Arlington Asset Investment (AAIC) 10-Q10 May 212021 Q1 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2021	Apr. 30, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Registrant Name	ARLINGTON ASSET INVESTMENT CORP.
Entity Central Index Key	0001209028
Current Fiscal Year End Date	--12-31
Entity Filer Category	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		33,481,181
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
6.625% Senior Notes due 2023
Document Information [Line Items]
Title of 12(b) Security	6.625% Senior Notes due 2023
Security Exchange Name	NYSE
Trading Symbol	AIW
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		Mar. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents		$ 48,198	$ 28,796
Sold securities receivable		109,068
Loans, at fair value		44,914	45,000
MSR financing receivable, at fair value		36,005	9,346
Derivative assets, at fair value		2,280	258
Deposits		25,421	6,306
Other assets		15,046	20,146
Total assets		883,344	1,212,389
Liabilities:
Repurchase agreements		505,550	655,212
Derivative liabilities, at fair value		4,267	221
Purchased securities payable			139,013
Other liabilities		2,111	4,698
Commitments and contingencies
Stockholders’ Equity:
Additional paid-in capital		2,040,898	2,040,918
Accumulated deficit		(1,837,035)	(1,830,272)
Total stockholders’ equity		239,487	246,270
Total liabilities and stockholders’ equity		883,344	1,212,389
Long-term unsecured debt		73,074	73,027
Total liabilities		643,857	966,119
Variable Interest Entity, Primary Beneficiary
ASSETS
Restricted cash of consolidated VIE	[1]	12,557	11,169
Interest receivable of consolidated VIE		309	545
Loans, at fair value		57,467	93,283
Liabilities:
Secured debt of consolidated VIE, at fair value		58,654	93,627
Interest payable of consolidated VIE		201	321
Agency MBS
ASSETS
Mortgage-backed securities, at fair value		515,674	970,880
Liabilities:
Repurchase agreements		474,050	623,712
Mortgage Credit Securities
ASSETS
Mortgage-backed securities, at fair value		16,405	26,660
Series B Preferred Stock
Stockholders’ Equity:
Preferred stock		7,933	7,933
Series C Preferred Stock
Stockholders’ Equity:
Preferred stock		27,356	27,356
Common Class A
Stockholders’ Equity:
Common stock		$ 335	$ 335

[1]	.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands		Mar. 31, 2021	Dec. 31, 2020
Loans, at fair value		$ 44,914	$ 45,000
Common stock, shares outstanding (in shares)		0	0
Series B Preferred Stock
Preferred stock, par value (in dollars per share)		$ 0.01	$ 0.01
Preferred stock, issued (in shares)		336,273	336,273
Preferred stock, outstanding (in shares)		336,273	336,273
Preferred stock, liquidation preference		$ 8,407	$ 8,407
Series C Preferred Stock
Preferred stock, par value (in dollars per share)		$ 0.01	$ 0.01
Preferred stock, issued (in shares)		1,117,034	1,117,034
Preferred stock, outstanding (in shares)		1,117,034	1,117,034
Preferred stock, liquidation preference		$ 27,926	$ 27,926
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)		33,481,181	33,517,018
Common stock, shares outstanding (in shares)		33,481,181	33,517,018
Variable Interest Entity, Primary Beneficiary
Restricted cash of consolidated VIE	[1]	$ 12,557	$ 11,169
Interest receivable of consolidated VIE		309	545
Loans, at fair value		57,467	93,283
Secured debt, at fair value		(58,654)	(93,627)
Interest payable		(201)	(321)
Net investment in consolidated VIE		$ 11,478	$ 11,049

[1]	.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Interest income
Loans	$ 703	$ 711
MSR financing receivable	358
Interest and other income	161	143
Total interest income	6,259	24,973
Interest expense
Total interest expense	2,501	15,832
Net interest income	3,758	9,141
Investment (loss) gain, net
(Loss) gain on mortgage investments, net	(21,665)	3,094
Gain (loss) from derivative instruments, net	14,545	(102,600)
Other, net	357	(562)
Total investment (loss) gain, net	(6,763)	(100,068)
General and administrative expenses
Compensation and benefits	1,395	1,858
Other general and administrative expenses	1,242	1,385
Total general and administrative expenses	2,637	3,243
Loss before income taxes	(5,642)	(94,170)
Income tax provision	398
Net loss	(6,040)	(94,170)
Dividend on preferred stock	(723)	(774)
Net loss attributable to common stock	$ (6,763)	$ (94,944)
Basic loss per common share	$ (0.20)	$ (2.59)
Diluted loss per common share	$ (0.20)	$ (2.59)
Weighted-average common shares outstanding (in thousands)
Basic	33,181	36,711
Diluted	33,181	36,711
Variable Interest Entity, Primary Beneficiary
Interest income
Loans	$ 1,687
Secured Debt
Interest expense
Short-term debt	488	$ 14,592
Secured Debt \| Variable Interest Entity, Primary Beneficiary
Interest expense
Secured debt of consolidated VIE	862
Unsecured Debt
Interest expense
Long-term debt	1,151	1,240
Agency MBS
Interest income
Mortgage-backed credit securities	2,784	23,388
Mortgage Credit Securities
Interest income
Mortgage-backed credit securities	566	731
Investment (loss) gain, net
(Loss) gain on mortgage investments, net	$ 1,391	$ (20,038)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Class A	Preferred StockSeries B Preferred Stock	Preferred StockSeries C Preferred Stock	Common StockCommon Class A	Additional Paid-in Capital	Accumulated Deficit
Balances at Dec. 31, 2019	$ 327,248		$ 8,270	$ 28,944	$ 368	$ 2,049,292	$ (1,759,626)
Balances (in shares) at Dec. 31, 2019			354,039	1,200,000	36,755,387
Net loss	(94,170)						(94,170)
Issuance of Class A common stock under stock-based compensation plans	62					62
Issuance of Class A common stock under stock-based compensation plans (in shares)					60,374
Stock-based compensation	393					393
Other	(22)		$ (6)	$ (10)		(6)
Dividends declared	(702)						(702)
Balances at Mar. 31, 2020	232,809		$ 8,264	$ 28,934	$ 368	2,049,741	(1,854,498)
Balances (in shares) at Mar. 31, 2020			354,039	1,200,000	36,815,761
Balances at Dec. 31, 2019	327,248		$ 8,270	$ 28,944	$ 368	2,049,292	(1,759,626)
Balances (in shares) at Dec. 31, 2019			354,039	1,200,000	36,755,387
Repurchase of stock		$ (10,377)	$ (299)	$ (1,578)
Repurchase of stock (in shares)			(17,766)	(82,966)	(3,662,566)
Balances at Dec. 31, 2020	246,270		$ 7,933	$ 27,356	$ 335	2,040,918	(1,830,272)
Balances (in shares) at Dec. 31, 2020			336,273	1,117,034	33,517,018
Net loss	(6,040)						(6,040)
Issuance of Class A common stock under stock-based compensation plans					$ 1	(1)
Issuance of Class A common stock under stock-based compensation plans (in shares)					101,818
Repurchase of stock	(523)	$ (523)			$ (1)	(522)
Repurchase of stock (in shares)			0	0	(137,655)
Stock-based compensation	503					503
Dividends declared	(723)						(723)
Balances at Mar. 31, 2021	$ 239,487		$ 7,933	$ 27,356	$ 335	$ 2,040,898	$ (1,837,035)
Balances (in shares) at Mar. 31, 2021			336,273	1,117,034	33,481,181

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net loss	$ (6,040)	$ (94,170)
Adjustments to reconcile net loss to net cash provided by operating activities
Total investment loss, net	(6,763)	(100,068)
Net (discount) premium (accretion) amortization	(357)	4,587
Other	564	521
Changes in operating assets
Interest receivable	510	4,536
Other assets	(90)	(86)
Changes in operating liabilities
Interest payable and other liabilities	1,091	(3,282)
Accrued compensation and benefits	(1,754)	(2,794)
Net cash provided by operating activities	687	9,380
Cash flows from investing activities:
Purchases of MSR financing receivables	(21,279)
Proceeds from sales of agency mortgage-backed securities	517,200	1,762,433
Proceeds from sales of mortgage credit securities	11,978	30,054
Receipt of principal payments on agency mortgage-backed securities	14,305	121,715
Receipt of principal payments on mortgage credit securities		1
Receipt of principal payments on loans	85
Receipt of principal payments on mortgage loans of consolidated VIE	36,529
Payments for derivatives and deposits, net	(2,543)	(100,818)
Other	4,154
Net cash provided by investing activities	206,012	1,614,251
Cash flows from financing activities:
Repayments of repurchase agreements, net	(149,662)	(1,544,771)
Repayments of secured debt of consolidated VIE, net	(34,994)
Repurchase of common stock	(523)
Repurchase of long-term unsecured debt	(7)
Dividends paid	(723)	(9,098)
Other		(22)
Net cash used in financing activities	(185,909)	(1,553,891)
Net increase in cash, cash equivalents and restricted cash	20,790	69,740
Cash, cash equivalents and restricted cash, beginning of period	39,965	19,636
Cash, cash equivalents and restricted cash, end of period	60,755	89,376
Supplemental cash flow information:
Cash payments for interest	2,434	19,243
Mortgage Credit Securities
Cash flows from investing activities:
Purchases of mortgage-backed securities		(49,353)
Agency MBS
Cash flows from investing activities:
Purchases of mortgage-backed securities	$ (354,417)	$ (149,781)

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
Organization and Basis of Presentation	Mar. 31, 2021
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. The Company may also invest in other asset classes that its management team believes may offer attractive risk adjusted returns, such as real estate assets or investments outside the real estate or mortgage asset classes. The Company’s investment capital is currently allocated between agency mortgage-backed securities (“MBS”), mortgage credit investments and mortgage servicing right (“MSR”) related assets. The Company’s agency MBS consist of residential mortgage pass-through certificates for which the principal and interest payments are guaranteed by either 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”), or by a U.S. government agency, such as the Government National Mortgage Association (“Ginnie Mae”). The Company’s mortgage 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”). The principal and interest of the Company’s mortgage credit investments are not guaranteed by a GSE or a U.S government agency. The Company’s MSR related assets represent investments for which the return is based on the economic performance of a pool of specific MSRs. Arlington Asset 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, which may extend into the subsequent taxable year 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, 2020. 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 from these estimates materially. Certain amounts in the consolidated financial statements and notes for prior periods 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020, approximately 99% 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 and Mortgage Loans of a Consolidated VIE The Company recognizes interest income for its investments in agency MBS and mortgage loans of a consolidated variable interest entity (“VIE”) 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 to its investments in agency MBS and mortgage loans of a consolidated VIE, 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 a consolidated VIE, 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. When a loan is placed in non-accrual status, all accrued but uncollected contractual interest as well as any discount accreted during the period of delinquency are reversed. While a loan is in non-accrual status, the Company recognizes interest income only when interest payments occur. Interest Income Recognition for Investments in Mortgage Credit Securities and MSR Financing Receivables The Company recognizes interest income for its investments in mortgage credit securities 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 mortgage loans that serve as collateral for its investment, including assumptions about the timing and amount of prepayments and credit losses. 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 mortgage credit securities and MSR financing receivables: Scenario: Effect on Interest Income Recognition for Investments in Mortgage 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 will be 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 mortgage credit securities, subsequent measurement Loans held for investment, subsequent measurement Investments in MSR financing receivables, subsequent measurement Consolidation of variable interest entities Borrowings Note 4 Note 5 Note 6 Note 7 Note 8 To-be-announced agency MBS transactions, including “dollar rolls” Note 9 Derivative instruments Note 9 Balance sheet offsetting Note 10 Fair value measurements Income taxes Note 11 Note 12 Refer to the Company’s 2020 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 and 2021-01, 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 is expected to be discontinued because of reference rate reform. The practical expedients and exceptions provided by these updates are effective from March 12, 2020 through December 31, 2022. Not yet adopted. To date, the Company has not made any modifications to contracts due to reference rate reform. The Company has not elected to apply hedge accounting for financial reporting purposes. The Company does not currently expect the adoption of ASU Nos. 2020-04 and 2021-01 to have an effect on its consolidated financial statements.

