New York Mortgage Trust (NYMT) 10-Q 6 Aug 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2021	Aug. 06, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-32216
Entity Registrant Name	NEW YORK MORTGAGE TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	47-0934168
Entity Address, Address Line One	90 Park Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10016
City Area Code	212
Local Phone Number	792-0107
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		379,398,477
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001273685
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Common Stock, par value $0.01 per share
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	NYMT
Security Exchange Name	NASDAQ
7.75% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference
Document Information [Line Items]
Title of 12(b) Security	7.75% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference
Trading Symbol	NYMTP
Security Exchange Name	NASDAQ
8.000% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference
Document Information [Line Items]
Title of 12(b) Security	8.000% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference
Trading Symbol	NYMTN
Security Exchange Name	NASDAQ
7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference
Document Information [Line Items]
Title of 12(b) Security	7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference
Trading Symbol	NYMTM
Security Exchange Name	NASDAQ
6.875% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference
Document Information [Line Items]
Title of 12(b) Security	6.875% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference
Trading Symbol	NYMTL
Security Exchange Name	NASDAQ

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Jun. 30, 2021	Dec. 31, 2020
ASSETS
Investment securities available for sale, at fair value		$ 607,407	$ 724,726
Equity investments, at fair value		204,697	259,095
Cash and cash equivalents		324,927	293,183
Other assets		314,434	165,824
Total Assets	[1]	4,780,927	4,655,587
Liabilities:
Convertible notes		136,586	135,327
Senior unsecured notes		96,380	0
Subordinated debentures		45,000	45,000
Other liabilities		204,247	138,498
Total Liabilities	[1]	2,454,568	2,348,014
Commitments and Contingencies
Stockholders' Equity:
Preferred stock, par value $0.01 per share, 30,900,000 shares authorized, 20,872,888 shares issued and outstanding ($521,822 aggregate liquidation preference)		504,765	504,765
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 379,371,987 and 377,744,476 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively		3,794	3,777
Additional paid-in capital		2,347,753	2,342,934
Accumulated other comprehensive income		7,449	994
Accumulated deficit		(542,600)	(551,268)
Company's stockholders' equity		2,321,161	2,301,202
Non-controlling interest in consolidated variable interest entities		5,198	6,371
Total equity		2,326,359	2,307,573
Total Liabilities and Stockholders' Equity		4,780,927	4,655,587
Repurchase agreements
Liabilities:
Repurchase agreements		340,541	405,531
Collateralized Debt Obligations
Liabilities:
Collateralized debt obligations ($948,090 at fair value and $683,724 at amortized cost, net as of June 30, 2021 and $1,054,335 at fair value and $569,323 at amortized cost, net as of December 31, 2020)		1,631,814	1,623,658
Residential loans, at fair value
ASSETS
Residential loans, at fair value		3,202,743	3,049,166
Multi-family loans
ASSETS
Multi-family loans, at fair value		$ 126,719	$ 163,593
[1]	Our condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of June 30, 2021 and December 31, 2020, assets of consolidated VIEs totaled $2,212,001 and $2,150,984, respectively, and the liabilities of consolidated VIEs totaled $1,744,689 and $1,667,306, respectively. See Note 7 for further discussion.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS - (Parenthetical) - USD ($)		Jun. 30, 2021	Dec. 31, 2020
Preferred stock, par value (in usd per share)		$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)		200,000,000	200,000,000
Preferred stock, shares issued (in shares)		20,872,888	20,872,888
Preferred stock, shares outstanding (in shares)		20,872,888	20,872,888
Common stock, par value (in usd per share)		$ 0.01	$ 0.01
Common stock, shares authorized (in shares)		800,000,000	800,000,000
Common stock, shares, issued (in shares)		379,371,987	377,744,476
Common stock, shares outstanding (in shares)		379,371,987	377,744,476
Assets	[1]	$ 4,780,927,000	$ 4,655,587,000
Liabilities	[1]	$ 2,454,568,000	$ 2,348,014,000
Preferred Stock, Series Shares
Preferred stock, par value (in usd per share)		$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)		30,900,000	30,900,000
Preferred stock, shares issued (in shares)		20,872,888	20,872,888
Preferred stock, shares outstanding (in shares)		20,872,888	20,872,888
Preferred Stock, aggregate liquidation preference		$ 521,822,000	$ 521,822,000
VIE, Primary Beneficiary
Assets		2,212,001,000	2,150,984,000
Liabilities		1,744,689,000	1,667,306,000
Residential Collateralized Debt Obligations, at Fair Value
Collateralized debt, carrying value		948,090,000	1,054,335,000
Residential Collateralized Debt Obligations, at Fair Value | VIE, Primary Beneficiary
Collateralized debt, carrying value		948,090,000	1,054,335,000
Residential collateralized debt obligations
Collateralized debt, carrying value		683,724,000	569,323,000
Residential collateralized debt obligations | VIE, Primary Beneficiary
Collateralized debt, carrying value		$ 683,724,000	$ 569,323,000
[1]	Our condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of June 30, 2021 and December 31, 2020, assets of consolidated VIEs totaled $2,212,001 and $2,150,984, respectively, and the liabilities of consolidated VIEs totaled $1,744,689 and $1,667,306, respectively. See Note 7 for further discussion.

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
NET INTEREST INCOME:
Interest income	$ 52,186	$ 47,970	$ 102,225	$ 258,583
Interest expense	20,711	19,444	40,410	182,976
Total net interest income	31,475	28,526	61,815	75,607
NON-INTEREST INCOME (LOSS):
Realized gains (losses), net	4,989	(934)	12,047	(148,852)
Realized loss on de-consolidation of Consolidated K-Series	0	0	0	(54,118)
Unrealized gains (losses), net	23,854	102,872	50,020	(293,908)
Income from equity investments	10,607	4,112	14,006	4,606
Impairment of goodwill	0	0	0	(25,222)
Other income (loss)	3,826	(1,638)	6,923	(97)
Total non-interest income (loss)	43,276	104,412	82,996	(517,591)
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:
General and administrative expenses	12,520	11,761	23,961	22,412
Operating expenses	10,601	2,313	18,355	5,546
Total general, administrative and operating expenses	23,121	14,074	42,316	27,958
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES	51,630	118,864	102,495	(469,942)
Income tax expense	15	1,927	81	1,688
NET INCOME (LOSS)	51,615	116,937	102,414	(471,630)
Net loss attributable to non-controlling interest in consolidated variable interest entities	1,625	876	3,034	1,060
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY	53,240	117,813	105,448	(470,570)
Preferred stock dividends	(10,296)	(10,296)	(20,593)	(20,593)
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS	$ 42,944	$ 107,517	$ 84,855	$ (491,163)
Basic earnings (loss) per common share (in dollars per share)	$ 0.11	$ 0.28	$ 0.22	$ (1.35)
Diluted earnings (loss) per common share (in dollars per share)	$ 0.11	$ 0.28	$ 0.22	$ (1.35)
Weighted average shares outstanding-basic (in shares)	379,299	377,465	379,091	364,189
Weighted average shares outstanding-diluted (in shares)	381,517	399,982	381,167	364,189

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS	$ 42,944	$ 107,517	$ 84,855	$ (491,163)
OTHER COMPREHENSIVE INCOME (LOSS)
Increase (decrease) in fair value of available for sale securities	3,788	78,273	4,426	(57,054)
Reclassification adjustment for net (gain) loss included in net income (loss)	(213)	4,331	2,029	(2,506)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)	3,575	82,604	6,455	(59,560)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS	$ 46,519	$ 190,121	$ 91,310	$ (550,723)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Total Company Stockholders' Equity	Common Stock	Preferred Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Non-Controlling Interest in Consolidated VIEs	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, AdjustmentTotal Company Stockholders' Equity	Cumulative Effect, Period of Adoption, AdjustmentAccumulated Deficit
Beginning balance at Dec. 31, 2019	$ 2,205,029	$ 2,205,733	$ 2,914	$ 504,765	$ 1,821,785	$ (148,863)	$ 25,132	$ (704)	$ 12,284	$ 12,284	$ 12,284
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(471,630)	(470,570)				(470,570)		(1,060)
Common stock issuance, net	511,906	511,906	851		511,055
Stock based compensation expense, net	4,392	4,392	10		4,382
Dividends declared on common stock	(18,887)	(18,887)				(18,887)
Dividends declared on preferred stock	(20,593)	(20,593)				(20,593)
Reclassification adjustment for net gain included in net income	(2,506)	(2,506)					(2,506)
Increase (decrease) in fair value of available for sale securities	(57,054)	(57,054)					(57,054)
Ending balance at Jun. 30, 2020	2,162,941	2,164,705	3,775	504,765	2,337,222	(646,629)	(34,428)	(1,764)
Beginning balance at Mar. 31, 2020	2,000,451	2,001,339	3,775	504,765	2,334,793	(724,962)	(117,032)	(888)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	116,937	117,813				117,813		(876)
Stock based compensation expense, net	2,429	2,429			2,429
Dividends declared on common stock	(18,887)	(18,887)				(18,887)
Dividends declared on preferred stock	(20,593)	(20,593)				(20,593)
Reclassification adjustment for net gain included in net income	4,331	4,331					4,331
Increase (decrease) in fair value of available for sale securities	78,273	78,273					78,273
Ending balance at Jun. 30, 2020	2,162,941	2,164,705	3,775	504,765	2,337,222	(646,629)	(34,428)	(1,764)
Beginning balance at Dec. 31, 2020	2,307,573	2,301,202	3,777	504,765	2,342,934	(551,268)	994	6,371
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	102,414	105,448				105,448		(3,034)
Stock based compensation expense, net	4,836	4,836	17		4,819
Dividends declared on common stock	(75,869)	(75,869)				(75,869)
Dividends declared on preferred stock	(20,593)	(20,593)				(20,593)
Dividends attributable to dividend equivalents	(318)	(318)				(318)
Reclassification adjustment for net gain included in net income	2,029	2,029					2,029
Increase (decrease) in fair value of available for sale securities	4,426	4,426					4,426
Increase in non-controlling interest related to initial consolidation of VIEs	1,874							1,874
Decrease in non-controlling interest related to distributions from Consolidated VIEs	(13)							(13)
Ending balance at Jun. 30, 2021	2,326,359	2,321,161	3,794	504,765	2,347,753	(542,600)	7,449	5,198
Beginning balance at Mar. 31, 2021	2,314,351	2,308,853	3,793	504,765	2,343,912	(547,491)	3,874	5,498
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	51,615	53,240				53,240		(1,625)
Stock based compensation expense, net	3,842	3,842	1		3,841
Dividends declared on common stock	(37,942)	(37,942)				(37,942)
Dividends declared on preferred stock	(10,296)	(10,296)				(10,296)
Dividends attributable to dividend equivalents	(111)	(111)				(111)
Reclassification adjustment for net gain included in net income	(213)	(213)					(213)
Increase (decrease) in fair value of available for sale securities	3,788	3,788					3,788
Increase in non-controlling interest related to initial consolidation of VIEs	1,335							1,335
Decrease in non-controlling interest related to distributions from Consolidated VIEs	(10)							(10)
Ending balance at Jun. 30, 2021	$ 2,326,359	$ 2,321,161	$ 3,794	$ 504,765	$ 2,347,753	$ (542,600)	$ 7,449	$ 5,198

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash Flows from Operating Activities:
Net income (loss)	$ 102,414	$ (471,630)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Net amortization (accretion)	22,024	(7,622)
Realized (gains) losses, net	(12,047)	148,852
Realized loss on de-consolidation of Consolidated K-Series	0	54,118
Unrealized (gains) losses, net	(50,020)	293,908
Impairment of goodwill	0	25,222
Impairment of real estate under development in Consolidated VIEs	0	1,754
Income from preferred equity, mezzanine loan and equity investments	(24,564)	(15,234)
Distributions of income from preferred equity, mezzanine loan and equity investments	30,676	10,970
Stock based compensation expense, net	4,836	4,392
Changes in operating assets and liabilities:
Other assets	(2,178)	64,072
Other liabilities	2,650	(70,350)
Net cash provided by operating activities	73,791	38,452
Cash Flows from Investing Activities:
Proceeds from sales of investment securities	115,398	1,445,196
Principal paydowns received on investment securities	30,541	145,234
Purchases of investment securities	(24,926)	(448,093)
Principal repayments received on preferred equity and mezzanine loan investments	35,500	7,576
Return of capital from equity investments	50,275	157
Funding of preferred equity, mezzanine loan and equity investments	(320)	(30,546)
Funding of joint venture investments in Consolidated VIEs	(22,400)	0
Net payments made on derivative instruments settled during the period	0	(28,233)
Proceeds from sale of real estate owned	4,188	2,961
Cash received from initial consolidation of VIEs	2,723	0
Capital expenditures on operating real estate in Consolidated VIEs	(2,727)	0
Distributions to non-controlling interest in Consolidated VIEs	(13)	0
Purchases of other assets	(44)	(225)
Net cash provided by investing activities	42,909	2,023,782
Cash Flows from Financing Activities:
Net payments made on repurchase agreements	(66,141)	(2,143,059)
Proceeds from issuance of unsecured debt	96,267	0
Proceeds from issuance of collateralized debt obligations, net	178,352	109,309
Common stock issuance, net	0	511,924
Dividends paid on common stock and dividend equivalents	(75,735)	(58,274)
Dividends paid on preferred stock	(20,593)	(10,175)
Payments made on and extinguishment of collateralized debt obligations	(64,542)	(3,745)
Payments made on Consolidated K-Series CDOs	0	(147,376)
Payments made on Consolidated SLST CDOs	(68,314)	(39,242)
Net cash used in financing activities	(20,706)	(1,780,638)
Net Increase in Cash, Cash Equivalents and Restricted Cash	95,994	281,596
Cash, Cash Equivalents and Restricted Cash - Beginning of Period	304,490	121,612
Cash, Cash Equivalents and Restricted Cash - End of Period	400,484	403,208
Supplemental Disclosure:
Cash paid for interest	35,194	257,112
Cash paid for income taxes	6	1
Non-Cash Investment Activities:
Transfer from residential loans to real estate owned	2,674	4,302
Cash, Cash Equivalents and Restricted Cash Reconciliation:
Cash and cash equivalents	324,927	371,697
Restricted cash included in other assets	75,557	31,511
Total cash, cash equivalents, and restricted cash	400,484	403,208
Common Stock
Non-Cash Financing Activities:
Dividends declared on stock to be paid in subsequent period	37,942	18,887
Preferred Stock
Non-Cash Financing Activities:
Dividends declared on stock to be paid in subsequent period	10,296	20,593
Multi-family Loans Held In Consolidated K-Series
Cash Flows from Investing Activities:
Proceeds from sales resulting in de-consolidation of Consolidated K-Series	0	555,218
Non-Cash Investment Activities:
De-consolidation of multi-family loans held in Consolidated K-Series and Consolidated K-Series CDOs	0	17,381,483
Consolidated K-Series
Non-Cash Investment Activities:
De-consolidation of multi-family loans held in Consolidated K-Series and Consolidated K-Series CDOs	0	16,612,093
Residential loans
Cash Flows from Investing Activities:
Principal repayments received on loans	441,433	196,569
Proceeds from sales of residential loans	17,944	93,755
Purchases of residential loans	(604,663)	(155,583)
Multi-family Loans Held In Consolidated K-Series
Cash Flows from Investing Activities:
Principal repayments received on loans	$ 0	$ 239,796

Organization

Organization	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization New York Mortgage Trust, Inc., together with its consolidated subsidiaries (“NYMT,” “we,” “our,” or the “Company”), is a real estate investment trust ("REIT") in the business of acquiring, investing in, financing and managing primarily mortgage-related single-family and multi-family residential assets. Our objective is to deliver long-term stable distributions to our stockholders over changing economic conditions through a combination of net interest margin and capital gains from a diversified investment portfolio. Our investment portfolio includes credit sensitive single-family and multi-family assets. The Company conducts its business through the parent company, New York Mortgage Trust, Inc., and several subsidiaries, including taxable REIT subsidiaries (“TRSs”), qualified REIT subsidiaries (“QRSs”) and special purpose subsidiaries established for securitization purposes. The Company consolidates all of its subsidiaries under generally accepted accounting principles in the United States of America (“GAAP”). The Company is organized and conducts its operations to qualify as a REIT for U.S. federal income tax purposes. As such, the Company will generally not be subject to federal income taxes on that portion of its income that is distributed to stockholders if it distributes at least 90% of its REIT taxable income to its stockholders by the due date of its federal income tax return and complies with various other requirements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Definitions – The following defines certain of the commonly used terms in these financial statements: “RMBS” refers to residential mortgage-backed securities backed by adjustable-rate, hybrid adjustable-rate, or fixed-rate residential loans; “Agency RMBS” refers to RMBS representing interests in or obligations backed by pools of residential loans guaranteed by a government sponsored enterprise (“GSE”), such as the Federal National Mortgage Association (“Fannie Mae”) or the Federal Home Loan Mortgage Corporation (“Freddie Mac”), or an agency of the U.S. government, such as the Government National Mortgage Association (“Ginnie Mae”); “non-Agency RMBS” refers to RMBS that are not guaranteed by any agency of the U.S. Government or GSE; “IOs” refers collectively to interest only and inverse interest only mortgage-backed securities that represent the right to the interest component of the cash flow from a pool of mortgage loans; “POs” refers to mortgage-backed securities that represent the right to the principal component of the cash flow from a pool of mortgage loans; “ARMs” refers to adjustable-rate residential loans; “Agency ARMs” refers to Agency RMBS comprised of adjustable-rate and hybrid adjustable-rate RMBS; “Agency fixed-rate RMBS” refers to Agency RMBS comprised of fixed-rate RMBS; “ABS” refers to debt and/or equity tranches of securitizations backed by various asset classes including, but not limited to, automobiles, aircraft, credit cards, equipment, franchises, recreational vehicles and student loans; “CMBS” refers to commercial mortgage-backed securities comprised of commercial mortgage pass-through securities issued by a GSE, as well as PO, IO or mezzanine securities that represent the right to a specific component of the cash flow from a pool of commercial mortgage loans; “Agency CMBS” refers to CMBS representing interests or obligations backed by pools of mortgage loans guaranteed by a GSE, such as Fannie Mae or Freddie Mac; “multi-family CMBS” refers to CMBS backed by commercial mortgage loans on multi-family properties; “CDO” refers to collateralized debt obligation and includes debt that permanently finances the residential loans held in Consolidated SLST, multi-family loans held in the Consolidated K-Series and the Company's residential loans held in securitization trusts and non-Agency RMBS re-securitization that we consolidate, or consolidated, in our financial statements in accordance with GAAP; “business purpose loans” refers to short-term loans collateralized by residential properties made to investors who intend to rehabilitate and sell the residential property for a profit; “Consolidated SLST” refers to a Freddie Mac-sponsored residential loan securitization, comprised of seasoned re-performing and non-performing residential loans, of which we own or owned the first loss subordinated securities and certain IOs and senior securities that we consolidate in our financial statements in accordance with GAAP; “Consolidated K-Series” refers to Freddie Mac-sponsored multi-family loan K-Series securitizations, of which we, or one of our “special purpose entities,” or “SPEs,” owned the first loss POs, certain IOs and certain senior or mezzanine securities that we consolidated in our financial statements in accordance with GAAP prior to disposition; and “SOFR” refers to Secured Overnight Funding Rate. Basis of Presentation – The accompanying condensed consolidated balance sheet as of December 31, 2020 has been derived from audited financial statements. The accompanying condensed consolidated balance sheet as of June 30, 2021, the accompanying condensed consolidated statements of operations for the three and six months ended June 30, 2021 and 2020, the accompanying condensed consolidated statements of comprehensive income for the three and six months ended June 30, 2021 and 2020, the accompanying condensed consolidated statements of changes in stockholders’ equity for the three and six months ended June 30, 2021 and 2020 and the accompanying condensed consolidated statements of cash flows for the six months ended June 30, 2021 and 2020 are unaudited. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations and cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with Article 10 of Regulation S-X and the instructions to Form 10-Q. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the U.S. Securities and Exchange Commission (“SEC”). Accordingly, significant accounting policies and other disclosures have been omitted since such items are disclosed in Note 2 in the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020. Provided in this section is a summary of additional accounting policies that are significant to, or newly adopted by, the Company for the three and six months ended June 30, 2021. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the operating results for the full year. The accompanying condensed consolidated financial statements have been prepared on the accrual basis of accounting in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management has made significant estimates in several areas, including fair valuation of its residential loans, multi-family loans, certain equity investments and Consolidated SLST CDOs. Although the Company’s estimates contemplate current conditions and how it expects those conditions to change in the future, it is reasonably possible that actual conditions could be different than anticipated in those estimates, which could materially impact the Company’s results of operations and its financial condition. The COVID-19 pandemic and resulting emergency measures have led (and may continue to lead) to significant disruptions in the global supply chain, global capital markets, the economy of the U.S. and the economies of other countries impacted by COVID-19. The fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on economic and market conditions. The Company believes the estimates and assumptions underlying our condensed consolidated financial statements are reasonable and supportable based on the information available as of June 30, 2021; however, uncertainty over the ultimate impact COVID-19 will have on the global economy generally, and our business in particular, makes any estimates and assumptions as of June 30, 2021 inherently less certain than they would be absent the current and potential impacts of COVID-19. Accordingly, it is reasonably possible that actual conditions could be different than anticipated in those estimates, which could materially impact the Company’s results of operations and its financial condition. Reclassifications – Certain prior period amounts have been reclassified in the accompanying condensed consolidated financial statements to conform to current period presentation. Principles of Consolidation and Variable Interest Entities – The accompanying condensed consolidated financial statements of the Company include the accounts of all its subsidiaries which are majority-owned, controlled by the Company or a variable interest entity (“VIE”) where the Company is the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation. A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The Company consolidates a VIE when it is the primary beneficiary of such VIE, herein referred to as a "Consolidated VIE". As primary beneficiary, the Company has both the power to direct the activities that most significantly impact the economic performance of the VIE and a right to receive benefits or absorb losses of the entity that could be potentially significant to the VIE. The Company is required to reconsider its evaluation of whether to consolidate a VIE each reporting period, based upon changes in the facts and circumstances pertaining to the VIE. Goodwill – Goodwill is not amortized but is evaluated for impairment on an annual basis, or more frequently if the Company believes indicators of impairment exist, by initially performing a qualitative screen and, if necessary, then comparing fair value of the reporting unit to its carrying value, including goodwill. If the fair value of the reporting unit is less than the carrying value, an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value (in an amount not to exceed the total amount of goodwill allocated to the reporting unit) is recognized. In the first quarter of 2020, financial, credit and mortgage-related asset markets experienced significant volatility as a result of the spread of COVID-19, which in turn put significant pressure on the mortgage REIT industry, including financing operations, mortgage asset pricing and liquidity demands. In response to these conditions and the Company's intention to improve its liquidity, in March 2020, the Company sold, among other things, its entire portfolio of first loss POs issued by the Consolidated K-Series, certain senior and mezzanine securities issued by the Consolidated K-Series, Agency CMBS and CMBS that were held by its multi-family investment reporting unit. As a result of the sales, the Company re-evaluated its goodwill balance associated with the multi-family investment reporting unit for impairment. The Company considered qualitative indicators such as macroeconomic conditions, disruptions in equity and credit markets, REIT-specific market considerations, and changes in the net assets in the multi-family investment reporting unit to determine that a quantitative assessment of the fair value of the reporting unit was necessary. The Company performed its quantitative analysis by updating its discounted cash flow projection for the multi-family investment reporting unit for the reduced investment portfolio. This analysis yielded an impairment of the entire goodwill balance related to the Company's multi-family investment reporting unit reported as a $25.2 million impairment of goodwill on the accompanying condensed consolidated statements of operations for the six months ended June 30, 2020. Other Assets – Other assets as of June 30, 2021 and December 31, 2020 include restricted cash held by third parties, including cash held by the Company's securitization trusts, of $75.6 million and $11.3 million, respectively. Operating real estate held in Consolidated VIEs, net in the amounts of $125.3 million and $50.5 million are also included in other assets as of June 30, 2021 and December 31, 2020, respectively. Other assets includes collections receivable from loan servicers, recoverable advances and interest receivable on residential loans totaling $65.9 million and $63.6 million as of June 30, 2021 and December 31, 2020, respectively. Also included in other assets are operating lease right of use assets of $9.6 million and $10.1 million as of June 30, 2021 and December 31, 2020, respectively (with corresponding operating lease liabilities of $10.2 million and $10.6 million as of June 30, 2021 and December 31, 2020, respectively, included in other liabilities in the accompanying condensed consolidated balance sheets). Summary of Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). ASU 2020-04 provides optional expedients and exceptions to GAAP requirements for modifications to debt agreements, leases, derivatives and other contracts, related to the expected market transition from LIBOR, and certain other floating rate benchmark indices, or collectively, IBORs, to alternative reference rates. ASU 2020-04 generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope ("ASU 2021-01"). ASU 2021-01 clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the "discounting transition" (i.e., changes in the interest rates used for margining, discounting, or contract price alignment for derivative instruments that are being implemented as part of the market-wide transition to new reference rates). The guidance in ASU 2020-04 is optional and may be elected over time, through December 31, 2022, as reference rate reform activities occur. Once ASU 2020-04 is elected, the guidance must be applied prospectively for all eligible contract modifications. The amendments in ASU 2021-01 are effective immediately and may be applied on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020 or on a prospective basis for eligible contract modifications through December 31, 2022. The Company continues to evaluate the impact of ASU 2020-04 and ASU 2021-01 and may apply elections, as applicable, as the expected market transition from IBORs to alternative reference rates continues to develop. In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity ("ASU 2020-06"). ASU 2020-06 simplifies an issuer's accounting for convertible instruments, enhances disclosure requirements for convertible instruments and modifies how particular convertible instruments and certain instruments that may be settled in cash or shares impact the diluted earnings per share computation. Entities may adopt the guidance through either a modified retrospective method of transition or a fully retrospective method of transition. The amendments are effective for public entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. Early adoption is permitted, but no earlier than fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company does not anticipate that the implementation of ASU 2020-06 will have a material impact on its consolidated financial statements or notes thereto.

Residential Loans, at Fair Valu

Residential Loans, at Fair Value	6 Months Ended
	Jun. 30, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Residential Loans, at Fair Value	Residential Loans, at Fair Value The Company’s acquired residential loans, including performing, re-performing and non-performing residential loans, and business purpose loans, are presented at fair value on the Company's condensed consolidated balance sheets as a result of a fair value election. Subsequent changes in fair value are reported in current period earnings and presented in unrealized gains (losses), net on the Company’s condensed consolidated statements of operations. The following table presents t he Company’s residential loans, at fair value, which consist of residential loans held by the Company, Consolidated SLST and other securitization trusts, as of June 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): June 30, 2021 December 31, 2020 Residential loans (1) Consolidated SLST (2) Residential loans held in securitization trusts (3) Total Residential loans (1) Consolidated SLST (2) Residential loans held in securitization trusts (3) Total Principal $ 1,227,386 $ 1,162,852 $ 784,933 $ 3,175,171 $ 1,097,528 $ 1,231,669 $ 696,543 $ 3,025,740 (Discount)/premium (43,840) (1,220) (38,928) (83,988) (42,259) 1,337 (41,506) (82,428) Unrealized gains 43,295 14,907 53,358 111,560 35,661 33,779 36,414 105,854 Carrying value $ 1,226,841 $ 1,176,539 $ 799,363 $ 3,202,743 $ 1,090,930 $ 1,266,785 $ 691,451 $ 3,049,166 (1) Certain of the Company's residential loans, at fair value are pledged as collateral for repurchase agreements as of June 30, 2021 and December 31, 2020 ( see Note 10) . (2) The Company invests in first loss subordinated securities and certain IOs issued by a Freddie Mac-sponsored residential loan securitization. In accordance with GAAP, the Company has consolidated the underlying seasoned re-performing and non-performing residential loans held in the securitization and the CDOs issued to permanently finance these residential loans, representing Consolidated SLST. Consolidated SLST CDOs are included in collateralized debt obligations on the Company's condensed consolidated balance sheets. (3) The Company's residential loans held in securitization trusts are pledged as collateral for CDOs issued by the Company. These CDOs are accounted for as financings and included in collateralized debt obligations on the Company's condensed consolidated balance sheets (s ee Note 11) . The following table presents the unrealized gains (losses), net attributable to residential loans, at fair value for the three and six months ended June 30, 2021 and 2020, respectively (dollar amounts in thousands): Three Months Ended June 30, 2021 June 30, 2020 Residential loans Consolidated SLST (1) Residential loans held in securitization trusts Residential loans Consolidated SLST (1) Residential loans held in securitization trusts Unrealized gains (losses), net $ 1,009 $ 6,471 $ 4,893 $ 38,198 $ 75,051 $ 4 Six Months Ended June 30, 2021 June 30, 2020 Residential loans Consolidated SLST (1) Residential loans held in securitization trusts Residential loans Consolidated SLST (1) Residential loans held in securitization trusts Unrealized gains (losses), net $ 7,435 $ (18,872) $ 17,143 $ (43,482) $ (13,049) $ (1,725) (1) In accordance with the practical expedient in ASC 810, Consolidation ("ASC 810") the Company determines the fair value of the residential loans held in Consolidated SLST based on the fair value of the CDOs issued by Consolidated SLST, including investment securities we own, as the fair value of these instruments is more observable ( see Note 14). See Note 7 for unrealized gains (losses), net recognized by the Company on its investment in Consolidated SLST, which include unrealized gains (losses) on the residential loans held in Consolidated SLST presented in the table above and unrealized gains (losses) on the CDOs issued by Consolidated SLST. The Company recognized $0.3 million and $0.5 million of net realized gains on the sale of residential loans, at fair value for the three and six months ended June 30, 2021. The Company recognized $2.0 million and $18.2 million of net realized losses on the sale of residential loans, at fair value during the three and six months ended June 30, 2020, respectively. The Company also recognized $4.9 million and $8.3 million of net realized gains on the payoff of residential loans, at fair value for the three and six months ended June 30, 2021. The Company recognized $2.1 million and $4.0 million of net realized gains on the payoff of residential loans, at fair value during the three and six months ended June 30, 2020, respectively. The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of residential loans, at fair value as of June 30, 2021 and December 31, 2020, respectively, are as follows: June 30, 2021 December 31, 2020 Residential loans Consolidated SLST Residential loans held in securitization trusts Residential loans Consolidated SLST Residential loans held in securitization trusts California 22.0 % 10.7 % 22.9 % 23.6 % 10.9 % 19.8 % Florida 11.0 % 10.4 % 10.3 % 13.1 % 10.5 % 8.1 % New York 10.0 % 9.5 % 7.7 % 9.2 % 9.3 % 8.9 % New Jersey 7.5 % 7.2 % 5.0 % 5.6 % 7.1 % 5.6 % Texas 5.7 % 3.9 % 4.6 % 5.6 % 4.0 % 4.3 % Maryland 2.7 % 3.9 % 5.0 % 2.8 % 3.8 % 6.3 % Illinois 2.7 % 6.9 % 2.3 % 2.5 % 6.8 % 2.7 % The following table presents the fair value and aggregate unpaid principal balance of the Company's residential loans and residential loans held in securitization trusts in non-accrual status as of June 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): Greater than 90 days past due Less than 90 days past due Fair Value Unpaid Principal Balance Fair Value Unpaid Principal Balance June 30, 2021 $ 130,638 $ 152,057 $ 15,268 $ 16,203 December 31, 2020 149,444 169,553 16,057 17,748

Multi-family Loans, at Fair Val

Multi-family Loans, at Fair Value	6 Months Ended
	Jun. 30, 2021
Receivables [Abstract]
Multi-family Loans, at Fair Value	Multi-family Loans, at Fair Value The Company's multi-family loans consisting of its preferred equity in, and mezzanine loans to, entities that have multi-family real estate assets are presented at fair value on the Company's condensed consolidated balance sheets as a result of a fair value election. Accordingly, changes in fair value are presented in unrealized gains (losses), net on the Company's condensed consolidated statements of operations. P referred equity and mezzanine loan investments consist of the following as of June 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): June 30, 2021 December 31, 2020 Investment amount $ 125,924 $ 163,392 Deferred loan fees, net (871) (1,169) Unrealized gains, net 1,666 1,370 Total, at Fair Value $ 126,719 $ 163,593 For the three and six months ended June 30, 2021, the Company recognized $0.2 million and $0.3 million in net unrealized gains on preferred equity and mezzanine loan investments, respectively. For the three and six months ended June 30, 2020, the Company recognized $0.1 million and $5.8 million in net unrealized losses on preferred equity and mezzanine loan investments, respectively. For the three and six months ended June 30, 2021, the Company recognized $1.5 million and $2.0 million in preferred equity and mezzanine loan premiums resulting from early redemption, respectively. For the three months ended June 30, 2020, there were no preferred equity and mezzanine loan premiums resulting from early redemption. For the six months ended June 30, 2020, the Company recognized $0.1 million in preferred equity and mezzanine loan premiums resulting from early redemption. The table below presents the fair value and aggregate unpaid principal balance of the Company's preferred equity and mezzanine loan investments in non-accrual status as of June 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): June 30, 2021 December 31, 2020 Days Late Fair Value Unpaid Principal Balance Fair Value Unpaid Principal Balance 90 + $ 3,648 $ 3,363 $ 3,325 $ 3,363 The geographic concentrations of credit risk exceeding 5% of the total preferred equity and mezzanine loan investment amounts as of June 30, 2021 and December 31, 2020, respectively, are as follows: June 30, 2021 December 31, 2020 Tennessee 16.0 % 14.3 % Texas 15.2 % 11.4 % Florida 11.3 % 8.5 % South Carolina 9.5 % 7.2 % Alabama 8.8 % 9.7 % Georgia 6.8 % 10.1 % Ohio 6.8 % 5.2 % North Carolina 6.5 % 4.9 %

Investment Securities Available

Investment Securities Available for Sale, at Fair Value	6 Months Ended
	Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Investment Securities Available for Sale, at Fair Value	Investment Securities Available for Sale, at Fair Value The Company accounts for certain of its investment securities available for sale using the fair value election pursuant to ASC 825, Financial Instruments ("ASC 825"), where changes in fair value are recorded in unrealized gains (losses), net on the Company's condensed consolidated statements of operations. The Company also has investment securities available for sale where the fair value option has not been elected, which we refer to as CECL Securities. CECL Securities are reported at fair value with unrealized gains and losses recorded in other comprehensive income (loss) on the Company's condensed consolidated statements of comprehensive income. The Company's investment securities available for sale consisted of the following as of June 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): June 30, 2021 December 31, 2020 Amortized Cost Unrealized Fair Value Amortized Cost Unrealized Fair Value Gains Losses Gains Losses Fair Value Option Agency RMBS $ 134,461 $ — $ (3,162) $ 131,299 $ 138,541 $ 854 $ — $ 139,395 Non-Agency RMBS (1) 100,379 674 (8,560) 92,493 100,465 170 (10,786) 89,849 CMBS (2) 111,977 4,156 (405) 115,728 139,019 5,685 (3,731) 140,973 ABS 27,917 14,703 — 42,620 34,139 9,086 — 43,225 Total investment securities available for sale - fair value option 374,734 19,533 (12,127) 382,140 412,164 15,795 (14,517) 413,442 CECL Securities Non-Agency RMBS (3) 189,398 6,742 (645) 195,495 266,855 4,336 (5,374) 265,817 CMBS 28,420 1,734 (382) 29,772 43,435 2,032 — 45,467 Total investment securities available for sale - CECL Securities 217,818 8,476 (1,027) 225,267 310,290 6,368 (5,374) 311,284 Total $ 592,552 $ 28,009 $ (13,154) $ 607,407 $ 722,454 $ 22,163 $ (19,891) $ 724,726 (1) Includes non-Agency RMBS held in a securitization trust with a total fair value of $37.6 million as of December 31, 2020. During the six months ended June 30, 2021, the Company exercised its right to an optional redemption of its non-Agency RMBS re-securitization, returning the non-Agency RMBS held by the re-securitization trust to the Company ( see Note 7 ). (2) Includes IO and mezzanine securities transferred from the Consolidated K-Series as a result of de-consolidation during the six months ended June 30, 2020, with a total fair value of $72.6 million and $97.6 million as of June 30, 2021 and December 31, 2020 respectively. (3) Includes non-Agency RMBS held in a securitization trust with a total fair value of $71.5 million as of December 31, 2020. During the six months ended June 30, 2021, the Company exercised its right to an optional redemption of its non-Agency RMBS re-securitization, returning the non-Agency RMBS held by the re-securitization trust to the Company ( see Note 7 ). Accrued interest receivable for all investment securities available for sale in the amount of $2.0 million and $2.4 million as of June 30, 2021 and December 31, 2020, respectively, is included in other assets on the Company's condensed consolidated balance sheets. Realized Gain and Loss Activity The following tables summarize our investment securities sold during the three months ended June 30, 2021 and 2020, respectively (dollar amounts in thousands): Three Months Ended June 30, 2021 Sales Proceeds Realized Gains Realized Losses Net Realized Gains (Losses) CMBS $ 3,770 $ 392 $ — $ 392 Total $ 3,770 $ 392 $ — $ 392 Three Months Ended June 30, 2020 Sales Proceeds Realized Gains Realized Losses Net Realized Gains (Losses) Non-Agency RMBS $ 37,810 $ 294 $ (1,690) $ (1,396) CMBS 24,022 1,327 — 1,327 Total $ 61,832 $ 1,621 $ (1,690) $ (69) The following tables summarize our investment securities sold during the six months ended June 30, 2021 and 2020, respectively (dollar amounts in thousands): Six Months Ended June 30, 2021 Sales Proceeds Realized Gains Realized Losses Net Realized Gains (Losses) Non-Agency RMBS $ 72,083 $ 12 $ (833) $ (821) CMBS 43,315 5,587 — 5,587 Total $ 115,398 $ 5,599 $ (833) $ 4,766 Six Months Ended June 30, 2020 Sales Proceeds Realized Gains Realized Losses Net Realized Gains (Losses) Agency RMBS: Agency ARMs $ 49,892 $ 44 $ (4,157) $ (4,113) Agency Fixed-Rate (1) 943,074 5,358 (11,697) (6,339) Total Agency RMBS 992,966 5,402 (15,854) (10,452) Agency CMBS (2) 145,411 5,666 (209) 5,457 Total Agency 1,138,377 11,068 (16,063) (4,995) Non-Agency RMBS 168,758 294 (25,821) (25,527) CMBS 138,061 1,327 (29,584) (28,257) Total $ 1,445,196 $ 12,689 $ (71,468) $ (58,779) (1) Includes Agency RMBS securities issued by Consolidated SLST ( see Note 7 ). (2) Includes Agency CMBS securities transferred from the Consolidated K-Series ( see Note 7 ). Weighted Average Life Actual maturities of our investment securities available for sale are generally shorter than stated contractual maturities (with contractual maturities up to 39 years), as they are affected by periodic payments and prepayments of principal on the underlying mortgages. As of June 30, 2021 and December 31, 2020, based on management’s estimates, the weighted average life of the Company’s investment securities available for sale portfolio was approximately 5.6 years. The following table sets forth the weighted average lives of our investment securities available for sale as of June 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): Weighted Average Life June 30, 2021 December 31, 2020 0 to 5 years $ 248,347 $ 332,934 Over 5 to 10 years 317,620 320,361 10+ years 41,440 71,431 Total $ 607,407 $ 724,726 Unrealized Losses in Other Comprehensive Income The Company evaluated its CECL Securities that were in an unrealized loss position as of June 30, 2021 and December 31, 2020, respectively, and determined that no allowance for credit losses was necessary. The Company did not recognize credit losses through earnings for the three and six months ended June 30, 2021 and 2020. The following table presents the Company's CECL Securities in an unrealized loss position with no credit losses reported, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): June 30, 2021 Less than 12 months Greater than 12 months Total Carrying Gross Carrying Gross Carrying Gross Non-Agency RMBS $ 35,532 $ (25) $ 36,175 $ (620) $ 71,707 $ (645) CMBS 22,488 (382) — — 22,488 (382) Total $ 58,020 $ (407) $ 36,175 $ (620) $ 94,195 $ (1,027) December 31, 2020 Less than 12 months Greater than 12 months Total Carrying Gross Carrying Gross Carrying Gross Non-Agency RMBS $ 159,841 $ (4,526) $ 8,234 $ (848) $ 168,075 $ (5,374) Total $ 159,841 $ (4,526) $ 8,234 $ (848) $ 168,075 $ (5,374) At June 30, 2021, the Company did not intend to sell any of its investment securities available for sale that were in an unrealized loss position, and it was “more likely than not” that the Company would not be required to sell these securities before recovery of their amortized cost basis, which may be at their maturity.

