MFA Financial (MFA) 10-Q 4 May 23 2023 Q1 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	3 Months Ended
	Mar. 31, 2023	Apr. 27, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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
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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		101,912,357
Entity Central Index Key	0001055160
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Common Stock, par value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	MFA
Security Exchange Name	NYSE
7.50% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	7.50% Series B Cumulative RedeemablePreferred Stock, par value $0.01 per share
Trading Symbol	MFA/PB
Security Exchange Name	NYSE
6.50% Series C Cumulative Redeemable Preferred Stock
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

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Assets:
Residential whole loans, net ($6,164,293 and $5,305,349 held at fair value, respectively)	[1],[2]	$ 7,794,250	$ 7,518,739
Securities, at fair value	[2]	504,639	333,364
Cash and cash equivalents		362,452	334,183
Restricted cash		165,137	159,898
Other assets	[2]	485,129	766,221
Total Assets		9,311,607	9,112,405
Liabilities:
Financing agreements ($4,147,712 and $3,898,744 held at fair value, respectively)		7,101,318	6,812,086
Other liabilities		191,683	311,470
Total Liabilities		7,293,001	7,123,556
Commitments and contingencies (See Note 9)
Stockholders’ Equity:
Common stock, $0.01 par value; 874,300 and 874,300 shares authorized; 101,912 and 101,802 shares issued and outstanding, respectively		1,019	1,018
Additional paid-in capital, in excess of par		3,687,285	3,684,291
Accumulated deficit		(1,690,113)	(1,717,991)
Accumulated other comprehensive income		20,225	21,341
Total Stockholders’ Equity		2,018,606	1,988,849
Total Liabilities and Stockholders’ Equity		9,311,607	9,112,405
Series B Preferred Stock
Stockholders’ Equity:
Preferred stock		80	80
Series C Preferred Stock
Stockholders’ Equity:
Preferred stock		$ 110	$ 110
[1]Includes approximately $4.6 billion and $4.0 billion of Residential whole loans transferred to consolidated variable interest entities (“VIEs”) at March 31, 2023 and December 31, 2022, 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	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	874,300	874,300
Common stock, shares issued (in shares)	101,912	101,802
Common stock, shares outstanding (in shares)	101,912	101,802
Asset Pledged as Collateral with Right
Residential whole loans	$ 6,074,232	$ 5,727,524
Asset Pledged as Collateral
Financial instruments, at fair value	4,147,712	3,898,744
Non-Agency MBS Transferred to Consolidated VIEs
Residential whole loans	$ 4,600,000	$ 4,000,000
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
Preferred stock, liquidation preference, value	$ 275,000	$ 275,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Interest Income:
Residential whole loans	$ 119,510	$ 99,466
Securities, at fair value	7,308	5,275
Other interest-earning assets	2,351	1,506
Cash and cash equivalent investments	3,036	102
Interest Income	132,205	106,349
Interest Expense:
Asset-backed and other collateralized financing arrangements	88,880	39,365
Other interest expense	3,956	3,931
Interest Expense	92,836	43,296
Net Interest Income	39,369	63,053
Reversal of Provision for Credit Losses on Residential Whole Loans	13	3,511
Net Interest Income after Reversal of Provision for Credit Losses	39,382	66,564
Other Income/(Loss), net:
Net gain/(loss) on residential whole loans measured at fair value through earnings	129,174	(287,935)
Impairment and other net gain/(loss) on securities and other portfolio investments	2,931	(3,701)
Net gain on real estate owned	3,942	8,732
Net (loss)/gain on derivatives used for risk management purposes	(21,208)	94,101
Net (loss)/gain on securitized debt measured at fair value through earnings	(51,725)	64,117
Lima One - origination, servicing and other fee income	8,976	14,494
Other, net	3,172	2,676
Other Income/(Loss), net	75,262	(107,516)
Operating and Other Expense:
Compensation and benefits	20,630	19,556
Other general and administrative expense	10,391	8,697
Loan servicing, financing and other related costs	9,539	10,401
Amortization of intangible assets	1,300	3,300
Operating and Other Expense	41,860	41,954
Net Income/(Loss)	72,784	(82,906)
Less Preferred Stock Dividend Requirement	8,219	8,219
Net Income/(Loss) Available to Common Stock and Participating Securities	$ 64,565	$ (91,125)
Basic Earnings/(Loss) per Common Share (in dollars per share)	$ 0.63	$ (0.86)
Diluted Earnings/(Loss) per Common Share (in dollars per share)	$ 0.62	$ (0.86)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income/(loss)	$ 72,784	$ (82,906)
Other Comprehensive Income/(Loss):
Unrealized losses on securities available-for-sale	(1,116)	(4,977)
Changes in fair value of financing agreements at fair value due to changes in instrument-specific credit risk	0	1,255
Other Comprehensive (Loss)	(1,116)	(3,722)
Comprehensive income/(loss) before preferred stock dividends	71,668	(86,628)
Dividends required on preferred stock	(8,219)	(8,219)
Comprehensive Income/(Loss) Available to Common Stock and Participating Securities	$ 63,449	$ (94,847)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands		Total	Series B Preferred Stock	Series C Preferred Stock	Preferred Stock Series B Preferred Stock	Preferred Stock Series C Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Deficit Series B Preferred Stock	Accumulated Deficit Series C Preferred Stock	Accumulated Other Comprehensive Income
Balance (in shares) at Dec. 31, 2021					8,000	11,000	108,138
Beginning balance at Dec. 31, 2021		$ 2,542,848			$ 80	$ 110	$ 1,082	$ 3,775,482	$ (1,279,484)			$ 45,578
Increase (Decrease) in Stockholders' Equity
Net income		(82,906)							(82,906)
Issuance of stock, net of expenses (in shares)							150
Issuance of common stock, net of expenses		486					$ 1	485
Repurchase of shares of common stock (in shares)	[1]						(3,252)
Repurchase of shares of common stock	[1]	(55,742)					$ (33)	(55,709)
Equity based compensation expense		2,642						2,642
Change in accrued dividends attributable to stock-based awards		(76)						74	(150)
Dividends declared on common stock	[2]	(46,215)							(46,215)
Dividends declared on preferred stock		(8,219)	$ (3,750)	$ (4,469)						$ (3,750)	$ (4,469)
Dividends attributable to dividend equivalents		(141)							(141)
Change in unrealized gains on securities, net		(4,977)										(4,977)
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 Mar. 31, 2022					8,000	11,000	105,036
Ending balance at Mar. 31, 2022		2,348,955			$ 80	$ 110	$ 1,050	3,722,974	(1,417,115)			41,856
Balance (in shares) at Dec. 31, 2022					8,000	11,000	101,802
Beginning balance at Dec. 31, 2022		1,988,849			$ 80	$ 110	$ 1,018	3,684,291	(1,717,991)			21,341
Increase (Decrease) in Stockholders' Equity
Net income		72,784							72,784
Issuance of stock, net of expenses (in shares)							168
Issuance of common stock, net of expenses		18					$ 1	17
Repurchase of shares of common stock (in shares)	[3]						(58)
Repurchase of shares of common stock	[3]	(599)					$ 0	(599)
Equity based compensation expense		3,019						3,019
Change in accrued dividends attributable to stock-based awards		(375)						557	(932)
Dividends declared on common stock	[4]	(35,669)							(35,669)
Dividends declared on preferred stock		(8,219)	$ (3,750)	$ (4,469)						$ (3,750)	$ (4,469)
Dividends attributable to dividend equivalents		(86)							(86)
Change in unrealized gains on securities, net		(1,116)										(1,116)
Changes in fair value of financing agreements at fair value due to changes in instrument-specific credit risk		0
Balance (in shares) at Mar. 31, 2023					8,000	11,000	101,912
Ending balance at Mar. 31, 2023		$ 2,018,606			$ 80	$ 110	$ 1,019	$ 3,687,285	$ (1,690,113)			$ 20,225
[1]For the three months ended March 31, 2022 includes approximately $1.0 million (56,690 shares) surrendered for tax purposes related to equity-based compensation awards.[2](46,215)[3]For the three months ended March 31, 2023 includes approximately $600,000 (58,505 shares) surrendered for tax purposes related to equity-based compensation awards.[4]$600,000

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2022 USD ($) $ / shares shares
Dividend declared per share, common stock (in dollars per share)	$ 0.35	$ 0.440
Common stock, cash dividends declared (in dollars per share)	$ 0.35	0.440
Series B Preferred Stock
Preferred Stock, dividend rate	7.50%
Dividend declared per share, preferred stock (in dollars per share)	$ 0.46875	0.46875
Series C Preferred Stock
Preferred Stock, dividend rate	6.50%
Dividend declared per share, preferred stock (in dollars per share)	$ 0.40625	$ 0.40625
Preferred Stock | Series B Preferred Stock
Preferred Stock, dividend rate	7.50%	7.50%
Preferred Stock, liquidation preference per share (in dollars per share)	$ 25	$ 25
Preferred Stock | Series C Preferred Stock
Preferred Stock, dividend rate	6.50%	6.50%
Preferred Stock, liquidation preference per share (in dollars per share)	$ 25	$ 25
Common Stock
Adjustments related to tax withholding for share-based compensation | $	$ 600	$ 1,000
Shares paid for tax withholding for share based compensation (in shares) | shares	58,505	56,690

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows From Operating Activities:
Net income/(loss)	$ 72,784	$ (82,906)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Net (gain)/loss on residential whole loans	(129,174)	285,522
Impairment and other net (gain)/loss on securities and other portfolio investments, net	(2,932)	2,921
Net gain on real estate owned	(3,936)	(8,249)
Accretion of purchase discounts and amortization of purchase premiums on residential whole loans and securities	(4,507)	(4,135)
Reversal of provision for credit losses on residential whole loans and other assets	(4)	(4,038)
Net loss/(gain) on derivatives used for risk management purposes	42,879	(99,630)
Net loss/(gain) on securitized debt measured at fair value through earnings	48,846	(62,855)
Net margin (paid)/received for derivatives used for risk management purposes	(28,428)	75,334
Net other non-cash losses included in net income	7,855	8,990
(Increase)/decrease in other assets	(27,522)	21,997
Increase/(decrease) in other liabilities	11,471	609
Net cash (used in)/provided by operating activities	(12,668)	133,560
Cash Flows From Investing Activities:
Purchases and origination of residential whole loans, loan related investments and capitalized advances	(459,012)	(1,192,437)
Proceeds from sales of residential whole loans	263,014	0
Principal payments on residential whole loans and loan related investments	321,626	567,114
Purchases of securities	(305,858)	0
Proceeds from sales of securities and other assets	0	369
Principal payments on securities	5,755	1,470
Purchases of real estate owned and capital improvements	(137)	(353)
Proceeds from sales of real estate owned	33,968	41,336
Additions to leasehold improvements, furniture and fixtures	(1,458)	(953)
Net cash used in investing activities	(142,102)	(583,454)
Cash Flows From Financing Activities:
Principal payments on financing agreements with mark-to-market collateral provisions	(766,604)	(586,883)
Proceeds from borrowings under financing agreements with mark-to-market collateral provisions	640,498	965,270
Principal payments on other collateralized financing agreements	(415,443)	(761,122)
Proceeds from borrowings under other collateralized financing agreements	778,400	1,096,258
Payment made for other collateralized financing agreement related costs	(4,602)	(2,870)
Proceeds from issuances of common stock	17	581
Payments made for the repurchase of common stock through the stock repurchase program	0	(54,799)
Dividends paid on preferred stock	(8,219)	(8,219)
Dividends paid on common stock and dividend equivalents	(35,769)	(47,230)
Net cash provided by financing activities	188,278	600,986
Net increase in cash, cash equivalents and restricted cash	33,508	151,092
Cash, cash equivalents and restricted cash at beginning of period	494,081	404,447
Cash, cash equivalents and restricted cash at end of period	527,589	555,539
Supplemental Disclosure of Cash Flow Information
Interest paid	87,057	34,727
Non-cash Investing and Financing Activities:
Transfer from residential whole loans to real estate owned	20,925	22,079
Dividends and dividend equivalents declared and unpaid	35,756	46,357
Payable for unsettled residential whole loan and Treasury Bill purchases	$ 0	$ 329,706

Organization

Organization	3 Months Ended
	Mar. 31, 2023
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	3 Months Ended
	Mar. 31, 2023
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 interim unaudited consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted in accordance with these SEC rules and regulations. Management believes that the disclosures included in these interim unaudited consolidated financial statements are adequate to make the information presented not misleading. The accompanying unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. In the opinion of management, all normal and recurring adjustments necessary to present fairly the financial condition of the Company at March 31, 2023 and results of operations for all periods presented have been made. The results of operations for the three months ended March 31, 2023 should not be construed as indicative of the results to be expected for the full year. The accompanying consolidated financial statements of the Company have been prepared on the accrual basis of accounting in accordance with 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), certain securities designated as available-for- sale (“AFS”) (see Note 4) and certain 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. (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 Company typically elected the fair value option on loans that were 60 or more days delinquent at purchase (“Purchased Non-performing Loans”). Purchased Credit Deteriorated Loans (i.e., mortgage loans in which the underlying borrower had a delinquency status of less than 60 days at the acquisition date) acquired prior to the second quarter of 2021 are typically held at carrying value. Purchased Performing Loans (as described below) 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 began to elect 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 for which 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 on 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 their 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 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. Term Notes Backed by MSR 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. 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, which include term notes backed by MSR collateral and certain CRT 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 accumulated other comprehensive income (“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 and certain of its CRT securities. 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. 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 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 Securities In determining the fair value of the Company’s 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). For term notes backed by MSR collateral, 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. 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 securities pledged as collateral against financing agreements 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 March 31, 2023 and December 31, 2022. At March 31, 2023 and December 31, 2022, the Company had cash and cash equivalents of $362.5 million and $334.2 million, respectively. At March 31, 2023, the Company had $322.5 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, 2022, the Company had $267.1 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, interest rate swap 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 $165.1 million and $159.9 million at March 31, 2023 and December 31, 2022, respectively (see Notes 5(d), 6 and 13). (f) Goodwill & Intangible Assets At March 31, 2023 and December 31, 2022, 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 $10.9 million and $12.2 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 (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 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 fai

Residential Whole Loans

Residential Whole Loans	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Residential Whole Loans	Residential Whole Loans Included on the Company’s consolidated balance sheets at March 31, 2023 and December 31, 2022 are approximately $7.8 billion and $7.5 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 March 31, 2023 and December 31, 2022: Held at Carrying Value Held at Fair Value Total (Dollars in Thousands) March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Purchased Performing Loans: Non-QM loans $ 958,099 $ 987,282 $ 2,501,132 $ 2,372,548 $ 3,459,231 $ 3,359,830 Transitional loans (1) 53,272 75,188 1,471,633 1,342,032 1,524,905 1,417,220 Single-family rental loans 201,563 210,833 1,265,246 1,165,741 1,466,809 1,376,574 Seasoned performing loans 79,465 82,932 — — 79,465 82,932 Agency eligible investor loans — — 60,854 51,094 60,854 51,094 Total Purchased Performing Loans $ 1,292,399 $ 1,356,235 $ 5,298,865 $ 4,931,415 $ 6,591,264 $ 6,287,650 Purchased Credit Deteriorated Loans $ 460,680 $ 470,294 $ — $ — $ 460,680 $ 470,294 Allowance for Credit Losses $ (33,061) $ (35,314) $ — $ — $ (33,061) $ (35,314) Purchased Non-Performing Loans $ — $ — $ 775,367 $ 796,109 $ 775,367 $ 796,109 Total Residential Whole Loans $ 1,720,018 $ 1,791,215 $ 6,074,232 $ 5,727,524 $ 7,794,250 $ 7,518,739 Number of loans 6,930 7,126 17,122 16,717 24,052 23,843 (1) As of March 31, 2023 includes $825.9 million of loans collateralized by one-to-four family residential properties and $699.0 million of loans collateralized by multi-family properties. As of December 31, 2022 includes $784.9 million of loans collateralized by one-to-four family residential properties and $632.3 million of Transitional loans collateralized by multi-family properties. The following table presents additional information regarding the Company’s Residential whole loans at March 31, 2023 and December 31, 2022: March 31, 2023 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 $ 3,452,086 $ 3,683,664 5.22 % 349 65 % 735 $ 3,508,600 $ 74,897 $ 38,599 $ 61,568 2.7 % Transitional loans (1) 1,521,279 1,537,094 8.07 11 65 746 1,449,593 14,063 7,522 65,916 4.8 Single-family rental loans 1,465,469 1,542,253 5.87 322 69 737 1,492,800 10,113 5,527 33,813 2.6 Seasoned performing loans 79,420 87,079 3.69 149 30 724 81,207 1,386 617 3,869 5.2 Agency eligible investor loans 60,854 71,890 3.46 341 67 757 70,739 661 — 490 0.7 Total Purchased Performing Loans 6,579,108 $ 6,921,980 5.96 % 265 3.1 % Purchased Credit Deteriorated Loans $ 439,775 $ 543,594 4.71 % 275 63 % N/A $ 394,389 $ 44,939 $ 18,057 $ 86,209 19.2 % Purchased Non-Performing Loans $ 775,367 $ 857,388 5.07 % 275 67 % N/A $ 443,433 $ 89,259 $ 35,820 $ 288,876 37.9 % Residential whole loans, total or weighted average $ 7,794,250 $ 8,322,962 5.80 % 267 7.8 % 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 % (1) As of March 31, 2023 Transitional loans includes $699.0 million of loans collateralized by multi-family properties with a weighted average term to maturity of 16 months and a weighted average LTV ratio of 64%. 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 64%. (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 $223.0 million and $223.2 million at March 31, 2023 and December 31, 2022, 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 69% and 70% at March 31, 2023 and December 31, 2022, 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. 60+ LTV has been calculated on a consistent basis. (4) Excludes loans for which no Fair Isaac Corporation (“FICO”) score is available. During the three months ended December 31, 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. In addition, in the fourth quarter of 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. No Residential whole loans were sold during the three months ended March 31, 2023 and 2022. 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: Three Months Ended March 31, 2023 (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, 2022 $ 7,359 $ 5,223 $ 1,277 $ 48 $ 21,407 $ 35,314 Current provision (214) 406 514 (2) (389) 315 Write-offs — (2,003) (451) — (113) (2,567) Allowance for credit losses at March 31, 2023 $ 7,145 $ 3,626 $ 1,340 $ 46 $ 20,905 $ 33,062 Three Months Ended March 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 (1) In connection with Transitional loans at carrying value, the Company had unfunded commitments of $6.8 million and $12.9 million as of March 31, 2023 and 2022, respectively, with an allowance for credit losses of $16,000 and $156,000 at March 31, 2023 and 2022, respectively. Such allowance is included in “Other liabilities” in the Company’s consolidated balance sheets (see Note 7). (2) Includes $46.4 million and $80.2 million of loans that were assessed for credit losses based on a collateral dependent methodology as of March 31, 2023 and 2022, respectively. (3) Includes $62.0 million and $69.1 million of loans that were assessed for credit losses based on a collateral dependent methodology as of March 31, 2023 and 2022, respectively. 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 credit losses on financial instruments (“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 March 31, 2023 and December 31, 2022 was $192.5 million and $195.1 million, respectively. The amortized cost basis of Purchased Credit Deteriorated Loans on nonaccrual status as of March 31, 2023 and December 31, 2022 was $79.4 million and $80.5 million, respectively. The fair value of Purchased Non-performing Loans on nonaccrual status as of March 31, 2023 and December 31, 2022 was $389.1 million and $413.1 million, respectively. During the three months ended March 31, 2023, the Company recognized $3.6 million of interest income on loans on nonaccrual status, including $2.5 million on its portfolio of loans which were non-performing at acquisition. At March 31, 2023 and December 31, 2022, there were approximately $70.2 million and $71.7 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. There were no carrying value loans that were modified during the three months ended March 31, 2023. 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) 2023 2022 2021 2020 2019 Prior Total Non-QM loans LTV <= 80% (1) $ — $ — $ 46,905 $ 185,045 $ 447,565 $ 251,532 $ 931,047 LTV > 80% (1) — — 2,120 12,816 5,734 6,382 27,052 Total Non-QM loans $ — $ — $ 49,025 $ 197,861 $ 453,299 $ 257,914 $ 958,099 Three Months Ended March 31, 2023 Gross write-offs $ — $ — $ — $ — $ — $ — $ — Transitional loans LTV <= 80% (1) $ — $ — $ 729 $ 4,738 $ 32,118 $ 12,497 $ 50,082 LTV > 80% (1) — — — — 3,190 — 3,190 Total Transitional loans $ — $ — $ 729 $ 4,738 $ 35,308 $ 12,497 $ 53,272 Three Months Ended March 31, 2023 Gross write-offs $ — $ — $ — $ — $ 1,148 $ 855 $ 2,003 Single-family rental loans LTV <= 80% (1) $ — $ — $ 13,445 $ 23,537 $ 113,092 $ 49,275 $ 199,350 LTV > 80% (1) — — — — 2,128 85 2,213 Total Single family rental loans $ — $ — $ 13,445 $ 23,537 $ 115,221 $ 49,360 $ 201,563 Three Months Ended March 31, 2023 Gross write-offs $ — $ — $ — $ — $ 451 $ — $ 451 Seasoned performing loans LTV <= 80% (1) $ — $ — $ — $ — $ — $ 76,938 $ 76,938 LTV > 80% (1) — — — — — 2,527 2,527 Total Seasoned performing loans $ — $ — $ — $ — $ — $ 79,465 $ 79,465 Three Months Ended March 31, 2023 Gross write-offs $ — $ — $ — $ — $ — $ — $ — Purchased credit deteriorated loans LTV <= 80% (1) $ — $ — $ — $ — $ — $ 373,929 $ 373,929 LTV > 80% (1) — — — — — 86,752 86,752 Total Purchased credit deteriorated loans $ — $ — $ — $ — $ — $ 460,680 $ 460,680 Three Months Ended March 31, 2023 Gross write-offs $ — $ — $ — $ — $ — $ 113 $ 113 Total LTV <= 80% (1) $ — $ — $ 61,079 $ 213,320 $ 592,776 $ 764,170 $ 1,631,345 Total LTV > 80% (1) — — 2,120 12,816 11,053 95,746 121,734 Total residential whole loans, at carrying value $ — $ — $ 63,199 $ 226,136 $ 603,828 $ 859,916 $ 1,753,080 Three Months Ended March 31, 2023 Total Gross write-offs $ — $ — $ — $ — $ 1,598 $ 968 $ 2,567 (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 $223.0 million at March 31, 2023, 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 69% at March 31, 2023. 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 60 days or more delinquent: March 31, 2023 (Dollars In Thousands) Carrying Value / Fair Value UPB LTV (1) Purchased Performing Loans Non-QM loans $ 99,532 $ 100,167 65.9 % Transitional loans 71,299 73,438 66.4 % Single-family rental loans 37,839 39,340 72.0 % Seasoned performing loans 4,213 4,486 48.4 % Agency eligible investor loans 407 490 64.6 % Total Purchased Performing Loans $ 213,290 $ 217,921 Purchased Credit Deteriorated Loans $ 83,861 $ 104,266 72.4 % Purchased Non-Performing Loans $ 303,400 $ 324,696 76.3 % Total Residential Whole Loans $ 600,551 $ 646,883 December 31, 2022 (Dollars In Thousands) Carrying Value / Fair Value UPB LTV (1) Purchased Performing Loans Non-QM loans $ 93,508 $ 93,972 66.7 % Transitional loans 75,449 76,415 68.1 % Single-family rental loans 34,653 35,441 72.1 % Seasoned performing loans 5,049 5,336 41.7 % Agency eligible investor loans — — — % Total Purchased Performing Loans $ 208,659 $ 211,164 Purchased Credit Deteriorated Loans $ 83,172 $ 103,758 72.5 % Purchased Non-Performing Loans $ 330,810 $ 350,589 75.6 % Total Residential Whole Loans $ 622,641 $ 665,511 (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 three months ended March 31, 2023 and 2022: Held at Carrying Value Held at Fair Value Total Three Months Ended Three Months Ended Three Months Ended (In Thousands) 2023 2022 2023 2022 2023 2022 Purchased Performing Loans: Non-QM loans $ 12,674 $ 13,141 $ 31,415 $ 19,811 $ 44,089 $ 32,952 Transitional loans 620 3,567 27,607 11,294 28,227 14,861 Single-family rental loans 2,977 4,693 18,336 8,632 21,313 13,325 Seasoned performing loans 1,090 1,010 — — 1,090 1,010 Agency eligible investor loans — — 2,857 7,583 2,857 7,583 Total Purchased Performing Loans $ 17,361 $ 22,411 $ 80,215 $ 47,320 $ 97,576 $ 69,731 Purchased Credit Deteriorated Loans $ 7,138 $ 9,009 $ — $ — $ 7,138 $ 9,009 Purchased Non-Performing Loans $ — $ — $ 14,796 $ 20,726 $ 14,796 $ 20,726 Total Residential Whole Loans $ 24,499 $ 31,420 $ 95,011 $ 68,046 $ 119,510 $ 99,466

