Arlington Asset Investment (AAIC) 10-Q 14 Nov 23 2023 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Oct. 31, 2023
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Registrant Name	ARLINGTON ASSET INVESTMENT CORP.
Entity Central Index Key	0001209028
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	001-34374
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	54-1873198
Entity Common Stock, Shares Outstanding		28,322,726
Entity Address, Address Line One	6862 Elm Street
Entity Address, Address Line Two	Suite 320
Entity Address, City or Town	McLean
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22101
City Area Code	703
Local Phone Number	373-0200
Document Quarterly Report	true
Document Transition Report	false
Class A Common
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock
Security Exchange Name	NYSE
Trading Symbol	AAIC
7.00% Series B Cumulative Perpetual Redeemable Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	7.00% Series B Cumulative Perpetual Redeemable Preferred Stock
Security Exchange Name	NYSE
Trading Symbol	AAIC PrB
8.250% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	8.250% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Security Exchange Name	NYSE
Trading Symbol	AAIC PrC
6.000% Senior Notes due 2026
Document Information [Line Items]
Title of 12(b) Security	6.000% Senior Notes due 2026
Security Exchange Name	NYSE
Trading Symbol	AAIN
6.75% Senior Notes due 2025
Document Information [Line Items]
Title of 12(b) Security	6.75% Senior Notes due 2025
Security Exchange Name	NYSE
Trading Symbol	AIC

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023		Dec. 31, 2022
ASSETS
Cash and cash equivalents (includes $49 and $296, respectively, from consolidated VIEs)	$ 8,900		$ 28,021
MSR financing receivables, at fair value	191,800		180,365
Credit securities, at fair value	101,546		104,437
Mortgage loans, at fair value	25,216		29,264
Deposits	1,624		1,823
Other assets (includes $1,528 and $2,067, respectively, from consolidated VIEs)	17,081		18,720
Total assets	867,258		1,002,318
Liabilities:
Repurchase agreements	554,707		515,510
Long-term unsecured debt	86,713		86,405
Other liabilities (includes $-0- and $262, respectively, from consolidated VIEs)	12,396		13,718
Total liabilities	653,907		784,978
Commitments and contingencies
Stockholders’ Equity:
Additional paid-in capital	2,026,250		2,024,298
Accumulated deficit	(1,846,004)		(1,840,061)
Total stockholders’ equity	213,351		217,340
Total liabilities and stockholders’ equity	867,258		1,002,318
Variable Interest Entity, Primary Beneficiary
ASSETS
Cash and cash equivalents (includes $49 and $296, respectively, from consolidated VIEs)	49		296
Restricted cash of consolidated VIEs	3	[1]	2,191	[2]
Mortgage loans, at fair value	237		193,957
Other assets (includes $1,528 and $2,067, respectively, from consolidated VIEs)	1,528		2,067
Liabilities:
Secured debt of consolidated VIEs, at fair value	91		169,345
Other liabilities (includes $-0- and $262, respectively, from consolidated VIEs)	0		262
Agency MBS
ASSETS
Agency mortgage-backed securities, at fair value	520,851		443,540
Series B Preferred Stock
Stockholders’ Equity:
Preferred stock	9,001		9,001
Series C Preferred Stock
Stockholders’ Equity:
Preferred stock	23,820		23,820
Common Class A
Stockholders’ Equity:
Common stock	$ 284		$ 282
[1] Restricted cash represents cash collected by the trust that must be used solely to satisfy the liabilities of the VIE in the month following collection. Restricted cash represents cash collected by the trust that must be used solely to satisfy the liabilities of the VIE in the month following collection.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Mortgage loans, at fair value	$ 25,216	$ 29,264
Other assets of consolidated VIEs	17,081	18,720
Other liabilities of consolidated VIEs	(12,396)	(13,718)
Cash and cash equivalents (includes $49 and $296, respectively, from consolidated VIEs)	$ 8,900	$ 28,021
Series B Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, issued (in shares)	379,668	379,668
Preferred stock, outstanding (in shares)	379,668	379,668
Preferred stock, liquidation preference	$ 9,492	$ 9,492
Series C Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, issued (in shares)	957,133	957,133
Preferred stock, outstanding (in shares)	957,133	957,133
Preferred stock, liquidation preference	$ 23,928	$ 23,928
Common Class A
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	28,360,447	28,186,827
Common stock, shares outstanding (in shares)	28,360,447	28,186,827
Variable Interest Entity, Primary Beneficiary
Cash and restricted cash	$ 52	$ 2,487
Mortgage loans, at fair value	237	193,957
Other assets of consolidated VIEs	1,528	2,067
Secured debt, at fair value	(91)	(169,345)
Other liabilities of consolidated VIEs	0	(262)
Net investment in consolidated VIEs	1,726	28,904
Cash and cash equivalents (includes $49 and $296, respectively, from consolidated VIEs)	$ 49	$ 296

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Interest income
MSR financing receivables	$ 5,247	$ 3,608	$ 14,641	$ 10,973
Credit securities and loans	2,849	2,736	8,413	4,580
Other	62	110	350	548
Total interest and other income	13,575	12,388	40,291	28,557
Rent revenues from single-family properties	0	2,103	0	5,304
Interest expense
Repurchase agreements	7,183	2,863	19,912	3,902
Total interest expense	8,759	5,972	25,271	13,673
Net operating income	4,816	6,647	15,020	14,870
Investment and derivative (loss) gain, net	(7,997)	1,235	(5,431)	778
General and administrative expenses
Compensation and benefits	2,091	2,256	6,383	6,645
Other general and administrative expenses	1,142	1,121	5,474	3,803
Total general and administrative expenses	3,233	3,377	11,857	10,448
(Loss) income before income taxes	(6,414)	4,505	(2,268)	5,200
Income tax provision	199	1,074	1,695	4,163
Net (loss) income	(6,613)	3,431	(3,963)	1,037
Dividend on preferred stock	(660)	(675)	(1,980)	(2,124)
Net (loss) income (attributable) available to common stock	$ (7,273)	$ 2,756	$ (5,943)	$ (1,087)
Basic (loss) earnings per common share	$ (0.26)	$ 0.1	$ (0.21)	$ (0.04)
Diluted (loss) earnings per common share	$ (0.26)	$ 0.1	$ (0.21)	$ (0.04)
Weighted-average common shares outstanding (in thousands)
Basic	28,081	28,338	28,055	28,973
Diluted	28,081	28,913	28,055	28,973
Single Family properties
Interest expense
Single-family property operating expenses	$ 0	$ 1,872	$ 0	$ 5,318
Variable Interest Entity, Primary Beneficiary
Interest income
Loans	0	2,303	1,454	5,268
Secured Debt | Single Family properties
Interest expense
Long-term debt	0	741	0	1,867
Secured Debt | Variable Interest Entity, Primary Beneficiary
Interest expense
Secured debt of consolidated VIEs	0	912	681	3,678
Unsecured Debt
Interest expense
Long-term debt	1,576	1,456	4,678	4,226
Agency MBS
Interest income
Mortgage-backed credit securities	$ 5,417	$ 3,631	$ 15,433	$ 7,188

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Preferred Stock	Preferred Stock Series B Preferred Stock	Preferred Stock Series C Preferred Stock	Common Stock Common Class A	Additional Paid-in Capital	Accumulated Deficit
Balances at Dec. 31, 2021	$ 224,127		$ 8,852	$ 27,356	$ 307	$ 2,030,315	$ (1,842,703)
Balances (in shares) at Dec. 31, 2021			373,610	1,117,034	30,676,931
Net income (loss)	(2,701)						(2,701)
Issuance of Class A common stock under stock-based compensation plans					$ 4	(4)
Issuance of Class A common stock under stock-based compensation plans (in shares)					404,746
Forfeiture of Class A common stock under stock-based compensation plans (in shares)					(12,167)
Repurchase of Stock	(3,497)				$ (10)	(3,487)
Repurchase of Stock (in shares)					(1,009,566)
Issuance of preferred stock	149		$ 149
Issuance of preferred stock (in shares)			6,058
Stock-based compensation	761					761
Dividends declared	(742)						(742)
Balances at Mar. 31, 2022	218,097		$ 9,001	$ 27,356	$ 301	2,027,585	(1,846,146)
Balances (in shares) at Mar. 31, 2022			379,668	1,117,034	30,059,944
Balances at Dec. 31, 2021	224,127		$ 8,852	$ 27,356	$ 307	2,030,315	(1,842,703)
Balances (in shares) at Dec. 31, 2021			373,610	1,117,034	30,676,931
Net income (loss)	1,037
Balances at Sep. 30, 2022	214,210		$ 9,001	$ 23,967	$ 286	2,024,746	(1,843,790)
Balances (in shares) at Sep. 30, 2022			379,668	964,823	28,628,959
Balances at Dec. 31, 2021	224,127		$ 8,852	$ 27,356	$ 307	2,030,315	(1,842,703)
Balances (in shares) at Dec. 31, 2021			373,610	1,117,034	30,676,931
Repurchase of Stock					$ (9,316)
Repurchase of Stock (in shares)					(2,794,574)
Issuance of preferred stock (in shares)			6,058
Balances at Dec. 31, 2022	217,340		$ 9,001	$ 23,820	$ 282	2,024,298	(1,840,061)
Balances (in shares) at Dec. 31, 2022			379,668	957,133	28,186,827
Balances at Mar. 31, 2022	218,097		$ 9,001	$ 27,356	$ 301	2,027,585	(1,846,146)
Balances (in shares) at Mar. 31, 2022			379,668	1,117,034	30,059,944
Net income (loss)	307						307
Repurchase of Stock	(3,242)	$ 1,749		$ (1,749)	$ (10)	(3,232)
Repurchase of Stock (in shares)				(72,363)	(947,570)
Stock-based compensation	992					992
Dividends declared	(707)						(707)
Balances at Jun. 30, 2022	213,698		$ 9,001	$ 25,607	$ 291	2,025,345	(1,846,546)
Balances (in shares) at Jun. 30, 2022			379,668	1,044,671	29,112,374
Net income (loss)	3,431						3,431
Repurchase of Class A common stock under stock-based compensation plans	(30)					(30)
Repurchase of Class A common stock under stock-based compensation plans (in shares)					(11,058)
Repurchase of Stock	(1,493)	$ (1,640)		$ (1,640)	$ (5)	(1,488)
Repurchase of Stock (in shares)				(79,848)	(472,357)
Stock-based compensation	919					919
Dividends declared	(675)						(675)
Balances at Sep. 30, 2022	214,210		$ 9,001	$ 23,967	$ 286	2,024,746	(1,843,790)
Balances (in shares) at Sep. 30, 2022			379,668	964,823	28,628,959
Balances at Dec. 31, 2022	217,340		$ 9,001	$ 23,820	$ 282	2,024,298	(1,840,061)
Balances (in shares) at Dec. 31, 2022			379,668	957,133	28,186,827
Net income (loss)	(2,218)						(2,218)
Issuance of Class A common stock under stock-based compensation plans					$ 2	(2)
Issuance of Class A common stock under stock-based compensation plans (in shares)					198,324
Repurchase of Class A common stock under stock-based compensation plans	(74)				$ (24,704)	(74)
Stock-based compensation	757					757
Dividends declared	(660)						(660)
Balances at Mar. 31, 2023	215,145		$ 9,001	$ 23,820	$ 284	2,024,979	(1,842,939)
Balances (in shares) at Mar. 31, 2023			379,668	957,133	28,360,447
Balances at Dec. 31, 2022	217,340		$ 9,001	$ 23,820	$ 282	2,024,298	(1,840,061)
Balances (in shares) at Dec. 31, 2022			379,668	957,133	28,186,827
Net income (loss)	(3,963)
Repurchase of Stock (in shares)					0
Issuance of preferred stock (in shares)			0
Balances at Sep. 30, 2023	213,351		$ 9,001	$ 23,820	$ 284	2,026,250	(1,846,004)
Balances (in shares) at Sep. 30, 2023			379,668	957,133	28,360,447
Balances at Mar. 31, 2023	215,145		$ 9,001	$ 23,820	$ 284	2,024,979	(1,842,939)
Balances (in shares) at Mar. 31, 2023			379,668	957,133	28,360,447
Net income (loss)	4,868						4,868
Stock-based compensation	659					659
Dividends declared	(660)						(660)
Balances at Jun. 30, 2023	220,012		$ 9,001	$ 23,820	$ 284	2,025,638	(1,838,731)
Balances (in shares) at Jun. 30, 2023			379,668	957,133	28,360,447
Net income (loss)	(6,613)						(6,613)
Repurchase of Stock (in shares)					0
Stock-based compensation	612					612
Dividends declared	(660)						(660)
Balances at Sep. 30, 2023	$ 213,351		$ 9,001	$ 23,820	$ 284	$ 2,026,250	$ (1,846,004)
Balances (in shares) at Sep. 30, 2023			379,668	957,133	28,360,447

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net (loss) income	$ (3,963)	$ 1,037
Adjustments to reconcile net (loss) income to net cash used in operating activities
Investment and derivative loss (gain), net	5,431	(778)
Net (discount) premium (accretion) amortization	(14,721)	(7,607)
Other	2,279	4,959
Changes in operating assets
Interest receivable	(560)	(299)
Other assets	(48)	(1,575)
Changes in operating liabilities
Interest payable and other liabilities	(63)	2,641
Accrued compensation and benefits	(1,594)	(739)
Net cash (used in) provided by operating activities	(13,239)	(2,361)
Cash flows from investing activities:
Purchases of credit securities	0	(128,779)
Purchases of MSR financing receivables	(16,201)	(61,693)
Purchases of single-family residential real estate	0	(134,391)
Proceeds from sales of agency mortgage-backed securities	26,016	654,294
Proceeds from sales of credit securities	22,578	10,395
(Payments) proceeds from sales of single-family residential real estate	(120)	128,784
Receipt of principal payments on agency mortgage-backed securities	23,049	27,807
Receipt of principal payments on credit securities	3,048	6,223
Receipt of principal payments on loans	8,556	321
Receipt of principal payments on mortgage loans of consolidated VIE	5,710	34,267
Receipt of distributions on MSR financing receivables	23,384	68,601
Restricted cash balance of VIE upon consolidation	0	9,637
Restricted cash balance of VIE upon deconsolidation	(2,719)	0
Proceeds from (payments for) derivatives and deposits, net	14,597	8,559
Other	335	6,233
Net cash (used in) provided by investing activities	(42,422)	48,147
Cash flows from financing activities:
Proceeds from (repayments of) repurchase agreements, net	39,197	(16,714)
Repayments of secured debt of consolidated VIE	(3,526)	(38,496)
Repurchase of common stock	0	(8,232)
Repayments of long-term debt secured by single-family properties	0	(81,790)
Repurchase of preferred stock	0	(3,389)
Proceeds from issuance of preferred stock	0	149
Proceeds from long-term debt secured by single-family properties	0	99,371
Dividends paid	(1,319)	(2,124)
Net cash provided by (used in) financing activities	34,352	(51,225)
Net decrease in cash, cash equivalents and restricted cash	(21,309)	(5,439)
Cash, cash equivalents and restricted cash, beginning of period	30,212	21,786
Cash, cash equivalents and restricted cash, end of period	8,903	16,347
Supplemental cash flow information:
Cash payments for interest	24,614	12,134
Cash payments for income taxes	69	1,641
Non Cash Investing And Financing activity
Assets of VIE upon consolidation	0	287,282
Assets of VIE upon deconsolidation	(189,360)	0
Liabilities of VIE upon consolidation	0	266,697
Liabilities of VIE upon deconsolidation	(166,783)	0
Agency MBS
Cash flows from investing activities:
Purchases of agency mortgage-backed securities	$ (150,655)	$ (582,111)

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Note 1. Organization and Basis of Presentation Arlington Asset Investment Corp. (“Arlington Asset”) and its consolidated subsidiaries (unless the context otherwise provides, collectively, the “Company”) is an investment firm that focuses primarily on investing in mortgage related assets and residential real estate. The Company’s investment capital is currently allocated between mortgage servicing rights (“MSR”) related assets, credit investments and agency mortgage-backed securities (“MBS”). The Company’s MSR related assets represent investments for which the return is based on the economic performance of a pool of specific MSRs. The Company’s credit investments generally include investments in mortgage loans secured by either residential or commercial real property or MBS collateralized by residential or commercial mortgage loans (“non-agency MBS”) or asset-backed securities (“ABS”) collateralized by residential solar panel loans. The Company’s agency MBS consist of residential mortgage pass-through certificates for which the principal and interest payments are guaranteed by a U.S. government sponsored enterprise (“GSE”), such as the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”). The Company also previously allocated investment capital to a strategy of investing in single-family residential ("SFR") properties that consisted of acquiring, leasing and operating single-family residential homes as rental properties. During 2022, the Company sold its portfolio of SFR properties and is currently no longer anticipating allocating capital to its SFR investment strategy. The Company is a Virginia corporation. The Company is internally managed and does not have an external investment advisor. The Company has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). As a REIT, the Company is required to distribute annually 90 % of its REIT taxable income (subject to certain adjustments). So long as the Company continues to qualify as a REIT, it will generally not be subject to U.S. Federal or state corporate income taxes on its taxable income that it distributes to its shareholders on a timely basis. At present, it is the Company’s intention to distribute 100 % of its taxable income, although the Company will not be required to do so. The Company intends to make distributions of its taxable income within the time limits prescribed by the Internal Revenue Code. The unaudited interim consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X. The Company’s unaudited interim consolidated financial statements and notes thereto should be read in conjunction with the Company’s audited annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The Company’s consolidated financial statements include the accounts of Arlington Asset and all other entities in which the Company has a controlling financial interest. All intercompany accounts and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect amounts reported in the consolidated financial statements. Although the Company bases these estimates and assumptions on historical experience and all other reasonably available information that the Company believes to be relevant under the circumstances, such estimates frequently require management to exercise significant subjective judgment about matters that are inherently uncertain. Actual results may differ materially from these estimates. Certain prior period amounts in the consolidated financial statements and the accompanying notes may have been reclassified to conform to the current year’s presentation. These reclassifications had no impact on the previously reported net income, total assets or total liabilities. Proposed Plan of Merger On May 29, 2023, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Ellington Financial Inc. (“EFC”), EF Merger Sub Inc., a wholly owned subsidiary of EFC (“Merger Sub”) and, solely for the limited purposes set forth in the Merger Agreement, Ellington Financial Management LLC (“EFC Manager”) pursuant to which the Company will merge with and into Merger Sub (the “Merger”), with Merger Sub continuing as the surviving corporation of the Merger. Immediately following the Merger, the surviving corporation of the Merger will be contributed to Ellington Financial Operating Partnership LLC, EFC’s operating partnership subsidiary (the “EFC Operating Partnership”), in exchange for limited liability company interests in the EFC Operating Partnership. As a result of the contribution, the surviving corporation of the Merger will become a wholly owned subsidiary of the EFC Operating Partnership. The consummation of the Merger is subject to standard closing conditions, including approval by the Company’s common shareholders. The Company will hold a special meeting of its shareholders on December 12, 2023 to consider and vote on the proposed Merger. If approved by the Company's shareholders, the proposed Merger is expected to close on or about December 14, 2023, or two business days following the satisfaction of all of the conditions and in accordance with the terms of the Merger Agreement. Pursuant to the terms of the Merger Agreement, at the effective time of the Merger, each issued and outstanding share of the Company’s common stock will be converted into the right to receive (i) from EFC, 0.3619 shares of common stock of EFC and (ii) from EFC Manager, $ 0.09 in cash (collectively, the “Per Share Common Merger Consideration”). Each outstanding share of the Company’s restricted common stock issued under the Company’s long-term incentive compensation plans will become fully vested and, as of the effective time of the Merger, be considered outstanding for all purposes of the Merger Agreement, including the right to receive the Per Share Common Merger Consideration. (See Note 16 – Long-Term Incentive Plan.) Each outstanding Performance-based Stock Award, other than the outstanding Stock Price Awards, issued under the Company’s long-term incentive compensation plans will become earned and fully vested with respect to the number of shares of the Company’s common stock subject to such award immediately prior to the effective time of the Merger based on the achievement of the applicable performance goals at maximum performance levels and, as of the effective time of the Merger, will be treated as a share of the Company’s common stock for all purposes of the Merger Agreement, including the right to receive the Per Share Common Merger Consideration. Each outstanding Stock Price Award issued under the Company’s long-term incentive compensation plans will become earned and fully vested with respect to the number of shares of the Company’s common stock subject to such award immediately prior to the effective time of the Merger based on the achievement of the applicable performance goals at the actual level of performance in connection with the Merger, and, as of the effective time of the Merger, will be treated as a share of the Company’s common stock for all purposes of the Merger Agreement, including the right to receive the Per Share Common Merger Consideration. (See Note 16 – Long-Term Incentive Plan.) Each outstanding award of deferred stock units issued to a non-employee director under the Company’s long-term incentive compensation plans will become fully vested and, as of the effective time of the Merger, be treated as a share of the Company’s common stock for all purposes of the Merger Agreement, including the right to receive the Per Share Common Merger Consideration. (See Note 16 – Long-Term Incentive Plan.) As of the effective time of the Merger, it is expected that there will be 32,360,432 shares of the Company’s common stock eligible to receive the Per Share Merger Consideration comprised of (i) 28,360,447 outstanding shares of common stock, including 828,127 outstanding shares of restricted common stock, (ii) 3,451,713 shares of common stock earned under outstanding Performance-based Stock Awards, and (iii) 548,272 shares of deferred stock units issued to non-employee directors. In addition, at the effective time of the Merger, (a) each share of the Company’s Series B Preferred Stock issued and outstanding immediately prior to the effective time will be automatically converted into the right to receive one share of newly designated 7.00 % Series D Cumulative Perpetual Redeemable Preferred Stock of EFC and (b) each share of the Company’s Series C Preferred Stock issued and outstanding immediately prior to the effective time will be automatically converted into the right to receive one share of newly designated 8.250 % Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock of EFC. (See Note 15 – Stockholders’ Equity.) By virtue of the Merger, all debts, obligations and liabilities of the Company will become the debts, obligations and liabilities of the surviving corporation, including the Company’s outstanding trust preferred securities, 6.75 % Senior Notes due 2025 and 6.000 % Senior Notes due 2026. (See Note 9 – Borrowings.)

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Cash Equivalents Cash equivalents include demand deposits with banks, money market accounts and highly liquid investments with original maturities of three months or less. As of September 30, 2023 and December 31, 2022 , approximately 98 % and 84 %, respectively, of the Company’s cash equivalents were invested in money market funds that invest primarily in U.S. Treasuries and other securities backed by the U.S. government. Investment Security Purchases and Sales Purchases and sales of investment securities are recorded on the settlement date of the transfer unless the trade qualifies as a “regular-way” trade and the associated commitment qualifies for an exemption from the accounting guidance applicable to derivative instruments. A regular-way trade is an investment security purchase or sale transaction that is expected to settle within the period of time following the trade date that is prevalent or traditional for that specific type of security. Any amounts payable or receivable for unsettled security trades are recorded as “sold securities receivable” or “purchased securities payable” in the consolidated balance sheets. Interest Income Recognition for Investments in Agency MBS, Mortgage Loans of Consolidated VIEs and Credit Securities of High Credit Quality The Company recognizes interest income for its investments in agency MBS, mortgage loans of consolidated variable interest entities (“VIEs”) and credit securities that are considered to be of high credit quality (that is, those with a Standard & Poor's rating of AA or higher or an equivalent rating from another rating agency) by applying the “interest method” permitted by GAAP, whereby purchase premiums and discounts are amortized and accreted, respectively, as an adjustment to contractual interest income accrued at each investment’s stated interest rate. The interest method is applied at the individual instrument level based upon each instrument’s effective interest rate. The Company calculates each instrument’s effective interest rate at the time of purchase or initial recognition by solving for the discount rate that equates the present value of that instrument's remaining contractual cash flows (assuming no principal prepayments) to its purchase cost. Because each instrument’s effective interest rate does not reflect an estimate of future prepayments, the Company refers to this manner of applying the interest method as the “contractual effective interest method.” When applying the contractual effective interest method, as principal prepayments occur, a proportional amount of the unamortized premium or unaccreted discount is recognized in interest income such that the contractual effective interest rate on any remaining security or loan balance is unaffected. For mortgage loans of consolidated VIEs, the Company ceases the accrual of interest income (i.e., places the loan in non-accrual status) when it believes collectability of principal and interest in full is not reasonably assured, which generally occurs when a loan is three or more monthly payments past due, unless the loan is well secured and in the process of collection based upon an individual loan assessment. Upon placing a loan in non-accrual status, any previously accrued but uncollected interest is derecognized and a corresponding reduction to current period interest income is recorded. While a loan is in non-accrual status, the Company recognizes interest income only when interest payments occur. Interest Income Recognition for Investments in Other Credit Securities and MSR Financing Receivables The Company recognizes interest income for its investments in credit securities (other than those considered to be of high credit quality) and MSR financing receivables by applying the prospective level-yield methodology required by GAAP for financial assets that are either not of high credit quality at the time of acquisition or can be contractually prepaid or otherwise settled in such a way that the Company would not recover substantially all of its recorded investment. The amount of periodic interest income recognized is determined by applying the investment’s effective interest rate to its amortized cost basis (or “reference amount”). At the time of acquisition, the investment’s effective interest rate is calculated by solving for the single discount rate that equates the present value of the Company’s best estimate of the amount and timing of the cash flows expected to be collected from the investment to its purchase cost. To prepare its best estimate of cash flows expected to be collected, the Company develops a number of assumptions about the future performance of the pool of loans that serve as collateral for its investment, including assumptions about the timing and amount of prepayments and credit losses. For investments in MSR financing receivables, the Company's estimate of cash flows expected to be collected reflects all components of its mortgage servicing counterparty's payment obligation, which is comprised of cash flows referenced to the monthly net cash flows of the underlying reference pool of MSRs net of (i) the counterparty's periodic interest payments and principal repayments related to advances obtained via its third-party secured financing facility collateralized by MSRs to which the Company's MSR financing receivables are referenced and (ii) fees payable to the counterparty. In each subsequent quarterly reporting period, the amount and timing of cash flows expected to be collected from the investment are re-estimated based upon current information and events. The following table provides a description of how periodic changes in the estimate of cash flows expected to be collected affect interest income recognition prospectively for investments in credit securities and MSR financing receivables: Scenario: Effect on Interest Income Recognition for Investments in Credit Securities and MSR Financing Receivables: A positive change in cash flows occurs. Actual cash flows exceed prior estimates and/or a positive change occurs in the estimate of expected remaining cash flows. A revised effective interest rate is calculated and applied prospectively such that the positive change in cash flows is recognized as incremental interest income over the remaining life of the investment. The amount of periodic interest income recognized over the remaining life of the investment will be reduced accordingly. Generally, the investment’s effective interest rate is reduced accordingly and applied on a prospective basis. However, if the revised effective interest rate is negative, the investment’s existing effective interest rate is retained while the reference amount to which the existing effective interest rate will be prospectively applied is reduced to the present value of cash flows expected to be collected, discounted at the investment’s existing effective interest rate. An adverse change in cash flows occurs. Actual cash flows fall short of prior estimates and/or an adverse change occurs in the estimate of expected remaining cash flows. Other Significant Accounting Policies Certain of the Company’s other significant accounting policies are summarized in the following notes: Investments in agency MBS, subsequent measurement Note 3 Investments in credit securities, subsequent measurement Loans held for investment, subsequent measurement Investments in MSR financing receivables, subsequent measurement Investments in SFR properties Note 4 Note 5 Note 6 Note 7 Consolidation of variable interest entities Borrowings Note 8 Note 9 To-be-announced agency MBS transactions, including “dollar rolls” Note 10 Derivative instruments Note 10 Balance sheet offsetting Note 11 Fair value measurements Income taxes Note 12 Note 13 Stock-based compensation Note 16 Refer to the Company’s 2022 Annual Report on Form 10-K for a complete inventory and summary of the Company’s significant accounting policies. Recent Accounting Pronouncements The following table provides a brief description of recently issued accounting pronouncements and their actual or expected effect on the Company’s consolidated financial statements: Standard Description Date of Adoption Effect on the Consolidated Financial Statements Recently Issued Accounting Guidance Not Yet Adopted ASU Nos. 2020-04, 2021-01, and 2022-06, Reference Rate Reform (Topic 848) The amendments in these updates provide optional practical expedients and exceptions for applying GAAP to the modification of receivables, debt or lease contracts as well as cash flow and fair value hedge accounting relationships that reference a rate, such as the London Interbank Offered Rate (“LIBOR”), that has been discontinued because of reference rate reform. The practical expedients and exceptions provided by these updates are effective from March 12, 2020 through December 31, 2024. Not yet adopted. No material modifications due to reference rate reform were necessary for the Company's receivables, debt, derivative or lease contracts. The Company has not elected to apply hedge accounting for financial reporting purposes. Accordingly, ASU Nos. 2020-04, 2021-01 and 2022-06 did not have a material effect on the Company's consolidated financial statements.

