New York Mortgage Trust (NYMT) 10-Q 4 Nov 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2021	Nov. 04, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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)		379,286,475
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001273685
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
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		Sep. 30, 2021	Dec. 31, 2020
ASSETS
Investment securities available for sale, at fair value		$ 448,093	$ 724,726
Equity investments, at fair value		255,014	259,095
Cash and cash equivalents		408,785	293,183
Operating real estate, net		270,606	50,532
Other assets		136,692	115,292
Total Assets	[1]	4,912,809	4,655,587
Liabilities:
Convertible notes		137,240	135,327
Senior unsecured notes		96,540	0
Subordinated debentures		45,000	45,000
Mortgages payable on operating real estate, net		200,720	36,752
Other liabilities		121,256	101,746
Total Liabilities	[1]	2,550,390	2,348,014
Commitments and Contingencies
Stockholders' Equity:
Preferred stock, par value $0.01 per share, 32,050,000 and 30,900,000 shares authorized as of September 30, 2021 and December 31, 2020, respectively, 22,441,081 and 20,872,888 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively ($561,027 and $521,822 aggregate liquidation preference as of September 30, 2021 and December 31, 2020, respectively)		542,232	504,765
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 379,286,475 and 377,744,476 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively		3,793	3,777
Additional paid-in capital		2,353,483	2,342,934
Accumulated other comprehensive income		2,041	994
Accumulated deficit		(543,756)	(551,268)
Company's stockholders' equity		2,357,793	2,301,202
Non-controlling interest in consolidated variable interest entities		4,626	6,371
Total equity		2,362,419	2,307,573
Total Liabilities and Stockholders' Equity		4,912,809	4,655,587
Repurchase agreements
Liabilities:
Repurchase agreements		334,556	405,531
Collateralized Debt Obligations
Liabilities:
Collateralized debt obligations ($904,976 at fair value and $710,102 at amortized cost, net as of September 30, 2021 and $1,054,335 at fair value and $569,323 at amortized cost, net as of December 31, 2020)		1,615,078	1,623,658
Residential loans, at fair value
ASSETS
Residential loans, at fair value		3,273,807	3,049,166
Multi-family loans
ASSETS
Multi-family loans, at fair value		$ 119,812	$ 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 September 30, 2021 and December 31, 2020, assets of consolidated VIEs totaled $2,217,348 and $2,150,984, respectively, and the liabilities of consolidated VIEs totaled $1,793,066 and $1,667,306, respectively. See Note 7 for further discussion.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS - (Parenthetical) - USD ($)		Sep. 30, 2021	Dec. 31, 2020
Preferred stock, shares authorized (in shares)			30,900,000
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)		379,286,475	377,744,476
Common stock, shares outstanding (in shares)		379,286,475	377,744,476
Assets	[1]	$ 4,912,809,000	$ 4,655,587,000
Liabilities	[1]	$ 2,550,390,000	$ 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)		32,050,000	30,900,000
Preferred stock, shares issued (in shares)		22,441,081	20,872,888
Preferred stock, shares outstanding (in shares)		22,441,081	20,872,888
Preferred Stock, aggregate liquidation preference		$ 561,027,000	$ 521,822,000
VIE, Primary Beneficiary
Assets		2,217,348,000	2,150,984,000
Liabilities		1,793,066,000	1,667,306,000
Residential Collateralized Debt Obligations, at Fair Value
Collateralized debt, carrying value		904,976,000	1,054,335,000
Residential Collateralized Debt Obligations, at Fair Value | VIE, Primary Beneficiary
Collateralized debt, carrying value		904,976,000	1,054,335,000
Residential collateralized debt obligations
Collateralized debt, carrying value		710,102,000	569,323,000
Residential collateralized debt obligations | VIE, Primary Beneficiary
Collateralized debt, carrying value		$ 710,102,000	$ 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 September 30, 2021 and December 31, 2020, assets of consolidated VIEs totaled $2,217,348 and $2,150,984, respectively, and the liabilities of consolidated VIEs totaled $1,793,066 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
NET INTEREST INCOME:
Interest income	$ 52,323	$ 45,358	$ 154,548	$ 303,941
Interest expense	21,292	19,829	61,702	202,807
Total net interest income	31,031	25,529	92,846	101,134
NON-INTEREST INCOME (LOSS):
Realized gains (losses), net	8,314	(1,067)	20,361	(149,919)
Realized loss on de-consolidation of Consolidated K-Series	0	0	0	(54,118)
Unrealized gains (losses), net	30,138	81,198	80,157	(212,711)
Income from equity investments	8,015	9,966	22,021	14,573
Impairment of goodwill	0	0	0	(25,222)
Income from operating real estate	3,980	0	7,626	0
Other loss	(1,035)	431	2,244	337
Total non-interest income (loss)	49,412	90,528	132,409	(427,060)
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:
General and administrative expenses	12,458	10,159	36,419	32,570
Expenses related to operating real estate	8,549	0	15,386	0
Portfolio operating expenses	7,039	3,265	18,558	8,812
Total general, administrative and operating expenses	28,046	13,424	70,363	41,382
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES	52,397	102,633	154,892	(367,308)
Income tax expense (benefit)	1,215	(772)	1,296	917
NET INCOME (LOSS)	51,182	103,405	153,596	(368,225)
Net loss (income) attributable to non-controlling interest in consolidated variable interest entities	394	(1,764)	3,428	(704)
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY	51,576	101,641	157,024	(368,929)
Preferred stock dividends	(11,272)	(10,297)	(31,865)	(30,890)
Preferred stock redemption charge	(3,443)	0	(3,443)	0
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS	$ 36,861	$ 91,344	$ 121,716	$ (399,819)
Basic earnings (loss) per common share (in dollars per share)	$ 0.10	$ 0.24	$ 0.32	$ (1.08)
Diluted earnings (loss) per common share (in dollars per share)	$ 0.10	$ 0.23	$ 0.32	$ (1.08)
Weighted average shares outstanding-basic (in shares)	379,395	377,744	379,193	368,740
Weighted average shares outstanding-diluted (in shares)	380,983	399,709	381,105	368,740

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS	$ 36,861	$ 91,344	$ 121,716	$ (399,819)
OTHER COMPREHENSIVE (LOSS) INCOME
Increase (decrease) in fair value of available for sale securities	637	12,645	5,062	(44,408)
Reclassification adjustment for net (gain) loss included in net income (loss)	(6,045)	9,845	(4,015)	7,338
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME	(5,408)	22,490	1,047	(37,070)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS	$ 31,453	$ 113,834	$ 122,763	$ (436,889)

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)	(368,225)	(368,929)				(368,929)		704
Common stock issuance, net	511,906	511,906	851		511,055
Stock based compensation expense, net	7,567	7,567	12		7,555
Dividends declared on common stock	(47,218)	(47,218)				(47,218)
Dividends declared on preferred stock	(30,890)	(30,890)				(30,890)
Reclassification adjustment for net gain included in net income	7,338	7,338					7,338
Increase (decrease) in fair value of available for sale securities	(44,408)	(44,408)					(44,408)
Ending balance at Sep. 30, 2020	2,253,383	2,253,383	3,777	504,765	2,340,395	(583,616)	(11,938)	0
Beginning balance at Jun. 30, 2020	2,162,941	2,164,705	3,775	504,765	2,337,222	(646,629)	(34,428)	(1,764)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	103,405	101,641				101,641		1,764
Stock based compensation expense, net	3,175	3,175	2		3,173
Dividends declared on common stock	(28,331)	(28,331)				(28,331)
Dividends declared on preferred stock	(10,297)	(10,297)				(10,297)
Reclassification adjustment for net gain included in net income	9,845	9,845					9,845
Increase (decrease) in fair value of available for sale securities	12,645	12,645					12,645
Ending balance at Sep. 30, 2020	2,253,383	2,253,383	3,777	504,765	2,340,395	(583,616)	(11,938)	0
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)	153,596	157,024				157,024		(3,428)
Preferred stock issuance, net	138,569	138,569		138,569
Preferred stock redemption	(104,545)	(104,545)		(101,102)		(3,443)
Stock based compensation expense, net	7,145	7,145	16		7,129
Dividends declared on common stock	(113,809)	(113,809)				(113,809)
Dividends declared on preferred stock	(31,865)	(31,865)				(31,865)
Dividends attributable to dividend equivalents	(395)	(395)				(395)
Reclassification adjustment for net gain included in net income	(4,015)	(4,015)					(4,015)
Increase (decrease) in fair value of available for sale securities	5,062	5,062					5,062
Increase in non-controlling interest related to initial consolidation of VIEs	5,127							5,127
Decrease in non-controlling interest related to redemptions by and distributions from Consolidated VIEs	(24)	3,420			3,420			(3,444)
Ending balance at Sep. 30, 2021	2,362,419	2,357,793	3,793	542,232	2,353,483	(543,756)	2,041	4,626
Beginning balance at Jun. 30, 2021	2,326,359	2,321,161	3,794	504,765	2,347,753	(542,600)	7,449	5,198
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	51,182	51,576				51,576		(394)
Preferred stock issuance, net	138,569	138,569		138,569
Preferred stock redemption	(104,545)	(104,545)		(101,102)		(3,443)
Stock based compensation expense, net	2,309	2,309	(1)		2,310
Dividends declared on common stock	(37,940)	(37,940)				(37,940)
Dividends declared on preferred stock	(11,272)	(11,272)				(11,272)
Dividends attributable to dividend equivalents	(77)	(77)				(77)
Reclassification adjustment for net gain included in net income	(6,045)	(6,045)					(6,045)
Increase (decrease) in fair value of available for sale securities	637	637					637
Increase in non-controlling interest related to initial consolidation of VIEs	3,252							3,252
Decrease in non-controlling interest related to redemptions by and distributions from Consolidated VIEs	(10)	3,420			3,420			(3,430)
Ending balance at Sep. 30, 2021	$ 2,362,419	$ 2,357,793	$ 3,793	$ 542,232	$ 2,353,483	$ (543,756)	$ 2,041	$ 4,626

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash Flows from Operating Activities:
Net income (loss)	$ 153,596	$ (368,225)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Net amortization	35,489	3,675
Realized (gains) losses, net	(20,361)	149,919
Realized loss on de-consolidation of Consolidated K-Series	0	54,118
Unrealized (gains) losses, net	(80,157)	212,711
Impairment of goodwill	0	25,222
Impairment of real estate under development in Consolidated VIEs	0	1,754
Loss on extinguishment of collateralized debt obligations	1,583	0
Income from preferred equity, mezzanine loan and equity investments	(36,144)	(30,963)
Distributions of income from preferred equity, mezzanine loan and equity investments	37,469	17,285
Stock based compensation expense, net	7,145	7,567
Changes in operating assets and liabilities:
Other assets	(35,825)	70,863
Other liabilities	15,204	(67,334)
Net cash provided by operating activities	77,999	76,592
Cash Flows from Investing Activities:
Proceeds from sales of investment securities	248,458	1,815,369
Principal paydowns received on investment securities	85,379	162,277
Purchases of investment securities	(53,711)	(448,093)
Principal repayments received on preferred equity and mezzanine loan investments	50,150	11,243
Return of capital from equity investments	50,275	17,432
Funding of preferred equity, mezzanine loan and equity investments	(53,200)	(49,663)
Funding of joint venture investments in Consolidated VIEs	(65,195)	0
Net payments made on derivative instruments settled during the period	0	(28,233)
Proceeds from sale of real estate owned	6,185	3,791
Cash received from initial consolidation of VIEs	3,716	0
Purchases of and capital expenditures on operating real estate	(13,466)	0
Distributions to non-controlling interest in Consolidated VIEs	(24)	0
Purchases of other assets	(88)	(431)
Net cash provided by investing activities	109,494	2,430,671
Cash Flows from Financing Activities:
Net payments made on repurchase agreements	(72,498)	(2,434,447)
Proceeds from issuance of senior unsecured notes, net	96,267	0
Proceeds from issuance of collateralized debt obligations, net	433,241	350,052
Common stock issuance, net	0	511,924
Preferred stock issuance, net	138,569	0
Redemption of preferred stock	(104,545)	0
Dividends paid on common stock and dividend equivalents	(113,676)	(77,161)
Dividends paid on preferred stock	(31,233)	(30,768)
Payments made on and extinguishment of collateralized debt obligations	(295,109)	(33,197)
Payments made on Consolidated K-Series CDOs	0	(147,376)
Payments made on Consolidated SLST CDOs	(113,834)	(63,278)
Proceeds received from mortgages payable on operating real estate	1,518	0
Net cash used in financing activities	(61,300)	(1,924,251)
Net Increase in Cash, Cash Equivalents and Restricted Cash	126,193	583,012
Cash, Cash Equivalents and Restricted Cash - Beginning of Period	304,490	121,612
Cash, Cash Equivalents and Restricted Cash - End of Period	430,683	704,624
Supplemental Disclosure:
Cash paid for interest	54,470	277,087
Cash paid for income taxes	6	1,521
Non-Cash Investment Activities:
Transfer from residential loans to real estate owned	3,787	6,558
Non-Cash Financing Activities:
Redemption of non-controlling interest by Consolidated VIE	3,420	0
Cash, Cash Equivalents and Restricted Cash Reconciliation:
Cash and cash equivalents	408,785	649,822
Restricted cash included in other assets	21,898	54,802
Total cash, cash equivalents, and restricted cash	430,683	704,624
Common Stock
Non-Cash Financing Activities:
Dividends declared on stock to be paid in subsequent period	38,302	28,331
Preferred Stock
Non-Cash Financing Activities:
Dividends declared on stock to be paid in subsequent period	10,929	10,297
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	759,150	307,522
Proceeds from sales of residential loans	67,452	93,755
Purchases of residential loans	(975,587)	(249,312)
Multi-family Loans Held In Consolidated K-Series
Cash Flows from Investing Activities:
Principal repayments received on loans	$ 0	$ 239,796

Organization

Organization	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 September 30, 2021, the accompanying condensed consolidated statements of operations for the three and nine months ended September 30, 2021 and 2020, the accompanying condensed consolidated statements of comprehensive income for the three and nine months ended September 30, 2021 and 2020, the accompanying condensed consolidated statements of changes in stockholders’ equity for the three and nine months ended September 30, 2021 and 2020 and the accompanying condensed consolidated statements of cash flows for the nine months ended September 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 nine months ended September 30, 2021. The results of operations for the three and nine months ended September 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 September 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 September 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 nine months ended September 30, 2020. Other Assets – Other assets as of September 30, 2021 and December 31, 2020 include restricted cash held by third parties, including cash held by the Company's securitization trusts, of $21.9 million and $11.3 million, respectively. Other assets includes collections receivable from loan servicers, recoverable advances and interest receivable on residential loans totaling $54.4 million and $63.6 million as of September 30, 2021 and December 31, 2020, respectively. Also included in other assets are operating lease right of use assets of $9.3 million and $10.1 million as of September 30, 2021 and December 31, 2020, respectively (with corresponding operating lease liabilities of $9.9 million and $10.6 million as of September 30, 2021 and December 31, 2020, respectively, included in other liabilities in the accompanying condensed consolidated balance sheets). Net lease intangibles, escrow balances, prepaid expenses and receivables in Consolidated VIEs and a wholly-owned subsidiary that owns a multi-family apartment community totaling $19.6 million and $3.0 million as of September 30, 2021 and December 31, 2020, respectively, are also included in other assets. 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	9 Months Ended
	Sep. 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 September 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): September 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 $ 1,307,557 $ 1,118,001 $ 792,466 $ 3,218,024 $ 1,097,528 $ 1,231,669 $ 696,543 $ 3,025,740 (Discount)/premium (43,303) (2,190) (36,644) (82,137) (42,259) 1,337 (41,506) (82,428) Unrealized gains 60,965 21,194 55,761 137,920 35,661 33,779 36,414 105,854 Carrying value $ 1,325,219 $ 1,137,005 $ 811,583 $ 3,273,807 $ 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 September 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 nine months ended September 30, 2021 and 2020, respectively (dollar amounts in thousands): Three Months Ended September 30, 2021 September 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 $ 8,280 $ 6,287 $ 11,794 $ 25,583 $ 41,063 $ 10,143 Nine Months Ended September 30, 2021 September 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 $ 15,715 $ (12,585) $ 28,936 $ (17,899) $ 28,014 $ 8,418 (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 $0.9 million and $1.4 million of net realized gains on the sale of residential loans, at fair value for the three and nine months ended September 30, 2021. The Company recognized $18.2 million of net realized losses on the sale of residential loans, at fair value during the nine months ended September 30, 2020. The Company also recognized $5.5 million and $13.7 million of net realized gains on the payoff of residential loans, at fair value for the three and nine months ended September 30, 2021. The Company recognized $2.4 million and $6.5 million of net realized gains on the payoff of residential loans, at fair value during the three and nine months ended September 30, 2020, respectively. The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of residential loans, at fair value as of September 30, 2021 and December 31, 2020, respectively, are as follows: September 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 22.3 % 10.8 % 23.0 % 23.6 % 10.9 % 19.8 % Florida 10.9 % 10.6 % 10.0 % 13.1 % 10.5 % 8.1 % New York 8.2 % 9.5 % 9.1 % 9.2 % 9.3 % 8.9 % New Jersey 6.4 % 7.2 % 6.1 % 5.6 % 7.1 % 5.6 % Texas 6.5 % 3.9 % 4.3 % 5.6 % 4.0 % 4.3 % Illinois 3.1 % 6.9 % 2.2 % 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 September 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 September 30, 2021 $ 102,688 $ 115,169 $ 16,969 $ 17,241 December 31, 2020 149,444 169,553 16,057 17,748

Multi-family Loans, at Fair Val

Multi-family Loans, at Fair Value	9 Months Ended
	Sep. 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 September 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): September 30, 2021 December 31, 2020 Investment amount $ 118,517 $ 163,392 Deferred loan fees, net (763) (1,169) Unrealized gains, net 2,058 1,370 Total, at Fair Value $ 119,812 $ 163,593 For the three and nine months ended September 30, 2021, the Company recognized $0.4 million and $0.7 million in net unrealized gains on preferred equity and mezzanine loan investments, respectively. For the three and nine months ended September 30, 2020, the Company recognized $0.9 million and $6.6 million in net unrealized losses on preferred equity and mezzanine loan investments, respectively. For the three and nine months ended September 30, 2021, the Company recognized $0.1 million and $2.1 million in preferred equity and mezzanine loan premiums resulting from early redemption, respectively. For the three and nine months ended September 30, 2020, the Company recognized $0.4 million and $0.5 million in preferred equity and mezzanine loan premiums resulting from early redemption, respectively. 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 September 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): September 30, 2021 December 31, 2020 Days Late Fair Value Unpaid Principal Balance Fair Value Unpaid Principal Balance 90 + $ 3,829 $ 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 September 30, 2021 and December 31, 2020, respectively, are as follows: September 30, 2021 December 31, 2020 Texas 17.7 % 11.4 % Tennessee 17.2 % 14.3 % Florida 12.1 % 8.5 % South Carolina 10.3 % 7.2 % Georgia 7.3 % 10.1 % Ohio 7.2 % 5.2 % North Carolina 6.9 % 4.9 %

