MFA Financial (MFA) 10-Q 8 Aug 24 2024 Q2 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	6 Months Ended
	Jun. 30, 2024	Jul. 31, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		102,082,561
Entity Central Index Key	0001055160
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
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		Jun. 30, 2024	Dec. 31, 2023
Assets:
Residential whole loans, net ($7,772,607 and $7,511,508 held at fair value, respectively)	[1],[2]	$ 9,186,236	$ 9,041,292
Securities, at fair value	[2]	863,289	746,090
Cash and cash equivalents		289,412	318,000
Restricted cash		252,015	170,211
Other assets	[2]	485,973	497,097
Total Assets		11,076,925	10,772,690
Liabilities:
Financing agreements ($5,082,181 and $4,633,660 held at fair value, respectively)		8,891,042	8,536,745
Other liabilities		302,641	336,030
Total Liabilities		9,193,683	8,872,775
Commitments and contingencies (See Note 9)
Stockholders’ Equity:
Common stock, $0.01 par value; 874,300 and 874,300 shares authorized; 102,083 and 101,916 shares issued and outstanding, respectively		1,021	1,019
Additional paid-in capital, in excess of par		3,707,886	3,698,767
Accumulated deficit		(1,843,507)	(1,817,759)
Accumulated other comprehensive income		17,652	17,698
Total Stockholders’ Equity		1,883,242	1,899,915
Total Liabilities and Stockholders’ Equity		11,076,925	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 $6.0 billion and $5.7 billion of Residential whole loans transferred to consolidated variable interest entities (“VIEs”) at June 30, 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	6 Months Ended	12 Months Ended
	Jun. 30, 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)	102,083	101,916
Common stock, shares outstanding (in shares)	102,083	101,916
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
Financing agreements held at fair value	5,082,181	4,633,660
Residential whole loan
Securities, at fair value	7,772,607	7,511,508
Non-Agency MBS Transferred to Consolidated VIEs
Residential whole loans transferred to consolidated VIEs	$ 6,000,000	$ 5,700,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Interest Income:
Residential whole loans	$ 165,717	$ 128,048	$ 323,382	$ 247,558
Securities, at fair value	13,629	9,948	26,621	17,256
Other interest-earning assets	1,177	2,622	2,340	4,973
Cash and cash equivalent investments	6,308	3,732	11,319	6,768
Interest Income	186,831	144,350	363,662	276,555
Interest Expense:
Asset-backed and other collateralized financing arrangements	126,755	95,884	250,197	184,764
Other interest expense	6,587	3,961	12,162	7,917
Interest Expense	133,342	99,845	262,359	192,681
Net Interest Income	53,489	44,505	101,303	83,874
Reversal/(Provision) for Credit Losses on Residential Whole Loans	1,079	(294)	1,539	(281)
Reversal/(Provision) for Credit Losses on Other Assets	(26)	0	(1,135)	0
Net Interest Income after Reversal/(Provision) for Credit Losses	54,542	44,211	101,707	83,593
Other Income/(Loss), net:
Net gain/(loss) on residential whole loans measured at fair value through earnings	16,430	(130,703)	4,917	(1,529)
Impairment and other net gain/(loss) on securities and other portfolio investments	(2,842)	(4,569)	(7,618)	(1,638)
Net gain/(loss) on real estate owned	1,880	2,153	2,871	6,095
Net gain/(loss) on derivatives used for risk management purposes	16,087	60,451	66,028	39,243
Net gain/(loss) on securitized debt measured at fair value through earnings	(10,642)	27,394	(33,104)	(24,331)
Lima One - origination, servicing and other fee income	7,619	11,477	15,547	20,453
Net realized gain/(loss) on residential whole loans held at carrying value	0	0	418	0
Other, net	1,317	5,492	3,192	8,506
Other Income/(Loss), net	29,849	(28,305)	52,251	46,799
Operating and Other Expense:
Compensation and benefits	21,747	21,771	47,215	42,401
Other general and administrative expense	10,835	11,522	22,830	21,199
Loan servicing, financing and other related costs	8,717	7,598	15,759	17,137
Amortization of intangible assets	800	1,300	1,600	2,600
Operating and Other Expense	42,099	42,191	87,404	83,337
Income/(loss) before income taxes	42,292	(26,285)	66,554	47,055
Provision for/(benefit from) income taxes	346	(357)	1,395	199
Net Income/(Loss)	41,946	(25,928)	65,159	46,856
Less Preferred Stock Dividend Requirement	8,218	8,218	16,437	16,437
Net Income/(Loss) Available to Common Stock and Participating Securities	$ 33,728	$ (34,146)	$ 48,722	$ 30,419
Basic Earnings/(Loss) per Common Share (in dollars per share)	$ 0.32	$ (0.34)	$ 0.47	$ 0.30
Diluted Earnings/(Loss) per Common Share (in dollars per share)	$ 0.32	$ (0.34)	$ 0.46	$ 0.29

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income/(loss)	$ 41,946	$ (25,928)	$ 65,159	$ 46,856
Other Comprehensive Income/(Loss):
Unrealized gains/(losses) on securities available-for-sale	784	(6,805)	2,612	(7,921)
Reclassification adjustment for securities sales included in net income	(2,658)	0	(2,658)	0
Other Comprehensive Income/(Loss)	(1,874)	(6,805)	(46)	(7,921)
Comprehensive Income/(Loss) before preferred stock dividends	40,072	(32,733)	65,113	38,935
Dividends required on preferred stock	(8,218)	(8,218)	(16,437)	(16,437)
Comprehensive Income/(Loss) Available to Common Stock and Participating Securities	$ 31,854	$ (40,951)	$ 48,676	$ 22,498

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/(loss)		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			$ (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, 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/(loss)		$ 46,856
Repurchase of shares of common stock (in shares)		0
Dividends declared on preferred stock		$ (16,437)
Preferred stock, shares outstanding, ending balance (in shares) at Jun. 30, 2023					8,000,000	11,000,000
Common stock, shares outstanding, ending balance (in shares) at Jun. 30, 2023							101,916,000
Ending balance at Jun. 30, 2023		1,944,769			$ 80	$ 110	$ 1,019	3,691,233	(1,761,093)			13,420
Preferred stock, shares outstanding, beginning balance (in shares) at Mar. 31, 2023					8,000,000	11,000,000
Common stock, shares outstanding, beginning balance (in shares) at Mar. 31, 2023							101,912,000
Beginning balance at Mar. 31, 2023		2,018,606			$ 80	$ 110	$ 1,019	3,687,285	(1,690,113)			20,225
Increase (Decrease) in Stockholders' Equity
Net income/(loss)		(25,928)							(25,928)
Issuance of common stock, net of expenses (in shares)							4,000
Issuance of common stock, net of expenses		16						16
Equity based compensation expense		3,932						3,932
Change in accrued dividends attributable to stock-based awards		(1,044)							(1,044)
Dividends declared on common stock		(35,671)							(35,671)
Dividends declared on preferred stock		(8,218)	$ (3,750)	$ (4,469)						(3,750)	(4,469)
Dividends attributable to dividend equivalents		(118)							(118)
Change in unrealized gains on securities, net		(6,805)										(6,805)
Preferred stock, shares outstanding, ending balance (in shares) at Jun. 30, 2023					8,000,000	11,000,000
Common stock, shares outstanding, ending balance (in shares) at Jun. 30, 2023							101,916,000
Ending balance at Jun. 30, 2023		$ 1,944,769			$ 80	$ 110	$ 1,019	3,691,233	(1,761,093)			13,420
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/(loss)		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)	[2]						(131,000)
Repurchase of shares of common stock	[2]	(1,492)					$ (1)	(1,491)
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			$ (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
Common stock, shares outstanding, ending balance (in shares) at Mar. 31, 2024							102,082,000
Ending balance at Mar. 31, 2024		$ 1,884,187			$ 80	$ 110	$ 1,021	3,703,242	(1,839,792)			19,526
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/(loss)		$ 65,159
Repurchase of shares of common stock (in shares)		0
Dividends declared on preferred stock		$ (16,437)
Preferred stock, shares outstanding, ending balance (in shares) at Jun. 30, 2024			8,000,000	11,000,000	8,000,000	11,000,000
Common stock, shares outstanding, ending balance (in shares) at Jun. 30, 2024		102,083,000					102,083,000
Ending balance at Jun. 30, 2024		$ 1,883,242			$ 80	$ 110	$ 1,021	3,707,886	(1,843,507)			17,652
Preferred stock, shares outstanding, beginning balance (in shares) at Mar. 31, 2024					8,000,000	11,000,000
Common stock, shares outstanding, beginning balance (in shares) at Mar. 31, 2024							102,082,000
Beginning balance at Mar. 31, 2024		1,884,187			$ 80	$ 110	$ 1,021	3,703,242	(1,839,792)			19,526
Increase (Decrease) in Stockholders' Equity
Net income/(loss)		41,946							41,946
Issuance of common stock, net of expenses (in shares)							1,000
Issuance of common stock, net of expenses		(18)						(18)
Equity based compensation expense		4,662						4,662
Change in accrued dividends attributable to stock-based awards		(1,395)							(1,395)
Dividends declared on common stock		(35,729)							(35,729)
Dividends declared on preferred stock		(8,218)	$ (3,750)	$ (4,469)						$ (3,750)	$ (4,469)
Dividends attributable to dividend equivalents		(318)							(318)
Change in unrealized gains on securities, net		$ (1,874)										(1,874)
Preferred stock, shares outstanding, ending balance (in shares) at Jun. 30, 2024			8,000,000	11,000,000	8,000,000	11,000,000
Common stock, shares outstanding, ending balance (in shares) at Jun. 30, 2024		102,083,000					102,083,000
Ending balance at Jun. 30, 2024		$ 1,883,242			$ 80	$ 110	$ 1,021	$ 3,707,886	$ (1,843,507)			$ 17,652
[1]For the six months ended June 30, 2023 includes approximately $0.6 million (58,505 shares) surrendered for tax purposes related to equity-based compensation awards.[2]For the six months ended June 30, 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				6 Months Ended			12 Months Ended
	Jun. 11, 2024	May 21, 2024	Mar. 07, 2024	Feb. 20, 2024	Dec. 13, 2023	Nov. 21, 2023	Sep. 20, 2023	Aug. 17, 2023	Jun. 15, 2023	May 22, 2023	Mar. 10, 2023	Feb. 21, 2023	Feb. 28, 2020	Apr. 15, 2013	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024		Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Mar. 02, 2020
Dividend declared per share, common stock (in dollars per share)	$ 0.35		$ 0.35		$ 0.35		$ 0.35		$ 0.35		$ 0.35				$ 0.35	$ 0.35	$ 0.35	$ 0.35
Adjustments related to tax withholding for share-based compensation																			$ 1.5	[1]	$ 0.6
Shares paid for tax withholding for share based compensation (in shares)																			129,949	[1]	58,505
Series B Preferred Stock
Preferred stock, dividend rate (as a percent)																			7.50%			7.50%
Preferred stock, cash dividends declared (in dollars per share)		$ 0.46875		$ 0.46875		$ 0.46875		$ 0.46875		$ 0.46875		$ 0.46875			0.46875	0.46875	0.46875	0.46875
Series C Preferred Stock
Preferred stock, dividend rate (as a percent)																			6.50%			6.50%
Preferred stock, cash dividends declared (in dollars per share)				$ 0.40625		$ 0.40625		$ 0.40625		$ 0.40625		$ 0.40625			$ 0.40625	$ 0.40625	$ 0.40625	$ 0.40625
Preferred Stock | Series B Preferred Stock
Preferred stock, dividend rate (as a percent)														7.50%	7.50%	7.50%	7.50%	7.50%				7.50%	7.50%
Preferred stock, liquidation preference per share (in dollars per share)														$ 25	$ 25	$ 25	$ 25	$ 25	$ 25		$ 25	$ 25	$ 25
Preferred Stock | Series C Preferred Stock
Preferred stock, dividend rate (as a percent)													6.50%		6.50%	6.50%	6.50%	6.50%				6.50%	6.50%
Preferred stock, liquidation preference per share (in dollars per share)													$ 25		$ 25	$ 25	$ 25	$ 25	$ 25		$ 25	$ 25	$ 25	$ 25
[1]For the six months ended June 30, 2024 includes approximately $1.5 million (129,949 shares) surrendered for tax purposes related to equity-based compensation awards.

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash Flows From Operating Activities:
Net income/(loss)	$ 65,159	$ 46,856
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Net (gain)/loss on residential whole loans	(5,726)	1,529
Impairment and other net (gain)/loss on securities and other portfolio investments, net	6,115	1,638
Net gain on real estate owned	(2,516)	(6,129)
Accretion of purchase discounts and amortization of purchase premiums on residential whole loans and securities	(6,841)	(10,336)
Provision/(reversal of provision) for credit losses on residential whole loans and other assets	(404)	290
Net (gain)/loss on derivatives used for risk management purposes	(12,945)	5,861
Net (gain)/loss on securitized debt measured at fair value through earnings	27,766	17,938
Net margin received/(paid) for derivatives used for risk management purposes	(863)	30,384
Net other non-cash (gains)/losses included in net income	22,188	12,291
(Increase)/decrease in other assets	13,326	(50,797)
Increase/(decrease) in other liabilities	(5,312)	15,602
Net cash provided by/(used in) operating activities	99,947	65,127
Cash Flows From Investing Activities:
Purchases and origination of residential whole loans, loan related investments and capitalized advances	(1,453,092)	(1,340,773)
Proceeds from sales of residential whole loans	166,396	262,692
Principal payments on residential whole loans and loan related investments	1,002,141	694,992
Purchases of securities	(175,502)	(383,746)
Proceeds from sales of securities and other assets	29,606	0
Principal payments on securities	26,308	15,767
Proceeds from sales of real estate owned	49,832	66,175
Other investing activities	81,640	(7,323)
Net cash provided by/(used in) investing activities	(272,671)	(692,216)
Cash Flows From Financing Activities:
Principal payments on financing agreements with mark-to-market collateral provisions	(829,083)	(1,242,689)
Proceeds from borrowings under financing agreements with mark-to-market collateral provisions	1,197,871	1,422,773
Principal payments on other collateralized financing agreements	(1,254,485)	(939,646)
Proceeds from borrowings under other collateralized financing agreements	1,232,486	1,490,568
Payments made for other collateralized financing agreement related costs	(4,188)	(6,673)
Redemption and repurchase of convertible senior notes	(209,558)	0
Proceeds from issuance of senior notes	182,670	0
Proceeds from issuances of common stock, net of expenses	(40)	34
Payments made for the repurchase of common stock	(1,491)	0
Dividends paid on preferred stock	(16,438)	(16,438)
Dividends paid on common stock and dividend equivalents	(71,804)	(71,525)
Net cash provided by/(used in) financing activities	225,940	636,404
Net increase/(decrease) in cash, cash equivalents and restricted cash	53,216	9,315
Cash, cash equivalents and restricted cash at beginning of period	488,211	494,081
Cash, cash equivalents and restricted cash at end of period	541,427	503,396
Supplemental Disclosure of Cash Flow Information
Cash paid for interest	258,517	188,884
Non-cash Investing and Financing Activities:
Transfer from residential whole loans to real estate owned	44,951	49,181
Dividends and dividend equivalents declared and unpaid	36,048	35,789
Payable for purchase of unsettled Agency MBS	$ 0	$ 30,931

Organization

Organization	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 2024 and results of operations for all periods presented have been made. The results of operations for the three and six months ended June 30, 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 or each loan is originated. 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. All other loans purchased prior to the second quarter of 2021 were typically held at carrying value. Starting in the second quarter of 2021, the Company began to elect the fair value option for all loans originated or acquired. The accounting model initially applied to loan originations and 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. The Company’s residential whole loans are primarily comprised of: (i) loans to finance (or refinance) one-to-four family residential properties that are not considered to meet the definition of a “Qualified Mortgage” in accordance with guidelines adopted by the Consumer Financial Protection Bureau (“Non-QM loans”), (ii) short-term business purpose loans collateralized by residential properties made to non-occupant borrowers that generally intend to rehabilitate or construct residential housing and then refinance or sell the properties (“Single-family transitional loans”), (iii) short-term business purpose loans collateralized by multifamily properties, typically with a loan balance below $10 million, made to non-occupant borrowers that generally intend to moderately rehabilitate or stabilize and then refinance or sell the properties (“Multifamily transitional loans”) (collectively with Single-family transitional loans, “Transitional loans,” also sometimes referred to as “Rehabilitation loans” or “Fix and Flip loans”), (iv) 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” and, collectively with Transitional loans, “Business purpose loans”), (v) loans primarily secured by residential real estate that were generally either non-performing or re-performing at acquisition (“Legacy RPL/NPL loans”) and (vi) 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,” which are included in “Other loans”). Residential whole loans are initially recorded at their purchase price (or amount funded for originated loans). Interest income is accrued based on each loan’s current interest-bearing balance and current interest rate. Interest income on 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 servicing costs. For 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 credit 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 when 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. Certain Legacy RPL/NPL loans acquired by the Company for which the Company did not elect the fair value option are accounted for 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. These credit deteriorated loans are presented on the Company’s consolidated balance sheets at carrying value, which reflects the recorded cost basis reduced by any allowance for credit losses. Interest income on such loans purchased is recorded each period based on the contractual coupon net of 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 or origination. 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 June 30, 2024 and December 31, 2023. At June 30, 2024 and December 31, 2023, the Company had cash and cash equivalents of $289.4 million and $318.0 million, respectively. At June 30, 2024 and December 31, 2023, the Company had $148.7 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, consolidated securitization trusts 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, Swap counterparties and/or trust obligations or may be returned to the Company when the related collateral requirements are exceeded or at the maturity of financing agreements, Swaps and/or securitizations. The Company had aggregate restricted cash of $252.0 million and $170.2 million at June 30, 2024 and December 31, 2023, respectively (see Notes 5(e), 6 and 13). (f) Goodwill & Intangible Assets At June 30, 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 $6.4 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 OCI, 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 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 tha

Residential Whole Loans

Residential Whole Loans	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Residential Whole Loans	Residential Whole Loans Included on the Company’s consolidated balance sheets at June 30, 2024 and December 31, 2023 are approximately $9.2 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 loans that were 60 or more days delinquent at purchase. The following table presents the components of the Company’s Residential whole loans, and the accounting model designated at June 30, 2024 and December 31, 2023: Held at Carrying Value Held at Fair Value Total (Dollars in Thousands) June 30, December 31, 2023 June 30, December 31, 2023 June 30, December 31, 2023 Business purpose loans: Single-family transitional loans (1) $ 27,857 $ 35,467 $ 1,190,699 $ 1,157,732 $ 1,218,556 $ 1,193,199 Multifamily transitional loans — — 1,155,198 1,168,297 1,155,198 1,168,297 Single-family rental loans (2) 129,471 172,213 1,514,219 1,462,583 1,643,690 1,634,796 Total Business purpose loans $ 157,328 $ 207,680 $ 3,860,116 $ 3,788,612 $ 4,017,444 $ 3,996,292 Non-QM loans 791,746 843,884 3,203,845 2,961,693 3,995,591 3,805,577 Legacy RPL/NPL loans 477,826 498,671 655,230 705,424 1,133,056 1,204,095 Other loans — — 53,416 55,779 53,416 55,779 Allowance for Credit Losses (13,271) (20,451) — — (13,271) (20,451) Total Residential whole loans $ 1,413,629 $ 1,529,784 $ 7,772,607 $ 7,511,508 $ 9,186,236 $ 9,041,292 Number of loans 5,973 6,326 19,848 19,075 25,821 25,401 (1) Includes $476.9 million and $471.1 million of loans collateralized by new construction projects at origination as of June 30, 2024 and December 31, 2023, respectively. (2) As of June 30, 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. There were no gains on held-for-sale loans for the three months ended June 30, 2024. The following tables presents additional information regarding the Company’s Residential whole loans: June 30, 2024 Asset Amount Fair Value Unpaid Principal Balance (“UPB”) Weighted Average Coupon (1) Weighted Average Term to Maturity (Months) Weighted Average LTV Ratio (2) Weighted Average Original FICO (3) Aging by UPB 60+ Days Past Due % (Dollars In Thousands) Past Due Days Current 30-59 60-89 90+ Business purpose loans: Single-family transitional (4) $ 1,217,255 $ 1,217,599 $ 1,226,736 10.39 % 6 67 % 748 $ 1,100,554 $ 20,416 $ 8,837 $ 96,929 8.6 % Multifamily transitional (4) 1,155,198 1,155,198 1,184,613 8.87 % 11 66 % 748 1,097,323 33,188 15,544 38,558 4.6 % Single-family rental 1,643,081 1,642,760 1,712,879 6.62 % 330 69 % 739 1,637,918 12,197 4,627 58,137 3.7 % Total business purpose loans $ 4,015,534 $ 4,015,557 $ 4,124,228 8.39 % 68 % $ 3,835,795 $ 65,801 $ 29,008 $ 193,624 5.4 % Non-QM loans 3,994,236 3,949,676 4,183,917 6.16 % 341 64 % 735 3,975,323 82,676 34,121 91,797 3.0 % Legacy RPL/NPL loans 1,123,050 1,140,736 1,284,232 5.12 % 257 56 % 647 874,319 134,000 43,974 231,939 21.5 % Other loans 53,416 53,416 65,671 3.44 % 326 66 % 758 65,671 — — — — % Residential whole loans, total or weighted average $ 9,186,236 $ 9,159,385 $ 9,658,048 6.98 % 64 % $ 8,751,108 $ 282,477 $ 107,103 $ 517,360 6.5 % December 31, 2023 Asset Amount Fair Value Unpaid Principal Balance (“UPB”) Weighted Average Coupon (1) Weighted Average Term to Maturity (Months) Weighted Average LTV Ratio (2) Weighted Average Original FICO (3) Aging by UPB 60+ Days Past Due % (Dollars In Thousands) Past Due Days Current 30-59 60-89 90+ Business purpose loans: Single-family transitional (4) $ 1,190,612 $ 1,191,715 $ 1,197,346 10.01 % 7 66 % 747 $ 1,070,759 $ 27,246 $ 17,004 $ 82,337 8.3 % Multifamily transitional (4) 1,168,297 1,168,297 1,170,775 8.41 % 14 63 % 747 1,116,402 33,778 9,614 10,981 1.8 % Single-family rental 1,630,442 1,628,734 1,729,923 6.30 % 320 70 % 738 1,636,810 12,543 12,314 68,256 4.7 % Total business purpose loans $ 3,989,351 $ 3,988,746 $ 4,098,044 7.99 % 67 % $ 3,823,971 $ 73,567 $ 38,932 $ 161,574 4.9 % Non-QM loans (5) 3,700,052 3,644,261 3,934,798 5.78 % 344 65 % 735 3,732,327 98,017 29,587 74,867 2.7 % Legacy RPL/NPL loans 1,192,457 1,213,199 1,355,280 5.03 % 262 59 % 648 896,587 142,240 44,609 271,844 23.3 % Other loans 55,779 55,779 66,830 3.44 % 332 66 % 758 65,094 1,508 — 228 0.3 % Residential whole loans, total or weighted average $ 8,937,639 $ 8,901,985 $ 9,454,952 6.04 % 65 % $ 8,517,979 $ 315,332 $ 113,128 $ 508,513 6.6 % (1) Weighted average is calculated based on the interest bearing principal balance of each loan within the related category. For loans acquired with servicing rights released by the seller, interest rates included in the calculation do not reflect loan servicing fees. For loans acquired with servicing rights retained by the seller, interest rates included in the calculation are net of servicing fees. (2) LTV represents the ratio of the total unpaid principal balance of the loan to the estimated value of the collateral securing the related loan as of the most recent date available, which may be the origination date. 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. (3) Excludes loans for which no Fair Isaac Corporation (“FICO”) score is available. (4) For Single-family and Multifamily 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 Single-family transitional loans, totaling $467.2 million and $332.5 million at June 30, 2024 and December 31, 2023, respectively, and certain Multifamily transitional loans, totaling $498.7 million and $218.8 million at June 30, 2024 and December 31, 2023, respectively, an after repaired valuation was not available. For these loans, the weighted average LTV is calculated based on the current unpaid principal balance and the as-is value of the collateral securing the related loan. (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 first quarter of 2024. During the three months ended June 30, 2024, Residential whole loans with an unpaid principal balance of $12.4 million were sold, realizing gains, before the impact of economic hedging and the reversal of previously recognized unrealized gains, of $0.4 million. Upon sale, the Company reversed $0.2 million of previously recognized unrealized gains, resulting in a net gain of $0.2 million during the second quarter of 2024. No Residential whole loans were sold during the six months ended June 30, 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: Six Months Ended June 30, 2024 (In Thousands) Single-family transitional loans (1)(2) Single-family rental loans Non-QM loans Legacy RPL/NPL loans (3) Totals Allowance for credit losses at December 31, 2023 $ 2,588 $ 4,355 $ 1,870 $ 11,638 $ 20,451 Current provision/(reversal) (473) 228 (189) (26) (460) Write-offs (416) 59 — (22) (379) Allowance for credit losses March 31, 2024 $ 1,699 $ 4,642 $ 1,681 $ 11,590 $ 19,612 Current provision/(reversal) (317) 978 (326) (1,414) (1,079) Write-offs (81) (5,011) — (170) (5,262) Allowance for credit losses at June 30, 2024 $ 1,301 $ 609 $ 1,355 $ 10,006 $ 13,271 Six Months Ended June 30, 2023 (In Thousands) Single-family transitional loans (1)(2) Single-family rental loans Non-QM loans Legacy RPL/NPL loans (3) Totals Allowance for credit losses at December 31, 2022 $ 5,223 $ 1,277 $ 7,359 $ 21,455 $ 35,314 Current provision/(reversal) 406 514 (214) (391) 315 Write-offs (2,003) (451) — (113) (2,567) Allowance for credit losses at March 31, 2023 $ 3,626 $ 1,340 $ 7,145 $ 20,951 $ 33,062 Current provision/(reversal) 999 (103) (233) (398) 265 Write-offs (1,785) — (206) (301) (2,292) Allowance for credit losses at June 30, 2023 $ 2,840 $ 1,237 $ 6,706 $ 20,252 $ 31,035 (1) In connection with Single-family transitional loans at carrying value, the Company had unfunded commitments of $1.7 million and $6.0 million as of June 30, 2024 and 2023, respectively, with an allowance for credit losses of $0 and $44,000 at June 30, 2024 and 2023, respectively. Such allowance is included in “Other liabilities” in the Company’s consolidated balance sheets (see Note 7). (2) Includes $20.4 million and $35.2 million of loans that were assessed for credit losses based on a collateral dependent methodology as of June 30, 2024 and 2023, respectively. (3) Includes $44.4 million and $55.5 million of loans that were assessed for credit losses based on a collateral dependent methodology as of June 30, 2024 and 2023, respectively. 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 carrying value of Residential whole loans on nonaccrual status as of June 30, 2024 and December 31, 2023 was $602.0 million and $624.1 million, respectively. During the three and six months ended June 30, 2024, the Company recognized $3.0 million and $6.3 million of interest income on loans on nonaccrual status, including $2.0 million on its portfolio of loans which were non-performing at acquisition. At June 30, 2024 and December 31, 2023, there were approximately $46.7 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 six months ended June 30, 2024, the Company did not grant any loan modification in its carrying value loan portfolio which gave a borrower a term extension. During the past 12 months, the Company has granted three loan modifications in its carrying value loan portfolio which gave borrowers term extensions. The average increase in weighted average life was twenty-eight months. As of June 30, 2024, the carrying value of these loans was approximately $0.5 million, and three of these modifications were delinquent for 90 or more 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 (In Thousands) 2024 - 2022 2021 2020 Prior Total Business purpose loans LTV <= 80% (1) $ — $ 7,866 $ 18,446 $ 123,464 $ 149,776 LTV > 80% (1) — — 3,076 4,476 7,552 Total Business purpose loans $ — $ 7,866 $ 21,522 $ 127,940 $ 157,328 Six Months Ended June 30, 2024 Gross write-offs $ — $ 13 $ (4) $ 5,440 $ 5,449 Non-QM loans LTV <= 80% (1) $ — $ 41,697 $ 161,594 $ 575,433 $ 778,724 LTV > 80% (1) — 1,381 7,902 3,739 13,022 Total Non-QM loans $ — $ 43,078 $ 169,496 $ 579,172 $ 791,746 Six Months Ended June 30, 2024 Gross write-offs $ — $ — $ — $ — $ — Legacy RPL/NPL loans LTV <= 80% (1) $ — $ — $ — $ 421,253 $ 421,253 LTV > 80% (1) — — — 56,573 56,573 Total Legacy RPL/NPL loans $ — $ — $ — $ 477,826 $ 477,826 Six Months Ended June 30, 2024 Gross write-offs $ — $ — $ — $ 192 $ 192 Total LTV <= 80% (1) $ — $ 49,563 $ 180,040 $ 1,120,150 $ 1,349,753 Total LTV > 80% (1) — 1,381 10,978 64,788 77,147 Total Residential whole loans, at carrying value $ — $ 50,944 $ 191,018 $ 1,184,938 $ 1,426,900 Six Months Ended June 30, 2024 Total Gross write-offs $ — $ 13 $ (4) $ 5,632 $ 5,641 (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 Single-family and Multifamily 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 Single-family transitional loans, totaling $467.2 million at June 30, 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 74% at June 30, 2024. Certain low value loans secured by vacant lots are categorized as LTV > 80%. The following table presents vintage information regarding our Residential whole loans, at fair value: Fair Value by Origination Year (In Thousands) 2024 2023 2022 2021 2020 Prior Total Single-family transitional loans $ 317,005 $ 618,208 $ 224,974 $ 29,773 $ 398 $ 341 $ 1,190,699 Multifamily transitional loans 94,417 548,950 365,969 145,862 — — 1,155,198 Single-family rental loans 185,993 360,847 573,014 385,268 8,820 277 1,514,219 Non-QM loans 403,689 763,521 633,928 1,366,728 228 35,751 3,203,845 Legacy RPL/NPL loans — — — — — 655,230 655,230 Other loans — — — 53,416 — — 53,416 Total Residential whole loans, at fair value $ 1,001,104 $ 2,291,526 $ 1,797,885 $ 1,981,047 $ 9,446 $ 691,599 $ 7,772,607 The following table presents realized credit losses, net of recoveries, on liquidated residential whole loans or residential whole loans that were transferred to REO, recognized in Other, net: Three Months Ended Six Months Ended (In Thousands) 2024 2023 2024 2023 Single-family transitional loans $ (271) $ 971 $ 381 $ 1,099 Multifamily transitional loans (80) — (107) — Single-family rental loans (567) 117 (1,454) 459 Non-QM loans 87 869 88 861 Legacy RPL/NPL loans (518) (1,184) (899) (1,735) Other loans — — — — Total Residential whole loans $ (1,349) $ 773 $ (1,991) $ 684 The following tables present certain information regarding the LTVs of the Company’s Residential whole loans that are 60 days or more delinquent: June 30, 2024 (Dollars In Thousands) Carrying Value / Fair Value UPB LTV (1) Business purpose loans: Single-family transitional loans $ 97,537 $ 105,766 87 % Multifamily transitional loans 46,377 54,102 69 % Single-family rental loans 48,617 62,764 112 % Total Business purpose loans $ 192,531 $ 222,632 Non-QM loans 122,663 125,918 62 % Legacy RPL/NPL loans 250,125 275,913 64 % Other loans — — — % Total Residential whole loans $ 565,319 $ 624,463 December 31, 2023 (Dollars In Thousands) Carrying Value / Fair Value UPB LTV (1) Business purpose loans: Single-family transitional loans $ 93,960 $ 99,341 66 % Multifamily transitional loans 19,812 20,595 63 % Single-family rental loans 65,659 80,570 109 % Total Business purpose loans $ 179,431 $ 200,506 Non-QM loans 102,252 104,454 64 % Legacy RPL/NPL loans 290,928 316,453 69 % Other loans 188 228 73 % 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 Single-family and Multifamily 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 Single-family 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: 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 Business purpose loans: Single-family transitional loans $ 152 $ 518 $ 30,090 $ 18,231 $ 30,242 $ 18,749 Multifamily transitional loans — — 25,291 13,872 25,291 13,872 Single-family rental loans 2,277 2,880 25,287 20,261 27,564 23,141 Total Business purpose loans $ 2,429 $ 3,398 $ 80,668 $ 52,364 $ 83,097 $ 55,762 Non-QM loans 11,530 11,646 47,219 33,872 58,749 45,518 Legacy RPL/NPL loans 8,453 9,214 14,893 17,036 23,346 26,250 Other loans — — 525 518 525 518 Total Residential whole loans $ 22,412 $ 24,258 $ 143,305 $ 103,790 $ 165,717 $ 128,048 Held at Carrying Value Held at Fair Value Total Six Months Ended Six Months Ended Six Months Ended (In Thousands) 2024 2023 2024 2023 2024 2023 Business purpose loans: Single-family transitional loans $ 393 $ 1,138 $ 57,867 $ 33,923 $ 58,260 $ 35,061 Multifamily transitional loans — — 50,489 25,787 50,489 25,787 Single-family rental loans 4,838 5,859 49,828 38,596 54,666 44,455 Total Business purpose loans $ 5,231 $ 6,997 $ 158,184 $ 98,306 $ 163,415 $ 105,303 Non-QM loans 22,949 24,320 91,660 65,287 114,609 89,607 Legacy RPL/NPL loans 15,933 17,441 28,383 31,832 44,316 49,273 Other loans — — 1,042 3,375 1,042 3,375 Total Residential whole loans $ 44,113 $ 48,758 $ 279,269 $ 198,800 $ 323,382 $ 247,558 The following table presents the components of Net gain/(loss) on residential whole loans measured at fair value through earnings: Three Months Ended Six Months Ended (In Thousands) 2024 2023 2024 2023 Business purpose loans: Single-family transitional loans $ (5,413) $ 304 $ (4,121) $ 398 Multifamily transitional loans (24,503) 146 (27,073) 2,073 Single-family rental loans 18,442 (36,381) 17,607 (1,891) Total Business purpose loans $ (11,474) $ (35,931) $ (13,587) $ 580 Non-QM loans 32,107 (87,136) 29,569 1,728 Legacy RPL/NPL loans (3,621) (6,733) (9,921) (4,502) Other loans (582) (903) (1,144) 665 Total Residential whole loans $ 16,430 $ (130,703) $ 4,917 $ (1,529)

