MFA Financial (MFA) 10-Q 6 May 24 2024 Q1 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	3 Months Ended
	Mar. 31, 2024	Apr. 30, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		102,082,499
Entity Central Index Key	0001055160
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
8.875% Senior Notes Due 2029
Entity Information [Line Items]
Title of 12(b) Security	8.875% Senior Notes due 2029
Trading Symbol	MFAN
Security Exchange Name	NYSE
9.00% Senior Notes Due 2029
Entity Information [Line Items]
Title of 12(b) Security	9.00% Senior Notes due 2029
Trading Symbol	MFAO
Security Exchange Name	NYSE
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 Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	6.50% Series C Fixed-to-Floating Rate Cumulative RedeemablePreferred Stock, par value $0.01 per share
Trading Symbol	MFA/PC
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Assets:
Residential whole loans, net ($7,653,907 and $7,511,508 held at fair value, respectively)	[1],[2]	$ 9,118,665	$ 9,041,292
Securities, at fair value	[2]	736,950	746,090
Cash and cash equivalents		306,266	318,000
Restricted cash		222,905	170,211
Other assets	[2]	489,344	497,097
Total Assets		10,874,130	10,772,690
Liabilities:
Financing agreements ($4,641,438 and $4,633,660 held at fair value, respectively)		8,685,916	8,536,745
Other liabilities		304,027	336,030
Total Liabilities		8,989,943	8,872,775
Commitments and contingencies (See Note 9)
Stockholders’ Equity:
Common stock, $0.01 par value; 874,300 and 874,300 shares authorized; 102,082 and 101,916 shares issued and outstanding, respectively		1,021	1,019
Additional paid-in capital, in excess of par		3,703,242	3,698,767
Accumulated deficit		(1,839,792)	(1,817,759)
Accumulated other comprehensive income		19,526	17,698
Total Stockholders’ Equity		1,884,187	1,899,915
Total Liabilities and Stockholders’ Equity		10,874,130	10,772,690
Series B Preferred Stock
Stockholders’ Equity:
Preferred stock		80	80
Series C Preferred Stock
Stockholders’ Equity:
Preferred stock		$ 110	$ 110
[1] Includes approximately $5.7 billion and $5.7 billion of Residential whole loans transferred to consolidated variable interest entities (“VIEs”) at March 31, 2024 and December 31, 2023, respectively. Such assets can be used only to settle the obligations of each respective VIE. 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, 2024	Dec. 31, 2023
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)	102,082	101,916
Common stock, shares outstanding (in shares)	102,082	101,916
Non-Agency MBS Transferred to Consolidated VIEs
Residential whole loans transferred to consolidated VIEs	$ 5,700,000	$ 5,700,000
Series B Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, dividend rate (as a percent)	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 (as a percent)	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
Asset Pledged as Collateral with Right
Residential whole loans, held at fair value	7,653,907	7,511,508
Asset Pledged as Collateral
Financing agreements held at fair value	$ 4,641,438	$ 4,633,660

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Interest Income:
Residential whole loans	$ 157,665	$ 119,510
Securities, at fair value	12,992	7,308
Other interest-earning assets	1,163	2,351
Cash and cash equivalent investments	5,011	3,036
Interest Income	176,831	132,205
Interest Expense:
Asset-backed and other collateralized financing arrangements	123,442	88,880
Other interest expense	5,575	3,956
Interest Expense	129,017	92,836
Net Interest Income	47,814	39,369
Reversal/(Provision) for Credit Losses on Residential Whole Loans	460	13
Reversal/(Provision) for Credit Losses on Other Assets	(1,109)	0
Net Interest Income after Reversal/(Provision) for Credit Losses	47,165	39,382
Other Income/(Loss), net:
Net gain/(loss) on residential whole loans measured at fair value through earnings	(11,513)	129,174
Impairment and other net gain/(loss) on securities and other portfolio investments	(4,776)	2,931
Net gain/(loss) on real estate owned	991	3,942
Net gain/(loss) on derivatives used for risk management purposes	49,941	(21,208)
Net gain/(loss) on securitized debt measured at fair value through earnings	(22,462)	(51,725)
Lima One - origination, servicing and other fee income	7,928	8,976
Net realized gain/(loss) on residential whole loans held at carrying value	418	0
Other, net	1,875	3,014
Other Income/(Loss), net	22,402	75,104
Operating and Other Expense:
Compensation and benefits	25,468	20,630
Other general and administrative expense	13,044	10,233
Loan servicing, financing and other related costs	7,042	9,539
Amortization of intangible assets	800	1,300
Operating and Other Expense	46,354	41,702
Net Income/(Loss)	23,213	72,784
Less Preferred Stock Dividend Requirement	8,219	8,219
Net Income/(Loss) Available to Common Stock and Participating Securities	$ 14,994	$ 64,565
Basic Earnings/(Loss) per Common Share (in dollars per share)	$ 0.14	$ 0.63
Diluted Earnings/(Loss) per Common Share (in dollars per share)	$ 0.14	$ 0.62

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income/(loss)	$ 23,213	$ 72,784
Other Comprehensive Income/(Loss):
Unrealized gains/(losses) on securities available-for-sale	1,828	(1,116)
Changes in fair value of financing agreements at fair value due to changes in instrument-specific credit risk	0	0
Other Comprehensive Income/(Loss)	1,828	(1,116)
Comprehensive Income/(Loss) before preferred stock dividends	25,041	71,668
Dividends required on preferred stock	(8,219)	(8,219)
Comprehensive Income/(Loss) Available to Common Stock and Participating Securities	$ 16,822	$ 63,449

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ 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
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2022						8,000,000	11,000,000
Common stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2022								101,802,000
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 common stock, net of expenses (in shares)								168,000
Issuance of common stock, net of expenses		18						$ 1		17
Repurchase of shares of common stock (in shares)	[1]							(58,000)
Repurchase of shares of common stock	[1]	(599)								(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		(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)
Preferred stock, shares outstanding, ending balance (in shares) at Mar. 31, 2023						8,000,000	11,000,000
Common stock, shares outstanding, ending balance (in shares) at Mar. 31, 2023								101,912,000
Ending balance at Mar. 31, 2023		$ 2,018,606				$ 80	$ 110	$ 1,019		3,687,285		(1,690,113)			20,225
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2023				8,000,000	11,000,000	8,000,000	11,000,000
Common stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2023		101,916,000						101,916,000
Beginning balance at Dec. 31, 2023		$ 1,899,915				$ 80	$ 110	$ 1,019		3,698,767		(1,817,759)			17,698
Increase (Decrease) in Stockholders' Equity
Net income		23,213										23,213
Issuance of common stock, net of expenses (in shares)								297,000
Issuance of common stock, net of expenses		$ (17)						$ 3		(20)
Repurchase of shares of common stock (in shares)		0						(131,000)	[2]
Repurchase of shares of common stock		$ (1,492)	[2]					$ (1)		(1,491)	[2]
Equity based compensation expense		5,986								5,986
Change in accrued dividends attributable to stock-based awards		(1,011)										(1,011)
Dividends declared on common stock		(35,729)										(35,729)
Dividends declared on preferred stock		(8,219)		$ (3,750)	$ (4,469)								$ (3,750)	$ (4,469)
Dividends attributable to dividend equivalents		(287)										(287)
Change in unrealized gains on securities, net		$ 1,828													1,828
Preferred stock, shares outstanding, ending balance (in shares) at Mar. 31, 2024				8,000,000	11,000,000	8,000,000	11,000,000
Common stock, shares outstanding, ending balance (in shares) at Mar. 31, 2024		102,082,000						102,082,000
Ending balance at Mar. 31, 2024		$ 1,884,187				$ 80	$ 110	$ 1,021		$ 3,703,242		$ (1,839,792)			$ 19,526
[1]For the three months ended March 31, 2023 includes approximately $0.6 million (58,505 shares) surrendered for tax purposes related to equity-based compensation awards.[2]For the three months ended March 31, 2024 includes approximately $1.5 million (129,949 shares) surrendered for tax purposes related to equity-based compensation awards.

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Dividend declared per share, common stock (in dollars per share)	$ 0.35	$ 0.35
Adjustments related to tax withholding for share-based compensation	$ 1.5	$ 0.6
Shares paid for tax withholding for share based compensation (in shares)	129,949	58,505
Series B Preferred Stock
Preferred stock, dividend rate (as a percent)	7.50%
Preferred stock, cash dividends declared (in dollars per share)	$ 0.46875	$ 0.46875
Series C Preferred Stock
Preferred stock, dividend rate (as a percent)	6.50%
Preferred stock, cash dividends declared (in dollars per share)	$ 0.40625	$ 0.40625
Preferred Stock | Series B Preferred Stock
Preferred stock, dividend rate (as a percent)	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 (as a percent)	6.50%	6.50%
Preferred stock, liquidation preference per share (in dollars per share)	$ 25	$ 25

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows From Operating Activities:
Net income/(loss)	$ 23,213	$ 72,784
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Net (gain)/loss on residential whole loans	11,095	(129,174)
Impairment and other net (gain)/loss on securities and other portfolio investments, net	4,112	(2,932)
Net gain on real estate owned	(735)	(3,936)
Accretion of purchase discounts and amortization of purchase premiums on residential whole loans and securities	(3,327)	(4,507)
Provision/(reversal of provision) for credit losses on residential whole loans and other assets	649	(4)
Net (gain)/loss on derivatives used for risk management purposes	(23,182)	42,879
Net (gain)/loss on securitized debt measured at fair value through earnings	20,169	48,846
Net margin received/(paid) for derivatives used for risk management purposes	(5,112)	(28,428)
Net other non-cash (gains)/losses included in net income	14,103	5,674
(Increase)/decrease in other assets	19,397	(20,010)
Increase/(decrease) in other liabilities	(6,915)	11,471
Net cash provided by/(used in) operating activities	53,467	(7,337)
Cash Flows From Investing Activities:
Purchases and origination of residential whole loans, loan related investments and capitalized advances	(761,214)	(459,012)
Proceeds from sales of residential whole loans	151,664	263,014
Principal payments on residential whole loans and loan related investments	402,354	321,626
Purchases of securities	0	(305,858)
Proceeds from sales of securities and other assets	0	0
Principal payments on securities	8,081	5,755
Proceeds from sales of real estate owned	24,217	33,968
Other investing activities	83,496	(6,926)
Net cash provided by/(used in) investing activities	(91,402)	(147,433)
Cash Flows From Financing Activities:
Principal payments on financing agreements with mark-to-market collateral provisions	(290,021)	(766,604)
Proceeds from borrowings under financing agreements with mark-to-market collateral provisions	438,616	640,498
Principal payments on other collateralized financing agreements	(576,135)	(415,443)
Proceeds from borrowings under other collateralized financing agreements	482,499	778,400
Payment made for other collateralized financing agreement related costs	(1,340)	(4,602)
Redemption of convertible senior notes	(39,831)	0
Proceeds from issuance of senior notes	110,626	0
Proceeds from issuances of common stock, net of expenses	(20)	17
Payments made for the repurchase of common stock	(1,491)	0
Dividends paid on preferred stock	(8,219)	(8,219)
Dividends paid on common stock and dividend equivalents	(35,789)	(35,769)
Net cash provided by/(used in) financing activities	78,895	188,278
Net increase/(decrease) in cash, cash equivalents and restricted cash	40,960	33,508
Cash, cash equivalents and restricted cash at beginning of period	488,211	494,081
Cash, cash equivalents and restricted cash at end of period	529,171	527,589
Supplemental Disclosure of Cash Flow Information
Cash paid for interest	122,746	87,057
Non-cash Investing and Financing Activities:
Transfer from residential whole loans to real estate owned	19,342	20,925
Dividends and dividend equivalents declared and unpaid	$ 36,015	$ 35,756

Organization

Organization	3 Months Ended
	Mar. 31, 2024
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, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies (a) Basis of Presentation and Consolidation 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, 2023. In the opinion of management, all normal and recurring adjustments necessary to present fairly the financial condition of the Company at March 31, 2024 and results of operations for all periods presented have been made. The results of operations for the three months ended March 31, 2024 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(e) 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 our wholly owned subsidiary, Lima One Holdings, LLC, the parent company of Lima One Capital, LLC (collectively referred to as “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 but had experienced a deterioration in credit quality since origination) 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. 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. Effective January 1, 2024, purchases and sales of residential whole loans are recorded on settlement date. As of December 31, 2023, approximately $103.7 million of purchased residential whole loans, at fair value were recorded on the consolidated balance sheet and settled after period-end. 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 or construct and refinance or sell the properties (“Transitional loans”) (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. 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 expected losses in these projected cash flows are 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, although certain modeling factors have been refined over time and the data utilized has, in some cases, been updated to better align with actual and expected loss experiences. 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/amortization 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 accretion/amortization of the difference between their cost basis and unpaid principal balance (“UPB”), subject to the Company’s nonaccrual policy. Loans Held-for-Sale For loans for which the fair value option was not elected, once a decision has been made to sell loans previously classified as held for investment, such loans are considered held-for-sale and are carried at the lower of cost or fair value. 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 Residential Mortgage Securities The Company has invested in residential mortgage-backed securities (“MBS”) that are issued or guaranteed as to principal and/or interest by a federally chartered corporation, such as Fannie Mae or Freddie Mac, or an agency of the U.S. Government, such as the Government National Mortgage Association (“Ginnie Mae”) (collectively, “Agency MBS”), and residential MBS that are not guaranteed by any agency of the U.S. Government or any federally chartered corporation (“Non-Agency MBS”). In addition, the Company has investments in credit risk transfer (“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 Mortgage Servicing Rights (“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 if cash flows generated by the underlying MSRs are 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/(loss) (“AOCI”), a component of Stockholders’ Equity. Upon the sale of an AFS security, any unrealized gain or loss is reclassified out of AOCI to earnings as a realized gain or loss using the specific identification method. The Company 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/(Loss), 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. Premiums and discounts associated with MBS not 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 based upon current expected future cash flows. Any adjustment to yield is made on a prospective basis. Determination of Fair Value for Securities In determining the fair value of the Company’s residential mortgage securities, management considers a number of observable market data points, including prices obtained from pricing services, brokers and repurchase agreement counterparties, dialogue with market participants, as well as management’s observations of market activity (see Note 13). 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 if cash flows generated by the related underlying MSR collateral are 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 and interest rate swap agreements (“Swaps”) are included on the consolidated balance sheets with the fair value of the securities pledged disclosed in Notes 6 and 5, respectively. 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, 2024 and December 31, 2023. At March 31, 2024 and December 31, 2023, the Company had cash and cash equivalents of $306.3 million and $318.0 million, respectively. At March 31, 2024 and December 31, 2023, the Company had $152.6 million and $151.3 million, respectively, 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. In addition, deposits in FDIC insured accounts generally exceed insured limits (see Notes 6 and 13). (e) Restricted Cash Restricted cash primarily represents the Company’s cash collections held in connection with certain of the Company’s financing agreements, Swaps and/or loan servicing activities that are not available to the Company for general corporate purposes. Restricted cash may be applied against amounts due to financing agreements and/or Swap counterparties, or may be returned to the Company when the related collateral requirements are exceeded or at the maturity of financing agreements and/or Swaps. The Company had aggregate restricted cash of $222.9 million and $170.2 million at March 31, 2024 and December 31, 2023, respectively (see Notes 5(e), 6 and 13). (f) Goodwill & Intangible Assets At March 31, 2024 and December 31, 2023, 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 $7.2 million and $8.0 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/(Loss), 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, diligence, bank 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 securitized debt, 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. Interest expense on such financing agreements is recorded based on the current stated interest rate and outstanding principal balance in effect for the related agreement. (k) Equity-Based Compensation Compensation expense for equity-based awards that are subject to vesting condit

Residential Whole Loans

Residential Whole Loans	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Residential Whole Loans	Residential Whole Loans Included on the Company’s consolidated balance sheets at March 31, 2024 and December 31, 2023 are approximately $9.1 billion and $9.0 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, 2024 and December 31, 2023: Held at Carrying Value Held at Fair Value Total (Dollars in Thousands) March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Purchased Performing Loans: Non-QM loans $ 816,617 $ 843,884 $ 3,021,769 $ 2,961,693 $ 3,838,386 $ 3,805,577 Transitional loans (1) 29,098 35,467 2,465,674 2,326,029 2,494,772 2,361,496 Single-family rental loans (2) 148,943 172,213 1,430,021 1,462,583 1,578,964 1,634,796 Seasoned performing loans 66,065 68,945 — — 66,065 68,945 Agency eligible investor loans — — 54,654 55,779 54,654 55,779 Total Purchased Performing Loans $ 1,060,723 $ 1,120,509 $ 6,972,118 $ 6,806,084 $ 8,032,841 $ 7,926,593 Purchased Credit Deteriorated Loans $ 423,647 $ 429,726 $ — $ — $ 423,647 $ 429,726 Allowance for Credit Losses $ (19,612) $ (20,451) $ — $ — $ (19,612) $ (20,451) Purchased Non-Performing Loans $ — $ — $ 681,789 $ 705,424 $ 681,789 $ 705,424 Total Residential Whole Loans $ 1,464,758 $ 1,529,784 $ 7,653,907 $ 7,511,508 $ 9,118,665 $ 9,041,292 Number of loans 6,148 6,326 19,561 19,075 25,709 25,401 (1) As of March 31, 2024, includes $1.3 billion of loans collateralized by one-to-four family residential properties, including $506.5 million of loans collateralized by new construction projects at origination, and $1.2 billion of Transitional loans collateralized by multi-family properties. As of December 31, 2023 includes $1.2 billion of loans collateralized by one-to-four family residential properties, including $471.1 million of loans collateralized by new construction projects at origination, and $1.2 billion of Transitional loans collateralized by multi-family properties. (2) As of March 31, 2024, no loans were held-for-sale and as of December 31, 2023, $13.6 million of held-for sale loans were included in the carrying value. For the three months ended March 31, 2024, the Company recorded a $0.5 million gain on these loans resulting from their sale. The following table presents additional information regarding the Company’s Residential whole loans at March 31, 2024 and December 31, 2023: March 31, 2024 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 $ 3,836,705 $ 4,059,991 6.02 % 342 65 % 734 $ 3,814,533 $ 115,484 $ 41,428 $ 88,546 3.2 % Transitional loans (1) 2,493,073 2,502,067 9.45 9 64 747 2,306,508 44,621 18,459 132,479 6.0 Single-family rental loans 1,574,322 1,665,788 6.52 331 69 738 1,571,772 17,395 6,452 70,169 4.6 Seasoned performing loans 66,045 72,658 4.77 140 28 725 70,016 1,271 43 1,328 1.9 Agency eligible investor loans 54,654 66,297 3.44 329 66 757 65,064 523 223 487 1.1 Total Purchased Performing Loans 8,024,799 $ 8,366,801 7.11 % 238 4.3 % Purchased Credit Deteriorated Loans $ 412,077 $ 499,761 4.85 % 265 58 % N/A $ 373,341 $ 46,972 $ 16,784 $ 62,664 15.9 % Purchased Non-Performing Loans $ 681,789 $ 753,035 5.24 % 268 60 % N/A $ 437,507 $ 90,223 $ 31,434 $ 193,871 29.9 % Residential whole loans, total or weighted average $ 9,118,665 $ 9,619,597 6.21 % 227 6.9 % December 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 (5) $ 3,700,052 $ 3,934,798 5.78 % 344 65 % 735 $ 3,732,327 $ 98,017 $ 29,587 $ 74,867 2.7 % Transitional loans (1) 2,358,909 2,368,121 9.22 10 64 747 2,187,161 61,024 26,618 93,318 5.1 % Single-family rental loans 1,630,442 1,729,923 6.30 320 70 738 1,636,810 12,543 12,314 68,256 4.7 % Seasoned performing loans 68,924 75,715 4.58 143 28 725 72,126 1,045 235 2,309 3.4 % Agency eligible investor loans 55,779 66,830 3.44 332 66 758 65,094 1,508 — 228 0.3 % Total Purchased Performing Loans $ 7,814,106 $ 8,175,387 6.86 % 240 3.8 % Purchased Credit Deteriorated Loans $ 418,109 $ 506,828 4.83 % 267 59 % N/A $ 379,970 $ 44,731 $ 12,814 $ 69,313 16.2 % Purchased Non-Performing Loans $ 705,424 $ 772,737 5.21 % 270 62 % N/A $ 444,491 $ 96,464 $ 31,560 $ 200,222 30.0 % Residential whole loans, total or weighted average $ 8,937,639 $ 9,454,952 6.04 % 234 6.6 % (1) As of March 31, 2024, Transitional loans includes $1.2 billion of loans collateralized by multi-family properties with a weighted average term to maturity of 12 months and a weighted average LTV ratio of 63%. As of December 31, 2023, Transitional loans includes $1.2 billion of loans collateralized by multi-family properties with a weighted average term to maturity of 14 months and a weighted average LTV ratio of 63%. (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 $608.9 million and $551.3 million at March 31, 2024 and December 31, 2023, 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 67% and 68% at March 31, 2024 and December 31, 2023, 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. (5) Excluded from the table above are approximately $103.7 million of Residential whole loans, at fair value for which the closing of the purchase transaction had not occurred as of December 31, 2023. During the three months ended March 31, 2024, Non-QM and Single-Family Rental loans with an unpaid principal balance of $171.0 million were sold, realizing losses, before the impact of economic hedging gains and the reversal of previously recognized unrealized losses, of $21.7 million. Upon sale, the Company reversed $23.7 million of previously recognized unrealized losses, resulting in a net gain of $2.0 million during the quarter. No Residential whole loans were sold during the three months ended March 31, 2023. 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, 2024 (Dollars In Thousands) Non-QM Loans Transitional Loans (1)(2) Single-family Rental Loans (4) Seasoned Performing Loans Purchased Credit Deteriorated Loans (3) Totals Allowance for credit losses at December 31, 2023 $ 1,870 $ 2,588 $ 4,355 $ 21 $ 11,617 $ 20,451 Current provision/(reversal) (189) (473) 228 (1) (25) (460) Write-offs — (416) 59 — (22) (379) Allowance for credit losses March 31, 2024 $ 1,681 $ 1,699 $ 4,642 $ 20 $ 11,570 $ 19,612 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/(reversal) (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 (1) In connection with Transitional loans at carrying value, the Company had unfunded commitments of $2.0 million and $6.8 million as of March 31, 2024 and 2023, respectively, with an allowance for credit losses of $0 and $16,000 at March 31, 2024 and 2023, respectively. Such allowance is included in “Other liabilities” in the Company’s consolidated balance sheets (see Note 7). (2) Includes $21.9 million and $46.4 million of loans that were assessed for credit losses based on a collateral dependent methodology as of March 31, 2024 and 2023, respectively. (3) Includes $50.5 million and $62.0 million of loans that were assessed for credit losses based on a collateral dependent methodology as of March 31, 2024 and 2023, respectively. (4) Includes $10.6 million of loans that were assessed for credit losses based on a collateral dependent methodology as of March 31, 2024. Prior to December 31, 2023, the Company’s estimates of expected losses that form the basis of the Allowance for Credit Losses included certain qualitative adjustments which had 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 included uncertainty with respect to any residual 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 may experience higher delinquencies and defaults compared to the performance in historical periods of portfolios included in the available proxy data. During 2023, the Company eliminated its qualitative adjustment and made updates to certain of its modeling assumptions which, in addition to a reduction in loan balances subject to allowances, caused a reduction in the overall allowance. 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, 2024 and December 31, 2023 was $317.3 million and $266.9 million, respectively. The amortized cost basis of Purchased Credit Deteriorated Loans on nonaccrual status as of March 31, 2024 and December 31, 2023 was $61.2 million and $66.5 million, respectively. The fair value of Purchased Non-performing Loans on nonaccrual status as of March 31, 2024 and December 31, 2023 was $298.6 million and $315.4 million, respectively. During the three months ended March 31, 2024, the Company recognized $3.3 million of interest income on loans on nonaccrual status, including $2.2 million on its portfolio of loans which were non-performing at acquisition. At March 31, 2024 and December 31, 2023, there were approximately $51.0 million and $51.6 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. During the three months ended March 31, 2024, the Company granted one loan modification in its carrying value loan portfolio which gave a borrower a term extension. The increase in weighted average life was twenty-nine months. As of March 31, 2024, the carrying value of this loan was approximately $0.1 million. As of March 31, 2024, this loan was not greater than 90 days delinquent. During the past 12 months, the Company has granted five loan modifications in its carrying value loan portfolio which gave borrowers term extensions. The average increase in weighted average life was twenty-four months. As of March 31, 2024, the carrying value of these loans was approximately $0.6 million, and one of these modifications was delinquent for more than 90 days. 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) 2024 2023 2022 2021 2020 Prior Total Non-QM loans LTV <= 80% (1) $ — $ — $ — $ 42,349 $ 164,663 $ 591,730 $ 798,742 LTV > 80% (1) — — — 1,386 10,169 6,320 17,875 Total Non-QM loans $ — $ — $ — $ 43,735 $ 174,832 $ 598,050 $ 816,617 Three Months Ended March 31, 2024 Gross write-offs $ — $ — $ — $ — $ — $ — $ — Transitional loans LTV <= 80% (1) $ — $ — $ — $ 156 $ 3,915 $ 25,027 $ 29,098 LTV > 80% (1) — — — — — — — Total Transitional loans $ — $ — $ — $ 156 $ 3,915 $ 25,027 $ 29,098 Three Months Ended March 31, 2024 Gross write-offs $ — $ — $ — $ — $ — $ 416 $ 416 Single-family rental loans LTV <= 80% (1) $ — $ — $ — $ 7,861 $ 18,648 $ 109,439 $ 135,948 LTV > 80% (1) — — — — 408 12,587 12,995 Total Single family rental loans $ — $ — $ — $ 7,861 $ 19,056 $ 122,026 $ 148,943 Three Months Ended March 31, 2024 Gross write-offs $ — $ — $ — $ — $ (59) $ — $ (59) Seasoned performing loans LTV <= 80% (1) $ — $ — $ — $ — $ — $ 63,739 $ 63,739 LTV > 80% (1) — — — — — 2,326 2,326 Total Seasoned performing loans $ — $ — $ — $ — $ — $ 66,065 $ 66,065 Three Months Ended March 31, 2024 Gross write-offs $ — $ — $ — $ — $ — $ — $ — Purchased credit deteriorated loans LTV <= 80% (1) $ — $ — $ — $ — $ — $ 364,008 $ 364,008 LTV > 80% (1) — — — — — 59,639 59,639 Total Purchased credit deteriorated loans $ — $ — $ — $ — $ — $ 423,647 $ 423,647 Three Months Ended March 31, 2024 Gross write-offs $ — $ — $ — $ — $ — $ 22 $ 22 Total LTV <= 80% (1) $ — $ — $ — $ 50,366 $ 187,226 $ 1,153,943 $ 1,391,535 Total LTV > 80% (1) — — — 1,386 10,577 80,872 92,835 Total residential whole loans, at carrying value $ — $ — $ — $ 51,752 $ 197,803 $ 1,234,815 $ 1,484,370 Three Months Ended March 31, 2024 Total Gross write-offs $ — $ — $ — $ — $ (59) $ 438 $ 379 (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 $608.9 million at March 31, 2024, 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 67% at March 31, 2024. 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, 2024 (Dollars In Thousands) Carrying Value / Fair Value UPB LTV (1) Purchased Performing Loans Non-QM loans $ 126,310 $ 129,974 65.2 % Transitional loans 142,423 150,938 65.9 % Single-family rental loans 63,173 76,621 111.0 % Seasoned performing loans 1,373 1,371 24.6 % Agency eligible investor loans 582 710 71.7 % Total Purchased Performing Loans $ 333,861 $ 359,614 Purchased Credit Deteriorated Loans $ 63,432 $ 79,448 64.3 % Purchased Non-Performing Loans $ 212,437 $ 225,305 69.6 % Total Residential Whole Loans $ 609,730 $ 664,367 December 31, 2023 (Dollars In Thousands) Carrying Value / Fair Value UPB LTV (1) Purchased Performing Loans Non-QM loans $ 102,252 $ 104,454 63.9 % Transitional loans 113,772 119,936 65.1 % Single-family rental loans 65,659 80,570 109.1 % Seasoned performing loans 2,520 2,544 33.6 % Agency eligible investor loans 188 228 73.4 % Total Purchased Performing Loans $ 284,391 $ 307,732 Purchased Credit Deteriorated Loans $ 66,089 $ 82,127 64.3 % Purchased Non-Performing Loans $ 222,319 $ 231,782 70.7 % Total Residential Whole Loans $ 572,799 $ 621,641 (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, 2024 and 2023: Held at Carrying Value Held at Fair Value Total Three Months Ended Three Months Ended Three Months Ended (In Thousands) 2024 2023 2024 2023 2024 2023 Purchased Performing Loans: Non-QM loans $ 11,420 $ 12,674 $ 44,441 $ 31,415 $ 55,861 $ 44,089 Transitional loans 241 620 52,975 27,607 53,216 28,227 Single-family rental loans 2,561 2,977 24,541 18,336 27,102 21,313 Seasoned performing loans 1,124 1,090 — — 1,124 1,090 Agency eligible investor loans — — 517 2,857 517 2,857 Total Purchased Performing Loans $ 15,346 $ 17,361 $ 122,474 $ 80,215 $ 137,820 $ 97,576 Purchased Credit Deteriorated Loans $ 6,355 $ 7,138 $ — $ — $ 6,355 $ 7,138 Purchased Non-Performing Loans $ — $ — $ 13,490 $ 14,796 $ 13,490 $ 14,796 Total Residential Whole Loans $ 21,701 $ 24,499 $ 135,964 $ 95,011 $ 157,665 $ 119,510