Equity Investments, at Fair Val

Equity Investments, at Fair Value	6 Months Ended
	Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Equity Investments, at Fair Value	Equity Investments, at Fair Value The Company's equity investments consist of, or have consisted of, preferred equity ownership interests in entities that invest in multi-family properties where the risks and payment characteristics are equivalent to an equity investment (or multi-family preferred equity ownership interests), equity ownership interests in entities that invest in single-family properties and residential loans (or single-family equity ownership interests) and joint venture equity investments in multi-family properties. The Company's equity investments are accounted for under the equity method and are presented at fair value on its condensed consolidated balance sheets as a result of a fair value election. T he following table presents the Company's equity investments as of June 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): June 30, 2021 December 31, 2020 Investment Name Ownership Interest Fair Value Ownership Interest Fair Value Multi-Family Preferred Equity Ownership Interests BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively) 45% $ 12,145 45% $ 11,441 Somerset Deerfield Investor, LLC 45% 19,373 45% 18,792 RS SWD Owner, LLC, RS SWD Mitchell Owner, LLC, RS SWD IF Owner, LLC, RS SWD Mullis Owner, LLC, RS SWD JH Mullis Owner, LLC and RS SWD Saltzman Owner, LLC (collectively) 43% 5,438 43% 5,140 Audubon Mezzanine Holdings, L.L.C. (Series A) 57% 12,078 57% 11,456 EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively) 46% 7,426 46% 7,234 Walnut Creek Properties Holdings, L.L.C. 36% 9,063 36% 8,803 Towers Property Holdings, LLC 37% 12,529 37% 12,119 Mansions Property Holdings, LLC 34% 12,073 34% 11,679 Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively) 43% 4,446 43% 4,320 Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively) 37% 10,256 37% 9,966 Axis Apartments Holdings, LLC, Arbor-Stratford Holdings II, LLC - Series B, Highlands - Mtg. Holdings, LLC - Series B, Oakley Shoals Apartments, LLC - Series C, and Woodland Park Apartments II, LLC (collectively) 53% 12,679 53% 12,337 DCP Gold Creek, LLC 44% 6,546 44% 6,357 1122 Chicago DE, LLC 53% 7,465 53% 7,222 Rigsbee Ave Holdings, LLC 56% 11,150 56% 10,222 Bighaus, LLC 42% 14,984 42% 14,525 FF/RMI 20 Midtown, LLC 51% 24,649 51% 23,936 Lurin-RMI, LLC 38% 7,446 38% 7,216 Total - Multi-Family Preferred Equity Ownership Interests 189,746 182,765 Single-Family Equity Ownership Interests Morrocroft Neighborhood Stabilization Fund II, LP 11% 14,951 11% 13,040 Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I) — — 49% 63,290 Total - Single-Family Equity Ownership Interests 14,951 76,330 Total $ 204,697 $ 259,095 The Company records its equity in earnings or losses from its multi-family preferred equity ownership interests under the hypothetical liquidation of book value method of accounting due to the structures and the preferences it receives on the distributions from these entities pursuant to the respective agreements. Under this method, the Company recognizes income or loss in each period based on the change in liquidation proceeds it would receive from a hypothetical liquidation of its investment. Pursuant to the fair value election, changes in fair value of the Company's multi-family preferred equity ownership interests are reported in current period earnings. The following table presents income from multi-family preferred equity ownership interests for the three and six months ended June 30, 2021 and 2020, respectively (dollar amounts in thousands). Income from these investments is presented in income from equity investments in the Company's accompanying condensed consolidated statements of operations. Income from these investments during the three and six months ended June 30, 2021 includes $0.8 million and $0.9 million of net unrealized gains, respectively. Income from these investments during the three and six months ended June 30, 2020 includes $0.2 million of net unrealized gains and $4.1 million of net unrealized losses, respectively. Three Months Ended June 30, Six Months Ended June 30, Investment Name 2021 2020 2021 2020 BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively) $ 357 $ 358 $ 704 $ 603 Somerset Deerfield Investor, LLC 675 627 1,141 787 RS SWD Owner, LLC, RS SWD Mitchell Owner, LLC, RS SWD IF Owner, LLC, RS SWD Mullis Owner, LLC, RS SWD JH Mullis Owner, LLC and RS SWD Saltzman Owner, LLC (collectively) 174 158 298 92 Audubon Mezzanine Holdings, L.L.C. (Series A) 357 284 721 175 EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively) 240 225 419 124 Walnut Creek Properties Holdings, L.L.C. 263 216 541 122 Towers Property Holdings, LLC 361 284 740 122 Mansions Property Holdings, LLC 348 273 713 118 Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively) 131 107 266 53 Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively) 302 245 616 114 Axis Apartments Holdings, LLC, Arbor-Stratford Holdings II, LLC - Series B, Highlands - Mtg. Holdings, LLC - Series B, Oakley Shoals Apartments, LLC - Series C, and Woodland Park Apartments II, LLC (collectively) 374 304 762 135 DCP Gold Creek, LLC 197 222 400 102 1122 Chicago DE, LLC 225 296 446 236 Rigsbee Ave Holdings, LLC 896 425 1,215 279 Bighaus, LLC 443 — 879 — FF/RMI 20 Midtown, LLC 758 — 1,504 — Lurin-RMI, LLC 235 — 470 — Total Income - Multi-Family Preferred Equity Ownership Interests $ 6,336 $ 4,024 $ 11,835 $ 3,062 Income from single-family equity ownership interests and joint venture equity investments in multi-family properties is presented in income from equity investments in the Company's accompanying condensed consolidated statements of operations. The following table presents income (loss) from these investments for the three and six months ended June 30, 2021 and 2020, respectively (dollar amounts in thousands): Three Months Ended June 30, Six Months Ended June 30, Investment Name 2021 2020 2021 2020 Single-Family Equity Ownership Interests Morrocroft Neighborhood Stabilization Fund II, LP $ 998 $ 347 $ 2,186 $ 565 Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I) (1) 3,273 1,051 (15) 2,051 Total Income - Single-Family Equity Ownership Interests $ 4,271 $ 1,398 $ 2,171 $ 2,616 Joint Venture Equity Investments in Multi-Family Properties (2) The Preserve at Port Royal Venture, LLC (3) $ — $ (1,310) $ — $ (1,071) Total Loss - Joint Venture Equity Investments in Multi-Family Properties $ — $ (1,310) $ — $ (1,071) (1) The Company's equity investment was redeemed during the six months ended June 30, 2021. (2) Includes net unrealized loss of $1.3 million and $1.1 million for the three and six months ended June 30, 2020, respectively. (3) The Company's equity investment was redeemed during the year ended December 31, 2020.

Use of Special Purpose Entities

Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE)	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE)	Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) Financing VIEs The Company uses SPEs to facilitate transactions that involve securitizing financial assets or re-securitizing previously securitized financial assets. The objective of such transactions may include obtaining non-recourse financing, obtaining liquidity or refinancing the underlying securitized financial assets on improved terms. Securitization involves transferring assets to an SPE to convert all or a portion of those assets into cash before they would have been realized in the normal course of business through the SPE’s issuance of debt or equity instruments. Investors in an SPE usually have recourse only to the assets in the SPE and depending on the overall structure of the transaction, may benefit from various forms of credit enhancement, such as over-collateralization in the form of excess assets in the SPE, priority with respect to receipt of cash flows relative to holders of other debt or equity instruments issued by the SPE, or a line of credit or other form of liquidity agreement that is designed with the objective of ensuring that investors receive principal and/or interest cash flow on the investment in accordance with the terms of their investment agreement. The Company has entered into financing transactions, including residential loan securitizations and re-securitizations, which required the Company to analyze and determine whether the SPEs that were created to facilitate the transactions are VIEs in accordance with ASC 810 and if so, whether the Company is the primary beneficiary requiring consolidation. As of December 31, 2020, the Company evaluated its residential loan securitizations and re-securitization of non-Agency RMBS and concluded that the entities created to facilitate each of the financing transactions are VIEs and that the Company is the primary beneficiary of these VIEs (each a “Financing VIE” and collectively, the “Financing VIEs”). As of June 30, 2021, the Company evaluated its residential loan securitizations and concluded that the entities created to facilitate each of the financing transactions are VIEs and that the Company is the primary beneficiary of these VIEs. Accordingly, the Company consolidated the then-outstanding Financing VIEs as of June 30, 2021 and December 31, 2020. During the six months ended June 30, 2021, the Company exercised its right to an optional redemption of its non-Agency RMBS re-securitization with an outstanding principal balance of $14.7 million, returning the non-Agency RMBS held by the re-securitization trust to the Company. Consolidated SLST The Company invests in subordinated securities that represent the first loss position of the Freddie Mac-sponsored residential loan securitization from which they were issued, and certain IOs and senior securities issued from the securitization. The Company has evaluated its investments in this securitization trust to determine whether it is a VIE and if so, whether the Company is the primary beneficiary requiring consolidation. The Company has determined that the Freddie Mac-sponsored residential loan securitization trust, which we refer to as Consolidated SLST, is a VIE as of June 30, 2021 and December 31, 2020, and that the Company is the primary beneficiary of the VIE within Consolidated SLST. Accordingly, the Company has consolidated the assets, liabilities, income and expenses of such VIE in the accompanying condensed consolidated financial statements ( see Notes 2, 3 and 11 ). The Company has elected the fair value option on the assets and liabilities held within Consolidated SLST, which requires that changes in valuations in the assets and liabilities of Consolidated SLST be reflected in the Company’s condensed consolidated statements of operations. The Company does not have any claims to the assets or obligations for the liabilities of Consolidated SLST, other than those securities owned by the Company as of June 30, 2021 and December 31, 2020 with a fair value of $228.3 million and $212.1 million, respectively ( see Note 14 ). The Company’s investments that are included in Consolidated SLST were not included as collateral to any Financing VIE as of June 30, 2021 and December 31, 2020. During the six months ended June 30, 2020, the Company purchased approximately $40.0 million in additional senior securities issued by Consolidated SLST and subsequently sold its entire investment in the senior securities issued by Consolidated SLST for sales proceeds of approximately $62.6 million at a realized loss of approximately $2.4 million, which is included in realized gains (losses), net on the Company's condensed consolidated statements of operations. Consolidated K-Series As of December 31, 2019, the Company invested in multi-family CMBS consisting of POs that represented the first loss position of the Freddie Mac-sponsored multi-family K-series securitizations from which they were issued, and certain IOs and certain senior and mezzanine CMBS securities issued from those securitizations. The Company evaluated these CMBS investments in Freddie Mac-sponsored K-Series securitization trusts to determine whether they were VIEs and if so, whether the Company was the primary beneficiary requiring consolidation. The Company determined that the Freddie Mac-sponsored multi-family K-Series securitization trusts were VIEs, which we refer to as the Consolidated K-Series. The Company also determined that it was the primary beneficiary of each VIE within the Consolidated K-Series and, accordingly, consolidated its assets, liabilities, income and expenses in the accompanying condensed consolidated financial statements ( see Note 2 ). The Company elected the fair value option on the assets and liabilities held within the Consolidated K-Series, which required that changes in valuations in the assets and liabilities of the Consolidated K-Series be reflected in the Company's condensed consolidated statements of operations. Our investment in the Consolidated K-Series was limited to the multi-family CMBS that we owned. In March 2020, the Company sold its first loss POs and certain mezzanine securities issued by the Consolidated K-Series which resulted in the de-consolidation of each Consolidated K-Series as of the sale date of each first loss PO. These sales, for total proceeds of approximately $555.2 million, resulted in a realized net loss of $54.1 million and reversal of previously recognized net unrealized gains of $168.5 million. The sales also resulted in the de-consolidation of $17.4 billion in multi-family loans held in the Consolidated K-Series and $16.6 billion in Consolidated K-Series CDOs. Also in March 2020, the Company transferred its remaining IOs and mezzanine and senior securities owned in the Consolidated K-Series with a fair value of approximately $237.3 million to investment securities available for sale. Other Consolidated VIEs During the six months ended June 30, 2021, the Company invested in two joint venture investments that own multi-family apartment communities, which the Company determined to be VIEs and for which the Company is the primary beneficiary. Accordingly, the Company consolidated the assets, liabilities, income and expenses of these VIEs in the accompanying condensed consolidated financial statements with non-controlling interests for the third-party ownership of the joint ventures' membership interests. The Company accounted for the initial consolidation of the joint venture investments in accordance with asset acquisition provisions of ASC 805, Business Combinations , ("ASC 805"), as substantially all of the fair value of the assets within the entities are concentrated in either a single identifiable asset or group of similar identifiable assets. The initial consolidation of the joint venture entities included operating real estate and lease intangibles in the amounts of $73.5 million and $5.0 million, respectively (included in other assets in the accompanying condensed consolidated balance sheets), mortgages payable, net in the amount of $61.8 million (included in other liabilities in the accompanying condensed consolidated balance sheets) and non-controlling interests in the amount of $1.9 million. In addition, on November 12, 2020 (the "Changeover Date"), the Company reconsidered its evaluation of its variable interest in a VIE that owns a multi-family apartment community and in which the Company holds a preferred equity investment. The Company determined that it gained the power to direct the activities, and became primary beneficiary, of the VIE on the Changeover Date. Prior to the Changeover Date, the Company accounted for its investment as a preferred equity investment included in multi-family loans. The Company does not have any claims to the assets or obligations for the liabilities of this VIE other than the Company's net investment in the VIE. On the Changeover Date, the Company consolidated this VIE into its consolidated financial statements. The Company accounted for the initial consolidation of the VIE in accordance with asset acquisition provisions of ASC 805 as substantially all of the fair value of the assets within the entity are concentrated in either a single identifiable asset or group of similar identifiable assets. The estimated Changeover Date fair value of the consideration transferred totaled $8.7 million, which consisted of the estimated fair value of the Company's preferred equity investment in the VIE that was determined using assumptions for the underlying contractual cash flows and a discount rate. The initial consolidation of this VIE included operating real estate and lease intangibles in the amounts of $50.5 million and $1.6 million, respectively (included in other assets in the accompanying condensed consolidated balance sheets), a mortgage payable, net in the amount of $36.8 million (included in other liabilities in the accompanying condensed consolidated balance sheets) and a non-controlling interest (representing third-party ownership of the VIE's membership interests) in the amount of $6.8 million. In analyzing whether the Company is the primary beneficiary of the Financing VIEs, Consolidated SLST, the Consolidated K-Series and other Consolidated VIEs, the Company considered its involvement in each of the VIEs, including the design and purpose of each VIE, and whether its involvement reflected a controlling financial interest that resulted in the Company being deemed the primary beneficiary of the VIEs. In determining whether the Company would be considered the primary beneficiary, the following factors were assessed: • whether the Company has both the power to direct the activities that most significantly impact the economic performance of the VIE; and • whether the Company has a right to receive benefits or absorb losses of the entity that could be potentially significant to the VIE. The following table presents a summary of the assets, liabilities and non-controlling interests of the Company's residential loan securitizations, Consolidated SLST and other Consolidated VIEs as of June 30, 2021 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Financing VIEs Other VIEs Residential Consolidated SLST Other Total Cash and cash equivalents $ — $ — $ 2,799 $ 2,799 Residential loans, at fair value 799,363 1,176,539 — 1,975,902 Operating real estate, net held in Consolidated VIEs (1) — — 125,253 125,253 Other assets 94,036 3,849 10,162 108,047 Total assets $ 893,399 $ 1,180,388 $ 138,214 $ 2,212,001 Collateralized debt obligations ($683,724 at amortized cost, net and $948,090 at fair value) $ 683,724 $ 948,090 $ — $ 1,631,814 Mortgages payable, net in Consolidated VIEs (2) — — 98,611 98,611 Other liabilities 9,618 2,467 2,179 14,264 Total liabilities $ 693,342 $ 950,557 $ 100,790 $ 1,744,689 Non-controlling interest in Consolidated VIEs (3) $ — $ — $ 5,198 $ 5,198 Net investment (4) $ 200,057 $ 229,831 $ 32,226 $ 462,114 (1) Included in other assets in the accompanying condensed consolidated balance sheets. (2) Included in other liabilities in the accompanying condensed consolidated balance sheets. (3) Represents third party ownership of membership interests in other Consolidated VIEs. (4) The net investment amount is the maximum amount of the Company's investment that is at risk to loss and represents the difference between total assets and total liabilities held by VIEs, less non-controlling interest, if any. The following table presents a summary of the assets, liabilities and non-controlling interests of the Company's residential loan securitizations, non-Agency RMBS re-securitization, Consolidated SLST and other Consolidated VIEs as of December 31, 2020 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Financing VIEs Other VIEs Residential Non-Agency RMBS Re-Securitization Consolidated SLST Other Total Cash and cash equivalents $ — $ — $ — $ 462 $ 462 Residential loans, at fair value 691,451 — 1,266,785 — 1,958,236 Investment securities available for sale, at fair value — 109,140 — — 109,140 Operating real estate, net held in Consolidated VIEs (1) — — — 50,532 50,532 Other assets 24,959 535 4,075 3,045 32,614 Total assets $ 716,410 $ 109,675 $ 1,270,860 $ 54,039 $ 2,150,984 Collateralized debt obligations ($569,323 at amortized cost, net and $1,054,335 at fair value) $ 554,067 $ 15,256 $ 1,054,335 $ — $ 1,623,658 Mortgages payable, net in Consolidated VIEs (2) — — — 36,752 36,752 Other liabilities 2,610 70 2,781 1,435 6,896 Total liabilities $ 556,677 $ 15,326 $ 1,057,116 $ 38,187 $ 1,667,306 Non-controlling interest in Consolidated VIEs (3) $ — $ — $ — $ 6,371 $ 6,371 Net investment (4) $ 159,733 $ 94,349 $ 213,744 $ 9,481 $ 477,307 (1) Included in other assets in the accompanying condensed consolidated balance sheets. (2) Included in other liabilities in the accompanying condensed consolidated balance sheets. (3) Represents third party ownership of membership interests in other Consolidated VIEs. (4) The net investment amount is the maximum amount of the Company's investment that is at risk to loss and represents the difference between total assets and total liabilities held by VIEs, less non-controlling interest, if any. The following table presents condensed statements of operations for non-Company-sponsored VIEs, including Consolidated SLST and other Consolidated VIEs, for the three months ended June 30, 2021 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Consolidated SLST Other Total Interest income $ 10,479 $ — $ 10,479 Interest expense 7,151 430 7,581 Total net interest income (expense) 3,328 (430) 2,898 Unrealized gains, net 9,793 — 9,793 Other income — 2,150 2,150 Total non-interest income 9,793 2,150 11,943 Total general, administrative and operating expenses — 3,913 3,913 Net income (loss) 13,121 (2,193) 10,928 Net loss attributable to non-controlling interest in Consolidated VIEs — 1,625 1,625 Net income (loss) attributable to Company $ 13,121 $ (568) $ 12,553 The following table presents condensed statements of operations for the non-Company-sponsored VIEs, including Consolidated SLST and other Consolidated VIEs, for the three months ended June 30, 2020 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Consolidated SLST Other Total Interest income $ 11,522 $ — $ 11,522 Interest expense 8,158 — 8,158 Total net interest income 3,364 — 3,364 Unrealized gains, net 4,096 — 4,096 Other income (loss) — (1,780) (1,780) Total non-interest income (loss) 4,096 (1,780) 2,316 Total general, administrative and operating expenses — (26) (26) Net income (loss) 7,460 (1,754) 5,706 Net loss attributable to non-controlling interest in Consolidated VIEs — 876 876 Net income (loss) attributable to Company $ 7,460 $ (878) $ 6,582 The following table presents condensed statements of operations for non-Company-sponsored VIEs, including Consolidated SLST and other Consolidated VIEs, for the six months ended June 30, 2021 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Consolidated SLST Other Total Interest income $ 20,797 $ — $ 20,797 Interest expense 14,254 740 14,994 Total net interest income (expense) 6,543 (740) 5,803 Unrealized gains, net 19,018 — 19,018 Other income — 3,645 3,645 Total non-interest income 19,018 3,645 22,663 Total general, administrative and operating expenses — 6,837 6,837 Net income (loss) 25,561 (3,932) 21,629 Net loss attributable to non-controlling interest in Consolidated VIEs — 3,034 3,034 Net income (loss) attributable to Company $ 25,561 $ (898) $ 24,663 The following table presents condensed statements of operations for the non-Company-sponsored VIEs, including Consolidated K-Series (prior to the sale of first loss POs and de-consolidation of the Consolidated K-Series), Consolidated SLST and other Consolidated VIEs, for the six months ended June 30, 2020 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Consolidated K-Series Consolidated SLST Other Total Interest income $ 151,841 $ 23,646 $ — $ 175,487 Interest expense 129,762 16,693 — 146,455 Total net interest income 22,079 6,953 — 29,032 Unrealized losses, net (10,951) (62,038) — (72,989) Other income (loss) — — (2,121) (2,121) Total non-interest income (loss) (10,951) (62,038) (2,121) (75,110) Total general, administrative and operating expenses — — — — Net income (loss) 11,128 (55,085) (2,121) (46,078) Net loss attributable to non-controlling interest in Consolidated VIEs — — 1,060 1,060 Net income (loss) attributable to Company $ 11,128 $ (55,085) $ (1,061) $ (45,018) Unconsolidated VIEs As of June 30, 2021 and December 31, 2020, the Company evaluated its investment securities available for sale, preferred equity, mezzanine loan and other equity investments to determine whether they are VIEs and should be consolidated by the Company. Based on a number of factors, the Company determined that, as of June 30, 2021 and December 31, 2020, it does not have a controlling financial interest and is not the primary beneficiary of these VIEs. The following tables present the classification and carrying value of unconsolidated VIEs as of June 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): June 30, 2021 Multi-family loans Investment Equity investments Total ABS $ — $ 42,620 $ — $ 42,620 Non-Agency RMBS — 3,029 — 3,029 Preferred equity investments in multi-family properties 126,719 — 189,746 316,465 Equity investments in entities that invest in residential properties — — 14,951 14,951 Maximum exposure $ 126,719 $ 45,649 $ 204,697 $ 377,065 December 31, 2020 Multi-family loans Investment Equity investments Total ABS $ — $ 43,225 $ — $ 43,225 Preferred equity investments in multi-family properties 158,501 — 182,765 341,266 Mezzanine loans on multi-family properties 5,092 — — 5,092 Equity investments in entities that invest in residential properties and loans — — 76,330 76,330 Maximum exposure $ 163,593 $ 43,225 $ 259,095 $ 465,913

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company enters into derivative instruments in connection with its risk management activities. These derivative instruments may include interest rate swaps, swaptions, futures and options on futures. The Company may also purchase or sell “To-Be-Announced,” or TBAs, purchase options on U.S. Treasury futures or invest in other types of mortgage derivative securities. The Company's derivative instruments, comprised of interest rate swaps which were designated as trading instruments, were terminated during the three months ended March 31, 2020. The Company had no outstanding derivatives as of June 30, 2021 and December 31, 2020. Derivatives Not Designated as Hedging Instruments The table below summarizes the activity of derivative instruments not designated as hedging instruments for the six months ended June 30, 2020 (dollar amounts in thousands): Notional Amount For the Six Months Ended June 30, 2020 Type of Derivative Instrument December 31, 2019 Additions Terminations June 30, 2020 Interest rate swaps $ 495,500 $ — $ (495,500) $ — The following table presents the components of realized gains (losses), net and unrealized gains (losses), net related to our derivative instruments that were not designated as hedging instruments, which are included in non-interest income (loss) in our condensed consolidated statements of operations for the six months ended June 30, 2020 (dollar amounts in thousands): For the Six Months Ended June 30, 2020 Realized Gains (Losses) Unrealized Gains (Losses) Interest rate swaps $ (73,078) $ 28,967 Total $ (73,078) $ 28,967

Operating Real Estate Held in C

Operating Real Estate Held in Consolidated VIEs, Net	6 Months Ended
	Jun. 30, 2021
Real Estate [Abstract]
Operating Real Estate Held in Consolidated VIEs, Net	Operating Real Estate Held in Consolidated VIEs, Net During the six months ended June 30, 2021, the Company invested in two joint venture investments that own multi-family apartment communities, which the Company determined to be VIEs and for which the Company is the primary beneficiary. Accordingly, the Company consolidated the joint venture entities into its condensed consolidated financial statements ( see Note 7) . On November 12, 2020, the Company determined that it became the primary beneficiary of a VIE that owns a multi-family apartment community and in which the Company holds a preferred equity investment. Accordingly, on this date, the Company consolidated the VIE into its condensed consolidated financial statements ( see Note 7 ). The Consolidated VIEs actively lease the apartment units within the multi-family apartment communities to individual tenants at market rates for the production of rental income. These leases are generally leased at a fixed monthly rate with no option for the lessee to purchase the leased unit at any point. Rental income for the three and six months ended June 30, 2021 in the amounts of $2.1 million and $3.6 million, respectively, is included in other income (loss) on the accompanying condensed consolidated statements of operations. The following is a summary of the real estate investments in Consolidated VIEs, collectively, as of June 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): June 30, 2021 December 31, 2020 Land $ 16,866 $ 5,400 Building and improvements 104,368 43,764 Furniture, fixture and equipment 5,693 1,522 Real estate $ 126,927 $ 50,686 Accumulated depreciation (1) (1,674) (154) Real estate, net (2) $ 125,253 $ 50,532 (1) Depreciation expense for the three and six months ended June 30, 2021 totaled $0.8 million and $1.5 million, respectively, and is included in operating expenses on the accompanying condensed consolidated statements of operations.

Repurchase Agreements

Repurchase Agreements	6 Months Ended
	Jun. 30, 2021
Carrying Value of Federal Funds Sold, Securities Purchased under Agreements to Resell, and Deposits Paid for Securities Borrowed [Abstract]
Repurchase Agreements	Repurchase Agreements Residential Loans The Company has repurchase agreements with three financial institutions to fund the purchase of residential loans. The following table presents detailed information about the Company’s financings under these repurchase agreements and associated residential loans pledged as collateral at June 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): Maximum Aggregate Uncommitted Principal Amount Outstanding Repurchase Agreements (1) Net Deferred Finance Costs (2) Carrying Value of Repurchase Agreements Fair Value of Loans Pledged Weighted Average Rate Weighted Average Months to Maturity (3) June 30, 2021 $ 1,289,237 $ 341,791 $ (1,250) $ 340,541 $ 497,018 2.93 % 6.64 December 31, 2020 $ 1,301,389 $ 407,213 $ (1,682) $ 405,531 $ 575,380 2.92 % 11.92 (1) Includes a non-mark-to-market repurchase agreement with an outstanding balance of $44.7 million, a rate of 4.00%, and maturity of 8.03 months as of June 30, 2021. Includes non-mark-to-market repurchase agreements with an outstanding balance of $49.8 million, weighted average rate of 4.00%, and weighted average maturity of 8.80 months as of December 31, 2020. (2) Costs related to the repurchase agreements, which include commitment, underwriting, legal, accounting and other fees, are reflected as deferred charges. Such costs are presented as a deduction from the corresponding debt liability on the Company’s accompanying condensed consolidated balance sheets and are amortized as an adjustment to interest expense using the effective interest method, or straight line-method, if the result is not materially different. (3) The Company expects to roll outstanding amounts under these repurchase agreements into new repurchase agreements or other financings, or to repay outstanding amounts, prior to or at maturity. During the terms of the repurchase agreements, proceeds from the residential loans will be applied to pay any price differential and to reduce the aggregate repurchase price of the collateral. The financings under the repurchase agreements with two of the counterparties are subject to margin calls to the extent the market value of the residential loans falls below specified levels and repurchase may be accelerated upon an event of default under the repurchase agreements. As of June 30, 2021, the Company's repurchase agreements contain various covenants, including among other things, the maintenance of certain amounts of liquidity and total stockholders' equity. The Company is in compliance with such covenants as of June 30, 2021 and through the date of this Quarterly Report on Form 10-Q. Investment Securities The Company has repurchase agreements with financial institutions to finance its investment securities portfolio. These repurchase agreements provide short-term financing that bear interest rates typically based on a spread to LIBOR and are secured by the investment securities which they finance and additional collateral pledged, if any. As of June 30, 2021 and December 31, 2020, the Company had no amounts outstanding under repurchase agreements to finance investment securities.