Investments in Agency MBS

Investments in Agency MBS	3 Months Ended
Investments in Agency MBS	Mar. 31, 2021
Agency MBS
Investments in MBS	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 March 31, 2021 and December 31, 2020, the fair value of the Company’s investments in agency MBS was $515,674 and $970,880, respectively. All periodic changes in the fair value of agency MBS that are not attributed to interest income are recognized as a component of “investment 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 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 March 31, 2021 2020 Net gains (losses) recognized in earnings for: Agency MBS still held at period end $ (19,035 ) $ 12,127 Agency MBS sold during the period (10,180 ) 11,391 Total $ (29,215 ) $ 23,518 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 9. Derivative Instruments” for further information about dollar rolls.

Investments in Mortgage Credit

Investments in Mortgage Credit Securities	3 Months Ended
Investments in Mortgage Credit Securities	Mar. 31, 2021
Mortgage Credit Securities
Investments in MBS	Note 4. Investments in Mortgage Credit Securities The Company has elected to classify its investments in mortgage credit securities as trading securities. Accordingly, the Company’s investments in mortgage credit securities are reported in the accompanying consolidated balance sheets at fair value. As of March 31, 2021 and December 31, 2020, the fair value of the Company’s investments in mortgage credit securities was $16,405 and $26,660, respectively. As of March 31, 2021, the Company’s investments in mortgage credit securities primarily consist of non-agency MBS collateralized by pools of business purpose residential mortgage loans or smaller balance commercial mortgage loans. All periodic changes in the fair value of mortgage credit securities that are not attributed to interest income are recognized as a component of “investment 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 gain (loss), net” in the Company’s consolidated statements of comprehensive income for the periods indicated with respect to investments in mortgage credit securities: Three Months Ended March 31, 2021 2020 Net gains (losses) recognized in earnings for: Mortgage credit securities still held at period end $ 551 $ (15,618 ) Mortgage credit securities sold during the period 840 (4,420 ) Total $ 1,391 $ (20,038 )

Loans Held for Investment

Loans Held for Investment	3 Months Ended
Loans Held for Investment	Mar. 31, 2021
Investments Debt And Equity Securities [Abstract]
Loans Held For Investment [Text Block]	Note 5. Loans Held for Investment As of March 31, 2021 and December 31, 2020, the Company held a loan secured by a first lien position in healthcare facilities and guaranteed by the operator of the facilities with an outstanding principal balance of $44,914 and $45,000, respectively. The loan bears interest at a floating note rate equal to one-month LIBOR plus 4.25% with a LIBOR floor of 2.00%. The maturity date of the loan is December 31, 2021 with a one-year extension available at the option of the borrower. The loan has an initial interest-only period of one year followed by principal amortization based upon a 30-year amortization schedule beginning in 2021 with the remaining principal balance due at loan maturity. The Company has elected to account for its loan held for investment at fair value on a recurring basis with periodic changes in fair value recognized as a component of “investment gain (loss), net” in the accompanying consolidated statements of comprehensive income. As of March 31, 2021 and December 31, 2020, the Company’s investment was $44,914 and $45,000, respectively, at fair value. The Company recognizes interest income on its loan investment based upon the contractual note rate of the loan.

Investments in MSR Financing Re

Investments in MSR Financing Receivables	3 Months Ended
Investments in MSR Financing Receivables	Mar. 31, 2021
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. Under the arrangement, the Company is obligated to provide funds to the mortgage servicing counterparty to fund its advances of delinquent payments on the serviced pool of mortgage loans with the mortgage servicing counterparty required to return to the Company any subsequent servicing advances collected. The Company has committed to invest a minimum of $25,000 in capital with the counterparty for a three-year period ending December 31, 2023. Under GAAP, the Company accounts for transactions executed under its arrangement 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 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 March 31, 2021 and December 31, 2020, the fair value of the Company’s investments in MSR financing receivables was $36,005 and $9,346, respectively. The following table presents activity related to the carrying value of the Company’s investments in MSR financing receivables: MSR Financing Receivables, at Fair Value Balance as of December 31, 2020 $ 9,346 Capital investments 20,344 Accretion of interest income 358 Changes in fair value due to: Amortization of underlying MSRs (1,276 ) Changes in valuation inputs and assumptions 7,233 Balance as of March 31, 2021 $ 36,005

Consolidation of Variable Inter

Consolidation of Variable Interest Entities	3 Months Ended
Consolidation of Variable Interest Entities	Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Consolidation of Variable Interest Entities	Note 7. 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. The carrying values of the assets and liabilities of the consolidated VIE, net of elimination entries, are as follows as of the dates indicated: March 31, 2021 December 31, 2020 Restricted cash of consolidated VIE (1) $ 12,557 $ 11,169 Mortgage loans of consolidated VIE, at fair value 57,467 93,283 Interest receivable of consolidated VIE 309 545 Secured debt of consolidated VIE, at fair value (58,654 ) (93,627 ) Interest payable of consolidated VIE (201 ) (321 ) Investment in consolidated VIE $ 11,478 $ 11,049 (1) . The pool of mortgage loans and the third-party held debt obligations of the consolidated VIE had aggregate unpaid principal balances of $59,519 and $58,838, respectively, as of March 31, 2021. The trust is contractually entitled to receive monthly interest payments on each underlying mortgage loan net of a loan-specific servicing and asset management fee that is not remitted to the trust but is, rather, retained by the servicer. As of March 31, 2021, the weighted average net note rate to which the VIE was entitled and the weighted average coupon rate of the debt obligations of the consolidated VIE were 6.03% and 4.01%, respectively. The debt of the consolidated VIE has recourse solely to the assets of the VIE; it has no recourse to the general credit of the Company. 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. Pursuant to the terms of certain of the mortgage loans, the borrower may draw upon a specified amount of additional funds as needed in order to finance construction on, or the repair or rehabilitation of, the mortgaged property (referred to as a “construction draw”). Pursuant to the terms of the securitization transaction, if the monthly principal repayments collected from the mortgage loan pool are insufficient to fund that month’s construction draws, such shortfall is to be funded by the holders of the first loss position on a pro rata basis. Any construction draws funded by holders of the first loss position accrue interest at the net note rate of the mortgage loan. The repayment of any construction draws funded by holders of the first loss position takes priority over the senior debt securities with respect to the cash flows collected from the mortgage loan pool in the following month. As of March 31, 2021, the aggregate unfunded construction draw balance commitment attributable to the Company’s subordinate debt security investment was $6,352. The Company has elected to account for the mortgage loans and debt of the consolidated VIE 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 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 the consolidated VIE by applying the “interest method” permitted by GAAP, whereby the discount recognized at the initial recognition of each loan is accreted as an adjustment to contractual interest income accrued at the loan’s stated 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 mortgage loans of the consolidated VIE as of March 31, 2021 : Aggregate Fair Value Aggregate Unpaid Principal Balance Difference Less than 90 days past due and in accrual status $ 50,957 $ 52,777 $ (1,820 ) 90 days or more past due and in non-accrual status 6,510 6,742 (232 ) Total mortgage loans of consolidated VIE $ 57,467 $ 59,519 $ (2,052 )

Borrowings

Borrowings	3 Months Ended
Borrowings	Mar. 31, 2021
Debt Disclosure [Abstract]
Borrowings	Note 8. 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. The Company’s mortgage loan repurchase agreement arrangement has a maturity date of November 11, 2021 and an interest rate that resets monthly at a rate equal to one-month LIBOR plus 2.00% with a LIBOR floor of 1.00%. Under the terms of the Company’s mortgage loan repurchase agreement, the Company may request extensions of the maturity date of the agreement for up to 364 days, subject to the lender’s approval. As of March 31, 2021 and December 31, 2020, 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: March 31, 2021 December 31, 2020 Agency MBS repurchase financing: Repurchase agreements outstanding $ 474,050 $ 623,712 Agency MBS collateral, at fair value (1) 491,811 656,154 Net amount (2) 17,761 32,442 Weighted-average rate 0.15 % 0.21 % Weighted-average term to maturity 14.0 days 14.0 days Mortgage loans repurchase financing: Repurchase agreements outstanding $ 31,500 $ 31,500 Mortgage loans collateral, at fair value 44,914 45,000 Net amount (2) 13,414 13,500 Weighted-average rate 3.00 % 3.00 % Weighted-average term to maturity 225.0 days 315.0 days Total mortgage investments repurchase financing: Repurchase agreements outstanding $ 505,550 $ 655,212 Mortgage investments collateral, at fair value 536,725 701,154 Net amount (2) 31,175 45,942 Weighted-average rate 0.33 % 0.34 % Weighted-average term to maturity 27.1 days 28.5 days (1) As of March 31, 2021, includes $85,002 at sale price of unsettled agency MBS sale commitments which are included in the line item “sold securities receivable” in the accompanying consolidated balance sheets. (2) 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 months ended March 31, 2021 and 2020: March 31, 2021 March 31, 2020 Weighted-average outstanding balance during the three months ended $ 553,842 $ 3,162,340 Weighted-average rate during the three months ended 0.35 % 1.83 % Long-Term Unsecured Debt As of March 31, 2021 and December 31, 2020, the Company had $73,074 and $73,027, respectively, of outstanding long-term unsecured debentures, net of unamortized debt issuance costs of $678 and $732, respectively. The Company’s long-term debentures consisted of the following as of the dates indicated: March 31, 2021 December 31, 2020 Senior Notes Due 2025 Senior Notes Due 2023 Trust Preferred Debt Senior Notes Due 2025 Senior Notes Due 2023 Trust Preferred Debt Outstanding Principal $ 34,931 $ 23,821 $ 15,000 $ 34,931 $ 23,828 $ 15,000 Annual Interest Rate 6.75 % 6.625 % LIBOR+ 2.25 - 3.00 % 6.75 % 6.625 % LIBOR+ 2.25 - 3.00 % Interest Payment Frequency Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Weighted-Average Interest Rate 6.75 % 6.625 % 2.99 % 6.75 % 6.625 % 2.99 % Maturity March 15, 2025 May 1, 2023 2033 - 2035 March 15, 2025 May 1, 2023 2033 - 2035 The Senior Notes due 2023 and the Senior Notes due 2025 are publicly traded on the New York Stock Exchange under the ticker symbols “AIW” and “AIC,” respectively. The Senior Notes due 2023, Senior Notes due 2025 and 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. During the three months ended March 31, 2021, the Company repurchased $7 in principal balance of Senior Notes due 2023 for a purchase price of $7. There were no repurchases of outstanding long-term unsecured debentures during the three months ended March 31, 2020.