Securities, at Fair Value

Securities, at Fair Value	3 Months Ended
	Mar. 31, 2024
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, 2024 and December 31, 2023 : March 31, 2024 (Dollars in Thousands) Current Weighted Weighted Fair Weighted CPR (1) 30-Year Fixed Rate: 5.00% Coupon $ 75,830 100.2 % 97.8 % $ 74,137 12 1.4 % 5.50% Coupon 274,733 100.4 99.7 273,975 14 3.2 6.00% Coupon 175,301 100.0 101.2 177,471 10 4.0 6.50% Coupon 20,783 100.1 102.7 21,336 7 21.1 Total $ 546,647 100.3 % 100.0 % $ 546,919 12 3.9 % December 31, 2023 (Dollars in Thousands) Current Weighted Weighted Fair Weighted CPR (1) 30-Year Fixed Rate: 5.00% Coupon $ 76,360 100.2 % 99.1 % $ 75,650 9 2.4 % 5.50% Coupon 277,885 100.4 100.7 279,851 11 5.2 6.00% Coupon 177,842 100.0 101.7 180,841 7 4.2 6.50% Coupon 22,213 100.1 102.7 22,802 4 1.4 Total $ 554,300 100.3 % 100.9 % $ 559,144 9 4.3 % (1) Reflects the average of the 1 month CPR for the number of months the security was held during the most recent 3 month period. Term Notes Backed by MSR Collateral At March 31, 2024 and December 31, 2023, the Company had $82.0 million and $79.9 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, 2024, these term notes had an amortized cost of $75.4 million, gross unrealized gains of approximately $6.6 million, a weighted average yield of 17.0% and a weighted average term to maturity of 1.59 years. At December 31, 2023, the term notes had an amortized cost of $74.2 million, gross unrealized gains of approximately $5.7 million, a weighted average yield of 17.0% and a weighted average term to maturity of 1.84 years. The issuer of the notes had a one-time option to extend the maturity of the notes for an additional two years, subject to satisfaction of certain conditions, which was exercised in October 2023. The coupon stepped up by 0.75% at the time of the extension. 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. At March 31, 2024 and December 31, 2023, the Company had $84.4 million and $83.2 million, respectively, of CRT securities. 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, 2024, and December 31, 2023, the Company had $23.6 million and $23.8 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, 2024 and December 31, 2023: March 31, 2024 (In Thousands) Principal/ Current Purchase Accretable Discount Designated as Credit Reserve (1) Gross Amortized Gross Gross Net Fair Agency MBS $ 546,647 $ 1,801 $ (493) $ — $ 547,955 $ 2,738 $ (3,774) $ (1,036) $ 546,919 Other Securities (2)(3)(4) 192,671 20,865 (5,571) (40,514) 167,451 22,865 (285) 22,580 190,031 Total residential mortgage securities (2)(3)(4) $ 739,318 $ 22,666 $ (6,064) $ (40,514) $ 715,406 $ 25,603 $ (4,059) $ 21,544 $ 736,950 December 31, 2023 (In Thousands) Principal/ Current Purchase Accretable Discount Designated as Credit Reserve (1) Gross Amortized Gross Gross Net Fair Value Agency MBS $ 554,300 $ 1,824 $ (500) $ — $ 555,624 $ 4,355 $ (835) $ 3,520 $ 559,144 Other Securities (2)(3)(4) 193,102 19,686 (5,637) (40,514) 166,637 20,437 (128) 20,309 186,946 Total residential mortgage securities (2)(3)(4) $ 747,402 $ 21,510 $ (6,137) $ (40,514) $ 722,261 $ 24,792 $ (963) $ 23,829 $ 746,090 (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, 2024 includes CRT securities with a fair value of $51.7 million for which the fair value option has been elected. Such securities had approximately $2.8 million gross unrealized gains and no gross unrealized losses at March 31, 2024. Amounts disclosed at December 31, 2023 includes CRT securities with a fair value of $51.2 million for which the fair value option has been elected. Such securities had gross unrealized gains of approximately $2.3 million and no gross unrealized losses at December 31, 2023. (4) Amounts disclosed at March 31, 2024 include Non-Agency MBS with a fair value of $23.6 million for which the fair value option had been elected. Such securities had approximately $0.5 million gross unrealized gains and $0.3 million gross unrealized losses at March 31, 2024. Amounts disclosed at December 31, 2023 include Non-Agency MBS with a fair value of $23.8 million for which the fair value option has been elected. Such securities had $0.5 million gross unrealized gains and $0.1 million gross unrealized losses at December 31, 2023. Sales of Residential Mortgage Securities During the three months ended March 31, 2024 and 2023, the Company did not sell any of its residential mortgage securities. Impairment and Other Net Gain/(Loss) on Securities and Other Portfolio Investments The following table present the components of Impairment and other net gain/(loss) on securities and other portfolio investments for the three months ended March 31, 2024 and 2023, which is presented in Other Income/(Loss), net in the consolidated statements of operations: Three Months Ended March 31, (In Thousands) 2024 2023 Net unrealized gain/(loss) on securities $ (4,112) $ 2,931 Net realized gain/(loss) from the sale of securities — — Impairment of securities — — Total Impairment and other net gain/(loss) on securities (4,112) 2,931 Net unrealized gain/(loss) on other portfolio investments (664) — Net realized gain/(loss) on other portfolio investments — — Total Impairment and other net gain/(loss) on securities and other portfolio investments $ (4,776) $ 2,931 Unrealized Losses on Residential Mortgage Securities There were no gross unrealized losses on the Company’s AFS securities (whose changes in fair value are recorded through OCI) at March 31, 2024. 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, 2024 and 2023. Impact of AFS Securities on AOCI The following table presents the impact of the Company’s AFS securities (who se changes in fair value are recorded through O CI) on its AOCI for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, (In Thousands) 2024 2023 AOCI from AFS securities: Unrealized gain on AFS securities at beginning of period $ 17,698 $ 21,341 Unrealized gain/(loss) on securities available-for-sale 1,828 (1,116) Change in AOCI from AFS securities 1,828 (1,116) Balance at end of period $ 19,526 $ 20,225 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, 2024 and 2023: Three Months Ended March 31, (In Thousands) 2024 2023 Agency MBS Coupon interest $ 7,730 $ 2,051 Effective yield adjustment (1)(2) (15) (31) Interest income $ 7,715 $ 2,020 Other MBS Coupon interest $ 2,085 $ 1,912 Effective yield adjustment (1)(2) 30 188 Interest income $ 2,115 $ 2,100 Term notes backed by MSR collateral Coupon interest $ 1,951 $ 1,963 Effective yield adjustment (2) 1,211 1,225 Interest income $ 3,162 $ 3,188 (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)

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2024
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, 2024 and December 31, 2023: (In Thousands) March 31, 2024 December 31, 2023 REO $ 106,185 $ 110,174 Commercial REO 22,194 22,717 Goodwill 61,076 61,076 Intangibles, net (1) 7,200 8,000 Capital contributions made to loan origination partners 19,780 19,780 Commercial loans 45,793 51,426 Interest receivable 104,636 98,924 Other loan related receivables 17,891 24,084 Lease Right-of-Use Asset (2) 37,158 37,819 Other 67,431 63,097 Total Other Assets $ 489,344 $ 497,097 (1) Net of aggregate accumulated amortization of $20.8 million and $20.0 million as of March 31, 2024 and December 31, 2023, 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 and Commercial REO At March 31, 2024, the Company had 288 REO properties with an aggregate carrying value of $106.2 million. At December 31, 2023, the Company had 300 REO properties with an aggregate carrying value of $110.2 million. At March 31, 2024, $106.1 million of residential real estate property was held by the Company that was acquired either through a completed foreclosure proceeding or from completion of a deed-in-lieu of foreclosure or similar legal agreement. In addition, formal foreclosure proceedings were in process with respect to $84.0 million of residential whole loans held at carrying value and $279.8 million of residential whole loans held at fair value at March 31, 2024. The following table presents the activity in the Company’s REO for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, (Dollars In Thousands) 2024 2023 Balance at beginning of period $ 110,174 $ 130,605 Adjustments to record at lower of cost or fair value (1,267) (1,052) Transfer from residential whole loans (1) 19,342 20,925 Purchases and capital improvements, net 151 137 Disposals and other (2) (22,215) (29,400) Balance at end of period $ 106,185 $ 121,215 Number of properties 288 362 (1) During the three months ended March 31, 2024 and 2023, the Company recognized $(1.1) million and $41,000 of gains / (losses), respectively, on Residential whole loans in Other Income/(Loss), net associated with the transfer of loans to REO. (2) During the three months ended March 31, 2024 and 2023, the Company sold 73 and 93 REO properties for consideration of $24.2 million and $33.8 million, realizing net gains of approximately $2.0 million and $5.0 million, respectively. These amounts are included in Other Income, net on the Company’s consolidated statements of operations. Commercial REO In 2023, the Company received a 75% interest in an entity which owns a newly constructed industrial property as part of the negotiated settlement of a delinquent commercial mortgage loan. The entity was determined to be a VIE but the Company was not determined to be the primary beneficiary; as a result, the investment in the entity is considered an equity method investment. During the three months ended March 31, 2024, the Company recorded a $0.5 million loss based on an updated valuation of the property, which the Company agreed to sell subsequent to March 31, 2024. The entity accounts for this commercial REO similarly to the manner in which the Company accounts for its residential REO. The entity does not own any other significant assets or carry any significant liabilities and the property is currently vacant and considered held-for-sale. (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, 2024 is summarized in the table below: (Dollars in Thousands) Carrying Value at December 31, 2023 Amortization Three Months Ended March 31, 2024 Carrying Value at March 31, 2024 Amortization Period (Years) (1) Trademarks / Trade Names $ 3,000 $ (100) $ 2,900 10 Customer Relationships 3,000 (500) 2,500 4 Internally Developed Software 2,000 (200) 1,800 5 Total Identified Intangibles $ 8,000 $ (800) $ 7,200 (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, 2024, the carrying value of these investments (including adjustments for impairments or mark-to-market changes) was $19.8 million, including $4.7 million of common equity (including partnership interests) and $15.1 million of preferred equity. During the three months ended March 31, 2024 and 2023, there were no impairment charges recorded by the Company on its investments in loan origination partners. 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) Commercial Mortgage Loans The Company owns a portfolio of participations in commercial mortgage bridge loans, which are accounted for at fair value under the fair value option, and are classified as Level 3 fair value measurements in the fair value hierarchy. The participations range from 49% to 75% of the total UPB of the related loans; the remaining interest in each loan was retained by the originator of such loan. The commercial mortgage loans are predominantly collateralized by multi-family properties; the collateral also includes one senior living property and one office property. The commercial mortgage loans are generally first liens and bear variable interest rates. The Company received an interest in one of the underlying properties in the fourth quarter of 2023, as further described above under “Commercial REO.” The following table presents certain additional information about the Company’s commercial mortgage loans as of March 31, 2024 and December 31, 2023: (In Thousands) Fair Value / Carrying Value UPB Weighted Average Coupon Weighted Average Term to Maturity (Months) UPB 60+ Days Delinquent Weighted Average LTV Ratio Commercial Loans - March 31, 2024 $ 45,793 $ 46,633 13.29 % 2 $ 29,931 65 % Commercial Loans - December 31, 2023 $ 51,426 $ 51,602 13.18 % 2 $ 3,521 66 % (e) 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, 2024, none of the Company’s Swaps were designated as hedges for accounting purposes. 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. The following table presents the assets pledged as collateral against the Company’s Swaps at March 31, 2024, and December 31, 2023: (In Thousands) March 31, December 31, Agency MBS, at fair value $ 49,657 $ 41,179 Restricted Cash 11,645 22,880 At March 31, 2024, the Company had Swaps with an aggregate notional amount of $3.2 billion and an average maturity of approximately 36 months with a maximum term of approximately 116 months. The following table presents information about the Company’s Swaps at March 31, 2024, and December 31, 2023: March 31, 2024 December 31, 2023 Maturity (1) Notional Weighted Weighted Average Variable Interest Rate (2) Notional Weighted Weighted Average Variable Interest Rate (2) (Dollars in Thousands) Over 30 days to 3 months $ — — % — % $ 100,000 1.49 % 5.38 % Over 6 months to 12 months 1,000,010 1.09 5.34 450,010 0.90 5.38 Over 12 months to 24 months 125,000 2.70 5.34 675,000 1.52 5.38 Over 24 months to 36 months 1,300,000 1.42 5.34 450,000 1.12 5.38 Over 36 months to 48 months 125,000 2.71 5.34 975,000 1.73 5.38 Over 48 months to 60 months 24,600 4.28 5.34 24,600 4.28 5.38 Over 60 months to 72 months 310,000 2.95 5.34 310,000 2.95 5.38 Over 72 months 292,650 4.32 5.34 292,650 4.32 5.38 Total Swaps $ 3,177,260 1.86 % 5.34 % $ 3,277,260 1.85 % 5.38 % (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 gain/(loss) on derivatives used for risk management purposes for the three months ended March 31, 2024 and 2023, which is presented in Other Income/(Loss), net in the consolidated statements of operations: Three Months Ended March 31, (In Thousands) 2024 2023 Income on swap variable receive leg $ 44,177 $ 33,851 Expense on swap fixed pay leg (15,086) (12,034) Unrealized mark-to-market gain/(loss) 23,182 (40,747) Net price alignment expense on margin collateral received (2,332) (2,278) Total Net gain/(loss) on derivatives used for risk management purposes $ 49,941 $ (21,208)

Financing Agreements

Financing Agreements	3 Months Ended
	Mar. 31, 2024
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, 2024 and December 31, 2023: March 31, 2024 (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 $ 1,904,146 $ 1,903,425 7.47 % 11.6 Agreements with mark-to-market collateral provisions Securities 605,673 605,673 5.79 % 0.3 Total Agreements with mark-to-market collateral provisions 2,509,819 2,509,098 7.05 % Agreements with non-mark-to-market collateral provisions Residential Whole Loans and REO 1,103,010 1,102,114 7.89 % 17.4 Securitized debt Residential Whole Loans 4,915,695 4,794,400 4.59 % See Note 14 Convertible senior notes Unsecured 169,729 169,529 6.94 % 2.5 8.875% Senior Notes due 2029 Unsecured 115,000 110,775 9.80 % 58.6 Impact of net Swap carry (1.31) % Total Financing agreements (2) $ 8,813,253 $ 8,685,916 4.52 % December 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 $ 1,738,543 $ 1,737,651 7.50 % 11.8 Agreements with mark-to-market collateral provisions Securities 622,603 622,603 5.81 % 0.2 Total Agreements with mark-to-market collateral provisions 2,361,146 2,360,254 7.09 % Agreements with non-mark-to-market collateral provisions Residential Whole Loans and REO 1,217,671 1,216,697 7.94 % 20.6 Securitized debt Residential Whole Loans 4,894,746 4,750,805 4.37 % See Note 14 Convertible senior notes Unsecured 209,589 208,989 6.94 % 5.5 Impact of net Swap carry (1.40) % Total Financing agreements (2) $ 8,683,152 $ 8,536,745 4.33 % (1) The Company has both financing agreements held at fair value and financing 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, 2024, the Company had $176.8 million of agreements with mark-to-market collateral provisions held at fair value, $399.0 million of agreements with non-mark-to-market collateral provisions held at fair value, and $4.1 billion of securitized debt held at fair value, with amortized cost bases of $176.8 million, $399.0 million, and $4.1 billion, respectively. At December 31, 2023, the Company had $178.9 million of agreements with mark-to-market collateral provisions held at fair value, $469.4 million of agreements with non-mark-to-market collateral provisions held at fair value, and $4.0 billion of securitized debt held at fair value, with amortized cost bases of $178.9 million, $469.4 million, and $4.1 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 three months ended March 31, 2024, this decreased the overall funding cost by 131 basis points, and for the three months ended December 31, 2023, this decreased the overall funding cost by 140 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, 2024 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 $ 364,467 $ 492,446 $ 488,610 $ 558,623 $ 1,904,146 Agreements with mark-to-market collateral provisions Securities 605,673 — — — 605,673 Total Agreements with mark-to-market collateral provisions 970,140 492,446 488,610 558,623 2,509,819 Agreements with non-mark-to-market collateral provisions Residential Whole Loans 49,138 31,654 23,077 999,141 1,103,010 (1) $970.1 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 $381.9 million outstanding. The longest maturity date is approximately 30 months. 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, 2024 and December 31, 2023: (Dollars in Thousands) March 31, December 31, Mark-to-market financing agreements secured by residential whole loans (1) $ 1,880,014 $ 1,712,489 Fair value of residential whole loans pledged as collateral under financing agreements $ 2,420,430 $ 2,204,239 Weighted average haircut on residential whole loans (2) 22.06 % 20.90 % Mark-to-market financing agreements secured by securities at fair value $ 605,673 $ 622,603 Securities at fair value pledged as collateral under financing agreements $ 682,199 $ 689,818 Weighted average haircut on securities at fair value (2) 8.39 % 8.07 % Mark-to-market financing agreements secured by real estate owned $ 23,411 $ 25,163 Fair value of real estate owned pledged as collateral under financing agreements $ 45,502 $ 50,365 Weighted average haircut on real estate owned (2) 48.55 % 49.39 % (1) Includes an aggregate of $364.5 million and $327.2 million of mark-to-market financing collateralized by Non-Agency MBS with a fair value of $486.3 million and $465.6 million obtained in connection with the Company’s loan securitization transactions that are eliminated in consolidation as of March 31, 2024 and December 31, 2023, respectively. (2) Haircut represents the percentage amount by which the collateral value is contractually required to exceed the loan amount. The following table presents information with respect to the Company’s financing agreements with non-mark-to-market collateral provisions and associated assets pledged as collateral at March 31, 2024 and December 31, 2023: (Dollars in Thousands) March 31, December 31, Non-mark-to-market financing secured by residential whole loans $ 1,102,114 $ 1,216,697 Fair value of residential whole loans pledged as collateral under financing agreements $ 1,407,278 $ 1,510,146 Weighted average haircut on residential whole loans 18.99 % 17.65 % Non-mark-to-market financing secured by real estate owned $ — $ — Fair value of real estate owned pledged as collateral under financing agreements $ — $ — Weighted average haircut on real estate owned — % — % In addition, the Company had aggregate restricted cash held in connection with its financing agreements of $15.5 million and $19.0 million at March 31, 2024 and December 31, 2023, 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, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Amortized Cost Basis Weighted Average Interest Rate Amortized Cost Basis Weighted Average Interest Rate Time Until Interest Rate Reset (Dollars in Thousands) Within 30 days $ 3,612,829 7.30 % $ 3,578,816 7.36 % Over 30 days to 3 months — — — — Over 3 months to 12 months — — — — Over 12 months — — — — Total financing agreements $ 3,612,829 7.30 % $ 3,578,816 7.36 % (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. In February 2023, the Company’s Board authorized a repurchase program for its Convertible Senior Notes pursuant to which it may repurchase up to $100 million of its Convertible Senior Notes. The convertible notes repurchase program does not require the purchase of any minimum amount of Convertible Senior Notes. The timing and extent to which the Company may repurchase its Convertible Senior Notes 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. During the three months ended March 31, 2024, the Company repurchased $39.9 million principal amount of its Convertible Senior Notes for $39.8 million and recorded a loss of $0.1 million to Other Income/(Loss), net on the consolidated statement of operations. During the year ended December 31, 2023, the Company repurchased $20.4 million principal amount of the Convertible Senior Notes for $20.2 million and recorded a gain of $0.1 million to Other Income/(Loss), net on the consolidated statement of operations. At March 31, 2024, the aggregate principal amount of the Company’s Convertible Senior Notes outstanding was $169.7 million. 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. 8.875% Senior Notes due 2029 (“8.875% Senior Notes”) On January 11, 2024, the Company completed the issuance of $115.0 million in aggregate principal amount of its 8.875% Senior Notes in an underwritten public offering, including $15.0 million issued pursuant to the exercise of the underwriters’ option to purchase additional 8.875% Senior Notes. The 8.875% Senior Notes are senior unsecured obligations of the Company and bear interest at a rate equal to 8.875% per year, payable in cash quarterly in arrears on February 15, May 15, August 15, and November 15 of each year, beginning on May 15, 2024, and are expected to mature on February 15, 2029, unless earlier redeemed. The Company may redeem the 8.875% Senior Notes in whole or in part at any time at the Company’s option on or after February 15, 2026, at a redemption price equal to 100% of the outstanding principal amount of the 8.875% Senior Notes to be redeemed plus accrued and unpaid interest to, but excluding, the redemption date. The total net proceeds to the Company from the offering of the 8.875% Senior Notes, after deducting the underwriter’s discount and commissions and estimated offering expenses, were approximately $110.6 million. The 8.875% Senior Notes have an effective interest rate, including the impact of amortization to interest expense of debt issuance costs, of 9.82%. (b) Counterparties The Company had financing agreements, including repurchase agreements and other forms of secured financing, with 14 and 14 counterparties at March 31, 2024 and December 31, 2023, 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, 2024: March 31, 2024 Amount at Risk (1) Weighted Percent of Counterparty (Dollars in Thousands) Wells Fargo $ 258,520 1 13.7 % Barclays 215,033 1 11.4 Churchill Finance LLC 165,467 1 8.8 Atlas 97,393 1 5.2 (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. (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, 2024 and December 31, 2023: March 31, 2024 Financing Agreements (In Thousands) Non-Mark-to-Market (1) Mark-to-Market (1) (2) Securitized Total Assets: Residential whole loans, at carrying value $ 38,737 $ 302,540 $ 1,135,390 $ 1,476,667 Residential whole loans, at fair value 1,373,059 1,632,982 4,620,100 7,626,141 Securities, at fair value — 682,199 — 682,199 Other assets: REO — 39,546 31,868 71,414 Total $ 1,411,796 $ 2,657,267 $ 5,787,358 $ 9,856,421 December 31, 2023 Financing Agreements (In Thousands) Non-Mark-to-Market (1) Mark-to-Market (1) (2) Securitized Total Assets: Residential whole loans, at carrying value $ 55,056 $ 318,762 $ 1,170,268 $ 1,544,086 Residential whole loans, at fair value 1,458,848 1,414,912 4,526,461 7,400,221 Securities, at fair value — 689,818 — 689,818 Other assets: REO — 43,295 33,334 76,629 Total $ 1,513,904 $ 2,466,787 $ 5,730,063 $ 9,710,754 (1) An aggregate of $39.9 million and $36.4 million of accrued interest on those assets pledged against non-mark-to-market and mark-to-market financing agreements had also been pledged as of March 31, 2024 and December 31, 2023, respectively. (2) Includes an aggregate of $364.5 million and $327.2 million of mark-to-market financing collateralized by Non-Agency MBS with a fair value of $486.3 million and $465.6 million obtained in connection with the Company’s loan securitization transactions that are eliminated in consolidation as of March 31, 2024 and December 31, 2023, 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(e) - 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, 2024
Other Liabilities [Abstract]
Other Liabilities	Other Liabilities The following table presents the components of the Company’s Other liabilities at March 31, 2024 and December 31, 2023: (In Thousands) March 31, 2024 December 31, 2023 Payable for unsettled investment purchases $ — $ 103,654 Dividends and dividend equivalents payable 36,015 35,789 Lease liability 42,873 43,576 Accrued interest payable 36,187 30,834 Accrued expenses and other 188,952 122,177 Total Other Liabilities $ 304,027 $ 336,030

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
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 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, 2024, December 31, 2023 or March 31, 2023. As of the date of this filing, the Company’s tax returns for tax years 2020 through 2023 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, 2024 and December 31, 2023 are presented in the following table: (In Thousands) March 31, 2024 December 31, 2023 Deferred tax assets (DTAs): Net operating loss and tax credit carryforwards $ 87,007 $ 91,113 Unrealized mark-to-market, impairments and loss provisions 16,977 16,170 Other realized / unrealized treatment differences (32,891) (34,923) Total deferred tax assets 71,093 72,360 Less: valuation allowance (71,093) (72,360) Net deferred tax assets $ — $ — Realization of the Company’s DTAs at March 31, 2024 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, 2024 and 2023, 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, 2024, the Company’s federal NOL carryforward from prior years was $356.6 million, which may be carried forward indefinitely. If certain substantial changes in the Company’s ownership occur, there could be an annual limitation on the amount of the carryforwards that can be utilized. The income tax provision/(benefit) is included in Other general and administrative expense in the Company’s consolidated statements of operations. The following table summarizes the Company’s income tax provision/(benefit) primarily recorded at the Company’s domestic TRS entities for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, (In Thousands) 2024 2023 Current provision/(benefit) Federal $ 422 $ (134) State 111 (53) Total current provision/(benefit) 533 (187) Deferred provision/(benefit) Federal 399 589 State 117 155 Total deferred provision/(benefit) 516 744 Total provision/(benefit) $ 1,049 $ 557 The following is a reconciliation of the statutory federal tax rate to the Company’s effective tax rate at March 31, 2024 and 2023: Three Months Ended March 31, 2024 March 31, 2023 Federal statutory rate 21.0 % 21.0 % Non-taxable REIT income (dividends paid deduction) (24.5) % (9.0) % Other differences in taxable income/(loss) from GAAP 21.0 % (8.4) % State and local taxes (0.2) % — % Change in valuation allowance on DTAs (13.9) % (2.9) % Effective tax rate 3.4 % 0.7 %