Investments in Agency MBS

Investments in Agency MBS	9 Months Ended
	Sep. 30, 2023
Agency MBS
Investments in Credit Securities	Note 3. Investments in Agency MBS The Company has elected to classify its investments in agency MBS as trading securities. Accordingly, the Company’s investments in agency MBS are reported in the accompanying consolidated balance sheets at fair value. As of September 30, 2023 and December 31, 2022 , the fair value of the Company’s investments in agency MBS was $ 520,851 and $ 443,540 , respectively. As of September 30, 2023, all the Company’s investments in agency MBS represent undivided (or “pass-through”) beneficial interests in specified pools of fixed-rate mortgage loans. All periodic changes in the fair value of agency MBS that are not attributed to interest income are recognized as a component of “investment and derivative gain (loss), net” in the accompanying consolidated statements of comprehensive income. The following table provides additional information about the gains and losses recognized as a component of “investment and derivative gain (loss), net” in the Company’s consolidated statements of comprehensive income for the periods indicated with respect to investments in agency MBS: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net gains (losses) recognized in earnings for: Agency MBS still held at period end $ ( 23,495 ) $ ( 24,430 ) $ ( 24,482 ) $ ( 26,911 ) Agency MBS sold during the period — 1,702 ( 245 ) ( 32,365 ) Total $ ( 23,495 ) $ ( 22,728 ) $ ( 24,727 ) $ ( 59,276 ) The Company also invests in and finances fixed-rate agency MBS on a generic pool basis through sequential series of to-be-announced security transactions commonly referred to as “dollar rolls.” Dollar rolls are accounted for as a sequential series of derivative instruments. Refer to “Note 10. Derivative Instruments” for further information about dollar rolls.

Investments in Credit Securitie

Investments in Credit Securities	9 Months Ended
	Sep. 30, 2023
Credit Securities
Investments in Credit Securities	Note 4. Investments in Credit Securities The Company has elected to classify its investments in credit securities as trading securities. Accordingly, the Company’s investments in credit securities are reported in the accompanying consolidated balance sheets at fair value. As of September 30, 2023 and December 31, 2022 , the fair value of the Company’s investments in credit securities was $ 101,546 and $ 104,437 , respectively. As of September 30, 2023, the Company’s investments in credit securities primarily consist of non-agency MBS collateralized by commercial mortgage loans or pools of business purpose residential mortgage loans and ABS collateralized by pools of residential solar panel loans. All periodic changes in the fair value of credit securities that are not attributed to interest income are recognized as a component of “investment and derivative gain (loss), net” in the accompanying consolidated statements of comprehensive income. The following table provides additional information about the gains and losses recognized as a component of “investment and derivative gain (loss), net” in the Company’s consolidated statements of comprehensive income for the periods indicated with respect to investments in credit securities: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net gains (losses) recognized in earnings for: Credit securities still held at period end $ 63 $ ( 1,552 ) $ ( 105 ) $ ( 2,227 ) Credit securities sold during the period — — — ( 970 ) Total $ 63 $ ( 1,552 ) $ ( 105 ) $ ( 3,197 )

Loans Held for Investment

Loans Held for Investment	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Loans Held for Investment	Note 5. Loans Held for Investment As of September 30, 2023 and December 31, 2022, the Company held a position in a syndicated loan secured by a first lien position in healthcare facilities and guaranteed by the operator of the facilities. As of September 30, 2023 and December 31, 2022, the total outstanding principal balance was $ 75,805 and $ 86,579 , respectively, of which the Company held a pari-passu position of $ 25,622 and $ 29,264 , respectively. The loan bears interest at a floating rate equal to one-month term SOFR plus 5.61% . The loan had an original maturity date of March 23, 2023 . On March 23, 2023, the loan was amended to grant the borrower a three-month extension of the maturity date to June 23, 2023 and to grant the borrower an option for an additional three-month extension of the maturity date to September 22, 2023 . On June 23, 2023, the borrower exercised its three-month extension option resulting in an extended maturity date of September 22, 2023. On September 22, 2023, the lenders and borrower entered into a forbearance agreement for a temporary forbearance period through September 29, 2023. On September 29, 2023, the lenders and borrower entered into an additional forbearance agreement for a temporary forbearance period through October 6, 2023. On October 5, 2023, the loan was amended to grant the borrower a three-month extension of the maturity date to March 22, 2024. As a condition of the amendment to extend the maturity date, the borrower was required to make a principal payment. As of the date of the loan agreement amendment, October 5, 2023, the total outstanding principal balance was $ 65,205 of which the Company held a pari-passu position of $ 22,039 . The loan has monthly principal amortization with the remaining principal balance due at loan maturity and is current on its monthly debt service. As of December 31, 2022, the Company was party to a participation agreement pursuant to which the Company had committed to fund up to $ 30,000 of a $ 130,000 revolving credit facility that matures on July 7, 2024 . Under the terms of the participation agreement, the Company was required to fund the last $ 30,000 of advances under the revolving credit facility. Any draws under the revolving credit facility bore interest at SOFR plus 3.86% with a SOFR floor of 1.00 % and were secured by a first lien on all accounts receivable and a second lien on all other assets of the borrower. The borrower was also required to pay an unused commitment fee of 0.50 %. As of December 31, 2022, the Company’s funded loan advances were $ 4,914 , which is included in the line item "other assets" in the accompanying consolidated balance sheets. On February 27, 2023, the Company's $ 30,000 commitment was terminated. The Company has elected to account for its loans held for investment at fair value on a recurring basis with periodic changes in fair value recognized as a component of “investment and derivative gain (loss), net” in the accompanying consolidated statements of comprehensive income. As of September 30, 2023 and December 31, 2022 , the Company’s investments were $ 25,216 and $ 34,178 , respectively, at fair value. The Company recognizes interest income on its loans held for investment based upon the effective interest rate of the loans which is equal to the contractual note rate of each loan.

Investments in MSR Financing Re

Investments in MSR Financing Receivables	9 Months Ended
	Sep. 30, 2023
Receivables [Abstract]
Investments in MSR Financing Receivables	Note 6. Investments in MSR Financing Receivables The Company does not hold the requisite licenses to purchase or hold MSRs directly. However, the Company has entered into agreements with a licensed, GSE approved residential mortgage loan servicer that enable the Company to garner the economic return of an investment in an MSR purchased by the mortgage servicing counterparty through an MSR financing transaction. Under the terms of the arrangement, for an MSR acquired by the mortgage servicing counterparty (i) the Company purchases the “excess servicing spread” from the mortgage servicer counterparty, entitling the Company to monthly distributions of the servicing fees collected by the mortgage servicing counterparty in excess of 12.5 basis points per annum (and to distributions of corresponding proceeds of sale of the MSRs), and (ii) the Company funds the balance of the MSR purchase price to the parent company of the mortgage servicing counterparty and, in exchange, has an unsecured right to payment of certain amounts determined by reference to the MSR, generally equal to the servicing fee revenue less the excess servicing spread and the costs of servicing (and to distributions of corresponding proceeds of sale of the MSRs), net of fees earned by the mortgage servicing counterparty and its affiliates including an incentive fee equal to a percentage of the total return of the MSR in excess of a hurdle rate of return. During the three month period ended June 30, 2023, the Company's mortgage servicing counterparty agreed to accept an early payment in full satisfaction of the Company's remaining incentive fee payment obligations for the three-year performance periods ending December 31, 2023 and April 1, 2024 (see "Note 12. Fair Value Measurements" for further information). The Company has committed to invest a total minimum of $ 50,000 in capital with the counterparty with $ 25,000 of the minimum commitment expiring on December 31, 2023 and $ 25,000 of the minimum commitment expiring on April 1, 2024 . As of September 30, 2023, the Company has fully funded its minimum capital commitment. Under the arrangement, the Company is obligated to provide funds to the mortgage servicing counterparty to fund the counterparty’s advances of payments on the serviced pool of mortgage loans. The mortgage servicing counterparty is required to return to the Company subsequent servicing advances collected from the underlying borrowers. The mortgage servicing counterparty is entitled to reimbursement from the GSEs of any servicing advances that are not subsequently collected from the underlying borrowers. As of September 30, 2023 and December 31, 2022 , the Company had provided funds of $ 3,086 and $ 6,046 , respectively, to its mortgage servicing counterparty related to the counterparty’s servicing advances made pursuant to the MSRs to which the Company’s MSR financing receivables are referenced. As a means to increase potential returns to the Company, at the Company’s election, it can request the mortgage servicing counterparty utilize leverage on the MSRs to which the Company’s MSR financing receivables are referenced to finance the purchase of additional MSRs. As of September 30, 2023 and December 31, 2022 , the Company’s counterparty had drawn $ 0 and $ 7,863 , respectively, of financing secured by the MSRs to which the Company’s MSR financing receivables are referenced. The Company accounts for transactions executed under its arrangement with the mortgage servicing counterparty as financing transactions and reflects the associated financing receivables in the line item “MSR financing receivables” on its consolidated balance sheets. The Company has elected to account for its MSR financing receivables at fair value with changes in fair value that are not attributed to interest income recognized as a component of “investment and derivative gain (loss), net” in the accompanying consolidated statements of comprehensive income. As described in further detail in “Note 2. Summary of Significant Accounting Policies,” the Company recognizes interest income for MSR financing receivables by applying the prospective level-yield methodology required by GAAP for financial assets that are either not of high credit quality at the time of acquisition or can be contractually prepaid or otherwise settled in such a way that the Company would not recover substantially all of its recorded investment. As of September 30, 2023 and December 31, 2022 , the fair value of the Company’s investments in MSR financing receivables was $ 191,800 and $ 180,365 , respectively. The following table presents activity related to the carrying value of the Company’s investments in MSR financing receivables for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Balance at period beginning $ 195,893 $ 120,260 $ 180,365 $ 125,018 Capital investments — 40,474 16,201 61,693 Capital distributions ( 7,800 ) ( 4,049 ) ( 23,384 ) ( 68,601 ) Accretion of interest income 5,247 3,608 14,641 10,973 Changes in valuation inputs and assumptions ( 1,540 ) 4,292 3,977 35,502 Balance at period end $ 191,800 $ 164,585 $ 191,800 $ 164,585

Investments in SFR Properties

Investments in SFR Properties	9 Months Ended
	Sep. 30, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Investments in SFR Properties	Note 7. Investments in SFR Properties The Company previously allocated investment capital to a strategy of investing in SFR properties that consisted of acquiring, leasing and operating single-family residential homes as rental properties. During 2022, the Company sold its portfolio of SFR properties and is currently no longer anticipating allocating capital to an SFR investment strategy. The Company conducted its SFR investment strategy through a wholly-owned subsidiary, McLean SFR Investment, LLC ("McLean SFR"). To execute its strategy of investing in SFR properties, the Company entered into an agreement with a third-party investment advisory firm to identify, acquire and manage investments in SFR properties on behalf of the Company. Under the terms of the agreement, the Company had committed to fund up to $ 55,000 of capital to fund the acquisition of SFR properties. On January 18, 2023, the Company's capital commitment amount was reduced to zero as a result of its sale of its remaining portfolio of SFR properties on December 1, 2022. Under the terms of the advisory agreement, the Company was obligated to pay the third-party firm a minimum fee plus an incentive fee equal to a percentage of the total investment return in excess of a hurdle rate of return. The Company terminated its agreement with the third-party investment advisory firm on April 28, 2023. Upon the termination of the agreement, the Company paid a termination fee equal to a fixed amount less inception to date minimum fees paid to the third-party firm as well as the incentive fee earned. The Company’s investments in SFR properties were initially recognized on the settlement date of their acquisition at cost. The Company allocated the initial acquisition cost of each property to land and building on the basis of their relative fair values at the time of acquisition. To determine the relative fair value of land and building at the time of acquisition, the Company used available market data, such as property specific county tax assessment records. Subsequent to the acquisition of a property, expenditures which improved or extended the life of the property were capitalized as a component of the property’s cost basis. Expenditures for ordinary maintenance and repairs were recognized as an expense as incurred and were reported as a component of “single-family property operating expenses” in the Company’s consolidated statements of comprehensive income. The Company subsequently recognized depreciation of each property’s buildings and capitalized improvements over the expected useful lives of those assets. The Company calculated depreciation on a straight-line basis over a useful life of 27.5 years for buildings and useful lives ranging from five to 27.5 years for capitalized improvements. The Company reported depreciation expense as a component of “single-family property operating expenses” in the Company’s consolidated statements of comprehensive income. Pursuant to its SFR investment strategy, the Company leased its SFR properties to tenants who occupied the properties. The leases generally had terms of one year or more and were classified as operating leases. Rental revenue, net of any concessions, was recognized over the term of each lease on a straight-line basis. If the Company determined that collectability of lease payments was not probable, any lease receivables previously recognized were reversed and rental revenue was limited to cash received. Costs directly associated with the origination of a lease, such as a commission paid to a property manager when a lease agreement was obtained, were deferred at the commencement of the lease and subsequently recognized ratably as an expense over the lease term, consistent with the recognition of rental revenue from the lease. The ratable expense recognition of lease direct costs was reported as a component of “single-family property operating expenses” in the Company’s consolidated statements of comprehensive income. In addition to the expense items previously mentioned, “single-family property operating expenses” also included accruals for, but not limited to, third-party property management fees, local real estate tax assessments, utilities, homeowners’ association dues and property insurance. The Company evaluated its SFR properties for impairment whenever circumstances indicated that their carrying amounts may not be recoverable. Significant indicators of potential impairment included, but were not limited to, declines in home values, adverse changes in rental or occupancy rates and relevant unfavorable changes in the broader economy. If indicators of potential impairment existed, the Company performed a recoverability test by comparing the property’s net carrying amount to its estimate of the undiscounted future net cash flows expected to be obtained from the use and eventual disposition of the property. If the property’s carrying amount exceeded the Company’s estimate of the undiscounted future net cash flows expected to be obtained from the property, the Company would have recognized an impairment loss equal to the amount that the property’s net carrying amount exceeded the property’s estimated fair value. From time to time, the Company identified SFR properties to be sold. At the time that any such properties were identified, the Company performed an evaluation to determine whether or not such properties should be classified as held for sale. Factors considered as part of the Company's held for sale evaluation process included whether the following conditions had been met: (i) the Company had committed to a plan to sell a property; (ii) the property was immediately available for sale in its present condition; (iii) an active program to locate a buyer and other actions required to complete the plan to sell a property had been initiated; (iv) the sale of a property was probable within one year (generally determined based upon listing for sale); (v) the property was being actively marketed for sale at a price that was reasonable in relation to its current fair value; and (vi) actions required to complete the plan indicated that it is unlikely that significant changes to the plan would be made or that the plan would be withdrawn. To the extent that these factors were all present, the Company ceased depreciating the property, measured the property at the lower of its carrying amount or its fair value less estimated costs to sell, and presented the property separately on its consolidated balance sheets. On August 19, 2022, the Company completed a sale of 371 SFR properties for a gross sale price of $ 130,026 for a gain of $ 14,391 that is net of accrued incentive fees to the Company's third-party investment firm. On December 1, 2022, the Company completed a sale of McLean SFR, which included all of the Company's remaining investments in SFR properties and its long-term debt facility secured by SFR properties, for a gross sale price of $ 87,050 , including the assumption of the debt liability (see Note 9 "Borrowings"), for a gain of $ 1,789 that is net of accrued incentive fees and termination fees to the Company's third-party investment advisory firm. During the three and nine months ended September 30, 2022, the Company recognized $ 632 and $ 1,951 , respectively, of depreciation expense related to its SFR properties.

Consolidation of Variable Inter

Consolidation of Variable Interest Entities	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation of Variable Interest Entities	Note 8. Consolidation of Variable Interest Entities The vehicles that issue the Company’s investments in securitized mortgage assets are considered VIEs. The Company is required to consolidate any VIE in which it holds a variable interest if it determines that it holds a controlling financial interest in the VIE and is, therefore, determined to be the primary beneficiary of the VIE. The Company is determined to be the primary beneficiary of a VIE in which it holds a variable interest if it both (i) holds the power to direct the activities that most significantly impact the VIE’s economic performance and (ii) has the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The economic performance of the trusts that issue the Company’s investments in securitized mortgage assets is most significantly impacted by the performance of the mortgage loans that are held by the trusts. The party that is determined to have the most power to direct the loss mitigation actions that are taken with respect to delinquent or otherwise troubled mortgage loans held by the trust is, therefore, deemed to hold the most power to direct the activities that most significantly impact the trust’s economic performance. As a passive investor, the Company does not have the power to direct the loss mitigation activities of most of the trusts that have issued its securitized mortgage assets. On September 30, 2020, the Company acquired for $ 10,693 an investment that represents a majority interest in the first loss position of a securitized pool of business purpose residential mortgage loans. As majority holder of the first loss position, the Company is required to approve any material loss mitigation action proposed by the servicer with respect to a troubled loan. The Company also has the option (but not the obligation) to purchase delinquent loans from the trust. As a result of these contractual rights, the Company determined that it is the party with the most power to direct the loss mitigation activities and, therefore, the economic performance of the trust. As holder of the majority of the first loss position issued by the trust, the Company has the obligation to absorb losses or the right to receive benefits that could potentially be significant to the trust. Accordingly, the Company determined that it is the primary beneficiary of the trust and consolidated the trust’s assets and liabilities owed to third parties onto its consolidated balance sheets. On February 3, 2022, the Company acquired for $ 20,585 investments in the first loss position and the excess interest-only strip of a securitized pool of recently originated, performing “non-qualified” residential mortgage loans. The Company’s investment in the excess interest-only strip provided it with the option (but not the obligation) to purchase delinquent loans from the trust. As a result of this contractual right, the Company determined that it had the power to circumvent the loss mitigation activities that would otherwise be performed by the servicer and, therefore, was the party with the most power to impact the economic performance of the trust. As a result of its investments, the Company also had the obligation to absorb losses or the right to receive benefits that could potentially be significant to the trust. Accordingly, the Company determined that it was the primary beneficiary of the trust and consolidated the trust’s assets and liabilities owed to third parties onto its consolidated balance sheets. On March 7, 2023, the Company sold all of its investments in the securitized pool of "non-qualified" residential mortgage loans and, as a result, deconsolidated the issuing securitization trust. The carrying values of the assets and liabilities of the consolidated VIEs, net of elimination entries, are as follows as of the dates indicated: September 30, 2023 VIE of Business Purpose Residential Mortgage Loans VIE of Residential Mortgage Loans Total Cash of consolidated VIEs $ 49 $ — $ 49 Restricted cash of consolidated VIEs (1) 3 — 3 Mortgage loans of consolidated VIEs, at fair value 237 — 237 Other assets of consolidated VIEs 1,528 — 1,528 Secured debt of consolidated VIEs, at fair value ( 91 ) — ( 91 ) Other liabilities of consolidated VIEs — — — Net investment in consolidated VIEs $ 1,726 $ — $ 1,726 (1) Restricted cash represents cash collected by the trust that must be used solely to satisfy the liabilities of the VIE in the month following collection. December 31, 2022 VIE of Business Purpose Residential Mortgage Loans VIE of Residential Mortgage Loans Total Cash of consolidated VIEs $ 296 $ — $ 296 Restricted cash of consolidated VIEs (1) 16 2,175 2,191 Mortgage loans of consolidated VIEs, at fair value 2,320 191,637 193,957 Other assets of consolidated VIEs 1,389 678 2,067 Secured debt of consolidated VIEs, at fair value ( 200 ) ( 169,145 ) ( 169,345 ) Other liabilities of consolidated VIEs ( 1 ) ( 261 ) ( 262 ) Net investment in consolidated VIEs $ 3,820 $ 25,084 $ 28,904 (1) Restricted cash represents cash collected by the trust that must be used solely to satisfy the liabilities of the VIE in the month following collection. The debt of the Company’s consolidated VIEs have recourse solely to the assets of the respective VIE; it has no recourse to the general credit of the Company. Consolidated VIE of Business Purpose Residential Mortgage Loans The pool of business purpose residential mortgage loans held by the consolidated VIE consists of fixed-rate, short-term, interest-only mortgage loans (with the full amount of principal due at maturity) made to professional real estate investors and are secured by first lien positions in non-owner occupied residential real estate. The properties that secure these mortgage loans often require construction, repair or rehabilitation. The repayment of the mortgage loans is often largely based on the ability of the borrower to sell the mortgaged property or to convert the property for rental purposes and obtain refinancing in the form of a longer-term loan. Consolidated VIE of Residential Mortgage Loans On March 7, 2023, the Company sold all of its investments in the securitized pool of residential mortgage loans and, as a result, deconsolidated the issuing securitization trust. The pool of mortgage loans of the previously consolidated VIE consisted of performing, first lien “non-qualified” residential mortgage loans. “Non-qualified” residential mortgage loans are loans that do not fully comply with the “ability-to-repay” rule and related guidelines of the Truth-in-Lending Act established by the Consumer Finance Protection Bureau pursuant to the authority granted under the Dodd-Frank Act. A “qualified” residential mortgage loan (i.e., a residential mortgage loan that fully complies with the “ability-to-repay” rule of the Truth-in-Lending Act) must meet certain debt-to-income ratio requirements and cannot have certain features, such as an interest-only period, negative amortization, balloon payments or terms longer than 30 years. Qualified mortgage loans have limited upfront fees and points and, generally, cannot have prepayment penalties except for limited circumstances. Lenders of qualified mortgage loans are afforded certain legal protections not available to non-qualified mortgage loan lenders. Accounting for Consolidated VIEs The Company has elected to account for the mortgage loans and debt of its consolidated VIEs at fair value with changes in fair value that are not attributed to interest income or interest expense, respectively, recognized as a component of “investment and derivative gain (loss), net” in the accompanying consolidated statements of comprehensive income. As described in further detail in “Note 2. Summary of Significant Accounting Policies,” the Company recognizes interest income for the mortgage loans of its consolidated VIEs by applying the “interest method” permitted by GAAP, whereby the premium or discount recognized at the initial recognition of each loan is amortized or accreted as an adjustment to contractual interest income accrued at the loan’s contractual interest rate. The Company ceases the accrual of interest income for a mortgage loan (i.e., places the loan in non-accrual status) when it believes collectability of principal and interest in full is not reasonably assured, which generally occurs when a loan is three or more monthly payments past due, unless the loan is well secured and in the process of collection based upon an individual loan assessment. Upon placing a loan in non-accrual status, any previously accrued but uncollected interest is derecognized and a corresponding reduction to current period interest income is recorded. The following table presents information about the accrual status of the loans of the Company’s consolidated VIE of business purpose residential mortgage loans as of September 30, 2023: Aggregate Fair Value Aggregate Unpaid Principal Balance Difference Less than 90 days past due and in accrual status $ — $ — $ — 90 days or more past due and in non-accrual status 237 237 — Total mortgage loans of consolidated VIE $ 237 $ 237 $ —

