % Transitional loans 73,266 74,180 68.1 % Single-family rental loans 27,466 27,463 72.9 % Seasoned performing loans 4,127 4,399 42.2 % Agency eligible investor loans — — — Total Purchased Performing Loans $ 166,671 $ 167,761 Purchased Credit Deteriorated Loans $ 69,402 $ 87,488 74.8 % Purchased Non-Performing Loans $ 296,697 $ 310,035 76.9 % Total Residential Whole Loans $ 532,770 $ 565,284 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 % Transitional 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 (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 Transitional 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 Transitional 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, 2022, 2021 and 2020: 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) 2022 2021 2020 2022 2021 2020 2022 2021 2020 Purchased Performing Loans: Non-QM loans $ 51,359 $ 75,517 $ 136,527 $ 98,384 $ 21,431 $ — $ 149,743 $ 96,948 $ 136,527 Transitional loans 7,810 22,424 49,484 67,714 10,705 — 75,524 33,129 49,484 Single-family rental loans 15,314 24,863 27,722 53,661 9,306 — 68,975 34,169 27,722 Seasoned performing loans 4,673 6,684 8,793 — — — 4,673 6,684 8,793 Agency eligible investor loans — — — 30,361 11,667 — 30,361 11,667 — Total Purchased Performing Loans $ 79,156 $ 129,488 $ 222,526 $ 250,120 $ 53,109 $ — $ 329,276 $ 182,597 $ 222,526 Purchased Credit Deteriorated Loans $ 33,427 $ 40,130 $ 36,238 $ — $ — $ — $ 33,427 $ 40,130 $ 36,238 Purchased Non-Performing Loans $ — $ — $ — $ 78,520 $ 80,741 $ 73,448 $ 78,520 $ 80,741 $ 73,448 Total Residential Whole Loans $ 112,583 $ 169,618 $ 258,764 $ 328,640 $ 133,850 $ 73,448 $ 441,223 $ 303,468 $ 332,212

Securities, at Fair Value

Securities, at Fair Value	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Securities, at Fair Value	Securities, at Fair Value Term Notes Backed by MSR-Related Collateral At December 31, 2022 and 2021, the Company had $97.9 million and $153.8 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, 2022, these term notes had an amortized cost of $86.4 million, gross unrealized gains of approximately $11.5 million, a weighted average yield of 14.3% and a weighted average term to maturity of 0.8 years. At December 31, 2021, the 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. 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 The Company’s MBS are comprised of Agency MBS and Non-Agency MBS. 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. 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. The following tables present certain information about the Company’s Agency, Non-Agency and CRT securities at December 31, 2022 and 2021: December 31, 2022 (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)(5) $ 241,814 $ 6,306 $ (6,272) $ (14,833) $ 227,015 $ 9,974 $ (1,523) $ 8,451 $ 235,466 December 31, 2021 (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) $ 99,999 $ 7,466 $ (55) $ (20,768) $ 86,642 $ 16,282 $ (10) $ 16,272 $ 102,914 (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) Amounts disclosed at December 31, 2022 include CRT securities with a fair value of $48.6 million for which the fair value option has been elected. Such securities had gross unrealized gains of approximately $131,000 and gross unrealized losses of approximately $1.2 million at December 31, 2022. 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 gross unrealized gains of approximately $1.8 million and gross unrealized losses of approximately $10,000 at December 31, 2021. (4) Amounts disclosed at December 31, 2022 include Non-Agency MBS with a fair value of $24.6 million for which the fair value option has been elected. Such securities had no gross unrealized gains and no gross unrealized losses at December 31, 2022. (5) Amounts disclosed at December 31, 2022 include Agency MBS with a fair value of $131.7 million for which the fair value option has been elected. Such securities had no gross unrealized gains and gross unrealized losses of approximately $325,000 at December 31, 2022. Impairment and other net (loss)/gain on securities and other portfolio investment s The following table present the components of Impairment and other net (loss)/gain on securities and other portfolio investments for the years ended December 31, 2022, 2021 and 2020, which is presented in Other income in the consolidated statements of operations: For the Year Ended December 31, (In Thousands) 2022 2021 2020 Net unrealized (loss)/gain on securities $ (3,230) $ 1,607 $ (10,486) Net realized gain from the sale of securities 84 — 90,408 Impairment of securities — — (344,269) Total Impairment and other net (loss)/gain on securities $ (3,146) $ 1,607 $ (264,347) Net unrealized loss on other portfolio investments $ (21,921) $ — $ — Net realized loss on other portfolio investments — — (5,407) Reversal of impairment/(Impairment) other portfolio investments (1) — 33,956 (80,813) Gain on investment in Lima One common equity — 38,933 — Total Impairment and other net (loss)/gain on securities and other portfolio investments $ (25,067) $ 74,496 $ (350,567) (1) Includes impairment in 2020 and 2021 related to a preferred equity investment in a loan originator, which was restructured in December 2021 and subsequently assessed as debt for accounting purposes. Accordingly, subsequent impairments on this investment recorded in 2022 are reflected as “Provision for Credit Losses on Other Assets” in the Company’s consolidated statement of operations. The following table presents information about the Company’s sales of its securities for the years ended December 31, 2022, 2021 and 2020. The Company has no continuing involvement with any of the sold securities. For the Year Ended December 31, 2022 2021 2020 (In Thousands) Sales Proceeds Gains/(Losses) Sales Proceeds Gains/(Losses) Sales Proceeds Gains/(Losses) Agency MBS $ — $ — $ — $ — $ 1,500,875 $ (19,291) Non-Agency MBS — — — — 1,318,958 107,999 CRT securities 15,660 84 — — 243,025 (27,011) MSR-related assets — — — — 711,698 28,711 Total $ 15,660 $ 84 $ — $ — $ 3,774,556 $ 90,408 Unrealized Losses on Residential Mortgage Securities There were no gross unrealized losses on the Company’s AFS securities at December 31, 2022. The Company did not recognize an allowance for credit losses (or other than temporary impairment in prior year periods) through earnings related to its MBS for the years ended December 31, 2022 and 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. 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, 2022, 2021, and 2020: For the Year Ended December 31, (In Thousands) 2022 2021 2020 AOCI from AFS securities: Unrealized gain on AFS securities at beginning of period $ 46,833 $ 79,607 $ 392,722 Unrealized (losses)/gains on securities available-for-sale (25,492) (32,774) 420,281 Reclassification adjustment for MBS sales included in net income — — (389,127) Reclassification adjustment for impairment included in net income — — (344,269) Change in AOCI from AFS securities (25,492) (32,774) (313,115) Balance at end of period $ 21,341 $ 46,833 $ 79,607 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, 2022, 2021 and 2020: For the Year Ended December 31, (In Thousands) 2022 2021 2020 Residential Mortgage Securities Coupon interest $ 4,793 $ 4,076 $ 47,686 Effective yield adjustment (1)(2)(3) 3,143 13,265 6,450 Interest income $ 7,936 $ 17,341 $ 54,136 MSR-related assets Coupon interest $ 6,610 $ 7,462 $ 25,970 Effective yield adjustment (1)(2)(4) 14,374 31,887 9,987 Interest income $ 20,984 $ 39,349 $ 35,957 (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 $8.8 million during the year ended December 31, 2021.

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2022
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, 2022 and 2021: (In Thousands) December 31, 2022 December 31, 2021 Receivable for sale of unsettled residential whole loans $ 275,656 $ — REO (1) 130,605 156,223 Goodwill 61,076 61,076 Intangibles, net (2) 12,200 21,400 Capital contributions made to loan origination partners 28,308 71,673 Other interest-earning assets 63,964 57,522 Interest receivable 68,704 50,191 Other loan related receivables 23,463 34,191 Lease Right-of-Use Asset (3) 39,459 39,370 Other 62,786 73,910 Total Other Assets $ 766,221 $ 565,556 (1) Includes $11.3 million of REO that was held-for-investment at December 31, 2021. (2) Net of aggregate accumulated amortization of $15.8 million and $6.6 million as of December 31, 2022 and 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, 2022, the Company had 388 REO properties with an aggregate carrying value of $130.6 million. At December 31, 2021, the Company had 553 REO properties with an aggregate carrying value of $156.2 million. At December 31, 2022, $130.1 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 $106.4 million of residential whole loans held at carrying value and $244.5 million of residential whole loans held at fair value at December 31, 2022. The following table presents the activity in the Company’s REO for the years ended December 31, 2022 and 2021: For the Year Ended December 31, (Dollars In Thousands) 2022 2021 Balance at beginning of period $ 156,223 $ 249,699 Adjustments to record at lower of cost or fair value (4,255) (4,772) Transfer from residential whole loans (1) 82,911 72,304 Purchases and capital improvements, net 978 2,458 Disposals and other (2) (105,252) (163,466) Balance at end of period $ 130,605 $ 156,223 Number of properties 388 553 (1) Includes a net loss recorded on transfer of approximately $1.2 million and $700,000, respectively, for the years ended December 31, 2022 and 2021. ( b ) Goodwill and Intangible Assets On July 1, 2021, the Company completed the acquisition of Lima One (see Note 15). In connection with the acquisition of Lima One, the Company identified and recorded goodwill of $61.1 million and finite-lived intangible assets totaling $28.0 million. The amortization period for each of the finite lived intangible assets and the activity for the years ended December 31, 2022 and 2021 is summarized in the table below: (Dollars in Thousands) Acquisition Date July 1, 2021 Amortization Carrying Value at December 31, 2021 Amortization Carrying Value at Amortization Period (Years) (1) Trademarks / Trade Names $ 4,000 $ (200) $ 3,800 $ (400) $ 3,400 10 Customer Relationships 16,000 (4,000) 12,000 (6,000) 6,000 4 Internally Developed Software 4,000 (400) 3,600 (800) 2,800 5 Non-Compete Agreements 4,000 (2,000) 2,000 (2,000) — 1 Total Identified Intangibles $ 28,000 $ (6,600) $ 21,400 $ (9,200) $ 12,200 ( c ) Capital Contributions Made to Loan Origination Partners The Company has made investments in several loan originators as part of its strategy to be a reliable source of capital to select partners from whom the Company sources residential mortgage loans through both flow arrangements and bulk purchases. At December 31, 2022, the carrying value of these investments (including adjustments for impairments or mark-to-market changes) was $28.3 million, including $3.7 million of common equity (including partnership interests) and $24.6 million of preferred equity. During the year ended December 31, 2022, the Company recorded an impairment charge in earnings of $28.6 million against the carrying value of its investment in one loan origination partner, bringing the net carrying value of this investment to zero as of June 30, 2022. This impairment charge was recorded in Provision for credit losses on other assets in the consolidated statement of operations. Further, for the year ended December 31, 2022, the Company recorded a valuation adjustment of $21.9 million against its investment in a loan origination partner that is accounted for at fair value through earnings. During the year ended December 31, 2021, the Company reversed $10.0 million of previously recorded impairment as two of the Company’s preferred equity investments were repaid in full. In addition, the Company recorded a gain of $24.0 million related to a preferred equity investment that had been previously impaired and that was required to be revalued during the period, as the investee company completed a capital transaction with an unrelated third party. The Company did not record any impairment charges to earnings on investments in loan origination partners during the year ended December 31, 2021. During the year ended December 31, 2020, the Company recorded impairment charges of $65.3 million on investments in certain loan origination partners following an evaluation of the anticipated impact of COVID-19 on economic conditions for the short to medium term. This activity was recorded in Other income in the consolidated statements of operations. For certain of the Company’s investments, the interests acquired to date by the Company generally do not have a readily determinable fair value. Consequently, the Company accounts for these interests (including any acquired options and warrants) in loan originators initially at cost. The carrying value of these investments will be adjusted if it is determined that an impairment has occurred or if there has been a subsequent observable transaction in either the investee company’s equity securities or a similar security that provides evidence to support an adjustment to the carrying value. In addition, for certain partners, options or warrants have also been acquired that provide the Company the ability to increase the level of its investment if certain conditions are met. At the end of each reporting period, or earlier if circumstances warrant, the Company evaluates whether the nature of its interests and other involvement with the investee entity requires the Company to apply equity method accounting or consolidate the results of the investee entity with the Company’s financial results. On July 1, 2021, the Company completed the acquisition of certain ownership interests in Lima One, which resulted in the Company owning all of Lima One’s outstanding ownership interests (see Note 15). Accordingly, the Company consolidated Lima One’s financial results beginning on that date. (d) 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 the Secured Overnight Financing Rate (“SOFR”), on the notional amount of the Swap. At December 31, 2022, none of the Company’s Swaps were 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 those transactions to be effective hedges in the then prevailing interest rate environment, the Company unwound all of its then approximately $4.1 billion of Swap hedging transactions late in the first quarter of 2020 in order to recover previously posted margin. Consequently, during the year ended December 31, 2020, the Company concluded that it was appropriate to transfer from AOCI to earnings approximately $57.0 million of losses on Swaps that had previously been designated as hedges for accounting purposes, because the hedged transactions were no longer considered probable to occur. At December 31, 2022 and 2021, the Company had restricted cash pledged as collateral against its Swap contracts of $60.8 million and $14.4 million, respectively. At December 31, 2022, the Company had Swaps with an aggregate notional amount of $3.2 billion and an average maturity of approximately 42 months with a maximum term of approximately 78 months. The following table presents information about the Company’s Swaps at December 31, 2022 and 2021: December 31, 2022 December 31, 2021 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 550,010 1.01 4.30 — — — Over 24 months to 36 months 775,000 1.75 4.30 450,010 0.90 0.05 Over 36 months to 48 months 450,000 1.12 4.30 — — — Over 48 months to 60 months 1,075,000 1.86 4.30 450,000 1.12 0.05 Over 60 months to 72 months — — — — — — Over 72 months to 84 months 310,000 2.95 4.30 — — — Total Swaps $ 3,160,010 1.69 % 4.30 % $ 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 daily based on SOFR. TBA Securities In order to economically hedge the risks arising from the investments in Agency eligible investor loans, the Company entered into short positions in certain TBA securities. The Company did not have any open short positions in TBA securities at December 31, 2022. 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 assets/liabilities on the Company’s consolidated balance sheets. December 31, 2021 (Dollars in Thousands) Notional Amount Settlement Date TBA Security UMBS 2.5 $ 180,000 January 13, 2022 UMBS 2.0 $ 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 on the Company’s consolidated statements of operations. Impact of Derivative Instruments on Earnings The following table present the components of Net gain/(loss) on derivatives used for risk management purposes for the years ended December 31, 2022, 2021 and 2020, which is presented in Other income in the consolidated statements of operations: For the Year Ended December 31, (In Thousands) 2022 2021 2020 Income on swap variable receive leg $ 52,395 $ 34 $ 933 Expense on swap fixed pay leg (42,353) (703) (1,503) Unrealized mark-to-market gain 208,712 70 5,708 Net price alignment expense on margin collateral received (2,761) — — Loss on unwind of swaps not designated as hedges for accounting purposes — — (9,353) Loss on terminated swaps designated as hedges for accounting purposes — — (57,034) Net gain on TBA short positions 39,186 2,025 — Total Net gain/(loss) on derivatives used for risk management purposes $ 255,179 $ 1,426 $ (61,249) 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, 2022, 2021 and 2020: For the Year Ended December 31, (In Thousands) 2022 2021 2020 AOCI from derivative hedging instruments: Balance at beginning of period $ — $ — $ (22,675) Net loss on Swaps — — (50,127) Reclassification adjustment for losses/gains related to hedging instruments included in net income — — 72,802 Balance at end of period $ — $ — $ —

Financing Agreements

Financing Agreements	12 Months Ended
	Dec. 31, 2022
Disclosure of Repurchase Agreements [Abstract]
Financing Agreements	Financing Agreements The following tables present the components of the Company’s financing agreements at December 31, 2022 and 2021: December 31, 2022 (In Thousands) Collateral Unpaid Principal Balance Fair Value/Carrying Value (1) Weighted Average Cost of Funding (2) Weighted Average Term to Maturity (Months) Agreements with mark-to-market collateral provisions Residential Whole Loans and REO $ 2,111,647 $ 2,111,396 3.63 % 6.9 Agreements with mark-to-market collateral provisions Securities 111,651 111,651 3.34 % 1.5 Total Agreements with mark-to-market collateral provisions 2,223,298 2,223,047 3.62 % Agreements with non-mark-to-market collateral provisions Residential Whole Loans and REO 1,004,260 1,003,604 5.00 % 16.8 Securitized debt Residential Whole Loans 3,586,397 3,357,590 2.99 % See Note 14 Convertible senior notes Unsecured 229,989 227,845 6.94 % See below Total Financing agreements (2) $ 7,043,944 $ 6,812,086 3.46 % December 31, 2021 (In Thousands) Collateral Unpaid Principal Balance Fair Value/Carrying Value (1) Weighted Average Cost of Funding (2) Weighted Average Term to Maturity (Months) Agreements with mark-to-market collateral provisions Residential Whole Loans and REO $ 2,403,724 $ 2,403,151 2.15 % 6.6 Agreements with mark-to-market collateral provisions Securities 159,148 159,148 1.78 % 1.4 Total Agreements with mark-to-market collateral provisions 2,562,872 2,562,299 2.11 % Agreements with non-mark-to-market collateral provisions Residential Whole Loans and REO 939,003 939,540 3.57 % 9.8 Securitized debt Residential Whole Loans 2,645,495 2,650,473 1.94 % See Note 14 Convertible senior notes Unsecured 230,000 226,470 6.94 % See below Total Financing agreements (2) $ 6,377,370 $ 6,378,782 2.58 % (1) The Company has both financing agreements held at fair value and financings agreements held at their carrying value (amortized cost basis). Financing agreements held at fair value are reported at estimated fair value each period as a result of the Company’s fair value option election. The fair value option was not elected for financing agreements held at carrying value. Consequently, total financing agreements as presented reflects a summation of balances reported at fair and carrying value. At December 31, 2022, the Company had $884.5 million of agreements with mark-to-market collateral provisions held at fair value, $578.9 million of agreements with non-mark-to-market collateral provisions held at fair value, and $2.4 billion of securitized debt held at fair value, with amortized cost bases of $884.5 million, $578.9 million, and, $2.6 billion respectively. At December 31, 2021, the Company had the $1.3 billion of agreements with mark-to-market collateral provisions held at fair value, $628.3 million of agreements with non-mark-to-market collateral provisions held at fair value, and $1.3 billion of securitized debt held at fair value, with amortized cost bases of $1.3 billion, $627.0 million, and $1.3 billion, respectively. (2) Weighted average cost of funding reflects year-to-date interest expense divided by average balance for the financing agreements. The cost of funding for the total financing agreements includes the impact of the net carry (the difference between swap interest income received and swap interest expense paid) on the Company’s Swaps. For the year ended December 31, 2022, this decreased the overall funding cost by 14 basis points, and for the year ended December 31, 2021, this increased the overall funding cost by two basis points. The Company does not allocate the impact of the net carry by type of financing agreement. The following table presents maturities with respect to the Company’s financing agreements with mark-to-market and non-mark-to-market collateral provisions: As of December 31, 2022 Unpaid Principal Balance, Maturing In (In Thousands) Collateral 0-3 Months (1) 3-6 Months (1) 6-12 Months Greater than 12 Months (2) Total Agreements with mark-to-market collateral provisions Residential Whole Loans $ 828,804 $ 53,247 $ 939,434 $ 290,162 $ 2,111,647 Agreements with mark-to-market collateral provisions Securities 111,651 — — — 111,651 Total Agreements with mark-to-market collateral provisions 940,455 53,247 939,434 290,162 2,223,298 Agreements with non-mark-to-market collateral provisions Residential Whole Loans 9,268 184,576 415,041 395,375 1,004,260 (1) $304.1 million of the mark-to-market agreements ($250.9 million and $53.2 million included in the 0-3 and 3-6 months categories, respectively) can be terminated by either party. (2) $290.2 million of the mark-to-market agreements (included in the greater than 12 months category) have a one year extension option to September 2024. 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, 2022 and 2021: (Dollars in Thousands) December 31, December 31, Mark-to-market financing agreements secured by residential whole loans $ 2,095,002 $ 2,391,602 Fair value of residential whole loans pledged as collateral under financing agreements $ 2,632,489 $ 3,301,288 Weighted average haircut on residential whole loans (1) 18.33 % 25.27 % Mark-to-market financing agreements secured by securities at fair value $ 111,651 $ 159,148 Securities at fair value pledged as collateral under financing agreements $ 177,111 $ 256,685 Weighted average haircut on securities at fair value (1) 37.43 % 37.00 % Mark-to-market financing agreements secured by real estate owned $ 16,394 $ 11,549 Fair value of real estate owned pledged as collateral under financing agreements $ 33,367 $ 34,606 Weighted average haircut on real estate owned (1) 48.07 % 58.46 % (1) 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, 2022 and 2021: (Dollars in Thousands) December 31, December 31, Non-mark-to-market financing secured by residential whole loans $ 994,494 $ 928,055 Fair value of residential whole loans pledged as collateral under financing agreements $ 1,301,685 $ 1,420,283 Weighted average haircut on residential whole loans 21.43 % 29.98 % Non-mark-to-market financing secured by real estate owned $ 9,109 $ 11,485 Fair value of real estate owned pledged as collateral under financing agreements $ 22,902 $ 29,894 Weighted average haircut on real estate owned 60.23 % 61.28 % In addition, the Company had aggregate restricted cash held in connection with its financing agreements of $16.0 million and $10.2 million at December 31, 2022 and 2021, 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, 2022 and 2021: December 31, 2022 December 31, 2021 Unpaid Principal Balance Weighted Average Interest Rate Unpaid Principal Balance Weighted Average Interest Rate Time Until Interest Rate Reset (Dollars in Thousands) Within 30 days $ 3,060,111 6.60 % $ 3,222,268 2.36 % Over 30 days to 3 months 167,447 6.19 257,444 2.49 Over 3 months to 12 months — — 22,163 4.50 Over 12 months — — — — Total financing agreements $ 3,227,558 6.58 % $ 3,501,875 2.38 % (a) Other Information on Financing Agreements 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 a conversion rate of 31.4346 shares (which reflects an adjustment resulting from the Company’s Reverse Stock Split) of the Company’s common stock for each $1,000 principal amount of the Convertible Senior Notes, which is equivalent to a conversion price of approximately $31.81 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. During the year ended December 31, 2022, $11,000 of convertible senior notes were converted into 345 shares of the Company’s common stock. The Convertible Senior Notes are the Company’s senior unsecured obligations and are (i) 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 (ii) equal in right of payment to the Company’s existing and future senior unsecured obligations, if any. 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”). 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 12 and 14 counterparties at December 31, 2022 and 2021, 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, 2022: December 31, 2022 Counterparty Rating (1) Amount at Risk (2) Weighted Percent of Counterparty (Dollars in Thousands) Barclays Bank (3) BBB/Aa3/A $ 309,463 1 15.6 % Wells Fargo A+/Aa2/AA- 234,826 1 11.8 Credit Suisse BBB-/Baa2/BBB 192,129 1 9.7 (1) As rated at December 31, 2022 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, 2022 and 2021: December 31, 2022 Financing Agreements (In Thousands) Non-Mark-to-Market (1) Mark-to-Market (1) Securitized Total Assets: Residential whole loans, at carrying value $ 215,993 $ 284,683 $ 1,314,104 $ 1,814,780 Residential whole loans, at fair value 1,095,556 2,164,158 2,720,757 5,980,471 Securities, at fair value — 177,111 — 177,111 Other assets: REO 19,837 28,490 36,486 84,813 Total $ 1,331,386 $ 2,654,442 $ 4,071,347 $ 8,057,175 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 (1) An aggregate of $30.9 million and $25.7 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, 2022 and 2021, respectively. The Company pledges securities or cash as collateral to its counterparties in relation to certain of its financing arrangements. 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(d) - 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, 2022
Other Liabilities [Abstract]
Other Liabilities	Other Liabilities The following table presents the components of the Company’s Other liabilities at December 31, 2022 and 2021: (In Thousands) December 31, 2022 December 31, 2021 Payable for purchase of unsettled Agency MBS $ 132,026 $ — Dividends and dividend equivalents payable 35,769 47,751 Lease liability 45,314 44,977 Accrued interest payable 23,040 9,621 Accrued expenses and other 75,321 115,709 Total Other Liabilities $ 311,470 $ 218,058

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
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, 2022 or 2021. As of the date of this filing, the Company’s tax returns for tax years 2019 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, 2022 and 2021 are presented in the following table: (In Thousands) December 31, 2022 December 31, 2021 Deferred tax assets (DTAs): Net operating loss and tax credit carryforwards $ 97,655 $ 35,796 Unrealized mark-to-market, impairments and loss provisions 12,609 3,753 Other realized / unrealized treatment differences (28,620) 12,131 Total deferred tax assets 81,644 51,680 Less: valuation allowance (81,644) (51,680) Net deferred tax assets $ — $ — Realization of the Company’s DTAs at December 31, 2022 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, 2022 and 2021, related to the net taxable losses in TRS entities, since a valuation allowance for the full amount of the associated deferred tax asset at the ends of those periods 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, 2022, the Company’s federal NOL carryforward was $382.6 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, 2022, 2021, and 2020: For the Year Ended (In Thousands) December 31, 2022 December 31, 2021 December 31, 2020 Current provision (benefit) Federal $ (1,309) $ 2,025 $ 1,403 State 263 644 598 Total current provision (benefit) (1,046) 2,669 2,001 Deferred provision (benefit) Federal 166 — — State 29 — — Total deferred provision (benefit) 195 — — Total provision (benefit) $ (851) $ 2,669 $ 2,001 The following is a reconciliation of the statutory federal tax rate to the Company’s effective tax rate at December 31, 2022, 2021, and 2020: For the Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Federal statutory rate 21.0 % 21.0 % 21.0 % Non-taxable REIT income (dividends paid deduction) 2.6 % (4.6) % 0.1 % Other differences in taxable income (loss) from GAAP (13.0) % (4.7) % (14.4) % State and local taxes — % — % — % Change in valuation allowance on DTAs (10.1) % (11.1) % (6.9) % Effective tax rate 0.5 % 0.6 % (0.2) %