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
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, 2024, the Company recorded an expense of approximately $1.3 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, 2024, 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) 2024 (1) $ 4,553 2025 5,212 2026 4,839 2027 5,119 2028 5,055 Thereafter 41,944 Total $ 66,722 Present Value Discount (23,849) Total Lease Liability (Note 7) $ 42,873 (1) Reflects contractual minimum rental payments due for the period from April 1, 2024 through December 31, 2024. Additionally, in June 2023, Lima One executed a lease agreement on new office space in Greenville, South Carolina for a thirteen-year term. The Company expects the average annual lease rental expense to be approximately $3.0 million. Lima One currently expects to relocate to the space in the latter half of 2025. The agreement can be terminated by the Company until May 31, 2024. (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, 2024, the Company was not aware of any material unsettled repurchase claims that would require a reserve (see Note 14). (c) Loan Commitments At March 31, 2024, the Company had unfunded commitments of $527.0 million in connection with its Transitional loans (see Note 3). From time to time, Lima One makes short-term commitments to originate mortgage loans; such commitments were not significant at March 31, 2024. (d) Guarantee In connection with one of its investments in a loan origination partner, the Company has guaranteed up to $42.5 million of such investee’s warehouse financing. As of March 31, 2024, the Company has not recorded a liability in connection with this guarantee.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2024
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, 2023 through March 31, 2024: Declaration Date Record Date Payment Date Dividend Per Share February 20, 2024 March 5, 2024 March 28, 2024 $0.46875 November 21, 2023 December 4, 2023 December 29, 2023 0.46875 August 17, 2023 September 5, 2023 September 29, 2023 0.46875 May 22, 2023 June 5, 2023 June 30, 2023 0.46875 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 London Interbank Offered Rate (“LIBOR”) plus a spread of 5.345% per year of the $25.00 per share liquidation preference before the Company’s common stock is paid any dividends, and is senior to the Company’s common stock with respect to distributions upon liquidation, dissolution or winding up. In light of the discontinuance of the publication of three-month LIBOR after June 2023 and pursuant to the terms of the Series C Preferred Stock, the Company will, prior to March 31, 2025, appoint a calculation agent 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. Although the Company has not yet appointed a calculation agent and a substitute or successor base rate has not yet been selected, the Company expects that three-month SOFR (Secured Overnight Financing Rate) will be the substitute or successor base rate to three-month LIBOR. 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, 2023 through March 31, 2024: Declaration Date Record Date Payment Date Dividend Per Share February 20, 2024 March 5, 2024 March 28, 2024 $0.40625 November 21, 2023 December 4, 2023 December 29, 2023 0.40625 August 17, 2023 September 5, 2023 September 29, 2023 0.40625 May 22, 2023 June 5, 2023 June 30, 2023 0.40625 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, 2023 through March 31, 2024: Declaration Date Record Date Payment Date Dividend Per Share March 7, 2024 March 28, 2024 April 30, 2024 $0.35 (1) December 13, 2023 December 29, 2023 January 31, 2024 0.35 September 20, 2023 October 2, 2023 October 31, 2023 0.35 June 15, 2023 June 30, 2023 July 31, 2023 0.35 March 10, 2023 March 31, 2023 April 28, 2023 0.35 (1) At March 31, 2024, the Company had accrued dividends and dividend equivalents payable of $36.0 million related to the common stock dividend declared on March 7, 2024 . (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, 2024, approximately 2.0 million shares of common stock remained available for issuance pursuant to the DRSPP shelf registration statement. The Company did not issue any shares pursuant to its DRSPP during the three months ended March 31, 2024. From the inception of the DRSPP in September 2003 through March 31, 2024, the Company issued 8,848,219 shares pursuant to the DRSPP, raising net proceeds of $290.8 million. (d) At-the-Market Offering Program On February 29, 2024, the Company entered into a distribution agreement pursuant to the terms of which the Company may offer and sell shares of its common stock having an aggregate gross sales price of up to $300.0 million, from time to time, through various sales agents in transactions deemed to be “at-the-market” offerings under federal securities laws (the “ATM Program”). The Company did not sell any shares of common stock through the ATM Program during the three months ended March 31, 2024. (e) Stock Repurchase Program On February 29, 2024, the Company announced its Board had authorized a new $200 million stock repurchase program with respect to the Company’s common stock, which will be in effect through the end of 2025. The Company's prior stock repurchase program, which was adopted in March 2022, had authorized the repurchase of up to $250 million of common stock and expired on December 31, 2023, with approximately $202.5 million remaining available at the date of expiration. The new stock repurchase program supersedes the prior stock repurchase program in its entirety. 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, 2024 and March 31, 2023. At March 31, 2024, $200 million remained available under the current authorization for the purchase of the Company’s common stock under the stock repurchase program. (f) 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, 2024: Three Months Ended (In Thousands) Net Unrealized Net Unrealized Gain/(Loss) on Financing Agreements (1) Total Balance at beginning of period $ 17,698 $ — $ 17,698 OCI before reclassifications 1,828 — 1,828 Amounts reclassified from AOCI — — — Net OCI during the period (2) 1,828 — 1,828 Balance at end of period $ 19,526 $ — $ 19,526 (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, 2023: Three Months Ended (In Thousands) Net Unrealized 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).

EPS Calculation

EPS Calculation	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
EPS Calculation	EPS Calculation The following table presents a reconciliation of the earnings/(loss) and shares used in calculating basic and diluted earnings/(loss) per share for the three months ended March 31, 2024 and 2023: Three Months Ended (In Thousands, Except Per Share Amounts) 2024 2023 Basic Earnings/(Loss) per Share: Net income/(loss) $ 23,213 $ 72,784 Dividends declared on preferred stock (8,219) (8,219) Dividends, dividend equivalents and undistributed earnings allocated to participating securities (167) — Net income/(loss) available to common stockholders - basic $ 14,827 $ 64,565 Basic weighted average common shares outstanding 103,173 102,155 Basic Income/(Loss) per Share $ 0.14 $ 0.63 Diluted Earnings/(Loss) per Share: Net income/(loss) available to common stockholders - basic $ 14,827 $ 64,565 Interest expense on Convertible Senior Notes — 3,955 Dividends, dividend equivalents and undistributed earnings allocated to participating securities — — Net income/(loss) available to common stockholders - diluted $ 14,827 $ 68,520 Basic weighted average common shares outstanding 103,173 102,155 Effect of assumed conversion of Convertible Senior Notes to common shares — 7,230 Unvested and vested restricted stock units 2,076 956 Diluted weighted average common shares outstanding (1) 105,249 110,341 Diluted Income/(Loss) per Share $ 0.14 $ 0.62 (1) At March 31, 2024, the Company had approximately 478,000 equity instruments outstanding that were excluded from the calculation of diluted EPS for the three months ended March 31, 2024 as they were determined to be anti-dilutive. These equity instruments reflect RSUs (based on current estimate of expected share settlement amount) with a weighted average grant date fair value of $11.25. These equity instruments may have a dilutive impact on future EPS.

Equity Compensation and Other B

Equity Compensation and Other Benefit Plans	3 Months Ended
	Mar. 31, 2024
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 approved by the Company’s stockholders on June 6, 2023 (and which amended and restated the Company’s 2020 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 8.5 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, 2024, approximately 4.0 million shares of common stock remained available for grant in connection with stock-based awards under the Equity Plan. A participant may generally not receive stock-based awards in excess of 2.0 million shares of common stock in any one year and no award may be granted to any person who, assuming exercise of all Options and payment of all awards held by such person, would own or be deemed to own more than 9.8% of the outstanding shares of the Company’s common stock. Unless previously terminated by the Board, awards may be granted under the Equity Plan until June 6, 2033. 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, 2024 are designated to be settled in shares of the Company’s common stock. The Company granted 1,255,486 and 1,517,675 RSUs during the three months ended March 31, 2024 and 2023, respectively. There were 255,890 RSUs forfeited and 129,949 RSUs surrendered to satisfy tax obligations during the three months ended March 31, 2024 and 177,161 RSUs forfeited and 58,505 RSUs surrendered to satisfy tax obligations during the three months ended March 31, 2023. All holders of RSUs outstanding at March 31, 2024 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 of 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, 2024 and December 31, 2023, the Company had unrecognized compensation expense of $16.5 million and $9.2 million, respectively, related to RSUs. The unrecognized compensation expense at March 31, 2024, is expected to be recognized over a weighted average period of 2.1 years. Restricted Stock The Company did not grant any shares of restricted common stock during the three months ended March 31, 2024 and 2023. At March 31, 2024, 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 $1.4 million and $0.1 million during the three months ended March 31, 2024 and 2023, respectively. In addition, no dividend equivalents rights awarded as separate instruments were granted during the three months ended March 31, 2024 and 2023. 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, 2024 and 2023: Three Months Ended (In Thousands) 2024 2023 RSUs $ 6,243 $ 3,020 Total $ 6,243 $ 3,020 (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, 2024 and 2023: Three Months Ended (In Thousands) 2024 2023 Non-employee directors $ 106 $ 109 Total $ 106 $ 109 The following table presents the aggregate amount of income deferred by participants of the Deferred Plans through March 31, 2024 and December 31, 2023 that had not been distributed and the Company’s associated liability for such deferrals at March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 (In Thousands) Undistributed Income Deferred (1) Liability Under Deferred Plans Undistributed Income Deferred (1) Liability Under Deferred Plans Non-employee directors $ 2,599 $ 2,493 $ 2,611 $ 2,404 Total $ 2,599 $ 2,493 $ 2,611 $ 2,404 (1) Represents the cumulative amounts that were deferred by participants through March 31, 2024 and December 31, 2023, which had not been distributed through such respective date.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2024
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 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 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 if cash flows generated by the related underlying MSR collateral are 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 based on changes in the fair value of the financed residential whole loans. Such agreements may experience changes in advance rates or collateral eligibility as a result of factors such as changes in the delinquency status of the financed residential whole loans. 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, consistent with the valuation methodology for residential mortgage securities. 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. The Company receives prices from pricing services to validate the fair value of the Swaps. 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, 2024 and December 31, 2023, on the consolidated balance sheets by the valuation hierarchy, as previously described: Fair Value at March 31, 2024 (In Thousands) Level 1 Level 2 Level 3 Total Assets: Residential whole loans, at fair value $ — $ 54,654 $ 7,599,253 $ 7,653,907 Securities, at fair value — 736,950 — 736,950 Total assets carried at fair value $ — $ 791,604 $ 7,599,253 $ 8,390,857 Liabilities: Agreements with non-mark-to-market collateral provisions $ — $ — $ 399,049 $ 399,049 Agreements with mark-to-market collateral provisions — — 176,759 176,759 Securitized debt — 4,065,630 — 4,065,630 Total liabilities carried at fair value $ — $ 4,065,630 $ 575,808 $ 4,641,438 Fair Value at December 31, 2023 (In Thousands) Level 1 Level 2 Level 3 Total Assets: Residential whole loans, at fair value $ — $ 55,779 $ 7,455,729 $ 7,511,508 Securities, at fair value — 746,090 — 746,090 Total assets carried at fair value $ — $ 801,869 $ 7,455,729 $ 8,257,598 Liabilities: Agreements with non-mark-to-market collateral provisions — — 469,424 469,424 Agreements with mark-to-market collateral provisions — — 178,864 178,864 Securitized debt — 3,985,372 — 3,985,372 Total liabilities carried at fair value $ — $ 3,985,372 $ 648,288 $ 4,633,660 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, 2024 and 2023 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) 2024 2023 Balance at beginning of period $ 7,455,729 $ 5,676,430 Purchases and originations 488,051 336,815 Draws 163,744 119,076 Changes in fair value recorded in Net gain/(loss) on residential whole loans measured at fair value through earnings 10,208 127,606 Repayments (346,564) (233,434) Loan sales and repurchases (159,895) (578) Transfer to REO (12,020) (12,537) Balance at end of period $ 7,599,253 $ 6,013,378 The following table presents additional information for the three months ended March 31, 2024 and 2023 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) 2024 2023 Balance at beginning of period $ 469,424 $ 578,879 Issuances 67,942 145,830 Payment of principal (138,317) (198,086) Change in unrealized losses — — Balance at end of period $ 399,049 $ 526,623 The following table presents additional information for the three months ended March 31, 2024 and 2023 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) 2024 2023 Balance at beginning of period $ 178,864 $ 884,495 Issuances — 12,555 Payment of principal (2,105) (216,342) Changes in unrealized losses — — Balance at end of period $ 176,759 $ 680,708 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, 2024 and December 31, 2023: March 31, 2024 (Dollars in Thousands) Fair Value Valuation Technique Unobservable Input Weighted Average (1) Range Purchased Performing Loans (2) $ 6,751,137 Discounted cash flow Discount rate 8.2 % 6.2-21.5% Prepayment rate 11.9 % 0.0-55.3% Default rate 0.5 % 0.0-31.1% Loss severity 10.9 % 0.0-99.0% $ 151,546 Liquidation model Discount rate 8.0 % 8.0-8.0% Annual change in home prices 2.3 % 0.0-10.1% Liquidation timeline (in years) 1.5 0.8-3.9 Current value of underlying properties $ 1,647 $21-$7,400 Total $ 6,902,683 December 31, 2023 (Dollars in Thousands) Fair Value Valuation Technique Unobservable Input Weighted Average (1) Range Purchased Performing Loans (2) $ 6,522,457 Discounted cash flow Discount rate 8.0 % 6.5-29.2% Prepayment rate 10.1 % 0.0-46.4% Default rate 0.5 % 0.0-27.3% Loss severity 10.9 % 0.0-99.0% $ 124,194 Liquidation model Discount rate 8.0 % 8.0%-8.0% Annual change in home prices 2.6 % 0.0%-10.1% Liquidation timeline (in years) 1.6 0.8-3.9 Current value of underlying properties $ 1,580 $35-$5,500 Total $ 6,646,651 (1) Amounts are weighted based on the fair value of the underlying loan. (2) Excluded from the table above at March 31, 2024 are approximately $14.8 million of Residential whole loans, at fair value which were marked to market, but not based on a model, and, at December 31, 2023 approximately $103.7 million of Residential whole loans, at fair value for which the closing of the purchase transaction had not occurred as of that period end. March 31, 2024 (Dollars in Thousands) Fair Value (1) Valuation Technique Unobservable Input Weighted Average (2) Range Purchased Non-Performing Loans $ 519,497 Discounted cash flow Discount rate 7.0 % 6.5 - 10.9% Prepayment rate 9.4 % 0.0 - 34.7% Default rate 2.2 % 0.0 - 41.7% Loss severity 9.6 % 0.0 - 100.0% $ 161,691 Liquidation model Discount rate 8.0 % 8.0 - 8.0% Annual change in home prices 4.3 % (0.3) - 12.1% Liquidation timeline (in years) 2.1 0.8 - 4.5 Current value of underlying properties (3) $ 863 $24 - $4,720 Total $ 681,188 December 31, 2023 (Dollars in Thousands) Fair Value (1) Valuation Technique Unobservable Input Weighted Average (2) Range Purchased Non-Performing Loans $ 537,528 Discounted cash flow Discount rate 6.8 % 6.2 - 10.2% Prepayment rate 9.7 % 0.0 - 38.9% Default rate 2.1 % 0.0 - 39.5% Loss severity 9.7 % 0.0 - 100.0% $ 167,324 Liquidation model Discount rate 8.0 % 8.0 - 8.0% Annual change in home prices 4.6 % (0.4) - 12.7% Liquidation timeline (in years) 2.1 0.1 - 4.5 Current value of underlying properties (3) $ 831 $24 - $4,720 Total $ 704,852 (1) Excludes approximately $601,000 and $572,000 of loans which were marked to market, but not based on a model, at March 31, 2024 and December 31, 2023, 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 $512,000 and $494,000 as of March 31, 2024 and December 31, 2023, respectively. Changes in market conditions, as well as changes in the assumptions or methodology used to determine fair value, could result in a significant increase or decrease in the fair value of residential whole loans. Loans valued using a discounted cash flow model are most sensitive to changes in the discount rate assumption, while loans valued using the liquidation model technique are most sensitive to changes in the current value of the underlying properties and the liquidation timeline. Increases in discount rates, default rates, loss severities, or liquidation timelines, either in isolation or collectively, would generally result in a lower fair value measurement, whereas increases in the current or expected value of the underlying properties, in isolation, would result in a higher fair value measurement. In practice, changes in valuation assumptions may not occur in isolation and the changes in any particular assumption may result in changes in other assumptions, which could offset or amplify the impact on the overall valuation. The following table presents the carrying values and estimated fair values of the Company’s financial instruments at March 31, 2024 and December 31, 2023: March 31, 2024 March 31, 2024 December 31, 2023 (In Thousands) Level in Fair Value Hierarchy Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets: Residential whole loans 3 $ 9,064,011 $ 9,028,569 $ 8,985,513 $ 8,949,859 Residential whole loans 2 54,654 54,654 55,779 55,779 Securities, at fair value 2 736,950 736,950 746,090 746,090 Cash and cash equivalents 1 306,266 306,266 318,000 318,000 Restricted cash 1 222,905 222,905 170,211 170,211 Financial Liabilities (1) : Financing agreements with non-mark-to-market collateral provisions 3 1,102,114 1,103,010 1,216,697 1,217,671 Financing agreements with mark-to-market collateral provisions 3 1,903,425 1,904,146 1,737,652 1,738,543 Financing agreements with mark-to-market collateral provisions 2 605,673 605,673 622,603 622,603 Securitized debt 2 4,794,400 4,706,014 4,750,805 4,655,195 Convertible senior notes 2 169,529 169,941 208,989 209,065 8.875% Senior Notes 2 110,775 115,584 — — (1) Carrying value of securitized debt, Convertible Senior Notes, 8.875% Senior Notes and certain repurchase agreements is net of associated debt issuance costs. 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, 2024 and 2023, the Company recorded REO with an aggregate estimated fair value, less estimated cost to sell, of $19.3 million and $20.9 million, respectively, at the time of foreclosure. In addition, at March 31, 2024, the Company held one property which is considered Commercial REO (see Note 5) which is accounted for similarly and had an estimated fair value, less estimated cost to sell, of $33.3 million, of which the Company’s 75% interest was $25.0 million. 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, 2024
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, 2024 and December 31, 2023: (Dollars in Thousands) March 31, 2024 December 31, 2023 Aggregate unpaid principal balance of residential whole loans sold $ 8,433,573 $ 8,241,053 Face amount of Senior Bonds issued by the VIE and purchased by third-party investors $ 7,312,213 $ 7,152,213 Outstanding amount of Senior Bonds, at carrying value $ 728,770 (1) $ 765,433 (1) Outstanding amount of Senior Bonds, at fair value $ 4,065,630 $ 3,985,372 Outstanding amount of Senior Bonds, total $ 4,794,400 $ 4,750,805 Weighted average fixed rate for Senior Bonds issued 4.62 % (2) 4.51 % (2) Weighted average contractual maturity of Senior Bonds 35 years (2) 36 years (2) Face amount of Senior Support Certificates received by the Company (3) $ 1,077,297 $ 1,047,297 Cash received $ 7,249,574 $ 7,089,575 (1) Net of $1.4 million and $1.5 million of deferred financing costs at March 31, 2024 and December 31, 2023, respectively. (2) At March 31, 2024 and December 31, 2023, $3.4 billion and $3.4 billion, respectively, of Senior Bonds sold in securitization transactions contained a contractual coupon step-up feature whereby the coupon increases by either 100, 150, 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, 2024, the Company issued Senior Bonds with a current face of $160.0 million to third-party investors for proceeds of $160.0 million before offering costs and accrued interest. The Senior Bonds issued by the Company during the three months ended March 31, 2024 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, 2024 and December 31, 2023, as a result of the transactions described above, securitized loans of approximately $5.7 billion and $5.7 billion are included in “Residential whole loans” and REO with a carrying value of approximately $31.9 million and $33.3 million are included in “Other assets” on the Company’s consolidated balance sheets, respectively. As of March 31, 2024 and December 31, 2023, the aggregate carrying value of Senior Bonds issued by consolidated VIEs was $4.8 billion and $4.8 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 maintaining certain rights in each entity including rights to direct loss mitigation activities and 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. The Company also invests in securities issued by SPEs that may be VIEs. The Company is not the primary beneficiary of these SPEs, because it does not have the power to direct the activities that most significantly impact their economic performance, and therefore does not consolidate them. For these entities, the Company’s maximum exposure to loss is the amortized cost basis of the securities it owns, and it does not provide any liquidity arrangements, guarantees or other commitments to these entities. For more information on the Company’s investments in securities, see Note 4. Residential Whole Loans and REO (including Residential Whole Loans and REO transferred to consolidated VIEs)

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting At March 31, 2024, 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 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, 2024 Interest Income $ 95,400 $ 78,089 $ 3,342 $ 176,831 Interest Expense 69,259 54,183 5,575 129,017 Net Interest Income/(Expense) $ 26,141 $ 23,906 $ (2,233) $ 47,814 Reversal/(Provision) for Credit Losses on Residential Whole Loans 460 — — 460 Reversal/(Provision) for Credit Losses on Other Assets (1,109) — — (1,109) Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses $ 25,492 $ 23,906 $ (2,233) $ 47,165 Net gain/(loss) on residential whole loans measured at fair value through earnings $ (8,699) $ (2,814) $ — $ (11,513) Impairment and other net gain/(loss) on securities and other portfolio investments (4,776) — — (4,776) Net gain/(loss) on real estate owned 1,256 (265) — 991 Net gain/(loss) on derivatives used for risk management purposes 36,158 13,783 — 49,941 Net gain/(loss) on securitized debt measured at fair value through earnings (11,576) (10,886) — (22,462) Lima One - origination, servicing and other fee income — 7,928 — 7,928 Net realized gain/(loss) on residential whole loans held at carrying value 418 — — 418 Other, net 959 504 412 1,875 Other Income/(Loss), net $ 13,740 $ 8,250 $ 412 $ 22,402 Compensation and benefits $ — $ 12,124 $ 13,344 $ 25,468 Other general and administrative expense 6 5,637 7,401 13,044 Loan servicing, financing and other related costs 5,270 519 1,253 7,042 Amortization of intangible assets — 800 — 800 Net Income/(Loss) $ 33,956 $ 13,076 $ (23,819) $ 23,213 Less Preferred Stock Dividend Requirement $ — $ — $ 8,219 $ 8,219 Net Income/(Loss) Available to Common Stock and Participating Securities $ 33,956 $ 13,076 $ (32,038) $ 14,994 (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 Provision for Credit Losses on Residential Whole Loans $ (300) $ 313 $ — 13 Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses $ 27,442 $ 13,030 $ (1,090) $ 39,382 Net gain/(loss) on residential whole loans measured at fair value through earnings $ 95,509 $ 33,665 $ — $ 129,174 Impairment and other net gain/(loss) on securities and other portfolio investments 2,931 — — 2,931 Net gain/(loss) on real estate owned 3,925 17 — 3,942 Net gain/(loss) on derivatives used for risk management purposes (16,322) (4,886) — (21,208) Net gain/(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 2,207 371 436 3,014 Other Income/(Loss), net $ 53,430 $ 21,238 $ 436 $ 75,104 Compensation and benefits $ — $ 9,540 $ 11,090 $ 20,630 Other general and administrative expense — 2,995 7,238 10,233 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 March 31, 2024 Total Assets $ 6,319,998 $ 4,196,761 $ 357,371 $ 10,874,130 December 31, 2023 Total Assets $ 6,370,237 $ 4,000,932 $ 401,521 $ 10,772,690 Lima One Segment 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

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Securitization of Business Purpose Loans Subsequent to quarter end, the Company completed one additional loan securitization collateralized by $365.2 million UPB of Non-QM loans. Issuance of 9.00% Senior Notes due 2029 (“9.00% Senior Notes”) On April 15, 2024, the Company completed the issuance of $75.0 million in aggregate principal amount of its 9.00% Senior Notes in an underwritten public offering. The 9.00% Senior Notes are senior unsecured obligations of the Company and bear interest at a rate equal to 9.00% per year, payable in cash quarterly in arrears on February 15, May 15, August 15, and November 15 of each year, beginning on August 15, 2024, and are expected to mature on August 15, 2029, unless earlier redeemed. The Company may redeem the 9.00% Senior Notes in whole or in part at any time at the Company’s option on or after August 15, 2026, at a redemption price equal to 100% of the outstanding principal amount of the 9.00% Senior Notes to be redeemed plus accrued and unpaid interest to, but excluding, the redemption date. The total net proceeds to the Company from the offering of the 9.00% Senior Notes, after deducting the underwriter’s discount and commissions and estimated offering expenses, were approximately $72.0 million.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation 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, 2023. In the opinion of management, all normal and recurring adjustments necessary to present fairly the financial condition of the Company at March 31, 2024 and results of operations for all periods presented have been made. The results of operations for the three months ended March 31, 2024 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(e) 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 our wholly owned subsidiary, Lima One Holdings, LLC, the parent company of Lima One Capital, LLC (collectively referred to as “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 but had experienced a deterioration in credit quality since origination) 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. 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. Effective January 1, 2024, purchases and sales of residential whole loans are recorded on settlement date. As of December 31, 2023, approximately $103.7 million of purchased residential whole loans, at fair value were recorded on the consolidated balance sheet and settled after period-end. 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 or construct and refinance or sell the properties (“Transitional loans”) (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. 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 expected losses in these projected cash flows are 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, although certain modeling factors have been refined over time and the data utilized has, in some cases, been updated to better align with actual and expected loss experiences. 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/amortization 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 accretion/amortization of the difference between their cost basis and unpaid principal balance (“UPB”), subject to the Company’s nonaccrual policy. Loans Held-for-Sale For loans for which the fair value option was not elected, once a decision has been made to sell loans previously classified as held for investment, such loans are considered held-for-sale and are carried at the lower of cost or fair value. 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 Residential Mortgage Securities The Company has invested in residential mortgage-backed securities (“MBS”) that are issued or guaranteed as to principal and/or interest by a federally chartered corporation, such as Fannie Mae or Freddie Mac, or an agency of the U.S. Government, such as the Government National Mortgage Association (“Ginnie Mae”) (collectively, “Agency MBS”), and residential MBS that are not guaranteed by any agency of the U.S. Government or any federally chartered corporation (“Non-Agency MBS”). In addition, the Company has investments in credit risk transfer (“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 Mortgage Servicing Rights (“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 if cash flows generated by the underlying MSRs are 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/(loss) (“AOCI”), a component of Stockholders’ Equity. Upon the sale of an AFS security, any unrealized gain or loss is reclassified out of AOCI to earnings as a realized gain or loss using the specific identification method. The Company 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/(Loss), 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. Premiums and discounts associated with MBS not 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 based upon current expected future cash flows. Any adjustment to yield is made on a prospective basis. Determination of Fair Value for Securities In determining the fair value of the Company’s residential mortgage securities, management considers a number of observable market data points, including prices obtained from pricing services, brokers and repurchase agreement counterparties, dialogue with market participants, as well as management’s observations of market activity (see Note 13). 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 if cash flows generated by the related underlying MSR collateral are 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
Restricted Cash	Restricted Cash
Goodwill & Intangible Assets	Goodwill & Intangible Assets At March 31, 2024 and December 31, 2023, 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 $7.2 million and $8.0 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”)
Leases	Leases
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, diligence, bank 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 securitized debt, 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. Interest expense on such financing agreements is recorded based on the current stated interest rate and outstanding principal balance 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”) under the Company’s Equity Compensation Plan (the “Equity Plan”), 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, if any, 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. In calculating basic EPS, no adjustment is made to income available to common stockholders for forfeitable dividends or dividend equivalents. For the diluted EPS calculation, common equivalent shares are further adjusted for the effect of RSUs
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 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/(Loss), net on the Company’s consolidated statements of operations. 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/(Loss), 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. In addition to the financial instruments that it is required to report at fair value, the Company has elected the fair value option for certain of its financial assets and liabilities at the time of acquisition or issuance. Subsequent changes in the fair value of these financial instruments are generally reported in Other income/(Loss), net, in the Company’s consolidated
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. The Company has an investment in a VIE, in which it is not considered to be the primary beneficiary and therefore is not consolidated, but is considered an equity method investment. The VIE owns a newly constructed industrial property as further described in Note 5.
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, 2024, there were no new accounting standards or interpretations adopted by the Company that had a material effect on its consolidated financial statements in 2024.