Borrowings

Borrowings	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Borrowings	Note 9. Borrowings Repurchase Agreements The Company finances the purchase of mortgage investments through repurchase agreements, which are accounted for as collateralized borrowing arrangements. In a repurchase transaction, the Company sells a mortgage investment to a counterparty under a master repurchase agreement in exchange for cash and concurrently agrees to repurchase the same asset at a future date in an amount equal to the cash initially exchanged plus an agreed-upon amount of interest. Mortgage investments sold under agreements to repurchase remain on the Company’s consolidated balance sheets because the Company maintains effective control over such assets throughout the duration of the arrangement. Throughout the contractual term of a repurchase agreement, the Company recognizes a “repurchase agreement” liability on its consolidated balance sheets to reflect the obligation to repay to the counterparty the proceeds received upon the initial transfer of the mortgage investment. The difference between the proceeds received by the Company upon the initial transfer of the mortgage investment and the contractually agreed-upon repurchase price is recognized as interest expense ratably over the term of the repurchase arrangement . Amounts borrowed pursuant to repurchase agreements are equal in value to a specified percentage of the fair value of the pledged collateral. The Company retains beneficial ownership of the pledged collateral throughout the term of the repurchase agreement. The counterparty to the repurchase agreements may require that the Company pledge additional securities or cash as additional collateral to secure borrowings when the value of the collateral declines. The Company’s MBS repurchase agreement arrangements generally carry a fixed rate of interest and are short-term in nature with contract durations generally ranging from 30 to 60 days , but may be as short as one day or as long as one year. As of September 30, 2023 and December 31, 2022 , the Company had no amount at risk with a single repurchase agreement counterparty or lender greater than 10% of equity. The following table provides information regarding the Company’s outstanding repurchase agreement borrowings as of the dates indicated: September 30, 2023 December 31, 2022 Agency MBS repurchase financing: Repurchase agreements outstanding $ 475,109 $ 406,072 Agency MBS collateral, at fair value 499,324 425,023 Net amount (1) 24,215 18,951 Weighted-average rate 5.48 % 4.47 % Weighted-average term to maturity 12.0 days 12.0 days Non-agency MBS repurchase financing: Repurchase agreements outstanding $ 79,598 $ 88,953 MBS collateral, at fair value 88,524 98,933 Net amount (1) 8,926 9,980 Weighted-average rate 6.08 % 5.02 % Weighted-average term to maturity 18.0 days 20.0 days Mortgage loans repurchase financing: Repurchase agreements outstanding $ — $ 20,485 Mortgage loans collateral, at fair value — 29,264 Net amount (1) — 8,779 Weighted-average rate 6.84 % Weighted-average term to maturity 235.0 days Total mortgage investments repurchase financing: Repurchase agreements outstanding $ 554,707 $ 515,510 Mortgage investments collateral, at fair value 587,848 553,220 Net amount (1) 33,141 37,710 Weighted-average rate 5.57 % 4.66 % Weighted-average term to maturity 12.9 days 22.2 days (1) Net amount represents the value of collateral in excess of corresponding repurchase obligation. The amount of collateral at-risk is limited to the outstanding repurchase obligation and not the entire collateral balance. The following table provides information regarding the Company’s outstanding repurchase agreement borrowings during the three and nine months ended September 30, 2023 and 2022: September 30, 2023 September 30, 2022 Weighted-average outstanding balance during the three months ended $ 504,467 $ 430,792 Weighted-average rate during the three months ended 5.57 % 2.60 % Weighted-average outstanding balance during the nine months ended $ 500,120 $ 351,960 Weighted-average rate during the nine months ended 5.25 % 1.46 % Long-Term Unsecured Debt As of September 30, 2023 and December 31, 2022 , the Company had $ 86,713 and $ 86,405 , respectively, of outstanding long-term unsecured debentures, net of unamortized debt issuance costs of $ 968 and $ 1,276 , respectively. The Company’s long-term unsecured debentures consisted of the following as of the dates indicated: September 30, 2023 December 31, 2022 Senior Senior Trust Senior Senior Trust Outstanding $ 34,931 $ 37,750 $ 15,000 $ 34,931 $ 37,750 $ 15,000 Annual 6.75 % 6.000 % Three Month Term SOFR + 6.75 % 6.000 % Three Month LIBOR+ Interest Payment Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Weighted-Average 6.75 % 6.000 % 8.32 % 6.75 % 6.000 % 6.83 % Maturity March 15, 2025 August 1, 2026 2033 - 2035 March 15, 2025 August 1, 2026 2033 - 2035 The Senior Notes due 2025 and the Senior Notes due 2026 are publicly traded on the New York Stock Exchange under the ticker symbols “AIC” and “AAIN,” respectively. The Senior Notes due 2025, the Senior Notes due 2026 and the Trust Preferred Debt may be redeemed in whole or in part at any time and from time to time at the Company’s option at a redemption price equal to the principal amount plus accrued and unpaid interest. The indenture governing the Senior Notes contains certain covenants, including limitations on the Company’s ability to merge or consolidate with other entities or sell or otherwise dispose of all or substantially all of the Company’s assets. Long-Term Debt Secured by Single-family Properties On September 28, 2021, McLean SFR, a wholly-owned subsidiary of Arlington Asset, entered into a loan agreement with a third-party lender to fund McLean SFR’s purchases of SFR properties. As a result of the sale of McLean SFR on December 1, 2022, the obligations under the loan agreement were assumed by the acquiror of McLean SFR (see Note 7 "Investments in Single-Family Residential Properties"). Under the terms of the loan agreement, loan advances were available to be drawn up to 74 % of the fair value of eligible SFR properties up to a maximum loan amount of $ 150,000 . Advances under the loan agreement were able to be drawn during the advance period, which would end on the earlier of the date the outstanding principal balance equals the maximum loan amount or March 28, 2023. The outstanding principal balance was due on October 9, 2026 and advances under the loan agreement bore interest at a fixed rate of 2.76 %. The loan was secured by a first priority interest in all the assets of McLean SFR and a first priority pledge of the equity interest of McLean SFR.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 10. Derivative Instruments In the normal course of its operations, the Company is a party to financial instruments that are accounted for as derivative instruments. Derivative instruments are recorded at fair value as either “other assets” or “other liabilities” in the consolidated balance sheets, with all periodic changes in fair value reflected as a component of “investment and derivative gain (loss), net” in the consolidated statements of comprehensive income. Cash receipts or payments related to derivative instruments are classified as investing activities within the consolidated statements of cash flows. Types and Uses of Derivative Instruments Interest Rate Hedging Instruments The Company is party to interest rate hedging instruments that are intended to economically hedge changes, attributable to changes in benchmark interest rates, in agency MBS and MSR financing receivable fair values and future interest cash flows on the Company’s short-term financing arrangements. Interest rate hedging instruments may include centrally cleared interest rate swaps, exchange-traded instruments, such as U.S. Treasury note futures, Eurodollar futures, interest rate swap futures and options on futures, and non-exchange-traded instruments such as options on agency MBS. While the Company uses its interest rate hedging instruments to economically hedge a portion of its interest rate risk, it has not designated such contracts as hedging instruments for financial reporting purposes. The Company exchanges cash “variation margin” with the counterparties to its interest rate hedging instruments on a daily basis based upon daily changes in fair value as measured by the Chicago Mercantile Exchange (“CME”), the central clearinghouse through which those instruments are cleared. In addition, the CME requires market participants to deposit and maintain an “initial margin” amount which is determined by the CME and is generally intended to be set at a level sufficient to protect the CME from the maximum estimated single-day price movement in that market participant’s contracts. However, futures commission merchants may require “initial margin” in excess of the CME’s requirement. Receivables recognized for the right to reclaim cash initial margin posted in respect of interest rate hedging instruments are included in the line item “deposits” in the accompanying consolidated balance sheets. The daily exchange of variation margin associated with a centrally cleared or exchange-traded hedging instrument is legally characterized as the daily settlement of the instrument itself, as opposed to a pledge of collateral. Accordingly, the Company accounts for the daily receipt or payment of variation margin associated with its interest rate swaps and futures as a direct reduction to the carrying value of the derivative asset or liability, respectively. The carrying amount of interest rate swaps and futures reflected in the Company’s consolidated balance sheets is equal to the unsettled fair value of such instruments; because variation margin is exchanged on a one-day lag, the unsettled fair value of such instruments generally represents the change in fair value that occurred on the last trading day of the reporting period. To-Be-Announced Agency MBS Transactions, Including “Dollar Rolls” In addition to interest rate hedging instruments that are used for interest rate risk management, the Company is a party to derivative instruments that economically serve as investments, such as forward commitments to purchase fixed-rate “pass-through” agency MBS on a non-specified pool basis, which are known as to-be-announced (“TBA”) securities. A TBA security is a forward commitment for the purchase or sale of a fixed-rate agency MBS at a predetermined price, face amount, issuer, coupon, and stated maturity for settlement on an agreed upon future date. The specific agency MBS that will be delivered to satisfy the TBA trade is not known at the inception of the trade. The specific agency MBS to be delivered is determined 48 hours prior to the settlement date. The Company accounts for TBA securities as derivative instruments because the Company cannot assert that it is probable at inception and throughout the term of an individual TBA commitment that its settlement will result in physical delivery of the underlying agency MBS, or the individual TBA commitment will not settle in the shortest time period possible. The Company’s agency MBS investment portfolio may include net purchase (or “net long”) positions in TBA securities, which are primarily the result of executing sequential series of “dollar roll” transactions. The Company executes dollar roll transactions as a means of investing in and financing non-specified fixed-rate agency MBS. Such transactions involve effectively delaying (or “rolling”) the settlement of a forward purchase of a TBA agency MBS by entering into an offsetting sale with the same counterparty prior to the settlement date, net settling the “paired-off” positions in cash, and contemporaneously entering, with the same counterparty, another forward purchase of a TBA agency MBS of the same characteristics for a later settlement date. TBA securities purchased for a forward settlement month are generally priced at a discount relative to TBA securities sold for settlement in the current month. This discount, often referred to as the dollar roll “price drop,” reflects compensation for the net interest income (interest income less financing costs) that is foregone as a result of economically relinquishing beneficial ownership of the MBS for the duration of the dollar roll (also known as “dollar roll income”). By executing a sequential series of dollar roll transactions, the Company is able to create the economic experience of investing in an agency MBS, financed with a repurchase agreement, over a period of time. Forward purchases and sales of TBA securities are accounted for as derivative instruments in the Company’s financial statements. Accordingly, dollar roll income is recognized as a component of “investment and derivative gain (loss), net” along with all other periodic changes in the fair value of TBA commitments. In addition to transacting in net long positions in TBA securities for investment purposes, the Company may also, from time to time, transact in net sale (or “net short”) positions in TBA securities for the purpose of economically hedging a portion of the sensitivity of the fair value of the Company’s investments in agency MBS to changes in interest rates. In addition to TBA transactions, the Company may, from time to time, enter into commitments to purchase or sell specified agency MBS that do not qualify as regular-way security trades. Such commitments are also accounted for as derivative instruments. Under the terms of commitments to purchase or sell TBAs or specified agency MBS, the daily exchange of variation margin may occur based on changes in the fair value of the underlying agency MBS if a party to the transaction demands it. Receivables recognized for the right to reclaim cash collateral posted by the Company in respect of agency MBS purchase or sale commitments is included in the line item “deposits” in the accompanying consolidated balance sheets. Liabilities recognized for the obligation to return cash collateral received by the Company in respect of agency MBS purchase or sale commitments is included in the line item “other liabilities” in the accompanying consolidated balance sheets. Derivative Instrument Population and Fair Value The following table presents the fair value of the Company’s derivative instruments as of the dates indicated: September 30, 2023 December 31, 2022 Assets Liabilities Assets Liabilities Interest rate swaps $ 82 $ ( 4 ) $ 8 $ — TBA commitments 9,421 — 5,652 ( 22 ) Total $ 9,503 $ ( 4 ) $ 5,660 $ ( 22 ) Interest Rate Swaps The Company’s Secured Overnight Financing Rate (“SOFR”) based interest rate swap agreements represent agreements to make (or receive) annual interest payments based upon a fixed interest rate and receive (or make) annual variable interest payments based upon the daily SOFR over the preceding annual period. The following table presents information about the Company’s interest rate swap agreements that were in effect as of September 30, 2023: Weighted-average: Notional Fixed Receive Variable (Pay) Net (Pay) Remaining Fair Receive-fixed $ 60,000 3.58 % ( 5.31 )% ( 1.73 )% 4.2 $ 82 Pay-fixed 25,000 ( 4.20 )% 5.31 % 1.11 % 1.3 ( 4 ) Total / weighted-average $ 85,000 1.29 % ( 2.19 )% ( 0.90 )% 3.4 $ 78 The following table presents information about the Company’s interest rate swap agreements that were in effect as of December 31, 2022: Weighted-average: Notional Fixed Receive Variable (Pay) Net (Pay) Remaining Fair Receive-fixed $ 60,000 3.58 % ( 4.30 )% ( 0.72 )% 4.9 $ 8 TBA Commitments The following tables present information about the Company’s TBA commitments as of the dates indicated: September 30, 2023 Notional Amount: Contractual Forward Price Market Price Fair Value 3.0% 30-year MBS sale commitments $ ( 67,000 ) $ ( 57,104 ) $ ( 55,453 ) $ 1,651 4.0% 30-year MBS sale commitments ( 73,000 ) ( 66,681 ) ( 65,044 ) 1,637 4.5% 30-year MBS sale commitments ( 311,000 ) ( 291,840 ) ( 285,707 ) 6,133 Total TBA commitments, net $ ( 451,000 ) $ ( 415,625 ) $ ( 406,204 ) $ 9,421 December 31, 2022 Notional Amount: Contractual Forward Price Market Price Fair Value 3.0% 30-year MBS sale commitments $ ( 70,000 ) $ ( 62,828 ) $ ( 61,516 ) $ 1,312 4.0% 30-year MBS sale commitments ( 150,000 ) ( 142,255 ) ( 140,830 ) 1,425 4.5% 30-year MBS sale commitments ( 205,000 ) ( 200,365 ) ( 197,472 ) 2,893 Total TBA commitments, net $ ( 425,000 ) $ ( 405,448 ) $ ( 399,818 ) $ 5,630 Derivative Instrument Gains and Losses The following tables provide information about the derivative gains and losses recognized within the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest rate derivatives: Interest rate swaps: Net interest (expense) income (1) $ ( 183 ) $ 258 $ ( 473 ) $ ( 315 ) Unrealized (losses) gains, net ( 908 ) ( 1,420 ) ( 1,230 ) 5,277 Gains realized upon early termination, net — 5,238 385 8,687 Total interest rate swap (losses) gains, net ( 1,091 ) 4,076 ( 1,318 ) 13,649 U.S. Treasury note futures, net — — — ( 782 ) Options on U.S. Treasury note futures, net — — — ( 4 ) Total interest rate derivative (losses) gains, net ( 1,091 ) 4,076 ( 1,318 ) 12,863 TBA commitments: TBA dollar roll income (expense) (2) 722 ( 421 ) 1,479 682 Other gains (losses) on TBA commitments, net 18,079 2,998 18,100 ( 1,971 ) Total gains (losses) on TBA commitments, net 18,801 2,577 19,579 ( 1,289 ) Total derivative gains, net $ 17,710 $ 6,653 $ 18,261 $ 11,574 (1) Represents the periodic net interest settlement incurred during the period (often referred to as “net interest carry”). Also includes “price alignment interest” income earned or expense incurred on cumulative variation margin paid or received, respectively, associated with centrally cleared interest rate swap agreements. (2) Represents the price discount of forward-settling TBA purchases (sales) relative to a contemporaneously executed “spot” TBA sale (purchase), which economically equates to net interest income (expense) that is earned (incurred) ratably over the period beginning on the settlement date of the sale (purchase) and ending on the settlement date of the forward-settling purchase (sale) . Derivative Instrument Activity The following tables summarize the volume of activity, in terms of notional amount, related to derivative instruments for the periods indicated: For the Three Months Ended September 30, 2023 Beginning of Additions Scheduled Early End of Period Interest rate swaps $ 85,000 $ — $ — $ — $ 85,000 TBA commitments, net 364,000 1,243,000 ( 1,156,000 ) — 451,000 For the Three Months Ended September 30, 2022 Beginning of Additions Scheduled Settlements Early End of Period Interest rate swaps $ 230,000 $ 90,000 $ — $ ( 125,000 ) $ 195,000 TBA commitments, net 155,000 535,000 ( 435,000 ) — 255,000 For the Nine Months Ended September 30, 2023 Beginning of Additions Scheduled Early End of Period Interest rate swaps $ 60,000 $ 50,000 $ — $ ( 25,000 ) $ 85,000 TBA commitments, net 425,000 3,801,000 ( 3,775,000 ) — 451,000 For the Nine Months Ended September 30, 2022 Beginning of Additions Scheduled Settlements Early End of Period Interest rate swaps $ 150,000 $ 235,000 $ — $ ( 190,000 ) $ 195,000 10-year U.S. Treasury note futures 25,000 50,000 ( 50,000 ) ( 25,000 ) — Purchased call options on 10-year U.S. 25,000 — ( 25,000 ) — — TBA commitments, net — 1,290,000 ( 1,035,000 ) — 255,000 Cash Collateral Posted and Received for Derivative and Other Financial Instruments The following table presents information about the cash collateral posted by the Company in respect of its derivative and other financial instruments, which is included in the line item “deposits” in the accompanying consolidated balance sheets, for the dates indicated: September 30, 2023 December 31, 2022 Cash collateral posted for: Interest rate swaps (cash initial margin) $ 1,624 $ 1,823

Offsetting of Financial Assets

Offsetting of Financial Assets and Liabilities	9 Months Ended
	Sep. 30, 2023
Offsetting [Abstract]
Offsetting of Financial Assets and Liabilities	Note 11. Offsetting of Financial Assets and Liabilities The agreements that govern certain of the Company’s derivative instruments and collateralized short-term financing arrangements provide for a right of setoff in the event of default or bankruptcy with respect to either party to such transactions. The Company presents derivative assets and liabilities as well as collateralized short-term financing arrangements on a gross basis. Receivables recognized for the right to reclaim cash initial margin posted in respect of interest rate derivative instruments are included in the line item “deposits” in the accompanying consolidated balance sheets. The daily exchange of variation margin associated with a centrally cleared or exchange-traded derivative instrument is legally characterized as the daily settlement of the derivative instrument itself, as opposed to a pledge of collateral. Accordingly, the Company accounts for the daily receipt or payment of variation margin associated with its interest rate swaps and futures as a direct reduction to the carrying value of derivative asset or liability, respectively. The carrying amount of interest rate swaps and futures reflected in the Company’s consolidated balance sheets is equal to the unsettled fair value of such instruments; because variation margin is exchanged on a one-day lag, the unsettled fair value of such instruments generally represents the change in fair value that occurred on the last day of the reporting period. The following tables present information, as of the dates indicated, about the Company’s derivative instruments, short-term borrowing arrangements, and associated collateral, including those subject to master netting (or similar) arrangements: As of September 30, 2023 Gross Amount Amount Offset Net Amount Gross Amount Not Offset in the Net Financial (1) Cash (2) Assets: Derivative instruments: Interest rate swaps $ 82 $ — $ 82 $ ( 4 ) $ — $ 78 TBA commitments 9,421 — 9,421 — — 9,421 Total derivative instruments 9,503 — 9,503 ( 4 ) — 9,499 Total assets $ 9,503 $ — $ 9,503 $ ( 4 ) $ — $ 9,499 Liabilities: Derivative instruments: Interest rate swaps $ 4 $ — $ 4 $ ( 4 ) $ — $ — Total derivative instruments 4 — 4 ( 4 ) — — Repurchase agreements 554,707 — 554,707 ( 554,707 ) — — Total liabilities $ 554,711 $ — $ 554,711 $ ( 554,711 ) $ — $ — As of December 31, 2022 Gross Amount Amount Offset Net Amount Gross Amount Not Offset in the Net Financial (1) Cash (2) Assets: Derivative instruments: TBA commitments $ 5,652 $ — $ 5,652 $ ( 22 ) $ — $ 5,630 Interest rate swaps 8 — 8 — — 8 Total derivative instruments 5,660 — 5,660 ( 22 ) — 5,638 Total assets $ 5,660 $ — $ 5,660 $ ( 22 ) $ — $ 5,638 Liabilities: Derivative instruments: TBA commitments $ 22 $ — $ 22 $ ( 22 ) $ — $ — Total derivative instruments 22 — 22 ( 22 ) — — Repurchase agreements 515,510 — 515,510 ( 515,510 ) — — Total liabilities $ 515,532 $ — $ 515,532 $ ( 515,532 ) $ — $ — (1) Does not include the fair value amount of financial instrument collateral pledged in respect of repurchase agreements that exceeds the associated liability presented in the consolidated balance sheets. (2) Does not include the amount of cash collateral pledged in respect of derivative instruments and repurchase agreements that exceeds the associated liability presented in the consolidated balance sheets .