Securities, at Fair Value

Securities, at Fair Value	3 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Securities, at Fair Value	Securities, at Fair Value Agency MBS Agency MBS are guaranteed as to principal and/or interest by a federally chartered corporation, such as Fannie Mae or Freddie Mac, or an agency of the U.S. Government, such as Ginnie Mae. The following table presents certain information regarding the composition of our Agency MBS portfolio as of March 31, 2023: March 31, 2023 (Dollars in Thousands) Current Weighted Weighted Fair Weighted 30-Year Fixed Rate: 5.00% Coupon $ 79,295 100.2 % 99.8 % $ 79,171 — 5.50% Coupon 220,213 100.5 101.1 222,669 3 Total $ 299,508 100.4 % 100.8 % $ 301,840 2 Term Notes Backed by MSR Collateral At March 31, 2023 and December 31, 2022, the Company had $97.2 million and $97.9 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 March 31, 2023, these term notes had an amortized cost of $87.6 million, gross unrealized gains of approximately $9.6 million, a weighted average yield of 15.5% and a weighted average term to maturity of 0.6 years. At December 31, 2022, the 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. 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). Non-Agency MBS 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. At March 31, 2023, and December 31, 2022, the Company had $24.8 million and $24.6 million, respectively, of Non-Agency MBS. These securities were acquired on the de-consolidation of certain trusts that held previously securitized Agency Eligible investor loans. The following tables present certain information about the Company’s Agency MBS and other Securities, at March 31, 2023 and December 31, 2022: March 31, 2023 (In Thousands) Principal/ Current Purchase Accretable Discount Designated as Credit Reserve (1) Gross Amortized Gross Gross Net Fair Agency MBS $ 299,508 $ 1,175 $ (65) $ — $ 300,618 $ 1,470 $ (248) $ 1,222 $ 301,840 Other Securities (2)(3)(4) 215,103 19,576 (6,092) (46,332) 182,255 20,859 (315) 20,544 202,799 Total residential mortgage securities (2)(3)(4) $ 514,611 $ 20,751 $ (6,157) $ (46,332) $ 482,873 $ 22,329 $ (563) $ 21,766 $ 504,639 December 31, 2022 (In Thousands) Principal/ Current Purchase Accretable Discount Designated as Credit Reserve (1) Gross Amortized Gross Gross Net Fair Value Agency MBS $ 131,165 $ 860 $ — $ — $ 132,025 $ — $ (325) $ (325) $ 131,700 Other Securities (2)(3)(4) 215,649 18,344 (6,272) (46,332) 181,389 21,473 (1,198) 20,275 201,664 Total residential mortgage securities (2)(3)(4) $ 346,814 $ 19,204 $ (6,272) $ (46,332) $ 313,414 $ 21,473 $ (1,523) $ 19,950 $ 333,364 (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 March 31, 2023 includes CRT securities with a fair value of $49.4 million for which the fair value option has been elected. Such securities had approximately $195,000 gross unrealized gains and gross unrealized losses of approximately $315,000 at March 31, 2023. Amounts disclosed at December 31, 2022 includes 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. (4) Amounts disclosed at March 31, 2023 include Non-Agency MBS with a fair value of $24.8 million for which the fair value option had been elected. Such securities had approximately $437,000 gross unrealized gains and no gross unrealized losses at March 31, 2023. 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. Sales of Residential Mortgage Securities During the three months ended March 31, 2023, the Company did not sell any of its residential mortgage securities. During the three months ended March 31, 2022, the Company sold a CRT security for approximately $369,000, realizing a gain of $13,000. Unrealized Losses on Residential Mortgage Securities There were no gross unrealized losses on the Company’s AFS securities at March 31, 2023. There were no allowances for credit losses recorded with respect to the Company’s AFS securities for any of the periods presented. The Company did not recognize an allowance for credit losses through earnings related to its AFS securities for the three months ended March 31, 2023 and 2022. Impact of AFS Securities on AOCI The following table presents the impact of the Company’s AFS securities on its AOCI for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, (In Thousands) 2023 2022 AOCI from AFS securities: Unrealized gain on AFS securities at beginning of period $ 21,341 $ 46,833 Unrealized (losses) on securities available-for-sale (1,116) (4,977) Change in AOCI from AFS securities (1,116) (4,977) Balance at end of period $ 20,225 $ 41,856 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 three months ended March 31, 2023 and 2022: Three Months Ended March 31, (In Thousands) 2023 2022 Agency MBS Coupon interest $ 2,051 $ — Effective yield adjustment (1)(2) (31) — Interest income $ 2,020 $ — Other MBS Coupon interest $ 1,912 $ 895 Effective yield adjustment (1)(2) 188 1,265 Interest income $ 2,100 $ 2,160 Term notes backed by MSR collateral Coupon interest $ 1,963 $ 1,157 Effective yield adjustment (2) 1,225 1,958 Interest income $ 3,188 $ 3,115 (1) Includes amortization of premium paid net of accretion of purchase discount. Interest income is recorded at an effective yield, which reflects net premium amortization/accretion based on actual prepayment activity.

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022: (In Thousands) March 31, 2023 December 31, 2022 Receivable for sale of unsettled residential whole loans $ — $ 275,656 REO 121,215 130,605 Goodwill 61,076 61,076 Intangibles, net (1) 10,900 12,200 Capital contributions made to loan origination partners 28,308 28,308 Other interest-earning assets 59,620 63,964 Interest receivable 72,823 68,704 Other loan related receivables 28,794 23,463 Lease Right-of-Use Asset (2) 38,905 39,459 Other 63,488 62,786 Total Other Assets $ 485,129 $ 766,221 (1) Net of aggregate accumulated amortization of $17.1 million and $15.8 million as of March 31, 2023 and December 31, 2022, respectively. (2) 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 March 31, 2023, the Company had 362 REO properties with an aggregate carrying value of $121.2 million. At December 31, 2022, the Company had 388 REO properties with an aggregate carrying value of $130.6 million. At March 31, 2023, $120.9 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 $100.7 million of residential whole loans held at carrying value and $242.5 million of residential whole loans held at fair value at March 31, 2023. The following table presents the activity in the Company’s REO for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, (Dollars In Thousands) 2023 2022 Balance at beginning of period $ 130,605 $ 156,223 Adjustments to record at lower of cost or fair value (1,052) (448) Transfer from residential whole loans 20,925 22,079 Purchases and capital improvements, net 137 353 Disposals and other (1) (29,400) (32,639) Balance at end of period $ 121,215 $ 145,568 Number of properties 362 492 (b) Goodwill and Intangible Assets On July 1, 2021, the Company completed the acquisition of Lima One. 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 three months ended March 31, 2023 is summarized in the table below: (Dollars in Thousands) Carrying Value at December 31, 2022 Amortization Carrying Value at Amortization Period (Years) (1) Trademarks / Trade Names $ 3,400 $ (100) $ 3,300 10 Customer Relationships 6,000 (1,000) 5,000 4 Internally Developed Software 2,800 (200) 2,600 5 Total Identified Intangibles $ 12,200 $ (1,300) $ 10,900 (1) Amortization is calculated on a straight-line basis over the amortization period, except for Customer Relationships, where amortization is calculated based on expected levels of customer attrition. (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 March 31, 2023, 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. The Company did not record any impairment charges to earnings on its investments in loan origination partners during the three months ended March 31, 2023 and 2022. 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. (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 March 31, 2023, none of the Company’s Swaps were designated as hedges for accounting purposes. The following table presents the assets pledged as collateral against the Company’s Swaps at March 31, 2023, and December 31, 2022: (In Thousands) March 31, December 31, Restricted Cash $ 60,499 $ 60,764 At March 31, 2023, the Company had Swaps with an aggregate notional amount of $3.0 billion and an average maturity of approximately 39 months with a maximum term of approximately 75 months. The following table presents information about the Company’s Swaps at March 31, 2023, and December 31, 2022: March 31, 2023 December 31, 2022 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 6 months to 12 months 100,000 1.49 4.87 — — — Over 12 months to 24 months 1,000,010 1.09 4.87 550,010 1.01 4.30 Over 24 months to 36 months 125,000 2.70 4.87 775,000 1.75 4.30 Over 36 months to 48 months 1,300,000 1.42 4.87 450,000 1.12 4.30 Over 48 months to 60 months 125,000 2.71 4.87 1,075,000 1.86 4.30 Over 60 months to 72 months — — — — — — Over 72 months to 84 months 310,000 2.95 4.87 310,000 2.95 4.30 Total Swaps $ 2,960,010 1.58 % 4.87 % $ 3,160,010 1.69 % 4.30 % (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. This rate adjusts daily based on SOFR. Impact of Derivative Instruments on Earnings The following table present the components of Net (loss)/gain on derivatives used for risk management purposes for the years ended March 31, 2023 and 2022, which is presented in Other income in the consolidated statements of operations: For the Three Months Ended March 31, (In Thousands) 2023 2022 Income on swap variable receive leg $ 33,851 $ 408 Expense on swap fixed pay leg (12,034) (5,936) Unrealized mark-to-market (loss)/gain (40,747) 80,753 Net price alignment expense on margin collateral received (2,278) — Net gain on TBA short positions — 18,876 Total Net (loss)/gain on derivatives used for risk management purposes $ (21,208) $ 94,101

Financing Agreements

Financing Agreements	3 Months Ended
	Mar. 31, 2023
Disclosure of Repurchase Agreements [Abstract]
Financing Agreements	Financing Agreements The following tables present the components of, and certain information with respect to, the Company’s Financing agreements at March 31, 2023 and December 31, 2022: March 31, 2023 (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 $ 1,692,254 $ 1,691,769 6.67 % 8.1 Agreements with mark-to-market collateral provisions Securities 405,027 405,027 5.56 % 1.1 Total Agreements with mark-to-market collateral provisions 2,097,281 2,096,796 6.54 % Agreements with non-mark-to-market collateral provisions Residential Whole Loans and REO 946,573 946,006 7.31 % 13.3 Securitized debt Residential Whole Loans 4,009,069 3,830,309 3.73 % See Note 14 Convertible senior notes Unsecured 229,989 228,207 6.94 % 14.5 Impact of net Swap carry (1.22) % Total Financing agreements (2) $ 7,282,912 $ 7,101,318 3.95 % 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 5.74 % 6.9 Agreements with mark-to-market collateral provisions Securities 111,651 111,651 5.47 % 1.5 Total Agreements with mark-to-market collateral provisions 2,223,298 2,223,047 5.73 % Agreements with non-mark-to-market collateral provisions Residential Whole Loans and REO 1,004,260 1,003,604 6.53 % 16.8 Securitized debt Residential Whole Loans 3,586,397 3,357,590 3.33 % See Note 14 Convertible senior notes Unsecured 229,989 227,845 6.94 % 17.5 Impact of net Swap carry (0.84) % Total Financing agreements (2) $ 7,043,944 $ 6,812,086 3.70 % (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 March 31, 2023, the Company had the $680.7 million of agreements with mark-to-market collateral provisions held at fair value, $526.6 million of agreements with non-mark-to-market collateral provisions held at fair value, and $2.9 billion of securitized debt held at fair value, with amortized cost bases of $680.7 million, $526.6 million, and $3.1 billion, respectively. 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. (2) Weighted average cost of funding reflects annualized quarter-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 quarter ended March 31, 2023, this decreased the overall funding cost by 122 basis points, and for the quarter ended December 31, 2022, this decreased the overall funding cost by 84 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 March 31, 2023 Unpaid Principal Balance, Maturing In (In Thousands) Collateral 0-3 Months (1) 3-6 Months 6-12 Months Greater than 12 Months (2) Total Agreements with mark-to-market collateral provisions Residential Whole Loans $ 203,153 $ 646,122 $ 593,862 $ 249,117 $ 1,692,254 Agreements with mark-to-market collateral provisions Securities 405,027 — — — 405,027 Total Agreements with mark-to-market collateral provisions 608,180 646,122 593,862 249,117 2,097,281 Agreements with non-mark-to-market collateral provisions Residential Whole Loans 216,555 361,202 11,526 357,290 946,573 (1) $608.2 million of the mark-to-market agreements (included in the 0-3 months category) can be terminated by either party. (2) Amounts presented are based on the assumed exercise of the Company’s unilateral option to extend by one year the maturity of an Agreement with mark-market collateral provisions with $249.1 million outstanding. 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 March 31, 2023 and December 31, 2022: (Dollars in Thousands) March 31, December 31, Mark-to-market financing agreements secured by residential whole loans $ 1,675,343 $ 2,095,002 Fair value of residential whole loans pledged as collateral under financing agreements $ 2,172,874 $ 2,632,489 Weighted average haircut on residential whole loans (1) 21.35 % 18.33 % Mark-to-market financing agreements secured by securities at fair value $ 405,027 $ 111,651 Securities at fair value pledged as collateral under financing agreements $ 484,646 $ 177,111 Weighted average haircut on securities at fair value (1) 13.33 % 37.43 % Mark-to-market financing agreements secured by real estate owned $ 16,425 $ 16,394 Fair value of real estate owned pledged as collateral under financing agreements $ 33,833 $ 33,367 Weighted average haircut on real estate owned (1) 49.20 % 48.07 % (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 March 31, 2023 and December 31, 2022: (Dollars in Thousands) March 31, December 31, Non-mark-to-market financing secured by residential whole loans $ 937,882 $ 994,494 Fair value of residential whole loans pledged as collateral under financing agreements $ 1,228,569 $ 1,301,685 Weighted average haircut on residential whole loans 21.12 % 21.43 % Non-mark-to-market financing secured by real estate owned $ 8,123 $ 9,109 Fair value of real estate owned pledged as collateral under financing agreements $ 20,968 $ 22,902 Weighted average haircut on real estate owned 61.26 % 60.23 % In addition, the Company had aggregate restricted cash held in connection with its financing agreements of $13.7 million and $16.0 million at March 31, 2023 and December 31, 2022, 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 March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Amortized Cost Basis Weighted Average Interest Rate Amortized Cost Basis Weighted Average Interest Rate Time Until Interest Rate Reset (Dollars in Thousands) Within 30 days $ 2,876,705 6.92 % $ 3,060,111 6.60 % Over 30 days to 3 months 167,149 6.73 167,447 6.19 Over 3 months to 12 months — — — — Over 12 months — — — — Total financing agreements $ 3,043,854 6.91 % $ 3,227,558 6.58 % (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. 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. (b) Counterparties The Company had financing agreements, including repurchase agreements and other forms of secured financing, with 14 and 12 counterparties at March 31, 2023 and December 31, 2022, 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 March 31, 2023: March 31, 2023 Amount at Risk (1) Weighted Percent of Counterparty (Dollars in Thousands) Barclays Bank (2) $ 265,371 1 13.2 % Wells Fargo 248,474 1 12.3 Credit Suisse 152,315 1 7.6 (1) 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. (2) 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 March 31, 2023 and December 31, 2022: March 31, 2023 Financing Agreements (In Thousands) Non-Mark-to-Market (1) Mark-to-Market (1) Securitized Total Assets: Residential whole loans, at carrying value $ 206,613 $ 252,288 $ 1,285,589 $ 1,744,490 Residential whole loans, at fair value 1,026,326 1,635,932 3,377,407 6,039,665 Securities, at fair value — 484,646 — 484,646 Other assets: REO 18,678 28,469 34,215 81,362 Total $ 1,251,617 $ 2,401,335 $ 4,697,211 $ 8,350,163 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 (1) An aggregate of $27.2 million and $30.9 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 March 31, 2023 and December 31, 2022, 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 Swaps, 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	3 Months Ended
	Mar. 31, 2023
Other Liabilities [Abstract]
Other Liabilities	Other Liabilities The following table presents the components of the Company’s Other liabilities at March 31, 2023 and December 31, 2022: (In Thousands) March 31, 2023 December 31, 2022 Payable for purchase of unsettled Agency MBS $ — $ 132,026 Dividends and dividend equivalents payable 35,756 35,769 Lease liability 44,726 45,314 Accrued interest payable 27,899 23,040 Accrued expenses and other 83,302 75,321 Total Other Liabilities $ 191,683 $ 311,470

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023, December 31, 2022 or March 31, 2022. As of the date of this filing, the Company’s tax returns for tax years 2019 through 2022 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 March 31, 2023 and December 31, 2022 are presented in the following table: (In Thousands) March 31, 2023 December 31, 2022 Deferred tax assets (DTAs): Net operating loss and tax credit carryforwards $ 99,327 $ 97,655 Unrealized mark-to-market, impairments and loss provisions 13,649 12,609 Other realized / unrealized treatment differences (28,061) (28,620) Total deferred tax assets 84,915 81,644 Less: valuation allowance (84,915) (81,644) Net deferred tax assets $ — $ — Realization of the Company’s DTAs at March 31, 2023 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 three months ended March 31, 2023 and 2022, 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 March 31, 2023, the Company’s federal NOL carryforward from prior years was $389.2 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 three months ended March 31, 2023 and 2022: Three Months Ended March 31, (In Thousands) 2023 2022 Current provision/(benefit) Federal $ (134) $ 106 State (53) 25 Total current provision/(benefit) (187) 131 Deferred provision/(benefit) Federal 589 150 State 155 50 Total deferred provision/(benefit) 744 200 Total provision/(benefit) $ 557 $ 331 The following is a reconciliation of the statutory federal tax rate to the Company’s effective tax rate at March 31, 2023 and 2022: Three Months Ended March 31, 2023 March 31, 2022 Federal statutory rate 21.0 % 21.0 % Non-taxable REIT income (dividends paid deduction) (9.0) % 3.2 % Other differences in taxable income (loss) from GAAP (8.4) % (24.6) % State and local taxes — % — % Change in valuation allowance on DTAs (2.9) % 0.1 % Effective tax rate 0.7 % (0.3) %

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
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 three months ended March 31, 2023, the Company recorded an expense of approximately $1.2 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. At March 31, 2023, the contractual minimum rental payments (exclusive of possible rent escalation charges and normal recurring charges for maintenance, insurance and taxes) regarding the Company’s lease commitments were as follows: Year Ending December 31, Minimum Rental Payments (In Thousands) 2023 (1) $ 4,314 2024 5,751 2025 4,888 2026 4,776 2027 5,055 Thereafter 46,999 Total $ 71,783 (1) Reflects contractual minimum rental payments due for the period from April 1, 2023 through December 31, 2023. (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 March 31, 2023, the Company was not aware of any material unsettled repurchase claims that would require a reserve (see Note 14). (c) Transitional Loan Commitments At March 31, 2023, the Company had unfunded commitments of $546.6 million in connection with its Transitional loans (see Note 3).