Securities, at Fair Value

Securities, at Fair Value	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023 : June 30, 2024 (Dollars in Thousands) Current Weighted Weighted Fair Weighted CPR (1) 30-Year Fixed Rate: 5.00% Coupon $ 73,941 100.2 % 96.9 % $ 71,671 15 7.5 % 5.50% Coupon 267,221 100.4 98.9 264,251 17 8.6 6.00% Coupon 332,320 100.1 100.6 334,221 8 10.6 6.50% Coupon 30,473 100.4 102.3 31,170 9 11.3 Total $ 703,955 100.3 % 99.6 % $ 701,313 12 9.6 % 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 June 30, 2024 and December 31, 2023, the Company had $54.3 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 June 30, 2024, these term notes had an amortized cost of $49.5 million, gross unrealized gains of approximately $4.8 million, a weighted average yield of 14.5% and a weighted average term to maturity of 1.34 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 June 30, 2024 and December 31, 2023, the Company had $84.6 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 June 30, 2024, and December 31, 2023, the Company had $23.1 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 June 30, 2024 and December 31, 2023: June 30, 2024 (In Thousands) Principal/ Current Purchase Accretable Discount Designated as Credit Reserve (1) Gross Amortized Gross Gross Net Fair Value Agency MBS $ 703,955 $ 2,403 $ (480) $ — $ 705,878 $ 2,060 $ (6,625) $ (4,565) $ 701,313 Other Securities (2)(3)(4) 161,988 16,041 (5,587) (31,514) 140,928 21,476 (428) 21,048 161,976 Total residential mortgage securities (2)(3)(4) $ 865,943 $ 18,444 $ (6,067) $ (31,514) $ 846,806 $ 23,536 $ (7,053) $ 16,483 $ 863,289 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 June 30, 2024 includes CRT securities with a fair value of $52.0 million for which the fair value option has been elected. Such securities had approximately $3.4 million gross unrealized gains and no gross unrealized losses at June 30, 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 June 30, 2024 include Non-Agency MBS with a fair value of $23.1 million for which the fair value option had been elected. Such securities had approximately $0.5 million gross unrealized gains and $0.4 million gross unrealized losses at June 30, 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 and six months ended June 30, 2024, the Company sold MSR-related assets for approximately $29.6 million, realizing gains of $2.7 million. During the three and six months ended June 30, 2023, there were no sales of MSR-related assets. 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 and six months ended June 30, 2024 and 2023, which is presented in Other Income/(Loss), net in the consolidated statements of operations: Three Months Ended June 30, Six Months Ended June 30, (In Thousands) 2024 2023 2024 2023 Net unrealized gain/(loss) on securities $ (3,186) $ (3,697) $ (7,298) $ (766) Net realized gain/(loss) from the sale of securities 2,668 — 2,668 — Impairment of securities — — — — Total Impairment and other net gain/(loss) on securities (518) (3,697) (4,630) (766) Net unrealized gain/(loss) on other portfolio investments (2,324) (872) (2,988) (872) Net realized gain/(loss) on other portfolio investments — — — — Total Impairment and other net gain/(loss) on securities and other portfolio investments $ (2,842) $ (4,569) $ (7,618) $ (1,638) 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 June 30, 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 and six months ended June 30, 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 and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, (In Thousands) 2024 2023 2024 2023 AOCI from AFS securities: Unrealized gain on AFS securities at beginning of period $ 19,526 $ 20,225 $ 17,698 $ 21,341 Unrealized gain/(loss) on securities available-for-sale 784 (6,805) 2,612 (7,921) Reclassification adjustment for MBS sales included in net income (2,658) — (2,658) — Change in AOCI from AFS securities (1,874) (6,805) (46) (7,921) Balance at end of period $ 17,652 $ 13,420 $ 17,652 $ 13,420 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 and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, (In Thousands) 2024 2023 2024 2023 Agency MBS Coupon interest $ 8,682 $ 4,471 $ 16,412 $ 6,522 Effective yield adjustment (1)(2) (36) (45) (51) (76) Interest income $ 8,646 $ 4,426 $ 16,361 $ 6,446 Other MBS Coupon interest $ 2,075 $ 2,025 $ 4,160 $ 3,936 Effective yield adjustment (1)(2) 44 28 74 217 Interest income $ 2,119 $ 2,053 $ 4,234 $ 4,153 Term notes backed by MSR collateral Coupon interest $ 1,810 $ 2,100 $ 3,761 $ 4,063 Effective yield adjustment (2) 1,054 1,369 2,265 2,594 Interest income $ 2,864 $ 3,469 $ 6,026 $ 6,657 (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	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023: (In Thousands) June 30, 2024 December 31, 2023 REO $ 108,013 $ 110,174 Commercial REO 24,788 22,717 Goodwill 61,076 61,076 Intangibles, net (1) 6,400 8,000 Capital contributions made to loan origination partners 18,296 19,780 Commercial loans 44,954 51,426 Interest receivable 106,427 98,924 Other loan related receivables 19,377 24,084 Lease right-of-use asset (2) 36,482 37,819 Other 60,160 63,097 Total Other Assets $ 485,973 $ 497,097 (1) Net of aggregate accumulated amortization of $21.6 million and $20.0 million as of June 30, 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 The below table summarizes the aggregate carrying value of REO properties by loan source prior to foreclosure proceeding or from completion of a deed-in-lieu of foreclosure or similar legal agreement. (Dollars In Thousands) June 30, 2024 December 31, 2023 Business purpose loans $ 39,465 $ 28,328 Non-QM loans 1,717 3,374 Legacy RPL/NPL loans 66,831 78,472 Total $ 108,013 $ 110,174 Number of properties 352 300 At June 30, 2024, $107.9 million of residential real estate property was held by the Company that was acquired either through a completed foreclosure proceeding or from completion of a deed-in-lieu of foreclosure or similar legal agreement. In addition, formal foreclosure proceedings were in process with respect to $67.6 million of residential whole loans held at carrying value and $304.5 million of residential whole loans held at fair value at June 30, 2024. The following table presents the activity in the Company’s REO for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, (Dollars In Thousands) 2024 2023 2024 2023 Balance at beginning of period $ 106,185 $ 121,215 $ 110,174 $ 130,605 Adjustments to record at lower of cost or fair value (2,690) (1,800) (3,957) (2,853) Transfer from residential whole loans (1) 25,609 28,256 44,951 49,181 Purchases and capital improvements, net 52 118 203 256 Disposals and other (2) (21,143) (27,793) (43,358) (57,193) Balance at end of period $ 108,013 $ 119,996 $ 108,013 $ 119,996 Number of properties 352 338 352 338 (1) During the three and six months ended June 30, 2024, the Company recognized $(1.2) million and $(2.4) million of gains / (losses), respectively, on Residential whole loans in Other Income/(Loss), net associated with the transfer of loans to REO. During the three and six months ended June 30, 2023, the Company recognized $1.2 million and $1.3 million 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 and six months ended June 30, 2024, the Company sold 63 and 136 REO properties for consideration of $25.6 million and $49.8 million, realizing net gains of approximately $4.5 million and $6.5 million, respectively. During the three and six months ended June 30, 2023, the Company sold 95 and 194 REO properties for consideration of $31.7 million and $65.5 million , realizing net gains of approximately $4.0 million and $9.0 million, respectively. These amounts are included in Other Income/(Loss), net on the Company’s consolidated statements of operations. Commercial REO In December 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 and six months ended June 30, 2024, the Company recorded a $0.2 million and $0.7 million loss, respectively, based on updated valuations of the property, which the Company entered into an agreement to sell in May 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 six months ended June 30, 2024 is summarized in the table below: (Dollars in Thousands) Carrying Value at December 31, 2023 Amortization Six Months Ended June 30, 2024 Carrying Value at June 30, 2024 Amortization Period (Years) (1) Trademarks / Trade Names $ 3,000 $ (200) $ 2,800 10 Customer Relationships 3,000 (1,000) 2,000 4 Internally Developed Software 2,000 (400) 1,600 5 Total Identified Intangibles $ 8,000 $ (1,600) $ 6,400 (1) Amortization is calculated on a straight-line basis over the amortization period, except for Customer Relationships, where amortization is calculated based on expected levels of customer attrition. (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 June 30, 2024, the carrying value of these investments (including adjustments for impairments or mark-to-market changes) was $18.3 million, including $3.2 million of common equity (including partnership interests) and $15.1 million of preferred equity. During the six months ended June 30, 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 multifamily 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 June 30, 2024 and December 31, 2023: (Dollars 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 - June 30, 2024 $ 44,954 $ 46,633 13.29 % 1 $ 39,227 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 June 30, 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: (In Thousands) June 30, December 31, Agency MBS, at fair value $ 47,932 $ 41,179 Restricted Cash 5,741 22,880 At June 30, 2024, the Company had Swaps with an aggregate notional amount of $3.3 billion and an average maturity of approximately 35 months with a maximum term of approximately 120 months. The following table presents information about the Company’s Swaps at June 30, 2024, and December 31, 2023: June 30, 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 3 months to 6 months 450,010 0.90 5.33 — — — Over 6 months to 12 months 675,000 1.52 5.33 450,010 0.90 5.38 Over 12 months to 24 months — — — 675,000 1.52 5.38 Over 24 months to 36 months 1,425,000 1.53 5.33 450,000 1.12 5.38 Over 36 months to 48 months — — — 975,000 1.73 5.38 Over 48 months to 60 months 353,600 3.11 5.33 24,600 4.28 5.38 Over 60 months to 72 months — — — 310,000 2.95 5.38 Over 72 months 374,650 4.24 5.33 292,650 4.32 5.38 Total Swaps $ 3,278,260 1.92 % 5.33 % $ 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, which is presented in Other Income/(Loss), net in the consolidated statements of operations: Three Months Ended June 30, Six Months Ended June 30, (In Thousands) 2024 2023 2024 2023 Income on swap variable receive leg $ 44,132 $ 37,784 $ 88,309 $ 71,635 Expense on swap fixed pay leg (15,199) (11,819) (30,284) (23,853) Unrealized mark-to-market gain/(loss) (10,237) 37,018 12,945 (3,729) Net price alignment expense on margin collateral received (2,609) (2,532) (4,942) (4,810) Total Net gain/(loss) on derivatives used for risk management purposes $ 16,087 $ 60,451 $ 66,028 $ 39,243

Financing Agreements

Financing Agreements	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023: June 30, 2024 (Dollars 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 $ 1,999,166 $ 1,998,352 7.44 % 12.4 Agreements with mark-to-market collateral provisions Securities 730,844 730,844 5.74 % 0.2 Total Agreements with mark-to-market collateral provisions 2,730,010 2,729,196 7.00 % Agreements with non-mark-to-market collateral provisions Residential whole loans and REO 932,031 931,146 7.95 % 14.9 Securitized debt Residential whole loans 5,158,481 5,047,613 4.80 % See Note 14 Convertible senior notes Unsecured — — 6.64 % 8.875% Senior Notes due 2029 Unsecured 115,000 110,912 9.84 % 55.6 9.00% Senior Notes due 2029 Unsecured 75,000 72,175 9.96 % 61.5 Impact of net Swap carry (1.27) % Total Financing agreements (2) $ 9,010,522 $ 8,891,042 4.63 % December 31, 2023 (Dollars 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 June 30, 2024, the Company had $290.2 million of agreements with mark-to-market collateral provisions held at fair value, $377.3 million of agreements with non-mark-to-market collateral provisions held at fair value, and $4.4 billion of securitized debt held at fair value, with amortized cost bases of $290.2 million, $377.3 million, and $4.5 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 (inclusive of the amortization of deferred financing costs) 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 June 30, 2024, this decreased the overall funding cost by 127 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 June 30, 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 $ 419,116 $ 59,396 $ 379,962 $ 1,140,692 $ 1,999,166 Agreements with mark-to-market collateral provisions Securities 730,844 — — — 730,844 Total Agreements with mark-to-market collateral provisions 1,149,960 59,396 379,962 1,140,692 2,730,010 Agreements with non-mark-to-market collateral provisions Residential whole loans 53,815 17,771 — 860,445 932,031 (1) $1.1 billion 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 $356.4 million outstanding. The longest maturity date is approximately 27 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 June 30, 2024 and December 31, 2023: (Dollars in Thousands) June 30, December 31, Mark-to-market financing agreements secured by residential whole loans (1) $ 1,972,521 $ 1,712,489 Fair value of residential whole loans pledged as collateral under financing agreements $ 2,490,015 $ 2,204,239 Weighted average haircut on residential whole loans (2) 20.45 % 20.90 % Mark-to-market financing agreements secured by securities at fair value $ 730,844 $ 622,603 Securities at fair value pledged as collateral under financing agreements $ 790,965 $ 689,818 Weighted average haircut on securities at fair value (2) 6.86 % 8.07 % Mark-to-market financing agreements secured by real estate owned $ 25,831 $ 25,163 Fair value of real estate owned pledged as collateral under financing agreements $ 48,945 $ 50,365 Weighted average haircut on real estate owned (2) 45.95 % 49.39 % (1) Includes an aggregate of $381.1 million and $327.2 million of mark-to-market financing collateralized by Non-Agency MBS with a fair value of $505.2 million and $465.6 million obtained in connection with the Company’s loan securitization transactions that are eliminated in consolidation as of June 30, 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 June 30, 2024 and December 31, 2023: (Dollars in Thousands) June 30, December 31, Non-mark-to-market financing secured by residential whole loans $ 931,146 $ 1,216,697 Fair value of residential whole loans pledged as collateral under financing agreements $ 1,165,089 $ 1,510,146 Weighted average haircut on residential whole loans 19.75 % 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 including securitized debt, of $58.4 million and $19.0 million at June 30, 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 June 30, 2024 and December 31, 2023: June 30, 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 $ 3,662,041 7.17 % $ 3,578,816 7.36 % Over 30 days to 3 months — — — — Over 3 months to 12 months — — — — Over 12 months — — — — Total financing agreements $ 3,662,041 7.17 % $ 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 bore interest at a fixed rate of 6.25% per year. The Convertible Senior Notes were 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 reflected 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 had an effective interest rate, including the impact of amortization to interest expense of debt issuance costs, of 6.94%. During the three months ended June 30, 2024, the Convertible Senior Notes matured and the Company repaid the amount in full. In February 2023, the Company’s Board authorized a repurchase program for its Convertible Senior Notes pursuant to which it could have repurchased up to $100 million of its Convertible Senior Notes. 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. The Convertible Senior Notes were the Company’s senior unsecured obligations and were (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 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 9.83%. 9.00% Senior Notes due 2029 (“9.00% Senior Notes”) On April 17, 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. The 9.00% Senior Notes have an effective interest rate, including the impact of amortization to interest expense of debt issuance costs, of 9.94%. Both the 8.875% Senior Notes and the 9.00% 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 each other and to the Company’s existing and future senior unsecured obligations, if any. (b) Counterparties The Company had financing agreements, including repurchase agreements and other forms of secured financing, with 14 and 14 counterparties at June 30, 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 June 30, 2024: June 30, 2024 Counterparty Amount at Risk (1) Weighted Average Months to Maturity Percent of Stockholders’ Equity (Dollars in Thousands) Wells Fargo 303,437 15.7 16.11% Barclays 152,786 10.1 8.11 Churchill Finance LLC 99,426 14.5 5.28 (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 June 30, 2024 and December 31, 2023: June 30, 2024 Financing Agreements (In Thousands) Securitized Non-Mark-to-Market (1) Mark-to-Market (1) (2) Total Assets: Residential whole loans 5,968,917 $ 1,164,586 $ 1,984,335 $ 9,117,838 Securities, at fair value — — 790,965 790,965 Other assets: REO 10,250 — 42,598 52,848 Total 5,979,167 $ 1,164,586 $ 2,817,898 $ 9,961,651 December 31, 2023 Financing Agreements (In Thousands) Securitized Non-Mark-to-Market (1) Mark-to-Market (1) (2) Total Assets: Residential whole loans 5,696,729 $ 1,513,904 $ 1,733,674 $ 8,944,307 Securities, at fair value — — 689,818 689,818 Other assets: REO 33,334 — 43,295 76,629 Total 5,730,063 $ 1,513,904 $ 2,466,787 $ 9,710,754 (1) An aggregate of $36.5 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 June 30, 2024 and December 31, 2023, respectively. (2) Includes an aggregate of $381.1 million and $327.2 million of mark-to-market financing collateralized by Non-Agency MBS with a fair value of $505.2 million and $465.6 million obtained in connection with the Company’s loan securitization transactions that are eliminated in consolidation as of June 30, 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	6 Months Ended
	Jun. 30, 2024
Other Liabilities [Abstract]
Other Liabilities	Other Liabilities The following table presents the components of the Company’s Other liabilities at June 30, 2024 and December 31, 2023: (In Thousands) June 30, 2024 December 31, 2023 Payable for unsettled investment purchases $ — $ 103,654 Dividends and dividend equivalents payable 36,048 35,789 Lease liability 42,148 43,576 Accrued interest payable 33,089 30,834 Accrued expenses and other 191,356 122,177 Total Other Liabilities $ 302,641 $ 336,030

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 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 June 30, 2024, December 31, 2023 or June 30, 2023. As of the date of this filing, the Company’s tax returns for tax years 2020 through 2022 are open to examination. The tax effects of temporary differences that give rise to significant portions of net deferred tax assets (“DTAs”) recorded at the Company’s domestic TRS entities at June 30, 2024 and December 31, 2023 are presented in the following table: (In Thousands) June 30, 2024 December 31, 2023 Deferred tax assets (DTAs): Net operating loss and tax credit carryforwards $ 86,277 $ 91,113 Unrealized mark-to-market, impairments and loss provisions 17,449 16,170 Other realized / unrealized treatment differences (33,617) (34,923) Total deferred tax assets 70,109 72,360 Less: valuation allowance (70,109) (72,360) Net deferred tax assets $ — $ — Realization of the Company’s DTAs at June 30, 2024 is dependent on several factors, including generating sufficient taxable income to utilize 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 and six months ended June 30, 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 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 June 30, 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 following table summarizes the Company’s income tax provision/(benefit) primarily recorded at the Company’s domestic TRS entities for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, (In Thousands) 2024 2023 2024 2023 Current provision/(benefit) Federal $ 270 $ (286) $ 692 $ (420) State 76 (71) 187 (125) Total current provision/(benefit) 346 (357) 879 (545) Deferred provision/(benefit) Federal — — 399 589 State — — 117 155 Total deferred provision/(benefit) — — 516 744 Total provision/(benefit) $ 346 $ (357) $ 1,395 $ 199 The following is a reconciliation of the statutory federal tax rate to the Company’s effective tax rate at June 30, 2024 and 2023: Six Months Ended June 30, 2024 June 30, 2023 Federal statutory rate 21.0 % 21.0 % Non-taxable REIT income (dividends paid deduction) (17.6) % (32.6) % Other differences in taxable income/(loss) from GAAP 9.0 % 23.0 % State and local taxes (0.1) % — % Change in valuation allowance on DTAs (10.6) % (11.0) % Effective tax rate 1.7 % 0.4 %

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 June 30, 2024 and 2023, the Company recorded an expense in connection with this lease of approximately $1.5 million and $1.5 million, respectively, and for the six months ended June 30, 2024 and 2023, $2.8 million and $2.7 million, respectively. 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 June 30, 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) $ 3,028 2025 5,212 2026 4,839 2027 5,119 2028 5,055 Thereafter 41,944 Total $ 65,197 Present Value Discount (23,049) Total Lease Liability (Note 7) $ 42,148 (1) Reflects contractual minimum rental payments due for the period from July 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 $3.2 million. Lima One currently expects to relocate to the space in the latter half of 2025. The agreement can be terminated by the Company if vertical construction of the building has not commenced by September 1, 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 June 30, 2024, the Company was not aware of any material unsettled repurchase claims that would require a reserve (see Note 14). (c) Loan Commitments At June 30, 2024, the Company had unfunded commitments in connection with its Single-family and Multifamily transitional loans of $412.3 million and $82.8 million, respectively (see Note 3). These commitments are subject to certain conditions that the respective borrowers must meet before funding is required. In addition, from time to time, Lima One makes short-term commitments to originate mortgage loans; such commitments were not significant at June 30, 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 June 30, 2024, the Company has not recorded a liability in connection with this guarantee.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 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 66.67% 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 June 30, 2024: Declaration Date Record Date Payment Date Dividend Per Share May 21, 2024 June 5, 2024 June 28, 2024 $0.46875 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 Adjustable Interest Rate (LIBOR) Act and the Federal Reserve’s final rules promulgated thereunder, the three-month CME Term SOFR (Secured Overnight Financing Rate) has replaced three-month LIBOR as the successor base rate. 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 66.67% 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 June 30, 2024: Declaration Date Record Date Payment Date Dividend Per Share May 21, 2024 June 5, 2024 June 28, 2024 $0.40625 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 June 30, 2024: Declaration Date Record Date Payment Date Dividend Per Share June 11, 2024 June 28, 2024 July 31, 2024 $0.35 (1) March 7, 2024 March 28, 2024 April 30, 2024 0.35 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 June 30, 2024, the Company had accrued dividends and dividend equivalents payable of $36.0 million related to the common stock dividend declared on June 11, 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 June 30, 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 six months ended June 30, 2024. From the inception of the DRSPP in September 2003 through June 30, 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 six months ended June 30, 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 six months ended June 30, 2024 and 2023. At June 30, 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 and six months ended June 30, 2024: Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 (In Thousands) Net Unrealized Net Unrealized Gain/(Loss) on Financing Agreements (1) Total Net Unrealized Net Unrealized Gain/(Loss) on Financing Agreements (1) Total Balance at beginning of period $ 19,526 $ — $ 19,526 $ 17,698 $ — $ 17,698 OCI before reclassifications 784 — 784 2,612 — 2,612 Amounts reclassified from AOCI (2,658) — (2,658) (2,658) — (2,658) Net OCI during the period (2) (1,874) — (1,874) (46) — (46) Balance at end of period $ 17,652 $ — $ 17,652 $ 17,652 $ — $ 17,652 (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 and six months ended June 30, 2023: Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 (In Thousands) Net Unrealized Net Unrealized Gain/(Loss) on Financing Agreements (1) Total Net Unrealized Net Unrealized Gain/(Loss) on Financing Agreements (1) Total Balance at beginning of period $ 20,225 $ — $ 20,225 $ 21,341 $ — $ 21,341 OCI before reclassifications (6,805) — (6,805) (7,921) — (7,921) Amounts reclassified from AOCI — — — — — — Net OCI during the period (2) (6,805) — (6,805) (7,921) — (7,921) Balance at end of period $ 13,420 $ — $ 13,420 $ 13,420 $ — $ 13,420 (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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended (In Thousands, Except Per Share Amounts) 2024 2023 2024 2023 Basic Earnings/(Loss) per Share: Net income/(loss) $ 41,946 $ (25,928) $ 65,159 $ 46,856 Dividends declared on preferred stock (8,218) (8,218) (16,437) (16,437) Dividends, dividend equivalents and undistributed earnings allocated to participating securities (114) — (281) — Net income/(loss) available to common stockholders - basic $ 33,614 $ (34,146) $ 48,441 $ 30,419 Basic weighted average common shares outstanding 103,446 102,186 103,310 102,170 Basic Income/(Loss) per Share $ 0.32 $ (0.34) $ 0.47 $ 0.30 Diluted Earnings/(Loss) per Share: Net income/(loss) available to common stockholders - basic $ 33,614 $ (34,146) $ 48,441 $ 30,419 Interest expense on Convertible Senior Notes — — — — Dividends, dividend equivalents and undistributed earnings allocated to participating securities — — — — Net income/(loss) available to common stockholders - diluted $ 33,614 $ (34,146) $ 48,441 $ 30,419 Basic weighted average common shares outstanding 103,446 102,186 103,310 102,170 Effect of assumed conversion of Convertible Senior Notes to common shares — — — — Unvested and vested restricted stock units 1,730 — 1,643 1,771 Diluted weighted average common shares outstanding (1) 105,176 102,186 104,953 103,941 Diluted Income/(Loss) per Share $ 0.32 $ (0.34) $ 0.46 $ 0.29 (1) At June 30, 2024, the Company had approximately 341,000 equity instruments outstanding that were excluded from the calculation of diluted EPS for the three and six months ended June 30, 2024, respectively 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 $11.20. These equity instruments may have a dilutive impact on future EPS. During the six months ended June 30, 2024, the Convertible Senior Notes were determined to be anti-dilutive and were excluded from the calculation of diluted EPS under the “if-converted” method. Under this method, the periodic interest expense for dilutive notes is added back to the numerator and the weighted average number of shares that the notes are entitled to (if converted, regardless of whether the conversion option is in or out of the money) are included in the denominator for the purpose of calculating diluted EPS.