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 12. Fair Value Measurements Fair Value of Financial Instruments The accounting principles related to fair value measurements define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures , establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels, giving the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3) as described below: Level 1 Inputs - Unadjusted quoted prices in active markets for identical assets or liabilities that are accessible by the Company at the measurement date; Level 2 Inputs - Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly; and Level 3 Inputs - Unobservable inputs for the asset or liability, including significant judgments made by the Company about the assumptions that a market participant would use. The Company measures the fair value of the following assets and liabilities: Investments in Financial Assets Agency MBS – The Company’s investments in agency MBS are classified within Level 2 of the fair value hierarchy. Inputs to fair value measurements of the Company’s investments in agency MBS include price estimates obtained from third-party pricing services. In determining fair value, third-party pricing services use a market approach. The inputs used in the fair value measurements performed by the third-party pricing services are based upon readily observable transactions for securities with similar characteristics (such as issuer/guarantor, coupon rate, stated maturity, and collateral pool characteristics) occurring on the measurement date. The Company makes inquiries of the third-party pricing sources and reviews their documented valuation methodologies to understand the significant inputs and assumptions used to determine prices. The Company reviews the various third-party fair value estimates and performs procedures to validate their reasonableness, including comparison to recent trading activity for similar securities and an overall review for consistency with market conditions observed as of the measurement date. Credit securities – The Company's investments in commercial MBS are classified within Level 2 of the fair value hierarchy. Inputs to fair value measurements of the Company's investments in commercial MBS include quoted prices for similar assets in recent market transactions and estimates obtained from third-party sources including pricing services and dealers. In determining fair value, third-party pricing sources use a market approach. The inputs used in the fair value measurements performed by third-party pricing sources are based upon observable transactions for securities with similar characteristics. The Company reviews the third-party fair value estimates and performs procedures to validate their reasonableness, including comparisons to recent trading activity observed for similar securities as well as an internally derived discounted future cash flow measurement. The Company’s investments in non-agency MBS collateralized by a pool of business purpose residential mortgage loans and ABS collateralized by residential solar panel loans are classified within Level 3 of the fair value hierarchy. To measure the fair value of the Company’s non-agency MBS investment secured by a pool of business purpose residential mortgage loans, the Company uses an income approach by preparing an estimate of the present value of the amount and timing of the cash flows expected to be collected from the security over its expected remaining life. To prepare the estimate of cash flows expected to be collected, the Company uses significant judgment to develop assumptions about the future performance of the pool of business purpose residential mortgage loans that serve as collateral, including loan-level probabilities of default and loss-given-default. As of September 30, 2023 and December 31, 2022 , the remaining population of business purpose residential mortgage loans serving as collateral to the Company's non-agency MBS investment represented less than one percent of the original collateral pool. Because the repayment of business purpose residential mortgage loans is often largely based on the ability of the borrower to sell the mortgaged property or to convert the property for rental purposes and obtain refinancing in the form of a longer-term loan, relatively high delinquency and default rates are common and expected attributes of this asset class. The following table presents the weighted-average of the significant inputs to the fair value measurement of the Company’s non-agency MBS secured by business purpose residential mortgage loans as of dates indicated: September 30, 2023 December 31, 2022 Probability of default 100.0 % 27.8 % Loss-given-default 0.0 % 18.3 % Inputs to fair value measurements of the Company’s investments in ABS collateralized by residential solar panel loans includes either quoted prices obtained from dealers or an internally derived discounted future cash flow measurement. Loans – The Company’s commercial mortgage loan investment is classified within Level 3 of the fair value hierarchy. To measure the fair value of its mortgage loan investment, the Company uses an income approach by preparing an estimate of the present value of the expected future cash flows of the loan over its expected remaining life, discounted at a current market rate. The significant unobservable inputs to the fair value measurement of the Company’s mortgage loan investment are the estimated probability of default and the discount rate, which is based on current market yields and interest rate spreads for a similar loan. As of September 30, 2023 , the estimated probability of default and discount rate for the Company’s mortgage loan investment were 0 % and 12.4 %, respectively. As of December 31, 2022 , the estimated probability of default and discount rate for the Company’s mortgage loan investment were 0 % and 10.0 %, respectively. Mortgage loans and secured debt of consolidated VIEs – The Company has elected to apply a fair value measurement practical expedient permitted by GAAP to measure the fair value of the mortgage loans and debt obligations of its consolidated VIEs. The fair value measurement practical expedient is permitted to be applied to consolidated “collateralized financing entities,” which are VIEs for which the financial liabilities of the VIE have contractual recourse solely to the financial assets of the VIE. As of September 30, 2023 and December 31, 2022, pursuant to the practical expedient, the Company measured the fair value of both the mortgage loans and the debt obligations of its consolidated VIE of business purpose residential mortgage loans based upon the fair value of the mortgage loans of the VIE. As of December 31, 2022, the senior debt obligations of the consolidated VIE had been fully extinguished and only the subordinate debt obligation of the consolidated VIE remained. The business purpose residential mortgage loans and subordinate debt obligation of the consolidated VIE are classified within Level 3 of the fair value hierarchy. To measure the fair value of the business purpose residential mortgage loans of the consolidated VIE as of September 30, 2023 and December 31, 2022, the Company used significant judgment to develop assumptions about the future performance of each business purpose residential mortgage loan, which included determining loan-level probabilities of default and loss-given-default. As of September 30, 2023 and December 31, 2022 , the remaining population of business purpose residential mortgage loans represented less than two percent of the original collateral pool. Because the repayment of business purpose residential mortgage loans is often largely based on the ability of the borrower to sell the mortgaged property or to convert the property for rental purposes and obtain refinancing in the form of a longer-term loan, relatively high delinquency and default rates are common and expected attributes of this asset class. The following table presents the weighted-average of the significant inputs to the fair value measurement of the business purpose residential mortgage loans of the Company’s consolidated VIE as of the periods indicated: September 30, 2023 December 31, 2022 Probability of default 100.0 % 44.1 % Loss-given-default 24.3 % 11.3 % On March 7, 2023, the Company sold all of its investments in its previously consolidated VIE of residential mortgage loans and, as a result, deconsolidated the VIE. As of December 31, 2022, the Company measured the fair value of both the residential mortgage loans and the debt obligations of its consolidated VIE of residential mortgage loans based upon the fair value of the debt obligations as the fair value of the debt securities issued by the VIE were more observable to the Company than the fair value of the underlying mortgage loans. The senior and mezzanine debt obligations of the consolidated VIE of residential mortgage loans were classified within Level 2 of the fair value hierarchy. Inputs to the fair value measurements of the senior and mezzanine debt obligations of the consolidated VIE included quoted prices for similar assets in recent market transactions and estimates obtained from third-party pricing sources, including pricing services and dealers. In determining fair value, third-party pricing sources use a market approach. The inputs used in the fair value measurements performed by third-party pricing sources were based upon observable transactions for securities with similar characteristics. The residential mortgage loans and the subordinate and excess interest-only debt obligations of the consolidated VIE of residential mortgage loans (held by the Company as investments and eliminated against the associated debt of the VIE in consolidation) were classified within Level 3 of the fair value hierarchy. To measure the fair value of the subordinate and excess interest-only debt obligations of the consolidated VIE of residential mortgage loans, the Company used an income approach by preparing an estimate of the present value of the amount and timing of the cash flows expected to be collected from each security over its expected remaining life. To prepare the estimate of cash flows expected to be collected, the Company used significant judgment to develop assumptions about the future performance of the pool of residential mortgage loans that served as collateral, including assumptions about the timing and amount of credit losses and prepayments. The significant unobservable inputs to the fair value measurement included the estimated rate of prepayment, rate of default and loss-given-default for the underlying pool of mortgage loans as well as the discount rate, which represented a market participant’s current required rate of return for a similar instrument. The following table presents the weighted-average of the significant inputs to the fair value measurement of the subordinate and excess interest-only debt obligations of its consolidated VIE of residential mortgage loans as of December 31, 2022: Subordinate Debt Obligation Excess Interest-Only Debt Obligations Annualized voluntary prepayment rate 10.0 % 10.0 % Annualized default rate 0.5 % 0.5 % Loss-given-default 17.5 % 17.5 % Discount rate 7.8 % 17.7 % MSR financing receivables – The Company’s MSR financing receivables are classified within Level 3 of the fair value hierarchy. The Company uses a nationally recognized, independent third-party mortgage analytics and valuation firm to estimate the fair value of the underlying MSRs from which the Company’s MSR financing receivables primarily derive their value. The third-party valuation firm estimates the fair value of the underlying MSRs using a discounted cash flow analysis using their proprietary prepayment models and market analysis. The Company corroborates the third-party valuation firm’s estimate of the fair value of the underlying MSRs and evaluates the estimate for reasonableness. The significant unobservable inputs to the fair value measurement of the underlying MSRs include the following: • the discount rate, which represents a market participant’s current required rate of return for similar MSRs; • expected rates of prepayment within the serviced pools of mortgage loans; and • annual per-loan cost of servicing. The following table presents the significant unobservable inputs to the fair value measurement of the MSRs underlying the Company’s MSR financing receivables as of the periods indicated: September 30, 2023 December 31, 2022 Discount rate 10.0 % 8.5 % Annualized prepayment rate 6.2 % 7.0 % Annual per-loan cost of servicing (current loans) $ 60.00 $ 65.00 Pursuant to the Company’s MSR financing receivable arrangements, upon the consummation of three-year performance periods ending December 31, 2023 and April 1, 2024, the Company’s mortgage servicing counterparty is entitled to an incentive fee payment equal to a percentage of the total return of the underlying MSRs in excess of a hurdle rate of return. Accordingly, the fair value of the Company’s MSR financing receivables reflects the present value of any expected incentive fee payment that would be owed to its counterparty. The present value of the expected incentive fee payment is estimated based upon the timing and amount of capital contributions from (and cash distributions to) the Company to (from) its mortgage servicing counterparty to date as well as the future expected cash flows from the MSR financing receivables over the remaining performance periods, which is derived from the current fair value of the underlying reference MSRs. As of September 30, 2023 and December 31, 2022 , the present value of expected future incentive fee payments reflected in fair value of the Company’s MSR financing receivables was $ 0 and $ 12,568 , respectively. During the three month period ended June 30, 2023, the Company's mortgage servicing counterparty agreed to accept an early payment of $ 9,650 in full satisfaction of the Company's remaining incentive fee payment obligations for the three-year performance periods ending December 31, 2023 and April 1, 2024. Cumulatively, the Company paid $ 10,794 in incentive fee payments to the Company's mortgage servicing counterparty, all of which were paid during the six months ended June 30, 2023. Derivative instruments Exchange-traded derivative instruments – Exchange-traded derivative instruments, which include U.S. Treasury note futures, Eurodollar futures, interest rate swap futures, and options on futures, are classified within Level 1 of the fair value hierarchy as they are measured using quoted prices for identical instruments in liquid markets. Interest rate swaps – Interest rate swaps are classified within Level 2 of the fair value hierarchy. The fair values of the Company’s centrally cleared interest rate swaps are measured using the daily valuations reported by the clearinghouse through which the instrument was cleared. In performing its end-of-day valuations, the clearinghouse constructs forward interest rate curves (for example, SOFR forward rates) from its specific observations of that day’s trading activity. The clearinghouse uses the applicable forward interest rate curve to develop a market-based forecast of future remaining contractually required cash flows for each interest rate swap. Each market-based cash flow forecast is then discounted using the SOFR curve (sourced from the Federal Reserve Bank of New York) to determine a net present value amount which represents the instrument’s fair value. Forward-settling purchases and sales of TBA securities – Forward-settling purchases and sales of TBA securities are classified within Level 2 of the fair value hierarchy. The fair value of each forward-settling TBA contract is measured using price estimates obtained from a third-party pricing service, which are based upon readily observable transaction prices occurring on the measurement date for forward-settling contracts to buy or sell TBA securities with the same guarantor, contractual maturity, and coupon rate for delivery on the same forward settlement date as the commitment under measurement. Other Long-term unsecured debt - As of September 30, 2023 and December 31, 2022 , the carrying value of the Company’s long-term unsecured debt was $ 86,713 and $ 86,405 , respectively, net of unamortized debt issuance costs, and consists of Senior Notes and trust preferred debt issued by the Company. The Company’s estimate of the fair value of long-term unsecured debt is $ 79,613 and $ 79,900 as of September 30, 2023 and December 31, 2022, respectively. The Company’s Senior Notes, which are publicly traded on the New York Stock Exchange, are classified within Level 1 of the fair value hierarchy. Trust preferred debt is classified within Level 2 of the fair value hierarchy as the fair value is estimated based on the quoted prices of the Company’s publicly traded Senior Notes. Investments in equity securities of publicly-traded companies – As of December 31, 2022 , the Company had investments in equity securities of publicly-traded companies at fair value of $ 234 , which is included in the line item “other assets” in the accompanying consolidated balance sheets. Investments in publicly traded stock are classified within Level 1 of the fair value hierarchy as their fair value is measured based on unadjusted quoted prices in active exchange markets for identical assets. Investments in equity securities of non-public companies and investment funds – As of September 30, 2023 and December 31, 2022 , the Company had investments in equity securities of non-public companies and investment funds measured at fair value of $ 2,724 and $ 2,964 , respectively, which are included in the line item “other assets” in the accompanying consolidated balance sheets. Investments in equity securities of non-public companies and investment funds are classified within Level 3 of the fair value hierarchy. The fair values of the Company’s investments in equity securities of non-public companies and investment funds are not readily determinable. Accordingly, the Company estimates fair value by estimating the enterprise value of the investee which it then allocates to the investee’s securities in the order of their preference relative to one another. To estimate the enterprise value of the investee, the Company uses traditional valuation methodologies based on income and market approaches, including the consideration of recent investments in, or tender offers for, the equity securities of the investee, a discounted cash flow analysis and a comparable guideline public company valuation. The primary unobservable inputs used in estimating the fair value of an equity security of a non-public company include (i) a stock price to net asset multiple for similar public companies that is applied to the entity’s net assets, (ii) a discount factor for lack of marketability and control, and (iii) a cost of equity discount rate, used to discount to present value the equity cash flows available for distribution and the terminal value of the entity. As of September 30, 2023 , the stock price to net asset multiple for similar public companies, the discount factor for lack of marketability and control, and the cost of equity discount rate used as inputs were 100 percent, 20 per cent, and 17 percent, respectively. As of December 31, 2022, the stock price to net asset multiple for similar public companies, the discount factor for lack of marketability and control, and the cost of equity discount rate used as inputs were 97 percent, 15 percent, and 16 percent, respectively. Financial assets and liabilities for which carrying value approximates fair value - Cash and cash equivalents, restricted cash, deposits, receivables, repurchase agreements, payables, and other assets (aside from those previously discussed) and liabilities are generally reflected in the consolidated balance sheets at their cost, which, due to the short-term nature of these instruments and their limited inherent credit risk, approximates fair value. Fair Value Hierarchy Financial Instruments Measured at Fair Value on a Recurring Basis The following tables set forth financial instruments measured at fair value by level within the fair value hierarchy as of September 30, 2023 and December 31, 2022. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. September 30, 2023 Total Level 1 Level 2 Level 3 Financial assets: Agency MBS $ 520,851 $ — $ 520,851 $ — MSR financing receivables 191,800 — — 191,800 Loans 25,216 — — 25,216 Credit securities 101,546 — 99,434 2,112 Mortgage loans of consolidated VIEs 237 — — 237 Derivative assets 9,503 — 9,503 — Other assets 2,724 — — 2,724 Financial liabilities: Secured debt of consolidated VIEs 91 — — 91 Derivative liabilities 4 — 4 — December 31, 2022 Total Level 1 Level 2 Level 3 Financial assets: Agency MBS $ 443,540 $ — $ 443,540 $ — MSR financing receivables 180,365 — — 180,365 Loans 29,264 — — 29,264 Credit securities 104,437 — 98,933 5,504 Mortgage loans of consolidated VIE 193,957 — — 193,957 Derivative assets 5,660 — 5,660 — Other assets 3,198 234 — 2,964 Financial liabilities: Secured debt of consolidated VIE 169,345 — 159,464 9,881 Derivative liabilities 22 — 22 — Level 3 Financial Assets and Liabilities The table below sets forth an attribution of the change in the fair value of the Company’s Level 3 financial assets that are measured at fair value on a recurring basis for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Beginning balance $ 228,201 $ 393,501 $ 412,054 $ 195,767 Net (loss) gains included in "Investment and derivative ( 1,940 ) ( 13,199 ) 2,300 ( 11,583 ) Additions from consolidation of VIEs — — — 276,594 Transfers to real estate owned by consolidated VIE ( 504 ) ( 78 ) ( 1,163 ) ( 277 ) Purchases — 40,474 16,201 61,693 Sales — — — ( 12,406 ) Payments, net ( 8,965 ) ( 14,671 ) ( 35,872 ) ( 110,052 ) Subtractions from deconsolidation of VIEs — — ( 185,820 ) — Accretion of discount, net 5,297 4,090 14,389 10,381 Ending balance $ 222,089 $ 410,117 $ 222,089 $ 410,117 Net unrealized gains (losses) included in earnings for the $ ( 1,940 ) $ ( 13,199 ) $ 2,987 $ ( 10,552 ) The table below sets forth an attribution of the change in the fair value of the Company’s Level 3 financial liabilities that are measured at fair value on a recurring basis for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Beginning balance $ 113 $ 11,521 $ 9,881 $ 508 Net (gain) loss included in "Investment and derivative ( 10 ) ( 808 ) 23 ( 2,140 ) Additions from consolidation of VIEs — — — 14,278 Payments, net ( 12 ) ( 374 ) ( 316 ) ( 2,170 ) Subtractions from deconsolidation of VIEs — — ( 9,481 ) — Amortization of premium, net — ( 15 ) ( 16 ) ( 152 ) Ending balance $ 91 $ 10,324 $ 91 $ 10,324 Net unrealized (gains) losses included in earnings for the $ ( 10 ) $ ( 808 ) $ ( 29 ) $ ( 2,140 )

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 13. Income Taxes The Com pany has elected to be taxed as a REIT under the Internal Revenue Code commencing upon filing its tax return for its taxable year ended December 31, 2019. As a REIT, the Company is required to distribute annually 90 % of its REIT taxable income. So long as the Company continues to qualify as a REIT, it will generally not be subject to U.S. federal or state corporate income taxes on its taxable income to the extent that it distributes all of its annual taxable income to its shareholders on a timely basis. At present, it is the Company’s intention to distribute 100 % of its taxable income, although the Company will not be required to do so. The Company intends to make distributions of its REIT taxable income within the time limits prescribed by the Internal Revenue Code. As of September 30, 2023 , the Company had estimated federal net operating loss (“NOL”) carryforwards of $ 163,814 that can be used to offset future taxable ordinary income and reduce its REIT distribution requirements. NOL carryforwards totaling $ 14,485 expire in 2028 and NOL carryforwards totaling $ 149,329 have no expiration period. For the NOL carryforwards that have no expiration period, the Company is limited to utilizing NOL carryforwards to 80 % of the taxable income in any one year. As of September 30, 2023 , the Company had estimated federal net capital loss (“NCL”) carryforwards of $ 136,084 that can be used to offset future net capital gains. The scheduled expirations of the Company’s NCL carryforwards are $ 105,014 in 2023, $ 14,187 in 2026 and $ 16,883 in 2027. The Company’s estimated NOL and NCL carryforwards as of September 30, 2023 are subject to potential adjustments up to the time of filing of the Company’s income tax returns. The Company and subsidiaries have made joint elections to treat such subsidiaries as taxable REIT subsidiaries (“TRSs”). 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, subject to certain exceptions. As such, each of these TRSs is taxable as a C corporation and subject to federal, state and local income taxes based upon their taxable income. For the three months ended September 30, 2023 and 2022 , the Company recognized a provision for income taxes of $ 199 and $ 1,074 , respectively, on the pre-tax net income of its TRSs. For the nine months ended September 30, 2023 and 2022 , the Company recognized a provision for income taxes of $ 1,695 and $ 4,163 , respectively, on the pre-tax income of its TRSs. The Company recognizes uncertain tax positions in the financial statements only when it is more-likely-than-not that the position will be sustained upon examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more-likely-than-not be realized upon settlement. A liability is established for differences between positions taken in a tax return and the financial statements. As of September 30, 2023 and December 31, 2022, the Company assessed the need for recording a provision for any uncertain tax position and has made the determination that such provision is not necessary. If the Company were to incur income tax related interest and penalties, the Company’s policy is to classify them as a component of provision for income taxes. The Company is subject to examination by the Internal Revenue Service (“IRS”) and state and local authorities in jurisdictions where the Company has significant business operations. The Company’s federal tax returns for 2020 and forward remain subject to examination by the IRS.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Note 14. Earnings (Loss) Per Share Basic earnings (loss) per share includes no dilution and is computed by dividing net income or loss applicable to common stock by the weighted-average number of common shares outstanding for the respective period. Diluted earnings per share includes the impact of dilutive securities such as unvested shares of restricted stock, restricted stock units, and performance share units. The following table presents the computations of basic and diluted earnings (loss) per share for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, (Shares in thousands) 2023 2022 2023 2022 Basic weighted-average common shares outstanding 28,081 28,338 28,055 28,973 Performance share units, unvested restricted stock units, — 575 — — Diluted weighted-average common shares outstanding 28,081 28,913 28,055 28,973 Net (loss) income (attributable) available to common stock $ ( 7,273 ) $ 2,756 $ ( 5,943 ) $ ( 1,087 ) Basic (loss) earnings per common share $ ( 0.26 ) $ 0.10 $ ( 0.21 ) $ ( 0.04 ) Diluted (loss) earnings per common share $ ( 0.26 ) $ 0.10 $ ( 0.21 ) $ ( 0.04 ) The diluted loss per share for the three and nine months ended September 30, 2023 did not include the antidilutive effect of 1,877,566 and 995,098 shares, respectively, of unvested shares of restricted stock, restricted stock units, and performance share units. The diluted loss per share for the nine months ended September 30, 2022 did not include the antidilutive effect of 530,673 shares of unvested shares of restricted stock, restricted stock units, and performance share units.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Stockholders' Equity	Note 15. Stockholders’ Equity Common Stock The Company has authorized common share capital of 450,000,000 shares of Class A common stock, par value $ 0.01 per share, and 100,000,000 shares of Class B common stock, par value $ 0.01 per share. Holders of the Class A and Class B common stock are entitled to one vote and three votes per share, respectively, on all matters voted upon by the shareholders. Shares of Class B common stock are convertible into shares of Class A common stock on a one-for-one basis at the option of the Company in certain circumstances including either (i) upon sale or other transfer, or (ii) at the time the holder of such shares of Class B common stock ceases to be employed by the Company. As of September 30, 2023 and December 31, 2022 , there were no outstanding shares of Class B common stock. The Class A common stock is publicly traded on the New York Stock Exchange under the ticker symbol “AAIC.” Common Equity Distribution Agreements On August 10, 2018, the Company entered into separate common equity distribution agreements with equity sales agents JMP Securities LLC, B. Riley FBR, Inc., JonesTrading Institutional Services LLC and Ladenburg Thalmann & Co. Inc. pursuant to which the Company may offer and sell, from time to time, up to 12,597,423 shares of the Company’s Class A common stock. Pursuant to the common equity distribution agreements, shares of the Company’s common stock may be offered and sold through the equity sales agents in transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, including sales made directly on the NYSE or sales made to or through a market maker other than on an exchange or, subject to the terms of a written notice from the Company, in privately negotiated transactions. During the three and nine months ended September 30, 2023 and the year ended December 31, 2022 , there were no issuances of common stock under the common equity distribution agreements. As of September 30, 2023 , the Company had 11,302,160 shares of Class A common stock available for sale under the common equity distribution agreements. Common Share Repurchase Program On July 31, 2020, the Company announced that its Board of Directors authorized a share repurchase program pursuant to which the Company may repurchase up to 18,000,000 shares of Class A common stock (the "Repurchase Program"). Repurchases under the Repurchase Program may be made from time to time on the open market and in private transactions at management’s discretion in accordance with applicable federal securities laws. The timing of repurchases and the exact number of shares of Class A common stock to be repurchased will depend upon market conditions and other factors. The Repurchase Program is funded using the Company’s cash on hand and cash generated from operations. The Repurchase Program has no expiration date and may be suspended or terminated at any time without prior notice. There were no shares of Class A common stock repurchased by the Company during the three and nine months ended September 30, 2023. During the year ended December 31, 2022 , the Company repurchased 2,794,574 shares of Class A common stock for a total purchase price of $ 9,316 . As of September 30, 2023 , there remain available for repurchase 10,195,704 shares of Class A common stock under the Repurchase Program. Preferred Stock The Company has authorized preferred share capital of (i) 100,000 shares designated as Series A Preferred Stock that is unissued; (ii) 2,000,000 shares designated as 7.00% Series B Cumulative Perpetual Redeemable Preferred Stock (the “Series B Preferred Stock”), par value of $ 0.01 per share; (iii) 2,500,000 shares designated as 8.250% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (the “Series C Preferred Stock”), par value of $ 0.01 per share; and (iv) 20,400,000 shares of undesignated preferred stock. The Company’s Board of Directors has the authority, without further action by the shareholders, to issue additional preferred stock in one or more series and to fix the terms and rights of the preferred stock. The Company’s preferred stock ranks senior to its common stock with respect to the payment of dividends and the distribution of assets upon a voluntary or involuntary liquidation, dissolution, or winding up of the Company. The Company’s preferred stock ranks on parity with each other. The Series B Preferred Stock and Series C Preferred Stock are publicly traded on the New York Stock Exchange under the ticker symbols “AAIC PrB” and “AAIC PrC,” respectively. The Series B Preferred Stock has no stated maturity, is not subject to any sinking fund and will remain outstanding indefinitely unless repurchased or redeemed by the Company. Holders of Series B Preferred Stock have no voting rights, except under limited conditions, and are entitled to receive a cumulative cash dividend at a rate of 7.00 % per annum of their $ 25.00 per share liquidation preference (equivalent to $ 1.75 per annum per share). Shares of Series B Preferred Stock are redeemable at $ 25.00 per share, plus accumulated and unpaid dividends (whether or not authorized or declared), exclusively at the Company’s option. Dividends are payable quarterly in arrears on the 30th day of March, June, September and December of each year, when and as declared. The Company has declared and paid all required quarterly dividends on the Company’s Series B Preferred Stock to date in 2023. The Series C Preferred Stock has no stated maturity, is not subject to any sinking fund and will remain outstanding indefinitely unless repurchased or redeemed by the Company. Holders of Series C Preferred Stock have no voting rights, except under limited conditions, and are entitled to receive a cumulative cash dividend (i) from and including the original issue date to, but excluding, March 30, 2024 at a fixed rate equal to 8.250 % per annum of the $ 25.00 per share liquidation preference (equivalent to $ 2.0625 per annum per share) and (ii) from and including March 30, 2024, at a floating rate equal to three-month LIBOR plus a spread of 5.664 % per annum of the $ 25.00 per share liquidation preference. As of June 30, 2023, references to LIBOR were replaced by CME Term SOFR plus the applicable statutory spread adjustment. Shares of Series C Preferred Stock are redeemable at $ 25.00 per share, plus accumulated and unpaid dividends (whether or not authorized or declared), exclusively at the Company’s option commencing on March 30, 2024 or earlier upon the occurrence of a change in control or under circumstances where it is necessary to preserve the Company’s qualification as a REIT. Dividends are payable quarterly in arrears on the 30th day of March, June, September and December of each year, when and as declared. The Company has declared and paid all required quarterly dividends on the Company’s Series C Preferred Stock to date in 2023. Preferred Equity Distribution Agreements The Company is party to an amended and restated equity distribution agreement with JonesTrading Institutional Services LLC and Ladenburg Thalmann & Co. Inc., pursuant to which the Company may offer and sell, from time to time, up to 1,647,370 shares of the Company’s Series B Preferred Stock. Pursuant to the Series B preferred equity distribution agreement, shares of the Company’s Series B Preferred Stock may be offered and sold through the preferred equity sales agents in transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, including sales made directly on the NYSE or sales made to or through a market maker other than on an exchange or, subject to the terms of a written notice from the Company, in privately negotiated transactions. There were no issuances of Series B Preferred Stock during the three and nine months ended September 30, 2023. During the year ended December 31, 2022 , the Company issued 6,058 shares of Series B Preferred Stock at a weighted average public offering price of $ 24.87 per share for proceeds net of selling commissions and expenses of $ 149 under the Series B preferred equity distribution agreement. As of September 30, 2023 , the Company had 1,602,566 shares of Series B Preferred Stock available for sale under the preferred equity distribution agreement. Shareholder Rights Agreement On June 1, 2009, the Board of Directors approved a shareholder rights agreement (“Rights Plan”) and the Company’s shareholders approved the Rights Plan at its annual meeting of shareholders on June 2, 2010. On April 9, 2018, the Board of Directors approved a first amendment to the Rights Plan (“First Amendment”) to extend the term for an additional three years and the Company’s shareholders approved the First Amendment at its annual meeting of shareholders on June 14, 2018. On April 11, 2022, the Board of Directors approved a second amendment to the Rights Plan (“Second Amendment”) to further extend the term until June 4, 2025 and the Company's shareholders approved the Second Amendment at its annual meeting of shareholders on June 16, 2022. The Second Amendment also decreased the Purchase Price (as defined under the Rights Plan) from $ 70.00 to $ 21.30 . Under the terms of the Rights Plan, in general, if a person or group acquires or commences a tender or exchange offer for beneficial ownership of 4.9 % or more of the outstanding shares of our Class A common stock upon a determination by our Board of Directors (an “Acquiring Person”), all of our other Class A and Class B common shareholders will have the right to purchase securities from us at a discount to such securities’ fair market value, thus causing substantial dilution to the Acquiring Person. The Board of Directors adopted the Rights Plan in an effort to protect against a possible limitation on the Company’s ability to use its NOL carryforwards, NCL carryforwards, and built-in losses under Sections 382 and 383 of the Internal Revenue Code. The Company’s ability to use its NOLs, NCLs and built-in losses would be limited if it experienced an “ownership change” under Section 382 of the Internal Revenue Code. In general, an “ownership change” would occur if there is a cumulative change in the ownership of the Company’s common stock of more than 50% by one or more “5% shareholders” during a three-year period. The Rights Plan was adopted to dissuade any person or group from acquiring 4.9% or more of the Company’s outstanding Class A common stock, each, an Acquiring Person, without the approval of the Board of Directors and triggering an “ownership change” as defined by Section 382. The Rights Plan, as amended by the Second Amendment, and any outstanding rights will expire at the earliest of (i) June 4, 2025, (ii) the time at which the rights are redeemed or exchanged pursuant to the Rights Plan, (iii) the repeal of Section 382 and 383 of the Internal Revenue Code or any successor statute if the Board of Directors determines that the Rights Plan is no longer necessary for the preservation of the applicable tax benefits, or (iv) the beginning of a taxable year to which the Board of Directors determines that no applicable tax benefits may be carried forward.