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2023
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. The following table presents cash dividends declared by the Company on its Series B Preferred Stock from January 1, 2022 through March 31, 2023: Declaration Date Record Date Payment Date Dividend Per Share February 21, 2023 March 6, 2023 March 31, 2023 $0.46875 6.50% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series C Preferred Stock”) On February 28, 2020, the Company amended its charter through the filing of articles supplementary to reclassify 12,650,000 shares of the Company’s authorized but unissued common stock as shares of the Company’s Series C Preferred Stock. On March 2, 2020, the Company completed the issuance of 11.0 million shares of its Series C Preferred Stock with a par value of $0.01 per share, and a liquidation preference of $25.00 per share plus accrued and unpaid dividends, in an underwritten public offering. The total net proceeds the Company received from the offering were approximately $266.0 million, after deducting offering expenses and the underwriting discount. The Company’s Series C Preferred Stock is entitled to receive dividends (i) from and including the original issue date to, but excluding, March 31, 2025, at a fixed rate of 6.50% per year on the $25.00 liquidation preference and (ii) from and including March 31, 2025, at a floating rate equal to three-month 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. The following table presents cash dividends declared by the Company on its Series C Preferred Stock from January 1, 2022 through March 31, 2023: Declaration Date Record Date Payment Date Dividend Per Share February 21, 2023 March 6, 2023 March 31, 2023 $0.40625 (b) Dividends on Common Stock The following table presents cash dividends declared by the Company on its common stock from January 1, 2022 through March 31, 2023: Declaration Date Record Date Payment Date Dividend Per Share March 10, 2023 March 31, 2023 April 28, 2023 $0.35 (1) (1) At March 31, 2023, the Company had accrued dividends and dividend equivalents payable of $35.8 million related to the common stock dividend declared on March 10, 2023. (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 March 31, 2023, approximately 2.0 million shares of common stock remained available for issuance pursuant to the DRSPP shelf registration statement. During the three months ended March 31, 2023, the Company issued 3,226 shares of common stock through the DRSPP, raising net proceeds of approximately $37,000. From the inception of the DRSPP in September 2003 through March 31, 2023, the Company issued 8,844,779 shares pursuant to the DRSPP, raising net proceeds of $290.8 million. (d) 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 a 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”)). The Company did not repurchase any shares of its common stock during the three months ended March 31, 2023. During the three months ended March 31, 2022, the Company repurchased 3,195,769 shares of its common stock through the stock repurchase program at an average cost of $17.15 per share and a total cost of approximately $54.7 million, net of fees and commissions paid to the sales agent of approximately $128,000. As of March 31, 2023, approximately $202.5 million remained available under the current authorization for the purchase of common stock under the stock repurchase program. (e) Accumulated Other Comprehensive Income/(Loss) The following table presents changes in the balances of each component of the Company’s AOCI for the three months ended March 31, 2023: Three Months Ended (In Thousands) Net Unrealized Net Net Unrealized Gain/(Loss) on Financing Agreements (1) Total Balance at beginning of period $ 21,341 $ — $ — $ 21,341 OCI before reclassifications (1,116) — — (1,116) Amounts reclassified from AOCI — — — — Net OCI during the period (2) (1,116) — — (1,116) Balance at end of period $ 20,225 $ — $ — $ 20,225 (1) Net Unrealized Gain/(Loss) on Financing Agreements at Fair Value due to changes in instrument-specific credit risk. (2) For further information regarding changes in OCI, see the Company’s consolidated statements of comprehensive income/(loss). The following table presents changes in the balances of each component of the Company’s AOCI for the three months ended March 31, 2022: Three Months Ended (In Thousands) Net Unrealized Net Gain/(Loss) on Swaps Net Unrealized Gain/(Loss) on Financing Agreements (1) Total Balance at beginning of period $ 46,833 $ — $ (1,255) $ 45,578 OCI before reclassifications (4,977) — 1,255 (3,722) Amounts reclassified from AOCI — — — — Net OCI during the period (2) (4,977) — 1,255 (3,722) Balance at end of period $ 41,856 $ — $ — $ 41,856 (1) Net Unrealized Gain/(Loss) on Financing Agreements at Fair Value due to changes in instrument-specific credit risk. (2) For further information regarding changes in OCI, see the Company’s consolidated statements of comprehensive income/(loss).

EPS Calculation

EPS Calculation	3 Months Ended
	Mar. 31, 2023
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 earnings/(loss) per share for the three months ended March 31, 2023 and 2022: Three Months Ended (In Thousands, Except Per Share Amounts) 2023 2022 Basic Earnings/(Loss) per Share: Net income/(loss) $ 72,784 $ (82,906) Dividends declared on preferred stock (8,219) (8,219) Dividends, dividend equivalents and undistributed earnings allocated to participating securities (158) (141) Net income/(loss) available to common stockholders - basic $ 64,407 $ (91,266) Basic weighted average common shares outstanding 101,900 106,568 Basic Earnings/(Loss) per Share $ 0.63 $ (0.86) Diluted Earnings/(Loss) per Share: Net income/(loss) available to common stockholders - basic $ 64,407 $ (91,266) Interest expense on Convertible Senior Notes 3,955 — Dividends, dividend equivalents and undistributed earnings allocated to participating securities 158 — Net income/(loss) available to common stockholders - diluted $ 68,520 $ (91,266) Basic weighted average common shares outstanding 101,900 106,568 Effect of assumed conversion of Convertible Senior Notes to common shares 7,230 — Unvested and vested restricted stock units 956 — Diluted weighted average common shares outstanding (1) 110,086 106,568 Diluted Earnings/(Loss) per Share $ 0.62 $ (0.86) (1) At March 31, 2023, the Company had approximately 2.2 million equity instruments outstanding that were included in the calculation of diluted EPS for the three months ended March 31, 2023. These equity instruments reflect RSUs (based on current estimate of expected share settlement amount) with a weighted average grant date fair value of $13.30. These equity instruments may continue to have a dilutive impact on future EPS.

Equity Compensation and Other B

Equity Compensation and Other Benefit Plans	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023, approximately 728,000 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 March 31, 2023 are designated to be settled in shares of the Company’s common stock. The Company granted 1,517,675 and 603,485 RSUs during the three months ended March 31, 2023 and March 31, 2022, respectively. There were no RSUs forfeited during the three months ended March 31, 2023 and 2022. All holders of RSUs outstanding at March 31, 2023 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 at the time settlement of the RSU award, or for performance-based RSU awards, as a grant of stock at the time such awards are settled. At March 31, 2023 and December 31, 2022, the Company had unrecognized compensation expense of $21.4 million and $11.2 million, respectively, related to RSUs. The unrecognized compensation expense at March 31, 2023, is expected to be recognized over a weighted average period of 2.2 years. Restricted Stock The Company did not grant any shares of restricted common stock during the three months ended March 31, 2023 and 2022. At March 31, 2023, the Company did not have any shares of restricted common stock outstanding. 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 $138,000 and $170,000 during the three months ended March 31, 2023 and 2022, respectively. In addition, no dividend equivalents rights awarded as separate instruments were granted during the three months ended March 31, 2023 and 2022. Expense Recognized for Equity-Based Compensation Instruments The following table presents the Company’s expenses related to its equity-based compensation instruments for the three months ended March 31, 2023 and 2022: Three Months Ended (In Thousands) 2023 2022 RSUs $ 3,020 $ 2,645 Total $ 3,020 $ 2,645 (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 three months ended March 31, 2023 and 2022: Three Months Ended (In Thousands) 2023 2022 Non-employee directors $ 109 $ (278) Total $ 109 $ (278) The following table presents the aggregate amount of income deferred by participants of the Deferred Plans through March 31, 2023 and December 31, 2022 that had not been distributed and the Company’s associated liability for such deferrals at March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 (In Thousands) Undistributed Income Deferred (1) Liability Under Deferred Plans Undistributed Income Deferred (1) Liability Under Deferred Plans Non-employee directors $ 2,431 $ 1,748 $ 2,923 $ 1,953 Total $ 2,431 $ 1,748 $ 2,923 $ 1,953 (1) Represents the cumulative amounts that were deferred by participants through March 31, 2023 and December 31, 2022, which had not been distributed through such respective date.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2023
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 Other Residential Mortgage 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. Term Notes Backed by MSR Collateral The Company’s valuation process for term notes backed by MSR 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. 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 March 31, 2023 and December 31, 2022, on the consolidated balance sheets by the valuation hierarchy, as previously described: Fair Value at March 31, 2023 (In Thousands) Level 1 Level 2 Level 3 Total Assets: Residential whole loans, at fair value $ — $ 60,854 $ 6,013,378 $ 6,074,232 Securities, at fair value — 504,639 — 504,639 Total assets carried at fair value $ — $ 565,493 $ 6,013,378 $ 6,578,871 Liabilities: Agreements with non-mark-to-market collateral provisions $ — $ — $ 526,623 $ 526,623 Agreements with mark-to-market collateral provisions — — 680,708 680,708 Securitized debt — 2,940,381 — 2,940,381 Total liabilities carried at fair value $ — $ 2,940,381 $ 1,207,331 $ 4,147,712 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 Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents additional information for the three months ended March 31, 2023 and 2022 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 Three Months Ended March 31, (In Thousands) 2023 2022 Balance at beginning of period $ 5,676,430 $ 4,222,583 Purchases and originations (1) 336,815 1,114,043 Draws 119,076 61,340 Changes in fair value recorded in Net gain/(loss) on residential whole loans measured at fair value through earnings 127,606 (223,412) Repayments (233,434) (202,084) Loan sales (578) (1,547) Transfer to REO (12,537) (14,151) Balance at end of period $ 6,013,378 $ 4,956,772 (1) Excluded from the table above are approximately $28.9 million of Residential whole loans, at fair value for which the closing of the purchase transaction had not occurred as of March 31, 2022. The following table presents additional information for the three months ended March 31, 2023 and 2022 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 Three Months Ended March 31, (In Thousands) 2023 2022 Balance at beginning of period $ 578,879 $ 628,280 Issuances 145,830 — Payment of principal (198,086) (63,165) Change in unrealized losses — (1,255) Balance at end of period $ 526,623 $ 563,860 The following table presents additional information for the three months ended March 31, 2023 and 2022 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 Three Months Ended March 31, (In Thousands) 2023 2022 Balance at beginning of period $ 884,495 $ 1,322,362 Issuances 12,555 469,484 Payment of principal (216,342) (236,596) Changes in unrealized losses — — Balance at end of period $ 680,708 $ 1,555,250 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 March 31, 2023 and December 31, 2022: March 31, 2023 (Dollars in Thousands) Fair Value (1) Valuation Technique Unobservable Input Weighted Average (2) Range Purchased Non-Performing Loans $ 538,661 Discounted cash flow Discount rate 6.7 % 6.0 - 10.3% Prepayment rate 9.4 % 0.0 - 32.6% Default rate 3.3 % 0.0 - 51.1% Loss severity 11.3 % 0.0 - 100.0% $ 236,191 Liquidation model Discount rate 7.8 % 7.8 - 7.8% Annual change in home prices 5.3 % (8.6) - 39.9% Liquidation timeline (in years) 1.9 0.1 - 4.5 Current value of underlying properties (3) $ 738 $28 - $4,000 Total $ 774,852 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 (in years) 1.9 0.1 - 4.5 Current value of underlying properties (3) $ 743 $28 - $4,000 Total $ 795,894 (1) Excludes approximately $515,000 and $215,000 of loans for which management considers the purchase price continues to reflect the fair value of such loans at March 31, 2023 and December 31, 2022, 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 $455,000 and $457,000 as of March 31, 2023 and December 31, 2022, respectively. March 31, 2023 (Dollars in Thousands) Fair Value Valuation Technique Unobservable Input Weighted Average (1) Range Purchased Performing Loans $ 5,196,080 Discounted cash flow Discount rate 7.4 % 6.2-19.1% Prepayment rate 8.9 % 0.0-42.5% Default rate 0.8 % 0.0-27.7% Loss severity 7.2 % 0.0-20.4% $ 41,931 Liquidation model Discount rate 7.8 % 7.8-7.8% Annual change in home prices 2.3 % (3.6)-9.5% Liquidation timeline (in years) 1.9 0.8-4.2 Current value of underlying properties $ 1,238 $44-$2,850 Total $ 5,238,011 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 (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 March 31, 2023 and December 31, 2022: March 31, 2023 March 31, 2023 December 31, 2022 Level in Fair Value Hierarchy Carrying Estimated Fair Value Carrying Estimated Fair Value (In Thousands) Financial Assets: Residential whole loans 3 $ 7,733,396 $ 7,699,538 $ 7,467,645 $ 7,397,421 Residential whole loans 2 60,854 60,854 51,094 51,094 Securities, at fair value 2 504,639 504,639 333,364 333,364 Cash and cash equivalents 1 362,452 362,452 334,183 334,183 Restricted cash 1 165,137 165,137 159,898 159,898 Financial Liabilities (1) : Financing agreements with non-mark-to-market collateral provisions 3 946,006 946,573 1,003,604 1,004,260 Financing agreements with mark-to-market collateral provisions 3 1,691,769 1,692,254 2,111,396 2,111,647 Financing agreements with mark-to-market collateral provisions 2 405,027 405,027 111,651 111,651 Securitized debt (2) 2 3,830,309 3,707,921 3,357,590 3,217,905 Convertible senior notes 2 228,207 216,190 227,845 211,015 (1) Carrying value of securitized debt, Convertible Senior Notes, Senior Notes and certain repurchase agreements is net of associated debt issuance costs. (2) Includes securitized debt that is carried at amortized cost basis and fair value. 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 three months ended March 31, 2023 and 2022, the Company recorded REO with an aggregate estimated fair value, less estimated cost to sell, of $20.9 million and $22.1 million, respectively, at the time of foreclosure. The Company classifies fair value measurements of REO as Level 3 in the fair value hierarchy.

Use of Special Purpose Entities

Use of Special Purpose Entities and Variable Interest Entities	3 Months Ended
	Mar. 31, 2023
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 consolidated loan securitization transactions currently outstanding as of March 31, 2023 and December 31, 2022: (Dollars in Thousands) March 31, 2023 December 31, 2022 Aggregate unpaid principal balance of residential whole loans sold $ 6,747,911 $ 6,079,749 Face amount of Senior Bonds issued by the VIE and purchased by third-party investors $ 5,856,311 $ 5,333,090 Outstanding amount of Senior Bonds, at carrying value $ 889,928 (1) $ 922,220 (1) Outstanding amount of Senior Bonds, at fair value $ 2,940,381 $ 2,435,370 Outstanding amount of Senior Bonds, total $ 3,830,309 $ 3,357,590 Weighted average fixed rate for Senior Bonds issued 2.96 % (2) 3.38 % (2) Weighted average contractual maturity of Senior Bonds 37 years (2) 38 years (2) Face amount of Senior Support Certificates received by the Company (3) $ 857,176 $ 715,640 Cash received $ 5,807,409 $ 5,286,305 (1) Net of $2.3 million and $2.9 million of deferred financing costs at March 31, 2023 and December 31, 2022, respectively. (2) At March 31, 2023 and December 31, 2022, $2.4 billion and $1.9 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 24 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 three months ended March 31, 2023, the Company issued Senior Bonds with a current face of $523.2 million to third-party investors for proceeds of $521.1 million, before offering costs and accrued interest. The Senior Bonds issued by the Company during the three months ended March 31, 2023 are included in “Financing agreements, at fair value” (at carrying value) on the Company’s consolidated balance sheets (see Note 6). As of March 31, 2023 and December 31, 2022, as a result of the transactions described above, securitized loans of approximately $4.6 billion and $4.0 billion are included in “Residential whole loans” and REO with a carrying value of approximately $34.2 million and $36.5 million are included in “Other assets” on the Company’s consolidated balance sheets, respectively. As of March 31, 2023 and December 31, 2022, the aggregate carrying value of Senior Bonds issued by consolidated VIEs was $3.8 billion and $3.4 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)

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting At March 31, 2023, 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 (see 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: (Dollars in Thousands) Mortgage-Related Assets Lima One Corporate Total Three months ended March 31, 2023 Interest Income $ 84,819 $ 44,521 $ 2,865 $ 132,205 Interest Expense 57,077 31,804 3,955 92,836 Net Interest Income/(Expense) $ 27,742 $ 12,717 $ (1,090) $ 39,369 Reversal of Provision/(Provision) for Credit Losses on Residential Whole Loans (300) 313 — 13 Net Interest Income/(Expense) after Reversal of Provision/(Provision) for Credit Losses $ 27,442 $ 13,030 $ (1,090) $ 39,382 Net gain on residential whole loans measured at fair value through earnings $ 95,509 $ 33,665 $ — $ 129,174 Impairment and other net gain on securities and other portfolio investments 2,931 — — 2,931 Net gain on real estate owned 3,925 17 — 3,942 Net loss on derivatives used for risk management purposes (16,322) (4,886) — (21,208) Net loss on securitized debt measured at fair value through earnings (34,820) (16,905) — (51,725) Lima One - origination, servicing and other fee income — 8,976 — 8,976 Other, net 2,207 371 594 3,172 Total Other Income, net $ 53,430 $ 21,238 $ 594 $ 75,262 General and administrative expenses (including compensation) $ — $ 12,535 $ 18,486 $ 31,021 Loan servicing, financing, and other related costs 4,719 218 4,602 9,539 Amortization of intangible assets — 1,300 — 1,300 Net Income/(Loss) $ 76,153 $ 20,215 $ (23,584) $ 72,784 Less Preferred Stock Dividend Requirement $ — $ — $ 8,219 $ 8,219 Net Income/(Loss) Available to Common Stock and Participating Securities $ 76,153 $ 20,215 $ (31,803) $ 64,565 (Dollars in Thousands) Mortgage-Related Assets Lima One Corporate Total Three months ended March 31, 2022 Interest Income $ 88,822 $ 17,500 $ 27 $ 106,349 Interest Expense 33,009 6,356 3,931 43,296 Net Interest Income/(Expense) $ 55,813 $ 11,144 $ (3,904) $ 63,053 Reversal of Provision/(Provision) for Credit Losses on Residential Whole Loans 3,516 (5) — 3,511 Net Interest Income/(Expense) after Reversal of Provision/(Provision) for Credit Losses $ 59,329 $ 11,139 $ (3,904) $ 66,564 Net loss on residential whole loans measured at fair value through earnings $ (253,127) $ (34,808) $ — $ (287,935) Impairment and other net loss on securities and other portfolio investments (2,921) — (780) (3,701) Net gain on real estate owned 8,735 (3) — 8,732 Net gain on derivatives used for risk management purposes 86,235 7,866 — 94,101 Net gain on securitized debt measured at fair value through earnings 57,579 6,538 — 64,117 Lima One - origination, servicing and other fee income — 14,494 — 14,494 Other, net 1,318 55 1,303 2,676 Total Other (Loss)/Income, net $ (102,181) $ (5,858) $ 523 $ (107,516) General and administrative expenses (including compensation) $ — $ 12,219 $ 16,034 $ 28,253 Loan servicing, financing, and other related costs 6,932 236 3,233 10,401 Amortization of intangible assets — 3,300 — 3,300 Net Loss $ (49,784) $ (10,474) $ (22,648) $ (82,906) Less Preferred Stock Dividend Requirement $ — $ — $ 8,219 $ 8,219 Net Loss Available to Common Stock and Participating Securities $ (49,784) $ (10,474) $ (30,867) $ (91,125) (Dollars in Thousands) Mortgage-Related Assets Lima One Corporate Total March 31, 2023 Total Assets $ 6,061,481 $ 2,873,951 $ 376,175 $ 9,311,607 December 31, 2022 Total Assets $ 6,065,557 $ 2,618,695 $ 428,153 $ 9,112,405 Lima One Segment On July 1, 2021, the Company completed the acquisition of Lima One Holdings, LLC, the parent company of Lima One Capital, LLC (collectively, “Lima One”), a leading originator and servicer of business purpose loans. 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

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
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 interim unaudited consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted in accordance with these SEC rules and regulations. Management believes that the disclosures included in these interim unaudited consolidated financial statements are adequate to make the information presented not misleading. The accompanying unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. In the opinion of management, all normal and recurring adjustments necessary to present fairly the financial condition of the Company at March 31, 2023 and results of operations for all periods presented have been made. The results of operations for the three months ended March 31, 2023 should not be construed as indicative of the results to be expected for the full year. The accompanying consolidated financial statements of the Company have been prepared on the accrual basis of accounting in accordance with 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), certain securities designated as available-for- sale (“AFS”) (see Note 4) and certain 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.
Residential Whole Loans (including Residential Whole Loans transferred to consolidated VIEs)	Residential Whole Loans (including Residential Whole Loans transferred to consolidated VIEs) Residential whole loans included in the Company’s consolidated balance sheets are primarily comprised of pools of fixed- and adjustable-rate residential mortgage loans acquired through consolidated trusts in secondary market transactions or originated by Lima One. The accounting model utilized by the Company is determined at the time each loan package is initially acquired. Prior to the second quarter of 2021, the Company typically elected the fair value option on loans that were 60 or more days delinquent at purchase (“Purchased Non-performing Loans”). Purchased Credit Deteriorated Loans (i.e., mortgage loans in which the underlying borrower had a delinquency status of less than 60 days at the acquisition date) acquired prior to the second quarter of 2021 are typically held at carrying value. Purchased Performing Loans (as described below) 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 began to elect 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 for which 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 on 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 their 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 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. Term Notes Backed by MSR 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. 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, which include term notes backed by MSR collateral and certain CRT 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 accumulated other comprehensive income (“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 and certain of its CRT securities. 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. 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 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 Securities In determining the fair value of the Company’s 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). For term notes backed by MSR collateral, 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. 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 March 31, 2023 and December 31, 2022.
Restricted Cash	Restricted Cash
Goodwill & Intangible Assets	Goodwill & Intangible Assets At March 31, 2023 and December 31, 2022, 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 $10.9 million and $12.2 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
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 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
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 shares are calculated assuming that all dilutive common stock equivalents are exercised and the proceeds, along with future compensation expenses associated with such instruments (if any), are used to repurchase shares of the Company’s outstanding common stock at the average market price during the reported period.  In addition, the Company’s 6.25% Convertible Senior Notes due 2024 (the “Convertible Senior Notes”) are included in the calculation of diluted EPS if the assumed conversion into common shares is dilutive, using the “if-converted” method. This calculation involves adding back the periodic interest expense associated with the Convertible Senior Notes to the numerator and by adding the shares that would be issued in an assumed conversion (regardless of whether the conversion option is in or out of the money) to the denominator for the purposes of calculating diluted EPS
Comprehensive Income/(Loss)	Comprehensive Income/(Loss) The Company’s comprehensive income/(loss) available to common stock and participating securities includes net income, the change in net unrealized gains/(losses) on its AFS securities and derivative hedging instruments (to the extent that such changes are not recorded in earnings), adjusted by realized net gains/(losses) reclassified out of AOCI for sold AFS securities and terminated hedging relationships, as well as the portion of unrealized gains/(losses) on its financing agreements held at fair value related to instrument-specific credit risk, and is reduced by dividends declared on the Company’s preferred stock and issuance costs of redeemed preferred stock.
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 The Company has entered into Swaps that are 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 (see Note 5(d)). To Be Announced (“TBA”) Securities During 2021 and 2022, the Company 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 As of March 31, 2023, there were no new accounting standards or interpretations adopted by the Company that had a material effect on its consolidated financial statements in 2023.