Collateralized Debt Obligations

Collateralized Debt Obligations	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Collateralized Debt Obligations	Collateralized Debt Obligations The Company's collateralized debt obligations, or CDOs, are accounted for as financings and are non-recourse debt to the Company. See Note 7 for further discussion regarding the collateral pledged for the Company's CDOs as well as the Company's net investments in the related securitizations. The following tables present a summary of the Company's CDOs as of June 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): June 30, 2021 Outstanding Face Amount Carrying Value Weighted Average Interest Rate (1) Weighted Average Rate of Notes Issued (2) Stated Maturity (3) Consolidated SLST (4) $ 906,703 $ 948,090 2.75 % 3.53 % 2059 Residential loan securitizations 688,404 683,724 3.10 % 4.35 % 2025 - 2060 Total collateralized debt obligations $ 1,595,107 $ 1,631,814 (1) Weighted average interest rate is calculated using the outstanding face amount and stated interest rate of notes issued by the securitization and not owned by the Company. (2) Weighted average rate of notes issued is calculated using the outstanding face amount and stated interest rate of all notes issued by the securitizations, including those owned by the Company. (3) The actual maturity of the Company's CDOs are primarily determined by the rate of principal prepayments on the assets of the issuing entity. The CDOs are also subject to redemption prior to the stated maturity according to the terms of the respective governing documents. As a result, the actual maturity of the CDOs may occur earlier than the stated maturity. (4) The Company has elected the fair value option for CDOs issued by Consolidated SLST ( see Note 14). December 31, 2020 Outstanding Face Amount Carrying Value Weighted Average Interest Rate (1) Weighted Average Rate of Notes Issued (2) Stated Maturity (3) Consolidated SLST (4) $ 975,017 $ 1,054,335 2.75 % 3.53 % 2059 Residential loan securitizations 557,497 554,067 3.36 % 4.83 % 2025 - 2060 Non-Agency RMBS Re-Securitization 15,449 15,256 One-month LIBOR plus 5.25% (5) One-month LIBOR plus 5.25% (5) 2025 Total collateralized debt obligations $ 1,547,963 $ 1,623,658 (1) Weighted average interest rate is calculated using the outstanding face amount and stated interest rate of notes issued by the securitization and not owned by the Company. (2) Weighted average rate of notes issued is calculated using the outstanding face amount and stated interest rate of all notes issued by the securitizations, including those owned by the Company. (3) The actual maturity of the Company's CDOs are primarily determined by the rate of principal prepayments on the assets of the issuing entity. The CDOs are also subject to redemption prior to the stated maturity according to the terms of the respective governing documents. As a result, the actual maturity of the CDOs may occur earlier than the stated maturity. (4) The Company has elected the fair value option for CDOs issued by Consolidated SLST ( see Note 14). (5) Represents the pass-through rate through the payment date in December 2021. Pass-through rate increases to one-month LIBOR plus 7.75% for payment dates in or after January 2022. The Company's collateralized debt obligations as of June 30, 2021 had stated maturities as follows: Year ending December 31, Total 2021 $ — 2022 — 2023 — 2024 — 2025 208,613 2026 180,000 Thereafter 1,206,494 Total $ 1,595,107 Convertible Notes As of June 30, 2021, the Company had $138.0 million aggregate principal amount of its 6.25% Senior Convertible Notes due 2022 (the "Convertible Notes") outstanding. Costs related to the issuance of the Convertible Notes which include underwriting, legal, accounting and other fees, are reflected as deferred charges. The underwriter's discount and deferred charges, net of amortization, are presented as a deduction from the corresponding debt liability on the Company's accompanying condensed consolidated balance sheets in the amount of $1.4 million and $2.7 million as of June 30, 2021 and December 31, 2020, respectively. The underwriter's discount and deferred charges are amortized as an adjustment to interest expense using the effective interest method, resulting in a total cost to the Company of approximately 8.24%. The Convertible Notes were issued at 96% of the principal amount, bear interest at a rate equal to 6.25% per year, payable semi-annually in arrears on January 15 and July 15 of each year, and mature on January 15, 2022, unless earlier converted or repurchased. The Company does not have the right to redeem the Convertible Notes prior to maturity and no sinking fund is provided for the Convertible Notes. Holders of the Convertible Notes are permitted to convert their Convertible Notes into shares of the Company's common stock at any time prior to the close of business on the business day immediately preceding January 15, 2022. The conversion rate for the Convertible Notes, which is subject to adjustment upon the occurrence of certain specified events, initially equals 142.7144 shares of the Company’s common stock per $1,000 principal amount of Convertible Notes, which is equivalent to a conversion price of approximately $7.01 per share of the Company’s common stock, based on a $1,000 principal amount of the Convertible Notes. The Convertible Notes are senior unsecured obligations of the Company that rank pari passu in right of payment with the Company's senior unsecured indebtedness and rank senior in right of payment to the Company's subordinated debentures and any of its other indebtedness that is expressly subordinated in right of payment to the Convertible Notes. During the six months ended June 30, 2021, none of the Convertible Notes were converted. As of August 6, 2021 , the Company has not been notified, and is not aware, of any event of default under the indenture for the Convertible Notes. Senior Unsecured Notes On April 27, 2021, the Company completed the issuance and sale to various qualified institutional investors of $100.0 million aggregate principal amount of its unregistered 5.75% Senior Notes due 2026 (the "Unregistered Notes") in a private placement offering at 100% of the principal amount. The net proceeds to the Company from the sale of the Unregistered Notes, after deducting offering expenses, were approximately $96.3 million. Subsequent to the issuance of the Unregistered Notes, the Company conducted an exchange offer wherein the Company exchanged its registered 5.75% Senior Notes due 2026 (the "Registered Notes", the "Senior Unsecured Notes" jointly with the Unregistered Notes) for an equal principal amount of Unregistered Notes. As of June 30, 2021, the Company had $100.0 million aggregate principal amount of its Senior Unsecured Notes outstanding. Costs related to the issuance of the Senior Unsecured Notes which include underwriting, legal, accounting and other fees, are reflected as deferred charges. The deferred charges, net of amortization, are presented as a deduction from the corresponding debt liability on the Company's accompanying condensed consolidated balance sheets in the amount of $3.6 million as of June 30, 2021. The deferred charges are amortized as an adjustment to interest expense using the effective interest method, resulting in a total cost to the Company of approximately 6.64%. The Senior Unsecured Notes bear interest at a rate of 5.75% per year, subject to adjustment from time to time based on changes in the ratings of the Senior Unsecured Notes by one or more nationally recognized statistical rating organizations (a “NRSRO”). The annual interest rate on the Senior Unsecured Notes will increase by (i) 0.50% per year beginning on the first day of any six-month interest period if as of such day the Senior Unsecured Notes have a rating of BB+ or below and above B+ from any NRSRO and (ii) 0.75% per year beginning on the first day of any six-month interest period if as of such day the Senior Unsecured Notes have a rating of B+ or below or no rating from any NRSRO. Interest on the Senior Unsecured Notes will be paid semi-annually in arrears on April 30 and October 30 of each year and the Senior Unsecured Notes will mature on April 30, 2026. The Company has the right to redeem the Senior Unsecured Notes, in whole or in part, at any time prior to April 30, 2023 at a redemption price equal to 100% of the principal amount of the Senior Unsecured Notes to be redeemed, plus the applicable "make-whole" premium, plus accrued but unpaid interest, if any, to, but excluding, the redemption date. The "make-whole" premium is equal to the present value of all interest that would have accrued between the redemption date and up to, but excluding, April 30, 2023, plus an amount equal to the principal amount of such Senior Unsecured Notes multiplied by 2.875%. On and after April 30, 2023, the Company has the right to redeem the Senior Unsecured Notes, in whole or in part, at 100% of the principal amount of the Senior Unsecured Notes to be redeemed, plus accrued but unpaid interest, if any, to, but excluding, the redemption date, plus an amount equal to the principal amount of such Senior Unsecured Notes multiplied by a date-dependent multiple as detailed in the following table: Redemption Period Multiple April 30, 2023 - April 29, 2024 2.875 % April 30, 2024 - April 29, 2025 1.4375 % April 30, 2025 - April 29, 2026 — No sinking fund is provided for the Senior Unsecured Notes. The Senior Unsecured Notes are senior unsecured obligations of the Company that rank pari passu in right of payment with the Company's Convertible Notes and are structurally subordinated in right of payment to the Company's subordinated debentures. As of June 30, 2021, the Company's Senior Unsecured Notes contain various covenants including the maintenance of a minimum net asset value, ratio of unencumbered assets to unsecured indebtedness and senior debt service coverage ratio and limit the amount of leverage the Company may utilize and its ability to transfer the Company’s assets substantially as an entirety or merge into or consolidate with another person. The Company is in compliance with such covenants as of June 30, 2021 and through the date of this Quarterly Report on Form 10-Q. Subordinated Debentures Subordinated debentures are trust preferred securities that are fully guaranteed by the Company with respect to distributions and amounts payable upon liquidation, redemption or repayment. The following table summarizes the key details of the Company’s subordinated debentures as of June 30, 2021 and December 31, 2020 (dollar amounts in thousands): NYM Preferred Trust I NYM Preferred Trust II Principal value of trust preferred securities $ 25,000 $ 20,000 Interest rate Three month LIBOR plus 3.75%, resetting quarterly Three month LIBOR plus 3.95%, resetting quarterly Scheduled maturity March 30, 2035 October 30, 2035 As of August 6, 2021, the Company has not been notified, and is not aware, of any event of default under the indenture for the subordinated debentures. Mortgages Payable in Consolidated VIEs During the six months ended June 30, 2021, the Company invested in two joint venture investments that own multi-family apartment communities, which the Company determined to be VIEs and for which the Company is the primary beneficiary. Accordingly, the Company consolidated the joint venture entities into its condensed consolidated financial statements ( see Note 7) . On November 12, 2020, the Company determined that it became the primary beneficiary of a VIE that owns a multi-family apartment community and in which the Company holds a preferred equity investment. Accordingly, on this date, the Company consolidated the VIE into its condensed consolidated financial statements ( see Note 7 ). The real estate held by the Consolidated VIEs are subject to mortgages payable which are included in other liabilities on the accompanying condensed consolidated balance sheets and for which the Company has no obligation for repayment as of June 30, 2021. The following table presents detailed information for these mortgages payable in Consolidated VIEs as of June 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): Outstanding Mortgage Balance Net Deferred Finance Cost Mortgage Payable, Net Stated Maturity Weighted Average Interest Rate (1) Unfunded Commitment June 30, 2021 $ 99,680 $ (1,069) $ 98,611 2024 - 2031 2.90 % $ 3,310 December 31, 2020 37,030 (278) 36,752 2028 2.54 % — (1) Weighted average interest rate is calculated using the outstanding mortgage balance and interest rate as of the date indicated. Debt Maturities As of June 30, 2021, maturities for debt on the Company's condensed consolidated balance sheet are as follows (dollar amounts in thousands): Year Ending December 31, Total 2021 $ — 2022 138,000 2023 — 2024 36,610 2025 — 2026 100,000 Thereafter 108,070 $ 382,680

Debt

Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt	Collateralized Debt Obligations The Company's collateralized debt obligations, or CDOs, are accounted for as financings and are non-recourse debt to the Company. See Note 7 for further discussion regarding the collateral pledged for the Company's CDOs as well as the Company's net investments in the related securitizations. The following tables present a summary of the Company's CDOs as of June 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): June 30, 2021 Outstanding Face Amount Carrying Value Weighted Average Interest Rate (1) Weighted Average Rate of Notes Issued (2) Stated Maturity (3) Consolidated SLST (4) $ 906,703 $ 948,090 2.75 % 3.53 % 2059 Residential loan securitizations 688,404 683,724 3.10 % 4.35 % 2025 - 2060 Total collateralized debt obligations $ 1,595,107 $ 1,631,814 (1) Weighted average interest rate is calculated using the outstanding face amount and stated interest rate of notes issued by the securitization and not owned by the Company. (2) Weighted average rate of notes issued is calculated using the outstanding face amount and stated interest rate of all notes issued by the securitizations, including those owned by the Company. (3) The actual maturity of the Company's CDOs are primarily determined by the rate of principal prepayments on the assets of the issuing entity. The CDOs are also subject to redemption prior to the stated maturity according to the terms of the respective governing documents. As a result, the actual maturity of the CDOs may occur earlier than the stated maturity. (4) The Company has elected the fair value option for CDOs issued by Consolidated SLST ( see Note 14). December 31, 2020 Outstanding Face Amount Carrying Value Weighted Average Interest Rate (1) Weighted Average Rate of Notes Issued (2) Stated Maturity (3) Consolidated SLST (4) $ 975,017 $ 1,054,335 2.75 % 3.53 % 2059 Residential loan securitizations 557,497 554,067 3.36 % 4.83 % 2025 - 2060 Non-Agency RMBS Re-Securitization 15,449 15,256 One-month LIBOR plus 5.25% (5) One-month LIBOR plus 5.25% (5) 2025 Total collateralized debt obligations $ 1,547,963 $ 1,623,658 (1) Weighted average interest rate is calculated using the outstanding face amount and stated interest rate of notes issued by the securitization and not owned by the Company. (2) Weighted average rate of notes issued is calculated using the outstanding face amount and stated interest rate of all notes issued by the securitizations, including those owned by the Company. (3) The actual maturity of the Company's CDOs are primarily determined by the rate of principal prepayments on the assets of the issuing entity. The CDOs are also subject to redemption prior to the stated maturity according to the terms of the respective governing documents. As a result, the actual maturity of the CDOs may occur earlier than the stated maturity. (4) The Company has elected the fair value option for CDOs issued by Consolidated SLST ( see Note 14). (5) Represents the pass-through rate through the payment date in December 2021. Pass-through rate increases to one-month LIBOR plus 7.75% for payment dates in or after January 2022. The Company's collateralized debt obligations as of June 30, 2021 had stated maturities as follows: Year ending December 31, Total 2021 $ — 2022 — 2023 — 2024 — 2025 208,613 2026 180,000 Thereafter 1,206,494 Total $ 1,595,107 Convertible Notes As of June 30, 2021, the Company had $138.0 million aggregate principal amount of its 6.25% Senior Convertible Notes due 2022 (the "Convertible Notes") outstanding. Costs related to the issuance of the Convertible Notes which include underwriting, legal, accounting and other fees, are reflected as deferred charges. The underwriter's discount and deferred charges, net of amortization, are presented as a deduction from the corresponding debt liability on the Company's accompanying condensed consolidated balance sheets in the amount of $1.4 million and $2.7 million as of June 30, 2021 and December 31, 2020, respectively. The underwriter's discount and deferred charges are amortized as an adjustment to interest expense using the effective interest method, resulting in a total cost to the Company of approximately 8.24%. The Convertible Notes were issued at 96% of the principal amount, bear interest at a rate equal to 6.25% per year, payable semi-annually in arrears on January 15 and July 15 of each year, and mature on January 15, 2022, unless earlier converted or repurchased. The Company does not have the right to redeem the Convertible Notes prior to maturity and no sinking fund is provided for the Convertible Notes. Holders of the Convertible Notes are permitted to convert their Convertible Notes into shares of the Company's common stock at any time prior to the close of business on the business day immediately preceding January 15, 2022. The conversion rate for the Convertible Notes, which is subject to adjustment upon the occurrence of certain specified events, initially equals 142.7144 shares of the Company’s common stock per $1,000 principal amount of Convertible Notes, which is equivalent to a conversion price of approximately $7.01 per share of the Company’s common stock, based on a $1,000 principal amount of the Convertible Notes. The Convertible Notes are senior unsecured obligations of the Company that rank pari passu in right of payment with the Company's senior unsecured indebtedness and rank senior in right of payment to the Company's subordinated debentures and any of its other indebtedness that is expressly subordinated in right of payment to the Convertible Notes. During the six months ended June 30, 2021, none of the Convertible Notes were converted. As of August 6, 2021 , the Company has not been notified, and is not aware, of any event of default under the indenture for the Convertible Notes. Senior Unsecured Notes On April 27, 2021, the Company completed the issuance and sale to various qualified institutional investors of $100.0 million aggregate principal amount of its unregistered 5.75% Senior Notes due 2026 (the "Unregistered Notes") in a private placement offering at 100% of the principal amount. The net proceeds to the Company from the sale of the Unregistered Notes, after deducting offering expenses, were approximately $96.3 million. Subsequent to the issuance of the Unregistered Notes, the Company conducted an exchange offer wherein the Company exchanged its registered 5.75% Senior Notes due 2026 (the "Registered Notes", the "Senior Unsecured Notes" jointly with the Unregistered Notes) for an equal principal amount of Unregistered Notes. As of June 30, 2021, the Company had $100.0 million aggregate principal amount of its Senior Unsecured Notes outstanding. Costs related to the issuance of the Senior Unsecured Notes which include underwriting, legal, accounting and other fees, are reflected as deferred charges. The deferred charges, net of amortization, are presented as a deduction from the corresponding debt liability on the Company's accompanying condensed consolidated balance sheets in the amount of $3.6 million as of June 30, 2021. The deferred charges are amortized as an adjustment to interest expense using the effective interest method, resulting in a total cost to the Company of approximately 6.64%. The Senior Unsecured Notes bear interest at a rate of 5.75% per year, subject to adjustment from time to time based on changes in the ratings of the Senior Unsecured Notes by one or more nationally recognized statistical rating organizations (a “NRSRO”). The annual interest rate on the Senior Unsecured Notes will increase by (i) 0.50% per year beginning on the first day of any six-month interest period if as of such day the Senior Unsecured Notes have a rating of BB+ or below and above B+ from any NRSRO and (ii) 0.75% per year beginning on the first day of any six-month interest period if as of such day the Senior Unsecured Notes have a rating of B+ or below or no rating from any NRSRO. Interest on the Senior Unsecured Notes will be paid semi-annually in arrears on April 30 and October 30 of each year and the Senior Unsecured Notes will mature on April 30, 2026. The Company has the right to redeem the Senior Unsecured Notes, in whole or in part, at any time prior to April 30, 2023 at a redemption price equal to 100% of the principal amount of the Senior Unsecured Notes to be redeemed, plus the applicable "make-whole" premium, plus accrued but unpaid interest, if any, to, but excluding, the redemption date. The "make-whole" premium is equal to the present value of all interest that would have accrued between the redemption date and up to, but excluding, April 30, 2023, plus an amount equal to the principal amount of such Senior Unsecured Notes multiplied by 2.875%. On and after April 30, 2023, the Company has the right to redeem the Senior Unsecured Notes, in whole or in part, at 100% of the principal amount of the Senior Unsecured Notes to be redeemed, plus accrued but unpaid interest, if any, to, but excluding, the redemption date, plus an amount equal to the principal amount of such Senior Unsecured Notes multiplied by a date-dependent multiple as detailed in the following table: Redemption Period Multiple April 30, 2023 - April 29, 2024 2.875 % April 30, 2024 - April 29, 2025 1.4375 % April 30, 2025 - April 29, 2026 — No sinking fund is provided for the Senior Unsecured Notes. The Senior Unsecured Notes are senior unsecured obligations of the Company that rank pari passu in right of payment with the Company's Convertible Notes and are structurally subordinated in right of payment to the Company's subordinated debentures. As of June 30, 2021, the Company's Senior Unsecured Notes contain various covenants including the maintenance of a minimum net asset value, ratio of unencumbered assets to unsecured indebtedness and senior debt service coverage ratio and limit the amount of leverage the Company may utilize and its ability to transfer the Company’s assets substantially as an entirety or merge into or consolidate with another person. The Company is in compliance with such covenants as of June 30, 2021 and through the date of this Quarterly Report on Form 10-Q. Subordinated Debentures Subordinated debentures are trust preferred securities that are fully guaranteed by the Company with respect to distributions and amounts payable upon liquidation, redemption or repayment. The following table summarizes the key details of the Company’s subordinated debentures as of June 30, 2021 and December 31, 2020 (dollar amounts in thousands): NYM Preferred Trust I NYM Preferred Trust II Principal value of trust preferred securities $ 25,000 $ 20,000 Interest rate Three month LIBOR plus 3.75%, resetting quarterly Three month LIBOR plus 3.95%, resetting quarterly Scheduled maturity March 30, 2035 October 30, 2035 As of August 6, 2021, the Company has not been notified, and is not aware, of any event of default under the indenture for the subordinated debentures. Mortgages Payable in Consolidated VIEs During the six months ended June 30, 2021, the Company invested in two joint venture investments that own multi-family apartment communities, which the Company determined to be VIEs and for which the Company is the primary beneficiary. Accordingly, the Company consolidated the joint venture entities into its condensed consolidated financial statements ( see Note 7) . On November 12, 2020, the Company determined that it became the primary beneficiary of a VIE that owns a multi-family apartment community and in which the Company holds a preferred equity investment. Accordingly, on this date, the Company consolidated the VIE into its condensed consolidated financial statements ( see Note 7 ). The real estate held by the Consolidated VIEs are subject to mortgages payable which are included in other liabilities on the accompanying condensed consolidated balance sheets and for which the Company has no obligation for repayment as of June 30, 2021. The following table presents detailed information for these mortgages payable in Consolidated VIEs as of June 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): Outstanding Mortgage Balance Net Deferred Finance Cost Mortgage Payable, Net Stated Maturity Weighted Average Interest Rate (1) Unfunded Commitment June 30, 2021 $ 99,680 $ (1,069) $ 98,611 2024 - 2031 2.90 % $ 3,310 December 31, 2020 37,030 (278) 36,752 2028 2.54 % — (1) Weighted average interest rate is calculated using the outstanding mortgage balance and interest rate as of the date indicated. Debt Maturities As of June 30, 2021, maturities for debt on the Company's condensed consolidated balance sheet are as follows (dollar amounts in thousands): Year Ending December 31, Total 2021 $ — 2022 138,000 2023 — 2024 36,610 2025 — 2026 100,000 Thereafter 108,070 $ 382,680

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Impact of COVID-19 As further discussed in Note 2, the full extent of the impact of the COVID-19 pandemic on the global economy generally, and the Company's business in particular, is uncertain. As of June 30, 2021, no contingencies have been recorded on our condensed consolidated balance sheets as a result of the COVID-19 pandemic; however, as the global pandemic and its economic implications continue, it may have long-term impacts on the Company's operations, financial condition, liquidity or cash flows. Outstanding Litigation The Company is at times subject to various legal proceedings arising in the ordinary course of business. As of June 30, 2021, the Company does not believe that any of its current legal proceedings, individually or in the aggregate, will have a material adverse effect on the Company’s operations, financial condition or cash flows.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company has established and documented processes for determining fair values. Fair value is based upon quoted market prices, where available. If listed prices or quotes are not available, then fair value is based upon internally developed models that primarily use inputs that are market-based or independently sourced market parameters, including interest rate yield curves. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of valuation hierarchy are defined as follows: Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement. The following describes the valuation methodologies used for the Company’s financial instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy. a. Residential Loans Held in Consolidated SLST and Multi - Family Loans Held in the Consolidated K-Series –Residential loans held in Consolidated SLST and multi-family loans held in the Consolidated K-Series are carried at fair value and classified as Level 3 fair values. In accordance with the practical expedient in ASC 810, the Company determines the fair value of residential loans held in Consolidated SLST and multi-family loans held in the Consolidated K-Series based on the fair value of the CDOs issued by these securitizations and its investment in these securitizations (eliminated in consolidation in accordance with GAAP), as the fair value of these instruments is more observable. The investment securities (eliminated in consolidation in accordance with GAAP) that we own in these securitizations are generally illiquid and trade infrequently, as such they are classified as Level 3 in the fair value hierarchy. The fair valuation of these investment securities is determined based on an internal valuation model that considers expected cash flows from the underlying loans and yields required by market participants. The significant unobservable inputs used in the measurement of these investments are projected losses within the pool of loans and a discount rate. The discount rate used in determining fair value incorporates default rate, loss severity, prepayment rate and current market interest rates. Significant increases or decreases in these inputs would result in a significantly lower or higher fair value measurement. b. Residential Loans and Residential Loans Held in Securitization Trusts – The Company’s acquired residential loans are recorded at fair value and classified as Level 3 in the fair value hierarchy. The fair value for residential loans is determined using valuations obtained from a third party that specializes in providing valuations of residential loans. The valuation approach depends on whether the residential loan is considered performing, re-performing or non-performing at the date the valuation is performed. For performing and re-performing loans, estimates of fair value are derived using a discounted cash flow model, where estimates of cash flows are determined from scheduled payments for each loan, adjusted using forecast prepayment rates, default rates and rates for loss upon default. For non-performing loans, asset liquidation cash flows are derived based on the estimated time to liquidate the loan, expected liquidation costs and home price appreciation. Estimated cash flows for both performing and non-performing loans are discounted at yields considered appropriate to arrive at a reasonable exit price for the asset. Indications of loan value such as actual trades, bids, offers and generic market color may be used in determining the appropriate discount yield. c. Preferred Equity and Mezzanine Loan Investments – Fair value for preferred equity and mezzanine loan investments is determined by both market comparable pricing and discounted cash flows. The discounted cash flows are based on the underlying contractual cash flows and estimated changes in market yields. The fair value also reflects consideration of changes in credit risk since the origination or time of initial investment. This fair value measurement is generally based on unobservable inputs and, as such, is classified as Level 3 in the fair value hierarchy. d. Investment Securities Available for Sale – The Company determines the fair value of all of its investment securities available for sale based on discounted cash flows utilizing an internal pricing model. The methodology considers the characteristics of the particular security and its underlying collateral, which are observable inputs. These inputs include, but are not limited to, delinquency status, coupon, loan-to-value ("LTV"), historical performance, periodic and life caps, collateral type, rate reset period, seasoning, prepayment speeds and credit enhancement levels. The Company also considers several observable market data points, including prices obtained from third-party pricing services or dealers who make markets in similar financial instruments, trading activity, and dialogue with market participants. Third-party pricing services typically incorporate commonly used market pricing methods, trading activity observed in the marketplace and other data inputs similar to those used in the Company's internal pricing model. The Company has established thresholds to compare internally generated prices with independent third-party prices and any differences that exceed the thresholds are reviewed both internally and with the third-party pricing service. The Company reconciles and resolves all pricing differences in excess of the thresholds before a final price is established. The Company’s investment securities available for sale are valued based upon readily observable market parameters and are classified as Level 2 fair values. e. Equity Investments – Fair value for equity investments is determined (i) by the valuation process for preferred equity and mezzanine loan investments as described in c. above or (ii) using the net asset value ("NAV") of the equity investment entity as a practical expedient. These fair value measurements are generally based on unobservable inputs and, as such, are classified as Level 3 in the fair value hierarchy. f. Derivative Instruments – The Company’s derivative instruments were classified as Level 2 fair values and were measured using valuations reported by the clearing house, CME Clearing, through which these instruments were cleared. The derivatives were presented net of variation margin payments pledged or received. g. Collateralized Debt Obligations – CDOs issued by Consolidated SLST and the Consolidated K-Series are classified as Level 3 fair values for which fair value is determined by considering several market data points, including prices obtained from third-party pricing services or dealers who make markets in similar financial instruments. The third-party pricing service or dealers incorporate common market pricing methods, including a spread measurement to the Treasury curve or interest rate swap curve as well as underlying characteristics of the particular security. They will also consider contractual cash payments and yields expected by market participants. Refer to a . above for a description of the fair valuation of CDOs issued by Consolidated SLST and the Consolidated K-Series that are eliminated in consolidation. Management reviews all prices used in determining fair value to ensure they represent current market conditions. This review includes surveying similar market transactions and comparisons to interest pricing models as well as offerings of like securities by dealers. Any changes to the valuation methodology are reviewed by management to ensure the changes are appropriate. As markets and products develop and the pricing for certain products becomes more transparent, the Company continues to refine its valuation methodologies. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies, or assumptions, to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. The Company uses inputs that are current as of each reporting date, which may include periods of market dislocation, during which time price transparency may be reduced. This condition could cause the Company’s financial instruments to be reclassified from Level 2 to Level 3 in future periods. The following table presents the Company’s financial instruments measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020, respectively, on the Company’s condensed consolidated balance sheets (dollar amounts in thousands): Measured at Fair Value on a Recurring Basis at June 30, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets carried at fair value Residential loans: Residential loans $ — $ — $ 1,226,841 $ 1,226,841 $ — $ — $ 1,090,930 $ 1,090,930 Consolidated SLST — — 1,176,539 1,176,539 — — 1,266,785 1,266,785 Residential loans held in securitization trusts — — 799,363 799,363 — — 691,451 691,451 Multi-family loans — — 126,719 126,719 — — 163,593 163,593 Investment securities available for sale: Agency RMBS — 131,299 — 131,299 — 139,395 — 139,395 Non-Agency RMBS — 287,988 — 287,988 — 355,666 — 355,666 CMBS — 145,500 — 145,500 — 186,440 — 186,440 ABS — 42,620 — 42,620 — 43,225 — 43,225 Equity investments — — 204,697 204,697 — — 259,095 259,095 Total $ — $ 607,407 $ 3,534,159 $ 4,141,566 $ — $ 724,726 $ 3,471,854 $ 4,196,580 Liabilities carried at fair value Consolidated SLST CDOs $ — $ — $ 948,090 $ 948,090 $ — $ — $ 1,054,335 $ 1,054,335 Total $ — $ — $ 948,090 $ 948,090 $ — $ — $ 1,054,335 $ 1,054,335 The following tables detail changes in valuation for the Level 3 assets for the six months ended June 30, 2021 and 2020, respectively (dollar amounts in thousands): Level 3 Assets: Six Months Ended June 30, 2021 Residential loans Residential loans Consolidated SLST Residential loans held in securitization trusts Multi-family loans Equity investments Total Balance at beginning of period $ 1,090,930 $ 1,266,785 $ 691,451 $ 163,593 $ 259,095 $ 3,471,854 Total gains/(losses) (realized/unrealized) Included in earnings 14,494 (21,788) 21,105 10,853 14,006 38,670 Transfers out (1) (1,259) — (1,415) — — (2,674) Transfer to securitization trust (2) (160,623) — 160,623 — — — Contributions — — — — 320 320 Paydowns/Distributions (306,209) (68,458) (70,025) (47,727) (68,724) (561,143) Sales (15,568) — (2,376) — — (17,944) Purchases 605,076 — — — — 605,076 Balance at the end of period $ 1,226,841 $ 1,176,539 $ 799,363 $ 126,719 $ 204,697 $ 3,534,159 (1) Transfers out of Level 3 assets include the transfer of residential loans to real estate owned. (2) In May 2021, the Company completed a securitization of certain business purpose loans ( see Note 7 for further discussion of the Company's residential loan securitizations). Six Months Ended June 30, 2020 Residential loans Multi-family loans Residential loans Consolidated SLST Residential loans held in securitization trusts Preferred equity and mezzanine loan investments Consolidated K-Series Equity investments Total Balance at beginning of period $ 1,429,754 $ 1,328,886 $ — $ — $ 17,816,746 $ 83,882 $ 20,659,268 Total (losses)/gains (realized/unrealized) Included in earnings (55,144) (15,279) (1,730) 4,866 41,795 4,606 (20,886) Transfers in (1) 164,279 — 46,572 182,465 — 107,477 500,793 Transfers out (2) (3) (3,953) — (349) — (237,297) — (241,599) Contributions — — — 8,440 — 22,106 30,546 Paydowns/Distributions (155,135) (38,757) (3,800) (14,921) (239,796) (3,782) (456,191) Recovery of charge-off — — — — 35 — 35 Sales (3) (93,755) — — — (17,381,483) — (17,475,238) Purchases 156,639 — — — — — 156,639 Balance at the end of period $ 1,442,685 $ 1,274,850 $ 40,693 $ 180,850 $ — $ 214,289 $ 3,153,367 (1) As of January 1, 2020, the Company elected to account for all residential loans, residential loans held in securitization trusts, equity investments and preferred equity and mezzanine loan investments using the fair value option. (2) Transfers out of Level 3 assets include the transfer of residential loans to real estate owned. (3) During the six months ended June 30, 2020, the Company sold first loss PO securities included in the Consolidated K-Series and, as a result, de-consolidated multi-family loans held in the Consolidated K-Series and transferred its remaining securities owned in the Consolidated K-Series to investment securities available for sale ( see Note 7 ). The following tables detail changes in valuation for the Level 3 liabilities for the six months ended June 30, 2021 and 2020, respectively (dollar amounts in thousands): Level 3 Liabilities: Six Months Ended June 30, 2021 Consolidated SLST CDOs Balance at beginning of period $ 1,054,335 Total gains (realized/unrealized) Included in earnings (37,931) Paydowns (68,314) Balance at the end of period $ 948,090 Six Months Ended June 30, 2020 Collateralized debt obligations Consolidated K-Series Consolidated SLST Total Balance at beginning of period $ 16,724,451 $ 1,052,829 $ 17,777,280 Total losses/(gains) (realized/unrealized) Included in earnings 35,018 52,420 87,438 Paydowns (147,376) (39,242) (186,618) Sales (1) (16,612,093) 22,226 (16,589,867) Balance at the end of period $ — $ 1,088,233 $ 1,088,233 (1) During the six months ended June 30, 2020, the Company sold first loss PO securities included in the Consolidated K-Series and, as a result, de-consolidated the Consolidated K-Series CDOs ( see Note 7). Also includes the Company's net sales of senior securities issued by Consolidated SLST during the six months ended June 30, 2020 ( see Note 7 ). The following table discloses quantitative information regarding the significant unobservable inputs used in the valuation of our Level 3 assets and liabilities measured at fair value (dollar amounts in thousands, except input values): June 30, 2021 Fair Value Valuation Technique Unobservable Input Weighted Average Range Assets Residential loans: Residential loans and residential loans held in securitization trusts (1) $1,891,087 Discounted cash flow Lifetime CPR 9.6% — - 54.7% Lifetime CDR 0.8% — - 20.3% Loss severity 11.8% — - 100.0% Yield 4.9% 2.4% - 40.2% $135,117 Liquidation model Annual home price appreciation 1.0% — - 18.0% Liquidation timeline (months) 30 8 - 53 Property value $608,523 $13,000 - $4,000,000 Yield 7.2% 7.0% - 29.6% Consolidated SLST (3) $1,176,539 Liability price N/A Total $3,202,743 Multi-family loans (1) $126,719 Discounted cash flow Discount rate 11.5% 11.0% - 19.5% Months to assumed redemption 35 1 - 60 Loss severity — Equity investments (1) (2) $189,746 Discounted cash flow Discount rate 11.7% 11.0% - 18.3% Months to assumed redemption 35 3 - 57 Loss severity — Liabilities Consolidated SLST CDOs (3) (4) $948,090 Discounted cash flow Yield 2.8% 1.9% - 21.6% Collateral prepayment rate 5.5% 2.4% - 6.2% Collateral default rate 2.0% — - 8.6% Loss severity 19.4% — - 22.1% (1) Weighted average amounts are calculated based on the weighted average fair value of the assets. (2) Equity investments does not include equity ownership interests in entities that invest in residential properties. The fair value of these investments is determined using the net asset value ("NAV") as a practical expedient. (3) In accordance with the practical expedient in ASC 810, the Company determines the fair value of the residential loans held in Consolidated SLST based on the fair value of the CDOs issued by Consolidated SLST, including investment securities we own, as the fair value of these instruments is more observable. At June 30, 2021, the fair value of investment securities we own in Consolidated SLST amounts to $228.3 million. (4) Weighted average yield calculated based on the weighted average fair value of the liabilities. Weighted average collateral prepayment rate, weighted average collateral default rate, and weighted average loss severity are calculated based on the weighted average unpaid balance of the liabilities. The following table details the changes in unrealized gains (losses) included in earnings for the three and six months ended June 30, 2021 and 2020, respectively, for our Level 3 assets and liabilities held as of June 30, 2021 and 2020, respectively (dollar amounts in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Assets Residential loans: Residential loans (1) $ 3,752 $ 39,991 $ 12,192 $ (36,303) Consolidated SLST (1) 6,471 75,052 (18,872) (13,049) Residential loans held in securitization trusts (1) 6,030 59 18,611 (1,641) Multi-family loans (1) 460 (127) 665 (5,686) Equity investments (2) 805 (1,108) 927 (5,130) Liabilities Consolidated SLST CDOs (1) 3,322 (70,956) 37,890 (48,990) (1) Presented in unrealized gains (losses), net on the Company's condensed consolidated statements of operations. (2) Presented in income from equity investments on the Company's condensed consolidated statements of operations. The following table presents the carrying value and estimated fair value of the Company’s financial instruments at June 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): June 30, 2021 December 31, 2020 Fair Value Carrying Estimated Carrying Estimated Financial Assets: Cash and cash equivalents Level 1 $ 324,927 $ 324,927 $ 293,183 $ 293,183 Residential loans Level 3 3,202,743 3,202,743 3,049,166 3,049,166 Multi-family loans Level 3 126,719 126,719 163,593 163,593 Investment securities available for sale Level 2 607,407 607,407 724,726 724,726 Equity investments Level 3 204,697 204,697 259,095 259,095 Financial Liabilities: Repurchase agreements Level 2 340,541 340,541 405,531 405,531 Collateralized debt obligations: Residential loan securitizations at amortized cost, net Level 3 683,724 688,491 554,067 561,329 Consolidated SLST Level 3 948,090 948,090 1,054,335 1,054,335 Non-Agency RMBS re-securitization Level 2 — — 15,256 15,472 Subordinated debentures Level 3 45,000 42,615 45,000 36,871 Convertible notes Level 2 136,586 140,416 135,327 137,716 Senior unsecured notes Level 2 96,380 103,045 — — In addition to the methodology to determine the fair value of the Company’s financial assets and liabilities reported at fair value, as previously described, the following methods and assumptions were used by the Company in arriving at the fair value of the Company’s other financial instruments in the table immediately above: a. Cash and cash equivalents – Estimated fair value approximates the carrying value of such assets. b. Repurchase agreements – The fair value of these repurchase agreements approximates cost as they are short term in nature. c. Residential loan securitizations at amortized cost, net and non-Agency RMBS re-securitization – The fair value of these CDOs is based on discounted cash flows as well as market pricing on comparable obligations. d. Subordinated debentures – The fair value of these subordinated debentures is based on discounted cash flows using management’s estimate for market yields. e. Convertible notes and senior unsecured notes – The fair value is based on quoted prices provided by dealers who make markets in similar financial instruments.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2021
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders' Equity (a) Preferred Stock The Company had 200,000,000 authorized shares of preferred stock, par value $0.01 per share, with 20,872,888 shares issued and outstanding as of June 30, 2021 and December 31, 2020. As of June 30, 2021, the Company has issued four series of cumulative redeemable preferred stock (the “Preferred Stock”): 7.75% Series B Cumulative Redeemable Preferred Stock (“Series B Preferred Stock”), 7.875% Series C Cumulative Redeemable Preferred Stock (“Series C Preferred Stock”), 8.00% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series D Preferred Stock”) and 7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series E Preferred Stock”). Each series of the Preferred Stock is senior to the Company’s common stock with respect to dividends and distributions upon liquidation, dissolution or winding up. The following table summarizes the Company’s Preferred Stock issued and outstanding as of June 30, 2021 and December 31, 2020 (dollar amounts in thousands): Class of Preferred Stock Shares Authorized Shares Issued and Outstanding Carrying Value Liquidation Preference Contractual Rate (1) Optional Redemption Date (2) Fixed-to-Floating Rate Conversion Date (1)(3) Floating Annual Rate (4) Fixed Rate Series B 6,000,000 3,156,087 $ 76,180 $ 78,902 7.750 % June 4, 2018 Series C 6,600,000 4,181,807 101,102 104,545 7.875 % April 22, 2020 Fixed-to-Floating Rate Series D 8,400,000 6,123,495 148,134 153,087 8.000 % October 15, 2027 October 15, 2027 3M LIBOR + 5.695% Series E 9,900,000 7,411,499 179,349 185,288 7.875 % January 15, 2025 January 15, 2025 3M LIBOR + 6.429% Total 30,900,000 20,872,888 $ 504,765 $ 521,822 (1) Each series of fixed rate preferred stock is entitled to receive a dividend at the contractual rate shown, respectively, per year on its $25 liquidation preference. Each series of fixed-to-floating rate preferred stock is entitled to receive a dividend at the contractual rate shown, respectively, per year on its $25 liquidation preference up to, but excluding, the fixed-to-floating rate conversion date. (2) Each series of Preferred Stock is not redeemable by the Company prior to the respective optional redemption date disclosed except under circumstances intended to preserve the Company’s qualification as a REIT and except upon occurrence of a Change in Control (as defined in the Articles Supplementary designating the Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series E Preferred Stock, respectively). Refer to Note 20 for disclosure regarding the optional redemption of the Company's Series C Preferred Stock. (3) Beginning on the respective fixed-to-floating rate conversion date, each of the Series D Preferred Stock and Series E Preferred Stock is entitled to receive a dividend on a floating rate basis according to the terms disclosed in footnote (4) below. (4) On and after the fixed-to-floating rate conversion date, each of the Series D Preferred Stock and Series E Preferred Stock is entitled to receive a dividend at a floating rate equal to three-month LIBOR plus the respective spread disclosed above per year on its $25 liquidation preference. For each series of Preferred Stock, on or after the respective optional redemption date disclosed, the Company may, at its option, redeem the respective series of Preferred Stock in whole or in part, at any time or from time to time, for cash at a redemption price equal to $25.00 per share, plus any accumulated and unpaid dividends. In addition, upon the occurrence of a change of control, the Company may, at its option, redeem the Preferred Stock in whole or in part, within 120 days after the first date on which such change of control occurred, for cash at a redemption price of $25.00 per share, plus any accumulated and unpaid dividends. The Preferred Stock generally do not have any voting rights, subject to an exception in the event the Company fails to pay dividends on such stock for six or more quarterly periods (whether or not consecutive). Under such circumstances, holders of the Preferred Stock voting together as a single class with the holders of all other classes or series of our preferred stock upon which like voting rights have been conferred and are exercisable and which are entitled to vote as a class with the Preferred Stock will be entitled to vote to elect two additional directors to the Company’s Board of Directors (the "Board") until all unpaid dividends have been paid or declared and set apart for payment. In addition, certain material and adverse changes to the terms of any series of the Preferred Stock cannot be made without the affirmative vote of holders of at least two-thirds of the outstanding shares of the series of Preferred Stock whose terms are being changed. The Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless repurchased or redeemed by the Company or converted into the Company’s common stock in connection with a change of control. Upon the occurrence of a change of control, each holder of Preferred Stock will have the right (unless the Company has exercised its right to redeem the Preferred Stock) to convert some or all of the Preferred Stock held by such holder into a number of shares of our common stock per share of the applicable series of Preferred Stock determined by a formula, in each case, on the terms and subject to the conditions described in the applicable Articles Supplementary for such series. (b) Dividends on Preferred Stock From the time of original issuance of the Preferred Stock through December 31, 2019, the Company declared and paid all required quarterly dividends on such series of stock. On March 23, 2020, the Company announced that it had suspended quarterly dividends on its Preferred Stock that would have been payable in April 2020 to focus on conserving capital during the difficult market conditions resulting from the COVID-19 pandemic. On June 15, 2020, the Company reinstated the payment of dividends on its Preferred Stock and declared dividends in arrears for the quarterly period that began on January 15, 2020 and ended on April 14, 2020. The following table presents the relevant information with respect to quarterly cash dividends declared on the Preferred Stock commencing January 1, 2020 through June 30, 2021: Cash Dividend Per Share Declaration Date Record Date Payment Date Series B Preferred Stock Series C Preferred Stock Series D Preferred Stock Series E Preferred Stock June 14, 2021 July 1, 2021 July 15, 2021 $ 0.484375 $ 0.4921875 $ 0.50 $ 0.4921875 March 15, 2021 April 1, 2021 April 15, 2021 0.484375 0.4921875 0.50 0.4921875 December 7, 2020 January 1, 2021 January 15, 2021 0.484375 0.4921875 0.50 0.4921875 September 14, 2020 October 1, 2020 October 15, 2020 0.484375 0.4921875 0.50 0.4921875 June 15, 2020 July 1, 2020 July 15, 2020 0.968750 (1) 0.9843750 (1) 1.00 (1) 0.9843750 (1) (1) Preferred Stock dividends declared on June 15, 2020 included cash dividends in arrears for the quarterly period that began on January 15, 2020 and ended on April 14, 2020 and cash dividends for the quarterly period that began on April 15, 2020 and ended on July 14, 2020. (c) Dividends on Common Stock On March 23, 2020, the Company announced that it had suspended its quarterly dividend on common stock for the first quarter of 2020 to focus on conserving capital during the difficult market conditions resulting from the COVID-19 pandemic. As a result, the Company did not declare a cash dividend on its common stock during the three months ended March 31, 2020. Beginning in the second quarter of 2020, the Company has declared a regular quarterly cash dividend in each quarterly period through June 30, 2021. The following table presents cash dividends declared by the Company on its common stock with respect to the quarterly periods commencing January 1, 2020 and ended June 30, 2021: Period Declaration Date Record Date Payment Date Cash Dividend Per Share Second Quarter 2021 June 14, 2021 June 24, 2021 July 26, 2021 $ 0.100 First Quarter 2021 March 15, 2021 March 25, 2021 April 26, 2021 0.100 Fourth Quarter 2020 December 7, 2020 December 17, 2020 January 25, 2021 0.100 Third Quarter 2020 September 14, 2020 September 24, 2020 October 26, 2020 0.075 Second Quarter 2020 June 15, 2020 July 1, 2020 July 27, 2020 0.050 (d) Equity Distribution Agreements On August 10, 2017, the Company entered into an equity distribution agreement (the “Common Equity Distribution Agreement”) with Credit Suisse Securities (USA) LLC (“Credit Suisse”), as sales agent, pursuant to which the Company may offer and sell shares of its common stock, par value $0.01 per share, having a maximum aggregate sales price of up to $100.0 million, from time to time through Credit Suisse. On September 10, 2018, the Company entered into an amendment to the Common Equity Distribution Agreement that increased the maximum aggregate sales price to $177.1 million. The Company has no obligation to sell any of the shares of common stock issuable under the Common Equity Distribution Agreement and may at any time suspend solicitations and offers under the Common Equity Distribution Agreement. There were no shares of the Company's common stock issued under the Common Equity Distribution Agreement during the three and six months ended June 30, 2021 and 2020. As of June 30, 2021, approximately $72.5 million of common stock remains available for issuance under the Common Equity Distribution Agreement. On March 29, 2019, the Company entered into an equity distribution agreement (the "Preferred Equity Distribution Agreement") with JonesTrading Institutional Services LLC, as sales agent, pursuant to which the Company may offer and sell shares of the Company's Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock, having a maximum aggregate gross sales price of up to $50.0 million, from time to time through the sales agent. On November 27, 2019, the Company entered into an amendment to the Preferred Equity Distribution Agreement that increased the maximum aggregate sales price to $131.5 million. The amendment also provided for the inclusion of sales of the Company’s Series E Preferred Stock. The Company has no obligation to sell any of the shares of Preferred Stock issuable under the Preferred Equity Distribution Agreement and may at any time suspend solicitations and offers under the Preferred Equity Distribution Agreement.