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies (a) Lease Commitments The Company’s primary lease commitment relates to its corporate headquarters. For the year ended December 31, 2022, the Company recorded an expense of approximately $5.0 million in connection with this lease. The original term specified in this lease is approximately fifteen years with a termination date of December 2036 and an option to renew for an additional five years. The Company recognized total lease expense of $6.5 million, $4.0 million and $3.0 million for the years ended December 31, 2022, 2021 and 2020, respectively, which is included in Other general and administrative expense on the Company’s consolidated statements of operations. At December 31, 2022, 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) 2023 $ 5,748 2024 5,751 2025 4,888 2026 4,776 2027 5,055 Thereafter 46,999 Total $ 73,217 (b) Representations and Warranties in Connection with Loan Securitization and Other Loan Sale 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, 2022, the Company was not aware of any material unsettled repurchase claims that would require a reserve (see Note 14). (c) Transitional Loan Commitments At December 31, 2022, the Company had unfunded commitments of $553.4 million in connection with its purchased Transitional loans (see Note 3). (d) Agency MBS Purchase Commitments At December 31, 2022, the Company had commitments to purchase Agency MBS for $132.0 million. Agency MBS are included in Securities, at fair value on the Company’s consolidated balance sheets, with a liability for the purchase amount included in Other liabilities.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2022
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, 2020 through December 31, 2022: Year Declaration Date Record Date Payment Date Dividend Per Share 2022 November 18, 2022 December 5, 2022 December 30, 2022 $0.46875 August 22, 2022 September 6, 2022 September 30, 2022 0.46875 May 18, 2022 June 1, 2022 June 30, 2022 0.46875 February 17, 2022 March 1, 2022 March 31, 2022 0.46875 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 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. Pursuant to the terms of the Series C Preferred Stock, upon the expected discontinuation of the publication of three-month LIBOR in June 2023, a calculation agent will be appointed to select an industry accepted substitute or successor base rate to the three-month LIBOR rate. The calculation agent may also implement changes to the business day convention, the definition of business day, the dividend determination date, the interest rate spread and the method for obtaining the substitute or successor base rate, in a manner that is consistent with industry accepted practices. In March 2022, Congress enacted a federal statute that provides a safe harbor for those, like the calculation agent, that are contractually responsible for determining LIBOR replacements under certain circumstances, which the Company expects will apply to the Series C Preferred Stock. The Federal Reserve is required to promulgate rules under this statute which, once final, the Company expects will affect the selection of an industry accepted substitute or successor base rate under the terms of the Series C Preferred Stock. 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 in the second quarter of 2020, 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, 2022: Year Declaration Date Record Date Payment Date Dividend Per Share 2022 November 18, 2022 December 5, 2022 December 30, 2022 $0.40625 August 22, 2022 September 6, 2022 September 30, 2022 0.40625 May 18, 2022 June 1, 2022 June 30, 2022 0.40625 February 17, 2022 March 1, 2022 March 31, 2022 0.40625 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 The following table presents cash dividends declared by the Company on its common stock from January 1, 2020 through December 31, 2022: Year Declaration Date Record Date Payment Date Dividend Per Share 2022 December 14, 2022 December 30, 2022 January 31, 2023 $0.350 (1) September 13, 2022 September 30, 2022 October 31, 2022 0.440 June 15, 2022 June 30, 2022 July 29, 2022 0.440 March 11, 2022 March 22, 2022 April 29, 2022 0.440 (2) 2021 December 14, 2021 December 31, 2021 January 31, 2022 $0.440 (3)(4) September 15, 2021 September 30, 2021 October 29, 2021 0.400 (3) June 15, 2021 June 30, 2021 July 30, 2021 0.400 (3) March 12, 2021 March 31, 2021 April 30, 2021 0.300 (3) 2020 December 17, 2020 December 30, 2020 January 29, 2021 $0.300 (5)(6) August 6, 2020 September 30, 2020 October 30, 2020 0.200 (5) (1) At December 31, 2022, the Company had accrued dividends and dividend equivalents payable of $35.8 million related to the common stock dividend declared on December 14, 2022. This dividend will be subject to taxation in 2023 for the recipient. For more information see the Company’s 2022 Dividend Tax Information on its website. (2) The $0.44 per share dividend declared on March 11, 2022, has been adjusted to reflect the Reverse Stock Split; the amount actually paid in respect of such dividend was $0.11 per share, which was based on the pre-split number of shares held by stockholders at the record date for such dividend (March 22, 2022). (3) The $0.44, $0.40, $0.40 and $0.30 per share dividend amounts for the three months ended December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively, have been adjusted to reflect the Company’s one-for-four reverse stock split effected on April 4, 2022; the dividends actually paid in respect of such dividends were $0.11, $0.10, $0.10 and $0.075 per share, respectively, which were based on the pre-split number of shares held by stockholders at the record dates for such dividends (December 31, 2021, September 30, 2021, June 30, 2021, and March 31, 2021, respectively). (4) 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 was considered taxable income to the recipient in 2022. For more information see the Company’s 2021 Dividend Tax Information on its website (5) The $0.30 and $.20 per share dividend amounts for the three months ended December 31, 2020 and September 30, 2020, respectively, have been adjusted to reflect the Company’s one-for-four reverse stock split effected on April 4, 2022; the dividends actually paid in respect of such dividends were $0.075 and $0.05 per share, respectively, which were based on the pre-split number of shares held by stockholders at the record dates for such dividends (December 30, 2020 and September 30, 2020, respectively). (6) 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 the Company’s 2020 Dividend Tax Information on its website. In general, the Company’s common stock dividends have been characterized as ordinary income to its stockholders for income tax purposes. However, a portion of the Company’s common stock dividends may, from time to time, be characterized as capital gains or return of capital. For the year ended December 31, 2022, the portion of the Company’s common stock dividends paid during the year deemed to be a return of capital was $1.76 per share of common stock. For the year ended December 31, 2021, the portion of the Company’s common stock dividends paid during the year deemed to be a return of capital was $1.0512 per share of common stock. For the year ended December 31, 2020, the portion of the Company’s common stock dividends paid during the year deemed to be a return of capital was $0.20 per share of common stock. (c) Discount Waiver, Direct Stock Purchase and Dividend Reinvestment Plan (“DRSPP”) On September 27, 2022, 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 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, registered an aggregate of 2.0 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, 2022, approximately 2.0 million shares of common stock remained available for issuance pursuant to the DRSPP shelf registration statement. During the years ended December 31, 2022, 2021 and 2020, the Company issued 80,027, 107,925 and 58,909 shares of common stock through the DRSPP, raising net proceeds of approximately $1.2 million, $1.9 million and $1.0 million, respectively. From the inception of the DRSPP in September 2003 through December 31, 2022, the Company issued 8,841,553 shares pursuant to the DRSPP, raising net proceeds of $290.7 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 had the ability to offer and sell shares of its common stock having an aggregate gross sales price of up to $400.0 million, from time to time, through various sales agents, pursuant to an at-the-market equity offering program (the “ATM Program”). During the years ended December 31, 2022, 2021 and 2020, the Company did not sell any shares of common stock through the ATM Program, and the ATM Program expired in August 2022. (e) Stock Repurchase Program On March 11, 2022, 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 2023. The Board’s authorization superseded and replaced the authorization under prior stock repurchase program that had been adopted in November 2020, which also authorized the Company to repurchase up to $250 million. 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, 2022, 2021 and 2020, the Company repurchased 6,476,746, 5,025,374 and 3,521,420 shares of its common stock through the stock repurchase program at an average cost of $15.80, $17.04 and $14.44 per share and a total cost of approximately $102.1 million, $85.6 million and $50.8 million, net of fees and commissions paid to the sales agent of approximately $161,000, $201,000 and $141,000, respectively. In addition, as discussed further below, during the year ended December 31, 2020 the Company repurchased 4,398,394, warrants for $33.7 million that were included in the stock repurchase program. As of December 31, 2022, the Company was permitted to purchase an additional $202.5 million of its common stock under the stock repurchase program. (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, 9,259,777 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 $6.64 per share and the other half had an exercise price of $8.32 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 3.1 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, 2022, 2021 and 2020: For the Year Ended December 31, 2022 (In Thousands) Net Unrealized Net Net Unrealized Gain/(Loss) on Financing Agreements (1) Total Balance at beginning of period $ 46,833 $ — $ (1,255) $ 45,578 OCI before reclassifications (25,492) — 1,255 (24,237) Amounts reclassified from AOCI (2) — — — — Net OCI during the period (3) (25,492) — 1,255 (24,237) Balance at end of period $ 21,341 $ — $ — $ 21,341 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 (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, 2022, 2021, and 2020: For the Year Ended December 31, 2022 2021 2020 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) Net realized (loss)/gain on sale of securities and residential whole loans Impairment recognized in earnings — — (344,269) Other, net Total AFS Securities $ — $ — $ (733,396) Swaps designated as cash flow hedges: Amortization of de-designated hedging instruments — — 72,802 Other, net Total Swaps designated as cash flow hedges $ — $ — $ 72,802 Total reclassifications for period $ — $ — $ (660,594)

EPS Calculation

EPS Calculation	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
EPS Calculation	EPS Calculation The following table presents a reconciliation of the (loss)/earnings and shares used in calculating basic and diluted (loss)/earnings per share for the years ended December 31, 2022, 2021 and 2020: For the Year Ended December 31, (In Thousands, Except Per Share Amounts) 2022 2021 2020 Basic (Loss)/Earnings per Share: Net (loss)/income to common stockholders $ (231,581) $ 328,870 $ (679,390) Dividends declared on preferred stock (32,875) (32,875) (29,796) Dividends, dividend equivalents and undistributed earnings allocated to participating securities (627) (1,044) (229) Net (loss)/income to common stockholders - basic $ (265,083) $ 294,951 $ (709,415) Basic weighted average common shares outstanding 103,153 110,704 113,008 Basic (Loss)/Earnings per Share $ (2.57) $ 2.66 $ (6.28) Diluted (Loss)/Earnings per Share: Net (loss)/income to common stockholders - basic $ (265,083) $ 294,951 $ (709,415) Dividends, dividend equivalents and undistributed earnings allocated to participating securities — 1,044 — Interest expense on Convertible Senior Notes — 15,668 — Net (loss)/income to common stockholders - diluted $ (265,083) $ 311,663 $ (709,415) Basic weighted average common shares outstanding 103,153 110,704 113,008 Unvested and vested restricted stock units — 757 — Effect of assumed conversion of Convertible Senior Notes to common shares — 7,230 — Diluted weighted average common shares outstanding (1) 103,153 118,691 113,008 Diluted (Loss)/Earnings per Share $ (2.57) $ 2.63 $ (6.28) (1) At December 31, 2022, the Company had approximately 1.7 million equity instruments outstanding that were excluded in the calculation of diluted EPS for the year ended December 31, 2022. These equity instruments reflect RSUs (based on current estimate of expected share settlement amount) with a weighted average grant date fair value of $16.86. These equity instruments may have a dilutive impact on future EPS.

Equity Compensation and Other B

Equity Compensation and Other Benefit Plans	12 Months Ended
	Dec. 31, 2022
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 4.5 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, 2022, approximately 2.1 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 500,000 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, 2022 are designated to be settled in shares of the Company’s common stock. All RSUs outstanding at December 31, 2022 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, 2022 and 2021, the Company had unrecognized compensation expense of $11.2 million and $12.3 million, respectively, related to RSUs. The unrecognized compensation expense at December 31, 2022 is expected to be recognized over a weighted average period of 1.6 years. The following table presents information with respect to the Company’s RSUs during the years ended December 31, 2022, 2021 and 2020: For the Year Ended December 31, 2022 RSUs With Weighted RSUs With Weighted Total Total Outstanding at beginning of year: 712,160 $ 20.22 905,708 $ 17.14 1,617,868 $ 18.50 Granted (1) 296,379 17.19 381,397 16.04 677,776 16.54 Settled (66,125) 29.56 (112,752) 27.86 (178,877) 28.49 Cancelled/forfeited (21,106) 17.63 (35,858) 15.56 (56,964) 16.33 Outstanding at end of year 921,308 $ 18.63 1,138,495 $ 15.76 2,059,803 $ 17.04 RSUs vested but not settled at end of year 394,996 $ 20.67 190,800 $ 21.98 585,796 $ 21.10 RSUs unvested at end of year 526,312 $ 17.10 947,695 $ 14.51 1,474,007 $ 15.43 For the Year Ended December 31, 2021 RSUs With Weighted RSUs With Weighted Total Total Outstanding at beginning of year: 457,376 $ 24.76 405,806 $ 25.03 863,182 $ 24.89 Granted (2) 379,281 16.63 602,156 13.60 981,437 14.77 Settled (124,497) 25.98 (102,254) 27.62 (226,751) 26.72 Cancelled/forfeited — — — — — — Outstanding at end of year 712,160 $ 20.22 905,708 $ 17.14 1,617,868 $ 18.50 RSUs vested but not settled at end of year 285,734 $ 20.89 112,752 $ 27.86 398,486 $ 22.86 RSUs unvested at end of year 426,426 $ 19.77 792,956 $ 15.62 1,219,382 $ 17.07 For the Year Ended December 31, 2020 RSUs With Weighted RSUs With Weighted Total Total Outstanding at beginning of year: 344,933 $ 30.47 325,332 $ 27.13 670,265 $ 28.85 Granted (3) 234,765 19.54 190,800 21.98 425,565 20.63 Settled (94,822) 30.99 (110,326) 25.93 (205,148) 28.27 Cancelled/forfeited (27,500) 30.36 — — (27,500) 30.36 Outstanding at end of year 457,376 $ 24.76 405,806 $ 25.03 863,182 $ 24.89 RSUs vested but not settled at end of year 290,115 $ 21.49 102,254 $ 27.62 392,369 $ 23.09 RSUs unvested at end of year 167,261 $ 30.43 303,552 $ 24.16 470,813 $ 26.39 (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 603,525 of these awards granted in 2022, the Company applied: (i) a weighted average volatility estimate of approximately 50%, 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 1.04% based on the continuously compounded constant maturity treasury rate corresponding to a maturity commensurate with the expected vesting term of the awards, respectively. The weighted average grant date fair value for the remaining 74,251 awards with a service condition only was estimated based on the closing price of the Company’s common stock at the grant date of $13.67. All of the 381,397 RSUs granted in 2022, the vesting of which is subject to both market and service conditions, are also subject to a one-year post-vesting holding requirement prior to settlement. There is no post vesting holding requirement on the 296,379 RSUs granted in 2022 the vesting of which is subject to a service condition only. (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 621,312 and 306,134 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 2.5-year (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 301,186 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 113,148 and 11,231 awards with a service condition only was estimated based on the closing price of the Company’s common stock at the grant date of $9.28 and $10.24, respectively. There are no post vesting conditions on these awards. Restricted Stock At December 31, 2022 and 2021, the Company did not have any unvested shares of restricted common stock outstanding, and no restricted shares vested during the years ended December 31, 2022 and 2021, respectively. The total fair value of restricted shares vested during the year ended December 31, 2020. was approximately $131,000. The following table presents information with respect to the Company’s restricted stock for the years ended December 31, 2022, 2021 and 2020: For the Year Ended December 31, 2022 2021 2020 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 — — — — 19,888 6.60 Vested (2) — — — — (19,888) 6.60 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 typically 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. Dividend equivalent payments 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 $659,000, $566,000, and $367,000 during the years ended December 31, 2022, 2021 and 2020, respectively. In addition, no dividend equivalents rights awarded as separate instruments were granted during the years ended December 31, 2022, 2021 and 2020. 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, 2022, 2021 and 2020: For the Year Ended December 31, (In Thousands) 2022 2021 2020 RSUs $ 11,338 $ 9,043 $ 6,592 Restricted shares of common stock — — 131 Total $ 11,338 $ 9,043 $ 6,723 (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, 2022, 2021 and 2020: For the Year Ended December 31, (In Thousands) 2022 2021 2020 Non-employee directors $ (1,133) $ 537 $ (911) Total $ (1,133) $ 537 $ (911) The Company distributed cash of approximately $53,000 to the participants of the Deferred Plans during the year ended December 31, 2022. 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 to the participants of the Deferred Plans during the year ended December 31, 2020. The following table presents the aggregate amount of income deferred by participants of the Deferred Plans through December 31, 2022 and 2021 that had not been distributed and the Company’s associated liability for such deferrals at December 31, 2022 and 2021: December 31, 2022 December 31, 2021 (In Thousands) Undistributed Income Deferred (1) Liability Under Undistributed Income Deferred (1) Liability Under Non-employee directors $ 2,923 $ 1,953 $ 2,687 $ 2,836 Total $ 2,923 $ 1,953 $ 2,687 $ 2,836 (1) Represents the cumulative amounts that were deferred by participants through December 31, 2022 and 2021, 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, 2022
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 third-parties that specialize 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; however, the Company determined that the market inputs used in valuing its Agency eligible investor loans were sufficiently observable to be classified as Level 2. 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, 2022 and 2021, on the consolidated balance sheets by the valuation hierarchy, as previously described: Fair Value at December 31, 2022 (In Thousands) Level 1 Level 2 Level 3 Total Assets: Residential whole loans, at fair value $ — $ 51,094 $ 5,676,430 $ 5,727,524 Securities, at fair value — 333,364 — 333,364 Total assets carried at fair value $ — $ 384,458 $ 5,676,430 $ 6,060,888 Liabilities: Agreements with non-mark-to-market collateral provisions $ — $ — $ 578,879 $ 578,879 Agreements with mark-to-market collateral provisions — — 884,495 884,495 Securitized debt — 2,435,370 — 2,435,370 Total liabilities carried at fair value $ — $ 2,435,370 $ 1,463,374 $ 3,898,744 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 $ — $ — $ 1,322,362 $ 1,322,362 Agreements with mark-to-market collateral provisions — — 628,280 628,280 Securitized debt — 1,316,131 — 1,316,131 Total liabilities carried at fair value $ — $ 1,316,131 $ 1,950,642 $ 3,266,773 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, 2022 and 2021 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) 2022 2021 Balance at beginning of period $ 4,222,584 $ 1,216,902 Purchases and originations 2,749,275 4,367,423 Draws 361,035 53,599 Changes in fair value recorded in Net gain on residential whole loans measured at fair value through earnings (668,899) 16,243 Repayments (925,773) (295,790) Sales and repurchases (10,496) (2,023) Transfer to REO (51,296) (51,005) Transfer to Level 2 (1) — (1,082,765) Balance at end of period $ 5,676,430 $ 4,222,584 (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 beginning in 2021. The following table presents additional information for the years ended December 31, 2022 and 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) 2022 2021 Balance at beginning of period $ 628,280 $ 1,159,213 Issuances 554,823 — Payment of principal (602,969) (529,874) Change in unrealized gains (1,255) (1,059) Balance at end of period $ 578,879 $ 628,280 The following table presents additional information for the years ended December 31, 2022 and 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) 2022 2021 Balance at beginning of period $ 1,322,362 $ 1,124,162 Issuances 1,153,555 1,275,265 Payment of principal (1,591,422) (1,077,065) Balance at end of period $ 884,495 $ 1,322,362 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, 2022 and 2021: December 31, 2022 (Dollars in Thousands) Fair Value (1) Valuation Technique Unobservable Input Weighted Average (2) Range Purchased Non-Performing Loans $ 546,675 Discounted cash flow Discount rate 7.0 % 6.3-10.0% Prepayment rate 8.9 % 0.0-33.5% Default rate 3.7 % 0.0-52.4% Loss severity 11.3 % 0.0-100.0% $ 249,219 Liquidation model Discount rate 7.8 % 7.8-7.8% Annual change in home prices 6.9 % (5.4)-59.7% Liquidation timeline 1.9 0.1-4.5 Current value of underlying properties (3) $ 743 $28-$4,000 Total $ 795,894 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 (in years) 1.7 0.1-4.5 Current value of underlying properties (3) $ 770 $10-$3,995 Total $ 1,071,774 (1) Excludes approximately $215,000 and $496,000 of loans for which management considers the purchase price continues to reflect the fair value of such loans at December 31, 2022 and 2021, 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 $457,000 and $421,000 as of December 31, 2022 and 2021, respectively. December 31, 2022 (Dollars in Thousands) Fair Value Valuation Technique Unobservable Input Weighted Average (1) Range Purchased Performing Loans $ 4,857,587 Discounted cash flow Discount rate 7.6 % 5.6-22.7% Prepayment rate 7.9 % 0.0-44.8% Default rate 0.8 % 0.0-19.4% Loss severity 7.3 % 0.0-100.0% $ 22,734 Liquidation model Discount rate 7.8 % 7.8-7.8% Annual change in home prices 3.2 % (1.0)-10.7% Liquidation timeline (in years) 1.9 0.8-4.2 Current value of underlying properties $ 1,319 $50-$2,850 Total $ 4,880,321 December 31, 2021 (Dollars in Thousands) Fair Value Valuation Technique Unobservable Input Weighted Average (1) Range Purchased Performing Loans $ 3,142,366 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 % —%-14.8% Liquidation timeline (in years) 2.0 0.8-4.2 Current value of underlying properties $ 691 $60-$1,750 Total $ 3,150,314 (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, 2022 and 2021: December 31, 2022 December 31, 2022 December 31, 2021 Level in Fair Value Hierarchy Carrying Estimated Fair Value Carrying Estimated Fair Value (In Thousands) Financial Assets: Residential whole loans 3 $ 7,467,645 $ 7,397,421 $ 6,830,235 $ 6,983,686 Residential whole loans (1) 2 51,094 51,094 1,082,765 1,082,765 Securities, at fair value 2 333,364 333,364 256,685 256,685 Cash and cash equivalents 1 334,183 334,183 304,696 304,696 Restricted cash 1 159,898 159,898 99,751 99,751 Financial Liabilities (2) : Financing agreements with non-mark-to-market collateral provisions 3 1,003,604 1,004,260 939,540 940,257 Financing agreements with mark-to-market collateral provisions 3 2,111,396 2,111,647 2,403,151 2,403,724 Financing agreements with mark-to-market collateral provisions 2 111,651 111,651 159,148 159,148 Securitized debt (3) 2 3,357,590 3,217,905 2,650,473 2,646,203 Convertible senior notes 2 227,845 211,015 226,470 239,292 (1) At December 31, 2021, $654.7 million of Agency eligible investor loans were valued based on the observable prices of related securitized debt. (2) Carrying value of securitized debt, Convertible Senior Notes, Senior Notes and certain repurchase agreements is net of associated debt issuance costs. (3) Includes securitized debt that is carried at amortized cost basis and fair value. 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, 2022 and 2021, the Company recorded REO with an aggregate estimated fair value, less estimated cost to sell, of $82.9 million and $72.3 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, 2022
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, 2022 and 2021: (Dollars in Thousands) December 31, 2022 December 31, 2021 Aggregate unpaid principal balance of residential whole loans sold $ 6,732,609 $ 3,984,355 Face amount of Senior Bonds issued by the VIE and purchased by third-party investors $ 5,333,090 $ 3,667,790 Outstanding amount of Senior Bonds, at carrying value $ 922,220 (1) $ 1,334,342 (1) Outstanding amount of Senior Bonds, at fair value $ 2,435,370 $ 1,316,131 Outstanding amount of Senior Bonds, total $ 3,357,590 $ 2,650,473 Weighted average fixed rate for Senior Bonds issued 3.38 % (2) 2.01 % (2) Weighted average contractual maturity of Senior Bonds 38 years (2) 36 years (2) Face amount of Senior Support Certificates received by the Company (3) $ 715,640 $ 283,930 Cash received $ 5,300,681 $ 3,682,082 (1) Net of $2.9 million and $6.8 million of deferred financing costs at December 31, 2022 and 2021, respectively. (2) At December 31, 2022 and 2021, $1.9 billion and $329.0 million, respectively, of Senior Bonds sold in securitization transactions contained a contractual coupon step-up feature whereby the coupon increases by either 100, 200 or 300 basis points or more at defined dates ranging from 30 months, up to 48 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, 2022 and 2021, the Company issued Senior Bonds with a current face of $2.3 billion and $2.4 billion to third-party investors for proceeds of $2.2 billion and $2.4 billion, respectively, before offering costs and accrued interest. The Senior Bonds issued by the Company during the years ended December 31, 2022 and 2021 are included in “Financing agreements, at fair value” (at carrying value) on the Company’s consolidated balance sheets (see Note 6). As of December 31, 2022 and 2021, as a result of the transactions described above, securitized loans of approximately $4.0 billion and $3.0 billion are included in “Residential whole loans” and REO with a carrying value of approximately $36.5 million and $35.4 million are included in “Other assets” on the Company’s consolidated balance sheets, respectively. As of December 31, 2022 and 2021, the aggregate carrying value of Senior Bonds issued by consolidated VIEs was $3.4 billion and $2.7 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) Included on the Company’s consolidated balance sheets as of December 31, 2022 and 2021 are a total of $7.5 billion and $7.9 billion, respectively, of residential whole loans. These assets, excluding certain loans originated and held by Lima One, and certain of the Company’s REO assets, are directly owned by certain trusts established by the Company to acquire the loans and entities established in connection with the Company’s loan securitization transactions. The Company has assessed that these entities are required to be consolidated (see Notes 3 and 5(a)). In addition, as a result of the sale of certain redemption rights in 2022, the SPE’s that held previously securitized Agency eligible investor loans were deconsolidated from the Company’s financial statements, as the Company concluded that it was no longer the primary beneficiary of those SPE’s. This resulted in the de-recognition of Agency eligible investor loans with an unpaid principal balance of $598.0 million and of securitized debt with an unpaid principal balance of $567.2 million. All of the loans and debt were held at fair value. Accordingly, no significant additional gains or losses were recorded on de-recognition.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting At December 31, 2022, the Company’s reportable segments include (i) mortgage-related assets and (ii) Lima One. The Corporate column in the table below primarily consists of corporate cash and related interest income, investments in loan originators and related economics, general and administrative expenses not directly attributable to Lima One, interest expense on unsecured convertible senior notes (Note 6), securitization issuance costs, and preferred stock dividends. The following tables summarize segment financial information, which in total reconciles to the same data for the Company as a whole. The Company is not presenting comparable segment statements of operations for the year ended December 31, 2020, because the Company did not consolidate Lima One during those periods: (Dollars in Thousands) Mortgage-Related Assets Lima One Corporate Total Year Ended December 31, 2022 Interest Income $ 364,761 $ 113,134 $ 4,524 $ 482,419 Interest Expense 176,725 66,358 15,760 258,843 Net Interest Income/(Expense) $ 188,036 $ 46,776 $ (11,236) $ 223,576 Reversal of Provision/(Provision) for Credit Losses on Residential Whole Loans 2,842 (196) — 2,646 Provision for Credit Losses on Other Assets — — (28,579) (28,579) Net Interest Income/(Expense) after Reversal of Provision/(Provision) for Credit Losses $ 190,878 $ 46,580 $ (39,815) $ 197,643 Net loss on residential whole loans measured at fair value through earnings $ (730,028) $ (136,734) $ — $ (866,762) Impairment and other net loss on securities and other portfolio investments (3,146) — (21,921) (25,067) Net gain on real estate owned 25,348 31 — 25,379 Net gain on derivatives used for risk management purposes 217,961 37,218 — 255,179 Net gain on securitized debt measured at fair value through earnings 231,176 59,463 — 290,639 Lima One - origination, servicing and other fee income — 46,745 — 46,745 Other, net 4,282 537 4,478 9,297 Total Other (Loss)/Income, net $ (254,407) $ 7,260 $ (17,443) $ (264,590) General and administrative expenses (including compensation) $ — $ 53,185 $ 59,355 $ 112,540 Loan servicing, financing, and other related costs 25,384 1,120 16,390 42,894 Amortization of intangible assets — 9,200 — 9,200 Net Loss $ (88,913) $ (9,665) $ (133,003) $ (231,581) Less Preferred Stock Dividend Requirement $ — $ — $ 32,875 $ 32,875 Net Loss Available to Common Stock and Participating Securities $ (88,913) $ (9,665) $ (165,878) $ (264,456) (Dollars in Thousands) Mortgage-Related Assets Lima One Corporate Total Year Ended December 31, 2021 Interest Income $ 347,863 $ 14,249 $ 190 $ 362,302 Interest Expense 99,905 4,691 15,789 120,385 Net Interest Income/(Expense) $ 247,958 $ 9,558 $ (15,599) $ 241,917 Reversal of Provision/(Provision) for Credit Losses on Residential Whole Loans $ 44,981 $ (118) $ — $ 44,863 Net Interest Income/(Expense) after Reversal of Provision/(Provision) for Credit Losses $ 292,939 $ 9,440 $ (15,599) $ 286,780 Net (loss)/gain on residential whole loans measured at fair value through earnings $ (2,719) $ 18,962 $ — $ 16,243 Impairment and other net gain on securities and other portfolio investments 1,607 — 72,889 74,496 Net gain on real estate owned 22,760 78 — 22,838 Net gain/(loss) on derivatives used for risk management purposes 1,457 (31) — 1,426 Net gain on securitized debt measured at fair value through earnings 14,594 433 — 15,027 Lima One - origination, servicing and other fee income — 22,600 — 22,600 Other, net 759 128 11,586 12,473 Total Other Income, net $ 38,458 $ 42,170 $ 84,475 $ 165,103 General and administrative expenses (including compensation) $ — $ 24,140 $ 61,406 $ 85,546 Loan servicing, financing, and other related costs 25,250 436 5,181 30,867 Amortization of intangible assets — 6,600 — 6,600 Net Income $ 306,147 $ 20,434 $ 2,289 $ 328,870 Less Preferred Stock Dividend Requirement $ — $ — $ 32,875 $ 32,875 Net Income/(Loss) Available to Common Stock and Participating Securities $ 306,147 $ 20,434 $ (30,586) $ 295,995 (Dollars in Thousands) Mortgage-Related Assets Lima One Corporate Total December 31, 2022 Total Assets $ 6,065,557 $ 2,618,695 $ 428,153 $ 9,112,405 December 31, 2021 Total Assets $ 7,567,084 $ 1,200,737 $ 371,867 $ 9,139,688 Lima One Segment 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 (Note 5). 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 Lima One segment includes the stand-alone mortgage origination and servicing business of Lima One, including related goodwill, intangible assets, and direct expenses, plus Lima One-related residential whole loans and REO (defined as both those owned by Lima One on the acquisition date and those originated by Lima One since the acquisition date) and the economics related thereto (including any related taxes and the economics of associated financing and hedging instruments), all as recorded under GAAP. Associated financing economics are equal to the results of direct financings of Lima One-related residential whole loans and REO plus allocations of the results of financings which include Lima One related residential whole loans and REO as part of their collateral, based on the relative carrying values of the financed assets. Associated hedging economics are equal to allocations of the Company’s overall hedging results based on the relative estimated duration of each asset class hedged and the relative fair values of assets within each asset class. Mortgage-Related Assets Segment This segment is comprised of the remainder of the Company’s investments (including any related taxes and the economics of associated financing and hedging instruments).