Investment Securities Available

Investment Securities Available for Sale, at Fair Value	9 Months Ended
	Sep. 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 September 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): September 30, 2021 December 31, 2020 Amortized Cost Unrealized Fair Value Amortized Cost Unrealized Fair Value Gains Losses Gains Losses Fair Value Option Agency RMBS $ 129,198 $ — $ (3,609) $ 125,589 $ 138,541 $ 854 $ — $ 139,395 Non-Agency RMBS (1) 108,579 1,168 (3,064) 106,683 100,465 170 (10,786) 89,849 CMBS 32,600 1,139 — 33,739 139,019 5,685 (3,731) 140,973 ABS 24,343 17,142 — 41,485 34,139 9,086 — 43,225 Total investment securities available for sale - fair value option 294,720 19,449 (6,673) 307,496 412,164 15,795 (14,517) 413,442 CECL Securities Non-Agency RMBS (2) 115,686 2,482 (75) 118,093 266,855 4,336 (5,374) 265,817 CMBS 22,869 — (365) 22,504 43,435 2,032 — 45,467 Total investment securities available for sale - CECL Securities 138,555 2,482 (440) 140,597 310,290 6,368 (5,374) 311,284 Total $ 433,275 $ 21,931 $ (7,113) $ 448,093 $ 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 nine months ended September 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 non-Agency RMBS held in a securitization trust with a total fair value of $71.5 million as of December 31, 2020. During the nine months ended September 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 $1.0 million and $2.4 million as of September 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 September 30, 2021 and 2020, respectively (dollar amounts in thousands): Three Months Ended September 30, 2021 Sales Proceeds Realized Gains Realized Losses Net Realized Gains (Losses) Non-Agency RMBS $ 43,579 $ 4,841 $ — $ 4,841 CMBS 89,481 5,496 (452) 5,044 Total $ 133,060 $ 10,337 $ (452) $ 9,885 Three Months Ended September 30, 2020 Sales Proceeds Realized Gains Realized Losses Net Realized Gains (Losses) Non-Agency RMBS $ 259,493 $ 141 $ (8,860) $ (8,719) CMBS 110,680 6,849 (705) 6,144 Total $ 370,173 $ 6,990 $ (9,565) $ (2,575) The following tables summarize our investment securities sold during the nine months ended September 30, 2021 and 2020, respectively (dollar amounts in thousands): Nine Months Ended September 30, 2021 Sales Proceeds Realized Gains Realized Losses Net Realized Gains (Losses) Non-Agency RMBS (1) $ 115,662 $ 4,853 $ (833) $ 4,020 CMBS 132,796 11,083 (452) 10,631 Total $ 248,458 $ 15,936 $ (1,285) $ 14,651 Nine Months Ended September 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 428,251 435 (34,681) (34,246) CMBS 248,741 8,176 (30,289) (22,113) Total $ 1,815,369 $ 19,679 $ (81,033) $ (61,354) (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 ). The Company recognized a write-down of fair value option non-Agency RMBS IOs for a realized loss of $4.8 million for the three and nine months ended September 30, 2021. Weighted Average Life Actual maturities of our investment securities available for sale are generally shorter than stated contractual maturities (with contractual maturities up to 38 years), as they are affected by periodic payments and prepayments of principal on the underlying mortgages. As of September 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 5.4 years and 5.6 years, respectively. The following table sets forth the weighted average lives of our investment securities available for sale as of September 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): Weighted Average Life September 30, 2021 December 31, 2020 0 to 5 years $ 223,991 $ 332,934 Over 5 to 10 years 206,360 320,361 10+ years 17,742 71,431 Total $ 448,093 $ 724,726 Unrealized Losses in Other Comprehensive Income The Company evaluated its CECL Securities that were in an unrealized loss position as of September 30, 2021 and December 31, 2020, respectively, and determined that no allowance for credit losses was necessary. The Company did not recognize credit losses for its CECL Securities through earnings for the three and nine months ended September 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 September 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): September 30, 2021 Less than 12 months Greater than 12 months Total Carrying Gross Carrying Gross Carrying Gross Non-Agency RMBS $ 35,532 $ (22) $ 36,739 $ (53) $ 72,271 $ (75) CMBS 22,504 (365) — — 22,504 (365) Total $ 58,036 $ (387) $ 36,739 $ (53) $ 94,775 $ (440) 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 September 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. Gross unrealized losses in other comprehensive income on the Company's non-Agency RMBS and CMBS were $0.4 million at September 30, 2021

Equity Investments, at Fair Val

Equity Investments, at Fair Value	9 Months Ended
	Sep. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Equity Investments, at Fair Value	Equity Investments, at Fair ValueThe 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 September 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): September 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% $ 12,476 45% $ 11,441 Somerset Deerfield Investor, LLC 45% 19,661 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% 5,590 43% 5,140 Audubon Mezzanine Holdings, L.L.C. (Series A) 57% 12,118 57% 11,456 EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively) 46% 7,464 46% 7,234 Walnut Creek Properties Holdings, L.L.C. 36% 9,180 36% 8,803 Towers Property Holdings, LLC 37% 12,712 37% 12,119 Mansions Property Holdings, LLC 34% 12,249 34% 11,679 Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively) 43% 4,465 43% 4,320 Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively) 37% 10,297 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% 12,721 53% 12,337 DCP Gold Creek, LLC 44% 6,615 44% 6,357 1122 Chicago DE, LLC 53% 7,593 53% 7,222 Rigsbee Ave Holdings, LLC 56% 11,126 56% 10,222 Bighaus, LLC 42% 15,224 42% 14,525 FF/RMI 20 Midtown, LLC 51% 25,067 51% 23,936 Lurin-RMI, LLC 38% 7,521 38% 7,216 Palms at Cape Coral, LLC 34% 5,096 — — America Walks at Port St. Lucie, LLC 62% 30,460 — — Total - Multi-Family Preferred Equity Ownership Interests 227,635 182,765 Joint Venture Equity Investments in Multi-Family Properties GWR Cedars Partners, LLC 70% 3,710 — — GWR Gateway Partners, LLC 70% 6,580 — — Total - Joint Venture Equity Investments in Multi-Family Properties 10,290 — Single-Family Equity Ownership Interests Morrocroft Neighborhood Stabilization Fund II, LP 11% 17,089 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 17,089 76,330 Total $ 255,014 $ 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 nine months ended September 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 nine months ended September 30, 2021 includes $0.3 million of net unrealized losses and $0.6 million of net unrealized gains, respectively. Income from these investments during the three and nine months ended September 30, 2020 includes $6.7 thousand of net unrealized gains and $4.1 million of net unrealized losses, respectively. Three Months Ended September 30, Nine Months Ended September 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) $ 331 $ 295 $ 1,035 $ 898 Somerset Deerfield Investor, LLC 569 472 1,711 1,259 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) 152 125 450 217 Audubon Mezzanine Holdings, L.L.C. (Series A) 251 365 972 541 EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively) 151 181 571 305 Walnut Creek Properties Holdings, L.L.C. 257 280 797 402 Towers Property Holdings, LLC 348 380 1,087 502 Mansions Property Holdings, LLC 335 366 1,048 484 Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively) 89 137 355 190 Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively) 204 317 819 430 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) 252 392 1,014 527 DCP Gold Creek, LLC 189 203 589 305 1122 Chicago DE, LLC 229 226 675 462 Rigsbee Ave Holdings, LLC 120 326 1,335 604 Bighaus, LLC 450 237 1,328 237 FF/RMI 20 Midtown, LLC 771 — 2,275 — Lurin-RMI, LLC 216 — 687 — Palms at Cape Coral, LLC 189 — 189 — America Walks at Port St. Lucie, LLC 775 — 775 — Total Income - Multi-Family Preferred Equity Ownership Interests $ 5,878 $ 4,302 $ 17,712 $ 7,363 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 nine months ended September 30, 2021 and 2020, respectively (dollar amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, Investment Name 2021 2020 2021 2020 Single-Family Equity Ownership Interests Morrocroft Neighborhood Stabilization Fund II, LP $ 2,137 $ 515 $ 4,324 $ 1,080 Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I) (1) — 5,027 (15) 7,078 Total Income - Single-Family Equity Ownership Interests $ 2,137 $ 5,542 $ 4,309 $ 8,158 Joint Venture Equity Investments in Multi-Family Properties (2) The Preserve at Port Royal Venture, LLC (3) $ — $ 122 $ — $ (949) Total Income (Loss) - Joint Venture Equity Investments in Multi-Family Properties $ — $ 122 $ — $ (949) (1) The Company's equity investment was redeemed during the nine months ended September 30, 2021. (2) Includes net unrealized loss of $8.6 million and $9.7 million for the three and nine months ended September 30, 2020, respectively and a realized gain of $8.8 million for the three and nine months ended September 30, 2020. (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)	9 Months Ended
	Sep. 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 September 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 September 30, 2021 and December 31, 2020. During the nine months ended September 30, 2021, the Company exercised its right to an optional redemption of its non-Agency RMBS re-securitization and one of its residential loan securitizations with outstanding principal balances of $14.7 million and $203.5 million at the time of redemption, respectively, returned the assets held by the trusts to the Company and recognized $1.6 million of loss on the extinguishment of collateralized debt obligations. 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 September 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 September 30, 2021 and December 31, 2020 with a fair value of $231.1 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 September 30, 2021 and December 31, 2020. During the nine months ended September 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 nine months ended September 30, 2021, the Company invested in five 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 in the amount of $209.3 million and lease intangibles in the amount of $13.3 million (included in other assets in the accompanying condensed consolidated balance sheets), mortgages payable on operating real estate, net in the amount of $162.2 million and non-controlling interests in the amount of $5.1 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. 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 estimated cash flows and a discount rate. The initial consolidation of this VIE included operating real estate in the amount of $50.5 million and a lease intangible in the amount of $1.6 million (included in other assets in the accompanying condensed consolidated balance sheets), a mortgage payable on operating real estate, net in the amount of $36.8 million and a non-controlling interest (representing third-party ownership of the VIE's membership interests) in the amount of $6.8 million. Subsequently, in July 2021, the VIE redeemed its non-controlling interest which resulted in an equity transaction accounted for by the Company in accordance with ASC 810. In addition, the Company reconsidered its evaluation of its investment in the entity and determined that the entity no longer met the criteria for being characterized as a VIE and is a wholly-owned subsidiary of the Company. 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 September 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 $ — $ — $ 3,457 $ 3,457 Residential loans, at fair value 811,583 1,137,005 — 1,948,588 Operating real estate, net held in Consolidated VIEs (1) — — 209,736 209,736 Other assets 33,141 3,702 18,724 55,567 Total assets $ 844,724 $ 1,140,707 $ 231,917 $ 2,217,348 Collateralized debt obligations ($710,102 at amortized cost, net and $904,976 at fair value) $ 710,102 $ 904,976 $ — $ 1,615,078 Mortgages payable on operating real estate, net in Consolidated VIEs (2) — — 163,941 163,941 Other liabilities 6,326 3,073 4,648 14,047 Total liabilities $ 716,428 $ 908,049 $ 168,589 $ 1,793,066 Non-controlling interest in Consolidated VIEs (3) $ — $ — $ 4,626 $ 4,626 Net investment (4) $ 128,296 $ 232,658 $ 58,702 $ 419,656 (1) Included in operating real estate, net in the accompanying condensed consolidated balance sheets. (2) Included in mortgages payable on operating real estate, net 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 on operating real estate, 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 operating real estate, net in the accompanying condensed consolidated balance sheets. (2) Included in mortgages payable on operating real estate, net 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 September 30, 2021 and 2020, respectively (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Three Months Ended September 30, 2021 2020 Consolidated SLST Other Total Consolidated SLST Other Total Interest income $ 10,245 $ — $ 10,245 $ 10,896 $ — $ 10,896 Interest expense 7,116 900 8,016 7,562 — 7,562 Total net interest income (expense) 3,129 (900) 2,229 3,334 — 3,334 Unrealized gains, net 4,302 — 4,302 27,145 — 27,145 Income from operating real estate — 2,683 2,683 — — — Other loss — — — — (159) (159) Total non-interest income (loss) 4,302 2,683 6,985 27,145 (159) 26,986 Expenses related to operating real estate — 6,601 6,601 — — — Net income (loss) 7,431 (4,818) 2,613 30,479 (159) 30,320 Net loss (income) attributable to non-controlling interest in Consolidated VIEs — 394 394 — (1,764) (1,764) Net income (loss) attributable to Company $ 7,431 $ (4,424) $ 3,007 $ 30,479 $ (1,923) $ 28,556 The following table presents condensed statements of operations for non-Company-sponsored VIEs, including Consolidated SLST, Consolidated K-Series (prior to the sale of first loss POs and de-consolidation of the Consolidated K-Series) and other Consolidated VIEs, for the nine months ended September 30, 2021 and 2020, respectively (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Nine Months Ended September 30, 2021 2020 Consolidated SLST Other Total Consolidated K-Series Consolidated SLST Other Total Interest income $ 31,042 $ — $ 31,042 $ 151,841 $ 34,542 $ — $ 186,383 Interest expense 21,371 1,641 23,012 129,762 24,255 — 154,017 Total net interest income (expense) 9,671 (1,641) 8,030 22,079 10,287 — 32,366 Unrealized gains (losses), net 23,320 — 23,320 (10,951) (34,893) — (45,844) Income from operating real estate — 6,329 6,329 — — — — Other loss — — — — — (2,280) (2,280) Total non-interest income (loss) 23,320 6,329 29,649 (10,951) (34,893) (2,280) (48,124) Expenses related to operating real estate — 13,438 13,438 — — — — Net income (loss) 32,991 (8,750) 24,241 11,128 (24,606) (2,280) (15,758) Net loss (income) attributable to non-controlling interest in Consolidated VIEs — 3,428 3,428 — — (704) (704) Net income (loss) attributable to Company $ 32,991 $ (5,322) $ 27,669 $ 11,128 $ (24,606) $ (2,984) $ (16,462) Unconsolidated VIEs As of September 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 September 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 September 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): September 30, 2021 Multi-family loans Investment Equity investments Total ABS $ — $ 41,485 $ — $ 41,485 Non-Agency RMBS — 31,708 — 31,708 Preferred equity investments in multi-family properties 119,812 — 227,635 347,447 Joint venture equity investments in multi-family properties — — 10,290 10,290 Equity investments in entities that invest in residential properties — — 17,089 17,089 Maximum exposure $ 119,812 $ 73,193 $ 255,014 $ 448,019 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	9 Months Ended
	Sep. 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 September 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 nine months ended September 30, 2020 (dollar amounts in thousands): Notional Amount For the Nine Months Ended September 30, 2020 Type of Derivative Instrument December 31, 2019 Additions Terminations September 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 nine months ended September 30, 2020 (dollar amounts in thousands): For the Nine Months Ended September 30, 2020 Realized Gains (Losses) Unrealized Gains (Losses) Interest rate swaps $ (73,078) $ 28,967 Total $ (73,078) $ 28,967

Operating Real Estate, Net

Operating Real Estate, Net	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
Operating Real Estate, Net	Operating Real Estate, Net As of September 30, 2021, the Company invested in five 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) . Additionally, as of September 30, 2021, a wholly-owned subsidiary of the Company owns a multi-family apartment community that is included in operating real estate, net on the accompanying condensed consolidated balance sheets. As of December 31, 2020, the Company was the primary beneficiary of a VIE that owned a multi-family apartment community and in which the Company held a preferred equity investment. Accordingly, the Company consolidated the VIE into its condensed consolidated financial statements ( see Note 7 ). The multi-family apartment communities lease their apartment units to individual tenants at market rates for the production of rental income. These apartment units 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 nine months ended September 30, 2021 in the amounts of $3.8 million and $7.3 million, respectively, is included in income from operating real estate on the accompanying condensed consolidated statements of operations. The following is a summary of the operating real estate investments, collectively, as of September 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): September 30, 2021 December 31, 2020 Land $ 34,405 $ 5,400 Building and improvements 229,426 43,764 Furniture, fixture and equipment 10,197 1,522 Real estate $ 274,028 $ 50,686 Accumulated depreciation (1) (3,422) (154) Operating real estate, net $ 270,606 $ 50,532 (1) Depreciation expense for the three and nine months ended September 30, 2021 totaled $1.7 million and $3.3 million, respectively, and is included in expenses related to operating real estate on the accompanying condensed consolidated statements of operations.

