New York Mortgage Trust (NYMT) 10-Q 5 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	Apr. 30, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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)		91,180,096
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001273685
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
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
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
7.000% Series G Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference
Document Information [Line Items]
Title of 12(b) Security	7.000% Series G Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference
Trading Symbol	NYMTZ
Security Exchange Name	NASDAQ

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
ASSETS
Investment securities available for sale, at fair value		$ 202,571	$ 99,559
Equity investments, at fair value		191,148	179,746
Cash and cash equivalents		227,753	244,718
Real estate, net		705,906	692,968
Assets of disposal group held for sale		1,150,379	1,151,784
Other assets		222,327	259,356
Total Assets	[1]	6,170,249	6,240,745
Liabilities:
Senior unsecured notes		97,561	97,384
Subordinated debentures		45,000	45,000
Mortgages payable on real estate, net		397,316	394,707
Liabilities of disposal group held for sale		896,983	883,812
Other liabilities		92,691	115,991
Total Liabilities	[1]	4,346,957	4,376,634
Commitments and Contingencies (See Note 15)
Redeemable Non-Controlling Interest in Consolidated Variable Interest Entities		54,352	63,803
Stockholders' Equity:
Preferred stock, par value $0.01 per share, 31,500,000 shares authorized, 22,265,817 and 22,284,994 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively ($556,645 and $557,125 aggregate liquidation preference as of March 31, 2023 and December 31, 2022, respectively)		537,889	538,351
Common stock, par value $0.01 per share, 200,000,000 shares authorized, 91,180,096 and 91,193,688 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively		912	912
Additional paid-in capital		2,279,131	2,282,691
Accumulated other comprehensive loss		(1,379)	(1,970)
Accumulated deficit		(1,079,047)	(1,052,768)
Company's stockholders' equity		1,737,506	1,767,216
Non-controlling interests		31,434	33,092
Total equity		1,768,940	1,800,308
Total Liabilities and Equity		6,170,249	6,240,745
Preferred Stock, Series Shares
Stockholders' Equity:
Preferred stock, par value $0.01 per share, 31,500,000 shares authorized, 22,265,817 and 22,284,994 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively ($556,645 and $557,125 aggregate liquidation preference as of March 31, 2023 and December 31, 2022, respectively)		537,889	538,351
Repurchase agreements
Liabilities:
Repurchase agreements		787,902	737,023
Collateralized Debt Obligations
Liabilities:
Collateralized debt obligations ($638,513 at fair value and $1,390,991 at amortized cost, net as of March 31, 2023 and $634,495 at fair value and $1,468,222 at amortized cost, net as of December 31, 2022)		2,029,504	2,102,717
Residential loans, at fair value
ASSETS
Residential loans, at fair value		3,374,856	3,525,080
Multi-family loans
ASSETS
Multi-family loans, at fair value		$ 95,309	$ 87,534
[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 March 31, 2023 and December 31, 2022, assets of consolidated VIEs totaled $4,258,823 and $4,261,097, respectively, and the liabilities of consolidated VIEs totaled $3,340,459 and $3,403,257, respectively. See Note 7 for further discussion.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS - (Parenthetical) - USD ($)		Mar. 31, 2023	Feb. 22, 2023	Feb. 21, 2023	Dec. 31, 2022
Common stock, par value (in usd per share)		$ 0.01			$ 0.01
Common stock, shares authorized (in shares)		200,000,000	200,000,000	800,000,000	200,000,000
Common stock, shares, issued (in shares)		91,180,096			91,193,688
Common stock, shares outstanding (in shares)		91,180,096			91,193,688
Assets	[1]	$ 6,170,249,000			$ 6,240,745,000
Total liabilities	[1]	4,346,957,000			4,376,634,000
VIE, Primary Beneficiary
Assets		4,258,823,000			4,261,097,000
Total liabilities		$ 3,340,459,000			$ 3,403,257,000
Preferred Stock, Series Shares
Preferred stock, par value (in dollars per share)		$ 0.01			$ 0.01
Preferred stock, shares authorized (in shares)		31,500,000			31,500,000
Preferred stock, shares issued (in shares)		22,265,817			22,284,994
Preferred stock, shares outstanding (in shares)		22,265,817			22,284,994
Preferred Stock, aggregate liquidation preference		$ 556,645,000			$ 557,125,000
Consolidated SLST CDOs
Carrying Value		638,513,000			634,495,000
Consolidated SLST CDOs | VIE, Primary Beneficiary
Carrying Value		638,513,000			634,495,000
Residential collateralized debt obligations
Carrying Value		1,390,991,000			1,468,222,000
Residential collateralized debt obligations | VIE, Primary Beneficiary
Carrying Value		$ 1,390,991,000			$ 1,468,222,000
[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 March 31, 2023 and December 31, 2022, assets of consolidated VIEs totaled $4,258,823 and $4,261,097, respectively, and the liabilities of consolidated VIEs totaled $3,340,459 and $3,403,257, respectively. See Note 7 for further discussion.