Residential Whole Loans (Tables

Residential Whole Loans (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 and December 31, 2023: Held at Carrying Value Held at Fair Value Total (Dollars in Thousands) March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Purchased Performing Loans: Non-QM loans $ 816,617 $ 843,884 $ 3,021,769 $ 2,961,693 $ 3,838,386 $ 3,805,577 Transitional loans (1) 29,098 35,467 2,465,674 2,326,029 2,494,772 2,361,496 Single-family rental loans (2) 148,943 172,213 1,430,021 1,462,583 1,578,964 1,634,796 Seasoned performing loans 66,065 68,945 — — 66,065 68,945 Agency eligible investor loans — — 54,654 55,779 54,654 55,779 Total Purchased Performing Loans $ 1,060,723 $ 1,120,509 $ 6,972,118 $ 6,806,084 $ 8,032,841 $ 7,926,593 Purchased Credit Deteriorated Loans $ 423,647 $ 429,726 $ — $ — $ 423,647 $ 429,726 Allowance for Credit Losses $ (19,612) $ (20,451) $ — $ — $ (19,612) $ (20,451) Purchased Non-Performing Loans $ — $ — $ 681,789 $ 705,424 $ 681,789 $ 705,424 Total Residential Whole Loans $ 1,464,758 $ 1,529,784 $ 7,653,907 $ 7,511,508 $ 9,118,665 $ 9,041,292 Number of loans 6,148 6,326 19,561 19,075 25,709 25,401 (1) As of March 31, 2024, includes $1.3 billion of loans collateralized by one-to-four family residential properties, including $506.5 million of loans collateralized by new construction projects at origination, and $1.2 billion of Transitional loans collateralized by multi-family properties. As of December 31, 2023 includes $1.2 billion of loans collateralized by one-to-four family residential properties, including $471.1 million of loans collateralized by new construction projects at origination, and $1.2 billion of Transitional loans collateralized by multi-family properties. (2) As of March 31, 2024, no loans were held-for-sale and as of December 31, 2023, $13.6 million of held-for sale loans were included in the carrying value. For the three months ended March 31, 2024, the Company recorded a $0.5 million gain on these loans resulting from their sale.
Schedule of Financing Receivable Credit Quality Indicators	The following table presents additional information regarding the Company’s Residential whole loans at March 31, 2024 and December 31, 2023: March 31, 2024 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 $ 3,836,705 $ 4,059,991 6.02 % 342 65 % 734 $ 3,814,533 $ 115,484 $ 41,428 $ 88,546 3.2 % Transitional loans (1) 2,493,073 2,502,067 9.45 9 64 747 2,306,508 44,621 18,459 132,479 6.0 Single-family rental loans 1,574,322 1,665,788 6.52 331 69 738 1,571,772 17,395 6,452 70,169 4.6 Seasoned performing loans 66,045 72,658 4.77 140 28 725 70,016 1,271 43 1,328 1.9 Agency eligible investor loans 54,654 66,297 3.44 329 66 757 65,064 523 223 487 1.1 Total Purchased Performing Loans 8,024,799 $ 8,366,801 7.11 % 238 4.3 % Purchased Credit Deteriorated Loans $ 412,077 $ 499,761 4.85 % 265 58 % N/A $ 373,341 $ 46,972 $ 16,784 $ 62,664 15.9 % Purchased Non-Performing Loans $ 681,789 $ 753,035 5.24 % 268 60 % N/A $ 437,507 $ 90,223 $ 31,434 $ 193,871 29.9 % Residential whole loans, total or weighted average $ 9,118,665 $ 9,619,597 6.21 % 227 6.9 % December 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 (5) $ 3,700,052 $ 3,934,798 5.78 % 344 65 % 735 $ 3,732,327 $ 98,017 $ 29,587 $ 74,867 2.7 % Transitional loans (1) 2,358,909 2,368,121 9.22 10 64 747 2,187,161 61,024 26,618 93,318 5.1 % Single-family rental loans 1,630,442 1,729,923 6.30 320 70 738 1,636,810 12,543 12,314 68,256 4.7 % Seasoned performing loans 68,924 75,715 4.58 143 28 725 72,126 1,045 235 2,309 3.4 % Agency eligible investor loans 55,779 66,830 3.44 332 66 758 65,094 1,508 — 228 0.3 % Total Purchased Performing Loans $ 7,814,106 $ 8,175,387 6.86 % 240 3.8 % Purchased Credit Deteriorated Loans $ 418,109 $ 506,828 4.83 % 267 59 % N/A $ 379,970 $ 44,731 $ 12,814 $ 69,313 16.2 % Purchased Non-Performing Loans $ 705,424 $ 772,737 5.21 % 270 62 % N/A $ 444,491 $ 96,464 $ 31,560 $ 200,222 30.0 % Residential whole loans, total or weighted average $ 8,937,639 $ 9,454,952 6.04 % 234 6.6 % (1) As of March 31, 2024, Transitional loans includes $1.2 billion of loans collateralized by multi-family properties with a weighted average term to maturity of 12 months and a weighted average LTV ratio of 63%. As of December 31, 2023, Transitional loans includes $1.2 billion of loans collateralized by multi-family properties with a weighted average term to maturity of 14 months and a weighted average LTV ratio of 63%. (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 $608.9 million and $551.3 million at March 31, 2024 and December 31, 2023, 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 67% and 68% at March 31, 2024 and December 31, 2023, 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. (5) Excluded from the table above are approximately $103.7 million of Residential whole loans, at fair value for which the closing of the purchase transaction had not occurred as of December 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) 2024 2023 2022 2021 2020 Prior Total Non-QM loans LTV <= 80% (1) $ — $ — $ — $ 42,349 $ 164,663 $ 591,730 $ 798,742 LTV > 80% (1) — — — 1,386 10,169 6,320 17,875 Total Non-QM loans $ — $ — $ — $ 43,735 $ 174,832 $ 598,050 $ 816,617 Three Months Ended March 31, 2024 Gross write-offs $ — $ — $ — $ — $ — $ — $ — Transitional loans LTV <= 80% (1) $ — $ — $ — $ 156 $ 3,915 $ 25,027 $ 29,098 LTV > 80% (1) — — — — — — — Total Transitional loans $ — $ — $ — $ 156 $ 3,915 $ 25,027 $ 29,098 Three Months Ended March 31, 2024 Gross write-offs $ — $ — $ — $ — $ — $ 416 $ 416 Single-family rental loans LTV <= 80% (1) $ — $ — $ — $ 7,861 $ 18,648 $ 109,439 $ 135,948 LTV > 80% (1) — — — — 408 12,587 12,995 Total Single family rental loans $ — $ — $ — $ 7,861 $ 19,056 $ 122,026 $ 148,943 Three Months Ended March 31, 2024 Gross write-offs $ — $ — $ — $ — $ (59) $ — $ (59) Seasoned performing loans LTV <= 80% (1) $ — $ — $ — $ — $ — $ 63,739 $ 63,739 LTV > 80% (1) — — — — — 2,326 2,326 Total Seasoned performing loans $ — $ — $ — $ — $ — $ 66,065 $ 66,065 Three Months Ended March 31, 2024 Gross write-offs $ — $ — $ — $ — $ — $ — $ — Purchased credit deteriorated loans LTV <= 80% (1) $ — $ — $ — $ — $ — $ 364,008 $ 364,008 LTV > 80% (1) — — — — — 59,639 59,639 Total Purchased credit deteriorated loans $ — $ — $ — $ — $ — $ 423,647 $ 423,647 Three Months Ended March 31, 2024 Gross write-offs $ — $ — $ — $ — $ — $ 22 $ 22 Total LTV <= 80% (1) $ — $ — $ — $ 50,366 $ 187,226 $ 1,153,943 $ 1,391,535 Total LTV > 80% (1) — — — 1,386 10,577 80,872 92,835 Total residential whole loans, at carrying value $ — $ — $ — $ 51,752 $ 197,803 $ 1,234,815 $ 1,484,370 Three Months Ended March 31, 2024 Total Gross write-offs $ — $ — $ — $ — $ (59) $ 438 $ 379 (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 $608.9 million at March 31, 2024, 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 67% at March 31, 2024. 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, 2024 (Dollars In Thousands) Carrying Value / Fair Value UPB LTV (1) Purchased Performing Loans Non-QM loans $ 126,310 $ 129,974 65.2 % Transitional loans 142,423 150,938 65.9 % Single-family rental loans 63,173 76,621 111.0 % Seasoned performing loans 1,373 1,371 24.6 % Agency eligible investor loans 582 710 71.7 % Total Purchased Performing Loans $ 333,861 $ 359,614 Purchased Credit Deteriorated Loans $ 63,432 $ 79,448 64.3 % Purchased Non-Performing Loans $ 212,437 $ 225,305 69.6 % Total Residential Whole Loans $ 609,730 $ 664,367 December 31, 2023 (Dollars In Thousands) Carrying Value / Fair Value UPB LTV (1) Purchased Performing Loans Non-QM loans $ 102,252 $ 104,454 63.9 % Transitional loans 113,772 119,936 65.1 % Single-family rental loans 65,659 80,570 109.1 % Seasoned performing loans 2,520 2,544 33.6 % Agency eligible investor loans 188 228 73.4 % Total Purchased Performing Loans $ 284,391 $ 307,732 Purchased Credit Deteriorated Loans $ 66,089 $ 82,127 64.3 % Purchased Non-Performing Loans $ 222,319 $ 231,782 70.7 % Total Residential Whole Loans $ 572,799 $ 621,641 (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 table presents certain additional information about the Company’s commercial mortgage loans as of March 31, 2024 and December 31, 2023: (In Thousands) Fair Value / Carrying Value UPB Weighted Average Coupon Weighted Average Term to Maturity (Months) UPB 60+ Days Delinquent Weighted Average LTV Ratio Commercial Loans - March 31, 2024 $ 45,793 $ 46,633 13.29 % 2 $ 29,931 65 % Commercial Loans - December 31, 2023 $ 51,426 $ 51,602 13.18 % 2 $ 3,521 66 %
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, 2024 (Dollars In Thousands) Non-QM Loans Transitional Loans (1)(2) Single-family Rental Loans (4) Seasoned Performing Loans Purchased Credit Deteriorated Loans (3) Totals Allowance for credit losses at December 31, 2023 $ 1,870 $ 2,588 $ 4,355 $ 21 $ 11,617 $ 20,451 Current provision/(reversal) (189) (473) 228 (1) (25) (460) Write-offs — (416) 59 — (22) (379) Allowance for credit losses March 31, 2024 $ 1,681 $ 1,699 $ 4,642 $ 20 $ 11,570 $ 19,612 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/(reversal) (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 (1) In connection with Transitional loans at carrying value, the Company had unfunded commitments of $2.0 million and $6.8 million as of March 31, 2024 and 2023, respectively, with an allowance for credit losses of $0 and $16,000 at March 31, 2024 and 2023, respectively. Such allowance is included in “Other liabilities” in the Company’s consolidated balance sheets (see Note 7). (2) Includes $21.9 million and $46.4 million of loans that were assessed for credit losses based on a collateral dependent methodology as of March 31, 2024 and 2023, respectively. (3) Includes $50.5 million and $62.0 million of loans that were assessed for credit losses based on a collateral dependent methodology as of March 31, 2024 and 2023, respectively. (4)
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, 2024 and 2023: Held at Carrying Value Held at Fair Value Total Three Months Ended Three Months Ended Three Months Ended (In Thousands) 2024 2023 2024 2023 2024 2023 Purchased Performing Loans: Non-QM loans $ 11,420 $ 12,674 $ 44,441 $ 31,415 $ 55,861 $ 44,089 Transitional loans 241 620 52,975 27,607 53,216 28,227 Single-family rental loans 2,561 2,977 24,541 18,336 27,102 21,313 Seasoned performing loans 1,124 1,090 — — 1,124 1,090 Agency eligible investor loans — — 517 2,857 517 2,857 Total Purchased Performing Loans $ 15,346 $ 17,361 $ 122,474 $ 80,215 $ 137,820 $ 97,576 Purchased Credit Deteriorated Loans $ 6,355 $ 7,138 $ — $ — $ 6,355 $ 7,138 Purchased Non-Performing Loans $ — $ — $ 13,490 $ 14,796 $ 13,490 $ 14,796 Total Residential Whole Loans $ 21,701 $ 24,499 $ 135,964 $ 95,011 $ 157,665 $ 119,510

Securities, at Fair Value (Tabl

Securities, at Fair Value (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 and December 31, 2023 : March 31, 2024 (Dollars in Thousands) Current Weighted Weighted Fair Weighted CPR (1) 30-Year Fixed Rate: 5.00% Coupon $ 75,830 100.2 % 97.8 % $ 74,137 12 1.4 % 5.50% Coupon 274,733 100.4 99.7 273,975 14 3.2 6.00% Coupon 175,301 100.0 101.2 177,471 10 4.0 6.50% Coupon 20,783 100.1 102.7 21,336 7 21.1 Total $ 546,647 100.3 % 100.0 % $ 546,919 12 3.9 % December 31, 2023 (Dollars in Thousands) Current Weighted Weighted Fair Weighted CPR (1) 30-Year Fixed Rate: 5.00% Coupon $ 76,360 100.2 % 99.1 % $ 75,650 9 2.4 % 5.50% Coupon 277,885 100.4 100.7 279,851 11 5.2 6.00% Coupon 177,842 100.0 101.7 180,841 7 4.2 6.50% Coupon 22,213 100.1 102.7 22,802 4 1.4 Total $ 554,300 100.3 % 100.9 % $ 559,144 9 4.3 % (1) Reflects the average of the 1 month CPR for the number of months the security was held during the most recent 3 month period.
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, 2024 and December 31, 2023: March 31, 2024 (In Thousands) Principal/ Current Purchase Accretable Discount Designated as Credit Reserve (1) Gross Amortized Gross Gross Net Fair Agency MBS $ 546,647 $ 1,801 $ (493) $ — $ 547,955 $ 2,738 $ (3,774) $ (1,036) $ 546,919 Other Securities (2)(3)(4) 192,671 20,865 (5,571) (40,514) 167,451 22,865 (285) 22,580 190,031 Total residential mortgage securities (2)(3)(4) $ 739,318 $ 22,666 $ (6,064) $ (40,514) $ 715,406 $ 25,603 $ (4,059) $ 21,544 $ 736,950 December 31, 2023 (In Thousands) Principal/ Current Purchase Accretable Discount Designated as Credit Reserve (1) Gross Amortized Gross Gross Net Fair Value Agency MBS $ 554,300 $ 1,824 $ (500) $ — $ 555,624 $ 4,355 $ (835) $ 3,520 $ 559,144 Other Securities (2)(3)(4) 193,102 19,686 (5,637) (40,514) 166,637 20,437 (128) 20,309 186,946 Total residential mortgage securities (2)(3)(4) $ 747,402 $ 21,510 $ (6,137) $ (40,514) $ 722,261 $ 24,792 $ (963) $ 23,829 $ 746,090 (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, 2024 includes CRT securities with a fair value of $51.7 million for which the fair value option has been elected. Such securities had approximately $2.8 million gross unrealized gains and no gross unrealized losses at March 31, 2024. Amounts disclosed at December 31, 2023 includes CRT securities with a fair value of $51.2 million for which the fair value option has been elected. Such securities had gross unrealized gains of approximately $2.3 million and no gross unrealized losses at December 31, 2023. (4) Amounts disclosed at March 31, 2024 include Non-Agency MBS with a fair value of $23.6 million for which the fair value option had been elected. Such securities had approximately $0.5 million gross unrealized gains and $0.3 million gross unrealized losses at March 31, 2024. Amounts disclosed at December 31, 2023 include Non-Agency MBS with a fair value of $23.8 million for which the fair value option has been elected. Such securities had $0.5 million gross unrealized gains and $0.1 million gross unrealized losses at December 31, 2023.
Schedule of Impairment and Other Net (Loss)/Gain on Securities and Other Portfolio Investments	The following table present the components of Impairment and other net gain/(loss) on securities and other portfolio investments for the three months ended March 31, 2024 and 2023, which is presented in Other Income/(Loss), net in the consolidated statements of operations: Three Months Ended March 31, (In Thousands) 2024 2023 Net unrealized gain/(loss) on securities $ (4,112) $ 2,931 Net realized gain/(loss) from the sale of securities — — Impairment of securities — — Total Impairment and other net gain/(loss) on securities (4,112) 2,931 Net unrealized gain/(loss) on other portfolio investments (664) — Net realized gain/(loss) on other portfolio investments — — Total Impairment and other net gain/(loss) on securities and other portfolio investments $ (4,776) $ 2,931
Schedule of Impact of AFS on AOCI	The following table presents the impact of the Company’s AFS securities (who se changes in fair value are recorded through O CI) on its AOCI for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, (In Thousands) 2024 2023 AOCI from AFS securities: Unrealized gain on AFS securities at beginning of period $ 17,698 $ 21,341 Unrealized gain/(loss) on securities available-for-sale 1,828 (1,116) Change in AOCI from AFS securities 1,828 (1,116) Balance at end of period $ 19,526 $ 20,225
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, 2024 and 2023: Three Months Ended March 31, (In Thousands) 2024 2023 Agency MBS Coupon interest $ 7,730 $ 2,051 Effective yield adjustment (1)(2) (15) (31) Interest income $ 7,715 $ 2,020 Other MBS Coupon interest $ 2,085 $ 1,912 Effective yield adjustment (1)(2) 30 188 Interest income $ 2,115 $ 2,100 Term notes backed by MSR collateral Coupon interest $ 1,951 $ 1,963 Effective yield adjustment (2) 1,211 1,225 Interest income $ 3,162 $ 3,188 (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)

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 and December 31, 2023: (In Thousands) March 31, 2024 December 31, 2023 REO $ 106,185 $ 110,174 Commercial REO 22,194 22,717 Goodwill 61,076 61,076 Intangibles, net (1) 7,200 8,000 Capital contributions made to loan origination partners 19,780 19,780 Commercial loans 45,793 51,426 Interest receivable 104,636 98,924 Other loan related receivables 17,891 24,084 Lease Right-of-Use Asset (2) 37,158 37,819 Other 67,431 63,097 Total Other Assets $ 489,344 $ 497,097 (1) Net of aggregate accumulated amortization of $20.8 million and $20.0 million as of March 31, 2024 and December 31, 2023, 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, 2024 and 2023: Three Months Ended March 31, (Dollars In Thousands) 2024 2023 Balance at beginning of period $ 110,174 $ 130,605 Adjustments to record at lower of cost or fair value (1,267) (1,052) Transfer from residential whole loans (1) 19,342 20,925 Purchases and capital improvements, net 151 137 Disposals and other (2) (22,215) (29,400) Balance at end of period $ 106,185 $ 121,215 Number of properties 288 362 (1) During the three months ended March 31, 2024 and 2023, the Company recognized $(1.1) million and $41,000 of gains / (losses), respectively, on Residential whole loans in Other Income/(Loss), net associated with the transfer of loans to REO. (2)
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, 2024 is summarized in the table below: (Dollars in Thousands) Carrying Value at December 31, 2023 Amortization Three Months Ended March 31, 2024 Carrying Value at March 31, 2024 Amortization Period (Years) (1) Trademarks / Trade Names $ 3,000 $ (100) $ 2,900 10 Customer Relationships 3,000 (500) 2,500 4 Internally Developed Software 2,000 (200) 1,800 5 Total Identified Intangibles $ 8,000 $ (800) $ 7,200
Schedule of Financing Receivable Credit Quality Indicators	The following table presents additional information regarding the Company’s Residential whole loans at March 31, 2024 and December 31, 2023: March 31, 2024 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 $ 3,836,705 $ 4,059,991 6.02 % 342 65 % 734 $ 3,814,533 $ 115,484 $ 41,428 $ 88,546 3.2 % Transitional loans (1) 2,493,073 2,502,067 9.45 9 64 747 2,306,508 44,621 18,459 132,479 6.0 Single-family rental loans 1,574,322 1,665,788 6.52 331 69 738 1,571,772 17,395 6,452 70,169 4.6 Seasoned performing loans 66,045 72,658 4.77 140 28 725 70,016 1,271 43 1,328 1.9 Agency eligible investor loans 54,654 66,297 3.44 329 66 757 65,064 523 223 487 1.1 Total Purchased Performing Loans 8,024,799 $ 8,366,801 7.11 % 238 4.3 % Purchased Credit Deteriorated Loans $ 412,077 $ 499,761 4.85 % 265 58 % N/A $ 373,341 $ 46,972 $ 16,784 $ 62,664 15.9 % Purchased Non-Performing Loans $ 681,789 $ 753,035 5.24 % 268 60 % N/A $ 437,507 $ 90,223 $ 31,434 $ 193,871 29.9 % Residential whole loans, total or weighted average $ 9,118,665 $ 9,619,597 6.21 % 227 6.9 % December 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 (5) $ 3,700,052 $ 3,934,798 5.78 % 344 65 % 735 $ 3,732,327 $ 98,017 $ 29,587 $ 74,867 2.7 % Transitional loans (1) 2,358,909 2,368,121 9.22 10 64 747 2,187,161 61,024 26,618 93,318 5.1 % Single-family rental loans 1,630,442 1,729,923 6.30 320 70 738 1,636,810 12,543 12,314 68,256 4.7 % Seasoned performing loans 68,924 75,715 4.58 143 28 725 72,126 1,045 235 2,309 3.4 % Agency eligible investor loans 55,779 66,830 3.44 332 66 758 65,094 1,508 — 228 0.3 % Total Purchased Performing Loans $ 7,814,106 $ 8,175,387 6.86 % 240 3.8 % Purchased Credit Deteriorated Loans $ 418,109 $ 506,828 4.83 % 267 59 % N/A $ 379,970 $ 44,731 $ 12,814 $ 69,313 16.2 % Purchased Non-Performing Loans $ 705,424 $ 772,737 5.21 % 270 62 % N/A $ 444,491 $ 96,464 $ 31,560 $ 200,222 30.0 % Residential whole loans, total or weighted average $ 8,937,639 $ 9,454,952 6.04 % 234 6.6 % (1) As of March 31, 2024, Transitional loans includes $1.2 billion of loans collateralized by multi-family properties with a weighted average term to maturity of 12 months and a weighted average LTV ratio of 63%. As of December 31, 2023, Transitional loans includes $1.2 billion of loans collateralized by multi-family properties with a weighted average term to maturity of 14 months and a weighted average LTV ratio of 63%. (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 $608.9 million and $551.3 million at March 31, 2024 and December 31, 2023, 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 67% and 68% at March 31, 2024 and December 31, 2023, 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. (5) Excluded from the table above are approximately $103.7 million of Residential whole loans, at fair value for which the closing of the purchase transaction had not occurred as of December 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) 2024 2023 2022 2021 2020 Prior Total Non-QM loans LTV <= 80% (1) $ — $ — $ — $ 42,349 $ 164,663 $ 591,730 $ 798,742 LTV > 80% (1) — — — 1,386 10,169 6,320 17,875 Total Non-QM loans $ — $ — $ — $ 43,735 $ 174,832 $ 598,050 $ 816,617 Three Months Ended March 31, 2024 Gross write-offs $ — $ — $ — $ — $ — $ — $ — Transitional loans LTV <= 80% (1) $ — $ — $ — $ 156 $ 3,915 $ 25,027 $ 29,098 LTV > 80% (1) — — — — — — — Total Transitional loans $ — $ — $ — $ 156 $ 3,915 $ 25,027 $ 29,098 Three Months Ended March 31, 2024 Gross write-offs $ — $ — $ — $ — $ — $ 416 $ 416 Single-family rental loans LTV <= 80% (1) $ — $ — $ — $ 7,861 $ 18,648 $ 109,439 $ 135,948 LTV > 80% (1) — — — — 408 12,587 12,995 Total Single family rental loans $ — $ — $ — $ 7,861 $ 19,056 $ 122,026 $ 148,943 Three Months Ended March 31, 2024 Gross write-offs $ — $ — $ — $ — $ (59) $ — $ (59) Seasoned performing loans LTV <= 80% (1) $ — $ — $ — $ — $ — $ 63,739 $ 63,739 LTV > 80% (1) — — — — — 2,326 2,326 Total Seasoned performing loans $ — $ — $ — $ — $ — $ 66,065 $ 66,065 Three Months Ended March 31, 2024 Gross write-offs $ — $ — $ — $ — $ — $ — $ — Purchased credit deteriorated loans LTV <= 80% (1) $ — $ — $ — $ — $ — $ 364,008 $ 364,008 LTV > 80% (1) — — — — — 59,639 59,639 Total Purchased credit deteriorated loans $ — $ — $ — $ — $ — $ 423,647 $ 423,647 Three Months Ended March 31, 2024 Gross write-offs $ — $ — $ — $ — $ — $ 22 $ 22 Total LTV <= 80% (1) $ — $ — $ — $ 50,366 $ 187,226 $ 1,153,943 $ 1,391,535 Total LTV > 80% (1) — — — 1,386 10,577 80,872 92,835 Total residential whole loans, at carrying value $ — $ — $ — $ 51,752 $ 197,803 $ 1,234,815 $ 1,484,370 Three Months Ended March 31, 2024 Total Gross write-offs $ — $ — $ — $ — $ (59) $ 438 $ 379 (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 $608.9 million at March 31, 2024, 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 67% at March 31, 2024. 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, 2024 (Dollars In Thousands) Carrying Value / Fair Value UPB LTV (1) Purchased Performing Loans Non-QM loans $ 126,310 $ 129,974 65.2 % Transitional loans 142,423 150,938 65.9 % Single-family rental loans 63,173 76,621 111.0 % Seasoned performing loans 1,373 1,371 24.6 % Agency eligible investor loans 582 710 71.7 % Total Purchased Performing Loans $ 333,861 $ 359,614 Purchased Credit Deteriorated Loans $ 63,432 $ 79,448 64.3 % Purchased Non-Performing Loans $ 212,437 $ 225,305 69.6 % Total Residential Whole Loans $ 609,730 $ 664,367 December 31, 2023 (Dollars In Thousands) Carrying Value / Fair Value UPB LTV (1) Purchased Performing Loans Non-QM loans $ 102,252 $ 104,454 63.9 % Transitional loans 113,772 119,936 65.1 % Single-family rental loans 65,659 80,570 109.1 % Seasoned performing loans 2,520 2,544 33.6 % Agency eligible investor loans 188 228 73.4 % Total Purchased Performing Loans $ 284,391 $ 307,732 Purchased Credit Deteriorated Loans $ 66,089 $ 82,127 64.3 % Purchased Non-Performing Loans $ 222,319 $ 231,782 70.7 % Total Residential Whole Loans $ 572,799 $ 621,641 (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 table presents certain additional information about the Company’s commercial mortgage loans as of March 31, 2024 and December 31, 2023: (In Thousands) Fair Value / Carrying Value UPB Weighted Average Coupon Weighted Average Term to Maturity (Months) UPB 60+ Days Delinquent Weighted Average LTV Ratio Commercial Loans - March 31, 2024 $ 45,793 $ 46,633 13.29 % 2 $ 29,931 65 % Commercial Loans - December 31, 2023 $ 51,426 $ 51,602 13.18 % 2 $ 3,521 66 %
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, 2024, and December 31, 2023: (In Thousands) March 31, December 31, Agency MBS, at fair value $ 49,657 $ 41,179 Restricted Cash 11,645 22,880
Schedule of Information About Swaps	The following table presents information about the Company’s Swaps at March 31, 2024, and December 31, 2023: March 31, 2024 December 31, 2023 Maturity (1) Notional Weighted Weighted Average Variable Interest Rate (2) Notional Weighted Weighted Average Variable Interest Rate (2) (Dollars in Thousands) Over 30 days to 3 months $ — — % — % $ 100,000 1.49 % 5.38 % Over 6 months to 12 months 1,000,010 1.09 5.34 450,010 0.90 5.38 Over 12 months to 24 months 125,000 2.70 5.34 675,000 1.52 5.38 Over 24 months to 36 months 1,300,000 1.42 5.34 450,000 1.12 5.38 Over 36 months to 48 months 125,000 2.71 5.34 975,000 1.73 5.38 Over 48 months to 60 months 24,600 4.28 5.34 24,600 4.28 5.38 Over 60 months to 72 months 310,000 2.95 5.34 310,000 2.95 5.38 Over 72 months 292,650 4.32 5.34 292,650 4.32 5.38 Total Swaps $ 3,177,260 1.86 % 5.34 % $ 3,277,260 1.85 % 5.38 % (1) Each maturity category reflects contractual amortization and/or maturity of notional amounts. (2)
Schedule of Derivative Earnings	The following table present the components of Net gain/(loss) on derivatives used for risk management purposes for the three months ended March 31, 2024 and 2023, which is presented in Other Income/(Loss), net in the consolidated statements of operations: Three Months Ended March 31, (In Thousands) 2024 2023 Income on swap variable receive leg $ 44,177 $ 33,851 Expense on swap fixed pay leg (15,086) (12,034) Unrealized mark-to-market gain/(loss) 23,182 (40,747) Net price alignment expense on margin collateral received (2,332) (2,278) Total Net gain/(loss) on derivatives used for risk management purposes $ 49,941 $ (21,208)