Repurchase Agreements

Repurchase Agreements	9 Months Ended
	Sep. 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 September 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) September 30, 2021 $ 1,257,003 $ 335,434 $ (878) $ 334,556 $ 492,860 2.82 % 3.24 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 $16.6 million, a rate of 4.00%, and maturity of 5.03 months as of September 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 September 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 September 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 September 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	9 Months Ended
	Sep. 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 September 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): September 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) $ 861,184 $ 904,976 2.75 % 3.53 % 2059 Residential loan securitizations 714,058 710,102 2.42 % 3.38 % 2026 - 2061 Total collateralized debt obligations $ 1,575,242 $ 1,615,078 (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. During the nine months ended September 30, 2021, the Company exercised its right to an optional redemption of its non-Agency RMBS re-securitization. The Company's collateralized debt obligations as of September 30, 2021 had stated maturities as follows: Year ending December 31, Total 2021 $ — 2022 — 2023 — 2024 — 2025 — 2026 180,000 Thereafter 1,395,242 Total $ 1,575,242 Convertible Notes As of September 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 $0.8 million and $2.7 million as of September 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 nine months ended September 30, 2021, none of the Convertible Notes were converted. As of November 4, 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" and, together with the aggregate principal amount of Unregistered Notes that remain outstanding, the "Senior Unsecured Notes") for an equal principal amount of Unregistered Notes. As of September 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 $3.5 million as of September 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 September 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 September 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 September 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 November 4, 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 on Operating Real Estate During the nine months ended September 30, 2021, the Company invested in five 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. Subsequently, in July 2021, the VIE redeemed its non-controlling interest and the Company reconsidered its evaluation of its investment in the entity. The Company determined that the entity no longer met the criteria for being characterized as a VIE and is as a wholly-owned subsidiary of the Company ( see Note 7 ). The multi-family apartment communities held by the Consolidated VIEs and a wholly-owned subsidiary of the Company are subject to mortgages payable for which the Company has no obligation for repayment as of September 30, 2021. The following table presents detailed information for these mortgages payable on operating real estate as of September 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 September 30, 2021 $ 203,786 $ (3,066) $ 200,720 2024 - 2031 3.25 % $ 12,188 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 September 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 108,676 2025 — 2026 100,000 Thereafter 140,110 $ 486,786

Debt

Debt	9 Months Ended
	Sep. 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 September 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): September 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) $ 861,184 $ 904,976 2.75 % 3.53 % 2059 Residential loan securitizations 714,058 710,102 2.42 % 3.38 % 2026 - 2061 Total collateralized debt obligations $ 1,575,242 $ 1,615,078 (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. During the nine months ended September 30, 2021, the Company exercised its right to an optional redemption of its non-Agency RMBS re-securitization. The Company's collateralized debt obligations as of September 30, 2021 had stated maturities as follows: Year ending December 31, Total 2021 $ — 2022 — 2023 — 2024 — 2025 — 2026 180,000 Thereafter 1,395,242 Total $ 1,575,242 Convertible Notes As of September 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 $0.8 million and $2.7 million as of September 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 nine months ended September 30, 2021, none of the Convertible Notes were converted. As of November 4, 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" and, together with the aggregate principal amount of Unregistered Notes that remain outstanding, the "Senior Unsecured Notes") for an equal principal amount of Unregistered Notes. As of September 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 $3.5 million as of September 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 September 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 September 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 September 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 November 4, 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 on Operating Real Estate During the nine months ended September 30, 2021, the Company invested in five 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. Subsequently, in July 2021, the VIE redeemed its non-controlling interest and the Company reconsidered its evaluation of its investment in the entity. The Company determined that the entity no longer met the criteria for being characterized as a VIE and is as a wholly-owned subsidiary of the Company ( see Note 7 ). The multi-family apartment communities held by the Consolidated VIEs and a wholly-owned subsidiary of the Company are subject to mortgages payable for which the Company has no obligation for repayment as of September 30, 2021. The following table presents detailed information for these mortgages payable on operating real estate as of September 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 September 30, 2021 $ 203,786 $ (3,066) $ 200,720 2024 - 2031 3.25 % $ 12,188 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 September 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 108,676 2025 — 2026 100,000 Thereafter 140,110 $ 486,786

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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 September 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 September 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	9 Months Ended
	Sep. 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 estimated 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. The Company had no outstanding derivative instruments as of September 30, 2021 and December 31, 2020. 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 September 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 September 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 $ — $ — $ 1,325,219 $ 1,325,219 $ — $ — $ 1,090,930 $ 1,090,930 Consolidated SLST — — 1,137,005 1,137,005 — — 1,266,785 1,266,785 Residential loans held in securitization trusts — — 811,583 811,583 — — 691,451 691,451 Multi-family loans — — 119,812 119,812 — — 163,593 163,593 Investment securities available for sale: Agency RMBS — 125,589 — 125,589 — 139,395 — 139,395 Non-Agency RMBS — 224,776 — 224,776 — 355,666 — 355,666 CMBS — 56,243 — 56,243 — 186,440 — 186,440 ABS — 41,485 — 41,485 — 43,225 — 43,225 Equity investments — — 255,014 255,014 — — 259,095 259,095 Total $ — $ 448,093 $ 3,648,633 $ 4,096,726 $ — $ 724,726 $ 3,471,854 $ 4,196,580 Liabilities carried at fair value Consolidated SLST CDOs $ — $ — $ 904,976 $ 904,976 $ — $ — $ 1,054,335 $ 1,054,335 Total $ — $ — $ 904,976 $ 904,976 $ — $ — $ 1,054,335 $ 1,054,335 The following tables detail changes in valuation for the Level 3 assets for the nine months ended September 30, 2021 and 2020, respectively (dollar amounts in thousands): Level 3 Assets: Nine Months Ended September 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 28,094 (16,522) 34,901 14,811 22,021 83,305 Transfers out (1) (2,080) — (1,707) — — (3,787) Transfer to securitization trust, net (2) (236,751) — 236,751 — — — Funding/Contributions — — — 7,970 45,230 53,200 Paydowns/Distributions (464,097) (113,258) (149,019) (66,562) (71,332) (864,268) Sales (65,076) — (2,376) — — (67,452) Purchases 974,199 — 1,582 — — 975,781 Balance at the end of period $ 1,325,219 $ 1,137,005 $ 811,583 $ 119,812 $ 255,014 $ 3,648,633 (1) Transfers out of Level 3 assets represents the transfer of residential loans to real estate owned. (2) In May 2021, the Company completed a securitization of certain business purpose loans. In August 2021, the Company redeemed a residential loan securitization and completed a new residential loan securitization of certain performing, re-performing and non-performing residential loans ( see Note 7 for further discussion of the Company's residential loan securitizations). Nine Months Ended September 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 (26,069) 24,096 8,836 9,760 41,795 14,573 72,991 Transfers in (1) 164,279 — 46,572 182,465 — 107,477 500,793 Transfers out (2) (3) (5,061) — (1,497) — (237,297) — (243,855) Transfer to securitization trust, net (4) (317,089) — 317,089 — — — — Funding/Contributions — — — 13,712 — 35,951 49,663 Paydowns/Distributions (224,073) (62,977) (15,514) (22,783) (239,796) (23,177) (588,320) Recovery of charge-off — — — — 35 — 35 Sales (3) (93,755) — — — (17,381,483) — (17,475,238) Purchases 249,312 — — — — — 249,312 Balance at the end of period $ 1,177,298 $ 1,290,005 $ 355,486 $ 183,154 $ — $ 218,706 $ 3,224,649 (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 includes the transfer of residential loans to real estate owned. (3) During the nine months ended September 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 ). (4) In July 2020, the Company completed a securitization of certain performing, re-performing and non-performing residential loans ( see Note 7 ). The following tables detail changes in valuation for the Level 3 liabilities for the nine months ended September 30, 2021 and 2020, respectively (dollar amounts in thousands): Level 3 Liabilities: Nine Months Ended September 30, 2021 Consolidated SLST CDOs Balance at beginning of period $ 1,054,335 Total gains (realized/unrealized) Included in earnings (35,525) Paydowns (113,834) Balance at the end of period $ 904,976 Nine Months Ended September 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 66,203 101,221 Paydowns (147,376) (63,278) (210,654) Sales (1) (16,612,093) 22,226 (16,589,867) Balance at the end of period $ — $ 1,077,980 $ 1,077,980 (1) During the nine months ended September 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 nine months ended September 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): September 30, 2021 Fair Value Valuation Technique Unobservable Input Weighted Average Range Assets Residential loans: Residential loans and residential loans held in securitization trusts (1) $2,044,724 Discounted cash flow Lifetime CPR 8.5% — - 51.3% Lifetime CDR 0.7% — - 28.7% Loss severity 10.4% — - 100.0% Yield 4.8% 2.4% - 48.7% $92,078 Liquidation model Annual home price appreciation 1.4% — - 25.4% Liquidation timeline (months) 30 9 - 53 Property value $720,766 $15,000 - $6,500,000 Yield 7.1% 7.0% - 28.0% Consolidated SLST (3) $1,137,005 Liability price N/A Total $3,273,807 Multi-family loans (1) $119,812 Discounted cash flow Discount rate 11.5% 11.0% - 19.5% Months to assumed redemption 23 1 - 60 Loss severity — Equity investments (1) (2) $237,925 Discounted cash flow Discount rate 11.9% 11.0% - 18.3% Months to assumed redemption 26 1 - 60 Loss severity — Liabilities Consolidated SLST CDOs (3) (4) $904,976 Discounted cash flow Yield 2.6% 1.5% - 23.3% Collateral prepayment rate 5.7% 2.5% - 6.4% Collateral default rate 1.8% — - 9.4% Loss severity 18.7% — - 21.2% (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 September 30, 2021, the fair value of investment securities we own in Consolidated SLST amounts to $231.1 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 nine months ended September 30, 2021 and 2020, respectively, for our Level 3 assets and liabilities held as of September 30, 2021 and 2020, respectively (dollar amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Assets Residential loans: Residential loans (1) $ 7,881 $ 35,420 $ 21,476 $ (883) Consolidated SLST (1) 6,287 41,063 (12,585) 28,014 Residential loans held in securitization trusts (1) 12,791 817 31,015 (823) Multi-family loans (1) 538 (955) 1,203 (6,518) Equity investments (2) (294) 7 634 (4,052) Liabilities Consolidated SLST CDOs (1) (1,985) (13,918) 35,905 (62,907) (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 September 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): September 30, 2021 December 31, 2020 Fair Value Carrying Estimated Carrying Estimated Financial Assets: Cash and cash equivalents Level 1 $ 408,785 $ 408,785 $ 293,183 $ 293,183 Residential loans Level 3 3,273,807 3,273,807 3,049,166 3,049,166 Multi-family loans Level 3 119,812 119,812 163,593 163,593 Investment securities available for sale Level 2 448,093 448,093 724,726 724,726 Equity investments Level 3 255,014 255,014 259,095 259,095 Financial Liabilities: Repurchase agreements Level 2 334,556 334,556 405,531 405,531 Collateralized debt obligations: Residential loan securitizations at amortized cost, net Level 3 710,102 714,176 554,067 561,329 Consolidated SLST Level 3 904,976 904,976 1,054,335 1,054,335 Non-Agency RMBS re-securitization Level 2 — — 15,256 15,472 Subordinated debentures Level 3 45,000 44,188 45,000 36,871 Convertible notes Level 2 137,240 139,474 135,327 137,716 Senior unsecured notes Level 2 96,540 104,794 — — Mortgages payable on operating real estate Level 3 200,720 200,720 36,752 36,752 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. f. Mortgages payable on operating real estate – Estimated fair value approximates the carrying value of such liabilities.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 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 22,441,081 shares and 20,872,888 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively. As of September 30, 2021, the Company has four outstanding series of cumulative redeemable preferred stock (the “Preferred Stock”): 7.75% Series B Cumulative Redeemable Preferred Stock (“Series B Preferred Stock”), 8.00% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series D Preferred Stock”), 7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series E Preferred Stock”) and 6.875% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series F 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. In July 2021, the Company issued 5,750,000 shares of the Company's Series F Preferred Stock, with a par value of $0.01 per share and a liquidation preference of $25.00 per share, in an underwritten public offering, for net proceeds of approximately $138.6 million after deducting underwriting discounts and commissions and offering expenses. On August 6, 2021, the Company classified and designated an additional 2,000,000 shares of the Company’s authorized but unissued preferred stock as Series F Preferred Stock. In July 2021, the Company redeemed all outstanding shares of its 7.875% Series C Cumulative Redeemable Preferred Stock (“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. The excess of the $25.00 liquidation price per share over the carrying value of the Series C Preferred Stock resulted in a charge of $3.4 million to net income attributable to Company's common stockholders for the three and nine months ended September 30, 2021. The following table summarizes the Company’s Preferred Stock issued and outstanding as of September 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): September 30, 2021 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 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% Series F 7,750,000 5,750,000 138,569 143,750 6.875 % October 15, 2026 October 15, 2026 3M SOFR + 6.130% Total 32,050,000 22,441,081 $ 542,232 $ 561,027 December 31, 2020 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, Series E Preferred Stock and Series F Preferred Stock, respectively). Refer above 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, Series E Preferred Stock and Series F 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. On and after the fixed-to-floating rate conversion date, the Series F Preferred Stock is entitled to receive a dividend at a floating rate equal to three-month SOFR plus the 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 September 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 Series F Preferred Stock September 13, 2021 October 1, 2021 October 15, 2021 $ 0.484375 $ — (1) $ 0.50 $ 0.4921875 $ 0.4679 (2) 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 (3) 0.9843750 (3) 1.00 (3) 0.9843750 (3) — (1) Refer above for disclosure regarding the optional redemption of the Company's Series C Preferred Stock. (2) Cash dividend for the long initial dividend period that began on July 7, 2021 and ended on October 14, 2021. (3) 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 September 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 September 30, 2021: Period Declaration Date Record Date Payment Date Cash Dividend Per Share Third Quarter 2021 September 13, 2021 September 23, 2021 October 25, 2021 $ 0.100 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, 2021, the Company entered into an equity distribution agreement (the “Common Equity Distribution Agreement”) with a 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 the sales agent. 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. The Common Equity Distribution Agreement replaces the Company's prior equity distribution agreement with a sales agent dated as of August 10, 2017, as amended on September 10, 2018 (collectively, the "Prior Equity Distribution Agreement"), pursuant to which approximately $72.5 million of aggregate value of the Company's common stock remained available for issuance prior to termination. There were no shares of the Company's common stock issued under the Common Equity Distribution Agreement and the Prior Equity Distribution Agreement during the three and nine months ended September 30, 2021 and 2020. As of September 30, 2021, $100.0 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 a 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. On August 10, 2021, the Company entered into an amendment to the Preferred Equity Distribution Agreement that increased the maximum aggregate sales price to $149.1 million. The amendment also provided for the inclusion of sales of the Company's Series F Preferred Stock and the exclusion of sales of the Company's Series C 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	9 Months Ended
	Sep. 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 nine months ended September 30, 2021, the Company's Convertible Notes were determined to be anti-dilutive and were not included in the calculation of diluted earnings per common share. During the three months ended September 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 nine months ended September 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 nine months ended September 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 September 30, 2020, certain of the PSUs and RSUs awarded under the 2017 Plan were determined to be dilutive. During the nine months ended September 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Basic Earnings (Loss) per Common Share: Net income (loss) attributable to Company $ 51,576 $ 101,641 $ 157,024 $ (368,929) Less: Preferred Stock dividends (11,272) (10,297) (31,865) (30,890) Less: Preferred Stock redemption charge (3,443) — (3,443) — Net income (loss) attributable to Company's common stockholders $ 36,861 $ 91,344 $ 121,716 $ (399,819) Basic weighted average common shares outstanding 379,395 377,744 379,193 368,740 Basic Earnings (Loss) per Common Share $ 0.10 $ 0.24 $ 0.32 $ (1.08) Diluted Earnings (Loss) per Common Share: Net income (loss) attributable to Company $ 51,576 $ 101,641 $ 157,024 $ (368,929) Less: Preferred Stock dividends (11,272) (10,297) (31,865) (30,890) Less: Preferred Stock redemption charge (3,443) — (3,443) — Add back: Interest expense on Convertible Notes for the period, net of tax — 2,525 — — Net income (loss) attributable to Company's common stockholders $ 36,861 $ 93,869 $ 121,716 $ (399,819) Weighted average common shares outstanding 379,395 377,744 379,193 368,740 Net effect of assumed Convertible Notes conversion to common shares — 19,694 — — Net effect of assumed PSUs vested 1,378 369 1,746 — Net effect of assumed RSUs vested 210 1,902 166 — Diluted weighted average common shares outstanding 380,983 399,709 381,105 368,740 Diluted Earnings (Loss) per Common Share $ 0.10 $ 0.23 $ 0.32 $ (1.08)

Stock Based Compensation

Stock Based Compensation	9 Months Ended
	Sep. 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 September 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 September 30, 2021, 31,486,637 shares remain available for issuance under the 2017 Plan. The Company’s non-employee directors have been issued 687,503 shares under the 2017 Plan as of September 30, 2021. The Company’s employees have been issued 2,689,394 shares of restricted stock under the 2017 Plan as of September 30, 2021. At September 30, 2021, there were 1,790,342 shares of non-vested restricted stock outstanding, 6,168,886 common shares reserved for issuance in connection with outstanding PSUs under the 2017 Plan and 1,016,252 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 nine months ended September 30, 2021, the Company recognized non-cash compensation expense on its restricted common stock awards of $1.0 million and $3.2 million, respectively. During the three and nine months ended September 30, 2020, the Company recognized non-cash compensation expense on its restricted common stock awards of $1.0 million and $2.8 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. A summary of the activity of the Company's non-vested restricted stock collectively under the 2010 Plan and 2017 Plan for the nine months ended September 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 (131,432) 4.92 — — Non-vested shares as of September 30 1,790,342 $ 5.10 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 September 30, 2021 and 2020, the Company had unrecognized compensation expense of $5.7 million and $6.9 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 September 30, 2021 is expected to be recognized over a weighted average period of 1.7 years. The total fair value of restricted shares vested during the nine months ended September 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 nine months ended September 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 nine months ended September 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 nine months ended September 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 — — Forfeited (314,143) 5.29 — — Non-vested target PSUs as of September 30 3,376,740 $ 5.43 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 nine months ended September 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. Non-vested PSUs are forfeited upon the recipient's termination of employment, subject to certain exceptions. As of September 30, 2021 and 2020, there was $9.2 million and $7.0 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 September 30, 2021 is expected to be recognized over a weighted average period of 1.9 years. Compensation expense related to the PSUs was $0.9 million and $3.9 million for the three and nine months ended September 30, 2021, respectively. Compensation expense related to the PSUs was $1.3 million and $3.7 million for the three and nine months ended September 30, 2020, respectively. Restricted Stock Units During the nine months ended September 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 nine months ended September 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 nine months ended September 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 RSUs as of January 1 441,746 $ 6.23 — $ — Granted 815,830 3.69 441,746 6.23 Vested (147,254) 6.23 — — Forfeited (94,070) 4.37 — — Non-vested RSUs as of September 30 1,016,252 $ 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 nine months ended September 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. Non-vested RSUs are forfeited upon the recipient's termination of employment, subject to certain exceptions. As of September 30, 2021 and 2020, there was $3.2 million and $2.1 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 September 30, 2021 is expected to be recognized over a weighted average period of 1.9 years. Compensation expense related to the RSUs was $0.4 million and $1.3 million for the three and nine months ended September 30, 2021, respectively. Compensation expense related to the RSUs was $0.2 million and $0.7 million for the three and nine months ended September 30, 2020, respectively.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three and nine months ended September 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 nine months ended September 30, 2021 and 2020, respectively, is comprised of the following components (dollar amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Current income tax expense (benefit) $ 226 $ (659) $ 497 $ 1,386 Deferred income tax expense (benefit) 989 (113) 799 (469) Total income tax provision (benefit) $ 1,215 $ (772) $ 1,296 $ 917 Deferred Tax Assets and Liabilities The major sources of temporary differences included in the deferred tax assets and their deferred tax effect as of September 30, 2021 and December 31, 2020 are as follows (dollar amounts in thousands): September 30, 2021 December 31, 2020 Deferred tax assets Net operating loss carryforward $ 4,417 $ 6,024 Capital loss carryover 7,481 4,442 GAAP/Tax basis differences 317 814 Total deferred tax assets (1) 12,215 11,280 Deferred tax liabilities GAAP/Tax basis differences 6,247 2 Total deferred tax liabilities (2) 6,247 2 Valuation allowance (1) (4,993) (9,503) Total net deferred tax asset $ 975 $ 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 September 30, 2021, the Company, through wholly-owned TRSs, had incurred net operating losses in the aggregate amount of approximately $11.8 million. The Company’s carryforward net operating losses of approximately $10.9 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 September 30, 2021, the Company, through its wholly-owned TRSs, had also incurred approximately $22.0 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 September 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 $4.5 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	9 Months Ended
	Sep. 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 nine months ended September 30, 2021 and 2020, respectively (dollar amounts in thousands): For the Three Months Ended September 30, For the Nine Months Ended 2021 2020 2021 2020 Interest income Residential loans Residential loans $ 20,480 $ 16,006 $ 60,295 $ 55,157 Consolidated SLST 10,245 10,896 31,042 34,542 Residential loans held in securitization trusts 11,008 3,802 28,909 4,725 Total residential loans 41,733 30,704 120,246 94,424 Multi-family loans Preferred equity and mezzanine loan investments 3,449 5,300 11,980 15,875 Consolidated K-Series — — — 151,841 Total multi-family loans 3,449 5,300 11,980 167,716 Investment securities available for sale 7,129 9,282 22,279 41,309 Other 12 72 43 492 Total interest income 52,323 45,358 154,548 303,941 Interest expense Repurchase agreements 3,110 5,341 10,884 33,453 Collateralized debt obligations Consolidated SLST 7,116 7,562 21,371 24,255 Consolidated K-Series — — — 129,762 Residential loan securitizations 5,053 2,160 14,788 2,527 Non-Agency RMBS re-securitization — 1,524 283 1,994 Total collateralized debt obligations 12,169 11,246 36,442 158,538 Convertible notes 2,810 2,759 8,382 8,234 Senior unsecured notes 1,598 — 2,734 — Subordinated debentures 458 483 1,374 1,714 Derivatives — — — 868 Mortgages payable on operating real estate 1,147 — 1,886 — Total interest expense 21,292 19,829 61,702 202,807 Net interest income $ 31,031 $ 25,529 $ 92,846 $ 101,134