Equity Compensation and Other B

Equity Compensation and Other Benefit Plans	6 Months Ended
	Jun. 30, 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 June 30, 2024, approximately 3.9 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 June 30, 2024 are designated to be settled in shares of the Company’s common stock. The Company granted 94,333 and 1,349,819 RSUs during the three and six months ended June 30, 2024, respectively, and granted 90,388 and 1,608,063 RSUs during the three and six months ended June 30, 2023, respectively. There were 11,985 and 267,875 RSUs forfeited during the three and six months ended June 30, 2024, respectively, and 27,413 and 204,574 RSUs forfeited during the three and six months ended June 30, 2023, respectively. There were 129,949 and 58,505 RSUs surrendered to satisfy tax obligations during the six months ended June 30, 2024 and 2023, respectively. All holders of RSUs outstanding at June 30, 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 June 30, 2024 and December 31, 2023, the Company had unrecognized compensation expense of $12.7 million and $9.2 million, respectively, related to RSUs. The unrecognized compensation expense at June 30, 2024, is expected to be recognized over a weighted average period of 2.0 years. Restricted Stock The Company did not grant any shares of restricted common stock during the six months ended June 30, 2024 and 2023. At June 30, 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 $0.3 million and $1.7 million during the three and six months ended June 30, 2024, respectively, and approximately $0.1 million and $0.2 million during the three and six months ended June 30, 2023, respectively. In addition, no dividend equivalents rights awarded as separate instruments were granted during the six months ended June 30, 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 and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended (In Thousands) 2024 2023 2024 2023 RSUs $ 3,899 $ 3,932 $ 10,142 $ 6,952 Total $ 3,899 $ 3,932 $ 10,142 $ 6,952 (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 (reversal) related to its Deferred Plans for the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended (In Thousands) 2024 2023 2024 2023 Non-employee directors $ (92) $ 305 $ 14 $ 414 Total $ (92) $ 305 $ 14 $ 414 The following table presents the aggregate amount of income deferred by participants of the Deferred Plans through June 30, 2024 and December 31, 2023 that had not been distributed and the Company’s associated liability for such deferrals at June 30, 2024 and December 31, 2023: June 30, 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 $ 2,644 $ 2,446 $ 2,611 $ 2,404 Total $ 2,644 $ 2,446 $ 2,611 $ 2,404 (1) Represents the cumulative amounts that were deferred by participants through June 30, 2024 and December 31, 2023, which had not been distributed through such respective date.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023, on the consolidated balance sheets by the valuation hierarchy, as previously described: Fair Value at June 30, 2024 (In Thousands) Level 1 Level 2 Level 3 Total Assets: Residential whole loans, at fair value $ — $ 53,416 $ 7,719,191 $ 7,772,607 Securities, at fair value — 863,289 — 863,289 Total assets carried at fair value $ — $ 916,705 $ 7,719,191 $ 8,635,896 Liabilities: Agreements with non-mark-to-market collateral provisions $ — $ — $ 377,252 $ 377,252 Agreements with mark-to-market collateral provisions — — 290,228 290,228 Securitized debt — 4,414,701 — 4,414,701 Total liabilities carried at fair value $ — $ 4,414,701 $ 667,480 $ 5,082,181 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 and six months ended June 30, 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 June 30, Six Months Ended June 30, (In Thousands) 2024 2023 2024 2023 Balance at beginning of period $ 7,599,254 $ 6,013,378 $ 7,455,729 $ 5,676,430 Purchases and originations 536,071 734,748 1,024,121 1,071,563 Draws 152,160 132,914 315,905 251,991 Changes in fair value recorded in Net gain/(loss) on residential whole loans measured at fair value through earnings 16,682 (129,797) 26,889 (2,193) Repayments (555,099) (293,792) (901,662) (527,226) Loan sales and repurchases (13,944) (900) (173,839) (1,477) Transfer to REO (15,933) (14,586) (27,952) (27,123) Balance at end of period $ 7,719,191 $ 6,441,965 $ 7,719,191 $ 6,441,965 The following table presents additional information for the three and six months ended June 30, 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 June 30, Six Months Ended June 30, (In Thousands) 2024 2023 2024 2023 Balance at beginning of period $ 399,049 $ 526,623 $ 469,424 $ 578,879 Issuances 44,798 126,565 112,740 272,395 Payment of principal (66,595) (213,082) (204,912) (411,168) Change in unrealized losses — — — — Balance at end of period $ 377,252 $ 440,106 $ 377,252 $ 440,106 The following table presents additional information for the three and six months ended June 30, 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 June 30, Six Months Ended June 30, (In Thousands) 2024 2023 2024 2023 Balance at beginning of period $ 176,759 $ 680,708 $ 178,864 $ 884,495 Issuances 114,601 9,463 114,601 22,018 Payment of principal (1,132) (137,009) (3,237) (353,351) Changes in unrealized losses — — — — Balance at end of period $ 290,228 $ 553,162 $ 290,228 $ 553,162 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 June 30, 2024 and December 31, 2023, dollars in thousands: June 30, 2024 Fair Value (1) Valuation Technique Unobservable Input Weighted Average (2) Range Min Max $ 7,296,825 Discounted cash flow Discount rate 7.8 % 6.6 % — 20.0 % Prepayment rate 12.2 % — % — 55.8 % Default rate 1.8 % — % — 61.3 % Loss severity 12.6 % — % — 100.0 % $ 343,938 Liquidation model Discount rate 8.9 % 8.0 % — 20.0 % Annual change in home prices 3.7 % (0.1) % — 12.1 % Liquidation timeline (in years) 1.8 0.8 — 4.5 Current value of underlying properties (3) $627 $16 — $14,126 $ 7,640,763 (1) Excludes approximately $78.4 million of Residential whole loans, at fair value, with a UPB of $90.3 million, which were marked-to-market, but not based on a model, at June 30, 2024. (2) Amounts are weighted based on the fair value of the underlying loan. (3) Amounts represent simple average values of the properties underlying residential whole loans held at fair value. December 31, 2023 Fair Value (1) Valuation Technique Unobservable Input Weighted Average (2) Range Min Max $ 7,045,862 Discounted cash flow Discount rate 7.9 % 6.2 % — 29.2 % Prepayment rate 10.1 % — % — 46.4 % Default rate 0.6 % — % — 39.5 % Loss severity 10.8 % — % — 100.0 % $ 291,518 Liquidation model Discount rate 8.0 % 8.0 % — 8.0 % Annual change in home prices 3.7 % (0.4) % — 12.7 % Liquidation timeline (in years) 1.9 0.1 — 4.5 Current value of underlying properties (3) $531 $24 — $5,500 $ 7,337,380 (1) Excludes approximately $14.7 million of Residential whole loans, at fair value, with a UPB of $15.9 million, which were marked-to-market, but not based on a model at December 31, 2023 and 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. (2) Amounts are weighted based on the fair value of the underlying loan. (3) Amounts represent simple average values of the properties underlying residential whole loans held at fair value. 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 June 30, 2024 and December 31, 2023: June 30, 2024 June 30, 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 $ 9,132,820 $ 9,105,970 $ 8,985,513 $ 8,949,859 Residential whole loans 2 53,416 53,416 55,779 55,779 Securities, at fair value 2 863,289 863,289 746,090 746,090 Cash and cash equivalents 1 289,412 289,412 318,000 318,000 Restricted cash 1 252,015 252,015 170,211 170,211 Financial Liabilities (1) : Financing agreements with non-mark-to-market collateral provisions 3 931,146 932,031 1,216,697 1,217,671 Financing agreements with mark-to-market collateral provisions 3 1,998,352 1,999,166 1,737,652 1,738,543 Financing agreements with mark-to-market collateral provisions 2 730,844 730,844 622,603 622,603 Securitized debt 2 5,047,613 4,965,310 4,750,805 4,655,195 Convertible senior notes 2 — — 208,989 209,065 8.875% Senior Notes 2 110,912 114,478 — — 9.00% Senior Notes 2 72,175 74,903 — — (1) Carrying value of securitized debt, Convertible Senior Notes, 8.875% Senior Notes, 9.00% 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 six months ended June 30, 2024 and 2023, the Company recorded REO with an aggregate estimated fair value, less estimated cost to sell, of $45.0 million and $49.2 million, respectively, at the time of foreclosure. In addition, at June 30, 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 $33.1 million, of which the Company’s 75% interest was $24.8 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	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023: (Dollars in Thousands) June 30, 2024 December 31, 2023 Aggregate unpaid principal balance of residential whole loans sold $ 8,664,831 $ 8,241,053 Face amount of Senior Bonds issued by the VIE and purchased by third-party investors $ 7,567,271 $ 7,152,213 Outstanding amount of Senior Bonds, at carrying value $ 632,912 (1) $ 765,433 (1) Outstanding amount of Senior Bonds, at fair value $ 4,414,701 $ 3,985,372 Outstanding amount of Senior Bonds, total $ 5,047,613 $ 4,750,805 Weighted average fixed rate for Senior Bonds issued 4.88 % (2) 4.51 % (2) Weighted average contractual maturity of Senior Bonds 34 years (2) 36 years (2) Face amount of Senior Support Certificates received by the Company (3) $ 1,083,414 $ 1,047,297 Cash received $ 7,504,463 $ 7,089,575 (1) Net of $1.3 million and $1.5 million of deferred financing costs at June 30, 2024 and December 31, 2023, respectively. (2) At June 30, 2024 and December 31, 2023, $3.7 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, or 200 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 and six months ended June 30, 2024, the Company issued Senior Bonds with a current face of $160.0 million and $655.1 million to third-party investors for proceeds of $160.0 million and $654.9 million before offering costs and accrued interest. The Senior Bonds issued by the Company during the three months ended June 30, 2024 are included in “Financing agreements, at fair value” (at carrying value) on the Company’s consolidated balance sheets (see Note 6). During the three months ended June 30, 2024, the Company liquidated one SPE (which had been formed in 2021) and repaid the remaining $68.1 million of outstanding Senior Bonds issued by such SPE. As of June 30, 2024 and December 31, 2023, as a result of the transactions described above, securitized loans of approximately $6.0 billion and $5.7 billion are included in “Residential whole loans” and REO with a carrying value of approximately $10.2 million and $33.3 million are included in “Other assets” on the Company’s consolidated balance sheets, respectively. As of June 30, 2024 and December 31, 2023, the aggregate carrying value of Senior Bonds issued by consolidated VIEs was $5.0 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	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting At June 30, 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: (In Thousands) Mortgage-Related Assets Lima One Corporate Total Three months ended June 30, 2024 Interest Income $ 101,216 $ 81,780 $ 3,835 $ 186,831 Interest Expense 70,009 56,746 6,587 133,342 Net Interest Income/(Expense) $ 31,207 $ 25,034 $ (2,752) $ 53,489 Reversal/(Provision) for Credit Losses on Residential Whole Loans 1,079 — — 1,079 Reversal/(Provision) for Credit Losses on Other Assets (26) — — (26) Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses $ 32,260 $ 25,034 $ (2,752) $ 54,542 Net gain/(loss) on residential whole loans measured at fair value through earnings $ 28,474 $ (12,044) $ — $ 16,430 Impairment and other net gain/(loss) on securities and other portfolio investments (1,358) — (1,484) (2,842) Net gain/(loss) on real estate owned 2,167 (287) — 1,880 Net gain/(loss) on derivatives used for risk management purposes 11,296 4,791 — 16,087 Net gain/(loss) on securitized debt measured at fair value through earnings (6,620) (4,022) — (10,642) Lima One - origination, servicing and other fee income — 7,619 — 7,619 Net realized gain/(loss) on residential whole loans held at carrying value — — — — Other, net (85) 914 488 1,317 Other Income/(Loss), net $ 33,874 $ (3,029) $ (996) $ 29,849 Compensation and benefits $ — $ 10,765 $ 10,982 $ 21,747 Other general and administrative expense 115 4,936 5,784 10,835 Loan servicing, financing and other related costs 4,796 615 3,306 8,717 Amortization of intangible assets — 800 — 800 Income/(loss) before income taxes $ 61,223 $ 4,889 $ (23,820) $ 42,292 Provision for/(benefit from) income taxes — — 346 346 Net Income/(Loss) $ 61,223 $ 4,889 $ (24,166) $ 41,946 Less Preferred Stock Dividend Requirement $ — $ — $ 8,218 $ 8,218 Net Income/(Loss) Available to Common Stock and Participating Securities $ 61,223 $ 4,889 $ (32,384) $ 33,728 (In Thousands) Mortgage-Related Assets Lima One Corporate Total Three months ended June 30, 2023 Interest Income $ 89,912 $ 51,308 $ 3,130 $ 144,350 Interest Expense 57,308 38,575 3,962 99,845 Net Interest Income/(Expense) $ 32,604 $ 12,733 $ (832) $ 44,505 Reversal/(Provision) for Credit Losses on Residential Whole Loans (294) — — (294) Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses $ 32,310 $ 12,733 $ (832) $ 44,211 Net gain/(loss) on residential whole loans measured at fair value through earnings $ (97,459) $ (33,244) $ — $ (130,703) Impairment and other net gain/(loss) on securities and other portfolio investments (3,697) — (872) (4,569) Net gain/(loss) on real estate owned 2,493 (340) — 2,153 Net gain/(loss) on derivatives used for risk management purposes 45,142 15,309 — 60,451 Net gain/(loss) on securitized debt measured at fair value through earnings 18,887 8,507 — 27,394 Lima One - origination, servicing and other fee income — 11,477 — 11,477 Other, net 3,812 1,076 604 5,492 Other Income/(Loss), net $ (30,822) $ 2,785 $ (268) $ (28,305) Compensation and benefits $ — $ 11,403 $ 10,368 $ 21,771 Other general and administrative expense — 4,198 7,324 11,522 Loan servicing, financing and other related costs 5,395 131 2,072 7,598 Amortization of intangible assets — 1,300 — 1,300 Income/(loss) before income taxes $ (3,907) $ (1,514) $ (20,864) $ (26,285) Provision for/(benefit from) income taxes — — (357) (357) Net Income/(Loss) $ (3,907) $ (1,514) $ (20,507) $ (25,928) Less Preferred Stock Dividend Requirement $ — $ — $ 8,218 $ 8,218 Net Income/(Loss) Available to Common Stock and Participating Securities $ (3,907) $ (1,514) $ (28,725) $ (34,146) (In Thousands) Mortgage-Related Assets Lima One Corporate Total Six months ended June 30, 2024 Interest Income $ 196,616 $ 159,870 $ 7,176 $ 363,662 Interest Expense 136,860 113,336 12,163 262,359 Net Interest Income/(Expense) $ 59,756 $ 46,534 $ (4,987) $ 101,303 Reversal/(Provision) for Credit Losses on Residential Whole Loans 1,539 — — 1,539 Reversal/(Provision) for Credit Losses on Other Assets (1,135) — — (1,135) Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses $ 60,160 $ 46,534 $ (4,987) $ 101,707 Net gain/(loss) on residential whole loans measured at fair value through earnings $ 19,775 $ (14,858) $ — $ 4,917 Impairment and other net gain/(loss) on securities and other portfolio investments (6,133) — (1,485) (7,618) Net gain/(loss) on real estate owned 3,423 (552) — 2,871 Net gain/(loss) on derivatives used for risk management purposes 47,455 18,573 — 66,028 Net gain/(loss) on securitized debt measured at fair value through earnings (18,196) (14,908) — (33,104) Lima One - origination, servicing and other fee income — 15,547 — 15,547 Net realized gain/(loss) on residential whole loans held at carrying value 418 — — 418 Other, net 875 1,418 899 3,192 Other Income/(Loss), net $ 47,617 $ 5,220 $ (586) $ 52,251 Compensation and benefits $ — $ 22,889 $ 24,326 $ 47,215 Other general and administrative expense 121 10,573 12,136 22,830 Loan servicing, financing and other related costs 10,066 1,135 4,558 15,759 Amortization of intangible assets — 1,600 — 1,600 Income/(loss) before income taxes $ 97,590 $ 15,557 $ (46,593) $ 66,554 Provision for/(benefit from) income taxes — — 1,395 1,395 Net Income/(Loss) $ 97,590 $ 15,557 $ (47,988) $ 65,159 Less Preferred Stock Dividend Requirement $ — $ — $ 16,437 $ 16,437 Net Income/(Loss) Available to Common Stock and Participating Securities $ 97,590 $ 15,557 $ (64,425) $ 48,722 (In Thousands) Mortgage-Related Assets Lima One Corporate Total Six months ended June 30, 2023 Interest Income $ 174,732 $ 95,828 $ 5,995 $ 276,555 Interest Expense 113,394 71,370 7,917 192,681 Net Interest Income/(Expense) $ 61,338 $ 24,458 $ (1,922) $ 83,874 Reversal/(Provision) for Credit Losses on Residential Whole Loans (595) 314 — (281) Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses $ 60,743 $ 24,772 $ (1,922) $ 83,593 Net gain/(loss) on residential whole loans measured at fair value through earnings $ (1,949) $ 420 $ — $ (1,529) Impairment and other net gain/(loss) on securities and other portfolio investments (767) — (871) (1,638) Net gain/(loss) on real estate owned 6,417 (322) — 6,095 Net gain/(loss) on derivatives used for risk management purposes 28,820 10,423 — 39,243 Net gain/(loss) on securitized debt measured at fair value through earnings (15,933) (8,398) — (24,331) Lima One - origination, servicing and other fee income — 20,453 — 20,453 Net realized gain/(loss) on residential whole loans held at carrying value — — — — Other, net 6,020 1,447 1,039 8,506 Other Income/(Loss), net $ 22,608 $ 24,023 $ 168 $ 46,799 Compensation and benefits $ — $ 20,943 $ 21,458 $ 42,401 Other general and administrative expense — 7,193 14,006 21,199 Loan servicing, financing and other related costs 10,114 350 6,673 17,137 Amortization of intangible assets — 2,600 — 2,600 Income/(loss) before income taxes $ 73,237 $ 17,709 $ (43,891) $ 47,055 Provision for/(benefit from) income taxes — — 199 199 Net Income/(Loss) $ 73,237 $ 17,709 $ (44,090) $ 46,856 Less Preferred Stock Dividend Requirement $ — $ — $ 16,437 $ 16,437 Net Income/(Loss) Available to Common Stock and Participating Securities $ 73,237 $ 17,709 $ (60,527) $ 30,419 (In Thousands) Mortgage-Related Assets Lima One Corporate Total June 30, 2024 Total Assets $ 6,575,888 $ 4,167,768 $ 333,269 $ 11,076,925 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	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Securitization of loans Subsequent to quarter end, the Company completed one additional loan securitization collateralized by $245.4 million UPB of Legacy RPL/NPL loans and $57.5 million UPB of Non-QM loans.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 June 30, 2024 and results of operations for all periods presented have been made. The results of operations for the three and six months ended June 30, 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 or each loan is originated. 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. All other loans purchased prior to the second quarter of 2021 were typically held at carrying value. Starting in the second quarter of 2021, the Company began to elect the fair value option for all loans originated or acquired. The accounting model initially applied to loan originations and 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. The Company’s residential whole loans are primarily comprised of: (i) loans to finance (or refinance) one-to-four family residential properties that are not considered to meet the definition of a “Qualified Mortgage” in accordance with guidelines adopted by the Consumer Financial Protection Bureau (“Non-QM loans”), (ii) short-term business purpose loans collateralized by residential properties made to non-occupant borrowers that generally intend to rehabilitate or construct residential housing and then refinance or sell the properties (“Single-family transitional loans”), (iii) short-term business purpose loans collateralized by multifamily properties, typically with a loan balance below $10 million, made to non-occupant borrowers that generally intend to moderately rehabilitate or stabilize and then refinance or sell the properties (“Multifamily transitional loans”) (collectively with Single-family transitional loans, “Transitional loans,” also sometimes referred to as “Rehabilitation loans” or “Fix and Flip loans”), (iv) 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” and, collectively with Transitional loans, “Business purpose loans”), (v) loans primarily secured by residential real estate that were generally either non-performing or re-performing at acquisition (“Legacy RPL/NPL loans”) and (vi) 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,” which are included in “Other loans”). Residential whole loans are initially recorded at their purchase price (or amount funded for originated loans). Interest income is accrued based on each loan’s current interest-bearing balance and current interest rate. Interest income on 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 servicing costs. For 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 credit 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 when 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. Certain Legacy RPL/NPL loans acquired by the Company for which the Company did not elect the fair value option are accounted for 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. These credit deteriorated loans are presented on the Company’s consolidated balance sheets at carrying value, which reflects the recorded cost basis reduced by any allowance for credit losses. Interest income on such loans purchased is recorded each period based on the contractual coupon net of 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 or origination. 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 June 30, 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 $6.4 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 OCI, 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 outstanding that are unvested and have dividends that are subject to forfeiture, using the treasury stock method. Under the
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 June 30, 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)	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023: Held at Carrying Value Held at Fair Value Total (Dollars in Thousands) June 30, December 31, 2023 June 30, December 31, 2023 June 30, December 31, 2023 Business purpose loans: Single-family transitional loans (1) $ 27,857 $ 35,467 $ 1,190,699 $ 1,157,732 $ 1,218,556 $ 1,193,199 Multifamily transitional loans — — 1,155,198 1,168,297 1,155,198 1,168,297 Single-family rental loans (2) 129,471 172,213 1,514,219 1,462,583 1,643,690 1,634,796 Total Business purpose loans $ 157,328 $ 207,680 $ 3,860,116 $ 3,788,612 $ 4,017,444 $ 3,996,292 Non-QM loans 791,746 843,884 3,203,845 2,961,693 3,995,591 3,805,577 Legacy RPL/NPL loans 477,826 498,671 655,230 705,424 1,133,056 1,204,095 Other loans — — 53,416 55,779 53,416 55,779 Allowance for Credit Losses (13,271) (20,451) — — (13,271) (20,451) Total Residential whole loans $ 1,413,629 $ 1,529,784 $ 7,772,607 $ 7,511,508 $ 9,186,236 $ 9,041,292 Number of loans 5,973 6,326 19,848 19,075 25,821 25,401 (1) Includes $476.9 million and $471.1 million of loans collateralized by new construction projects at origination as of June 30, 2024 and December 31, 2023, respectively.
Schedule of Financing Receivable Credit Quality Indicators	The following tables presents additional information regarding the Company’s Residential whole loans: June 30, 2024 Asset Amount Fair Value Unpaid Principal Balance (“UPB”) Weighted Average Coupon (1) Weighted Average Term to Maturity (Months) Weighted Average LTV Ratio (2) Weighted Average Original FICO (3) Aging by UPB 60+ Days Past Due % (Dollars In Thousands) Past Due Days Current 30-59 60-89 90+ Business purpose loans: Single-family transitional (4) $ 1,217,255 $ 1,217,599 $ 1,226,736 10.39 % 6 67 % 748 $ 1,100,554 $ 20,416 $ 8,837 $ 96,929 8.6 % Multifamily transitional (4) 1,155,198 1,155,198 1,184,613 8.87 % 11 66 % 748 1,097,323 33,188 15,544 38,558 4.6 % Single-family rental 1,643,081 1,642,760 1,712,879 6.62 % 330 69 % 739 1,637,918 12,197 4,627 58,137 3.7 % Total business purpose loans $ 4,015,534 $ 4,015,557 $ 4,124,228 8.39 % 68 % $ 3,835,795 $ 65,801 $ 29,008 $ 193,624 5.4 % Non-QM loans 3,994,236 3,949,676 4,183,917 6.16 % 341 64 % 735 3,975,323 82,676 34,121 91,797 3.0 % Legacy RPL/NPL loans 1,123,050 1,140,736 1,284,232 5.12 % 257 56 % 647 874,319 134,000 43,974 231,939 21.5 % Other loans 53,416 53,416 65,671 3.44 % 326 66 % 758 65,671 — — — — % Residential whole loans, total or weighted average $ 9,186,236 $ 9,159,385 $ 9,658,048 6.98 % 64 % $ 8,751,108 $ 282,477 $ 107,103 $ 517,360 6.5 % December 31, 2023 Asset Amount Fair Value Unpaid Principal Balance (“UPB”) Weighted Average Coupon (1) Weighted Average Term to Maturity (Months) Weighted Average LTV Ratio (2) Weighted Average Original FICO (3) Aging by UPB 60+ Days Past Due % (Dollars In Thousands) Past Due Days Current 30-59 60-89 90+ Business purpose loans: Single-family transitional (4) $ 1,190,612 $ 1,191,715 $ 1,197,346 10.01 % 7 66 % 747 $ 1,070,759 $ 27,246 $ 17,004 $ 82,337 8.3 % Multifamily transitional (4) 1,168,297 1,168,297 1,170,775 8.41 % 14 63 % 747 1,116,402 33,778 9,614 10,981 1.8 % Single-family rental 1,630,442 1,628,734 1,729,923 6.30 % 320 70 % 738 1,636,810 12,543 12,314 68,256 4.7 % Total business purpose loans $ 3,989,351 $ 3,988,746 $ 4,098,044 7.99 % 67 % $ 3,823,971 $ 73,567 $ 38,932 $ 161,574 4.9 % Non-QM loans (5) 3,700,052 3,644,261 3,934,798 5.78 % 344 65 % 735 3,732,327 98,017 29,587 74,867 2.7 % Legacy RPL/NPL loans 1,192,457 1,213,199 1,355,280 5.03 % 262 59 % 648 896,587 142,240 44,609 271,844 23.3 % Other loans 55,779 55,779 66,830 3.44 % 332 66 % 758 65,094 1,508 — 228 0.3 % Residential whole loans, total or weighted average $ 8,937,639 $ 8,901,985 $ 9,454,952 6.04 % 65 % $ 8,517,979 $ 315,332 $ 113,128 $ 508,513 6.6 % (1) Weighted average is calculated based on the interest bearing principal balance of each loan within the related category. For loans acquired with servicing rights released by the seller, interest rates included in the calculation do not reflect loan servicing fees. For loans acquired with servicing rights retained by the seller, interest rates included in the calculation are net of servicing fees. (2) LTV represents the ratio of the total unpaid principal balance of the loan to the estimated value of the collateral securing the related loan as of the most recent date available, which may be the origination date. 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. (3) Excludes loans for which no Fair Isaac Corporation (“FICO”) score is available. (4) For Single-family and Multifamily 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 Single-family transitional loans, totaling $467.2 million and $332.5 million at June 30, 2024 and December 31, 2023, respectively, and certain Multifamily transitional loans, totaling $498.7 million and $218.8 million at June 30, 2024 and December 31, 2023, respectively, an after repaired valuation was not available. For these loans, the weighted average LTV is calculated based on the current unpaid principal balance and the as-is value of the collateral securing the related loan. (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 (In Thousands) 2024 - 2022 2021 2020 Prior Total Business purpose loans LTV <= 80% (1) $ — $ 7,866 $ 18,446 $ 123,464 $ 149,776 LTV > 80% (1) — — 3,076 4,476 7,552 Total Business purpose loans $ — $ 7,866 $ 21,522 $ 127,940 $ 157,328 Six Months Ended June 30, 2024 Gross write-offs $ — $ 13 $ (4) $ 5,440 $ 5,449 Non-QM loans LTV <= 80% (1) $ — $ 41,697 $ 161,594 $ 575,433 $ 778,724 LTV > 80% (1) — 1,381 7,902 3,739 13,022 Total Non-QM loans $ — $ 43,078 $ 169,496 $ 579,172 $ 791,746 Six Months Ended June 30, 2024 Gross write-offs $ — $ — $ — $ — $ — Legacy RPL/NPL loans LTV <= 80% (1) $ — $ — $ — $ 421,253 $ 421,253 LTV > 80% (1) — — — 56,573 56,573 Total Legacy RPL/NPL loans $ — $ — $ — $ 477,826 $ 477,826 Six Months Ended June 30, 2024 Gross write-offs $ — $ — $ — $ 192 $ 192 Total LTV <= 80% (1) $ — $ 49,563 $ 180,040 $ 1,120,150 $ 1,349,753 Total LTV > 80% (1) — 1,381 10,978 64,788 77,147 Total Residential whole loans, at carrying value $ — $ 50,944 $ 191,018 $ 1,184,938 $ 1,426,900 Six Months Ended June 30, 2024 Total Gross write-offs $ — $ 13 $ (4) $ 5,632 $ 5,641 (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 Single-family and Multifamily 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 Single-family transitional loans, totaling $467.2 million at June 30, 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 74% at June 30, 2024. Certain low value loans secured by vacant lots are categorized as LTV > 80%. The following table presents vintage information regarding our Residential whole loans, at fair value: Fair Value by Origination Year (In Thousands) 2024 2023 2022 2021 2020 Prior Total Single-family transitional loans $ 317,005 $ 618,208 $ 224,974 $ 29,773 $ 398 $ 341 $ 1,190,699 Multifamily transitional loans 94,417 548,950 365,969 145,862 — — 1,155,198 Single-family rental loans 185,993 360,847 573,014 385,268 8,820 277 1,514,219 Non-QM loans 403,689 763,521 633,928 1,366,728 228 35,751 3,203,845 Legacy RPL/NPL loans — — — — — 655,230 655,230 Other loans — — — 53,416 — — 53,416 Total Residential whole loans, at fair value $ 1,001,104 $ 2,291,526 $ 1,797,885 $ 1,981,047 $ 9,446 $ 691,599 $ 7,772,607 The following table presents certain additional information about the Company’s commercial mortgage loans as of June 30, 2024 and December 31, 2023: (Dollars 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 - June 30, 2024 $ 44,954 $ 46,633 13.29 % 1 $ 39,227 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: Six Months Ended June 30, 2024 (In Thousands) Single-family transitional loans (1)(2) Single-family rental loans Non-QM loans Legacy RPL/NPL loans (3) Totals Allowance for credit losses at December 31, 2023 $ 2,588 $ 4,355 $ 1,870 $ 11,638 $ 20,451 Current provision/(reversal) (473) 228 (189) (26) (460) Write-offs (416) 59 — (22) (379) Allowance for credit losses March 31, 2024 $ 1,699 $ 4,642 $ 1,681 $ 11,590 $ 19,612 Current provision/(reversal) (317) 978 (326) (1,414) (1,079) Write-offs (81) (5,011) — (170) (5,262) Allowance for credit losses at June 30, 2024 $ 1,301 $ 609 $ 1,355 $ 10,006 $ 13,271 Six Months Ended June 30, 2023 (In Thousands) Single-family transitional loans (1)(2) Single-family rental loans Non-QM loans Legacy RPL/NPL loans (3) Totals Allowance for credit losses at December 31, 2022 $ 5,223 $ 1,277 $ 7,359 $ 21,455 $ 35,314 Current provision/(reversal) 406 514 (214) (391) 315 Write-offs (2,003) (451) — (113) (2,567) Allowance for credit losses at March 31, 2023 $ 3,626 $ 1,340 $ 7,145 $ 20,951 $ 33,062 Current provision/(reversal) 999 (103) (233) (398) 265 Write-offs (1,785) — (206) (301) (2,292) Allowance for credit losses at June 30, 2023 $ 2,840 $ 1,237 $ 6,706 $ 20,252 $ 31,035 (1) In connection with Single-family transitional loans at carrying value, the Company had unfunded commitments of $1.7 million and $6.0 million as of June 30, 2024 and 2023, respectively, with an allowance for credit losses of $0 and $44,000 at June 30, 2024 and 2023, respectively. Such allowance is included in “Other liabilities” in the Company’s consolidated balance sheets (see Note 7). (2) Includes $20.4 million and $35.2 million of loans that were assessed for credit losses based on a collateral dependent methodology as of June 30, 2024 and 2023, respectively. (3) Includes $44.4 million and $55.5 million of loans that were assessed for credit losses based on a collateral dependent methodology as of June 30, 2024 and 2023, respectively. The following table presents realized credit losses, net of recoveries, on liquidated residential whole loans or residential whole loans that were transferred to REO, recognized in Other, net: Three Months Ended Six Months Ended (In Thousands) 2024 2023 2024 2023 Single-family transitional loans $ (271) $ 971 $ 381 $ 1,099 Multifamily transitional loans (80) — (107) — Single-family rental loans (567) 117 (1,454) 459 Non-QM loans 87 869 88 861 Legacy RPL/NPL loans (518) (1,184) (899) (1,735) Other loans — — — — Total Residential whole loans $ (1,349) $ 773 $ (1,991) $ 684
Financing Receivable, Past Due	The following tables present certain information regarding the LTVs of the Company’s Residential whole loans that are 60 days or more delinquent: June 30, 2024 (Dollars In Thousands) Carrying Value / Fair Value UPB LTV (1) Business purpose loans: Single-family transitional loans $ 97,537 $ 105,766 87 % Multifamily transitional loans 46,377 54,102 69 % Single-family rental loans 48,617 62,764 112 % Total Business purpose loans $ 192,531 $ 222,632 Non-QM loans 122,663 125,918 62 % Legacy RPL/NPL loans 250,125 275,913 64 % Other loans — — — % Total Residential whole loans $ 565,319 $ 624,463 December 31, 2023 (Dollars In Thousands) Carrying Value / Fair Value UPB LTV (1) Business purpose loans: Single-family transitional loans $ 93,960 $ 99,341 66 % Multifamily transitional loans 19,812 20,595 63 % Single-family rental loans 65,659 80,570 109 % Total Business purpose loans $ 179,431 $ 200,506 Non-QM loans 102,252 104,454 64 % Legacy RPL/NPL loans 290,928 316,453 69 % Other loans 188 228 73 % 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 Single-family and Multifamily 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 Single-family transitional loans, an after repaired valuation was not obtained and the loan was underwritten based on an “as is” valuation. Excluded from the calculation of weighted average LTV are certain low value loans secured by vacant lots, for which the LTV ratio is not meaningful.
Schedule of Interest Income Components	The following tables present the components of interest income on the Company’s Residential whole loans: 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 Business purpose loans: Single-family transitional loans $ 152 $ 518 $ 30,090 $ 18,231 $ 30,242 $ 18,749 Multifamily transitional loans — — 25,291 13,872 25,291 13,872 Single-family rental loans 2,277 2,880 25,287 20,261 27,564 23,141 Total Business purpose loans $ 2,429 $ 3,398 $ 80,668 $ 52,364 $ 83,097 $ 55,762 Non-QM loans 11,530 11,646 47,219 33,872 58,749 45,518 Legacy RPL/NPL loans 8,453 9,214 14,893 17,036 23,346 26,250 Other loans — — 525 518 525 518 Total Residential whole loans $ 22,412 $ 24,258 $ 143,305 $ 103,790 $ 165,717 $ 128,048 Held at Carrying Value Held at Fair Value Total Six Months Ended Six Months Ended Six Months Ended (In Thousands) 2024 2023 2024 2023 2024 2023 Business purpose loans: Single-family transitional loans $ 393 $ 1,138 $ 57,867 $ 33,923 $ 58,260 $ 35,061 Multifamily transitional loans — — 50,489 25,787 50,489 25,787 Single-family rental loans 4,838 5,859 49,828 38,596 54,666 44,455 Total Business purpose loans $ 5,231 $ 6,997 $ 158,184 $ 98,306 $ 163,415 $ 105,303 Non-QM loans 22,949 24,320 91,660 65,287 114,609 89,607 Legacy RPL/NPL loans 15,933 17,441 28,383 31,832 44,316 49,273 Other loans — — 1,042 3,375 1,042 3,375 Total Residential whole loans $ 44,113 $ 48,758 $ 279,269 $ 198,800 $ 323,382 $ 247,558
Schedule of Net Gain/(Loss) on Residential Whole Loans Measured at Fair Value	The following table presents the components of Net gain/(loss) on residential whole loans measured at fair value through earnings: Three Months Ended Six Months Ended (In Thousands) 2024 2023 2024 2023 Business purpose loans: Single-family transitional loans $ (5,413) $ 304 $ (4,121) $ 398 Multifamily transitional loans (24,503) 146 (27,073) 2,073 Single-family rental loans 18,442 (36,381) 17,607 (1,891) Total Business purpose loans $ (11,474) $ (35,931) $ (13,587) $ 580 Non-QM loans 32,107 (87,136) 29,569 1,728 Legacy RPL/NPL loans (3,621) (6,733) (9,921) (4,502) Other loans (582) (903) (1,144) 665 Total Residential whole loans $ 16,430 $ (130,703) $ 4,917 $ (1,529)