Derivative Instruments

Derivative Instruments	3 Months Ended
Derivative Instruments	Mar. 31, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 9. 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 “derivative assets” or “derivative liabilities” in the consolidated balance sheets, with all periodic changes in fair value reflected as a component of “investment 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 certain MBS fair values and future interest cash flows on the Company’s short-term financing arrangements. Interest rate hedging instruments 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 at least 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 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 includes 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 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 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: March 31, 2021 December 31, 2020 Assets Liabilities Assets Liabilities Interest rate swaps $ 1,091 $ — $ — $ (147 ) Options on 10-year U.S. Treasury note futures 1 — — — TBA commitments 1,188 (4,267 ) 258 (74 ) Total $ 2,280 $ (4,267 ) $ 258 $ (221 ) Interest Rate Swaps The Company’s LIBOR based interest rate swap agreements represent agreements to make semiannual interest payments based upon a fixed interest rate and receive quarterly variable interest payments based upon the prevailing three-month LIBOR as of the preceding reset date. The Company’s Secured Overnight Financing Rate (“SOFR”) based interest rate swap agreements represent agreements to make annual interest payments based upon a fixed interest rate and receive 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 March 31, 2021: Weighted-average: Notional Amount Fixed Pay Rate Variable Receive Rate Net Receive (Pay) Rate Remaining Life (Years) Fair Value Years to maturity: Less than 3 years $ 200,000 0.10 % 0.11 % 0.01 % 2.6 $ 132 3 to less than 7 years 75,000 0.89 % 0.14 % (0.75 )% 6.8 134 7 to less than 10 years 400,000 1.27 % 0.21 % (1.06 )% 9.8 825 Total / weighted-average $ 675,000 0.88 % 0.17 % (0.71 )% 7.3 $ 1,091 The following table presents information about the Company’s interest rate swap agreements that were in effect as of December 31, 2020: Weighted-average: Notional Amount Fixed Pay Rate Variable Receive Rate Net Receive (Pay) Rate Remaining Life (Years) Fair Value Years to maturity: Less than 3 years $ 200,000 0.10 % 0.06 % (0.04 )% 2.9 $ (40 ) 3 to less than 10 years 75,000 0.74 % 0.22 % (0.52 )% 9.5 (107 ) Total / weighted-average $ 275,000 0.28 % 0.10 % (0.18 )% 4.7 $ (147 ) U.S. Treasury Note Futures The Company may purchase or sell exchange-traded U.S. Treasury note futures with the objective of economically hedging a portion of its interest rate risk. Upon the maturity date of these futures contracts, the Company has the option to either net settle each contract in cash in an amount equal to the difference between the then-current fair value of the underlying U.S. Treasury note and the contractual sale price inherent to the futures contract, or to physically settle the contract by delivering the underlying U.S. Treasury note As of March 31, 2021 and December 31, 2020, the Company had no U.S. Treasury note futures. Options on U.S. Treasury Note Futures The Company may purchase or sell exchange-traded options on U.S. Treasury note futures contracts with the objective of economically hedging a portion of the sensitivity of its investments in agency MBS to significant changes in interest rates. The Company may purchase put or call options which provide the Company with the right to sell to counterparty or purchase from a counterparty U.S. Treasury note futures, and the Company may also write put or call options that provide a counterparty with the option to sell to the Company or buy from the Company U.S. Treasury note futures. The options may be exercised at any time prior to their expiry, and if exercised, may be net settled in cash or through physical receipt or delivery of the underlying futures contracts. Information about the Company’s outstanding options on 10-year U.S. Treasury note futures contracts as of March 31, 2021 is as follows: Notional Amount Weighted-average Strike Price Implied Strike Rate (1) Net Fair Value Purchased call options: April 2021 expiration $ 65,200 137.8 0.90 % $ 1 (1) The implied strike rate is estimated based upon the weighted average strike price per contract and the price of an equivalent 10-year U.S. Treasury note futures contract. As of December 31, 2020, the Company had no outstanding options on U.S. Treasury note futures contracts. TBA Commitments The following table presents information about the Company’s TBA commitments as of the date indicated: March 31, 2021 Notional Amount: Purchase (Sale) Commitment Contractual Forward Price Market Price Fair Value 1.5% 30-year MBS purchase commitments $ 140,000 $ 137,238 $ 134,914 $ (2,324 ) 1.5% 30-year MBS sale commitments (140,000 ) (134,675 ) (134,914 ) (239 ) 2.0% 30-year MBS purchase commitments 200,000 200,844 199,258 (1,586 ) 2.0% 30-year MBS sale commitments (100,000 ) (100,742 ) (99,672 ) 1,070 Total TBA commitments, net $ 100,000 $ 102,665 $ 99,586 $ (3,079 ) December 31, 2020 Notional Amount: Purchase (Sale) Commitment Contractual Forward Price Market Price Fair Value 1.5% 30-year MBS purchase commitments $ 50,000 $ 50,281 $ 50,539 $ 258 1.5% 30-year MBS sale commitments (50,000 ) (50,465 ) (50,539 ) (74 ) Total TBA commitments, net $ — $ (184 ) $ — $ 184 Derivative Instrument Gains and Losses The following tables provide information about the derivative gains and losses recognized within the periods indicated: Three Months Ended March 31, 2021 2020 Interest rate derivatives: Interest rate swaps: Net interest (expense) income (1) $ (710 ) $ 592 Unrealized gains, net 21,065 5,945 Losses realized upon early termination, net (13 ) (109,924 ) Total interest rate swap gains (losses), net 20,342 (103,387 ) U.S. Treasury note futures, net 2,619 (3,071 ) Options on U.S. Treasury note futures, net (20 ) — Total interest rate derivative gains (losses), net 22,941 (106,458 ) TBA commitments: TBA dollar roll income (2) 836 105 Other (losses) gains on TBA commitments, net (9,232 ) 4,793 Total (losses) gains on TBA commitments, net (8,396 ) 4,898 Other derivatives — (1,040 ) Total derivative gains (losses), net $ 14,545 $ (102,600 ) (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 relative to a contemporaneously executed “spot” TBA sale, which economically equates to net interest income that is earned ratably over the period beginning on the settlement date of the sale and ending on the settlement date of the forward-settling purchase. 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 March 31, 2021 Beginning of Period Additions Scheduled Settlements Early Terminations End of Period Interest rate swaps $ 275,000 $ 450,000 $ — $ (50,000 ) $ 675,000 2-year U.S. Treasury note futures — 50,000 (50,000 ) — — 10-year U.S. Treasury note futures — 375,100 (200,000 ) (175,100 ) — Purchased call options on 10-year U.S. Treasury note futures — 65,200 — — 65,200 TBA purchase (sale) commitments, net — 915,000 (815,000 ) — 100,000 For the Three Months Ended March 31, 2020 Beginning of Period Additions Scheduled Settlements Early Terminations End of Period Interest rate swaps $ 2,985,000 $ — $ (100,000 ) $ (2,285,000 ) $ 600,000 2-year U.S. Treasury note futures — 1,150,000 — (1,150,000 ) — 10-year U.S. Treasury note futures — 765,000 — (765,000 ) — TBA purchase (sale) commitments, net — 100,000 (100,000 ) — — Put options on S&P 500 ETF — 1,850 (1,850 ) — — 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, net” in the accompanying consolidated balance sheets, for the dates indicated: March 31, 2021 December 31, 2020 Cash collateral posted for: Interest rate swaps (cash initial margin) $ 22,605 $ 6,306 Unsettled MBS trades and TBA commitments, net 2,816 — Total cash collateral posted, net $ 25,421 $ 6,306

Offsetting of Financial Assets

Offsetting of Financial Assets and Liabilities	3 Months Ended
Offsetting of Financial Assets and Liabilities	Mar. 31, 2021
Offsetting [Abstract]
Offsetting of Financial Assets and Liabilities	Note 10. 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 March 31, 2021 Gross Amount Recognized Amount Offset in the Consolidated Balance Sheets Net Amount Presented in the Consolidated Balance Sheets Gross Amount Not Offset in the Consolidated Balance Sheets Net Amount Financial Instruments (1) Cash Collateral (2) Assets: Derivative instruments: Interest rate swaps $ 1,091 $ — $ 1,091 $ — $ — $ 1,091 Options on 10-year U.S. Treasury note futures 1 — 1 — — 1 TBA commitments 1,188 — 1,188 (1,188 ) — — Total derivative instruments 2,280 — 2,280 (1,188 ) — 1,092 Total assets $ 2,280 $ — $ 2,280 $ (1,188 ) $ — $ 1,092 Liabilities: Derivative instruments: TBA commitments 4,267 — 4,267 (1,188 ) (2,816 ) 263 Total derivative instruments 4,267 — 4,267 (1,188 ) (2,816 ) 263 Repurchase agreements 505,550 — 505,550 (505,550 ) — — Total liabilities $ 509,817 $ — $ 509,817 $ (506,738 ) $ (2,816 ) $ 263 As of December 31, 2020 Gross Amount Recognized Amount Offset in the Consolidated Balance Sheets Net Amount Presented in the Consolidated Balance Sheets Gross Amount Not Offset in the Consolidated Balance Sheets Net Amount Financial Instruments (1) Cash Collateral (2) Assets: Derivative instruments: TBA commitments $ 258 $ — $ 258 $ (74 ) $ — $ 184 Total derivative instruments 258 — 258 (74 ) — 184 Total assets $ 258 $ — $ 258 $ (74 ) $ — $ 184 Liabilities: Derivative instruments: Interest rate swaps $ 147 $ — $ 147 $ — $ (147 ) $ — TBA commitments 74 — 74 (74 ) — — Total derivative instruments 221 — 221 (74 ) (147 ) — Repurchase agreements 655,212 — 655,212 (655,212 ) — — Total liabilities $ 655,433 $ — $ 655,433 $ (655,286 ) $ (147 ) $ — (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 that exceeds the associated derivative liability presented in the consolidated balance sheets.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 11. 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 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: Mortgage investments 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 . Mortgage 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 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 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 non-agency MBS investment secured by a pool of business-purpose residential mortgage loans is classified within Level 3 of the fair value hierarchy. To measure the fair value of this investment, 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 o 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 assumptions about the timing and amount of credit losses and prepayments . The following table presents the significant unobservable inputs to the fair value measurement of the Company’s non-agency MBS secured by business-purpose residential mortgage loans as of the periods indicated: March 31, 2021 December 31, 2020 Annualized default rate 12.0 % 12.0 % Loss-given-default 32.5 % 40.0 % Discount rate 13.9 % 13.9 % Loans – The Company’s 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, remaining life of the loan and the discount rate, which is based on current market yields and interest rate spreads for a similar loan . As of March 31, 2021, the estimated probability of default, remaining life and discount rate for the Company’s mortgage loan investment were 0%, 0.8 year and 6.3%, respectively. As of December 31, 2020, the estimated probability of default, remaining life and discount rate for the Company’s mortgage loan investment were 0%, 1.0 year and 6.3%, respectively Mortgage loans and secured debt of consolidated VIE – 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 VIE. 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. Pursuant to the practical expedient, the Company measures the fair value of both the mortgage loans and the debt obligations of its consolidated VIE based upon the fair value of the debt obligations of the VIE, as the fair value of the debt securities issued by the VIE is more observable to the Company than the fair value of the underlying mortgage loans . The senior debt obligations of the consolidated VIE are classified within Level 2 of the fair value hierarchy. Inputs to fair value measurements of the senior debt obligations of the consolidated VIE include 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 are based upon observable transactions for securities with similar characteristics. The subordinate debt obligation and the mortgage loans of the consolidated VIE are classified within Level 3 of the fair value hierarchy. To measure the fair value of the subordinate debt obligation of the consolidated VIE, 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 o 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 assumptions about the timing and amount of credit losses and prepayments March 31, 2021 December 31, 2020 Annualized default rate 15.0 % 20.0 % Loss-given-default 30.0 % 40.0 % Discount rate 13.9 % 13.9 % 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 following table presents the significant unobservable inputs to the fair value measurement of the MSRs underlying the Company’s MSR financing receivables as of March 31, 2021: March 31, 2021 Discount rate 9.5 % Annualized prepayment rate 10.5 % Recapture rate 10.0 % Annual per-loan cost of servicing (current loans) $ 65.00 Pursuant to the Company’s MSR financing arrangement, upon the consummation of a three-year performance period ending December 31, 2023, the Company’s mortgage servicer 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. As of December 31, 2020, the fair value of the Company’s MSR financing receivable was its transacted purchase price, which occurred on the measurement date . 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, three-month LIBOR or 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 March 31, 2021 and December 31, 2020, the carrying value of the Company’s long-term unsecured debt was $73,074 and $73,027, 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 $71,431 and $ 69,904 as of March 31, 2021 and December 31, 2020, 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 March 31, 2021 and December 31, 2020, the Company had investments in equity securities of publicly-traded companies at fair value of $5,995 and $10,821, respectively, 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 u nadjusted quoted prices in active exchange markets for identical assets. Investments in equity securities of non-public companies and investment funds – As of March 31, 2021 and December 31, 2020, the Company had investments in equity securities and investment funds measured at fair value of $6,796 and $ 6,869 , 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 March 31, 2021, 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 95 percent, 10 percent, and 15 percent, respectively. As of December 31, 2020, 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 95 percent, 10 percent, and 15 percent, respectively. For its investments in investment funds, the Company estimates fair value based upon the investee’s net asset value per share. Financial assets and liabilities for which carrying value approximates fair value - Cash and cash equivalents, 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 March 31, 2021 and December 31, 2020. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. March 31, 2021 Total Level 1 Level 2 Level 3 Financial assets: Agency MBS $ 515,674 $ — $ 515,674 $ — Mortgage credit securities 16,405 — 3,873 12,532 Mortgage loans of consolidated VIE 57,467 — — 57,467 Loans 44,914 — — 44,914 MSR financing receivable 36,005 — — 36,005 Derivative assets 2,280 1 2,279 — Other assets 12,791 5,995 — 6,796 Financial liabilities: Secured debt of consolidated VIE 58,654 — 58,043 611 Derivative liabilities 4,267 — 4,267 — December 31, 2020 Total Level 1 Level 2 Level 3 Financial assets: Agency MBS $ 970,880 $ — $ 970,880 $ — Mortgage credit securities 26,660 — 14,730 11,930 Mortgage loans of consolidated VIE 93,283 — — 93,283 Loans 45,000 — — 45,000 MSR financing receivable 9,346 — — 9,346 Derivative assets 258 — 258 — Other assets 17,690 10,821 — 6,869 Financial liabilities: Secured debt of consolidated VIE 93,627 — 93,051 576 Derivative liabilities 221 — 221 — 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 March 31, 2021 2020 Beginning balance $ 166,428 $ 51,398 Net gain (loss) included in "Investment gain (loss), net" 6,318 (3,609 ) Purchases 20,344 11,995 Sales — — Payments, net (36,776 ) (410 ) Accretion of discount 1,400 218 Ending balance $ 157,714 $ 59,592 Net unrealized gains (losses) included in earnings for the period for Level 3 assets still held at the reporting date $ 6,318 $ (3,609 ) 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 March 31, 2021 2020 Beginning balance $ 576 $ — Net gain (loss) included in "Investment gain (loss), net" (39 ) — Accretion of discount 74 — Ending balance $ 611 $ — Net unrealized gains (losses) included in earnings for the period for Level 3 liabilities still held at the reporting date $ (39 ) $ —