Long-Term Incentive Plan

Long-Term Incentive Plan	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Long-Term Incentive Plan	Note 16. Long-Term Incentive Plan The Company provides its employees and its non-employee directors with long-term incentive compensation in the form of stock-based awards. On April 29, 2021, the Board of Directors adopted the Arlington Asset Investment Corp. 2021 Long-Term Incentive Plan (the “2021 Plan”), which was approved by the Company’s shareholders and became effective on July 15, 2021. The 2021 Plan replaced the Arlington Asset Investment Corp. 2014 Long-Term Incentive Plan (the “2014 Plan”). No additional grants will be made under the 2014 Plan. However, previous grants under the 2014 Plan and any long-term incentive plans prior to the 2014 Plan (collectively, the “Prior Plans”) will remain in effect subject to the terms of the Prior Plans and the applicable award agreement. Under the 2021 Plan, a maximum number of 5,256,076 shares of Class A common stock of the Company, subject to adjustment as set forth in the 2021 Plan, were authorized for issuance and may be issued to employees, directors, consultants, advisors and independent contractors who provide bona fide services to the Company and its affiliates. If an award under the 2021 Plan or Prior Plans is canceled, terminated, forfeited or otherwise settled without the issuance of shares subject to such award, those shares will be available for future grants under the 2021 Plan. In addition, shares delivered or withheld for tax obligations arising from an award, other than a stock option or stock appreciation right (“SAR”), will be available for future grants under the 2021 Plan. As of September 30, 2023 , 4,265,184 shares remained available for issuance under the 2021 Plan; however, the shares remaining available for issuance would be reduced by the potential future issuance of shares of common stock for the settlement of outstanding performance-based stock awards and dividend equivalents for such awards. If these outstanding performance-based stock awards are earned at “target” level performance, an additional 1,625,783 shares would be issued resulting in 2,639,401 shares remaining available for issuance under the 2021 Plan as of September 30, 2023. Under the 2021 Plan, the Compensation Committee of the Company’s Board of Directors may grant restricted stock, restricted stock units (“RSUs”), stock options, SARs and/or other stock-based awards. Under the 2021 Plan, shares issued upon the exercise of a stock option or SAR or shares subject to a restricted stock award and any shares issued in settlement of restricted stock unit award, reduced by the number of any shares withheld to satisfy withholding taxes, may not be sold or transferred before the earlier of (i) the first anniversary of the exercise of the option or SAR or vesting of the restricted stock award or the settlement of restricted stock unit award, or (ii) the date the participant is no longer employed by or providing services to the Company or an affiliate. Non-employee members of the Board of Directors may not be granted awards under the 2021 Plan during any twelve-month period with respect to the number of shares that have a fair market value on the date of grant that exceeds $ 160 . The 2021 Plan will terminate on the tenth anniversary of its effective date unless sooner terminated by the Board of Directors. Stock-based compensation costs are initially measured at the estimated fair value of the awards on the grant date developed using appropriate valuation methodologies, as adjusted for estimates of future award forfeitures. Valuation methodologies used and subsequent expense recognition is dependent upon each award’s service and performance conditions. Performance-based Stock Awards The Company has granted performance-based RSUs and performance stock units (collectively, “Performance-based Stock Awards”) to employees of the Company that are convertible into shares of Class A common stock following the achievement of performance goals over the applicable performance periods. Compensation costs for Performance-based Stock Awards subject to nonmarket-based performance conditions (i.e., performance not predicated on changes in the Company’s stock price) are measured at the closing stock price on the dates of grant, adjusted for the probability of achieving certain benchmarks included in the performance metrics. These initial cost estimates are recognized as expense over the requisite performance periods, as adjusted for changes in estimated, and ultimately actual, performance and forfeitures. Compensation costs for components of Performance-based Stock Awards subject to market-based performance conditions (i.e., performance predicated on changes in the Company’s stock price) are measured at the dates of grant using a Monte Carlo simulation model which incorporates into the valuation the inherent uncertainty regarding the achievement of the market-based performance metrics. These initial valuation amounts are recognized as expense over the requisite performance periods, subject only to adjustments for changes in estimated, and ultimately actual, forfeitures. The Compensation Committee has granted Performance-based Stock Awards with performance goals based on (i) the compound annualized total shareholder return (i.e., share price change plus dividends on a reinvested basis) during the applicable performance period (“Absolute TSR Awards”), (ii) the compound annualized total shareholder return relative to a peer index during the applicable performance period (“Relative TSR Awards”), (iii) the compound annualized growth in the Company’s book value per share (i.e., book value change with such adjustments as determined and approved by the Compensation Committee plus dividends on a reinvested basis) during the applicable performance period (“Book Value Awards”), and (iv) the share price of the Company's common stock during the applicable performance period ("Stock Price Awards"). The Compensation Committee of the Board of Directors of the Company approved the following Performance-based Stock Award grants for the periods indicated: Nine Months Ended Nine Months Ended Absolute TSR Awards granted — 174,581 Absolute TSR Award grant date fair value per share $ — $ 6.03 Relative TSR Awards granted — 87,291 Relative TSR Award grant date fair value per share $ — $ 5.83 Book Value Awards granted — 103,000 Book Value Award grant date fair value per share $ — $ 3.37 Stock Price Awards granted — 1,225,490 Stock Price Award grant date fair value per share $ — $ 1.72 For the Company’s Book Value Awards, the grant date fair value per share is based on the close price on the date of grant. For the Company’s Absolute TSR Awards, Relative TSR Awards and Stock Price Awards, the grant date fair value per share is based on a Monte Carlo simulation model. The following assumptions, determined as of the date of grant, were used in the Monte Carlo simulation model to measure the grant date fair value per share of the Company’s Absolute TSR Awards, Relative TSR Awards and Stock Price Awards for the periods indicated: Absolute TSR Awards Relative TSR Awards Stock Price Awards 2023 2022 2023 2022 2023 2022 Closing stock price on date of grant $ — $ 3.58 $ — $ 3.58 $ — $ 3.06 Beginning average stock price on (1) $ — $ 3.60 $ — $ 3.60 $ — N/A Expected volatility (2) — 69.20 % — 69.20 % — 51.17 % Dividend yield (3) — 0.00 % — 0.00 % — 0.00 % Risk-free rate (4) — 1.01 % — 1.01 % — 2.97 % Discount for illiquidity (5) — 0.00 % — 0.00 % — 8.42 % (1) Based upon the 30 trading days prior to and including the date of grant. (2) Based upon the most recent three-year volatility as of the date of grant. (3) Dividend equivalents are accrued during the performance period and deemed reinvested in additional stock units, which are to be paid out at the end of the performance period to the extent the underlying Performance-based Stock Award is earned. Applying dividend yield assumption of 0.00 % in the Monte Carlo simulation is mathematically equivalent to reinvesting dividends on a continuous basis and including the value of the dividends in the final payout. (4) Based upon the yield of a U.S. Treasury bond with a three-year maturity as of the date of grant. (5) Based on restriction on ability to sell vested awards for one year after vesting . The vesting of the Performance-based Stock Awards is subject to both continued employment under the terms of the award agreement and the achievement of the Company performance goals established by the Compensation Committee. For Absolute TSR Awards and Relative TSR Awards granted, the Compensation Committee established a three-year performance period. The actual number of shares of Class A common stock that will be issued to each participant at the end of the applicable performance period will vary between 0 % and 250 % of the number of the Absolute TSR Awards and Relative TSR Awards granted, depending on performance results. If the minimum threshold level of performance goals is not achieved, no awards are earned. To the extent the performance results are between the minimum threshold level and maximum level of performance goals, between 50 % to 250 % of the number of Absolute TSR Awards and Relative TSR Awards are earned. Upon settlement, vested Absolute TSR Awards and Relative TSR Awards are converted into shares of the Company’s Class A common stock on a one-for-one basis. As of September 30, 2023, there are a total 400,293 Absolute TSR Awards and Relative TSR Awards outstanding. For Book Value Awards granted during the year ended December 31, 2022, the Compensation Committee established a one-year performance period that ended on December 31, 2022. The actual number of shares of Class A common stock that could be issued to each participant at the end of the performance period varied between 0 % and 100 % of the number of Book Value Awards granted, depending on performance results. Based on the actual performance measurements, 41,410 shares of the 103,000 Book Value Awards granted were earned and were converted into an equal number of shares of restricted stock in February 2023 that will vest on the third anniversary of the original Book Value Award grant date subject to continued employment under the terms of the award agreements. As of September 30, 2023, there are no remaining outstanding Book Value Awards. For Stock Price Awards granted, the Compensation Committee established a three-year performance period. If the market price of the Company's common stock is equal to or greater than a stock price performance goal for 45 consecutive trading days at any time during the performance period, between 75 % to 300 % of the number of Stock Price Awards are earned and become restricted stock units that will vest ratably over a three-year period beginning on the third anniversary of the date of grant subject to continued employment under the terms of the award agreements. As of September 30, 2023, the market price of the Company's common stock met the performance goal for 100 % of the Stock Price Awards totaling 1,225,490 performance stock units that will vest ratably and be settled through the issuance of shares of the Company's common stock on May 9, 2025, May 9, 2026 and May 9, 2027, subject to continued employment under the terms of the award agreements. As of September 30, 2023, between 0% and 200% of the original 1,225,490 Stock Price Awards could still be earned if the performance goals are met during the remaining performance period. Performance-based Stock Awards do not have any voting rights. No dividends are paid on outstanding Performance-based Stock Awards during the applicable performance period. Instead, dividend equivalents are accrued on outstanding Performance-based Stock Awards during the applicable performance period, deemed invested in shares of Class A common stock and are paid out in shares of Class A common stock at the end of the performance period to the extent that the underlying Performance-based Stock Awards vest. For the nine months ended September 30, 2023 and 2022, the Company recognized $ 991 and $ 902 , respectively, of compensation expense related to Performance-based Stock Awards. As of September 30, 2023 , the Company had 1,625,783 Performance-based Stock Awards outstanding. As disclosed above, the actual number of shares of common stock that could be issued for settlement of the Performance-based Stock Awards can be greater or less than the amount of Performance-based Stock Awards outstanding depending upon the actual results compared to the performance goals. As of September 30, 2023 and December 31, 2022 , the Company had unrecognized compensation expense related to Performance-based Stock Awards of $ 2,357 and $ 3,314 , respectively. The unrecognized compensation expense as of September 30, 2023 is expected to be recognized over a weighted average period of 2.7 years. During the nine months ended September 30, 2023, Relative TSR Awards that had a performance period ending in that period were earned at 60 % of target resulting in the issuance of 19,914 shares of Class A common stock at an intrinsic value of $ 60 . Also during the nine months ended September 30, 2023, Book Value Awards that had a performance period ending on December 31, 2022 were earned at 40 % of target resulting in the issuance of 41,410 shares of restricted stock that will vest on the third anniversary of the original Book Value Award grant date. During the nine months ended September 30, 2022, there were no Performance-based Stock Awards that had performance periods ending in that period. Employee Restricted Stock Awards Compensation costs for restricted stock awards subject only to service conditions are measured at the closing stock price on the dates of grant and are recognized as expense on a straight-line basis over the requisite service periods for the awards, as adjusted for changes in estimated, and ultimately actual, forfeitures. The Company grants restricted common shares to employees that either vest ratably over a three-year period or cliff vest at the end of a three-year period based on continued employment over these specified periods. A summary of these unvested restricted stock awards is presented below: Number of Shares Weighted-average Weighted- Share Balance as of December 31, 2021 759,035 $ 4.16 1.5 Granted 384,291 3.42 — Forfeitures ( 12,167 ) 3.57 — Vestitures ( 300,317 ) 4.44 Share Balance as of December 31, 2022 830,842 3.72 1.2 Granted 137,000 3.01 — Conversion of Book Value Awards 41,410 3.37 — Vestitures ( 181,125 ) 4.40 — Share Balance as of September 30, 2023 828,127 $ 3.44 0.8 For the nine months ended September 30, 2023 and 2022 , the Company recognized $ 870 and $ 1,470 , respectively, of compensation expense related to restricted stock awards. As of September 30, 2023 and December 31, 2022 , the Company had unrecognized compensation expense related to restricted stock awards of $ 804 and $ 1,262 , respectively. The unrecognized compensation expense as of September 30, 2023 is expected to be recognized over a weighted average period of 0.8 years. For the nine months ended September 30, 2023 and 2022 , the intrinsic value of restricted stock awards that vested were $ 547 and $ 328 respectively. Director Restricted Stock Units Compensation costs for RSU awards subject only to service conditions are measured at the closing stock price on the dates of grant and are recognized as expense on a straight-line basis over the requisite service periods for the awards, as adjusted for changes in estimated, and ultimately actual, forfeitures. Compensation costs for RSUs that do not require future service conditions are expensed immediately. The Company’s non-employee directors are compensated in both cash and RSUs. RSUs awarded to non-employee directors vest immediately on the award grant date and are convertible into shares of Class A common stock. For RSUs granted under the Company’s 2021 Plan, 2014 Plan, and certain of the Prior Plans, the RSUs are convertible into shares of Class A common stock at the later of the date the non-employee director ceases to be a member of the Company’s Board or the first anniversary of the grant date. For RSUs granted under certain Prior Plans, the RSUs are convertible into shares of Class A common stock one year after the non-employee director ceases to be a member of the Company’s Board. The non-employee director RSUs do not have any voting rights but are entitled to cash dividend equivalent payments. As of September 30, 2023 and December 31, 2022 , the Company had 548,272 of non-employee director RSUs outstanding. A summary of the non-employee director RSUs grants is presented below for the periods indicated: Nine Months Ended Nine Months Ended RSUs granted — 132,450 Grant date fair value $ — $ 3.02 The grant date fair value of a non-employee director RSU grant is based on the closing price of the Class A common stock on the New York Stock Exchange on the date of grant. For the nine months ended September 30, 2023 and 2022 , the Company recognized $ 167 and $ 300 , respectively, of director fees related to non-employee director RSUs. There were no non-employee director RSUs that were converted into shares of Class A common stock for the nine months ended September 30, 2023 and 2022 .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Cash Equivalents	Cash Equivalents Cash equivalents include demand deposits with banks, money market accounts and highly liquid investments with original maturities of three months or less. As of September 30, 2023 and December 31, 2022 , approximately 98 % and 84 %, respectively, of the Company’s cash equivalents were invested in money market funds that invest primarily in U.S. Treasuries and other securities backed by the U.S. government.
Investment Security Purchases and Sales	Investment Security Purchases and Sales Purchases and sales of investment securities are recorded on the settlement date of the transfer unless the trade qualifies as a “regular-way” trade and the associated commitment qualifies for an exemption from the accounting guidance applicable to derivative instruments. A regular-way trade is an investment security purchase or sale transaction that is expected to settle within the period of time following the trade date that is prevalent or traditional for that specific type of security. Any amounts payable or receivable for unsettled security trades are recorded as “sold securities receivable” or “purchased securities payable” in the consolidated balance sheets.
Interest Income Recognition for Investments in Agency MBS and Mortgage Loans of Consolidated VIEs and Credit Securities of High Credit Quality	Interest Income Recognition for Investments in Agency MBS, Mortgage Loans of Consolidated VIEs and Credit Securities of High Credit Quality The Company recognizes interest income for its investments in agency MBS, mortgage loans of consolidated variable interest entities (“VIEs”) and credit securities that are considered to be of high credit quality (that is, those with a Standard & Poor's rating of AA or higher or an equivalent rating from another rating agency) by applying the “interest method” permitted by GAAP, whereby purchase premiums and discounts are amortized and accreted, respectively, as an adjustment to contractual interest income accrued at each investment’s stated interest rate. The interest method is applied at the individual instrument level based upon each instrument’s effective interest rate. The Company calculates each instrument’s effective interest rate at the time of purchase or initial recognition by solving for the discount rate that equates the present value of that instrument's remaining contractual cash flows (assuming no principal prepayments) to its purchase cost. Because each instrument’s effective interest rate does not reflect an estimate of future prepayments, the Company refers to this manner of applying the interest method as the “contractual effective interest method.” When applying the contractual effective interest method, as principal prepayments occur, a proportional amount of the unamortized premium or unaccreted discount is recognized in interest income such that the contractual effective interest rate on any remaining security or loan balance is unaffected. For mortgage loans of consolidated VIEs, the Company ceases the accrual of interest income (i.e., places the loan in non-accrual status) when it believes collectability of principal and interest in full is not reasonably assured, which generally occurs when a loan is three or more monthly payments past due, unless the loan is well secured and in the process of collection based upon an individual loan assessment. Upon placing a loan in non-accrual status, any previously accrued but uncollected interest is derecognized and a corresponding reduction to current period interest income is recorded. While a loan is in non-accrual status, the Company recognizes interest income only when interest payments occur.
Interest Income Recognition for Investments in Credit Securities and MSR Financing Receivables	Interest Income Recognition for Investments in Other Credit Securities and MSR Financing Receivables The Company recognizes interest income for its investments in credit securities (other than those considered to be of high credit quality) and MSR financing receivables by applying the prospective level-yield methodology required by GAAP for financial assets that are either not of high credit quality at the time of acquisition or can be contractually prepaid or otherwise settled in such a way that the Company would not recover substantially all of its recorded investment. The amount of periodic interest income recognized is determined by applying the investment’s effective interest rate to its amortized cost basis (or “reference amount”). At the time of acquisition, the investment’s effective interest rate is calculated by solving for the single discount rate that equates the present value of the Company’s best estimate of the amount and timing of the cash flows expected to be collected from the investment to its purchase cost. To prepare its best estimate of cash flows expected to be collected, the Company develops a number of assumptions about the future performance of the pool of loans that serve as collateral for its investment, including assumptions about the timing and amount of prepayments and credit losses. For investments in MSR financing receivables, the Company's estimate of cash flows expected to be collected reflects all components of its mortgage servicing counterparty's payment obligation, which is comprised of cash flows referenced to the monthly net cash flows of the underlying reference pool of MSRs net of (i) the counterparty's periodic interest payments and principal repayments related to advances obtained via its third-party secured financing facility collateralized by MSRs to which the Company's MSR financing receivables are referenced and (ii) fees payable to the counterparty. In each subsequent quarterly reporting period, the amount and timing of cash flows expected to be collected from the investment are re-estimated based upon current information and events. The following table provides a description of how periodic changes in the estimate of cash flows expected to be collected affect interest income recognition prospectively for investments in credit securities and MSR financing receivables: Scenario: Effect on Interest Income Recognition for Investments in Credit Securities and MSR Financing Receivables: A positive change in cash flows occurs. Actual cash flows exceed prior estimates and/or a positive change occurs in the estimate of expected remaining cash flows. A revised effective interest rate is calculated and applied prospectively such that the positive change in cash flows is recognized as incremental interest income over the remaining life of the investment. The amount of periodic interest income recognized over the remaining life of the investment will be reduced accordingly. Generally, the investment’s effective interest rate is reduced accordingly and applied on a prospective basis. However, if the revised effective interest rate is negative, the investment’s existing effective interest rate is retained while the reference amount to which the existing effective interest rate will be prospectively applied is reduced to the present value of cash flows expected to be collected, discounted at the investment’s existing effective interest rate. An adverse change in cash flows occurs. Actual cash flows fall short of prior estimates and/or an adverse change occurs in the estimate of expected remaining cash flows.
Other Significant Accounting Policies	Other Significant Accounting Policies Certain of the Company’s other significant accounting policies are summarized in the following notes: Investments in agency MBS, subsequent measurement Note 3 Investments in credit securities, subsequent measurement Loans held for investment, subsequent measurement Investments in MSR financing receivables, subsequent measurement Investments in SFR properties Note 4 Note 5 Note 6 Note 7 Consolidation of variable interest entities Borrowings Note 8 Note 9 To-be-announced agency MBS transactions, including “dollar rolls” Note 10 Derivative instruments Note 10 Balance sheet offsetting Note 11 Fair value measurements Income taxes Note 12 Note 13 Stock-based compensation Note 16 Refer to the Company’s 2022 Annual Report on Form 10-K for a complete inventory and summary of the Company’s significant accounting policies.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The following table provides a brief description of recently issued accounting pronouncements and their actual or expected effect on the Company’s consolidated financial statements: Standard Description Date of Adoption Effect on the Consolidated Financial Statements Recently Issued Accounting Guidance Not Yet Adopted ASU Nos. 2020-04, 2021-01, and 2022-06, Reference Rate Reform (Topic 848) The amendments in these updates provide optional practical expedients and exceptions for applying GAAP to the modification of receivables, debt or lease contracts as well as cash flow and fair value hedge accounting relationships that reference a rate, such as the London Interbank Offered Rate (“LIBOR”), that has been discontinued because of reference rate reform. The practical expedients and exceptions provided by these updates are effective from March 12, 2020 through December 31, 2024. Not yet adopted. No material modifications due to reference rate reform were necessary for the Company's receivables, debt, derivative or lease contracts. The Company has not elected to apply hedge accounting for financial reporting purposes. Accordingly, ASU Nos. 2020-04, 2021-01 and 2022-06 did not have a material effect on the Company's consolidated financial statements.
Consolidation of Variable Interest Entities	The vehicles that issue the Company’s investments in securitized mortgage assets are considered VIEs. The Company is required to consolidate any VIE in which it holds a variable interest if it determines that it holds a controlling financial interest in the VIE and is, therefore, determined to be the primary beneficiary of the VIE. The Company is determined to be the primary beneficiary of a VIE in which it holds a variable interest if it both (i) holds the power to direct the activities that most significantly impact the VIE’s economic performance and (ii) has the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The economic performance of the trusts that issue the Company’s investments in securitized mortgage assets is most significantly impacted by the performance of the mortgage loans that are held by the trusts. The party that is determined to have the most power to direct the loss mitigation actions that are taken with respect to delinquent or otherwise troubled mortgage loans held by the trust is, therefore, deemed to hold the most power to direct the activities that most significantly impact the trust’s economic performance. As a passive investor, the Company does not have the power to direct the loss mitigation activities of most of the trusts that have issued its securitized mortgage assets.
Repurchase Agreements	The Company finances the purchase of mortgage investments through repurchase agreements, which are accounted for as collateralized borrowing arrangements. In a repurchase transaction, the Company sells a mortgage investment to a counterparty under a master repurchase agreement in exchange for cash and concurrently agrees to repurchase the same asset at a future date in an amount equal to the cash initially exchanged plus an agreed-upon amount of interest. Mortgage investments sold under agreements to repurchase remain on the Company’s consolidated balance sheets because the Company maintains effective control over such assets throughout the duration of the arrangement. Throughout the contractual term of a repurchase agreement, the Company recognizes a “repurchase agreement” liability on its consolidated balance sheets to reflect the obligation to repay to the counterparty the proceeds received upon the initial transfer of the mortgage investment. The difference between the proceeds received by the Company upon the initial transfer of the mortgage investment and the contractually agreed-upon repurchase price is recognized as interest expense ratably over the term of the repurchase arrangement
Derivative Instruments	In the normal course of its operations, the Company is a party to financial instruments that are accounted for as derivative instruments. Derivative instruments are recorded at fair value as either “other assets” or “other liabilities” in the consolidated balance sheets, with all periodic changes in fair value reflected as a component of “investment and derivative gain (loss), net” in the consolidated statements of comprehensive income. Cash receipts or payments related to derivative instruments are classified as investing activities within the consolidated statements of cash flows. In addition to interest rate hedging instruments that are used for interest rate risk management, the Company is a party to derivative instruments that economically serve as investments, such as forward commitments to purchase fixed-rate “pass-through” agency MBS on a non-specified pool basis, which are known as to-be-announced (“TBA”) securities. A TBA security is a forward commitment for the purchase or sale of a fixed-rate agency MBS at a predetermined price, face amount, issuer, coupon, and stated maturity for settlement on an agreed upon future date. The specific agency MBS that will be delivered to satisfy the TBA trade is not known at the inception of the trade. The specific agency MBS to be delivered is determined 48 hours prior to the settlement date. The Company accounts for TBA securities as derivative instruments because the Company cannot assert that it is probable at inception and throughout the term of an individual TBA commitment that its settlement will result in physical delivery of the underlying agency MBS, or the individual TBA commitment will not settle in the shortest time period possible.
Derivatives, Offsetting of Financial Assets and Liabilities	The agreements that govern certain of the Company’s derivative instruments and collateralized short-term financing arrangements provide for a right of setoff in the event of default or bankruptcy with respect to either party to such transactions. The Company presents derivative assets and liabilities as well as collateralized short-term financing arrangements on a gross basis. Receivables recognized for the right to reclaim cash initial margin posted in respect of interest rate derivative instruments are included in the line item “deposits” in the accompanying consolidated balance sheets. The daily exchange of variation margin associated with a centrally cleared or exchange-traded derivative instrument is legally characterized as the daily settlement of the derivative instrument itself, as opposed to a pledge of collateral. Accordingly, the Company accounts for the daily receipt or payment of variation margin associated with its interest rate swaps and futures as a direct reduction to the carrying value of derivative asset or liability, respectively. The carrying amount of interest rate swaps and futures reflected in the Company’s consolidated balance sheets is equal to the unsettled fair value of such instruments; because variation margin is exchanged on a one-day lag, the unsettled fair value of such instruments generally represents the change in fair value that occurred on the last day of the reporting period.
Fair Value of Financial Instruments	The accounting principles related to fair value measurements define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures , establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels, giving the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3) as described below: Level 1 Inputs - Unadjusted quoted prices in active markets for identical assets or liabilities that are accessible by the Company at the measurement date; Level 2 Inputs - Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly; and Level 3 Inputs - Unobservable inputs for the asset or liability, including significant judgments made by the Company about the assumptions that a market participant would use. The Company measures the fair value of the following assets and liabilities:
Variable Interest Entity
Investment Security Purchases and Sales	The Company has elected to account for the mortgage loans and debt of its consolidated VIEs at fair value with changes in fair value that are not attributed to interest income or interest expense, respectively, recognized as a component of “investment and derivative gain (loss), net” in the accompanying consolidated statements of comprehensive income.
Single-Family Residential Properties
Investment Security Purchases and Sales	The Company’s investments in SFR properties were initially recognized on the settlement date of their acquisition at cost. The Company allocated the initial acquisition cost of each property to land and building on the basis of their relative fair values at the time of acquisition. To determine the relative fair value of land and building at the time of acquisition, the Company used available market data, such as property specific county tax assessment records. Subsequent to the acquisition of a property, expenditures which improved or extended the life of the property were capitalized as a component of the property’s cost basis. Expenditures for ordinary maintenance and repairs were recognized as an expense as incurred and were reported as a component of “single-family property operating expenses” in the Company’s consolidated statements of comprehensive income. The Company subsequently recognized depreciation of each property’s buildings and capitalized improvements over the expected useful lives of those assets. The Company calculated depreciation on a straight-line basis over a useful life of 27.5 years for buildings and useful lives ranging from five to 27.5 years for capitalized improvements. The Company reported depreciation expense as a component of “single-family property operating expenses” in the Company’s consolidated statements of comprehensive income.
Agency MBS
Investment Security Purchases and Sales	The Company has elected to classify its investments in agency MBS as trading securities. Accordingly, the Company’s investments in agency MBS are reported in the accompanying consolidated balance sheets at fair value. As of September 30, 2023 and December 31, 2022 , the fair value of the Company’s investments in agency MBS was $ 520,851 and $ 443,540 , respectively.
Credit Securities
Investment Security Purchases and Sales	The Company has elected to classify its investments in credit securities as trading securities. Accordingly, the Company’s investments in credit securities are reported in the accompanying consolidated balance sheets at fair value. As of September 30, 2023 and December 31, 2022 , the fair value of the Company’s investments in credit securities was $ 101,546 and $ 104,437 , respectively.
Loans Held for Investment
Investment Security Purchases and Sales	The Company has elected to account for its loans held for investment at fair value on a recurring basis with periodic changes in fair value recognized as a component of “investment and derivative gain (loss), net” in the accompanying consolidated statements of comprehensive income.
M S R Financing Receivables
Investment Security Purchases and Sales	The Company accounts for transactions executed under its arrangement with the mortgage servicing counterparty as financing transactions and reflects the associated financing receivables in the line item “MSR financing receivables” on its consolidated balance sheets. The Company has elected to account for its MSR financing receivables at fair value with changes in fair value that are not attributed to interest income recognized as a component of “investment and derivative gain (loss), net” in the accompanying consolidated statements of comprehensive income. As described in further detail in “Note 2. Summary of Significant Accounting Policies,” the Company recognizes interest income for MSR financing receivables by applying the prospective level-yield methodology required by GAAP for financial assets that are either not of high credit quality at the time of acquisition or can be contractually prepaid or otherwise settled in such a way that the Company would not recover substantially all of its recorded investment.