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 September 30, 2021, the accompanying condensed consolidated statements of operations for the three and nine months ended September 30, 2021 and 2020, the accompanying condensed consolidated statements of comprehensive income for the three and nine months ended September 30, 2021 and 2020, the accompanying condensed consolidated statements of changes in stockholders’ equity for the three and nine months ended September 30, 2021 and 2020 and the accompanying condensed consolidated statements of cash flows for the nine months ended September 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 nine months ended September 30, 2021. The results of operations for the three and nine months ended September 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 September 30, 2021 and December 31, 2020 include restricted cash held by third parties, including cash held by the Company's securitization trusts, of $21.9 million and $11.3 million, respectively. Other assets includes collections receivable from loan servicers, recoverable advances and interest receivable on residential loans totaling $54.4 million and $63.6 million as of September 30, 2021 and December 31, 2020, respectively. Also included in other assets are operating lease right of use assets of $9.3 million and $10.1 million as of September 30, 2021 and December 31, 2020, respectively (with corresponding operating lease liabilities of $9.9 million and $10.6 million as of September 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 estimated 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. The Company had no outstanding derivative instruments as of September 30, 2021 and December 31, 2020. 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)	9 Months Ended
	Sep. 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 September 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): September 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 $ 1,307,557 $ 1,118,001 $ 792,466 $ 3,218,024 $ 1,097,528 $ 1,231,669 $ 696,543 $ 3,025,740 (Discount)/premium (43,303) (2,190) (36,644) (82,137) (42,259) 1,337 (41,506) (82,428) Unrealized gains 60,965 21,194 55,761 137,920 35,661 33,779 36,414 105,854 Carrying value $ 1,325,219 $ 1,137,005 $ 811,583 $ 3,273,807 $ 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 September 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 nine months ended September 30, 2021 and 2020, respectively (dollar amounts in thousands): Three Months Ended September 30, 2021 September 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 $ 8,280 $ 6,287 $ 11,794 $ 25,583 $ 41,063 $ 10,143 Nine Months Ended September 30, 2021 September 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 $ 15,715 $ (12,585) $ 28,936 $ (17,899) $ 28,014 $ 8,418 (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 September 30, 2021 and December 31, 2020, respectively, are as follows: September 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 22.3 % 10.8 % 23.0 % 23.6 % 10.9 % 19.8 % Florida 10.9 % 10.6 % 10.0 % 13.1 % 10.5 % 8.1 % New York 8.2 % 9.5 % 9.1 % 9.2 % 9.3 % 8.9 % New Jersey 6.4 % 7.2 % 6.1 % 5.6 % 7.1 % 5.6 % Texas 6.5 % 3.9 % 4.3 % 5.6 % 4.0 % 4.3 % Illinois 3.1 % 6.9 % 2.2 % 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 September 30, 2021 and December 31, 2020, respectively, are as follows: September 30, 2021 December 31, 2020 Texas 17.7 % 11.4 % Tennessee 17.2 % 14.3 % Florida 12.1 % 8.5 % South Carolina 10.3 % 7.2 % Georgia 7.3 % 10.1 % Ohio 7.2 % 5.2 % North Carolina 6.9 % 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 September 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 September 30, 2021 $ 102,688 $ 115,169 $ 16,969 $ 17,241 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)	9 Months Ended
	Sep. 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 September 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): September 30, 2021 December 31, 2020 Investment amount $ 118,517 $ 163,392 Deferred loan fees, net (763) (1,169) Unrealized gains, net 2,058 1,370 Total, at Fair Value $ 119,812 $ 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 September 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): September 30, 2021 December 31, 2020 Days Late Fair Value Unpaid Principal Balance Fair Value Unpaid Principal Balance 90 + $ 3,829 $ 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 September 30, 2021 and December 31, 2020, respectively, are as follows: September 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 22.3 % 10.8 % 23.0 % 23.6 % 10.9 % 19.8 % Florida 10.9 % 10.6 % 10.0 % 13.1 % 10.5 % 8.1 % New York 8.2 % 9.5 % 9.1 % 9.2 % 9.3 % 8.9 % New Jersey 6.4 % 7.2 % 6.1 % 5.6 % 7.1 % 5.6 % Texas 6.5 % 3.9 % 4.3 % 5.6 % 4.0 % 4.3 % Illinois 3.1 % 6.9 % 2.2 % 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 September 30, 2021 and December 31, 2020, respectively, are as follows: September 30, 2021 December 31, 2020 Texas 17.7 % 11.4 % Tennessee 17.2 % 14.3 % Florida 12.1 % 8.5 % South Carolina 10.3 % 7.2 % Georgia 7.3 % 10.1 % Ohio 7.2 % 5.2 % North Carolina 6.9 % 4.9 %

Investment Securities Availab_2

Investment Securities Available for Sale, at Fair Value (Tables)	9 Months Ended
	Sep. 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 September 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): September 30, 2021 December 31, 2020 Amortized Cost Unrealized Fair Value Amortized Cost Unrealized Fair Value Gains Losses Gains Losses Fair Value Option Agency RMBS $ 129,198 $ — $ (3,609) $ 125,589 $ 138,541 $ 854 $ — $ 139,395 Non-Agency RMBS (1) 108,579 1,168 (3,064) 106,683 100,465 170 (10,786) 89,849 CMBS 32,600 1,139 — 33,739 139,019 5,685 (3,731) 140,973 ABS 24,343 17,142 — 41,485 34,139 9,086 — 43,225 Total investment securities available for sale - fair value option 294,720 19,449 (6,673) 307,496 412,164 15,795 (14,517) 413,442 CECL Securities Non-Agency RMBS (2) 115,686 2,482 (75) 118,093 266,855 4,336 (5,374) 265,817 CMBS 22,869 — (365) 22,504 43,435 2,032 — 45,467 Total investment securities available for sale - CECL Securities 138,555 2,482 (440) 140,597 310,290 6,368 (5,374) 311,284 Total $ 433,275 $ 21,931 $ (7,113) $ 448,093 $ 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 nine months ended September 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 non-Agency RMBS held in a securitization trust with a total fair value of $71.5 million as of December 31, 2020. During the nine months ended September 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 September 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): September 30, 2021 December 31, 2020 Amortized Cost Unrealized Fair Value Amortized Cost Unrealized Fair Value Gains Losses Gains Losses Fair Value Option Agency RMBS $ 129,198 $ — $ (3,609) $ 125,589 $ 138,541 $ 854 $ — $ 139,395 Non-Agency RMBS (1) 108,579 1,168 (3,064) 106,683 100,465 170 (10,786) 89,849 CMBS 32,600 1,139 — 33,739 139,019 5,685 (3,731) 140,973 ABS 24,343 17,142 — 41,485 34,139 9,086 — 43,225 Total investment securities available for sale - fair value option 294,720 19,449 (6,673) 307,496 412,164 15,795 (14,517) 413,442 CECL Securities Non-Agency RMBS (2) 115,686 2,482 (75) 118,093 266,855 4,336 (5,374) 265,817 CMBS 22,869 — (365) 22,504 43,435 2,032 — 45,467 Total investment securities available for sale - CECL Securities 138,555 2,482 (440) 140,597 310,290 6,368 (5,374) 311,284 Total $ 433,275 $ 21,931 $ (7,113) $ 448,093 $ 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 nine months ended September 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 non-Agency RMBS held in a securitization trust with a total fair value of $71.5 million as of December 31, 2020. During the nine months ended September 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 September 30, 2021 and 2020, respectively (dollar amounts in thousands): Three Months Ended September 30, 2021 Sales Proceeds Realized Gains Realized Losses Net Realized Gains (Losses) Non-Agency RMBS $ 43,579 $ 4,841 $ — $ 4,841 CMBS 89,481 5,496 (452) 5,044 Total $ 133,060 $ 10,337 $ (452) $ 9,885 Three Months Ended September 30, 2020 Sales Proceeds Realized Gains Realized Losses Net Realized Gains (Losses) Non-Agency RMBS $ 259,493 $ 141 $ (8,860) $ (8,719) CMBS 110,680 6,849 (705) 6,144 Total $ 370,173 $ 6,990 $ (9,565) $ (2,575) The following tables summarize our investment securities sold during the nine months ended September 30, 2021 and 2020, respectively (dollar amounts in thousands): Nine Months Ended September 30, 2021 Sales Proceeds Realized Gains Realized Losses Net Realized Gains (Losses) Non-Agency RMBS (1) $ 115,662 $ 4,853 $ (833) $ 4,020 CMBS 132,796 11,083 (452) 10,631 Total $ 248,458 $ 15,936 $ (1,285) $ 14,651 Nine Months Ended September 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 428,251 435 (34,681) (34,246) CMBS 248,741 8,176 (30,289) (22,113) Total $ 1,815,369 $ 19,679 $ (81,033) $ (61,354) (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 ). The Company recognized a write-down of fair value option non-Agency RMBS IOs for a realized loss of $4.8 million for the three and nine months ended September 30, 2021.
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 September 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): Weighted Average Life September 30, 2021 December 31, 2020 0 to 5 years $ 223,991 $ 332,934 Over 5 to 10 years 206,360 320,361 10+ years 17,742 71,431 Total $ 448,093 $ 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 September 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): September 30, 2021 Less than 12 months Greater than 12 months Total Carrying Gross Carrying Gross Carrying Gross Non-Agency RMBS $ 35,532 $ (22) $ 36,739 $ (53) $ 72,271 $ (75) CMBS 22,504 (365) — — 22,504 (365) Total $ 58,036 $ (387) $ 36,739 $ (53) $ 94,775 $ (440) 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)	9 Months Ended
	Sep. 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 September 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): September 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% $ 12,476 45% $ 11,441 Somerset Deerfield Investor, LLC 45% 19,661 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% 5,590 43% 5,140 Audubon Mezzanine Holdings, L.L.C. (Series A) 57% 12,118 57% 11,456 EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively) 46% 7,464 46% 7,234 Walnut Creek Properties Holdings, L.L.C. 36% 9,180 36% 8,803 Towers Property Holdings, LLC 37% 12,712 37% 12,119 Mansions Property Holdings, LLC 34% 12,249 34% 11,679 Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively) 43% 4,465 43% 4,320 Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively) 37% 10,297 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% 12,721 53% 12,337 DCP Gold Creek, LLC 44% 6,615 44% 6,357 1122 Chicago DE, LLC 53% 7,593 53% 7,222 Rigsbee Ave Holdings, LLC 56% 11,126 56% 10,222 Bighaus, LLC 42% 15,224 42% 14,525 FF/RMI 20 Midtown, LLC 51% 25,067 51% 23,936 Lurin-RMI, LLC 38% 7,521 38% 7,216 Palms at Cape Coral, LLC 34% 5,096 — — America Walks at Port St. Lucie, LLC 62% 30,460 — — Total - Multi-Family Preferred Equity Ownership Interests 227,635 182,765 Joint Venture Equity Investments in Multi-Family Properties GWR Cedars Partners, LLC 70% 3,710 — — GWR Gateway Partners, LLC 70% 6,580 — — Total - Joint Venture Equity Investments in Multi-Family Properties 10,290 — Single-Family Equity Ownership Interests Morrocroft Neighborhood Stabilization Fund II, LP 11% 17,089 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 17,089 76,330 Total $ 255,014 $ 259,095 Three Months Ended September 30, Nine Months Ended September 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) $ 331 $ 295 $ 1,035 $ 898 Somerset Deerfield Investor, LLC 569 472 1,711 1,259 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) 152 125 450 217 Audubon Mezzanine Holdings, L.L.C. (Series A) 251 365 972 541 EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively) 151 181 571 305 Walnut Creek Properties Holdings, L.L.C. 257 280 797 402 Towers Property Holdings, LLC 348 380 1,087 502 Mansions Property Holdings, LLC 335 366 1,048 484 Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively) 89 137 355 190 Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively) 204 317 819 430 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) 252 392 1,014 527 DCP Gold Creek, LLC 189 203 589 305 1122 Chicago DE, LLC 229 226 675 462 Rigsbee Ave Holdings, LLC 120 326 1,335 604 Bighaus, LLC 450 237 1,328 237 FF/RMI 20 Midtown, LLC 771 — 2,275 — Lurin-RMI, LLC 216 — 687 — Palms at Cape Coral, LLC 189 — 189 — America Walks at Port St. Lucie, LLC 775 — 775 — Total Income - Multi-Family Preferred Equity Ownership Interests $ 5,878 $ 4,302 $ 17,712 $ 7,363 Three Months Ended September 30, Nine Months Ended September 30, Investment Name 2021 2020 2021 2020 Single-Family Equity Ownership Interests Morrocroft Neighborhood Stabilization Fund II, LP $ 2,137 $ 515 $ 4,324 $ 1,080 Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I) (1) — 5,027 (15) 7,078 Total Income - Single-Family Equity Ownership Interests $ 2,137 $ 5,542 $ 4,309 $ 8,158 Joint Venture Equity Investments in Multi-Family Properties (2) The Preserve at Port Royal Venture, LLC (3) $ — $ 122 $ — $ (949) Total Income (Loss) - Joint Venture Equity Investments in Multi-Family Properties $ — $ 122 $ — $ (949) (1) The Company's equity investment was redeemed during the nine months ended September 30, 2021. (2) Includes net unrealized loss of $8.6 million and $9.7 million for the three and nine months ended September 30, 2020, respectively and a realized gain of $8.8 million for the three and nine months ended September 30, 2020. (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)	9 Months Ended
	Sep. 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 September 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 $ — $ — $ 3,457 $ 3,457 Residential loans, at fair value 811,583 1,137,005 — 1,948,588 Operating real estate, net held in Consolidated VIEs (1) — — 209,736 209,736 Other assets 33,141 3,702 18,724 55,567 Total assets $ 844,724 $ 1,140,707 $ 231,917 $ 2,217,348 Collateralized debt obligations ($710,102 at amortized cost, net and $904,976 at fair value) $ 710,102 $ 904,976 $ — $ 1,615,078 Mortgages payable on operating real estate, net in Consolidated VIEs (2) — — 163,941 163,941 Other liabilities 6,326 3,073 4,648 14,047 Total liabilities $ 716,428 $ 908,049 $ 168,589 $ 1,793,066 Non-controlling interest in Consolidated VIEs (3) $ — $ — $ 4,626 $ 4,626 Net investment (4) $ 128,296 $ 232,658 $ 58,702 $ 419,656 (1) Included in operating real estate, net in the accompanying condensed consolidated balance sheets. (2) Included in mortgages payable on operating real estate, net 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 on operating real estate, 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 operating real estate, net in the accompanying condensed consolidated balance sheets. (2) Included in mortgages payable on operating real estate, net 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 September 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): September 30, 2021 December 31, 2020 Fair Value Carrying Estimated Carrying Estimated Financial Assets: Cash and cash equivalents Level 1 $ 408,785 $ 408,785 $ 293,183 $ 293,183 Residential loans Level 3 3,273,807 3,273,807 3,049,166 3,049,166 Multi-family loans Level 3 119,812 119,812 163,593 163,593 Investment securities available for sale Level 2 448,093 448,093 724,726 724,726 Equity investments Level 3 255,014 255,014 259,095 259,095 Financial Liabilities: Repurchase agreements Level 2 334,556 334,556 405,531 405,531 Collateralized debt obligations: Residential loan securitizations at amortized cost, net Level 3 710,102 714,176 554,067 561,329 Consolidated SLST Level 3 904,976 904,976 1,054,335 1,054,335 Non-Agency RMBS re-securitization Level 2 — — 15,256 15,472 Subordinated debentures Level 3 45,000 44,188 45,000 36,871 Convertible notes Level 2 137,240 139,474 135,327 137,716 Senior unsecured notes Level 2 96,540 104,794 — — Mortgages payable on operating real estate Level 3 200,720 200,720 36,752 36,752
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 September 30, 2021 and 2020, respectively (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Three Months Ended September 30, 2021 2020 Consolidated SLST Other Total Consolidated SLST Other Total Interest income $ 10,245 $ — $ 10,245 $ 10,896 $ — $ 10,896 Interest expense 7,116 900 8,016 7,562 — 7,562 Total net interest income (expense) 3,129 (900) 2,229 3,334 — 3,334 Unrealized gains, net 4,302 — 4,302 27,145 — 27,145 Income from operating real estate — 2,683 2,683 — — — Other loss — — — — (159) (159) Total non-interest income (loss) 4,302 2,683 6,985 27,145 (159) 26,986 Expenses related to operating real estate — 6,601 6,601 — — — Net income (loss) 7,431 (4,818) 2,613 30,479 (159) 30,320 Net loss (income) attributable to non-controlling interest in Consolidated VIEs — 394 394 — (1,764) (1,764) Net income (loss) attributable to Company $ 7,431 $ (4,424) $ 3,007 $ 30,479 $ (1,923) $ 28,556 The following table presents condensed statements of operations for non-Company-sponsored VIEs, including Consolidated SLST, Consolidated K-Series (prior to the sale of first loss POs and de-consolidation of the Consolidated K-Series) and other Consolidated VIEs, for the nine months ended September 30, 2021 and 2020, respectively (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Nine Months Ended September 30, 2021 2020 Consolidated SLST Other Total Consolidated K-Series Consolidated SLST Other Total Interest income $ 31,042 $ — $ 31,042 $ 151,841 $ 34,542 $ — $ 186,383 Interest expense 21,371 1,641 23,012 129,762 24,255 — 154,017 Total net interest income (expense) 9,671 (1,641) 8,030 22,079 10,287 — 32,366 Unrealized gains (losses), net 23,320 — 23,320 (10,951) (34,893) — (45,844) Income from operating real estate — 6,329 6,329 — — — — Other loss — — — — — (2,280) (2,280) Total non-interest income (loss) 23,320 6,329 29,649 (10,951) (34,893) (2,280) (48,124) Expenses related to operating real estate — 13,438 13,438 — — — — Net income (loss) 32,991 (8,750) 24,241 11,128 (24,606) (2,280) (15,758) Net loss (income) attributable to non-controlling interest in Consolidated VIEs — 3,428 3,428 — — (704) (704) Net income (loss) attributable to Company $ 32,991 $ (5,322) $ 27,669 $ 11,128 $ (24,606) $ (2,984) $ (16,462)
Schedule of Classification and Carrying Value of Unconsolidated VIEs	The following tables present the classification and carrying value of unconsolidated VIEs as of September 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): September 30, 2021 Multi-family loans Investment Equity investments Total ABS $ — $ 41,485 $ — $ 41,485 Non-Agency RMBS — 31,708 — 31,708 Preferred equity investments in multi-family properties 119,812 — 227,635 347,447 Joint venture equity investments in multi-family properties — — 10,290 10,290 Equity investments in entities that invest in residential properties — — 17,089 17,089 Maximum exposure $ 119,812 $ 73,193 $ 255,014 $ 448,019 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)	9 Months Ended
	Sep. 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 nine months ended September 30, 2020 (dollar amounts in thousands): Notional Amount For the Nine Months Ended September 30, 2020 Type of Derivative Instrument December 31, 2019 Additions Terminations September 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 nine months ended September 30, 2020 (dollar amounts in thousands): For the Nine Months Ended September 30, 2020 Realized Gains (Losses) Unrealized Gains (Losses) Interest rate swaps $ (73,078) $ 28,967 Total $ (73,078) $ 28,967