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Note 12. Income Taxes The Company has elected to be taxed as a REIT under the Internal Revenue Code. 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 taxable income within the time limits prescribed by the Internal Revenue Code, which may extend into the subsequent taxable year. As of March 31, 2021, the Company had estimated net operating loss (“NOL”) carryforwards of $151,167 that can be used to offset future taxable ordinary income and reduce its REIT distribution requirements. NOL carryforwards totaling $14,588 expire in 2028 and NOL carryforwards totaling $136,579 have no expiration period. As of March 31, 2021, the Company had estimated net capital loss (“NCL”) carryforwards of $180,948 that can be used to offset future net capital gains. The scheduled expirations of the Company’s NCL carryforwards are $66,862 in 2021, $3,763 in 2022 and $110,323 in 2023. The Company and subsidiaries have made joint elections to treat certain 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. 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 March 31, 2021, we recognized a provision for income taxes of $398 on the net income of our 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 March 31, 2021 and December 31, 2020, 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.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
Earnings (Loss) Per Share	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Note 13. 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 tables present the computations of basic and diluted earnings (loss) per share for the periods indicated: Three Months Ended March 31, (Shares in thousands) 2021 2020 Basic weighted-average common shares outstanding 33,181 36,711 Performance share units, unvested restricted stock units, and unvested restricted stock — — Diluted weighted-average common shares outstanding 33,181 36,711 Net loss attributable to common stock $ (6,763 ) $ (94,944 ) Basic loss per common share $ (0.20 ) $ (2.59 ) Diluted loss per common share $ (0.20 ) $ (2.59 ) The diluted loss per share for the three months ended March 31, 2021 and 2020 did not include the antidilutive effect of 263 and 106 shares of unvested shares of restricted stock, restricted stock units, and performance share units, respectively.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Mar. 31, 2021
Equity [Abstract]
Stockholders' Equity	Note 14. 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 March 31, 2021 and December 31, 2020, 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 Stock Dividends The Board of Directors evaluates common stock dividends on a quarterly basis and, in its sole discretion, approves the payment of dividends. The Company’s common stock dividend payments, if any, may vary significantly from quarter to quarter. For the quarter ended March 31, 2021 and the year ended December 31, 2020, the Board of Directors determined that the Company would not declare a dividend on its common stock. 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 months ended March 31, 2021 and the year ended December 31, 2020, there were no issuances of common stock under the common equity distribution agreements. As of March 31, 2021, 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 October 26, 2015, the Company announced that its Board of Directors authorized a share repurchase program pursuant to which the Company may repurchase up to 2,000,000 shares of Class A common stock (the “Repurchase Program”). On July 31, 2020, the Company announced that its Board of Directors authorized an increase in the Repurchase Program pursuant to which the Company may repurchase up to 18,000,000 shares of Class A common stock, inclusive of 56,090 shares previously available to be repurchased under the prior authorization. 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. During the three months ended March 31, 2021 and the year ended December 31, 2020, the Company repurchased 137,655 and 3,662,566 shares of Class A common stock for a total purchase price of $523 and $10,377, respectively. As of March 31, 2021, there remain available for repurchase 16,094,994 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 commencing on May 12, 2022 or earlier upon the occurrence of a change in control. 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 2021. There were no shares of Series B Preferred Stock repurchased by the Company during the three months ended March 31, 2021. During the year ended December 31, 2020, the Company repurchased 17,766 shares of Series B Preferred Stock for a total purchase price of $299. 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. 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 2021. There were no shares of Series C Preferred Stock repurchased by the Company during the three months ended March 31, 2021. During the year ended December 31, 2020, the Company repurchased 82,966 shares of Series C Preferred Stock for a total purchase price of $1,578. Preferred Equity Distribution Agreements On March 21, 2019, the Company entered into an amended and restated equity distribution agreement with JonesTrading Institutional Services LLC, B. Riley FBR, Inc., Compass Point Research and Trading, 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. During the three months ended March 31, 2021 and the year ended December 31, 2020, there were no issuances of preferred stock under the Series B preferred equity distribution agreement. A s of March 31, 2021, the Company had 1,645,961 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. 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, and any outstanding rights will expire at the earliest of (i) June 4, 2022, (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.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020, approximately 99% 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. The Company has elected to account for the mortgage loans and debt of the consolidated VIE 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 gain (loss), net” in the accompanying consolidated statements of comprehensive income
Interest Income Recognition for Investments in Agency MBS and Mortgage Loans of a Consolidated VIE	Interest Income Recognition for Investments in Agency MBS and Mortgage Loans of a Consolidated VIE The Company recognizes interest income for its investments in agency MBS and mortgage loans of a consolidated variable interest entity (“VIE”) 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 to its investments in agency MBS and mortgage loans of a consolidated VIE, 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 a consolidated VIE, 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. When a loan is placed in non-accrual status, all accrued but uncollected contractual interest as well as any discount accreted during the period of delinquency are reversed. While a loan is in non-accrual status, the Company recognizes interest income only when interest payments occur.
Interest Income Recognition for Investments in Mortgage Credit Securities and MSR Financing Receivables	Interest Income Recognition for Investments in Mortgage Credit Securities and MSR Financing Receivables The Company recognizes interest income for its investments in mortgage credit securities 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 mortgage loans that serve as collateral for its investment, including assumptions about the timing and amount of prepayments and credit losses. 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 mortgage credit securities and MSR financing receivables: Scenario: Effect on Interest Income Recognition for Investments in Mortgage 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 will be 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 mortgage credit securities, subsequent measurement Loans held for investment, subsequent measurement Investments in MSR financing receivables, subsequent measurement Consolidation of variable interest entities Borrowings Note 4 Note 5 Note 6 Note 7 Note 8 To-be-announced agency MBS transactions, including “dollar rolls” Note 9 Derivative instruments Note 9 Balance sheet offsetting Note 10 Fair value measurements Income taxes Note 11 Note 12 Refer to the Company’s 2020 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 and 2021-01, 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 is expected to be discontinued because of reference rate reform. The practical expedients and exceptions provided by these updates are effective from March 12, 2020 through December 31, 2022. Not yet adopted. To date, the Company has not made any modifications to contracts due to reference rate reform. The Company has not elected to apply hedge accounting for financial reporting purposes. The Company does not currently expect the adoption of ASU Nos. 2020-04 and 2021-01 to have an effect on its 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 “derivative assets” or “derivative liabilities” in the consolidated balance sheets, with all periodic changes in fair value reflected as a component of “investment 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 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:
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 March 31, 2021 and December 31, 2020, the fair value of the Company’s investments in agency MBS was $515,674 and $970,880, respectively.
Mortgage Credit Securities
Investment Security Purchases and Sales	The Company has elected to classify its investments in mortgage credit securities as trading securities. Accordingly, the Company’s investments in mortgage credit securities are reported in the accompanying consolidated balance sheets at fair value. As of March 31, 2021 and December 31, 2020, the fair value of the Company’s investments in mortgage credit securities was $16,405 and $26,660, respectively.
Loans Held for Investment
Investment Security Purchases and Sales	The Company has elected to account for its loan held for investment at fair value on a recurring basis with periodic changes in fair value recognized as a component of “investment gain (loss), net” in the accompanying consolidated statements of comprehensive income.
MSR Financing Receivables
Investment Security Purchases and Sales	Under GAAP, the Company accounts for transactions executed under its arrangement 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 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)	3 Months Ended
Investments in Agency MBS (Tables)	Mar. 31, 2021
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 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 March 31, 2021 2020 Net gains (losses) recognized in earnings for: Agency MBS still held at period end $ (19,035 ) $ 12,127 Agency MBS sold during the period (10,180 ) 11,391 Total $ (29,215 ) $ 23,518

Investments in Mortgage Credi_2

Investments in Mortgage Credit Securities (Tables)	3 Months Ended
Investments in Mortgage Credit Securities (Tables)	Mar. 31, 2021
Mortgage 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 gain (loss), net” in the Company’s consolidated statements of comprehensive income for the periods indicated with respect to investments in mortgage credit securities: Three Months Ended March 31, 2021 2020 Net gains (losses) recognized in earnings for: Mortgage credit securities still held at period end $ 551 $ (15,618 ) Mortgage credit securities sold during the period 840 (4,420 ) Total $ 1,391 $ (20,038 )

Investments in MSR Financing _2

Investments in MSR Financing Receivables (Tables)	3 Months Ended
Investments in MSR Financing Receivables (Tables)	Mar. 31, 2021
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: MSR Financing Receivables, at Fair Value Balance as of December 31, 2020 $ 9,346 Capital investments 20,344 Accretion of interest income 358 Changes in fair value due to: Amortization of underlying MSRs (1,276 ) Changes in valuation inputs and assumptions 7,233 Balance as of March 31, 2021 $ 36,005