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
NET INTEREST INCOME:
Interest income	$ 57,136	$ 58,501
Interest expense	39,335	21,465
Total net interest income	17,801	37,036
NON-INTEREST INCOME (LOSS):
Realized gains, net	1,081	3,806
Unrealized gains (losses), net	28,489	(83,659)
Income from equity investments	4,511	6,053
Other (loss) income	(9,000)	1,427
Income from real estate
Rental income	36,281	23,287
Other real estate income	5,465	2,302
Total income from real estate	41,746	25,589
Total non-interest income (loss)	66,827	(46,784)
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:
General and administrative expenses	12,683	14,358
Portfolio operating expenses	7,070	9,489
Expenses related to real estate
Interest expense, mortgages payable on real estate	22,478	7,157
Depreciation and amortization	6,039	35,586
Other real estate expenses	22,180	12,403
Total expenses related to real estate	50,697	55,146
Total general, administrative and operating expenses	70,450	78,993
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES	14,178	(88,741)
Income tax expense (benefit)	16	(22)
NET INCOME (LOSS)	14,162	(88,719)
Net loss attributable to non-controlling interests	6,701	14,869
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY	20,863	(73,850)
Preferred stock dividends	(10,484)	(10,493)
Plus: Gain on repurchase of preferred stock	142	0
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS	10,521	(84,343)
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS, Diluted	$ 10,521	$ (84,343)
Basic earnings (loss) per common share (in dollars per share)	$ 0.12	$ (0.89)
Diluted earnings (loss) per common share (in dollars per share)	$ 0.11	$ (0.89)
Weighted average shares outstanding-basic (in shares)	91,314	95,199
Weighted average shares outstanding-diluted (in shares)	91,672	95,199

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS	$ 10,521	$ (84,343)
OTHER COMPREHENSIVE INCOME (LOSS)
Increase (decrease) in fair value of available for sale securities	591	(2,188)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)	591	(2,188)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS	$ 11,112	$ (86,531)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Total Company's Stockholders' Equity	Total Company's Stockholders' Equity Preferred Stock	Total Company's Stockholders' Equity Common Stock	Common Stock	Common Stock Common Stock	Preferred Stock	Preferred Stock Preferred Stock	Additional Paid-In Capital	Additional Paid-In Capital Common Stock	Accumulated Deficit	Accumulated Deficit Preferred Stock	Accumulated Other Comprehensive Income (Loss)	Non-Controlling Interest in Consolidated VIEs
Beginning balance at Dec. 31, 2021	$ 2,365,390			$ 2,341,031			$ 949		$ 538,221		$ 2,359,421		$ (559,338)		$ 1,778	$ 24,359
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(76,091)			(73,850)									(73,850)			(2,241)
Stock based compensation expense, net	1,352			1,352			4				1,348
Dividends declared on common stock	(38,125)			(38,125)									(38,125)
Dividends declared on preferred stock	(10,493)			(10,493)									(10,493)
Dividends attributable to dividend equivalents	(109)			(109)									(109)
Decrease in fair value of available for sale securities	(2,188)			(2,188)											(2,188)
Increase in non-controlling interest related to initial consolidation of VIEs	10,488															10,488
Decrease in non-controlling interest related to distributions from Consolidated VIEs	(223)															(223)
Ending balance at Mar. 31, 2022	2,250,001			2,217,618			953		538,221		2,360,769		(681,915)		(410)	32,383
Beginning balance at Dec. 31, 2022	1,800,308			1,767,216			912		538,351		2,282,691		(1,052,768)		(1,970)	33,092
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	19,663			20,863									20,863			(1,200)
Common stock repurchases		$ (320)	$ (3,610)		$ (320)	$ (3,610)		$ (4)		$ (462)		$ (3,606)		$ 142
Stock based compensation expense, net	50			50			4				46
Dividends declared on common stock	(36,562)			(36,562)									(36,562)
Dividends declared on preferred stock	(10,484)			(10,484)									(10,484)
Dividends attributable to dividend equivalents	(238)			(238)									(238)
Decrease in fair value of available for sale securities	591			591											591
Contributions of non-controlling interest in Consolidated VIEs	300															300
Decrease in non-controlling interest related to distributions from Consolidated VIEs	(758)															(758)
Ending balance at Mar. 31, 2023	$ 1,768,940			$ 1,737,506			$ 912		$ 537,889		$ 2,279,131		$ (1,079,047)		$ (1,379)	$ 31,434