Operating Real Estate, Net (Tab

Operating Real Estate, Net (Tables)	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
Schedule of Real Estate Investment	The following is a summary of the operating real estate investments, collectively, as of September 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): September 30, 2021 December 31, 2020 Land $ 34,405 $ 5,400 Building and improvements 229,426 43,764 Furniture, fixture and equipment 10,197 1,522 Real estate $ 274,028 $ 50,686 Accumulated depreciation (1) (3,422) (154) Operating real estate, net $ 270,606 $ 50,532 (1) Depreciation expense for the three and nine months ended September 30, 2021 totaled $1.7 million and $3.3 million, respectively, and is included in expenses related to operating real estate on the accompanying condensed consolidated statements of operations.

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	9 Months Ended
	Sep. 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 September 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) September 30, 2021 $ 1,257,003 $ 335,434 $ (878) $ 334,556 $ 492,860 2.82 % 3.24 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 $16.6 million, a rate of 4.00%, and maturity of 5.03 months as of September 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)	9 Months Ended
	Sep. 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 September 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): September 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) $ 861,184 $ 904,976 2.75 % 3.53 % 2059 Residential loan securitizations 714,058 710,102 2.42 % 3.38 % 2026 - 2061 Total collateralized debt obligations $ 1,575,242 $ 1,615,078 (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. During the nine months ended September 30, 2021, the Company exercised its right to an optional redemption of its non-Agency RMBS re-securitization. Outstanding Mortgage Balance Net Deferred Finance Cost Mortgage Payable, Net Stated Maturity Weighted Average Interest Rate (1) Unfunded Commitment September 30, 2021 $ 203,786 $ (3,066) $ 200,720 2024 - 2031 3.25 % $ 12,188 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 September 30, 2021 had stated maturities as follows: Year ending December 31, Total 2021 $ — 2022 — 2023 — 2024 — 2025 — 2026 180,000 Thereafter 1,395,242 Total $ 1,575,242 As of September 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 108,676 2025 — 2026 100,000 Thereafter 140,110 $ 486,786

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 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 September 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 September 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): September 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) $ 861,184 $ 904,976 2.75 % 3.53 % 2059 Residential loan securitizations 714,058 710,102 2.42 % 3.38 % 2026 - 2061 Total collateralized debt obligations $ 1,575,242 $ 1,615,078 (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. During the nine months ended September 30, 2021, the Company exercised its right to an optional redemption of its non-Agency RMBS re-securitization. Outstanding Mortgage Balance Net Deferred Finance Cost Mortgage Payable, Net Stated Maturity Weighted Average Interest Rate (1) Unfunded Commitment September 30, 2021 $ 203,786 $ (3,066) $ 200,720 2024 - 2031 3.25 % $ 12,188 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 September 30, 2021 had stated maturities as follows: Year ending December 31, Total 2021 $ — 2022 — 2023 — 2024 — 2025 — 2026 180,000 Thereafter 1,395,242 Total $ 1,575,242 As of September 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 108,676 2025 — 2026 100,000 Thereafter 140,110 $ 486,786

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 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 September 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 September 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 $ — $ — $ 1,325,219 $ 1,325,219 $ — $ — $ 1,090,930 $ 1,090,930 Consolidated SLST — — 1,137,005 1,137,005 — — 1,266,785 1,266,785 Residential loans held in securitization trusts — — 811,583 811,583 — — 691,451 691,451 Multi-family loans — — 119,812 119,812 — — 163,593 163,593 Investment securities available for sale: Agency RMBS — 125,589 — 125,589 — 139,395 — 139,395 Non-Agency RMBS — 224,776 — 224,776 — 355,666 — 355,666 CMBS — 56,243 — 56,243 — 186,440 — 186,440 ABS — 41,485 — 41,485 — 43,225 — 43,225 Equity investments — — 255,014 255,014 — — 259,095 259,095 Total $ — $ 448,093 $ 3,648,633 $ 4,096,726 $ — $ 724,726 $ 3,471,854 $ 4,196,580 Liabilities carried at fair value Consolidated SLST CDOs $ — $ — $ 904,976 $ 904,976 $ — $ — $ 1,054,335 $ 1,054,335 Total $ — $ — $ 904,976 $ 904,976 $ — $ — $ 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 nine months ended September 30, 2021 and 2020, respectively (dollar amounts in thousands): Level 3 Assets: Nine Months Ended September 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 28,094 (16,522) 34,901 14,811 22,021 83,305 Transfers out (1) (2,080) — (1,707) — — (3,787) Transfer to securitization trust, net (2) (236,751) — 236,751 — — — Funding/Contributions — — — 7,970 45,230 53,200 Paydowns/Distributions (464,097) (113,258) (149,019) (66,562) (71,332) (864,268) Sales (65,076) — (2,376) — — (67,452) Purchases 974,199 — 1,582 — — 975,781 Balance at the end of period $ 1,325,219 $ 1,137,005 $ 811,583 $ 119,812 $ 255,014 $ 3,648,633 (1) Transfers out of Level 3 assets represents the transfer of residential loans to real estate owned. (2) In May 2021, the Company completed a securitization of certain business purpose loans. In August 2021, the Company redeemed a residential loan securitization and completed a new residential loan securitization of certain performing, re-performing and non-performing residential loans ( see Note 7 for further discussion of the Company's residential loan securitizations). Nine Months Ended September 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 (26,069) 24,096 8,836 9,760 41,795 14,573 72,991 Transfers in (1) 164,279 — 46,572 182,465 — 107,477 500,793 Transfers out (2) (3) (5,061) — (1,497) — (237,297) — (243,855) Transfer to securitization trust, net (4) (317,089) — 317,089 — — — — Funding/Contributions — — — 13,712 — 35,951 49,663 Paydowns/Distributions (224,073) (62,977) (15,514) (22,783) (239,796) (23,177) (588,320) Recovery of charge-off — — — — 35 — 35 Sales (3) (93,755) — — — (17,381,483) — (17,475,238) Purchases 249,312 — — — — — 249,312 Balance at the end of period $ 1,177,298 $ 1,290,005 $ 355,486 $ 183,154 $ — $ 218,706 $ 3,224,649 (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 includes the transfer of residential loans to real estate owned. (3) During the nine months ended September 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 ). (4) In July 2020, the Company completed a securitization of certain performing, re-performing and non-performing residential loans ( 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 nine months ended September 30, 2021 and 2020, respectively (dollar amounts in thousands): Level 3 Liabilities: Nine Months Ended September 30, 2021 Consolidated SLST CDOs Balance at beginning of period $ 1,054,335 Total gains (realized/unrealized) Included in earnings (35,525) Paydowns (113,834) Balance at the end of period $ 904,976 Nine Months Ended September 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 66,203 101,221 Paydowns (147,376) (63,278) (210,654) Sales (1) (16,612,093) 22,226 (16,589,867) Balance at the end of period $ — $ 1,077,980 $ 1,077,980 (1) During the nine months ended September 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 nine months ended September 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): September 30, 2021 Fair Value Valuation Technique Unobservable Input Weighted Average Range Assets Residential loans: Residential loans and residential loans held in securitization trusts (1) $2,044,724 Discounted cash flow Lifetime CPR 8.5% — - 51.3% Lifetime CDR 0.7% — - 28.7% Loss severity 10.4% — - 100.0% Yield 4.8% 2.4% - 48.7% $92,078 Liquidation model Annual home price appreciation 1.4% — - 25.4% Liquidation timeline (months) 30 9 - 53 Property value $720,766 $15,000 - $6,500,000 Yield 7.1% 7.0% - 28.0% Consolidated SLST (3) $1,137,005 Liability price N/A Total $3,273,807 Multi-family loans (1) $119,812 Discounted cash flow Discount rate 11.5% 11.0% - 19.5% Months to assumed redemption 23 1 - 60 Loss severity — Equity investments (1) (2) $237,925 Discounted cash flow Discount rate 11.9% 11.0% - 18.3% Months to assumed redemption 26 1 - 60 Loss severity — Liabilities Consolidated SLST CDOs (3) (4) $904,976 Discounted cash flow Yield 2.6% 1.5% - 23.3% Collateral prepayment rate 5.7% 2.5% - 6.4% Collateral default rate 1.8% — - 9.4% Loss severity 18.7% — - 21.2% (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 September 30, 2021, the fair value of investment securities we own in Consolidated SLST amounts to $231.1 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 nine months ended September 30, 2021 and 2020, respectively, for our Level 3 assets and liabilities held as of September 30, 2021 and 2020, respectively (dollar amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Assets Residential loans: Residential loans (1) $ 7,881 $ 35,420 $ 21,476 $ (883) Consolidated SLST (1) 6,287 41,063 (12,585) 28,014 Residential loans held in securitization trusts (1) 12,791 817 31,015 (823) Multi-family loans (1) 538 (955) 1,203 (6,518) Equity investments (2) (294) 7 634 (4,052) Liabilities Consolidated SLST CDOs (1) (1,985) (13,918) 35,905 (62,907) (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 September 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 $ — $ — $ 3,457 $ 3,457 Residential loans, at fair value 811,583 1,137,005 — 1,948,588 Operating real estate, net held in Consolidated VIEs (1) — — 209,736 209,736 Other assets 33,141 3,702 18,724 55,567 Total assets $ 844,724 $ 1,140,707 $ 231,917 $ 2,217,348 Collateralized debt obligations ($710,102 at amortized cost, net and $904,976 at fair value) $ 710,102 $ 904,976 $ — $ 1,615,078 Mortgages payable on operating real estate, net in Consolidated VIEs (2) — — 163,941 163,941 Other liabilities 6,326 3,073 4,648 14,047 Total liabilities $ 716,428 $ 908,049 $ 168,589 $ 1,793,066 Non-controlling interest in Consolidated VIEs (3) $ — $ — $ 4,626 $ 4,626 Net investment (4) $ 128,296 $ 232,658 $ 58,702 $ 419,656 (1) Included in operating real estate, net in the accompanying condensed consolidated balance sheets. (2) Included in mortgages payable on operating real estate, net 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 on operating real estate, 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 operating real estate, net in the accompanying condensed consolidated balance sheets. (2) Included in mortgages payable on operating real estate, net 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 September 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): September 30, 2021 December 31, 2020 Fair Value Carrying Estimated Carrying Estimated Financial Assets: Cash and cash equivalents Level 1 $ 408,785 $ 408,785 $ 293,183 $ 293,183 Residential loans Level 3 3,273,807 3,273,807 3,049,166 3,049,166 Multi-family loans Level 3 119,812 119,812 163,593 163,593 Investment securities available for sale Level 2 448,093 448,093 724,726 724,726 Equity investments Level 3 255,014 255,014 259,095 259,095 Financial Liabilities: Repurchase agreements Level 2 334,556 334,556 405,531 405,531 Collateralized debt obligations: Residential loan securitizations at amortized cost, net Level 3 710,102 714,176 554,067 561,329 Consolidated SLST Level 3 904,976 904,976 1,054,335 1,054,335 Non-Agency RMBS re-securitization Level 2 — — 15,256 15,472 Subordinated debentures Level 3 45,000 44,188 45,000 36,871 Convertible notes Level 2 137,240 139,474 135,327 137,716 Senior unsecured notes Level 2 96,540 104,794 — — Mortgages payable on operating real estate Level 3 200,720 200,720 36,752 36,752

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 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 September 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands): September 30, 2021 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 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% Series F 7,750,000 5,750,000 138,569 143,750 6.875 % October 15, 2026 October 15, 2026 3M SOFR + 6.130% Total 32,050,000 22,441,081 $ 542,232 $ 561,027 December 31, 2020 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, Series E Preferred Stock and Series F Preferred Stock, respectively). Refer above 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, Series E Preferred Stock and Series F 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. On and after the fixed-to-floating rate conversion date, the Series F Preferred Stock is entitled to receive a dividend at a floating rate equal to three-month SOFR plus the spread disclosed above per year on its $25 liquidation preference.
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 September 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 Series F Preferred Stock September 13, 2021 October 1, 2021 October 15, 2021 $ 0.484375 $ — (1) $ 0.50 $ 0.4921875 $ 0.4679 (2) 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 (3) 0.9843750 (3) 1.00 (3) 0.9843750 (3) — (1) Refer above for disclosure regarding the optional redemption of the Company's Series C Preferred Stock. (2) Cash dividend for the long initial dividend period that began on July 7, 2021 and ended on October 14, 2021. (3) 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 Third Quarter 2021 September 13, 2021 September 23, 2021 October 25, 2021 $ 0.100 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)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Dilutive Earnings (Loss) 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Basic Earnings (Loss) per Common Share: Net income (loss) attributable to Company $ 51,576 $ 101,641 $ 157,024 $ (368,929) Less: Preferred Stock dividends (11,272) (10,297) (31,865) (30,890) Less: Preferred Stock redemption charge (3,443) — (3,443) — Net income (loss) attributable to Company's common stockholders $ 36,861 $ 91,344 $ 121,716 $ (399,819) Basic weighted average common shares outstanding 379,395 377,744 379,193 368,740 Basic Earnings (Loss) per Common Share $ 0.10 $ 0.24 $ 0.32 $ (1.08) Diluted Earnings (Loss) per Common Share: Net income (loss) attributable to Company $ 51,576 $ 101,641 $ 157,024 $ (368,929) Less: Preferred Stock dividends (11,272) (10,297) (31,865) (30,890) Less: Preferred Stock redemption charge (3,443) — (3,443) — Add back: Interest expense on Convertible Notes for the period, net of tax — 2,525 — — Net income (loss) attributable to Company's common stockholders $ 36,861 $ 93,869 $ 121,716 $ (399,819) Weighted average common shares outstanding 379,395 377,744 379,193 368,740 Net effect of assumed Convertible Notes conversion to common shares — 19,694 — — Net effect of assumed PSUs vested 1,378 369 1,746 — Net effect of assumed RSUs vested 210 1,902 166 — Diluted weighted average common shares outstanding 380,983 399,709 381,105 368,740 Diluted Earnings (Loss) per Common Share $ 0.10 $ 0.23 $ 0.32 $ (1.08)