Consolidation of Variable Int_2

Consolidation of Variable Interest Entities (Tables)	3 Months Ended
Consolidation of Variable Interest Entities (Tables)	Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
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 VIE, net of elimination entries, are as follows as of the dates indicated: March 31, 2021 December 31, 2020 Restricted cash of consolidated VIE (1) $ 12,557 $ 11,169 Mortgage loans of consolidated VIE, at fair value 57,467 93,283 Interest receivable of consolidated VIE 309 545 Secured debt of consolidated VIE, at fair value (58,654 ) (93,627 ) Interest payable of consolidated VIE (201 ) (321 ) Investment in consolidated VIE $ 11,478 $ 11,049 (1) .
Schedule of Accrual Status of Mortgage Loans of Consolidated VIE	The following table presents information about the accrual status of the mortgage loans of the consolidated VIE as of March 31, 2021 : Aggregate Fair Value Aggregate Unpaid Principal Balance Difference Less than 90 days past due and in accrual status $ 50,957 $ 52,777 $ (1,820 ) 90 days or more past due and in non-accrual status 6,510 6,742 (232 ) Total mortgage loans of consolidated VIE $ 57,467 $ 59,519 $ (2,052 )

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
Borrowings (Tables)	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Repurchase Agreements	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. The Company’s mortgage loan repurchase agreement arrangement has a maturity date of November 11, 2021 and an interest rate that resets monthly at a rate equal to one-month LIBOR plus 2.00% with a LIBOR floor of 1.00%. Under the terms of the Company’s mortgage loan repurchase agreement, the Company may request extensions of the maturity date of the agreement for up to 364 days, subject to the lender’s approval. As of March 31, 2021 and December 31, 2020, 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: March 31, 2021 December 31, 2020 Agency MBS repurchase financing: Repurchase agreements outstanding $ 474,050 $ 623,712 Agency MBS collateral, at fair value (1) 491,811 656,154 Net amount (2) 17,761 32,442 Weighted-average rate 0.15 % 0.21 % Weighted-average term to maturity 14.0 days 14.0 days Mortgage loans repurchase financing: Repurchase agreements outstanding $ 31,500 $ 31,500 Mortgage loans collateral, at fair value 44,914 45,000 Net amount (2) 13,414 13,500 Weighted-average rate 3.00 % 3.00 % Weighted-average term to maturity 225.0 days 315.0 days Total mortgage investments repurchase financing: Repurchase agreements outstanding $ 505,550 $ 655,212 Mortgage investments collateral, at fair value 536,725 701,154 Net amount (2) 31,175 45,942 Weighted-average rate 0.33 % 0.34 % Weighted-average term to maturity 27.1 days 28.5 days (1) As of March 31, 2021, includes $85,002 at sale price of unsettled agency MBS sale commitments which are included in the line item “sold securities receivable” in the accompanying consolidated balance sheets. (2) 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 months ended March 31, 2021 and 2020: March 31, 2021 March 31, 2020 Weighted-average outstanding balance during the three months ended $ 553,842 $ 3,162,340 Weighted-average rate during the three months ended 0.35 % 1.83 %
Schedule of Long-term Unsecured Debt Instruments	As of March 31, 2021 and December 31, 2020, the Company had $73,074 and $73,027, respectively, of outstanding long-term unsecured debentures, net of unamortized debt issuance costs of $678 and $732, respectively. The Company’s long-term debentures consisted of the following as of the dates indicated: March 31, 2021 December 31, 2020 Senior Notes Due 2025 Senior Notes Due 2023 Trust Preferred Debt Senior Notes Due 2025 Senior Notes Due 2023 Trust Preferred Debt Outstanding Principal $ 34,931 $ 23,821 $ 15,000 $ 34,931 $ 23,828 $ 15,000 Annual Interest Rate 6.75 % 6.625 % LIBOR+ 2.25 - 3.00 % 6.75 % 6.625 % LIBOR+ 2.25 - 3.00 % Interest Payment Frequency Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Weighted-Average Interest Rate 6.75 % 6.625 % 2.99 % 6.75 % 6.625 % 2.99 % Maturity March 15, 2025 May 1, 2023 2033 - 2035 March 15, 2025 May 1, 2023 2033 - 2035

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
Derivative Instruments (Tables)	Mar. 31, 2021
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: March 31, 2021 December 31, 2020 Assets Liabilities Assets Liabilities Interest rate swaps $ 1,091 $ — $ — $ (147 ) Options on 10-year U.S. Treasury note futures 1 — — — TBA commitments 1,188 (4,267 ) 258 (74 ) Total $ 2,280 $ (4,267 ) $ 258 $ (221 )
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 March 31, 2021 2020 Interest rate derivatives: Interest rate swaps: Net interest (expense) income (1) $ (710 ) $ 592 Unrealized gains, net 21,065 5,945 Losses realized upon early termination, net (13 ) (109,924 ) Total interest rate swap gains (losses), net 20,342 (103,387 ) U.S. Treasury note futures, net 2,619 (3,071 ) Options on U.S. Treasury note futures, net (20 ) — Total interest rate derivative gains (losses), net 22,941 (106,458 ) TBA commitments: TBA dollar roll income (2) 836 105 Other (losses) gains on TBA commitments, net (9,232 ) 4,793 Total (losses) gains on TBA commitments, net (8,396 ) 4,898 Other derivatives — (1,040 ) Total derivative gains (losses), net $ 14,545 $ (102,600 ) (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 relative to a contemporaneously executed “spot” TBA sale, which economically equates to net interest income that is earned ratably over the period beginning on the settlement date of the sale and ending on the settlement date of the forward-settling purchase.
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 March 31, 2021 Beginning of Period Additions Scheduled Settlements Early Terminations End of Period Interest rate swaps $ 275,000 $ 450,000 $ — $ (50,000 ) $ 675,000 2-year U.S. Treasury note futures — 50,000 (50,000 ) — — 10-year U.S. Treasury note futures — 375,100 (200,000 ) (175,100 ) — Purchased call options on 10-year U.S. Treasury note futures — 65,200 — — 65,200 TBA purchase (sale) commitments, net — 915,000 (815,000 ) — 100,000 For the Three Months Ended March 31, 2020 Beginning of Period Additions Scheduled Settlements Early Terminations End of Period Interest rate swaps $ 2,985,000 $ — $ (100,000 ) $ (2,285,000 ) $ 600,000 2-year U.S. Treasury note futures — 1,150,000 — (1,150,000 ) — 10-year U.S. Treasury note futures — 765,000 — (765,000 ) — TBA purchase (sale) commitments, net — 100,000 (100,000 ) — — Put options on S&P 500 ETF — 1,850 (1,850 ) — —
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, net” in the accompanying consolidated balance sheets, for the dates indicated: March 31, 2021 December 31, 2020 Cash collateral posted for: Interest rate swaps (cash initial margin) $ 22,605 $ 6,306 Unsettled MBS trades and TBA commitments, net 2,816 — Total cash collateral posted, net $ 25,421 $ 6,306
Options on 10-Year U.S. Treasury Note Futures
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Schedule of Derivative Instruments	Information about the Company’s outstanding options on 10-year U.S. Treasury note futures contracts as of March 31, 2021 is as follows: Notional Amount Weighted-average Strike Price Implied Strike Rate (1) Net Fair Value Purchased call options: April 2021 expiration $ 65,200 137.8 0.90 % $ 1 (1) The implied strike rate is estimated based upon the weighted average strike price per contract and the price of an equivalent 10-year U.S. Treasury note futures contract.
TBA Commitments
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Schedule of Derivative Instruments	The following table presents information about the Company’s TBA commitments as of the date indicated: March 31, 2021 Notional Amount: Purchase (Sale) Commitment Contractual Forward Price Market Price Fair Value 1.5% 30-year MBS purchase commitments $ 140,000 $ 137,238 $ 134,914 $ (2,324 ) 1.5% 30-year MBS sale commitments (140,000 ) (134,675 ) (134,914 ) (239 ) 2.0% 30-year MBS purchase commitments 200,000 200,844 199,258 (1,586 ) 2.0% 30-year MBS sale commitments (100,000 ) (100,742 ) (99,672 ) 1,070 Total TBA commitments, net $ 100,000 $ 102,665 $ 99,586 $ (3,079 ) December 31, 2020 Notional Amount: Purchase (Sale) Commitment Contractual Forward Price Market Price Fair Value 1.5% 30-year MBS purchase commitments $ 50,000 $ 50,281 $ 50,539 $ 258 1.5% 30-year MBS sale commitments (50,000 ) (50,465 ) (50,539 ) (74 ) Total TBA commitments, net $ — $ (184 ) $ — $ 184
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 March 31, 2021: Weighted-average: Notional Amount Fixed Pay Rate Variable Receive Rate Net Receive (Pay) Rate Remaining Life (Years) Fair Value Years to maturity: Less than 3 years $ 200,000 0.10 % 0.11 % 0.01 % 2.6 $ 132 3 to less than 7 years 75,000 0.89 % 0.14 % (0.75 )% 6.8 134 7 to less than 10 years 400,000 1.27 % 0.21 % (1.06 )% 9.8 825 Total / weighted-average $ 675,000 0.88 % 0.17 % (0.71 )% 7.3 $ 1,091 The following table presents information about the Company’s interest rate swap agreements that were in effect as of December 31, 2020: Weighted-average: Notional Amount Fixed Pay Rate Variable Receive Rate Net Receive (Pay) Rate Remaining Life (Years) Fair Value Years to maturity: Less than 3 years $ 200,000 0.10 % 0.06 % (0.04 )% 2.9 $ (40 ) 3 to less than 10 years 75,000 0.74 % 0.22 % (0.52 )% 9.5 (107 ) Total / weighted-average $ 275,000 0.28 % 0.10 % (0.18 )% 4.7 $ (147 )