Securities, at Fair Value (Tabl

Securities, at Fair Value (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023 : June 30, 2024 (Dollars in Thousands) Current Weighted Weighted Fair Weighted CPR (1) 30-Year Fixed Rate: 5.00% Coupon $ 73,941 100.2 % 96.9 % $ 71,671 15 7.5 % 5.50% Coupon 267,221 100.4 98.9 264,251 17 8.6 6.00% Coupon 332,320 100.1 100.6 334,221 8 10.6 6.50% Coupon 30,473 100.4 102.3 31,170 9 11.3 Total $ 703,955 100.3 % 99.6 % $ 701,313 12 9.6 % 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 June 30, 2024 and December 31, 2023: June 30, 2024 (In Thousands) Principal/ Current Purchase Accretable Discount Designated as Credit Reserve (1) Gross Amortized Gross Gross Net Fair Value Agency MBS $ 703,955 $ 2,403 $ (480) $ — $ 705,878 $ 2,060 $ (6,625) $ (4,565) $ 701,313 Other Securities (2)(3)(4) 161,988 16,041 (5,587) (31,514) 140,928 21,476 (428) 21,048 161,976 Total residential mortgage securities (2)(3)(4) $ 865,943 $ 18,444 $ (6,067) $ (31,514) $ 846,806 $ 23,536 $ (7,053) $ 16,483 $ 863,289 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 June 30, 2024 includes CRT securities with a fair value of $52.0 million for which the fair value option has been elected. Such securities had approximately $3.4 million gross unrealized gains and no gross unrealized losses at June 30, 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 June 30, 2024 include Non-Agency MBS with a fair value of $23.1 million for which the fair value option had been elected. Such securities had approximately $0.5 million gross unrealized gains and $0.4 million gross unrealized losses at June 30, 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 and six months ended June 30, 2024 and 2023, which is presented in Other Income/(Loss), net in the consolidated statements of operations: Three Months Ended June 30, Six Months Ended June 30, (In Thousands) 2024 2023 2024 2023 Net unrealized gain/(loss) on securities $ (3,186) $ (3,697) $ (7,298) $ (766) Net realized gain/(loss) from the sale of securities 2,668 — 2,668 — Impairment of securities — — — — Total Impairment and other net gain/(loss) on securities (518) (3,697) (4,630) (766) Net unrealized gain/(loss) on other portfolio investments (2,324) (872) (2,988) (872) Net realized gain/(loss) on other portfolio investments — — — — Total Impairment and other net gain/(loss) on securities and other portfolio investments $ (2,842) $ (4,569) $ (7,618) $ (1,638)
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 and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, (In Thousands) 2024 2023 2024 2023 AOCI from AFS securities: Unrealized gain on AFS securities at beginning of period $ 19,526 $ 20,225 $ 17,698 $ 21,341 Unrealized gain/(loss) on securities available-for-sale 784 (6,805) 2,612 (7,921) Reclassification adjustment for MBS sales included in net income (2,658) — (2,658) — Change in AOCI from AFS securities (1,874) (6,805) (46) (7,921) Balance at end of period $ 17,652 $ 13,420 $ 17,652 $ 13,420
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 and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, (In Thousands) 2024 2023 2024 2023 Agency MBS Coupon interest $ 8,682 $ 4,471 $ 16,412 $ 6,522 Effective yield adjustment (1)(2) (36) (45) (51) (76) Interest income $ 8,646 $ 4,426 $ 16,361 $ 6,446 Other MBS Coupon interest $ 2,075 $ 2,025 $ 4,160 $ 3,936 Effective yield adjustment (1)(2) 44 28 74 217 Interest income $ 2,119 $ 2,053 $ 4,234 $ 4,153 Term notes backed by MSR collateral Coupon interest $ 1,810 $ 2,100 $ 3,761 $ 4,063 Effective yield adjustment (2) 1,054 1,369 2,265 2,594 Interest income $ 2,864 $ 3,469 $ 6,026 $ 6,657 (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)	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023: (In Thousands) June 30, 2024 December 31, 2023 REO $ 108,013 $ 110,174 Commercial REO 24,788 22,717 Goodwill 61,076 61,076 Intangibles, net (1) 6,400 8,000 Capital contributions made to loan origination partners 18,296 19,780 Commercial loans 44,954 51,426 Interest receivable 106,427 98,924 Other loan related receivables 19,377 24,084 Lease right-of-use asset (2) 36,482 37,819 Other 60,160 63,097 Total Other Assets $ 485,973 $ 497,097 (1) Net of aggregate accumulated amortization of $21.6 million and $20.0 million as of June 30, 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 Aggregate Carrying Value of REO Properties	The below table summarizes the aggregate carrying value of REO properties by loan source prior to foreclosure proceeding or from completion of a deed-in-lieu of foreclosure or similar legal agreement. (Dollars In Thousands) June 30, 2024 December 31, 2023 Business purpose loans $ 39,465 $ 28,328 Non-QM loans 1,717 3,374 Legacy RPL/NPL loans 66,831 78,472 Total $ 108,013 $ 110,174 Number of properties 352 300
Schedule of Activity for Real Estate Owned	The following table presents the activity in the Company’s REO for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, (Dollars In Thousands) 2024 2023 2024 2023 Balance at beginning of period $ 106,185 $ 121,215 $ 110,174 $ 130,605 Adjustments to record at lower of cost or fair value (2,690) (1,800) (3,957) (2,853) Transfer from residential whole loans (1) 25,609 28,256 44,951 49,181 Purchases and capital improvements, net 52 118 203 256 Disposals and other (2) (21,143) (27,793) (43,358) (57,193) Balance at end of period $ 108,013 $ 119,996 $ 108,013 $ 119,996 Number of properties 352 338 352 338 (1) During the three and six months ended June 30, 2024, the Company recognized $(1.2) million and $(2.4) million of gains / (losses), respectively, on Residential whole loans in Other Income/(Loss), net associated with the transfer of loans to REO. During the three and six months ended June 30, 2023, the Company recognized $1.2 million and $1.3 million 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 and six months ended June 30, 2024, the Company sold 63 and 136 REO properties for consideration of $25.6 million and $49.8 million, realizing net gains of approximately $4.5 million and $6.5 million, respectively. During the three and six months ended June 30, 2023, the Company sold 95 and 194 REO properties for consideration of $31.7 million and $65.5 million , realizing net gains of approximately $4.0 million
Schedule of Finite-Lived Intangible Assets Amortization Expense	The amortization period for each of the finite lived intangible assets and the activity for the six months ended June 30, 2024 is summarized in the table below: (Dollars in Thousands) Carrying Value at December 31, 2023 Amortization Six Months Ended June 30, 2024 Carrying Value at June 30, 2024 Amortization Period (Years) (1) Trademarks / Trade Names $ 3,000 $ (200) $ 2,800 10 Customer Relationships 3,000 (1,000) 2,000 4 Internally Developed Software 2,000 (400) 1,600 5 Total Identified Intangibles $ 8,000 $ (1,600) $ 6,400
Schedule of Financing Receivable Credit Quality Indicators	The following tables presents additional information regarding the Company’s Residential whole loans: June 30, 2024 Asset Amount Fair Value Unpaid Principal Balance (“UPB”) Weighted Average Coupon (1) Weighted Average Term to Maturity (Months) Weighted Average LTV Ratio (2) Weighted Average Original FICO (3) Aging by UPB 60+ Days Past Due % (Dollars In Thousands) Past Due Days Current 30-59 60-89 90+ Business purpose loans: Single-family transitional (4) $ 1,217,255 $ 1,217,599 $ 1,226,736 10.39 % 6 67 % 748 $ 1,100,554 $ 20,416 $ 8,837 $ 96,929 8.6 % Multifamily transitional (4) 1,155,198 1,155,198 1,184,613 8.87 % 11 66 % 748 1,097,323 33,188 15,544 38,558 4.6 % Single-family rental 1,643,081 1,642,760 1,712,879 6.62 % 330 69 % 739 1,637,918 12,197 4,627 58,137 3.7 % Total business purpose loans $ 4,015,534 $ 4,015,557 $ 4,124,228 8.39 % 68 % $ 3,835,795 $ 65,801 $ 29,008 $ 193,624 5.4 % Non-QM loans 3,994,236 3,949,676 4,183,917 6.16 % 341 64 % 735 3,975,323 82,676 34,121 91,797 3.0 % Legacy RPL/NPL loans 1,123,050 1,140,736 1,284,232 5.12 % 257 56 % 647 874,319 134,000 43,974 231,939 21.5 % Other loans 53,416 53,416 65,671 3.44 % 326 66 % 758 65,671 — — — — % Residential whole loans, total or weighted average $ 9,186,236 $ 9,159,385 $ 9,658,048 6.98 % 64 % $ 8,751,108 $ 282,477 $ 107,103 $ 517,360 6.5 % December 31, 2023 Asset Amount Fair Value Unpaid Principal Balance (“UPB”) Weighted Average Coupon (1) Weighted Average Term to Maturity (Months) Weighted Average LTV Ratio (2) Weighted Average Original FICO (3) Aging by UPB 60+ Days Past Due % (Dollars In Thousands) Past Due Days Current 30-59 60-89 90+ Business purpose loans: Single-family transitional (4) $ 1,190,612 $ 1,191,715 $ 1,197,346 10.01 % 7 66 % 747 $ 1,070,759 $ 27,246 $ 17,004 $ 82,337 8.3 % Multifamily transitional (4) 1,168,297 1,168,297 1,170,775 8.41 % 14 63 % 747 1,116,402 33,778 9,614 10,981 1.8 % Single-family rental 1,630,442 1,628,734 1,729,923 6.30 % 320 70 % 738 1,636,810 12,543 12,314 68,256 4.7 % Total business purpose loans $ 3,989,351 $ 3,988,746 $ 4,098,044 7.99 % 67 % $ 3,823,971 $ 73,567 $ 38,932 $ 161,574 4.9 % Non-QM loans (5) 3,700,052 3,644,261 3,934,798 5.78 % 344 65 % 735 3,732,327 98,017 29,587 74,867 2.7 % Legacy RPL/NPL loans 1,192,457 1,213,199 1,355,280 5.03 % 262 59 % 648 896,587 142,240 44,609 271,844 23.3 % Other loans 55,779 55,779 66,830 3.44 % 332 66 % 758 65,094 1,508 — 228 0.3 % Residential whole loans, total or weighted average $ 8,937,639 $ 8,901,985 $ 9,454,952 6.04 % 65 % $ 8,517,979 $ 315,332 $ 113,128 $ 508,513 6.6 % (1) Weighted average is calculated based on the interest bearing principal balance of each loan within the related category. For loans acquired with servicing rights released by the seller, interest rates included in the calculation do not reflect loan servicing fees. For loans acquired with servicing rights retained by the seller, interest rates included in the calculation are net of servicing fees. (2) LTV represents the ratio of the total unpaid principal balance of the loan to the estimated value of the collateral securing the related loan as of the most recent date available, which may be the origination date. 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. (3) Excludes loans for which no Fair Isaac Corporation (“FICO”) score is available. (4) For Single-family and Multifamily 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 Single-family transitional loans, totaling $467.2 million and $332.5 million at June 30, 2024 and December 31, 2023, respectively, and certain Multifamily transitional loans, totaling $498.7 million and $218.8 million at June 30, 2024 and December 31, 2023, respectively, an after repaired valuation was not available. For these loans, the weighted average LTV is calculated based on the current unpaid principal balance and the as-is value of the collateral securing the related loan. (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 (In Thousands) 2024 - 2022 2021 2020 Prior Total Business purpose loans LTV <= 80% (1) $ — $ 7,866 $ 18,446 $ 123,464 $ 149,776 LTV > 80% (1) — — 3,076 4,476 7,552 Total Business purpose loans $ — $ 7,866 $ 21,522 $ 127,940 $ 157,328 Six Months Ended June 30, 2024 Gross write-offs $ — $ 13 $ (4) $ 5,440 $ 5,449 Non-QM loans LTV <= 80% (1) $ — $ 41,697 $ 161,594 $ 575,433 $ 778,724 LTV > 80% (1) — 1,381 7,902 3,739 13,022 Total Non-QM loans $ — $ 43,078 $ 169,496 $ 579,172 $ 791,746 Six Months Ended June 30, 2024 Gross write-offs $ — $ — $ — $ — $ — Legacy RPL/NPL loans LTV <= 80% (1) $ — $ — $ — $ 421,253 $ 421,253 LTV > 80% (1) — — — 56,573 56,573 Total Legacy RPL/NPL loans $ — $ — $ — $ 477,826 $ 477,826 Six Months Ended June 30, 2024 Gross write-offs $ — $ — $ — $ 192 $ 192 Total LTV <= 80% (1) $ — $ 49,563 $ 180,040 $ 1,120,150 $ 1,349,753 Total LTV > 80% (1) — 1,381 10,978 64,788 77,147 Total Residential whole loans, at carrying value $ — $ 50,944 $ 191,018 $ 1,184,938 $ 1,426,900 Six Months Ended June 30, 2024 Total Gross write-offs $ — $ 13 $ (4) $ 5,632 $ 5,641 (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 Single-family and Multifamily 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 Single-family transitional loans, totaling $467.2 million at June 30, 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 74% at June 30, 2024. Certain low value loans secured by vacant lots are categorized as LTV > 80%. The following table presents vintage information regarding our Residential whole loans, at fair value: Fair Value by Origination Year (In Thousands) 2024 2023 2022 2021 2020 Prior Total Single-family transitional loans $ 317,005 $ 618,208 $ 224,974 $ 29,773 $ 398 $ 341 $ 1,190,699 Multifamily transitional loans 94,417 548,950 365,969 145,862 — — 1,155,198 Single-family rental loans 185,993 360,847 573,014 385,268 8,820 277 1,514,219 Non-QM loans 403,689 763,521 633,928 1,366,728 228 35,751 3,203,845 Legacy RPL/NPL loans — — — — — 655,230 655,230 Other loans — — — 53,416 — — 53,416 Total Residential whole loans, at fair value $ 1,001,104 $ 2,291,526 $ 1,797,885 $ 1,981,047 $ 9,446 $ 691,599 $ 7,772,607 The following table presents certain additional information about the Company’s commercial mortgage loans as of June 30, 2024 and December 31, 2023: (Dollars 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 - June 30, 2024 $ 44,954 $ 46,633 13.29 % 1 $ 39,227 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: (In Thousands) June 30, December 31, Agency MBS, at fair value $ 47,932 $ 41,179 Restricted Cash 5,741 22,880
Schedule of Information About Swaps	The following table presents information about the Company’s Swaps at June 30, 2024, and December 31, 2023: June 30, 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 3 months to 6 months 450,010 0.90 5.33 — — — Over 6 months to 12 months 675,000 1.52 5.33 450,010 0.90 5.38 Over 12 months to 24 months — — — 675,000 1.52 5.38 Over 24 months to 36 months 1,425,000 1.53 5.33 450,000 1.12 5.38 Over 36 months to 48 months — — — 975,000 1.73 5.38 Over 48 months to 60 months 353,600 3.11 5.33 24,600 4.28 5.38 Over 60 months to 72 months — — — 310,000 2.95 5.38 Over 72 months 374,650 4.24 5.33 292,650 4.32 5.38 Total Swaps $ 3,278,260 1.92 % 5.33 % $ 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, which is presented in Other Income/(Loss), net in the consolidated statements of operations: Three Months Ended June 30, Six Months Ended June 30, (In Thousands) 2024 2023 2024 2023 Income on swap variable receive leg $ 44,132 $ 37,784 $ 88,309 $ 71,635 Expense on swap fixed pay leg (15,199) (11,819) (30,284) (23,853) Unrealized mark-to-market gain/(loss) (10,237) 37,018 12,945 (3,729) Net price alignment expense on margin collateral received (2,609) (2,532) (4,942) (4,810) Total Net gain/(loss) on derivatives used for risk management purposes $ 16,087 $ 60,451 $ 66,028 $ 39,243

Financing Agreements (Tables)