Stock Based Compensation (Table

Stock Based Compensation (Tables)	9 Months Ended
	Sep. 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 nine months ended September 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 (131,432) 4.92 — — Non-vested shares as of September 30 1,790,342 $ 5.10 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 nine months ended September 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 — — Forfeited (314,143) 5.29 — — Non-vested target PSUs as of September 30 3,376,740 $ 5.43 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 nine months ended September 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 RSUs as of January 1 441,746 $ 6.23 — $ — Granted 815,830 3.69 441,746 6.23 Vested (147,254) 6.23 — — Forfeited (94,070) 4.37 — — Non-vested RSUs as of September 30 1,016,252 $ 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)	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Provision	The income tax provision for the three and nine months ended September 30, 2021 and 2020, respectively, is comprised of the following components (dollar amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Current income tax expense (benefit) $ 226 $ (659) $ 497 $ 1,386 Deferred income tax expense (benefit) 989 (113) 799 (469) Total income tax provision (benefit) $ 1,215 $ (772) $ 1,296 $ 917
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 September 30, 2021 and December 31, 2020 are as follows (dollar amounts in thousands): September 30, 2021 December 31, 2020 Deferred tax assets Net operating loss carryforward $ 4,417 $ 6,024 Capital loss carryover 7,481 4,442 GAAP/Tax basis differences 317 814 Total deferred tax assets (1) 12,215 11,280 Deferred tax liabilities GAAP/Tax basis differences 6,247 2 Total deferred tax liabilities (2) 6,247 2 Valuation allowance (1) (4,993) (9,503) Total net deferred tax asset $ 975 $ 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)	9 Months Ended
	Sep. 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 nine months ended September 30, 2021 and 2020, respectively (dollar amounts in thousands): For the Three Months Ended September 30, For the Nine Months Ended 2021 2020 2021 2020 Interest income Residential loans Residential loans $ 20,480 $ 16,006 $ 60,295 $ 55,157 Consolidated SLST 10,245 10,896 31,042 34,542 Residential loans held in securitization trusts 11,008 3,802 28,909 4,725 Total residential loans 41,733 30,704 120,246 94,424 Multi-family loans Preferred equity and mezzanine loan investments 3,449 5,300 11,980 15,875 Consolidated K-Series — — — 151,841 Total multi-family loans 3,449 5,300 11,980 167,716 Investment securities available for sale 7,129 9,282 22,279 41,309 Other 12 72 43 492 Total interest income 52,323 45,358 154,548 303,941 Interest expense Repurchase agreements 3,110 5,341 10,884 33,453 Collateralized debt obligations Consolidated SLST 7,116 7,562 21,371 24,255 Consolidated K-Series — — — 129,762 Residential loan securitizations 5,053 2,160 14,788 2,527 Non-Agency RMBS re-securitization — 1,524 283 1,994 Total collateralized debt obligations 12,169 11,246 36,442 158,538 Convertible notes 2,810 2,759 8,382 8,234 Senior unsecured notes 1,598 — 2,734 — Subordinated debentures 458 483 1,374 1,714 Derivatives — — — 868 Mortgages payable on operating real estate 1,147 — 1,886 — Total interest expense 21,292 19,829 61,702 202,807 Net interest income $ 31,031 $ 25,529 $ 92,846 $ 101,134

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Real Estate Properties [Line Items]
Impairment of goodwill	$ 0	$ 0	$ 0	$ 25,222
Restricted cash included in other assets	21,898	$ 54,802	21,898	$ 54,802
Collections receivable from loan servicers, recoverable advances and interest receivable	54,400		54,400		$ 63,600
Operating lease right-of-use asset	9,300		9,300		10,100
Operating lease liabilities	9,900		9,900		10,600
Other Assets
Real Estate Properties [Line Items]
Restricted cash included in other assets	21,900		21,900		11,300
Operating real estate	$ 19,600		$ 19,600		$ 3,000

Residential Loans, at Fair Va_3

Residential Loans, at Fair Value - Schedule of Residential Loans at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal	$ 3,218,024	$ 3,025,740
(Discount)/premium	(82,137)	(82,428)
Unrealized gains	137,920	105,854
Carrying value	3,273,807	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	1,118,001	1,231,669
(Discount)/premium	(2,190)	1,337
Unrealized gains	21,194	33,779
Carrying value	1,137,005	1,266,785
Residential loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal	1,307,557	1,097,528
(Discount)/premium	(43,303)	(42,259)
Unrealized gains	60,965	35,661
Carrying value	1,325,219	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	792,466	696,543
(Discount)/premium	(36,644)	(41,506)
Unrealized gains	55,761	36,414
Carrying value	$ 811,583	$ 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 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	$ 6,287	$ 41,063	$ (12,585)	$ 28,014
Residential loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Unrealized gains (losses), net	8,280	25,583	15,715	(17,899)
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	$ 11,794	$ 10,143	$ 28,936	$ 8,418

Residential Loans, at Fair Va_5

Residential Loans, at Fair Value - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 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	$ 0.9		$ 1.4	$ (18.2)
Net realized gain on payoff of residential loans	5.5	$ 2.4	13.7	$ 6.5
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	$ 147.8		$ 147.8		$ 236.7

Residential Loans, at Fair Va_6

Residential Loans, at Fair Value - Concentration of Risk (Details) - Geographic Concentration Risk	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Residential loans | California
Concentration Risk [Line Items]
Geographic concentration, percent	22.30%	23.60%
Residential loans | Florida
Concentration Risk [Line Items]
Geographic concentration, percent	10.90%	13.10%
Residential loans | New York
Concentration Risk [Line Items]
Geographic concentration, percent	8.20%	9.20%
Residential loans | New Jersey
Concentration Risk [Line Items]
Geographic concentration, percent	6.40%	5.60%
Residential loans | Texas
Concentration Risk [Line Items]
Geographic concentration, percent	6.50%	5.60%
Residential loans | Illinois
Concentration Risk [Line Items]
Geographic concentration, percent	3.10%	2.50%
Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary | California
Concentration Risk [Line Items]
Geographic concentration, percent	10.80%	10.90%
Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary | Florida
Concentration Risk [Line Items]
Geographic concentration, percent	10.60%	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 | 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	23.00%	19.80%
Residential loans held in securitization trusts | Florida
Concentration Risk [Line Items]
Geographic concentration, percent	10.00%	8.10%
Residential loans held in securitization trusts | New York
Concentration Risk [Line Items]
Geographic concentration, percent	9.10%	8.90%
Residential loans held in securitization trusts | New Jersey
Concentration Risk [Line Items]
Geographic concentration, percent	6.10%	5.60%
Residential loans held in securitization trusts | Texas
Concentration Risk [Line Items]
Geographic concentration, percent	4.30%	4.30%
Residential loans held in securitization trusts | Illinois
Concentration Risk [Line Items]
Geographic concentration, percent	2.20%	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	Sep. 30, 2021	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair Value	$ 3,273,807	$ 3,049,166
Residential loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair Value	1,325,219	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	102,688	149,444
Unpaid Principal Balance	115,169	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	16,969	16,057
Unpaid Principal Balance	$ 17,241	$ 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	Sep. 30, 2021	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Investment amount	$ 118,517	$ 163,392
Deferred loan fees, net	(763)	(1,169)
Unrealized gains, net	2,058	1,370
Total	$ 119,812	$ 163,593

Multi-family Loans, at Fair V_4

Multi-family Loans, at Fair Value - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Receivables [Abstract]
Unrealized gains (losses)	$ (0.4)	$ (0.9)	$ (0.7)	$ (6.6)
Loan premiums, early redemption	$ (0.1)	$ (0.4)	$ (2.1)	$ (0.5)

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	Sep. 30, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Fair Value	$ 3,829	$ 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	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Texas
Concentration Risk [Line Items]
Geographic concentration, percent	17.70%	11.40%
Tennessee
Concentration Risk [Line Items]
Geographic concentration, percent	17.20%	14.30%
Florida
Concentration Risk [Line Items]
Geographic concentration, percent	12.10%	8.50%
South Carolina
Concentration Risk [Line Items]
Geographic concentration, percent	10.30%	7.20%
Georgia
Concentration Risk [Line Items]
Geographic concentration, percent	7.30%	10.10%
Ohio
Concentration Risk [Line Items]
Geographic concentration, percent	7.20%	5.20%
North Carolina
Concentration Risk [Line Items]
Geographic concentration, percent	6.90%	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	Sep. 30, 2021	Dec. 31, 2020
Fair Value Option
Amortized Cost	$ 294,720	$ 412,164
Unrealized Gains	19,449	15,795
Unrealized Losses	(6,673)	(14,517)
Fair Value	307,496	413,442
CECL Securities
Amortized Cost	138,555	310,290
Unrealized Gains	2,482	6,368
Unrealized Losses	(440)	(5,374)
Fair Value	140,597	311,284
Total CECL Securities and Fair Value Option
Amortized Cost	433,275	722,454
Unrealized Gains	21,931	22,163
Unrealized Losses	(7,113)	(19,891)
Fair Value	448,093	724,726
Agency RMBS
Fair Value Option
Amortized Cost	129,198	138,541
Unrealized Gains	0	854
Unrealized Losses	(3,609)	0
Fair Value	125,589	139,395
Non-Agency RMBS
Fair Value Option
Amortized Cost	108,579	100,465
Unrealized Gains	1,168	170
Unrealized Losses	(3,064)	(10,786)
Fair Value	106,683	89,849
CECL Securities
Amortized Cost	115,686	266,855
Unrealized Gains	2,482	4,336
Unrealized Losses	(75)	(5,374)
Fair Value	118,093	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	32,600	139,019
Unrealized Gains	1,139	5,685
Unrealized Losses	0	(3,731)
Fair Value	33,739	140,973
CECL Securities
Amortized Cost	22,869	43,435
Unrealized Gains	0	2,032
Unrealized Losses	(365)	0
Fair Value	22,504	45,467
ABS
Fair Value Option
Amortized Cost	24,343	34,139
Unrealized Gains	17,142	9,086
Unrealized Losses	0	0
Fair Value	$ 41,485	$ 43,225

Investment Securities Availab_4

Investment Securities Available for Sale, at Fair Value - Narrative (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Schedule of Investments [Line Items]
Interest receivable	$ 1,000,000	$ 2,400,000
Contractual maturities (up to)	38 years
Weighted average life of available for sale securities portfolio	5 years 4 months 24 days	5 years 7 months 6 days
Allowance for credit loss	$ 0	$ 0
Gross unrealized losses	(440,000)	$ (5,374,000)
Non-Agency RMBS And CMBS
Schedule of Investments [Line Items]
Gross unrealized losses	$ (400,000)

Investment Securities Availab_5

Investment Securities Available for Sale, at Fair Value - Proceeds from Sale (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Debt Securities, Available-for-sale [Line Items]
Sales Proceeds	$ 133,060	$ 370,173	$ 248,458	$ 1,815,369
Realized Gains	10,337	6,990	15,936	19,679
Realized Losses	(452)	(9,565)	(1,285)	(81,033)
Net Realized Gains (Losses)	(9,885)	2,575	(14,651)	61,354
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	43,579	259,493	115,662	428,251
Realized Gains	4,841	141	4,853	435
Realized Losses	0	(8,860)	(833)	(34,681)
Net Realized Gains (Losses)	(4,841)	8,719	(4,020)	34,246
Non-Agency RMBS | Non Agency RMBS Held In Securitization Trust
Debt Securities, Available-for-sale [Line Items]
Net Realized Gains (Losses)	(4,800)		(4,800)
CMBS
Debt Securities, Available-for-sale [Line Items]
Sales Proceeds	89,481	110,680	132,796	248,741
Realized Gains	5,496	6,849	11,083	8,176
Realized Losses	(452)	(705)	(452)	(30,289)
Net Realized Gains (Losses)	$ (5,044)	$ (6,144)	$ (10,631)	$ 22,113

Investment Securities Availab_6

Investment Securities Available for Sale, at Fair Value - Weighted Average Lives for Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
0 to 5 years	$ 223,991	$ 332,934
Over 5 to 10 years	206,360	320,361
10+ years	17,742	71,431
Total	$ 448,093	$ 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	Sep. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 months, Carrying Value	$ 58,036	$ 159,841
Less Than 12 months, Gross Unrealized Losses	(387)	(4,526)
Greater Than 12 months, Carrying Value	36,739	8,234
Greater Than 12 months, Gross Unrealized Losses	(53)	(848)
Total, Carrying Value	94,775	168,075
Total Gross Unrealized Losses	(440)	(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	(22)	(4,526)
Greater Than 12 months, Carrying Value	36,739	8,234
Greater Than 12 months, Gross Unrealized Losses	(53)	(848)
Total, Carrying Value	72,271	168,075
Total Gross Unrealized Losses	(75)	$ (5,374)
CMBS
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 months, Carrying Value	22,504
Less Than 12 months, Gross Unrealized Losses	(365)
Greater Than 12 months, Carrying Value	0
Greater Than 12 months, Gross Unrealized Losses	0
Total, Carrying Value	22,504
Total Gross Unrealized Losses	$ (365)

Equity Investments, at Fair V_3

Equity Investments, at Fair Value (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Gain (loss) from equity investments	$ 8,015,000	$ 9,966,000	$ 22,021,000	$ 14,573,000
Preferred Equity Ownership Interests
Schedule of Equity Method Investments [Line Items]
Gain (loss) from equity investments	(300,000)	6,700	600,000	(4,100,000)
Investment in unconsolidated entities | Morrocroft Neighborhood Stabilization Fund II, LP
Schedule of Equity Method Investments [Line Items]
Change in fair value, gain (loss)	2,137,000	515,000	4,324,000	1,080,000
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)	0	5,027,000	(15,000)	7,078,000
Investment in unconsolidated entities | Multi-Family Preferred Equity Ownership Interests
Schedule of Equity Method Investments [Line Items]
Fair Value	227,635,000		227,635,000		$ 182,765,000
Change in fair value, gain (loss)	$ 5,878,000	4,302,000	$ 17,712,000	7,363,000
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	$ 12,476,000		$ 12,476,000		$ 11,441,000
Change in fair value, gain (loss)	$ 331,000	295,000	$ 1,035,000	898,000
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	$ 19,661,000		$ 19,661,000		$ 18,792,000
Change in fair value, gain (loss)	$ 569,000	472,000	$ 1,711,000	1,259,000
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	$ 5,590,000		$ 5,590,000		$ 5,140,000
Change in fair value, gain (loss)	$ 152,000	125,000	$ 450,000	217,000
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	$ 12,118,000		$ 12,118,000		$ 11,456,000
Change in fair value, gain (loss)	$ 251,000	365,000	$ 972,000	541,000
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	$ 7,464,000		$ 7,464,000		$ 7,234,000
Change in fair value, gain (loss)	$ 151,000	181,000	$ 571,000	305,000
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	$ 9,180,000		$ 9,180,000		$ 8,803,000
Change in fair value, gain (loss)	$ 257,000	280,000	$ 797,000	402,000
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	$ 12,712,000		$ 12,712,000		$ 12,119,000
Change in fair value, gain (loss)	$ 348,000	380,000	$ 1,087,000	502,000
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	$ 12,249,000		$ 12,249,000		$ 11,679,000
Change in fair value, gain (loss)	$ 335,000	366,000	$ 1,048,000	484,000
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	$ 4,465,000		$ 4,465,000		$ 4,320,000
Change in fair value, gain (loss)	$ 89,000	137,000	$ 355,000	190,000
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	$ 10,297,000		$ 10,297,000		$ 9,966,000
Change in fair value, gain (loss)	$ 204,000	317,000	$ 819,000	430,000
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	$ 12,721,000		$ 12,721,000		$ 12,337,000
Change in fair value, gain (loss)	$ 252,000	392,000	$ 1,014,000	527,000
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	$ 6,615,000		$ 6,615,000		$ 6,357,000
Change in fair value, gain (loss)	$ 189,000	203,000	$ 589,000	305,000
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	$ 7,593,000		$ 7,593,000		$ 7,222,000
Change in fair value, gain (loss)	$ 229,000	226,000	$ 675,000	462,000
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	$ 11,126,000		$ 11,126,000		$ 10,222,000
Change in fair value, gain (loss)	$ 120,000	326,000	$ 1,335,000	604,000
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	$ 15,224,000		$ 15,224,000		$ 14,525,000
Change in fair value, gain (loss)	$ 450,000	237,000	$ 1,328,000	237,000
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	$ 25,067,000		$ 25,067,000		$ 23,936,000
Change in fair value, gain (loss)	$ 771,000	0	$ 2,275,000	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	$ 7,521,000		$ 7,521,000		$ 7,216,000
Change in fair value, gain (loss)	$ 216,000	0	$ 687,000	0
Investment in unconsolidated entities | Multi-Family Preferred Equity Ownership Interests | Palms at Cape Coral, LLC
Schedule of Equity Method Investments [Line Items]
Ownership Interest	34.00%		34.00%		0.00%
Fair Value	$ 5,096,000		$ 5,096,000		$ 0
Change in fair value, gain (loss)	$ 189,000	0	$ 189,000	0
Investment in unconsolidated entities | Multi-Family Preferred Equity Ownership Interests | America Walks at Port St. Lucie, LLC
Schedule of Equity Method Investments [Line Items]
Ownership Interest	62.00%		62.00%		0.00%
Fair Value	$ 30,460,000		$ 30,460,000		$ 0
Change in fair value, gain (loss)	775,000	0	775,000	0
Investment in unconsolidated entities | Joint venture equity investments in multi-family properties
Schedule of Equity Method Investments [Line Items]
Fair Value	10,290,000		10,290,000		$ 0
Change in fair value, gain (loss)	$ 0	122,000	$ 0	(949,000)
Loss from equity method investments, gross		8,600,000		9,700,000
Income from equity method investments, gross		8,800,000		8,800,000
Investment in unconsolidated entities | Joint venture equity investments in multi-family properties | GWR Cedars Partners, LLC
Schedule of Equity Method Investments [Line Items]
Ownership Interest	70.00%		70.00%		0.00%
Fair Value	$ 3,710,000		$ 3,710,000		$ 0
Investment in unconsolidated entities | Joint venture equity investments in multi-family properties | GWR Gateway Partners, LLC
Schedule of Equity Method Investments [Line Items]
Ownership Interest	70.00%		70.00%		0.00%
Fair Value	$ 6,580,000		$ 6,580,000		$ 0
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	122,000	0	(949,000)
Investment in unconsolidated entities | Single-Family Equity Ownership Interests
Schedule of Equity Method Investments [Line Items]
Fair Value	17,089,000		17,089,000		$ 76,330,000
Change in fair value, gain (loss)	$ 2,137,000	$ 5,542,000	$ 4,309,000	$ 8,158,000
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	$ 17,089,000		$ 17,089,000		$ 13,040,000
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		$ 63,290,000
Investment in unconsolidated entities | Preferred Equity Ownership Interests
Schedule of Equity Method Investments [Line Items]
Fair Value	$ 255,014,000		$ 255,014,000		$ 259,095,000