Earnings (Loss) Per Common Shar

Earnings (Loss) Per Common Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings (Loss) Per Common Share	Earnings (Loss) Per Common Share The Company calculates basic earnings (loss) per common share by dividing net income (loss) attributable to the Company's common stockholders for the period by weighted-average shares of common stock outstanding for that period. Diluted earnings (loss) per common share takes into account the effect of dilutive instruments, such as convertible notes, performance share units ("PSUs") and restricted stock units ("RSUs"), and the number of incremental shares that are to be added to the weighted-average number of shares outstanding. During the three and six months ended June 30, 2021, the Company's Convertible Notes were determined to be anti-dilutive and were not included in the calculation of diluted earnings (loss) per common share. During the three months ended June 30, 2020, the Company's Convertible Notes were determined to be dilutive and were included in the calculation of diluted earnings per common share under the "if-converted" method. Under this method, the periodic interest expense (net of applicable taxes) for dilutive notes is added back to the numerator and the number of shares that the notes are entitled to (if converted, regardless of whether they are in or out of the money) are included in the denominator. During the six months ended June 30, 2020, the Company's Convertible Notes were determined to be anti-dilutive and were not included in the calculation of diluted loss per common share. During the three and six months ended June 30, 2021, certain of the PSUs and RSUs awarded under the Company's 2017 Equity Incentive Plan (as amended, the "2017 Plan") were determined to be dilutive and were included in the calculation of diluted earnings per common share under the treasury stock method. Under this method, common equivalent shares are calculated assuming that target PSUs and outstanding RSUs vest according to the respective PSU and RSU agreements and unrecognized compensation cost is used to repurchase shares of the Company’s outstanding common stock at the average market price during the reported period. During the three months ended June 30, 2020, certain of the PSUs and RSUs awarded under the 2017 Plan were determined to be dilutive. During the six months ended June 30, 2020, the PSUs and RSUs awarded under the 2017 Plan were determined to be anti-dilutive and were not included in the calculation of diluted loss per common share. The following table presents the computation of basic and diluted earnings (loss) per common share for the periods indicated (dollar and share amounts in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Basic Earnings (Loss) per Common Share: Net income (loss) attributable to Company $ 53,240 $ 117,813 $ 105,448 $ (470,570) Less: Preferred Stock dividends (1) (10,296) (10,296) (20,593) (20,593) Net income (loss) attributable to Company's common stockholders $ 42,944 $ 107,517 $ 84,855 $ (491,163) Basic weighted average common shares outstanding 379,299 377,465 379,091 364,189 Basic Earnings (Loss) per Common Share $ 0.11 $ 0.28 $ 0.22 $ (1.35) Diluted Earnings (Loss) per Common Share: Net income (loss) attributable to Company $ 53,240 $ 117,813 $ 105,448 $ (470,570) Less: Preferred Stock dividends (1) (10,296) (10,296) (20,593) (20,593) Add back: Interest expense on Convertible Notes for the period, net of tax — 2,665 — — Net income (loss) attributable to Company's common stockholders $ 42,944 $ 110,182 $ 84,855 $ (491,163) Weighted average common shares outstanding 379,299 377,465 379,091 364,189 Net effect of assumed Convertible Notes conversion to common shares — 19,695 — — Net effect of assumed PSUs vested 2,003 642 1,931 — Net effect of assumed RSUs vested 215 2,180 145 — Diluted weighted average common shares outstanding 381,517 399,982 381,167 364,189 Diluted Earnings (Loss) per Common Share $ 0.11 $ 0.28 $ 0.22 $ (1.35) (1) For the six months ended June 30, 2020, includes Preferred Stock dividends declared in arrears in June 2020 for the quarterly period that began on January 15, 2020 and ended on April 14, 2020.

Stock Based Compensation

Stock Based Compensation	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock Based Compensation	Stock Based Compensation In May 2017, the Company’s stockholders approved the 2017 Plan, with such stockholder action resulting in the termination of the Company’s 2010 Stock Incentive Plan (the “2010 Plan”). The terms of the 2017 Plan, as amended from time to time, are substantially the same as the 2010 Plan. At June 30, 2021, there were no common shares of non-vested restricted stock outstanding under the 2010 Plan. Pursuant to the 2017 Plan, eligible employees, officers and directors of the Company are offered the opportunity to acquire the Company's common stock through equity awards under the 2017 Plan. The maximum number of shares that may be issued under the 2017 Plan is 43,170,000. Of the common stock authorized at June 30, 2021, 30,747,566 shares remain available for issuance under the 2017 Plan. The Company’s non-employee directors have been issued 661,013 shares under the 2017 Plan as of June 30, 2021. The Company’s employees have been issued 2,801,396 shares of restricted stock under the 2017 Plan as of June 30, 2021. At June 30, 2021, there were 1,902,344 shares of non-vested restricted stock outstanding, 6,728,375 common shares reserved for issuance in connection with outstanding PSUs under the 2017 Plan and 1,110,322 common shares reserved for issuance in connection with outstanding RSUs under the 2017 Plan. Of the common stock authorized at December 31, 2020, 5,540,536 shares were reserved for issuance under the 2017 Plan. The Company's non-employee directors had been issued 507,821 shares under the 2017 Plan as of December 31, 2020. The Company’s employees had been issued 1,881,380 shares of restricted stock under the 2017 Plan as of December 31, 2020. At December 31, 2020, there were 1,603,766 shares of non-vested restricted stock outstanding, 4,798,517 common shares reserved for issuance in connection with outstanding PSUs under the 2017 Plan and 441,746 common shares reserved for issuance in connection with outstanding RSUs under the 2017 Plan. (a) Restricted Common Stock Awards During the three and six months ended June 30, 2021, the Company recognized non-cash compensation expense on its restricted common stock awards of $1.2 million and $2.3 million, respectively. During the three and six months ended June 30, 2020, the Company recognized non-cash compensation expense on its restricted common stock awards of $1.0 million and $1.8 million, respectively. Dividends are paid on all restricted common stock issued, whether those shares have vested or not. Non-vested restricted stock is forfeited upon the recipient's termination of employment, subject to certain exceptions. There were forfeitures of 9,433 and 19,430 shares for the three and six months ended June 30, 2021, respectively. There were no forfeitures of shares for the three and six months ended June 30, 2020. A summary of the activity of the Company's non-vested restricted stock collectively under the 2010 Plan and 2017 Plan for the six months ended June 30, 2021 and 2020, respectively, is presented below: 2021 2020 Number of Weighted Average Per Share Grant Date Fair Value (1) Number of Weighted Average Per Share Grant Date Fair Value (1) Non-vested shares as of January 1 1,603,766 $ 6.27 837,123 $ 6.18 Granted 939,446 3.82 1,054,254 6.33 Vested (621,438) 5.41 (287,611) 6.22 Forfeited (19,430) 3.26 — — Non-vested shares as of June 30 1,902,344 $ 5.09 1,603,766 $ 6.27 Restricted stock granted during the period 939,446 $ 3.82 1,054,254 $ 6.33 (1) The grant date fair value of restricted stock awards is based on the closing market price of the Company’s common stock at the grant date. At June 30, 2021 and 2020, the Company had unrecognized compensation expense of $7.2 million and $7.9 million, respectively, related to the non-vested shares of restricted common stock under the 2017 Plan and 2010 Plan, collectively. The unrecognized compensation expense at June 30, 2021 is expected to be recognized over a weighted average period of 1.9 years. The total fair value of restricted shares vested during the six months ended June 30, 2021 and 2020 was approximately $2.5 million and $1.8 million, respectively. The requisite service period for restricted stock awards at issuance is three years and the restricted common stock either vests ratably over the requisite service period or at the end of the requisite service period. (b) Performance Share Units During the six months ended June 30, 2021 and 2020, the Company granted PSUs that had been approved by the Compensation Committee and the Board of Directors. Each PSU represents an unfunded promise to receive one share of the Company's common stock once the performance condition has been satisfied. The awards were issued pursuant to and are consistent with the terms and conditions of the 2017 Plan. The PSU awards are subject to performance-based vesting under the 2017 Plan pursuant to the PSU award agreements ("PSU Agreements"). Vesting of the PSUs will occur at the end of three years based on the following: • If three th percentile, then 0% of the target PSUs will vest; • If three th percentile, then the Threshold % (as defined in the individual PSU Agreements) of the target PSUs will vest; • If three th percentile, then 100% of the target PSUs will vest; and • If three th percentile, then the Maximum % (as defined in the individual PSU Agreements) of the target PSUs will vest. The percentage of target PSUs that vest for performance between the 30 th , 50 th , and 80 th percentiles will be calculated using linear interpolation. TSR for the Company and each member of the peer group will be determined by dividing (i) the sum of the cumulative amount of such entity’s dividends per share for the performance period and the arithmetic average per share volume weighted average price (the “VWAP”) of such entity’s common stock for the last thirty (30) consecutive trading days of the performance period minus the arithmetic average per share VWAP of such entity’s common stock for the last thirty (30) consecutive trading days immediately prior to the performance period by (ii) the arithmetic average per share VWAP of such entity’s common stock for the last thirty (30) consecutive trading days immediately prior to the performance period. The grant date fair value of the PSUs was determined through a Monte-Carlo simulation of the Company’s common stock total shareholder return and the common stock total shareholder return of its identified performance peer companies to determine the Relative TSR of the Company’s common stock over a future period of three years. For PSUs granted, the inputs used by the model to determine the fair value are (i) historical stock price volatilities of the Company and its identified performance peer companies over the most recent three The PSUs granted during the six months ended June 30, 2021 and 2020 include DERs which shall remain outstanding from the grant date until the earlier of the settlement or forfeiture of the PSU to which the DER corresponds. Each vested DER entitles the holder to receive payments in an amount equal to any dividends paid by the Company in respect of the share of the Company’s common stock underlying the PSU to which such DER relates. Upon vesting of the PSUs, the DER will also vest. DERs will be forfeited upon forfeiture of the corresponding PSUs. The DERs may be settled in cash or stock at the discretion of the Compensation Committee. A summary of the activity of the target PSU awards under the 2017 Plan for the six months ended June 30, 2021 and 2020, respectively, is presented below: 2021 2020 Number of Weighted Average Per Share Grant Date Fair Value (1) Number of Weighted Average Per Share Grant Date Fair Value (1) Non-vested target PSUs as of January 1 2,902,014 $ 4.98 2,018,518 $ 4.09 Granted 1,631,661 5.56 883,496 7.03 Vested (842,792) 4.20 — — Non-vested target PSUs as of June 30 3,690,883 $ 5.41 2,902,014 $ 4.98 (1) The grant date fair value of the PSUs was determined through a Monte-Carlo simulation of the Company’s common stock total shareholder return and the common stock total shareholder return of its identified performance peer companies to determine the Relative TSR of the Company’s common stock over a future period of three years. The three-year performance period for PSUs granted in 2018 ended on December 31, 2020, resulting in the vesting of 974,074 shares of common stock during the six months ended June 30, 2021 with a fair value of $3.7 million on the vesting date. The number of vested shares related to PSUs granted in 2018 exceeded the target PSUs of 842,792. As of June 30, 2021 and 2020, there was $11.7 million and $8.2 million of unrecognized compensation cost related to the non-vested portion of the PSUs, respectively. The unrecognized compensation cost related to the non-vested portion of the PSUs at June 30, 2021 is expected to be recognized over a weighted average period of 2.1 years. Compensation expense related to the PSUs was $1.7 million and $3.1 million for the three and six months ended June 30, 2021, respectively. Compensation expense related to the PSUs was $1.2 million and $2.5 million for the three and six months ended June 30, 2020, respectively. Restricted Stock Units During the six months ended June 30, 2021 and 2020, the Company granted RSUs that had been approved by the Compensation Committee and the Board of Directors. Each RSU represents an unfunded promise to receive one share of the Company's common stock upon satisfaction of the vesting provisions. The awards were issued pursuant to and are consistent with the terms and conditions of the 2017 Plan. The requisite service period for RSUs at issuance is three years and the RSUs vest ratably over the requisite service period. The RSUs granted during the six months ended June 30, 2021 and 2020 include DERs which shall remain outstanding from the grant date until the earlier of the settlement or forfeiture of the RSU to which the DER corresponds. Each vested DER entitles the holder to receive payments in an amount equal to any dividends paid by the Company in respect of the share of the Company’s common stock underlying the RSU to which such DER relates. Upon vesting of the RSUs, the DER will also vest. DERs will be forfeited upon forfeiture of the corresponding RSUs. The DERs may be settled in cash or stock at the discretion of the Compensation Committee. A summary of the activity of the RSU awards under the 2017 Plan for the six months ended June 30, 2021 and 2020 is presented below: 2021 2020 Number of Weighted Average Per Share Grant Date Fair Value (1) Number of Weighted Average Per Share Grant Date Fair Value (1) Non-vested RSUs as of January 1 441,746 $ 6.23 — $ — Granted 815,830 3.69 441,746 6.23 Vested (147,254) 6.23 — — Non-vested RSUs as of June 30 1,110,322 $ 4.36 441,746 $ 6.23 (1) The grant date fair value of RSUs is based on the closing market price of the Company’s common stock at the grant date. During the six months ended June 30, 2021, 147,254 shares of common stock were issued in connection with the vesting of RSUs at a fair value of $0.5 million on the vesting date. As of June 30, 2021 and 2020, there was $4.0 million and $2.3 million of unrecognized compensation cost related to the non-vested portion of the RSUs, respectively. The unrecognized compensation cost related to the non-vested portion of the RSUs at June 30, 2021 is expected to be recognized over a weighted average period of 2.2 years. Compensation expense related to the RSUs was $0.5 million and $0.9 million for the three and six months ended June 30, 2021, respectively. Compensation expense related to the RSUs was $0.2 million and $0.5 million for the three and six months ended June 30, 2020, respectively.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three and six months ended June 30, 2021 and 2020, the Company qualified to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, for U.S. federal income tax purposes. As long as the Company qualifies as a REIT, the Company generally will not be subject to U.S. federal income taxes on its taxable income to the extent it annually distributes at least 100% of its taxable income to stockholders and does not engage in prohibited transactions. Certain activities the Company performs may produce income that will not be qualifying income for REIT purposes. The Company has designated its TRSs to engage in these activities. The tables below reflect the taxes accrued at the TRS level and the tax attributes included in the condensed consolidated financial statements. The income tax provision for the three and six months ended June 30, 2021 and 2020, respectively, is comprised of the following components (dollar amounts in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Current income tax expense $ 58 $ 2,033 $ 271 $ 2,043 Deferred income tax benefit (43) (106) (190) (355) Total income tax provision $ 15 $ 1,927 $ 81 $ 1,688 Deferred Tax Assets and Liabilities The major sources of temporary differences included in the deferred tax assets and their deferred tax effect as of June 30, 2021 and December 31, 2020 are as follows (dollar amounts in thousands): June 30, 2021 December 31, 2020 Deferred tax assets Net operating loss carryforward $ 5,269 $ 6,024 Capital loss carryover 4,980 4,442 GAAP/Tax basis differences 571 814 Total deferred tax assets (1) 10,820 11,280 Deferred tax liabilities Deferred tax liabilities 4 2 Total deferred tax liabilities (2) 4 2 Valuation allowance (1) (8,852) (9,503) Total net deferred tax asset $ 1,964 $ 1,775 (1) Included in other assets in the accompanying condensed consolidated balance sheets. (2) Included in other liabilities in the accompanying condensed consolidated balance sheets. As of June 30, 2021, the Company, through wholly-owned TRSs, had incurred net operating losses in the aggregate amount of approximately $13.9 million. The Company’s carryforward net operating losses of approximately $13.0 million can be carried forward indefinitely until they are offset by future taxable income. The remaining $0.9 million of net operating losses will expire between 2036 and 2037 if they are not offset by future taxable income. Additionally, as of June 30, 2021, the Company, through its wholly-owned TRSs, had also incurred approximately $14.6 million in capital losses. The Company's carryforward capital losses will expire between 2023 and 2026 if they are not offset by future capital gains. At June 30, 2021, the Company has recorded a valuation allowance against certain deferred tax assets as management does not believe that it is more likely than not that these deferred tax assets will be realized. The change in the valuation for the current year is approximately $0.7 million. We will continue to monitor positive and negative evidence related to the utilization of the remaining deferred tax assets for which a valuation allowance continues to be provided. The Company files income tax returns with the U.S. federal government and various state and local jurisdictions. The Company's federal, state and city income tax returns are subject to examination by the Internal Revenue Service and related tax authorities generally for three years after they were filed. The Company has assessed its tax positions for all open years and concluded that there are no material uncertainties to be recognized. Based on the Company’s evaluation, the Company has concluded that there are no significant uncertain tax positions requiring recognition in the Company’s financial statements. To the extent that the Company incurs interest and accrued penalties in connection with its tax obligations, including expenses related to the Company’s evaluation of unrecognized tax positions, such amounts will be included in income tax expense.

Net Interest Income

Net Interest Income	6 Months Ended
	Jun. 30, 2021
Banking and Thrift, Interest [Abstract]
Net Interest Income	Net Interest Income The following table details the components of the Company's interest income and interest expense for the three and six months ended June 30, 2021 and 2020, respectively (dollar amounts in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Interest income Residential loans Residential loans $ 20,155 $ 17,471 $ 39,816 $ 39,153 Consolidated SLST 10,479 11,522 20,797 23,646 Residential loans held in securitization trusts 9,933 427 17,901 921 Total residential loans 40,567 29,420 78,514 63,720 Multi-family loans Preferred equity and mezzanine loan investments 4,130 5,202 8,531 10,575 Consolidated K-Series — — — 151,841 Total multi-family loans 4,130 5,202 8,531 162,416 Investment securities available for sale 7,475 13,269 15,150 32,026 Other 14 79 30 421 Total interest income 52,186 47,970 102,225 258,583 Interest expense Repurchase agreements 3,733 7,366 7,773 28,112 Collateralized debt obligations Consolidated SLST 7,151 8,158 14,254 16,693 Consolidated K-Series — — — 129,762 Residential loan securitizations 5,015 130 9,735 367 Non-Agency RMBS re-securitization — 469 283 469 Total collateralized debt obligations 12,166 8,757 24,272 147,291 Convertible notes 2,788 2,739 5,572 5,474 Senior unsecured notes 1,136 — 1,136 — Subordinated debentures 459 582 916 1,231 Derivatives — — — 868 Other 429 — 741 — Total interest expense 20,711 19,444 40,410 182,976 Net interest income $ 31,475 $ 28,526 $ 61,815 $ 75,607

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Issuance and Redemption of Preferred Stock In July 2021, the Company closed an underwritten public offering of 5,750,000 shares of the Company's 6.875% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, $0.01 par value per share ("Series F Preferred Stock"). Holders of Series F Preferred Stock will be entitled to receive cumulative cash dividends (i) from and including the original issue date to, but excluding, October 15, 2026 at a fixed rate of 6.875% of the $25.00 per share liquidation preference (equivalent to $1.71875 per annum per share) and (ii) from and including October 15, 2026, at a floating rate equal to a benchmark rate (which is expected to be Three-Month Term SOFR published by the Federal Reserve Bank of New York) plus a spread of 6.130% per annum of the $25.00 per share liquidation preference. The Series F Preferred Stock is not redeemable by the Company prior to October 15, 2026, except under circumstances where it is necessary to preserve the Company’s qualification as a REIT for U.S. federal income tax purposes and except in certain instances upon the occurrence of a change of control. The issuance and sale of the 5,750,000 shares of Series F Preferred Stock resulted in total net proceeds to the Company of approximately $138.6 million after deduction of underwriting discounts and commissions and estimated offering expenses. The Company used approximately $104.9 million of the net proceeds from the 6.875% Series F Preferred Stock offering to fund the redemption of all outstanding shares of its 7.875% Series C Preferred Stock at an aggregate redemption price of approximately $25.08 per share, which included accumulated and unpaid dividends up to, but not including, the redemption date of July 30, 2021. Redemption of Residential Loan Securitization On July 29, 2021, the Company directed the trustee of one of the Company's residential loan securitizations, with an outstanding balance of $208.6 million as of June 30, 2021, to exercise its right to redeem the securitization. The scheduled redemption date is August 12, 2021. Sale of CMBS In July 2021, the Company sold CMBS for proceeds of approximately $89.5 million.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation – The accompanying condensed consolidated balance sheet as of December 31, 2020 has been derived from audited financial statements. The accompanying condensed consolidated balance sheet as of June 30, 2021, the accompanying condensed consolidated statements of operations for the three and six months ended June 30, 2021 and 2020, the accompanying condensed consolidated statements of comprehensive income for the three and six months ended June 30, 2021 and 2020, the accompanying condensed consolidated statements of changes in stockholders’ equity for the three and six months ended June 30, 2021 and 2020 and the accompanying condensed consolidated statements of cash flows for the six months ended June 30, 2021 and 2020 are unaudited. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations and cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with Article 10 of Regulation S-X and the instructions to Form 10-Q. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the U.S. Securities and Exchange Commission (“SEC”). Accordingly, significant accounting policies and other disclosures have been omitted since such items are disclosed in Note 2 in the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020. Provided in this section is a summary of additional accounting policies that are significant to, or newly adopted by, the Company for the three and six months ended June 30, 2021. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the operating results for the full year.
Reclassifications	Reclassifications – Certain prior period amounts have been reclassified in the accompanying condensed consolidated financial statements to conform to current period presentation.
Principles of Consolidation and Variable Interest Entities	Principles of Consolidation and Variable Interest Entities – The accompanying condensed consolidated financial statements of the Company include the accounts of all its subsidiaries which are majority-owned, controlled by the Company or a variable interest entity (“VIE”) where the Company is the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation. A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The Company consolidates a VIE when it is the primary beneficiary of such VIE, herein referred to as a "Consolidated VIE". As primary beneficiary, the Company has both the power to direct the activities that most significantly impact the economic performance of the VIE and a right to receive benefits or absorb losses of the entity that could be potentially significant to the VIE. The Company is required to reconsider its evaluation of whether to consolidate a VIE each reporting period, based upon changes in the facts and circumstances pertaining to the VIE.
Goodwill	Goodwill – Goodwill is not amortized but is evaluated for impairment on an annual basis, or more frequently if the Company believes indicators of impairment exist, by initially performing a qualitative screen and, if necessary, then comparing fair value of the reporting unit to its carrying value, including goodwill. If the fair value of the reporting unit is less than the carrying value, an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value (in an amount not to exceed the total amount of goodwill allocated to the reporting unit) is recognized.
Other Assets	Other Assets – Other assets as of June 30, 2021 and December 31, 2020 include restricted cash held by third parties, including cash held by the Company's securitization trusts, of $75.6 million and $11.3 million, respectively. Operating real estate held in Consolidated VIEs, net in the amounts of $125.3 million and $50.5 million are also included in other assets as of June 30, 2021 and December 31, 2020, respectively. Other assets includes collections receivable from loan servicers, recoverable advances and interest receivable on residential loans totaling $65.9 million and $63.6 million as of June 30, 2021 and December 31, 2020, respectively. Also included in other assets are operating lease right of use assets of $9.6 million and $10.1 million as of June 30, 2021 and December 31, 2020, respectively (with corresponding operating lease liabilities of $10.2 million and $10.6 million as of June 30, 2021 and December 31, 2020, respectively, included in other liabilities in the accompanying condensed consolidated balance sheets)
Summary of Recent Accounting Pronouncements	Summary of Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). ASU 2020-04 provides optional expedients and exceptions to GAAP requirements for modifications to debt agreements, leases, derivatives and other contracts, related to the expected market transition from LIBOR, and certain other floating rate benchmark indices, or collectively, IBORs, to alternative reference rates. ASU 2020-04 generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope ("ASU 2021-01"). ASU 2021-01 clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the "discounting transition" (i.e., changes in the interest rates used for margining, discounting, or contract price alignment for derivative instruments that are being implemented as part of the market-wide transition to new reference rates). The guidance in ASU 2020-04 is optional and may be elected over time, through December 31, 2022, as reference rate reform activities occur. Once ASU 2020-04 is elected, the guidance must be applied prospectively for all eligible contract modifications. The amendments in ASU 2021-01 are effective immediately and may be applied on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020 or on a prospective basis for eligible contract modifications through December 31, 2022. The Company continues to evaluate the impact of ASU 2020-04 and ASU 2021-01 and may apply elections, as applicable, as the expected market transition from IBORs to alternative reference rates continues to develop. In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity ("ASU 2020-06"). ASU 2020-06 simplifies an issuer's accounting for convertible instruments, enhances disclosure requirements for convertible instruments and modifies how particular convertible instruments and certain instruments that may be settled in cash or shares impact the diluted earnings per share computation. Entities may adopt the guidance through either a modified retrospective method of transition or a fully retrospective method of transition. The amendments are effective for public entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. Early adoption is permitted, but no earlier than fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company does not anticipate that the implementation of ASU 2020-06 will have a material impact on its consolidated financial statements or notes thereto.
Fair Value of Financial Instruments	The Company has established and documented processes for determining fair values. Fair value is based upon quoted market prices, where available. If listed prices or quotes are not available, then fair value is based upon internally developed models that primarily use inputs that are market-based or independently sourced market parameters, including interest rate yield curves. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of valuation hierarchy are defined as follows: Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement. The following describes the valuation methodologies used for the Company’s financial instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy. a. Residential Loans Held in Consolidated SLST and Multi - Family Loans Held in the Consolidated K-Series –Residential loans held in Consolidated SLST and multi-family loans held in the Consolidated K-Series are carried at fair value and classified as Level 3 fair values. In accordance with the practical expedient in ASC 810, the Company determines the fair value of residential loans held in Consolidated SLST and multi-family loans held in the Consolidated K-Series based on the fair value of the CDOs issued by these securitizations and its investment in these securitizations (eliminated in consolidation in accordance with GAAP), as the fair value of these instruments is more observable. The investment securities (eliminated in consolidation in accordance with GAAP) that we own in these securitizations are generally illiquid and trade infrequently, as such they are classified as Level 3 in the fair value hierarchy. The fair valuation of these investment securities is determined based on an internal valuation model that considers expected cash flows from the underlying loans and yields required by market participants. The significant unobservable inputs used in the measurement of these investments are projected losses within the pool of loans and a discount rate. The discount rate used in determining fair value incorporates default rate, loss severity, prepayment rate and current market interest rates. Significant increases or decreases in these inputs would result in a significantly lower or higher fair value measurement. b. Residential Loans and Residential Loans Held in Securitization Trusts – The Company’s acquired residential loans are recorded at fair value and classified as Level 3 in the fair value hierarchy. The fair value for residential loans is determined using valuations obtained from a third party that specializes in providing valuations of residential loans. The valuation approach depends on whether the residential loan is considered performing, re-performing or non-performing at the date the valuation is performed. For performing and re-performing loans, estimates of fair value are derived using a discounted cash flow model, where estimates of cash flows are determined from scheduled payments for each loan, adjusted using forecast prepayment rates, default rates and rates for loss upon default. For non-performing loans, asset liquidation cash flows are derived based on the estimated time to liquidate the loan, expected liquidation costs and home price appreciation. Estimated cash flows for both performing and non-performing loans are discounted at yields considered appropriate to arrive at a reasonable exit price for the asset. Indications of loan value such as actual trades, bids, offers and generic market color may be used in determining the appropriate discount yield. c. Preferred Equity and Mezzanine Loan Investments – Fair value for preferred equity and mezzanine loan investments is determined by both market comparable pricing and discounted cash flows. The discounted cash flows are based on the underlying contractual cash flows and estimated changes in market yields. The fair value also reflects consideration of changes in credit risk since the origination or time of initial investment. This fair value measurement is generally based on unobservable inputs and, as such, is classified as Level 3 in the fair value hierarchy. d. Investment Securities Available for Sale – The Company determines the fair value of all of its investment securities available for sale based on discounted cash flows utilizing an internal pricing model. The methodology considers the characteristics of the particular security and its underlying collateral, which are observable inputs. These inputs include, but are not limited to, delinquency status, coupon, loan-to-value ("LTV"), historical performance, periodic and life caps, collateral type, rate reset period, seasoning, prepayment speeds and credit enhancement levels. The Company also considers several observable market data points, including prices obtained from third-party pricing services or dealers who make markets in similar financial instruments, trading activity, and dialogue with market participants. Third-party pricing services typically incorporate commonly used market pricing methods, trading activity observed in the marketplace and other data inputs similar to those used in the Company's internal pricing model. The Company has established thresholds to compare internally generated prices with independent third-party prices and any differences that exceed the thresholds are reviewed both internally and with the third-party pricing service. The Company reconciles and resolves all pricing differences in excess of the thresholds before a final price is established. The Company’s investment securities available for sale are valued based upon readily observable market parameters and are classified as Level 2 fair values. e. Equity Investments – Fair value for equity investments is determined (i) by the valuation process for preferred equity and mezzanine loan investments as described in c. above or (ii) using the net asset value ("NAV") of the equity investment entity as a practical expedient. These fair value measurements are generally based on unobservable inputs and, as such, are classified as Level 3 in the fair value hierarchy. f. Derivative Instruments – The Company’s derivative instruments were classified as Level 2 fair values and were measured using valuations reported by the clearing house, CME Clearing, through which these instruments were cleared. The derivatives were presented net of variation margin payments pledged or received. g. Collateralized Debt Obligations – CDOs issued by Consolidated SLST and the Consolidated K-Series are classified as Level 3 fair values for which fair value is determined by considering several market data points, including prices obtained from third-party pricing services or dealers who make markets in similar financial instruments. The third-party pricing service or dealers incorporate common market pricing methods, including a spread measurement to the Treasury curve or interest rate swap curve as well as underlying characteristics of the particular security. They will also consider contractual cash payments and yields expected by market participants. Refer to a . above for a description of the fair valuation of CDOs issued by Consolidated SLST and the Consolidated K-Series that are eliminated in consolidation. Management reviews all prices used in determining fair value to ensure they represent current market conditions. This review includes surveying similar market transactions and comparisons to interest pricing models as well as offerings of like securities by dealers. Any changes to the valuation methodology are reviewed by management to ensure the changes are appropriate. As markets and products develop and the pricing for certain products becomes more transparent, the Company continues to refine its valuation methodologies. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies, or assumptions, to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. The Company uses inputs that are current as of each reporting date, which may include periods of market dislocation, during which time price transparency may be reduced. This condition could cause the Company’s financial instruments to be reclassified from Level 2 to Level 3 in future periods.