Financing Agreements (Tables)

Financing Agreements (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 and December 31, 2023: March 31, 2024 (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 $ 1,904,146 $ 1,903,425 7.47 % 11.6 Agreements with mark-to-market collateral provisions Securities 605,673 605,673 5.79 % 0.3 Total Agreements with mark-to-market collateral provisions 2,509,819 2,509,098 7.05 % Agreements with non-mark-to-market collateral provisions Residential Whole Loans and REO 1,103,010 1,102,114 7.89 % 17.4 Securitized debt Residential Whole Loans 4,915,695 4,794,400 4.59 % See Note 14 Convertible senior notes Unsecured 169,729 169,529 6.94 % 2.5 8.875% Senior Notes due 2029 Unsecured 115,000 110,775 9.80 % 58.6 Impact of net Swap carry (1.31) % Total Financing agreements (2) $ 8,813,253 $ 8,685,916 4.52 % December 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 $ 1,738,543 $ 1,737,651 7.50 % 11.8 Agreements with mark-to-market collateral provisions Securities 622,603 622,603 5.81 % 0.2 Total Agreements with mark-to-market collateral provisions 2,361,146 2,360,254 7.09 % Agreements with non-mark-to-market collateral provisions Residential Whole Loans and REO 1,217,671 1,216,697 7.94 % 20.6 Securitized debt Residential Whole Loans 4,894,746 4,750,805 4.37 % See Note 14 Convertible senior notes Unsecured 209,589 208,989 6.94 % 5.5 Impact of net Swap carry (1.40) % Total Financing agreements (2) $ 8,683,152 $ 8,536,745 4.33 % (1) The Company has both financing agreements held at fair value and financing 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, 2024, the Company had $176.8 million of agreements with mark-to-market collateral provisions held at fair value, $399.0 million of agreements with non-mark-to-market collateral provisions held at fair value, and $4.1 billion of securitized debt held at fair value, with amortized cost bases of $176.8 million, $399.0 million, and $4.1 billion, respectively. At December 31, 2023, the Company had $178.9 million of agreements with mark-to-market collateral provisions held at fair value, $469.4 million of agreements with non-mark-to-market collateral provisions held at fair value, and $4.0 billion of securitized debt held at fair value, with amortized cost bases of $178.9 million, $469.4 million, and $4.1 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 three months ended March 31, 2024, this decreased the overall funding cost by 131 basis points, and for the three months ended December 31, 2023, this decreased the overall funding cost by 140 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, 2024 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 $ 364,467 $ 492,446 $ 488,610 $ 558,623 $ 1,904,146 Agreements with mark-to-market collateral provisions Securities 605,673 — — — 605,673 Total Agreements with mark-to-market collateral provisions 970,140 492,446 488,610 558,623 2,509,819 Agreements with non-mark-to-market collateral provisions Residential Whole Loans 49,138 31,654 23,077 999,141 1,103,010 (1) $970.1 million of the mark-to-market agreements (included in the 0-3 months category) can be terminated by either party. (2)
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, 2024 and December 31, 2023: (Dollars in Thousands) March 31, December 31, Mark-to-market financing agreements secured by residential whole loans (1) $ 1,880,014 $ 1,712,489 Fair value of residential whole loans pledged as collateral under financing agreements $ 2,420,430 $ 2,204,239 Weighted average haircut on residential whole loans (2) 22.06 % 20.90 % Mark-to-market financing agreements secured by securities at fair value $ 605,673 $ 622,603 Securities at fair value pledged as collateral under financing agreements $ 682,199 $ 689,818 Weighted average haircut on securities at fair value (2) 8.39 % 8.07 % Mark-to-market financing agreements secured by real estate owned $ 23,411 $ 25,163 Fair value of real estate owned pledged as collateral under financing agreements $ 45,502 $ 50,365 Weighted average haircut on real estate owned (2) 48.55 % 49.39 % (1) Includes an aggregate of $364.5 million and $327.2 million of mark-to-market financing collateralized by Non-Agency MBS with a fair value of $486.3 million and $465.6 million obtained in connection with the Company’s loan securitization transactions that are eliminated in consolidation as of March 31, 2024 and December 31, 2023, respectively. (2)
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, 2024 and December 31, 2023: (Dollars in Thousands) March 31, December 31, Non-mark-to-market financing secured by residential whole loans $ 1,102,114 $ 1,216,697 Fair value of residential whole loans pledged as collateral under financing agreements $ 1,407,278 $ 1,510,146 Weighted average haircut on residential whole loans 18.99 % 17.65 % Non-mark-to-market financing secured by real estate owned $ — $ — Fair value of real estate owned pledged as collateral under financing agreements $ — $ — Weighted average haircut on real estate owned — % — %
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, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Amortized Cost Basis Weighted Average Interest Rate Amortized Cost Basis Weighted Average Interest Rate Time Until Interest Rate Reset (Dollars in Thousands) Within 30 days $ 3,612,829 7.30 % $ 3,578,816 7.36 % Over 30 days to 3 months — — — — Over 3 months to 12 months — — — — Over 12 months — — — — Total financing agreements $ 3,612,829 7.30 % $ 3,578,816 7.36 %
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, 2024: March 31, 2024 Amount at Risk (1) Weighted Percent of Counterparty (Dollars in Thousands) Wells Fargo $ 258,520 1 13.7 % Barclays 215,033 1 11.4 Churchill Finance LLC 165,467 1 8.8 Atlas 97,393 1 5.2 (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.
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, 2024 and December 31, 2023: March 31, 2024 Financing Agreements (In Thousands) Non-Mark-to-Market (1) Mark-to-Market (1) (2) Securitized Total Assets: Residential whole loans, at carrying value $ 38,737 $ 302,540 $ 1,135,390 $ 1,476,667 Residential whole loans, at fair value 1,373,059 1,632,982 4,620,100 7,626,141 Securities, at fair value — 682,199 — 682,199 Other assets: REO — 39,546 31,868 71,414 Total $ 1,411,796 $ 2,657,267 $ 5,787,358 $ 9,856,421 December 31, 2023 Financing Agreements (In Thousands) Non-Mark-to-Market (1) Mark-to-Market (1) (2) Securitized Total Assets: Residential whole loans, at carrying value $ 55,056 $ 318,762 $ 1,170,268 $ 1,544,086 Residential whole loans, at fair value 1,458,848 1,414,912 4,526,461 7,400,221 Securities, at fair value — 689,818 — 689,818 Other assets: REO — 43,295 33,334 76,629 Total $ 1,513,904 $ 2,466,787 $ 5,730,063 $ 9,710,754 (1) An aggregate of $39.9 million and $36.4 million of accrued interest on those assets pledged against non-mark-to-market and mark-to-market financing agreements had also been pledged as of March 31, 2024 and December 31, 2023, respectively. (2)

Other Liabilities (Tables)

Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Other Liabilities [Abstract]
Schedule of Other Liabilities	The following table presents the components of the Company’s Other liabilities at March 31, 2024 and December 31, 2023: (In Thousands) March 31, 2024 December 31, 2023 Payable for unsettled investment purchases $ — $ 103,654 Dividends and dividend equivalents payable 36,015 35,789 Lease liability 42,873 43,576 Accrued interest payable 36,187 30,834 Accrued expenses and other 188,952 122,177 Total Other Liabilities $ 304,027 $ 336,030

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 and December 31, 2023 are presented in the following table: (In Thousands) March 31, 2024 December 31, 2023 Deferred tax assets (DTAs): Net operating loss and tax credit carryforwards $ 87,007 $ 91,113 Unrealized mark-to-market, impairments and loss provisions 16,977 16,170 Other realized / unrealized treatment differences (32,891) (34,923) Total deferred tax assets 71,093 72,360 Less: valuation allowance (71,093) (72,360) 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, 2024 and 2023: Three Months Ended March 31, (In Thousands) 2024 2023 Current provision/(benefit) Federal $ 422 $ (134) State 111 (53) Total current provision/(benefit) 533 (187) Deferred provision/(benefit) Federal 399 589 State 117 155 Total deferred provision/(benefit) 516 744 Total provision/(benefit) $ 1,049 $ 557
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, 2024 and 2023: Three Months Ended March 31, 2024 March 31, 2023 Federal statutory rate 21.0 % 21.0 % Non-taxable REIT income (dividends paid deduction) (24.5) % (9.0) % Other differences in taxable income/(loss) from GAAP 21.0 % (8.4) % State and local taxes (0.2) % — % Change in valuation allowance on DTAs (13.9) % (2.9) % Effective tax rate 3.4 % 0.7 %

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Lessee, Operating Lease, Liability, Maturity	At March 31, 2024, 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) 2024 (1) $ 4,553 2025 5,212 2026 4,839 2027 5,119 2028 5,055 Thereafter 41,944 Total $ 66,722 Present Value Discount (23,849) Total Lease Liability (Note 7) $ 42,873 (1) Reflects contractual minimum rental payments due for the period from April 1, 2024 through December 31, 2024.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2023 through March 31, 2024: Declaration Date Record Date Payment Date Dividend Per Share February 20, 2024 March 5, 2024 March 28, 2024 $0.46875 November 21, 2023 December 4, 2023 December 29, 2023 0.46875 August 17, 2023 September 5, 2023 September 29, 2023 0.46875 May 22, 2023 June 5, 2023 June 30, 2023 0.46875 February 21, 2023 March 6, 2023 March 31, 2023 0.46875
Schedule of Cash Dividends on its Preferred Stock and Common Stock	The following table presents cash dividends declared by the Company on its Series C Preferred Stock from January 1, 2023 through March 31, 2024: Declaration Date Record Date Payment Date Dividend Per Share February 20, 2024 March 5, 2024 March 28, 2024 $0.40625 November 21, 2023 December 4, 2023 December 29, 2023 0.40625 August 17, 2023 September 5, 2023 September 29, 2023 0.40625 May 22, 2023 June 5, 2023 June 30, 2023 0.40625 February 21, 2023 March 6, 2023 March 31, 2023 0.40625 The following table presents cash dividends declared by the Company on its common stock from January 1, 2023 through March 31, 2024: Declaration Date Record Date Payment Date Dividend Per Share March 7, 2024 March 28, 2024 April 30, 2024 $0.35 (1) December 13, 2023 December 29, 2023 January 31, 2024 0.35 September 20, 2023 October 2, 2023 October 31, 2023 0.35 June 15, 2023 June 30, 2023 July 31, 2023 0.35 March 10, 2023 March 31, 2023 April 28, 2023 0.35 (1) At March 31, 2024, the Company had accrued dividends and dividend equivalents payable of $36.0 million related to the common stock dividend declared on March 7, 2024 .
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, 2024: Three Months Ended (In Thousands) Net Unrealized Net Unrealized Gain/(Loss) on Financing Agreements (1) Total Balance at beginning of period $ 17,698 $ — $ 17,698 OCI before reclassifications 1,828 — 1,828 Amounts reclassified from AOCI — — — Net OCI during the period (2) 1,828 — 1,828 Balance at end of period $ 19,526 $ — $ 19,526 (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, 2023: Three Months Ended (In Thousands) Net Unrealized 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).

EPS Calculation (Tables)

EPS Calculation (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Reconciliation of the (Loss)/Earnings and Shares used in Calculating Basic and Diluted EPS	The following table presents a reconciliation of the earnings/(loss) and shares used in calculating basic and diluted earnings/(loss) per share for the three months ended March 31, 2024 and 2023: Three Months Ended (In Thousands, Except Per Share Amounts) 2024 2023 Basic Earnings/(Loss) per Share: Net income/(loss) $ 23,213 $ 72,784 Dividends declared on preferred stock (8,219) (8,219) Dividends, dividend equivalents and undistributed earnings allocated to participating securities (167) — Net income/(loss) available to common stockholders - basic $ 14,827 $ 64,565 Basic weighted average common shares outstanding 103,173 102,155 Basic Income/(Loss) per Share $ 0.14 $ 0.63 Diluted Earnings/(Loss) per Share: Net income/(loss) available to common stockholders - basic $ 14,827 $ 64,565 Interest expense on Convertible Senior Notes — 3,955 Dividends, dividend equivalents and undistributed earnings allocated to participating securities — — Net income/(loss) available to common stockholders - diluted $ 14,827 $ 68,520 Basic weighted average common shares outstanding 103,173 102,155 Effect of assumed conversion of Convertible Senior Notes to common shares — 7,230 Unvested and vested restricted stock units 2,076 956 Diluted weighted average common shares outstanding (1) 105,249 110,341 Diluted Income/(Loss) per Share $ 0.14 $ 0.62 (1)

Equity Compensation and Other_2

Equity Compensation and Other Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 and 2023: Three Months Ended (In Thousands) 2024 2023 RSUs $ 6,243 $ 3,020 Total $ 6,243 $ 3,020
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, 2024 and 2023: Three Months Ended (In Thousands) 2024 2023 Non-employee directors $ 106 $ 109 Total $ 106 $ 109
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, 2024 and December 31, 2023 that had not been distributed and the Company’s associated liability for such deferrals at March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 (In Thousands) Undistributed Income Deferred (1) Liability Under Deferred Plans Undistributed Income Deferred (1) Liability Under Deferred Plans Non-employee directors $ 2,599 $ 2,493 $ 2,611 $ 2,404 Total $ 2,599 $ 2,493 $ 2,611 $ 2,404 (1) Represents the cumulative amounts that were deferred by participants through March 31, 2024 and December 31, 2023, 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, 2024
Fair Value Disclosures [Abstract]
Schedule of Quantitative Information About Significant Unobservable Inputs	The following tables present the Company’s financial instruments carried at fair value on a recurring basis as of March 31, 2024 and December 31, 2023, on the consolidated balance sheets by the valuation hierarchy, as previously described: Fair Value at March 31, 2024 (In Thousands) Level 1 Level 2 Level 3 Total Assets: Residential whole loans, at fair value $ — $ 54,654 $ 7,599,253 $ 7,653,907 Securities, at fair value — 736,950 — 736,950 Total assets carried at fair value $ — $ 791,604 $ 7,599,253 $ 8,390,857 Liabilities: Agreements with non-mark-to-market collateral provisions $ — $ — $ 399,049 $ 399,049 Agreements with mark-to-market collateral provisions — — 176,759 176,759 Securitized debt — 4,065,630 — 4,065,630 Total liabilities carried at fair value $ — $ 4,065,630 $ 575,808 $ 4,641,438 Fair Value at December 31, 2023 (In Thousands) Level 1 Level 2 Level 3 Total Assets: Residential whole loans, at fair value $ — $ 55,779 $ 7,455,729 $ 7,511,508 Securities, at fair value — 746,090 — 746,090 Total assets carried at fair value $ — $ 801,869 $ 7,455,729 $ 8,257,598 Liabilities: Agreements with non-mark-to-market collateral provisions — — 469,424 469,424 Agreements with mark-to-market collateral provisions — — 178,864 178,864 Securitized debt — 3,985,372 — 3,985,372 Total liabilities carried at fair value $ — $ 3,985,372 $ 648,288 $ 4,633,660 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, 2024 and December 31, 2023: March 31, 2024 (Dollars in Thousands) Fair Value Valuation Technique Unobservable Input Weighted Average (1) Range Purchased Performing Loans (2) $ 6,751,137 Discounted cash flow Discount rate 8.2 % 6.2-21.5% Prepayment rate 11.9 % 0.0-55.3% Default rate 0.5 % 0.0-31.1% Loss severity 10.9 % 0.0-99.0% $ 151,546 Liquidation model Discount rate 8.0 % 8.0-8.0% Annual change in home prices 2.3 % 0.0-10.1% Liquidation timeline (in years) 1.5 0.8-3.9 Current value of underlying properties $ 1,647 $21-$7,400 Total $ 6,902,683 December 31, 2023 (Dollars in Thousands) Fair Value Valuation Technique Unobservable Input Weighted Average (1) Range Purchased Performing Loans (2) $ 6,522,457 Discounted cash flow Discount rate 8.0 % 6.5-29.2% Prepayment rate 10.1 % 0.0-46.4% Default rate 0.5 % 0.0-27.3% Loss severity 10.9 % 0.0-99.0% $ 124,194 Liquidation model Discount rate 8.0 % 8.0%-8.0% Annual change in home prices 2.6 % 0.0%-10.1% Liquidation timeline (in years) 1.6 0.8-3.9 Current value of underlying properties $ 1,580 $35-$5,500 Total $ 6,646,651 (1) Amounts are weighted based on the fair value of the underlying loan. (2) Excluded from the table above at March 31, 2024 are approximately $14.8 million of Residential whole loans, at fair value which were marked to market, but not based on a model, and, at December 31, 2023 approximately $103.7 million of Residential whole loans, at fair value for which the closing of the purchase transaction had not occurred as of that period end. March 31, 2024 (Dollars in Thousands) Fair Value (1) Valuation Technique Unobservable Input Weighted Average (2) Range Purchased Non-Performing Loans $ 519,497 Discounted cash flow Discount rate 7.0 % 6.5 - 10.9% Prepayment rate 9.4 % 0.0 - 34.7% Default rate 2.2 % 0.0 - 41.7% Loss severity 9.6 % 0.0 - 100.0% $ 161,691 Liquidation model Discount rate 8.0 % 8.0 - 8.0% Annual change in home prices 4.3 % (0.3) - 12.1% Liquidation timeline (in years) 2.1 0.8 - 4.5 Current value of underlying properties (3) $ 863 $24 - $4,720 Total $ 681,188 December 31, 2023 (Dollars in Thousands) Fair Value (1) Valuation Technique Unobservable Input Weighted Average (2) Range Purchased Non-Performing Loans $ 537,528 Discounted cash flow Discount rate 6.8 % 6.2 - 10.2% Prepayment rate 9.7 % 0.0 - 38.9% Default rate 2.1 % 0.0 - 39.5% Loss severity 9.7 % 0.0 - 100.0% $ 167,324 Liquidation model Discount rate 8.0 % 8.0 - 8.0% Annual change in home prices 4.6 % (0.4) - 12.7% Liquidation timeline (in years) 2.1 0.1 - 4.5 Current value of underlying properties (3) $ 831 $24 - $4,720 Total $ 704,852 (1) Excludes approximately $601,000 and $572,000 of loans which were marked to market, but not based on a model, at March 31, 2024 and December 31, 2023, 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 $512,000 and $494,000 as of March 31, 2024 and December 31, 2023, respectively.
Schedule of Significant Unobservable Inputs Used in Fair Value Measurement	The following table presents additional information for the three months ended March 31, 2024 and 2023 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) 2024 2023 Balance at beginning of period $ 7,455,729 $ 5,676,430 Purchases and originations 488,051 336,815 Draws 163,744 119,076 Changes in fair value recorded in Net gain/(loss) on residential whole loans measured at fair value through earnings 10,208 127,606 Repayments (346,564) (233,434) Loan sales and repurchases (159,895) (578) Transfer to REO (12,020) (12,537) Balance at end of period $ 7,599,253 $ 6,013,378 The following table presents additional information for the three months ended March 31, 2024 and 2023 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) 2024 2023 Balance at beginning of period $ 469,424 $ 578,879 Issuances 67,942 145,830 Payment of principal (138,317) (198,086) Change in unrealized losses — — Balance at end of period $ 399,049 $ 526,623 The following table presents additional information for the three months ended March 31, 2024 and 2023 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) 2024 2023 Balance at beginning of period $ 178,864 $ 884,495 Issuances — 12,555 Payment of principal (2,105) (216,342) Changes in unrealized losses — — Balance at end of period $ 176,759 $ 680,708
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, 2024 and December 31, 2023: March 31, 2024 March 31, 2024 December 31, 2023 (In Thousands) Level in Fair Value Hierarchy Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets: Residential whole loans 3 $ 9,064,011 $ 9,028,569 $ 8,985,513 $ 8,949,859 Residential whole loans 2 54,654 54,654 55,779 55,779 Securities, at fair value 2 736,950 736,950 746,090 746,090 Cash and cash equivalents 1 306,266 306,266 318,000 318,000 Restricted cash 1 222,905 222,905 170,211 170,211 Financial Liabilities (1) : Financing agreements with non-mark-to-market collateral provisions 3 1,102,114 1,103,010 1,216,697 1,217,671 Financing agreements with mark-to-market collateral provisions 3 1,903,425 1,904,146 1,737,652 1,738,543 Financing agreements with mark-to-market collateral provisions 2 605,673 605,673 622,603 622,603 Securitized debt 2 4,794,400 4,706,014 4,750,805 4,655,195 Convertible senior notes 2 169,529 169,941 208,989 209,065 8.875% Senior Notes 2 110,775 115,584 — — (1)

Use of Special Purpose Entiti_2

Use of Special Purpose Entities and Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2024
Use of Special Purpose Entities and Variable Interest Entities
Schedule of Loan Securitization Transaction	The following table summarizes the key details of the Company’s consolidated loan securitization transactions currently outstanding as of March 31, 2024 and December 31, 2023: (Dollars in Thousands) March 31, 2024 December 31, 2023 Aggregate unpaid principal balance of residential whole loans sold $ 8,433,573 $ 8,241,053 Face amount of Senior Bonds issued by the VIE and purchased by third-party investors $ 7,312,213 $ 7,152,213 Outstanding amount of Senior Bonds, at carrying value $ 728,770 (1) $ 765,433 (1) Outstanding amount of Senior Bonds, at fair value $ 4,065,630 $ 3,985,372 Outstanding amount of Senior Bonds, total $ 4,794,400 $ 4,750,805 Weighted average fixed rate for Senior Bonds issued 4.62 % (2) 4.51 % (2) Weighted average contractual maturity of Senior Bonds 35 years (2) 36 years (2) Face amount of Senior Support Certificates received by the Company (3) $ 1,077,297 $ 1,047,297 Cash received $ 7,249,574 $ 7,089,575 (1) Net of $1.4 million and $1.5 million of deferred financing costs at March 31, 2024 and December 31, 2023, respectively. (2) At March 31, 2024 and December 31, 2023, $3.4 billion and $3.4 billion, respectively, of Senior Bonds sold in securitization transactions contained a contractual coupon step-up feature whereby the coupon increases by either 100, 150, 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, 2024
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, 2024 Interest Income $ 95,400 $ 78,089 $ 3,342 $ 176,831 Interest Expense 69,259 54,183 5,575 129,017 Net Interest Income/(Expense) $ 26,141 $ 23,906 $ (2,233) $ 47,814 Reversal/(Provision) for Credit Losses on Residential Whole Loans 460 — — 460 Reversal/(Provision) for Credit Losses on Other Assets (1,109) — — (1,109) Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses $ 25,492 $ 23,906 $ (2,233) $ 47,165 Net gain/(loss) on residential whole loans measured at fair value through earnings $ (8,699) $ (2,814) $ — $ (11,513) Impairment and other net gain/(loss) on securities and other portfolio investments (4,776) — — (4,776) Net gain/(loss) on real estate owned 1,256 (265) — 991 Net gain/(loss) on derivatives used for risk management purposes 36,158 13,783 — 49,941 Net gain/(loss) on securitized debt measured at fair value through earnings (11,576) (10,886) — (22,462) Lima One - origination, servicing and other fee income — 7,928 — 7,928 Net realized gain/(loss) on residential whole loans held at carrying value 418 — — 418 Other, net 959 504 412 1,875 Other Income/(Loss), net $ 13,740 $ 8,250 $ 412 $ 22,402 Compensation and benefits $ — $ 12,124 $ 13,344 $ 25,468 Other general and administrative expense 6 5,637 7,401 13,044 Loan servicing, financing and other related costs 5,270 519 1,253 7,042 Amortization of intangible assets — 800 — 800 Net Income/(Loss) $ 33,956 $ 13,076 $ (23,819) $ 23,213 Less Preferred Stock Dividend Requirement $ — $ — $ 8,219 $ 8,219 Net Income/(Loss) Available to Common Stock and Participating Securities $ 33,956 $ 13,076 $ (32,038) $ 14,994 (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 Provision for Credit Losses on Residential Whole Loans $ (300) $ 313 $ — 13 Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses $ 27,442 $ 13,030 $ (1,090) $ 39,382 Net gain/(loss) on residential whole loans measured at fair value through earnings $ 95,509 $ 33,665 $ — $ 129,174 Impairment and other net gain/(loss) on securities and other portfolio investments 2,931 — — 2,931 Net gain/(loss) on real estate owned 3,925 17 — 3,942 Net gain/(loss) on derivatives used for risk management purposes (16,322) (4,886) — (21,208) Net gain/(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 2,207 371 436 3,014 Other Income/(Loss), net $ 53,430 $ 21,238 $ 436 $ 75,104 Compensation and benefits $ — $ 9,540 $ 11,090 $ 20,630 Other general and administrative expense — 2,995 7,238 10,233 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 March 31, 2024 Total Assets $ 6,319,998 $ 4,196,761 $ 357,371 $ 10,874,130 December 31, 2023 Total Assets $ 6,370,237 $ 4,000,932 $ 401,521 $ 10,772,690