Investments in Agency MBS (Tabl

Investments in Agency MBS (Tables)	9 Months Ended
	Sep. 30, 2023
Agency MBS
Additional Information Realized Gain Loss on Investments	The following table provides additional information about the gains and losses recognized as a component of “investment and derivative gain (loss), net” in the Company’s consolidated statements of comprehensive income for the periods indicated with respect to investments in agency MBS: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net gains (losses) recognized in earnings for: Agency MBS still held at period end $ ( 23,495 ) $ ( 24,430 ) $ ( 24,482 ) $ ( 26,911 ) Agency MBS sold during the period — 1,702 ( 245 ) ( 32,365 ) Total $ ( 23,495 ) $ ( 22,728 ) $ ( 24,727 ) $ ( 59,276 )

Investments in Credit Securit_2

Investments in Credit Securities (Tables)	9 Months Ended
	Sep. 30, 2023
Credit Securities
Additional Information Realized Gain Loss on Investments	The following table provides additional information about the gains and losses recognized as a component of “investment and derivative gain (loss), net” in the Company’s consolidated statements of comprehensive income for the periods indicated with respect to investments in credit securities: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net gains (losses) recognized in earnings for: Credit securities still held at period end $ 63 $ ( 1,552 ) $ ( 105 ) $ ( 2,227 ) Credit securities sold during the period — — — ( 970 ) Total $ 63 $ ( 1,552 ) $ ( 105 ) $ ( 3,197 )

Investments in MSR Financing _2

Investments in MSR Financing Receivables (Tables)	9 Months Ended
	Sep. 30, 2023
Receivables [Abstract]
Change in Fair Value of MSR Financing Receivables	The following table presents activity related to the carrying value of the Company’s investments in MSR financing receivables for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Balance at period beginning $ 195,893 $ 120,260 $ 180,365 $ 125,018 Capital investments — 40,474 16,201 61,693 Capital distributions ( 7,800 ) ( 4,049 ) ( 23,384 ) ( 68,601 ) Accretion of interest income 5,247 3,608 14,641 10,973 Changes in valuation inputs and assumptions ( 1,540 ) 4,292 3,977 35,502 Balance at period end $ 191,800 $ 164,585 $ 191,800 $ 164,585

Consolidation of Variable Int_2

Consolidation of Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2023
Variable Interest Entity [Line Items]
Schedule of Carrying Values of Assets and Liabilities of Consolidated VIE, Net of Elimination Entries	The carrying values of the assets and liabilities of the consolidated VIEs, net of elimination entries, are as follows as of the dates indicated: September 30, 2023 VIE of Business Purpose Residential Mortgage Loans VIE of Residential Mortgage Loans Total Cash of consolidated VIEs $ 49 $ — $ 49 Restricted cash of consolidated VIEs (1) 3 — 3 Mortgage loans of consolidated VIEs, at fair value 237 — 237 Other assets of consolidated VIEs 1,528 — 1,528 Secured debt of consolidated VIEs, at fair value ( 91 ) — ( 91 ) Other liabilities of consolidated VIEs — — — Net investment in consolidated VIEs $ 1,726 $ — $ 1,726 (1) Restricted cash represents cash collected by the trust that must be used solely to satisfy the liabilities of the VIE in the month following collection. December 31, 2022 VIE of Business Purpose Residential Mortgage Loans VIE of Residential Mortgage Loans Total Cash of consolidated VIEs $ 296 $ — $ 296 Restricted cash of consolidated VIEs (1) 16 2,175 2,191 Mortgage loans of consolidated VIEs, at fair value 2,320 191,637 193,957 Other assets of consolidated VIEs 1,389 678 2,067 Secured debt of consolidated VIEs, at fair value ( 200 ) ( 169,145 ) ( 169,345 ) Other liabilities of consolidated VIEs ( 1 ) ( 261 ) ( 262 ) Net investment in consolidated VIEs $ 3,820 $ 25,084 $ 28,904 (1) Restricted cash represents cash collected by the trust that must be used solely to satisfy the liabilities of the VIE in the month following collection.
Business Purpose Residential Mortgage Loans
Variable Interest Entity [Line Items]
Schedule of Accrual Status of Residential Mortgage Loans of Consolidated VIE	The following table presents information about the accrual status of the loans of the Company’s consolidated VIE of business purpose residential mortgage loans as of September 30, 2023: Aggregate Fair Value Aggregate Unpaid Principal Balance Difference Less than 90 days past due and in accrual status $ — $ — $ — 90 days or more past due and in non-accrual status 237 237 — Total mortgage loans of consolidated VIE $ 237 $ 237 $ —

Borrowings (Tables)

Borrowings (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Repurchase Agreements	The following table provides information regarding the Company’s outstanding repurchase agreement borrowings as of the dates indicated: September 30, 2023 December 31, 2022 Agency MBS repurchase financing: Repurchase agreements outstanding $ 475,109 $ 406,072 Agency MBS collateral, at fair value 499,324 425,023 Net amount (1) 24,215 18,951 Weighted-average rate 5.48 % 4.47 % Weighted-average term to maturity 12.0 days 12.0 days Non-agency MBS repurchase financing: Repurchase agreements outstanding $ 79,598 $ 88,953 MBS collateral, at fair value 88,524 98,933 Net amount (1) 8,926 9,980 Weighted-average rate 6.08 % 5.02 % Weighted-average term to maturity 18.0 days 20.0 days Mortgage loans repurchase financing: Repurchase agreements outstanding $ — $ 20,485 Mortgage loans collateral, at fair value — 29,264 Net amount (1) — 8,779 Weighted-average rate 6.84 % Weighted-average term to maturity 235.0 days Total mortgage investments repurchase financing: Repurchase agreements outstanding $ 554,707 $ 515,510 Mortgage investments collateral, at fair value 587,848 553,220 Net amount (1) 33,141 37,710 Weighted-average rate 5.57 % 4.66 % Weighted-average term to maturity 12.9 days 22.2 days (1) Net amount represents the value of collateral in excess of corresponding repurchase obligation. The amount of collateral at-risk is limited to the outstanding repurchase obligation and not the entire collateral balance. The following table provides information regarding the Company’s outstanding repurchase agreement borrowings during the three and nine months ended September 30, 2023 and 2022: September 30, 2023 September 30, 2022 Weighted-average outstanding balance during the three months ended $ 504,467 $ 430,792 Weighted-average rate during the three months ended 5.57 % 2.60 % Weighted-average outstanding balance during the nine months ended $ 500,120 $ 351,960 Weighted-average rate during the nine months ended 5.25 % 1.46 %
Schedule of Long-term Unsecured Debt Instruments	As of September 30, 2023 and December 31, 2022 , the Company had $ 86,713 and $ 86,405 , respectively, of outstanding long-term unsecured debentures, net of unamortized debt issuance costs of $ 968 and $ 1,276 , respectively. The Company’s long-term unsecured debentures consisted of the following as of the dates indicated: September 30, 2023 December 31, 2022 Senior Senior Trust Senior Senior Trust Outstanding $ 34,931 $ 37,750 $ 15,000 $ 34,931 $ 37,750 $ 15,000 Annual 6.75 % 6.000 % Three Month Term SOFR + 6.75 % 6.000 % Three Month LIBOR+ Interest Payment Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Weighted-Average 6.75 % 6.000 % 8.32 % 6.75 % 6.000 % 6.83 % Maturity March 15, 2025 August 1, 2026 2033 - 2035 March 15, 2025 August 1, 2026 2033 - 2035

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Schedule of Derivative Instruments	The following table presents the fair value of the Company’s derivative instruments as of the dates indicated: September 30, 2023 December 31, 2022 Assets Liabilities Assets Liabilities Interest rate swaps $ 82 $ ( 4 ) $ 8 $ — TBA commitments 9,421 — 5,652 ( 22 ) Total $ 9,503 $ ( 4 ) $ 5,660 $ ( 22 )
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location	The following tables provide information about the derivative gains and losses recognized within the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest rate derivatives: Interest rate swaps: Net interest (expense) income (1) $ ( 183 ) $ 258 $ ( 473 ) $ ( 315 ) Unrealized (losses) gains, net ( 908 ) ( 1,420 ) ( 1,230 ) 5,277 Gains realized upon early termination, net — 5,238 385 8,687 Total interest rate swap (losses) gains, net ( 1,091 ) 4,076 ( 1,318 ) 13,649 U.S. Treasury note futures, net — — — ( 782 ) Options on U.S. Treasury note futures, net — — — ( 4 ) Total interest rate derivative (losses) gains, net ( 1,091 ) 4,076 ( 1,318 ) 12,863 TBA commitments: TBA dollar roll income (expense) (2) 722 ( 421 ) 1,479 682 Other gains (losses) on TBA commitments, net 18,079 2,998 18,100 ( 1,971 ) Total gains (losses) on TBA commitments, net 18,801 2,577 19,579 ( 1,289 ) Total derivative gains, net $ 17,710 $ 6,653 $ 18,261 $ 11,574 (1) Represents the periodic net interest settlement incurred during the period (often referred to as “net interest carry”). Also includes “price alignment interest” income earned or expense incurred on cumulative variation margin paid or received, respectively, associated with centrally cleared interest rate swap agreements. (2) Represents the price discount of forward-settling TBA purchases (sales) relative to a contemporaneously executed “spot” TBA sale (purchase), which economically equates to net interest income (expense) that is earned (incurred) ratably over the period beginning on the settlement date of the sale (purchase) and ending on the settlement date of the forward-settling purchase (sale) .
Derivative Instrument Volume of Activity	The following tables summarize the volume of activity, in terms of notional amount, related to derivative instruments for the periods indicated: For the Three Months Ended September 30, 2023 Beginning of Additions Scheduled Early End of Period Interest rate swaps $ 85,000 $ — $ — $ — $ 85,000 TBA commitments, net 364,000 1,243,000 ( 1,156,000 ) — 451,000 For the Three Months Ended September 30, 2022 Beginning of Additions Scheduled Settlements Early End of Period Interest rate swaps $ 230,000 $ 90,000 $ — $ ( 125,000 ) $ 195,000 TBA commitments, net 155,000 535,000 ( 435,000 ) — 255,000 For the Nine Months Ended September 30, 2023 Beginning of Additions Scheduled Early End of Period Interest rate swaps $ 60,000 $ 50,000 $ — $ ( 25,000 ) $ 85,000 TBA commitments, net 425,000 3,801,000 ( 3,775,000 ) — 451,000 For the Nine Months Ended September 30, 2022 Beginning of Additions Scheduled Settlements Early End of Period Interest rate swaps $ 150,000 $ 235,000 $ — $ ( 190,000 ) $ 195,000 10-year U.S. Treasury note futures 25,000 50,000 ( 50,000 ) ( 25,000 ) — Purchased call options on 10-year U.S. 25,000 — ( 25,000 ) — — TBA commitments, net — 1,290,000 ( 1,035,000 ) — 255,000
Derivative Instruments and Other Financial Instrument Cash Collateral	The following table presents information about the cash collateral posted by the Company in respect of its derivative and other financial instruments, which is included in the line item “deposits” in the accompanying consolidated balance sheets, for the dates indicated: September 30, 2023 December 31, 2022 Cash collateral posted for: Interest rate swaps (cash initial margin) $ 1,624 $ 1,823
TBA Commitments
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Schedule of Derivative Instruments	The following tables present information about the Company’s TBA commitments as of the dates indicated: September 30, 2023 Notional Amount: Contractual Forward Price Market Price Fair Value 3.0% 30-year MBS sale commitments $ ( 67,000 ) $ ( 57,104 ) $ ( 55,453 ) $ 1,651 4.0% 30-year MBS sale commitments ( 73,000 ) ( 66,681 ) ( 65,044 ) 1,637 4.5% 30-year MBS sale commitments ( 311,000 ) ( 291,840 ) ( 285,707 ) 6,133 Total TBA commitments, net $ ( 451,000 ) $ ( 415,625 ) $ ( 406,204 ) $ 9,421 December 31, 2022 Notional Amount: Contractual Forward Price Market Price Fair Value 3.0% 30-year MBS sale commitments $ ( 70,000 ) $ ( 62,828 ) $ ( 61,516 ) $ 1,312 4.0% 30-year MBS sale commitments ( 150,000 ) ( 142,255 ) ( 140,830 ) 1,425 4.5% 30-year MBS sale commitments ( 205,000 ) ( 200,365 ) ( 197,472 ) 2,893 Total TBA commitments, net $ ( 425,000 ) $ ( 405,448 ) $ ( 399,818 ) $ 5,630
Interest Rate Swap
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Schedule of Derivative Instruments	The following table presents information about the Company’s interest rate swap agreements that were in effect as of September 30, 2023: Weighted-average: Notional Fixed Receive Variable (Pay) Net (Pay) Remaining Fair Receive-fixed $ 60,000 3.58 % ( 5.31 )% ( 1.73 )% 4.2 $ 82 Pay-fixed 25,000 ( 4.20 )% 5.31 % 1.11 % 1.3 ( 4 ) Total / weighted-average $ 85,000 1.29 % ( 2.19 )% ( 0.90 )% 3.4 $ 78 The following table presents information about the Company’s interest rate swap agreements that were in effect as of December 31, 2022: Weighted-average: Notional Fixed Receive Variable (Pay) Net (Pay) Remaining Fair Receive-fixed $ 60,000 3.58 % ( 4.30 )% ( 0.72 )% 4.9 $ 8

Offsetting of Financial Asset_2

Offsetting of Financial Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
Offsetting [Abstract]
Offsetting of Financial Assets and Liabilities	The following tables present information, as of the dates indicated, about the Company’s derivative instruments, short-term borrowing arrangements, and associated collateral, including those subject to master netting (or similar) arrangements: As of September 30, 2023 Gross Amount Amount Offset Net Amount Gross Amount Not Offset in the Net Financial (1) Cash (2) Assets: Derivative instruments: Interest rate swaps $ 82 $ — $ 82 $ ( 4 ) $ — $ 78 TBA commitments 9,421 — 9,421 — — 9,421 Total derivative instruments 9,503 — 9,503 ( 4 ) — 9,499 Total assets $ 9,503 $ — $ 9,503 $ ( 4 ) $ — $ 9,499 Liabilities: Derivative instruments: Interest rate swaps $ 4 $ — $ 4 $ ( 4 ) $ — $ — Total derivative instruments 4 — 4 ( 4 ) — — Repurchase agreements 554,707 — 554,707 ( 554,707 ) — — Total liabilities $ 554,711 $ — $ 554,711 $ ( 554,711 ) $ — $ — As of December 31, 2022 Gross Amount Amount Offset Net Amount Gross Amount Not Offset in the Net Financial (1) Cash (2) Assets: Derivative instruments: TBA commitments $ 5,652 $ — $ 5,652 $ ( 22 ) $ — $ 5,630 Interest rate swaps 8 — 8 — — 8 Total derivative instruments 5,660 — 5,660 ( 22 ) — 5,638 Total assets $ 5,660 $ — $ 5,660 $ ( 22 ) $ — $ 5,638 Liabilities: Derivative instruments: TBA commitments $ 22 $ — $ 22 $ ( 22 ) $ — $ — Total derivative instruments 22 — 22 ( 22 ) — — Repurchase agreements 515,510 — 515,510 ( 515,510 ) — — Total liabilities $ 515,532 $ — $ 515,532 $ ( 515,532 ) $ — $ — (1) Does not include the fair value amount of financial instrument collateral pledged in respect of repurchase agreements that exceeds the associated liability presented in the consolidated balance sheets. (2) Does not include the amount of cash collateral pledged in respect of derivative instruments and repurchase agreements that exceeds the associated liability presented in the consolidated balance sheets .

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Summary of Significant Inputs to Fair Value Measurement	The following table presents the weighted-average of the significant inputs to the fair value measurement of the Company’s non-agency MBS secured by business purpose residential mortgage loans as of dates indicated: September 30, 2023 December 31, 2022 Probability of default 100.0 % 27.8 % Loss-given-default 0.0 % 18.3 % The following table presents the weighted-average of the significant inputs to the fair value measurement of the business purpose residential mortgage loans of the Company’s consolidated VIE as of the periods indicated: September 30, 2023 December 31, 2022 Probability of default 100.0 % 44.1 % Loss-given-default 24.3 % 11.3 % The following table presents the weighted-average of the significant inputs to the fair value measurement of the subordinate and excess interest-only debt obligations of its consolidated VIE of residential mortgage loans as of December 31, 2022: Subordinate Debt Obligation Excess Interest-Only Debt Obligations Annualized voluntary prepayment rate 10.0 % 10.0 % Annualized default rate 0.5 % 0.5 % Loss-given-default 17.5 % 17.5 % Discount rate 7.8 % 17.7 %
Schedule of significant unobservable inputs to the fair value measurement	The following table presents the significant unobservable inputs to the fair value measurement of the MSRs underlying the Company’s MSR financing receivables as of the periods indicated: September 30, 2023 December 31, 2022 Discount rate 10.0 % 8.5 % Annualized prepayment rate 6.2 % 7.0 % Annual per-loan cost of servicing (current loans) $ 60.00 $ 65.00
Financial Instruments Measured at Fair Value on a Recurring Basis	The following tables set forth financial instruments measured at fair value by level within the fair value hierarchy as of September 30, 2023 and December 31, 2022. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. September 30, 2023 Total Level 1 Level 2 Level 3 Financial assets: Agency MBS $ 520,851 $ — $ 520,851 $ — MSR financing receivables 191,800 — — 191,800 Loans 25,216 — — 25,216 Credit securities 101,546 — 99,434 2,112 Mortgage loans of consolidated VIEs 237 — — 237 Derivative assets 9,503 — 9,503 — Other assets 2,724 — — 2,724 Financial liabilities: Secured debt of consolidated VIEs 91 — — 91 Derivative liabilities 4 — 4 — December 31, 2022 Total Level 1 Level 2 Level 3 Financial assets: Agency MBS $ 443,540 $ — $ 443,540 $ — MSR financing receivables 180,365 — — 180,365 Loans 29,264 — — 29,264 Credit securities 104,437 — 98,933 5,504 Mortgage loans of consolidated VIE 193,957 — — 193,957 Derivative assets 5,660 — 5,660 — Other assets 3,198 234 — 2,964 Financial liabilities: Secured debt of consolidated VIE 169,345 — 159,464 9,881 Derivative liabilities 22 — 22 —
Change in Fair Value of Level 3 Financial Assets and Liabilities that are Measured at Fair Value on Recurring Basis	The table below sets forth an attribution of the change in the fair value of the Company’s Level 3 financial assets that are measured at fair value on a recurring basis for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Beginning balance $ 228,201 $ 393,501 $ 412,054 $ 195,767 Net (loss) gains included in "Investment and derivative ( 1,940 ) ( 13,199 ) 2,300 ( 11,583 ) Additions from consolidation of VIEs — — — 276,594 Transfers to real estate owned by consolidated VIE ( 504 ) ( 78 ) ( 1,163 ) ( 277 ) Purchases — 40,474 16,201 61,693 Sales — — — ( 12,406 ) Payments, net ( 8,965 ) ( 14,671 ) ( 35,872 ) ( 110,052 ) Subtractions from deconsolidation of VIEs — — ( 185,820 ) — Accretion of discount, net 5,297 4,090 14,389 10,381 Ending balance $ 222,089 $ 410,117 $ 222,089 $ 410,117 Net unrealized gains (losses) included in earnings for the $ ( 1,940 ) $ ( 13,199 ) $ 2,987 $ ( 10,552 ) The table below sets forth an attribution of the change in the fair value of the Company’s Level 3 financial liabilities that are measured at fair value on a recurring basis for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Beginning balance $ 113 $ 11,521 $ 9,881 $ 508 Net (gain) loss included in "Investment and derivative ( 10 ) ( 808 ) 23 ( 2,140 ) Additions from consolidation of VIEs — — — 14,278 Payments, net ( 12 ) ( 374 ) ( 316 ) ( 2,170 ) Subtractions from deconsolidation of VIEs — — ( 9,481 ) — Amortization of premium, net — ( 15 ) ( 16 ) ( 152 ) Ending balance $ 91 $ 10,324 $ 91 $ 10,324 Net unrealized (gains) losses included in earnings for the $ ( 10 ) $ ( 808 ) $ ( 29 ) $ ( 2,140 )

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Computations of Basic and Diluted Earnings (Loss) Per Share	The following table presents the computations of basic and diluted earnings (loss) per share for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, (Shares in thousands) 2023 2022 2023 2022 Basic weighted-average common shares outstanding 28,081 28,338 28,055 28,973 Performance share units, unvested restricted stock units, — 575 — — Diluted weighted-average common shares outstanding 28,081 28,913 28,055 28,973 Net (loss) income (attributable) available to common stock $ ( 7,273 ) $ 2,756 $ ( 5,943 ) $ ( 1,087 ) Basic (loss) earnings per common share $ ( 0.26 ) $ 0.10 $ ( 0.21 ) $ ( 0.04 ) Diluted (loss) earnings per common share $ ( 0.26 ) $ 0.10 $ ( 0.21 ) $ ( 0.04 )