Residential Loans, at Fair Va_2

Residential Loans, at Fair Value (Tables)	6 Months Ended
	Jun. 30, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule of Residential Mortgage Loans At Fair Value	The following table presents t he Company’s residential loans, at fair value, which consist of residential loans held by the Company, Consolidated SLST and other securitization trusts, as of June 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): June 30, 2021 December 31, 2020 Residential loans (1) Consolidated SLST (2) Residential loans held in securitization trusts (3) Total Residential loans (1) Consolidated SLST (2) Residential loans held in securitization trusts (3) Total Principal $ 1,227,386 $ 1,162,852 $ 784,933 $ 3,175,171 $ 1,097,528 $ 1,231,669 $ 696,543 $ 3,025,740 (Discount)/premium (43,840) (1,220) (38,928) (83,988) (42,259) 1,337 (41,506) (82,428) Unrealized gains 43,295 14,907 53,358 111,560 35,661 33,779 36,414 105,854 Carrying value $ 1,226,841 $ 1,176,539 $ 799,363 $ 3,202,743 $ 1,090,930 $ 1,266,785 $ 691,451 $ 3,049,166 (1) Certain of the Company's residential loans, at fair value are pledged as collateral for repurchase agreements as of June 30, 2021 and December 31, 2020 ( see Note 10) . (2) The Company invests in first loss subordinated securities and certain IOs issued by a Freddie Mac-sponsored residential loan securitization. In accordance with GAAP, the Company has consolidated the underlying seasoned re-performing and non-performing residential loans held in the securitization and the CDOs issued to permanently finance these residential loans, representing Consolidated SLST. Consolidated SLST CDOs are included in collateralized debt obligations on the Company's condensed consolidated balance sheets. (3) The Company's residential loans held in securitization trusts are pledged as collateral for CDOs issued by the Company. These CDOs are accounted for as financings and included in collateralized debt obligations on the Company's condensed consolidated balance sheets (s ee Note 11) .
Schedule of Components of Net Gain on Residential Mortgage Loans at Fair Value	The following table presents the unrealized gains (losses), net attributable to residential loans, at fair value for the three and six months ended June 30, 2021 and 2020, respectively (dollar amounts in thousands): Three Months Ended June 30, 2021 June 30, 2020 Residential loans Consolidated SLST (1) Residential loans held in securitization trusts Residential loans Consolidated SLST (1) Residential loans held in securitization trusts Unrealized gains (losses), net $ 1,009 $ 6,471 $ 4,893 $ 38,198 $ 75,051 $ 4 Six Months Ended June 30, 2021 June 30, 2020 Residential loans Consolidated SLST (1) Residential loans held in securitization trusts Residential loans Consolidated SLST (1) Residential loans held in securitization trusts Unrealized gains (losses), net $ 7,435 $ (18,872) $ 17,143 $ (43,482) $ (13,049) $ (1,725) (1) In accordance with the practical expedient in ASC 810, Consolidation ("ASC 810") the Company determines the fair value of the residential loans held in Consolidated SLST based on the fair value of the CDOs issued by Consolidated SLST, including investment securities we own, as the fair value of these instruments is more observable ( see Note 14). See Note 7 for unrealized gains (losses), net recognized by the Company on its investment in Consolidated SLST, which include unrealized gains (losses) on the residential loans held in Consolidated SLST presented in the table above and unrealized gains (losses) on the CDOs issued by Consolidated SLST.
Schedule of Geographic Concentration of Credit Risk	The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of residential loans, at fair value as of June 30, 2021 and December 31, 2020, respectively, are as follows: June 30, 2021 December 31, 2020 Residential loans Consolidated SLST Residential loans held in securitization trusts Residential loans Consolidated SLST Residential loans held in securitization trusts California 22.0 % 10.7 % 22.9 % 23.6 % 10.9 % 19.8 % Florida 11.0 % 10.4 % 10.3 % 13.1 % 10.5 % 8.1 % New York 10.0 % 9.5 % 7.7 % 9.2 % 9.3 % 8.9 % New Jersey 7.5 % 7.2 % 5.0 % 5.6 % 7.1 % 5.6 % Texas 5.7 % 3.9 % 4.6 % 5.6 % 4.0 % 4.3 % Maryland 2.7 % 3.9 % 5.0 % 2.8 % 3.8 % 6.3 % Illinois 2.7 % 6.9 % 2.3 % 2.5 % 6.8 % 2.7 % The geographic concentrations of credit risk exceeding 5% of the total preferred equity and mezzanine loan investment amounts as of June 30, 2021 and December 31, 2020, respectively, are as follows: June 30, 2021 December 31, 2020 Tennessee 16.0 % 14.3 % Texas 15.2 % 11.4 % Florida 11.3 % 8.5 % South Carolina 9.5 % 7.2 % Alabama 8.8 % 9.7 % Georgia 6.8 % 10.1 % Ohio 6.8 % 5.2 % North Carolina 6.5 % 4.9 %
Schedule of Residential Mortgage Loans, Fair Value Compared to Unpaid Principal	The following table presents the fair value and aggregate unpaid principal balance of the Company's residential loans and residential loans held in securitization trusts in non-accrual status as of June 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): Greater than 90 days past due Less than 90 days past due Fair Value Unpaid Principal Balance Fair Value Unpaid Principal Balance June 30, 2021 $ 130,638 $ 152,057 $ 15,268 $ 16,203 December 31, 2020 149,444 169,553 16,057 17,748

Multi-family Loans, at Fair V_2

Multi-family Loans, at Fair Value (Tables)	6 Months Ended
	Jun. 30, 2021
Receivables [Abstract]
Schedule of Preferred Equity and Mezzanine Loan Investments	P referred equity and mezzanine loan investments consist of the following as of June 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): June 30, 2021 December 31, 2020 Investment amount $ 125,924 $ 163,392 Deferred loan fees, net (871) (1,169) Unrealized gains, net 1,666 1,370 Total, at Fair Value $ 126,719 $ 163,593
Preferred Equity and Mezzanine Loans, Fair Value Compared to Unpaid Principal	The table below presents the fair value and aggregate unpaid principal balance of the Company's preferred equity and mezzanine loan investments in non-accrual status as of June 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): June 30, 2021 December 31, 2020 Days Late Fair Value Unpaid Principal Balance Fair Value Unpaid Principal Balance 90 + $ 3,648 $ 3,363 $ 3,325 $ 3,363
Schedule of Geographic Concentration of Credit Risk Exceeding 5% of Balances	The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of residential loans, at fair value as of June 30, 2021 and December 31, 2020, respectively, are as follows: June 30, 2021 December 31, 2020 Residential loans Consolidated SLST Residential loans held in securitization trusts Residential loans Consolidated SLST Residential loans held in securitization trusts California 22.0 % 10.7 % 22.9 % 23.6 % 10.9 % 19.8 % Florida 11.0 % 10.4 % 10.3 % 13.1 % 10.5 % 8.1 % New York 10.0 % 9.5 % 7.7 % 9.2 % 9.3 % 8.9 % New Jersey 7.5 % 7.2 % 5.0 % 5.6 % 7.1 % 5.6 % Texas 5.7 % 3.9 % 4.6 % 5.6 % 4.0 % 4.3 % Maryland 2.7 % 3.9 % 5.0 % 2.8 % 3.8 % 6.3 % Illinois 2.7 % 6.9 % 2.3 % 2.5 % 6.8 % 2.7 % The geographic concentrations of credit risk exceeding 5% of the total preferred equity and mezzanine loan investment amounts as of June 30, 2021 and December 31, 2020, respectively, are as follows: June 30, 2021 December 31, 2020 Tennessee 16.0 % 14.3 % Texas 15.2 % 11.4 % Florida 11.3 % 8.5 % South Carolina 9.5 % 7.2 % Alabama 8.8 % 9.7 % Georgia 6.8 % 10.1 % Ohio 6.8 % 5.2 % North Carolina 6.5 % 4.9 %

Investment Securities Availab_2

Investment Securities Available for Sale, at Fair Value (Tables)	6 Months Ended
	Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Schedule of Investment Securities Available For Sale, Fair Value Option	The Company's investment securities available for sale consisted of the following as of June 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): June 30, 2021 December 31, 2020 Amortized Cost Unrealized Fair Value Amortized Cost Unrealized Fair Value Gains Losses Gains Losses Fair Value Option Agency RMBS $ 134,461 $ — $ (3,162) $ 131,299 $ 138,541 $ 854 $ — $ 139,395 Non-Agency RMBS (1) 100,379 674 (8,560) 92,493 100,465 170 (10,786) 89,849 CMBS (2) 111,977 4,156 (405) 115,728 139,019 5,685 (3,731) 140,973 ABS 27,917 14,703 — 42,620 34,139 9,086 — 43,225 Total investment securities available for sale - fair value option 374,734 19,533 (12,127) 382,140 412,164 15,795 (14,517) 413,442 CECL Securities Non-Agency RMBS (3) 189,398 6,742 (645) 195,495 266,855 4,336 (5,374) 265,817 CMBS 28,420 1,734 (382) 29,772 43,435 2,032 — 45,467 Total investment securities available for sale - CECL Securities 217,818 8,476 (1,027) 225,267 310,290 6,368 (5,374) 311,284 Total $ 592,552 $ 28,009 $ (13,154) $ 607,407 $ 722,454 $ 22,163 $ (19,891) $ 724,726 (1) Includes non-Agency RMBS held in a securitization trust with a total fair value of $37.6 million as of December 31, 2020. During the six months ended June 30, 2021, the Company exercised its right to an optional redemption of its non-Agency RMBS re-securitization, returning the non-Agency RMBS held by the re-securitization trust to the Company ( see Note 7 ). (2) Includes IO and mezzanine securities transferred from the Consolidated K-Series as a result of de-consolidation during the six months ended June 30, 2020, with a total fair value of $72.6 million and $97.6 million as of June 30, 2021 and December 31, 2020 respectively. (3) Includes non-Agency RMBS held in a securitization trust with a total fair value of $71.5 million as of December 31, 2020. During the six months ended June 30, 2021, the Company exercised its right to an optional redemption of its non-Agency RMBS re-securitization, returning the non-Agency RMBS held by the re-securitization trust to the Company ( see Note 7
Schedule of Investment Securities Available for Sale, CECL Securities	The Company's investment securities available for sale consisted of the following as of June 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): June 30, 2021 December 31, 2020 Amortized Cost Unrealized Fair Value Amortized Cost Unrealized Fair Value Gains Losses Gains Losses Fair Value Option Agency RMBS $ 134,461 $ — $ (3,162) $ 131,299 $ 138,541 $ 854 $ — $ 139,395 Non-Agency RMBS (1) 100,379 674 (8,560) 92,493 100,465 170 (10,786) 89,849 CMBS (2) 111,977 4,156 (405) 115,728 139,019 5,685 (3,731) 140,973 ABS 27,917 14,703 — 42,620 34,139 9,086 — 43,225 Total investment securities available for sale - fair value option 374,734 19,533 (12,127) 382,140 412,164 15,795 (14,517) 413,442 CECL Securities Non-Agency RMBS (3) 189,398 6,742 (645) 195,495 266,855 4,336 (5,374) 265,817 CMBS 28,420 1,734 (382) 29,772 43,435 2,032 — 45,467 Total investment securities available for sale - CECL Securities 217,818 8,476 (1,027) 225,267 310,290 6,368 (5,374) 311,284 Total $ 592,552 $ 28,009 $ (13,154) $ 607,407 $ 722,454 $ 22,163 $ (19,891) $ 724,726 (1) Includes non-Agency RMBS held in a securitization trust with a total fair value of $37.6 million as of December 31, 2020. During the six months ended June 30, 2021, the Company exercised its right to an optional redemption of its non-Agency RMBS re-securitization, returning the non-Agency RMBS held by the re-securitization trust to the Company ( see Note 7 ). (2) Includes IO and mezzanine securities transferred from the Consolidated K-Series as a result of de-consolidation during the six months ended June 30, 2020, with a total fair value of $72.6 million and $97.6 million as of June 30, 2021 and December 31, 2020 respectively. (3) Includes non-Agency RMBS held in a securitization trust with a total fair value of $71.5 million as of December 31, 2020. During the six months ended June 30, 2021, the Company exercised its right to an optional redemption of its non-Agency RMBS re-securitization, returning the non-Agency RMBS held by the re-securitization trust to the Company ( see Note 7
Schedule of Investments Securities Sold	The following tables summarize our investment securities sold during the three months ended June 30, 2021 and 2020, respectively (dollar amounts in thousands): Three Months Ended June 30, 2021 Sales Proceeds Realized Gains Realized Losses Net Realized Gains (Losses) CMBS $ 3,770 $ 392 $ — $ 392 Total $ 3,770 $ 392 $ — $ 392 Three Months Ended June 30, 2020 Sales Proceeds Realized Gains Realized Losses Net Realized Gains (Losses) Non-Agency RMBS $ 37,810 $ 294 $ (1,690) $ (1,396) CMBS 24,022 1,327 — 1,327 Total $ 61,832 $ 1,621 $ (1,690) $ (69) The following tables summarize our investment securities sold during the six months ended June 30, 2021 and 2020, respectively (dollar amounts in thousands): Six Months Ended June 30, 2021 Sales Proceeds Realized Gains Realized Losses Net Realized Gains (Losses) Non-Agency RMBS $ 72,083 $ 12 $ (833) $ (821) CMBS 43,315 5,587 — 5,587 Total $ 115,398 $ 5,599 $ (833) $ 4,766 Six Months Ended June 30, 2020 Sales Proceeds Realized Gains Realized Losses Net Realized Gains (Losses) Agency RMBS: Agency ARMs $ 49,892 $ 44 $ (4,157) $ (4,113) Agency Fixed-Rate (1) 943,074 5,358 (11,697) (6,339) Total Agency RMBS 992,966 5,402 (15,854) (10,452) Agency CMBS (2) 145,411 5,666 (209) 5,457 Total Agency 1,138,377 11,068 (16,063) (4,995) Non-Agency RMBS 168,758 294 (25,821) (25,527) CMBS 138,061 1,327 (29,584) (28,257) Total $ 1,445,196 $ 12,689 $ (71,468) $ (58,779) (1) Includes Agency RMBS securities issued by Consolidated SLST ( see Note 7 ). (2) Includes Agency CMBS securities transferred from the Consolidated K-Series ( see Note 7 ).
Schedule of Weighted Average Lives of Investment Securities	The following table sets forth the weighted average lives of our investment securities available for sale as of June 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): Weighted Average Life June 30, 2021 December 31, 2020 0 to 5 years $ 248,347 $ 332,934 Over 5 to 10 years 317,620 320,361 10+ years 41,440 71,431 Total $ 607,407 $ 724,726
Schedule of Investment Securities Available for Sale in Unrealized Loss Position	The following table presents the Company's CECL Securities in an unrealized loss position with no credit losses reported, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): June 30, 2021 Less than 12 months Greater than 12 months Total Carrying Gross Carrying Gross Carrying Gross Non-Agency RMBS $ 35,532 $ (25) $ 36,175 $ (620) $ 71,707 $ (645) CMBS 22,488 (382) — — 22,488 (382) Total $ 58,020 $ (407) $ 36,175 $ (620) $ 94,195 $ (1,027) December 31, 2020 Less than 12 months Greater than 12 months Total Carrying Gross Carrying Gross Carrying Gross Non-Agency RMBS $ 159,841 $ (4,526) $ 8,234 $ (848) $ 168,075 $ (5,374) Total $ 159,841 $ (4,526) $ 8,234 $ (848) $ 168,075 $ (5,374)

Equity Investments, at Fair V_2

Equity Investments, at Fair Values (Tables)	6 Months Ended
	Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments in Unconsolidated Entities	The Company's equity investments are accounted for under the equity method and are presented at fair value on its condensed consolidated balance sheets as a result of a fair value election. T he following table presents the Company's equity investments as of June 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): June 30, 2021 December 31, 2020 Investment Name Ownership Interest Fair Value Ownership Interest Fair Value Multi-Family Preferred Equity Ownership Interests BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively) 45% $ 12,145 45% $ 11,441 Somerset Deerfield Investor, LLC 45% 19,373 45% 18,792 RS SWD Owner, LLC, RS SWD Mitchell Owner, LLC, RS SWD IF Owner, LLC, RS SWD Mullis Owner, LLC, RS SWD JH Mullis Owner, LLC and RS SWD Saltzman Owner, LLC (collectively) 43% 5,438 43% 5,140 Audubon Mezzanine Holdings, L.L.C. (Series A) 57% 12,078 57% 11,456 EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively) 46% 7,426 46% 7,234 Walnut Creek Properties Holdings, L.L.C. 36% 9,063 36% 8,803 Towers Property Holdings, LLC 37% 12,529 37% 12,119 Mansions Property Holdings, LLC 34% 12,073 34% 11,679 Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively) 43% 4,446 43% 4,320 Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively) 37% 10,256 37% 9,966 Axis Apartments Holdings, LLC, Arbor-Stratford Holdings II, LLC - Series B, Highlands - Mtg. Holdings, LLC - Series B, Oakley Shoals Apartments, LLC - Series C, and Woodland Park Apartments II, LLC (collectively) 53% 12,679 53% 12,337 DCP Gold Creek, LLC 44% 6,546 44% 6,357 1122 Chicago DE, LLC 53% 7,465 53% 7,222 Rigsbee Ave Holdings, LLC 56% 11,150 56% 10,222 Bighaus, LLC 42% 14,984 42% 14,525 FF/RMI 20 Midtown, LLC 51% 24,649 51% 23,936 Lurin-RMI, LLC 38% 7,446 38% 7,216 Total - Multi-Family Preferred Equity Ownership Interests 189,746 182,765 Single-Family Equity Ownership Interests Morrocroft Neighborhood Stabilization Fund II, LP 11% 14,951 11% 13,040 Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I) — — 49% 63,290 Total - Single-Family Equity Ownership Interests 14,951 76,330 Total $ 204,697 $ 259,095 Three Months Ended June 30, Six Months Ended June 30, Investment Name 2021 2020 2021 2020 BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively) $ 357 $ 358 $ 704 $ 603 Somerset Deerfield Investor, LLC 675 627 1,141 787 RS SWD Owner, LLC, RS SWD Mitchell Owner, LLC, RS SWD IF Owner, LLC, RS SWD Mullis Owner, LLC, RS SWD JH Mullis Owner, LLC and RS SWD Saltzman Owner, LLC (collectively) 174 158 298 92 Audubon Mezzanine Holdings, L.L.C. (Series A) 357 284 721 175 EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively) 240 225 419 124 Walnut Creek Properties Holdings, L.L.C. 263 216 541 122 Towers Property Holdings, LLC 361 284 740 122 Mansions Property Holdings, LLC 348 273 713 118 Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively) 131 107 266 53 Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively) 302 245 616 114 Axis Apartments Holdings, LLC, Arbor-Stratford Holdings II, LLC - Series B, Highlands - Mtg. Holdings, LLC - Series B, Oakley Shoals Apartments, LLC - Series C, and Woodland Park Apartments II, LLC (collectively) 374 304 762 135 DCP Gold Creek, LLC 197 222 400 102 1122 Chicago DE, LLC 225 296 446 236 Rigsbee Ave Holdings, LLC 896 425 1,215 279 Bighaus, LLC 443 — 879 — FF/RMI 20 Midtown, LLC 758 — 1,504 — Lurin-RMI, LLC 235 — 470 — Total Income - Multi-Family Preferred Equity Ownership Interests $ 6,336 $ 4,024 $ 11,835 $ 3,062 Three Months Ended June 30, Six Months Ended June 30, Investment Name 2021 2020 2021 2020 Single-Family Equity Ownership Interests Morrocroft Neighborhood Stabilization Fund II, LP $ 998 $ 347 $ 2,186 $ 565 Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I) (1) 3,273 1,051 (15) 2,051 Total Income - Single-Family Equity Ownership Interests $ 4,271 $ 1,398 $ 2,171 $ 2,616 Joint Venture Equity Investments in Multi-Family Properties (2) The Preserve at Port Royal Venture, LLC (3) $ — $ (1,310) $ — $ (1,071) Total Loss - Joint Venture Equity Investments in Multi-Family Properties $ — $ (1,310) $ — $ (1,071) (1) The Company's equity investment was redeemed during the six months ended June 30, 2021. (2) Includes net unrealized loss of $1.3 million and $1.1 million for the three and six months ended June 30, 2020, respectively. (3) The Company's equity investment was redeemed during the year ended December 31, 2020.

Use of Special Purpose Entiti_2

Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) (Tables)	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Assets and Liabilities of Consolidated VIE's	The following table presents a summary of the assets, liabilities and non-controlling interests of the Company's residential loan securitizations, Consolidated SLST and other Consolidated VIEs as of June 30, 2021 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Financing VIEs Other VIEs Residential Consolidated SLST Other Total Cash and cash equivalents $ — $ — $ 2,799 $ 2,799 Residential loans, at fair value 799,363 1,176,539 — 1,975,902 Operating real estate, net held in Consolidated VIEs (1) — — 125,253 125,253 Other assets 94,036 3,849 10,162 108,047 Total assets $ 893,399 $ 1,180,388 $ 138,214 $ 2,212,001 Collateralized debt obligations ($683,724 at amortized cost, net and $948,090 at fair value) $ 683,724 $ 948,090 $ — $ 1,631,814 Mortgages payable, net in Consolidated VIEs (2) — — 98,611 98,611 Other liabilities 9,618 2,467 2,179 14,264 Total liabilities $ 693,342 $ 950,557 $ 100,790 $ 1,744,689 Non-controlling interest in Consolidated VIEs (3) $ — $ — $ 5,198 $ 5,198 Net investment (4) $ 200,057 $ 229,831 $ 32,226 $ 462,114 (1) Included in other assets in the accompanying condensed consolidated balance sheets. (2) Included in other liabilities in the accompanying condensed consolidated balance sheets. (3) Represents third party ownership of membership interests in other Consolidated VIEs. (4) The net investment amount is the maximum amount of the Company's investment that is at risk to loss and represents the difference between total assets and total liabilities held by VIEs, less non-controlling interest, if any. The following table presents a summary of the assets, liabilities and non-controlling interests of the Company's residential loan securitizations, non-Agency RMBS re-securitization, Consolidated SLST and other Consolidated VIEs as of December 31, 2020 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Financing VIEs Other VIEs Residential Non-Agency RMBS Re-Securitization Consolidated SLST Other Total Cash and cash equivalents $ — $ — $ — $ 462 $ 462 Residential loans, at fair value 691,451 — 1,266,785 — 1,958,236 Investment securities available for sale, at fair value — 109,140 — — 109,140 Operating real estate, net held in Consolidated VIEs (1) — — — 50,532 50,532 Other assets 24,959 535 4,075 3,045 32,614 Total assets $ 716,410 $ 109,675 $ 1,270,860 $ 54,039 $ 2,150,984 Collateralized debt obligations ($569,323 at amortized cost, net and $1,054,335 at fair value) $ 554,067 $ 15,256 $ 1,054,335 $ — $ 1,623,658 Mortgages payable, net in Consolidated VIEs (2) — — — 36,752 36,752 Other liabilities 2,610 70 2,781 1,435 6,896 Total liabilities $ 556,677 $ 15,326 $ 1,057,116 $ 38,187 $ 1,667,306 Non-controlling interest in Consolidated VIEs (3) $ — $ — $ — $ 6,371 $ 6,371 Net investment (4) $ 159,733 $ 94,349 $ 213,744 $ 9,481 $ 477,307 (1) Included in other assets in the accompanying condensed consolidated balance sheets. (2) Included in other liabilities in the accompanying condensed consolidated balance sheets. (3) Represents third party ownership of membership interests in other Consolidated VIEs. (4) The net investment amount is the maximum amount of the Company's investment that is at risk to loss and represents the difference between total assets and total liabilities held by VIEs, less non-controlling interest, if any. The following table presents the carrying value and estimated fair value of the Company’s financial instruments at June 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): June 30, 2021 December 31, 2020 Fair Value Carrying Estimated Carrying Estimated Financial Assets: Cash and cash equivalents Level 1 $ 324,927 $ 324,927 $ 293,183 $ 293,183 Residential loans Level 3 3,202,743 3,202,743 3,049,166 3,049,166 Multi-family loans Level 3 126,719 126,719 163,593 163,593 Investment securities available for sale Level 2 607,407 607,407 724,726 724,726 Equity investments Level 3 204,697 204,697 259,095 259,095 Financial Liabilities: Repurchase agreements Level 2 340,541 340,541 405,531 405,531 Collateralized debt obligations: Residential loan securitizations at amortized cost, net Level 3 683,724 688,491 554,067 561,329 Consolidated SLST Level 3 948,090 948,090 1,054,335 1,054,335 Non-Agency RMBS re-securitization Level 2 — — 15,256 15,472 Subordinated debentures Level 3 45,000 42,615 45,000 36,871 Convertible notes Level 2 136,586 140,416 135,327 137,716 Senior unsecured notes Level 2 96,380 103,045 — —
Schedule of Statement of Operations of Variable Interest Entities	The following table presents condensed statements of operations for non-Company-sponsored VIEs, including Consolidated SLST and other Consolidated VIEs, for the three months ended June 30, 2021 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Consolidated SLST Other Total Interest income $ 10,479 $ — $ 10,479 Interest expense 7,151 430 7,581 Total net interest income (expense) 3,328 (430) 2,898 Unrealized gains, net 9,793 — 9,793 Other income — 2,150 2,150 Total non-interest income 9,793 2,150 11,943 Total general, administrative and operating expenses — 3,913 3,913 Net income (loss) 13,121 (2,193) 10,928 Net loss attributable to non-controlling interest in Consolidated VIEs — 1,625 1,625 Net income (loss) attributable to Company $ 13,121 $ (568) $ 12,553 The following table presents condensed statements of operations for the non-Company-sponsored VIEs, including Consolidated SLST and other Consolidated VIEs, for the three months ended June 30, 2020 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Consolidated SLST Other Total Interest income $ 11,522 $ — $ 11,522 Interest expense 8,158 — 8,158 Total net interest income 3,364 — 3,364 Unrealized gains, net 4,096 — 4,096 Other income (loss) — (1,780) (1,780) Total non-interest income (loss) 4,096 (1,780) 2,316 Total general, administrative and operating expenses — (26) (26) Net income (loss) 7,460 (1,754) 5,706 Net loss attributable to non-controlling interest in Consolidated VIEs — 876 876 Net income (loss) attributable to Company $ 7,460 $ (878) $ 6,582 The following table presents condensed statements of operations for non-Company-sponsored VIEs, including Consolidated SLST and other Consolidated VIEs, for the six months ended June 30, 2021 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Consolidated SLST Other Total Interest income $ 20,797 $ — $ 20,797 Interest expense 14,254 740 14,994 Total net interest income (expense) 6,543 (740) 5,803 Unrealized gains, net 19,018 — 19,018 Other income — 3,645 3,645 Total non-interest income 19,018 3,645 22,663 Total general, administrative and operating expenses — 6,837 6,837 Net income (loss) 25,561 (3,932) 21,629 Net loss attributable to non-controlling interest in Consolidated VIEs — 3,034 3,034 Net income (loss) attributable to Company $ 25,561 $ (898) $ 24,663 The following table presents condensed statements of operations for the non-Company-sponsored VIEs, including Consolidated K-Series (prior to the sale of first loss POs and de-consolidation of the Consolidated K-Series), Consolidated SLST and other Consolidated VIEs, for the six months ended June 30, 2020 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Consolidated K-Series Consolidated SLST Other Total Interest income $ 151,841 $ 23,646 $ — $ 175,487 Interest expense 129,762 16,693 — 146,455 Total net interest income 22,079 6,953 — 29,032 Unrealized losses, net (10,951) (62,038) — (72,989) Other income (loss) — — (2,121) (2,121) Total non-interest income (loss) (10,951) (62,038) (2,121) (75,110) Total general, administrative and operating expenses — — — — Net income (loss) 11,128 (55,085) (2,121) (46,078) Net loss attributable to non-controlling interest in Consolidated VIEs — — 1,060 1,060 Net income (loss) attributable to Company $ 11,128 $ (55,085) $ (1,061) $ (45,018)
Schedule of Classification and Carrying Value of Unconsolidated VIEs	The following tables present the classification and carrying value of unconsolidated VIEs as of June 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): June 30, 2021 Multi-family loans Investment Equity investments Total ABS $ — $ 42,620 $ — $ 42,620 Non-Agency RMBS — 3,029 — 3,029 Preferred equity investments in multi-family properties 126,719 — 189,746 316,465 Equity investments in entities that invest in residential properties — — 14,951 14,951 Maximum exposure $ 126,719 $ 45,649 $ 204,697 $ 377,065 December 31, 2020 Multi-family loans Investment Equity investments Total ABS $ — $ 43,225 $ — $ 43,225 Preferred equity investments in multi-family properties 158,501 — 182,765 341,266 Mezzanine loans on multi-family properties 5,092 — — 5,092 Equity investments in entities that invest in residential properties and loans — — 76,330 76,330 Maximum exposure $ 163,593 $ 43,225 $ 259,095 $ 465,913

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Activity of Derivative Instruments	The table below summarizes the activity of derivative instruments not designated as hedging instruments for the six months ended June 30, 2020 (dollar amounts in thousands): Notional Amount For the Six Months Ended June 30, 2020 Type of Derivative Instrument December 31, 2019 Additions Terminations June 30, 2020 Interest rate swaps $ 495,500 $ — $ (495,500) $ —
Schedule of Components of Realized and Unrealized Gains and Losses	The following table presents the components of realized gains (losses), net and unrealized gains (losses), net related to our derivative instruments that were not designated as hedging instruments, which are included in non-interest income (loss) in our condensed consolidated statements of operations for the six months ended June 30, 2020 (dollar amounts in thousands): For the Six Months Ended June 30, 2020 Realized Gains (Losses) Unrealized Gains (Losses) Interest rate swaps $ (73,078) $ 28,967 Total $ (73,078) $ 28,967

Operating Real Estate Held in_2

Operating Real Estate Held in Consolidated VIEs, Net (Tables)	6 Months Ended
	Jun. 30, 2021
Real Estate [Abstract]
Schedule of Real Estate Investment	The following is a summary of the real estate investments in Consolidated VIEs, collectively, as of June 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): June 30, 2021 December 31, 2020 Land $ 16,866 $ 5,400 Building and improvements 104,368 43,764 Furniture, fixture and equipment 5,693 1,522 Real estate $ 126,927 $ 50,686 Accumulated depreciation (1) (1,674) (154) Real estate, net (2) $ 125,253 $ 50,532 (1) Depreciation expense for the three and six months ended June 30, 2021 totaled $0.8 million and $1.5 million, respectively, and is included in operating expenses on the accompanying condensed consolidated statements of operations.

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	6 Months Ended
	Jun. 30, 2021
Carrying Value of Federal Funds Sold, Securities Purchased under Agreements to Resell, and Deposits Paid for Securities Borrowed [Abstract]
Schedule of Borrowings Under Financing Arrangements and Assets Pledged as Collateral	The following table presents detailed information about the Company’s financings under these repurchase agreements and associated residential loans pledged as collateral at June 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): Maximum Aggregate Uncommitted Principal Amount Outstanding Repurchase Agreements (1) Net Deferred Finance Costs (2) Carrying Value of Repurchase Agreements Fair Value of Loans Pledged Weighted Average Rate Weighted Average Months to Maturity (3) June 30, 2021 $ 1,289,237 $ 341,791 $ (1,250) $ 340,541 $ 497,018 2.93 % 6.64 December 31, 2020 $ 1,301,389 $ 407,213 $ (1,682) $ 405,531 $ 575,380 2.92 % 11.92 (1) Includes a non-mark-to-market repurchase agreement with an outstanding balance of $44.7 million, a rate of 4.00%, and maturity of 8.03 months as of June 30, 2021. Includes non-mark-to-market repurchase agreements with an outstanding balance of $49.8 million, weighted average rate of 4.00%, and weighted average maturity of 8.80 months as of December 31, 2020. (2) Costs related to the repurchase agreements, which include commitment, underwriting, legal, accounting and other fees, are reflected as deferred charges. Such costs are presented as a deduction from the corresponding debt liability on the Company’s accompanying condensed consolidated balance sheets and are amortized as an adjustment to interest expense using the effective interest method, or straight line-method, if the result is not materially different. (3) The Company expects to roll outstanding amounts under these repurchase agreements into new repurchase agreements or other financings, or to repay outstanding amounts, prior to or at maturity.

Collateralized Debt Obligatio_2

Collateralized Debt Obligations (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Mortgages Payable in Consolidated VIEs	The following tables present a summary of the Company's CDOs as of June 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): June 30, 2021 Outstanding Face Amount Carrying Value Weighted Average Interest Rate (1) Weighted Average Rate of Notes Issued (2) Stated Maturity (3) Consolidated SLST (4) $ 906,703 $ 948,090 2.75 % 3.53 % 2059 Residential loan securitizations 688,404 683,724 3.10 % 4.35 % 2025 - 2060 Total collateralized debt obligations $ 1,595,107 $ 1,631,814 (1) Weighted average interest rate is calculated using the outstanding face amount and stated interest rate of notes issued by the securitization and not owned by the Company. (2) Weighted average rate of notes issued is calculated using the outstanding face amount and stated interest rate of all notes issued by the securitizations, including those owned by the Company. (3) The actual maturity of the Company's CDOs are primarily determined by the rate of principal prepayments on the assets of the issuing entity. The CDOs are also subject to redemption prior to the stated maturity according to the terms of the respective governing documents. As a result, the actual maturity of the CDOs may occur earlier than the stated maturity. (4) The Company has elected the fair value option for CDOs issued by Consolidated SLST ( see Note 14). December 31, 2020 Outstanding Face Amount Carrying Value Weighted Average Interest Rate (1) Weighted Average Rate of Notes Issued (2) Stated Maturity (3) Consolidated SLST (4) $ 975,017 $ 1,054,335 2.75 % 3.53 % 2059 Residential loan securitizations 557,497 554,067 3.36 % 4.83 % 2025 - 2060 Non-Agency RMBS Re-Securitization 15,449 15,256 One-month LIBOR plus 5.25% (5) One-month LIBOR plus 5.25% (5) 2025 Total collateralized debt obligations $ 1,547,963 $ 1,623,658 (1) Weighted average interest rate is calculated using the outstanding face amount and stated interest rate of notes issued by the securitization and not owned by the Company. (2) Weighted average rate of notes issued is calculated using the outstanding face amount and stated interest rate of all notes issued by the securitizations, including those owned by the Company. (3) The actual maturity of the Company's CDOs are primarily determined by the rate of principal prepayments on the assets of the issuing entity. The CDOs are also subject to redemption prior to the stated maturity according to the terms of the respective governing documents. As a result, the actual maturity of the CDOs may occur earlier than the stated maturity. (4) The Company has elected the fair value option for CDOs issued by Consolidated SLST ( see Note 14). (5) Represents the pass-through rate through the payment date in December 2021. Pass-through rate increases to one-month LIBOR plus 7.75% for payment dates in or after January 2022. Outstanding Mortgage Balance Net Deferred Finance Cost Mortgage Payable, Net Stated Maturity Weighted Average Interest Rate (1) Unfunded Commitment June 30, 2021 $ 99,680 $ (1,069) $ 98,611 2024 - 2031 2.90 % $ 3,310 December 31, 2020 37,030 (278) 36,752 2028 2.54 % — (1) Weighted average interest rate is calculated using the outstanding mortgage balance and interest rate as of the date indicated.
Schedule of Maturities of Collateralized Debt Obligations	The Company's collateralized debt obligations as of June 30, 2021 had stated maturities as follows: Year ending December 31, Total 2021 $ — 2022 — 2023 — 2024 — 2025 208,613 2026 180,000 Thereafter 1,206,494 Total $ 1,595,107 As of June 30, 2021, maturities for debt on the Company's condensed consolidated balance sheet are as follows (dollar amounts in thousands): Year Ending December 31, Total 2021 $ — 2022 138,000 2023 — 2024 36,610 2025 — 2026 100,000 Thereafter 108,070 $ 382,680