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Residential Whole Loans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Number of days considered to classify loans delinquent	60 days
LTV ratio (as a percent)	80%
Residential Whole Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, fair value	$ 14.8	$ 103.7

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Cash and cash equivalents	$ 306,266	$ 318,000
Overnight money market funds	152,600	151,300
Restricted cash	$ 222,905	$ 170,211

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Goodwill & Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Jul. 01, 2021
Business Combination, Separately Recognized Transactions [Line Items]
Goodwill	$ 61,076	$ 61,076
Intangible assets, net	$ 7,200	8,000
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) - Furniture, fixtures, computers and related hardwares	Mar. 31, 2024
Minimum
Estimated useful life of long-lived assets
Estimated useful life	5 years
Maximum
Estimated useful life of long-lived assets
Estimated useful life	15 years

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Equity-based Compensation (Details) - RSUs	3 Months Ended
	Mar. 31, 2024
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 (“EPS”) (Details)	Mar. 31, 2024	Jun. 03, 2019
6.25% Convertible Senior Notes | Convertible Debt
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stated interest rate (as a percent)	6.25%	6.25%

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Contingencies (Details)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Commitment, period	10 years

Residential Whole Loans - Narra

Residential Whole Loans - Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total residential whole loans	$ 9,100,000	$ 9,000,000
Interest income	$ 3,300
Number of loan modifications | loan	1	5
Average increase in weighted life	29 months	24 months
Change in carrying value of the loan	$ 100
Loan carrying value	600
Non-QM and Single-Family Rental Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, sale	171,000
Loss on sale of financing receivable	21,700
Reversal of previously recorded unrealized losses	23,700
Gain from sale of loans	$ 2,000
90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loan modifications | loan	1
Nonperforming
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, nonaccrual	$ 298,600	$ 315,400
Interest income	2,200
Purchased Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, nonaccrual	317,300	266,900
Purchased Credit Deteriorated Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, nonaccrual	61,200	66,500
Without Associated Credit Losses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, nonaccrual	$ 51,000	$ 51,600

Residential Whole Loans - Resid

Residential Whole Loans - Residential Whole Loans, at Carrying and Fair Value (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 1,484,370
Allowance for Credit Losses	(19,612)	$ (20,451)
Total Residential Whole Loans	$ 9,118,665	$ 9,041,292
Number of loans | loan	25,709	25,401
Held at Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for Credit Losses	$ (19,612)	$ (20,451)
Total Residential Whole Loans	$ 1,464,758	$ 1,529,784
Number of loans | loan	6,148	6,326
Held at Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for Credit Losses	$ 0	$ 0
Total Residential Whole Loans	$ 7,653,907	$ 7,511,508
Number of loans | loan	19,561	19,075
Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 8,032,841	$ 7,926,593
Performing | Held at Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,060,723	1,120,509
Performing | Held at Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	6,972,118	6,806,084
Nonperforming
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	681,789	705,424
Nonperforming | Held at Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	0	0
Nonperforming | Held at Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	681,789	705,424
Non-QM loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	816,617
Non-QM loans | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	3,838,386	3,805,577
Non-QM loans | Performing | Held at Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	816,617	843,884
Non-QM loans | Performing | Held at Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	3,021,769	2,961,693
Transitional loans | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	2,494,772	2,361,496
Transitional loans | Performing | Held at Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	29,098	35,467
Transitional loans | Performing | Held at Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	2,465,674	2,326,029
Single-family Rental Loans | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,578,964	1,634,796
Loans held for sale	0	13,600
Gain from sale of loans	500
Single-family Rental Loans | Performing | Held at Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	148,943	172,213
Single-family Rental Loans | Performing | Held at Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,430,021	1,462,583
Seasoned performing loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	66,065
Seasoned performing loans | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	66,065	68,945
Seasoned performing loans | Performing | Held at Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	66,065	68,945
Seasoned performing loans | Performing | Held at 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	54,654	55,779
Agency eligible investor loans | Performing | Held at Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	0	0
Agency eligible investor loans | Performing | Held at Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	54,654	55,779
Purchased Credit Deteriorated Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	423,647	429,726
Purchased Credit Deteriorated Loans | Held at Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	423,647	429,726
Purchased Credit Deteriorated Loans | Held at 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	1,300,000	1,200,000
Multi-Family Transitional Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,200,000	1,200,000
New Construction Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 506,500	$ 471,100

Residential Whole Loans - Res_2

Residential Whole Loans - Residential Whole Loans, at Carrying Value, Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2024	Jun. 30, 2023	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
LTV ratio (as a percent)	80%
Loans	$ 1,484,370
Residential whole loans, total or weighted average
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, fair value	14,800		$ 103,700
Non-QM loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	816,617
Transitional loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	29,098
Seasoned performing loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 66,065
Multi-Family Transitional Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
LTV ratio (as a percent)	63%	63%
Loans	$ 1,200,000		1,200,000
Weighted Average Term to Maturity (Months)	12 months	14 months
Settled Whole Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value / Carrying Value	$ 8,024,799		7,814,106
Unpaid Principal Balance (“UPB”)	$ 8,366,801		$ 8,175,387
Weighted Average Coupon ( as a percent)	7.11%		6.86%
Weighted Average Term to Maturity (Months)	238 months		240 months
60+ Delinquency %	4.30%		3.80%
Settled Whole Loans | Non-QM loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value / Carrying Value	$ 3,836,705		$ 3,700,052
Unpaid Principal Balance (“UPB”)	$ 4,059,991		$ 3,934,798
Weighted Average Coupon ( as a percent)	6.02%		5.78%
Weighted Average Term to Maturity (Months)	342 months		344 months
LTV ratio (as a percent)	65%		65%
Weighted Average Original FICO	734		735
60+ Delinquency %	3.20%		2.70%
Settled Whole Loans | Non-QM loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	$ 3,814,533		$ 3,732,327
Settled Whole Loans | Non-QM loans | 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	115,484		98,017
Settled Whole Loans | Non-QM loans | 60-89
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	41,428		29,587
Settled Whole Loans | Non-QM loans | 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	88,546		74,867
Settled Whole Loans | Transitional loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value / Carrying Value	2,493,073		2,358,909
Unpaid Principal Balance (“UPB”)	$ 2,502,067		$ 2,368,121
Weighted Average Coupon ( as a percent)	9.45%		9.22%
Weighted Average Term to Maturity (Months)	9 months		10 months
LTV ratio (as a percent)	64%		64%
Weighted Average Original FICO	747		747
60+ Delinquency %	6%		5.10%
Settled Whole Loans | Transitional loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	$ 2,306,508		$ 2,187,161
Settled Whole Loans | Transitional loans | 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	44,621		61,024
Settled Whole Loans | Transitional loans | 60-89
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	18,459		26,618
Settled Whole Loans | Transitional loans | 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	132,479		93,318
Settled Whole Loans | Single-family Rental Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value / Carrying Value	1,574,322		1,630,442
Unpaid Principal Balance (“UPB”)	$ 1,665,788		$ 1,729,923
Weighted Average Coupon ( as a percent)	6.52%		6.30%
Weighted Average Term to Maturity (Months)	331 months		320 months
LTV ratio (as a percent)	69%		70%
Weighted Average Original FICO	738		738
60+ Delinquency %	4.60%		4.70%
Settled Whole Loans | Single-family Rental Loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	$ 1,571,772		$ 1,636,810
Settled Whole Loans | Single-family Rental Loans | 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	17,395		12,543
Settled Whole Loans | Single-family Rental Loans | 60-89
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	6,452		12,314
Settled Whole Loans | Single-family Rental Loans | 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	70,169		68,256
Settled Whole Loans | Seasoned performing loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value / Carrying Value	66,045		68,924
Unpaid Principal Balance (“UPB”)	$ 72,658		$ 75,715
Weighted Average Coupon ( as a percent)	4.77%		4.58%
Weighted Average Term to Maturity (Months)	140 months		143 months
LTV ratio (as a percent)	28%		28%
Weighted Average Original FICO	725		725
60+ Delinquency %	1.90%		3.40%
Settled Whole Loans | Seasoned performing loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	$ 70,016		$ 72,126
Settled Whole Loans | Seasoned performing loans | 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	1,271		1,045
Settled Whole Loans | Seasoned performing loans | 60-89
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	43		235
Settled Whole Loans | Seasoned performing loans | 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	1,328		2,309
Settled Whole Loans | Agency eligible investor loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value / Carrying Value	54,654		55,779
Unpaid Principal Balance (“UPB”)	$ 66,297		$ 66,830
Weighted Average Coupon ( as a percent)	3.44%		3.44%
Weighted Average Term to Maturity (Months)	329 months		332 months
LTV ratio (as a percent)	66%		66%
Weighted Average Original FICO	757		758
60+ Delinquency %	1.10%		0.30%
Settled Whole Loans | Agency eligible investor loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	$ 65,064		$ 65,094
Settled Whole Loans | Agency eligible investor loans | 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	523		1,508
Settled Whole Loans | Agency eligible investor loans | 60-89
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	223		0
Settled Whole Loans | Agency eligible investor loans | 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	487		228
Settled Whole Loans | Purchased Credit Deteriorated Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value / Carrying Value	412,077		418,109
Unpaid Principal Balance (“UPB”)	$ 499,761		$ 506,828
Weighted Average Coupon ( as a percent)	4.85%		4.83%
Weighted Average Term to Maturity (Months)	265 months		267 months
LTV ratio (as a percent)	58%		59%
60+ Delinquency %	15.90%		16.20%
Settled Whole Loans | Purchased Credit Deteriorated Loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	$ 373,341		$ 379,970
Settled Whole Loans | Purchased Credit Deteriorated Loans | 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	46,972		44,731
Settled Whole Loans | Purchased Credit Deteriorated Loans | 60-89
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	16,784		12,814
Settled Whole Loans | Purchased Credit Deteriorated Loans | 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	62,664		69,313
Settled Whole Loans | Purchased Non-Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value / Carrying Value	681,789		705,424
Unpaid Principal Balance (“UPB”)	$ 753,035		$ 772,737
Weighted Average Coupon ( as a percent)	5.24%		5.21%
Weighted Average Term to Maturity (Months)	268 months		270 months
LTV ratio (as a percent)	60%		62%
60+ Delinquency %	29.90%		30%
Settled Whole Loans | Purchased Non-Performing Loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	$ 437,507		$ 444,491
Settled Whole Loans | Purchased Non-Performing Loans | 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	90,223		96,464
Settled Whole Loans | Purchased Non-Performing Loans | 60-89
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	31,434		31,560
Settled Whole Loans | Purchased Non-Performing Loans | 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aging by UPB	193,871		200,222
Settled Whole Loans | Residential whole loans, total or weighted average
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value / Carrying Value	9,118,665		8,937,639
Unpaid Principal Balance (“UPB”)	$ 9,619,597		$ 9,454,952
Weighted Average Coupon ( as a percent)	6.21%		6.04%
Weighted Average Term to Maturity (Months)	227 months		234 months
60+ Delinquency %	6.90%		6.60%
Settled Whole Loans | Certain rehabilitation loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
LTV ratio (as a percent)	67%		68%
Transitional loans | Certain rehabilitation loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Securitization of eligible investor loans	$ 608,900		$ 551,300

Residential Whole Loans - Allow

Residential Whole Loans - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 20,451	$ 35,314
Current provision/(reversal)	(460)	315
Write-offs	(379)
Write-offs	(379)	(2,567)
Ending balance	19,612	33,062
Allowance for loan loss	19,612	33,062
Loans	1,484,370
Non-QM loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1,870	7,359
Current provision/(reversal)	(189)	(214)
Write-offs	0
Write-offs		0
Ending balance	1,681	7,145
Allowance for loan loss	1,681	7,145
Transitional loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	2,588	5,223
Current provision/(reversal)	(473)	406
Write-offs	(416)
Write-offs		(2,003)
Ending balance	1,699	3,626
Allowance for loan loss	1,699	3,626
Loans	21,900	46,400
Single-family Rental Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	4,355	1,277
Current provision/(reversal)	228	514
Write-offs	59
Write-offs		(451)
Ending balance	4,642	1,340
Allowance for loan loss	4,642	1,340
Loans	10,600
Seasoned performing loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	21	48
Current provision/(reversal)	(1)	(2)
Write-offs	0
Write-offs		0
Ending balance	20	46
Allowance for loan loss	20	46
Purchased Credit Deteriorated Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	11,617	21,407
Current provision/(reversal)	(25)	(389)
Write-offs	(22)
Write-offs		(113)
Ending balance	11,570	20,905
Allowance for loan loss	11,570	20,905
Loans	50,500	62,000
Unfunded Loan Commitment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Ending balance	0	16
Commitment to lend, unfunded	2,000	6,800
Allowance for loan loss	$ 0	$ 16

Residential Whole Loans - Addit

Residential Whole Loans - Additional Credit Related Information (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
2024	$ 0
2023	0
2022	0
2021	51,752
2020	197,803
Prior	1,234,815
Total	1,484,370
Gross write-offs, 2023	0
Gross write-offs, 2022	0
Gross write-offs, 2021	0
Gross write-offs, 2020	0
Gross write-offs, 2019	(59)
Gross write-offs, prior	438
Gross write-offs	$ 379	$ 2,567
Ratio loan- to-value (as a percent)	80%
Debt-to-Value Ratio, Less Than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2024	$ 0
2023	0
2022	0
2021	50,366
2020	187,226
Prior	1,153,943
Total	1,391,535
Debt-to-Value Ratio, Greater Than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0
2023	0
2022	0
2021	1,386
2020	10,577
Prior	80,872
Total	92,835
Non-QM loans
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0
2023	0
2022	0
2021	43,735
2020	174,832
Prior	598,050
Total	816,617
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
Gross write-offs	$ 0
Non-QM loans | Settled Whole Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Ratio loan- to-value (as a percent)	65%		65%
Non-QM loans | Debt-to-Value Ratio, Less Than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2024	$ 0
2023	0
2022	0
2021	42,349
2020	164,663
Prior	591,730
Total	798,742
Non-QM loans | Debt-to-Value Ratio, Greater Than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0
2023	0
2022	0
2021	1,386
2020	10,169
Prior	6,320
Total	17,875
Transitional loans
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0
2023	0
2022	0
2021	156
2020	3,915
Prior	25,027
Total	29,098
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	416
Gross write-offs	$ 416
Transitional loans | Settled Whole Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Ratio loan- to-value (as a percent)	64%		64%
Transitional loans | Debt-to-Value Ratio, Less Than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2024	$ 0
2023	0
2022	0
2021	156
2020	3,915
Prior	25,027
Total	29,098
Transitional loans | Debt-to-Value Ratio, Greater Than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	0
Total	0
Single-family rental loans
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0
2023	0
2022	0
2021	7,861
2020	19,056
Prior	122,026
Total	148,943
Gross write-offs, 2023	0
Gross write-offs, 2022	0
Gross write-offs, 2021	0
Gross write-offs, 2020	0
Gross write-offs, 2019	(59)
Gross write-offs, prior	0
Gross write-offs	(59)
Single-family rental loans | Debt-to-Value Ratio, Less Than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0
2023	0
2022	0
2021	7,861
2020	18,648
Prior	109,439
Total	135,948
Single-family rental loans | Debt-to-Value Ratio, Greater Than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0
2023	0
2022	0
2021	0
2020	408
Prior	12,587
Total	12,995
Seasoned performing loans
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	66,065
Total	66,065
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
Gross write-offs	$ 0
Seasoned performing loans | Settled Whole Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Ratio loan- to-value (as a percent)	28%		28%
Seasoned performing loans | Debt-to-Value Ratio, Less Than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2024	$ 0
2023	0
2022	0
2021	0
2020	0
Prior	63,739
Total	63,739
Seasoned performing loans | Debt-to-Value Ratio, Greater Than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	2,326
Total	2,326
Purchased credit deteriorated loans
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	423,647
Total	423,647		$ 429,726
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	22
Gross write-offs	22
Purchased credit deteriorated loans | Debt-to-Value Ratio, Less Than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	364,008
Total	364,008
Purchased credit deteriorated loans | Debt-to-Value Ratio, Greater Than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	59,639
Total	59,639
Certain rehabilitation loans | Transitional Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Purchased performing loans	$ 608,900		$ 551,300
Certain rehabilitation loans | Settled Whole Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Ratio loan- to-value (as a percent)	67%		68%

Residential Whole Loans - LTV o

Residential Whole Loans - LTV on Loans (Details) - Financial Asset, Equal to or Greater than 60 Days Past Due $ in Thousands	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	$ 333,861	$ 284,391
UPB	359,614	307,732
Carrying Value | Non-QM loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	126,310	102,252
UPB	$ 129,974	$ 104,454
LTV (as a percent)	0.652	0.639
Carrying Value | Transitional loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	$ 142,423	$ 113,772
UPB	$ 150,938	$ 119,936
LTV (as a percent)	0.659	0.651
Carrying Value | Single-family Rental Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	$ 63,173	$ 65,659
UPB	$ 76,621	$ 80,570
LTV (as a percent)	1.110	1.091
Carrying Value | Seasoned performing loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	$ 1,373	$ 2,520
UPB	$ 1,371	$ 2,544
LTV (as a percent)	0.246	0.336
Carrying Value | Agency eligible investor loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	$ 582	$ 188
UPB	$ 710	$ 228
LTV (as a percent)	0.717	0.734
Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	$ 609,730	$ 572,799
UPB	664,367	621,641
Fair Value | Nonperforming
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	212,437	222,319
UPB	$ 225,305	$ 231,782
LTV (as a percent)	0.696	0.707
Fair Value | Purchased Credit Deteriorated Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	$ 63,432	$ 66,089
UPB	$ 79,448	$ 82,127
LTV (as a percent)	0.643	0.643

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, 2024	Mar. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 157,665	$ 119,510
Purchased Credit Deteriorated Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	6,355	7,138
Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	137,820	97,576
Performing | Non-QM loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	55,861	44,089
Performing | Transitional loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	53,216	28,227
Performing | Single-family Rental Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	27,102	21,313
Performing | Seasoned performing loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	1,124	1,090
Performing | Agency eligible investor loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	517	2,857
Nonperforming
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	13,490	14,796
Held at Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	21,701	24,499
Held at Carrying Value | Purchased Credit Deteriorated Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	6,355	7,138
Held at Carrying Value | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	15,346	17,361
Held at Carrying Value | Performing | Non-QM loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	11,420	12,674
Held at Carrying Value | Performing | Transitional loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	241	620
Held at Carrying Value | Performing | Single-family Rental Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	2,561	2,977
Held at Carrying Value | Performing | Seasoned performing loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	1,124	1,090
Held at Carrying Value | Performing | Agency eligible investor loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	0	0
Held at Carrying Value | Nonperforming
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	0	0
Held at Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	135,964	95,011
Held at Fair Value | Purchased Credit Deteriorated Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	0	0
Held at Fair Value | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	122,474	80,215
Held at Fair Value | Performing | Non-QM loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	44,441	31,415
Held at Fair Value | Performing | Transitional loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	52,975	27,607
Held at Fair Value | Performing | Single-family Rental Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	24,541	18,336
Held at Fair Value | Performing | Seasoned performing loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	0	0
Held at Fair Value | Performing | Agency eligible investor loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	517	2,857
Held at Fair Value | Nonperforming
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 13,490	$ 14,796

Securities, at Fair Value - Com

Securities, at Fair Value - Composition of Agency MBS Portfolio (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Fair Value	[1]	$ 736,950	$ 746,090
$5.00% Coupon
Debt Securities, Available-for-sale [Line Items]
Coupon rate (in percent)		5%	5%
Current Face		$ 75,830	$ 76,360
Weighted Average Purchase Price (in percent)		100.20%	100.20%
Weighted Average Market Price (in percent)		97.80%	99.10%
Fair Value		$ 74,137	$ 75,650
Weighted Average Loan Age (Months)		12 months	9 months
CPR (in percent)		1.40%	2.40%
5.50% Coupon
Debt Securities, Available-for-sale [Line Items]
Coupon rate (in percent)		5.50%	5.50%
Current Face		$ 274,733	$ 277,885
Weighted Average Purchase Price (in percent)		100.40%	100.40%
Weighted Average Market Price (in percent)		99.70%	100.70%
Fair Value		$ 273,975	$ 279,851
Weighted Average Loan Age (Months)		14 months	11 months
CPR (in percent)		3.20%	5.20%
6.00% Coupon
Debt Securities, Available-for-sale [Line Items]
Coupon rate (in percent)		6%	6%
Current Face		$ 175,301	$ 177,842
Weighted Average Purchase Price (in percent)		100%	100%
Weighted Average Market Price (in percent)		101.20%	101.70%
Fair Value		$ 177,471	$ 180,841
Weighted Average Loan Age (Months)		10 months	7 months
CPR (in percent)		4%	4.20%
6.50% Coupon
Debt Securities, Available-for-sale [Line Items]
Coupon rate (in percent)		6.50%	6.50%
Current Face		$ 20,783	$ 22,213
Weighted Average Purchase Price (in percent)		100.10%	100.10%
Weighted Average Market Price (in percent)		102.70%	102.70%
Fair Value		$ 21,336	$ 22,802
Weighted Average Loan Age (Months)		7 months	4 months
CPR (in percent)		21.10%	1.40%
Agency MBS
Debt Securities, Available-for-sale [Line Items]
Current Face		$ 546,647	$ 554,300
Weighted Average Purchase Price (in percent)		100.30%	100.30%
Weighted Average Market Price (in percent)		100%	100.90%
Fair Value		$ 546,919	$ 559,144
Weighted Average Loan Age (Months)		12 months	9 months
CPR (in percent)		3.90%	4.30%
[1] See Note 6 for information regarding the Company’s pledged assets.

Securities, at Fair Value - Nar

Securities, at Fair Value - Narrative (Details)		3 Months Ended	12 Months Ended
		Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) option	Oct. 31, 2023	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Securities, Available-for-sale [Line Items]
Securities, at fair value	[1]	$ 736,950,000	$ 746,090,000
Allowance for loan loss		19,612,000	20,451,000		$ 33,062,000	$ 35,314,000
Securities, at fair value
Debt Securities, Available-for-sale [Line Items]
Securities, at fair value		82,000,000	79,900,000
Amortized costs		75,400,000	74,200,000
Gross unrealized gains		$ 6,600,000	$ 5,700,000
Weighted average yield (in percent)		17%	17%
Weighted average to maturity		1 year 7 months 2 days	1 year 10 months 2 days
Optional extension period		2 years
Term Notes Backed By MSR Related Collateral
Debt Securities, Available-for-sale [Line Items]
Number of options to extend maturity | option			1
Step up in coupon rate (in percent)				0.75%
CRT securities
Debt Securities, Available-for-sale [Line Items]
CRT securities		$ 84,400,000	$ 83,200,000
Non-Agency MBS
Debt Securities, Available-for-sale [Line Items]
Securities, at fair value		23,600,000	23,800,000
Gross unrealized losses		300,000	100,000
CRT, Fair Value Option
Debt Securities, Available-for-sale [Line Items]
Securities, at fair value		51,700,000	51,200,000
Debt securities, sold		0
Gross unrealized losses		0	$ 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, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Fair Value	[1]	$ 736,950	$ 746,090
Agency MBS
Debt Securities, Available-for-sale [Line Items]
Principal/ Current Face		546,647	554,300
Purchase Premiums		1,801	1,824
Accretable Purchase Discounts		(493)	(500)
Discount Designated as Credit Reserve		0	0
Gross Amortized Cost		547,955	555,624
Gross Unrealized Gains		2,738	4,355
Gross Unrealized Losses		(3,774)	(835)
Net Unrealized Gain/(Loss)		(1,036)	3,520
Fair Value		546,919	559,144
Other Securities
Debt Securities, Available-for-sale [Line Items]
Principal/ Current Face		192,671	193,102
Purchase Premiums		20,865	19,686
Accretable Purchase Discounts		(5,571)	(5,637)
Discount Designated as Credit Reserve		(40,514)	(40,514)
Gross Amortized Cost		167,451	166,637
Gross Unrealized Gains		22,865	20,437
Gross Unrealized Losses		(285)	(128)
Net Unrealized Gain/(Loss)		22,580	20,309
Fair Value		190,031	186,946
Total residential mortgage securities
Debt Securities, Available-for-sale [Line Items]
Principal/ Current Face		739,318	747,402
Purchase Premiums		22,666	21,510
Accretable Purchase Discounts		(6,064)	(6,137)
Discount Designated as Credit Reserve		(40,514)	(40,514)
Gross Amortized Cost		715,406	722,261
Gross Unrealized Gains		25,603	24,792
Gross Unrealized Losses		(4,059)	(963)
Net Unrealized Gain/(Loss)		21,544	23,829
Fair Value		736,950	746,090
CRT, Fair Value Option
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Gains		2,800	2,300
Gross Unrealized Losses		0	0
Fair Value		51,700	51,200
Non-Agency MBS
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Gains		500	500
Gross Unrealized Losses		(300)	(100)
Fair Value		$ 23,600	$ 23,800
[1] See Note 6 for information regarding the Company’s pledged assets.