Residential Whole Loans (Tables

Residential Whole Loans (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022: Held at Carrying Value Held at Fair Value Total (Dollars in Thousands) March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Purchased Performing Loans: Non-QM loans $ 958,099 $ 987,282 $ 2,501,132 $ 2,372,548 $ 3,459,231 $ 3,359,830 Transitional loans (1) 53,272 75,188 1,471,633 1,342,032 1,524,905 1,417,220 Single-family rental loans 201,563 210,833 1,265,246 1,165,741 1,466,809 1,376,574 Seasoned performing loans 79,465 82,932 — — 79,465 82,932 Agency eligible investor loans — — 60,854 51,094 60,854 51,094 Total Purchased Performing Loans $ 1,292,399 $ 1,356,235 $ 5,298,865 $ 4,931,415 $ 6,591,264 $ 6,287,650 Purchased Credit Deteriorated Loans $ 460,680 $ 470,294 $ — $ — $ 460,680 $ 470,294 Allowance for Credit Losses $ (33,061) $ (35,314) $ — $ — $ (33,061) $ (35,314) Purchased Non-Performing Loans $ — $ — $ 775,367 $ 796,109 $ 775,367 $ 796,109 Total Residential Whole Loans $ 1,720,018 $ 1,791,215 $ 6,074,232 $ 5,727,524 $ 7,794,250 $ 7,518,739 Number of loans 6,930 7,126 17,122 16,717 24,052 23,843 (1) As of March 31, 2023 includes $825.9 million of loans collateralized by one-to-four family residential properties and $699.0 million of loans collateralized by multi-family properties. As of December 31, 2022 includes $784.9 million of loans collateralized by one-to-four family residential properties and $632.3 million of Transitional 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 March 31, 2023 and December 31, 2022: March 31, 2023 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 $ 3,452,086 $ 3,683,664 5.22 % 349 65 % 735 $ 3,508,600 $ 74,897 $ 38,599 $ 61,568 2.7 % Transitional loans (1) 1,521,279 1,537,094 8.07 11 65 746 1,449,593 14,063 7,522 65,916 4.8 Single-family rental loans 1,465,469 1,542,253 5.87 322 69 737 1,492,800 10,113 5,527 33,813 2.6 Seasoned performing loans 79,420 87,079 3.69 149 30 724 81,207 1,386 617 3,869 5.2 Agency eligible investor loans 60,854 71,890 3.46 341 67 757 70,739 661 — 490 0.7 Total Purchased Performing Loans 6,579,108 $ 6,921,980 5.96 % 265 3.1 % Purchased Credit Deteriorated Loans $ 439,775 $ 543,594 4.71 % 275 63 % N/A $ 394,389 $ 44,939 $ 18,057 $ 86,209 19.2 % Purchased Non-Performing Loans $ 775,367 $ 857,388 5.07 % 275 67 % N/A $ 443,433 $ 89,259 $ 35,820 $ 288,876 37.9 % Residential whole loans, total or weighted average $ 7,794,250 $ 8,322,962 5.80 % 267 7.8 % 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 % (1) As of March 31, 2023 Transitional loans includes $699.0 million of loans collateralized by multi-family properties with a weighted average term to maturity of 16 months and a weighted average LTV ratio of 64%. 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 64%. (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 $223.0 million and $223.2 million at March 31, 2023 and December 31, 2022, 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 69% and 70% at March 31, 2023 and December 31, 2022, 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. 60+ LTV has been calculated on a consistent basis. 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) 2023 2022 2021 2020 2019 Prior Total Non-QM loans LTV <= 80% (1) $ — $ — $ 46,905 $ 185,045 $ 447,565 $ 251,532 $ 931,047 LTV > 80% (1) — — 2,120 12,816 5,734 6,382 27,052 Total Non-QM loans $ — $ — $ 49,025 $ 197,861 $ 453,299 $ 257,914 $ 958,099 Three Months Ended March 31, 2023 Gross write-offs $ — $ — $ — $ — $ — $ — $ — Transitional loans LTV <= 80% (1) $ — $ — $ 729 $ 4,738 $ 32,118 $ 12,497 $ 50,082 LTV > 80% (1) — — — — 3,190 — 3,190 Total Transitional loans $ — $ — $ 729 $ 4,738 $ 35,308 $ 12,497 $ 53,272 Three Months Ended March 31, 2023 Gross write-offs $ — $ — $ — $ — $ 1,148 $ 855 $ 2,003 Single-family rental loans LTV <= 80% (1) $ — $ — $ 13,445 $ 23,537 $ 113,092 $ 49,275 $ 199,350 LTV > 80% (1) — — — — 2,128 85 2,213 Total Single family rental loans $ — $ — $ 13,445 $ 23,537 $ 115,221 $ 49,360 $ 201,563 Three Months Ended March 31, 2023 Gross write-offs $ — $ — $ — $ — $ 451 $ — $ 451 Seasoned performing loans LTV <= 80% (1) $ — $ — $ — $ — $ — $ 76,938 $ 76,938 LTV > 80% (1) — — — — — 2,527 2,527 Total Seasoned performing loans $ — $ — $ — $ — $ — $ 79,465 $ 79,465 Three Months Ended March 31, 2023 Gross write-offs $ — $ — $ — $ — $ — $ — $ — Purchased credit deteriorated loans LTV <= 80% (1) $ — $ — $ — $ — $ — $ 373,929 $ 373,929 LTV > 80% (1) — — — — — 86,752 86,752 Total Purchased credit deteriorated loans $ — $ — $ — $ — $ — $ 460,680 $ 460,680 Three Months Ended March 31, 2023 Gross write-offs $ — $ — $ — $ — $ — $ 113 $ 113 Total LTV <= 80% (1) $ — $ — $ 61,079 $ 213,320 $ 592,776 $ 764,170 $ 1,631,345 Total LTV > 80% (1) — — 2,120 12,816 11,053 95,746 121,734 Total residential whole loans, at carrying value $ — $ — $ 63,199 $ 226,136 $ 603,828 $ 859,916 $ 1,753,080 Three Months Ended March 31, 2023 Total Gross write-offs $ — $ — $ — $ — $ 1,598 $ 968 $ 2,567 (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 $223.0 million at March 31, 2023, 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 69% at March 31, 2023. 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 60 days or more delinquent: March 31, 2023 (Dollars In Thousands) Carrying Value / Fair Value UPB LTV (1) Purchased Performing Loans Non-QM loans $ 99,532 $ 100,167 65.9 % Transitional loans 71,299 73,438 66.4 % Single-family rental loans 37,839 39,340 72.0 % Seasoned performing loans 4,213 4,486 48.4 % Agency eligible investor loans 407 490 64.6 % Total Purchased Performing Loans $ 213,290 $ 217,921 Purchased Credit Deteriorated Loans $ 83,861 $ 104,266 72.4 % Purchased Non-Performing Loans $ 303,400 $ 324,696 76.3 % Total Residential Whole Loans $ 600,551 $ 646,883 December 31, 2022 (Dollars In Thousands) Carrying Value / Fair Value UPB LTV (1) Purchased Performing Loans Non-QM loans $ 93,508 $ 93,972 66.7 % Transitional loans 75,449 76,415 68.1 % Single-family rental loans 34,653 35,441 72.1 % Seasoned performing loans 5,049 5,336 41.7 % Agency eligible investor loans — — — % Total Purchased Performing Loans $ 208,659 $ 211,164 Purchased Credit Deteriorated Loans $ 83,172 $ 103,758 72.5 % Purchased Non-Performing Loans $ 330,810 $ 350,589 75.6 % Total Residential Whole Loans $ 622,641 $ 665,511 (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: Three Months Ended March 31, 2023 (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, 2022 $ 7,359 $ 5,223 $ 1,277 $ 48 $ 21,407 $ 35,314 Current provision (214) 406 514 (2) (389) 315 Write-offs — (2,003) (451) — (113) (2,567) Allowance for credit losses at March 31, 2023 $ 7,145 $ 3,626 $ 1,340 $ 46 $ 20,905 $ 33,062 Three Months Ended March 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 (1) In connection with Transitional loans at carrying value, the Company had unfunded commitments of $6.8 million and $12.9 million as of March 31, 2023 and 2022, respectively, with an allowance for credit losses of $16,000 and $156,000 at March 31, 2023 and 2022, respectively. Such allowance is included in “Other liabilities” in the Company’s consolidated balance sheets (see Note 7). (2) Includes $46.4 million and $80.2 million of loans that were assessed for credit losses based on a collateral dependent methodology as of March 31, 2023 and 2022, respectively.
Schedule of interest income components	The following tables present the components of interest income on the Company’s Residential whole loans for the three months ended March 31, 2023 and 2022: Held at Carrying Value Held at Fair Value Total Three Months Ended Three Months Ended Three Months Ended (In Thousands) 2023 2022 2023 2022 2023 2022 Purchased Performing Loans: Non-QM loans $ 12,674 $ 13,141 $ 31,415 $ 19,811 $ 44,089 $ 32,952 Transitional loans 620 3,567 27,607 11,294 28,227 14,861 Single-family rental loans 2,977 4,693 18,336 8,632 21,313 13,325 Seasoned performing loans 1,090 1,010 — — 1,090 1,010 Agency eligible investor loans — — 2,857 7,583 2,857 7,583 Total Purchased Performing Loans $ 17,361 $ 22,411 $ 80,215 $ 47,320 $ 97,576 $ 69,731 Purchased Credit Deteriorated Loans $ 7,138 $ 9,009 $ — $ — $ 7,138 $ 9,009 Purchased Non-Performing Loans $ — $ — $ 14,796 $ 20,726 $ 14,796 $ 20,726 Total Residential Whole Loans $ 24,499 $ 31,420 $ 95,011 $ 68,046 $ 119,510 $ 99,466

Securities, at Fair Value (Tabl

Securities, at Fair Value (Tables)	3 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of agency MBS portfolio	The following table presents certain information regarding the composition of our Agency MBS portfolio as of March 31, 2023: March 31, 2023 (Dollars in Thousands) Current Weighted Weighted Fair Weighted 30-Year Fixed Rate: 5.00% Coupon $ 79,295 100.2 % 99.8 % $ 79,171 — 5.50% Coupon 220,213 100.5 101.1 222,669 3 Total $ 299,508 100.4 % 100.8 % $ 301,840 2
Schedule of information about MBS and CRT securities	The following tables present certain information about the Company’s Agency MBS and other Securities, at March 31, 2023 and December 31, 2022: March 31, 2023 (In Thousands) Principal/ Current Purchase Accretable Discount Designated as Credit Reserve (1) Gross Amortized Gross Gross Net Fair Agency MBS $ 299,508 $ 1,175 $ (65) $ — $ 300,618 $ 1,470 $ (248) $ 1,222 $ 301,840 Other Securities (2)(3)(4) 215,103 19,576 (6,092) (46,332) 182,255 20,859 (315) 20,544 202,799 Total residential mortgage securities (2)(3)(4) $ 514,611 $ 20,751 $ (6,157) $ (46,332) $ 482,873 $ 22,329 $ (563) $ 21,766 $ 504,639 December 31, 2022 (In Thousands) Principal/ Current Purchase Accretable Discount Designated as Credit Reserve (1) Gross Amortized Gross Gross Net Fair Value Agency MBS $ 131,165 $ 860 $ — $ — $ 132,025 $ — $ (325) $ (325) $ 131,700 Other Securities (2)(3)(4) 215,649 18,344 (6,272) (46,332) 181,389 21,473 (1,198) 20,275 201,664 Total residential mortgage securities (2)(3)(4) $ 346,814 $ 19,204 $ (6,272) $ (46,332) $ 313,414 $ 21,473 $ (1,523) $ 19,950 $ 333,364 (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 March 31, 2023 includes CRT securities with a fair value of $49.4 million for which the fair value option has been elected. Such securities had approximately $195,000 gross unrealized gains and gross unrealized losses of approximately $315,000 at March 31, 2023. Amounts disclosed at December 31, 2022 includes 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. (4) Amounts disclosed at March 31, 2023 include Non-Agency MBS with a fair value of $24.8 million for which the fair value option had been elected. Such securities had approximately $437,000 gross unrealized gains and no gross unrealized losses at March 31, 2023. 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 impact of AFS on AOCI	The following table presents the impact of the Company’s AFS securities on its AOCI for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, (In Thousands) 2023 2022 AOCI from AFS securities: Unrealized gain on AFS securities at beginning of period $ 21,341 $ 46,833 Unrealized (losses) on securities available-for-sale (1,116) (4,977) Change in AOCI from AFS securities (1,116) (4,977) Balance at end of period $ 20,225 $ 41,856
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 three months ended March 31, 2023 and 2022: Three Months Ended March 31, (In Thousands) 2023 2022 Agency MBS Coupon interest $ 2,051 $ — Effective yield adjustment (1)(2) (31) — Interest income $ 2,020 $ — Other MBS Coupon interest $ 1,912 $ 895 Effective yield adjustment (1)(2) 188 1,265 Interest income $ 2,100 $ 2,160 Term notes backed by MSR collateral Coupon interest $ 1,963 $ 1,157 Effective yield adjustment (2) 1,225 1,958 Interest income $ 3,188 $ 3,115 (1) Includes amortization of premium paid net of accretion of purchase discount. Interest income is recorded at an effective yield, which reflects net premium amortization/accretion based on actual prepayment activity.

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022: (In Thousands) March 31, 2023 December 31, 2022 Receivable for sale of unsettled residential whole loans $ — $ 275,656 REO 121,215 130,605 Goodwill 61,076 61,076 Intangibles, net (1) 10,900 12,200 Capital contributions made to loan origination partners 28,308 28,308 Other interest-earning assets 59,620 63,964 Interest receivable 72,823 68,704 Other loan related receivables 28,794 23,463 Lease Right-of-Use Asset (2) 38,905 39,459 Other 63,488 62,786 Total Other Assets $ 485,129 $ 766,221 (1) Net of aggregate accumulated amortization of $17.1 million and $15.8 million as of March 31, 2023 and December 31, 2022, respectively. (2) An estimated incremental borrowing rate of 7.5% was used in connection with the Company’s primary operating lease (see Notes 2 and 9).
Schedule of activity for real estate owned	The following table presents the activity in the Company’s REO for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, (Dollars In Thousands) 2023 2022 Balance at beginning of period $ 130,605 $ 156,223 Adjustments to record at lower of cost or fair value (1,052) (448) Transfer from residential whole loans 20,925 22,079 Purchases and capital improvements, net 137 353 Disposals and other (1) (29,400) (32,639) Balance at end of period $ 121,215 $ 145,568 Number of properties 362 492
Schedule of finite-lived intangible assets amortization expense	The amortization period for each of the finite lived intangible assets and the activity for the three months ended March 31, 2023 is summarized in the table below: (Dollars in Thousands) Carrying Value at December 31, 2022 Amortization Carrying Value at Amortization Period (Years) (1) Trademarks / Trade Names $ 3,400 $ (100) $ 3,300 10 Customer Relationships 6,000 (1,000) 5,000 4 Internally Developed Software 2,800 (200) 2,600 5 Total Identified Intangibles $ 12,200 $ (1,300) $ 10,900
Schedule of assets pledged as collateral against derivative contracts	The following table presents the assets pledged as collateral against the Company’s Swaps at March 31, 2023, and December 31, 2022: (In Thousands) March 31, December 31, Restricted Cash $ 60,499 $ 60,764
Schedule of information about swaps	The following table presents information about the Company’s Swaps at March 31, 2023, and December 31, 2022: March 31, 2023 December 31, 2022 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 6 months to 12 months 100,000 1.49 4.87 — — — Over 12 months to 24 months 1,000,010 1.09 4.87 550,010 1.01 4.30 Over 24 months to 36 months 125,000 2.70 4.87 775,000 1.75 4.30 Over 36 months to 48 months 1,300,000 1.42 4.87 450,000 1.12 4.30 Over 48 months to 60 months 125,000 2.71 4.87 1,075,000 1.86 4.30 Over 60 months to 72 months — — — — — — Over 72 months to 84 months 310,000 2.95 4.87 310,000 2.95 4.30 Total Swaps $ 2,960,010 1.58 % 4.87 % $ 3,160,010 1.69 % 4.30 % (1) Each maturity category reflects contractual amortization and/or maturity of notional amounts.
Schedule of Derivative Earnings	The following table present the components of Net (loss)/gain on derivatives used for risk management purposes for the years ended March 31, 2023 and 2022, which is presented in Other income in the consolidated statements of operations: For the Three Months Ended March 31, (In Thousands) 2023 2022 Income on swap variable receive leg $ 33,851 $ 408 Expense on swap fixed pay leg (12,034) (5,936) Unrealized mark-to-market (loss)/gain (40,747) 80,753 Net price alignment expense on margin collateral received (2,278) — Net gain on TBA short positions — 18,876 Total Net (loss)/gain on derivatives used for risk management purposes $ (21,208) $ 94,101

Financing Agreements (Tables)

Financing Agreements (Tables)	3 Months Ended
	Mar. 31, 2023
Disclosure of Repurchase Agreements [Abstract]
Schedule of Financing Agreements	The following tables present the components of, and certain information with respect to, the Company’s Financing agreements at March 31, 2023 and December 31, 2022: March 31, 2023 (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 $ 1,692,254 $ 1,691,769 6.67 % 8.1 Agreements with mark-to-market collateral provisions Securities 405,027 405,027 5.56 % 1.1 Total Agreements with mark-to-market collateral provisions 2,097,281 2,096,796 6.54 % Agreements with non-mark-to-market collateral provisions Residential Whole Loans and REO 946,573 946,006 7.31 % 13.3 Securitized debt Residential Whole Loans 4,009,069 3,830,309 3.73 % See Note 14 Convertible senior notes Unsecured 229,989 228,207 6.94 % 14.5 Impact of net Swap carry (1.22) % Total Financing agreements (2) $ 7,282,912 $ 7,101,318 3.95 % 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 5.74 % 6.9 Agreements with mark-to-market collateral provisions Securities 111,651 111,651 5.47 % 1.5 Total Agreements with mark-to-market collateral provisions 2,223,298 2,223,047 5.73 % Agreements with non-mark-to-market collateral provisions Residential Whole Loans and REO 1,004,260 1,003,604 6.53 % 16.8 Securitized debt Residential Whole Loans 3,586,397 3,357,590 3.33 % See Note 14 Convertible senior notes Unsecured 229,989 227,845 6.94 % 17.5 Impact of net Swap carry (0.84) % Total Financing agreements (2) $ 7,043,944 $ 6,812,086 3.70 % (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 March 31, 2023, the Company had the $680.7 million of agreements with mark-to-market collateral provisions held at fair value, $526.6 million of agreements with non-mark-to-market collateral provisions held at fair value, and $2.9 billion of securitized debt held at fair value, with amortized cost bases of $680.7 million, $526.6 million, and $3.1 billion, respectively. 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. (2) Weighted average cost of funding reflects annualized quarter-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 quarter ended March 31, 2023, this decreased the overall funding cost by 122 basis points, and for the quarter ended December 31, 2022, this decreased the overall funding cost by 84 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 March 31, 2023 Unpaid Principal Balance, Maturing In (In Thousands) Collateral 0-3 Months (1) 3-6 Months 6-12 Months Greater than 12 Months (2) Total Agreements with mark-to-market collateral provisions Residential Whole Loans $ 203,153 $ 646,122 $ 593,862 $ 249,117 $ 1,692,254 Agreements with mark-to-market collateral provisions Securities 405,027 — — — 405,027 Total Agreements with mark-to-market collateral provisions 608,180 646,122 593,862 249,117 2,097,281 Agreements with non-mark-to-market collateral provisions Residential Whole Loans 216,555 361,202 11,526 357,290 946,573 (1) $608.2 million of the mark-to-market agreements (included in the 0-3 months category) can be terminated by either party.
Schedule of Financing 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 mark-to-market collateral provisions and associated assets pledged as collateral at March 31, 2023 and December 31, 2022: (Dollars in Thousands) March 31, December 31, Mark-to-market financing agreements secured by residential whole loans $ 1,675,343 $ 2,095,002 Fair value of residential whole loans pledged as collateral under financing agreements $ 2,172,874 $ 2,632,489 Weighted average haircut on residential whole loans (1) 21.35 % 18.33 % Mark-to-market financing agreements secured by securities at fair value $ 405,027 $ 111,651 Securities at fair value pledged as collateral under financing agreements $ 484,646 $ 177,111 Weighted average haircut on securities at fair value (1) 13.33 % 37.43 % Mark-to-market financing agreements secured by real estate owned $ 16,425 $ 16,394 Fair value of real estate owned pledged as collateral under financing agreements $ 33,833 $ 33,367 Weighted average haircut on real estate owned (1) 49.20 % 48.07 %
Schedule of Financing Agreements with 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 March 31, 2023 and December 31, 2022: (Dollars in Thousands) March 31, December 31, Non-mark-to-market financing secured by residential whole loans $ 937,882 $ 994,494 Fair value of residential whole loans pledged as collateral under financing agreements $ 1,228,569 $ 1,301,685 Weighted average haircut on residential whole loans 21.12 % 21.43 % Non-mark-to-market financing secured by real estate owned $ 8,123 $ 9,109 Fair value of real estate owned pledged as collateral under financing agreements $ 20,968 $ 22,902 Weighted average haircut on real estate owned 61.26 % 60.23 %
Schedule of Repricing Information About Borrowings Under Financing 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 March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Amortized Cost Basis Weighted Average Interest Rate Amortized Cost Basis Weighted Average Interest Rate Time Until Interest Rate Reset (Dollars in Thousands) Within 30 days $ 2,876,705 6.92 % $ 3,060,111 6.60 % Over 30 days to 3 months 167,149 6.73 167,447 6.19 Over 3 months to 12 months — — — — Over 12 months — — — — Total financing agreements $ 3,043,854 6.91 % $ 3,227,558 6.58 %
Schedule of Information About Counterparty for Financing Agreements for which 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 March 31, 2023: March 31, 2023 Amount at Risk (1) Weighted Percent of Counterparty (Dollars in Thousands) Barclays Bank (2) $ 265,371 1 13.2 % Wells Fargo 248,474 1 12.3 Credit Suisse 152,315 1 7.6 (1) 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. (2) Includes amounts at risk with various affiliates of Athene Holding, Ltd., held via participation in a loan syndication administered by Barclays Bank.
Schedule of Company's Assets (Based on Carrying Value) Pledged as Collateral For Various Financing Arrangements	The following tables present the Company’s assets (based on carrying value) pledged as collateral for its various financing arrangements as of March 31, 2023 and December 31, 2022: March 31, 2023 Financing Agreements (In Thousands) Non-Mark-to-Market (1) Mark-to-Market (1) Securitized Total Assets: Residential whole loans, at carrying value $ 206,613 $ 252,288 $ 1,285,589 $ 1,744,490 Residential whole loans, at fair value 1,026,326 1,635,932 3,377,407 6,039,665 Securities, at fair value — 484,646 — 484,646 Other assets: REO 18,678 28,469 34,215 81,362 Total $ 1,251,617 $ 2,401,335 $ 4,697,211 $ 8,350,163 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