Long-Term Incentive Plan (Table

Long-Term Incentive Plan (Tables)	9 Months Ended
	Sep. 30, 2023
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Share Based Compensation Performance Shares Grants Activity	The Compensation Committee of the Board of Directors of the Company approved the following Performance-based Stock Award grants for the periods indicated: Nine Months Ended Nine Months Ended Absolute TSR Awards granted — 174,581 Absolute TSR Award grant date fair value per share $ — $ 6.03 Relative TSR Awards granted — 87,291 Relative TSR Award grant date fair value per share $ — $ 5.83 Book Value Awards granted — 103,000 Book Value Award grant date fair value per share $ — $ 3.37 Stock Price Awards granted — 1,225,490 Stock Price Award grant date fair value per share $ — $ 1.72
Share based compensation award valuation assumptions	The following assumptions, determined as of the date of grant, were used in the Monte Carlo simulation model to measure the grant date fair value per share of the Company’s Absolute TSR Awards, Relative TSR Awards and Stock Price Awards for the periods indicated: Absolute TSR Awards Relative TSR Awards Stock Price Awards 2023 2022 2023 2022 2023 2022 Closing stock price on date of grant $ — $ 3.58 $ — $ 3.58 $ — $ 3.06 Beginning average stock price on (1) $ — $ 3.60 $ — $ 3.60 $ — N/A Expected volatility (2) — 69.20 % — 69.20 % — 51.17 % Dividend yield (3) — 0.00 % — 0.00 % — 0.00 % Risk-free rate (4) — 1.01 % — 1.01 % — 2.97 % Discount for illiquidity (5) — 0.00 % — 0.00 % — 8.42 % (1) Based upon the 30 trading days prior to and including the date of grant. (2) Based upon the most recent three-year volatility as of the date of grant. (3) Dividend equivalents are accrued during the performance period and deemed reinvested in additional stock units, which are to be paid out at the end of the performance period to the extent the underlying Performance-based Stock Award is earned. Applying dividend yield assumption of 0.00 % in the Monte Carlo simulation is mathematically equivalent to reinvesting dividends on a continuous basis and including the value of the dividends in the final payout. (4) Based upon the yield of a U.S. Treasury bond with a three-year maturity as of the date of grant. (5) Based on restriction on ability to sell vested awards for one year after vesting .
Schedule of Unvested Restricted Stock Units Roll Forward	The Company grants restricted common shares to employees that either vest ratably over a three-year period or cliff vest at the end of a three-year period based on continued employment over these specified periods. A summary of these unvested restricted stock awards is presented below: Number of Shares Weighted-average Weighted- Share Balance as of December 31, 2021 759,035 $ 4.16 1.5 Granted 384,291 3.42 — Forfeitures ( 12,167 ) 3.57 — Vestitures ( 300,317 ) 4.44 Share Balance as of December 31, 2022 830,842 3.72 1.2 Granted 137,000 3.01 — Conversion of Book Value Awards 41,410 3.37 — Vestitures ( 181,125 ) 4.40 — Share Balance as of September 30, 2023 828,127 $ 3.44 0.8
Non Employee Director
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Share Based Compensation Restricted Stock Units Grants Activity	A summary of the non-employee director RSUs grants is presented below for the periods indicated: Nine Months Ended Nine Months Ended RSUs granted — 132,450 Grant date fair value $ — $ 3.02

Organization and Basis of Pre_2

Organization and Basis of Presentation - Additional Information (Details) - $ / shares	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Required annual distribution of taxable income	90%
Intended annual distribution of taxable income	100%
Common Stock Conversion Cash Consideration Value (in shares)	$ 0.09
Common Stock Conversion Value (in shares)	$ 0.3619
Non-employee directors
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common Stock, Shares, Outstanding	548,272
Restricted Stocks
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common Stock, Shares, Outstanding	828,127
Performance-based stock Award
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common Stock, Shares, Outstanding	3,451,713
Senior Notes Due 2025
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Outstanding trust preferred securities	6.75%
Senior Notes Due 2026
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Outstanding trust preferred securities	6%
Common Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common Stock, Shares, Issued	32,360,432
Common Stock, Shares, Outstanding	28,360,447
Series B Preferred Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Preferred stock, issued (in shares)	379,668	379,668
Convertible Preferred stock	7%
Series C Preferred Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Preferred stock, issued (in shares)	957,133	957,133
Convertible Preferred stock	8.25%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	Sep. 30, 2023	Dec. 31, 2022
Summary Of Significant Accounting Policies [Line Items]
Cash Equivalents Percentage Held in Us Government Backed Securities	98%	84%
ASU No. 2021-01
Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted	false
ASU No. 2022-06
Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted	false
ASU No. 2020-04
Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted	false

Investments in Agency MBS - Add

Investments in Agency MBS - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Agency MBS
Fair Value of MBS	$ 520,851	$ 443,540

Investments in Agency MBS - A_2

Investments in Agency MBS - Additional Information About Gains and Losses Recognized with Respect to Investments in Agency MBS (Details) - Agency MBS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net gains (losses) recognized in earnings for:
Agency MBS still held at period end	$ (23,495)	$ (24,430)	$ (24,482)	$ (26,911)
Agency MBS sold during the period	0	1,702	(245)	(32,365)
Total	$ (23,495)	$ (22,728)	$ (24,727)	$ (59,276)

Investments in Credit Securit_3

Investments in Credit Securities - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Credit Securities
Fair Value of MBS	$ 101,546	$ 104,437

Investments in Credit Securit_4

Investments in Credit Securities - Additional Information About Gains and Losses Recognized with Respect to Investments in Credit Securities (Details) - Credit Securities - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net gains (losses) recognized in earnings for:
Credit securities still held at period end	$ 63	$ (1,552)	$ (105)	$ (2,227)
Credit securities sold during the period	0	0	0	(970)
Total	$ 63	$ (1,552)	$ (105)	$ (3,197)

Loans Held For Investment - Add

Loans Held For Investment - Additional Information (Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
	Mar. 23, 2023	Sep. 30, 2023	Dec. 31, 2022	Oct. 05, 2023	Feb. 27, 2023
Schedule Of Investments [Line Items]
Mortgage loans, at fair value		$ 25,216	$ 29,264
Subsequent Event | Parri Passu [Member]
Schedule Of Investments [Line Items]
Outstanding principal balance				$ 22,039
Revolving Credit Facility
Schedule Of Investments [Line Items]
Loan Rate			SOFR plus 3.86%
Revolving credit facility, committed fund			$ 30,000
Revolving credit facility			$ 130,000
Revolving credit facility maturity date		Jul. 07, 2024
Unused commitment fee percentage			0.50%
Committed fund termination					$ 30,000
Revolving Credit Facility Funded Commitment			$ 4,914
Revolving Credit Facility | Minimum
Schedule Of Investments [Line Items]
Loan floor rate			1%
Loan Purchase Commitments
Schedule Of Investments [Line Items]
Mortgage loans, at fair value		$ 25,216	$ 34,178
Healthcare Facilities Mortgage Loan
Schedule Of Investments [Line Items]
Outstanding principal balance		75,805	86,579
Healthcare Facilities Mortgage Loan | Parri Passu [Member]
Schedule Of Investments [Line Items]
Outstanding principal balance		$ 25,622	$ 29,264
Healthcare Facilities Mortgage Loan | Subsequent Event
Schedule Of Investments [Line Items]
Outstanding principal balance				$ 65,205
Healthcare Facilities Mortgage Loan | Loan Purchase Commitments
Schedule Of Investments [Line Items]
Loan Rate		SOFR plus 5.61%
Loan maturity date		Mar. 23, 2023
New loan maturity date	Jun. 23, 2023	Sep. 22, 2023

Investments in MSR Financing _3

Investments in MSR Financing Receivables - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended	36 Months Ended	39 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2023	Apr. 01, 2024	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Accounts Notes And Loans Receivable [Line Items]
MSR servicing fee basis points	0.125%
Servicing advances receivable	$ 3,086	$ 6,046
Counterparty financing secured by financing receivable	0	7,863
MSR financing receivables, at fair value	191,800	$ 180,365			$ 195,893	$ 164,585	$ 120,260	$ 125,018
Scenario, Forecast
Accounts Notes And Loans Receivable [Line Items]
Minimum amount of capital commitment for investments to counterparty period of expiration			Dec. 31, 2023	Apr. 01, 2024
Minimum
Accounts Notes And Loans Receivable [Line Items]
Minimum amount of capital commitment for investments to counterparty	$ 50,000
Minimum | Scenario, Forecast
Accounts Notes And Loans Receivable [Line Items]
Minimum amount of capital commitment for investments to counterparty			$ 25,000	$ 25,000

Investments in MSR Financing _4

Investments in MSR Financing Receivables - Schedule of Investment in MSR Finance Receivables (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Receivables [Abstract]
Balance at period beginning	$ 195,893	$ 120,260	$ 180,365	$ 125,018
Capital investments	0	40,474	16,201	61,693
Capital distributions	(7,800)	(4,049)	(23,384)	(68,601)
Accretion of interest income	5,247	3,608	14,641	10,973
Changes in valuation inputs and assumptions	(1,540)	4,292	3,977	35,502
Balance at period end	$ 191,800	$ 164,585	$ 191,800	$ 164,585

Investments in SFR Properties -

Investments in SFR Properties - Additional Information (Details) - Single-Family Residential Properties $ in Thousands			3 Months Ended	9 Months Ended
	Dec. 01, 2022 USD ($)	Aug. 19, 2022 USD ($) Property	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)
Real Estate And Accumulated Depreciation [Line Items]
Maximum commitment fund amount of acquisition of properties					$ 55,000
Depreciation expense			$ 632	$ 1,951
Number of properties committed to sell | Property		371
Related to property sold amount	$ 87,050	$ 130,026
Gain (Loss) on sale of properties	$ 1,789	$ 14,391
Building [Member]
Real Estate And Accumulated Depreciation [Line Items]
Useful life of building and improvements					27 years 6 months
Building Improvements [Member] | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Useful life of building and improvements					5 years
Building Improvements [Member] | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Useful life of building and improvements					27 years 6 months

Consolidation of Variable Int_3

Consolidation of Variable Interest Entities - Additional Information (Details) - Variable Interest Entity, Primary Beneficiary - USD ($) $ in Thousands	Feb. 03, 2022	Sep. 30, 2020	Sep. 30, 2023
Variable Interest Entity [Line Items]
Purchases of agency mortgage-backed securities	$ 20,585	$ 10,693
Business Purpose Residential Mortgage Loans
Variable Interest Entity [Line Items]
Pool of mortgage loans unpaid principal balance			$ 237

Consolidation of Variable Int_4

Consolidation of Variable Interest Entities - Schedule of Carrying Values of Assets and Liabilities of Consolidated VIE, Net of Elimination Entries (Details) - USD ($) $ in Thousands	Sep. 30, 2023		Dec. 31, 2022
Variable Interest Entity [Line Items]
Loans Receivable, Fair Value Disclosure	$ 25,216		$ 29,264
Other assets of consolidated VIEs	17,081		18,720
Other liabilities of consolidated VIEs	(12,396)		(13,718)
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Cash of consolidated VIEs	49		296
Restricted cash of consolidated VIEs	3	[1]	2,191	[2]
Loans Receivable, Fair Value Disclosure	237		193,957
Other assets of consolidated VIEs	1,528		2,067
Secured debt of consolidated VIEs, at fair value	(91)		(169,345)
Other liabilities of consolidated VIEs	0		(262)
Net investment in consolidated VIEs	1,726		28,904
Variable Interest Entity, Primary Beneficiary | Business Purpose Residential Mortgage Loans
Variable Interest Entity [Line Items]
Cash of consolidated VIEs	49		296
Restricted cash of consolidated VIEs	3	[1]	16	[2]
Loans Receivable, Fair Value Disclosure	237		2,320
Other assets of consolidated VIEs	1,528		1,389
Secured debt of consolidated VIEs, at fair value	(91)		(200)
Other liabilities of consolidated VIEs	0		(1)
Net investment in consolidated VIEs	1,726		3,820
Variable Interest Entity, Primary Beneficiary | Residential Mortgage Loans
Variable Interest Entity [Line Items]
Cash of consolidated VIEs	0		0
Restricted cash of consolidated VIEs	0	[1]	2,175	[2]
Loans Receivable, Fair Value Disclosure	0		191,637
Other assets of consolidated VIEs	0		678
Secured debt of consolidated VIEs, at fair value	0		(169,145)
Other liabilities of consolidated VIEs	0		(261)
Net investment in consolidated VIEs	$ 0		$ 25,084
[1] Restricted cash represents cash collected by the trust that must be used solely to satisfy the liabilities of the VIE in the month following collection. Restricted cash represents cash collected by the trust that must be used solely to satisfy the liabilities of the VIE in the month following collection.

Consolidation of Variable Int_5

Consolidation of Variable Interest Entities - Schedule of Accrual Status of Residential Mortgage Loans of Consolidated VIE (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Loans Receivable, Fair Value Disclosure	$ 25,216	$ 29,264
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Loans Receivable, Fair Value Disclosure	237	193,957
Variable Interest Entity, Primary Beneficiary | Business Purpose Residential Mortgage Loans
Variable Interest Entity [Line Items]
Loans Receivable, Fair Value Disclosure	237	2,320
Pool of mortgage loans unpaid principal balance	237
Difference	0
Variable Interest Entity, Primary Beneficiary | Residential Mortgage Loans
Variable Interest Entity [Line Items]
Loans Receivable, Fair Value Disclosure	0	$ 191,637
Less than 90 Days Past Due | Accrual Status | Variable Interest Entity, Primary Beneficiary | Business Purpose Residential Mortgage Loans
Variable Interest Entity [Line Items]
Loans Receivable, Fair Value Disclosure	0
Pool of mortgage loans unpaid principal balance	0
Difference	0
90 Days or More Past Due | Non-accrual Status | Variable Interest Entity, Primary Beneficiary | Business Purpose Residential Mortgage Loans
Variable Interest Entity [Line Items]
Loans Receivable, Fair Value Disclosure	237
Pool of mortgage loans unpaid principal balance	237
Difference	$ 0

Borrowings - Additional Informa

Borrowings - Additional Information (Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
	Sep. 28, 2021	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term unsecured debt		$ 86,713	$ 86,405
Unamortized debt issuance costs		$ 968	$ 1,276
Weighted-average term to maturity (in days)		12 days 21 hours	22 days 4 hours
Weighted-average rate		5.57%	4.66%
Secured Debt | McLean SFR Investment, LLC
Debt Instrument [Line Items]
Maturity date	Oct. 09, 2026
Annual Interest Rate	2.76%
Minimum | Agency MBS
Debt Instrument [Line Items]
MBS repurchase agreement contract duration		30 days
Maximum | Secured Debt | McLean SFR Investment, LLC
Debt Instrument [Line Items]
Debt instrument, issued	$ 150,000
Percentage of fair value of eligible properties of loan amount	74%
Maximum | Agency MBS
Debt Instrument [Line Items]
MBS repurchase agreement contract duration		60 days

Borrowings - Outstanding Repurc

Borrowings - Outstanding Repurchase Agreement Borrowings (Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2023	Dec. 31, 2022
Repurchase Agreement Counterparty [Line Items]
Repurchase agreements outstanding		$ 554,707	$ 515,510
Agency MBS collateral, at fair value		587,848	553,220
Net amount	[1]	$ 33,141	$ 37,710
Weighted-average rate		5.57%	4.66%
Weighted-average term to maturity (in days)		12 days 21 hours	22 days 4 hours
Agency MBS repurchase financing
Repurchase Agreement Counterparty [Line Items]
Repurchase agreements outstanding		$ 475,109	$ 406,072
Agency MBS collateral, at fair value		499,324	425,023
Net amount	[1]	$ 24,215	$ 18,951
Weighted-average rate		5.48%	4.47%
Weighted-average term to maturity (in days)		12 days	12 days
Non-Agency MBS
Repurchase Agreement Counterparty [Line Items]
Repurchase agreements outstanding		$ 79,598	$ 88,953
Agency MBS collateral, at fair value		88,524	98,933
Net amount	[1]	$ 8,926	$ 9,980
Weighted-average rate		6.08%	5.02%
Weighted-average term to maturity (in days)		18 days	20 days
Mortgage loans repurchase financing
Repurchase Agreement Counterparty [Line Items]
Repurchase agreements outstanding		$ 0	$ 20,485
Agency MBS collateral, at fair value		0	29,264
Net amount	[1]	$ 0	$ 8,779
Weighted-average rate			6.84%
Weighted-average term to maturity (in days)			235 days
[1] Net amount represents the value of collateral in excess of corresponding repurchase obligation. The amount of collateral at-risk is limited to the outstanding repurchase obligation and not the entire collateral balance.

Borrowings - Information Regard

Borrowings - Information Regarding Outstanding Repurchase Agreement Borrowings During the Period (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Disclosure [Abstract]
Weighted-average outstanding balance	$ 504,467	$ 430,792	$ 500,120	$ 351,960
Weighted-average rate	5.57%	2.60%	5.25%	1.46%

Borrowings - Long-term Unsecure

Borrowings - Long-term Unsecured Debt Instruments (Details) - USD ($) $ in Thousands	6 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2022	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Senior Notes Due 2025
Debt Instrument [Line Items]
Outstanding principal		$ 34,931	$ 34,931
Annual Interest Rate		6.75%	6.75%
Interest Payment Frequency		Quarterly	Quarterly
Weighted-Average Interest Rate		6.75%	6.75%
Maturity date		Mar. 15, 2025	Mar. 15, 2025
Senior Notes Due 2026
Debt Instrument [Line Items]
Outstanding principal		$ 37,750	$ 37,750
Annual Interest Rate		6%	6%
Interest Payment Frequency		Quarterly	Quarterly
Weighted-Average Interest Rate		6%	6%
Maturity date		Aug. 01, 2026	Aug. 01, 2026
Trust Preferred Debt
Debt Instrument [Line Items]
Outstanding principal		$ 15,000	$ 15,000
Interest Payment Frequency		Quarterly	Quarterly
Weighted-Average Interest Rate		8.32%	6.83%
Annual Interest Rate - Description basis		Three Month Term SOFR +2.51 - 3.26 %	Three Month LIBOR+2.25 - 3.00 %
Trust Preferred Debt | Minimum
Debt Instrument [Line Items]
Maturity	2033	2033	2033	2033
Trust Preferred Debt | Maximum
Debt Instrument [Line Items]
Maturity		2035	2035

Derivative Instruments - Fair V

Derivative Instruments - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Derivative Assets	$ 9,503	$ 5,660
Derivative Liabilities, Net Amount	$ (4)	$ (22)
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Deposit Assets	Deposit Assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities
Interest Rate Swap
Derivative Assets	$ 82	$ 8
Derivative Liabilities, Net Amount	(4)	0
TBA Commitments
Derivative Assets	9,421	5,652
Derivative Liabilities, Net Amount	$ 0	$ (22)

Derivative Instruments - Intere

Derivative Instruments - Interest Rate Swap Agreements (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Notional Amount	$ 451,000	$ 425,000	$ 364,000	$ 255,000	$ 155,000	$ 0
Interest Rate Swap
Notional Amount	$ 85,000	60,000	$ 85,000	$ 195,000	$ 230,000	$ 150,000
Weighted-average: Fixed Rate	1.29%
Weighted-average: Variable Rate	(2.19%)
Weighted-average: Net Receive (Pay) Rate	(0.90%)
Weighted-average: Remaining Life (in years)	3 years 4 months 24 days
Fair Value, Asset and (Liability)	$ 78
Interest Rate Swap | Receive-fixed [Member]
Notional Amount	$ 60,000	$ 60,000
Weighted-average: Fixed Rate	3.58%	3.58%
Weighted-average: Variable Rate	(5.31%)	(4.30%)
Weighted-average: Net Receive (Pay) Rate	(1.73%)	(0.72%)
Weighted-average: Remaining Life (in years)	4 years 2 months 12 days	4 years 10 months 24 days
Fair Value, Asset and (Liability)	$ 82	$ 8
Interest Rate Swap | Pay-fixed [Member]
Notional Amount	$ 25,000
Weighted-average: Fixed Rate	4.20%
Weighted-average: Variable Rate	(5.31%)
Weighted-average: Net Receive (Pay) Rate	1.11%
Weighted-average: Remaining Life (in years)	1 year 3 months 18 days
Fair Value, Asset and (Liability)	$ (4)

Derivative Instruments - TBA Co

Derivative Instruments - TBA Commitments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Notional Amount: Net Purchase Commitment	$ (451,000)	$ (364,000)	$ (425,000)	$ (255,000)	$ (155,000)	$ 0
Fair Value, Asset	9,503		5,660
Fair Value, Liability	(4)		(22)
TBA Commitments
Notional Amount: Net Purchase Commitment	(451,000)		(425,000)
Contractual Forward Price	(415,625)		(405,448)
Market Price	(406,204)		(399,818)
Fair Value, Asset	9,421		5,652
Fair Value, Liability	0		(22)
Net Fair Value	9,421		5,630
TBA Commitments | Three Point Zero Percent Thirty Year Mortgage Backed Securities Purchase Sale Commitments Sale [Member]
Notional Amount: Net Purchase Commitment	(67,000)		(70,000)
Contractual Forward Price	(57,104)		(62,828)
Market Price	(55,453)		(61,516)
Fair Value, Asset	1,651		1,312
TBA Commitments | Four Point Zero Percent Thirty-year MBS Sale Commitments
Notional Amount: Net Purchase Commitment	(73,000)		(150,000)
Contractual Forward Price	(66,681)		(142,255)
Market Price	(65,044)		(140,830)
Fair Value, Asset	1,637		1,425
TBA Commitments | Four Point Five Percent Thirty Year Mortgage Backed Securities Purchase Sale Commitments Sale
Notional Amount: Net Purchase Commitment	(311,000)		(205,000)
Contractual Forward Price	(291,840)		(200,365)
Market Price	(285,707)		(197,472)
Fair Value, Asset	$ 6,133		$ 2,893

Derivative Instruments - Deriva

Derivative Instruments - Derivative Gains and Losses Recognized Within the Periods (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Interest rate derivative gains (losses), net		$ (1,091)	$ 4,076	$ (1,318)	$ 12,863
Gains (losses) on commitments		18,801	2,577	19,579	(1,289)
Total derivative gains, net		17,710	6,653	18,261	11,574
Interest Rate Swap
Interest rate derivative gains (losses), net		(1,091)	4,076	(1,318)	13,649
Interest Rate Swaps Net Interest Expense
Interest rate derivative gains (losses), net	[1]	(183)	258	(473)	(315)
Unrealized Gains, Net
Interest rate derivative gains (losses), net		(908)	(1,420)	(1,230)	5,277
Interest Rate Swaps (Gains) Losses Realized Upon Early Termination, Net
Interest rate derivative gains (losses), net		0	5,238	385	8,687
Options on U.S. Treasury Note Futures, Net
Interest rate derivative gains (losses), net		0	0	0	(4)
TBA Dollar Roll Income
Gains (losses) on commitments	[2]	722	(421)	1,479	682
Other Losses on TBA Commitments, Net
Gains (losses) on commitments		18,079	2,998	18,100	(1,971)
U.S. Treasury Note Futures, Net
Interest rate derivative gains (losses), net		$ 0	$ 0	$ 0	$ (782)
[1] Represents the periodic net interest settlement incurred during the period (often referred to as “net interest carry”). Also includes “price alignment interest” income earned or expense incurred on cumulative variation margin paid or received, respectively, associated with centrally cleared interest rate swap agreements. Represents the price discount of forward-settling TBA purchases (sales) relative to a contemporaneously executed “spot” TBA sale (purchase), which economically equates to net interest income (expense) that is earned (incurred) ratably over the period beginning on the settlement date of the sale (purchase) and ending on the settlement date of the forward-settling purchase (sale) .