Financing Agreements (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023: June 30, 2024 (Dollars 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 $ 1,999,166 $ 1,998,352 7.44 % 12.4 Agreements with mark-to-market collateral provisions Securities 730,844 730,844 5.74 % 0.2 Total Agreements with mark-to-market collateral provisions 2,730,010 2,729,196 7.00 % Agreements with non-mark-to-market collateral provisions Residential whole loans and REO 932,031 931,146 7.95 % 14.9 Securitized debt Residential whole loans 5,158,481 5,047,613 4.80 % See Note 14 Convertible senior notes Unsecured — — 6.64 % 8.875% Senior Notes due 2029 Unsecured 115,000 110,912 9.84 % 55.6 9.00% Senior Notes due 2029 Unsecured 75,000 72,175 9.96 % 61.5 Impact of net Swap carry (1.27) % Total Financing agreements (2) $ 9,010,522 $ 8,891,042 4.63 % December 31, 2023 (Dollars 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 June 30, 2024, the Company had $290.2 million of agreements with mark-to-market collateral provisions held at fair value, $377.3 million of agreements with non-mark-to-market collateral provisions held at fair value, and $4.4 billion of securitized debt held at fair value, with amortized cost bases of $290.2 million, $377.3 million, and $4.5 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 (inclusive of the amortization of deferred financing costs) 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 June 30, 2024, this decreased the overall funding cost by 127 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 June 30, 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 $ 419,116 $ 59,396 $ 379,962 $ 1,140,692 $ 1,999,166 Agreements with mark-to-market collateral provisions Securities 730,844 — — — 730,844 Total Agreements with mark-to-market collateral provisions 1,149,960 59,396 379,962 1,140,692 2,730,010 Agreements with non-mark-to-market collateral provisions Residential whole loans 53,815 17,771 — 860,445 932,031 (1) $1.1 billion 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 June 30, 2024 and December 31, 2023: (Dollars in Thousands) June 30, December 31, Mark-to-market financing agreements secured by residential whole loans (1) $ 1,972,521 $ 1,712,489 Fair value of residential whole loans pledged as collateral under financing agreements $ 2,490,015 $ 2,204,239 Weighted average haircut on residential whole loans (2) 20.45 % 20.90 % Mark-to-market financing agreements secured by securities at fair value $ 730,844 $ 622,603 Securities at fair value pledged as collateral under financing agreements $ 790,965 $ 689,818 Weighted average haircut on securities at fair value (2) 6.86 % 8.07 % Mark-to-market financing agreements secured by real estate owned $ 25,831 $ 25,163 Fair value of real estate owned pledged as collateral under financing agreements $ 48,945 $ 50,365 Weighted average haircut on real estate owned (2) 45.95 % 49.39 % (1) Includes an aggregate of $381.1 million and $327.2 million of mark-to-market financing collateralized by Non-Agency MBS with a fair value of $505.2 million and $465.6 million obtained in connection with the Company’s loan securitization transactions that are eliminated in consolidation as of June 30, 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 June 30, 2024 and December 31, 2023: (Dollars in Thousands) June 30, December 31, Non-mark-to-market financing secured by residential whole loans $ 931,146 $ 1,216,697 Fair value of residential whole loans pledged as collateral under financing agreements $ 1,165,089 $ 1,510,146 Weighted average haircut on residential whole loans 19.75 % 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 June 30, 2024 and December 31, 2023: June 30, 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 $ 3,662,041 7.17 % $ 3,578,816 7.36 % Over 30 days to 3 months — — — — Over 3 months to 12 months — — — — Over 12 months — — — — Total financing agreements $ 3,662,041 7.17 % $ 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 June 30, 2024: June 30, 2024 Counterparty Amount at Risk (1) Weighted Average Months to Maturity Percent of Stockholders’ Equity (Dollars in Thousands) Wells Fargo 303,437 15.7 16.11% Barclays 152,786 10.1 8.11 Churchill Finance LLC 99,426 14.5 5.28 (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 June 30, 2024 and December 31, 2023: June 30, 2024 Financing Agreements (In Thousands) Securitized Non-Mark-to-Market (1) Mark-to-Market (1) (2) Total Assets: Residential whole loans 5,968,917 $ 1,164,586 $ 1,984,335 $ 9,117,838 Securities, at fair value — — 790,965 790,965 Other assets: REO 10,250 — 42,598 52,848 Total 5,979,167 $ 1,164,586 $ 2,817,898 $ 9,961,651 December 31, 2023 Financing Agreements (In Thousands) Securitized Non-Mark-to-Market (1) Mark-to-Market (1) (2) Total Assets: Residential whole loans 5,696,729 $ 1,513,904 $ 1,733,674 $ 8,944,307 Securities, at fair value — — 689,818 689,818 Other assets: REO 33,334 — 43,295 76,629 Total 5,730,063 $ 1,513,904 $ 2,466,787 $ 9,710,754 (1) An aggregate of $36.5 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 June 30, 2024 and December 31, 2023, respectively. (2)

Other Liabilities (Tables)

Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Other Liabilities [Abstract]
Schedule of Other Liabilities	The following table presents the components of the Company’s Other liabilities at June 30, 2024 and December 31, 2023: (In Thousands) June 30, 2024 December 31, 2023 Payable for unsettled investment purchases $ — $ 103,654 Dividends and dividend equivalents payable 36,048 35,789 Lease liability 42,148 43,576 Accrued interest payable 33,089 30,834 Accrued expenses and other 191,356 122,177 Total Other Liabilities $ 302,641 $ 336,030

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023 are presented in the following table: (In Thousands) June 30, 2024 December 31, 2023 Deferred tax assets (DTAs): Net operating loss and tax credit carryforwards $ 86,277 $ 91,113 Unrealized mark-to-market, impairments and loss provisions 17,449 16,170 Other realized / unrealized treatment differences (33,617) (34,923) Total deferred tax assets 70,109 72,360 Less: valuation allowance (70,109) (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 and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, (In Thousands) 2024 2023 2024 2023 Current provision/(benefit) Federal $ 270 $ (286) $ 692 $ (420) State 76 (71) 187 (125) Total current provision/(benefit) 346 (357) 879 (545) Deferred provision/(benefit) Federal — — 399 589 State — — 117 155 Total deferred provision/(benefit) — — 516 744 Total provision/(benefit) $ 346 $ (357) $ 1,395 $ 199
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 June 30, 2024 and 2023: Six Months Ended June 30, 2024 June 30, 2023 Federal statutory rate 21.0 % 21.0 % Non-taxable REIT income (dividends paid deduction) (17.6) % (32.6) % Other differences in taxable income/(loss) from GAAP 9.0 % 23.0 % State and local taxes (0.1) % — % Change in valuation allowance on DTAs (10.6) % (11.0) % Effective tax rate 1.7 % 0.4 %

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Lessee, Operating Lease, Liability, Maturity	At June 30, 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) $ 3,028 2025 5,212 2026 4,839 2027 5,119 2028 5,055 Thereafter 41,944 Total $ 65,197 Present Value Discount (23,049) Total Lease Liability (Note 7) $ 42,148 (1) Reflects contractual minimum rental payments due for the period from July 1, 2024 through December 31, 2024.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2024: Declaration Date Record Date Payment Date Dividend Per Share May 21, 2024 June 5, 2024 June 28, 2024 $0.46875 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 June 30, 2024: Declaration Date Record Date Payment Date Dividend Per Share May 21, 2024 June 5, 2024 June 28, 2024 $0.40625 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 June 30, 2024: Declaration Date Record Date Payment Date Dividend Per Share June 11, 2024 June 28, 2024 July 31, 2024 $0.35 (1) March 7, 2024 March 28, 2024 April 30, 2024 0.35 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 June 30, 2024, the Company had accrued dividends and dividend equivalents payable of $36.0 million related to the common stock dividend declared on June 11, 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 and six months ended June 30, 2024: Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 (In Thousands) Net Unrealized Net Unrealized Gain/(Loss) on Financing Agreements (1) Total Net Unrealized Net Unrealized Gain/(Loss) on Financing Agreements (1) Total Balance at beginning of period $ 19,526 $ — $ 19,526 $ 17,698 $ — $ 17,698 OCI before reclassifications 784 — 784 2,612 — 2,612 Amounts reclassified from AOCI (2,658) — (2,658) (2,658) — (2,658) Net OCI during the period (2) (1,874) — (1,874) (46) — (46) Balance at end of period $ 17,652 $ — $ 17,652 $ 17,652 $ — $ 17,652 (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 and six months ended June 30, 2023: Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 (In Thousands) Net Unrealized Net Unrealized Gain/(Loss) on Financing Agreements (1) Total Net Unrealized Net Unrealized Gain/(Loss) on Financing Agreements (1) Total Balance at beginning of period $ 20,225 $ — $ 20,225 $ 21,341 $ — $ 21,341 OCI before reclassifications (6,805) — (6,805) (7,921) — (7,921) Amounts reclassified from AOCI — — — — — — Net OCI during the period (2) (6,805) — (6,805) (7,921) — (7,921) Balance at end of period $ 13,420 $ — $ 13,420 $ 13,420 $ — $ 13,420 (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)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended (In Thousands, Except Per Share Amounts) 2024 2023 2024 2023 Basic Earnings/(Loss) per Share: Net income/(loss) $ 41,946 $ (25,928) $ 65,159 $ 46,856 Dividends declared on preferred stock (8,218) (8,218) (16,437) (16,437) Dividends, dividend equivalents and undistributed earnings allocated to participating securities (114) — (281) — Net income/(loss) available to common stockholders - basic $ 33,614 $ (34,146) $ 48,441 $ 30,419 Basic weighted average common shares outstanding 103,446 102,186 103,310 102,170 Basic Income/(Loss) per Share $ 0.32 $ (0.34) $ 0.47 $ 0.30 Diluted Earnings/(Loss) per Share: Net income/(loss) available to common stockholders - basic $ 33,614 $ (34,146) $ 48,441 $ 30,419 Interest expense on Convertible Senior Notes — — — — Dividends, dividend equivalents and undistributed earnings allocated to participating securities — — — — Net income/(loss) available to common stockholders - diluted $ 33,614 $ (34,146) $ 48,441 $ 30,419 Basic weighted average common shares outstanding 103,446 102,186 103,310 102,170 Effect of assumed conversion of Convertible Senior Notes to common shares — — — — Unvested and vested restricted stock units 1,730 — 1,643 1,771 Diluted weighted average common shares outstanding (1) 105,176 102,186 104,953 103,941 Diluted Income/(Loss) per Share $ 0.32 $ (0.34) $ 0.46 $ 0.29 (1)

Equity Compensation and Other_2

Equity Compensation and Other Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended (In Thousands) 2024 2023 2024 2023 RSUs $ 3,899 $ 3,932 $ 10,142 $ 6,952 Total $ 3,899 $ 3,932 $ 10,142 $ 6,952
Schedule of Expenses (Reversal) Related to Deferred Compensation Plans	The following table presents the Company’s expenses (reversal) related to its Deferred Plans for the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended (In Thousands) 2024 2023 2024 2023 Non-employee directors $ (92) $ 305 $ 14 $ 414 Total $ (92) $ 305 $ 14 $ 414
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 June 30, 2024 and December 31, 2023 that had not been distributed and the Company’s associated liability for such deferrals at June 30, 2024 and December 31, 2023: June 30, 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 $ 2,644 $ 2,446 $ 2,611 $ 2,404 Total $ 2,644 $ 2,446 $ 2,611 $ 2,404 (1) Represents the cumulative amounts that were deferred by participants through June 30, 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)	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023, on the consolidated balance sheets by the valuation hierarchy, as previously described: Fair Value at June 30, 2024 (In Thousands) Level 1 Level 2 Level 3 Total Assets: Residential whole loans, at fair value $ — $ 53,416 $ 7,719,191 $ 7,772,607 Securities, at fair value — 863,289 — 863,289 Total assets carried at fair value $ — $ 916,705 $ 7,719,191 $ 8,635,896 Liabilities: Agreements with non-mark-to-market collateral provisions $ — $ — $ 377,252 $ 377,252 Agreements with mark-to-market collateral provisions — — 290,228 290,228 Securitized debt — 4,414,701 — 4,414,701 Total liabilities carried at fair value $ — $ 4,414,701 $ 667,480 $ 5,082,181 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 June 30, 2024 and December 31, 2023, dollars in thousands: June 30, 2024 Fair Value (1) Valuation Technique Unobservable Input Weighted Average (2) Range Min Max $ 7,296,825 Discounted cash flow Discount rate 7.8 % 6.6 % — 20.0 % Prepayment rate 12.2 % — % — 55.8 % Default rate 1.8 % — % — 61.3 % Loss severity 12.6 % — % — 100.0 % $ 343,938 Liquidation model Discount rate 8.9 % 8.0 % — 20.0 % Annual change in home prices 3.7 % (0.1) % — 12.1 % Liquidation timeline (in years) 1.8 0.8 — 4.5 Current value of underlying properties (3) $627 $16 — $14,126 $ 7,640,763 (1) Excludes approximately $78.4 million of Residential whole loans, at fair value, with a UPB of $90.3 million, which were marked-to-market, but not based on a model, at June 30, 2024. (2) Amounts are weighted based on the fair value of the underlying loan. (3) Amounts represent simple average values of the properties underlying residential whole loans held at fair value. December 31, 2023 Fair Value (1) Valuation Technique Unobservable Input Weighted Average (2) Range Min Max $ 7,045,862 Discounted cash flow Discount rate 7.9 % 6.2 % — 29.2 % Prepayment rate 10.1 % — % — 46.4 % Default rate 0.6 % — % — 39.5 % Loss severity 10.8 % — % — 100.0 % $ 291,518 Liquidation model Discount rate 8.0 % 8.0 % — 8.0 % Annual change in home prices 3.7 % (0.4) % — 12.7 % Liquidation timeline (in years) 1.9 0.1 — 4.5 Current value of underlying properties (3) $531 $24 — $5,500 $ 7,337,380 (1) Excludes approximately $14.7 million of Residential whole loans, at fair value, with a UPB of $15.9 million, which were marked-to-market, but not based on a model at December 31, 2023 and 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. (2) Amounts are weighted based on the fair value of the underlying loan. (3) Amounts represent simple average values of the properties underlying residential whole loans held at fair value.
Schedule of Significant Unobservable Inputs Used in Fair Value Measurement	The following table presents additional information for the three and six months ended June 30, 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 June 30, Six Months Ended June 30, (In Thousands) 2024 2023 2024 2023 Balance at beginning of period $ 7,599,254 $ 6,013,378 $ 7,455,729 $ 5,676,430 Purchases and originations 536,071 734,748 1,024,121 1,071,563 Draws 152,160 132,914 315,905 251,991 Changes in fair value recorded in Net gain/(loss) on residential whole loans measured at fair value through earnings 16,682 (129,797) 26,889 (2,193) Repayments (555,099) (293,792) (901,662) (527,226) Loan sales and repurchases (13,944) (900) (173,839) (1,477) Transfer to REO (15,933) (14,586) (27,952) (27,123) Balance at end of period $ 7,719,191 $ 6,441,965 $ 7,719,191 $ 6,441,965 The following table presents additional information for the three and six months ended June 30, 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 June 30, Six Months Ended June 30, (In Thousands) 2024 2023 2024 2023 Balance at beginning of period $ 399,049 $ 526,623 $ 469,424 $ 578,879 Issuances 44,798 126,565 112,740 272,395 Payment of principal (66,595) (213,082) (204,912) (411,168) Change in unrealized losses — — — — Balance at end of period $ 377,252 $ 440,106 $ 377,252 $ 440,106 The following table presents additional information for the three and six months ended June 30, 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 June 30, Six Months Ended June 30, (In Thousands) 2024 2023 2024 2023 Balance at beginning of period $ 176,759 $ 680,708 $ 178,864 $ 884,495 Issuances 114,601 9,463 114,601 22,018 Payment of principal (1,132) (137,009) (3,237) (353,351) Changes in unrealized losses — — — — Balance at end of period $ 290,228 $ 553,162 $ 290,228 $ 553,162
Schedule of Carrying Value and Fair Value of Financial Instruments	The following table presents the carrying values and estimated fair values of the Company’s financial instruments at June 30, 2024 and December 31, 2023: June 30, 2024 June 30, 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 $ 9,132,820 $ 9,105,970 $ 8,985,513 $ 8,949,859 Residential whole loans 2 53,416 53,416 55,779 55,779 Securities, at fair value 2 863,289 863,289 746,090 746,090 Cash and cash equivalents 1 289,412 289,412 318,000 318,000 Restricted cash 1 252,015 252,015 170,211 170,211 Financial Liabilities (1) : Financing agreements with non-mark-to-market collateral provisions 3 931,146 932,031 1,216,697 1,217,671 Financing agreements with mark-to-market collateral provisions 3 1,998,352 1,999,166 1,737,652 1,738,543 Financing agreements with mark-to-market collateral provisions 2 730,844 730,844 622,603 622,603 Securitized debt 2 5,047,613 4,965,310 4,750,805 4,655,195 Convertible senior notes 2 — — 208,989 209,065 8.875% Senior Notes 2 110,912 114,478 — — 9.00% Senior Notes 2 72,175 74,903 — — (1)

Use of Special Purpose Entiti_2

Use of Special Purpose Entities and Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023: (Dollars in Thousands) June 30, 2024 December 31, 2023 Aggregate unpaid principal balance of residential whole loans sold $ 8,664,831 $ 8,241,053 Face amount of Senior Bonds issued by the VIE and purchased by third-party investors $ 7,567,271 $ 7,152,213 Outstanding amount of Senior Bonds, at carrying value $ 632,912 (1) $ 765,433 (1) Outstanding amount of Senior Bonds, at fair value $ 4,414,701 $ 3,985,372 Outstanding amount of Senior Bonds, total $ 5,047,613 $ 4,750,805 Weighted average fixed rate for Senior Bonds issued 4.88 % (2) 4.51 % (2) Weighted average contractual maturity of Senior Bonds 34 years (2) 36 years (2) Face amount of Senior Support Certificates received by the Company (3) $ 1,083,414 $ 1,047,297 Cash received $ 7,504,463 $ 7,089,575 (1) Net of $1.3 million and $1.5 million of deferred financing costs at June 30, 2024 and December 31, 2023, respectively. (2) At June 30, 2024 and December 31, 2023, $3.7 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, or 200 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)	6 Months Ended
	Jun. 30, 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: (In Thousands) Mortgage-Related Assets Lima One Corporate Total Three months ended June 30, 2024 Interest Income $ 101,216 $ 81,780 $ 3,835 $ 186,831 Interest Expense 70,009 56,746 6,587 133,342 Net Interest Income/(Expense) $ 31,207 $ 25,034 $ (2,752) $ 53,489 Reversal/(Provision) for Credit Losses on Residential Whole Loans 1,079 — — 1,079 Reversal/(Provision) for Credit Losses on Other Assets (26) — — (26) Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses $ 32,260 $ 25,034 $ (2,752) $ 54,542 Net gain/(loss) on residential whole loans measured at fair value through earnings $ 28,474 $ (12,044) $ — $ 16,430 Impairment and other net gain/(loss) on securities and other portfolio investments (1,358) — (1,484) (2,842) Net gain/(loss) on real estate owned 2,167 (287) — 1,880 Net gain/(loss) on derivatives used for risk management purposes 11,296 4,791 — 16,087 Net gain/(loss) on securitized debt measured at fair value through earnings (6,620) (4,022) — (10,642) Lima One - origination, servicing and other fee income — 7,619 — 7,619 Net realized gain/(loss) on residential whole loans held at carrying value — — — — Other, net (85) 914 488 1,317 Other Income/(Loss), net $ 33,874 $ (3,029) $ (996) $ 29,849 Compensation and benefits $ — $ 10,765 $ 10,982 $ 21,747 Other general and administrative expense 115 4,936 5,784 10,835 Loan servicing, financing and other related costs 4,796 615 3,306 8,717 Amortization of intangible assets — 800 — 800 Income/(loss) before income taxes $ 61,223 $ 4,889 $ (23,820) $ 42,292 Provision for/(benefit from) income taxes — — 346 346 Net Income/(Loss) $ 61,223 $ 4,889 $ (24,166) $ 41,946 Less Preferred Stock Dividend Requirement $ — $ — $ 8,218 $ 8,218 Net Income/(Loss) Available to Common Stock and Participating Securities $ 61,223 $ 4,889 $ (32,384) $ 33,728 (In Thousands) Mortgage-Related Assets Lima One Corporate Total Three months ended June 30, 2023 Interest Income $ 89,912 $ 51,308 $ 3,130 $ 144,350 Interest Expense 57,308 38,575 3,962 99,845 Net Interest Income/(Expense) $ 32,604 $ 12,733 $ (832) $ 44,505 Reversal/(Provision) for Credit Losses on Residential Whole Loans (294) — — (294) Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses $ 32,310 $ 12,733 $ (832) $ 44,211 Net gain/(loss) on residential whole loans measured at fair value through earnings $ (97,459) $ (33,244) $ — $ (130,703) Impairment and other net gain/(loss) on securities and other portfolio investments (3,697) — (872) (4,569) Net gain/(loss) on real estate owned 2,493 (340) — 2,153 Net gain/(loss) on derivatives used for risk management purposes 45,142 15,309 — 60,451 Net gain/(loss) on securitized debt measured at fair value through earnings 18,887 8,507 — 27,394 Lima One - origination, servicing and other fee income — 11,477 — 11,477 Other, net 3,812 1,076 604 5,492 Other Income/(Loss), net $ (30,822) $ 2,785 $ (268) $ (28,305) Compensation and benefits $ — $ 11,403 $ 10,368 $ 21,771 Other general and administrative expense — 4,198 7,324 11,522 Loan servicing, financing and other related costs 5,395 131 2,072 7,598 Amortization of intangible assets — 1,300 — 1,300 Income/(loss) before income taxes $ (3,907) $ (1,514) $ (20,864) $ (26,285) Provision for/(benefit from) income taxes — — (357) (357) Net Income/(Loss) $ (3,907) $ (1,514) $ (20,507) $ (25,928) Less Preferred Stock Dividend Requirement $ — $ — $ 8,218 $ 8,218 Net Income/(Loss) Available to Common Stock and Participating Securities $ (3,907) $ (1,514) $ (28,725) $ (34,146) (In Thousands) Mortgage-Related Assets Lima One Corporate Total Six months ended June 30, 2024 Interest Income $ 196,616 $ 159,870 $ 7,176 $ 363,662 Interest Expense 136,860 113,336 12,163 262,359 Net Interest Income/(Expense) $ 59,756 $ 46,534 $ (4,987) $ 101,303 Reversal/(Provision) for Credit Losses on Residential Whole Loans 1,539 — — 1,539 Reversal/(Provision) for Credit Losses on Other Assets (1,135) — — (1,135) Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses $ 60,160 $ 46,534 $ (4,987) $ 101,707 Net gain/(loss) on residential whole loans measured at fair value through earnings $ 19,775 $ (14,858) $ — $ 4,917 Impairment and other net gain/(loss) on securities and other portfolio investments (6,133) — (1,485) (7,618) Net gain/(loss) on real estate owned 3,423 (552) — 2,871 Net gain/(loss) on derivatives used for risk management purposes 47,455 18,573 — 66,028 Net gain/(loss) on securitized debt measured at fair value through earnings (18,196) (14,908) — (33,104) Lima One - origination, servicing and other fee income — 15,547 — 15,547 Net realized gain/(loss) on residential whole loans held at carrying value 418 — — 418 Other, net 875 1,418 899 3,192 Other Income/(Loss), net $ 47,617 $ 5,220 $ (586) $ 52,251 Compensation and benefits $ — $ 22,889 $ 24,326 $ 47,215 Other general and administrative expense 121 10,573 12,136 22,830 Loan servicing, financing and other related costs 10,066 1,135 4,558 15,759 Amortization of intangible assets — 1,600 — 1,600 Income/(loss) before income taxes $ 97,590 $ 15,557 $ (46,593) $ 66,554 Provision for/(benefit from) income taxes — — 1,395 1,395 Net Income/(Loss) $ 97,590 $ 15,557 $ (47,988) $ 65,159 Less Preferred Stock Dividend Requirement $ — $ — $ 16,437 $ 16,437 Net Income/(Loss) Available to Common Stock and Participating Securities $ 97,590 $ 15,557 $ (64,425) $ 48,722 (In Thousands) Mortgage-Related Assets Lima One Corporate Total Six months ended June 30, 2023 Interest Income $ 174,732 $ 95,828 $ 5,995 $ 276,555 Interest Expense 113,394 71,370 7,917 192,681 Net Interest Income/(Expense) $ 61,338 $ 24,458 $ (1,922) $ 83,874 Reversal/(Provision) for Credit Losses on Residential Whole Loans (595) 314 — (281) Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses $ 60,743 $ 24,772 $ (1,922) $ 83,593 Net gain/(loss) on residential whole loans measured at fair value through earnings $ (1,949) $ 420 $ — $ (1,529) Impairment and other net gain/(loss) on securities and other portfolio investments (767) — (871) (1,638) Net gain/(loss) on real estate owned 6,417 (322) — 6,095 Net gain/(loss) on derivatives used for risk management purposes 28,820 10,423 — 39,243 Net gain/(loss) on securitized debt measured at fair value through earnings (15,933) (8,398) — (24,331) Lima One - origination, servicing and other fee income — 20,453 — 20,453 Net realized gain/(loss) on residential whole loans held at carrying value — — — — Other, net 6,020 1,447 1,039 8,506 Other Income/(Loss), net $ 22,608 $ 24,023 $ 168 $ 46,799 Compensation and benefits $ — $ 20,943 $ 21,458 $ 42,401 Other general and administrative expense — 7,193 14,006 21,199 Loan servicing, financing and other related costs 10,114 350 6,673 17,137 Amortization of intangible assets — 2,600 — 2,600 Income/(loss) before income taxes $ 73,237 $ 17,709 $ (43,891) $ 47,055 Provision for/(benefit from) income taxes — — 199 199 Net Income/(Loss) $ 73,237 $ 17,709 $ (44,090) $ 46,856 Less Preferred Stock Dividend Requirement $ — $ — $ 16,437 $ 16,437 Net Income/(Loss) Available to Common Stock and Participating Securities $ 73,237 $ 17,709 $ (60,527) $ 30,419 (In Thousands) Mortgage-Related Assets Lima One Corporate Total June 30, 2024 Total Assets $ 6,575,888 $ 4,167,768 $ 333,269 $ 11,076,925 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 Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
LTV ratio (as a percent)		80%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Residential whole loans	[1],[2]	$ 9,186,236	$ 9,041,292
Residential whole loan
Accounting Policies [Abstract]
LTV ratio (as a percent)		64%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Residential whole loans		$ 9,186,236	$ 9,041,292
Residential whole loan | Business purpose loans
Accounting Policies [Abstract]
LTV ratio (as a percent)		68%	67%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Residential whole loans		$ 4,015,534	$ 3,989,351
Residential whole loan | Business purpose loans | Multifamily Properties
Accounts, Notes, Loans and Financing Receivable [Line Items]
Threshold balance (below)		$ 10,000
Residential Whole Loan, Unsettled Purchases
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Residential whole loans			$ 103,700
[1] Includes approximately $6.0 billion and $5.7 billion of Residential whole loans transferred to consolidated variable interest entities (“VIEs”) at June 30, 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.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Cash and cash equivalents	$ 289,412	$ 318,000
Overnight money market funds	148,700	151,300
Restricted cash	$ 252,015	$ 170,211

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Goodwill & Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Business Combination, Separately Recognized Transactions [Line Items]
Goodwill	$ 61,076	$ 61,076
Intangible assets, net	$ 6,400	$ 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

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Leases and Depreciation (Details) - Furniture, fixtures, computers and related hardwares	Jun. 30, 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	6 Months Ended
	Jun. 30, 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)	Jun. 30, 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)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Commitment, period	10 years

Residential Whole Loans - Narra

Residential Whole Loans - Narrative (Details) $ in Thousands		3 Months Ended		6 Months Ended	12 Months Ended
		Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Jun. 30, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Residential whole loans	[1],[2]	$ 9,186,236		$ 9,186,236	$ 9,041,292
Interest income		3,000		6,300
Number of loan modifications | loan					3
Average increase in weighted life					28 months
Loan carrying value		500		$ 500
90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loan modifications | loan				3
Nonperforming
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income		2,000		$ 2,000
Without Associated Credit Losses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, nonaccrual		46,700		46,700	$ 51,600
Residential whole loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Residential whole loans		9,186,236		9,186,236	9,041,292
Financing receivable, sale		12,400
Gain (loss) on sale of receivables		400
Reversal of previously recorded unrealized losses or gains		(200)
Gain from sale of loans		200
Financing receivable, nonaccrual		602,000		602,000	624,100
Residential whole loan | Non-QM and Single-Family Rental Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, sale			$ 171,000
Gain (loss) on sale of receivables			(21,700)
Reversal of previously recorded unrealized losses or gains			23,700
Gain from sale of loans			$ 2,000
Residential whole loan | Non-QM loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Residential whole loans		$ 3,994,236		$ 3,994,236	$ 3,700,052
[1] Includes approximately $6.0 billion and $5.7 billion of Residential whole loans transferred to consolidated variable interest entities (“VIEs”) at June 30, 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.