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Debt Instrument Redemption	On and after April 30, 2023, the Company has the right to redeem the Senior Unsecured Notes, in whole or in part, at 100% of the principal amount of the Senior Unsecured Notes to be redeemed, plus accrued but unpaid interest, if any, to, but excluding, the redemption date, plus an amount equal to the principal amount of such Senior Unsecured Notes multiplied by a date-dependent multiple as detailed in the following table: Redemption Period Multiple April 30, 2023 - April 29, 2024 2.875 % April 30, 2024 - April 29, 2025 1.4375 % April 30, 2025 - April 29, 2026 —
Schedule of Subordinated Borrowing	The following table summarizes the key details of the Company’s subordinated debentures as of June 30, 2021 and December 31, 2020 (dollar amounts in thousands): NYM Preferred Trust I NYM Preferred Trust II Principal value of trust preferred securities $ 25,000 $ 20,000 Interest rate Three month LIBOR plus 3.75%, resetting quarterly Three month LIBOR plus 3.95%, resetting quarterly Scheduled maturity March 30, 2035 October 30, 2035
Schedule of Mortgages Payable in Consolidated VIEs	The following tables present a summary of the Company's CDOs as of June 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): June 30, 2021 Outstanding Face Amount Carrying Value Weighted Average Interest Rate (1) Weighted Average Rate of Notes Issued (2) Stated Maturity (3) Consolidated SLST (4) $ 906,703 $ 948,090 2.75 % 3.53 % 2059 Residential loan securitizations 688,404 683,724 3.10 % 4.35 % 2025 - 2060 Total collateralized debt obligations $ 1,595,107 $ 1,631,814 (1) Weighted average interest rate is calculated using the outstanding face amount and stated interest rate of notes issued by the securitization and not owned by the Company. (2) Weighted average rate of notes issued is calculated using the outstanding face amount and stated interest rate of all notes issued by the securitizations, including those owned by the Company. (3) The actual maturity of the Company's CDOs are primarily determined by the rate of principal prepayments on the assets of the issuing entity. The CDOs are also subject to redemption prior to the stated maturity according to the terms of the respective governing documents. As a result, the actual maturity of the CDOs may occur earlier than the stated maturity. (4) The Company has elected the fair value option for CDOs issued by Consolidated SLST ( see Note 14). December 31, 2020 Outstanding Face Amount Carrying Value Weighted Average Interest Rate (1) Weighted Average Rate of Notes Issued (2) Stated Maturity (3) Consolidated SLST (4) $ 975,017 $ 1,054,335 2.75 % 3.53 % 2059 Residential loan securitizations 557,497 554,067 3.36 % 4.83 % 2025 - 2060 Non-Agency RMBS Re-Securitization 15,449 15,256 One-month LIBOR plus 5.25% (5) One-month LIBOR plus 5.25% (5) 2025 Total collateralized debt obligations $ 1,547,963 $ 1,623,658 (1) Weighted average interest rate is calculated using the outstanding face amount and stated interest rate of notes issued by the securitization and not owned by the Company. (2) Weighted average rate of notes issued is calculated using the outstanding face amount and stated interest rate of all notes issued by the securitizations, including those owned by the Company. (3) The actual maturity of the Company's CDOs are primarily determined by the rate of principal prepayments on the assets of the issuing entity. The CDOs are also subject to redemption prior to the stated maturity according to the terms of the respective governing documents. As a result, the actual maturity of the CDOs may occur earlier than the stated maturity. (4) The Company has elected the fair value option for CDOs issued by Consolidated SLST ( see Note 14). (5) Represents the pass-through rate through the payment date in December 2021. Pass-through rate increases to one-month LIBOR plus 7.75% for payment dates in or after January 2022. Outstanding Mortgage Balance Net Deferred Finance Cost Mortgage Payable, Net Stated Maturity Weighted Average Interest Rate (1) Unfunded Commitment June 30, 2021 $ 99,680 $ (1,069) $ 98,611 2024 - 2031 2.90 % $ 3,310 December 31, 2020 37,030 (278) 36,752 2028 2.54 % — (1) Weighted average interest rate is calculated using the outstanding mortgage balance and interest rate as of the date indicated.
Schedule of Maturities of Long-term Debt	The Company's collateralized debt obligations as of June 30, 2021 had stated maturities as follows: Year ending December 31, Total 2021 $ — 2022 — 2023 — 2024 — 2025 208,613 2026 180,000 Thereafter 1,206,494 Total $ 1,595,107 As of June 30, 2021, maturities for debt on the Company's condensed consolidated balance sheet are as follows (dollar amounts in thousands): Year Ending December 31, Total 2021 $ — 2022 138,000 2023 — 2024 36,610 2025 — 2026 100,000 Thereafter 108,070 $ 382,680

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis	The following table presents the Company’s financial instruments measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020, respectively, on the Company’s condensed consolidated balance sheets (dollar amounts in thousands): Measured at Fair Value on a Recurring Basis at June 30, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets carried at fair value Residential loans: Residential loans $ — $ — $ 1,226,841 $ 1,226,841 $ — $ — $ 1,090,930 $ 1,090,930 Consolidated SLST — — 1,176,539 1,176,539 — — 1,266,785 1,266,785 Residential loans held in securitization trusts — — 799,363 799,363 — — 691,451 691,451 Multi-family loans — — 126,719 126,719 — — 163,593 163,593 Investment securities available for sale: Agency RMBS — 131,299 — 131,299 — 139,395 — 139,395 Non-Agency RMBS — 287,988 — 287,988 — 355,666 — 355,666 CMBS — 145,500 — 145,500 — 186,440 — 186,440 ABS — 42,620 — 42,620 — 43,225 — 43,225 Equity investments — — 204,697 204,697 — — 259,095 259,095 Total $ — $ 607,407 $ 3,534,159 $ 4,141,566 $ — $ 724,726 $ 3,471,854 $ 4,196,580 Liabilities carried at fair value Consolidated SLST CDOs $ — $ — $ 948,090 $ 948,090 $ — $ — $ 1,054,335 $ 1,054,335 Total $ — $ — $ 948,090 $ 948,090 $ — $ — $ 1,054,335 $ 1,054,335
Schedule of Changes in Valuation of Level 3 Assets	The following tables detail changes in valuation for the Level 3 assets for the six months ended June 30, 2021 and 2020, respectively (dollar amounts in thousands): Level 3 Assets: Six Months Ended June 30, 2021 Residential loans Residential loans Consolidated SLST Residential loans held in securitization trusts Multi-family loans Equity investments Total Balance at beginning of period $ 1,090,930 $ 1,266,785 $ 691,451 $ 163,593 $ 259,095 $ 3,471,854 Total gains/(losses) (realized/unrealized) Included in earnings 14,494 (21,788) 21,105 10,853 14,006 38,670 Transfers out (1) (1,259) — (1,415) — — (2,674) Transfer to securitization trust (2) (160,623) — 160,623 — — — Contributions — — — — 320 320 Paydowns/Distributions (306,209) (68,458) (70,025) (47,727) (68,724) (561,143) Sales (15,568) — (2,376) — — (17,944) Purchases 605,076 — — — — 605,076 Balance at the end of period $ 1,226,841 $ 1,176,539 $ 799,363 $ 126,719 $ 204,697 $ 3,534,159 (1) Transfers out of Level 3 assets include the transfer of residential loans to real estate owned. (2) In May 2021, the Company completed a securitization of certain business purpose loans ( see Note 7 for further discussion of the Company's residential loan securitizations). Six Months Ended June 30, 2020 Residential loans Multi-family loans Residential loans Consolidated SLST Residential loans held in securitization trusts Preferred equity and mezzanine loan investments Consolidated K-Series Equity investments Total Balance at beginning of period $ 1,429,754 $ 1,328,886 $ — $ — $ 17,816,746 $ 83,882 $ 20,659,268 Total (losses)/gains (realized/unrealized) Included in earnings (55,144) (15,279) (1,730) 4,866 41,795 4,606 (20,886) Transfers in (1) 164,279 — 46,572 182,465 — 107,477 500,793 Transfers out (2) (3) (3,953) — (349) — (237,297) — (241,599) Contributions — — — 8,440 — 22,106 30,546 Paydowns/Distributions (155,135) (38,757) (3,800) (14,921) (239,796) (3,782) (456,191) Recovery of charge-off — — — — 35 — 35 Sales (3) (93,755) — — — (17,381,483) — (17,475,238) Purchases 156,639 — — — — — 156,639 Balance at the end of period $ 1,442,685 $ 1,274,850 $ 40,693 $ 180,850 $ — $ 214,289 $ 3,153,367 (1) As of January 1, 2020, the Company elected to account for all residential loans, residential loans held in securitization trusts, equity investments and preferred equity and mezzanine loan investments using the fair value option. (2) Transfers out of Level 3 assets include the transfer of residential loans to real estate owned. (3) During the six months ended June 30, 2020, the Company sold first loss PO securities included in the Consolidated K-Series and, as a result, de-consolidated multi-family loans held in the Consolidated K-Series and transferred its remaining securities owned in the Consolidated K-Series to investment securities available for sale ( see Note 7 ).
Schedule of Changes in Valuation of Level 3 Liabilities	The following tables detail changes in valuation for the Level 3 liabilities for the six months ended June 30, 2021 and 2020, respectively (dollar amounts in thousands): Level 3 Liabilities: Six Months Ended June 30, 2021 Consolidated SLST CDOs Balance at beginning of period $ 1,054,335 Total gains (realized/unrealized) Included in earnings (37,931) Paydowns (68,314) Balance at the end of period $ 948,090 Six Months Ended June 30, 2020 Collateralized debt obligations Consolidated K-Series Consolidated SLST Total Balance at beginning of period $ 16,724,451 $ 1,052,829 $ 17,777,280 Total losses/(gains) (realized/unrealized) Included in earnings 35,018 52,420 87,438 Paydowns (147,376) (39,242) (186,618) Sales (1) (16,612,093) 22,226 (16,589,867) Balance at the end of period $ — $ 1,088,233 $ 1,088,233 (1) During the six months ended June 30, 2020, the Company sold first loss PO securities included in the Consolidated K-Series and, as a result, de-consolidated the Consolidated K-Series CDOs ( see Note 7). Also includes the Company's net sales of senior securities issued by Consolidated SLST during the six months ended June 30, 2020 ( see Note 7 ).
Schedule of Quantitative Information Regarding Significant and Unobservable Inputs used in Valuation of Level 3 Assets and Liabilities	The following table discloses quantitative information regarding the significant unobservable inputs used in the valuation of our Level 3 assets and liabilities measured at fair value (dollar amounts in thousands, except input values): June 30, 2021 Fair Value Valuation Technique Unobservable Input Weighted Average Range Assets Residential loans: Residential loans and residential loans held in securitization trusts (1) $1,891,087 Discounted cash flow Lifetime CPR 9.6% — - 54.7% Lifetime CDR 0.8% — - 20.3% Loss severity 11.8% — - 100.0% Yield 4.9% 2.4% - 40.2% $135,117 Liquidation model Annual home price appreciation 1.0% — - 18.0% Liquidation timeline (months) 30 8 - 53 Property value $608,523 $13,000 - $4,000,000 Yield 7.2% 7.0% - 29.6% Consolidated SLST (3) $1,176,539 Liability price N/A Total $3,202,743 Multi-family loans (1) $126,719 Discounted cash flow Discount rate 11.5% 11.0% - 19.5% Months to assumed redemption 35 1 - 60 Loss severity — Equity investments (1) (2) $189,746 Discounted cash flow Discount rate 11.7% 11.0% - 18.3% Months to assumed redemption 35 3 - 57 Loss severity — Liabilities Consolidated SLST CDOs (3) (4) $948,090 Discounted cash flow Yield 2.8% 1.9% - 21.6% Collateral prepayment rate 5.5% 2.4% - 6.2% Collateral default rate 2.0% — - 8.6% Loss severity 19.4% — - 22.1% (1) Weighted average amounts are calculated based on the weighted average fair value of the assets. (2) Equity investments does not include equity ownership interests in entities that invest in residential properties. The fair value of these investments is determined using the net asset value ("NAV") as a practical expedient. (3) In accordance with the practical expedient in ASC 810, the Company determines the fair value of the residential loans held in Consolidated SLST based on the fair value of the CDOs issued by Consolidated SLST, including investment securities we own, as the fair value of these instruments is more observable. At June 30, 2021, the fair value of investment securities we own in Consolidated SLST amounts to $228.3 million.
Schedule of Changes in Unrealized Gains (Losses) Included in Earnings for Level 3 Assets and Liabilities	The following table details the changes in unrealized gains (losses) included in earnings for the three and six months ended June 30, 2021 and 2020, respectively, for our Level 3 assets and liabilities held as of June 30, 2021 and 2020, respectively (dollar amounts in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Assets Residential loans: Residential loans (1) $ 3,752 $ 39,991 $ 12,192 $ (36,303) Consolidated SLST (1) 6,471 75,052 (18,872) (13,049) Residential loans held in securitization trusts (1) 6,030 59 18,611 (1,641) Multi-family loans (1) 460 (127) 665 (5,686) Equity investments (2) 805 (1,108) 927 (5,130) Liabilities Consolidated SLST CDOs (1) 3,322 (70,956) 37,890 (48,990) (1) Presented in unrealized gains (losses), net on the Company's condensed consolidated statements of operations. (2) Presented in income from equity investments on the Company's condensed consolidated statements of operations.
Schedule of Carrying Value and Estimated Fair Value of Financial Instruments	The following table presents a summary of the assets, liabilities and non-controlling interests of the Company's residential loan securitizations, Consolidated SLST and other Consolidated VIEs as of June 30, 2021 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Financing VIEs Other VIEs Residential Consolidated SLST Other Total Cash and cash equivalents $ — $ — $ 2,799 $ 2,799 Residential loans, at fair value 799,363 1,176,539 — 1,975,902 Operating real estate, net held in Consolidated VIEs (1) — — 125,253 125,253 Other assets 94,036 3,849 10,162 108,047 Total assets $ 893,399 $ 1,180,388 $ 138,214 $ 2,212,001 Collateralized debt obligations ($683,724 at amortized cost, net and $948,090 at fair value) $ 683,724 $ 948,090 $ — $ 1,631,814 Mortgages payable, net in Consolidated VIEs (2) — — 98,611 98,611 Other liabilities 9,618 2,467 2,179 14,264 Total liabilities $ 693,342 $ 950,557 $ 100,790 $ 1,744,689 Non-controlling interest in Consolidated VIEs (3) $ — $ — $ 5,198 $ 5,198 Net investment (4) $ 200,057 $ 229,831 $ 32,226 $ 462,114 (1) Included in other assets in the accompanying condensed consolidated balance sheets. (2) Included in other liabilities in the accompanying condensed consolidated balance sheets. (3) Represents third party ownership of membership interests in other Consolidated VIEs. (4) The net investment amount is the maximum amount of the Company's investment that is at risk to loss and represents the difference between total assets and total liabilities held by VIEs, less non-controlling interest, if any. The following table presents a summary of the assets, liabilities and non-controlling interests of the Company's residential loan securitizations, non-Agency RMBS re-securitization, Consolidated SLST and other Consolidated VIEs as of December 31, 2020 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Financing VIEs Other VIEs Residential Non-Agency RMBS Re-Securitization Consolidated SLST Other Total Cash and cash equivalents $ — $ — $ — $ 462 $ 462 Residential loans, at fair value 691,451 — 1,266,785 — 1,958,236 Investment securities available for sale, at fair value — 109,140 — — 109,140 Operating real estate, net held in Consolidated VIEs (1) — — — 50,532 50,532 Other assets 24,959 535 4,075 3,045 32,614 Total assets $ 716,410 $ 109,675 $ 1,270,860 $ 54,039 $ 2,150,984 Collateralized debt obligations ($569,323 at amortized cost, net and $1,054,335 at fair value) $ 554,067 $ 15,256 $ 1,054,335 $ — $ 1,623,658 Mortgages payable, net in Consolidated VIEs (2) — — — 36,752 36,752 Other liabilities 2,610 70 2,781 1,435 6,896 Total liabilities $ 556,677 $ 15,326 $ 1,057,116 $ 38,187 $ 1,667,306 Non-controlling interest in Consolidated VIEs (3) $ — $ — $ — $ 6,371 $ 6,371 Net investment (4) $ 159,733 $ 94,349 $ 213,744 $ 9,481 $ 477,307 (1) Included in other assets in the accompanying condensed consolidated balance sheets. (2) Included in other liabilities in the accompanying condensed consolidated balance sheets. (3) Represents third party ownership of membership interests in other Consolidated VIEs. (4) The net investment amount is the maximum amount of the Company's investment that is at risk to loss and represents the difference between total assets and total liabilities held by VIEs, less non-controlling interest, if any. The following table presents the carrying value and estimated fair value of the Company’s financial instruments at June 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): June 30, 2021 December 31, 2020 Fair Value Carrying Estimated Carrying Estimated Financial Assets: Cash and cash equivalents Level 1 $ 324,927 $ 324,927 $ 293,183 $ 293,183 Residential loans Level 3 3,202,743 3,202,743 3,049,166 3,049,166 Multi-family loans Level 3 126,719 126,719 163,593 163,593 Investment securities available for sale Level 2 607,407 607,407 724,726 724,726 Equity investments Level 3 204,697 204,697 259,095 259,095 Financial Liabilities: Repurchase agreements Level 2 340,541 340,541 405,531 405,531 Collateralized debt obligations: Residential loan securitizations at amortized cost, net Level 3 683,724 688,491 554,067 561,329 Consolidated SLST Level 3 948,090 948,090 1,054,335 1,054,335 Non-Agency RMBS re-securitization Level 2 — — 15,256 15,472 Subordinated debentures Level 3 45,000 42,615 45,000 36,871 Convertible notes Level 2 136,586 140,416 135,327 137,716 Senior unsecured notes Level 2 96,380 103,045 — —

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2021
Stockholders' Equity Note [Abstract]
Schedule of Preferred Stock Issued and Outstanding	The following table summarizes the Company’s Preferred Stock issued and outstanding as of June 30, 2021 and December 31, 2020 (dollar amounts in thousands): Class of Preferred Stock Shares Authorized Shares Issued and Outstanding Carrying Value Liquidation Preference Contractual Rate (1) Optional Redemption Date (2) Fixed-to-Floating Rate Conversion Date (1)(3) Floating Annual Rate (4) Fixed Rate Series B 6,000,000 3,156,087 $ 76,180 $ 78,902 7.750 % June 4, 2018 Series C 6,600,000 4,181,807 101,102 104,545 7.875 % April 22, 2020 Fixed-to-Floating Rate Series D 8,400,000 6,123,495 148,134 153,087 8.000 % October 15, 2027 October 15, 2027 3M LIBOR + 5.695% Series E 9,900,000 7,411,499 179,349 185,288 7.875 % January 15, 2025 January 15, 2025 3M LIBOR + 6.429% Total 30,900,000 20,872,888 $ 504,765 $ 521,822 (1) Each series of fixed rate preferred stock is entitled to receive a dividend at the contractual rate shown, respectively, per year on its $25 liquidation preference. Each series of fixed-to-floating rate preferred stock is entitled to receive a dividend at the contractual rate shown, respectively, per year on its $25 liquidation preference up to, but excluding, the fixed-to-floating rate conversion date. (2) Each series of Preferred Stock is not redeemable by the Company prior to the respective optional redemption date disclosed except under circumstances intended to preserve the Company’s qualification as a REIT and except upon occurrence of a Change in Control (as defined in the Articles Supplementary designating the Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series E Preferred Stock, respectively). Refer to Note 20 for disclosure regarding the optional redemption of the Company's Series C Preferred Stock. (3) Beginning on the respective fixed-to-floating rate conversion date, each of the Series D Preferred Stock and Series E Preferred Stock is entitled to receive a dividend on a floating rate basis according to the terms disclosed in footnote (4) below.
Schedule of Dividends Declared	The following table presents the relevant information with respect to quarterly cash dividends declared on the Preferred Stock commencing January 1, 2020 through June 30, 2021: Cash Dividend Per Share Declaration Date Record Date Payment Date Series B Preferred Stock Series C Preferred Stock Series D Preferred Stock Series E Preferred Stock June 14, 2021 July 1, 2021 July 15, 2021 $ 0.484375 $ 0.4921875 $ 0.50 $ 0.4921875 March 15, 2021 April 1, 2021 April 15, 2021 0.484375 0.4921875 0.50 0.4921875 December 7, 2020 January 1, 2021 January 15, 2021 0.484375 0.4921875 0.50 0.4921875 September 14, 2020 October 1, 2020 October 15, 2020 0.484375 0.4921875 0.50 0.4921875 June 15, 2020 July 1, 2020 July 15, 2020 0.968750 (1) 0.9843750 (1) 1.00 (1) 0.9843750 (1) (1) Preferred Stock dividends declared on June 15, 2020 included cash dividends in arrears for the quarterly period that began on January 15, 2020 and ended on April 14, 2020 and cash dividends for the quarterly period that began on April 15, 2020 and ended on July 14, 2020. Period Declaration Date Record Date Payment Date Cash Dividend Per Share Second Quarter 2021 June 14, 2021 June 24, 2021 July 26, 2021 $ 0.100 First Quarter 2021 March 15, 2021 March 25, 2021 April 26, 2021 0.100 Fourth Quarter 2020 December 7, 2020 December 17, 2020 January 25, 2021 0.100 Third Quarter 2020 September 14, 2020 September 24, 2020 October 26, 2020 0.075 Second Quarter 2020 June 15, 2020 July 1, 2020 July 27, 2020 0.050

Earnings (Loss) Per Common Sh_2

Earnings (Loss) Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Dilutive Net Income Per Share	The following table presents the computation of basic and diluted earnings (loss) per common share for the periods indicated (dollar and share amounts in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Basic Earnings (Loss) per Common Share: Net income (loss) attributable to Company $ 53,240 $ 117,813 $ 105,448 $ (470,570) Less: Preferred Stock dividends (1) (10,296) (10,296) (20,593) (20,593) Net income (loss) attributable to Company's common stockholders $ 42,944 $ 107,517 $ 84,855 $ (491,163) Basic weighted average common shares outstanding 379,299 377,465 379,091 364,189 Basic Earnings (Loss) per Common Share $ 0.11 $ 0.28 $ 0.22 $ (1.35) Diluted Earnings (Loss) per Common Share: Net income (loss) attributable to Company $ 53,240 $ 117,813 $ 105,448 $ (470,570) Less: Preferred Stock dividends (1) (10,296) (10,296) (20,593) (20,593) Add back: Interest expense on Convertible Notes for the period, net of tax — 2,665 — — Net income (loss) attributable to Company's common stockholders $ 42,944 $ 110,182 $ 84,855 $ (491,163) Weighted average common shares outstanding 379,299 377,465 379,091 364,189 Net effect of assumed Convertible Notes conversion to common shares — 19,695 — — Net effect of assumed PSUs vested 2,003 642 1,931 — Net effect of assumed RSUs vested 215 2,180 145 — Diluted weighted average common shares outstanding 381,517 399,982 381,167 364,189 Diluted Earnings (Loss) per Common Share $ 0.11 $ 0.28 $ 0.22 $ (1.35) (1) For the six months ended June 30, 2020, includes Preferred Stock dividends declared in arrears in June 2020 for the quarterly period that began on January 15, 2020 and ended on April 14, 2020.

Stock Based Compensation (Table

Stock Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Nonvested Restricted Stock Activity	A summary of the activity of the Company's non-vested restricted stock collectively under the 2010 Plan and 2017 Plan for the six months ended June 30, 2021 and 2020, respectively, is presented below: 2021 2020 Number of Weighted Average Per Share Grant Date Fair Value (1) Number of Weighted Average Per Share Grant Date Fair Value (1) Non-vested shares as of January 1 1,603,766 $ 6.27 837,123 $ 6.18 Granted 939,446 3.82 1,054,254 6.33 Vested (621,438) 5.41 (287,611) 6.22 Forfeited (19,430) 3.26 — — Non-vested shares as of June 30 1,902,344 $ 5.09 1,603,766 $ 6.27 Restricted stock granted during the period 939,446 $ 3.82 1,054,254 $ 6.33 (1) The grant date fair value of restricted stock awards is based on the closing market price of the Company’s common stock at the grant date.
Schedule of PSU Award Activity	A summary of the activity of the target PSU awards under the 2017 Plan for the six months ended June 30, 2021 and 2020, respectively, is presented below: 2021 2020 Number of Weighted Average Per Share Grant Date Fair Value (1) Number of Weighted Average Per Share Grant Date Fair Value (1) Non-vested target PSUs as of January 1 2,902,014 $ 4.98 2,018,518 $ 4.09 Granted 1,631,661 5.56 883,496 7.03 Vested (842,792) 4.20 — — Non-vested target PSUs as of June 30 3,690,883 $ 5.41 2,902,014 $ 4.98 (1) The grant date fair value of the PSUs was determined through a Monte-Carlo simulation of the Company’s common stock total shareholder return and the common stock total shareholder return of its identified performance peer companies to determine the Relative TSR of the Company’s common stock over a future period of three years.
Schedule of RSU Award Activity	A summary of the activity of the RSU awards under the 2017 Plan for the six months ended June 30, 2021 and 2020 is presented below: 2021 2020 Number of Weighted Average Per Share Grant Date Fair Value (1) Number of Weighted Average Per Share Grant Date Fair Value (1) Non-vested RSUs as of January 1 441,746 $ 6.23 — $ — Granted 815,830 3.69 441,746 6.23 Vested (147,254) 6.23 — — Non-vested RSUs as of June 30 1,110,322 $ 4.36 441,746 $ 6.23 (1) The grant date fair value of RSUs is based on the closing market price of the Company’s common stock at the grant date.

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Provision	The income tax provision for the three and six months ended June 30, 2021 and 2020, respectively, is comprised of the following components (dollar amounts in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Current income tax expense $ 58 $ 2,033 $ 271 $ 2,043 Deferred income tax benefit (43) (106) (190) (355) Total income tax provision $ 15 $ 1,927 $ 81 $ 1,688
Schedule of Deferred Tax Assets and Liabilities	The major sources of temporary differences included in the deferred tax assets and their deferred tax effect as of June 30, 2021 and December 31, 2020 are as follows (dollar amounts in thousands): June 30, 2021 December 31, 2020 Deferred tax assets Net operating loss carryforward $ 5,269 $ 6,024 Capital loss carryover 4,980 4,442 GAAP/Tax basis differences 571 814 Total deferred tax assets (1) 10,820 11,280 Deferred tax liabilities Deferred tax liabilities 4 2 Total deferred tax liabilities (2) 4 2 Valuation allowance (1) (8,852) (9,503) Total net deferred tax asset $ 1,964 $ 1,775 (1) Included in other assets in the accompanying condensed consolidated balance sheets. (2) Included in other liabilities in the accompanying condensed consolidated balance sheets.

Net Interest Income (Tables)

Net Interest Income (Tables)	6 Months Ended
	Jun. 30, 2021
Banking and Thrift, Interest [Abstract]
Components of Interest Income and Interest Expense	The following table details the components of the Company's interest income and interest expense for the three and six months ended June 30, 2021 and 2020, respectively (dollar amounts in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Interest income Residential loans Residential loans $ 20,155 $ 17,471 $ 39,816 $ 39,153 Consolidated SLST 10,479 11,522 20,797 23,646 Residential loans held in securitization trusts 9,933 427 17,901 921 Total residential loans 40,567 29,420 78,514 63,720 Multi-family loans Preferred equity and mezzanine loan investments 4,130 5,202 8,531 10,575 Consolidated K-Series — — — 151,841 Total multi-family loans 4,130 5,202 8,531 162,416 Investment securities available for sale 7,475 13,269 15,150 32,026 Other 14 79 30 421 Total interest income 52,186 47,970 102,225 258,583 Interest expense Repurchase agreements 3,733 7,366 7,773 28,112 Collateralized debt obligations Consolidated SLST 7,151 8,158 14,254 16,693 Consolidated K-Series — — — 129,762 Residential loan securitizations 5,015 130 9,735 367 Non-Agency RMBS re-securitization — 469 283 469 Total collateralized debt obligations 12,166 8,757 24,272 147,291 Convertible notes 2,788 2,739 5,572 5,474 Senior unsecured notes 1,136 — 1,136 — Subordinated debentures 459 582 916 1,231 Derivatives — — — 868 Other 429 — 741 — Total interest expense 20,711 19,444 40,410 182,976 Net interest income $ 31,475 $ 28,526 $ 61,815 $ 75,607

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Real Estate Properties [Line Items]
Impairment of goodwill	$ 0	$ 0	$ 0	$ 25,222
Restricted cash included in other assets	75,557	$ 31,511	75,557	$ 31,511
Collections receivable from loan servicers, recoverable advances and interest receivable	65,900		65,900		$ 63,600
Operating lease right-of-use asset	9,600		9,600		10,100
Operating lease liabilities	10,200		10,200		10,600
Other Assets
Real Estate Properties [Line Items]
Restricted cash included in other assets	75,600		75,600		11,300
Operating real estate	$ 125,300		$ 125,300		$ 50,500

Residential Loans, at Fair Va_3

Residential Loans, at Fair Value - Schedule of Residential Loans at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal	$ 3,175,171	$ 3,025,740
(Discount)/premium	(83,988)	(82,428)
Unrealized gains	111,560	105,854
Carrying value	3,202,743	3,049,166
Consolidated SLST | VIE, Primary Beneficiary
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal	1,162,852	1,231,669
(Discount)/premium	(1,220)	1,337
Unrealized gains	14,907	33,779
Carrying value	1,176,539	1,266,785
Residential loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal	1,227,386	1,097,528
(Discount)/premium	(43,840)	(42,259)
Unrealized gains	43,295	35,661
Carrying value	1,226,841	1,090,930
Residential loans held in securitization trusts
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal	784,933	696,543
(Discount)/premium	(38,928)	(41,506)
Unrealized gains	53,358	36,414
Carrying value	$ 799,363	$ 691,451

Residential Loans, at Fair Va_4

Residential Loans, at Fair Value - Components of Net Gain (Loss) on Residential Mortgages (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Consolidated SLST | VIE, Primary Beneficiary
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Unrealized gains (losses), net	$ 6,471	$ 75,051	$ (18,872)	$ (13,049)
Residential loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Unrealized gains (losses), net	1,009	38,198	7,435	(43,482)
Residential loans held in securitization trusts
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Unrealized gains (losses), net	$ 4,893	$ 4	$ 17,143	$ (1,725)

Residential Loans, at Fair Va_5

Residential Loans, at Fair Value - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Realized gain (losses) on sale of residential loans	$ 0.3	$ (2)	$ 0.5	$ (18.2)
Net realized gain on payoff of residential loans	4.9	$ 2.1	8.3	$ 4
Consolidated SLST | VIE, Primary Beneficiary | Residential loans | 90 days or greater delinquent
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal amount of delinquent loans	$ 188.4		$ 188.4		$ 236.7

Residential Loans, at Fair Va_6

Residential Loans, at Fair Value - Concentration of Risk (Details) - Geographic Concentration Risk	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Residential loans | California
Concentration Risk [Line Items]
Geographic concentration, percent	22.00%	23.60%
Residential loans | Florida
Concentration Risk [Line Items]
Geographic concentration, percent	11.00%	13.10%
Residential loans | New York
Concentration Risk [Line Items]
Geographic concentration, percent	10.00%	9.20%
Residential loans | New Jersey
Concentration Risk [Line Items]
Geographic concentration, percent	7.50%	5.60%
Residential loans | Texas
Concentration Risk [Line Items]
Geographic concentration, percent	5.70%	5.60%
Residential loans | Maryland
Concentration Risk [Line Items]
Geographic concentration, percent	2.70%	2.80%
Residential loans | Illinois
Concentration Risk [Line Items]
Geographic concentration, percent	2.70%	2.50%
Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary | California
Concentration Risk [Line Items]
Geographic concentration, percent	10.70%	10.90%
Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary | Florida
Concentration Risk [Line Items]
Geographic concentration, percent	10.40%	10.50%
Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary | New York
Concentration Risk [Line Items]
Geographic concentration, percent	9.50%	9.30%
Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary | New Jersey
Concentration Risk [Line Items]
Geographic concentration, percent	7.20%	7.10%
Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary | Texas
Concentration Risk [Line Items]
Geographic concentration, percent	3.90%	4.00%
Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary | Maryland
Concentration Risk [Line Items]
Geographic concentration, percent	3.90%	3.80%
Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary | Illinois
Concentration Risk [Line Items]
Geographic concentration, percent	6.90%	6.80%
Residential loans held in securitization trusts | California
Concentration Risk [Line Items]
Geographic concentration, percent	22.90%	19.80%
Residential loans held in securitization trusts | Florida
Concentration Risk [Line Items]
Geographic concentration, percent	10.30%	8.10%
Residential loans held in securitization trusts | New York
Concentration Risk [Line Items]
Geographic concentration, percent	7.70%	8.90%
Residential loans held in securitization trusts | New Jersey
Concentration Risk [Line Items]
Geographic concentration, percent	5.00%	5.60%
Residential loans held in securitization trusts | Texas
Concentration Risk [Line Items]
Geographic concentration, percent	4.60%	4.30%
Residential loans held in securitization trusts | Maryland
Concentration Risk [Line Items]
Geographic concentration, percent	5.00%	6.30%
Residential loans held in securitization trusts | Illinois
Concentration Risk [Line Items]
Geographic concentration, percent	2.30%	2.70%

Residential Loans, at Fair Va_7

Residential Loans, at Fair Value - Differences Between Fair Value and Aggregate Unpaid Principal (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair Value	$ 3,202,743	$ 3,049,166
Residential loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair Value	1,226,841	1,090,930
Residential loans | Greater than 90 days past due
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair Value	130,638	149,444
Unpaid Principal Balance	152,057	169,553
Residential loans | Less than 90 days past due
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair Value	15,268	16,057
Unpaid Principal Balance	$ 16,203	$ 17,748

Multi-family Loans, at Fair V_3

Multi-family Loans, at Fair Value - Preferred Equity and Mezzanine Loan Investments (Details) - Preferred Equity and Mezzanine Loan Investments - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Investment amount	$ 125,924	$ 163,392
Deferred loan fees, net	(871)	(1,169)
Unrealized gains, net	1,666	1,370
Total	$ 126,719	$ 163,593

Multi-family Loans, at Fair V_4

Multi-family Loans, at Fair Value - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Receivables [Abstract]
Unrealized gains (losses)	$ 200,000	$ (100,000)	$ 300,000	$ (5,800,000)
Loan premiums, early redemption	$ 1,500,000	$ 0	$ 2,000,000	$ 100,000

Multi-family Loans, at Fair V_5

Multi-family Loans, at Fair Value - Unpaid Principal Balance (Details) - 90 Days or greater past due - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Fair Value	$ 3,648	$ 3,325
Unpaid Principal Balance	$ 3,363	$ 3,363

Multi-family Loans, at Fair V_6

Multi-family Loans, at Fair Value - Geographic Concentration Risk (Details) - Preferred Equity and Mezzanine Loan Investments - Geographic Concentration Risk	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Tennessee
Concentration Risk [Line Items]
Geographic concentration, percent	16.00%	14.30%
Texas
Concentration Risk [Line Items]
Geographic concentration, percent	15.20%	11.40%
Florida
Concentration Risk [Line Items]
Geographic concentration, percent	11.30%	8.50%
South Carolina
Concentration Risk [Line Items]
Geographic concentration, percent	9.50%	7.20%
Alabama
Concentration Risk [Line Items]
Geographic concentration, percent	8.80%	9.70%
Georgia
Concentration Risk [Line Items]
Geographic concentration, percent	6.80%	10.10%
Ohio
Concentration Risk [Line Items]
Geographic concentration, percent	6.80%	5.20%
North Carolina
Concentration Risk [Line Items]
Geographic concentration, percent	6.50%	4.90%

Investment Securities Availab_3

Investment Securities Available for Sale, at Fair Value - Schedule of Investment Securities Available for Sale (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Jun. 30, 2021	Dec. 31, 2020	Mar. 31, 2020
Fair Value Option
Amortized Cost		$ 374,734	$ 412,164
Unrealized Gains	$ 15,795	19,533
Unrealized Losses	(14,517)	(12,127)
Fair Value		382,140	413,442
CECL Securities
Amortized Cost		217,818	310,290
Unrealized Gains		8,476	6,368
Unrealized Losses		(1,027)	(5,374)
Fair Value		225,267	311,284
Total CECL Securities and Fair Value Option
Amortized Cost		592,552	722,454
Unrealized Gains		28,009	22,163
Unrealized Losses		(13,154)	(19,891)
Fair Value		607,407	724,726
Consolidated K-Series | VIE, Primary Beneficiary
Total CECL Securities and Fair Value Option
IOs and mezzanine securities transferred to available-for-sale securities from consolidated K-series due to de-consolidation				$ 237,300
Agency RMBS
Fair Value Option
Amortized Cost		134,461	138,541
Unrealized Gains	854	0
Unrealized Losses	0	(3,162)
Fair Value		131,299	139,395
Non-Agency RMBS
Fair Value Option
Amortized Cost		100,379	100,465
Unrealized Gains	170	674
Unrealized Losses	(10,786)	(8,560)
Fair Value		92,493	89,849
CECL Securities
Amortized Cost		189,398	266,855
Unrealized Gains		6,742	4,336
Unrealized Losses		(645)	(5,374)
Fair Value		195,495	265,817
Non-Agency RMBS | Non Agency RMBS Held In Securitization Trust
Fair Value Option
Fair Value			37,600
CECL Securities
Amortized Cost			71,500
CMBS
Fair Value Option
Amortized Cost		111,977	139,019
Unrealized Gains	5,685	4,156
Unrealized Losses	(3,731)	(405)
Fair Value		115,728	140,973
CECL Securities
Amortized Cost		28,420	43,435
Unrealized Gains		1,734	2,032
Unrealized Losses		(382)	0
Fair Value		29,772	45,467
CMBS | Consolidated K-Series | VIE, Primary Beneficiary
Total CECL Securities and Fair Value Option
IOs and mezzanine securities transferred to available-for-sale securities from consolidated K-series due to de-consolidation		72,600	97,600
ABS
Fair Value Option
Amortized Cost		27,917	34,139
Unrealized Gains	9,086	14,703
Unrealized Losses	$ 0	0
Fair Value		$ 42,620	$ 43,225

Investment Securities Availab_4

Investment Securities Available for Sale, at Fair Value - Narrative (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Schedule of Investments [Line Items]
Interest receivable	$ 2,000,000	$ 2,400,000
Contractual maturities (up to)	39 years
Weighted average life of available for sale securities portfolio	5 years 7 months 6 days	5 years 7 months 6 days
Allowance for credit loss	$ 0	$ 0
Gross unrealized losses	(1,027,000)	(5,374,000)
Non-Agency RMBS
Schedule of Investments [Line Items]
Gross unrealized losses	(645,000)	$ (5,374,000)
CMBS
Schedule of Investments [Line Items]
Gross unrealized losses	$ (382,000)