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent to quarter end, the Company completed three additional loan securitizations with an aggregate UPB of loans sold of $668.2 million. This included $313.7 million of Non-QM loans, $203.9 million of Single Family Rental loans and $150.6 million of Transitional loans.

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2022
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, 2022 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 7,282 0.00% - 16.00% 3/15/2010-4/1/2062 $ 613,600 $ 61,065 Original loan balance $150,000 - $299,999 7,740 0.00% - 13.49% 3/10/2013-8/1/2062 1,356,976 123,816 Original loan balance $300,000 - $449,999 3,601 0.00% - 12.60% 12/1/2018-9/1/2062 1,054,821 125,233 Original loan balance greater than $449,999 5,220 0.30% - 12.95% 12/1/2018-9/1/2071 4,528,656 255,171 23,843 $ 7,554,053 (1)(2) $ 565,285 (1) Excludes an allowance for loan losses of $35.3 million at December 31, 2022. (2) The federal income tax basis is approximately $4.3 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, 2022: For the Year Ended December 31, 2022 (In Thousands) Residential Whole Loans Beginning Balance $ 7,913,000 Additions during period: Purchases $ 3,126,424 Premium amortization/discount accretion, net 9,798 Reversal of provision for loan loss 4,133 Deductions during period: Repayments $ (1,814,509) Loan sales and repurchases (973,283) Changes in fair value recorded in Net gain/(loss) on residential whole loans measured at fair value through earnings (676,076) Transfer to REO (70,748) Ending Balance $ 7,518,739

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation On April 4, 2022, the Company effected a one-for-four reverse stock split of its issued and outstanding shares of common stock (the “Reverse Stock Split”). Accordingly, all share and per share data included in these consolidated financial statements and notes thereto have been adjusted retroactively to reflect the impact of the Reverse Stock Split. 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 financing agreements (Notes 6 and 13), and valuation of derivative instruments (see Notes 5(d) and 13). 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 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. Certain prior period amounts have been reclassified to conform to the current period presentation. 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.
Financing Receivable	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 has 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 the Company’s 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 and multi-family properties made to non-occupant borrowers that intend to rehabilitate and sell the properties (“Transitional loans” or “TL”) (also sometimes referred to as “Rehabilitation loans” or “Fix and Flip loans”), (iii) business purpose 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 may consider multiple scenarios and select 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 significantly from the calculation of the allowance for credit losses in prior periods. Purchased Credit Deteriorated Loans The Company has elected to account for these loans as credit deteriorated as they have experienced a deterioration in credit quality since origination and prior to our purchase 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 third-parties that specialize 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. Other Residential Mortgage Securities The Company has invested in residential 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”). 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 has elected the fair value option for its Agency and Non-Agency MBS. These 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. 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 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, 2022 and December 31, 2021.
Restricted Cash	Restricted Cash
Goodwill & Intangible Assets	Goodwill & Intangible Assets At December 31, 2022 and 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, and other intangible assets of $12.2 million and $21.4 million, respectively (net of amortization), primarily comprised of customer relationships, non-competition agreements (fully amortized as of June 30, 2022), trademarks and trade names, and internally developed software recognized as part of the acquisition of Lima One (see Note 5(b)). The intangible assets are amortized over their expected useful lives, which ranged 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. To the extent that the Company has elected the fair value option for the related debt liability, these costs are expensed at the closing of the transaction.
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. 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 for the effect of outstanding warrants, using the treasury stock method. Under the treasury stock method, common equivalent
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. 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. The Company has 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. Swaps are carried on the Company’s consolidated balance sheets at fair value, in Other assets, if their fair value is positive, or in Other liabilities, if their fair value is negative (see Notes 5(d), 6 and 13). 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 did not intend to physically settle its transactions in TBA securities, they were required to be accounted for as derivative financial instruments. The Company did not apply hedge accounting to its TBA securities. Accordingly, TBA securities were 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 2022As of December 31, 2022, there were no new accounting standards or interpretations adopted by the Company that had a material effect on its consolidated financial statements in 2022.

Residential Whole Loans (Tables

Residential Whole Loans (Tables)	12 Months Ended
	Dec. 31, 2022
Receivables [Abstract]
Schedule of 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, 2022 and 2021: Held at Carrying Value Held at Fair Value Total (Dollars in Thousands) December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Purchased Performing Loans: Non-QM loans $ 987,282 $ 1,448,162 $ 2,372,548 $ 2,013,369 $ 3,359,830 $ 3,461,531 Transitional loans (1) 75,188 217,315 1,342,032 517,530 1,417,220 734,845 Single-family rental loans 210,833 331,808 1,165,741 619,415 1,376,574 951,223 Seasoned performing loans 82,932 102,041 — — 82,932 102,041 Agency eligible investor loans — — 51,094 1,082,765 51,094 1,082,765 Total Purchased Performing Loans $ 1,356,235 $ 2,099,326 $ 4,931,415 $ 4,233,079 $ 6,287,650 $ 6,332,405 Purchased Credit Deteriorated Loans $ 470,294 $ 547,772 $ — $ — $ 470,294 $ 547,772 Allowance for Credit Losses $ (35,314) $ (39,447) $ — $ — $ (35,314) $ (39,447) Purchased Non-Performing Loans $ — $ — $ 796,109 $ 1,072,270 $ 796,109 $ 1,072,270 Total Residential Whole Loans $ 1,791,215 $ 2,607,651 $ 5,727,524 $ 5,305,349 $ 7,518,739 $ 7,913,000 Number of loans 7,126 9,361 16,717 14,734 23,843 24,095 (1) As of December 31, 2022 includes $784.9 million of loans collateralized by one-to-four family residential properties and $632.3 million of loans collateralized by multi-family properties. As of December 31, 2021, includes $521.0 million of loans collateralized by one-to-four family residential properties and $213.9 million of loans collateralized by multi-family properties.
Schedule of Financing Receivable Credit Quality Indicators	The following table presents additional information regarding the Company’s Residential whole loans at December 31, 2022 and 2021: December 31, 2022 Fair Value / Carrying Value Unpaid Principal Balance (“UPB”) Weighted Average Coupon (2) Weighted Average Term to Maturity (Months) Weighted Average LTV Ratio (3) Weighted Average Original FICO (4) Aging by UPB 60+ Delinquency % Past Due Days (Dollars In Thousands) Current 30-59 60-89 90+ Purchased Performing Loans: Non-QM loans $ 3,352,471 $ 3,671,468 5.13 % 351 65 % 733 $ 3,520,671 $ 56,825 $ 32,253 $ 61,719 2.6 % Transitional loans (1) 1,411,997 1,431,692 7.78 12 66 746 1,348,815 6,463 2,234 74,180 5.3 Single-family rental loans 1,375,297 1,485,967 5.74 324 69 737 1,442,095 8,431 7,978 27,463 2.4 Seasoned performing loans 82,884 90,843 3.31 151 30 714 84,514 993 937 4,399 5.9 Agency eligible investor loans 51,094 61,816 3.44 344 68 757 61,816 — — — — Total Purchased Performing Loans $ 6,273,743 $ 6,741,786 5.78 % 271 3.1 % Purchased Credit Deteriorated Loans $ 448,887 $ 554,907 4.66 % 277 63 % N/A $ 403,042 $ 48,107 $ 16,270 $ 87,488 18.7 % Purchased Non-Performing Loans $ 796,109 $ 884,257 5.01 % 277 68 % N/A $ 444,045 $ 89,623 $ 40,554 $ 310,035 39.6 % Residential whole loans, total or weighted average $ 7,518,739 $ 8,180,950 5.64 % 272 8.1 % December 31, 2021 Fair Value / Carrying Value Unpaid Principal Balance (“UPB”) Weighted Average Coupon (2) Weighted Average Term to Maturity (Months) Weighted Average LTV Ratio (3) Weighted Average Original FICO (4) Aging by UPB 60+ Delinquency % 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 3.5 % Transitional loans (1) 727,964 731,154 7.18 11 67 735 616,733 5,834 5,553 103,034 14.9 Single-family rental loans 949,772 924,498 5.46 329 70 732 898,166 2,150 695 23,487 2.6 Seasoned performing loans 101,995 111,710 2.76 162 37 722 102,047 938 481 8,244 7.8 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 4.2 % Purchased Credit Deteriorated Loans $ 524,992 $ 643,187 4.55 % 283 69 % N/A $ 456,924 $ 50,048 $ 18,736 $ 117,479 21.2 % Purchased Non-Performing Loans $ 1,072,270 $ 1,073,544 4.87 % 283 73 % N/A $ 492,481 $ 87,041 $ 40,876 $ 453,146 46.0 % Residential whole loans, total or weighted average $ 7,913,000 $ 7,905,743 4.99 % 301 11.2 % (1) As of December 31, 2022 Transitional loans includes $632.3 million of loans collateralized by multi-family properties with a weighted average term to maturity of 18 months and a weighted average LTV ratio of 73%. As of December 31, 2021, Transitional loans includes $213.9 million of loans collateralized by multi-family properties with a weighted average term to maturity of 23 months and a weighted average LTV ratio of 80%. (2) 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. (3) 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 Transitional 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 Transitional loans, totaling $223.2 million and $137.3 million at December 31, 2022 and 2021, 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 70% and 71% at December 31, 2022 and 2021, 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. (4) 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) 2022 2021 2020 2019 2018 Prior Total Non-QM loans LTV <= 80% (1) $ — $ 47,343 $ 189,257 $ 460,422 $ 232,400 $ 28,516 $ 957,938 LTV > 80% (1) — 2,128 14,330 5,752 6,078 1,056 29,344 Total Non-QM loans $ — $ 49,471 $ 203,587 $ 466,174 $ 238,478 $ 29,572 $ 987,282 Year Ended December 31, 2022 Gross write-offs $ — $ — $ — $ — $ 51 $ — $ 51 Transitional loans LTV <= 80% (1) $ — $ 1,182 $ 5,153 $ 44,815 $ 12,727 $ 3,047 $ 66,924 LTV > 80% (1) — — — 4,594 1,971 1,699 8,264 Total Transitional loans $ — $ 1,182 $ 5,153 $ 49,409 $ 14,698 $ 4,746 $ 75,188 Year Ended December 31, 2022 Gross write-offs $ — $ — $ 92 $ 367 $ 287 $ — $ 746 Single-family rental loans LTV <= 80% (1) $ — $ 13,487 $ 25,036 $ 119,112 $ 47,476 $ 3,195 $ 208,306 LTV > 80% (1) — — 313 2,129 85 — 2,527 Total Single-family rental loans $ — $ 13,487 $ 25,349 $ 121,241 $ 47,561 $ 3,195 $ 210,833 Year Ended December 31, 2022 Gross write-offs $ — $ — $ — $ 205 $ 68 $ — $ 273 Seasoned performing loans LTV <= 80% (1) $ — $ — $ — $ — $ — $ 80,341 $ 80,341 LTV > 80% (1) — — — — — 2,591 2,591 Total Seasoned performing loans $ — $ — $ — $ — $ — $ 82,932 $ 82,932 Year Ended December 31, 2022 Gross write-offs $ — $ — $ — $ — $ — $ — $ — Purchased credit deteriorated loans LTV <= 80% (1) $ — $ — $ — $ — $ — $ 378,816 $ 378,816 LTV > 80% (1) — — — — — 91,478 91,478 Total Purchased credit deteriorated loans $ — $ — $ — $ — $ — $ 470,294 $ 470,294 Year Ended December 31, 2022 Gross write-offs $ — $ — $ — $ — $ — $ 400 $ 400 Total LTV <= 80% (1) $ — $ 62,012 $ 219,446 $ 624,349 $ 292,603 $ 493,915 $ 1,692,325 Total LTV > 80% (1) — 2,128 14,643 12,475 8,134 96,824 134,204 Total residential whole loans, at carrying value $ — $ 64,140 $ 234,089 $ 636,824 $ 300,737 $ 590,739 $ 1,826,529 Year Ended December 31, 2022 Total Gross write-offs $ — $ — $ 92 $ 572 $ 406 $ 400 $ 1,470 (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 Transitional 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 Transitional loans, totaling $223.2 million at December 31, 2022, 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 70% at December 31, 2022. 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, 2022 (Dollars In Thousands) Carrying Value / Fair Value UPB LTV (1) Purchased Performing Loans Non-QM loans $ 61,812 $ 61,719 67.9 % Transitional loans 73,266 74,180 68.1 % Single-family rental loans 27,466 27,463 72.9 % Seasoned performing loans 4,127 4,399 42.2 % Agency eligible investor loans — — — Total Purchased Performing Loans $ 166,671 $ 167,761 Purchased Credit Deteriorated Loans $ 69,402 $ 87,488 74.8 % Purchased Non-Performing Loans $ 296,697 $ 310,035 76.9 % Total Residential Whole Loans $ 532,770 $ 565,284 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 % Transitional 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 (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 Transitional 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 Transitional 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.
Schedule of 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, 2022 (Dollars In Thousands) Non-QM Loans Transitional Loans (1)(2) Single-family Rental Loans Seasoned Performing Loans Purchased Credit Deteriorated Loans (3) Totals Allowance for credit losses at December 31, 2021 $ 8,289 $ 6,881 $ 1,451 $ 46 $ 22,780 $ 39,447 Current provision (909) (1,460) (122) (1) (975) (3,467) Write-offs (51) (219) (27) — (226) (523) Allowance for credit losses at March 31, 2022 $ 7,329 $ 5,202 $ 1,302 $ 45 $ 21,579 $ 35,457 Current provision/(reversal) (199) (23) 174 1 1,877 1,830 Write-offs — (118) (184) — (58) (360) Allowance for credit losses at June 30, 2022 $ 7,130 $ 5,061 $ 1,292 $ 46 $ 23,398 $ 36,927 Current provision/(reversal) (242) 583 83 3 120 547 Write-offs — (114) (61) — (107) (282) Allowance for credit losses at September 30, 2022 $ 6,888 $ 5,530 $ 1,314 $ 49 $ 23,411 $ 37,192 Current provision/(reversal) 471 (13) (37) (1) (1,996) (1,576) Write-offs — (294) — — (8) (302) Allowance for credit losses at December 31, 2022 $ 7,359 $ 5,223 $ 1,277 $ 48 $ 21,407 $ 35,314 For the Year Ended December 31, 2021 (Dollars In Thousands) Non-QM Loans Transitional 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 and valuation 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 (1) In connection with purchased Transitional loans at carrying value, the Company had unfunded commitments of $8.0 million and $18.5 million as of December 31, 2022 and 2021, respectively, with an allowance for credit losses of $29,000 and $205,000 at December 31, 2022 and 2021, respectively. Such allowance is included in “Other liabilities” in the Company’s consolidated balance sheets (see Note 7). (2) Includes $56.1 million and $87.0 million of loans that were assessed for credit losses based on a collateral dependent methodology as of December 31, 2022 and 2021, 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, 2022, 2021 and 2020: 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) 2022 2021 2020 2022 2021 2020 2022 2021 2020 Purchased Performing Loans: Non-QM loans $ 51,359 $ 75,517 $ 136,527 $ 98,384 $ 21,431 $ — $ 149,743 $ 96,948 $ 136,527 Transitional loans 7,810 22,424 49,484 67,714 10,705 — 75,524 33,129 49,484 Single-family rental loans 15,314 24,863 27,722 53,661 9,306 — 68,975 34,169 27,722 Seasoned performing loans 4,673 6,684 8,793 — — — 4,673 6,684 8,793 Agency eligible investor loans — — — 30,361 11,667 — 30,361 11,667 — Total Purchased Performing Loans $ 79,156 $ 129,488 $ 222,526 $ 250,120 $ 53,109 $ — $ 329,276 $ 182,597 $ 222,526 Purchased Credit Deteriorated Loans $ 33,427 $ 40,130 $ 36,238 $ — $ — $ — $ 33,427 $ 40,130 $ 36,238 Purchased Non-Performing Loans $ — $ — $ — $ 78,520 $ 80,741 $ 73,448 $ 78,520 $ 80,741 $ 73,448 Total Residential Whole Loans $ 112,583 $ 169,618 $ 258,764 $ 328,640 $ 133,850 $ 73,448 $ 441,223 $ 303,468 $ 332,212

Securities, at Fair Value (Tabl

Securities, at Fair Value (Tables)	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Schedule of information about MBS and CRT Securities	The following tables present certain information about the Company’s Agency, Non-Agency and CRT securities at December 31, 2022 and 2021: December 31, 2022 (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)(5) $ 241,814 $ 6,306 $ (6,272) $ (14,833) $ 227,015 $ 9,974 $ (1,523) $ 8,451 $ 235,466 December 31, 2021 (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) $ 99,999 $ 7,466 $ (55) $ (20,768) $ 86,642 $ 16,282 $ (10) $ 16,272 $ 102,914 (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) Amounts disclosed at December 31, 2022 include CRT securities with a fair value of $48.6 million for which the fair value option has been elected. Such securities had gross unrealized gains of approximately $131,000 and gross unrealized losses of approximately $1.2 million at December 31, 2022. 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 gross unrealized gains of approximately $1.8 million and gross unrealized losses of approximately $10,000 at December 31, 2021. (4) Amounts disclosed at December 31, 2022 include Non-Agency MBS with a fair value of $24.6 million for which the fair value option has been elected. Such securities had no gross unrealized gains and no gross unrealized losses at December 31, 2022.
Schedule of Impairment and Other Net (Loss)/Gain on Securities and Other Portfolio Investments	Impairment and other net (loss)/gain on securities and other portfolio investment s The following table present the components of Impairment and other net (loss)/gain on securities and other portfolio investments for the years ended December 31, 2022, 2021 and 2020, which is presented in Other income in the consolidated statements of operations: For the Year Ended December 31, (In Thousands) 2022 2021 2020 Net unrealized (loss)/gain on securities $ (3,230) $ 1,607 $ (10,486) Net realized gain from the sale of securities 84 — 90,408 Impairment of securities — — (344,269) Total Impairment and other net (loss)/gain on securities $ (3,146) $ 1,607 $ (264,347) Net unrealized loss on other portfolio investments $ (21,921) $ — $ — Net realized loss on other portfolio investments — — (5,407) Reversal of impairment/(Impairment) other portfolio investments (1) — 33,956 (80,813) Gain on investment in Lima One common equity — 38,933 — Total Impairment and other net (loss)/gain on securities and other portfolio investments $ (25,067) $ 74,496 $ (350,567) (1) Includes impairment in 2020 and 2021 related to a preferred equity investment in a loan originator, which was restructured in December 2021 and subsequently assessed as debt for accounting purposes. Accordingly, subsequent impairments on this investment recorded in 2022 are reflected as “Provision for Credit Losses on Other Assets” in the Company’s consolidated statement of operations.
Schedule of Sale of Residential Mortgage Securities	The following table presents information about the Company’s sales of its securities for the years ended December 31, 2022, 2021 and 2020. The Company has no continuing involvement with any of the sold securities. For the Year Ended December 31, 2022 2021 2020 (In Thousands) Sales Proceeds Gains/(Losses) Sales Proceeds Gains/(Losses) Sales Proceeds Gains/(Losses) Agency MBS $ — $ — $ — $ — $ 1,500,875 $ (19,291) Non-Agency MBS — — — — 1,318,958 107,999 CRT securities 15,660 84 — — 243,025 (27,011) MSR-related assets — — — — 711,698 28,711 Total $ 15,660 $ 84 $ — $ — $ 3,774,556 $ 90,408
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, 2022, 2021, and 2020: For the Year Ended December 31, (In Thousands) 2022 2021 2020 AOCI from AFS securities: Unrealized gain on AFS securities at beginning of period $ 46,833 $ 79,607 $ 392,722 Unrealized (losses)/gains on securities available-for-sale (25,492) (32,774) 420,281 Reclassification adjustment for MBS sales included in net income — — (389,127) Reclassification adjustment for impairment included in net income — — (344,269) Change in AOCI from AFS securities (25,492) (32,774) (313,115) Balance at end of period $ 21,341 $ 46,833 $ 79,607
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, 2022, 2021 and 2020: For the Year Ended December 31, (In Thousands) 2022 2021 2020 Residential Mortgage Securities Coupon interest $ 4,793 $ 4,076 $ 47,686 Effective yield adjustment (1)(2)(3) 3,143 13,265 6,450 Interest income $ 7,936 $ 17,341 $ 54,136 MSR-related assets Coupon interest $ 6,610 $ 7,462 $ 25,970 Effective yield adjustment (1)(2)(4) 14,374 31,887 9,987 Interest income $ 20,984 $ 39,349 $ 35,957 (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 $8.8 million during the year ended December 31, 2021.