Derivative Instruments - Volume

Derivative Instruments - Volume of Activity, in terms of Notional Amount, Related to Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative [Line Items]
Beginning of Period	$ 364,000	$ 155,000	$ 425,000	$ 0
Additions	1,243,000	535,000	3,801,000	1,290,000
Scheduled Settlements	(1,156,000)	(435,000)	(3,775,000)	(1,035,000)
Early Terminations	0	0	0	0
End of Period	451,000	255,000	451,000	255,000
Interest Rate Swap
Derivative [Line Items]
Beginning of Period	85,000	230,000	60,000	150,000
Additions	0	90,000	50,000	235,000
Scheduled Settlements	0	0	0	0
Early Terminations	0	(125,000)	(25,000)	(190,000)
End of Period	$ 85,000	195,000	$ 85,000	195,000
10-year U.S. Treasury Note Futures
Derivative [Line Items]
Beginning of Period				25,000
Additions				50,000
Scheduled Settlements				(50,000)
Early Terminations				(25,000)
End of Period		0		0
Purchased Call Options on Ten Year U.S. Treasury Note Futures
Derivative [Line Items]
Beginning of Period				25,000
Additions				0
Scheduled Settlements				(25,000)
Early Terminations				0
End of Period		$ 0		$ 0

Derivative Instruments - Cash C

Derivative Instruments - Cash Collateral Posted in Respect of Derivative and Other Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Interest Rate Swap
Cash collateral posted, net	$ 1,624	$ 1,823

Offsetting of Financial Asset_3

Offsetting of Financial Assets and Liabilities - Derivative Instruments and Short-term Borrowing Arrangements, including those Subject to Master Netting or Similar Arrangements (Details) - USD ($) $ in Thousands		Sep. 30, 2023	Dec. 31, 2022
Derivative instruments:
Derivative Asset, Gross Amount Recognized		$ 9,503	$ 5,660
Derivative Asset, Amount Offset		0	0
Derivative Assets		9,503	5,660
Derivative Asset, Financial Instruments	[1]	(4)	(22)
Derivative Asset, Cash Collateral	[2]	0	0
Derivative Asset, Net amount Total		9,499	5,638
Derivative instruments:
Derivative Liabilities, Gross Amount Recognized		4	22
Derivative Liabilities, Amount Offset		0	0
Derivative Liability		4	22
Derivative Liabilities, Financial Instruments	[1]	(4)	(22)
Derivative Liabilities, Cash Collateral	[2]	0	0
Derivative Liabilities, Net amount Total		0	0
Derivative Financial Instruments, Liabilities
Derivative instruments:
Derivative Liabilities, Gross Amount Recognized		554,711	515,532
Derivative Liabilities, Amount Offset		0	0
Derivative Liability		554,711	515,532
Derivative Liabilities, Financial Instruments	[1]	(554,711)	(515,532)
Derivative Liabilities, Cash Collateral	[2]	0	0
Derivative Liabilities, Net amount Total		0	0
Derivative Financial Instruments, Assets
Derivative instruments:
Derivative Asset, Gross Amount Recognized		9,503	5,660
Derivative Asset, Amount Offset		0	0
Derivative Assets		9,503	5,660
Derivative Asset, Financial Instruments	[1]	(4)	(22)
Derivative Asset, Cash Collateral	[2]	0	0
Derivative Asset, Net amount Total		9,499	5,638
Repurchase Agreements
Derivative instruments:
Derivative Liabilities, Gross Amount Recognized		554,707	515,510
Derivative Liabilities, Amount Offset		0	0
Derivative Liability		554,707	515,510
Derivative Liabilities, Financial Instruments	[1]	(554,707)	(515,510)
Derivative Liabilities, Cash Collateral	[2]	0	0
Derivative Liabilities, Net amount Total		0	0
TBA Commitments
Derivative instruments:
Derivative Asset, Gross Amount Recognized		9,421	5,652
Derivative Asset, Amount Offset		0	0
Derivative Assets		9,421	5,652
Derivative Asset, Financial Instruments	[1]	0	(22)
Derivative Asset, Cash Collateral	[2]	0	0
Derivative Asset, Net amount Total		9,421	5,630
Derivative instruments:
Derivative Liabilities, Gross Amount Recognized			22
Derivative Liabilities, Amount Offset			0
Derivative Liability		0	22
Derivative Liabilities, Financial Instruments	[1]		(22)
Derivative Liabilities, Cash Collateral	[2]		0
Derivative Liabilities, Net amount Total			0
Interest Rate Swap
Derivative instruments:
Derivative Asset, Gross Amount Recognized		82	8
Derivative Asset, Amount Offset		0	0
Derivative Assets		82	8
Derivative Asset, Financial Instruments	[1]	(4)	0
Derivative Asset, Cash Collateral	[2]	0	0
Derivative Asset, Net amount Total		78	8
Derivative instruments:
Derivative Liabilities, Gross Amount Recognized		4
Derivative Liabilities, Amount Offset		0
Derivative Liability		4	$ 0
Derivative Liabilities, Financial Instruments	[1]	(4)
Derivative Liabilities, Cash Collateral	[2]	0
Derivative Liabilities, Net amount Total		$ 0
[1] Does not include the fair value amount of financial instrument collateral pledged in respect of repurchase agreements that exceeds the associated liability presented in the consolidated balance sheets. Does not include the amount of cash collateral pledged in respect of derivative instruments and repurchase agreements that exceeds the associated liability presented in the consolidated balance sheets

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Significant Inputs to Fair Value Measurement (Details) - Fair Value, Inputs, Level 3	Sep. 30, 2023 LoanCost	Dec. 31, 2022 LoanCost
Annualized Voluntary Prepayment Rate | Subordinate Debt Obligations
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Alternative Investment, Measurement Input		0.10
Annualized Voluntary Prepayment Rate | Excess Interest-Only Debt Obligations
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Alternative Investment, Measurement Input		0.10
Annualized Default Rate | Subordinate Debt Obligations
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Alternative Investment, Measurement Input		0.005
Annualized Default Rate | Excess Interest-Only Debt Obligations
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Alternative Investment, Measurement Input		0.005
Loss-Given-Default | Subordinate Debt Obligations
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Alternative Investment, Measurement Input		0.175
Loss-Given-Default | Excess Interest-Only Debt Obligations
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Alternative Investment, Measurement Input		0.175
Discount Rate | Subordinate Debt Obligations
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Alternative Investment, Measurement Input		0.078
Discount Rate | Excess Interest-Only Debt Obligations
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Alternative Investment, Measurement Input		0.177
Non-Agency MBS | Loss-Given-Default
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Alternative Investment, Measurement Input	0	0.183
Non-Agency MBS | Probability of Default
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Alternative Investment, Measurement Input	1	0.278
Mortgage Loans of Consolidated VIE | Loss-Given-Default
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Alternative Investment, Measurement Input	0.243	0.113
Mortgage Loans of Consolidated VIE | Probability of Default
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Alternative Investment, Measurement Input	1	0.441
MSR financing receivables | Annualized Voluntary Prepayment Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Alternative Investment, Measurement Input	0.062	0.07
MSR financing receivables | Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Alternative Investment, Measurement Input	0.10	0.085
MSR financing receivables | Annual per-loan Cost of Servicing(Current Loans)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Alternative Investment, Measurement Input	60	65

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Jun. 30, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Long-term unsecured debt, carrying value	$ 86,713	$ 86,405
Long-term debt, Fair Value	79,613	79,900
Equity Securities of Publicly Traded Companies
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investments in equity securities and investment funds measured at fair value		234
Private Equity Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investments in equity securities and investment funds measured at fair value	2,724	2,964
MSR financing receivables
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Present value of expected incentive fee	0	$ 12,568
Mortgages Servicing Rights Financing Paid
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Present value of expected incentive fee			$ 10,794
Payment For Incentive Fee	$ 9,650
Fair Value, Inputs, Level 3 | Private Equity Funds | Stock Price to Net Asset Multiple
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair value discount rate	1	0.97
Fair Value, Inputs, Level 3 | Private Equity Funds | Discount Factor for Lack of Marketability and Control
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair value discount rate	0.20	0.15
Fair Value, Inputs, Level 3 | Private Equity Funds | Cost of Equity Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair value discount rate	0.17	0.16
Fair Value, Inputs, Level 3 | Commercial Mortgage Loan Investment
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Estimated weighted average rate of default	0%	0%
Fair value discount rate	0.124	0.10
Fair Value, Inputs, Level 3 | Non-Agency MBS | Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Percentage of investment represented original collateral pool	1%	1%

Fair Value Measurements - Finan

Fair Value Measurements - Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Financial assets:
Loans Receivable, Fair Value Disclosure	$ 25,216	$ 29,264
Derivative assets, at fair value	9,503	5,660
Financial liabilities:
Derivative Liabilities, Net Amount	4	22
Fair Value, Measurements, Recurring
Financial assets:
MSR financing receivables	191,800	180,365
Loans Receivable, Fair Value Disclosure	25,216	29,264
Derivative assets, at fair value	9,503	5,660
Other assets	2,724	3,198
Financial liabilities:
Derivative Liabilities, Net Amount	4	22
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1
Financial assets:
MSR financing receivables	0	0
Loans Receivable, Fair Value Disclosure	0	0
Derivative assets, at fair value	0	0
Other assets	0	234
Financial liabilities:
Derivative Liabilities, Net Amount	0	0
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2
Financial assets:
MSR financing receivables	0	0
Loans Receivable, Fair Value Disclosure	0	0
Derivative assets, at fair value	9,503	5,660
Other assets	0	0
Financial liabilities:
Derivative Liabilities, Net Amount	4	22
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3
Financial assets:
MSR financing receivables	191,800	180,365
Loans Receivable, Fair Value Disclosure	25,216	29,264
Derivative assets, at fair value	0	0
Other assets	2,724	2,964
Financial liabilities:
Derivative Liabilities, Net Amount	0	0
Fair Value, Measurements, Recurring | Agency MBS
Financial assets:
Trading securities	520,851	443,540
Fair Value, Measurements, Recurring | Agency MBS | Fair Value, Inputs, Level 1
Financial assets:
Trading securities	0	0
Fair Value, Measurements, Recurring | Agency MBS | Fair Value, Inputs, Level 2
Financial assets:
Trading securities	520,851	443,540
Fair Value, Measurements, Recurring | Agency MBS | Fair Value, Inputs, Level 3
Financial assets:
Trading securities	0	0
Fair Value, Measurements, Recurring | Variable Interest Entity, Primary Beneficiary
Financial assets:
Loans Receivable, Fair Value Disclosure	237	193,957
Financial liabilities:
Secured debt of consolidated VIEs, at fair value	91	169,345
Fair Value, Measurements, Recurring | Variable Interest Entity, Primary Beneficiary | Fair Value, Inputs, Level 1
Financial assets:
Loans Receivable, Fair Value Disclosure	0	0
Financial liabilities:
Secured debt of consolidated VIEs, at fair value	0	0
Fair Value, Measurements, Recurring | Variable Interest Entity, Primary Beneficiary | Fair Value, Inputs, Level 2
Financial assets:
Loans Receivable, Fair Value Disclosure	0	0
Financial liabilities:
Secured debt of consolidated VIEs, at fair value	0	159,464
Fair Value, Measurements, Recurring | Variable Interest Entity, Primary Beneficiary | Fair Value, Inputs, Level 3
Financial assets:
Loans Receivable, Fair Value Disclosure	237	193,957
Financial liabilities:
Secured debt of consolidated VIEs, at fair value	91	9,881
Fair Value, Measurements, Recurring | Credit Securities
Financial assets:
Trading securities	101,546	104,437
Fair Value, Measurements, Recurring | Credit Securities | Fair Value, Inputs, Level 1
Financial assets:
Trading securities	0	0
Fair Value, Measurements, Recurring | Credit Securities | Fair Value, Inputs, Level 2
Financial assets:
Trading securities	99,434	98,933
Fair Value, Measurements, Recurring | Credit Securities | Fair Value, Inputs, Level 3
Financial assets:
Trading securities	$ 2,112	$ 5,504

Fair Value Measurements - Chang

Fair Value Measurements - Change in Fair Value of Level 3 Financial Assets and Liabilities that are Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Beginning balance	$ 228,201	$ 393,501	$ 412,054	$ 195,767
Net(loss) gains included in "Investment and derivative gain (loss), net"	(1,940)	(13,199)	2,300	(11,583)
Additions from consolidation of VIEs	0	0	0	276,594
Transfers to real estate owned by consolidated VIE	(504)	(78)	(1,163)	(277)
Purchases	0	40,474	16,201	61,693
Sales	0	0	0	(12,406)
Payments, net	(8,965)	(14,671)	(35,872)	(110,052)
Subtractions from deconsolidation of VIEs	0	0	(185,820)	0
Accretion of discount, net	5,297	4,090	14,389	10,381
Ending balance	222,089	410,117	222,089	410,117
Net unrealized gains (losses) included in earnings for the period for Level 3 assets still held at the reporting date	(1,940)	(13,199)	2,987	(10,552)
Beginning balance	113	11,521	9,881	508
Net (gain) loss included in "Investment and derivative gain (loss), net"	(10)	(808)	23	(2,140)
Additions from consolidation of VIEs	0	0	0	14,278
Payments, net	(12)	(374)	(316)	(2,170)
Subtractions from deconsolidation of VIEs	0	0	(9,481)	0
Amortization of premium, net	0	(15)	(16)	(152)
Ending balance	91	10,324	91	10,324
Net unrealized (gains) losses included in earnings for the period for Level 3 liabilities still held at the reporting date	$ (10)	$ (808)	$ (29)	$ (2,140)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Line Items]
Intended annual distribution of taxable income			100%
Required annual distribution of taxable income			90%
Estimated net operating loss carryforwards	$ 163,814		$ 163,814
Net operating loss carryforward subject to expiration year	14,485		14,485
Net operating loss carryforward not subject to expiration year	149,329		$ 149,329
Percentage of maximum utilization net operating loss carry forward			80%
Forwards			2028
Capital loss carryforwards expiration remainder of fiscal year	105,014		$ 105,014
Capital loss carryforwards expiration in year 2026			14,187
Capital loss carryforwards expiration in year 2027	16,883		16,883
Provision for income taxes	199	$ 1,074	1,695	$ 4,163
Capital Loss Carryforward
Income Tax Disclosure [Line Items]
Tax Credit Carryforward, Amount	$ 136,084		$ 136,084

Earnings (Loss) Per Share - Com

Earnings (Loss) Per Share - Computations of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Basic weighted-average common shares outstanding	28,081	28,338	28,055	28,973
Performance share units, unvested restricted stock units, and unvested restricted stock	0	575	0	0
Diluted weighted-average common shares outstanding	28,081	28,913	28,055	28,973
Net (loss) income (attributable) available to common stock	$ (7,273)	$ 2,756	$ (5,943)	$ (1,087)
Basic (loss) earnings per common share	$ (0.26)	$ 0.1	$ (0.21)	$ (0.04)
Diluted (loss) earnings per common share	$ (0.26)	$ 0.1	$ (0.21)	$ (0.04)

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Details) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Restricted Stock, Restricted Stock Units and Performance Shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,877,566	995,098	530,673

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) $ / shares in Units, $ in Thousands			3 Months Ended				9 Months Ended	12 Months Ended
	Apr. 11, 2022 $ / shares	Jun. 01, 2009	Sep. 30, 2023 $ / shares shares	Sep. 30, 2022 USD ($) shares	Jun. 30, 2022 USD ($) shares	Mar. 31, 2022 USD ($) $ / shares shares	Sep. 30, 2023 $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Jun. 30, 2023 shares	Jul. 31, 2020 shares	Aug. 10, 2018 shares
Share based Compensation Arrangement by Share based Payment Award [Line Items]
Repurchase of stock | $				$ 1,493	$ 3,242	$ 3,497
Shareholder Rights Plan
Share based Compensation Arrangement by Share based Payment Award [Line Items]
Rights plan, amended term of agreement		3 years
Stock repurchase program expiration date	Jun. 04, 2025
Preferred Stock
Share based Compensation Arrangement by Share based Payment Award [Line Items]
Repurchase of stock | $				$ 1,640	$ (1,749)
Common Equity Distribution Agreements | Common Stock
Share based Compensation Arrangement by Share based Payment Award [Line Items]
Issuance of stock (in shares)			0				0	0
Maximum
Share based Compensation Arrangement by Share based Payment Award [Line Items]
Stock repurchase program, number of shares authorized to be repurchased										18,000,000
Maximum | Shareholder Rights Plan
Share based Compensation Arrangement by Share based Payment Award [Line Items]
Rights plan price per share | $ / shares						$ 70
Minimum | Shareholder Rights Plan
Share based Compensation Arrangement by Share based Payment Award [Line Items]
Rights plan price per share | $ / shares	$ 21.3
Common Class A
Share based Compensation Arrangement by Share based Payment Award [Line Items]
Common stock, shares authorized (in shares)			450,000,000				450,000,000	450,000,000
Common stock, par value (in dollars per share) | $ / shares			$ 0.01				$ 0.01	$ 0.01
Common Stock Voting Rights Per Share Owned			1				1
Common stock, shares outstanding (in shares)			28,360,447				28,360,447	28,186,827
Stock repurchase program shares previously available to be repurchased			10,195,704				10,195,704
Common Class A | Common Stock
Share based Compensation Arrangement by Share based Payment Award [Line Items]
Repurchase of stock (in shares)			0	472,357	947,570	1,009,566	0	2,794,574
Repurchase of stock | $				$ 5	$ 10	$ 10		$ 9,316
Common Class A | Amended New Equity Distribution Agreements | Common Stock
Share based Compensation Arrangement by Share based Payment Award [Line Items]
Number of shares offer and sell			11,302,160				11,302,160
Common Class A | Maximum | Amended New Equity Distribution Agreements | Common Stock
Share based Compensation Arrangement by Share based Payment Award [Line Items]
Number of shares offer and sell											12,597,423
Common Class A | Minimum | Shareholder Rights Plan
Share based Compensation Arrangement by Share based Payment Award [Line Items]
Percentage of beneficial ownership of common stock		4.90%
Common Class B
Share based Compensation Arrangement by Share based Payment Award [Line Items]
Common stock, shares authorized (in shares)			100,000,000				100,000,000
Common stock, par value (in dollars per share) | $ / shares			$ 0.01				$ 0.01
Common Stock Voting Rights Per Share Owned			3				3
Common stock, shares outstanding (in shares)			0				0	0
7.00% Series B Cumulative Perpetual Redeemable Preferred Stock
Share based Compensation Arrangement by Share based Payment Award [Line Items]
Preferred stock, shares authorized (in shares)			2,000,000				2,000,000
Preferred stock, par value (in dollars per share) | $ / shares			$ 0.01				$ 0.01
Series C Preferred Stock
Share based Compensation Arrangement by Share based Payment Award [Line Items]
Preferred stock, shares authorized (in shares)									2,500,000
Preferred stock, par value (in dollars per share) | $ / shares			$ 0.01				$ 0.01	$ 0.01
Preferred stock, dividend rate percentage							8.25%
Preferred stock voting rights per share owned			0				0
Preferred stock, liquidation preference per share | $ / shares			$ 25				$ 25
Preferred stock, redeemable price per share | $ / shares			25				$ 25
Preferred stock, dividend payment terms							Dividends are payable quarterly in arrears on the 30th day of March, June, September and December of each year, when and as declared.
Preferred stock, annual dividend rate per share | $ / shares			$ 2.0625				$ 2.0625
Preferred stock, rate conversion date							Mar. 30, 2024
Series C Preferred Stock | L I B O R
Share based Compensation Arrangement by Share based Payment Award [Line Items]
Preferred stock, variable dividend spread rate							5.664%
Series C Preferred Stock | Preferred Stock
Share based Compensation Arrangement by Share based Payment Award [Line Items]
Repurchase of stock (in shares)				79,848	72,363
Repurchase of stock | $				$ 1,640	$ 1,749
Undesignated Preferred Stock
Share based Compensation Arrangement by Share based Payment Award [Line Items]
Preferred stock, shares authorized (in shares)			20,400,000				20,400,000
Series A Preferred Stock
Share based Compensation Arrangement by Share based Payment Award [Line Items]
Preferred stock, shares authorized (in shares)			100,000				100,000
Preferred stock shares unissued			100,000				100,000
Series B Preferred Stock
Share based Compensation Arrangement by Share based Payment Award [Line Items]
Preferred stock, par value (in dollars per share) | $ / shares			$ 0.01				$ 0.01	$ 0.01
Preferred stock, dividend rate percentage							7%
Preferred stock voting rights per share owned			0				0
Preferred stock, liquidation preference per share | $ / shares			$ 25				$ 25
Preferred stock, redeemable price per share | $ / shares			25				$ 25
Preferred stock, dividend payment terms							Dividends are payable quarterly in arrears on the 30th day of March, June, September and December of each year, when and as declared.
Preferred stock, annual dividend rate per share | $ / shares			$ 1.75				$ 1.75
Series B Preferred Stock | Preferred Stock
Share based Compensation Arrangement by Share based Payment Award [Line Items]
Issuance of stock (in shares)						6,058	0	6,058
Series B Preferred Stock | Series B Preferred Equity Distribution Agreement | Preferred Stock
Share based Compensation Arrangement by Share based Payment Award [Line Items]
Number of Shares Offer and Sell			1,602,566				1,602,566
Weighted average public offering price | $ / shares								$ 24.87
Proceeds net of selling commissions and expenses | $								$ 149
Series B Preferred Stock | Maximum | Series B Preferred Equity Distribution Agreement | Preferred Stock
Share based Compensation Arrangement by Share based Payment Award [Line Items]
Number of Shares Offer and Sell			1,647,370				1,647,370

Long-Term Incentive Plan (Addit

Long-Term Incentive Plan (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Long Term Incentive Plan 2021 | Common Class A
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	5,256,076
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	4,265,184
Long Term Incentive Plan2021 And Prior Plans
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	2,639,401
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	1,625,783
Stock Options And SARs | Long Term Incentive Plan 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value	$ 160
Absolute TSR Relative TSR And Book Value Performance Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Payment Award, Options, Outstanding	400,293
Absolute TSR Relative TSR And Book Value Performance Shares | Common Class A
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	3 years	3 years
Absolute TSR Relative TSR And Book Value Performance Shares | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Threshold percentage of performance goals	250%
Absolute TSR Relative TSR And Book Value Performance Shares | Maximum | Common Class A
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	250%
Absolute TSR Relative TSR And Book Value Performance Shares | Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Threshold percentage of performance goals	50%
Absolute TSR Relative TSR And Book Value Performance Shares | Minimum | Common Class A
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	0%
Book Value Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, equity instruments other than options conversion in period	41,410
Share-Based Payment Award, Options, Outstanding	0
Achieved Target			40%
Issuance of stock (in shares)			41,410
Shares granted (in shares)	0	103,000	103,000
Grant date fair value	$ 0	$ 3.37
Book Value Awards | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	100%
Book Value Awards | Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	0%
Stock Price awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	3 years
Vesting percentage	100%
Issuance of stock (in shares)	1,225,490
Shares granted (in shares)	0	1,225,490
Grant date fair value	$ 0	$ 1.72
Stock Price awards | Common Class A
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	45 days
Stock Price awards | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	300%
Stock Price awards | Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	75%
Performance-based stock Award
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Allocated Share Based Compensation Expense Income	$ 991	$ 902
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 2,357		$ 3,314
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	2 years 8 months 12 days
Share-Based Payment Award, Options, Outstanding	1,625,783	0
Restricted Stocks
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 804		$ 1,262
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	9 months 18 days
Share-based compensation arrangement by share-based payment award, equity instruments other than options conversion in period	41,410
Allocated Share-based Compensation Expense	$ 870	$ 1,470
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Beginning Balance	828,127		830,842	759,035
Shares granted (in shares)	137,000		384,291
Grant date fair value	$ 3.01		$ 3.42
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested	$ 547	328
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 167	$ 300
Restricted Stock Units (RSUs) | Non Employee Director
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted (in shares)	0	132,450
Grant date fair value	$ 0	$ 3.02
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance	548,272		548,272
Relative TSR Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Achieved Target	60%
Relative TSR Awards | Common Class A
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of stock (in shares)	19,914
Intrinsic Value	$ 60

Long-Term Incentive Plan - Shar

Long-Term Incentive Plan - Share Based Compensation Performance-based Stock Award Grants Activity (Details) - $ / shares	9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Absolute TSR Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted (in shares)	0	174,581
Grant date fair value	$ 0	$ 6.03
Relative TSR Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted (in shares)	0	87,291
Grant date fair value	$ 0	$ 5.83
Book Value Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted (in shares)	0	103,000	103,000
Grant date fair value	$ 0	$ 3.37
Stock Price awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted (in shares)	0	1,225,490
Grant date fair value	$ 0	$ 1.72

Long-Term Incentive Plan - Sh_2

Long-Term Incentive Plan - Share Based Compensation Award Valuation Assumptions (Details) - $ / shares		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022
Absolute TSR Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Closing stock price on date of grant		$ 0	$ 3.58
Beginning average stock price on date of grant	[1]	$ 0	$ 3.6
Expected volatility	[2]	0%	69.20%
Dividend yield	[3]	0%	0%
Risk-free rate	[4]	0%	1.01%
Discount for illiquidity	[5]	0%	0%
Relative TSR Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Closing stock price on date of grant		$ 0	$ 3.58
Beginning average stock price on date of grant	[1]	$ 0	$ 3.6
Expected volatility	[2]	0%	69.20%
Dividend yield	[3]	0%	0%
Risk-free rate	[4]	0%	1.01%
Discount for illiquidity	[5]	0%	0%
Stock Price awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Closing stock price on date of grant		$ 0	$ 3.06
Beginning average stock price on date of grant	[1]	$ 0
Expected volatility	[2]	0%	51.17%
Dividend yield	[3]	0%	0%
Risk-free rate	[4]	0%	2.97%
Discount for illiquidity	[5]	0%	8.42%
[1] Based upon the 30 trading days prior to and including the date of grant. Based upon the most recent three-year volatility as of the date of grant. Dividend equivalents are accrued during the performance period and deemed reinvested in additional stock units, which are to be paid out at the end of the performance period to the extent the underlying Performance-based Stock Award is earned. Applying dividend yield assumption of 0.00 % in the Monte Carlo simulation is mathematically equivalent to reinvesting dividends on a continuous basis and including the value of the dividends in the final payout. Based upon the yield of a U.S. Treasury bond with a three-year maturity as of the date of grant. Based on restriction on ability to sell vested awards for one year after vesting

Long-Term Incentive Plan - Sh_3

Long-Term Incentive Plan - Share Based Compensation Award Valuation Assumptions (Parenthetical) (Details)	9 Months Ended
	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Trading Period	30 days
Absolute TSR And Relative TSR Performance Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Dividend yield	0%
Absolute TSR And Relative TSR Performance Shares | US Treasury Securities
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term	3 years

Long-Term Incentive Plan - Sche

Long-Term Incentive Plan - Schedule of Unvested Restricted Stock Units Roll Forward (Details) - Restricted Stocks - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share Balance (in shares)	830,842	759,035
Shares granted (in shares)	137,000	384,291
Conversion of Book Value Awards ( in shares)	41,410
Forfeitures (in shares)		(12,167)
Vestitures (in shares)	(181,125)	(300,317)
Share Balance (in shares)	828,127	830,842	759,035
Balance (in dollars per share)	$ 3.72	$ 4.16
Grant date fair value	3.01	3.42
Conversion of Book Value Awards (in dollars per share)	3.37
Forfeitures (in dollars per share)		3.57
Vestitures (in dollars per share)	4.4	4.44
Balance (in dollars per share)	$ 3.44	$ 3.72	$ 4.16
Weighted-average remaining vested period (in years)	9 months 18 days	1 year 2 months 12 days	1 year 6 months

Long-Term Incentive Plan - Sh_4

Long-Term Incentive Plan - Share Based Compensation Restricted Stock Units Grants Activity (Details) - Restricted Stock Units (RSUs) - Non Employee Director - $ / shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
RSUs granted	0	132,450
Grant date fair value	$ 0	$ 3.02