Other Liabilities (Tables)

Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Other Liabilities [Abstract]
Schedule of other liabilities	The following table presents the components of the Company’s Other liabilities at March 31, 2023 and December 31, 2022: (In Thousands) March 31, 2023 December 31, 2022 Payable for purchase of unsettled Agency MBS $ — $ 132,026 Dividends and dividend equivalents payable 35,756 35,769 Lease liability 44,726 45,314 Accrued interest payable 27,899 23,040 Accrued expenses and other 83,302 75,321 Total Other Liabilities $ 191,683 $ 311,470

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022 are presented in the following table: (In Thousands) March 31, 2023 December 31, 2022 Deferred tax assets (DTAs): Net operating loss and tax credit carryforwards $ 99,327 $ 97,655 Unrealized mark-to-market, impairments and loss provisions 13,649 12,609 Other realized / unrealized treatment differences (28,061) (28,620) Total deferred tax assets 84,915 81,644 Less: valuation allowance (84,915) (81,644) 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 three months ended March 31, 2023 and 2022: Three Months Ended March 31, (In Thousands) 2023 2022 Current provision/(benefit) Federal $ (134) $ 106 State (53) 25 Total current provision/(benefit) (187) 131 Deferred provision/(benefit) Federal 589 150 State 155 50 Total deferred provision/(benefit) 744 200 Total provision/(benefit) $ 557 $ 331
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 March 31, 2023 and 2022: Three Months Ended March 31, 2023 March 31, 2022 Federal statutory rate 21.0 % 21.0 % Non-taxable REIT income (dividends paid deduction) (9.0) % 3.2 % Other differences in taxable income (loss) from GAAP (8.4) % (24.6) % State and local taxes — % — % Change in valuation allowance on DTAs (2.9) % 0.1 % Effective tax rate 0.7 % (0.3) %

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of lessee, operating lease, liability, maturity	At March 31, 2023, the contractual minimum rental payments (exclusive of possible rent escalation charges and normal recurring charges for maintenance, insurance and taxes) regarding the Company’s lease commitments were as follows: Year Ending December 31, Minimum Rental Payments (In Thousands) 2023 (1) $ 4,314 2024 5,751 2025 4,888 2026 4,776 2027 5,055 Thereafter 46,999 Total $ 71,783 (1) Reflects contractual minimum rental payments due for the period from April 1, 2023 through December 31, 2023.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2022 through March 31, 2023: Declaration Date Record Date Payment Date Dividend Per Share February 21, 2023 March 6, 2023 March 31, 2023 $0.46875 The following table presents cash dividends declared by the Company on its Series C Preferred Stock from January 1, 2022 through March 31, 2023: Declaration Date Record Date Payment Date Dividend Per Share February 21, 2023 March 6, 2023 March 31, 2023 $0.40625
Schedule of common stock dividend declaration and payment	The following table presents cash dividends declared by the Company on its common stock from January 1, 2022 through March 31, 2023: Declaration Date Record Date Payment Date Dividend Per Share March 10, 2023 March 31, 2023 April 28, 2023 $0.35 (1)
Schedule of changes in balances of each component of the entity's AOCI	The following table presents changes in the balances of each component of the Company’s AOCI for the three months ended March 31, 2023: Three Months Ended (In Thousands) Net Unrealized Net Net Unrealized Gain/(Loss) on Financing Agreements (1) Total Balance at beginning of period $ 21,341 $ — $ — $ 21,341 OCI before reclassifications (1,116) — — (1,116) Amounts reclassified from AOCI — — — — Net OCI during the period (2) (1,116) — — (1,116) Balance at end of period $ 20,225 $ — $ — $ 20,225 (1) Net Unrealized Gain/(Loss) on Financing Agreements at Fair Value due to changes in instrument-specific credit risk. (2) For further information regarding changes in OCI, see the Company’s consolidated statements of comprehensive income/(loss). The following table presents changes in the balances of each component of the Company’s AOCI for the three months ended March 31, 2022: Three Months Ended (In Thousands) Net Unrealized Net Gain/(Loss) on Swaps Net Unrealized Gain/(Loss) on Financing Agreements (1) Total Balance at beginning of period $ 46,833 $ — $ (1,255) $ 45,578 OCI before reclassifications (4,977) — 1,255 (3,722) Amounts reclassified from AOCI — — — — Net OCI during the period (2) (4,977) — 1,255 (3,722) Balance at end of period $ 41,856 $ — $ — $ 41,856 (1) Net Unrealized Gain/(Loss) on Financing Agreements at Fair Value due to changes in instrument-specific credit risk. (2) For further information regarding changes in OCI, see the Company’s consolidated statements of comprehensive income/(loss).

EPS Calculation (Tables)

EPS Calculation (Tables)	3 Months Ended
	Mar. 31, 2023
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 earnings/(loss) per share for the three months ended March 31, 2023 and 2022: Three Months Ended (In Thousands, Except Per Share Amounts) 2023 2022 Basic Earnings/(Loss) per Share: Net income/(loss) $ 72,784 $ (82,906) Dividends declared on preferred stock (8,219) (8,219) Dividends, dividend equivalents and undistributed earnings allocated to participating securities (158) (141) Net income/(loss) available to common stockholders - basic $ 64,407 $ (91,266) Basic weighted average common shares outstanding 101,900 106,568 Basic Earnings/(Loss) per Share $ 0.63 $ (0.86) Diluted Earnings/(Loss) per Share: Net income/(loss) available to common stockholders - basic $ 64,407 $ (91,266) Interest expense on Convertible Senior Notes 3,955 — Dividends, dividend equivalents and undistributed earnings allocated to participating securities 158 — Net income/(loss) available to common stockholders - diluted $ 68,520 $ (91,266) Basic weighted average common shares outstanding 101,900 106,568 Effect of assumed conversion of Convertible Senior Notes to common shares 7,230 — Unvested and vested restricted stock units 956 — Diluted weighted average common shares outstanding (1) 110,086 106,568 Diluted Earnings/(Loss) per Share $ 0.62 $ (0.86)

Equity Compensation and Other_2

Equity Compensation and Other Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2023
Compensation Related Costs [Abstract]
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 three months ended March 31, 2023 and 2022: Three Months Ended (In Thousands) 2023 2022 RSUs $ 3,020 $ 2,645 Total $ 3,020 $ 2,645
Schedule of expenses related to deferred compensation plans	The following table presents the Company’s expenses related to its Deferred Plans for the three months ended March 31, 2023 and 2022: Three Months Ended (In Thousands) 2023 2022 Non-employee directors $ 109 $ (278) Total $ 109 $ (278)
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 March 31, 2023 and December 31, 2022 that had not been distributed and the Company’s associated liability for such deferrals at March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 (In Thousands) Undistributed Income Deferred (1) Liability Under Deferred Plans Undistributed Income Deferred (1) Liability Under Deferred Plans Non-employee directors $ 2,431 $ 1,748 $ 2,923 $ 1,953 Total $ 2,431 $ 1,748 $ 2,923 $ 1,953 (1) Represents the cumulative amounts that were deferred by participants through March 31, 2023 and December 31, 2022, which had not been distributed through such respective date.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of fair value measurement inputs and valuation techniques	The following tables present the Company’s financial instruments carried at fair value on a recurring basis as of March 31, 2023 and December 31, 2022, on the consolidated balance sheets by the valuation hierarchy, as previously described: Fair Value at March 31, 2023 (In Thousands) Level 1 Level 2 Level 3 Total Assets: Residential whole loans, at fair value $ — $ 60,854 $ 6,013,378 $ 6,074,232 Securities, at fair value — 504,639 — 504,639 Total assets carried at fair value $ — $ 565,493 $ 6,013,378 $ 6,578,871 Liabilities: Agreements with non-mark-to-market collateral provisions $ — $ — $ 526,623 $ 526,623 Agreements with mark-to-market collateral provisions — — 680,708 680,708 Securitized debt — 2,940,381 — 2,940,381 Total liabilities carried at fair value $ — $ 2,940,381 $ 1,207,331 $ 4,147,712 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 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 March 31, 2023 and December 31, 2022: March 31, 2023 (Dollars in Thousands) Fair Value (1) Valuation Technique Unobservable Input Weighted Average (2) Range Purchased Non-Performing Loans $ 538,661 Discounted cash flow Discount rate 6.7 % 6.0 - 10.3% Prepayment rate 9.4 % 0.0 - 32.6% Default rate 3.3 % 0.0 - 51.1% Loss severity 11.3 % 0.0 - 100.0% $ 236,191 Liquidation model Discount rate 7.8 % 7.8 - 7.8% Annual change in home prices 5.3 % (8.6) - 39.9% Liquidation timeline (in years) 1.9 0.1 - 4.5 Current value of underlying properties (3) $ 738 $28 - $4,000 Total $ 774,852 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 (in years) 1.9 0.1 - 4.5 Current value of underlying properties (3) $ 743 $28 - $4,000 Total $ 795,894 (1) Excludes approximately $515,000 and $215,000 of loans for which management considers the purchase price continues to reflect the fair value of such loans at March 31, 2023 and December 31, 2022, 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 $455,000 and $457,000 as of March 31, 2023 and December 31, 2022, respectively. March 31, 2023 (Dollars in Thousands) Fair Value Valuation Technique Unobservable Input Weighted Average (1) Range Purchased Performing Loans $ 5,196,080 Discounted cash flow Discount rate 7.4 % 6.2-19.1% Prepayment rate 8.9 % 0.0-42.5% Default rate 0.8 % 0.0-27.7% Loss severity 7.2 % 0.0-20.4% $ 41,931 Liquidation model Discount rate 7.8 % 7.8-7.8% Annual change in home prices 2.3 % (3.6)-9.5% Liquidation timeline (in years) 1.9 0.8-4.2 Current value of underlying properties $ 1,238 $44-$2,850 Total $ 5,238,011 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 (1) Amounts are weighted based on the fair value of the underlying loan.
Schedule of significant unobservable inputs used in fair value measurement of residential whole loans	The following table presents additional information for the three months ended March 31, 2023 and 2022 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 Three Months Ended March 31, (In Thousands) 2023 2022 Balance at beginning of period $ 5,676,430 $ 4,222,583 Purchases and originations (1) 336,815 1,114,043 Draws 119,076 61,340 Changes in fair value recorded in Net gain/(loss) on residential whole loans measured at fair value through earnings 127,606 (223,412) Repayments (233,434) (202,084) Loan sales (578) (1,547) Transfer to REO (12,537) (14,151) Balance at end of period $ 6,013,378 $ 4,956,772 (1) Excluded from the table above are approximately $28.9 million of Residential whole loans, at fair value for which the closing of the purchase transaction had not occurred as of March 31, 2022. The following table presents additional information for the three months ended March 31, 2023 and 2022 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 Three Months Ended March 31, (In Thousands) 2023 2022 Balance at beginning of period $ 578,879 $ 628,280 Issuances 145,830 — Payment of principal (198,086) (63,165) Change in unrealized losses — (1,255) Balance at end of period $ 526,623 $ 563,860 The following table presents additional information for the three months ended March 31, 2023 and 2022 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 Three Months Ended March 31, (In Thousands) 2023 2022 Balance at beginning of period $ 884,495 $ 1,322,362 Issuances 12,555 469,484 Payment of principal (216,342) (236,596) Changes in unrealized losses — — Balance at end of period $ 680,708 $ 1,555,250
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 March 31, 2023 and December 31, 2022: March 31, 2023 March 31, 2023 December 31, 2022 Level in Fair Value Hierarchy Carrying Estimated Fair Value Carrying Estimated Fair Value (In Thousands) Financial Assets: Residential whole loans 3 $ 7,733,396 $ 7,699,538 $ 7,467,645 $ 7,397,421 Residential whole loans 2 60,854 60,854 51,094 51,094 Securities, at fair value 2 504,639 504,639 333,364 333,364 Cash and cash equivalents 1 362,452 362,452 334,183 334,183 Restricted cash 1 165,137 165,137 159,898 159,898 Financial Liabilities (1) : Financing agreements with non-mark-to-market collateral provisions 3 946,006 946,573 1,003,604 1,004,260 Financing agreements with mark-to-market collateral provisions 3 1,691,769 1,692,254 2,111,396 2,111,647 Financing agreements with mark-to-market collateral provisions 2 405,027 405,027 111,651 111,651 Securitized debt (2) 2 3,830,309 3,707,921 3,357,590 3,217,905 Convertible senior notes 2 228,207 216,190 227,845 211,015 (1) 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)	3 Months Ended
	Mar. 31, 2023
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 consolidated loan securitization transactions currently outstanding as of March 31, 2023 and December 31, 2022: (Dollars in Thousands) March 31, 2023 December 31, 2022 Aggregate unpaid principal balance of residential whole loans sold $ 6,747,911 $ 6,079,749 Face amount of Senior Bonds issued by the VIE and purchased by third-party investors $ 5,856,311 $ 5,333,090 Outstanding amount of Senior Bonds, at carrying value $ 889,928 (1) $ 922,220 (1) Outstanding amount of Senior Bonds, at fair value $ 2,940,381 $ 2,435,370 Outstanding amount of Senior Bonds, total $ 3,830,309 $ 3,357,590 Weighted average fixed rate for Senior Bonds issued 2.96 % (2) 3.38 % (2) Weighted average contractual maturity of Senior Bonds 37 years (2) 38 years (2) Face amount of Senior Support Certificates received by the Company (3) $ 857,176 $ 715,640 Cash received $ 5,807,409 $ 5,286,305 (1) Net of $2.3 million and $2.9 million of deferred financing costs at March 31, 2023 and December 31, 2022, respectively. (2) At March 31, 2023 and December 31, 2022, $2.4 billion and $1.9 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 24 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)	3 Months Ended
	Mar. 31, 2023
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: (Dollars in Thousands) Mortgage-Related Assets Lima One Corporate Total Three months ended March 31, 2023 Interest Income $ 84,819 $ 44,521 $ 2,865 $ 132,205 Interest Expense 57,077 31,804 3,955 92,836 Net Interest Income/(Expense) $ 27,742 $ 12,717 $ (1,090) $ 39,369 Reversal of Provision/(Provision) for Credit Losses on Residential Whole Loans (300) 313 — 13 Net Interest Income/(Expense) after Reversal of Provision/(Provision) for Credit Losses $ 27,442 $ 13,030 $ (1,090) $ 39,382 Net gain on residential whole loans measured at fair value through earnings $ 95,509 $ 33,665 $ — $ 129,174 Impairment and other net gain on securities and other portfolio investments 2,931 — — 2,931 Net gain on real estate owned 3,925 17 — 3,942 Net loss on derivatives used for risk management purposes (16,322) (4,886) — (21,208) Net loss on securitized debt measured at fair value through earnings (34,820) (16,905) — (51,725) Lima One - origination, servicing and other fee income — 8,976 — 8,976 Other, net 2,207 371 594 3,172 Total Other Income, net $ 53,430 $ 21,238 $ 594 $ 75,262 General and administrative expenses (including compensation) $ — $ 12,535 $ 18,486 $ 31,021 Loan servicing, financing, and other related costs 4,719 218 4,602 9,539 Amortization of intangible assets — 1,300 — 1,300 Net Income/(Loss) $ 76,153 $ 20,215 $ (23,584) $ 72,784 Less Preferred Stock Dividend Requirement $ — $ — $ 8,219 $ 8,219 Net Income/(Loss) Available to Common Stock and Participating Securities $ 76,153 $ 20,215 $ (31,803) $ 64,565 (Dollars in Thousands) Mortgage-Related Assets Lima One Corporate Total Three months ended March 31, 2022 Interest Income $ 88,822 $ 17,500 $ 27 $ 106,349 Interest Expense 33,009 6,356 3,931 43,296 Net Interest Income/(Expense) $ 55,813 $ 11,144 $ (3,904) $ 63,053 Reversal of Provision/(Provision) for Credit Losses on Residential Whole Loans 3,516 (5) — 3,511 Net Interest Income/(Expense) after Reversal of Provision/(Provision) for Credit Losses $ 59,329 $ 11,139 $ (3,904) $ 66,564 Net loss on residential whole loans measured at fair value through earnings $ (253,127) $ (34,808) $ — $ (287,935) Impairment and other net loss on securities and other portfolio investments (2,921) — (780) (3,701) Net gain on real estate owned 8,735 (3) — 8,732 Net gain on derivatives used for risk management purposes 86,235 7,866 — 94,101 Net gain on securitized debt measured at fair value through earnings 57,579 6,538 — 64,117 Lima One - origination, servicing and other fee income — 14,494 — 14,494 Other, net 1,318 55 1,303 2,676 Total Other (Loss)/Income, net $ (102,181) $ (5,858) $ 523 $ (107,516) General and administrative expenses (including compensation) $ — $ 12,219 $ 16,034 $ 28,253 Loan servicing, financing, and other related costs 6,932 236 3,233 10,401 Amortization of intangible assets — 3,300 — 3,300 Net Loss $ (49,784) $ (10,474) $ (22,648) $ (82,906) Less Preferred Stock Dividend Requirement $ — $ — $ 8,219 $ 8,219 Net Loss Available to Common Stock and Participating Securities $ (49,784) $ (10,474) $ (30,867) $ (91,125) (Dollars in Thousands) Mortgage-Related Assets Lima One Corporate Total March 31, 2023 Total Assets $ 6,061,481 $ 2,873,951 $ 376,175 $ 9,311,607 December 31, 2022 Total Assets $ 6,065,557 $ 2,618,695 $ 428,153 $ 9,112,405

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Residential Whole Loans (Details)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Number of days considered to classify loans delinquent	60 days
Weighted Average LTV Ratio	80%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 362,452	$ 334,183
Overnight money market funds	322,500	267,100
Restricted cash	$ 165,137	$ 159,898

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Jul. 01, 2021
Business Combination, Separately Recognized Transactions [Line Items]
Goodwill	$ 61,076	$ 61,076
Intangible assets, net	$ 10,900	12,200
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	$ 61,100

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Leases and Depreciation (Details)	3 Months Ended
	Mar. 31, 2023
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_7

Summary of Significant Accounting Policies - Equity Based Compensation (Details) - RSUs	3 Months Ended
	Mar. 31, 2023
Share based compensation
Vesting period of restricted share units (RSUs)	3 years
Period for measuring market condition of award	3 years

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Earnings per Common Share (Details)	Mar. 31, 2023	Jun. 03, 2019
6.25% Convertible Senior Notes | 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) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Total residential whole loans	$ 7,800	$ 7,500
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	3.6
Nonperforming
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loss on sale of financing receivable		72.3
Financing receivable, nonaccrual	389.1	413.1
Interest income	2.5
Agency eligible investor loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, sale		337.8
Agency eligible investor loans | Nonperforming
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, sale		598
Purchased Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, nonaccrual	192.5	195.1
Purchased Credit Deteriorated Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, nonaccrual	79.4	80.5
Without Associated Credit Losses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, nonaccrual	$ 70.2	$ 71.7

Residential Whole Loans (Detail

Residential Whole Loans (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2022 USD ($) loan	Mar. 31, 2023 USD ($) loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		$ 1,753,080
Allowance for Credit Losses	$ (35,314)	(33,061)
Total Residential Whole Loans	$ 7,518,739	$ 7,794,250
Number of loans | loan	23,843	24,052
Agency eligible investor loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, sale	$ 337,800
Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for Credit Losses	(35,314)	$ (33,061)
Total Residential Whole Loans	$ 1,791,215	$ 1,720,018
Number of loans | loan	7,126	6,930
Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for Credit Losses	$ 0	$ 0
Total Residential Whole Loans	$ 5,727,524	$ 6,074,232
Number of loans | loan	16,717	17,122
Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 6,287,650	$ 6,591,264
Performing | Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,356,235	1,292,399
Performing | Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	4,931,415	5,298,865
Nonperforming
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	796,109	775,367
Nonperforming | Agency eligible investor loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, sale	598,000
Nonperforming | Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	0	0
Nonperforming | Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	796,109	775,367
Non-QM loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		958,099
Non-QM loans | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	3,359,830	3,459,231
Non-QM loans | Performing | Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	987,282	958,099
Non-QM loans | Performing | Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	2,372,548	2,501,132
Transitional loans | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,417,220	1,524,905
Transitional loans | Performing | Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	75,188	53,272
Transitional loans | Performing | Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,342,032	1,471,633
Single-family rental loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		201,563
Single-family rental loans | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,376,574	1,466,809
Single-family rental loans | Performing | Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	210,833	201,563
Single-family rental loans | Performing | Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,165,741	1,265,246
Seasoned performing loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		79,465
Seasoned performing loans | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	82,932	79,465
Seasoned performing loans | Performing | Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	82,932	79,465
Seasoned performing loans | Performing | Fair Value
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	60,854
Agency eligible investor loans | Performing | Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	0	0
Agency eligible investor loans | Performing | Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	51,094	60,854
Purchased Credit Deteriorated Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	470,294	460,680
Purchased Credit Deteriorated Loans | Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	470,294	460,680
Purchased Credit Deteriorated Loans | Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	0	0
Single Family Residential Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	784,900	825,900
Multi-Family Transitional Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 632,300	$ 699,000