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022 and 2021: (In Thousands) December 31, 2022 December 31, 2021 Receivable for sale of unsettled residential whole loans $ 275,656 $ — REO (1) 130,605 156,223 Goodwill 61,076 61,076 Intangibles, net (2) 12,200 21,400 Capital contributions made to loan origination partners 28,308 71,673 Other interest-earning assets 63,964 57,522 Interest receivable 68,704 50,191 Other loan related receivables 23,463 34,191 Lease Right-of-Use Asset (3) 39,459 39,370 Other 62,786 73,910 Total Other Assets $ 766,221 $ 565,556 (1) Includes $11.3 million of REO that was held-for-investment at December 31, 2021. (2) Net of aggregate accumulated amortization of $15.8 million and $6.6 million as of December 31, 2022 and 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, 2022 and 2021: For the Year Ended December 31, (Dollars In Thousands) 2022 2021 Balance at beginning of period $ 156,223 $ 249,699 Adjustments to record at lower of cost or fair value (4,255) (4,772) Transfer from residential whole loans (1) 82,911 72,304 Purchases and capital improvements, net 978 2,458 Disposals and other (2) (105,252) (163,466) Balance at end of period $ 130,605 $ 156,223 Number of properties 388 553 (1) Includes a net loss recorded on transfer of approximately $1.2 million and $700,000, respectively, for the years ended December 31, 2022 and 2021.
Schedule of Finite-lived Intangible Assets Amortization Expense	The amortization period for each of the finite lived intangible assets and the activity for the years ended December 31, 2022 and 2021 is summarized in the table below: (Dollars in Thousands) Acquisition Date July 1, 2021 Amortization Carrying Value at December 31, 2021 Amortization Carrying Value at Amortization Period (Years) (1) Trademarks / Trade Names $ 4,000 $ (200) $ 3,800 $ (400) $ 3,400 10 Customer Relationships 16,000 (4,000) 12,000 (6,000) 6,000 4 Internally Developed Software 4,000 (400) 3,600 (800) 2,800 5 Non-Compete Agreements 4,000 (2,000) 2,000 (2,000) — 1 Total Identified Intangibles $ 28,000 $ (6,600) $ 21,400 $ (9,200) $ 12,200
Schedule of Information About Swaps	The following table presents information about the Company’s Swaps at December 31, 2022 and 2021: December 31, 2022 December 31, 2021 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 550,010 1.01 4.30 — — — Over 24 months to 36 months 775,000 1.75 4.30 450,010 0.90 0.05 Over 36 months to 48 months 450,000 1.12 4.30 — — — Over 48 months to 60 months 1,075,000 1.86 4.30 450,000 1.12 0.05 Over 60 months to 72 months — — — — — — Over 72 months to 84 months 310,000 2.95 4.30 — — — Total Swaps $ 3,160,010 1.69 % 4.30 % $ 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 daily based on SOFR. TBA Securities In order to economically hedge the risks arising from the investments in Agency eligible investor loans, the Company entered into short positions in certain TBA securities. The Company did not have any open short positions in TBA securities at December 31, 2022. 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 assets/liabilities on the Company’s consolidated balance sheets. December 31, 2021 (Dollars in Thousands) Notional Amount Settlement Date TBA Security UMBS 2.5 $ 180,000 January 13, 2022 UMBS 2.0 $ 130,000 January 13, 2022
Schedule of Derivative Earnings	The following table present the components of Net gain/(loss) on derivatives used for risk management purposes for the years ended December 31, 2022, 2021 and 2020, which is presented in Other income in the consolidated statements of operations: For the Year Ended December 31, (In Thousands) 2022 2021 2020 Income on swap variable receive leg $ 52,395 $ 34 $ 933 Expense on swap fixed pay leg (42,353) (703) (1,503) Unrealized mark-to-market gain 208,712 70 5,708 Net price alignment expense on margin collateral received (2,761) — — Loss on unwind of swaps not designated as hedges for accounting purposes — — (9,353) Loss on terminated swaps designated as hedges for accounting purposes — — (57,034) Net gain on TBA short positions 39,186 2,025 — Total Net gain/(loss) on derivatives used for risk management purposes $ 255,179 $ 1,426 $ (61,249)
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, 2022, 2021 and 2020: For the Year Ended December 31, (In Thousands) 2022 2021 2020 AOCI from derivative hedging instruments: Balance at beginning of period $ — $ — $ (22,675) Net loss on Swaps — — (50,127) Reclassification adjustment for losses/gains related to hedging instruments included in net income — — 72,802 Balance at end of period $ — $ — $ —

Financing Agreements (Tables)

Financing Agreements (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of Repurchase Agreements [Abstract]
Schedule of Financing Agreements	The following tables present the components of the Company’s financing agreements at December 31, 2022 and 2021: December 31, 2022 (In Thousands) Collateral Unpaid Principal Balance Fair Value/Carrying Value (1) Weighted Average Cost of Funding (2) Weighted Average Term to Maturity (Months) Agreements with mark-to-market collateral provisions Residential Whole Loans and REO $ 2,111,647 $ 2,111,396 3.63 % 6.9 Agreements with mark-to-market collateral provisions Securities 111,651 111,651 3.34 % 1.5 Total Agreements with mark-to-market collateral provisions 2,223,298 2,223,047 3.62 % Agreements with non-mark-to-market collateral provisions Residential Whole Loans and REO 1,004,260 1,003,604 5.00 % 16.8 Securitized debt Residential Whole Loans 3,586,397 3,357,590 2.99 % See Note 14 Convertible senior notes Unsecured 229,989 227,845 6.94 % See below Total Financing agreements (2) $ 7,043,944 $ 6,812,086 3.46 % December 31, 2021 (In Thousands) Collateral Unpaid Principal Balance Fair Value/Carrying Value (1) Weighted Average Cost of Funding (2) Weighted Average Term to Maturity (Months) Agreements with mark-to-market collateral provisions Residential Whole Loans and REO $ 2,403,724 $ 2,403,151 2.15 % 6.6 Agreements with mark-to-market collateral provisions Securities 159,148 159,148 1.78 % 1.4 Total Agreements with mark-to-market collateral provisions 2,562,872 2,562,299 2.11 % Agreements with non-mark-to-market collateral provisions Residential Whole Loans and REO 939,003 939,540 3.57 % 9.8 Securitized debt Residential Whole Loans 2,645,495 2,650,473 1.94 % See Note 14 Convertible senior notes Unsecured 230,000 226,470 6.94 % See below Total Financing agreements (2) $ 6,377,370 $ 6,378,782 2.58 % (1) The Company has both financing agreements held at fair value and financings agreements held at their carrying value (amortized cost basis). Financing agreements held at fair value are reported at estimated fair value each period as a result of the Company’s fair value option election. The fair value option was not elected for financing agreements held at carrying value. Consequently, total financing agreements as presented reflects a summation of balances reported at fair and carrying value. At December 31, 2022, the Company had $884.5 million of agreements with mark-to-market collateral provisions held at fair value, $578.9 million of agreements with non-mark-to-market collateral provisions held at fair value, and $2.4 billion of securitized debt held at fair value, with amortized cost bases of $884.5 million, $578.9 million, and, $2.6 billion respectively. At December 31, 2021, the Company had the $1.3 billion of agreements with mark-to-market collateral provisions held at fair value, $628.3 million of agreements with non-mark-to-market collateral provisions held at fair value, and $1.3 billion of securitized debt held at fair value, with amortized cost bases of $1.3 billion, $627.0 million, and $1.3 billion, respectively. (2) Weighted average cost of funding reflects year-to-date interest expense divided by average balance for the financing agreements. The cost of funding for the total financing agreements includes the impact of the net carry (the difference between swap interest income received and swap interest expense paid) on the Company’s Swaps. For the year ended December 31, 2022, this decreased the overall funding cost by 14 basis points, and for the year ended December 31, 2021, this increased the overall funding cost by two basis points. The Company does not allocate the impact of the net carry by type of financing agreement. The following table presents maturities with respect to the Company’s financing agreements with mark-to-market and non-mark-to-market collateral provisions: As of December 31, 2022 Unpaid Principal Balance, Maturing In (In Thousands) Collateral 0-3 Months (1) 3-6 Months (1) 6-12 Months Greater than 12 Months (2) Total Agreements with mark-to-market collateral provisions Residential Whole Loans $ 828,804 $ 53,247 $ 939,434 $ 290,162 $ 2,111,647 Agreements with mark-to-market collateral provisions Securities 111,651 — — — 111,651 Total Agreements with mark-to-market collateral provisions 940,455 53,247 939,434 290,162 2,223,298 Agreements with non-mark-to-market collateral provisions Residential Whole Loans 9,268 184,576 415,041 395,375 1,004,260 (1) $304.1 million of the mark-to-market agreements ($250.9 million and $53.2 million included in the 0-3 and 3-6 months categories, respectively) can be terminated by either party.
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, 2022 and 2021: (Dollars in Thousands) December 31, December 31, Mark-to-market financing agreements secured by residential whole loans $ 2,095,002 $ 2,391,602 Fair value of residential whole loans pledged as collateral under financing agreements $ 2,632,489 $ 3,301,288 Weighted average haircut on residential whole loans (1) 18.33 % 25.27 % Mark-to-market financing agreements secured by securities at fair value $ 111,651 $ 159,148 Securities at fair value pledged as collateral under financing agreements $ 177,111 $ 256,685 Weighted average haircut on securities at fair value (1) 37.43 % 37.00 % Mark-to-market financing agreements secured by real estate owned $ 16,394 $ 11,549 Fair value of real estate owned pledged as collateral under financing agreements $ 33,367 $ 34,606 Weighted average haircut on real estate owned (1) 48.07 % 58.46 %
Schedule of 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, 2022 and 2021: (Dollars in Thousands) December 31, December 31, Non-mark-to-market financing secured by residential whole loans $ 994,494 $ 928,055 Fair value of residential whole loans pledged as collateral under financing agreements $ 1,301,685 $ 1,420,283 Weighted average haircut on residential whole loans 21.43 % 29.98 % Non-mark-to-market financing secured by real estate owned $ 9,109 $ 11,485 Fair value of real estate owned pledged as collateral under financing agreements $ 22,902 $ 29,894 Weighted average haircut on real estate owned 60.23 % 61.28 %
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, 2022 and 2021: December 31, 2022 December 31, 2021 Unpaid Principal Balance Weighted Average Interest Rate Unpaid Principal Balance Weighted Average Interest Rate Time Until Interest Rate Reset (Dollars in Thousands) Within 30 days $ 3,060,111 6.60 % $ 3,222,268 2.36 % Over 30 days to 3 months 167,447 6.19 257,444 2.49 Over 3 months to 12 months — — 22,163 4.50 Over 12 months — — — — Total financing agreements $ 3,227,558 6.58 % $ 3,501,875 2.38 %
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, 2022: December 31, 2022 Counterparty Rating (1) Amount at Risk (2) Weighted Percent of Counterparty (Dollars in Thousands) Barclays Bank (3) BBB/Aa3/A $ 309,463 1 15.6 % Wells Fargo A+/Aa2/AA- 234,826 1 11.8 Credit Suisse BBB-/Baa2/BBB 192,129 1 9.7 (1) As rated at December 31, 2022 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, 2022 and 2021: December 31, 2022 Financing Agreements (In Thousands) Non-Mark-to-Market (1) Mark-to-Market (1) Securitized Total Assets: Residential whole loans, at carrying value $ 215,993 $ 284,683 $ 1,314,104 $ 1,814,780 Residential whole loans, at fair value 1,095,556 2,164,158 2,720,757 5,980,471 Securities, at fair value — 177,111 — 177,111 Other assets: REO 19,837 28,490 36,486 84,813 Total $ 1,331,386 $ 2,654,442 $ 4,071,347 $ 8,057,175 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

Other Liabilities (Tables)

Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2022
Other Liabilities [Abstract]
Schedule of Other Liabilities	The following table presents the components of the Company’s Other liabilities at December 31, 2022 and 2021: (In Thousands) December 31, 2022 December 31, 2021 Payable for purchase of unsettled Agency MBS $ 132,026 $ — Dividends and dividend equivalents payable 35,769 47,751 Lease liability 45,314 44,977 Accrued interest payable 23,040 9,621 Accrued expenses and other 75,321 115,709 Total Other Liabilities $ 311,470 $ 218,058

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022 and 2021 are presented in the following table: (In Thousands) December 31, 2022 December 31, 2021 Deferred tax assets (DTAs): Net operating loss and tax credit carryforwards $ 97,655 $ 35,796 Unrealized mark-to-market, impairments and loss provisions 12,609 3,753 Other realized / unrealized treatment differences (28,620) 12,131 Total deferred tax assets 81,644 51,680 Less: valuation allowance (81,644) (51,680) 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, 2022, 2021, and 2020: For the Year Ended (In Thousands) December 31, 2022 December 31, 2021 December 31, 2020 Current provision (benefit) Federal $ (1,309) $ 2,025 $ 1,403 State 263 644 598 Total current provision (benefit) (1,046) 2,669 2,001 Deferred provision (benefit) Federal 166 — — State 29 — — Total deferred provision (benefit) 195 — — Total provision (benefit) $ (851) $ 2,669 $ 2,001
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, 2022, 2021, and 2020: For the Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Federal statutory rate 21.0 % 21.0 % 21.0 % Non-taxable REIT income (dividends paid deduction) 2.6 % (4.6) % 0.1 % Other differences in taxable income (loss) from GAAP (13.0) % (4.7) % (14.4) % State and local taxes — % — % — % Change in valuation allowance on DTAs (10.1) % (11.1) % (6.9) % Effective tax rate 0.5 % 0.6 % (0.2) %

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Lessee, Operating Lease, Liability, Maturity	Year Ended December 31, Minimum Rental Payments (In Thousands) 2023 $ 5,748 2024 5,751 2025 4,888 2026 4,776 2027 5,055 Thereafter 46,999 Total $ 73,217

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2020 through December 31, 2022: Year Declaration Date Record Date Payment Date Dividend Per Share 2022 November 18, 2022 December 5, 2022 December 30, 2022 $0.46875 August 22, 2022 September 6, 2022 September 30, 2022 0.46875 May 18, 2022 June 1, 2022 June 30, 2022 0.46875 February 17, 2022 March 1, 2022 March 31, 2022 0.46875 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 The following table presents cash dividends declared by the Company on its Series C Preferred Stock from January 1, 2020 through December 31, 2022: Year Declaration Date Record Date Payment Date Dividend Per Share 2022 November 18, 2022 December 5, 2022 December 30, 2022 $0.40625 August 22, 2022 September 6, 2022 September 30, 2022 0.40625 May 18, 2022 June 1, 2022 June 30, 2022 0.40625 February 17, 2022 March 1, 2022 March 31, 2022 0.40625 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, 2020 through December 31, 2022: Year Declaration Date Record Date Payment Date Dividend Per Share 2022 December 14, 2022 December 30, 2022 January 31, 2023 $0.350 (1) September 13, 2022 September 30, 2022 October 31, 2022 0.440 June 15, 2022 June 30, 2022 July 29, 2022 0.440 March 11, 2022 March 22, 2022 April 29, 2022 0.440 (2) 2021 December 14, 2021 December 31, 2021 January 31, 2022 $0.440 (3)(4) September 15, 2021 September 30, 2021 October 29, 2021 0.400 (3) June 15, 2021 June 30, 2021 July 30, 2021 0.400 (3) March 12, 2021 March 31, 2021 April 30, 2021 0.300 (3) 2020 December 17, 2020 December 30, 2020 January 29, 2021 $0.300 (5)(6) August 6, 2020 September 30, 2020 October 30, 2020 0.200 (5) (1) At December 31, 2022, the Company had accrued dividends and dividend equivalents payable of $35.8 million related to the common stock dividend declared on December 14, 2022. This dividend will be subject to taxation in 2023 for the recipient. For more information see the Company’s 2022 Dividend Tax Information on its website. (2) The $0.44 per share dividend declared on March 11, 2022, has been adjusted to reflect the Reverse Stock Split; the amount actually paid in respect of such dividend was $0.11 per share, which was based on the pre-split number of shares held by stockholders at the record date for such dividend (March 22, 2022). (3) The $0.44, $0.40, $0.40 and $0.30 per share dividend amounts for the three months ended December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively, have been adjusted to reflect the Company’s one-for-four reverse stock split effected on April 4, 2022; the dividends actually paid in respect of such dividends were $0.11, $0.10, $0.10 and $0.075 per share, respectively, which were based on the pre-split number of shares held by stockholders at the record dates for such dividends (December 31, 2021, September 30, 2021, June 30, 2021, and March 31, 2021, respectively). (4) 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 was considered taxable income to the recipient in 2022. For more information see the Company’s 2021 Dividend Tax Information on its website (5) The $0.30 and $.20 per share dividend amounts for the three months ended December 31, 2020 and September 30, 2020, respectively, have been adjusted to reflect the Company’s one-for-four reverse stock split effected on April 4, 2022; the dividends actually paid in respect of such dividends were $0.075 and $0.05 per share, respectively, which were based on the pre-split number of shares held by stockholders at the record dates for such dividends (December 30, 2020 and September 30, 2020, respectively). (6) 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 the Company’s 2020 Dividend Tax Information on its 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, 2022, 2021 and 2020: For the Year Ended December 31, 2022 (In Thousands) Net Unrealized Net Net Unrealized Gain/(Loss) on Financing Agreements (1) Total Balance at beginning of period $ 46,833 $ — $ (1,255) $ 45,578 OCI before reclassifications (25,492) — 1,255 (24,237) Amounts reclassified from AOCI (2) — — — — Net OCI during the period (3) (25,492) — 1,255 (24,237) Balance at end of period $ 21,341 $ — $ — $ 21,341 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 (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.
Schedule of 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, 2022, 2021, and 2020: For the Year Ended December 31, 2022 2021 2020 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) Net realized (loss)/gain on sale of securities and residential whole loans Impairment recognized in earnings — — (344,269) Other, net Total AFS Securities $ — $ — $ (733,396) Swaps designated as cash flow hedges: Amortization of de-designated hedging instruments — — 72,802 Other, net Total Swaps designated as cash flow hedges $ — $ — $ 72,802 Total reclassifications for period $ — $ — $ (660,594)

EPS Calculation (Tables)

EPS Calculation (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Schedule of Reconciliation of the Earnings and Shares Used in Calculating Basic and Diluted EPS	The following table presents a reconciliation of the (loss)/earnings and shares used in calculating basic and diluted (loss)/earnings per share for the years ended December 31, 2022, 2021 and 2020: For the Year Ended December 31, (In Thousands, Except Per Share Amounts) 2022 2021 2020 Basic (Loss)/Earnings per Share: Net (loss)/income to common stockholders $ (231,581) $ 328,870 $ (679,390) Dividends declared on preferred stock (32,875) (32,875) (29,796) Dividends, dividend equivalents and undistributed earnings allocated to participating securities (627) (1,044) (229) Net (loss)/income to common stockholders - basic $ (265,083) $ 294,951 $ (709,415) Basic weighted average common shares outstanding 103,153 110,704 113,008 Basic (Loss)/Earnings per Share $ (2.57) $ 2.66 $ (6.28) Diluted (Loss)/Earnings per Share: Net (loss)/income to common stockholders - basic $ (265,083) $ 294,951 $ (709,415) Dividends, dividend equivalents and undistributed earnings allocated to participating securities — 1,044 — Interest expense on Convertible Senior Notes — 15,668 — Net (loss)/income to common stockholders - diluted $ (265,083) $ 311,663 $ (709,415) Basic weighted average common shares outstanding 103,153 110,704 113,008 Unvested and vested restricted stock units — 757 — Effect of assumed conversion of Convertible Senior Notes to common shares — 7,230 — Diluted weighted average common shares outstanding (1) 103,153 118,691 113,008 Diluted (Loss)/Earnings per Share $ (2.57) $ 2.63 $ (6.28) (1) At December 31, 2022, the Company had approximately 1.7 million equity instruments outstanding that were excluded in the calculation of diluted EPS for the year ended December 31, 2022. These equity instruments reflect RSUs (based on current estimate of expected share settlement amount) with a weighted average grant date fair value of $16.86. These equity instruments may have a dilutive impact on future EPS.

Equity Compensation and Other_2

Equity Compensation and Other Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022, 2021 and 2020: For the Year Ended December 31, 2022 RSUs With Weighted RSUs With Weighted Total Total Outstanding at beginning of year: 712,160 $ 20.22 905,708 $ 17.14 1,617,868 $ 18.50 Granted (1) 296,379 17.19 381,397 16.04 677,776 16.54 Settled (66,125) 29.56 (112,752) 27.86 (178,877) 28.49 Cancelled/forfeited (21,106) 17.63 (35,858) 15.56 (56,964) 16.33 Outstanding at end of year 921,308 $ 18.63 1,138,495 $ 15.76 2,059,803 $ 17.04 RSUs vested but not settled at end of year 394,996 $ 20.67 190,800 $ 21.98 585,796 $ 21.10 RSUs unvested at end of year 526,312 $ 17.10 947,695 $ 14.51 1,474,007 $ 15.43 For the Year Ended December 31, 2021 RSUs With Weighted RSUs With Weighted Total Total Outstanding at beginning of year: 457,376 $ 24.76 405,806 $ 25.03 863,182 $ 24.89 Granted (2) 379,281 16.63 602,156 13.60 981,437 14.77 Settled (124,497) 25.98 (102,254) 27.62 (226,751) 26.72 Cancelled/forfeited — — — — — — Outstanding at end of year 712,160 $ 20.22 905,708 $ 17.14 1,617,868 $ 18.50 RSUs vested but not settled at end of year 285,734 $ 20.89 112,752 $ 27.86 398,486 $ 22.86 RSUs unvested at end of year 426,426 $ 19.77 792,956 $ 15.62 1,219,382 $ 17.07 For the Year Ended December 31, 2020 RSUs With Weighted RSUs With Weighted Total Total Outstanding at beginning of year: 344,933 $ 30.47 325,332 $ 27.13 670,265 $ 28.85 Granted (3) 234,765 19.54 190,800 21.98 425,565 20.63 Settled (94,822) 30.99 (110,326) 25.93 (205,148) 28.27 Cancelled/forfeited (27,500) 30.36 — — (27,500) 30.36 Outstanding at end of year 457,376 $ 24.76 405,806 $ 25.03 863,182 $ 24.89 RSUs vested but not settled at end of year 290,115 $ 21.49 102,254 $ 27.62 392,369 $ 23.09 RSUs unvested at end of year 167,261 $ 30.43 303,552 $ 24.16 470,813 $ 26.39 (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 603,525 of these awards granted in 2022, the Company applied: (i) a weighted average volatility estimate of approximately 50%, 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 1.04% based on the continuously compounded constant maturity treasury rate corresponding to a maturity commensurate with the expected vesting term of the awards, respectively. The weighted average grant date fair value for the remaining 74,251 awards with a service condition only was estimated based on the closing price of the Company’s common stock at the grant date of $13.67. All of the 381,397 RSUs granted in 2022, the vesting of which is subject to both market and service conditions, are also subject to a one-year post-vesting holding requirement prior to settlement. There is no post vesting holding requirement on the 296,379 RSUs granted in 2022 the vesting of which is subject to a service condition only. (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 621,312 and 306,134 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 2.5-year
Schedule of Restricted Stock Activity	The following table presents information with respect to the Company’s restricted stock for the years ended December 31, 2022, 2021 and 2020: For the Year Ended December 31, 2022 2021 2020 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 — — — — 19,888 6.60 Vested (2) — — — — (19,888) 6.60 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, 2022, 2021 and 2020: For the Year Ended December 31, (In Thousands) 2022 2021 2020 RSUs $ 11,338 $ 9,043 $ 6,592 Restricted shares of common stock — — 131 Total $ 11,338 $ 9,043 $ 6,723
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, 2022, 2021 and 2020: For the Year Ended December 31, (In Thousands) 2022 2021 2020 Non-employee directors $ (1,133) $ 537 $ (911) Total $ (1,133) $ 537 $ (911)
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, 2022 and 2021 that had not been distributed and the Company’s associated liability for such deferrals at December 31, 2022 and 2021: December 31, 2022 December 31, 2021 (In Thousands) Undistributed Income Deferred (1) Liability Under Undistributed Income Deferred (1) Liability Under Non-employee directors $ 2,923 $ 1,953 $ 2,687 $ 2,836 Total $ 2,923 $ 1,953 $ 2,687 $ 2,836 (1) Represents the cumulative amounts that were deferred by participants through December 31, 2022 and 2021, 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, 2022
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, 2022 and 2021, on the consolidated balance sheets by the valuation hierarchy, as previously described: Fair Value at December 31, 2022 (In Thousands) Level 1 Level 2 Level 3 Total Assets: Residential whole loans, at fair value $ — $ 51,094 $ 5,676,430 $ 5,727,524 Securities, at fair value — 333,364 — 333,364 Total assets carried at fair value $ — $ 384,458 $ 5,676,430 $ 6,060,888 Liabilities: Agreements with non-mark-to-market collateral provisions $ — $ — $ 578,879 $ 578,879 Agreements with mark-to-market collateral provisions — — 884,495 884,495 Securitized debt — 2,435,370 — 2,435,370 Total liabilities carried at fair value $ — $ 2,435,370 $ 1,463,374 $ 3,898,744 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 $ — $ — $ 1,322,362 $ 1,322,362 Agreements with mark-to-market collateral provisions — — 628,280 628,280 Securitized debt — 1,316,131 — 1,316,131 Total liabilities carried at fair value $ — $ 1,316,131 $ 1,950,642 $ 3,266,773 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, 2022 and 2021: December 31, 2022 (Dollars in Thousands) Fair Value (1) Valuation Technique Unobservable Input Weighted Average (2) Range Purchased Non-Performing Loans $ 546,675 Discounted cash flow Discount rate 7.0 % 6.3-10.0% Prepayment rate 8.9 % 0.0-33.5% Default rate 3.7 % 0.0-52.4% Loss severity 11.3 % 0.0-100.0% $ 249,219 Liquidation model Discount rate 7.8 % 7.8-7.8% Annual change in home prices 6.9 % (5.4)-59.7% Liquidation timeline 1.9 0.1-4.5 Current value of underlying properties (3) $ 743 $28-$4,000 Total $ 795,894 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 (in years) 1.7 0.1-4.5 Current value of underlying properties (3) $ 770 $10-$3,995 Total $ 1,071,774 (1) Excludes approximately $215,000 and $496,000 of loans for which management considers the purchase price continues to reflect the fair value of such loans at December 31, 2022 and 2021, 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 $457,000 and $421,000 as of December 31, 2022 and 2021, respectively. December 31, 2022 (Dollars in Thousands) Fair Value Valuation Technique Unobservable Input Weighted Average (1) Range Purchased Performing Loans $ 4,857,587 Discounted cash flow Discount rate 7.6 % 5.6-22.7% Prepayment rate 7.9 % 0.0-44.8% Default rate 0.8 % 0.0-19.4% Loss severity 7.3 % 0.0-100.0% $ 22,734 Liquidation model Discount rate 7.8 % 7.8-7.8% Annual change in home prices 3.2 % (1.0)-10.7% Liquidation timeline (in years) 1.9 0.8-4.2 Current value of underlying properties $ 1,319 $50-$2,850 Total $ 4,880,321 December 31, 2021 (Dollars in Thousands) Fair Value Valuation Technique Unobservable Input Weighted Average (1) Range Purchased Performing Loans $ 3,142,366 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 % —%-14.8% Liquidation timeline (in years) 2.0 0.8-4.2 Current value of underlying properties $ 691 $60-$1,750 Total $ 3,150,314 (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, 2022 and 2021 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) 2022 2021 Balance at beginning of period $ 4,222,584 $ 1,216,902 Purchases and originations 2,749,275 4,367,423 Draws 361,035 53,599 Changes in fair value recorded in Net gain on residential whole loans measured at fair value through earnings (668,899) 16,243 Repayments (925,773) (295,790) Sales and repurchases (10,496) (2,023) Transfer to REO (51,296) (51,005) Transfer to Level 2 (1) — (1,082,765) Balance at end of period $ 5,676,430 $ 4,222,584 (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 beginning in 2021. The following table presents additional information for the years ended December 31, 2022 and 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) 2022 2021 Balance at beginning of period $ 628,280 $ 1,159,213 Issuances 554,823 — Payment of principal (602,969) (529,874) Change in unrealized gains (1,255) (1,059) Balance at end of period $ 578,879 $ 628,280 The following table presents additional information for the years ended December 31, 2022 and 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) 2022 2021 Balance at beginning of period $ 1,322,362 $ 1,124,162 Issuances 1,153,555 1,275,265 Payment of principal (1,591,422) (1,077,065) Balance at end of period $ 884,495 $ 1,322,362
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, 2022 and 2021: December 31, 2022 December 31, 2022 December 31, 2021 Level in Fair Value Hierarchy Carrying Estimated Fair Value Carrying Estimated Fair Value (In Thousands) Financial Assets: Residential whole loans 3 $ 7,467,645 $ 7,397,421 $ 6,830,235 $ 6,983,686 Residential whole loans (1) 2 51,094 51,094 1,082,765 1,082,765 Securities, at fair value 2 333,364 333,364 256,685 256,685 Cash and cash equivalents 1 334,183 334,183 304,696 304,696 Restricted cash 1 159,898 159,898 99,751 99,751 Financial Liabilities (2) : Financing agreements with non-mark-to-market collateral provisions 3 1,003,604 1,004,260 939,540 940,257 Financing agreements with mark-to-market collateral provisions 3 2,111,396 2,111,647 2,403,151 2,403,724 Financing agreements with mark-to-market collateral provisions 2 111,651 111,651 159,148 159,148 Securitized debt (3) 2 3,357,590 3,217,905 2,650,473 2,646,203 Convertible senior notes 2 227,845 211,015 226,470 239,292 (1) At December 31, 2021, $654.7 million of Agency eligible investor loans were valued based on the observable prices of related securitized debt. (2) Carrying value of securitized debt, Convertible Senior Notes, Senior Notes and certain repurchase agreements is net of associated debt issuance costs.