Residential Whole Loans - Resid

Residential Whole Loans - Residential Whole Loans, at Carrying and Fair Value (Details) $ in Thousands		3 Months Ended
		Jun. 30, 2024 USD ($) loan	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Residential whole loans	[1],[2]	$ 9,186,236		$ 9,041,292
Residential whole loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for Credit Losses		(13,271)		(20,451)
Total Residential whole loans		$ 9,186,236		$ 9,041,292
Number of loans | loan		25,821		25,401
Gain from sale of loans		$ 200
Residential whole loan | Held at Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans before allowance for credit losses		1,426,900
Allowance for Credit Losses		(13,271)		$ (20,451)
Total Residential whole loans		$ 1,413,629		$ 1,529,784
Number of loans | loan		5,973		6,326
Residential whole loan | Held at Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans before allowance for credit losses		$ 7,772,607
Allowance for Credit Losses		0		$ 0
Total Residential whole loans		$ 7,772,607		$ 7,511,508
Number of loans | loan		19,848		19,075
Residential whole loan | Business purpose loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans before allowance for credit losses		$ 4,017,444		$ 3,996,292
Total Residential whole loans		4,015,534		3,989,351
Residential whole loan | Business purpose loans | Held at Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans before allowance for credit losses		157,328		207,680
Residential whole loan | Business purpose loans | Held at Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans before allowance for credit losses		3,860,116		3,788,612
Residential whole loan | Business purpose loans | Single family transitional
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans before allowance for credit losses		1,218,556		1,193,199
Residential whole loan | Business purpose loans | Single family transitional | New Construction Projects
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans before allowance for credit losses		476,900		471,100
Residential whole loan | Business purpose loans | Single family transitional | Held at Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans before allowance for credit losses		27,857		35,467
Residential whole loan | Business purpose loans | Single family transitional | Held at Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans before allowance for credit losses		1,190,699		1,157,732
Residential whole loan | Business purpose loans | Multifamily transitional loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans before allowance for credit losses		1,155,198		1,168,297
Total Residential whole loans		1,155,198		1,168,297
Residential whole loan | Business purpose loans | Multifamily transitional loans | Held at Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans before allowance for credit losses		0		0
Residential whole loan | Business purpose loans | Multifamily transitional loans | Held at Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans before allowance for credit losses		1,155,198		1,168,297
Residential whole loan | Business purpose loans | Single-family rental loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans before allowance for credit losses		1,643,690		1,634,796
Total Residential whole loans		1,643,081		1,630,442
Loans held for sale		0		13,600
Gain from sale of loans		0	$ 500
Residential whole loan | Business purpose loans | Single-family rental loans | Held at Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans before allowance for credit losses		129,471		172,213
Residential whole loan | Business purpose loans | Single-family rental loans | Held at Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans before allowance for credit losses		1,514,219		1,462,583
Residential whole loan | Non-QM loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans before allowance for credit losses		3,995,591		3,805,577
Total Residential whole loans		3,994,236		3,700,052
Residential whole loan | Non-QM loans | Held at Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans before allowance for credit losses		791,746		843,884
Residential whole loan | Non-QM loans | Held at Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans before allowance for credit losses		3,203,845		2,961,693
Residential whole loan | Legacy RPL/NPL loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans before allowance for credit losses		1,133,056		1,204,095
Total Residential whole loans		1,123,050		1,192,457
Residential whole loan | Legacy RPL/NPL loans | Held at Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans before allowance for credit losses		477,826		498,671
Residential whole loan | Legacy RPL/NPL loans | Held at Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans before allowance for credit losses		655,230		705,424
Residential whole loan | Other loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans before allowance for credit losses		53,416		55,779
Total Residential whole loans		53,416		55,779
Residential whole loan | Other loans | Held at Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans before allowance for credit losses		0		0
Residential whole loan | Other loans | Held at Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans before allowance for credit losses		$ 53,416		$ 55,779
[1] Includes approximately $6.0 billion and $5.7 billion of Residential whole loans transferred to consolidated variable interest entities (“VIEs”) at June 30, 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.

Residential Whole Loans - Res_2

Residential Whole Loans - Residential Whole Loans, Additional Information (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Asset Amount	[1],[2]	$ 9,186,236	$ 9,041,292
LTV ratio (as a percent)		80%
Single-family transitional loans | As is value of collateral
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)		$ 467,200	332,500
Multifamily transitional loans | As is value of collateral
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)		$ 498,700	218,800
Settled Whole Loans | Single-family transitional loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
LTV ratio (as a percent)		74%
Residential whole loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Asset Amount		$ 9,186,236	9,041,292
Fair Value		9,159,385
Unpaid Principal Balance (“UPB”)		$ 9,658,048
Weighted Average Coupon ( as a percent)		6.98%
LTV ratio (as a percent)		64%
60+ Days Past Due %		6.50%
Residential whole loan | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)		$ 8,751,108
Residential whole loan | 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)		282,477
Residential whole loan | 60-89
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)		107,103
Residential whole loan | 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)		517,360
Residential whole loan | Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Asset Amount		1,413,629	1,529,784
Residential whole loan | Estimated Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Asset Amount		7,772,607	7,511,508
Residential whole loan | Business purpose loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Asset Amount		4,015,534	3,989,351
Fair Value		4,015,557	3,988,746
Unpaid Principal Balance (“UPB”)		$ 4,124,228	$ 4,098,044
Weighted Average Coupon ( as a percent)		8.39%	7.99%
Weighted Average Term to Maturity (Months)
LTV ratio (as a percent)		68%	67%
Weighted Average Original FICO
60+ Days Past Due %		5.40%	4.90%
Residential whole loan | Business purpose loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)		$ 3,835,795	$ 3,823,971
Residential whole loan | Business purpose loans | 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)		65,801	73,567
Residential whole loan | Business purpose loans | 60-89
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)		29,008	38,932
Residential whole loan | Business purpose loans | 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)		193,624	161,574
Residential whole loan | Business purpose loans | Single-family transitional loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Asset Amount		1,217,255	1,190,612
Fair Value		1,217,599	1,191,715
Unpaid Principal Balance (“UPB”)		$ 1,226,736	$ 1,197,346
Weighted Average Coupon ( as a percent)		10.39%	10.01%
Weighted Average Term to Maturity (Months)		6 months	7 months
LTV ratio (as a percent)		67%	66%
Weighted Average Original FICO		748	747
60+ Days Past Due %		8.60%	8.30%
Residential whole loan | Business purpose loans | Single-family transitional loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)		$ 1,100,554	$ 1,070,759
Residential whole loan | Business purpose loans | Single-family transitional loans | 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)		20,416	27,246
Residential whole loan | Business purpose loans | Single-family transitional loans | 60-89
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)		8,837	17,004
Residential whole loan | Business purpose loans | Single-family transitional loans | 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)		96,929	82,337
Residential whole loan | Business purpose loans | Multifamily transitional loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Asset Amount		1,155,198	1,168,297
Fair Value		1,155,198	1,168,297
Unpaid Principal Balance (“UPB”)		$ 1,184,613	$ 1,170,775
Weighted Average Coupon ( as a percent)		8.87%	8.41%
Weighted Average Term to Maturity (Months)		11 months	14 months
LTV ratio (as a percent)		66%	63%
Weighted Average Original FICO		748	747
60+ Days Past Due %		4.60%	1.80%
Residential whole loan | Business purpose loans | Multifamily transitional loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)		$ 1,097,323	$ 1,116,402
Residential whole loan | Business purpose loans | Multifamily transitional loans | 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)		33,188	33,778
Residential whole loan | Business purpose loans | Multifamily transitional loans | 60-89
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)		15,544	9,614
Residential whole loan | Business purpose loans | Multifamily transitional loans | 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)		38,558	10,981
Residential whole loan | Business purpose loans | Single-family rental loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Asset Amount		1,643,081	1,630,442
Fair Value		1,642,760	1,628,734
Unpaid Principal Balance (“UPB”)		$ 1,712,879	$ 1,729,923
Weighted Average Coupon ( as a percent)		6.62%	6.30%
Weighted Average Term to Maturity (Months)		330 months	320 months
LTV ratio (as a percent)		69%	70%
Weighted Average Original FICO		739	738
60+ Days Past Due %		3.70%	4.70%
Residential whole loan | Business purpose loans | Single-family rental loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)		$ 1,637,918	$ 1,636,810
Residential whole loan | Business purpose loans | Single-family rental loans | 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)		12,197	12,543
Residential whole loan | Business purpose loans | Single-family rental loans | 60-89
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)		4,627	12,314
Residential whole loan | Business purpose loans | Single-family rental loans | 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)		58,137	68,256
Residential whole loan | Non-QM loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Asset Amount		3,994,236	3,700,052
Fair Value		3,949,676	3,644,261
Unpaid Principal Balance (“UPB”)		$ 4,183,917	$ 3,934,798
Weighted Average Coupon ( as a percent)		6.16%	5.78%
Weighted Average Term to Maturity (Months)		341 months	344 months
LTV ratio (as a percent)		64%	65%
Weighted Average Original FICO		735	735
60+ Days Past Due %		3%	2.70%
Residential whole loan | Non-QM loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)		$ 3,975,323	$ 3,732,327
Residential whole loan | Non-QM loans | 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)		82,676	98,017
Residential whole loan | Non-QM loans | 60-89
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)		34,121	29,587
Residential whole loan | Non-QM loans | 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)		91,797	74,867
Residential whole loan | Legacy RPL/NPL loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Asset Amount		1,123,050	1,192,457
Fair Value		1,140,736	1,213,199
Unpaid Principal Balance (“UPB”)		$ 1,284,232	$ 1,355,280
Weighted Average Coupon ( as a percent)		5.12%	5.03%
Weighted Average Term to Maturity (Months)		257 months	262 months
LTV ratio (as a percent)		56%	59%
Weighted Average Original FICO		647	648
60+ Days Past Due %		21.50%	23.30%
Residential whole loan | Legacy RPL/NPL loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)		$ 874,319	$ 896,587
Residential whole loan | Legacy RPL/NPL loans | 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)		134,000	142,240
Residential whole loan | Legacy RPL/NPL loans | 60-89
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)		43,974	44,609
Residential whole loan | Legacy RPL/NPL loans | 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)		231,939	271,844
Residential whole loan | Other loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Asset Amount		53,416	55,779
Fair Value		53,416	55,779
Unpaid Principal Balance (“UPB”)		$ 65,671	$ 66,830
Weighted Average Coupon ( as a percent)		3.44%	3.44%
Weighted Average Term to Maturity (Months)		326 months	332 months
LTV ratio (as a percent)		66%	66%
Weighted Average Original FICO		758	758
60+ Days Past Due %		0%	0.30%
Residential whole loan | Other loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)		$ 65,671	$ 65,094
Residential whole loan | Other loans | 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)		0	1,508
Residential whole loan | Other loans | 60-89
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)		0	0
Residential whole loan | Other loans | 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)		$ 0	228
Residential Whole Loan Excluding Unsettled Purchases
Accounts, Notes, Loans and Financing Receivable [Line Items]
Asset Amount			8,937,639
Fair Value			8,901,985
Unpaid Principal Balance (“UPB”)			$ 9,454,952
Weighted Average Coupon ( as a percent)			6.04%
LTV ratio (as a percent)			65%
60+ Days Past Due %			6.60%
Residential Whole Loan Excluding Unsettled Purchases | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)			$ 8,517,979
Residential Whole Loan Excluding Unsettled Purchases | 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)			315,332
Residential Whole Loan Excluding Unsettled Purchases | 60-89
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)			113,128
Residential Whole Loan Excluding Unsettled Purchases | 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)			508,513
Residential Whole Loan, Unsettled Purchases
Accounts, Notes, Loans and Financing Receivable [Line Items]
Asset Amount			$ 103,700
[1] Includes approximately $6.0 billion and $5.7 billion of Residential whole loans transferred to consolidated variable interest entities (“VIEs”) at June 30, 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.

Residential Whole Loans - Allow

Residential Whole Loans - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Dec. 31, 2023
Unfunded Loan Commitment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Ending balance	$ 0		$ 44		$ 0
Commitment to lend, unfunded	1,700		6,000		1,700
Residential whole loan
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	19,612	$ 20,451	33,062	$ 35,314	20,451
Current provision/(reversal)	(1,079)	(460)	265	315
Write-offs	(5,262)	(379)	(2,292)	(2,567)
Ending balance	13,271	19,612	31,035	33,062	13,271
Residential whole loan | Business purpose loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Loans	4,017,444				4,017,444	$ 3,996,292
Residential whole loan | Business purpose loans | Single-family transitional loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1,699	2,588	3,626	5,223	2,588
Current provision/(reversal)	(317)	(473)	999	406
Write-offs	(81)	(416)	(1,785)	(2,003)
Ending balance	1,301	1,699	2,840	3,626	1,301
Residential whole loan | Business purpose loans | Single-family transitional loans | Collateral Dependent Methodology
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Loans	20,400		35,200		20,400
Residential whole loan | Business purpose loans | Single-family rental loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	4,642	4,355	1,340	1,277	4,355
Current provision/(reversal)	978	228	(103)	514
Write-offs	(5,011)		0	(451)
Write-offs		59
Ending balance	609	4,642	1,237	1,340	609
Loans	1,643,690				1,643,690	1,634,796
Residential whole loan | Non-QM loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1,681	1,870	7,145	7,359	1,870
Current provision/(reversal)	(326)	(189)	(233)	(214)
Write-offs	0	0	(206)	0
Ending balance	1,355	1,681	6,706	7,145	1,355
Loans	3,995,591				3,995,591	3,805,577
Residential whole loan | Legacy RPL/NPL loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	11,590	11,638	20,951	21,455	11,638
Current provision/(reversal)	(1,414)	(26)	(398)	(391)
Write-offs	(170)	(22)	(301)	(113)
Ending balance	10,006	$ 11,590	20,252	$ 20,951	10,006
Loans	1,133,056				1,133,056	$ 1,204,095
Residential whole loan | Legacy RPL/NPL loans | Collateral Dependent Methodology
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Loans	$ 44,400		$ 55,500		$ 44,400

Residential Whole Loans - Addit

Residential Whole Loans - Additional Credit Related Information (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Ratio loan- to-value (as a percent)					80%
As is value of collateral | Single-family transitional loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance (“UPB”)	$ 467,200				$ 467,200	$ 332,500
Settled Whole Loans | Single-family transitional loans
Financing Receivable, Credit Quality Indicator [Line Items]
Ratio loan- to-value (as a percent)					74%
Residential whole loan
Financing Receivable, Credit Quality Indicator [Line Items]
Gross write-offs	5,262	$ 379	$ 2,292	$ 2,567
Ratio loan- to-value (as a percent)					64%
Unpaid Principal Balance (“UPB”)	9,658,048				$ 9,658,048
Residential whole loan | Business purpose loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	4,017,444				$ 4,017,444	$ 3,996,292
Ratio loan- to-value (as a percent)					68%	67%
Unpaid Principal Balance (“UPB”)	4,124,228				$ 4,124,228	$ 4,098,044
Residential whole loan | Business purpose loans | Single-family transitional loans
Financing Receivable, Credit Quality Indicator [Line Items]
Gross write-offs	81	416	1,785	2,003
Ratio loan- to-value (as a percent)					67%	66%
Unpaid Principal Balance (“UPB”)	1,226,736				$ 1,226,736	$ 1,197,346
Residential whole loan | Non-QM loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	3,995,591				$ 3,995,591	$ 3,805,577
Gross write-offs	0	0	206	0
Ratio loan- to-value (as a percent)					64%	65%
Unpaid Principal Balance (“UPB”)	4,183,917				$ 4,183,917	$ 3,934,798
Residential whole loan | Legacy RPL/NPL loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	1,133,056				$ 1,133,056	$ 1,204,095
Gross write-offs	170	$ 22	$ 301	$ 113
Ratio loan- to-value (as a percent)					56%	59%
Unpaid Principal Balance (“UPB”)	1,284,232				$ 1,284,232	$ 1,355,280
Carrying Value | Residential whole loan
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0				0
2021	50,944				50,944
2020	191,018				191,018
Prior	1,184,938				1,184,938
Total	1,426,900				1,426,900
Gross write-offs, 2022					0
Gross write-offs, 2021					13
Gross write-offs, 2020					(4)
Gross write-offs, prior					5,632
Gross write-offs					5,641
Carrying Value | Residential whole loan | Debt-to-Value Ratio, Less Than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0				0
2021	49,563				49,563
2020	180,040				180,040
Prior	1,120,150				1,120,150
Total	1,349,753				1,349,753
Carrying Value | Residential whole loan | Debt-to-Value Ratio, Greater Than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0				0
2021	1,381				1,381
2020	10,978				10,978
Prior	64,788				64,788
Total	77,147				77,147
Carrying Value | Residential whole loan | Business purpose loans
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0				0
2021	7,866				7,866
2020	21,522				21,522
Prior	127,940				127,940
Total	157,328				157,328	207,680
Gross write-offs, 2022					0
Gross write-offs, 2021					13
Gross write-offs, 2020					(4)
Gross write-offs, prior					5,440
Gross write-offs					5,449
Carrying Value | Residential whole loan | Business purpose loans | Debt-to-Value Ratio, Less Than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0				0
2021	7,866				7,866
2020	18,446				18,446
Prior	123,464				123,464
Total	149,776				149,776
Carrying Value | Residential whole loan | Business purpose loans | Debt-to-Value Ratio, Greater Than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0				0
2021	0				0
2020	3,076				3,076
Prior	4,476				4,476
Total	7,552				7,552
Carrying Value | Residential whole loan | Non-QM loans
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0				0
2021	43,078				43,078
2020	169,496				169,496
Prior	579,172				579,172
Total	791,746				791,746	843,884
Gross write-offs, 2022					0
Gross write-offs, 2021					0
Gross write-offs, 2020					0
Gross write-offs, prior					0
Gross write-offs					0
Carrying Value | Residential whole loan | Non-QM loans | Debt-to-Value Ratio, Less Than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0				0
2021	41,697				41,697
2020	161,594				161,594
Prior	575,433				575,433
Total	778,724				778,724
Carrying Value | Residential whole loan | Non-QM loans | Debt-to-Value Ratio, Greater Than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0				0
2021	1,381				1,381
2020	7,902				7,902
Prior	3,739				3,739
Total	13,022				13,022
Carrying Value | Residential whole loan | Legacy RPL/NPL loans
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0				0
2021	0				0
2020	0				0
Prior	477,826				477,826
Total	477,826				477,826	$ 498,671
Gross write-offs, 2022					0
Gross write-offs, 2021					0
Gross write-offs, 2020					0
Gross write-offs, prior					192
Gross write-offs					192
Carrying Value | Residential whole loan | Legacy RPL/NPL loans | Debt-to-Value Ratio, Less Than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0				0
2021	0				0
2020	0				0
Prior	421,253				421,253
Total	421,253				421,253
Carrying Value | Residential whole loan | Legacy RPL/NPL loans | Debt-to-Value Ratio, Greater Than 80 Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0				0
2021	0				0
2020	0				0
Prior	56,573				56,573
Total	$ 56,573				$ 56,573

Residential Whole Loans - Vinta

Residential Whole Loans - Vintage Information Regarding Residential Whole Loans (Details) - Residential whole loan - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Business purpose loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 4,017,444	$ 3,996,292
Business purpose loans | Multifamily transitional loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	1,155,198	1,168,297
Business purpose loans | Single-family rental loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	1,643,690	1,634,796
Non-QM loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	3,995,591	3,805,577
Legacy RPL/NPL loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	1,133,056	1,204,095
Other loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	53,416	55,779
Estimated Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
2024	1,001,104
2023	2,291,526
2022	1,797,885
2021	1,981,047
2020	9,446
Prior	691,599
Total	7,772,607
Estimated Fair Value | Business purpose loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	3,860,116	3,788,612
Estimated Fair Value | Business purpose loans | Single-family transitional loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
2024	317,005
2023	618,208
2022	224,974
2021	29,773
2020	398
Prior	341
Total	1,190,699
Estimated Fair Value | Business purpose loans | Multifamily transitional loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
2024	94,417
2023	548,950
2022	365,969
2021	145,862
2020	0
Prior	0
Total	1,155,198	1,168,297
Estimated Fair Value | Business purpose loans | Single-family rental loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
2024	185,993
2023	360,847
2022	573,014
2021	385,268
2020	8,820
Prior	277
Total	1,514,219	1,462,583
Estimated Fair Value | Non-QM loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
2024	403,689
2023	763,521
2022	633,928
2021	1,366,728
2020	228
Prior	35,751
Total	3,203,845	2,961,693
Estimated Fair Value | Legacy RPL/NPL loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	655,230
Total	655,230	705,424
Estimated Fair Value | Other loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
2024	0
2023	0
2022	0
2021	53,416
2020	0
Prior	0
Total	$ 53,416	$ 55,779

Residential Whole Loans - Reali

Residential Whole Loans - Realized Credit Losses Net of Recoveries (Details) - Residential whole loan - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Realized credit losses, net of recoveries	$ (1,349)	$ 773	$ (1,991)	$ 684
Business purpose loans | Single-family transitional loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Realized credit losses, net of recoveries	(271)	971	381	1,099
Business purpose loans | Multifamily transitional loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Realized credit losses, net of recoveries	(80)	0	(107)	0
Business purpose loans | Single-family rental loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Realized credit losses, net of recoveries	(567)	117	(1,454)	459
Non-QM loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Realized credit losses, net of recoveries	87	869	88	861
Legacy RPL/NPL loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Realized credit losses, net of recoveries	(518)	(1,184)	(899)	(1,735)
Other loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Realized credit losses, net of recoveries	$ 0	$ 0	$ 0	$ 0

Residential Whole Loans - LTV o

Residential Whole Loans - LTV on Loans (Details) - Financial Asset, Equal to or Greater than 60 Days Past Due - Residential whole loan $ in Thousands	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	$ 565,319	$ 572,799
UPB	624,463	621,641
Business purpose loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	192,531	179,431
UPB	222,632	200,506
Business purpose loans | Single-family transitional loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	97,537	93,960
UPB	$ 105,766	$ 99,341
LTV (as a percent)	0.87	0.66
Business purpose loans | Multifamily transitional loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	$ 46,377	$ 19,812
UPB	$ 54,102	$ 20,595
LTV (as a percent)	0.69	0.63
Business purpose loans | Single-family rental loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	$ 48,617	$ 65,659
UPB	$ 62,764	$ 80,570
LTV (as a percent)	1.12	1.09
Non-QM loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	$ 122,663	$ 102,252
UPB	$ 125,918	$ 104,454
LTV (as a percent)	0.62	0.64
Legacy RPL/NPL loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	$ 250,125	$ 290,928
UPB	$ 275,913	$ 316,453
LTV (as a percent)	0.64	0.69
Other loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value / Fair Value	$ 0	$ 188
UPB	$ 0	$ 228
LTV (as a percent)	0	0.73

Residential Whole Loans - Inter

Residential Whole Loans - Interest Income Components (Details) - Residential whole loan - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 165,717	$ 128,048	$ 323,382	$ 247,558
Business purpose loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	83,097	55,762	163,415	105,303
Business purpose loans | Single-family transitional loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	30,242	18,749	58,260	35,061
Business purpose loans | Multifamily transitional loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	25,291	13,872	50,489	25,787
Business purpose loans | Single-family rental loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	27,564	23,141	54,666	44,455
Non-QM loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	58,749	45,518	114,609	89,607
Legacy RPL/NPL loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	23,346	26,250	44,316	49,273
Other loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	525	518	1,042	3,375
Held at Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	22,412	24,258	44,113	48,758
Held at Carrying Value | Business purpose loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	2,429	3,398	5,231	6,997
Held at Carrying Value | Business purpose loans | Single-family transitional loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	152	518	393	1,138
Held at Carrying Value | Business purpose loans | Multifamily transitional loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	0	0	0	0
Held at Carrying Value | Business purpose loans | Single-family rental loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	2,277	2,880	4,838	5,859
Held at Carrying Value | Non-QM loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	11,530	11,646	22,949	24,320
Held at Carrying Value | Legacy RPL/NPL loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	8,453	9,214	15,933	17,441
Held at Carrying Value | Other loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	0	0	0	0
Held at Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	143,305	103,790	279,269	198,800
Held at Fair Value | Business purpose loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	80,668	52,364	158,184	98,306
Held at Fair Value | Business purpose loans | Single-family transitional loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	30,090	18,231	57,867	33,923
Held at Fair Value | Business purpose loans | Multifamily transitional loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	25,291	13,872	50,489	25,787
Held at Fair Value | Business purpose loans | Single-family rental loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	25,287	20,261	49,828	38,596
Held at Fair Value | Non-QM loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	47,219	33,872	91,660	65,287
Held at Fair Value | Legacy RPL/NPL loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	14,893	17,036	28,383	31,832
Held at Fair Value | Other loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 525	$ 518	$ 1,042	$ 3,375

Residential Whole Loans - Net G

Residential Whole Loans - Net Gain/(Loss) on Residential Whole Loans Measured at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net gain/(loss) on residential whole loans measured at fair value through earnings	$ 16,430	$ (130,703)	$ 4,917	$ (1,529)
Residential whole loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net gain/(loss) on residential whole loans measured at fair value through earnings	16,430	(130,703)	4,917	(1,529)
Residential whole loan | Business purpose loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net gain/(loss) on residential whole loans measured at fair value through earnings	(11,474)	(35,931)	(13,587)	580
Residential whole loan | Business purpose loans | Single-family transitional loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net gain/(loss) on residential whole loans measured at fair value through earnings	(5,413)	304	(4,121)	398
Residential whole loan | Business purpose loans | Multifamily transitional loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net gain/(loss) on residential whole loans measured at fair value through earnings	(24,503)	146	(27,073)	2,073
Residential whole loan | Business purpose loans | Single-family rental loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net gain/(loss) on residential whole loans measured at fair value through earnings	18,442	(36,381)	17,607	(1,891)
Residential whole loan | Non-QM loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net gain/(loss) on residential whole loans measured at fair value through earnings	32,107	(87,136)	29,569	1,728
Residential whole loan | Legacy RPL/NPL loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net gain/(loss) on residential whole loans measured at fair value through earnings	(3,621)	(6,733)	(9,921)	(4,502)
Residential whole loan | Other loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net gain/(loss) on residential whole loans measured at fair value through earnings	$ (582)	$ (903)	$ (1,144)	$ 665