Residential Whole Loans - Resid

Residential Whole Loans - Residential Whole Loans, at Carrying Value Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average LTV Ratio	80%
Loans	$ 1,753,080
Non-QM loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	958,099
Transitional loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	53,272
Single-family rental loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	201,563
Seasoned performing loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 79,465
Multi-Family Transitional Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average LTV Ratio	64%	64%
Loans	$ 699,000	$ 632,300
Financing Receivable, Weighted Average Term To Maturity	16 months	18 months
Settled Whole Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Purchased Performing Loans	$ 6,579,108	$ 6,273,743
Unpaid Principal Balance (“UPB”)	$ 6,921,980	$ 6,741,786
Weighted Average Coupon	5.96%	5.78%
Weighted Average Term to Maturity (Months)	265 months	271 months
60+ Delinquency %	3.10%	3.10%
Settled Whole Loans | Non-QM loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Purchased Performing Loans	$ 3,452,086	$ 3,352,471
Unpaid Principal Balance (“UPB”)	$ 3,683,664	$ 3,671,468
Weighted Average Coupon	5.22%	5.13%
Weighted Average Term to Maturity (Months)	349 months	351 months
Weighted Average LTV Ratio	65%	65%
Weighted Average Original FICO	735	733
60+ Delinquency %	2.70%	2.60%
Settled Whole Loans | Non-QM loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	$ 3,508,600	$ 3,520,671
Settled Whole Loans | Non-QM loans | 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	74,897	56,825
Settled Whole Loans | Non-QM loans | 60-89
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	38,599	32,253
Settled Whole Loans | Non-QM loans | 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	61,568	61,719
Settled Whole Loans | Transitional loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Purchased Performing Loans	1,521,279	1,411,997
Unpaid Principal Balance (“UPB”)	$ 1,537,094	$ 1,431,692
Weighted Average Coupon	8.07%	7.78%
Weighted Average Term to Maturity (Months)	11 months	12 months
Weighted Average LTV Ratio	65%	66%
Weighted Average Original FICO	746	746
60+ Delinquency %	4.80%	5.30%
Settled Whole Loans | Transitional loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	$ 1,449,593	$ 1,348,815
Settled Whole Loans | Transitional loans | 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	14,063	6,463
Settled Whole Loans | Transitional loans | 60-89
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	7,522	2,234
Settled Whole Loans | Transitional loans | 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	65,916	74,180
Settled Whole Loans | Single-family rental loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Purchased Performing Loans	1,465,469	1,375,297
Unpaid Principal Balance (“UPB”)	$ 1,542,253	$ 1,485,967
Weighted Average Coupon	5.87%	5.74%
Weighted Average Term to Maturity (Months)	322 months	324 months
Weighted Average LTV Ratio	69%	69%
Weighted Average Original FICO	737	737
60+ Delinquency %	2.60%	2.40%
Settled Whole Loans | Single-family rental loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	$ 1,492,800	$ 1,442,095
Settled Whole Loans | Single-family rental loans | 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	10,113	8,431
Settled Whole Loans | Single-family rental loans | 60-89
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	5,527	7,978
Settled Whole Loans | Single-family rental loans | 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	33,813	27,463
Settled Whole Loans | Seasoned performing loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Purchased Performing Loans	79,420	82,884
Unpaid Principal Balance (“UPB”)	$ 87,079	$ 90,843
Weighted Average Coupon	3.69%	3.31%
Weighted Average Term to Maturity (Months)	149 months	151 months
Weighted Average LTV Ratio	30%	30%
Weighted Average Original FICO	724	714
60+ Delinquency %	5.20%	5.90%
Settled Whole Loans | Seasoned performing loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	$ 81,207	$ 84,514
Settled Whole Loans | Seasoned performing loans | 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	1,386	993
Settled Whole Loans | Seasoned performing loans | 60-89
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	617	937
Settled Whole Loans | Seasoned performing loans | 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	3,869	4,399
Settled Whole Loans | Agency eligible investor loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Purchased Performing Loans	60,854	51,094
Unpaid Principal Balance (“UPB”)	$ 71,890	$ 61,816
Weighted Average Coupon	3.46%	3.44%
Weighted Average Term to Maturity (Months)	341 months	344 months
Weighted Average LTV Ratio	67%	68%
Weighted Average Original FICO	757	757
60+ Delinquency %	0.70%	0%
Settled Whole Loans | Agency eligible investor loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	$ 70,739	$ 61,816
Settled Whole Loans | Agency eligible investor loans | 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	661	0
Settled Whole Loans | Agency eligible investor loans | 60-89
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	0	0
Settled Whole Loans | Agency eligible investor loans | 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	490	0
Settled Whole Loans | Purchased Credit Deteriorated Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Purchased Performing Loans	439,775	448,887
Unpaid Principal Balance (“UPB”)	$ 543,594	$ 554,907
Weighted Average Coupon	4.71%	4.66%
Weighted Average Term to Maturity (Months)	275 months	277 months
Weighted Average LTV Ratio	63%	63%
60+ Delinquency %	19.20%	18.70%
Settled Whole Loans | Purchased Credit Deteriorated Loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	$ 394,389	$ 403,042
Settled Whole Loans | Purchased Credit Deteriorated Loans | 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	44,939	48,107
Settled Whole Loans | Purchased Credit Deteriorated Loans | 60-89
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	18,057	16,270
Settled Whole Loans | Purchased Credit Deteriorated Loans | 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	86,209	87,488
Settled Whole Loans | Purchased Non-Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Purchased Performing Loans	775,367	796,109
Unpaid Principal Balance (“UPB”)	$ 857,388	$ 884,257
Weighted Average Coupon	5.07%	5.01%
Weighted Average Term to Maturity (Months)	275 months	277 months
Weighted Average LTV Ratio	67%	68%
60+ Delinquency %	37.90%	39.60%
Settled Whole Loans | Purchased Non-Performing Loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	$ 443,433	$ 444,045
Settled Whole Loans | Purchased Non-Performing Loans | 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	89,259	89,623
Settled Whole Loans | Purchased Non-Performing Loans | 60-89
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	35,820	40,554
Settled Whole Loans | Purchased Non-Performing Loans | 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	288,876	310,035
Settled Whole Loans | Residential whole loans, total or weighted average
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Purchased Performing Loans	7,794,250	7,518,739
Unpaid Principal Balance (“UPB”)	$ 8,322,962	$ 8,180,950
Weighted Average Coupon	5.80%	5.64%
Weighted Average Term to Maturity (Months)	267 months	272 months
60+ Delinquency %	7.80%	8.10%
Settled Whole Loans | Certain rehabilitation loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average LTV Ratio	69%	70%
Transitional loans | Certain rehabilitation loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Securitization of eligible investor loans	$ 223,000	$ 223,200

Residential Whole Loans - Allow

Residential Whole Loans - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 35,314	$ 39,447
Current provision	315	(3,467)
Write-offs	(2,567)	(523)
Ending balance	33,062	35,457
Allowance for loan loss	33,062	35,457
Loans	1,753,080
Non-QM loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	7,359	8,289
Current provision	(214)	(909)
Write-offs	0	(51)
Ending balance	7,145	7,329
Allowance for loan loss	7,145	7,329
Transitional loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	5,223	6,881
Current provision	406	(1,460)
Write-offs	(2,003)	(219)
Ending balance	3,626	5,202
Allowance for loan loss	3,626	5,202
Loans	46,400	80,200
Single-family rental loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1,277	1,451
Current provision	514	(122)
Write-offs	(451)	(27)
Ending balance	1,340	1,302
Allowance for loan loss	1,340	1,302
Seasoned performing loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	48	46
Current provision	(2)	(1)
Write-offs	0	0
Ending balance	46	45
Allowance for loan loss	46	45
Purchased Credit Deteriorated Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	21,407	22,780
Current provision	(389)	(975)
Write-offs	(113)	(226)
Ending balance	20,905	21,579
Allowance for loan loss	20,905	21,579
Loans	62,000	69,100
Unfunded Loan Commitment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Ending balance	16	156
Commitment to lend, unfunded	6,800	12,900
Allowance for loan loss	$ 16	$ 156

Residential Whole Loans - Addit

Residential Whole Loans - Additional Credit Related Information (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
2023	$ 0
2022	0
2021	63,199
2020	226,136
2019	603,828
Prior	859,916
Residential whole loans, total or weighted average	1,753,080
Gross write-offs, 2023	0
Gross write-offs, 2022	0
Gross write-offs, 2021	0
Gross write-offs, 2020	0
Gross write-offs, 2019	1,598
Gross write-offs, prior	968
Three Months Ended March 31, 2023 Gross write-offs	$ 2,567	$ 523
Ratio Loan-To-Value	80%
Debt-to-Value Ratio, Less than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2023	$ 0
2022	0
2021	61,079
2020	213,320
2019	592,776
Prior	764,170
Residential whole loans, total or weighted average	1,631,345
Debt-to-Value Ratio, 81 to 100 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	2,120
2020	12,816
2019	11,053
Prior	95,746
Residential whole loans, total or weighted average	121,734
Non-QM loans
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	49,025
2020	197,861
2019	453,299
Prior	257,914
Residential whole loans, total or weighted average	958,099
Gross write-offs, 2023	0
Gross write-offs, 2022	0
Gross write-offs, 2021	0
Gross write-offs, 2020	0
Gross write-offs, 2019	0
Gross write-offs, prior	0
Three Months Ended March 31, 2023 Gross write-offs	0
Non-QM loans | Debt-to-Value Ratio, Less than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	46,905
2020	185,045
2019	447,565
Prior	251,532
Residential whole loans, total or weighted average	931,047
Non-QM loans | Debt-to-Value Ratio, 81 to 100 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	2,120
2020	12,816
2019	5,734
Prior	6,382
Residential whole loans, total or weighted average	$ 27,052
Non-QM loans | Settled Whole Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Ratio Loan-To-Value	65%		65%
Transitional loans
Financing Receivable, Credit Quality Indicator [Line Items]
2023	$ 0
2022	0
2021	729
2020	4,738
2019	35,308
Prior	12,497
Residential whole loans, total or weighted average	53,272
Gross write-offs, 2023	0
Gross write-offs, 2022	0
Gross write-offs, 2021	0
Gross write-offs, 2020	0
Gross write-offs, 2019	1,148
Gross write-offs, prior	855
Three Months Ended March 31, 2023 Gross write-offs	2,003
Transitional loans | Debt-to-Value Ratio, Less than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	729
2020	4,738
2019	32,118
Prior	12,497
Residential whole loans, total or weighted average	50,082
Transitional loans | Debt-to-Value Ratio, 81 to 100 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	3,190
Prior	0
Residential whole loans, total or weighted average	$ 3,190
Transitional loans | Settled Whole Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Ratio Loan-To-Value	65%		66%
Single-family rental loans
Financing Receivable, Credit Quality Indicator [Line Items]
2023	$ 0
2022	0
2021	13,445
2020	23,537
2019	115,221
Prior	49,360
Residential whole loans, total or weighted average	201,563
Gross write-offs, 2023	0
Gross write-offs, 2022	0
Gross write-offs, 2021	0
Gross write-offs, 2020	0
Gross write-offs, 2019	451
Gross write-offs, prior	0
Three Months Ended March 31, 2023 Gross write-offs	451
Single-family rental loans | Debt-to-Value Ratio, Less than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	13,445
2020	23,537
2019	113,092
Prior	49,275
Residential whole loans, total or weighted average	199,350
Single-family rental loans | Debt-to-Value Ratio, 81 to 100 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	2,128
Prior	85
Residential whole loans, total or weighted average	$ 2,213
Single-family rental loans | Settled Whole Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Ratio Loan-To-Value	69%		69%
Seasoned performing loans
Financing Receivable, Credit Quality Indicator [Line Items]
2023	$ 0
2022	0
2021	0
2020	0
2019	0
Prior	79,465
Residential whole loans, total or weighted average	79,465
Gross write-offs, 2023	0
Gross write-offs, 2022	0
Gross write-offs, 2021	0
Gross write-offs, 2020	0
Gross write-offs, 2019	0
Gross write-offs, prior	0
Three Months Ended March 31, 2023 Gross write-offs	0
Seasoned performing loans | Debt-to-Value Ratio, Less than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	76,938
Residential whole loans, total or weighted average	76,938
Seasoned performing loans | Debt-to-Value Ratio, 81 to 100 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	2,527
Residential whole loans, total or weighted average	$ 2,527
Seasoned performing loans | Settled Whole Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Ratio Loan-To-Value	30%		30%
Purchased Credit Deteriorated Loans
Financing Receivable, Credit Quality Indicator [Line Items]
2023	$ 0
2022	0
2021	0
2020	0
2019	0
Prior	460,680
Residential whole loans, total or weighted average	460,680		$ 470,294
Gross write-offs, 2023	0
Gross write-offs, 2022	0
Gross write-offs, 2021	0
Gross write-offs, 2020	0
Gross write-offs, 2019	0
Gross write-offs, prior	113
Three Months Ended March 31, 2023 Gross write-offs	113
Purchased Credit Deteriorated Loans | Debt-to-Value Ratio, Less than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	373,929
Residential whole loans, total or weighted average	373,929
Purchased Credit Deteriorated Loans | Debt-to-Value Ratio, 81 to 100 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	86,752
Residential whole loans, total or weighted average	$ 86,752
Certain rehabilitation loans | Settled Whole Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Ratio Loan-To-Value	69%		70%

Residential Whole Loans - LTV o

Residential Whole Loans - LTV on Loans (Details) - 90 or more $ in Thousands	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	$ 213,290	$ 208,659
UPB	217,921	211,164
Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	600,551	622,641
UPB	646,883	665,511
Fair Value | Nonperforming
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	303,400	330,810
UPB	$ 324,696	$ 350,589
LTV (as a percent)	0.763	0.756
Non-QM loans | Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	$ 99,532	$ 93,508
UPB	$ 100,167	$ 93,972
LTV (as a percent)	0.659	0.667
Transitional loans | Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	$ 71,299	$ 75,449
UPB	$ 73,438	$ 76,415
LTV (as a percent)	0.664	0.681
Single-family rental loans | Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	$ 37,839	$ 34,653
UPB	$ 39,340	$ 35,441
LTV (as a percent)	0.720	0.721
Seasoned performing loans | Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	$ 4,213	$ 5,049
UPB	$ 4,486	$ 5,336
LTV (as a percent)	0.484	0.417
Agency eligible investor loans | Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	$ 407	$ 0
UPB	$ 490	$ 0
LTV (as a percent)	0.646	0
Purchased Credit Deteriorated Loans | Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	$ 83,861	$ 83,172
UPB	$ 104,266	$ 103,758
LTV (as a percent)	0.724	0.725

Residential Whole Loans - Inter

Residential Whole Loans - Interest Income Components (Details) - Residential whole loans, total or weighted average - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 119,510	$ 99,466
Purchased Credit Deteriorated Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	7,138	9,009
Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	97,576	69,731
Performing | Non-QM loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	44,089	32,952
Performing | Transitional loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	28,227	14,861
Performing | Single-family rental loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	21,313	13,325
Performing | Seasoned performing loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	1,090	1,010
Performing | Agency eligible investor loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	2,857	7,583
Nonperforming
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	14,796	20,726
Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	24,499	31,420
Carrying Value | Purchased Credit Deteriorated Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	7,138	9,009
Carrying Value | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	17,361	22,411
Carrying Value | Performing | Non-QM loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	12,674	13,141
Carrying Value | Performing | Transitional loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	620	3,567
Carrying Value | Performing | Single-family rental loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	2,977	4,693
Carrying Value | Performing | Seasoned performing loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	1,090	1,010
Carrying Value | Performing | Agency eligible investor loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	0	0
Carrying Value | Nonperforming
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	0	0
Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	95,011	68,046
Fair Value | Purchased Credit Deteriorated Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	0	0
Fair Value | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	80,215	47,320
Fair Value | Performing | Non-QM loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	31,415	19,811
Fair Value | Performing | Transitional loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	27,607	11,294
Fair Value | Performing | Single-family rental loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	18,336	8,632
Fair Value | Performing | Seasoned performing loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	0	0
Fair Value | Performing | Agency eligible investor loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	2,857	7,583
Fair Value | Nonperforming
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 14,796	$ 20,726

Securities, at Fair Value - Com

Securities, at Fair Value - Composition of Agency MBS Portfolio (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Fair Value	[1]	$ 504,639	$ 333,364
5.00% Coupon
Debt Securities, Available-for-sale [Line Items]
Coupon rate (percent)		5%
Principal/ Current Face		$ 79,295
Weighted Average Purchase Price		100.20%
Weighted Average Market Price		99.80%
Fair Value		$ 79,171
Weighted Average Loan Age (Months)		0 years
5.50% Coupon
Debt Securities, Available-for-sale [Line Items]
Coupon rate (percent)		5.50%
Principal/ Current Face		$ 220,213
Weighted Average Purchase Price		100.50%
Weighted Average Market Price		101.10%
Fair Value		$ 222,669
Weighted Average Loan Age (Months)		3 months
Agency MBS
Debt Securities, Available-for-sale [Line Items]
Principal/ Current Face		$ 299,508	131,165
Weighted Average Purchase Price		100.40%
Weighted Average Market Price		100.80%
Fair Value		$ 301,840	$ 131,700
Weighted Average Loan Age (Months)		2 months
[1]See Note 6 for information regarding the Company’s pledged assets.

Securities, at Fair Value - Nar

Securities, at Fair Value - Narrative (Details) - USD ($)		3 Months Ended		12 Months Ended
		Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Securities, at fair value	[1]	$ 504,639,000		$ 333,364,000
Allowance for loan loss		33,062,000	$ 35,457,000	35,314,000	$ 39,447,000
Securities, at fair value
Debt Securities, Available-for-sale [Line Items]
Securities, at fair value		97,200,000		97,900,000
Amortized costs		87,600,000		86,400,000
Gross unrealized gains		$ 9,600,000		$ 11,500,000
Weighted average yield		15.50%		14.30%
Weighted average to maturity		7 months 6 days		9 months 18 days
CRT, Fair Value Option
Debt Securities, Available-for-sale [Line Items]
Securities, at fair value		$ 49,400,000		$ 48,600,000
Debt securities, sold			369,000
Realized gain			13,000
Gross unrealized losses		315,000		1,200,000
Non-Agency MBS
Debt Securities, Available-for-sale [Line Items]
Securities, at fair value		24,800,000		24,600,000
Gross unrealized losses				$ 0
AFS securities
Debt Securities, Available-for-sale [Line Items]
Gross unrealized losses		0
Allowance for loan loss		$ 0	$ 0
[1]See Note 6 for information regarding the Company’s pledged assets.

Securities, at Fair Value - Res

Securities, at Fair Value - Residential Mortgage Securities (Details) - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Fair Value	[1]	$ 504,639	$ 333,364
Agency MBS
Debt Securities, Available-for-sale [Line Items]
Principal/ Current Face		299,508	131,165
Purchase Premiums		1,175	860
Accretable Purchase Discounts		(65)	0
Discount Designated as Credit Reserve		0	0
Gross Amortized Cost		300,618	132,025
Gross Unrealized Gains		1,470	0
Gross Unrealized Losses		(248)	(325)
Net Unrealized Gain/(Loss)		1,222	(325)
Fair Value		301,840	131,700
Other Securities
Debt Securities, Available-for-sale [Line Items]
Principal/ Current Face		215,103	215,649
Purchase Premiums		19,576	18,344
Accretable Purchase Discounts		(6,092)	(6,272)
Discount Designated as Credit Reserve		(46,332)	(46,332)
Gross Amortized Cost		182,255	181,389
Gross Unrealized Gains		20,859	21,473
Gross Unrealized Losses		(315)	(1,198)
Net Unrealized Gain/(Loss)		20,544	20,275
Fair Value		202,799	201,664
Total residential mortgage securities
Debt Securities, Available-for-sale [Line Items]
Principal/ Current Face		514,611	346,814
Purchase Premiums		20,751	19,204
Accretable Purchase Discounts		(6,157)	(6,272)
Discount Designated as Credit Reserve		(46,332)	(46,332)
Gross Amortized Cost		482,873	313,414
Gross Unrealized Gains			21,473	$ 22,329
Gross Unrealized Losses		(563)	(1,523)
Net Unrealized Gain/(Loss)		21,766	19,950
Fair Value		504,639	333,364
CRT, Fair Value Option
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Gains		195	131
Gross Unrealized Losses		(315)	(1,200)
Fair Value		49,400	48,600
Non-Agency MBS
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Gains		437
Gross Unrealized Losses			0
Fair Value		$ 24,800	$ 24,600
[1]See Note 6 for information regarding the Company’s pledged assets.

Securities, at Fair Value - Imp

Securities, at Fair Value - Impact of AFS Securities on AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
AOCI from AFS Securities:
Unrealized gain on AFS securities at beginning of period	$ 21,341	$ 46,833
Unrealized (losses) on securities available-for-sale	(1,116)	(4,977)
Change in AOCI from AFS securities	(1,116)	(4,977)
Balance at end of period	20,225	41,856
Agency MBS
AOCI from AFS Securities:
Unrealized (losses) on securities available-for-sale	$ (1,116)	$ (4,977)

Securities, at Fair Value - Int

Securities, at Fair Value - Interest Income (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Interest income		$ 7,308	$ 5,275
Agency MBS
Debt Securities, Available-for-sale [Line Items]
Coupon interest		2,051	0
Effective yield adjustment	[1],[2]	(31)	0
Interest income		2,020	0
Other MBS
Debt Securities, Available-for-sale [Line Items]
Coupon interest		1,912	895
Effective yield adjustment	[1],[2]	188	1,265
Interest income		2,100	2,160
Term notes backed by MSR collateral
Debt Securities, Available-for-sale [Line Items]
Coupon interest		1,963	1,157
Effective yield adjustment	[2]	1,225	1,958
Interest income		$ 3,188	$ 3,115
[1]Includes amortization of premium paid net of accretion of purchase discount.  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.