Offsetting of Financial Asset_2

Offsetting of Financial Assets and Liabilities (Tables)	3 Months Ended
Offsetting of Financial Assets and Liabilities (Tables)	Mar. 31, 2021
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 March 31, 2021 Gross Amount Recognized Amount Offset in the Consolidated Balance Sheets Net Amount Presented in the Consolidated Balance Sheets Gross Amount Not Offset in the Consolidated Balance Sheets Net Amount Financial Instruments (1) Cash Collateral (2) Assets: Derivative instruments: Interest rate swaps $ 1,091 $ — $ 1,091 $ — $ — $ 1,091 Options on 10-year U.S. Treasury note futures 1 — 1 — — 1 TBA commitments 1,188 — 1,188 (1,188 ) — — Total derivative instruments 2,280 — 2,280 (1,188 ) — 1,092 Total assets $ 2,280 $ — $ 2,280 $ (1,188 ) $ — $ 1,092 Liabilities: Derivative instruments: TBA commitments 4,267 — 4,267 (1,188 ) (2,816 ) 263 Total derivative instruments 4,267 — 4,267 (1,188 ) (2,816 ) 263 Repurchase agreements 505,550 — 505,550 (505,550 ) — — Total liabilities $ 509,817 $ — $ 509,817 $ (506,738 ) $ (2,816 ) $ 263 As of December 31, 2020 Gross Amount Recognized Amount Offset in the Consolidated Balance Sheets Net Amount Presented in the Consolidated Balance Sheets Gross Amount Not Offset in the Consolidated Balance Sheets Net Amount Financial Instruments (1) Cash Collateral (2) Assets: Derivative instruments: TBA commitments $ 258 $ — $ 258 $ (74 ) $ — $ 184 Total derivative instruments 258 — 258 (74 ) — 184 Total assets $ 258 $ — $ 258 $ (74 ) $ — $ 184 Liabilities: Derivative instruments: Interest rate swaps $ 147 $ — $ 147 $ — $ (147 ) $ — TBA commitments 74 — 74 (74 ) — — Total derivative instruments 221 — 221 (74 ) (147 ) — Repurchase agreements 655,212 — 655,212 (655,212 ) — — Total liabilities $ 655,433 $ — $ 655,433 $ (655,286 ) $ (147 ) $ — (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 that exceeds the associated derivative liability presented in the consolidated balance sheets.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Summary of Significant Inputs to Fair Value Measurement	The following table presents the significant unobservable inputs to the fair value measurement of the Company’s non-agency MBS secured by business-purpose residential mortgage loans as of the periods indicated: March 31, 2021 December 31, 2020 Annualized default rate 12.0 % 12.0 % Loss-given-default 32.5 % 40.0 % Discount rate 13.9 % 13.9 % March 31, 2021 December 31, 2020 Annualized default rate 15.0 % 20.0 % Loss-given-default 30.0 % 40.0 % Discount rate 13.9 % 13.9 % 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 March 31, 2021: March 31, 2021 Discount rate 9.5 % Annualized prepayment rate 10.5 % Recapture rate 10.0 % Annual per-loan cost of servicing (current loans) $ 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 March 31, 2021 and December 31, 2020. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. March 31, 2021 Total Level 1 Level 2 Level 3 Financial assets: Agency MBS $ 515,674 $ — $ 515,674 $ — Mortgage credit securities 16,405 — 3,873 12,532 Mortgage loans of consolidated VIE 57,467 — — 57,467 Loans 44,914 — — 44,914 MSR financing receivable 36,005 — — 36,005 Derivative assets 2,280 1 2,279 — Other assets 12,791 5,995 — 6,796 Financial liabilities: Secured debt of consolidated VIE 58,654 — 58,043 611 Derivative liabilities 4,267 — 4,267 — December 31, 2020 Total Level 1 Level 2 Level 3 Financial assets: Agency MBS $ 970,880 $ — $ 970,880 $ — Mortgage credit securities 26,660 — 14,730 11,930 Mortgage loans of consolidated VIE 93,283 — — 93,283 Loans 45,000 — — 45,000 MSR financing receivable 9,346 — — 9,346 Derivative assets 258 — 258 — Other assets 17,690 10,821 — 6,869 Financial liabilities: Secured debt of consolidated VIE 93,627 — 93,051 576 Derivative liabilities 221 — 221 —
Change in Fair Value of Level 3 Financial Assets and Liabilities that are Measured at Fair Value on Recurring Basis	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 March 31, 2021 2020 Beginning balance $ 166,428 $ 51,398 Net gain (loss) included in "Investment gain (loss), net" 6,318 (3,609 ) Purchases 20,344 11,995 Sales — — Payments, net (36,776 ) (410 ) Accretion of discount 1,400 218 Ending balance $ 157,714 $ 59,592 Net unrealized gains (losses) included in earnings for the period for Level 3 assets still held at the reporting date $ 6,318 $ (3,609 ) 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 March 31, 2021 2020 Beginning balance $ 576 $ — Net gain (loss) included in "Investment gain (loss), net" (39 ) — Accretion of discount 74 — Ending balance $ 611 $ — Net unrealized gains (losses) included in earnings for the period for Level 3 liabilities still held at the reporting date $ (39 ) $ —

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
Earnings (Loss) Per Share (Tables)	Mar. 31, 2021
Earnings Per Share [Abstract]
Computations of Basic and Diluted Earnings (Loss) Per Share	The following tables present the computations of basic and diluted earnings (loss) per share for the periods indicated: Three Months Ended March 31, (Shares in thousands) 2021 2020 Basic weighted-average common shares outstanding 33,181 36,711 Performance share units, unvested restricted stock units, and unvested restricted stock — — Diluted weighted-average common shares outstanding 33,181 36,711 Net loss attributable to common stock $ (6,763 ) $ (94,944 ) Basic loss per common share $ (0.20 ) $ (2.59 ) Diluted loss per common share $ (0.20 ) $ (2.59 )

Organization and Basis of Pre_2

Organization and Basis of Presentation - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Required annual distribution of taxable income	90.00%
Intended annual distribution of taxable income	100.00%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	Mar. 31, 2021	Dec. 31, 2020
Summary Of Significant Accounting Policies [Line Items]
Cash Equivalents Percentage Held in Us Government Backed Securities	99.00%	99.00%
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	Mar. 31, 2021	Dec. 31, 2020
Agency MBS
Fair Value of MBS	$ 515,674	$ 970,880

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) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net gains (losses) recognized in earnings for:
Total	$ (21,665)	$ 3,094
Agency MBS
Net gains (losses) recognized in earnings for:
MBS still held at period end	(19,035)	12,127
MBS sold during the period	(10,180)	11,391
Total	$ (29,215)	$ 23,518

Investments in Mortgage Credi_3

Investments in Mortgage Credit Securities - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Mortgage Credit Securities
Fair Value of MBS	$ 16,405	$ 26,660

Investments in Mortgage Credi_4

Investments in Mortgage Credit Securities - Additional Information About Gains and Losses Recognized with Respect to Investments in Mortgage Credit Securities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net gains (losses) recognized in earnings for:
Total	$ (21,665)	$ 3,094
Mortgage Credit Securities
Net gains (losses) recognized in earnings for:
Mortgage credit securities still held at period end	551	(15,618)
Mortgage credit securities sold during the period	840	(4,420)
Total	$ 1,391	$ (20,038)

Loans Held For Investment - Add

Loans Held For Investment - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Schedule Of Investments [Line Items]
Loan Rate	LIBOR plus 4.25
Loan maturity date	Dec. 31, 2021
Fair value of loans held for investment	$ 44,914	$ 45,000
Healthcare Facilities Mortgage Loan
Schedule Of Investments [Line Items]
Outstanding principal balance	$ 44,914	$ 45,000
Minimum
Schedule Of Investments [Line Items]
Loan LIBOR floor rate	2.00%

Investments in MSR Financing _3

Investments in MSR Financing Receivables - Additional Information (Details) - USD ($) $ in Thousands	36 Months Ended
	Dec. 31, 2023	Mar. 31, 2021	Dec. 31, 2020
Accounts Notes And Loans Receivable [Line Items]
MSR servicing fee basis points		0.125%
MSR financing receivable, at fair value		$ 36,005	$ 9,346
Minimum \| Scenario, Forecast
Accounts Notes And Loans Receivable [Line Items]
Minimum amount of capital commitment for investments to counterparty	$ 25,000

Investments in MSR Financing _4

Investments in MSR Financing Receivables - Schedule of Investment in MSR Finance Receivables (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Receivables [Abstract]
Beginning balance	$ 9,346
Capital investments	20,344
Accretion of interest income	358
Amortization of underlying MSRs	(1,276)
Changes in valuation inputs and assumptions	7,233
Ending balance	$ 36,005

Consolidation of Variable Int_3

Consolidation of Variable Interest Entities - Additional Information (Details) - Variable Interest Entity, Primary Beneficiary - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2021
Variable Interest Entity [Line Items]
Payments to acquire investments	$ 10,693
Pool of mortgage loans, unpaid principal balance		$ 59,519
Outstanding Principal		$ 58,838
Mortgage loan, weighted average net note rate		6.03%
Debt obligations, weighted average coupon rate		4.01%
Unfunded Construction Draw Balance Commitment
Variable Interest Entity [Line Items]
Subordinated debt security investment		$ 6,352

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		Mar. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Mortgage loans of consolidated VIE, at fair value		$ 44,914	$ 45,000
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Restricted cash of consolidated VIE	[1]	12,557	11,169
Mortgage loans of consolidated VIE, at fair value		57,467	93,283
Interest receivable of consolidated VIE		309	545
Secured debt of consolidated VIE, at fair value		(58,654)	(93,627)
Interest payable of consolidated VIE		(201)	(321)
Investment in consolidated VIE		$ 11,478	$ 11,049

[1]	.

Consolidation of Variable Int_5

Consolidation of Variable Interest Entities - Schedule of Accrual Status of Mortgage Loans of Consolidated VIE (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Mortgage loans of consolidated VIE	$ 44,914	$ 45,000
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Mortgage loans of consolidated VIE	57,467	$ 93,283
Pool of mortgage loans, unpaid principal balance	59,519
Difference	(2,052)
Less than 90 Days Past Due \| Accrual Status \| Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Mortgage loans of consolidated VIE	50,957
Pool of mortgage loans, unpaid principal balance	52,777
Difference	(1,820)
90 Days or More Past Due \| Non-accrual Status \| Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Mortgage loans of consolidated VIE	6,510
Pool of mortgage loans, unpaid principal balance	6,742
Difference	$ (232)

Borrowings - Additional Informa

Borrowings - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
Borrowings - Additional Information (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Mortgage Loan Rate	LIBOR plus 4.25
Mortgage loan maturity date	Dec. 31, 2021
Long-term unsecured debt	$ 73,074,000	$ 73,027,000
Unamortized debt issuance costs	678,000	732,000
Senior Notes Due 2023
Debt Instrument [Line Items]
Principal balance of Senior Notes repurchased	7,000
Principal balance of Senior Notes repurchased purchase price	$ 7,000
Unsecured Debentures
Debt Instrument [Line Items]
Principal balance of Senior Notes repurchased purchase price		$ 0
Agency MBS
Debt Instrument [Line Items]
Mortgage Loan Rate	LIBOR plus 2.00%
Mortgage loan maturity date	Nov. 11, 2021
Agency MBS \| One-Month LIBOR
Debt Instrument [Line Items]
Mortgage loan floor rate	2.00%
Agency MBS \| LIBOR Floor Interest Rate
Debt Instrument [Line Items]
Mortgage loan floor rate	1.00%
Minimum
Debt Instrument [Line Items]
Mortgage loan floor rate	2.00%
Minimum \| Agency MBS
Debt Instrument [Line Items]
MBS repurchase agreement contract duration	30 days
Maximum \| Agency MBS
Debt Instrument [Line Items]
MBS repurchase agreement contract duration	60 days
Mortgage loan maturity date extension option	364 days

Borrowings - Outstanding Repurc

Borrowings - Outstanding Repurchase Agreement Borrowings (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2021	Dec. 31, 2020
Repurchase Agreement Counterparty [Line Items]
Repurchase agreements outstanding		$ 505,550	$ 655,212
Mortgage investments collateral, at fair value		536,725	701,154
Net amount	[1]	$ 31,175	$ 45,942
Weighted-average rate		0.33%	0.34%
Weighted-average term to maturity (in days)		27 days 2 hours	28 days 12 hours
Agency MBS repurchase financing
Repurchase Agreement Counterparty [Line Items]
Repurchase agreements outstanding		$ 474,050	$ 623,712
Mortgage investments collateral, at fair value	[2]	491,811	656,154
Net amount	[1]	$ 17,761	$ 32,442
Weighted-average rate		0.15%	0.21%
Weighted-average term to maturity (in days)		14 days	14 days
Mortgage loans repurchase financing
Repurchase Agreement Counterparty [Line Items]
Repurchase agreements outstanding		$ 31,500	$ 31,500
Mortgage investments collateral, at fair value		44,914	45,000
Net amount	[1]	$ 13,414	$ 13,500
Weighted-average rate		3.00%	3.00%
Weighted-average term to maturity (in days)		225 days	315 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.
[2]	As of March 31, 2021, includes $85,002 at sale price of unsettled agency MBS sale commitments which are included in the line item “sold securities receivable” in the accompanying consolidated balance sheets.