Securities, at Fair Value - Com

Securities, at Fair Value - Composition of Agency MBS Portfolio (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Fair Value	[1]	$ 863,289	$ 746,090
$5.00% Coupon
Debt Securities, Available-for-sale [Line Items]
Coupon rate (in percent)		5%	5%
Current Face		$ 73,941	$ 76,360
Weighted Average Purchase Price (in percent)		100.20%	100.20%
Weighted Average Market Price (in percent)		96.90%	99.10%
Fair Value		$ 71,671	$ 75,650
Weighted Average Loan Age (Months)		15 months	9 months
CPR (in percent)		7.50%	2.40%
5.50% Coupon
Debt Securities, Available-for-sale [Line Items]
Coupon rate (in percent)		5.50%	5.50%
Current Face		$ 267,221	$ 277,885
Weighted Average Purchase Price (in percent)		100.40%	100.40%
Weighted Average Market Price (in percent)		98.90%	100.70%
Fair Value		$ 264,251	$ 279,851
Weighted Average Loan Age (Months)		17 months	11 months
CPR (in percent)		8.60%	5.20%
6.00% Coupon
Debt Securities, Available-for-sale [Line Items]
Coupon rate (in percent)		6%	6%
Current Face		$ 332,320	$ 177,842
Weighted Average Purchase Price (in percent)		100.10%	100%
Weighted Average Market Price (in percent)		100.60%	101.70%
Fair Value		$ 334,221	$ 180,841
Weighted Average Loan Age (Months)		8 months	7 months
CPR (in percent)		10.60%	4.20%
6.50% Coupon
Debt Securities, Available-for-sale [Line Items]
Coupon rate (in percent)		6.50%	6.50%
Current Face		$ 30,473	$ 22,213
Weighted Average Purchase Price (in percent)		100.40%	100.10%
Weighted Average Market Price (in percent)		102.30%	102.70%
Fair Value		$ 31,170	$ 22,802
Weighted Average Loan Age (Months)		9 months	4 months
CPR (in percent)		11.30%	1.40%
Agency MBS
Debt Securities, Available-for-sale [Line Items]
Current Face		$ 703,955	$ 554,300
Weighted Average Purchase Price (in percent)		100.30%	100.30%
Weighted Average Market Price (in percent)		99.60%	100.90%
Fair Value		$ 701,313	$ 559,144
Weighted Average Loan Age (Months)		12 months	9 months
CPR (in percent)		9.60%	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			6 Months Ended		12 Months Ended
		Jun. 30, 2024 USD ($)	Mar. 31, 2024	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) option	Oct. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Securities, at fair value	[1]	$ 863,289,000			$ 863,289,000		$ 746,090,000
Securities, at fair value
Debt Securities, Available-for-sale [Line Items]
Securities, at fair value		54,300,000			54,300,000		79,900,000
Amortized costs		49,500,000			49,500,000		74,200,000
Gross unrealized gains		4,800,000			$ 4,800,000		$ 5,700,000
Weighted average yield (in percent)					14.50%		17%
Weighted average to maturity			1 year 10 months 2 days		1 year 4 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		84,600,000			$ 84,600,000		$ 83,200,000
Non-Agency MBS
Debt Securities, Available-for-sale [Line Items]
Securities, at fair value		23,100,000			23,100,000		23,800,000
Gross unrealized losses		400,000			400,000		100,000
MSR-Related Assets
Debt Securities, Available-for-sale [Line Items]
Debt securities, sold		29,600,000		$ 0	29,600,000	$ 0
Realized gain on securities sold		2,700,000			2,700,000
CRT, Fair Value Option
Debt Securities, Available-for-sale [Line Items]
Securities, at fair value		52,000,000			52,000,000		51,200,000
Gross unrealized losses		0			0		$ 0
AFS securities
Debt Securities, Available-for-sale [Line Items]
Gross unrealized losses		0			0
Allowance for loan loss		$ 0		$ 0	$ 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		Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Fair Value	[1]	$ 863,289	$ 746,090
Agency MBS
Debt Securities, Available-for-sale [Line Items]
Principal/ Current Face		703,955	554,300
Purchase Premiums		2,403	1,824
Accretable Purchase Discounts		(480)	(500)
Discount Designated as Credit Reserve		0	0
Gross Amortized Cost		705,878	555,624
Gross Unrealized Gains		2,060	4,355
Gross Unrealized Losses		(6,625)	(835)
Net Unrealized Gain/(Loss)		(4,565)	3,520
Fair Value		701,313	559,144
Other Securities
Debt Securities, Available-for-sale [Line Items]
Principal/ Current Face		161,988	193,102
Purchase Premiums		16,041	19,686
Accretable Purchase Discounts		(5,587)	(5,637)
Discount Designated as Credit Reserve		(31,514)	(40,514)
Gross Amortized Cost		140,928	166,637
Gross Unrealized Gains		21,476	20,437
Gross Unrealized Losses		(428)	(128)
Net Unrealized Gain/(Loss)		21,048	20,309
Fair Value		161,976	186,946
Total residential mortgage securities
Debt Securities, Available-for-sale [Line Items]
Principal/ Current Face		865,943	747,402
Purchase Premiums		18,444	21,510
Accretable Purchase Discounts		(6,067)	(6,137)
Discount Designated as Credit Reserve		(31,514)	(40,514)
Gross Amortized Cost		846,806	722,261
Gross Unrealized Gains		23,536	24,792
Gross Unrealized Losses		(7,053)	(963)
Net Unrealized Gain/(Loss)		16,483	23,829
Fair Value		863,289	746,090
CRT, Fair Value Option
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Gains		3,400	2,300
Gross Unrealized Losses		0	0
Fair Value		52,000	51,200
Non-Agency MBS
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Gains		500	500
Gross Unrealized Losses		(400)	(100)
Fair Value		$ 23,100	$ 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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Gain (Loss) on Securities [Line Items]
Total Impairment and other net gain/(loss) on securities and other portfolio investments	$ (2,842)	$ (4,569)	$ (7,618)	$ (1,638)
Securities
Gain (Loss) on Securities [Line Items]
Net unrealized gain/(loss) on other portfolio investments	(3,186)	(3,697)	(7,298)	(766)
Net realized gain/(loss) on other portfolio investments	2,668	0	2,668	0
Impairment of securities	0	0	0	0
Total Impairment and other net gain/(loss) on securities and other portfolio investments	(518)	(3,697)	(4,630)	(766)
Other Portfolio Investments
Gain (Loss) on Securities [Line Items]
Net unrealized gain/(loss) on other portfolio investments	(2,324)	(872)	(2,988)	(872)
Net realized gain/(loss) on other portfolio investments	$ 0	$ 0	$ 0	$ 0

Securities, at Fair Value - I_2

Securities, at Fair Value - Impact of AFS Securities on AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI from AFS Securities:
Unrealized gain on AFS securities at beginning of period	$ 19,526	$ 20,225	$ 17,698	$ 21,341
Unrealized gain/(loss) on securities available-for-sale	784	(6,805)	2,612	(7,921)
Reclassification adjustment for securities sales included in net income	(2,658)	0	(2,658)	0
Change in AOCI from AFS securities	(1,874)	(6,805)	(46)	(7,921)
Balance at end of period	$ 17,652	$ 13,420	$ 17,652	$ 13,420

Securities, at Fair Value - Int

Securities, at Fair Value - Interest Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Securities, Available-for-sale [Line Items]
Interest income	$ 13,629	$ 9,948	$ 26,621	$ 17,256
Agency MBS
Debt Securities, Available-for-sale [Line Items]
Coupon interest	8,682	4,471	16,412	6,522
Effective yield adjustment	(36)	(45)	(51)	(76)
Interest income	8,646	4,426	16,361	6,446
Other MBS
Debt Securities, Available-for-sale [Line Items]
Coupon interest	2,075	2,025	4,160	3,936
Effective yield adjustment	44	28	74	217
Interest income	2,119	2,053	4,234	4,153
Term notes backed by MSR collateral
Debt Securities, Available-for-sale [Line Items]
Coupon interest	1,810	2,100	3,761	4,063
Effective yield adjustment	1,054	1,369	2,265	2,594
Interest income	$ 2,864	$ 3,469	$ 6,026	$ 6,657

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands		Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
REO		$ 108,013	$ 106,185	$ 110,174	$ 119,996	$ 121,215	$ 130,605
Commercial REO		24,788		22,717
Goodwill		61,076		61,076
Intangibles, net		6,400		8,000
Capital contributions made to loan origination partners		18,296		19,780
Commercial loans		44,954		51,426
Interest receivable		106,427		98,924
Other loan related receivables		19,377		24,084
Lease right-of-use asset		36,482		37,819
Other		60,160		63,097
Total Other Assets	[1]	$ 485,973		$ 497,097
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]		Total Other Assets		Total Other Assets
Accumulated amortization		$ 21,600		$ 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	6 Months Ended
	Jun. 30, 2024 USD ($) property	Jun. 30, 2024 USD ($) property	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($) property	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Real Estate Properties [Line Items]
Number of real estate owned properties | property	352	352			338
Real Estate Investments, Net	$ 108,013	$ 108,013	$ 106,185	$ 110,174	$ 119,996	$ 121,215	$ 130,605
Residential whole loans acquired through foreclosure ordered in lieu	107,900	107,900
Entity Owning A Newly Constructed Industrial Property
Real Estate Properties [Line Items]
Ownership percentage				75%
Impairment on investment	200	700
Carrying Value
Real Estate Properties [Line Items]
Mortgage loans in process of foreclosure	67,600	67,600
Estimated Fair Value
Real Estate Properties [Line Items]
Mortgage loans in process of foreclosure	$ 304,500	$ 304,500

Other Assets - Schedule of Aggr

Other Assets - Schedule of Aggregate Carrying Value of REO Properties (Details) $ in Thousands	Jun. 30, 2024 USD ($) property	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) property	Jun. 30, 2023 USD ($) property	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Real Estate Properties [Line Items]
Total	$ 108,013	$ 106,185	$ 110,174	$ 119,996	$ 121,215	$ 130,605
Number of properties | property	352			338
Wholly Owned Properties
Real Estate Properties [Line Items]
Total	$ 108,013		$ 110,174
Number of properties | property	352		300
Wholly Owned Properties | Business purpose loans
Real Estate Properties [Line Items]
Total	$ 39,465		$ 28,328
Wholly Owned Properties | Non-QM loans
Real Estate Properties [Line Items]
Total	1,717		3,374
Wholly Owned Properties | Legacy RPL/NPL loans
Real Estate Properties [Line Items]
Total	$ 66,831		$ 78,472

Other Assets - Real Estate Ow_2

Other Assets - Real Estate Owned - Activity (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($) property	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($) property
Real Estate Owned [Roll Forward]
Balance at beginning of period	$ 106,185	$ 121,215	$ 110,174	$ 130,605
Adjustments to record at lower of cost or fair value	(2,690)	(1,800)	(3,957)	(2,853)
Transfer from residential whole loans	25,609	28,256	44,951	49,181
Purchases and capital improvements, net	52	118	203	256
Disposals and other	(21,143)	(27,793)	(43,358)	(57,193)
Balance at end of period	$ 108,013	$ 119,996	$ 108,013	$ 119,996
Number of properties | property	352	338	352	338
Gain (loss) recorded on transfer from residential whole loans to real estate owned	$ (1,200)	$ 1,200	$ (2,400)	$ 1,300
Properties sold during period | property	63	95	136	194
Proceeds from sale of real estate	$ 25,600	$ 31,700	$ 49,800	$ 65,500
Gain on sales of real estate owned	$ 4,500	$ 4,000	$ 6,500	$ 9,000

Other Assets - Goodwill and Int

Other Assets - Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 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
Finite-lived intangible assets			$ 28,000

Other Assets - Finite-Lived Int

Other Assets - Finite-Lived Intangible Assets Amortization Expense (Details) - Lima One - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangibles	$ 6,400	$ 8,000
Amortization	(1,600)
Trademarks / Trade Names
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangibles	2,800	3,000
Amortization	$ (200)
Amortization Period	10 years
Customer Relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangibles	$ 2,000	3,000
Amortization	$ (1,000)
Amortization Period	4 years
Internally Developed Software
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangibles	$ 1,600	$ 2,000
Amortization	$ (400)
Amortization Period	5 years

Other Assets - Capital Contribu

Other Assets - Capital Contributions Made to Loan Origination Partners (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Other Assets [Line Items]
Equity method investments	$ 18,300,000
Loan Origination Partners
Other Assets [Line Items]
Impairment on investment	0	$ 0
Common Stock | Loan Origination Partners
Other Assets [Line Items]
Equity method investments	3,200,000
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) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) property	Dec. 31, 2023 USD ($)
Other Assets [Line Items]
Weighted Average LTV Ratio (as a percent)	80%
Commercial Mortgage Bridge Loan
Other Assets [Line Items]
Fair Value / Carrying Value	$ 44,954	$ 51,426
UPB	$ 46,633	$ 51,602
Weighted Average Coupon ( as a percent)	13.29%	13.18%
Weighted Average Term to Maturity (Months)	1 month	2 months
Weighted Average LTV Ratio (as a percent)	65%	66%
Commercial Mortgage Bridge Loan | UPB 60+ Days Delinquent
Other Assets [Line Items]
UPB	$ 39,227	$ 3,521
Commercial Mortgage Bridge Loan | Senior Living Property
Other Assets [Line Items]
Number of properties held as collateral | property	1
Commercial Mortgage Bridge Loan | Office Property
Other Assets [Line Items]
Number of properties held as collateral | property	1
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	Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Restricted Cash	$ 5,741	$ 22,880
Agency MBS
Derivative [Line Items]
Agency MBS, at fair value	$ 47,932	$ 41,179

Other Assets - Derivative Instr

Other Assets - Derivative Instruments - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Average maturity term of swaps (in months)	35 months
Maximum maturity term of swaps (in months)	120 months
Swaps
Derivative [Line Items]
Derivative, Notional Amount	$ 3,278,260	$ 3,277,260

Other Assets - Derivative Ins_2

Other Assets - Derivative Instruments (Details) - Swaps, at fair value - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Notional Amount	$ 3,278,260	$ 3,277,260
Weighted Average Fixed-Pay Interest Rate	1.92%	1.85%
Weighted Average Variable Interest Rate (as a percent)	5.33%	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 3 months to 6 months
Derivative [Line Items]
Notional Amount	$ 450,010	$ 0
Weighted Average Fixed-Pay Interest Rate	0.90%	0%
Weighted Average Variable Interest Rate (as a percent)	5.33%	0%
Over 6 months to 12 months
Derivative [Line Items]
Notional Amount	$ 675,000	$ 450,010
Weighted Average Fixed-Pay Interest Rate	1.52%	0.90%
Weighted Average Variable Interest Rate (as a percent)	5.33%	5.38%
Over 12 months to 24 months
Derivative [Line Items]
Notional Amount	$ 0	$ 675,000
Weighted Average Fixed-Pay Interest Rate	0%	1.52%
Weighted Average Variable Interest Rate (as a percent)	0%	5.38%
Over 24 months to 36 months
Derivative [Line Items]
Notional Amount	$ 1,425,000	$ 450,000
Weighted Average Fixed-Pay Interest Rate	1.53%	1.12%
Weighted Average Variable Interest Rate (as a percent)	5.33%	5.38%
Over 36 months to 48 months
Derivative [Line Items]
Notional Amount	$ 0	$ 975,000
Weighted Average Fixed-Pay Interest Rate	0%	1.73%
Weighted Average Variable Interest Rate (as a percent)	0%	5.38%
Over 48 months to 60 months
Derivative [Line Items]
Notional Amount	$ 353,600	$ 24,600
Weighted Average Fixed-Pay Interest Rate	3.11%	4.28%
Weighted Average Variable Interest Rate (as a percent)	5.33%	5.38%
Over 60 months to 72 months
Derivative [Line Items]
Notional Amount	$ 0	$ 310,000
Weighted Average Fixed-Pay Interest Rate	0%	2.95%
Weighted Average Variable Interest Rate (as a percent)	0%	5.38%
Over 72 months
Derivative [Line Items]
Notional Amount	$ 374,650	$ 292,650
Weighted Average Fixed-Pay Interest Rate	4.24%	4.32%
Weighted Average Variable Interest Rate (as a percent)	5.33%	5.38%

Other Assets - Impact of Deriva

Other Assets - Impact of Derivative Instruments on Earnings (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Income on swap variable receive leg	$ 44,132	$ 37,784	$ 88,309	$ 71,635
Expense on swap fixed pay leg	(15,199)	(11,819)	(30,284)	(23,853)
Unrealized mark-to-market gain/(loss)	(10,237)	37,018	12,945	(3,729)
Net price alignment expense on margin collateral received	(2,609)	(2,532)	(4,942)	(4,810)
Total Net gain/(loss) on derivatives used for risk management purposes	$ 16,087	$ 60,451	$ 66,028	$ 39,243

Financing Agreements - Financin

Financing Agreements - Financing Agreements (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Jan. 11, 2024
Financing Agreements [Line Items]
Unpaid Principal Balance	$ 9,010,522	$ 8,683,152
Fair Value / Carrying Value	$ 8,891,042	$ 8,536,745
Weighted Average Cost of Funding (in Percent)	4.63%	4.33%
Wells Fargo
Financing Agreements [Line Items]
Weighted Average Months to Maturity	15 months 21 days
Barclays
Financing Agreements [Line Items]
Weighted Average Months to Maturity	10 months 3 days
Churchill Finance LLC
Financing Agreements [Line Items]
Weighted Average Months to Maturity	14 months 15 days
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	$ 2,730,010	$ 2,361,146
Fair Value / Carrying Value	$ 2,729,196	$ 2,360,254
Weighted Average Cost of Funding (in Percent)	7%	7.09%
Agreements with mark-to-market collateral provisions | 0-3 Months
Financing Agreements [Line Items]
Unpaid Principal Balance	$ 1,149,960
Agreements with mark-to-market collateral provisions | 3-6 Months
Financing Agreements [Line Items]
Unpaid Principal Balance	59,396
Agreements with mark-to-market collateral provisions | 6-12 Months
Financing Agreements [Line Items]
Unpaid Principal Balance	379,962
Fair Value / Carrying Value	$ 356,400
Extension period	1 year
Agreements with mark-to-market collateral provisions | 6-12 Months | Maximum
Financing Agreements [Line Items]
Extension period	27 months
Agreements with mark-to-market collateral provisions | Greater than 12 Months
Financing Agreements [Line Items]
Unpaid Principal Balance	$ 1,140,692
Fair Value / Carrying Value	1,100,000
Agreements with mark-to-market collateral provisions | Estimated Fair Value
Financing Agreements [Line Items]
Financing agreements, amortized cost	290,200	$ 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 loan
Financing Agreements [Line Items]
Unpaid Principal Balance	1,999,166	1,738,543
Fair Value / Carrying Value	$ 1,998,352	$ 1,737,651
Weighted Average Cost of Funding (in Percent)	7.44%	7.50%
Weighted Average Term to Maturity (Months)	12 months 12 days	11 months 24 days
Agreements with mark-to-market collateral provisions | Residential whole loan | 0-3 Months
Financing Agreements [Line Items]
Unpaid Principal Balance	$ 419,116
Agreements with mark-to-market collateral provisions | Residential whole loan | 3-6 Months
Financing Agreements [Line Items]
Unpaid Principal Balance	59,396
Agreements with mark-to-market collateral provisions | Residential whole loan | 6-12 Months
Financing Agreements [Line Items]
Unpaid Principal Balance	379,962
Agreements with mark-to-market collateral provisions | Residential whole loan | Greater than 12 Months
Financing Agreements [Line Items]
Unpaid Principal Balance	1,140,692
Agreements with mark-to-market collateral provisions | Residential whole loan | Not Held at Fair Value
Financing Agreements [Line Items]
Fair Value / Carrying Value	290,200
Agreements with mark-to-market collateral provisions | Securities
Financing Agreements [Line Items]
Unpaid Principal Balance	730,844	$ 622,603
Fair Value / Carrying Value	$ 730,844	$ 622,603
Weighted Average Cost of Funding (in Percent)	5.74%	5.81%
Weighted Average Term to Maturity (Months)	6 days	6 days
Agreements with mark-to-market collateral provisions | Securities | 0-3 Months
Financing Agreements [Line Items]
Unpaid Principal Balance	$ 730,844
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	377,300	178,900
Agreements with Non-mark-to-market Collateral Provisions | Residential whole loan
Financing Agreements [Line Items]
Unpaid Principal Balance	932,031	1,217,671
Fair Value / Carrying Value	$ 931,146	$ 1,216,697
Weighted Average Cost of Funding (in Percent)	7.95%	7.94%
Weighted Average Term to Maturity (Months)	14 months 27 days	20 months 18 days
Agreements with Non-mark-to-market Collateral Provisions | Residential whole loan | 0-3 Months
Financing Agreements [Line Items]
Unpaid Principal Balance	$ 53,815
Agreements with Non-mark-to-market Collateral Provisions | Residential whole loan | 3-6 Months
Financing Agreements [Line Items]
Unpaid Principal Balance	17,771
Agreements with Non-mark-to-market Collateral Provisions | Residential whole loan | 6-12 Months
Financing Agreements [Line Items]
Unpaid Principal Balance	0
Agreements with Non-mark-to-market Collateral Provisions | Residential whole loan | Greater than 12 Months
Financing Agreements [Line Items]
Unpaid Principal Balance	860,445
Agreements with Non-mark-to-market Collateral Provisions | Residential whole loan | Held at Fair Value
Financing Agreements [Line Items]
Fair Value / Carrying Value	$ 377,300
Securities | Estimated Fair Value
Financing Agreements [Line Items]
Fair Value / Carrying Value		$ 4,000,000
Weighted Average Cost of Funding (in Percent)	(1.27%)	(1.40%)
Financing agreements, amortized cost	$ 4,500,000	$ 4,100,000
Securities | Residential whole loan
Financing Agreements [Line Items]
Unpaid Principal Balance	5,158,481	4,894,746
Fair Value / Carrying Value	$ 5,047,613	$ 4,750,805
Weighted Average Cost of Funding (in Percent)	4.80%	4.37%
Securities | Residential whole loan | Held at Fair Value
Financing Agreements [Line Items]
Fair Value / Carrying Value	$ 4,400,000
Convertible senior notes | Unsecured
Financing Agreements [Line Items]
Unpaid Principal Balance	0	$ 209,589
Fair Value / Carrying Value	$ 0	$ 208,989
Weighted Average Cost of Funding (in Percent)	6.64%	6.94%
Weighted Average Term to Maturity (Months)	0 months	5 months 15 days
8.875% Senior Notes Due 2029 | Unsecured
Financing Agreements [Line Items]
Unpaid Principal Balance	$ 115,000
Fair Value / Carrying Value	$ 110,912
Weighted Average Cost of Funding (in Percent)	9.84%
Weighted Average Term to Maturity (Months)	55 months 18 days
9.00% Senior Notes Due 2029 | Unsecured
Financing Agreements [Line Items]
Unpaid Principal Balance	$ 75,000
Fair Value / Carrying Value	$ 72,175
Weighted Average Cost of Funding (in Percent)	9.96%
Weighted Average Term to Maturity (Months)	61 months 15 days
Impact of net Swap carry | Unsecured
Financing Agreements [Line Items]
Weighted Average Cost of Funding (in Percent)	(1.27%)	(1.40%)

Financing Agreements - Borrowin

Financing Agreements - Borrowings Under Repurchase Agreement and Associated Assets Pledged as Collateral (Details) - USD ($) $ in Thousands	Jun. 30, 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	$ 9,961,651	$ 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	2,817,898	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	9,117,838	8,944,307
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	1,984,335	1,733,674
Mark-to-market financing agreements secured by residential whole loans | Held at Fair Value
Assets Sold under Agreements to Repurchase [Line Items]
Carrying value	$ 1,972,521	$ 1,712,489
Weighted average haircut (percent)	20.45%	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	$ 2,490,015	$ 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	$ 730,844	$ 622,603
Weighted average haircut (percent)	6.86%	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	$ 790,965	$ 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	52,848	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	42,598	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	$ 25,831	$ 25,163
Weighted average haircut (percent)	45.95%	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	$ 48,945	$ 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	$ 931,146	$ 1,216,697
Weighted average haircut (percent)	19.75%	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	$ 1,165,089	$ 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
Non-Agency MBS | Agreements with mark-to-market collateral provisions
Assets Sold under Agreements to Repurchase [Line Items]
Carrying value	381,100	327,200
Fair value of securities pledged as collateral under financing agreements	$ 505,200	$ 465,600

Financing Agreements - Financ_2

Financing Agreements - Financing Agreements, at Fair Values - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Financing Agreement
Financing Agreements [Line Items]
Cash pledged as collateral	$ 58.4	$ 19

Financing Agreements - Borrow_2

Financing Agreements - Borrowings Under Repurchase Agreement (Details) - Repurchase Agreement Borrowings - Held at Fair Value - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	$ 3,662,041	$ 3,578,816
Weighted Average Interest Rate	7.17%	7.36%
Within 30 days
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	$ 3,662,041	$ 3,578,816
Weighted Average Interest Rate	7.17%	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
	Apr. 17, 2024 USD ($)	Jan. 11, 2024 USD ($)	Jun. 03, 2019 USD ($) $ / shares	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2024	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
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
Redemption price as percentage of principal amount		100%
Effective interest rate		9.83%
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
Senior Notes | 9.00% Senior Notes Due 2029
Debt Instrument [Line Items]
Proceed from debt net of offering expenses and underwriting discount	$ 72,000,000
Stated interest rate (as a percent)	9%					9%
Debt instrument, face amount	$ 75,000,000
Redemption price as percentage of principal amount	100%
Effective interest rate	9.94%

Financing Agreements - Counterp

Financing Agreements - Counterparty for Repurchase Agreement (Details) $ in Thousands	6 Months Ended
	Jun. 30, 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	$ 303,437
Weighted Average Months to Maturity	15 months 21 days
Percent of Stockholders’ Equity	16.11%
Barclays
Repurchase agreements counterparty risk
Amount at Risk	$ 152,786
Weighted Average Months to Maturity	10 months 3 days
Percent of Stockholders’ Equity	8.11%
Churchill Finance LLC
Repurchase agreements counterparty risk
Amount at Risk	$ 99,426
Weighted Average Months to Maturity	14 months 15 days
Percent of Stockholders’ Equity	5.28%

Financing Agreements - Pledged

Financing Agreements - Pledged Collateral (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	$ 9,961,651	$ 9,710,754
Accrued interest	36,500	36,400
Securitized | Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	5,979,167	5,730,063
Non-Mark-to-Market | Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	1,164,586	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	2,817,898	2,466,787
Residential whole loans | Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	9,117,838	8,944,307
Residential whole loans | Securitized | Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	5,968,917	5,696,729
Residential whole loans | Non-Mark-to-Market | Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	1,164,586	1,513,904
Residential whole loans | Mark-to-Market | Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	1,984,335	1,733,674
Securities, at fair value | Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	790,965	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
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	790,965	689,818
Other assets: REO | Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	52,848	76,629
Other assets: REO | Securitized | Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	10,250	33,334
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	42,598	43,295
Non-Agency MBS | Mark-to-Market
Debt Instrument [Line Items]
Fair value of securities pledged as collateral under financing agreements	505,200	465,600
Securities Sold under Agreements to Repurchase	$ 381,100	$ 327,200

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other Liabilities [Abstract]
Payable for unsettled investment purchases	$ 0	$ 103,654
Dividends and dividend equivalents payable	36,048	35,789
Lease liability	42,148	43,576
Accrued interest payable	33,089	30,834
Accrued expenses and other	191,356	122,177
Total Other Liabilities	$ 302,641	$ 336,030
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) $ in Millions	Jun. 30, 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	Jun. 30, 2024	Dec. 31, 2023
Deferred tax assets (DTAs):
Net operating loss and tax credit carryforwards	$ 86,277	$ 91,113
Unrealized mark-to-market, impairments and loss provisions	17,449	16,170
Other realized / unrealized treatment differences	(33,617)	(34,923)
Total deferred tax assets	70,109	72,360
Less: valuation allowance	(70,109)	(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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Current provision/(benefit)
Federal	$ 270	$ (286)	$ 692	$ (420)
State	76	(71)	187	(125)
Total current provision/(benefit)	346	(357)	879	(545)
Deferred provision/(benefit)
Federal	0	0	399	589
State	0	0	117	155
Total deferred provision/(benefit)	0	0	516	744
Total provision/(benefit)	$ 346	$ (357)	$ 1,395	$ 199

Income Taxes - Statutory Federa

Income Taxes - Statutory Federal Tax Rate to our Effective Tax Rate (Details)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Federal statutory rate	21%	21%
Non-taxable REIT income (dividends paid deduction)	(17.60%)	(32.60%)
Other differences in taxable income/(loss) from GAAP	9%	23%
State and local taxes	(0.10%)	0%
Change in valuation allowance on DTAs	(10.60%)	(11.00%)
Effective tax rate	1.70%	0.40%

Commitments and Contingencies -

Commitments and Contingencies - Lease Commitments (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Lease Commitments
Lease cost		$ 1.5	$ 1.5	$ 2.8	$ 2.7
Lease term		15 years		15 years
Renewal term		5 years		5 years
Lima One | Greenville, South Carolina
Lease Commitments
Lease term	13 years		13 years		13 years
Lima One | Greenville, South Carolina | Weighted Average
Lease Commitments
Annual lease rental expense	$ 3.2

Commitments and Contingencies_2

Commitments and Contingencies - Minimum Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
2024	$ 3,028
2025	5,212
2026	4,839
2027	5,119
2028	5,055
Thereafter	41,944
Total	65,197
Present Value Discount	(23,049)
Total Lease Liability (Note 7)	$ 42,148	$ 43,576

Commitments and Contingencies_3

Commitments and Contingencies - Loan Commitments (Details) - Unfunded Loan Commitment $ in Millions	Jun. 30, 2024 USD ($)
Single-family transitional loans
Other Commitments [Line Items]
Other commitment	$ 412.3
Multifamily transitional loans
Other Commitments [Line Items]
Other commitment	$ 82.8