Use of Special Purpose Entiti_2

Use of Special Purpose Entities and Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2022
Use Of Special Purpose Entities And Variable Interest Entities
Schedule 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, 2022 and 2021: (Dollars in Thousands) December 31, 2022 December 31, 2021 Aggregate unpaid principal balance of residential whole loans sold $ 6,732,609 $ 3,984,355 Face amount of Senior Bonds issued by the VIE and purchased by third-party investors $ 5,333,090 $ 3,667,790 Outstanding amount of Senior Bonds, at carrying value $ 922,220 (1) $ 1,334,342 (1) Outstanding amount of Senior Bonds, at fair value $ 2,435,370 $ 1,316,131 Outstanding amount of Senior Bonds, total $ 3,357,590 $ 2,650,473 Weighted average fixed rate for Senior Bonds issued 3.38 % (2) 2.01 % (2) Weighted average contractual maturity of Senior Bonds 38 years (2) 36 years (2) Face amount of Senior Support Certificates received by the Company (3) $ 715,640 $ 283,930 Cash received $ 5,300,681 $ 3,682,082 (1) Net of $2.9 million and $6.8 million of deferred financing costs at December 31, 2022 and 2021, respectively. (2) At December 31, 2022 and 2021, $1.9 billion and $329.0 million, respectively, of Senior Bonds sold in securitization transactions contained a contractual coupon step-up feature whereby the coupon increases by either 100, 200 or 300 basis points or more at defined dates ranging from 30 months, up to 48 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.

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following tables summarize segment financial information, which in total reconciles to the same data for the Company as a whole. The Company is not presenting comparable segment statements of operations for the year ended December 31, 2020, because the Company did not consolidate Lima One during those periods: (Dollars in Thousands) Mortgage-Related Assets Lima One Corporate Total Year Ended December 31, 2022 Interest Income $ 364,761 $ 113,134 $ 4,524 $ 482,419 Interest Expense 176,725 66,358 15,760 258,843 Net Interest Income/(Expense) $ 188,036 $ 46,776 $ (11,236) $ 223,576 Reversal of Provision/(Provision) for Credit Losses on Residential Whole Loans 2,842 (196) — 2,646 Provision for Credit Losses on Other Assets — — (28,579) (28,579) Net Interest Income/(Expense) after Reversal of Provision/(Provision) for Credit Losses $ 190,878 $ 46,580 $ (39,815) $ 197,643 Net loss on residential whole loans measured at fair value through earnings $ (730,028) $ (136,734) $ — $ (866,762) Impairment and other net loss on securities and other portfolio investments (3,146) — (21,921) (25,067) Net gain on real estate owned 25,348 31 — 25,379 Net gain on derivatives used for risk management purposes 217,961 37,218 — 255,179 Net gain on securitized debt measured at fair value through earnings 231,176 59,463 — 290,639 Lima One - origination, servicing and other fee income — 46,745 — 46,745 Other, net 4,282 537 4,478 9,297 Total Other (Loss)/Income, net $ (254,407) $ 7,260 $ (17,443) $ (264,590) General and administrative expenses (including compensation) $ — $ 53,185 $ 59,355 $ 112,540 Loan servicing, financing, and other related costs 25,384 1,120 16,390 42,894 Amortization of intangible assets — 9,200 — 9,200 Net Loss $ (88,913) $ (9,665) $ (133,003) $ (231,581) Less Preferred Stock Dividend Requirement $ — $ — $ 32,875 $ 32,875 Net Loss Available to Common Stock and Participating Securities $ (88,913) $ (9,665) $ (165,878) $ (264,456) (Dollars in Thousands) Mortgage-Related Assets Lima One Corporate Total Year Ended December 31, 2021 Interest Income $ 347,863 $ 14,249 $ 190 $ 362,302 Interest Expense 99,905 4,691 15,789 120,385 Net Interest Income/(Expense) $ 247,958 $ 9,558 $ (15,599) $ 241,917 Reversal of Provision/(Provision) for Credit Losses on Residential Whole Loans $ 44,981 $ (118) $ — $ 44,863 Net Interest Income/(Expense) after Reversal of Provision/(Provision) for Credit Losses $ 292,939 $ 9,440 $ (15,599) $ 286,780 Net (loss)/gain on residential whole loans measured at fair value through earnings $ (2,719) $ 18,962 $ — $ 16,243 Impairment and other net gain on securities and other portfolio investments 1,607 — 72,889 74,496 Net gain on real estate owned 22,760 78 — 22,838 Net gain/(loss) on derivatives used for risk management purposes 1,457 (31) — 1,426 Net gain on securitized debt measured at fair value through earnings 14,594 433 — 15,027 Lima One - origination, servicing and other fee income — 22,600 — 22,600 Other, net 759 128 11,586 12,473 Total Other Income, net $ 38,458 $ 42,170 $ 84,475 $ 165,103 General and administrative expenses (including compensation) $ — $ 24,140 $ 61,406 $ 85,546 Loan servicing, financing, and other related costs 25,250 436 5,181 30,867 Amortization of intangible assets — 6,600 — 6,600 Net Income $ 306,147 $ 20,434 $ 2,289 $ 328,870 Less Preferred Stock Dividend Requirement $ — $ — $ 32,875 $ 32,875 Net Income/(Loss) Available to Common Stock and Participating Securities $ 306,147 $ 20,434 $ (30,586) $ 295,995 (Dollars in Thousands) Mortgage-Related Assets Lima One Corporate Total December 31, 2022 Total Assets $ 6,065,557 $ 2,618,695 $ 428,153 $ 9,112,405 December 31, 2021 Total Assets $ 7,567,084 $ 1,200,737 $ 371,867 $ 9,139,688
Schedule of 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

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Basis of Presentation and Consolidation (Details)	Apr. 04, 2022
Accounting Policies [Abstract]
Reverse stock split	0.25

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Residential Whole Loans (Details)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Number of days considered to classify loans delinquent	60 days
Weighted Average LTV Ratio	80%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 334,183	$ 304,696
Overnight money market funds	267,100	215,800
Restricted cash	$ 159,898	$ 99,751

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Jul. 01, 2021
Business Combination, Separately Recognized Transactions [Line Items]
Goodwill	$ 61,076	$ 61,076
Intangible assets, net	$ 12,200	21,400
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	$ 61,100	$ 61,076

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Leases and Depreciation (Details)	12 Months Ended
	Dec. 31, 2022
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 - Equity-Based Compensation, Taxes, Derivatives (Details) - RSUs	12 Months Ended
	Dec. 31, 2022
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 Accoun_9

Summary of Significant Accounting Policies - Earnings per Common Share (Details)	Dec. 31, 2022	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, 2022 USD ($) loan	Dec. 31, 2020 USD ($)	Dec. 31, 2021 USD ($)
Receivables [Abstract]
Total residential whole loans	$ 7,500,000		$ 7,900,000
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable number of whole loans sold | loan	0
Nonperforming
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loss on sale of financing receivable	$ 72,300
Financing receivable, nonaccrual	413,100		588,100
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	195,100		240,200
Purchased Credit Deteriorated Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, nonaccrual	80,500		108,900
Interest Income On Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, nonaccrual	18,800		13,200
Without Associated Credit Losses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, nonaccrual	71,700		$ 107,400
Agency eligible investor loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, sale	337,800
Agency eligible investor loans | Nonperforming
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, sale	$ 598,000	24,100
Loss on sale of financing receivable		$ 800

Residential Whole Loans - Resid

Residential Whole Loans - Residential Whole Loans (Details) $ in Thousands	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($) loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 1,826,529
Allowance for Credit Losses	(35,314)	$ (39,447)
Total Residential Whole Loans	$ 7,518,739	$ 7,913,000
Number of loans | loan	23,843	24,095
Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 6,287,650	$ 6,332,405
Nonperforming
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	796,109	1,072,270
Held at Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for Credit Losses	(35,314)	(39,447)
Total Residential Whole Loans	$ 1,791,215	$ 2,607,651
Number of loans | loan	7,126	9,361
Held at Carrying Value | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 1,356,235	$ 2,099,326
Held at Carrying Value | Nonperforming
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	$ 5,727,524	$ 5,305,349
Number of loans | loan	16,717	14,734
Held at Fair Value | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 4,931,415	$ 4,233,079
Held at Fair Value | Nonperforming
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	796,109	1,072,270
Non-QM loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	987,282
Non-QM loans | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	3,359,830	3,461,531
Non-QM loans | Held at Carrying Value | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	987,282	1,448,162
Non-QM loans | Held at Fair Value | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	2,372,548	2,013,369
Transitional loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	75,188
Transitional loans | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,417,220	734,845
Transitional loans | Held at Carrying Value | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	75,188	217,315
Transitional loans | Held at Fair Value | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,342,032	517,530
Single-family rental loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	210,833
Single-family rental loans | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,376,574	951,223
Single-family rental loans | Held at Carrying Value | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	210,833	331,808
Single-family rental loans | Held at Fair Value | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,165,741	619,415
Seasoned performing loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	82,932
Seasoned performing loans | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	82,932	102,041
Seasoned performing loans | Held at Carrying Value | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	82,932	102,041
Seasoned performing loans | Held at Fair Value | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	0	0
Agency eligible investor loans | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	51,094	1,082,765
Agency eligible investor loans | Held at Carrying Value | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	0	0
Agency eligible investor loans | Held at Fair Value | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	51,094	1,082,765
Purchased Credit Deteriorated Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	470,294	547,772
Purchased Credit Deteriorated Loans | Held at Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	470,294	547,772
Purchased Credit Deteriorated Loans | Held at Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	0	0
One-to-four-family residential property loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	784,900	521,000
Multi-Family Transitional Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 632,300	$ 213,900

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, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 1,826,529
Weighted Average LTV Ratio	80%
Settled Whole Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Purchased Performing Loans	$ 6,273,743	$ 6,315,738
Unpaid Principal Balance (“UPB”)	$ 6,741,786	$ 6,189,012
Weighted Average Coupon	5.78%	5.05%
Weighted Average Term to Maturity (Months)	271 months	307 months
60+ Delinquency %	3.10%	4.20%
Non-QM loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 987,282
Non-QM loans | Settled Whole Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Purchased Performing Loans	3,352,471	$ 3,453,242
Unpaid Principal Balance (“UPB”)	$ 3,671,468	$ 3,361,164
Weighted Average Coupon	5.13%	5.07%
Weighted Average Term to Maturity (Months)	351 months	355 months
60+ Delinquency %	2.60%	3.50%
Weighted Average LTV Ratio	65%	66%
Weighted Average FICO Scores	733	731
Non-QM loans | Settled Whole Loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	$ 3,520,671	$ 3,165,964
Non-QM loans | Settled Whole Loans | 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	56,825	77,581
Non-QM loans | Settled Whole Loans | 60-89
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	32,253	22,864
Non-QM loans | Settled Whole Loans | 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	61,719	94,755
Transitional loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	75,188
Transitional loans | Settled Whole Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Purchased Performing Loans	1,411,997	727,964
Unpaid Principal Balance (“UPB”)	$ 1,431,692	$ 731,154
Weighted Average Coupon	7.78%	7.18%
Weighted Average Term to Maturity (Months)	12 months	11 months
60+ Delinquency %	5.30%	14.90%
Weighted Average LTV Ratio	66%	67%
Weighted Average FICO Scores	746	735
Transitional loans | Settled Whole Loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	$ 1,348,815	$ 616,733
Transitional loans | Settled Whole Loans | 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	6,463	5,834
Transitional loans | Settled Whole Loans | 60-89
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	2,234	5,553
Transitional loans | Settled Whole Loans | 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	74,180	103,034
Single-family rental loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	210,833
Single-family rental loans | Settled Whole Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Purchased Performing Loans	1,375,297	949,772
Unpaid Principal Balance (“UPB”)	$ 1,485,967	$ 924,498
Weighted Average Coupon	5.74%	5.46%
Weighted Average Term to Maturity (Months)	324 months	329 months
60+ Delinquency %	2.40%	2.60%
Weighted Average LTV Ratio	69%	70%
Weighted Average FICO Scores	737	732
Single-family rental loans | Settled Whole Loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	$ 1,442,095	$ 898,166
Single-family rental loans | Settled Whole Loans | 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	8,431	2,150
Single-family rental loans | Settled Whole Loans | 60-89
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	7,978	695
Single-family rental loans | Settled Whole Loans | 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	27,463	23,487
Seasoned performing loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	82,932
Seasoned performing loans | Settled Whole Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Purchased Performing Loans	82,884	101,995
Unpaid Principal Balance (“UPB”)	$ 90,843	$ 111,710
Weighted Average Coupon	3.31%	2.76%
Weighted Average Term to Maturity (Months)	151 months	162 months
60+ Delinquency %	5.90%	7.80%
Weighted Average LTV Ratio	30%	37%
Weighted Average FICO Scores	714	722
Seasoned performing loans | Settled Whole Loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	$ 84,514	$ 102,047
Seasoned performing loans | Settled Whole Loans | 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	993	938
Seasoned performing loans | Settled Whole Loans | 60-89
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	937	481
Seasoned performing loans | Settled Whole Loans | 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	4,399	8,244
Agency eligible investor loans | Settled Whole Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Purchased Performing Loans	51,094	1,082,765
Unpaid Principal Balance (“UPB”)	$ 61,816	$ 1,060,486
Weighted Average Coupon	3.44%	3.40%
Weighted Average Term to Maturity (Months)	344 months	354 months
60+ Delinquency %	0%	0%
Weighted Average LTV Ratio	68%	62%
Weighted Average FICO Scores	757	767
Agency eligible investor loans | Settled Whole Loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	$ 61,816	$ 1,039,257
Agency eligible investor loans | Settled Whole Loans | 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	0	21,229
Agency eligible investor loans | Settled Whole Loans | 60-89
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	0	0
Agency eligible investor loans | Settled Whole Loans | 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	0	0
Purchased Credit Deteriorated Loans | Settled Whole Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Purchased Performing Loans	448,887	524,992
Unpaid Principal Balance (“UPB”)	$ 554,907	$ 643,187
Weighted Average Coupon	4.66%	4.55%
Weighted Average Term to Maturity (Months)	277 months	283 months
60+ Delinquency %	18.70%	21.20%
Weighted Average LTV Ratio	63%	69%
Purchased Credit Deteriorated Loans | Settled Whole Loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	$ 403,042	$ 456,924
Purchased Credit Deteriorated Loans | Settled Whole Loans | 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	48,107	50,048
Purchased Credit Deteriorated Loans | Settled Whole Loans | 60-89
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	16,270	18,736
Purchased Credit Deteriorated Loans | Settled Whole Loans | 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	87,488	117,479
Purchased Non-performing Loans | Settled Whole Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Purchased Performing Loans	796,109	1,072,270
Unpaid Principal Balance (“UPB”)	$ 884,257	$ 1,073,544
Weighted Average Coupon	5.01%	4.87%
Weighted Average Term to Maturity (Months)	277 months	283 months
60+ Delinquency %	39.60%	46%
Weighted Average LTV Ratio	68%	73%
Purchased Non-performing Loans | Settled Whole Loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	$ 444,045	$ 492,481
Purchased Non-performing Loans | Settled Whole Loans | 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	89,623	87,041
Purchased Non-performing Loans | Settled Whole Loans | 60-89
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	40,554	40,876
Purchased Non-performing Loans | Settled Whole Loans | 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	310,035	453,146
Residential Whole Loans | Settled Whole Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Purchased Performing Loans	7,518,739	7,913,000
Unpaid Principal Balance (“UPB”)	$ 8,180,950	$ 7,905,743
Weighted Average Coupon	5.64%	4.99%
Weighted Average Term to Maturity (Months)	272 months	301 months
60+ Delinquency %	8.10%	11.20%
Multi-Family Transitional Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average Term to Maturity (Months)	18 months	23 months
Loans	$ 632,300	$ 213,900
Weighted Average LTV Ratio	73%	80%

Residential Whole Loans - Allow

Residential Whole Loans - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 37,192	$ 36,927	$ 35,457	$ 39,447	$ 44,102	$ 54,261	$ 63,244	$ 86,833	$ 39,447
Current provision	(1,576)	547	1,830	(3,467)	(3,430)	(9,626)	(8,583)	(22,372)
Write-offs	(302)	(282)	(360)	(523)	(1,225)	(533)	(400)	(1,217)	(1,470)
Ending balance	35,314	37,192	36,927	35,457	39,447	44,102	54,261	63,244	35,314
Loans	1,826,529								1,826,529
Allowance for credit loss	35,314	37,192	36,927	35,457	39,447	44,102	54,261	63,244	35,314
Non-QM Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	6,888	7,130	7,329	8,289	9,689	12,092	14,545	21,068	8,289
Current provision	471	(242)	(199)	(909)	(1,400)	(2,403)	(2,416)	(6,523)
Write-offs	0	0	0	(51)	0	0	(37)	0
Ending balance	7,359	6,888	7,130	7,329	8,289	9,689	12,092	14,545	7,359
Allowance for credit loss	7,359	6,888	7,130	7,329	8,289	9,689	12,092	14,545	7,359
Transitional loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	5,530	5,061	5,202	6,881	8,685	11,604	13,668	18,371	6,881
Current provision	(13)	583	(23)	(1,460)	(706)	(2,526)	(1,809)	(3,700)
Write-offs	(294)	(114)	(118)	(219)	(1,098)	(393)	(255)	(1,003)
Ending balance	5,223	5,530	5,061	5,202	6,881	8,685	11,604	13,668	5,223
Loans	56,100				87,000				56,100
Allowance for credit loss	5,223	5,530	5,061	5,202	6,881	8,685	11,604	13,668	5,223
Single-family rental loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1,314	1,292	1,302	1,451	1,634	2,360	2,746	3,918	1,451
Current provision	(37)	83	174	(122)	(178)	(670)	(386)	(1,172)
Write-offs	0	(61)	(184)	(27)	(5)	(56)	0	0
Ending balance	1,277	1,314	1,292	1,302	1,451	1,634	2,360	2,746	1,277
Allowance for credit loss	1,277	1,314	1,292	1,302	1,451	1,634	2,360	2,746	1,277
Seasoned Performing Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	49	46	45	46	50	57	66	107	46
Current provision	(1)	3	1	(1)	(4)	(7)	(9)	(41)
Write-offs	0	0	0	0	0	0	0	0
Ending balance	48	49	46	45	46	50	57	66	48
Allowance for credit loss	48	49	46	45	46	50	57	66	48
Purchased Credit Deteriorated Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	23,411	23,398	21,579	22,780	24,044	28,148	32,219	43,369	22,780
Current provision	(1,996)	120	1,877	(975)	(1,142)	(4,020)	(3,963)	(10,936)
Write-offs	(8)	(107)	(58)	(226)	(122)	(84)	(108)	(214)
Ending balance	21,407	23,411	23,398	21,579	22,780	24,044	28,148	32,219	21,407
Loans	48,500				57,400				48,500
Allowance for credit loss	21,407	$ 23,411	$ 23,398	21,579	22,780	$ 24,044	$ 28,148	$ 32,219	21,407
Unfunded Loan Commitment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance				$ 205					205
Ending balance	29				205				29
Commitment to lend, unfunded	8,000				18,500				8,000
Allowance for credit loss	$ 29				$ 205				$ 29

Residential Whole Loans - Addit

Residential Whole Loans - Additional Credit Related Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
2022	$ 0								$ 0
2021	64,140								64,140
2020	234,089								234,089
2019	636,824								636,824
2018	300,737								300,737
Prior	590,739								590,739
Residential whole loans, total or weighted average	1,826,529								1,826,529
Gross write-offs, 2021									0
Gross write-offs, 2020									92
Gross write-offs, 2019									572
Gross write-offs, 2018									406
Gross write-offs, prior									400
Year Ended December 31, 2022 Gross write-offs	302	$ 282	$ 360	$ 523	$ 1,225	$ 533	$ 400	$ 1,217	$ 1,470
Weighted Average LTV Ratio									80%
Debt-to-Value Ratio, Less than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0								$ 0
2021	62,012								62,012
2020	219,446								219,446
2019	624,349								624,349
2018	292,603								292,603
Prior	493,915								493,915
Residential whole loans, total or weighted average	1,692,325								1,692,325
Debt-to-Value Ratio, 80 to 100 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0								0
2021	2,128								2,128
2020	14,643								14,643
2019	12,475								12,475
2018	8,134								8,134
Prior	96,824								96,824
Residential whole loans, total or weighted average	134,204								134,204
Non-QM Loans
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0								0
2021	49,471								49,471
2020	203,587								203,587
2019	466,174								466,174
2018	238,478								238,478
Prior	29,572								29,572
Residential whole loans, total or weighted average	987,282								987,282
Gross write-offs, 2021									0
Gross write-offs, 2020									0
Gross write-offs, 2019									0
Gross write-offs, 2018									51
Gross write-offs, prior									0
Year Ended December 31, 2022 Gross write-offs									51
Non-QM Loans | Debt-to-Value Ratio, Less than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0								0
2021	47,343								47,343
2020	189,257								189,257
2019	460,422								460,422
2018	232,400								232,400
Prior	28,516								28,516
Residential whole loans, total or weighted average	957,938								957,938
Non-QM Loans | Debt-to-Value Ratio, 80 to 100 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0								0
2021	2,128								2,128
2020	14,330								14,330
2019	5,752								5,752
2018	6,078								6,078
Prior	1,056								1,056
Residential whole loans, total or weighted average	29,344								29,344
Transitional loans
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0								0
2021	1,182								1,182
2020	5,153								5,153
2019	49,409								49,409
2018	14,698								14,698
Prior	4,746								4,746
Residential whole loans, total or weighted average	75,188								75,188
Gross write-offs, 2021									0
Gross write-offs, 2020									92
Gross write-offs, 2019									367
Gross write-offs, 2018									287
Gross write-offs, prior									0
Year Ended December 31, 2022 Gross write-offs									746
Transitional loans | Debt-to-Value Ratio, Less than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0								0
2021	1,182								1,182
2020	5,153								5,153
2019	44,815								44,815
2018	12,727								12,727
Prior	3,047								3,047
Residential whole loans, total or weighted average	66,924								66,924
Transitional loans | Debt-to-Value Ratio, 80 to 100 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0								0
2021	0								0
2020	0								0
2019	4,594								4,594
2018	1,971								1,971
Prior	1,699								1,699
Residential whole loans, total or weighted average	8,264								8,264
Single-family rental loans
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0								0
2021	13,487								13,487
2020	25,349								25,349
2019	121,241								121,241
2018	47,561								47,561
Prior	3,195								3,195
Residential whole loans, total or weighted average	210,833								210,833
Gross write-offs, 2021									0
Gross write-offs, 2020									0
Gross write-offs, 2019									205
Gross write-offs, 2018									68
Gross write-offs, prior									0
Year Ended December 31, 2022 Gross write-offs									273
Single-family rental loans | Debt-to-Value Ratio, Less than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0								0
2021	13,487								13,487
2020	25,036								25,036
2019	119,112								119,112
2018	47,476								47,476
Prior	3,195								3,195
Residential whole loans, total or weighted average	208,306								208,306
Single-family rental loans | Debt-to-Value Ratio, 80 to 100 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0								0
2021	0								0
2020	313								313
2019	2,129								2,129
2018	85								85
Prior	0								0
Residential whole loans, total or weighted average	2,527								2,527
Seasoned Performing Loans
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0								0
2021	0								0
2020	0								0
2019	0								0
2018	0								0
Prior	82,932								82,932
Residential whole loans, total or weighted average	82,932								82,932
Gross write-offs, 2021									0
Gross write-offs, 2020									0
Gross write-offs, 2019									0
Gross write-offs, 2018									0
Gross write-offs, prior									0
Year Ended December 31, 2022 Gross write-offs									0
Seasoned Performing Loans | Debt-to-Value Ratio, Less than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0								0
2021	0								0
2020	0								0
2019	0								0
2018	0								0
Prior	80,341								80,341
Residential whole loans, total or weighted average	80,341								80,341
Seasoned Performing Loans | Debt-to-Value Ratio, 80 to 100 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0								0
2021	0								0
2020	0								0
2019	0								0
2018	0								0
Prior	2,591								2,591
Residential whole loans, total or weighted average	2,591								2,591
Purchased Credit Deteriorated Loans
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0								0
2021	0								0
2020	0								0
2019	0								0
2018	0								0
Prior	470,294								470,294
Residential whole loans, total or weighted average	470,294				547,772				470,294	$ 547,772
Gross write-offs, 2021									0
Gross write-offs, 2020									0
Gross write-offs, 2019									0
Gross write-offs, 2018									0
Gross write-offs, prior									400
Year Ended December 31, 2022 Gross write-offs									400
Purchased Credit Deteriorated Loans | Debt-to-Value Ratio, Less than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0								0
2021	0								0
2020	0								0
2019	0								0
2018	0								0
Prior	378,816								378,816
Residential whole loans, total or weighted average	378,816								378,816
Purchased Credit Deteriorated Loans | Debt-to-Value Ratio, 80 to 100 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0								0
2021	0								0
2020	0								0
2019	0								0
2018	0								0
Prior	91,478								91,478
Residential whole loans, total or weighted average	91,478								91,478
One-to-four-family residential property loans | Transitional loans
Financing Receivable, Credit Quality Indicator [Line Items]
Securitization of eligible investor loans	$ 223,200				$ 137,300				$ 223,200	$ 137,300
Weighted Average LTV Ratio									70%	71%
Settled Whole Loans | Non-QM Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Weighted Average LTV Ratio									65%	66%
Settled Whole Loans | Transitional loans
Financing Receivable, Credit Quality Indicator [Line Items]
Weighted Average LTV Ratio									66%	67%
Settled Whole Loans | Single-family rental loans
Financing Receivable, Credit Quality Indicator [Line Items]
Weighted Average LTV Ratio									69%	70%
Settled Whole Loans | Seasoned Performing Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Weighted Average LTV Ratio									30%	37%