Securities, at Fair Value - Imp

Securities, at Fair Value - Impairment and Other Net Gain/(Loss) on Securities and Other Portfolio Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Net unrealized gain/(loss) on securities	$ (4,112)	$ 2,931
Net realized gain/(loss) from the sale of securities	0	0
Impairment of securities	0	0
Total Impairment and other net gain/(loss) on securities	(4,112)	2,931
Net unrealized gain/(loss) on other portfolio investments	(664)	0
Net realized gain/(loss) on other portfolio investments	0	0
Total Impairment and other net gain/(loss) on securities and other portfolio investments	$ (4,776)	$ 2,931

Securities, at Fair Value - I_2

Securities, at Fair Value - Impact of AFS Securities on AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI from AFS Securities:
Unrealized gain on AFS securities at beginning of period	$ 17,698	$ 21,341
Unrealized gain/(loss) on securities available-for-sale	1,828	(1,116)
Change in AOCI from AFS securities	1,828	(1,116)
Balance at end of period	$ 19,526	$ 20,225

Securities, at Fair Value - Int

Securities, at Fair Value - Interest Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Interest income	$ 12,992	$ 7,308
Agency MBS
Debt Securities, Available-for-sale [Line Items]
Coupon interest	7,730	2,051
Effective yield adjustment	(15)	(31)
Interest income	7,715	2,020
Other MBS
Debt Securities, Available-for-sale [Line Items]
Coupon interest	2,085	1,912
Effective yield adjustment	30	188
Interest income	2,115	2,100
Term notes backed by MSR collateral
Debt Securities, Available-for-sale [Line Items]
Coupon interest	1,951	1,963
Effective yield adjustment	1,211	1,225
Interest income	$ 3,162	$ 3,188

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
REO		$ 106,185	$ 110,174	$ 121,215	$ 130,605
Commercial REO		22,194	22,717
Goodwill		61,076	61,076
Intangibles, net		7,200	8,000
Capital contributions made to loan origination partners		19,780	19,780
Commercial loans		45,793	51,426
Interest receivable		104,636	98,924
Other loan related receivables		17,891	24,084
Lease Right-of-Use Asset		37,158	37,819
Other		67,431	63,097
Total Other Assets	[1]	$ 489,344	$ 497,097
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]		Total Other Assets	Total Other Assets
Accumulated amortization		$ 20,800	$ 20,000
Borrowing rate (as a percent)		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	3 Months Ended
	Mar. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($) property	Mar. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($)
Real Estate Properties [Line Items]
Number of real estate owned properties | property	288	300	362
Real estate owned	$ 106,185	$ 110,174	$ 121,215	$ 130,605
Residential whole loans acquired through foreclosure ordered in lieu	106,100
Entity Owning A Newly Constructed Industrial Property
Real Estate Properties [Line Items]
Ownership percentage		75%
Impairment on investment	500
Carrying Value
Real Estate Properties [Line Items]
Mortgage loans in process of foreclosure	84,000
Estimated Fair Value
Real Estate Properties [Line Items]
Mortgage loans in process of foreclosure	$ 279,800

Other Assets - Real Estate Ow_2

Other Assets - Real Estate Owned - Activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) property	Mar. 31, 2023 USD ($) property	Dec. 31, 2023 property
Real Estate Owned [Roll Forward]
Balance at beginning of period	$ 110,174	$ 130,605
Adjustments to record at lower of cost or fair value	(1,267)	(1,052)
Transfer from residential whole loans	19,342	20,925
Purchases and capital improvements, net	151	137
Disposals and other	(22,215)	(29,400)
Balance at end of period	$ 106,185	$ 121,215
Number of properties | property	288	362	300
Gain (loss) recorded on transfer from residential whole loans to real estate owned	$ (1,100)	$ 41
Properties sold during period | property	73	93
Proceeds from sale of real estate	$ 24,200	$ 33,800
Gain on sales of real estate owned	$ 2,000	$ 5,000

Other Assets - Goodwill and Int

Other Assets - Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	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, 2024	Dec. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangibles	$ 7,200	$ 8,000
Amortization	(800)
Trademarks / Trade Names
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangibles	2,900	3,000
Amortization	$ (100)
Amortization Period	10 years
Customer Relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangibles	$ 2,500	3,000
Amortization	$ (500)
Amortization Period	4 years
Internally Developed Software
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangibles	$ 1,800	$ 2,000
Amortization	$ (200)
Amortization Period	5 years

Other Assets - Capital Contribu

Other Assets - Capital Contributions Made to Loan Origination Partners (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Assets [Line Items]
Equity method investments	$ 19,800,000
Loan Origination Partners
Other Assets [Line Items]
Impairment on investment	0	$ 0
Common Stock | Loan Origination Partners
Other Assets [Line Items]
Equity method investments	4,700,000
Preferred Stock | Loan Origination Partners
Other Assets [Line Items]
Equity method investments	$ 15,100,000

Other Assets - Information on C

Other Assets - Information on Commercial Mortgage Loans (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Other Assets [Line Items]
Fair Value / Carrying Value	$ 1,484,370
Weighted Average LTV Ratio (as a percent)	80%
Commercial Mortgage Bridge Loan
Other Assets [Line Items]
Fair Value / Carrying Value	$ 45,793	$ 51,426
UPB	$ 46,633	$ 51,602
Weighted Average Coupon ( as a percent)	13.29%	13.18%
Weighted Average Term to Maturity (Months)	2 months	2 months
Weighted Average LTV Ratio (as a percent)	65%	66%
Commercial Mortgage Bridge Loan | UPB 60+ Days Delinquent
Other Assets [Line Items]
UPB	$ 29,931	$ 3,521
Commercial Mortgage Bridge Loan | Minimum
Other Assets [Line Items]
Participation range to total UPB (as a percent)	49%
Commercial Mortgage Bridge Loan | Maximum
Other Assets [Line Items]
Participation range to total UPB (as a percent)	75%

Other Assets - Collateral Pledg

Other Assets - Collateral Pledged Against Derivative Contracts (Details) - Swaps - Asset Pledged as Collateral without Right - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Restricted Cash	$ 11,645	$ 22,880
Agency MBS
Derivative [Line Items]
Agency MBS, at fair value	$ 49,657	$ 41,179

Other Assets - Derivative Instr

Other Assets - Derivative Instruments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Average maturity term of swaps (in months)	36 months
Maximum maturity term of swaps (in months)	116 months
Swaps
Derivative [Line Items]
Derivative, Notional Amount	$ 3,177,260	$ 3,277,260

Other Assets - Derivative Ins_2

Other Assets - Derivative Instruments (Details) - Swaps, at fair value - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Notional Amount	$ 3,177,260	$ 3,277,260
Weighted Average Fixed-Pay Interest Rate	1.86%	1.85%
Weighted Average Variable Interest Rate (as a percent)	5.34%	5.38%
Over 30 days to 3 months
Derivative [Line Items]
Notional Amount	$ 0	$ 100,000
Weighted Average Fixed-Pay Interest Rate	0%	1.49%
Weighted Average Variable Interest Rate (as a percent)	0%	5.38%
Over 6 months to 12 months
Derivative [Line Items]
Notional Amount	$ 1,000,010	$ 450,010
Weighted Average Fixed-Pay Interest Rate	1.09%	0.90%
Weighted Average Variable Interest Rate (as a percent)	5.34%	5.38%
Over 12 months to 24 months
Derivative [Line Items]
Notional Amount	$ 125,000	$ 675,000
Weighted Average Fixed-Pay Interest Rate	2.70%	1.52%
Weighted Average Variable Interest Rate (as a percent)	5.34%	5.38%
Over 24 months to 36 months
Derivative [Line Items]
Notional Amount	$ 1,300,000	$ 450,000
Weighted Average Fixed-Pay Interest Rate	1.42%	1.12%
Weighted Average Variable Interest Rate (as a percent)	5.34%	5.38%
Over 36 months to 48 months
Derivative [Line Items]
Notional Amount	$ 125,000	$ 975,000
Weighted Average Fixed-Pay Interest Rate	2.71%	1.73%
Weighted Average Variable Interest Rate (as a percent)	5.34%	5.38%
Over 48 months to 60 months
Derivative [Line Items]
Notional Amount	$ 24,600	$ 24,600
Weighted Average Fixed-Pay Interest Rate	4.28%	4.28%
Weighted Average Variable Interest Rate (as a percent)	5.34%	5.38%
Over 60 months to 72 months
Derivative [Line Items]
Notional Amount	$ 310,000	$ 310,000
Weighted Average Fixed-Pay Interest Rate	2.95%	2.95%
Weighted Average Variable Interest Rate (as a percent)	5.34%	5.38%
Over 72 months
Derivative [Line Items]
Notional Amount	$ 292,650	$ 292,650
Weighted Average Fixed-Pay Interest Rate	4.32%	4.32%
Weighted Average Variable Interest Rate (as a percent)	5.34%	5.38%

Other Assets - Impact of Deriva

Other Assets - Impact of Derivative Instruments on Earnings (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Income on swap variable receive leg	$ 44,177	$ 33,851
Expense on swap fixed pay leg	(15,086)	(12,034)
Unrealized mark-to-market gain/(loss)	23,182	(40,747)
Net price alignment expense on margin collateral received	(2,332)	(2,278)
Total Net gain/(loss) on derivatives used for risk management purposes	$ 49,941	$ (21,208)

Financing Agreements - Financin

Financing Agreements - Financing Agreements (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Jan. 11, 2024
Financing Agreements [Line Items]
Unpaid Principal Balance	$ 8,813,253	$ 8,683,152
Fair Value / Carrying Value	$ 8,685,916	$ 8,536,745
Weighted Average Cost of Funding (in Percent)	4.52%	4.33%
Senior Notes | 8.875% Senior Notes Due 2029
Financing Agreements [Line Items]
Stated interest rate (as a percent)	8.875%		8.875%
Agreements with mark-to-market collateral provisions
Financing Agreements [Line Items]
Unpaid Principal Balance	$ 2,509,819	$ 2,361,146
Fair Value / Carrying Value	$ 2,509,098	$ 2,360,254
Weighted Average Cost of Funding (in Percent)	7.05%	7.09%
Agreements with mark-to-market collateral provisions | 0-3 Months
Financing Agreements [Line Items]
Unpaid Principal Balance	$ 970,140
Agreements with mark-to-market collateral provisions | 3-6 Months
Financing Agreements [Line Items]
Unpaid Principal Balance	492,446
Agreements with mark-to-market collateral provisions | 6-12 Months
Financing Agreements [Line Items]
Unpaid Principal Balance	488,610
Fair Value / Carrying Value	$ 381,900
Extension period	1 year
Agreements with mark-to-market collateral provisions | 6-12 Months | Maximum
Financing Agreements [Line Items]
Extension period	30 months
Agreements with mark-to-market collateral provisions | Greater than 12 Months
Financing Agreements [Line Items]
Unpaid Principal Balance	$ 558,623
Fair Value / Carrying Value	970,100
Agreements with mark-to-market collateral provisions | Estimated Fair Value
Financing Agreements [Line Items]
Financing agreements, amortized cost	176,800	$ 469,400
Agreements with mark-to-market collateral provisions | Estimated Fair Value | Held at Fair Value
Financing Agreements [Line Items]
Fair Value / Carrying Value		469,400
Agreements with mark-to-market collateral provisions | Residential Whole Loans and REO
Financing Agreements [Line Items]
Unpaid Principal Balance	1,904,146	1,738,543
Fair Value / Carrying Value	$ 1,903,425	$ 1,737,651
Weighted Average Cost of Funding (in Percent)	7.47%	7.50%
Weighted Average Term to Maturity (Months)	11 months 18 days	11 months 24 days
Agreements with mark-to-market collateral provisions | Residential Whole Loans and REO | 0-3 Months
Financing Agreements [Line Items]
Unpaid Principal Balance	$ 364,467
Agreements with mark-to-market collateral provisions | Residential Whole Loans and REO | 3-6 Months
Financing Agreements [Line Items]
Unpaid Principal Balance	492,446
Agreements with mark-to-market collateral provisions | Residential Whole Loans and REO | 6-12 Months
Financing Agreements [Line Items]
Unpaid Principal Balance	488,610
Agreements with mark-to-market collateral provisions | Residential Whole Loans and REO | Greater than 12 Months
Financing Agreements [Line Items]
Unpaid Principal Balance	558,623
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	176,800
Agreements with mark-to-market collateral provisions | Securities
Financing Agreements [Line Items]
Unpaid Principal Balance	605,673	$ 622,603
Fair Value / Carrying Value	$ 605,673	$ 622,603
Weighted Average Cost of Funding (in Percent)	5.79%	5.81%
Weighted Average Term to Maturity (Months)	9 days	6 days
Agreements with mark-to-market collateral provisions | Securities | 0-3 Months
Financing Agreements [Line Items]
Unpaid Principal Balance	$ 605,673
Agreements with mark-to-market collateral provisions | Securities | 3-6 Months
Financing Agreements [Line Items]
Unpaid Principal Balance	0
Agreements with mark-to-market collateral provisions | Securities | 6-12 Months
Financing Agreements [Line Items]
Unpaid Principal Balance	0
Agreements with mark-to-market collateral provisions | Securities | Greater than 12 Months
Financing Agreements [Line Items]
Unpaid Principal Balance	0
Agreements with Non-mark-to-market Collateral Provisions | Estimated Fair Value
Financing Agreements [Line Items]
Fair Value / Carrying Value		$ 178,900
Financing agreements, amortized cost	399,000	178,900
Agreements with Non-mark-to-market Collateral Provisions | Residential Whole Loans and REO
Financing Agreements [Line Items]
Unpaid Principal Balance	1,103,010	1,217,671
Fair Value / Carrying Value	$ 1,102,114	$ 1,216,697
Weighted Average Cost of Funding (in Percent)	7.89%	7.94%
Weighted Average Term to Maturity (Months)	17 months 12 days	20 months 18 days
Agreements with Non-mark-to-market Collateral Provisions | Residential Whole Loans and REO | 0-3 Months
Financing Agreements [Line Items]
Unpaid Principal Balance	$ 49,138
Agreements with Non-mark-to-market Collateral Provisions | Residential Whole Loans and REO | 3-6 Months
Financing Agreements [Line Items]
Unpaid Principal Balance	31,654
Agreements with Non-mark-to-market Collateral Provisions | Residential Whole Loans and REO | 6-12 Months
Financing Agreements [Line Items]
Unpaid Principal Balance	23,077
Agreements with Non-mark-to-market Collateral Provisions | Residential Whole Loans and REO | Greater than 12 Months
Financing Agreements [Line Items]
Unpaid Principal Balance	999,141
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	$ 399,000
Securities | Estimated Fair Value
Financing Agreements [Line Items]
Fair Value / Carrying Value		$ 4,000,000
Weighted Average Cost of Funding (in Percent)	(1.31%)	(1.40%)
Financing agreements, amortized cost	$ 4,100,000	$ 4,100,000
Securities | Residential Whole Loans and REO
Financing Agreements [Line Items]
Unpaid Principal Balance	4,915,695	4,894,746
Fair Value / Carrying Value	$ 4,794,400	$ 4,750,805
Weighted Average Cost of Funding (in Percent)	4.59%	4.37%
Securities | Residential Whole Loans and REO | Held at Fair Value
Financing Agreements [Line Items]
Fair Value / Carrying Value	$ 4,100,000
Convertible senior notes | Unsecured
Financing Agreements [Line Items]
Unpaid Principal Balance	169,729	$ 209,589
Fair Value / Carrying Value	$ 169,529	$ 208,989
Weighted Average Cost of Funding (in Percent)	6.94%	6.94%
Weighted Average Term to Maturity (Months)	2 months 15 days	5 months 15 days
Impact of net Swap carry | Unsecured
Financing Agreements [Line Items]
Weighted Average Cost of Funding (in Percent)	(1.31%)	(1.40%)
8.875% Senior Notes Due 2029 | Unsecured
Financing Agreements [Line Items]
Unpaid Principal Balance	$ 115,000
Fair Value / Carrying Value	$ 110,775
Weighted Average Cost of Funding (in Percent)	9.80%
Weighted Average Term to Maturity (Months)	58 months 18 days

Financing Agreements - Borrowin

Financing Agreements - Borrowings Under Repurchase Agreement and Associated Assets Pledged as Collateral (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Asset Pledged as Collateral with Right
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of securities pledged as collateral under financing agreements	$ 9,856,421	$ 9,710,754
Asset Pledged as Collateral with Right | Agreements with mark-to-market collateral provisions
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of securities pledged as collateral under financing agreements	2,657,267	2,466,787
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	1,476,667	1,544,086
Mark-to-market financing agreements secured by residential whole loans | Asset Pledged as Collateral with Right | Agreements with mark-to-market collateral provisions
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of securities pledged as collateral under financing agreements	302,540	318,762
Mark-to-market financing agreements secured by residential whole loans | Held at Fair Value
Assets Sold under Agreements to Repurchase [Line Items]
Carrying value	$ 1,880,014	$ 1,712,489
Weighted average haircut (percent)	22.06%	20.90%
Mark-to-market financing agreements secured by residential whole loans | Held at 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	$ 2,420,430	$ 2,204,239
Mark-to-market financing agreements secured by securities at fair value | Held at Fair Value
Assets Sold under Agreements to Repurchase [Line Items]
Carrying value	$ 605,673	$ 622,603
Weighted average haircut (percent)	8.39%	8.07%
Mark-to-market financing agreements secured by securities at fair value | Held at 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	$ 682,199	$ 689,818
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	71,414	76,629
Mark-to-market financing agreements secured by real estate owned | Asset Pledged as Collateral with Right | Agreements with mark-to-market collateral provisions
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of securities pledged as collateral under financing agreements	39,546	43,295
Mark-to-market financing agreements secured by real estate owned | Held at Fair Value
Assets Sold under Agreements to Repurchase [Line Items]
Carrying value	$ 23,411	$ 25,163
Weighted average haircut (percent)	48.55%	49.39%
Mark-to-market financing agreements secured by real estate owned | Held at 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	$ 45,502	$ 50,365
Non-mark-to-market financing secured by residential whole loans | Held at Fair Value
Assets Sold under Agreements to Repurchase [Line Items]
Carrying value	$ 1,102,114	$ 1,216,697
Weighted average haircut (percent)	18.99%	17.65%
Non-mark-to-market financing secured by residential whole loans | Held at 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	$ 1,407,278	$ 1,510,146
Non-mark-to-market financing secured by real estate owned | Held at Fair Value
Assets Sold under Agreements to Repurchase [Line Items]
Carrying value	$ 0	$ 0
Weighted average haircut (percent)	0%	0%
Non-mark-to-market financing secured by real estate owned | Held at 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	$ 0	$ 0

Financing Agreements - Financ_2

Financing Agreements - Financing Agreements, at Fair Values - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Financing Agreement
Financing Agreements [Line Items]
Cash pledged as collateral	$ 15.5	$ 19

Financing Agreements - Borrow_2

Financing Agreements - Borrowings Under Repurchase Agreement (Details) - Repurchase Agreement Borrowings - Held at Fair Value - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	$ 3,612,829	$ 3,578,816
Weighted Average Interest Rate	7.30%	7.36%
Within 30 days
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	$ 3,612,829	$ 3,578,816
Weighted Average Interest Rate	7.30%	7.36%
Over 30 days to 3 months
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	$ 0	$ 0
Weighted Average Interest Rate	0%	0%
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 - Converti

Financing Agreements - Convertible Senior Notes (Details)			3 Months Ended	12 Months Ended
	Jan. 11, 2024 USD ($)	Jun. 03, 2019 USD ($) $ / shares	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Feb. 28, 2023 USD ($)
Convertible Debt | 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 (as a percent)		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%
Authorized repurchase amount					$ 100,000,000
Principal amount of debt repurchased			$ 39,900,000	$ 20,400,000
Debt instrument, repurchase amount			39,800,000	20,200,000
Gain (loss) on repurchase of debt instrument			(100,000)	$ 100,000
Outstanding amount of debt			$ 169,700,000
Convertible Debt | Additional Convertible Senior Notes
Debt Instrument [Line Items]
Proceeds from issuance of Series C Preferred Stock		$ 30,000,000
Senior Notes | 8.875% Senior Notes Due 2029
Debt Instrument [Line Items]
Proceed from debt net of offering expenses and underwriting discount	$ 110,600,000
Stated interest rate (as a percent)	8.875%		8.875%
Debt instrument, face amount	$ 115,000,000
Effective interest rate	9.82%
Redemption price as percentage of principal amount	100%
Senior Notes | 8.875% Senior Notes Due 2029 | Underwriters
Debt Instrument [Line Items]
Stated interest rate (as a percent)	8.875%
Debt instrument, face amount	$ 15,000,000

Financing Agreements - Counterp

Financing Agreements - Counterparty for Repurchase Agreement (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) counterparty	Dec. 31, 2023 counterparty
Disclosure of Repurchase Agreements [Abstract]
Number of counterparties | counterparty	14	14
Threshold of stockholders' equity at risk with single counterparty to financing agreements or linked transactions (greater than) (percent)	5%
Wells Fargo
Repurchase agreements counterparty risk
Amount at Risk	$ 258,520
Weighted  Average Months  to Repricing for Repurchase Agreements	1 month
Percent of Stockholders’ Equity	13.70%
Barclays
Repurchase agreements counterparty risk
Amount at Risk	$ 215,033
Weighted  Average Months  to Repricing for Repurchase Agreements	1 month
Percent of Stockholders’ Equity	11.40%
Churchill Finance LLC
Repurchase agreements counterparty risk
Amount at Risk	$ 165,467
Weighted  Average Months  to Repricing for Repurchase Agreements	1 month
Percent of Stockholders’ Equity	8.80%
Atlas
Repurchase agreements counterparty risk
Amount at Risk	$ 97,393
Weighted  Average Months  to Repricing for Repurchase Agreements	1 month
Percent of Stockholders’ Equity	5.20%

Financing Agreements - Pledged

Financing Agreements - Pledged Collateral (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	$ 9,856,421	$ 9,710,754
Accrued interest	39,900	36,400
Non-Mark-to-Market | Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	1,411,796	1,513,904
Mark-to-Market | Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	2,657,267	2,466,787
Securitized | Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	5,787,358	5,730,063
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	1,476,667	1,544,086
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	38,737	55,056
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	302,540	318,762
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	1,135,390	1,170,268
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	7,626,141	7,400,221
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	1,373,059	1,458,848
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	1,632,982	1,414,912
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	4,620,100	4,526,461
Securities, at fair value | Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	682,199	689,818
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	682,199	689,818
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	71,414	76,629
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	0	0
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	39,546	43,295
Other assets: REO | Securitized | Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	31,868	33,334
Non-Agency MBS | Mark-to-Market
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	486,300	465,600
Securities Sold under Agreements to Repurchase	$ 364,500	$ 327,200

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Liabilities [Abstract]
Payable for unsettled investment purchases	$ 0	$ 103,654
Dividends and dividend equivalents payable	36,015	35,789
Lease liability	42,873	43,576
Accrued interest payable	36,187	30,834
Accrued expenses and other	188,952	122,177
Total Other Liabilities	$ 304,027	$ 336,030
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, 2024 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	$ 356.6

Income Taxes - Net Deferred Tax

Income Taxes - Net Deferred Tax Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Deferred tax assets (DTAs):
Net operating loss and tax credit carryforwards	$ 87,007	$ 91,113
Unrealized mark-to-market, impairments and loss provisions	16,977	16,170
Other realized / unrealized treatment differences	(32,891)	(34,923)
Total deferred tax assets	71,093	72,360
Less: valuation allowance	(71,093)	(72,360)
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, 2024	Mar. 31, 2023
Current provision/(benefit)
Federal	$ 422	$ (134)
State	111	(53)
Total current provision/(benefit)	533	(187)
Deferred provision/(benefit)
Federal	399	589
State	117	155
Total deferred provision/(benefit)	516	744
Total provision/(benefit)	$ 1,049	$ 557

Income Taxes - Statutory Federa

Income Taxes - Statutory Federal Tax Rate to our Effective Tax Rate (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Federal statutory rate	21%	21%
Non-taxable REIT income (dividends paid deduction)	(24.50%)	(9.00%)
Other differences in taxable income/(loss) from GAAP	21%	(8.40%)
State and local taxes	(0.20%)	0%
Change in valuation allowance on DTAs	(13.90%)	(2.90%)
Effective tax rate	3.40%	0.70%

Commitments and Contingencies -

Commitments and Contingencies - Lease Commitments (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2024
Lima One | Greenville, South Carolina
Lease Commitments
Lease term	13 years
Lima One | Greenville, South Carolina | Weighted Average
Lease Commitments
Annual lease rental expense	$ 3
Corporate Headquarters
Lease Commitments
Lease cost		$ 1.3
New Corporate Headquarters Location
Lease Commitments
Lease term		15 years
Renewal term		5 years

Commitments and Contingencies_2

Commitments and Contingencies - Minimum Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
2024	$ 4,553
2025	5,212
2026	4,839
2027	5,119
2028	5,055
Thereafter	41,944
Total	66,722
Present Value Discount	(23,849)
Total Lease Liability (Note 7)	$ 42,873	$ 43,576

Commitments and Contingencies_3

Commitments and Contingencies - Loan Commitments (Details) $ in Millions	Mar. 31, 2024 USD ($)
Unfunded Loan Commitment | Transitional loans
Other Commitments [Line Items]
Other commitment	$ 527

Commitments and Contingencies_4

Commitments and Contingencies - Guarantee (Details) $ in Millions	Mar. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Guaranteed amount (up to)	$ 42.5
Guarantee Obligations
Other Commitments [Line Items]
Liability	$ 0

Stockholders' Equity - Series B

Stockholders' Equity - Series B (Details) shares in Thousands			3 Months Ended		12 Months Ended
	Feb. 28, 2020 quarter director $ / shares	Apr. 15, 2013 $ / shares shares	Mar. 31, 2024 quarter director $ / shares shares	Mar. 31, 2023 $ / shares	Dec. 31, 2023 $ / shares shares	Mar. 02, 2020 $ / shares shares
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate (as a percent)			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
Minimum percentage of preferred shareholders required for approval		66.67%
Series B Preferred Stock | Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate (as a percent)		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
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate (as a percent)			6.50%		6.50%
Preferred stock, shares issued (in shares) | shares			11,000		11,000
Preferred stock, par value (in dollars per share)			$ 0.01		$ 0.01
Minimum percentage of preferred shareholders required for approval	66.67%
Series C Preferred Stock | Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate (as a percent)	6.50%		6.50%	6.50%
Preferred stock, shares issued (in shares) | shares						11,000
Preferred stock, par value (in dollars per share)						$ 0.01
Preferred stock, liquidation preference (in dollars per share)	$ 25		$ 25	$ 25		$ 25
Preferred stock, redemption price (in dollars per share)	$ 25
Maximum quarters without dividends to get voting rights, in quarters | quarter	6
Number of additional directors that can be elected by preferred stock holders | director	2

Stockholders' Equity - Dividend

Stockholders' Equity - Dividends on Series B and Series C (Details) - $ / shares						3 Months Ended
	Feb. 20, 2024	Nov. 21, 2023	Aug. 17, 2023	May 22, 2023	Feb. 21, 2023	Mar. 31, 2024	Mar. 31, 2023
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, cash dividends declared (in dollars per share)	$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, cash dividends declared (in dollars per share)	$ 0.40625	$ 0.40625	$ 0.40625	$ 0.40625	$ 0.40625	$ 0.40625	$ 0.40625