Commitments and Contingencies_4

Commitments and Contingencies - Guarantee (Details) $ in Millions	Jun. 30, 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				6 Months Ended	12 Months Ended
	Feb. 28, 2020 quarter director $ / shares	Apr. 15, 2013 $ / shares shares	Jun. 30, 2024 $ / shares shares	Mar. 31, 2024 $ / shares	Jun. 30, 2023 $ / shares	Mar. 31, 2023 $ / shares	Jun. 30, 2024 quarter director $ / shares shares	Dec. 31, 2023 $ / shares shares	Dec. 31, 2022 $ / 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	8,000
Preferred stock, par value (in dollars per share)			$ 0.01				$ 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%	7.50%	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	$ 25	$ 25	$ 25	$ 25	$ 25
Preferred stock, redemption price (in dollars per share)		$ 25
Maximum quarters without dividends to get voting rights, in quarters | quarter							6
Number of additional directors that can be elected by preferred stock holders | director							2
Series 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	11,000
Preferred stock, par value (in dollars per share)			$ 0.01				$ 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%	6.50%	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	$ 25	$ 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
	May 21, 2024	Feb. 20, 2024	Nov. 21, 2023	Aug. 17, 2023	May 22, 2023	Feb. 21, 2023	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	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	$ 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	$ 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				6 Months Ended	12 Months Ended
	Mar. 02, 2020 USD ($) $ / shares shares	Feb. 28, 2020 quarter director $ / shares shares	Jun. 30, 2024 $ / shares shares	Mar. 31, 2024 $ / shares	Jun. 30, 2023 $ / shares	Mar. 31, 2023 $ / shares	Jun. 30, 2024 $ / shares shares	Dec. 31, 2023 $ / shares shares	Dec. 31, 2022 $ / 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	11,000,000
Preferred stock, par value (in dollars per share)			$ 0.01				$ 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%	6.50%	6.50%		6.50%	6.50%
Shares reclassified to redeemable capital stock (in shares) | shares		12,650,000
Preferred stock, shares issued (in shares) | shares	11,000,000
Preferred stock, par value (in dollars per share)	$ 0.01
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25	$ 25	$ 25	$ 25	$ 25	$ 25	$ 25	$ 25
Proceeds from issuance of redeemable preferred stock | $	$ 266
Debt instrument, basis spread on variable rate (in percent)		5.345%
Preferred stock, redemption price (in dollars per share)		$ 25
Maximum quarters without dividends to get voting rights, in quarters | quarter		6
Number of additional directors that can be elected by preferred stock holders | director		2

Stockholders' Equity - Divide_2

Stockholders' Equity - Dividends on Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands							3 Months Ended
	Jun. 11, 2024	Mar. 07, 2024	Dec. 13, 2023	Sep. 20, 2023	Jun. 15, 2023	Mar. 10, 2023	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	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	$ 0.35	$ 0.35	$ 0.35
Dividends and dividend equivalents declared and unpaid							$ 36,048		$ 35,789

Stockholders' Equity - DRSPP (D

Stockholders' Equity - DRSPP (Details) - USD ($) $ in Millions	250 Months Ended
	Jun. 30, 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 ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	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	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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Components of accumulated other comprehensive income/(loss)
Beginning balance	$ 1,884,187	$ 2,018,606	$ 1,899,915	$ 1,988,849
OCI before reclassifications	784	(6,805)	2,612	(7,921)
Amounts reclassified from AOCI	(2,658)	0	(2,658)	0
Other Comprehensive Income/(Loss)	(1,874)	(6,805)	(46)	(7,921)
Ending balance	1,883,242	1,944,769	1,883,242	1,944,769
Total  AOCI
Components of accumulated other comprehensive income/(loss)
Beginning balance	19,526	20,225	17,698	21,341
Ending balance	17,652	13,420	17,652	13,420
Net Unrealized Gain/(Loss) on AFS Securities
Components of accumulated other comprehensive income/(loss)
Beginning balance	19,526	20,225	17,698	21,341
OCI before reclassifications	784	(6,805)	2,612	(7,921)
Amounts reclassified from AOCI	(2,658)	0	(2,658)	0
Other Comprehensive Income/(Loss)	(1,874)	(6,805)	(46)	(7,921)
Ending balance	17,652	13,420	17,652	13,420
Net Unrealized Gain/(Loss) on Financing Agreements
Components of accumulated other comprehensive income/(loss)
Beginning balance	0	0	0	0
OCI before reclassifications	0	0	0	0
Amounts reclassified from AOCI	0	0	0	0
Other Comprehensive Income/(Loss)	0	0	0	0
Ending balance	$ 0	$ 0	$ 0	$ 0

EPS Calculation (Details)

EPS Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Basic Earnings/(Loss) per Share:
Net income/(loss)	$ 41,946	$ 23,213	$ (25,928)	$ 72,784	$ 65,159	$ 46,856
Dividends declared on preferred stock	(8,218)		(8,218)		(16,437)	(16,437)
Dividends, dividend equivalents and undistributed earnings allocated to participating securities	(114)		0		(281)	0
Net income/(loss) available to common stockholders - basic	$ 33,614		$ (34,146)		$ 48,441	$ 30,419
Basic weighted average common shares outstanding (in shares)	103,446		102,186		103,310	102,170
Basic Income/(Loss) per Share (in dollars per share)	$ 0.32		$ (0.34)		$ 0.47	$ 0.30
Diluted Earnings/(Loss) per Share:
Net income/(loss) available to common stockholders - basic	$ 33,614		$ (34,146)		$ 48,441	$ 30,419
Interest expense on Convertible Senior Notes	0		0		0	0
Dividends, dividend equivalents and undistributed earnings allocated to participating securities	0		0		0	0
Net income/(loss) available to common stockholders - diluted	$ 33,614		$ (34,146)		$ 48,441	$ 30,419
Basic weighted average common shares outstanding (in shares)	103,446		102,186		103,310	102,170
Effect of assumed conversion of Convertible Senior Notes to common shares (in shares)	0		0		0	0
Unvested and vested restricted stock units (in shares)	1,730		0		1,643	1,771
Diluted weighted average common shares outstanding (in shares)	105,176		102,186		104,953	103,941
Diluted Income/(Loss) per Share (in dollars per share)	$ 0.32		$ (0.34)		$ 0.46	$ 0.29
Anti-dilutive securities excluded from diluted earnings per share calculations (in shares)	341				341
RSUs
Diluted Earnings/(Loss) per Share:
Weighted average grant date fair value (in dollars per share)	$ 11.20				$ 11.20

Equity Compensation and Other_3

Equity Compensation and Other Benefit Plans - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024		Jun. 30, 2023	Dec. 31, 2023
Share based compensation
Maximum shares authorized for grant (in shares)	8,500,000		8,500,000
Shares available for grant (in shares)	3,900,000		3,900,000
Shares paid for tax withholding for share based compensation (in shares)			129,949	[1]	58,505
Equivalent rights payment	$ 0.3	$ 0.1	$ 1.7		$ 0.2
RSUs
Share based compensation
Granted (in shares)	94,333	90,388	1,349,819		1,608,063
Forfeitures (in shares)	11,985	27,413	267,875		204,574
Unrecognized compensation cost	$ 12.7		$ 12.7			$ 9.2
Period for recognizing unrecognized compensation cost			2 years
Restricted Stock
Share based compensation
Granted (in shares)			0		0
Share-based awards outstanding (in shares)	0		0
Dividend Equivalent Rights
Share based compensation
Granted (in shares)			0		0
Equity Compensation Plan
Share based compensation
Maximum number of common shares that can be granted to participant in any one year (in shares)			2,000,000
Period during which a participant can be awarded the maximum number of shares allowable under the Plan			1 year
Maximum percentage of common shares that can be owned or deemed to be owned by a participant (more than)			9.80%
[1]For the six months ended June 30, 2024 includes approximately $1.5 million (129,949 shares) surrendered for tax purposes related to equity-based compensation awards.

Equity Compensation and Other_4

Equity Compensation and Other Benefit Plans - Allocated Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share based compensation
Allocated expense	$ 3,899	$ 3,932	$ 10,142	$ 6,952
RSUs
Share based compensation
Allocated expense	$ 3,899	$ 3,932	$ 10,142	$ 6,952

Equity Compensation and Other_5

Equity Compensation and Other Benefit Plans - Deferred Compensation Plans (Details) - Deferred Compensation Plans - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Deferred Compensation Activity
Deferrable compensation by the employee, maximum (in percent)			100%
Deferred plans expenses	$ (92)	$ 305	$ 14	$ 414
Undistributed Income Deferred	2,644		2,644		$ 2,611
Liability Under Deferred Plans	2,446		2,446		2,404
Non-employee directors
Deferred Compensation Activity
Deferred plans expenses	(92)	$ 305	14	$ 414
Undistributed Income Deferred	2,644		2,644		2,611
Liability Under Deferred Plans	$ 2,446		$ 2,446		$ 2,404

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets:
Total assets carried at fair value	$ 8,635,896	$ 8,257,598
Liabilities:
Securitized debt	4,414,701	3,985,372
Total liabilities carried at fair value	5,082,181	4,633,660
Residential whole loan
Assets:
Securities, at fair value	7,772,607	7,511,508
Securities, at fair value
Assets:
Securities, at fair value	863,289	746,090
Agreements with Non-mark-to-market Collateral Provisions
Liabilities:
Liabilities carried at fair value	377,252	469,424
Agreements with Mark-to-market Collateral Provisions
Liabilities:
Liabilities carried at fair value	290,228	178,864
Level 1
Assets:
Total assets carried at fair value	0	0
Liabilities:
Securitized debt	0	0
Total liabilities carried at fair value	0	0
Level 1 | Residential whole loan
Assets:
Securities, 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	916,705	801,869
Liabilities:
Securitized debt	4,414,701	3,985,372
Total liabilities carried at fair value	4,414,701	3,985,372
Level 2 | Residential whole loan
Assets:
Securities, at fair value	53,416	55,779
Level 2 | Securities, at fair value
Assets:
Securities, at fair value	863,289	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	7,719,191	7,455,729
Liabilities:
Securitized debt	0	0
Total liabilities carried at fair value	667,480	648,288
Level 3 | Residential whole loan
Assets:
Securities, at fair value	7,719,191	7,455,729
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	377,252	469,424
Level 3 | Agreements with Mark-to-market Collateral Provisions
Liabilities:
Liabilities carried at fair value	$ 290,228	$ 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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 7,599,254	$ 6,013,378	$ 7,455,729	$ 5,676,430
Purchases and originations	536,071	734,748	1,024,121	1,071,563
Draws	152,160	132,914	315,905	251,991
Changes in fair value recorded in Net gain/(loss) on residential whole loans measured at fair value through earnings	16,682	(129,797)	26,889	(2,193)
Repayments	(555,099)	(293,792)	(901,662)	(527,226)
Loan sales and repurchases	(13,944)	(900)	(173,839)	(1,477)
Transfer to REO	(15,933)	(14,586)	(27,952)	(27,123)
Balance at end of period	$ 7,719,191	$ 6,441,965	$ 7,719,191	$ 6,441,965

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Level 3 Liabilities (Details) - Level 3 - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Weighted Average | Residential whole loan | Liquidation timeline (in years) | Liquidation model
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Inputs, Liquidation Timeline			1 year 9 months 18 days		1 year 10 months 24 days
Minimum | Residential whole loan | Liquidation timeline (in years) | Liquidation model
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Inputs, Liquidation Timeline			9 months 18 days		1 month 6 days
Maximum | Residential whole loan | Liquidation timeline (in years) | Liquidation model
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Inputs, Liquidation Timeline			4 years 6 months		4 years 6 months
Recurring basis | 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	$ 399,049	$ 526,623	$ 469,424	$ 578,879	$ 578,879
Issuances	44,798	126,565	112,740	272,395
Payment of principal	(66,595)	(213,082)	(204,912)	(411,168)
Change in unrealized losses	0	0	0	0
Balance at end of period	377,252	440,106	377,252	440,106	469,424
Recurring basis | 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	176,759	680,708	178,864	884,495	884,495
Issuances	114,601	9,463	114,601	22,018
Payment of principal	(1,132)	(137,009)	(3,237)	(353,351)
Change in unrealized losses	0	0	0	0
Balance at end of period	$ 290,228	$ 553,162	$ 290,228	$ 553,162	$ 178,864

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Fair Value Methodology (Details) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Residential whole loans	[1],[2]	$ 9,186,236	$ 9,041,292
Residential whole loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		7,772,607	7,511,508
UPB		9,658,048
Total Residential whole loans		9,186,236	9,041,292
Residential whole loan | Marked to Market Approach
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		78,400	14,700
UPB		90,300	15,900
Residential whole loan | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		7,719,191	7,455,729
Residential whole loan | Level 3 | Discounted Cash Flow and Liquidation Model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		7,640,763	7,337,380
Residential whole loan | Level 3 | Discounted cash flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		$ 7,296,825	$ 7,045,862
Residential whole loan | Level 3 | Discounted cash flow | Discount rate | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.078	0.079
Residential whole loan | Level 3 | Discounted cash flow | Discount rate | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.066	0.062
Residential whole loan | Level 3 | Discounted cash flow | Discount rate | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.200	0.292
Residential whole loan | Level 3 | Discounted cash flow | Prepayment rate | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.122	0.101
Residential whole loan | 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
Residential whole loan | Level 3 | Discounted cash flow | Prepayment rate | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.558	0.464
Residential whole loan | Level 3 | Discounted cash flow | Default rate | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.018	0.006
Residential whole loan | 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
Residential whole loan | Level 3 | Discounted cash flow | Default rate | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.613	0.395
Residential whole loan | Level 3 | Discounted cash flow | Loss severity | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.126	0.108
Residential whole loan | 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
Residential whole loan | 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
Residential whole loan | Level 3 | Liquidation model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		$ 343,938	$ 291,518
Residential whole loan | Level 3 | Liquidation model | Discount rate | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.089	0.080
Residential whole loan | 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
Residential whole loan | Level 3 | Liquidation model | Discount rate | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.200	0.080
Residential whole loan | 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		3.70%	3.70%
Residential whole loan | 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		(0.10%)	(0.40%)
Residential whole loan | 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%
Residential whole loan | 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 9 months 18 days	1 year 10 months 24 days
Residential whole loan | 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
Residential whole loan | 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
Residential whole loan | 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		$ 627	$ 531
Residential whole loan | 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		16	24
Residential whole loan | 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		$ 14,126	5,500
Residential Whole Loan, Unsettled Purchases
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Residential whole loans			$ 103,700
[1] Includes approximately $6.0 billion and $5.7 billion of Residential whole loans transferred to consolidated variable interest entities (“VIEs”) at June 30, 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.

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Carrying Value vs Fair Value (Details) - USD ($) $ in Thousands		Jun. 30, 2024	Apr. 17, 2024	Jan. 11, 2024	Dec. 31, 2023
Financial Assets:
Fair Value	[1]	$ 863,289			$ 746,090
Restricted cash		$ 252,015			170,211
8.875% Senior Notes Due 2029 | Senior Notes
Financial Liabilities:
Stated interest rate (as a percent)		8.875%		8.875%
9.00% Senior Notes Due 2029 | Senior Notes
Financial Liabilities:
Stated interest rate (as a percent)		9%	9%
Carrying Value | Level 2
Financial Assets:
Fair Value		$ 863,289			746,090
Financial Liabilities:
Securitized debt		5,047,613			4,750,805
Convertible senior notes		0			208,989
Carrying Value | Level 2 | 8.875% Senior Notes Due 2029
Financial Liabilities:
Senior notes		110,912			0
Carrying Value | Level 2 | 9.00% Senior Notes Due 2029
Financial Liabilities:
Senior notes		72,175			0
Carrying Value | Level 1
Financial Assets:
Cash and cash equivalents		289,412			318,000
Restricted cash		252,015			170,211
Estimated Fair Value | Level 2
Financial Assets:
Fair Value		863,289			746,090
Financial Liabilities:
Securitized debt		4,965,310			4,655,195
Convertible senior notes		0			209,065
Estimated Fair Value | Level 2 | 8.875% Senior Notes Due 2029
Financial Liabilities:
Senior notes		114,478			0
Estimated Fair Value | Level 2 | 9.00% Senior Notes Due 2029
Financial Liabilities:
Senior notes		74,903			0
Estimated Fair Value | Level 1
Financial Assets:
Cash and cash equivalents		289,412			318,000
Restricted cash		252,015			170,211
Residential whole loan
Financial Assets:
Securities, at fair value		7,772,607			7,511,508
Residential whole loan | Level 3
Financial Assets:
Securities, at fair value		7,719,191			7,455,729
Residential whole loan | Level 2
Financial Assets:
Securities, at fair value		53,416			55,779
Residential whole loan | Level 1
Financial Assets:
Securities, at fair value		0			0
Residential whole loan | Carrying Value | Level 3
Financial Assets:
Securities, at fair value		9,132,820			8,985,513
Residential whole loan | Carrying Value | Level 2
Financial Assets:
Securities, at fair value		53,416			55,779
Residential whole loan | Estimated Fair Value | Level 3
Financial Assets:
Securities, at fair value		9,105,970			8,949,859
Residential whole loan | Estimated Fair Value | Level 2
Financial Assets:
Securities, at fair value		53,416			55,779
Securities, at fair value
Financial Assets:
Securities, at fair value		863,289			746,090
Securities, at fair value | Level 3
Financial Assets:
Securities, at fair value		0			0
Securities, at fair value | Level 2
Financial Assets:
Securities, at fair value		863,289			746,090
Securities, at fair value | Level 1
Financial Assets:
Securities, at fair value		0			0
Financing agreements with non-mark-to-market collateral provisions | Carrying Value | Level 3
Financial Liabilities:
Financing agreements with mark-to-market collateral provisions		931,146			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		932,031			1,217,671
Agreements with mark-to-market collateral provisions | Carrying Value | Level 3
Financial Liabilities:
Financing agreements with mark-to-market collateral provisions		1,998,352			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		1,999,166			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		730,844			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		$ 730,844			$ 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	Jun. 30, 2024 USD ($) property	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($) property
Carrying value and estimated fair value of financial instruments
Other real estate, fair value	$ 45		$ 49.2
Number of properties | property	352		338
Equity method investments	$ 18.3
Entity Owning A Newly Constructed Industrial Property
Carrying value and estimated fair value of financial instruments
Ownership percentage		75%
Equity method investments		$ 24.8
Commercial Real Estate Owned
Carrying value and estimated fair value of financial instruments
Other real estate, fair value		$ 33.1
Number of properties | property	1

Use of Special Purpose Entiti_3

Use of Special Purpose Entities and Variable Interest Entities - Schedule of Loan Securitization Transaction (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Weighted average fixed rate for Senior Bonds issued	4.63%		4.63%	4.33%
Asset-backed Securities, Securitized Loans and Receivables
Variable Interest Entity [Line Items]
Aggregate unpaid principal balance of residential whole loans sold	$ 8,664,831		$ 8,664,831	$ 8,241,053
Outstanding amount of Senior Bonds, at carrying value	632,912		632,912	765,433
Outstanding amount of Senior Bonds, at fair value	4,414,701		4,414,701	3,985,372
Outstanding amount of Senior Bonds, total	$ 5,047,613		$ 5,047,613	$ 4,750,805
Weighted average fixed rate for Senior Bonds issued	4.88%		4.88%	4.51%
Weighted average contractual maturity of Senior Bonds			34 years	36 years
Cash received			$ 7,504,463	$ 7,089,575
Debt issuance cost	$ 1,300		1,300	1,500
Asset-backed Securities, Securitized Loans and Receivables | Senior Notes
Variable Interest Entity [Line Items]
Debt instrument, face amount	7,567,271		7,567,271	7,152,213
Cash received	160,000		655,100
Proceeds from Senior bond sold with Step up feature		$ 3,400,000	$ 3,700,000
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 | 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	$ 1,083,414		$ 1,083,414	$ 1,047,297

Use of Special Purpose Entiti_4

Use of Special Purpose Entities and Variable Interest Entities - Narrative (Details) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) entity	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Variable Interest Entity [Line Items]
Number of SPE liquidated | entity	1
Total residential whole loans	$ 9,200,000	$ 9,200,000	$ 9,000,000
Asset-backed Securities, Securitized Loans and Receivables
Variable Interest Entity [Line Items]
Proceeds from issuance of debt		7,504,463	7,089,575
Residential whole loans transferred to consolidated VIEs	6,000,000	6,000,000	5,700,000
Securitized debt	5,000,000	5,000,000	4,800,000
Asset-backed Securities, Securitized Loans and Receivables | Other Assets
Variable Interest Entity [Line Items]
Real estate owned at fair value	10,200	10,200	$ 33,300
Asset-backed Securities, Securitized Loans and Receivables | Senior Bonds
Variable Interest Entity [Line Items]
Proceeds from issuance of debt	160,000	655,100
Proceed from debt net of offering expenses and underwriting discount	160,000	$ 654,900
Repayments of debt	$ 68,100

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Interest Income	$ 186,831		$ 144,350		$ 363,662	$ 276,555
Interest Expense	133,342		99,845		262,359	192,681
Net Interest Income	53,489		44,505		101,303	83,874
Reversal/(Provision) for Credit Losses on Residential Whole Loans	1,079		(294)		1,539	(281)
Reversal/(Provision) for Credit Losses on Other Assets	(26)		0		(1,135)	0
Net Interest Income after Reversal/(Provision) for Credit Losses	54,542		44,211		101,707	83,593
Net gain/(loss) on residential whole loans measured at fair value through earnings	16,430		(130,703)		4,917	(1,529)
Impairment and other net gain/(loss) on securities and other portfolio investments	(2,842)		(4,569)		(7,618)	(1,638)
Net gain/(loss) on real estate owned	1,880		2,153		2,871	6,095
Net gain/(loss) on derivatives used for risk management purposes	16,087		60,451		66,028	39,243
Net gain/(loss) on securitized debt measured at fair value through earnings	(10,642)		27,394		(33,104)	(24,331)
Lima One - origination, servicing and other fee income	7,619		11,477		15,547	20,453
Net realized gain/(loss) on residential whole loans held at carrying value	0		0		418	0
Other, net	1,317		5,492		3,192	8,506
Other Income/(Loss), net	29,849		(28,305)		52,251	46,799
Compensation and benefits	21,747		21,771		47,215	42,401
Other general and administrative expense	10,835		11,522		22,830	21,199
Loan servicing, financing and other related costs	8,717		7,598		15,759	17,137
Amortization of intangible assets	800		1,300		1,600	2,600
Income/(loss) before income taxes	42,292		(26,285)		66,554	47,055
Provision for/(benefit from) income taxes	346		(357)		1,395	199
Net Income/(Loss)	41,946	$ 23,213	(25,928)	$ 72,784	65,159	46,856
Less Preferred Stock Dividend Requirement	8,218		8,218		16,437	16,437
Net Income/(Loss) Available to Common Stock and Participating Securities	33,728		(34,146)		48,722	30,419
Total Assets	11,076,925				11,076,925		$ 10,772,690
Operating Segments | Mortgage-Related Assets
Segment Reporting Information [Line Items]
Interest Income	101,216		89,912		196,616	174,732
Interest Expense	70,009		57,308		136,860	113,394
Net Interest Income	31,207		32,604		59,756	61,338
Reversal/(Provision) for Credit Losses on Residential Whole Loans	1,079		(294)		1,539	(595)
Reversal/(Provision) for Credit Losses on Other Assets	(26)				(1,135)
Net Interest Income after Reversal/(Provision) for Credit Losses	32,260		32,310		60,160	60,743
Net gain/(loss) on residential whole loans measured at fair value through earnings	28,474		(97,459)		19,775	(1,949)
Impairment and other net gain/(loss) on securities and other portfolio investments	(1,358)		(3,697)		(6,133)	(767)
Net gain/(loss) on real estate owned	2,167		2,493		3,423	6,417
Net gain/(loss) on derivatives used for risk management purposes	11,296		45,142		47,455	28,820
Net gain/(loss) on securitized debt measured at fair value through earnings	(6,620)		18,887		(18,196)	(15,933)
Lima One - origination, servicing and other fee income	0		0		0	0
Net realized gain/(loss) on residential whole loans held at carrying value	0				418	0
Other, net	(85)		3,812		875	6,020
Other Income/(Loss), net	33,874		(30,822)		47,617	22,608
Compensation and benefits	0		0		0	0
Other general and administrative expense	115		0		121	0
Loan servicing, financing and other related costs	4,796		5,395		10,066	10,114
Amortization of intangible assets	0		0		0	0
Income/(loss) before income taxes	61,223		(3,907)		97,590	73,237
Provision for/(benefit from) income taxes	0		0		0	0
Net Income/(Loss)	61,223		(3,907)		97,590	73,237
Less Preferred Stock Dividend Requirement	0		0		0	0
Net Income/(Loss) Available to Common Stock and Participating Securities	61,223		(3,907)		97,590	73,237
Total Assets	6,575,888				6,575,888		6,370,237
Operating Segments | Lima One
Segment Reporting Information [Line Items]
Interest Income	81,780		51,308		159,870	95,828
Interest Expense	56,746		38,575		113,336	71,370
Net Interest Income	25,034		12,733		46,534	24,458
Reversal/(Provision) for Credit Losses on Residential Whole Loans	0		0		0	314
Reversal/(Provision) for Credit Losses on Other Assets	0				0
Net Interest Income after Reversal/(Provision) for Credit Losses	25,034		12,733		46,534	24,772
Net gain/(loss) on residential whole loans measured at fair value through earnings	(12,044)		(33,244)		(14,858)	420
Impairment and other net gain/(loss) on securities and other portfolio investments	0		0		0	0
Net gain/(loss) on real estate owned	(287)		(340)		(552)	(322)
Net gain/(loss) on derivatives used for risk management purposes	4,791		15,309		18,573	10,423
Net gain/(loss) on securitized debt measured at fair value through earnings	(4,022)		8,507		(14,908)	(8,398)
Lima One - origination, servicing and other fee income	7,619		11,477		15,547	20,453
Net realized gain/(loss) on residential whole loans held at carrying value	0				0	0
Other, net	914		1,076		1,418	1,447
Other Income/(Loss), net	(3,029)		2,785		5,220	24,023
Compensation and benefits	10,765		11,403		22,889	20,943
Other general and administrative expense	4,936		4,198		10,573	7,193
Loan servicing, financing and other related costs	615		131		1,135	350
Amortization of intangible assets	800		1,300		1,600	2,600
Income/(loss) before income taxes	4,889		(1,514)		15,557	17,709
Provision for/(benefit from) income taxes	0		0		0	0
Net Income/(Loss)	4,889		(1,514)		15,557	17,709
Less Preferred Stock Dividend Requirement	0		0		0	0
Net Income/(Loss) Available to Common Stock and Participating Securities	4,889		(1,514)		15,557	17,709
Total Assets	4,167,768				4,167,768		4,000,932
Corporate
Segment Reporting Information [Line Items]
Interest Income	3,835		3,130		7,176	5,995
Interest Expense	6,587		3,962		12,163	7,917
Net Interest Income	(2,752)		(832)		(4,987)	(1,922)
Reversal/(Provision) for Credit Losses on Residential Whole Loans	0		0		0	0
Reversal/(Provision) for Credit Losses on Other Assets	0				0
Net Interest Income after Reversal/(Provision) for Credit Losses	(2,752)		(832)		(4,987)	(1,922)
Net gain/(loss) on residential whole loans measured at fair value through earnings	0		0		0	0
Impairment and other net gain/(loss) on securities and other portfolio investments	(1,484)		(872)		(1,485)	(871)
Net gain/(loss) on real estate owned	0		0		0	0
Net gain/(loss) on derivatives used for risk management purposes	0		0		0	0
Net gain/(loss) on securitized debt measured at fair value through earnings	0		0		0	0
Lima One - origination, servicing and other fee income	0		0		0	0
Net realized gain/(loss) on residential whole loans held at carrying value	0				0	0
Other, net	488		604		899	1,039
Other Income/(Loss), net	(996)		(268)		(586)	168
Compensation and benefits	10,982		10,368		24,326	21,458
Other general and administrative expense	5,784		7,324		12,136	14,006
Loan servicing, financing and other related costs	3,306		2,072		4,558	6,673
Amortization of intangible assets	0		0		0	0
Income/(loss) before income taxes	(23,820)		(20,864)		(46,593)	(43,891)
Provision for/(benefit from) income taxes	346		(357)		1,395	199
Net Income/(Loss)	(24,166)		(20,507)		(47,988)	(44,090)
Less Preferred Stock Dividend Requirement	8,218		8,218		16,437	16,437
Net Income/(Loss) Available to Common Stock and Participating Securities	(32,384)		$ (28,725)		(64,425)	$ (60,527)
Total Assets	$ 333,269				$ 333,269		$ 401,521

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event $ in Millions	1 Months Ended
	Aug. 08, 2024 USD ($) loan_securitization
Legacy RPL/NPL loans
Subsequent Event [Line Items]
Financing receivable number of whole loans sold | loan_securitization	1
Unpaid Principal Balance (“UPB”)	$ 245.4
Non-QM loans
Subsequent Event [Line Items]
Unpaid Principal Balance (“UPB”)	$ 57.5