Residential Whole Loans - LTV o

Residential Whole Loans - LTV on Loans (Details) - 90 or more $ in Thousands	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Held at Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	$ 532,770	$ 781,245
Held at Carrying Value | Nonperforming
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	296,697	454,443
Held at Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	532,770	781,245
UPB	565,284	800,145
Held at Fair Value | Nonperforming
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	296,697	454,443
UPB	$ 310,035	$ 453,146
LTV (as a percent)	0.769	0.802
Non-QM loans | Held at Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	$ 61,812	$ 96,473
UPB	$ 61,719	$ 94,755
LTV (as a percent)	0.679	0.646
Non-QM loans | Held at Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	$ 61,812	$ 96,473
Transitional loans | Held at Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	73,266	103,166
UPB	$ 74,180	$ 103,034
LTV (as a percent)	0.681	0.676
Transitional loans | Held at Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	$ 73,266	$ 103,166
Single-family rental loans | Held at Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	27,466	23,524
UPB	$ 27,463	$ 23,487
LTV (as a percent)	0.729	0.734
Single-family rental loans | Held at Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	$ 27,466	$ 23,524
Seasoned performing loans | Held at Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	4,127	7,740
UPB	$ 4,399	$ 8,244
LTV (as a percent)	0.422	0.456
Seasoned performing loans | Held at Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	$ 4,127	$ 7,740
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
Agency eligible investor loans | Held at Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	$ 0	$ 0
Performing | Held at Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	166,671	230,903
UPB	167,761	229,520
Performing | Held at Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	166,671	230,903
Purchased Credit Deteriorated Loans | Held at Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	69,402	95,899
Purchased Credit Deteriorated Loans | Held at Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	69,402	95,899
UPB	$ 87,488	$ 117,479
LTV (as a percent)	0.748	0.791

Residential Whole Loans - Inter

Residential Whole Loans - Interest Income Components (Details) - Residential Whole Loans - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 441,223	$ 303,468	$ 332,212
Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	329,276	182,597	222,526
Nonperforming
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	78,520	80,741	73,448
Non-QM loans | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	149,743	96,948	136,527
Transitional loans | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	75,524	33,129	49,484
Single-family rental loans | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	68,975	34,169	27,722
Seasoned performing loans | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	4,673	6,684	8,793
Agency eligible investor loans | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	30,361	11,667	0
Purchased Credit Deteriorated Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	33,427	40,130	36,238
Held at Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	112,583	169,618	258,764
Held at Carrying Value | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	79,156	129,488	222,526
Held at Carrying Value | Nonperforming
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	0	0	0
Held at Carrying Value | Non-QM loans | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	51,359	75,517	136,527
Held at Carrying Value | Transitional loans | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	7,810	22,424	49,484
Held at Carrying Value | Single-family rental loans | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	15,314	24,863	27,722
Held at Carrying Value | Seasoned performing loans | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	4,673	6,684	8,793
Held at Carrying Value | Agency eligible investor loans | Performing
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	33,427	40,130	36,238
Held at Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	328,640	133,850	73,448
Held at Fair Value | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	250,120	53,109	0
Held at Fair Value | Nonperforming
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	78,520	80,741	73,448
Held at Fair Value | Non-QM loans | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	98,384	21,431	0
Held at Fair Value | Transitional loans | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	67,714	10,705	0
Held at Fair Value | Single-family rental loans | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	53,661	9,306	0
Held at Fair Value | Seasoned performing loans | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	0	0	0
Held at Fair Value | Agency eligible investor loans | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	30,361	11,667	0
Held at Fair Value | Purchased Credit Deteriorated Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 0	$ 0	$ 0

Securities, at Fair Value - Nar

Securities, at Fair Value - Narrative (Details) - USD ($)			3 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Allowance for credit loss	$ 35,314,000	$ 39,447,000		$ 35,314,000	$ 39,447,000	$ 86,833,000	$ 37,192,000	$ 36,927,000	$ 35,457,000	$ 44,102,000	$ 54,261,000	$ 63,244,000
Impairment and other net (loss)/gain on securities and other portfolio investments				25,067,000	(74,496,000)	$ 350,567,000
Term Notes backed by MSR Related Collateral
Debt Securities, Available-for-sale [Line Items]
Securities, at fair value	97,900,000	153,800,000		97,900,000	153,800,000
Amortized costs	86,400,000	121,400,000		86,400,000	121,400,000
Gross unrealized gains	$ 11,500,000	$ 32,400,000		11,500,000	$ 32,400,000
Weighted average yield	14.30%	10.30%
Weighted average to maturity	9 months 18 days	1 year 8 months 12 days
Impairment			$ 280,800,000
Non-Agency MBS
Debt Securities, Available-for-sale [Line Items]
Gross unrealized losses	$ 0			0
Allowance for credit loss	$ 0			$ 0
MBS and MSR-Related Assets
Debt Securities, Available-for-sale [Line Items]
Impairment and other net (loss)/gain on securities and other portfolio investments			$ 63,500,000

Securities, at Fair Value - Res

Securities, at Fair Value - Residential and Mortgage Securities (Details) - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Fair  Value	[1]	$ 333,364	$ 256,685
Residential Mortgage Securities
Debt Securities, Available-for-sale [Line Items]
Principal/ Current Face		241,814	99,999
Purchase Premiums		6,306	7,466
Accretable Purchase Discounts		(6,272)	(55)
Discount Designated as Credit Reserve		(14,833)	(20,768)
Gross Amortized Cost		227,015	86,642
Gross Unrealized Gains		9,974	16,282
Gross Unrealized Losses		(1,523)	(10)
Net Unrealized Gain/(Loss)		8,451	16,272
Fair  Value		235,466	102,914
CRT, Fair Value Option
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Gains		131	1,800
Gross Unrealized Losses		(1,200)	(10)
Fair  Value		48,600	$ 67,500
Non-Agency MBS
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Gains		0
Gross Unrealized Losses		0
Fair  Value		24,600
Agency MBS
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Gains		0
Gross Unrealized Losses		(325)
Fair  Value		$ 131,700
[1]See Note 6 for information regarding the Company’s pledged assets.

Securities, at Fair Value - Sch

Securities, at Fair Value - Schedule of Impairment and Other Net (Loss)/Gain on Securities and Other Portfolio Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Net unrealized (loss)/gain on securities	$ (3,230)	$ 1,607	$ (10,486)
Net realized gain from the sale of securities	84	0	90,408
Impairment of securities	0	0	(344,269)
Total Impairment and other net (loss)/gain on securities	(3,146)	1,607	(264,347)
Net unrealized loss on other portfolio investments	(21,921)	0	0
Net realized loss on other portfolio investments	0	0	(5,407)
Reversal of impairment/(Impairment) other portfolio investments	0	33,956	(80,813)
Gain on investment in Lima One common equity	0	38,933	0
Total Impairment and other net (loss)/gain on securities and other portfolio investments	$ (25,067)	$ 74,496	$ (350,567)

Securities, at Fair Value - Sal

Securities, at Fair Value - Sales of Residential Mortgage Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Sales Proceeds	$ 15,660	$ 0	$ 3,774,556
Gains/(Losses)	84	0	90,408
Agency MBS
Debt Securities, Available-for-sale [Line Items]
Sales Proceeds	0	0	1,500,875
Gains/(Losses)	0	0	(19,291)
Non-Agency MBS
Debt Securities, Available-for-sale [Line Items]
Sales Proceeds	0	0	1,318,958
Gains/(Losses)	0	0	107,999
CRT securities
Debt Securities, Available-for-sale [Line Items]
Sales Proceeds	15,660	0	243,025
Gains/(Losses)	84	0	(27,011)
MSR-related assets
Debt Securities, Available-for-sale [Line Items]
Sales Proceeds	0	0	711,698
Gains/(Losses)	$ 0	$ 0	$ 28,711

Securities, at Fair Value - Imp

Securities, at Fair Value - Impact of AFS Securities on AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
AOCI from AFS Securities:
Unrealized gain on AFS securities at beginning of period	$ 46,833	$ 79,607	$ 392,722
Unrealized (losses)/gains on securities available-for-sale	(25,492)	(32,774)	420,281
Reclassification adjustment for securities sales included in net income	0	0	(389,127)
Reclassification adjustment for impairments included in net income	0	0	(344,269)
Change in AOCI from AFS securities	(25,492)	(32,774)	(313,115)
Balance at end of period	21,341	46,833	79,607
Agency MBS
AOCI from AFS Securities:
Unrealized (losses)/gains on securities available-for-sale	$ (25,492)	$ (32,774)	$ 420,281

Securities, at Fair Value - Int

Securities, at Fair Value - Interest Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Interest Income, Securities, Mortgage-Backed	$ 28,921	$ 56,690	$ 90,094
Residential Mortgage Securities
Debt Securities, Available-for-sale [Line Items]
Coupon interest	4,793	4,076	47,686
Effective yield adjustment	3,143	13,265	6,450
Interest Income, Securities, Mortgage-Backed	7,936	17,341	54,136
MSR-related assets
Debt Securities, Available-for-sale [Line Items]
Coupon interest	6,610	7,462	25,970
Effective yield adjustment	14,374	31,887	9,987
Interest Income, Securities, Mortgage-Backed	20,984	39,349	$ 35,957
Accretion income	$ 7,800	20,500
RPL/NPL MBS
Debt Securities, Available-for-sale [Line Items]
Accretion income		$ 8,800

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Receivable for sale of unsettled residential whole loans		$ 275,656	$ 0
REO		130,605	156,223	$ 249,699
Goodwill		61,076	61,076
Intangible assets, net		12,200	21,400
Capital contributions made to loan origination partners		28,308	71,673
Other interest-earning assets		63,964	57,522
Interest receivable		68,704	50,191
Other loan related receivables		$ 23,463	$ 34,191
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]		Total Other Assets	Total Other Assets
Lease right-of-use asset		$ 39,459	$ 39,370
Other		62,786	73,910
Total Other Assets	[1]	766,221	565,556
Real estate held-for-investment			11,300
Accumulated amortization		$ 15,800	$ 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, 2022 USD ($) property	Dec. 31, 2021 USD ($) property	Dec. 31, 2020 USD ($)
Real Estate Owned Properties [Line Items]
Number of real estate owned properties | property	388	553
Real estate owned	$ 130,605	$ 156,223	$ 249,699
Residential Whole Loans acquired through foreclosure ordered in lieu	130,100
Held at Carrying Value
Real Estate Owned Properties [Line Items]
Mortgage loans in process of foreclosure	106,400
Held at Fair Value
Real Estate Owned Properties [Line Items]
Mortgage loans in process of foreclosure	$ 244,500

Other Assets - Real Estate Ow_2

Other Assets - Real Estate Owned - Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) property	Dec. 31, 2020 USD ($)
Real Estate Owned [Roll Forward]
Balance at beginning of period	$ 156,223	$ 249,699
Adjustments to record at lower of cost or fair value	(4,255)	(4,772)
Transfer from residential whole loans	82,911	72,304	$ 96,766
Purchases and capital improvements, net	978	2,458
Disposals and other	(105,252)	(163,466)
Balance at end of period	$ 130,605	$ 156,223	$ 249,699
Number of properties | property	388	553
Loss recorded on transfer from residential whole loans to real estate owned	$ 1,200	$ 700
Properties sold during period property | property	416	647
Gain on sales of real estate owned	$ 28,700	$ 23,500
Proceeds from sale of real estate	$ 133,800	$ 187,900

Other Assets - Goodwill and Int

Other Assets - Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Jul. 01, 2021
Business Combination, Separately Recognized Transactions [Line Items]
Goodwill	$ 61,076	$ 61,076
Lima One
Business Combination, Separately Recognized Transactions [Line Items]
Goodwill	$ 61,100	$ 61,100	$ 61,076
Finite-lived intangible assets			$ 28,000

Other Assets - Finite-Lived Int

Other Assets - Finite-Lived Intangible Assets Amortization Expense (Details) - Lima One - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Jul. 01, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangibles	$ 12,200	$ 12,200	$ 21,400	$ 28,000
Amortization	(6,600)	(9,200)
Trademarks / Trade Names
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangibles	3,400	3,400	3,800	4,000
Amortization	(200)	$ (400)
Amortization Period		10 years
Customer Relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangibles	6,000	$ 6,000	12,000	16,000
Amortization	(4,000)	$ (6,000)
Amortization Period		4 years
Internally Developed Software
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangibles	2,800	$ 2,800	3,600	4,000
Amortization	(400)	$ (800)
Amortization Period		5 years
Non-Compete Agreements
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangibles	0	$ 0	$ 2,000	$ 4,000
Amortization	$ (2,000)	$ (2,000)
Amortization Period		1 year

Other Assets - Capital Contribu

Other Assets - Capital Contributions Made to Loan Origination Partners (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) investment	Dec. 31, 2020 USD ($)	Jun. 30, 2022 USD ($)
Other Assets [Line Items]
Equity method investments		$ 28,300
Valuation adjustments		21,921	$ 0	$ 0
Preferred Equity Investments
Other Assets [Line Items]
Impairment reversal			$ 10,000
Number of investments repaid | investment			2
Gain on investment		24,000
Loan Origination Partners
Other Assets [Line Items]
Impairment on investment		28,600	$ 0	$ 65,300
Impaired Loan Origination Partner Investment
Other Assets [Line Items]
Equity method investments					$ 0
Lima One
Other Assets [Line Items]
Impairment on investment	$ 21,000
Valuation adjustments			$ (5,000)
Preferred Stock | Loan Originators
Other Assets [Line Items]
Equity method investments		24,600
Common Stock | Loan Origination Partners
Other Assets [Line Items]
Equity method investments		$ 3,700

Other Assets - Derivative Instr

Other Assets - Derivative Instruments Narrative (Details ) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2020	Mar. 31, 2020
Derivative [Line Items]
Notional Amount	$ 3,200
Average maturity term of swaps	42 months
Maximum maturity term of swaps	78 months
Designated as Hedging Instrument
Derivative [Line Items]
Derivative, terminated amount			$ 4,100
Swap | Designated as Hedging Instrument
Derivative [Line Items]
Loss on derivative		$ 57

Other Assets - Collateral Pledg

Other Assets - Collateral Pledged Against Derivative Contracts (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Swaps | Asset Pledged as Collateral without Right
Derivative [Line Items]
Restricted cash	$ 60.8	$ 14.4

Other Assets - Derivative Ins_2

Other Assets - Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Notional Amount	$ 3,200,000
Swaps, at fair value
Derivative [Line Items]
Notional Amount	$ 3,160,010	$ 900,010
Weighted Average Fixed-Pay Interest Rate	1.69%	1.01%
Weighted Average Variable Interest Rate	4.30%	0.05%
Swaps, at fair value | Within 30 days to 12 months
Derivative [Line Items]
Notional Amount	$ 0	$ 0
Weighted Average Fixed-Pay Interest Rate	0%	0%
Weighted Average Variable Interest Rate	0%	0%
Swaps, at fair value | Over 12 months to 24 months
Derivative [Line Items]
Notional Amount	$ 550,010	$ 0
Weighted Average Fixed-Pay Interest Rate	1.01%	0%
Weighted Average Variable Interest Rate	4.30%	0%
Swaps, at fair value | Over 24 months to 36 months
Derivative [Line Items]
Notional Amount	$ 775,000	$ 450,010
Weighted Average Fixed-Pay Interest Rate	1.75%	0.90%
Weighted Average Variable Interest Rate	4.30%	0.05%
Swaps, at fair value | Over 36 months to 48 months
Derivative [Line Items]
Notional Amount	$ 450,000	$ 0
Weighted Average Fixed-Pay Interest Rate	1.12%	0%
Weighted Average Variable Interest Rate	4.30%	0%
Swaps, at fair value | Over 48 months to 60 months
Derivative [Line Items]
Notional Amount	$ 1,075,000	$ 450,000
Weighted Average Fixed-Pay Interest Rate	1.86%	1.12%
Weighted Average Variable Interest Rate	4.30%	0.05%
Swaps, at fair value | Over 60 months to 72 months
Derivative [Line Items]
Notional Amount	$ 0	$ 0
Weighted Average Fixed-Pay Interest Rate	0%	0%
Weighted Average Variable Interest Rate	0%	0%
Swaps, at fair value | Over 72 months to 84 months
Derivative [Line Items]
Notional Amount	$ 310,000	$ 0
Weighted Average Fixed-Pay Interest Rate	2.95%	0%
Weighted Average Variable Interest Rate	4.30%	0%

Other Assets - TBA Securities (

Other Assets - TBA Securities (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Notional Amount	$ 3,200,000,000
TBA Securities | Short
Derivative [Line Items]
Aggregate value		$ (1,300,000)
UMBS 2.5 | Short
Derivative [Line Items]
Notional Amount		180,000,000
UMBS 2.0 | Short
Derivative [Line Items]
Notional Amount		$ 130,000,000

Other Assets - Impact of Deriva

Other Assets - Impact of Derivative Instruments on Earnings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Income on swap variable receive leg	$ 52,395	$ 34	$ 933
Expense on swap fixed pay leg	(42,353)	(703)	(1,503)
Unrealized mark-to-market gain	247,898	2,095	(60,680)
Net price alignment expense on margin collateral received	(2,761)	0	0
Net gain on TBA short positions	39,186	2,025	0
Total Net gain/(loss) on derivatives used for risk management purposes	255,179	1,426	(61,249)
Agreements with mark-to-market collateral provisions
Derivative [Line Items]
Unrealized mark-to-market gain	208,712	70	5,708
Designated as Hedging Instrument
Derivative [Line Items]
Loss of swaps designated and not designated hedges for accounting purpose	0	0	(57,034)
Not Designated as Hedging Instrument
Derivative [Line Items]
Loss of swaps designated and not designated hedges for accounting purpose	$ 0	$ 0	$ (9,353)

Other Assets - Impact of Deri_2

Other Assets - Impact of Derivative Hedging Instruments on AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivatives used in Net Investment Hedge, Net of Tax [Roll Forward]
Balance at beginning of period	$ 0	$ 0	$ (22,675)
Net loss on Swaps	247,898	2,095	(60,680)
Reclassification adjustment for losses/gains related to hedging instruments included in net income	0	0	72,802
Balance at end of period	0	0	0
Swap
Derivatives used in Net Investment Hedge, Net of Tax [Roll Forward]
Net loss on Swaps	$ 0	$ 0	$ (50,127)

Financing Agreements - Financin

Financing Agreements - Financing Agreements (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financing Agreements [Line Items]
Unpaid Principal Balance	$ 7,043,944	$ 6,377,370
Fair Value / Carrying Value	$ 6,812,086	$ 6,378,782
Weighted Average Cost of Funding	3.46%	2.58%
Agreements with mark-to-market collateral provisions
Financing Agreements [Line Items]
Unpaid Principal Balance	$ 2,223,298	$ 2,562,872
Fair Value / Carrying Value	$ 2,223,047	$ 2,562,299
Weighted Average Cost of Funding	3.62%	2.11%
Agreements with mark-to-market collateral provisions | 0-3 Months
Financing Agreements [Line Items]
Unpaid Principal Balance	$ 940,455
Fair Value / Carrying Value	250,900
Agreements with mark-to-market collateral provisions | 3-6 Months (1)
Financing Agreements [Line Items]
Unpaid Principal Balance	53,247
Fair Value / Carrying Value	53,200
Agreements with mark-to-market collateral provisions | 6-12 Months
Financing Agreements [Line Items]
Unpaid Principal Balance	939,434
Fair Value / Carrying Value	$ 290,200
Extension period	1 year
Agreements with mark-to-market collateral provisions | Greater than 12 Months
Financing Agreements [Line Items]
Unpaid Principal Balance	$ 290,162
Fair Value / Carrying Value	304,100
Agreements with mark-to-market collateral provisions | Residential Whole Loans and REO
Financing Agreements [Line Items]
Unpaid Principal Balance	2,111,647	$ 2,403,724
Fair Value / Carrying Value	$ 2,111,396	$ 2,403,151
Weighted Average Cost of Funding	3.63%	2.15%
Weighted Average Term to Maturity (Months)	6 months 27 days	6 months 18 days
Agreements with mark-to-market collateral provisions | Residential Whole Loans and REO | 0-3 Months
Financing Agreements [Line Items]
Unpaid Principal Balance	$ 828,804
Agreements with mark-to-market collateral provisions | Residential Whole Loans and REO | 3-6 Months (1)
Financing Agreements [Line Items]
Unpaid Principal Balance	53,247
Agreements with mark-to-market collateral provisions | Residential Whole Loans and REO | 6-12 Months
Financing Agreements [Line Items]
Unpaid Principal Balance	939,434
Agreements with mark-to-market collateral provisions | Residential Whole Loans and REO | Greater than 12 Months
Financing Agreements [Line Items]
Unpaid Principal Balance	290,162
Agreements with mark-to-market collateral provisions | Securitized debt
Financing Agreements [Line Items]
Unpaid Principal Balance	111,651	$ 159,148
Fair Value / Carrying Value	$ 111,651	$ 159,148
Weighted Average Cost of Funding	3.34%	1.78%
Weighted Average Term to Maturity (Months)	1 month 15 days	1 month 12 days
Agreements with mark-to-market collateral provisions | Securitized debt | 0-3 Months
Financing Agreements [Line Items]
Unpaid Principal Balance	$ 111,651
Agreements with mark-to-market collateral provisions | Securitized debt | 3-6 Months (1)
Financing Agreements [Line Items]
Unpaid Principal Balance	0
Agreements with mark-to-market collateral provisions | Securitized debt | 6-12 Months
Financing Agreements [Line Items]
Unpaid Principal Balance	0
Agreements with mark-to-market collateral provisions | Securitized debt | Greater than 12 Months
Financing Agreements [Line Items]
Unpaid Principal Balance	0
Agreements with mark-to-market collateral provisions | Fair Value
Financing Agreements [Line Items]
Fair Value / Carrying Value	884,500	$ 1,300,000
Financing agreements, amortized cost	884,500	1,300,000
Agreements with non-mark-to-market collateral provisions | Residential Whole Loans and REO
Financing Agreements [Line Items]
Unpaid Principal Balance	1,004,260	939,003
Fair Value / Carrying Value	$ 1,003,604	$ 939,540
Weighted Average Cost of Funding	5%	3.57%
Weighted Average Term to Maturity (Months)	1 year 4 months 24 days	9 months 24 days
Agreements with non-mark-to-market collateral provisions | Residential Whole Loans and REO | 0-3 Months
Financing Agreements [Line Items]
Unpaid Principal Balance	$ 9,268
Agreements with non-mark-to-market collateral provisions | Residential Whole Loans and REO | 3-6 Months (1)
Financing Agreements [Line Items]
Unpaid Principal Balance	184,576
Agreements with non-mark-to-market collateral provisions | Residential Whole Loans and REO | 6-12 Months
Financing Agreements [Line Items]
Unpaid Principal Balance	415,041
Agreements with non-mark-to-market collateral provisions | Residential Whole Loans and REO | Greater than 12 Months
Financing Agreements [Line Items]
Unpaid Principal Balance	395,375
Agreements with non-mark-to-market collateral provisions | Fair Value
Financing Agreements [Line Items]
Fair Value / Carrying Value	578,900	$ 628,300
Financing agreements, amortized cost	578,900	627,000
Securitized debt | Residential Whole Loans and REO
Financing Agreements [Line Items]
Unpaid Principal Balance	3,586,397	2,645,495
Fair Value / Carrying Value	$ 3,357,590	$ 2,650,473
Weighted Average Cost of Funding	2.99%	1.94%
Securitized debt | Fair Value
Financing Agreements [Line Items]
Fair Value / Carrying Value	$ 2,400,000	$ 1,300,000
Weighted Average Cost of Funding	0.14%	0.02%
Financing agreements, amortized cost	$ 2,600,000	$ 1,300,000
Convertible senior notes | Unsecured Debt
Financing Agreements [Line Items]
Unpaid Principal Balance	229,989	230,000
Fair Value / Carrying Value	$ 227,845	$ 226,470
Weighted Average Cost of Funding	6.94%	6.94%