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Receivable for sale of unsettled residential whole loans		$ 0	$ 275,656
REO		121,215	130,605	$ 145,568	$ 156,223
Goodwill		61,076	61,076
Intangibles, net		10,900	12,200
Capital contributions made to loan origination partners		28,308	28,308
Other interest-earning assets		59,620	63,964
Interest receivable		72,823	68,704
Other loan related receivables		28,794	23,463
Lease right-of-use asset		38,905	39,459
Other		63,488	62,786
Total Other Assets	[1]	$ 485,129	$ 766,221
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]		Total Other Assets	Total Other Assets
Accumulated amortization		$ 17,100	$ 15,800
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	Mar. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property	Mar. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($)
Real Estate Properties [Line Items]
Number of real estate owned properties | property	362	388	492
Real estate owned	$ 121,215	$ 130,605	$ 145,568	$ 156,223
Residential whole loans acquired through foreclosure ordered in lieu	120,900
Carrying Value
Real Estate Properties [Line Items]
Mortgage loans in process of foreclosure	100,700
Estimated Fair Value
Real Estate Properties [Line Items]
Mortgage loans in process of foreclosure	$ 242,500

Other Assets - Real Estate Ow_2

Other Assets - Real Estate Owned - Activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) property	Mar. 31, 2022 USD ($) property	Dec. 31, 2022 property
Real Estate Owned [Roll Forward]
Balance at beginning of period	$ 130,605	$ 156,223
Adjustments to record at lower of cost or fair value	(1,052)	(448)
Transfer from residential whole loans	20,925	22,079
Purchases and capital improvements, net	137	353
Disposals and other	(29,400)	(32,639)
Balance at end of period	$ 121,215	$ 145,568
Number of properties | property	362	492	388
Properties sold during period | property	93	135
Proceeds from sale of real estate	$ 33,800	$ 41,500
Gain on sales of real estate owned	$ 5,000	$ 8,700

Other Assets - Goodwill and Int

Other Assets - Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	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	$ 61,100
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	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangibles	$ 10,900	$ 12,200
Amortization	(1,300)
Trademarks / Trade Names
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangibles	3,300	3,400
Amortization	$ (100)
Amortization Period	10 years
Customer Relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangibles	$ 5,000	6,000
Amortization	$ (1,000)
Amortization Period	4 years
Internally Developed Software
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangibles	$ 2,600	$ 2,800
Amortization	$ (200)
Amortization Period	5 years

Other Assets - Capital Contribu

Other Assets - Capital Contributions Made to Loan Origination Partners (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other Assets [Line Items]
Equity method investments	$ 28.3
Loan Origination Partners
Other Assets [Line Items]
Impairment on investment	0	$ 0
Common Stock | Loan Origination Partners
Other Assets [Line Items]
Equity method investments	3.7
Preferred Stock | Loan Origination Partners
Other Assets [Line Items]
Equity method investments	$ 24.6

Other Assets - Collateral Pledg

Other Assets - Collateral Pledged Against Derivative Contracts (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Swaps | Asset Pledged as Collateral without Right
Derivative [Line Items]
Restricted Cash	$ 60,499	$ 60,764

Other Assets - Derivative Instr

Other Assets - Derivative Instruments Narrative (Details) $ in Billions	3 Months Ended
	Mar. 31, 2023 USD ($)
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Derivative, Notional Amount	$ 3
Average maturity term of swaps	39 months
Maximum maturity term of swaps	75 months

Other Assets - Derivative Ins_2

Other Assets - Derivative Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Derivative, Notional Amount	$ 3,000,000
Swaps, at fair value
Derivative [Line Items]
Derivative, Notional Amount	$ 2,960,010	$ 3,160,010
Weighted Average Fixed-Pay Interest Rate	1.58%	1.69%
Weighted Average Variable Interest Rate	4.87%	4.30%
Swaps, at fair value | Within 30 days to 12 months
Derivative [Line Items]
Derivative, Notional Amount	$ 0	$ 0
Weighted Average Fixed-Pay Interest Rate	0%	0%
Weighted Average Variable Interest Rate	0%	0%
Swaps, at fair value | Over 6 months to 12 months
Derivative [Line Items]
Derivative, Notional Amount	$ 100,000	$ 0
Weighted Average Fixed-Pay Interest Rate	1.49%	0%
Weighted Average Variable Interest Rate	4.87%	0%
Swaps, at fair value | Over 12 months to 24 months
Derivative [Line Items]
Derivative, Notional Amount	$ 1,000,010	$ 550,010
Weighted Average Fixed-Pay Interest Rate	1.09%	1.01%
Weighted Average Variable Interest Rate	4.87%	4.30%
Swaps, at fair value | Over 24 months to 36 months
Derivative [Line Items]
Derivative, Notional Amount	$ 125,000	$ 775,000
Weighted Average Fixed-Pay Interest Rate	2.70%	1.75%
Weighted Average Variable Interest Rate	4.87%	4.30%
Swaps, at fair value | Over 36 months to 48 months
Derivative [Line Items]
Derivative, Notional Amount	$ 1,300,000	$ 450,000
Weighted Average Fixed-Pay Interest Rate	1.42%	1.12%
Weighted Average Variable Interest Rate	4.87%	4.30%
Swaps, at fair value | Over 48 months to 60 months
Derivative [Line Items]
Derivative, Notional Amount	$ 125,000	$ 1,075,000
Weighted Average Fixed-Pay Interest Rate	2.71%	1.86%
Weighted Average Variable Interest Rate	4.87%	4.30%
Swaps, at fair value | Over 60 months to 72 months
Derivative [Line Items]
Derivative, 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]
Derivative, Notional Amount	$ 310,000	$ 310,000
Weighted Average Fixed-Pay Interest Rate	2.95%	2.95%
Weighted Average Variable Interest Rate	4.87%	4.30%

Other Assets - Impact of Deriva

Other Assets - Impact of Derivative Instruments on Earnings (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative [Line Items]
Income on swap variable receive leg	$ 33,851	$ 408
Expense on swap fixed pay leg	(12,034)	(5,936)
Net price alignment expense on margin collateral received	(2,278)	0
Net gain on TBA short positions	0	18,876
Total Net (loss)/gain on derivatives used for risk management purposes	(21,208)	94,101
Agreements with mark-to-market collateral provisions
Derivative [Line Items]
Unrealized mark-to-market (loss)/gain	$ (40,747)	$ 80,753

Financing Agreements - Financin

Financing Agreements - Financing Agreements (Details) $ in Thousands		3 Months Ended	12 Months Ended
	Apr. 04, 2022	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Financing Agreements [Line Items]
Unpaid Principal Balance		$ 7,282,912	$ 7,043,944
Fair Value / Carrying Value		$ 7,101,318	$ 6,812,086
Weighted Average Cost of Funding		3.95%	3.70%
Stock split ratio, common stock	0.25
Convertible Debt | 6.25% Convertible Senior Notes
Financing Agreements [Line Items]
Stock split ratio, common stock	0.25
Agreements with mark-to-market collateral provisions
Financing Agreements [Line Items]
Unpaid Principal Balance		$ 2,097,281	$ 2,223,298
Fair Value / Carrying Value		$ 2,096,796	$ 2,223,047
Weighted Average Cost of Funding		6.54%	5.73%
Agreements with mark-to-market collateral provisions | 0-3 Months
Financing Agreements [Line Items]
Unpaid Principal Balance		$ 608,180
Agreements with mark-to-market collateral provisions | 3-6 Months
Financing Agreements [Line Items]
Unpaid Principal Balance		646,122
Agreements with mark-to-market collateral provisions | 6-12 Months
Financing Agreements [Line Items]
Unpaid Principal Balance		593,862
Fair Value / Carrying Value		$ 249,100
Extension period		1 year
Agreements with mark-to-market collateral provisions | Greater than 12 Months
Financing Agreements [Line Items]
Unpaid Principal Balance		$ 249,117
Fair Value / Carrying Value		608,200
Agreements with mark-to-market collateral provisions | Residential Whole Loans and REO
Financing Agreements [Line Items]
Unpaid Principal Balance		1,692,254	$ 2,111,647
Fair Value / Carrying Value		$ 1,691,769	$ 2,111,396
Weighted Average Cost of Funding		6.67%	5.74%
Weighted Average Term To Maturity (Months)		8 months 3 days	6 months 27 days
Agreements with mark-to-market collateral provisions | Residential Whole Loans and REO | Not Held at Fair Value
Financing Agreements [Line Items]
Fair Value / Carrying Value		$ 680,700
Agreements with mark-to-market collateral provisions | Residential Whole Loans and REO | 0-3 Months
Financing Agreements [Line Items]
Unpaid Principal Balance		203,153
Agreements with mark-to-market collateral provisions | Residential Whole Loans and REO | 3-6 Months
Financing Agreements [Line Items]
Unpaid Principal Balance		646,122
Agreements with mark-to-market collateral provisions | Residential Whole Loans and REO | 6-12 Months
Financing Agreements [Line Items]
Unpaid Principal Balance		593,862
Agreements with mark-to-market collateral provisions | Residential Whole Loans and REO | Greater than 12 Months
Financing Agreements [Line Items]
Unpaid Principal Balance		249,117
Agreements with mark-to-market collateral provisions | Securitized debt
Financing Agreements [Line Items]
Unpaid Principal Balance		405,027	$ 111,651
Fair Value / Carrying Value		$ 405,027	$ 111,651
Weighted Average Cost of Funding		5.56%	5.47%
Weighted Average Term To Maturity (Months)		1 month 3 days	1 month 15 days
Agreements with mark-to-market collateral provisions | Securitized debt | 0-3 Months
Financing Agreements [Line Items]
Unpaid Principal Balance		$ 405,027
Agreements with mark-to-market collateral provisions | Securitized debt | 3-6 Months
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 | Estimated Fair Value
Financing Agreements [Line Items]
Financing agreements, amortized cost		680,700	$ 578,900
Agreements with mark-to-market collateral provisions | Estimated Fair Value | Held at Fair Value
Financing Agreements [Line Items]
Fair Value / Carrying Value			578,900
Agreements with Non-mark-to-market Collateral Provisions | Residential Whole Loans and REO
Financing Agreements [Line Items]
Unpaid Principal Balance		946,573	1,004,260
Fair Value / Carrying Value		$ 946,006	$ 1,003,604
Weighted Average Cost of Funding		7.31%	6.53%
Weighted Average Term To Maturity (Months)		13 months 9 days	16 months 24 days
Agreements with Non-mark-to-market Collateral Provisions | Residential Whole Loans and REO | Held at Fair Value
Financing Agreements [Line Items]
Fair Value / Carrying Value		$ 526,600
Agreements with Non-mark-to-market Collateral Provisions | Residential Whole Loans and REO | 0-3 Months
Financing Agreements [Line Items]
Unpaid Principal Balance		216,555
Agreements with Non-mark-to-market Collateral Provisions | Residential Whole Loans and REO | 3-6 Months
Financing Agreements [Line Items]
Unpaid Principal Balance		361,202
Agreements with Non-mark-to-market Collateral Provisions | Residential Whole Loans and REO | 6-12 Months
Financing Agreements [Line Items]
Unpaid Principal Balance		11,526
Agreements with Non-mark-to-market Collateral Provisions | Residential Whole Loans and REO | Greater than 12 Months
Financing Agreements [Line Items]
Unpaid Principal Balance		357,290
Agreements with Non-mark-to-market Collateral Provisions | Estimated Fair Value
Financing Agreements [Line Items]
Fair Value / Carrying Value			$ 884,500
Financing agreements, amortized cost		526,600	884,500
Securitized debt | Residential Whole Loans and REO
Financing Agreements [Line Items]
Unpaid Principal Balance		4,009,069	3,586,397
Fair Value / Carrying Value		$ 3,830,309	$ 3,357,590
Weighted Average Cost of Funding		3.73%	3.33%
Securitized debt | Residential Whole Loans and REO | Held at Fair Value
Financing Agreements [Line Items]
Fair Value / Carrying Value		$ 2,900,000
Securitized debt | Estimated Fair Value
Financing Agreements [Line Items]
Fair Value / Carrying Value			$ 2,400,000
Weighted Average Cost of Funding		1.22%	0.84%
Financing agreements, amortized cost		$ 3,100,000	$ 2,600,000
Convertible senior notes | Unsecured
Financing Agreements [Line Items]
Unpaid Principal Balance		229,989	229,989
Fair Value / Carrying Value		$ 228,207	$ 227,845
Weighted Average Cost of Funding		6.94%	6.94%
Weighted Average Term To Maturity (Months)		14 months 15 days	17 months 15 days
Impact of Net Swap Carry | Unsecured
Financing Agreements [Line Items]
Weighted Average Cost of Funding		(1.22%)	(0.84%)

Financing Agreements - Borrowin

Financing Agreements - Borrowings Under Repurchase Agreement And Associated Assets Pledged as Collateral (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Asset Pledged as Collateral with Right
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of securities pledged as collateral under financing agreements	$ 8,350,163	$ 8,057,175
Mark-to-market financing agreements secured by residential whole loans | Asset Pledged as Collateral with Right
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of securities pledged as collateral under financing agreements	1,744,490	1,814,780
Mark-to-market financing agreements secured by residential whole loans | Fair Value
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	$ 1,675,343	$ 2,095,002
Weighted average haircut (percent)	21.35%	18.33%
Mark-to-market financing agreements secured by residential whole loans | Fair Value | Asset Pledged as Collateral with Right
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of securities pledged as collateral under financing agreements	$ 2,172,874	$ 2,632,489
Mark-to-market financing agreements secured by securities at fair value | Fair Value
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	$ 405,027	$ 111,651
Weighted average haircut (percent)	13.33%	37.43%
Mark-to-market financing agreements secured by securities at fair value | Fair Value | Asset Pledged as Collateral with Right
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of securities pledged as collateral under financing agreements	$ 484,646	$ 177,111
Mark-to-market financing agreements secured by real estate owned | Asset Pledged as Collateral with Right
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of securities pledged as collateral under financing agreements	81,362	84,813
Mark-to-market financing agreements secured by real estate owned | Fair Value
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	$ 16,425	$ 16,394
Weighted average haircut (percent)	49.20%	48.07%
Mark-to-market financing agreements secured by real estate owned | Fair Value | Asset Pledged as Collateral with Right
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of securities pledged as collateral under financing agreements	$ 33,833	$ 33,367
Non-mark-to-market financing secured by residential whole loans | Fair Value
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	$ 937,882	$ 994,494
Weighted average haircut (percent)	21.12%	21.43%
Non-mark-to-market financing secured by residential whole loans | Fair Value | Asset Pledged as Collateral with Right
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of securities pledged as collateral under financing agreements	$ 1,228,569	$ 1,301,685
Non-mark-to-market financing secured by real estate owned | Fair Value
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	$ 8,123	$ 9,109
Weighted average haircut (percent)	61.26%	60.23%
Non-mark-to-market financing secured by real estate owned | Fair Value | Asset Pledged as Collateral with Right
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of securities pledged as collateral under financing agreements	$ 20,968	$ 22,902

Financing Agreements - Financ_2

Financing Agreements - Financing Agreements, at Fair Values - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Financing Agreements [Line Items]
Financial instruments	$ 7,101,318	$ 6,812,086
Financing Agreement
Financing Agreements [Line Items]
Cash pledged as collateral	$ 13,700	$ 16,000

Financing Agreements - Borrow_2

Financing Agreements - Borrowings Under Repurchase Agreement (Details) - Repurchase Agreement Borrowings - Fair Value - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	$ 3,043,854	$ 3,227,558
Weighted Average Interest Rate	6.91%	6.58%
Within 30 days
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	$ 2,876,705	$ 3,060,111
Weighted Average Interest Rate	6.92%	6.60%
Over 30 days to 3 months
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	$ 167,149	$ 167,447
Weighted Average Interest Rate	6.73%	6.19%
Over 3 months to 12 months
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	$ 0	$ 0
Weighted Average Interest Rate	0%	0%
Over 12 months
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	$ 0	$ 0
Weighted Average Interest Rate	0%	0%

Financing Agreements - Securiti

Financing Agreements - Securitized Debt (Details)	Mar. 31, 2023	Dec. 31, 2022
Disclosure of Repurchase Agreements [Abstract]
Weighted Average Cost of Funding	3.95%	3.70%

Financing Agreements - Converti

Financing Agreements - Convertible Senior Notes (Details) - Convertible Debt	Jun. 03, 2019 USD ($) $ / shares	Mar. 31, 2023
6.25% Convertible Senior Notes
Debt Instrument [Line Items]
Proceeds from issuance of Series C Preferred Stock	$ 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
Debt instrument, 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 Series C Preferred Stock	$ 30,000,000

Financing Agreements - Counterp

Financing Agreements - Counterparty for Repurchase Agreement (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) counterparty	Dec. 31, 2022 counterparty
Repurchase agreements counterparty risk
Number of counterparties | counterparty	14	12
Threshold of stockholders' equity at risk with single counterparty to financing agreements or linked transactions (greater than) (percent)	5%
Barclays Bank
Repurchase agreements counterparty risk
Amount at Risk	$ 265,371
Weighted  Average Months  to Repricing for Repurchase Agreements	1 month
Percent of Stockholders’ Equity	13.20%
Wells Fargo
Repurchase agreements counterparty risk
Amount at Risk	$ 248,474
Weighted  Average Months  to Repricing for Repurchase Agreements	1 month
Percent of Stockholders’ Equity	12.30%
Credit Suisse
Repurchase agreements counterparty risk
Amount at Risk	$ 152,315
Weighted  Average Months  to Repricing for Repurchase Agreements	1 month
Percent of Stockholders’ Equity	7.60%

Financing Agreements - Pledged

Financing Agreements - Pledged Collateral (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Accrued interest on assets	$ 27,200	$ 30,900
Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	8,350,163	8,057,175
Non-Mark-to-Market | Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	1,251,617	1,331,386
Mark-to-Market | Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	2,401,335	2,654,442
Securitized | Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	4,697,211	4,071,347
Residential whole loans, at carrying value | Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	1,744,490	1,814,780
Residential whole loans, at carrying value | Non-Mark-to-Market | Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	206,613	215,993
Residential whole loans, at carrying value | Mark-to-Market | Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	252,288	284,683
Residential whole loans, at carrying value | Securitized | Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	1,285,589	1,314,104
Residential whole loans, at fair value | Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	6,039,665	5,980,471
Residential whole loans, at fair value | Non-Mark-to-Market | Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	1,026,326	1,095,556
Residential whole loans, at fair value | Mark-to-Market | Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	1,635,932	2,164,158
Residential whole loans, at fair value | Securitized | Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	3,377,407	2,720,757
Securities, at fair value | Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	484,646	177,111
Securities, at fair value | Non-Mark-to-Market | Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	0	0
Securities, at fair value | Mark-to-Market | Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	484,646	177,111
Securities, at fair value | Securitized | Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	0	0
Other assets: REO | Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	81,362	84,813
Other assets: REO | Non-Mark-to-Market | Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	18,678	19,837
Other assets: REO | Mark-to-Market | Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	28,469	28,490
Other assets: REO | Securitized | Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	$ 34,215	$ 36,486

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Other Liabilities [Abstract]
Payable for purchase of unsettled Agency MBS	$ 0	$ 132,026
Dividends and dividend equivalents payable	35,756	35,769
Operating Lease, Liability	44,726	45,314
Accrued interest payable	27,899	23,040
Accrued expenses and other	83,302	75,321
Total Other Liabilities	$ 191,683	$ 311,470
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Total Other Liabilities	Total Other Liabilities

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) $ in Millions	Mar. 31, 2023 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	$ 389.2

Income Taxes - Net Deferred Tax

Income Taxes - Net Deferred Tax Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Deferred tax assets (DTAs):
Net operating loss and tax credit carryforwards	$ 99,327	$ 97,655
Unrealized mark-to-market, impairments and loss provisions	13,649	12,609
Other realized / unrealized treatment differences	(28,061)	(28,620)
Total deferred tax assets	84,915	81,644
Less: valuation allowance	(84,915)	(81,644)
Net deferred tax assets	$ 0	$ 0

Income Taxes - Income Tax Provi

Income Taxes - Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Current provision/(benefit)
Federal	$ (134)	$ 106
State	(53)	25
Total current provision/(benefit)	(187)	131
Deferred provision/(benefit)
Federal	589	150
State	155	50
Total deferred provision/(benefit)	744	200
Total provision/(benefit)	$ 557	$ 331

Income Taxes - Statutory Federa

Income Taxes - Statutory Federal Tax Rate to our Effective Tax Rate (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Federal statutory rate	21%	21%
Non-taxable REIT income (dividends paid deduction)	(9.00%)	3.20%
Other differences in taxable income (loss) from GAAP	(8.40%)	(24.60%)
State and local taxes	0%	0%
Change in valuation allowance on DTAs	(2.90%)	0.10%
Effective tax rate	0.70%	(0.30%)

Commitments and Contingencies -

Commitments and Contingencies - Lease Commitments (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Corporate headquarters
Lease Commitments
Lease cost	$ 1.2
New Corporate Headquarters Location
Lease Commitments
Lease term	15 years
Renewal term	5 years

Commitments and Contingencies_2

Commitments and Contingencies - Minimum Payments (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2023 (1)	$ 4,314
2024	5,751
2025	4,888
2026	4,776
2027	5,055
Thereafter	46,999
Total	$ 71,783

Commitments and Contingencies_3

Commitments and Contingencies - Rehabilitation Loan Commitments (Details) $ in Millions	Mar. 31, 2023 USD ($)
Transitional loans
Other Commitments [Line Items]
Other commitment	$ 546.6