Stockholders' Equity - Series C

Stockholders' Equity - Series C (Details) - Series C Preferred Stock $ / shares in Units, $ in Millions			3 Months Ended		12 Months Ended
	Mar. 02, 2020 USD ($) $ / shares shares	Feb. 28, 2020 quarter director $ / shares shares	Mar. 31, 2024 $ / shares shares	Mar. 31, 2023 $ / shares	Dec. 31, 2023 $ / shares shares
Class of Stock [Line Items]
Preferred stock, dividend rate (as a percent)			6.50%		6.50%
Preferred stock, shares issued (in shares) | shares			11,000,000		11,000,000
Preferred stock, par value (in dollars per share)			$ 0.01		$ 0.01
Minimum percentage of preferred shareholders required for approval		66.67%
Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate (as a percent)		6.50%	6.50%	6.50%
Shares reclassified to redeemable capital stock (in shares) | shares		12,650,000
Preferred stock, shares issued (in shares) | shares	11,000,000
Preferred stock, par value (in dollars per share)	$ 0.01
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25	$ 25	$ 25
Proceeds from issuance of 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
Preferred Stock | LIBOR
Class of Stock [Line Items]
Debt instrument, basis spread on variable rate (in percent)		5.345%

Stockholders' Equity - Divide_2

Stockholders' Equity - Dividends on Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands						3 Months Ended
	Mar. 07, 2024	Dec. 13, 2023	Sep. 20, 2023	Jun. 15, 2023	Mar. 10, 2023	Mar. 31, 2024	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Common stock, cash dividends declared (in dollars per share)	$ 0.35	$ 0.35	$ 0.35	$ 0.35	$ 0.35	$ 0.35	$ 0.35
Dividends and dividend equivalents declared and unpaid						$ 36,015	$ 35,756

Stockholders' Equity - DRSPP (D

Stockholders' Equity - DRSPP (Details) - USD ($) $ in Millions	247 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Sep. 27, 2022
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	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
Common shares issued through DRSPP (in shares)	8,848,219
Value of shares issued net of expenses	$ 290.8

Stockholders' Equity - ATM Offe

Stockholders' Equity - ATM Offering Program (Details)	Feb. 29, 2024 USD ($)
At The Market Offering
Class of Stock [Line Items]
Aggregate gross sales price	$ 300,000,000

Stockholders' Equity - Stock Re

Stockholders' Equity - Stock Repurchase Program (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Feb. 29, 2024	Dec. 31, 2023	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Stock repurchase program, authorized amount		$ 200,000,000		$ 250,000,000
Shares repurchased (in shares)	0
Remaining authorized repurchase amount	$ 200,000,000		$ 202,500,000

Stockholders' Equity - Accumula

Stockholders' Equity - Accumulated Other Comprehensive Income/(Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Components of accumulated other comprehensive income/(loss)
Beginning balance	$ 1,899,915	$ 1,988,849
OCI before reclassifications	1,828	(1,116)
Amounts reclassified from AOCI	0	0
Other Comprehensive Income/(Loss)	1,828	(1,116)
Ending balance	1,884,187	2,018,606
Total  AOCI
Components of accumulated other comprehensive income/(loss)
Beginning balance	17,698	21,341
Ending balance	19,526	20,225
Net Unrealized Gain/(Loss) on AFS Securities
Components of accumulated other comprehensive income/(loss)
Beginning balance	17,698	21,341
OCI before reclassifications	1,828	(1,116)
Amounts reclassified from AOCI	0	0
Other Comprehensive Income/(Loss)	1,828	(1,116)
Ending balance	19,526	20,225
Net Unrealized Gain/(Loss) on Financing Agreements
Components of accumulated other comprehensive income/(loss)
Beginning balance	0	0
OCI before reclassifications	0	0
Amounts reclassified from AOCI	0	0
Other Comprehensive Income/(Loss)	0	0
Ending balance	$ 0	$ 0

EPS Calculation (Details)

EPS Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Basic Earnings/(Loss) per Share:
Net income/(loss)	$ 23,213	$ 72,784
Dividends declared on preferred stock	(8,219)	(8,219)
Dividends, dividend equivalents and undistributed earnings allocated to participating securities	(167)	0
Net income/(loss) available to common stockholders - basic	$ 14,827	$ 64,565
Basic weighted average common shares outstanding (in shares)	103,173	102,155
Basic Income/(Loss) per Share (in dollars per share)	$ 0.14	$ 0.63
Diluted Earnings/(Loss) per Share:
Net income/(loss) available to common stockholders - basic	$ 14,827	$ 64,565
Interest expense on Convertible Senior Notes	0	3,955
Dividends, dividend equivalents and undistributed earnings allocated to participating securities	0	0
Net income/(loss) available to common stockholders - diluted	$ 14,827	$ 68,520
Basic weighted average common shares outstanding (in shares)	103,173	102,155
Effect of assumed conversion of Convertible Senior Notes to common shares (in shares)	0	7,230
Unvested and vested restricted stock units (in shares)	2,076	956
Diluted weighted average common shares outstanding (in shares)	105,249	110,341
Diluted Income/(Loss) per Share (in dollars per share)	$ 0.14	$ 0.62
Anti-dilutive securities excluded from diluted earnings per share calculations (in shares)	478
RSUs
Diluted Earnings/(Loss) per Share:
Weighted average grant date fair value (in dollars per share)	$ 11.25

Equity Compensation and Other_3

Equity Compensation and Other Benefit Plans - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share based compensation
Maximum shares authorized for grant (in shares)	8,500,000
Shares available for grant (in shares)	4,000,000
Shares paid for tax withholding for share based compensation (in shares)	129,949	58,505
RSUs
Share based compensation
Granted (in shares)	1,255,486	1,517,675
Forfeitures (in shares)	255,890	177,161
Unrecognized compensation cost	$ 16.5		$ 9.2
Period for recognizing unrecognized compensation cost	2 years 1 month 6 days
Restricted 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	$ 1.4	$ 0.1
Equity Compensation Plan
Share based compensation
Maximum number of common shares that can be granted to participant in any one year	2,000,000
Period during which a participant can be awarded the maximum number of shares allowable under the Plan	1 year
Maximum percentage of common shares that can be owned or deemed to be owned by a participant (more than)	9.80%

Equity Compensation and Other_4

Equity Compensation and Other Benefit Plans - Allocated Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share based compensation
Allocated expense	$ 6,243	$ 3,020
RSUs
Share based compensation
Allocated expense	$ 6,243	$ 3,020

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, 2024	Mar. 31, 2023	Dec. 31, 2023
Deferred Compensation Activity
Deferrable compensation by the employee, maximum (in percent)	100%
Deferred Plans Expenses	$ 106	$ 109
Undistributed Income Deferred	2,599		$ 2,611
Liability Under Deferred Plans	2,493		2,404
Non-employee directors
Deferred Compensation Activity
Deferred Plans Expenses	106	$ 109
Undistributed Income Deferred	2,599		2,611
Liability Under Deferred Plans	$ 2,493		$ 2,404

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets:
Total assets carried at fair value	$ 8,390,857	$ 8,257,598
Liabilities:
Securitized debt	4,065,630	3,985,372
Residential whole loans, at fair value
Assets:
Residential whole loans, at fair value	7,653,907	7,511,508
Liabilities:
Total liabilities carried at fair value	4,641,438	4,633,660
Securities, at fair value
Assets:
Securities, at fair value	736,950	746,090
Agreements with Non-mark-to-market Collateral Provisions
Liabilities:
Liabilities carried at fair value	399,049	469,424
Agreements with Mark-to-market Collateral Provisions
Liabilities:
Liabilities carried at fair value	176,759	178,864
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	791,604	801,869
Liabilities:
Securitized debt	4,065,630	3,985,372
Level 2 | Residential whole loans, at fair value
Assets:
Residential whole loans, at fair value	54,654	55,779
Liabilities:
Total liabilities carried at fair value	4,065,630	3,985,372
Level 2 | Securities, at fair value
Assets:
Securities, at fair value	736,950	746,090
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	7,599,253	7,455,729
Liabilities:
Securitized debt	0	0
Level 3 | Residential whole loans, at fair value
Assets:
Residential whole loans, at fair value	7,599,253	7,455,729
Liabilities:
Total liabilities carried at fair value	575,808	648,288
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	399,049	469,424
Level 3 | Agreements with Mark-to-market Collateral Provisions
Liabilities:
Liabilities carried at fair value	$ 176,759	$ 178,864

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, 2024	Mar. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 7,455,729	$ 5,676,430
Purchases and originations	488,051	336,815
Draws	163,744	119,076
Changes in fair value recorded in Net gain/(loss) on residential whole loans measured at fair value through earnings	10,208	127,606
Repayments	(346,564)	(233,434)
Loan sales and repurchases	(159,895)	(578)
Transfer to REO	(12,020)	(12,537)
Balance at end of period	$ 7,599,253	$ 6,013,378

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, 2024	Mar. 31, 2023
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	$ 469,424	$ 578,879
Issuances	67,942	145,830
Payment of principal	(138,317)	(198,086)
Change in unrealized losses	0	0
Balance at end of period	399,049	526,623
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	178,864	884,495
Issuances	0	12,555
Payment of principal	(2,105)	(216,342)
Change in unrealized losses	0	0
Balance at end of period	$ 176,759	$ 680,708

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, 2024 USD ($)	Dec. 31, 2023 USD ($)
Residential whole loans, total or weighted average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans, fair value	$ 14,800	$ 103,700
Performing
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchased performing loans, fair value	6,902,683	6,646,651
Performing | Discounted cash flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchased performing loans, fair value	6,751,137	6,522,457
Performing | Liquidation model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchased performing loans, fair value	$ 151,546	$ 124,194
Performing | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Discount rate | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.082	0.080
Performing | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Discount rate | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.062	0.065
Performing | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Discount rate | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.215	0.292
Performing | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Prepayment rate | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.119	0.101
Performing | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Prepayment rate | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0	0
Performing | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Prepayment rate | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.553	0.464
Performing | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Default rate | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.005	0.005
Performing | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Default rate | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0	0
Performing | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Default rate | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.311	0.273
Performing | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Loss severity | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.109	0.109
Performing | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Loss severity | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0	0
Performing | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Loss severity | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.990	0.990
Performing | Residential whole loans, at fair value | Level 3 | Liquidation model | Discount rate | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.080	0.080
Performing | Residential whole loans, at fair value | Level 3 | Liquidation model | Discount rate | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.080	0.080
Performing | Residential whole loans, at fair value | Level 3 | Liquidation model | Discount rate | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.080	0.080
Performing | Residential whole loans, at fair value | Level 3 | Liquidation model | Annual change in home prices | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Annual change in home prices	2.30%	2.60%
Performing | Residential whole loans, at fair value | Level 3 | Liquidation model | Annual change in home prices | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Annual change in home prices	0%	0%
Performing | Residential whole loans, at fair value | Level 3 | Liquidation model | Annual change in home prices | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Annual change in home prices	10.10%	10.10%
Performing | Residential whole loans, at fair value | Level 3 | Liquidation model | Liquidation timeline (in years) | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liquidation timeline (in years)	1 year 6 months	1 year 7 months 6 days
Performing | Residential whole loans, at fair value | Level 3 | Liquidation model | Liquidation timeline (in years) | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liquidation timeline (in years)	9 months 18 days	9 months 18 days
Performing | Residential whole loans, at fair value | Level 3 | Liquidation model | Liquidation timeline (in years) | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liquidation timeline (in years)	3 years 10 months 24 days	3 years 10 months 24 days
Performing | Residential whole loans, at fair value | Level 3 | Liquidation model | Current value of underlying properties | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current value of underlying properties	$ 1,647	$ 1,580
Performing | Residential whole loans, at fair value | Level 3 | Liquidation model | Current value of underlying properties | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current value of underlying properties	21	35
Performing | Residential whole loans, at fair value | Level 3 | Liquidation model | Current value of underlying properties | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current value of underlying properties	7,400	5,500
Nonperforming
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchased performing loans, fair value	681,188	704,852
Purchases excluded from level 2 fair value	601	572
Nonperforming | Discounted cash flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchased performing loans, fair value	519,497	537,528
Nonperforming | Liquidation model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchased performing loans, fair value	161,691	167,324
Simple average amount	$ 512	$ 494
Nonperforming | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Discount rate | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.070	0.068
Nonperforming | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Discount rate | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.065	0.062
Nonperforming | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Discount rate | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.109	0.102
Nonperforming | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Prepayment rate | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.094	0.097
Nonperforming | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Prepayment rate | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0	0
Nonperforming | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Prepayment rate | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.347	0.389
Nonperforming | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Default rate | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.022	0.021
Nonperforming | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Default rate | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0	0
Nonperforming | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Default rate | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.417	0.395
Nonperforming | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Loss severity | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.096	0.097
Nonperforming | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Loss severity | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0	0
Nonperforming | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Loss severity | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	1	1
Nonperforming | Residential whole loans, at fair value | Level 3 | Liquidation model | Discount rate | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.080	0.080
Nonperforming | Residential whole loans, at fair value | Level 3 | Liquidation model | Discount rate | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.080	0.080
Nonperforming | Residential whole loans, at fair value | Level 3 | Liquidation model | Discount rate | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.080	0.080
Nonperforming | Residential whole loans, at fair value | Level 3 | Liquidation model | Annual change in home prices | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Annual change in home prices	4.30%	4.60%
Nonperforming | Residential whole loans, at fair value | Level 3 | Liquidation model | Annual change in home prices | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Annual change in home prices	(0.30%)	(0.40%)
Nonperforming | Residential whole loans, at fair value | Level 3 | Liquidation model | Annual change in home prices | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Annual change in home prices	12.10%	12.70%
Nonperforming | Residential whole loans, at fair value | Level 3 | Liquidation model | Liquidation timeline (in years) | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liquidation timeline (in years)	2 years 1 month 6 days	2 years 1 month 6 days
Nonperforming | Residential whole loans, at fair value | Level 3 | Liquidation model | Liquidation timeline (in years) | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liquidation timeline (in years)	9 months 18 days	1 month 6 days
Nonperforming | Residential whole loans, at fair value | Level 3 | Liquidation model | Liquidation timeline (in years) | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liquidation timeline (in years)	4 years 6 months	4 years 6 months
Nonperforming | Residential whole loans, at fair value | Level 3 | Liquidation model | Current value of underlying properties | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current value of underlying properties	$ 863	$ 831
Nonperforming | Residential whole loans, at fair value | Level 3 | Liquidation model | Current value of underlying properties | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current value of underlying properties	24	24
Nonperforming | Residential whole loans, at fair value | Level 3 | Liquidation model | Current value of underlying properties | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current value of underlying properties	$ 4,720	$ 4,720

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Carrying Value vs Fair Value (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Jan. 11, 2024	Dec. 31, 2023
Financial Assets:
Securities, at fair value	[1]	$ 736,950		$ 746,090
Restricted cash		$ 222,905		170,211
8.875% Senior Notes Due 2029 | Senior Notes
Financial Liabilities:
Stated interest rate (as a percent)		8.875%	8.875%
Carrying Value | Level 2
Financial Assets:
Securities, at fair value		$ 736,950		746,090
Financial Liabilities:
Securitized debt		4,794,400		4,750,805
Convertible senior notes		169,529		208,989
Carrying Value | Level 2 | 8.875% Senior Notes Due 2029
Financial Liabilities:
Senior notes		110,775		0
Carrying Value | Level 1
Financial Assets:
Cash and cash equivalents		306,266		318,000
Restricted cash		222,905		170,211
Estimated Fair Value | Level 2
Financial Assets:
Securities, at fair value		736,950		746,090
Financial Liabilities:
Securitized debt		4,706,014		4,655,195
Convertible senior notes		169,941		209,065
Estimated Fair Value | Level 2 | 8.875% Senior Notes Due 2029
Financial Liabilities:
Senior notes		115,584		0
Estimated Fair Value | Level 1
Financial Assets:
Cash and cash equivalents		306,266		318,000
Restricted cash		222,905		170,211
Residential whole loans, at fair value | Carrying Value | Level 3
Financial Assets:
Residential whole loans		9,064,011		8,985,513
Residential whole loans, at fair value | Carrying Value | Level 2
Financial Assets:
Residential whole loans		54,654		55,779
Residential whole loans, at fair value | Estimated Fair Value | Level 3
Financial Assets:
Residential whole loans		9,028,569		8,949,859
Residential whole loans, at fair value | Estimated Fair Value | Level 2
Financial Assets:
Residential whole loans		54,654		55,779
Financing agreements with non-mark-to-market collateral provisions | Carrying Value | Level 3
Financial Liabilities:
Financing agreements with mark-to-market collateral provisions		1,102,114		1,216,697
Financing agreements with non-mark-to-market collateral provisions | Estimated Fair Value | Level 3
Financial Liabilities:
Financing agreements with mark-to-market collateral provisions		1,103,010		1,217,671
Agreements with mark-to-market collateral provisions | Carrying Value | Level 3
Financial Liabilities:
Financing agreements with mark-to-market collateral provisions		1,903,425		1,737,652
Agreements with mark-to-market collateral provisions | Estimated Fair Value | Level 3
Financial Liabilities:
Financing agreements with mark-to-market collateral provisions		1,904,146		1,738,543
Financing agreements with mark-to-market collateral provisions | Carrying Value | Level 2
Financial Liabilities:
Financing agreements with mark-to-market collateral provisions		605,673		622,603
Financing agreements with mark-to-market collateral provisions | Estimated Fair Value | Level 2
Financial Liabilities:
Financing agreements with mark-to-market collateral provisions		$ 605,673		$ 622,603
[1] See Note 6 for information regarding the Company’s pledged assets.

Fair Value of Financial Instr_8

Fair Value of Financial Instruments - Other Assets Measured at Fair Value on a Nonrecurring Basis (Details) $ in Millions	Mar. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($) property	Mar. 31, 2023 USD ($) property
Carrying value and estimated fair value of financial instruments
Other real estate, fair value	$ 19.3		$ 20.9
Number of properties | property	288	300	362
Equity method investments	$ 19.8
Entity Owning A Newly Constructed Industrial Property
Carrying value and estimated fair value of financial instruments
Ownership percentage		75%
Equity method investments		$ 25
Commercial Real Estate Owned
Carrying value and estimated fair value of financial instruments
Other real estate, fair value		$ 33.3
Number of properties | property		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, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Weighted average fixed rate for Senior Bonds issued	4.52%	4.33%
Senior Notes
Variable Interest Entity [Line Items]
Cash received	$ 160,000
Asset-backed Securities, Securitized Loans and Receivables
Variable Interest Entity [Line Items]
Aggregate unpaid principal balance of residential whole loans sold	8,433,573	$ 8,241,053
Outstanding amount of Senior Bonds, at carrying value	728,770	765,433
Outstanding amount of Senior Bonds, at fair value	4,065,630	3,985,372
Outstanding amount of Senior Bonds, total	$ 4,794,400	$ 4,750,805
Weighted average fixed rate for Senior Bonds issued	4.62%	4.51%
Weighted average contractual maturity of Senior Bonds	35 years	36 years
Cash received	$ 7,249,574	$ 7,089,575
Debt issuance cost	1,400	1,500
Asset-backed Securities, Securitized Loans and Receivables | Senior Notes
Variable Interest Entity [Line Items]
Debt instrument, face amount	7,312,213	7,152,213
Proceeds from Senior bond sold with Step up feature	$ 3,400,000	3,400,000
Asset-backed Securities, Securitized Loans and Receivables | Senior Notes | Variable Rate, Option 1
Variable Interest Entity [Line Items]
Debt instrument, basis spread on variable rate (in percent)	1%
Asset-backed Securities, Securitized Loans and Receivables | Senior Notes | Variable Rate, Option 2
Variable Interest Entity [Line Items]
Debt instrument, basis spread on variable rate (in percent)	1.50%
Asset-backed Securities, Securitized Loans and Receivables | Senior Notes | Variable Rate, Option 3
Variable Interest Entity [Line Items]
Debt instrument, basis spread on variable rate (in percent)	2%
Asset-backed Securities, Securitized Loans and Receivables | Senior Notes | Variable Rate, Option 4
Variable Interest Entity [Line Items]
Debt instrument, basis spread on variable rate (in percent)	3%
Asset-backed Securities, Securitized Loans and Receivables | Senior Notes | Minimum
Variable Interest Entity [Line Items]
Debt instrument, coupon step-up period	24 months
Asset-backed Securities, Securitized Loans and Receivables | Senior Notes | Maximum
Variable Interest Entity [Line Items]
Debt instrument, coupon step-up period	48 months
Asset-backed Securities, Securitized Loans and Receivables | Senior Support Certificates
Variable Interest Entity [Line Items]
Debt instrument, face amount	$ 1,077,297	$ 1,047,297

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, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Total residential whole loans	$ 9,100,000	$ 9,000,000
Asset-backed Securities, Securitized Loans and Receivables
Variable Interest Entity [Line Items]
Proceeds from issuance of debt	7,249,574	7,089,575
Residential whole loans transferred to consolidated VIEs	5,700,000	5,700,000
Securitized debt	4,800,000	4,800,000
Asset-backed Securities, Securitized Loans and Receivables | Other Assets
Variable Interest Entity [Line Items]
Real estate owned at fair value	31,900	$ 33,300
Senior Bonds
Variable Interest Entity [Line Items]
Proceeds from issuance of debt	160,000
Proceed from debt net of offering expenses and underwriting discount	$ 160,000

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Interest Income	$ 176,831	$ 132,205
Interest Expense	129,017	92,836
Net Interest Income	47,814	39,369
Reversal/(Provision) for Credit Losses on Residential Whole Loans	460	13
Reversal/(Provision) for Credit Losses on Other Assets	(1,109)	0
Net Interest Income after Reversal/(Provision) for Credit Losses	47,165	39,382
Net gain/(loss) on residential whole loans measured at fair value through earnings	(11,513)	129,174
Impairment and other net gain/(loss) on securities and other portfolio investments	(4,776)	2,931
Net gain/(loss) on real estate owned	991	3,942
Net gain/(loss) on derivatives used for risk management purposes	49,941	(21,208)
Net gain/(loss) on securitized debt measured at fair value through earnings	(22,462)	(51,725)
Lima One - origination, servicing and other fee income	7,928	8,976
Net realized gain/(loss) on residential whole loans held at carrying value	418	0
Other, net	1,875	3,014
Other Income/(Loss), net	22,402	75,104
Compensation and benefits	25,468	20,630
Other general and administrative expense	13,044	10,233
Loan servicing, financing and other related costs	7,042	9,539
Amortization of intangible assets	800	1,300
Net Income/(Loss)	23,213	72,784
Less Preferred Stock Dividend Requirement	8,219	8,219
Net Income/(Loss) Available to Common Stock and Participating Securities	14,994	64,565
Total Assets	10,874,130		$ 10,772,690
Operating Segments | Mortgage-Related Assets
Segment Reporting Information [Line Items]
Interest Income	95,400	84,819
Interest Expense	69,259	57,077
Net Interest Income	26,141	27,742
Reversal/(Provision) for Credit Losses on Residential Whole Loans	460	(300)
Reversal/(Provision) for Credit Losses on Other Assets	(1,109)
Net Interest Income after Reversal/(Provision) for Credit Losses	25,492	27,442
Net gain/(loss) on residential whole loans measured at fair value through earnings	(8,699)	95,509
Impairment and other net gain/(loss) on securities and other portfolio investments	(4,776)	2,931
Net gain/(loss) on real estate owned	1,256	3,925
Net gain/(loss) on derivatives used for risk management purposes	36,158	(16,322)
Net gain/(loss) on securitized debt measured at fair value through earnings	(11,576)	(34,820)
Lima One - origination, servicing and other fee income	0	0
Net realized gain/(loss) on residential whole loans held at carrying value	418
Other, net	959	2,207
Other Income/(Loss), net	13,740	53,430
Compensation and benefits	0	0
Other general and administrative expense	6	0
Loan servicing, financing and other related costs	5,270	4,719
Amortization of intangible assets	0	0
Net Income/(Loss)	33,956	76,153
Less Preferred Stock Dividend Requirement	0	0
Net Income/(Loss) Available to Common Stock and Participating Securities	33,956	76,153
Total Assets	6,319,998		6,370,237
Operating Segments | Lima One
Segment Reporting Information [Line Items]
Interest Income	78,089	44,521
Interest Expense	54,183	31,804
Net Interest Income	23,906	12,717
Reversal/(Provision) for Credit Losses on Residential Whole Loans	0	313
Reversal/(Provision) for Credit Losses on Other Assets	0
Net Interest Income after Reversal/(Provision) for Credit Losses	23,906	13,030
Net gain/(loss) on residential whole loans measured at fair value through earnings	(2,814)	33,665
Impairment and other net gain/(loss) on securities and other portfolio investments	0	0
Net gain/(loss) on real estate owned	(265)	17
Net gain/(loss) on derivatives used for risk management purposes	13,783	(4,886)
Net gain/(loss) on securitized debt measured at fair value through earnings	(10,886)	(16,905)
Lima One - origination, servicing and other fee income	7,928	8,976
Net realized gain/(loss) on residential whole loans held at carrying value	0
Other, net	504	371
Other Income/(Loss), net	8,250	21,238
Compensation and benefits	12,124	9,540
Other general and administrative expense	5,637	2,995
Loan servicing, financing and other related costs	519	218
Amortization of intangible assets	800	1,300
Net Income/(Loss)	13,076	20,215
Less Preferred Stock Dividend Requirement	0	0
Net Income/(Loss) Available to Common Stock and Participating Securities	13,076	20,215
Total Assets	4,196,761		4,000,932
Corporate
Segment Reporting Information [Line Items]
Interest Income	3,342	2,865
Interest Expense	5,575	3,955
Net Interest Income	(2,233)	(1,090)
Reversal/(Provision) for Credit Losses on Residential Whole Loans	0	0
Reversal/(Provision) for Credit Losses on Other Assets	0
Net Interest Income after Reversal/(Provision) for Credit Losses	(2,233)	(1,090)
Net gain/(loss) 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	0
Net gain/(loss) on real estate owned	0	0
Net gain/(loss) on derivatives used for risk management purposes	0	0
Net gain/(loss) on securitized debt measured at fair value through earnings	0	0
Lima One - origination, servicing and other fee income	0	0
Net realized gain/(loss) on residential whole loans held at carrying value	0
Other, net	412	436
Other Income/(Loss), net	412	436
Compensation and benefits	13,344	11,090
Other general and administrative expense	7,401	7,238
Loan servicing, financing and other related costs	1,253	4,602
Amortization of intangible assets	0	0
Net Income/(Loss)	(23,819)	(23,584)
Less Preferred Stock Dividend Requirement	8,219	8,219
Net Income/(Loss) Available to Common Stock and Participating Securities	(32,038)	$ (31,803)
Total Assets	$ 357,371		$ 401,521

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event $ in Millions		1 Months Ended
	Apr. 15, 2024 USD ($)	May 06, 2024 USD ($) loan_securitization
9.00% Senior Notes Due 2029 | Senior Notes
Subsequent Event [Line Items]
Stated interest rate (as a percent)	9%
Debt instrument, face amount	$ 75
Redemption price as percentage of principal amount		100%
Proceed from senior notes net of offering expenses and underwriting discount	$ 72
Non-QM loans
Subsequent Event [Line Items]
Financing receivable number of whole loans sold | loan_securitization		1
Unpaid Principal Balance (“UPB”)		$ 365.2