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		9 Months Ended
	Mar. 31, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)jointVenture	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Nov. 12, 2020USD ($)
Variable Interest Entity [Line Items]
Principal balance		$ 14,700		$ 14,700		$ 203,500
Loss on extinguishment of collateralized debt obligations				1,583	$ 0
Purchase of senior securities				88	431
Realized loss		(8,314)	$ 1,067	(20,361)	149,919
Realized loss on de-consolidation of Consolidated K-Series		0	0	0	54,118
Unrealized losses, net		(30,138)	$ (81,198)	$ (80,157)	212,711
Number of joint venture invested in during period | jointVenture				5
Non-controlling interest in consolidated variable interest entities		4,626		$ 4,626		6,371
VIE, Primary Beneficiary | Preferred equity investments in multi-family properties
Variable Interest Entity [Line Items]
Operating real estate		209,300		209,300			$ 50,500
Lease intangible		13,300		13,300			1,600
Mortgages payable in consolidated variable interest entities		162,200		162,200			36,800
Non-controlling interest in consolidated variable interest entities		5,100		5,100			6,800
Investment owned, fair value							$ 8,700
VIE, Primary Beneficiary | Consolidated SLST
Variable Interest Entity [Line Items]
Investment in Consolidated SLST limited to securities owned, net carrying value		$ 231,100		$ 231,100		$ 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		Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents		$ 408,785	$ 293,183	$ 649,822
Investment securities available for sale, at fair value		140,597	311,284
Other assets		136,692	115,292
Total Assets	[1]	4,912,809	4,655,587
Other Liabilities		121,256	101,746
Liabilities	[1]	2,550,390	2,348,014
Non-controlling interest in consolidated variable interest entities		4,626	6,371
Residential collateralized debt obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Multi-family CDOs, at fair value		710,102	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		904,976	1,054,335
VIE, Primary Beneficiary
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Assets		2,217,348	2,150,984
Liabilities		1,793,066	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		710,102	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		904,976	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		33,141	24,959
Total Assets		844,724	716,410
Multi-family CDOs, at fair value		710,102	554,067
Mortgages payable in consolidated variable interest entities		0	0
Other Liabilities		6,326	2,610
Liabilities		716,428	556,677
Non-controlling interest in consolidated variable interest entities		0	0
Net investment		128,296	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		811,583	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
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		3,702	4,075
Total Assets		1,140,707	1,270,860
Multi-family CDOs, at fair value		904,976	1,054,335
Mortgages payable in consolidated variable interest entities		0	0
Other Liabilities		3,073	2,781
Liabilities		908,049	1,057,116
Non-controlling interest in consolidated variable interest entities		0	0
Net investment		232,658	213,744
VIE, Primary Beneficiary | Consolidated SLST | Residential loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential loans, at fair value		1,137,005	1,266,785
VIE, Primary Beneficiary | Other
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents		3,457	462
Investment securities available for sale, at fair value			0
Operating real estate, net held in Consolidated VIEs		209,736	50,532
Other assets		18,724	3,045
Total Assets		231,917	54,039
Multi-family CDOs, at fair value		0	0
Mortgages payable in consolidated variable interest entities		163,941	36,752
Other Liabilities		4,648	1,435
Liabilities		168,589	38,187
Non-controlling interest in consolidated variable interest entities		4,626	6,371
Net investment		58,702	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		3,457	462
Investment securities available for sale, at fair value			109,140
Operating real estate, net held in Consolidated VIEs		209,736	50,532
Other assets		55,567	32,614
Total Assets		2,217,348	2,150,984
Multi-family CDOs, at fair value		1,615,078	1,623,658
Mortgages payable in consolidated variable interest entities		163,941	36,752
Other Liabilities		14,047	6,896
Liabilities		1,793,066	1,667,306
Non-controlling interest in consolidated variable interest entities		4,626	6,371
Net investment		419,656	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		$ 1,948,588	$ 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 September 30, 2021 and December 31, 2020, assets of consolidated VIEs totaled $2,217,348 and $2,150,984, respectively, and the liabilities of consolidated VIEs totaled $1,793,066 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Variable Interest Entity [Line Items]
Interest expense	$ 21,292	$ 19,829	$ 61,702	$ 202,807
Total net interest income	31,031	25,529	92,846	101,134
Unrealized gains (losses), net	30,138	81,198	80,157	(212,711)
Income from operating real estate	3,980	0	7,626	0
Other loss	(1,035)	431	2,244	337
Total non-interest income (loss)	49,412	90,528	132,409	(427,060)
Total general, administrative and operating expenses	28,046	13,424	70,363	41,382
Net loss (income) attributable to non-controlling interest in Consolidated VIEs	394	(1,764)	3,428	(704)
Net income (loss) attributable to Company	51,576	101,641	157,024	(368,929)
VIE, Primary Beneficiary | 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)
Income from operating real estate				0
Other loss				0
Total non-interest income (loss)				(10,951)
Total general, administrative and operating expenses				0
Other loss				11,128
Net income (loss) attributable to Company				11,128
VIE, Primary Beneficiary | Consolidated SLST
Variable Interest Entity [Line Items]
Interest income	10,245	10,896	31,042	34,542
Interest expense	7,116	7,562	21,371	24,255
Total net interest income	3,129	3,334	9,671	10,287
Unrealized gains (losses), net	4,302	27,145	23,320	(34,893)
Income from operating real estate	0	0	0	0
Other loss	0	0	0	0
Total non-interest income (loss)	4,302	27,145	23,320	(34,893)
Total general, administrative and operating expenses	0	0	0	0
Other loss	7,431	30,479	32,991	(24,606)
Net income (loss) attributable to Company	7,431	30,479	32,991	(24,606)
VIE, Primary Beneficiary | Other
Variable Interest Entity [Line Items]
Interest income	0	0	0	0
Interest expense	900	0	1,641	0
Total net interest income	(900)	0	(1,641)	0
Unrealized gains (losses), net	0	0	0	0
Income from operating real estate	2,683	0	6,329	0
Other loss	0	(159)	0	(2,280)
Total non-interest income (loss)	2,683	(159)	6,329	(2,280)
Total general, administrative and operating expenses	6,601	0	13,438	0
Other loss	(4,818)	(159)	(8,750)	(2,280)
Net loss (income) attributable to non-controlling interest in Consolidated VIEs	394	(1,764)	3,428	(704)
Net income (loss) attributable to Company	(4,424)	(1,923)	(5,322)	(2,984)
VIE, Primary Beneficiary | Financing And Other VIEs
Variable Interest Entity [Line Items]
Interest income	10,245	10,896	31,042	186,383
Interest expense	8,016	7,562	23,012	154,017
Total net interest income	2,229	3,334	8,030	32,366
Unrealized gains (losses), net	4,302	27,145	23,320	(45,844)
Income from operating real estate	2,683	0	6,329	0
Other loss	0	(159)	0	(2,280)
Total non-interest income (loss)	6,985	26,986	29,649	(48,124)
Total general, administrative and operating expenses	6,601	0	13,438	0
Other loss	2,613	30,320	24,241	(15,758)
Net loss (income) attributable to non-controlling interest in Consolidated VIEs	394	(1,764)	3,428	(704)
Net income (loss) attributable to Company	$ 3,007	$ 28,556	$ 27,669	$ (16,462)

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		Sep. 30, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Assets	[1]	$ 4,912,809	$ 4,655,587
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Maximum exposure		448,019	465,913
Multi-family loans | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Maximum exposure		119,812	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		73,193	43,225
Equity investments | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Maximum exposure		255,014	259,095
ABS | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Assets		41,485	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		41,485	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		31,708
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		31,708
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		347,447	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		119,812	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		227,635	182,765
Joint venture equity investments in multi-family properties | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Assets		10,290
Joint venture equity investments in multi-family properties | Multi-family loans | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Assets		0
Joint venture 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
Joint venture equity investments in multi-family properties | Equity investments | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Assets		10,290
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		17,089	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		$ 17,089	$ 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 September 30, 2021 and December 31, 2020, assets of consolidated VIEs totaled $2,217,348 and $2,150,984, respectively, and the liabilities of consolidated VIEs totaled $1,793,066 and $1,667,306, respectively. See Note 7 for further discussion.

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Narrative (Details) - derivative	Sep. 30, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative asset, number of instruments held	0	0
Derivative liability, number of instruments held	0	0

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Activity of Derivative Instruments Not Designated as Hedges (Details) - Trading - Interest Rate Swap $ in Thousands	9 Months Ended
	Sep. 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_5

Derivative Instruments and Hedging Activities - Components of Investment Fair Value Changes (Details) - Trading - Interest Rate Swap $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Realized Gains (Losses)	$ (73,078)
Unrealized Gains (Losses)	$ 28,967

Operating Real Estate, Net - Na

Operating Real Estate, Net - Narrative (Details) $ in Millions	3 Months Ended	6 Months Ended	9 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Sep. 30, 2021jointVenture
Real Estate [Line Items]
Number of joint venture invested in during period | jointVenture			5
VIE, Primary Beneficiary | Real Estate Investment
Real Estate [Line Items]
Rental income | $	$ 3.8	$ 7.3

Operating Real Estate, Net - Su

Operating Real Estate, Net - Summary of Investments (Details) - VIE, Primary Beneficiary - Real Estate Investment - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Dec. 31, 2020
Real Estate [Line Items]
Land	$ 34,405	$ 34,405	$ 5,400
Building and improvements	229,426	229,426	43,764
Furniture, fixture and equipment	10,197	10,197	1,522
Real estate	274,028	274,028	50,686
Accumulated depreciation	(3,422)	(3,422)	(154)
Real estate, net	270,606	270,606	$ 50,532
Depreciation	$ 1,700	$ 3,300

Repurchase Agreements - Narrati

Repurchase Agreements - Narrative (Details)	Sep. 30, 2021financialInstitutioncounterparty
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	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Fair Value of Loans Pledged	$ 3,273,807	$ 3,049,166
Residential loans
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Maximum Aggregate Uncommitted Principal Amount	1,257,003	1,301,389
Outstanding Repurchase Agreements	335,434	407,213
Net Deferred Finance Costs	(878)	(1,682)
Fair Value of Loans Pledged	$ 492,860	$ 575,380
Weighted Average Rate	2.82%	2.92%
Weighted Average Months to Maturity	3 years 2 months 26 days	11 years 11 months 1 day
Residential loans | Repurchase agreements
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Carrying Value of Repurchase Agreements	$ 334,556	$ 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	$ 16,600	$ 49,800
Weighted Average Rate	4.00%	4.00%
Weighted Average Months to Maturity	5 years 10 days	8 years 9 months 18 days

Collateralized Debt Obligatio_3

Collateralized Debt Obligations - Summary of Debt (Details) - Collateralized Debt Obligations - Secured Debt - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Sep. 30, 2021
Debt Instrument [Line Items]
Outstanding Face Amount	$ 1,547,963	$ 1,575,242
Collateralized debt, carrying value	1,623,658	1,615,078
Consolidated SLST
Debt Instrument [Line Items]
Outstanding Face Amount	975,017	861,184
Collateralized debt, carrying value	$ 1,054,335	$ 904,976
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	$ 557,497	$ 714,058
Collateralized debt, carrying value	$ 554,067	$ 710,102
Weighted average interest rate	3.36%	2.42%
Weighted Average Rate of Notes Issued	4.83%	3.38%
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%

Collateralized Debt Obligatio_4

Collateralized Debt Obligations - Maturities (Details) $ in Thousands	Sep. 30, 2021USD ($)
Debt Instrument [Line Items]
2021	$ 0
2022	138,000
2023	0
2024	108,676
2025	0
2026	100,000
Thereafter	140,110
Total	486,786
Secured Debt | Collateralized Debt Obligations
Debt Instrument [Line Items]
2021	0
2022	0
2023	0
2024	0
2026	180,000
Thereafter	1,395,242
Total	$ 1,575,242

Debt - Narrative (Details)

Debt - Narrative (Details)	Apr. 27, 2021USD ($)	Sep. 30, 2021USD ($)jointVenture$ / shares	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Proceeds from issuance of senior unsecured notes, net		$ 96,267,000	$ 0
Long-term debt		$ 486,786,000
Number of joint venture invested in during period | jointVenture		5
6.25% senior convertible notes due 2022 | Convertible Notes
Debt Instrument [Line Items]
Face amount		$ 138,000,000
Interest rate		6.25%
Discount and deferred charges, net		$ 800,000		$ 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 senior unsecured notes, net	$ 96,300,000
Long-term debt		$ 100,000,000
Deferred loan fees, net		$ 3,500,000
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 ($)	9 Months Ended	12 Months Ended
	Sep. 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 On Operating Real Estate (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt	$ 486,786
VIE, Primary Beneficiary | Mortgage Note | Joint Venture Investment
Debt Instrument [Line Items]
Outstanding Mortgage Balance	203,786
Net Deferred Finance Cost	(3,066)
Long-term debt	$ 200,720
Weighted average interest rate	3.25%
Unfunded Commitment	$ 12,188
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	Sep. 30, 2021USD ($)
Year Ending December 31,
2021	$ 0
2022	138,000
2023	0
2024	108,676
2025	0
2026	100,000
Thereafter	140,110
Total	$ 486,786

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Narrative (Details) - derivative	Sep. 30, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Derivative liability, number of instruments held	0	0
Derivative asset, number of instruments held	0	0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets carried at fair value
Investment securities available for sale, at fair value	$ 140,597	$ 311,284
Fair Value, Measurements, Recurring
Assets carried at fair value
Equity investments	255,014	259,095
Total	4,096,726	4,196,580
Liabilities carried at fair value
Total	904,976	1,054,335
Fair Value, Measurements, Recurring | Residential loans
Assets carried at fair value
Residential loans, at fair value	1,325,219	1,090,930
Fair Value, Measurements, Recurring | Residential loans | Consolidated SLST | VIE, Primary Beneficiary
Assets carried at fair value
Residential loans, at fair value	1,137,005	1,266,785
Fair Value, Measurements, Recurring | Residential loans held in securitization trusts
Assets carried at fair value
Residential loans, at fair value	811,583	691,451
Fair Value, Measurements, Recurring | Multi-family loans
Assets carried at fair value
Multi-family loans	119,812	163,593
Fair Value, Measurements, Recurring | Agency RMBS
Assets carried at fair value
Investment securities available for sale, at fair value	125,589	139,395
Fair Value, Measurements, Recurring | Non-Agency RMBS
Assets carried at fair value
Investment securities available for sale, at fair value	224,776	355,666
Fair Value, Measurements, Recurring | CMBS
Assets carried at fair value
Investment securities available for sale, at fair value	56,243	186,440
Fair Value, Measurements, Recurring | ABS
Assets carried at fair value
Investment securities available for sale, at fair value	41,485	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	904,976	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	448,093	724,726
Level 2 | Fair Value, Measurements, Recurring
Assets carried at fair value
Equity investments	0	0
Total	448,093	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	125,589	139,395
Level 2 | Fair Value, Measurements, Recurring | Non-Agency RMBS
Assets carried at fair value
Investment securities available for sale, at fair value	224,776	355,666
Level 2 | Fair Value, Measurements, Recurring | CMBS
Assets carried at fair value
Investment securities available for sale, at fair value	56,243	186,440
Level 2 | Fair Value, Measurements, Recurring | ABS
Assets carried at fair value
Investment securities available for sale, at fair value	41,485	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	255,014	259,095
Level 3 | Fair Value, Measurements, Recurring
Assets carried at fair value
Equity investments	255,014	259,095
Total	3,648,633	3,471,854
Liabilities carried at fair value
Total	904,976	1,054,335
Level 3 | Fair Value, Measurements, Recurring | Residential loans
Assets carried at fair value
Residential loans, at fair value	1,325,219	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	1,137,005	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	811,583	691,451
Level 3 | Fair Value, Measurements, Recurring | Multi-family loans
Assets carried at fair value
Multi-family loans	119,812	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	$ 904,976	$ 1,054,335

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Valuation for Level 3 Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 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	83,305	72,991
Transfers in		500,793
Transfers out	(3,787)	(243,855)
Transfers to securitization trust	0	0
Funding/Contributions	53,200	49,663
Paydowns/Distributions	(864,268)	(588,320)
Recovery of charge-off		35
Sales	(67,452)	(17,475,238)
Purchases	975,781	249,312
Balance at the end of period	3,648,633	3,224,649
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	(16,522)	24,096
Transfers in		0
Transfers out	0	0
Transfers to securitization trust	0	0
Funding/Contributions	0	0
Paydowns/Distributions	(113,258)	(62,977)
Recovery of charge-off		0
Sales	0	0
Purchases	0	0
Balance at the end of period	1,137,005	1,290,005
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)
Transfers to securitization trust		0
Funding/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	28,094	(26,069)
Transfers in		164,279
Transfers out	(2,080)	(5,061)
Transfers to securitization trust	(236,751)	(317,089)
Funding/Contributions	0	0
Paydowns/Distributions	(464,097)	(224,073)
Recovery of charge-off		0
Sales	(65,076)	(93,755)
Purchases	974,199	249,312
Balance at the end of period	1,325,219	1,177,298
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	34,901	8,836
Transfers in		46,572
Transfers out	(1,707)	(1,497)
Transfers to securitization trust	(236,751)	317,089
Funding/Contributions	0	0
Paydowns/Distributions	(149,019)	(15,514)
Recovery of charge-off		0
Sales	(2,376)	0
Purchases	1,582	0
Balance at the end of period	811,583	355,486
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	14,811
Transfers out	0
Transfers to securitization trust	0
Funding/Contributions	7,970
Paydowns/Distributions	(66,562)
Sales	0
Purchases	0
Balance at the end of period	119,812
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		9,760
Transfers in		182,465
Transfers out		0
Transfers to securitization trust		0
Funding/Contributions		13,712
Paydowns/Distributions		(22,783)
Recovery of charge-off		0
Sales		0
Purchases		0
Balance at the end of period		183,154
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		14,573
Transfers in		107,477
Funding/Contributions		35,951
Paydowns/Distributions		(23,177)
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	22,021	14,573
Transfers in		107,477
Transfers out	0	0
Transfers to securitization trust	0	0
Funding/Contributions	45,230	35,951
Paydowns/Distributions	(71,332)	(23,177)
Recovery of charge-off		0
Sales	0	0
Purchases	0	0
Balance at the end of period	$ 255,014	$ 218,706

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Valuation for Level 3 Liabilities (Details) - Collateralized Debt Obligations - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 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		101,221
Paydowns		(210,654)
Sales		(16,589,867)
Balance at the end of period		1,077,980
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	(35,525)	66,203
Paydowns	(113,834)	(63,278)
Sales		22,226
Balance at the end of period	$ 904,976	$ 1,077,980