Investment Securities Availab_5

Investment Securities Available for Sale, at Fair Value - Proceeds from Sale (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Debt Securities, Available-for-sale [Line Items]
Sales Proceeds		$ 61,832	$ 115,398	$ 1,445,196
Realized Gains		1,621	5,599	12,689
Realized Losses		(1,690)	(833)	(71,468)
Net Realized Gains (Losses)		(69)	4,766	(58,779)
Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Sales Proceeds				992,966
Realized Gains				5,402
Realized Losses				(15,854)
Net Realized Gains (Losses)				(10,452)
Agency RMBS | Agency ARMs
Debt Securities, Available-for-sale [Line Items]
Sales Proceeds				49,892
Realized Gains				44
Realized Losses				(4,157)
Net Realized Gains (Losses)				(4,113)
Agency RMBS | Agency Fixed- Rate
Debt Securities, Available-for-sale [Line Items]
Sales Proceeds				943,074
Realized Gains				5,358
Realized Losses				(11,697)
Net Realized Gains (Losses)				(6,339)
Agency CMBS
Debt Securities, Available-for-sale [Line Items]
Sales Proceeds				145,411
Realized Gains				5,666
Realized Losses				(209)
Net Realized Gains (Losses)				5,457
Total Agency
Debt Securities, Available-for-sale [Line Items]
Sales Proceeds				1,138,377
Realized Gains				11,068
Realized Losses				(16,063)
Net Realized Gains (Losses)				(4,995)
Non-Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Sales Proceeds		37,810	72,083	168,758
Realized Gains		294	12	294
Realized Losses		(1,690)	(833)	(25,821)
Net Realized Gains (Losses)		(1,396)	(821)	(25,527)
CMBS
Debt Securities, Available-for-sale [Line Items]
Sales Proceeds	$ 3,770	24,022	43,315	138,061
Realized Gains	392	1,327	5,587	1,327
Realized Losses	0	0	0	(29,584)
Net Realized Gains (Losses)	$ 392	$ 1,327	$ 5,587	$ (28,257)

Investment Securities Availab_6

Investment Securities Available for Sale, at Fair Value - Weighted Average Lives for Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
0 to 5 years	$ 248,347	$ 332,934
Over 5 to 10 years	317,620	320,361
10+ years	41,440	71,431
Total	$ 607,407	$ 724,726

Investment Securities Availab_7

Investment Securities Available for Sale, at Fair Value - Schedule of Investment Securities Available for Sale in Unrealized Loss Position (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 months, Carrying Value	$ 58,020	$ 159,841
Less Than 12 months, Gross Unrealized Losses	(407)	(4,526)
Greater Than 12 months, Carrying Value	36,175	8,234
Greater Than 12 months, Gross Unrealized Losses	(620)	(848)
Total, Carrying Value	94,195	168,075
Total Gross Unrealized Losses	(1,027)	(5,374)
Non-Agency RMBS
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 months, Carrying Value	35,532	159,841
Less Than 12 months, Gross Unrealized Losses	(25)	(4,526)
Greater Than 12 months, Carrying Value	36,175	8,234
Greater Than 12 months, Gross Unrealized Losses	(620)	(848)
Total, Carrying Value	71,707	168,075
Total Gross Unrealized Losses	(645)	$ (5,374)
CMBS
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 months, Carrying Value	22,488
Less Than 12 months, Gross Unrealized Losses	(382)
Greater Than 12 months, Carrying Value	0
Greater Than 12 months, Gross Unrealized Losses	0
Total, Carrying Value	22,488
Total Gross Unrealized Losses	$ (382)

Equity Investments, at Fair V_3

Equity Investments, at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Gain (loss) from equity investments	$ 10,607	$ 4,112	$ 14,006	$ 4,606
Preferred Equity Ownership Interests
Schedule of Equity Method Investments [Line Items]
Gain (loss) from equity investments	800	200	900	4,100
Investment in unconsolidated entities | Morrocroft Neighborhood Stabilization Fund II, LP
Schedule of Equity Method Investments [Line Items]
Change in fair value, gain (loss)	998	347	2,186	565
Investment in unconsolidated entities | Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I) (1)
Schedule of Equity Method Investments [Line Items]
Change in fair value, gain (loss)	3,273	1,051	(15)	2,051
Investment in unconsolidated entities | Multi-Family Preferred Equity Ownership Interests
Schedule of Equity Method Investments [Line Items]
Fair Value	189,746		189,746		$ 182,765
Change in fair value, gain (loss)	$ 6,336	4,024	$ 11,835	3,062
Investment in unconsolidated entities | Multi-Family Preferred Equity Ownership Interests | BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively)
Schedule of Equity Method Investments [Line Items]
Ownership Interest	45.00%		45.00%		45.00%
Fair Value	$ 12,145		$ 12,145		$ 11,441
Change in fair value, gain (loss)	$ 357	358	$ 704	603
Investment in unconsolidated entities | Multi-Family Preferred Equity Ownership Interests | Somerset Deerfield Investor, LLC
Schedule of Equity Method Investments [Line Items]
Ownership Interest	45.00%		45.00%		45.00%
Fair Value	$ 19,373		$ 19,373		$ 18,792
Change in fair value, gain (loss)	$ 675	627	$ 1,141	787
Investment in unconsolidated entities | Multi-Family Preferred Equity Ownership Interests | RS SWD Owner, LLC, RS SWD Mitchell Owner, LLC, RS SWD IF Owner, LLC, RS SWD Mullis Owner, LLC, RS SWD JH Mullis Owner, LLC and RS SWD Saltzman Owner, LLC (collectively)
Schedule of Equity Method Investments [Line Items]
Ownership Interest	43.00%		43.00%		43.00%
Fair Value	$ 5,438		$ 5,438		$ 5,140
Change in fair value, gain (loss)	$ 174	158	$ 298	92
Investment in unconsolidated entities | Multi-Family Preferred Equity Ownership Interests | Audubon Mezzanine Holdings, L.L.C. (Series A)
Schedule of Equity Method Investments [Line Items]
Ownership Interest	57.00%		57.00%		57.00%
Fair Value	$ 12,078		$ 12,078		$ 11,456
Change in fair value, gain (loss)	$ 357	284	$ 721	175
Investment in unconsolidated entities | Multi-Family Preferred Equity Ownership Interests | EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively)
Schedule of Equity Method Investments [Line Items]
Ownership Interest	46.00%		46.00%		46.00%
Fair Value	$ 7,426		$ 7,426		$ 7,234
Change in fair value, gain (loss)	$ 240	225	$ 419	124
Investment in unconsolidated entities | Multi-Family Preferred Equity Ownership Interests | Walnut Creek Properties Holdings, L.L.C.
Schedule of Equity Method Investments [Line Items]
Ownership Interest	36.00%		36.00%		36.00%
Fair Value	$ 9,063		$ 9,063		$ 8,803
Change in fair value, gain (loss)	$ 263	216	$ 541	122
Investment in unconsolidated entities | Multi-Family Preferred Equity Ownership Interests | Towers Property Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Ownership Interest	37.00%		37.00%		37.00%
Fair Value	$ 12,529		$ 12,529		$ 12,119
Change in fair value, gain (loss)	$ 361	284	$ 740	122
Investment in unconsolidated entities | Multi-Family Preferred Equity Ownership Interests | Mansions Property Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Ownership Interest	34.00%		34.00%		34.00%
Fair Value	$ 12,073		$ 12,073		$ 11,679
Change in fair value, gain (loss)	$ 348	273	$ 713	118
Investment in unconsolidated entities | Multi-Family Preferred Equity Ownership Interests | Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively)
Schedule of Equity Method Investments [Line Items]
Ownership Interest	43.00%		43.00%		43.00%
Fair Value	$ 4,446		$ 4,446		$ 4,320
Change in fair value, gain (loss)	$ 131	107	$ 266	53
Investment in unconsolidated entities | Multi-Family Preferred Equity Ownership Interests | Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively)
Schedule of Equity Method Investments [Line Items]
Ownership Interest	37.00%		37.00%		37.00%
Fair Value	$ 10,256		$ 10,256		$ 9,966
Change in fair value, gain (loss)	$ 302	245	$ 616	114
Investment in unconsolidated entities | Multi-Family Preferred Equity Ownership Interests | Axis Apartments Holdings, LLC, Arbor-Stratford Holdings II, LLC - Series B, Highlands - Mtg. Holdings, LLC - Series B, Oakley Shoals Apartments, LLC - Series C, and Woodland Park Apartments II, LLC (collectively)
Schedule of Equity Method Investments [Line Items]
Ownership Interest	53.00%		53.00%		53.00%
Fair Value	$ 12,679		$ 12,679		$ 12,337
Change in fair value, gain (loss)	$ 374	304	$ 762	135
Investment in unconsolidated entities | Multi-Family Preferred Equity Ownership Interests | DCP Gold Creek, LLC
Schedule of Equity Method Investments [Line Items]
Ownership Interest	44.00%		44.00%		44.00%
Fair Value	$ 6,546		$ 6,546		$ 6,357
Change in fair value, gain (loss)	$ 197	222	$ 400	102
Investment in unconsolidated entities | Multi-Family Preferred Equity Ownership Interests | 1122 Chicago DE, LLC
Schedule of Equity Method Investments [Line Items]
Ownership Interest	53.00%		53.00%		53.00%
Fair Value	$ 7,465		$ 7,465		$ 7,222
Change in fair value, gain (loss)	$ 225	296	$ 446	236
Investment in unconsolidated entities | Multi-Family Preferred Equity Ownership Interests | Rigsbee Ave Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Ownership Interest	56.00%		56.00%		56.00%
Fair Value	$ 11,150		$ 11,150		$ 10,222
Change in fair value, gain (loss)	$ 896	425	$ 1,215	279
Investment in unconsolidated entities | Multi-Family Preferred Equity Ownership Interests | Bighaus, LLC
Schedule of Equity Method Investments [Line Items]
Ownership Interest	42.00%		42.00%		42.00%
Fair Value	$ 14,984		$ 14,984		$ 14,525
Change in fair value, gain (loss)	$ 443	0	$ 879	0
Investment in unconsolidated entities | Multi-Family Preferred Equity Ownership Interests | FF/RMI 20 Midtown, LLC
Schedule of Equity Method Investments [Line Items]
Ownership Interest	51.00%		51.00%		51.00%
Fair Value	$ 24,649		$ 24,649		$ 23,936
Change in fair value, gain (loss)	$ 758	0	$ 1,504	0
Investment in unconsolidated entities | Multi-Family Preferred Equity Ownership Interests | Lurin-RMI, LLC
Schedule of Equity Method Investments [Line Items]
Ownership Interest	38.00%		38.00%		38.00%
Fair Value	$ 7,446		$ 7,446		$ 7,216
Change in fair value, gain (loss)	235	0	470	0
Investment in unconsolidated entities | Single-Family Equity Ownership Interests
Schedule of Equity Method Investments [Line Items]
Fair Value	14,951		14,951		$ 76,330
Change in fair value, gain (loss)	$ 4,271	1,398	$ 2,171	2,616
Investment in unconsolidated entities | Single-Family Equity Ownership Interests | Morrocroft Neighborhood Stabilization Fund II, LP
Schedule of Equity Method Investments [Line Items]
Ownership Interest	11.00%		11.00%		11.00%
Fair Value	$ 14,951		$ 14,951		$ 13,040
Investment in unconsolidated entities | Single-Family Equity Ownership Interests | Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I) (1)
Schedule of Equity Method Investments [Line Items]
Ownership Interest	0.00%		0.00%		49.00%
Fair Value	$ 0		$ 0		$ 63,290
Investment in unconsolidated entities | Preferred Equity Ownership Interests
Schedule of Equity Method Investments [Line Items]
Fair Value	204,697		204,697		$ 259,095
Investment in unconsolidated entities | Joint Venture Equity Investments In Multi-family Properties
Schedule of Equity Method Investments [Line Items]
Gain (loss) from equity investments		(1,300)		(1,100)
Change in fair value, gain (loss)	0	(1,310)	0	(1,071)
Investment in unconsolidated entities | Joint Venture Equity Investments In Multi-family Properties | The Preserve at Port Royal Venture, LLC
Schedule of Equity Method Investments [Line Items]
Change in fair value, gain (loss)	$ 0	$ (1,310)	$ 0	$ (1,071)

Use of Special Purpose Entiti_3

Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)jointVenture	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Nov. 12, 2020USD ($)
Variable Interest Entity [Line Items]
Principal balance		$ 14,700		$ 14,700
Purchase of senior securities				44	$ 225
Realized loss		(4,989)	$ 934	(12,047)	148,852
Realized loss on de-consolidation of Consolidated K-Series		0	0	0	54,118
Unrealized losses, net		(23,854)	$ (102,872)	$ (50,020)	293,908
Number of joint venture invested in during period | jointVenture				2
Non-controlling interest in consolidated variable interest entities		5,198		$ 5,198		$ 6,371
VIE, Primary Beneficiary | Preferred equity investments in multi-family properties
Variable Interest Entity [Line Items]
Investment owned, fair value							$ 8,700
Operating real estate		73,500		73,500			50,500
Lease intangible		5,000		5,000			1,600
Mortgages payable in consolidated variable interest entities		61,800		61,800			36,800
Non-controlling interest in consolidated variable interest entities		1,900		1,900			$ 6,800
VIE, Primary Beneficiary | Consolidated SLST
Variable Interest Entity [Line Items]
Investment in Consolidated SLST limited to securities owned, net carrying value		$ 228,300		$ 228,300		$ 212,100
Purchase of senior securities					40,000
Proceeds from sale of investment					62,600
Realized loss					$ 2,400
VIE, Primary Beneficiary | Consolidated K-Series
Variable Interest Entity [Line Items]
Multi-family loans held in securitization trusts, at Fair Value	$ 17,400,000
IOs and mezzanine securities transferred to available-for-sale securities from consolidated K-series due to de-consolidation	237,300
VIE, Primary Beneficiary | Consolidated K-Series | Multi Family Collateralized Debt Obligations
Variable Interest Entity [Line Items]
Collateralized debt, carrying value	16,600,000
VIE, Primary Beneficiary | Consolidated K-Series | Fist Loss POs And Mezzanine Securities
Variable Interest Entity [Line Items]
Proceeds from sales resulting in de-consolidation of Consolidated K-Series	555,200
Realized loss on de-consolidation of Consolidated K-Series	54,100
Unrealized losses, net	$ 168,500

Use of Special Purpose Entiti_4

Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) - Assets and Liabilities of Consolidated VIEs (Details) - USD ($) $ in Thousands		Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents		$ 324,927	$ 293,183	$ 371,697
Investment securities available for sale, at fair value		225,267	311,284
Other assets		314,434	165,824
Total Assets	[1]	4,780,927	4,655,587
Other Liabilities		204,247	138,498
Total Liabilities	[1]	2,454,568	2,348,014
Non-controlling interest in consolidated variable interest entities		5,198	6,371
Residential collateralized debt obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Multi-family CDOs, at fair value		683,724	569,323
Residential Collateralized Debt Obligations, at Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Multi-family CDOs, at fair value		948,090	1,054,335
VIE, Primary Beneficiary
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Assets		2,212,001	2,150,984
Total Liabilities		1,744,689	1,667,306
VIE, Primary Beneficiary | Residential collateralized debt obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Multi-family CDOs, at fair value		683,724	569,323
VIE, Primary Beneficiary | Residential Collateralized Debt Obligations, at Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Multi-family CDOs, at fair value		948,090	1,054,335
VIE, Primary Beneficiary | Residential Loan Securitizations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents		0	0
Investment securities available for sale, at fair value			0
Operating real estate, net held in Consolidated VIEs		0	0
Other assets		94,036	24,959
Total Assets		893,399	716,410
Multi-family CDOs, at fair value		683,724	554,067
Mortgages payable in consolidated variable interest entities		0	0
Other Liabilities		9,618	2,610
Total Liabilities		693,342	556,677
Non-controlling interest in consolidated variable interest entities		0	0
Net investment		200,057	159,733
VIE, Primary Beneficiary | Residential Loan Securitizations | Residential loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential loans, at fair value		799,363	691,451
VIE, Primary Beneficiary | Non-Agency RMBS Re-Securitization
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents			0
Investment securities available for sale, at fair value			109,140
Operating real estate, net held in Consolidated VIEs			0
Other assets			535
Total Assets			109,675
Multi-family CDOs, at fair value			15,256
Mortgages payable in consolidated variable interest entities			0
Other Liabilities			70
Total Liabilities			15,326
Non-controlling interest in consolidated variable interest entities			0
Net investment			94,349
VIE, Primary Beneficiary | Non-Agency RMBS Re-Securitization | Residential loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential loans, at fair value			0
VIE, Primary Beneficiary | Consolidated SLST
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents		0	0
Investment securities available for sale, at fair value			0
Operating real estate, net held in Consolidated VIEs		0	0
Other assets		3,849	4,075
Total Assets		1,180,388	1,270,860
Multi-family CDOs, at fair value		948,090	1,054,335
Mortgages payable in consolidated variable interest entities		0	0
Other Liabilities		2,467	2,781
Total Liabilities		950,557	1,057,116
Non-controlling interest in consolidated variable interest entities		0	0
Net investment		229,831	213,744
VIE, Primary Beneficiary | Consolidated SLST | Residential loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential loans, at fair value		1,176,539	1,266,785
VIE, Primary Beneficiary | Other
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents		2,799	462
Investment securities available for sale, at fair value			0
Operating real estate, net held in Consolidated VIEs		125,253	50,532
Other assets		10,162	3,045
Total Assets		138,214	54,039
Multi-family CDOs, at fair value		0	0
Mortgages payable in consolidated variable interest entities		98,611	36,752
Other Liabilities		2,179	1,435
Total Liabilities		100,790	38,187
Non-controlling interest in consolidated variable interest entities		5,198	6,371
Net investment		32,226	9,481
VIE, Primary Beneficiary | Other | Residential loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential loans, at fair value		0	0
VIE, Primary Beneficiary | Financing And Other VIEs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents		2,799	462
Investment securities available for sale, at fair value			109,140
Operating real estate, net held in Consolidated VIEs		125,253	50,532
Other assets		108,047	32,614
Total Assets		2,212,001	2,150,984
Multi-family CDOs, at fair value		1,631,814	1,623,658
Mortgages payable in consolidated variable interest entities		98,611	36,752
Other Liabilities		14,264	6,896
Total Liabilities		1,744,689	1,667,306
Non-controlling interest in consolidated variable interest entities		5,198	6,371
Net investment		462,114	477,307
VIE, Primary Beneficiary | Financing And Other VIEs | Residential loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential loans, at fair value		$ 1,975,902	$ 1,958,236
[1]	Our condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of June 30, 2021 and December 31, 2020, assets of consolidated VIEs totaled $2,212,001 and $2,150,984, respectively, and the liabilities of consolidated VIEs totaled $1,744,689 and $1,667,306, respectively. See Note 7 for further discussion.

Use of Special Purpose Entiti_5

Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) - Schedule of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Variable Interest Entity [Line Items]
Interest expense	$ 20,711	$ 19,444	$ 40,410	$ 182,976
Total net interest income	31,475	28,526	61,815	75,607
Unrealized gains (losses), net	23,854	102,872	50,020	(293,908)
Other income (loss)	3,826	(1,638)	6,923	(97)
Total non-interest income (loss)	43,276	104,412	82,996	(517,591)
Total general, administrative and operating expenses	23,121	14,074	42,316	27,958
Net loss attributable to non-controlling interest in Consolidated VIEs	(1,625)	(876)	(3,034)	(1,060)
Net income (loss) attributable to Company	53,240	117,813	105,448	(470,570)
Consolidated K-Series
Variable Interest Entity [Line Items]
Interest income				151,841
Interest expense				129,762
Total net interest income				22,079
Unrealized gains (losses), net				(10,951)
Other income (loss)				0
Total non-interest income (loss)				(10,951)
Total general, administrative and operating expenses				0
Net income (loss)				11,128
Net income (loss) attributable to Company				11,128
VIE, Primary Beneficiary | Consolidated SLST
Variable Interest Entity [Line Items]
Interest income	10,479	11,522	20,797	23,646
Interest expense	7,151	8,158	14,254	16,693
Total net interest income	3,328	3,364	6,543	6,953
Unrealized gains (losses), net	9,793	4,096	19,018	(62,038)
Other income (loss)	0	0	0	0
Total non-interest income (loss)	9,793	4,096	19,018	(62,038)
Total general, administrative and operating expenses	0	0	0	0
Net income (loss)	13,121	7,460	25,561	(55,085)
Net income (loss) attributable to Company	13,121	7,460	25,561	(55,085)
VIE, Primary Beneficiary | Other
Variable Interest Entity [Line Items]
Interest income	0	0	0	0
Interest expense	430	0	740	0
Total net interest income	(430)	0	(740)	0
Unrealized gains (losses), net	0	0	0	0
Other income (loss)	2,150	(1,780)	3,645	(2,121)
Total non-interest income (loss)	2,150	(1,780)	3,645	(2,121)
Total general, administrative and operating expenses	3,913	(26)	6,837	0
Net income (loss)	(2,193)	(1,754)	(3,932)	(2,121)
Net loss attributable to non-controlling interest in Consolidated VIEs	(1,625)	(876)	(3,034)	(1,060)
Net income (loss) attributable to Company	(568)	(878)	(898)	(1,061)
VIE, Primary Beneficiary | Financing And Other VIEs
Variable Interest Entity [Line Items]
Interest income	10,479	11,522	20,797	175,487
Interest expense	7,581	8,158	14,994	146,455
Total net interest income	2,898	3,364	5,803	29,032
Unrealized gains (losses), net	9,793	4,096	19,018	(72,989)
Other income (loss)	2,150	(1,780)	3,645	(2,121)
Total non-interest income (loss)	11,943	2,316	22,663	(75,110)
Total general, administrative and operating expenses	3,913	(26)	6,837	0
Net income (loss)	10,928	5,706	21,629	(46,078)
Net loss attributable to non-controlling interest in Consolidated VIEs	(1,625)	(876)	(3,034)	(1,060)
Net income (loss) attributable to Company	$ 12,553	$ 6,582	$ 24,663	$ (45,018)

Use of Special Purpose Entiti_6

Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) - Classification and Carrying Value of Unconsolidated VIEs (Details) - USD ($) $ in Thousands		Jun. 30, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Assets	[1]	$ 4,780,927	$ 4,655,587
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Maximum exposure		377,065	465,913
Multi-family loans | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Maximum exposure		126,719	163,593
Investment securities available for sale, at fair value | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Maximum exposure		45,649	43,225
Equity investments | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Maximum exposure		204,697	259,095
ABS | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Assets		42,620	43,225
ABS | Multi-family loans | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Assets		0	0
ABS | Investment securities available for sale, at fair value | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Assets		42,620	43,225
ABS | Equity investments | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Assets		0	0
Non-Agency RMBS | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Assets		3,029
Non-Agency RMBS | Multi-family loans | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Assets		0
Non-Agency RMBS | Investment securities available for sale, at fair value | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Assets		3,029
Non-Agency RMBS | Equity investments | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Assets		0
Preferred equity investments in multi-family properties | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Assets		316,465	341,266
Preferred equity investments in multi-family properties | Multi-family loans | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Assets		126,719	158,501
Preferred equity investments in multi-family properties | Investment securities available for sale, at fair value | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Assets		0	0
Preferred equity investments in multi-family properties | Equity investments | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Assets		189,746	182,765
Mezzanine loans on multi-family properties | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Assets			5,092
Mezzanine loans on multi-family properties | Multi-family loans | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Assets			5,092
Mezzanine loans on multi-family properties | Investment securities available for sale, at fair value | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Assets			0
Mezzanine loans on multi-family properties | Equity investments | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Assets			0
Equity investments in entities that invest in residential properties and loans | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Assets		14,951	76,330
Equity investments in entities that invest in residential properties and loans | Multi-family loans | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Assets		0	0
Equity investments in entities that invest in residential properties and loans | Investment securities available for sale, at fair value | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Assets		0	0
Equity investments in entities that invest in residential properties and loans | Equity investments | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Assets		$ 14,951	$ 76,330
[1]	Our condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of June 30, 2021 and December 31, 2020, assets of consolidated VIEs totaled $2,212,001 and $2,150,984, respectively, and the liabilities of consolidated VIEs totaled $1,744,689 and $1,667,306, respectively. See Note 7 for further discussion.

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Activity of Derivative Instruments Not Designated as Hedges (Details) - Trading - Interest Rate Swap $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Derivative Instruments and Hedging Activities Disclosures [Roll Forward]
Beginning balance	$ 495,500
Additions	0
Terminations	(495,500)
Ending balance	$ 0

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Components of Investment Fair Value Changes (Details) - Trading - Interest Rate Swap $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Realized Gains (Losses)	$ (73,078)
Unrealized Gains (Losses)	$ 28,967

Operating Real Estate Held in_3

Operating Real Estate Held in Consolidated VIEs, Net - Narrative (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2021USD ($)jointVenture
Real Estate [Line Items]
Number of joint venture invested in during period | jointVenture		2
VIE, Primary Beneficiary | Real Estate Investment
Real Estate [Line Items]
Rental income | $	$ 2.1	$ 3.6

Operating Real Estate Held in_4

Operating Real Estate Held in Consolidated VIEs, Net - Summary of Investments (Details) - VIE, Primary Beneficiary - Real Estate Investment - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Real Estate [Line Items]
Land	$ 16,866	$ 16,866	$ 5,400
Building and improvements	104,368	104,368	43,764
Furniture, fixture and equipment	5,693	5,693	1,522
Real estate	126,927	126,927	50,686
Accumulated depreciation	(1,674)	(1,674)	(154)
Real estate, net	125,253	125,253	$ 50,532
Depreciation	$ 800	$ 1,500

Repurchase Agreements - Narrati

Repurchase Agreements - Narrative (Details)	Jun. 30, 2021counterpartyfinancialInstitution
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Repurchase agreements, number of financial institutions | financialInstitution	3
Repurchase agreements, number of counterparties | counterparty	2

Repurchase Agreements - Borrowi

Repurchase Agreements - Borrowings Under Financing Arrangements and Associated Assets Pledged as Collateral (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Carrying Value of Loans Pledged		$ 3,202,743	$ 3,049,166
Residential loans
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Carrying Value of Loans Pledged		1,226,841	1,090,930
Residential loans
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Maximum Aggregate Uncommitted Principal Amount		1,289,237	1,301,389
Outstanding Repurchase Agreements		341,791	407,213
Net Deferred Finance Costs		(1,250)	(1,682)
Carrying Value of Loans Pledged		$ 497,018	$ 575,380
Weighted Average Rate		2.93%	2.92%
Weighted Average Months to Maturity	11 years 11 months 1 day	6 years 7 months 20 days
Residential loans | Repurchase agreements
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Carrying Value of Repurchase Agreements		$ 340,541	$ 405,531
Residential loans | Repurchase Agreement, Non Mark-to Market
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Outstanding Repurchase Agreements		$ 44,700	$ 49,800
Weighted Average Rate		4.00%	4.00%
Weighted Average Months to Maturity	8 years 9 months 18 days	8 years 10 days

Collateralized Debt Obligatio_3

Collateralized Debt Obligations - Summary of Debt (Details) - Collateralized Debt Obligations - Secured Debt - USD ($) $ in Thousands	Feb. 01, 2022	Mar. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Outstanding Face Amount			$ 1,595,107	$ 1,547,963
Collateralized debt, carrying value			1,631,814	1,623,658
Consolidated SLST
Debt Instrument [Line Items]
Outstanding Face Amount			906,703	975,017
Collateralized debt, carrying value			$ 948,090	$ 1,054,335
Weighted average interest rate			2.75%	2.75%
Weighted Average Rate of Notes Issued			3.53%	3.53%
Residential loan securitizations
Debt Instrument [Line Items]
Outstanding Face Amount			$ 688,404	$ 557,497
Collateralized debt, carrying value			$ 683,724	$ 554,067
Weighted average interest rate			3.10%	3.36%
Weighted Average Rate of Notes Issued			4.35%	4.83%
Non-Agency RMBS Re-Securitization
Debt Instrument [Line Items]
Outstanding Face Amount				$ 15,449
Collateralized debt, carrying value				$ 15,256
Non-Agency RMBS Re-Securitization | LIBOR
Debt Instrument [Line Items]
Interest rate, basis spread		0.0525%
Non-Agency RMBS Re-Securitization | LIBOR | Forecast | Subsequent Event
Debt Instrument [Line Items]
Interest rate, basis spread	7.75%

Collateralized Debt Obligatio_4

Collateralized Debt Obligations - Maturities (Details) $ in Thousands	Jun. 30, 2021USD ($)
Debt Instrument [Line Items]
2021	$ 0
2022	138,000
2023	0
2024	36,610
2025	0
2026	100,000
Thereafter	108,070
Total	382,680
Secured Debt | Collateralized Debt Obligations
Debt Instrument [Line Items]
2021	0
2022	0
2023	0
2024	0
2025	208,613
2026	180,000
Thereafter	1,206,494
Total	$ 1,595,107

Debt - Narrative (Details)

Debt - Narrative (Details)	Apr. 27, 2021USD ($)	Jan. 23, 2017$ / shares	Jun. 30, 2021USD ($)jointVenture	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Proceeds from issuance of unsecured debt			$ 96,267,000	$ 0
Long-term debt			$ 382,680,000
Number of joint venture invested in during period | jointVenture			2
6.25% senior convertible notes due 2022 | Convertible Notes
Debt Instrument [Line Items]
Face amount			$ 138,000,000
Interest rate		6.25%	6.25%
Discount and deferred charges, net			$ 1,400,000		$ 2,700,000
Debt issuance cost, percentage		8.24%
Notes issued, percentage of principle		96.00%
Conversion ratio		0.1427144
Conversion price (in dollars per share) | $ / shares		$ 7.01
5.75% Senior Notes Due 2026 | Unsecured Debt
Debt Instrument [Line Items]
Face amount	$ 100,000,000
Interest rate	5.75%
Debt instrument, percentage of principal issued	100.00%
Proceeds from issuance of unsecured debt	$ 96,300,000
Long-term debt	$ 100,000,000
Deferred loan fees, net			$ 3,600,000
Debt issuance costs, amortization rate			6.64%
5.75% Senior Notes Due 2026 | Unsecured Debt | Between BB+ and B+ Credit Rating
Debt Instrument [Line Items]
Interest rate increase	0.50%
5.75% Senior Notes Due 2026 | Unsecured Debt | B+ or Below Credit Rating
Debt Instrument [Line Items]
Interest rate increase	0.75%
5.75% Senior Notes Due 2026 | Unsecured Debt | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	100.00%
5.75% Senior Notes Due 2026 | Unsecured Debt | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	100.00%
Debt instrument, redemption price, percentage multiplyer	2.875%

Debt - Schedule of Debt Redempt

Debt - Schedule of Debt Redemption Details (Details) - 5.75% Senior Notes Due 2026 - Unsecured Debt	Apr. 27, 2021
Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage multiplyer	2.875%
Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage multiplyer	1.4375%
Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage multiplyer	0.00%

Debt - Preferred Securities (De

Debt - Preferred Securities (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
NYM Preferred Trust I
Debt Instrument [Line Items]
Principal value of trust preferred securities	$ 25,000,000	$ 25,000,000
NYM Preferred Trust I | LIBOR
Debt Instrument [Line Items]
Interest rate, basis spread	3.75%	3.75%
NYM Preferred Trust II
Debt Instrument [Line Items]
Principal value of trust preferred securities	$ 20,000,000	$ 20,000,000
NYM Preferred Trust II | LIBOR
Debt Instrument [Line Items]
Interest rate, basis spread	3.95%	3.95%

Debt - Schedule of Mortgage Not

Debt - Schedule of Mortgage Notes Payable Included in VIEs (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt	$ 382,680
VIE, Primary Beneficiary | Mortgage Note | Joint Venture Investment
Debt Instrument [Line Items]
Outstanding Mortgage Balance	99,680
Net Deferred Finance Cost	(1,069)
Long-term debt	$ 98,611
Weighted average interest rate	2.90%
Unfunded Commitment	$ 3,310
VIE, Primary Beneficiary | Mortgage Note | Preferred Equity Investment
Debt Instrument [Line Items]
Outstanding Mortgage Balance	37,030
Net Deferred Finance Cost	(278)
Long-term debt	$ 36,752
Weighted average interest rate		2.54%
Unfunded Commitment		$ 0

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Long-Term Debt (Details) $ in Thousands	Jun. 30, 2021USD ($)
Year Ending December 31,
2021	$ 0
2022	138,000
2023	0
2024	36,610
2025	0
2026	100,000
Thereafter	108,070
Total	$ 382,680

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets carried at fair value
Investment securities available for sale, at fair value	$ 225,267	$ 311,284
Fair Value, Measurements, Recurring
Assets carried at fair value
Equity investments	204,697	259,095
Total	4,141,566	4,196,580
Liabilities carried at fair value
Total	948,090	1,054,335
Fair Value, Measurements, Recurring | Residential loans
Assets carried at fair value
Residential loans, at fair value	1,226,841	1,090,930
Fair Value, Measurements, Recurring | Residential loans | Consolidated SLST | VIE, Primary Beneficiary
Assets carried at fair value
Residential loans, at fair value	1,176,539	1,266,785
Fair Value, Measurements, Recurring | Residential loans held in securitization trusts
Assets carried at fair value
Residential loans, at fair value	799,363	691,451
Fair Value, Measurements, Recurring | Multi-family loans
Assets carried at fair value
Multi-family loans	126,719	163,593
Fair Value, Measurements, Recurring | Agency RMBS
Assets carried at fair value
Investment securities available for sale, at fair value	131,299	139,395
Fair Value, Measurements, Recurring | Non-Agency RMBS
Assets carried at fair value
Investment securities available for sale, at fair value	287,988	355,666
Fair Value, Measurements, Recurring | CMBS
Assets carried at fair value
Investment securities available for sale, at fair value	145,500	186,440
Fair Value, Measurements, Recurring | ABS
Assets carried at fair value
Investment securities available for sale, at fair value	42,620	43,225
Fair Value, Measurements, Recurring | Residential Collateralized Debt Obligations, at Fair Value | Consolidated SLST | VIE, Primary Beneficiary
Liabilities carried at fair value
Collateralized debt obligations, at fair value	948,090	1,054,335
Level 1 | Fair Value, Measurements, Recurring
Assets carried at fair value
Equity investments	0	0
Total	0	0
Liabilities carried at fair value
Total	0	0
Level 1 | Fair Value, Measurements, Recurring | Residential loans
Assets carried at fair value
Residential loans, at fair value	0	0
Level 1 | Fair Value, Measurements, Recurring | Residential loans | Consolidated SLST | VIE, Primary Beneficiary
Assets carried at fair value
Residential loans, at fair value	0	0
Level 1 | Fair Value, Measurements, Recurring | Residential loans held in securitization trusts
Assets carried at fair value
Residential loans, at fair value	0	0
Level 1 | Fair Value, Measurements, Recurring | Multi-family loans
Assets carried at fair value
Multi-family loans	0	0
Level 1 | Fair Value, Measurements, Recurring | Agency RMBS
Assets carried at fair value
Investment securities available for sale, at fair value	0	0
Level 1 | Fair Value, Measurements, Recurring | Non-Agency RMBS
Assets carried at fair value
Investment securities available for sale, at fair value	0	0
Level 1 | Fair Value, Measurements, Recurring | CMBS
Assets carried at fair value
Investment securities available for sale, at fair value	0	0
Level 1 | Fair Value, Measurements, Recurring | ABS
Assets carried at fair value
Investment securities available for sale, at fair value	0	0
Level 1 | Fair Value, Measurements, Recurring | Residential Collateralized Debt Obligations, at Fair Value | Consolidated SLST | VIE, Primary Beneficiary
Liabilities carried at fair value
Collateralized debt obligations, at fair value	0	0
Level 2
Assets carried at fair value
Investment securities available for sale, at fair value	607,407	724,726
Level 2 | Fair Value, Measurements, Recurring
Assets carried at fair value
Equity investments	0	0
Total	607,407	724,726
Liabilities carried at fair value
Total	0	0
Level 2 | Fair Value, Measurements, Recurring | Residential loans
Assets carried at fair value
Residential loans, at fair value	0	0
Level 2 | Fair Value, Measurements, Recurring | Residential loans | Consolidated SLST | VIE, Primary Beneficiary
Assets carried at fair value
Residential loans, at fair value	0	0
Level 2 | Fair Value, Measurements, Recurring | Residential loans held in securitization trusts
Assets carried at fair value
Residential loans, at fair value	0	0
Level 2 | Fair Value, Measurements, Recurring | Multi-family loans
Assets carried at fair value
Multi-family loans	0	0
Level 2 | Fair Value, Measurements, Recurring | Agency RMBS
Assets carried at fair value
Investment securities available for sale, at fair value	131,299	139,395
Level 2 | Fair Value, Measurements, Recurring | Non-Agency RMBS
Assets carried at fair value
Investment securities available for sale, at fair value	287,988	355,666
Level 2 | Fair Value, Measurements, Recurring | CMBS
Assets carried at fair value
Investment securities available for sale, at fair value	145,500	186,440
Level 2 | Fair Value, Measurements, Recurring | ABS
Assets carried at fair value
Investment securities available for sale, at fair value	42,620	43,225
Level 2 | Fair Value, Measurements, Recurring | Residential Collateralized Debt Obligations, at Fair Value | Consolidated SLST | VIE, Primary Beneficiary
Liabilities carried at fair value
Collateralized debt obligations, at fair value	0	0
Level 3
Assets carried at fair value
Equity investments	204,697	259,095
Level 3 | Fair Value, Measurements, Recurring
Assets carried at fair value
Equity investments	204,697	259,095
Total	3,534,159	3,471,854
Liabilities carried at fair value
Total	948,090	1,054,335
Level 3 | Fair Value, Measurements, Recurring | Residential loans
Assets carried at fair value
Residential loans, at fair value	1,226,841	1,090,930
Level 3 | Fair Value, Measurements, Recurring | Residential loans | Consolidated SLST | VIE, Primary Beneficiary
Assets carried at fair value
Residential loans, at fair value	1,176,539	1,266,785
Level 3 | Fair Value, Measurements, Recurring | Residential loans held in securitization trusts
Assets carried at fair value
Residential loans, at fair value	799,363	691,451
Level 3 | Fair Value, Measurements, Recurring | Multi-family loans
Assets carried at fair value
Multi-family loans	126,719	163,593
Level 3 | Fair Value, Measurements, Recurring | Agency RMBS
Assets carried at fair value
Investment securities available for sale, at fair value	0	0
Level 3 | Fair Value, Measurements, Recurring | Non-Agency RMBS
Assets carried at fair value
Investment securities available for sale, at fair value	0	0
Level 3 | Fair Value, Measurements, Recurring | CMBS
Assets carried at fair value
Investment securities available for sale, at fair value	0	0
Level 3 | Fair Value, Measurements, Recurring | ABS
Assets carried at fair value
Investment securities available for sale, at fair value	0	0
Level 3 | Fair Value, Measurements, Recurring | Residential Collateralized Debt Obligations, at Fair Value | Consolidated SLST | VIE, Primary Beneficiary
Liabilities carried at fair value
Collateralized debt obligations, at fair value	$ 948,090	$ 1,054,335