Financing Agreements - Borrowin

Financing Agreements - Borrowings Under Repurchase Agreement And Associated Assets Pledged as Collateral (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Repurchase Agreements
Fair value of securities pledged against the repurchase agreements	$ 8,057,175	$ 8,019,405
Mark-to-market financing agreements secured by residential whole loans
Repurchase Agreements
Fair value of securities pledged against the repurchase agreements	1,814,780	2,629,919
Mark-to-market financing agreements secured by residential whole loans | Fair Value
Repurchase Agreements
Carrying Value	2,095,002	2,391,602
Fair value of securities pledged against the repurchase agreements	$ 2,632,489	$ 3,301,288
Weighted average haircut rate	18.33%	25.27%
Mark-to-market financing agreements secured by securities at fair value | Fair Value
Repurchase Agreements
Carrying Value	$ 111,651	$ 159,148
Fair value of securities pledged against the repurchase agreements	$ 177,111	$ 256,685
Weighted average haircut rate	37.43%	37%
Mark-to-market financing agreements secured by real estate owned
Repurchase Agreements
Fair value of securities pledged against the repurchase agreements	$ 84,813	$ 90,445
Mark-to-market financing agreements secured by real estate owned | Fair Value
Repurchase Agreements
Carrying Value	16,394	11,549
Fair value of securities pledged against the repurchase agreements	$ 33,367	$ 34,606
Weighted average haircut rate	48.07%	58.46%
Non-mark-to-market financing secured by residential whole loans | Fair Value
Repurchase Agreements
Carrying Value	$ 994,494	$ 928,055
Fair value of securities pledged against the repurchase agreements	$ 1,301,685	$ 1,420,283
Weighted average haircut rate	21.43%	29.98%
Non-mark-to-market financing secured by real estate owned | Fair Value
Repurchase Agreements
Carrying Value	$ 9,109	$ 11,485
Fair value of securities pledged against the repurchase agreements	$ 22,902	$ 29,894
Weighted average haircut rate	60.23%	61.28%

Financing Agreements - Financ_2

Financing Agreements - Financing Agreements, at Fair Values Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financing Agreements [Line Items]
Financial instruments	$ 6,812,086	$ 6,378,782
Financing Agreement
Financing Agreements [Line Items]
Cash collateral pledged	$ 16,000	$ 10,200

Financing Agreements - Borrow_2

Financing Agreements - Borrowings Under Repurchase Agreement (Details) - Repurchase Agreement Borrowings - Fair Value - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Unpaid Principal Balance	$ 3,227,558	$ 3,501,875
Weighted Average Interest Rate	6.58%	2.38%
Within 30 days
Debt Securities, Available-for-sale [Line Items]
Unpaid Principal Balance	$ 3,060,111	$ 3,222,268
Weighted Average Interest Rate	6.60%	2.36%
Over 30 days to 3 months
Debt Securities, Available-for-sale [Line Items]
Unpaid Principal Balance	$ 167,447	$ 257,444
Weighted Average Interest Rate	6.19%	2.49%
Over 3 months to 12 months
Debt Securities, Available-for-sale [Line Items]
Unpaid Principal Balance	$ 0	$ 22,163
Weighted Average Interest Rate	0%	4.50%
Over 12 months
Debt Securities, Available-for-sale [Line Items]
Unpaid Principal Balance	$ 0	$ 0
Weighted Average Interest Rate	0%	0%

Financing Agreements - Securiti

Financing Agreements - Securitized Debt (Details)	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Weighted Average Cost of Funding	3.46%	2.58%
Asset-backed Securities, Securitized Loans and Receivables
Debt Instrument [Line Items]
Weighted Average Cost of Funding	3.38%	2.01%

Financing Agreements - Converti

Financing Agreements - Convertible Senior Notes (Details)		12 Months Ended
	Jun. 03, 2019 USD ($) $ / shares	Dec. 31, 2022 USD ($) shares
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	31.4346
Face amount	$ 1,000
Conversion price (in dollars per share) | $ / shares	$ 31.81
Effective interest rate	6.94%
Additional Convertible Senior Notes
Debt Instrument [Line Items]
Proceeds from issuance of Convertible Senior Notes	$ 30,000,000
6.25% Convertible Senior Notes | Convertible Debt
Debt Instrument [Line Items]
Debt conversion, converted instrument, amount		$ 11,000
Debt conversion, converted instrument, shares issued (in shares) | shares		345

Financing Agreements - Senior N

Financing Agreements - Senior Notes (Details) - Senior Notes $ in Millions	Apr. 11, 2012 USD ($)
Debt Instrument [Line Items]
Proceeds from issuance of debt	$ 100
Stated interest rate	8%
Effective interest rate	8.31%

Financing Agreements - Senior S

Financing Agreements - Senior Secured Credit Agreement (Details) $ in Millions	Jun. 26, 2020 USD ($)
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, 2022 USD ($) counterparty	Dec. 31, 2021 counterparty
Repurchase agreements counterparty risk
Number of counterparties | counterparty	12	14
Threshold of stockholders' equity at risk with single counterparty to repurchase agreements or linked transactions (greater than) (percent)	5%
Barclays Bank
Repurchase agreements counterparty risk
Amount at Risk	$ 309,463
Weighted  Average Months  to Repricing for Repurchase Agreements	1 month
Percent of Stockholders’ Equity	15.60%
Wells Fargo
Repurchase agreements counterparty risk
Amount at Risk	$ 234,826
Weighted  Average Months  to Repricing for Repurchase Agreements	1 month
Percent of Stockholders’ Equity	11.80%
Credit Suisse
Repurchase agreements counterparty risk
Amount at Risk	$ 192,129
Weighted  Average Months  to Repricing for Repurchase Agreements	1 month
Percent of Stockholders’ Equity	9.70%

Financing Agreements - Pledged

Financing Agreements - Pledged Collateral (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Fair value of securities pledged against the repurchase agreements	$ 8,057,175	$ 8,019,405
Accrued interest on assets	30,900	25,700
Non-Mark-to-Market
Debt Instrument [Line Items]
Fair value of securities pledged against the repurchase agreements	1,331,386	1,426,051
Mark-to-Market
Debt Instrument [Line Items]
Fair value of securities pledged against the repurchase agreements	2,654,442	3,556,273
Securitized
Debt Instrument [Line Items]
Fair value of securities pledged against the repurchase agreements	4,071,347	3,037,081
Residential whole loans, at carrying value
Debt Instrument [Line Items]
Fair value of securities pledged against the repurchase agreements	1,814,780	2,629,919
Residential whole loans, at carrying value | Non-Mark-to-Market
Debt Instrument [Line Items]
Fair value of securities pledged against the repurchase agreements	215,993	693,982
Residential whole loans, at carrying value | Mark-to-Market
Debt Instrument [Line Items]
Fair value of securities pledged against the repurchase agreements	284,683	459,349
Residential whole loans, at carrying value | Securitized
Debt Instrument [Line Items]
Fair value of securities pledged against the repurchase agreements	1,314,104	1,476,588
Residential whole loans, at fair value
Debt Instrument [Line Items]
Fair value of securities pledged against the repurchase agreements	5,980,471	5,042,356
Residential whole loans, at fair value | Non-Mark-to-Market
Debt Instrument [Line Items]
Fair value of securities pledged against the repurchase agreements	1,095,556	706,377
Residential whole loans, at fair value | Mark-to-Market
Debt Instrument [Line Items]
Fair value of securities pledged against the repurchase agreements	2,164,158	2,810,865
Residential whole loans, at fair value | Securitized
Debt Instrument [Line Items]
Fair value of securities pledged against the repurchase agreements	2,720,757	1,525,114
Securities, at fair value
Debt Instrument [Line Items]
Fair value of securities pledged against the repurchase agreements	177,111	256,685
Securities, at fair value | Non-Mark-to-Market
Debt Instrument [Line Items]
Fair value of securities pledged against the repurchase agreements	0	0
Securities, at fair value | Mark-to-Market
Debt Instrument [Line Items]
Fair value of securities pledged against the repurchase agreements	177,111	256,685
Securities, at fair value | Securitized
Debt Instrument [Line Items]
Fair value of securities pledged against the repurchase agreements	0	0
Other assets: REO
Debt Instrument [Line Items]
Fair value of securities pledged against the repurchase agreements	84,813	90,445
Other assets: REO | Non-Mark-to-Market
Debt Instrument [Line Items]
Fair value of securities pledged against the repurchase agreements	19,837	25,692
Other assets: REO | Mark-to-Market
Debt Instrument [Line Items]
Fair value of securities pledged against the repurchase agreements	28,490	29,374
Other assets: REO | Securitized
Debt Instrument [Line Items]
Fair value of securities pledged against the repurchase agreements	$ 36,486	$ 35,379

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Other Liabilities [Abstract]
Payable for purchase of unsettled Agency MBS	$ 132,026	$ 0
Dividends and dividend equivalents payable	$ 35,769	$ 47,751
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Total Other Liabilities	Total Other Liabilities
Lease liability	$ 45,314	$ 44,977
Accrued interest payable	23,040	9,621
Accrued expenses and other	75,321	115,709
Total Other Liabilities	$ 311,470	$ 218,058

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) $ in Millions	Dec. 31, 2022 USD ($)
Income Tax Disclosure [Abstract]
Percentage of REIT taxable income that is the Company's objective to distribute within the permitted timeframe	100%
Federal net operating loss carryforward	$ 382.6

Income Taxes - Net Deferred Tax

Income Taxes - Net Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets (DTAs):
Net operating loss and tax credit carryforwards	$ 97,655	$ 35,796
Unrealized mark-to-market, impairments and loss provisions	12,609	3,753
Other realized / unrealized treatment differences	(28,620)	12,131
Total deferred tax assets	81,644	51,680
Less: valuation allowance	(81,644)	(51,680)
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, 2022	Dec. 31, 2021	Dec. 31, 2020
Current provision (benefit)
Federal	$ (1,309)	$ 2,025	$ 1,403
State	263	644	598
Total current provision (benefit)	(1,046)	2,669	2,001
Deferred provision (benefit)
Federal	166	0	0
State	29	0	0
Total deferred provision (benefit)	195	0	0
Total provision (benefit)	$ (851)	$ 2,669	$ 2,001

Income Taxes - Statutory Federa

Income Taxes - Statutory Federal Tax Rate to our Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Federal statutory rate	21%	21%	21%
Non-taxable REIT income (dividends paid deduction)	2.60%	(4.60%)	0.10%
Other differences in taxable income (loss) from GAAP	(13.00%)	(4.70%)	(14.40%)
State and local taxes	0%	0%	0%
Change in valuation allowance on DTAs	(10.10%)	(11.10%)	(6.90%)
Effective tax rate	0.50%	0.60%	(0.20%)

Commitments and Contingencies -

Commitments and Contingencies - Lease Commitments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lease Commitments
Operating lease expense	$ 6.5	$ 4	$ 3
Corporate Headquarters
Lease Commitments
Lease cost	$ 5
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, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2023	$ 5,748
2024	5,751
2025	4,888
2026	4,776
2027	5,055
Thereafter	46,999
Total	$ 73,217

Commitments and Contingencies_3

Commitments and Contingencies - Residential Transition Loan Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Other Commitments [Line Items]
Payable for purchase of unsettled Agency MBS	$ 132,026	$ 0
Transitional loans
Other Commitments [Line Items]
Other commitment	553,400
Agency MBS
Other Commitments [Line Items]
Other commitment	$ 132,000

Stockholders' Equity - Series B

Stockholders' Equity - Series B (Details)															12 Months Ended
	Nov. 18, 2022 $ / shares	Aug. 22, 2022 $ / shares	May 18, 2022 $ / shares	Feb. 17, 2022 $ / shares	Nov. 26, 2021 $ / shares	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 quarter director $ / shares shares	Apr. 15, 2013 $ / shares shares	Dec. 31, 2022 director quarter $ / shares shares	Dec. 31, 2021 $ / shares shares	Dec. 31, 2020 $ / shares	Dec. 31, 2019 $ / shares
Class of Stock [Line Items]
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
Preferred stock, cash dividends declared (in dollars per share)	$ 0.40625	$ 0.40625	$ 0.40625	$ 0.40625		$ 0.40625	$ 0.40625	$ 0.40625	$ 0.40625	$ 0.40625	$ 0.40625	$ 0.53264			$ 1.625	$ 1.625	$ 1.345
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
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	$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875	$ 0.9375			$ 1.875	$ 1.875	$ 1.875
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%
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

Stockholders' Equity - Series C

Stockholders' Equity - Series C (Details) $ / shares in Units, $ in Thousands					12 Months Ended
	Jul. 01, 2020 $ / shares	Mar. 02, 2020 USD ($)	Feb. 28, 2020 quarter director $ / shares shares	Apr. 15, 2013 $ / shares shares	Dec. 31, 2022 USD ($) director quarter $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares	Dec. 31, 2019 $ / shares
Class of Stock [Line Items]
Proceeds from issuance of series C preferred stock | $					$ 0	$ 0	$ 275,000
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
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
Series C Preferred Stock | Preferred Stock | LIBOR
Class of Stock [Line Items]
Debt instrument, basis spread on variable rate			5.345%
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
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%
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

Stockholders' Equity - Dividend

Stockholders' Equity - Dividends on Series B (Details) - $ / shares													12 Months Ended
	Nov. 18, 2022	Aug. 22, 2022	May 18, 2022	Feb. 17, 2022	Nov. 26, 2021	Nov. 16, 2021	Aug. 26, 2021	May 24, 2021	Feb. 19, 2021	Nov. 18, 2020	Aug. 12, 2020	Jul. 01, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, cash dividends declared (in dollars per share)	$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875		$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875	$ 0.9375	$ 1.875	$ 1.875	$ 1.875
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	$ 0.40625	$ 0.40625	$ 0.40625	$ 0.40625	$ 0.53264	$ 1.625	$ 1.625	$ 1.345

Stockholders' Equity - Divide_2

Stockholders' Equity - Dividends on Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands																	3 Months Ended						12 Months Ended
	Dec. 14, 2022	Sep. 13, 2022	Jun. 15, 2022	Mar. 22, 2022	Mar. 11, 2022	Dec. 31, 2021	Dec. 14, 2021	Sep. 30, 2021	Sep. 15, 2021	Jun. 30, 2021	Jun. 15, 2021	Mar. 31, 2021	Mar. 12, 2021	Dec. 30, 2020	Dec. 17, 2020	Aug. 06, 2020	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Common stock, cash dividends declared (in dollars per share)	$ 0.350	$ 0.440	$ 0.440		$ 0.440		$ 0.440		$ 0.400		$ 0.400		$ 0.300		$ 0.300	$ 0.200	$ 0.44	$ 0.40	$ 0.40	$ 0.30	$ 0.30	$ 0.20	$ 1.67	$ 1.540	$ 0.500
Dividends and dividend equivalents declared and unpaid						$ 47,751											$ 47,751				$ 34,016		$ 35,769	$ 47,751	$ 34,016
Common stock, cash dividends paid (in dollars per share)				$ 0.11		$ 0.11		$ 0.10		$ 0.10		$ 0.075		$ 0.05								$ 0.075
Return of capital (in dollars per share)																							$ 1.76	$ 1.0512
Common stock dividends, capital gains (in dollars per share)																					$ 0.20				$ 0.20
Shares Issued (in shares)																									0

Stockholders' Equity - DRSPP (D

Stockholders' Equity - DRSPP (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended			232 Months Ended
	Dec. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2022	Sep. 27, 2022
Class of Stock [Line Items]
Common stock, shares authorized (in shares)		874,300,000	874,300,000		874,300,000
Issuance of stock, net of expenses (in shares)	3,100,000
DRSPP
Class of Stock [Line Items]
Common stock, shares authorized (in shares)						2,000,000
Shares of common stock authorized and available for issuance (in shares)		2,000,000			2,000,000
Issuance of stock, net of expenses (in shares)		80,027	107,925	58,909	8,841,553
Value of shares issued net of expenses		$ 1.2	$ 1.9	$ 1	$ 290.7

Stockholders' Equity - At-the-M

Stockholders' Equity - At-the-Market (Details) - USD ($) $ in Millions		12 Months Ended
	Aug. 16, 2019	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Number of shares issued (in shares)				0
At The Market
Class of Stock [Line Items]
Distribution agreement term	3 years
At-the-market, maximum potential proceeds	$ 400
Number of shares issued (in shares)		0	0

Stockholders' Equity - Stock Re

Stockholders' Equity - Stock Repurchase Program (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Mar. 11, 2022	Nov. 30, 2020
Stockholders' Equity Note [Abstract]
Stock repurchase program, authorized amount				$ 250,000,000	$ 250
Shares repurchased and retired (in shares)	6,476,746	5,025,374	3,521,420
Average cost per share (usd per share)	$ 15.80	$ 17.04	$ 14.44
Cost for shares repurchased	$ 102,100,000	$ 85,600,000	$ 50,800,000
Payments for fees and commissions paid to the sales agent	161,000	$ 201,000	$ 141,000
Warrants repurchased (in shares)			4,398,394
Remaining authorized repurchase amount	$ 202,500,000		$ 33,700,000

Stockholders' Equity - Warrants

Stockholders' Equity - Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	12 Months Ended
	Jun. 15, 2020	Dec. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Number of securities called by warrants (in shares)	9,259,777
Proceeds from Investment Agreement	$ 495,000
Proceeds allocated to debt	481,000
Proceeds allocated to warrants	$ 14,000		$ 0	$ 0	$ 14,041
Payments for Repurchase of Warrants		$ 33,700	$ 0	$ 0	$ 33,650
Warrants Repurchased Rate		48%
Shares issued (in shares)		3,100,000
Proceeds from warrant exercises		$ 6,500
Exercise Price Range One
Class of Stock [Line Items]
Exercise price of warrants (usd per share)	$ 6.64
Exercise Price Range Two
Class of Stock [Line Items]
Exercise price of warrants (usd per share)	$ 8.32

Stockholders' Equity - AOCI (De

Stockholders' Equity - AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 2,542,848	$ 2,524,802	$ 3,383,952
OCI before reclassifications	(24,237)	(31,715)	367,840
Amounts reclassified from AOCI	0	0	(660,594)
Other Comprehensive (Loss)	(24,237)	(31,715)	(292,754)
Ending balance	1,988,849	2,542,848	2,524,802
Net Unrealized Gain/(Loss) on AFS Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	46,833	79,607	392,722
OCI before reclassifications	(25,492)	(32,774)	420,281
Amounts reclassified from AOCI	0	0	(733,396)
Other Comprehensive (Loss)	(25,492)	(32,774)	(313,115)
Ending balance	21,341	46,833	79,607
Net  Gain/(Loss) on Swaps
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0	0	(22,675)
OCI before reclassifications	0	0	(50,127)
Amounts reclassified from AOCI	0	0	72,802
Other Comprehensive (Loss)	0	0	22,675
Ending balance	0	0	0
Net Unrealized Gain/(Loss) on Financing Agreements
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,255)	(2,314)	0
OCI before reclassifications	1,255	1,059	(2,314)
Amounts reclassified from AOCI	0	0	0
Other Comprehensive (Loss)	1,255	1,059	(2,314)
Ending balance	0	(1,255)	(2,314)
Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	45,578	77,293	370,047
Ending balance	$ 21,341	$ 45,578	$ 77,293

Stockholders' Equity - AOCI Rec

Stockholders' Equity - AOCI Reclassifications (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other, net	$ 9,297	$ 12,473	$ (4,571)
Net Income (Loss) Available To Common Stockholders, Basic And Participating Securities	(264,456)	295,995	(709,186)
Amounts Reclassified from AOCI
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net Income (Loss) Available To Common Stockholders, Basic And Participating Securities	0	0	(660,594)
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 sale of securities and residential whole loans	0	0	(389,127)
Other, net	0	0	(344,269)
Net Income (Loss) Available To Common Stockholders, Basic And Participating Securities	0	0	(733,396)
Amounts Reclassified from AOCI | Net  Gain/(Loss) on Swaps
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other, net	0	0	72,802
Net Income (Loss) Available To Common Stockholders, Basic And Participating Securities	$ 0	$ 0	$ 72,802

EPS Calculation (Details)

EPS Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Basic (Loss)/Earnings per Share:
Net (loss)/income to common stockholders	$ (231,581)	$ 328,870	$ (679,390)
Dividends declared on preferred stock	(32,875)	(32,875)	(29,796)
Dividends, dividend equivalents and undistributed earnings allocated to participating securities	(627)	(1,044)	(229)
Net (loss)/income to common stockholders - basic	$ (265,083)	$ 294,951	$ (709,415)
Basic weighted average common shares outstanding (in shares)	103,153	110,704	113,008
Basic (Loss)/Earnings per Common Share (usd per share)	$ (2.57)	$ 2.66	$ (6.28)
Diluted (Loss)/Earnings per Share:
Net (loss)/income to common stockholders - basic	$ (265,083)	$ 294,951	$ (709,415)
Dividends, dividend equivalents and undistributed earnings allocated to participating securities	0	1,044	0
Interest expense on Convertible Senior Notes	0	15,668	0
Net (loss)/income to common stockholders - diluted	$ (265,083)	$ 311,663	$ (709,415)
Basic weighted average common shares outstanding (in shares)	103,153	110,704	113,008
Unvested and vested restricted stock units (in shares)	0	757	0
Effect of assumed Convertible Senior Notes conversion to common shares (in shares)	0	7,230	0
Diluted weighted average common shares outstanding (in shares)	103,153	118,691	113,008
Diluted (Loss)/Earnings per Common Share (in usd per share)	$ (2.57)	$ 2.63	$ (6.28)
Anti-dilutive securities excluded from diluted earnings per share calculations (in shares)	1,700
RSUs
Diluted (Loss)/Earnings per Share:
Weighted average grant date fair value (in dollars per share)	$ 16.86

Equity Compensation and Other_3

Equity Compensation and Other Benefit Plans - Narrative (Details) - Equity Compensation Plan	12 Months Ended
	Dec. 31, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum shares authorized for grant (in shares)	4,500,000
Shares available for grant	2,100,000
Maximum number of common shares that can be granted to participant in any one year (in shares)	500,000
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, 2022	Dec. 31, 2021	Dec. 31, 2020
RSUs With Service Condition
RSUs With Service Condition
Outstanding at beginning of year (in shares)	712,160	457,376	344,933
Granted (in shares)	296,379	379,281	234,765
Settled (in shares)	(66,125)	(124,497)	(94,822)
Cancelled, forfeited or expired (in shares)	(21,106)	0	(27,500)
Outstanding at end of year (in shares)	921,308	712,160	457,376
RSUs vested but not settled at end of year (in shares)	394,996	285,734	290,115
RSUs unvested at end of year (in shares)	526,312	426,426	167,261
Weighted Average Grant Date Fair Value
Outstanding at beginning of year (in dollars per share)	$ 20.22	$ 24.76	$ 30.47
Granted (in dollars per share)	17.19	16.63	19.54
Settled (in dollars per share)	29.56	25.98	30.99
Cancelled/forfeited (in dollars per share)	17.63	0	30.36
Outstanding at end of year (in dollars per share)	18.63	20.22	24.76
RSUs vested but not settled at end of year (in dollars per share)	20.67	20.89	21.49
Weighted average grant date fair value (in dollars per share)	$ 17.10	$ 19.77	$ 30.43
RSUs With Market and Service Conditions
RSUs With Service Condition
Outstanding at beginning of year (in shares)	905,708	405,806	325,332
Granted (in shares)	381,397	602,156	190,800
Settled (in shares)	(112,752)	(102,254)	(110,326)
Cancelled, forfeited or expired (in shares)	(35,858)	0	0
Outstanding at end of year (in shares)	1,138,495	905,708	405,806
RSUs vested but not settled at end of year (in shares)	190,800	112,752	102,254
RSUs unvested at end of year (in shares)	947,695	792,956	303,552
Weighted Average Grant Date Fair Value
Outstanding at beginning of year (in dollars per share)	$ 17.14	$ 25.03	$ 27.13
Granted (in dollars per share)	16.04	13.60	21.98
Settled (in dollars per share)	27.86	27.62	25.93
Cancelled/forfeited (in dollars per share)	15.56	0	0
Outstanding at end of year (in dollars per share)	15.76	17.14	25.03
RSUs vested but not settled at end of year (in dollars per share)	21.98	27.86	27.62
Weighted average grant date fair value (in dollars per share)	$ 14.51	$ 15.62	$ 24.16
Expected term	1 year	1 year
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 11.2	$ 12.3
Period for recognizing unrecognized compensation cost	1 year 7 months 6 days
RSUs With Service Condition
Outstanding at beginning of year (in shares)	1,617,868	863,182	670,265
Granted (in shares)	677,776	981,437	425,565
Settled (in shares)	(178,877)	(226,751)	(205,148)
Cancelled, forfeited or expired (in shares)	(56,964)	0	(27,500)
Outstanding at end of year (in shares)	2,059,803	1,617,868	863,182
RSUs vested but not settled at end of year (in shares)	585,796	398,486	392,369
RSUs unvested at end of year (in shares)	1,474,007	1,219,382	470,813
Weighted Average Grant Date Fair Value
Outstanding at beginning of year (in dollars per share)	$ 18.50	$ 24.89	$ 28.85
Granted (in dollars per share)	16.54	14.77	20.63
Settled (in dollars per share)	28.49	26.72	28.27
Cancelled/forfeited (in dollars per share)	16.33	0	30.36
Outstanding at end of year (in dollars per share)	17.04	18.50	24.89
RSUs vested but not settled at end of year (in dollars per share)	21.10	22.86	23.09
Weighted average grant date fair value (in dollars per share)	$ 15.43	$ 17.07	$ 26.39
RSUs with Service Condition, weighted average grant date fair value based on share closing price
RSUs With Service Condition
Granted (in shares)	603,525	53,991	113,148
Weighted Average Grant Date Fair Value
Weighted average volatility estimated	50%
Expected term	3 years
Weighted average risk-free rate	1.04%
Share price (dollars per share)		$ 18.80	$ 9.28
RSUs With Service Condition, Weighted Average Grant Date Fair Value Based on Share Closing Price
RSUs With Service Condition
Granted (in shares)		306,134	11,231
Weighted Average Grant Date Fair Value
Weighted average volatility estimated		54%
Expected term		2 years 6 months
Weighted average risk-free rate		0.36%
Share price (dollars per share)			$ 10.24
Remaining RSUs With Service Condition, Weighted Average Grant Date Fair Value Based on Share Closing Price
RSUs With Service Condition
Granted (in shares)	74,251
Weighted Average Grant Date Fair Value
Share price (dollars per share)	$ 13.67
RSUs with Service Condition and both Service and Market Conditions
RSUs With Service Condition
Granted (in shares)		621,312	301,186
Weighted Average Grant Date Fair Value
Weighted average volatility estimated		48%	14%
Expected term		3 years	3 years
Weighted average risk-free rate		0.17%	1.36%