Borrowings - Outstanding Repu_2

Borrowings - Outstanding Repurchase Agreement Borrowings (Parenthetical) (Details) $ in Thousands	Mar. 31, 2021USD ($)
Repurchase Agreement Counterparty [Line Items]
Sold securities receivable	$ 109,068
Pledged as Collateral for Repurchase Agreements
Repurchase Agreement Counterparty [Line Items]
Sold securities receivable	$ 85,002

Borrowings - Information Regard

Borrowings - Information Regarding Outstanding Repurchase Agreement Borrowings During the Period (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Debt Disclosure [Abstract]
Weighted-average outstanding balance	$ 553,842	$ 3,162,340
Weighted-average rate	0.35%	1.83%

Borrowings - Long-term Unsecure

Borrowings - Long-term Unsecured Debt Instruments (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
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	Mar. 15, 2025	Mar. 15, 2025
Senior Notes Due 2023
Debt Instrument [Line Items]
Outstanding Principal	$ 23,821	$ 23,828
Annual Interest Rate	6.625%	6.625%
Interest Payment Frequency	Quarterly	Quarterly
Weighted-Average Interest Rate	6.625%	6.625%
Maturity	May 1, 2023	May 1, 2023
Trust Preferred Debt
Debt Instrument [Line Items]
Outstanding Principal	$ 15,000	$ 15,000
Interest Payment Frequency	Quarterly	Quarterly
Weighted-Average Interest Rate	2.99%	2.99%
Annual Interest Rate	LIBOR+ 2.25 - 3.00 %	LIBOR+ 2.25 - 3.00 %
Trust Preferred Debt \| Minimum
Debt Instrument [Line Items]
Maturity	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	Mar. 31, 2021	Dec. 31, 2020
Derivative Assets	$ 2,280	$ 258
Derivative Liabilities	(4,267)	(221)
Interest Rate Swap
Derivative Assets	1,091	0
Derivative Liabilities	0	(147)
Options on 10-Year U.S. Treasury Note Futures
Derivative Assets	1	0
Derivative Liabilities	0	0
TBA Commitments
Derivative Assets	1,188	258
Derivative Liabilities	$ (4,267)	$ (74)

Derivative Instruments - Intere

Derivative Instruments - Interest Rate Swap Agreements (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Notional Amount	$ 100,000,000	$ 0	$ 0	$ 0
Interest Rate Swap
Notional Amount	$ 675,000,000	$ 275,000,000	$ 600,000,000	$ 2,985,000,000
Weighted-average: Fixed Pay Rate	0.88%	0.28%
Weighted-average: Variable Receive Rate	0.17%	0.10%
Weighted-average: Net Receive (Pay) Rate	(0.71%)	(0.18%)
Weighted-average: Remaining Life (in years)	7 years 3 months 18 days	4 years 8 months 12 days
Fair Value, Asset and (Liability)	$ 1,091,000	$ (147,000)
Interest Rate Swap \| Less Than Three Years Maturity
Notional Amount	$ 200,000,000	$ 200,000,000
Weighted-average: Fixed Pay Rate	0.10%	0.10%
Weighted-average: Variable Receive Rate	0.11%	0.06%
Weighted-average: Net Receive (Pay) Rate	0.01%	(0.04%)
Weighted-average: Remaining Life (in years)	2 years 7 months 6 days	2 years 10 months 24 days
Fair Value, Asset and (Liability)	$ 132,000	$ (40,000)
Interest Rate Swap \| Three to Less Than Seven Years Maturity
Notional Amount	$ 75,000,000
Weighted-average: Fixed Pay Rate	0.89%
Weighted-average: Variable Receive Rate	0.14%
Weighted-average: Net Receive (Pay) Rate	(0.75%)
Weighted-average: Remaining Life (in years)	6 years 9 months 18 days
Fair Value, Asset and (Liability)	$ 134,000
Interest Rate Swap \| Seven to Less Than Ten Years Maturity
Notional Amount	$ 400,000,000
Weighted-average: Fixed Pay Rate	1.27%
Weighted-average: Variable Receive Rate	0.21%
Weighted-average: Net Receive (Pay) Rate	(1.06%)
Weighted-average: Remaining Life (in years)	9 years 9 months 18 days
Fair Value, Asset and (Liability)	$ 825,000
Interest Rate Swap \| Three To Less Than Ten Years Maturity
Notional Amount		$ 75,000,000
Weighted-average: Fixed Pay Rate		0.74%
Weighted-average: Variable Receive Rate		0.22%
Weighted-average: Net Receive (Pay) Rate		(0.52%)
Weighted-average: Remaining Life (in years)		9 years 6 months
Fair Value, Asset and (Liability)		$ (107,000)

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Notional Amount	$ 100,000,000	$ 0	$ 0	$ 0
U.S. Treasury Note Futures
Derivative [Line Items]
Notional Amount	$ 0	0
Options on U.S. Treasury Note Futures
Derivative [Line Items]
Derivative outstanding options		$ 0

Derivative Instruments - Outsta

Derivative Instruments - Outstanding Options on Ten-Year U.S. Treasury Note Futures Contracts (Details)		3 Months Ended
		Mar. 31, 2021USD ($)$ / shares	Dec. 31, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Notional Amount		$ 100,000,000	$ 0	$ 0	$ 0
Options on 10-Year U.S. Treasury Note Futures
Derivative, Expiration	[1]	Apr. 30, 2021
Notional Amount	[1]	$ 65,200,000
Weighted-average Strike Price \| $ / shares	[1]	137.8
Implied Strike Rate	[1]	0.90%
Net Fair Value	[1]	$ 1,000

[1]	The implied strike rate is estimated based upon the weighted average strike price per contract and the price of an equivalent 10-year U.S. Treasury note futures contract.

Derivative Instruments - TBA Co

Derivative Instruments - TBA Commitments (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Notional Amount: Net Purchase Commitment	$ 100,000,000	$ 0	$ 0	$ 0
Fair Value, Asset	2,280,000	258,000
Fair Value, Liability	(4,267,000)	(221,000)
TBA Commitments
Notional Amount: Net Purchase Commitment	100,000,000	0
Contractual Forward Price	102,665,000	(184,000)
Market Price	99,586,000	0
Fair Value, Asset	1,188,000	258,000
Fair Value, Liability	(4,267,000)	(74,000)
Fair Value	(3,079,000)	184,000
TBA Commitments \| One Point Five Percent Thirty Year Mortgage Backed Securities Purchase Sale Commitments Purchase
Notional Amount: Net Purchase Commitment	140,000,000	50,000,000
Contractual Forward Price	137,238,000	50,281,000
Market Price	134,914,000	50,539,000
Fair Value, Asset		258,000
Fair Value, Liability	(2,324,000)
TBA Commitments \| One Point Five Percent Thirty Year Mortgage Backed Securities Purchase Sale Commitments Sale
Notional Amount: Net Purchase Commitment	140,000,000	50,000,000
Contractual Forward Price	(134,675,000)	(50,465,000)
Market Price	(134,914,000)	(50,539,000)
Fair Value, Liability	(239,000)	$ (74,000)
TBA Commitments \| Two Percent Thirty Year Mortgage Backed Securities Purchase Sale Commitments, Purchase
Notional Amount: Net Purchase Commitment	200,000,000
Contractual Forward Price	200,844,000
Market Price	199,258,000
Fair Value, Liability	(1,586,000)
TBA Commitments \| Two Percent Thirty Year Mortgage Backed Securities Purchase Sale Commitments Sale
Notional Amount: Net Purchase Commitment	100,000,000
Contractual Forward Price	(100,742,000)
Market Price	(99,672,000)
Fair Value, Asset	$ 1,070,000

Derivative Instruments - Deriva

Derivative Instruments - Derivative Gains and Losses Recognized Within the Periods (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Interest rate derivative gains (losses), net		$ 22,941	$ (106,458)
Gains (losses) on commitments		(8,396)	4,898
Other derivatives		0	(1,040)
Total derivative gains (losses), net		14,545	(102,600)
Interest Rate Swap
Interest rate derivative gains (losses), net		20,342	(103,387)
Interest Rate Swaps Net Interest (Expense) Income
Interest rate derivative gains (losses), net	[1]	(710)	592
Unrealized Gains, Net
Interest rate derivative gains (losses), net		21,065	5,945
Interest Rate Swaps Losses Realized Upon Early Termination, Net
Interest rate derivative gains (losses), net		(13)	(109,924)
Options on U.S. Treasury Note Futures, Net
Interest rate derivative gains (losses), net		(20)	0
TBA Dollar Roll Income
Gains (losses) on commitments	[2]	836	105
Other (Losses) Gains on TBA Commitments, Net
Gains (losses) on commitments		(9,232)	4,793
U.S. Treasury Note Futures, Net
Interest rate derivative gains (losses), net		$ 2,619	$ (3,071)

[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 relative to a contemporaneously executed “spot” TBA sale, which economically equates to net interest income that is earned ratably over the period beginning on the settlement date of the sale and ending on the settlement date of the forward-settling purchase

Derivative Instruments - Volume

Derivative Instruments - Volume of Activity, in terms of Notional Amount, Related to Derivative Instruments (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative [Line Items]
Beginning of Period	$ 0	$ 0
Additions	915,000,000	100,000,000
Scheduled Settlements	(815,000,000)	(100,000,000)
Early Terminations	0	0
End of Period	100,000,000	0
Interest Rate Swap
Derivative [Line Items]
Beginning of Period	275,000,000	2,985,000,000
Additions	450,000,000	0
Scheduled Settlements	0	(100,000,000)
Early Terminations	(50,000,000)	(2,285,000,000)
End of Period	675,000,000	600,000,000
2-year U.S. Treasury Note Futures
Derivative [Line Items]
Beginning of Period	0	0
Additions	50,000,000	1,150,000,000
Scheduled Settlements	(50,000,000)	0
Early Terminations	0	(1,150,000,000)
End of Period	0	0
10-year U.S. Treasury Note Futures
Derivative [Line Items]
Beginning of Period	0	0
Additions	375,100,000	765,000,000
Scheduled Settlements	(200,000,000)	0
Early Terminations	(175,100,000)	(765,000,000)
End of Period	0	0
Purchased Call Options on Ten Year U.S. Treasury Note Futures
Derivative [Line Items]
Beginning of Period	0
Additions	65,200,000
Scheduled Settlements	0
Early Terminations	0
End of Period	$ 65,200,000
Put Options on S&P 500 ETF
Derivative [Line Items]
Beginning of Period		0
Additions		1,850,000
Scheduled Settlements		(1,850,000)
Early Terminations		0
End of Period		$ 0

Derivative Instruments - Cash C

Derivative Instruments - Cash Collateral Posted in Respect of Derivative and Other Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Cash collateral posted, net	$ 25,421	$ 6,306
Interest Rate Swap
Cash collateral posted, net	22,605	6,306
Unsettled MBS Trades and TBA Commitments, Net
Cash collateral posted, net	$ 2,816	$ 0