Fair Value of Financial Instr_7

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)	9 Months Ended
	Sep. 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	$ 904,976,000	$ 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	904,976,000	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	231,100,000	212,100,000
Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, at fair value	3,273,807,000
Equity investments	255,014,000	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	904,976,000	$ 1,054,335,000
Level 3 | Equity investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Equity investments	$ 237,925,000
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	0.119
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)	26 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)	1 month
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)	60 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	$ 2,044,724,000
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	$ 92,078,000
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	0.085
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	0.513
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	0.007
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	0.287
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	0.104
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	0.048
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	0.487
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	0.071
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	0.280
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	0.014
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	0.254
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 months
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)	9 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	$ 720,766
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	15,000
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	6,500,000
Level 3 | Multi-family loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Multi-family loans	$ 119,812,000
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)	23 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	$ 1,137,005,000
Investment in Consolidated SLST limited to securities owned, net carrying value	231,100,000
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	$ 904,976,000
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	0.187
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	0.212
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	0.026
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	0.015
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	0.233
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	0.057
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	0.025
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	0.064
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	0.018
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	0.094

Fair Value of Financial Instr_8

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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Collateralized Debt Obligations | Consolidated SLST | VIE, Primary Beneficiary
Liabilities
Unrealized gains (losses)	$ (1,985)	$ (13,918)	$ 35,905	$ (62,907)
Residential loans | Consolidated SLST | VIE, Primary Beneficiary
Assets
Unrealized gains (losses)	6,287	41,063	(12,585)	28,014
Residential loans | Residential loans
Assets
Unrealized gains (losses)	7,881	35,420	21,476	(883)
Residential loans | Residential Loans Held in Securitization Trusts
Assets
Unrealized gains (losses)	12,791	817	31,015	(823)
Multi-family loans | Preferred Equity and Mezzanine Loan Investments
Assets
Unrealized gains (losses)	538	(955)	1,203	(6,518)
Multi-family loans | Equity investments
Assets
Unrealized gains (losses)	$ (294)	$ 7	$ 634	$ (4,052)

Fair Value of Financial Instr_9

Fair Value of Financial Instruments - Carrying Value and Estimated Fair Value of the Company's Financial Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Financial Assets:
Cash and cash equivalents	$ 408,785	$ 293,183	$ 649,822
Investment securities available for sale:	140,597	311,284
Equity Investments, carrying value	255,014	259,095
Financial Liabilities
Subordinated debentures, carrying value	45,000	45,000
Convertible notes, carrying value	137,240	135,327
Senior unsecured notes, carrying value	96,540	0
Mortgages payable on operating real estate, carrying value	486,786
Residential collateralized debt obligations
Financial Liabilities
Collateralized debt, carrying value	710,102	569,323
Residential Collateralized Debt Obligations, at Fair Value
Financial Liabilities
Collateralized debt, carrying value	904,976	1,054,335
Level 1
Financial Assets:
Cash and cash equivalents	408,785	293,183
Cash and cash equivalents, estimated fair value	408,785	293,183
Level 2
Financial Assets:
Investment securities available for sale:	448,093	724,726
Financial Liabilities
Convertible notes, carrying value	137,240	135,327
Convertible notes, estimated fair value	139,474	137,716
Senior unsecured notes, carrying value	96,540	0
Senior unsecured notes, estimated fair value	104,794	0
Level 2 | Portfolio Investments
Financial Liabilities
Outstanding repurchase agreements	334,556	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	255,014	259,095
Equity Investment, estimated fair value	255,014	259,095
Financial Liabilities
Subordinated debentures, carrying value	45,000	45,000
Subordinated debentures, estimated fair value	44,188	36,871
Level 3 | Mortgage Note
Financial Liabilities
Mortgages payable on operating real estate, carrying value	200,720	36,752
Mortgages payable on operating real estate, estimated fair value	200,720	36,752
Level 3 | Residential collateralized debt obligations
Financial Liabilities
Collateralized debt, carrying value	710,102	554,067
Secured debt, estimated fair value	714,176	561,329
Level 3 | Residential Collateralized Debt Obligations, at Fair Value
Financial Liabilities
Collateralized debt, carrying value	904,976	1,054,335
Secured debt, estimated fair value	904,976	1,054,335
Level 3 | Residential loans
Financial Assets:
Residential loans	3,273,807	3,049,166
Residential mortgage loans, estimated fair value	3,273,807	3,049,166
Level 3 | Multi-family loans
Financial Assets:
Preferred equity and mezzanine loan investments, carrying value	119,812	163,593
Preferred equity and mezzanine loan investments, estimated fair value	$ 119,812	$ 163,593

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended							9 Months Ended		12 Months Ended
	Jul. 30, 2021USD ($)$ / sharesshares	Sep. 30, 2021USD ($)directorquarterseriesOfPreferredStock$ / sharesshares	Jun. 30, 2021$ / shares	Mar. 31, 2021$ / shares	Dec. 31, 2020$ / sharesshares	Sep. 30, 2020USD ($)$ / sharesshares	Jun. 30, 2020$ / shares	Mar. 31, 2020$ / shares	Sep. 30, 2021USD ($)directorquarterseriesOfPreferredStock$ / sharesshares	Sep. 30, 2020USD ($)shares	Dec. 31, 2020$ / sharesshares	Aug. 10, 2021USD ($)$ / shares	Nov. 27, 2019USD ($)	Mar. 29, 2019USD ($)	Aug. 10, 2017USD ($)
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)					30,900,000						30,900,000
Number of series of cumulative redeemable preferred stock outstanding | seriesOfPreferredStock		4							4
Redemption price (in dollars per share) | $ / shares		$ 25							$ 25
Common stock issuance, net | $										$ 511,906
Net income attributable to company's common stockholders | $		$ (394)				$ 1,764			$ (3,428)	$ 704
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	$ 0.100	$ 0.075	$ 0.050	$ 0
Common stock, par value (in usd per share) | $ / shares		$ 0.01			$ 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) | $												$ 100,000
Common stock reserved for issuance | $		$ 100,000							$ 100,000						$ 72,500
Shares issued (in shares)		0				0			0	0
Equity agreement for preferred stock maximum aggregate sales price (up to) | $												$ 149,100	$ 131,500
Preferred Equity Distribution Agreement
Class of Stock [Line Items]
Shares issued (in shares)		0				0			0	0
Equity agreement for preferred stock maximum aggregate sales price (up to) | $														$ 50,000
Preferred stock available for future issuance, value | $		$ 100,000							$ 100,000
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)		6,000,000			6,000,000				6,000,000		6,000,000
Preferred stock, shares issued (in shares)		3,156,087			3,156,087				3,156,087		3,156,087
Preferred stock, cumulative redeemable dividend rate									7.75%		7.75%
Series D Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)		8,400,000			8,400,000				8,400,000		8,400,000
Preferred stock, shares issued (in shares)		6,123,495			6,123,495				6,123,495		6,123,495
Preferred stock, cumulative redeemable dividend rate									8.00%		8.00%
Series E Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	2,000,000	9,900,000			9,900,000				9,900,000		9,900,000
Preferred stock, shares issued (in shares)		7,411,499			7,411,499				7,411,499		7,411,499
Preferred stock, cumulative redeemable dividend rate									7.875%		7.875%
Series F Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	5,750,000	7,750,000							7,750,000
Preferred stock, shares issued (in shares)		5,750,000							5,750,000
Preferred stock, cumulative redeemable dividend rate	6.875%								6.875%
Redemption price (in dollars per share) | $ / shares	$ 25
Series F Preferred Stock | Underwritten Public Offering
Class of Stock [Line Items]
Common stock issuance, net | $	$ 138,600
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares		$ 25							$ 25
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%		7.875%
Redemption price (in dollars per share) | $ / shares	$ 25.08
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares		$ 25							$ 25
Net income attributable to company's common stockholders | $		$ (3,400)							$ (3,400)
Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)		200,000,000			200,000,000				200,000,000		200,000,000
Preferred stock, par value (in usd per share) | $ / shares		$ 0.01			$ 0.01				$ 0.01		$ 0.01
Preferred stock, shares outstanding (in shares)		22,441,081			20,872,888				22,441,081		20,872,888
Preferred stock, shares issued (in shares)		22,441,081			20,872,888				22,441,081		20,872,888
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 ($)	1 Months Ended	9 Months Ended		12 Months Ended
	Jul. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)				30,900,000
Preferred stock, carrying value		$ 542,232,000		$ 504,765,000
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, carrying value		$ 76,180,000		$ 76,180,000
Preferred stock, liquidation preference		$ 78,902,000		$ 78,902,000
Preferred stock, contractual rate, percentage		7.75%		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%		7.875%
Preferred stock, liquidation preference per share (in dollars per share)		$ 25
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, carrying value		$ 148,134,000		$ 148,134,000
Preferred stock, liquidation preference		$ 153,087,000		$ 153,087,000
Preferred stock, contractual rate, percentage		8.00%		8.00%
Series D Preferred Stock | LIBOR
Class of Stock [Line Items]
Preferred stock, floating annual rate, percentage		0.00057%	0.00057%
Series E Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	2,000,000	9,900,000		9,900,000
Preferred stock, shares issued (in shares)		7,411,499		7,411,499
Preferred stock, carrying value		$ 179,349,000		$ 179,349,000
Preferred stock, liquidation preference		$ 185,288,000		$ 185,288,000
Preferred stock, contractual rate, percentage		7.875%		7.875%
Series E Preferred Stock | LIBOR
Class of Stock [Line Items]
Preferred stock, floating annual rate, percentage		0.06429%	0.06429%
Series F Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	5,750,000	7,750,000
Preferred stock, shares issued (in shares)		5,750,000
Preferred stock, carrying value		$ 138,569,000
Preferred stock, liquidation preference		$ 143,750,000
Preferred stock, contractual rate, percentage	6.875%	6.875%
Series F Preferred Stock | Underwritten Public Offering
Class of Stock [Line Items]
Preferred stock, liquidation preference per share (in dollars per share)		$ 25
Series F Preferred Stock | LIBOR
Class of Stock [Line Items]
Preferred stock, floating annual rate, percentage		0.0613%
Preferred Stock, Series Shares
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)		32,050,000		30,900,000
Preferred stock, shares issued (in shares)		22,441,081		20,872,888
Preferred stock, carrying value		$ 542,232,000		$ 504,765,000
Preferred stock, liquidation preference		$ 561,027,000		$ 521,822,000

Stockholders' Equity - Cash Div

Stockholders' Equity - Cash Dividends Declared - Preferred Stock (Details) - $ / shares	Sep. 13, 2021	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	$ 0.484375	$ 0.968750
Series C Preferred Stock
Dividends Payable [Line Items]
Cash dividend per share (in dollars per share)	0	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	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	0.4921875	0.9843750
Series F Preferred Stock
Dividends Payable [Line Items]
Cash dividend per share (in dollars per share)	$ 0.4679	$ 0	$ 0	$ 0	$ 0	$ 0

Stockholders' Equity - Cash D_2

Stockholders' Equity - Cash Dividends Declared - Common Stock (Details) - $ / shares	3 Months Ended
	Sep. 30, 2021	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	$ 0.100	$ 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Basic Earnings (Loss) per Common Share:
Net income (loss) attributable to Company	$ 51,576	$ 101,641	$ 157,024	$ (368,929)
Less: Preferred stock dividends	(11,272)	(10,297)	(31,865)	(30,890)
Less: Preferred Stock redemption charge	(3,443)	0	(3,443)	0
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS	$ 36,861	$ 91,344	$ 121,716	$ (399,819)
Weighted average common shares outstanding-basic (in shares)	379,395	377,744	379,193	368,740
Basic Earnings (Loss) per Common Share (in dollars per share)	$ 0.10	$ 0.24	$ 0.32	$ (1.08)
Diluted Earnings (Loss) per Common Share:
Net income (loss) attributable to Company	$ 51,576	$ 101,641	$ 157,024	$ (368,929)
Less: Preferred stock dividends	(11,272)	(10,297)	(31,865)	(30,890)
Less: Preferred Stock redemption charge	(3,443)	0	(3,443)	0
Add back: Interest expense on Convertible Notes for the period, net of tax	0	2,525	0	0
Net income (loss) attributable to Company's common stockholders	$ 36,861	$ 93,869	$ 121,716	$ (399,819)
Weighted average common shares outstanding-basic (in shares)	379,395	377,744	379,193	368,740
Net effect of assumed Convertible Notes conversion to common shares (in shares)	0	19,694	0	0
Diluted weighted average common shares outstanding (in shares)	380,983	399,709	381,105	368,740
Diluted Earnings (Loss) per Common Share (in dollars per share)	$ 0.10	$ 0.23	$ 0.32	$ (1.08)
PSUs
Diluted Earnings (Loss) per Common Share:
Net effect of assumed PSUs/RSUs vested (in shares)	1,378	369	1,746	0
RSUs
Diluted Earnings (Loss) per Common Share:
Net effect of assumed PSUs/RSUs vested (in shares)	210	1,902	166	0

Stock Based Compensation - Narr

Stock Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 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)	1,790,342	1,603,766	1,790,342	1,603,766	1,603,766	837,123
Unrecognized compensation cost	$ 5.7	$ 6.9	$ 5.7	$ 6.9
Unrecognized compensation cost, period for recognition			1 year 8 months 12 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]
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)			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)	1,016,252	441,746	1,016,252	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)	31,486,637		31,486,637		5,540,536
2017 Incentive Plan | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)			687,503		507,821
2017 Incentive Plan | Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)			2,689,394
2017 Incentive Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	1,790,342		1,790,342		1,603,766
Shares available for grant (in shares)					4,798,517
Shares issued (in shares)					1,881,380
Share-based compensation expense	$ 1	$ 1	$ 3.2	$ 2.8
2017 Incentive Plan | PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)	6,168,886		6,168,886
Share-based compensation expense	$ 0.9	1.3	$ 3.9	3.7
Unrecognized compensation cost	$ 9.2	7	$ 9.2	7
Unrecognized compensation cost, period for recognition			1 year 10 months 24 days
Award vesting period			3 years		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)	1,016,252		1,016,252		441,746
Share-based compensation expense	$ 0.4	0.2	$ 1.3	0.7
Unrecognized compensation cost	$ 3.2	$ 2.1	$ 3.2	$ 2.1
Unrecognized compensation cost, period for recognition			1 year 10 months 24 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	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Restricted Stock
Number of Non-vested Restricted Shares
Non-vested shares at beginning of period (in shares)	1,603,766	837,123
Granted (in shares)	939,446	1,054,254
Vested (in shares)	(621,438)	(287,611)
Forfeited (in shares)	(131,432)	0
Non-vested shares at end of period (in shares)	1,790,342	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
Granted (in dollars per share)	3.82	6.33
Vested (in dollars per share)	5.41	6.22
Forfeited (in dollars per share)	4.92	0
Non-vested shares at end of period (in dollars per share)	$ 5.10	6.27
PSUs
Number of Non-vested Restricted Shares
Vested (in shares)	(974,074)
Weighted Average Per Share Grant Date Fair Value
Non-vested shares at beginning of period (in dollars per share)	$ 4.98	4.09
Granted (in dollars per share)	5.56	7.03
Vested (in dollars per share)	4.20	0
Forfeited (in dollars per share)	5.29	0
Non-vested shares at end of period (in dollars per share)	$ 5.43	$ 4.98
PSUs, Target
Number of Non-vested Restricted Shares
Non-vested shares at beginning of period (in shares)	2,902,014	2,018,518
Granted (in shares)	1,631,661	883,496
Vested (in shares)	(842,792)	0
Forfeited (in shares)	(314,143)	0
Non-vested shares at end of period (in shares)	3,376,740	2,902,014
RSUs
Number of Non-vested Restricted Shares
Non-vested shares at beginning of period (in shares)	441,746	0
Granted (in shares)	815,830	441,746
Vested (in shares)	(147,254)	0
Forfeited (in shares)	(94,070)	0
Non-vested shares at end of period (in shares)	1,016,252	441,746
Weighted Average Per Share Grant Date Fair Value
Non-vested shares at beginning of period (in dollars per share)	$ 6.23	$ 0
Granted (in dollars per share)	3.69	6.23
Vested (in dollars per share)	6.23	0
Forfeited (in dollars per share)	4.37	0
Non-vested shares at end of period (in dollars per share)	$ 4.36	$ 6.23

Income Taxes - Income Tax Provi

Income Taxes - Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Current income tax expense (benefit)	$ 226	$ (659)	$ 497	$ 1,386
Deferred income tax expense (benefit)	989	(113)	799	(469)
Total income tax provision (benefit)	$ 1,215	$ (772)	$ 1,296	$ 917

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Asset (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Deferred tax assets
Net operating loss carryforward	$ 4,417	$ 6,024
Capital loss carryover	7,481	4,442
GAAP/Tax basis differences	317	814
Total deferred tax assets	12,215	11,280
Deferred tax liabilities
GAAP/Tax basis differences	6,247	2
Total deferred tax liabilities	6,247	2
Valuation allowance	(4,993)	(9,503)
Total net deferred tax asset	$ 975	$ 1,775

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards, no expiration	$ 10.9
Operating loss carryforwards, subject to expiration	0.9
Change in valuation	4.5
Taxable REIT Subsidiaries
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	11.8
Capital losses	$ 22

Net Interest Income - Component

Net Interest Income - Components of Interest Income and Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Interest income	$ 52,323	$ 45,358	$ 154,548	$ 303,941
Derivatives	0	0	0	868
Interest expense	21,292	19,829	61,702	202,807
Total net interest income	31,031	25,529	92,846	101,134
Convertible Notes
Interest expense	2,810	2,759	8,382	8,234
Unsecured Debt
Senior unsecured notes	1,598	0	2,734	0
Subordinated debentures
Subordinated debentures	458	483	1,374	1,714
Residential loans
Interest income	20,480	16,006	60,295	55,157
Consolidated SLST | VIE, Primary Beneficiary
Interest income	10,245	10,896	31,042	34,542
Interest expense	7,116	7,562	21,371	24,255
Residential loans held in securitization trusts
Interest income	11,008	3,802	28,909	4,725
Total residential loans
Interest income	41,733	30,704	120,246	94,424
Preferred equity and mezzanine loan investments
Interest income	3,449	5,300	11,980	15,875
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	3,449	5,300	11,980	167,716
Investment securities available for sale, at fair value
Investment securities available for sale	7,129	9,282	22,279	41,309
Other
Other	12	72	43	492
Mortgages payable on operating real estate	1,147	0	1,886	0
Repurchase agreements
Interest expense	3,110	5,341	10,884	33,453
Residential loan securitizations
Interest expense	5,053	2,160	14,788	2,527
Non-Agency RMBS Re-Securitization
Interest expense	0	1,524	283	1,994
Total collateralized debt obligations
Interest expense	$ 12,169	$ 11,246	$ 36,442	$ 158,538