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, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of stock vested	$ 0	$ 0	$ 131
RSUs With Service Condition
Outstanding at beginning of year (in shares)	0	0	0
Granted (in shares)	0	0	19,888
Vested (in shares)	0	0	(19,888)
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	0	6.60
Vested (in dollars per share)	0	0	6.60
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, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments attributable to DERs	$ 659	$ 566	$ 367
Dividend equivalent rights (in shares)	0	0	0

Equity Compensation and Other_7

Equity Compensation and Other Benefit Plans - Expense Allocation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense related to equity-based compensation instruments	$ 11,338	$ 9,043	$ 6,723
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense related to equity-based compensation instruments	11,338	9,043	6,592
Restricted shares of common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense related to equity-based compensation instruments	$ 0	$ 0	$ 131

Equity Compensation and Other_8

Equity Compensation and Other Benefit Plans - Deferred Compensation Plans (Details) - Deferred Compensation Plans - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferrable compensation by the employee, maximum	100%
Expenses related to Deferred Plans	$ (1,133,000)	$ 537,000	$ (911,000)
Cash distributed to the participants	53,000	0	769,400
Undistributed Income Deferred	2,923,000	2,687,000
Liability Under Deferred Plans	1,953,000	2,836,000
Non-employee directors
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Expenses related to Deferred Plans	(1,133,000)	537,000	$ (911,000)
Undistributed Income Deferred	2,923,000	2,687,000
Liability Under Deferred Plans	$ 1,953,000	$ 2,836,000

Equity Compensation and Other_9

Equity Compensation and Other Benefit Plans - Savings Plan (Details) - Savings Plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
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%
Percentage of eligible compensation deferred by employees qualifying for 100 percent matching contribution	3%
Employer contribution percentage on next 2 percent of eligible compensation deferred by employees	50%
Percentage of eligible compensation deferred by employees qualifying for 50 percent matching contribution	2%
Percentage of employer matching contributions that vest immediately	100%
Expenses for matching contributions	$ 1,300	$ 697	$ 480

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets:
Total assets carried at fair value	$ 6,060,888	$ 5,562,034
Liabilities:
Securitized debt	2,435,370	1,316,131
Residential whole loans, at fair value
Assets:
Residential whole loans, at fair value	5,727,524	5,305,349
Liabilities:
Total liabilities carried at fair value	3,898,744	3,266,773
Securities, at fair value
Assets:
Securities, at fair value	333,364	256,685
Agreements with non-mark-to-market collateral provisions
Liabilities:
Liabilities carried at fair value	578,879	1,322,362
Agreements with mark-to-market collateral provisions
Liabilities:
Liabilities carried at fair value	884,495	628,280
Level 1
Assets:
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 | Securities, at fair value
Assets:
Securities, 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:
Total assets carried at fair value	384,458	1,339,450
Liabilities:
Securitized debt	2,435,370	1,316,131
Level 2 | Residential whole loans, at fair value
Assets:
Residential whole loans, at fair value	51,094	1,082,765
Liabilities:
Total liabilities carried at fair value	2,435,370	1,316,131
Level 2 | Securities, at fair value
Assets:
Securities, at fair value	333,364	256,685
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	0
Level 3
Assets:
Total assets carried at fair value	5,676,430	4,222,584
Liabilities:
Securitized debt	0	0
Level 3 | Residential whole loans, at fair value
Assets:
Residential whole loans, at fair value	5,676,430	4,222,584
Liabilities:
Total liabilities carried at fair value	1,463,374	1,950,642
Level 3 | Securities, at fair value
Assets:
Securities, at fair value	0	0
Level 3 | Agreements with non-mark-to-market collateral provisions
Liabilities:
Liabilities carried at fair value	578,879	1,322,362
Level 3 | Agreements with mark-to-market collateral provisions
Liabilities:
Liabilities carried at fair value	$ 884,495	$ 628,280

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Level 3 Assets (Details) - Recurring basis - Level 3 - Residential whole loans, at fair value - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 4,222,584	$ 1,216,902
Purchases and originations	2,749,275	4,367,423
Draws	361,035	53,599
Changes in fair value recorded in Net gain on residential whole loans measured at fair value through earnings	(668,899)	16,243
Repayments	(925,773)	(295,790)
Sales and repurchases	(10,496)	(2,023)
Transfer to REO	(51,296)	(51,005)
Transfer to Level 2	0	(1,082,765)
Balance at end of period	$ 5,676,430	$ 4,222,584

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, 2022	Dec. 31, 2021
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	$ 628,280	$ 1,159,213
Issuances	554,823	0
Payment of principal	(602,969)	(529,874)
Change in unrealized gains	(1,255)	(1,059)
Balance at end of period	578,879	628,280
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	1,322,362	1,124,162
Issuances	1,153,555	1,275,265
Payment of principal	(1,591,422)	(1,077,065)
Balance at end of period	$ 884,495	$ 1,322,362

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Fair Value Methodology (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Nonperforming
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchased Loans	$ 795,894	$ 1,071,774
Purchases excluded from level 2 fair value	215	496
Performing
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchased Loans	4,880,321	3,150,314
Discounted cash flow | Nonperforming
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchased Loans	546,675	720,766
Discounted cash flow | Performing
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchased Loans	4,857,587	3,142,366
Liquidation model | Nonperforming
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchased Loans	249,219	351,008
Simple average amount	457	421
Liquidation model | Performing
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchased Loans	$ 22,734	$ 7,948
Residential whole loans, at fair value | Level 3 | Liquidation model | Minimum | Nonperforming
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Annual Change in Home Prices	(5.40%)	4.50%
Liquidation timeline (in years)	1 month 6 days	1 month 6 days
Fair Value Inputs, Value of Underlying Property	$ 28	$ 10
Residential whole loans, at fair value | Level 3 | Liquidation model | Minimum | Performing
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Annual Change in Home Prices	(1.00%)	0%
Liquidation timeline (in years)	9 months 18 days	9 months 18 days
Fair Value Inputs, Value of Underlying Property	$ 50	$ 60
Residential whole loans, at fair value | Level 3 | Liquidation model | Maximum | Nonperforming
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Annual Change in Home Prices	59.70%	21.90%
Liquidation timeline (in years)	4 years 6 months	4 years 6 months
Fair Value Inputs, Value of Underlying Property	$ 4,000	$ 3,995
Residential whole loans, at fair value | Level 3 | Liquidation model | Maximum | Performing
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Annual Change in Home Prices	10.70%	14.80%
Liquidation timeline (in years)	4 years 2 months 12 days	4 years 2 months 12 days
Fair Value Inputs, Value of Underlying Property	$ 2,850	$ 1,750
Discount rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Minimum | Nonperforming
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.063	0.015
Discount rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Minimum | Performing
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.056	0.014
Discount rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Maximum | Nonperforming
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.100	0.098
Discount rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Maximum | Performing
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.227	0.259
Discount rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Weighted Average | Nonperforming
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.070	0.036
Discount rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Weighted Average | Performing
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.076	0.039
Discount rate | Residential whole loans, at fair value | Level 3 | Liquidation model | Minimum | Nonperforming
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.078	0.067
Discount rate | Residential whole loans, at fair value | Level 3 | Liquidation model | Minimum | Performing
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.078	0.070
Discount rate | Residential whole loans, at fair value | Level 3 | Liquidation model | Maximum | Nonperforming
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.078	0.500
Discount rate | Residential whole loans, at fair value | Level 3 | Liquidation model | Maximum | Performing
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.078	0.070
Discount rate | Residential whole loans, at fair value | Level 3 | Liquidation model | Weighted Average | Nonperforming
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.078	0.080
Discount rate | Residential whole loans, at fair value | Level 3 | Liquidation model | Weighted Average | Performing
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.078	0.070
Prepayment rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Minimum | Nonperforming
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
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 | Maximum | Nonperforming
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.335	0.440
Prepayment rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Maximum | Performing
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.448	0.472
Prepayment rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Weighted Average | Nonperforming
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.089	0.144
Prepayment rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Weighted Average | Performing
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.079	0.190
Prepayment rate | Residential whole loans, at fair value | Level 3 | Liquidation model | Weighted Average | Nonperforming
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Annual Change in Home Prices	6.90%	9.70%
Prepayment rate | Residential whole loans, at fair value | Level 3 | Liquidation model | Weighted Average | Performing
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Annual Change in Home Prices	3.20%	6.50%
Default rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Minimum | Nonperforming
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
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0	0
Default rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Maximum | Nonperforming
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.524	0.508
Default rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Maximum | Performing
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.194	0.178
Default rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Weighted Average | Nonperforming
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.037	0.039
Default rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Weighted Average | Performing
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.008	0.002
Default rate | Residential whole loans, at fair value | Level 3 | Liquidation model | Weighted Average | Nonperforming
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liquidation timeline (in years)	1 year 10 months 24 days	1 year 8 months 12 days
Default rate | Residential whole loans, at fair value | Level 3 | Liquidation model | Weighted Average | Performing
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liquidation timeline (in years)	1 year 10 months 24 days	2 years
Loss severity | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Minimum | Nonperforming
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
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0	0
Loss severity | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Maximum | Nonperforming
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
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	1	0.100
Loss severity | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Weighted Average | Nonperforming
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.113	0.117
Loss severity | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Weighted Average | Performing
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.073	0.084
Loss severity | Residential whole loans, at fair value | Level 3 | Liquidation model | Weighted Average | Nonperforming
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Value of Underlying Property	$ 743	$ 770
Loss severity | Residential whole loans, at fair value | Level 3 | Liquidation model | Weighted Average | Performing
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Value of Underlying Property	$ 1,319	$ 691

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Carrying Value vs Fair Value (Details) - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
Financial Assets:
Securities, at fair value	[1]	$ 333,364	$ 256,685
Restricted cash		159,898	99,751
Level 1 | Held at Carrying Value
Financial Assets:
Cash and cash equivalents		334,183	304,696
Restricted cash		159,898	99,751
Level 1 | Held at Fair Value
Financial Assets:
Cash and cash equivalents		334,183	304,696
Restricted cash		159,898	99,751
Level 2 | Held at Carrying Value
Financial Assets:
Securities, at fair value		333,364	256,685
Financial Liabilities:
Securitized debt		3,357,590	2,650,473
Convertible senior notes		227,845	226,470
Level 2 | Held at Fair Value
Financial Assets:
Securities, at fair value		333,364	256,685
Financial Liabilities:
Securitized debt		3,217,905	2,646,203
Convertible senior notes		211,015	239,292
Residential whole loans, at fair value | Level 2 | Held at Carrying Value
Financial Assets:
Residential whole loans		51,094	1,082,765
Residential whole loans, at fair value | Level 2 | Held at Fair Value
Financial Assets:
Residential whole loans		51,094	1,082,765
Residential whole loans, at fair value | Level 3 | Held at Carrying Value
Financial Assets:
Residential whole loans		7,467,645	6,830,235
Residential whole loans, at fair value | Level 3 | Held at Fair Value
Financial Assets:
Residential whole loans		7,397,421	6,983,686
Agreements with non-mark-to-market collateral provisions | Level 3 | Held at Carrying Value
Financial Liabilities:
Financing agreements with mark-to-market collateral provisions		1,003,604	939,540
Agreements with non-mark-to-market collateral provisions | Level 3 | Held at Fair Value
Financial Liabilities:
Financing agreements with mark-to-market collateral provisions		1,004,260	940,257
Agreements with mark-to-market collateral provisions | Level 3 | Held at Carrying Value
Financial Liabilities:
Financing agreements with mark-to-market collateral provisions		2,111,396	2,403,151
Agreements with mark-to-market collateral provisions | Level 3 | Held at Fair Value
Financial Liabilities:
Financing agreements with mark-to-market collateral provisions		2,111,647	2,403,724
Financing agreements with mark-to-market collateral provisions | Level 2 | Held at Carrying Value
Financial Liabilities:
Financing agreements with mark-to-market collateral provisions		111,651	159,148
Financing agreements with mark-to-market collateral provisions | Level 2 | Held at Fair Value
Financial Liabilities:
Financing agreements with mark-to-market collateral provisions		$ 111,651	159,148
Agency eligible investor loans | Level 2 | Held at Fair Value
Financial Assets:
Residential whole loans			$ 654,700
[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 Millions		12 Months Ended
	Jul. 01, 2021	Dec. 31, 2021	Dec. 31, 2022
Carrying value and estimated fair value of financial instruments
Other real estate, fair value		$ 72.3	$ 82.9
Lima One
Carrying value and estimated fair value of financial instruments
Impairment and other net (loss)/gain on securities and other portfolio investments	$ 38.9	$ 38.9

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, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Weighted Average Cost of Funding	3.46%	2.58%
Asset-backed Securities, Securitized Loans and Receivables
Variable Interest Entity [Line Items]
Aggregate unpaid principal balance of residential whole loans sold	$ 6,732,609	$ 3,984,355
Outstanding amount of Senior Bonds, at carrying value	922,220	1,334,342
Outstanding amount of Senior Bonds, at fair value	2,435,370	1,316,131
Outstanding amount of Senior Bonds, total	$ 3,357,590	$ 2,650,473
Weighted Average Cost of Funding	3.38%	2.01%
Weighted average contractual maturity of Senior Bonds	38 years	36 years
Cash received	$ 5,300,681	$ 3,682,082
Debt issuance cost	2,900	6,800
Senior Notes
Variable Interest Entity [Line Items]
Cash received	2,300,000	2,400,000
Senior Notes | Asset-backed Securities, Securitized Loans and Receivables
Variable Interest Entity [Line Items]
Debt instrument, face amount	5,333,090	3,667,790
Proceeds from Senior bond sold with Step up feature	$ 1,900,000	329,000
Senior Notes | Asset-backed Securities, Securitized Loans and Receivables | Minimum
Variable Interest Entity [Line Items]
Debt instrument, basis spread on variable rate	1%
Debt instrument, coupon step-up period	30 months
Senior Notes | Asset-backed Securities, Securitized Loans and Receivables | Maximum
Variable Interest Entity [Line Items]
Debt instrument, basis spread on variable rate	3%
Debt instrument, coupon step-up period	48 months
Senior Notes | Asset-backed Securities, Securitized Loans and Receivables | Median
Variable Interest Entity [Line Items]
Debt instrument, basis spread on variable rate	2%
Senior Support Certificates | Asset-backed Securities, Securitized Loans and Receivables
Variable Interest Entity [Line Items]
Debt instrument, face amount	$ 715,640	$ 283,930

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, 2022	Dec. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Residential whole loans	$ 7,500,000	$ 7,900,000
Agency eligible investor loans
Variable Interest Entity [Line Items]
Financing receivable, sale	337,800
Nonperforming | Agency eligible investor loans
Variable Interest Entity [Line Items]
Financing receivable, sale	598,000		$ 24,100
Senior Notes
Variable Interest Entity [Line Items]
Proceeds from issuance of debt	2,300,000	2,400,000
Proceed from senior notes net of offering expenses and underwriting discount	2,200,000	2,400,000
Securitized debt
Variable Interest Entity [Line Items]
Financing receivable, sale	567,200
Asset-backed Securities, Securitized Loans and Receivables
Variable Interest Entity [Line Items]
Proceeds from issuance of debt	5,300,681	3,682,082
Residential whole loans, carrying value	4,000,000	3,000,000
Securitized debt	3,400,000	2,700,000
Asset-backed Securities, Securitized Loans and Receivables | Other Assets
Variable Interest Entity [Line Items]
Real estate owned at fair value	$ 36,500	$ 35,400

Segment Reporting - Segment Rep

Segment Reporting - Segment Reporting (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Interest Income	$ 482,419	$ 362,302	$ 432,832
Interest Expense	258,843	120,385	268,758
Net Interest Income/(Expense)	223,576	241,917	164,074
Reversal of Provision/(Provision) for Credit Losses on Residential Whole Loans	2,646	44,863	(22,381)
Provision for Credit Losses on Other Assets	(28,579)	0	0
Net Interest Income after (Provision)/Reversal of Provision for Credit Losses	197,643	286,780	141,693
Net loss on residential whole loans measured at fair value through earnings	(866,762)	16,243	16,386
Impairment and other net (loss)/gain on securities and other portfolio investments	(25,067)	74,496	(350,567)
Net gain on real estate owned	25,379	22,838	5,391
Total Net gain/(loss) on derivatives used for risk management purposes	255,179	1,426	(61,249)
Net gain on securitized debt measured at fair value through earnings	290,639	15,027	(11,929)
Lima One - origination, servicing and other fee income	46,745	22,600	0
Other, net	9,297	12,473	(4,571)
Noninterest Income (Loss), Net	264,590	(165,103)	679,569
General and administrative expenses (including compensation)	112,540	85,546
Loan servicing, financing and other related costs	42,894	30,867	40,372
Amortization of intangible assets	9,200	6,600	0
Net (Loss)/Income	(231,581)	328,870	(679,390)
Less Preferred Stock Dividend Requirement	32,875	32,875	29,796
Net Loss Available to Common Stock and Participating Securities	(264,456)	295,995	$ (709,186)
Total Assets	9,112,405	9,139,688
Mortgage Related Assets
Segment Reporting Information [Line Items]
Interest Income	364,761	347,863
Interest Expense	176,725	99,905
Net Interest Income/(Expense)	188,036	247,958
Reversal of Provision/(Provision) for Credit Losses on Residential Whole Loans	2,842	44,981
Provision for Credit Losses on Other Assets	0
Net Interest Income after (Provision)/Reversal of Provision for Credit Losses	190,878	292,939
Net loss on residential whole loans measured at fair value through earnings	(730,028)	(2,719)
Impairment and other net (loss)/gain on securities and other portfolio investments	(3,146)	1,607
Net gain on real estate owned	25,348	22,760
Total Net gain/(loss) on derivatives used for risk management purposes	217,961	1,457
Net gain on securitized debt measured at fair value through earnings	231,176	14,594
Lima One - origination, servicing and other fee income	0	0
Other, net	4,282	759
Noninterest Income (Loss), Net	254,407	(38,458)
General and administrative expenses (including compensation)	0	0
Loan servicing, financing and other related costs	25,384	25,250
Amortization of intangible assets	0	0
Net (Loss)/Income	(88,913)	306,147
Less Preferred Stock Dividend Requirement	0	0
Net Loss Available to Common Stock and Participating Securities	(88,913)	306,147
Total Assets	6,065,557	7,567,084
Lima One
Segment Reporting Information [Line Items]
Interest Income	113,134	14,249
Interest Expense	66,358	4,691
Net Interest Income/(Expense)	46,776	9,558
Reversal of Provision/(Provision) for Credit Losses on Residential Whole Loans	(196)	(118)
Provision for Credit Losses on Other Assets	0
Net Interest Income after (Provision)/Reversal of Provision for Credit Losses	46,580	9,440
Net loss on residential whole loans measured at fair value through earnings	(136,734)	18,962
Impairment and other net (loss)/gain on securities and other portfolio investments	0	0
Net gain on real estate owned	31	78
Total Net gain/(loss) on derivatives used for risk management purposes	37,218	(31)
Net gain on securitized debt measured at fair value through earnings	59,463	433
Lima One - origination, servicing and other fee income	46,745	22,600
Other, net	537	128
Noninterest Income (Loss), Net	(7,260)	(42,170)
General and administrative expenses (including compensation)	53,185	24,140
Loan servicing, financing and other related costs	1,120	436
Amortization of intangible assets	9,200	6,600
Net (Loss)/Income	(9,665)	20,434
Less Preferred Stock Dividend Requirement	0	0
Net Loss Available to Common Stock and Participating Securities	(9,665)	20,434
Total Assets	2,618,695	1,200,737
Corporate Segment
Segment Reporting Information [Line Items]
Interest Income	4,524	190
Interest Expense	15,760	15,789
Net Interest Income/(Expense)	(11,236)	(15,599)
Reversal of Provision/(Provision) for Credit Losses on Residential Whole Loans	0	0
Provision for Credit Losses on Other Assets	(28,579)
Net Interest Income after (Provision)/Reversal of Provision for Credit Losses	(39,815)	(15,599)
Net loss on residential whole loans measured at fair value through earnings	0	0
Impairment and other net (loss)/gain on securities and other portfolio investments	(21,921)	72,889
Net gain on real estate owned	0	0
Total Net gain/(loss) on derivatives used for risk management purposes	0	0
Net gain on securitized debt measured at fair value through earnings	0	0
Lima One - origination, servicing and other fee income	0	0
Other, net	4,478	11,586
Noninterest Income (Loss), Net	17,443	(84,475)
General and administrative expenses (including compensation)	59,355	61,406
Loan servicing, financing and other related costs	16,390	5,181
Amortization of intangible assets	0	0
Net (Loss)/Income	(133,003)	2,289
Less Preferred Stock Dividend Requirement	32,875	32,875
Net Loss Available to Common Stock and Participating Securities	(165,878)	(30,586)
Total Assets	$ 428,153	$ 371,867

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Jul. 01, 2021	Mar. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Combination, Separately Recognized Transactions [Line Items]
Outstanding preferred equity repaid at acquisition			$ 0	$ 22,030	$ 0
Net unrealized loss on other portfolio investments			(21,921)	0	$ 0
Goodwill			61,076	61,076
Lima One
Business Combination, Separately Recognized Transactions [Line Items]
Percentage acquired	57%
Cash	$ 57,255
Ownership percentage	100%
Prior ownership percentage	43%
Comment equity interest, book value		$ 5,600
Impairment on investment		$ 21,000
Impairment and other net (loss)/gain on securities and other portfolio investments	$ 38,900			38,900
Consideration allocated	101,720
Outstanding preferred equity repaid at acquisition	47,400
Net unrealized loss on other portfolio investments				5,000
Acquisition related costs				428
Goodwill	61,076		$ 61,100	$ 61,100
Finite-lived intangible assets	28,000
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

Segment Reporting - Purchase Pr

Segment Reporting - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Jul. 01, 2021	Dec. 31, 2022	Dec. 31, 2021
Business Combination, Separately Recognized Transactions [Line Items]
Goodwill		$ 61,076	$ 61,076
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	$ 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

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	2 Months Ended	12 Months Ended
	Feb. 23, 2023 USD ($) loan	Dec. 31, 2022 loan
Subsequent Event [Line Items]
Financing receivable number of whole loans sold | loan		0
Subsequent Event
Subsequent Event [Line Items]
Financing receivable number of whole loans sold | loan	3
Financing receivable securitizations	$ 668.2
Subsequent Event | Non-QM loans
Subsequent Event [Line Items]
Financing receivable securitizations	313.7
Subsequent Event | Single-family rental loans
Subsequent Event [Line Items]
Financing receivable securitizations	203.9
Subsequent Event | Transitional loans
Subsequent Event [Line Items]
Financing receivable securitizations	$ 150.6

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Allowance for credit loss	$ 35,314,000	$ 39,447,000	$ 37,192,000	$ 36,927,000	$ 35,457,000	$ 44,102,000	$ 54,261,000	$ 63,244,000	$ 86,833,000
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Premium amortization/discount accretion, net	$ 9,798,000
Fair Value Recurring Basis Unobservable Input Reconciliation Asset Gain Loss Statement Of Income Extensible List Not Disclosed Flag	Net (loss)/gain on residential whole loans measured at fair value through earnings
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	23,843
Balance Sheet Reported Amount	$ 7,554,053,000
Principal Amount of Loans Subject to Delinquent Principal or Interest	565,285,000
Tax basis of loans	4,300,000,000
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	7,913,000,000
Purchases	3,126,424,000
Reversal of provision for loan loss	4,133,000
Repayments	(1,814,509,000)
Loan sales and repurchases	(973,283,000)
Changes in fair value recorded in Net gain/(loss) on residential whole loans measured at fair value through earnings	(676,076,000)
Transfer to REO	(70,748,000)
Residential whole loans, at fair value, ending balance	$ 7,518,739,000	$ 7,913,000,000
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	7,282
Balance Sheet Reported Amount	$ 613,600,000
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 61,065,000
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%
Original loan balance	$ 0
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%
Original loan balance	$ 149,999
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	7,740
Balance Sheet Reported Amount	$ 1,356,976,000
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 123,816,000
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%
Original loan balance	$ 150,000
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	$ 299,999
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	3,601
Balance Sheet Reported Amount	$ 1,054,821,000
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 125,233,000
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%
Original loan balance	$ 300,000
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	12.60%
Original loan balance	$ 449,999
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	5,220
Balance Sheet Reported Amount	$ 4,528,656,000
Principal Amount of Loans Subject to Delinquent Principal or Interest	255,171,000
Original loan balance	$ 449,999
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	0.30%
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	12.95%

Uncategorized Items - mfa-20221

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]