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		Mar. 31, 2021	Dec. 31, 2020
Derivative instruments:
Derivative Asset, Gross Amount Recognized		$ 2,280	$ 258
Derivative Asset, Amount Offset		0	0
Derivative Asset, Net Amount		2,280	258
Derivative Asset, Financial Instruments	[1]	(1,188)	(74)
Derivative Asset, Cash Collateral	[2]	0	0
Derivative Asset, Net amount Total		1,092	184
Derivative instruments:
Derivative Liabilities, Gross Amount Recognized		4,267	221
Derivative Liabilities, Amount Offset		0	0
Derivative Liabilities, Net Amount		4,267	221
Derivative Liabilities, Financial Instruments	[1]	(1,188)	(74)
Derivative Liabilities, Cash Collateral	[2]	(2,816)	(147)
Derivative Liabilities, Net amount Total		263	0
Derivative Financial Instruments, Liabilities
Derivative instruments:
Derivative Liabilities, Gross Amount Recognized		509,817	655,433
Derivative Liabilities, Amount Offset		0	0
Derivative Liabilities, Net Amount		509,817	655,433
Derivative Liabilities, Financial Instruments	[1]	(506,738)	(655,286)
Derivative Liabilities, Cash Collateral	[2]	(2,816)	(147)
Derivative Liabilities, Net amount Total		263	0
Derivative Financial Instruments, Assets
Derivative instruments:
Derivative Asset, Gross Amount Recognized		2,280	258
Derivative Asset, Amount Offset		0	0
Derivative Asset, Net Amount		2,280	258
Derivative Asset, Financial Instruments	[1]	(1,188)	(74)
Derivative Asset, Cash Collateral	[2]	0	0
Derivative Asset, Net amount Total		1,092	184
Repurchase Agreements
Derivative instruments:
Derivative Liabilities, Gross Amount Recognized		505,550	655,212
Derivative Liabilities, Amount Offset		0	0
Derivative Liabilities, Net Amount		505,550	655,212
Derivative Liabilities, Financial Instruments	[1]	(505,550)	(655,212)
Derivative Liabilities, Cash Collateral	[2]	0	0
Derivative Liabilities, Net amount Total		0	0
Interest Rate Swap
Derivative instruments:
Derivative Asset, Gross Amount Recognized		1,091
Derivative Asset, Amount Offset		0
Derivative Asset, Net Amount		1,091	0
Derivative Asset, Financial Instruments	[1]	0
Derivative Asset, Cash Collateral	[2]	0
Derivative Asset, Net amount Total		1,091
Derivative instruments:
Derivative Liabilities, Gross Amount Recognized			147
Derivative Liabilities, Amount Offset			0
Derivative Liabilities, Net Amount		0	147
Derivative Liabilities, Financial Instruments	[1]		0
Derivative Liabilities, Cash Collateral	[2]		(147)
Derivative Liabilities, Net amount Total			0
Options on 10-Year U.S. Treasury Note Futures
Derivative instruments:
Derivative Asset, Gross Amount Recognized		1
Derivative Asset, Amount Offset		0
Derivative Asset, Net Amount		1	0
Derivative Asset, Financial Instruments	[1]	0
Derivative Asset, Cash Collateral	[2]	0
Derivative Asset, Net amount Total		1
Derivative instruments:
Derivative Liabilities, Net Amount		0	0
TBA Commitments
Derivative instruments:
Derivative Asset, Gross Amount Recognized		1,188	258
Derivative Asset, Amount Offset		0	0
Derivative Asset, Net Amount		1,188	258
Derivative Asset, Financial Instruments	[1]	(1,188)	(74)
Derivative Asset, Cash Collateral	[2]	0	0
Derivative Asset, Net amount Total		0	184
Derivative instruments:
Derivative Liabilities, Gross Amount Recognized		4,267	74
Derivative Liabilities, Amount Offset		0	0
Derivative Liabilities, Net Amount		4,267	74
Derivative Liabilities, Financial Instruments	[1]	(1,188)	(74)
Derivative Liabilities, Cash Collateral	[2]	(2,816)	0
Derivative Liabilities, Net amount Total		$ 263	$ 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.
[2]	Does not include the amount of cash collateral pledged in respect of derivative instruments that exceeds the associated derivative 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	Mar. 31, 2021LoanCost	Dec. 31, 2020
Annualized Default Rate \| Subordinate Debt Obligations
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Significant inputs to fair value measurement	0.150	0.200
Loss-Given-Default \| Subordinate Debt Obligations
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Significant inputs to fair value measurement	0.300	0.400
Discount Rate \| Subordinate Debt Obligations
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Significant inputs to fair value measurement	0.139	0.139
Mortgage Credit Securities \| Annualized Default Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Significant inputs to fair value measurement	0.120	0.120
Mortgage Credit Securities \| Loss-Given-Default
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Significant inputs to fair value measurement	0.325	0.400
Mortgage Credit Securities \| Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Significant inputs to fair value measurement	0.139	0.139
MSR financing receivables [Member] \| Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Significant inputs to fair value measurement	0.095
MSR financing receivables [Member] \| Annualized Prepayment Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Significant inputs to fair value measurement	0.105
MSR financing receivables [Member] \| Recapture Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Significant inputs to fair value measurement	0.100
MSR financing receivables [Member] \| Annual per-loan Cost of Servicing(Current Loans)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Significant inputs to fair value measurement	65

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Long-term unsecured debt, carrying value	$ 73,074	$ 73,027
Long-term unsecured debt, Fair Value	71,431	69,904
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	5,995	10,821
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	6,796	$ 6,869
MSR financing receivables [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Present value of expected incentive fee payment reflected in fair value of MSR financing receivables	$ 1,118
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	0.95	0.95
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	0.10	0.10
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	0.15	0.15
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	0.00%	0.00%
Estimated remaining life period	9 months 18 days	1 year
Fair value discount rate	0.063	0.063

Fair Value Measurements - Finan

Fair Value Measurements - Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financial assets:
Loans, at fair value	$ 44,914	$ 45,000
Derivative assets, at fair value	2,280	258
Financial liabilities:
Derivative liabilities, at fair value	4,267	221
Fair Value, Measurements, Recurring
Financial assets:
Loans, at fair value	44,914	45,000
MSR financing receivable	36,005	9,346
Derivative assets, at fair value	2,280	258
Other assets	12,791	17,690
Financial liabilities:
Derivative liabilities, at fair value	4,267	221
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 1
Financial assets:
Loans, at fair value	0	0
MSR financing receivable	0	0
Derivative assets, at fair value	1	0
Other assets	5,995	10,821
Financial liabilities:
Derivative liabilities, at fair value	0	0
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 2
Financial assets:
Loans, at fair value	0	0
MSR financing receivable	0	0
Derivative assets, at fair value	2,279	258
Other assets	0	0
Financial liabilities:
Derivative liabilities, at fair value	4,267	221
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 3
Financial assets:
Loans, at fair value	44,914	45,000
MSR financing receivable	36,005	9,346
Derivative assets, at fair value	0	0
Other assets	6,796	6,869
Financial liabilities:
Derivative liabilities, at fair value	0	0
Fair Value, Measurements, Recurring \| Mortgage Credit Securities
Financial assets:
Trading securities	16,405	26,660
Fair Value, Measurements, Recurring \| Mortgage Credit Securities \| Fair Value, Inputs, Level 1
Financial assets:
Trading securities	0	0
Fair Value, Measurements, Recurring \| Mortgage Credit Securities \| Fair Value, Inputs, Level 2
Financial assets:
Trading securities	3,873	14,730
Fair Value, Measurements, Recurring \| Mortgage Credit Securities \| Fair Value, Inputs, Level 3
Financial assets:
Trading securities	12,532	11,930
Fair Value, Measurements, Recurring \| Agency MBS
Financial assets:
Trading securities	515,674	970,880
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	515,674	970,880
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, at fair value	57,467	93,283
Financial liabilities:
Secured debt of consolidated VIE, at fair value	58,654	93,627
Fair Value, Measurements, Recurring \| Variable Interest Entity, Primary Beneficiary \| Fair Value, Inputs, Level 1
Financial assets:
Loans, at fair value	0	0
Financial liabilities:
Secured debt of consolidated VIE, at fair value	0	0
Fair Value, Measurements, Recurring \| Variable Interest Entity, Primary Beneficiary \| Fair Value, Inputs, Level 2
Financial assets:
Loans, at fair value	0	0
Financial liabilities:
Secured debt of consolidated VIE, at fair value	58,043	93,051
Fair Value, Measurements, Recurring \| Variable Interest Entity, Primary Beneficiary \| Fair Value, Inputs, Level 3
Financial assets:
Loans, at fair value	57,467	93,283
Financial liabilities:
Secured debt of consolidated VIE, at fair value	$ 611	$ 576

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
	Mar. 31, 2021	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Beginning balance	$ 166,428	$ 51,398
Net gain (loss) included in "Investment gain (loss), net"	6,318	(3,609)
Purchases	20,344	11,995
Payments, net	(36,776)	(410)
Accretion of discount	1,400	218
Ending balance	157,714	59,592
Net unrealized gains (losses) included in earnings for the period for Level 3 assets still held at the reporting date	6,318	$ (3,609)
Beginning balance	576
Net gain (loss) included in "Investment gain (loss), net"	(39)
Accretion of discount	74
Ending balance	611
Net unrealized gains (losses) included in earnings for the period for Level 3 liabilities still held at the reporting date	$ (39)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Income Tax Disclosure [Line Items]
Intended annual distribution of taxable income	100.00%
Required annual distribution of taxable income	90.00%
Estimated net operating loss carryforwards	$ 151,167
Net operating loss carryforward subject to expiration year	14,588
Net operating loss carryforward not subject to expiration year	$ 136,579
Net operating loss carryforwards, expiration year	2028
Capital loss carryforwards expiration remainder of fiscal year	$ 66,862
Capital loss carryforwards expiration in year 2022	3,763
Capital loss carryforwards expiration in year 2023	110,323
Provision for income taxes	398
Capital Loss Carryforward
Income Tax Disclosure [Line Items]
Tax Credit Carryforward, Amount	$ 180,948

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
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Basic weighted-average common shares outstanding	33,181	36,711
Diluted weighted-average common shares outstanding	33,181	36,711
Net loss attributable to common stock	$ (6,763)	$ (94,944)
Basic loss per common share	$ (0.20)	$ (2.59)
Diluted loss per common share	$ (0.20)	$ (2.59)

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
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	263	106

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) $ / shares in Units, $ in Thousands	Jun. 01, 2009	Mar. 31, 2021USD ($)$ / sharesshares	Mar. 31, 2020shares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2023shares	Jul. 31, 2020shares	Mar. 21, 2019shares	Aug. 10, 2018shares	Oct. 26, 2015shares
Share based Compensation Arrangement by Share based Payment Award [Line Items]
Common stock, shares outstanding (in shares)		0		0
Stock repurchase program shares previously available to be repurchased						56,090
Repurchase of stock \| $		$ 523
Shareholder Rights Plan
Share based Compensation Arrangement by Share based Payment Award [Line Items]
Rights plan, amended term of agreement	3 years
Common Equity Distribution Agreements \| Common Stock
Share based Compensation Arrangement by Share based Payment Award [Line Items]
Issuance of stock (in shares)		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
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
Common stock, par value (in dollars per share) \| $ / shares		$ 0.01		$ 0.01
Common Stock Voting Rights Per Share Owned		1
Common stock, shares outstanding (in shares)		33,481,181		33,517,018
Stock repurchase program shares previously available to be repurchased		16,094,994
Repurchase of stock \| $		$ 523		$ 10,377
Common Class A \| Common Stock
Share based Compensation Arrangement by Share based Payment Award [Line Items]
Repurchase of stock (in shares)		137,655		3,662,566
Repurchase of stock \| $		$ 1
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
Common Class A \| Maximum
Share based Compensation Arrangement by Share based Payment Award [Line Items]
Stock repurchase program, number of shares authorized to be repurchased									2,000,000
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
Common stock, par value (in dollars per share) \| $ / shares		$ 0.01
Common Stock Voting Rights Per Share Owned		3
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
Preferred stock, par value (in dollars per share) \| $ / shares		$ 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
Preferred stock, dividend rate percentage		8.25%
Preferred stock voting rights per share owned		0
Preferred stock, liquidation preference per share \| $ / shares		$ 25
Preferred stock, redeemable price per share \| $ / shares		$ 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
Preferred stock, rate conversion date		Mar. 30, 2024
Series C Preferred Stock \| LIBOR
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)		0		82,966
Repurchase of stock \| $				$ 1,578
Undesignated Preferred Stock
Share based Compensation Arrangement by Share based Payment Award [Line Items]
Preferred stock, shares authorized (in shares)		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
Preferred stock shares unissued		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
Preferred stock, dividend rate percentage		7.00%
Preferred stock voting rights per share owned		0
Preferred stock, liquidation preference per share \| $ / shares		$ 25
Preferred stock, redeemable price per share \| $ / shares		$ 25
Preferred stock, redemption date		May 12, 2022
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
Series B Preferred Stock \| Preferred Stock
Share based Compensation Arrangement by Share based Payment Award [Line Items]
Repurchase of stock (in shares)		0		17,766
Repurchase of stock \| $				$ 299
Series B Preferred Stock \| Series B Preferred Equity Distribution Agreement \| Preferred Stock
Share based Compensation Arrangement by Share based Payment Award [Line Items]
Issuance of stock (in shares)		0			0
Number of Shares Offer and Sell		1,645,961
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