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Valuation for Level 3 Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 3,471,854	$ 20,659,268
Total gains/(losses) (realized/unrealized)
Included in earnings	38,670	(20,886)
Transfers in		500,793
Transfers out	(2,674)	(241,599)
Transfers to securitization trust	0
Contributions	320	30,546
Paydowns/Distributions	(561,143)	(456,191)
Recovery of charge-off		35
Sales	(17,944)	(17,475,238)
Purchases	605,076	156,639
Balance at the end of period	3,534,159	3,153,367
Consolidated SLST | VIE, Primary Beneficiary | Residential loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	1,266,785	1,328,886
Total gains/(losses) (realized/unrealized)
Included in earnings	(21,788)	(15,279)
Transfers in		0
Transfers out	0	0
Transfers to securitization trust	0
Contributions	0	0
Paydowns/Distributions	(68,458)	(38,757)
Recovery of charge-off		0
Sales	0	0
Purchases	0	0
Balance at the end of period	1,176,539	1,274,850
Consolidated K-Series | VIE, Primary Beneficiary | Multi-family loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period		17,816,746
Total gains/(losses) (realized/unrealized)
Included in earnings		41,795
Transfers in		0
Transfers out		(237,297)
Contributions		0
Paydowns/Distributions		(239,796)
Recovery of charge-off		35
Sales		(17,381,483)
Purchases		0
Balance at the end of period		0
Residential loans | Residential loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	1,090,930	1,429,754
Total gains/(losses) (realized/unrealized)
Included in earnings	14,494	(55,144)
Transfers in		164,279
Transfers out	(1,259)	(3,953)
Transfers to securitization trust	(160,623)
Contributions	0	0
Paydowns/Distributions	(306,209)	(155,135)
Recovery of charge-off		0
Sales	(15,568)	(93,755)
Purchases	605,076	156,639
Balance at the end of period	1,226,841	1,442,685
Residential loans held in securitization trusts | Residential loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	691,451	0
Total gains/(losses) (realized/unrealized)
Included in earnings	21,105	(1,730)
Transfers in		46,572
Transfers out	(1,415)	(349)
Transfers to securitization trust	160,623
Contributions	0	0
Paydowns/Distributions	(70,025)	(3,800)
Recovery of charge-off		0
Sales	(2,376)	0
Purchases	0	0
Balance at the end of period	799,363	40,693
Multi-family loans | Multi-family loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	163,593
Total gains/(losses) (realized/unrealized)
Included in earnings	10,853
Transfers out	0
Transfers to securitization trust	0
Contributions	0
Paydowns/Distributions	(47,727)
Sales	0
Purchases	0
Balance at the end of period	126,719
Preferred equity and mezzanine loan investments | Multi-family loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period		0
Total gains/(losses) (realized/unrealized)
Included in earnings		4,866
Transfers in		182,465
Transfers out		0
Contributions		8,440
Paydowns/Distributions		(14,921)
Recovery of charge-off		0
Sales		0
Purchases		0
Balance at the end of period		180,850
Equity investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period		83,882
Total gains/(losses) (realized/unrealized)
Included in earnings		4,606
Transfers in		107,477
Contributions		22,106
Paydowns/Distributions		(3,782)
Equity investments | Multi-family loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	259,095	83,882
Total gains/(losses) (realized/unrealized)
Included in earnings	14,006	4,606
Transfers in		107,477
Transfers out	0	0
Transfers to securitization trust	0
Contributions	320	22,106
Paydowns/Distributions	(68,724)	(3,782)
Recovery of charge-off		0
Sales	0	0
Purchases	0	0
Balance at the end of period	$ 204,697	$ 214,289

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Valuation for Level 3 Liabilities (Details) - Collateralized Debt Obligations - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period		$ 17,777,280
Total gains (realized/unrealized)
Included in earnings		87,438
Paydowns		(186,618)
Sales		(16,589,867)
Balance at the end of period		1,088,233
Consolidated K-Series | VIE, Primary Beneficiary
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period		16,724,451
Total gains (realized/unrealized)
Included in earnings		35,018
Paydowns		(147,376)
Sales	$ (16,612,093)
Balance at the end of period		0
Consolidated SLST | VIE, Primary Beneficiary
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	1,054,335	1,052,829
Total gains (realized/unrealized)
Included in earnings	(37,931)	52,420
Paydowns	(68,314)	(39,242)
Sales		22,226
Balance at the end of period	$ 948,090	$ 1,088,233

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Schedule of Quantitative Information Regarding Significant and Unobservable Inputs Used in the Valuation of Level 3 Assets and Liabilities Measured at Fair Value (Details)	6 Months Ended
	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Residential Collateralized Debt Obligations, at Fair Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Collateralized debt, carrying value	$ 948,090,000	$ 1,054,335,000
Residential Collateralized Debt Obligations, at Fair Value | VIE, Primary Beneficiary
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Collateralized debt, carrying value	948,090,000	1,054,335,000
Consolidated SLST | VIE, Primary Beneficiary
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investment in Consolidated SLST limited to securities owned, net carrying value	228,300,000	212,100,000
Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, at fair value	3,202,743,000
Equity investments	204,697,000	259,095,000
Level 3 | Residential Collateralized Debt Obligations, at Fair Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Collateralized debt, carrying value	948,090,000	$ 1,054,335,000
Level 3 | Equity investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Equity investments	$ 189,746,000
Level 3 | Loss Severity | Discounted Cash Flow | Weighted Average | Equity investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments in unconsolidated entities, measurement input	0
Level 3 | Discount Rate | Discounted Cash Flow | Weighted Average | Equity investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments in unconsolidated entities, measurement input	0.117
Level 3 | Discount Rate | Discounted Cash Flow | Minimum | Equity investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments in unconsolidated entities, measurement input	0.110
Level 3 | Discount Rate | Discounted Cash Flow | Maximum | Equity investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments in unconsolidated entities, measurement input	0.183
Level 3 | Months To Assumed Redemption | Discounted Cash Flow | Weighted Average | Equity investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, measurement input, redemption period (in months)	35 months
Level 3 | Months To Assumed Redemption | Discounted Cash Flow | Minimum | Equity investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, measurement input, redemption period (in months)	3 months
Level 3 | Months To Assumed Redemption | Discounted Cash Flow | Maximum | Equity investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, measurement input, redemption period (in months)	57 months
Level 3 | Residential loans and residential loans held in securitization trusts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, at fair value	$ 1,891,087,000
Level 3 | Residential loans and residential loans held in securitization trusts | Liquidation Model
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, at fair value	$ 135,117,000
Level 3 | Residential loans and residential loans held in securitization trusts | Lifetime CPR | Discounted Cash Flow | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, measurement input	0.096
Level 3 | Residential loans and residential loans held in securitization trusts | Lifetime CPR | Discounted Cash Flow | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, measurement input	0
Level 3 | Residential loans and residential loans held in securitization trusts | Lifetime CPR | Discounted Cash Flow | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, measurement input	0.547
Level 3 | Residential loans and residential loans held in securitization trusts | Lifetime CDR | Discounted Cash Flow | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, measurement input	0.008
Level 3 | Residential loans and residential loans held in securitization trusts | Lifetime CDR | Discounted Cash Flow | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, measurement input	0
Level 3 | Residential loans and residential loans held in securitization trusts | Lifetime CDR | Discounted Cash Flow | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, measurement input	0.203
Level 3 | Residential loans and residential loans held in securitization trusts | Loss Severity | Discounted Cash Flow | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, measurement input	0.118
Level 3 | Residential loans and residential loans held in securitization trusts | Loss Severity | Discounted Cash Flow | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, measurement input	0
Level 3 | Residential loans and residential loans held in securitization trusts | Loss Severity | Discounted Cash Flow | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, measurement input	1
Level 3 | Residential loans and residential loans held in securitization trusts | Yield | Discounted Cash Flow | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, measurement input	0.049
Level 3 | Residential loans and residential loans held in securitization trusts | Yield | Discounted Cash Flow | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, measurement input	0.024
Level 3 | Residential loans and residential loans held in securitization trusts | Yield | Discounted Cash Flow | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, measurement input	0.402
Level 3 | Residential loans and residential loans held in securitization trusts | Yield | Liquidation Model | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, measurement input	0.072
Level 3 | Residential loans and residential loans held in securitization trusts | Yield | Liquidation Model | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, measurement input	0.070
Level 3 | Residential loans and residential loans held in securitization trusts | Yield | Liquidation Model | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, measurement input	0.296
Level 3 | Residential loans and residential loans held in securitization trusts | Annual Home Price Appreciation | Liquidation Model | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, measurement input	0.010
Level 3 | Residential loans and residential loans held in securitization trusts | Annual Home Price Appreciation | Liquidation Model | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, measurement input	0
Level 3 | Residential loans and residential loans held in securitization trusts | Annual Home Price Appreciation | Liquidation Model | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, measurement input	0.180
Level 3 | Residential loans and residential loans held in securitization trusts | Liquidation Timeline | Liquidation Model | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, measurement input, liquidation timeline (in months)	30 years
Level 3 | Residential loans and residential loans held in securitization trusts | Liquidation Timeline | Liquidation Model | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, measurement input, liquidation timeline (in months)	8 months
Level 3 | Residential loans and residential loans held in securitization trusts | Liquidation Timeline | Liquidation Model | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, measurement input, liquidation timeline (in months)	53 months
Level 3 | Residential loans and residential loans held in securitization trusts | Property Value | Liquidation Model | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, at fair value	$ 608,523
Level 3 | Residential loans and residential loans held in securitization trusts | Property Value | Liquidation Model | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, at fair value	13,000
Level 3 | Residential loans and residential loans held in securitization trusts | Property Value | Liquidation Model | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, at fair value	4,000,000
Level 3 | Multi-family loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Multi-family loans	$ 126,719,000
Level 3 | Multi-family loans | Loss Severity | Discounted Cash Flow | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input	0
Level 3 | Multi-family loans | Discount Rate | Discounted Cash Flow | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input	0.115
Level 3 | Multi-family loans | Discount Rate | Discounted Cash Flow | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input	0.110
Level 3 | Multi-family loans | Discount Rate | Discounted Cash Flow | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input	0.195
Level 3 | Multi-family loans | Months To Assumed Redemption | Discounted Cash Flow | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, assumed redemption period (in months)	35 months
Level 3 | Multi-family loans | Months To Assumed Redemption | Discounted Cash Flow | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, assumed redemption period (in months)	1 month
Level 3 | Multi-family loans | Months To Assumed Redemption | Discounted Cash Flow | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, assumed redemption period (in months)	60 months
Level 3 | Consolidated SLST | VIE, Primary Beneficiary
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, at fair value	$ 1,176,539,000
Investment in Consolidated SLST limited to securities owned, net carrying value	228,300,000
Level 3 | Consolidated SLST | Residential Collateralized Debt Obligations, at Fair Value | VIE, Primary Beneficiary
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Collateralized debt, carrying value	$ 948,090,000
Level 3 | Consolidated SLST | Loss Severity | Discounted Cash Flow | Weighted Average | Residential Collateralized Debt Obligations, at Fair Value | VIE, Primary Beneficiary
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt, measurement input	0.194
Level 3 | Consolidated SLST | Loss Severity | Discounted Cash Flow | Minimum | Residential Collateralized Debt Obligations, at Fair Value | VIE, Primary Beneficiary
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt, measurement input	0
Level 3 | Consolidated SLST | Loss Severity | Discounted Cash Flow | Maximum | Residential Collateralized Debt Obligations, at Fair Value | VIE, Primary Beneficiary
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt, measurement input	0.221
Level 3 | Consolidated SLST | Yield | Discounted Cash Flow | Weighted Average | Residential Collateralized Debt Obligations, at Fair Value | VIE, Primary Beneficiary
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt, measurement input	0.028
Level 3 | Consolidated SLST | Yield | Discounted Cash Flow | Minimum | Residential Collateralized Debt Obligations, at Fair Value | VIE, Primary Beneficiary
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt, measurement input	0.019
Level 3 | Consolidated SLST | Yield | Discounted Cash Flow | Maximum | Residential Collateralized Debt Obligations, at Fair Value | VIE, Primary Beneficiary
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt, measurement input	0.216
Level 3 | Consolidated SLST | Collateral Prepayment Rate | Discounted Cash Flow | Weighted Average | Residential Collateralized Debt Obligations, at Fair Value | VIE, Primary Beneficiary
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt, measurement input	0.055
Level 3 | Consolidated SLST | Collateral Prepayment Rate | Discounted Cash Flow | Minimum | Residential Collateralized Debt Obligations, at Fair Value | VIE, Primary Beneficiary
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt, measurement input	0.024
Level 3 | Consolidated SLST | Collateral Prepayment Rate | Discounted Cash Flow | Maximum | Residential Collateralized Debt Obligations, at Fair Value | VIE, Primary Beneficiary
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt, measurement input	0.062
Level 3 | Consolidated SLST | Collateral Default Rate | Discounted Cash Flow | Weighted Average | Residential Collateralized Debt Obligations, at Fair Value | VIE, Primary Beneficiary
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt, measurement input	0.020
Level 3 | Consolidated SLST | Collateral Default Rate | Discounted Cash Flow | Minimum | Residential Collateralized Debt Obligations, at Fair Value | VIE, Primary Beneficiary
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt, measurement input	0
Level 3 | Consolidated SLST | Collateral Default Rate | Discounted Cash Flow | Maximum | Residential Collateralized Debt Obligations, at Fair Value | VIE, Primary Beneficiary
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt, measurement input	0.086

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Changes in Unrealized Gains (Losses) Included in Earnings for Level 3 Assets and Liabilities (Details) - Level 3 - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Collateralized Debt Obligations | Consolidated SLST | VIE, Primary Beneficiary
Liabilities
Unrealized gains (losses)	$ 3,322	$ (70,956)	$ 37,890	$ (48,990)
Residential loans | Consolidated SLST | VIE, Primary Beneficiary
Assets
Unrealized gains (losses)	6,471	75,052,000	(18,872)	(13,049)
Residential loans | Residential loans
Assets
Unrealized gains (losses)	3,752	39,991,000	12,192	(36,303,000)
Residential loans | Residential Loans Held in Securitization Trusts
Assets
Unrealized gains (losses)	6,030	59,000	18,611	(1,641)
Multi-family loans | Preferred Equity and Mezzanine Loan Investments
Assets
Unrealized gains (losses)	460	(127,000)	665	(5,686)
Multi-family loans | Equity investments
Assets
Unrealized gains (losses)	$ 805	$ (1,108,000)	$ 927	$ (5,130)

Fair Value of Financial Instr_8

Fair Value of Financial Instruments - Carrying Value and Estimated Fair Value of the Company's Financial Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Financial Assets:
Cash and cash equivalents	$ 324,927	$ 293,183	$ 371,697
Investment securities available for sale:	225,267	311,284
Equity Investments, carrying value	204,697	259,095
Financial Liabilities
Subordinated debentures, carrying value	45,000	45,000
Convertible notes, carrying value	136,586	135,327
Senior unsecured notes, carrying value	96,380	0
Residential collateralized debt obligations
Financial Liabilities
Collateralized debt, carrying value	683,724	569,323
Residential Collateralized Debt Obligations, at Fair Value
Financial Liabilities
Collateralized debt, carrying value	948,090	1,054,335
VIE, Primary Beneficiary | Residential collateralized debt obligations
Financial Liabilities
Collateralized debt, carrying value	683,724	569,323
VIE, Primary Beneficiary | Residential Collateralized Debt Obligations, at Fair Value
Financial Liabilities
Collateralized debt, carrying value	948,090	1,054,335
Level 1
Financial Assets:
Cash and cash equivalents	324,927	293,183
Cash and cash equivalents, estimated fair value	324,927	293,183
Level 2
Financial Assets:
Investment securities available for sale:	607,407	724,726
Financial Liabilities
Convertible notes, carrying value	136,586	135,327
Convertible notes, estimated fair value	140,416	137,716
Senior unsecured notes, carrying value	96,380	0
Senior unsecured notes, estimated fair value	103,045	0
Level 2 | Portfolio Investments
Financial Liabilities
Outstanding repurchase agreements	340,541	405,531
Level 2 | Non-Agency RMBS Re-Securitization
Financial Liabilities
Collateralized debt, carrying value	0	15,256
Secured debt, estimated fair value	0	15,472
Level 3
Financial Assets:
Equity Investments, carrying value	204,697	259,095
Equity Investment, estimated fair value	204,697	259,095
Financial Liabilities
Subordinated debentures, carrying value	45,000	45,000
Subordinated debentures, estimated fair value	42,615	36,871
Level 3 | Residential collateralized debt obligations
Financial Liabilities
Collateralized debt, carrying value	683,724	554,067
Secured debt, estimated fair value	688,491	561,329
Level 3 | Residential Collateralized Debt Obligations, at Fair Value
Financial Liabilities
Collateralized debt, carrying value	948,090	1,054,335
Secured debt, estimated fair value	948,090	1,054,335
Level 3 | Residential loans
Financial Assets:
Residential loans	3,202,743	3,049,166
Residential mortgage loans, estimated fair value	3,202,743	3,049,166
Level 3 | Multi-family loans
Financial Assets:
Preferred equity and mezzanine loan investments, carrying value	126,719	163,593
Preferred equity and mezzanine loan investments, estimated fair value	126,719	$ 163,593
Level 3 | VIE, Primary Beneficiary | Consolidated SLST | Residential Collateralized Debt Obligations, at Fair Value
Financial Liabilities
Collateralized debt, carrying value	$ 948,090

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Millions	3 Months Ended						6 Months Ended
	Jun. 30, 2021USD ($)quarterdirectorseriesOfPreferredStock$ / sharesshares	Mar. 31, 2021$ / shares	Dec. 31, 2020$ / sharesshares	Sep. 30, 2020$ / shares	Jun. 30, 2020$ / shares	Mar. 31, 2020$ / shares	Jun. 30, 2021USD ($)quarterdirectorseriesOfPreferredStock$ / sharesshares	Jun. 30, 2020shares	Nov. 27, 2019USD ($)	Mar. 29, 2019USD ($)	Sep. 10, 2018USD ($)	Aug. 10, 2017USD ($)$ / shares
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	200,000,000		200,000,000				200,000,000
Preferred stock, par value (in usd per share) | $ / shares	$ 0.01		$ 0.01				$ 0.01
Preferred stock, shares issued (in shares)	20,872,888		20,872,888				20,872,888
Number of series of cumulative redeemable preferred stock issued | seriesOfPreferredStock	4						4
Preferred stock, shares outstanding (in shares)	20,872,888		20,872,888				20,872,888
Redemption price (in dollars per share) | $ / shares	$ 25						$ 25
Preferred stock redemption period							120 days
Number of elected directors pending preferred stock voting rights | director	2						2
Percent of outstanding shares affirmative votes needed for material and adverse changes to preferred stock terms							66.67%
Cash dividend per share (in dollars per share) | $ / shares	$ 0.100	$ 0.100	$ 0.100	$ 0.075	$ 0.050	$ 0
Common stock, par value (in usd per share) | $ / shares	$ 0.01		$ 0.01				$ 0.01
Equity Distribution Agreements
Class of Stock [Line Items]
Common stock, par value (in usd per share) | $ / shares												$ 0.01
Common stock that may be sold (up to) | $											$ 177.1	$ 100
Shares issued (in shares)							0	0
Common stock reserved for issuance | $	$ 72.5						$ 72.5
Equity agreement for preferred stock maximum aggregate sales price (up to) | $									$ 131.5
Preferred Equity Distribution Agreement
Class of Stock [Line Items]
Shares issued (in shares)							0	0
Equity agreement for preferred stock maximum aggregate sales price (up to) | $										$ 50
Preferred stock available for future issuance, value | $	$ 82.4						$ 82.4
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	6,000,000						6,000,000
Preferred stock, shares issued (in shares)	3,156,087						3,156,087
Preferred stock, cumulative redeemable dividend rate							7.75%
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	6,600,000						6,600,000
Preferred stock, shares issued (in shares)	4,181,807						4,181,807
Preferred stock, cumulative redeemable dividend rate							7.875%
Series D Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	8,400,000						8,400,000
Preferred stock, shares issued (in shares)	6,123,495						6,123,495
Preferred stock, cumulative redeemable dividend rate							8.00%
Series E Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	9,900,000						9,900,000
Preferred stock, shares issued (in shares)	7,411,499						7,411,499
Preferred stock, cumulative redeemable dividend rate							7.875%
Preferred Stock
Class of Stock [Line Items]
Number of quarters with no dividends that results in voting rights | quarter	6						6

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Preferred Stock Issued and Outstanding (Details) - USD ($)	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	200,000,000	200,000,000
Preferred stock, shares issued (in shares)	20,872,888	20,872,888
Preferred stock, carrying value	$ 504,765,000	$ 504,765,000
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	6,000,000
Preferred stock, shares issued (in shares)	3,156,087
Preferred stock, carrying value	$ 76,180,000
Preferred stock, liquidation preference	$ 78,902,000
Preferred stock, contractual rate, percentage	7.75%
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	6,600,000
Preferred stock, shares issued (in shares)	4,181,807
Preferred stock, carrying value	$ 101,102,000
Preferred stock, liquidation preference	$ 104,545,000
Preferred stock, contractual rate, percentage	7.875%
Series D Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	8,400,000
Preferred stock, shares issued (in shares)	6,123,495
Preferred stock, carrying value	$ 148,134,000
Preferred stock, liquidation preference	$ 153,087,000
Preferred stock, contractual rate, percentage	8.00%
Series D Preferred Stock | LIBOR
Class of Stock [Line Items]
Preferred stock, floating annual rate, percentage	0.00057%
Series E Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	9,900,000
Preferred stock, shares issued (in shares)	7,411,499
Preferred stock, carrying value	$ 179,349,000
Preferred stock, liquidation preference	$ 185,288,000
Preferred stock, contractual rate, percentage	7.875%
Series E Preferred Stock | LIBOR
Class of Stock [Line Items]
Preferred stock, floating annual rate, percentage	0.06429%
Preferred Stock, Series Shares
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	30,900,000	30,900,000
Preferred stock, shares issued (in shares)	20,872,888	20,872,888
Preferred stock, carrying value	$ 504,765,000
Preferred stock, liquidation preference	$ 521,822,000	$ 521,822,000

Stockholders' Equity - Cash Div

Stockholders' Equity - Cash Dividends Declared - Preferred Stock (Details) - $ / shares	Jun. 14, 2021	Mar. 15, 2021	Dec. 07, 2020	Sep. 14, 2020	Jun. 15, 2020
Series B Preferred Stock
Dividends Payable [Line Items]
Cash dividend per share (in dollars per share)	$ 0.484375	$ 0.484375	$ 0.484375	$ 0.484375	$ 0.968750
Series C Preferred Stock
Dividends Payable [Line Items]
Cash dividend per share (in dollars per share)	0.4921875	0.4921875	0.4921875	0.4921875	0.9843750
Series D Preferred Stock
Dividends Payable [Line Items]
Cash dividend per share (in dollars per share)	0.50	0.50	0.50	0.50	1
Series E Preferred Stock
Dividends Payable [Line Items]
Cash dividend per share (in dollars per share)	$ 0.4921875	$ 0.4921875	$ 0.4921875	$ 0.4921875	$ 0.9843750

Stockholders' Equity - Cash D_2

Stockholders' Equity - Cash Dividends Declared - Common Stock (Details) - $ / shares	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Stockholders' Equity Note [Abstract]
Cash dividend per share (in dollars per share)	$ 0.100	$ 0.100	$ 0.100	$ 0.075	$ 0.050	$ 0

Earnings (Loss) Per Common Sh_3

Earnings (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Basic Earnings (Loss) per Common Share:
Net income (loss) attributable to Company	$ 53,240	$ 117,813	$ 105,448	$ (470,570)
Less: Preferred stock dividends	(10,296)	(10,296)	(20,593)	(20,593)
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS	$ 42,944	$ 107,517	$ 84,855	$ (491,163)
Weighted average common shares outstanding-basic (in shares)	379,299	377,465	379,091	364,189
Basic Earnings (Loss) per Common Share (in dollars per share)	$ 0.11	$ 0.28	$ 0.22	$ (1.35)
Diluted Earnings (Loss) per Common Share:
Net income (loss) attributable to Company	$ 53,240	$ 117,813	$ 105,448	$ (470,570)
Less: Preferred stock dividends	(10,296)	(10,296)	(20,593)	(20,593)
Add back: Interest expense on Convertible Notes for the period, net of tax	0	2,665	0	0
Net income (loss) attributable to Company's common stockholders	$ 42,944	$ 110,182	$ 84,855	$ (491,163)
Weighted average common shares outstanding-basic (in shares)	379,299	377,465	379,091	364,189
Net effect of assumed Convertible Notes conversion to common shares (in shares)	0	19,695	0	0
Diluted weighted average common shares outstanding (in shares)	381,517	399,982	381,167	364,189
Diluted Earnings (Loss) per Common Share (in dollars per share)	$ 0.11	$ 0.28	$ 0.22	$ (1.35)
PSUs
Diluted Earnings (Loss) per Common Share:
Net effect of assumed PSUs/RSUs vested (in shares)	2,003	642	1,931	0
RSUs
Diluted Earnings (Loss) per Common Share:
Net effect of assumed PSUs/RSUs vested (in shares)	215	2,180	145	0

Stock Based Compensation - Narr

Stock Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	1,902,344	1,603,766	1,902,344	1,603,766	1,603,766	837,123
Forfeited (in shares)	9,433		19,430	0
Unrecognized compensation cost	$ 7.2	$ 7.9	$ 7.2	$ 7.9
Unrecognized compensation cost, period for recognition			1 year 10 months 24 days
Fair value of vested shares			$ 2.5	$ 1.8
Shares vested (in shares)			621,438	287,611
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	3,690,883	2,902,014	3,690,883	2,902,014	2,902,014	2,018,518
Fair value of vested shares			$ 3.7
Fair value, expected term			3 years
Fair value, expected term for volatility rate			3 years
Shares vested (in shares)			842,792	0	974,074
Vested shares target (in shares)	(842,792)		(842,792)
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	1,110,322	441,746	1,110,322	441,746	441,746	0
Fair value of vested shares			$ 0.5
Requisite service period			3 years
Shares vested (in shares)			147,254	0
2017 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares that may be issued (in shares)	43,170,000		43,170,000
Shares available for grant (in shares)	30,747,566		30,747,566		5,540,536
2017 Incentive Plan | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)			661,013		507,821
2017 Incentive Plan | Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)			2,801,396
2017 Incentive Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	1,902,344		1,902,344		1,603,766
Shares available for grant (in shares)					4,798,517
Shares issued (in shares)					1,881,380
Share-based compensation expense	$ 1.2	$ 1	$ 2.3	$ 1.8
2017 Incentive Plan | PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)	6,728,375		6,728,375
Share-based compensation expense	$ 1.7	1.2	$ 3.1	2.5
Unrecognized compensation cost	$ 11.7		$ 11.7		$ 8.2
Unrecognized compensation cost, period for recognition			2 years 1 month 6 days
Award vesting period			3 years
Number of consecutive trading days for Total Shareholder Return (TSR) calculation			30 days
2017 Incentive Plan | PSUs | Relative TSR Performance is Less Than the 30th Percentile
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage			0.00%
2017 Incentive Plan | PSUs | Relative TSR Performance is Equal to the 50th Percentile
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage			100.00%
2017 Incentive Plan | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)	1,110,322		1,110,322		441,746
Share-based compensation expense	$ 0.5	0.2	$ 0.9	0.5
Unrecognized compensation cost	$ 4	$ 2.3	$ 4	$ 2.3
Unrecognized compensation cost, period for recognition			2 years 2 months 12 days
2010 Stock Incentive Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	0		0

Stock Based Compensation - Non-

Stock Based Compensation - Non-vested Restricted Stock, PSU and RSU Award Activity (Details) - $ / shares	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Restricted Stock
Number of Non-vested Restricted Shares
Non-vested shares at beginning of period (in shares)		1,603,766	837,123	837,123
Granted (in shares)		939,446	1,054,254
Vested (in shares)		(621,438)	(287,611)
Forfeited (in shares)	(9,433)	(19,430)	0
Non-vested shares at end of period (in shares)	1,902,344	1,902,344	1,603,766	1,603,766
Weighted Average Per Share Grant Date Fair Value
Non-vested shares at beginning of period (in dollars per share)		$ 6.27	$ 6.18	$ 6.18
Granted (in dollars per share)		3.82	6.33
Vested (in dollars per share)		5.41	6.22
Forfeited (in dollars per share)		3.26	0
Non-vested shares at end of period (in dollars per share)	$ 5.09	$ 5.09	$ 6.27	$ 6.27
PSUs
Number of Non-vested Restricted Shares
Non-vested shares at beginning of period (in shares)		2,902,014	2,018,518	2,018,518
Granted (in shares)		1,631,661	883,496
Vested (in shares)		(842,792)	0	(974,074)
Non-vested shares at end of period (in shares)	3,690,883	3,690,883	2,902,014	2,902,014
Weighted Average Per Share Grant Date Fair Value
Non-vested shares at beginning of period (in dollars per share)		$ 4.98	$ 4.09	$ 4.09
Granted (in dollars per share)		5.56	7.03
Vested (in dollars per share)		4.20	0
Non-vested shares at end of period (in dollars per share)	$ 5.41	$ 5.41	$ 4.98	$ 4.98
RSUs
Number of Non-vested Restricted Shares
Non-vested shares at beginning of period (in shares)		441,746	0	0
Granted (in shares)		815,830	441,746
Vested (in shares)		(147,254)	0
Non-vested shares at end of period (in shares)	1,110,322	1,110,322	441,746	441,746
Weighted Average Per Share Grant Date Fair Value
Non-vested shares at beginning of period (in dollars per share)		$ 6.23	$ 0	$ 0
Granted (in dollars per share)		3.69	6.23
Vested (in dollars per share)		6.23	0
Non-vested shares at end of period (in dollars per share)	$ 4.36	$ 4.36	$ 6.23	$ 6.23

Income Taxes - Income Tax Provi

Income Taxes - Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Current income tax expense	$ 58	$ 2,033	$ 271	$ 2,043
Deferred income tax benefit	(43)	(106)	(190)	(355)
Total income tax provision	$ 15	$ 1,927	$ 81	$ 1,688

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Asset (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Deferred tax assets
Net operating loss carryforward	$ 5,269	$ 6,024
Capital loss carryover	4,980	4,442
GAAP/Tax basis differences	571	814
Total deferred tax assets	10,820	11,280
Deferred tax liabilities
Deferred tax liabilities	4	2
Valuation allowance	(8,852)	(9,503)
Total net deferred tax asset	$ 1,964	$ 1,775

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards, no expiration	$ 13
Operating loss carryforwards, subject to expiration	0.9
Change in valuation	0.7
Taxable REIT Subsidiaries
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	13.9
Capital losses	$ 14.6

Net Interest Income - Component

Net Interest Income - Components of Interest Income and Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Interest income	$ 52,186	$ 47,970	$ 102,225	$ 258,583
Derivatives	0	0	0	868
Interest expense	20,711	19,444	40,410	182,976
Total net interest income	31,475	28,526	61,815	75,607
Convertible Notes
Interest expense	2,788	2,739	5,572	5,474
Unsecured Debt
Senior unsecured notes	1,136	0	1,136	0
Subordinated debentures
Subordinated debentures	459	582	916	1,231
Residential loans
Interest income	20,155	17,471	39,816	39,153
Consolidated SLST | VIE, Primary Beneficiary
Interest income	10,479	11,522	20,797	23,646
Interest expense	7,151	8,158	14,254	16,693
Residential loans held in securitization trusts
Interest income	9,933	427	17,901	921
Total residential loans
Interest income	40,567	29,420	78,514	63,720
Preferred equity and mezzanine loan investments
Interest income	4,130	5,202	8,531	10,575
Consolidated K-Series | VIE, Primary Beneficiary
Interest income	0	0	0	151,841
Interest expense	0	0	0	129,762
Total multi-family loans
Interest income	4,130	5,202	8,531	162,416
Investment securities available for sale, at fair value
Investment securities available for sale	7,475	13,269	15,150	32,026
Other
Other	14	79	30	421
Other	429	0	741	0
Repurchase agreements
Interest expense	3,733	7,366	7,773	28,112
Residential loan securitizations
Interest expense	5,015	130	9,735	367
Non-Agency RMBS Re-Securitization
Interest expense	0	469	283	469
Total collateralized debt obligations
Interest expense	$ 12,166	$ 8,757	$ 24,272	$ 147,291

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	Jul. 31, 2021	Jul. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jul. 29, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Preferred stock, par value (in usd per share)			$ 0.01		$ 0.01			$ 0.01
Common stock issuance, net						$ 511,906
Redemption price (in dollars per share)			$ 25		$ 25
Sales proceeds				$ 61,832	$ 115,398	1,445,196
CMBS
Subsequent Event [Line Items]
Sales proceeds			$ 3,770	$ 24,022	$ 43,315	$ 138,061
Subsequent Event | CMBS
Subsequent Event [Line Items]
Sales proceeds	$ 89,500
Subsequent Event | Forecast
Subsequent Event [Line Items]
Right to redeem, securitization, outstanding balance							$ 208,600
Series F Preferred Stock | Subsequent Event
Subsequent Event [Line Items]
Preferred stock, contractual rate, percentage		6.875%
Redemption price (in dollars per share)		$ 25
Series C Preferred Stock
Subsequent Event [Line Items]
Preferred stock, contractual rate, percentage					7.875%
Series C Preferred Stock | Subsequent Event
Subsequent Event [Line Items]
Payments for repurchase of redeemable preferred stock		$ 104,900
Redemption price (in dollars per share)		$ 25.08
Underwritten Public Offering | Series F Preferred Stock
Subsequent Event [Line Items]
Preferred stock, liquidation preference per share (in dollars per share)			$ 25		$ 25
Underwritten Public Offering | Series F Preferred Stock | Subsequent Event
Subsequent Event [Line Items]
Shares issued (in shares)		5,750,000
Preferred stock, par value (in usd per share)		$ 0.01
Preferred stock, liquidation preference per share (in dollars per share)		$ 1.71875
Common stock issuance, net		$ 138,600
Underwritten Public Offering | Series F Preferred Stock | Three Month Term SOFR | Subsequent Event
Subsequent Event [Line Items]
Preferred stock, floating annual rate, percentage		6.13%