Stockholders' Equity - Series B

Stockholders' Equity - Series B (Details) - Series B Preferred Stock shares in Thousands		3 Months Ended		12 Months Ended
	Apr. 15, 2013 $ / shares shares	Mar. 31, 2023 quarter director $ / shares shares	Mar. 31, 2022 $ / shares	Dec. 31, 2022 $ / shares shares
Class of Stock [Line Items]
Preferred Stock, dividend rate		7.50%		7.50%
Preferred stock, shares issued (in shares) | shares		8,000		8,000
Preferred stock par value (in dollars per share)		$ 0.01		$ 0.01
Preferred Stock
Class of Stock [Line Items]
Preferred Stock, dividend rate	7.50%	7.50%	7.50%
Preferred stock, shares issued (in shares) | shares	8,000
Preferred stock par value (in dollars per share)	$ 0.01
Preferred stock, liquidation preference (in dollars per share)	25	$ 25	$ 25
Preferred stock, redemption price (in dollars per share)	$ 25
Maximum quarters without dividends to get voting rights, in quarters | quarter		6
Number of additional directors that can be elected by preferred stock holders | director		2

Stockholders' Equity - Series C

Stockholders' Equity - Series C (Details) $ / shares in Units, $ in Millions				3 Months Ended		12 Months Ended
	Mar. 02, 2020 USD ($)	Feb. 28, 2020 quarter director $ / shares shares	Apr. 15, 2013 $ / shares shares	Mar. 31, 2023 quarter director $ / shares shares	Mar. 31, 2022 $ / shares	Dec. 31, 2022 $ / shares shares
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
Percentage required for making material changes				66.67%
Series C Preferred Stock | Preferred Stock
Class of Stock [Line Items]
Preferred Stock, dividend rate		6.50%		6.50%	6.50%
Shares reclassified to redeemable capital stock (in shares) | shares		12,650,000
Preferred stock, shares issued (in shares) | shares		11,000,000
Preferred stock par value (in dollars per share)		$ 0.01
Preferred stock, liquidation preference (in dollars per share)		25		$ 25	$ 25
Proceeds from issuance of redeemable preferred stock | $	$ 266
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
Percentage required for making material changes				66.67%
Series B Preferred Stock | Preferred Stock
Class of Stock [Line Items]
Preferred Stock, dividend rate			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
Preferred stock, redemption price (in dollars per share)			$ 25
Maximum quarters without dividends to get voting rights, in quarters | quarter				6
Number of additional directors that can be elected by preferred stock holders | director				2

Stockholders' Equity - Dividend

Stockholders' Equity - Dividends on Series C (Details) - $ / shares		3 Months Ended
	Feb. 21, 2023	Mar. 31, 2023	Mar. 31, 2022
Series B Preferred Stock
Class of Stock [Line Items]
Dividend declared per share, preferred stock (in dollars per share)	$ 0.46875	$ 0.46875	$ 0.46875
Series C Preferred Stock
Class of Stock [Line Items]
Dividend declared per share, preferred stock (in dollars per share)	$ 0.40625	$ 0.40625	$ 0.40625

Stockholders' Equity - Divide_2

Stockholders' Equity - Dividends on Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Mar. 10, 2023	Mar. 31, 2023	Mar. 31, 2022
Class of Stock [Line Items]
Common stock, cash dividends declared (in dollars per share)	$ 0.35	$ 0.35	$ 0.440
Dividends and dividend equivalents declared and unpaid		$ 35,756	$ 46,357

Stockholders' Equity - DRSPP (D

Stockholders' Equity - DRSPP (Details) - USD ($) $ in Thousands	3 Months Ended	235 Months Ended
	Mar. 31, 2023	Mar. 31, 2023	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
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
Common shares issued through DRSPP (in shares)	3,226	8,844,779
Value of shares issued net of expenses	$ 37	$ 290,800

Stockholders' Equity - Stock Re

Stockholders' Equity - Stock Repurchase Program (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 11, 2022	Nov. 30, 2020
Stockholders' Equity Note [Abstract]
Stock repurchase program, authorized amount	$ 202,500,000		$ 250,000,000
Number of shares authorized to be repurchased under the Repurchase Program (in shares)				250,000,000
Shares repurchased and retired (in shares)	0	3,195,769
Average cost per share (in dollars per share)		$ 17.15
Cost for shares repurchased		$ 54,700,000
Payments for fees and commissions paid to the sales agent		$ 128,000

Stockholders' Equity - Accumula

Stockholders' Equity - Accumulated Other Comprehensive Income/(Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Components of accumulated other comprehensive income/(loss)
Beginning balance	$ 1,988,849	$ 2,542,848
OCI before reclassifications	(1,116)	(3,722)
Amounts reclassified from AOCI	0	0
Other Comprehensive (Loss)	(1,116)	(3,722)
Ending balance	2,018,606	2,348,955
Total  AOCI
Components of accumulated other comprehensive income/(loss)
Beginning balance	21,341	45,578
Ending balance	20,225	41,856
Net Unrealized Gain/(Loss) on AFS Securities
Components of accumulated other comprehensive income/(loss)
Beginning balance	21,341	46,833
OCI before reclassifications	(1,116)	(4,977)
Amounts reclassified from AOCI	0	0
Other Comprehensive (Loss)	(1,116)	(4,977)
Ending balance	20,225	41,856
Net Gain/(Loss) on Swaps
Components of accumulated other comprehensive income/(loss)
Beginning balance	0	0
OCI before reclassifications	0	0
Amounts reclassified from AOCI	0	0
Other Comprehensive (Loss)	0	0
Ending balance	0	0
Net Unrealized Gain/(Loss) on Financing Agreements
Components of accumulated other comprehensive income/(loss)
Beginning balance	0	(1,255)
OCI before reclassifications	0	1,255
Amounts reclassified from AOCI	0	0
Other Comprehensive (Loss)	0	1,255
Ending balance	$ 0	$ 0

EPS Calculation (Details)

EPS Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Basic Earnings/(Loss) per Share:
Net income/(loss)	$ 72,784	$ (82,906)
Dividends declared on preferred stock	(8,219)	(8,219)
Dividends, dividend equivalents and undistributed earnings allocated to participating securities	(158)	(141)
Net income/(loss) available to common stockholders - basic	$ 64,407	$ (91,266)
Basic weighted average common shares outstanding (in shares)	101,900	106,568
Basic Earnings/(Loss) per Share (in dollars per share)	$ 0.63	$ (0.86)
Diluted Earnings/(Loss) per Share:
Net income/(loss) available to common stockholders - basic	$ 64,407	$ (91,266)
Interest expense on Convertible Senior Notes	3,955	0
Dividends, dividend equivalents and undistributed earnings allocated to participating securities	158	0
Net income/(loss) available to common stockholders - diluted	$ 68,520	$ (91,266)
Basic weighted average common shares outstanding (in shares)	101,900	106,568
Effect of assumed Convertible Senior Notes conversion to common shares (in shares)	7,230	0
Unvested and vested restricted stock units (in shares)	956	0
Diluted weighted average common shares outstanding (in shares)	110,086	106,568
Diluted Earnings/(Loss) per Share (in dollars per share)	$ 0.62	$ (0.86)
Anti-dilutive securities excluded from diluted earnings per share calculations (in shares)	2,200
RSUs
Diluted Earnings/(Loss) per Share:
Weighted average grant date fair value (in dollars per share)	$ 13.30

Equity Compensation and Other_3

Equity Compensation and Other Benefit Plans - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Share based compensation
Maximum shares authorized for grant	4,500,000
Shares available for grant (in shares)	728,000
RSUs
Share based compensation
Granted (in shares)	1,517,675	603,485
Forfeitures (in shares)	0	0
Unrecognized compensation cost	$ 21,400		$ 11,200
Period for recognizing unrecognized compensation cost	2 years 2 months 12 days
Restricted shares of common stock
Share based compensation
Granted (in shares)	0	0
Share-based awards outstanding (in shares)	0
Dividend Equivalent Rights
Share based compensation
Granted (in shares)	0	0
Equivalent rights payment	$ 138	$ 170
Equity Compensation Plan
Share based compensation
Maximum number of common shares that can be granted to participant in any one year	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 - Allocated Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share based compensation
Allocated expense	$ 3,020	$ 2,645
RSUs
Share based compensation
Allocated expense	$ 3,020	$ 2,645

Equity Compensation and Other_5

Equity Compensation and Other Benefit Plans - Deferred Compensation Plans (Details) - Deferred Compensation Plans - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Deferred Compensation Activity
Deferrable compensation by the employee, maximum	100%
Non-employee directors	$ 109	$ (278)
Undistributed Income Deferred	2,431		$ 2,923
Liability Under Deferred Plans	1,748		1,953
Non-employee directors
Deferred Compensation Activity
Non-employee directors	109	$ (278)
Undistributed Income Deferred	2,431		2,923
Liability Under Deferred Plans	$ 1,748		$ 1,953

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets:
Total assets carried at fair value	$ 6,578,871	$ 6,060,888
Liabilities:
Securitized debt	2,940,381	2,435,370
Residential whole loans, at fair value
Assets:
Residential whole loans, at fair value	6,074,232	5,727,524
Liabilities:
Total liabilities carried at fair value	4,147,712	3,898,744
Securities, at fair value
Assets:
Securities, at fair value	504,639	333,364
Agreements with Non-mark-to-market Collateral Provisions
Liabilities:
Liabilities carried at fair value	526,623	884,495
Agreements with Mark-to-market Collateral Provisions
Liabilities:
Liabilities carried at fair value	680,708	578,879
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	565,493	384,458
Liabilities:
Securitized debt	2,940,381	2,435,370
Level 2 | Residential whole loans, at fair value
Assets:
Residential whole loans, at fair value	60,854	51,094
Liabilities:
Total liabilities carried at fair value	2,940,381	2,435,370
Level 2 | Securities, at fair value
Assets:
Securities, at fair value	504,639	333,364
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	6,013,378	5,676,430
Liabilities:
Securitized debt	0	0
Level 3 | Residential whole loans, at fair value
Assets:
Residential whole loans, at fair value	6,013,378	5,676,430
Liabilities:
Total liabilities carried at fair value	1,207,331	1,463,374
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	526,623	884,495
Level 3 | Agreements with Mark-to-market Collateral Provisions
Liabilities:
Liabilities carried at fair value	$ 680,708	$ 578,879

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	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 5,676,430	$ 4,222,583
Purchases and originations	336,815	1,114,043
Draws	119,076	61,340
Changes in fair value recorded in Net gain/(loss) on residential whole loans measured at fair value through earnings	127,606	(223,412)
Repayments	(233,434)	(202,084)
Loan sales	(578)	(1,547)
Transfer to REO	(12,537)	(14,151)
Balance at end of period	$ 6,013,378	4,956,772
Unsettled residential whole loans		$ 28,900

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Level 3 Liabilities (Details) - Level 3 - Recurring basis - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
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	$ 578,879	$ 628,280
Issuances	145,830	0
Payment of principal	(198,086)	(63,165)
Change in unrealized losses	0	(1,255)
Balance at end of period	526,623	563,860
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	884,495	1,322,362
Issuances	12,555	469,484
Payment of principal	(216,342)	(236,596)
Change in unrealized losses	0	0
Balance at end of period	$ 680,708	$ 1,555,250

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Fair Value Methodology (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Nonperforming
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchased loans	$ 774,852	$ 795,894
Purchases excluded from level 2 fair value	515	215
Performing
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchased loans	5,238,011	4,880,321
Discounted cash flow | Nonperforming
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchased loans	538,661	546,675
Discounted cash flow | Performing
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchased loans	5,196,080	4,857,587
Liquidation model | Nonperforming
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchased loans	236,191	249,219
Simple average amount	455	457
Liquidation model | Performing
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchased loans	$ 41,931	$ 22,734
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	(8.60%)	(5.40%)
Liquidation timeline (in years)	1 month 6 days	1 month 6 days
Fair value inputs, value of underlying property	$ 28	$ 28
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	(3.60%)	(1.00%)
Liquidation timeline (in years)	9 months 18 days	9 months 18 days
Fair value inputs, value of underlying property	$ 44	$ 50
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	39.90%	59.70%
Liquidation timeline (in years)	4 years 6 months	4 years 6 months
Fair value inputs, value of underlying property	$ 4,000	$ 4,000
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	9.50%	10.70%
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	$ 2,850
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	0.060	0.063
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	0.062	0.056
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	0.103	0.100
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	0.191	0.227
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	0.067	0.070
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	0.074	0.076
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	0.078
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	0.078
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	0.078
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	0.078
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	0.078
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	0.078
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	0.326	0.335
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	0.425	0.448
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	0.094	0.089
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	0.089	0.079
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	0.511	0.524
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	0.277	0.194
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	0.033	0.037
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	0.008
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	0.204	1
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	0.113
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	0.072	0.073
Annual change in home prices | 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	5.30%	6.90%
Annual change in home prices | 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	2.30%	3.20%
Liquidation timeline (in years) | 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 10 months 24 days
Liquidation timeline (in years) | 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	1 year 10 months 24 days
Current value of underlying properties | 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	$ 738	$ 743
Current value of underlying properties | 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	$ 1,238	$ 1,319

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Carrying Value vs Fair Value (Details) - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Financial Assets:
Securities, at fair value	[1]	$ 504,639	$ 333,364
Restricted cash		165,137	159,898
Carrying Value | Level 1
Financial Assets:
Cash and cash equivalents		362,452	334,183
Restricted cash		165,137	159,898
Carrying Value | Level 2
Financial Assets:
Securities, at fair value		504,639	333,364
Financial Liabilities:
Securitized debt		3,830,309	3,357,590
Convertible senior notes		228,207	227,845
Estimated Fair Value | Level 1
Financial Assets:
Cash and cash equivalents		362,452	334,183
Restricted cash		165,137	159,898
Estimated Fair Value | Level 2
Financial Assets:
Securities, at fair value		504,639	333,364
Financial Liabilities:
Securitized debt		3,707,921	3,217,905
Convertible senior notes		216,190	211,015
Residential whole loans, at fair value | Carrying Value | Level 2
Financial Assets:
Residential whole loans		60,854	51,094
Residential whole loans, at fair value | Carrying Value | Level 3
Financial Assets:
Residential whole loans		7,733,396	7,467,645
Residential whole loans, at fair value | Estimated Fair Value | Level 2
Financial Assets:
Residential whole loans		60,854	51,094
Residential whole loans, at fair value | Estimated Fair Value | Level 3
Financial Assets:
Residential whole loans		7,699,538	7,397,421
Financing agreements with non-mark-to-market collateral provisions | Carrying Value | Level 3
Financial Liabilities:
Financing agreements with mark-to-market collateral provisions		946,006	1,003,604
Financing agreements with non-mark-to-market collateral provisions | Estimated Fair Value | Level 3
Financial Liabilities:
Financing agreements with mark-to-market collateral provisions		946,573	1,004,260
Agreements with mark-to-market collateral provisions | Carrying Value | Level 3
Financial Liabilities:
Financing agreements with mark-to-market collateral provisions		1,691,769	2,111,396
Agreements with mark-to-market collateral provisions | Estimated Fair Value | Level 3
Financial Liabilities:
Financing agreements with mark-to-market collateral provisions		1,692,254	2,111,647
Financing agreements with mark-to-market collateral provisions | Carrying Value | Level 2
Financial Liabilities:
Financing agreements with mark-to-market collateral provisions		405,027	111,651
Financing agreements with mark-to-market collateral provisions | Estimated Fair Value | Level 2
Financial Liabilities:
Financing agreements with mark-to-market collateral provisions		$ 405,027	$ 111,651
[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	Mar. 31, 2023	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Other real estate, fair value	$ 20.9	$ 22.1

Use of Special Purpose Entiti_3

Use of Special Purpose Entities and Variable Interest Entities - Loan Securitization Transaction (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Weighted Average Cost of Funding	3.95%	3.70%
Asset-backed Securities, Securitized Loans and Receivables
Variable Interest Entity [Line Items]
Aggregate unpaid principal balance of residential whole loans sold	$ 6,747,911	$ 6,079,749
Outstanding amount of Senior Bonds, at carrying value	889,928	922,220
Outstanding amount of Senior Bonds, at fair value	2,940,381	2,435,370
Outstanding amount of Senior Bonds, total	$ 3,830,309	$ 3,357,590
Weighted Average Cost of Funding	2.96%	3.38%
Weighted average contractual maturity of Senior Bonds	37 years	38 years
Cash received	$ 5,807,409	$ 5,286,305
Debt issuance cost	2,300	2,900
Senior Notes
Variable Interest Entity [Line Items]
Cash received	523,200
Senior Notes | Asset-backed Securities, Securitized Loans and Receivables
Variable Interest Entity [Line Items]
Debt instrument, face amount	5,856,311	5,333,090
Proceeds from Senior bond sold with Step up feature	$ 2,400,000	1,900
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	24 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	$ 857,176	$ 715,640

Use of Special Purpose Entiti_4

Use of Special Purpose Entities and Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Total residential whole loans	$ 7,800,000	$ 7,500,000
Asset-backed Securities, Securitized Loans and Receivables
Variable Interest Entity [Line Items]
Proceeds from issuance of debt	5,807,409	5,286,305
Residential whole loans	4,600,000	4,000,000
Securitized debt	3,800,000	3,400,000
Asset-backed Securities, Securitized Loans and Receivables | Other Assets
Variable Interest Entity [Line Items]
Real estate owned at fair value	34,200	$ 36,500
Senior Bonds
Variable Interest Entity [Line Items]
Proceeds from issuance of debt	523,200
Proceed from debt net of offering expenses and underwriting discount	$ 521,100

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Interest Income	$ 132,205	$ 106,349
Interest Expense	92,836	43,296
Net Interest Income	39,369	63,053
Reversal of Provision/(Provision) for Credit Losses on Residential Whole Loans	13	3,511
Net Interest Income after Reversal of Provision for Credit Losses	39,382	66,564
Net gain on residential whole loans measured at fair value through earnings	129,174	(287,935)
Impairment and other net gain/(loss) on securities and other portfolio investments	2,931	(3,701)
Net gain on real estate owned	3,942	8,732
Net (loss)/gain on derivatives used for risk management purposes	(21,208)	94,101
Net loss on securitized debt measured at fair value through earnings	(51,725)	64,117
Lima One - origination, servicing and other fee income	8,976	14,494
Other, net	3,172	2,676
Other Income/(Loss), net	75,262	(107,516)
General and administrative expenses (including compensation)	31,021	28,253
Loan servicing, financing, and other related costs	9,539	10,401
Amortization of intangible assets	1,300	3,300
Net Income/(Loss)	72,784	(82,906)
Less Preferred Stock Dividend Requirement	8,219	8,219
Net Income/(Loss) Available to Common Stock and Participating Securities	64,565	(91,125)
Total Assets	9,311,607		$ 9,112,405
Mortgage-Related Assets
Segment Reporting Information [Line Items]
Interest Income	84,819	88,822
Interest Expense	57,077	33,009
Net Interest Income	27,742	55,813
Reversal of Provision/(Provision) for Credit Losses on Residential Whole Loans	(300)	3,516
Net Interest Income after Reversal of Provision for Credit Losses	27,442	59,329
Net gain on residential whole loans measured at fair value through earnings	95,509	(253,127)
Impairment and other net gain/(loss) on securities and other portfolio investments	2,931	(2,921)
Net gain on real estate owned	3,925	8,735
Net (loss)/gain on derivatives used for risk management purposes	(16,322)	86,235
Net loss on securitized debt measured at fair value through earnings	(34,820)	57,579
Lima One - origination, servicing and other fee income	0	0
Other, net	2,207	1,318
Other Income/(Loss), net	53,430	(102,181)
General and administrative expenses (including compensation)	0	0
Loan servicing, financing, and other related costs	4,719	6,932
Amortization of intangible assets	0	0
Net Income/(Loss)	76,153	(49,784)
Less Preferred Stock Dividend Requirement	0	0
Net Income/(Loss) Available to Common Stock and Participating Securities	76,153	(49,784)
Total Assets	6,061,481		6,065,557
Lima One
Segment Reporting Information [Line Items]
Interest Income	44,521	17,500
Interest Expense	31,804	6,356
Net Interest Income	12,717	11,144
Reversal of Provision/(Provision) for Credit Losses on Residential Whole Loans	313	(5)
Net Interest Income after Reversal of Provision for Credit Losses	13,030	11,139
Net gain on residential whole loans measured at fair value through earnings	33,665	(34,808)
Impairment and other net gain/(loss) on securities and other portfolio investments	0	0
Net gain on real estate owned	17	(3)
Net (loss)/gain on derivatives used for risk management purposes	(4,886)	7,866
Net loss on securitized debt measured at fair value through earnings	(16,905)	6,538
Lima One - origination, servicing and other fee income	8,976	14,494
Other, net	371	55
Other Income/(Loss), net	21,238	(5,858)
General and administrative expenses (including compensation)	12,535	12,219
Loan servicing, financing, and other related costs	218	236
Amortization of intangible assets	1,300	3,300
Net Income/(Loss)	20,215	(10,474)
Less Preferred Stock Dividend Requirement	0	0
Net Income/(Loss) Available to Common Stock and Participating Securities	20,215	(10,474)
Total Assets	2,873,951		2,618,695
Corporate
Segment Reporting Information [Line Items]
Interest Income	2,865	27
Interest Expense	3,955	3,931
Net Interest Income	(1,090)	(3,904)
Reversal of Provision/(Provision) for Credit Losses on Residential Whole Loans	0	0
Net Interest Income after Reversal of Provision for Credit Losses	(1,090)	(3,904)
Net gain on residential whole loans measured at fair value through earnings	0	0
Impairment and other net gain/(loss) on securities and other portfolio investments	0	(780)
Net gain on real estate owned	0	0
Net (loss)/gain on derivatives used for risk management purposes	0	0
Net loss on securitized debt measured at fair value through earnings	0	0
Lima One - origination, servicing and other fee income	0	0
Other, net	594	1,303
Other Income/(Loss), net	594	523
General and administrative expenses (including compensation)	18,486	16,034
Loan servicing, financing, and other related costs	4,602	3,233
Amortization of intangible assets	0	0
Net Income/(Loss)	(23,584)	(22,648)
Less Preferred Stock Dividend Requirement	8,219	8,219
Net Income/(Loss) Available to Common Stock and Participating Securities	(31,803)	$ (30,867)
Total Assets	$ 376,175		$ 428,153