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Net loss allocated to redeemable non-controlling interest	$ (5,501)	$ (12,628)

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)
Cash Flows from Operating Activities:
Net income (loss)	$ 14,162	$ (88,719)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Net amortization	7,744	5,612
Depreciation and amortization expense related to operating real estate	6,039	35,586
Realized gains, net	(1,081)	(3,806)
Unrealized (gains) losses, net	(28,489)	83,659
Gain on sale of real estate	0	(370)
Impairment of real estate, net	10,275	0
(Gain) loss on extinguishment of collateralized debt obligations and mortgages payable on real estate	(1,170)	603
Income from preferred equity, mezzanine loan and equity investments	(6,948)	(10,506)
Distributions of income from preferred equity, mezzanine loan and equity investments	4,209	19,936
Stock based compensation expense, net	50	1,352
Changes in operating assets and liabilities	(16,195)	(5,165)
Net cash (used in) provided by operating activities	(11,404)	38,182
Cash Flows from Investing Activities:
Proceeds from sales of investment securities	0	24,374
Principal paydowns received on investment securities	3,789	21,303
Purchases of investment securities	(106,146)	0
Principal repayments received on preferred equity and mezzanine loan investments	0	9,200
Return of capital from equity investments	4,902	24,250
Funding of preferred equity, mezzanine loan and equity investments	(21,948)	(19,191)
Funding of joint venture investments in Consolidated VIEs	0	(120,520)
Net payments received from derivative instruments	1,605	0
Net proceeds from sale of real estate	1,114	51,790
Cash received from initial consolidation of VIEs	0	5,423
Purchases of and capital expenditures on real estate	(18,138)	(103,122)
Purchases of other assets	(34)	(15)
Net cash provided by (used in) investing activities	57,065	(576,855)
Cash Flows from Financing Activities:
Net proceeds received from repurchase agreements	50,055	372,281
Proceeds from issuance of collateralized debt obligations, net	0	508,819
Repayment of convertible notes	0	(138,000)
Repurchases of common stock	(3,610)	0
Repurchases of preferred stock	(320)	0
Dividends paid on common stock and dividend equivalents	(37,659)	(38,124)
Dividends paid on preferred stock	(10,493)	(9,924)
Net distributions to non-controlling interest in Consolidated VIEs	(4,408)	(900)
Payments made on and extinguishment of collateralized debt obligations	(80,509)	(48,664)
Payments made on Consolidated SLST CDOs	(10,493)	(33,717)
Net proceeds received from (payments made on) mortgages payable on real estate	13,840	(6,947)
Net cash (used in) provided by financing activities	(83,597)	604,824
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash	(37,936)	66,151
Cash, Cash Equivalents and Restricted Cash - Beginning of Period	380,938	337,861
Cash, Cash Equivalents and Restricted Cash - End of Period	343,002	404,012
Supplemental Disclosure:
Cash paid for interest	55,042	25,972
Cash paid for income taxes	0	1
Non-Cash Investment Activities:
Consolidation of real estate held in Consolidated VIEs	0	462,216
Consolidation of mortgages payable on real estate held in Consolidated VIEs	0	361,735
Transfer from residential loans to real estate owned	326	879
Non-Cash Financing Activities:
Dividends declared on stock to be paid in subsequent period	49,129
Cash, Cash Equivalents and Restricted Cash Reconciliation:
Cash and cash equivalents	227,753	303,762
Restricted cash included in other assets	115,249	100,250
Total cash, cash equivalents, and restricted cash	343,002	404,012
Common Stock
Non-Cash Financing Activities:
Dividends declared on stock to be paid in subsequent period	38,644	38,514
Preferred Stock
Non-Cash Financing Activities:
Dividends declared on stock to be paid in subsequent period	10,484	10,493
Residential loans
Cash Flows from Investing Activities:
Principal repayments received on residential loans	279,089	322,113
Proceeds from sales of residential loans	166	320
Purchases of residential loans	$ (87,334)	$ (792,780)

Organization

Organization	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. 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 spread 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	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. 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; “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; “CDO” refers to collateralized debt obligation and includes debt that permanently finances the residential loans held in Consolidated SLST and the Company's residential loans held in securitization trusts that we consolidate, or consolidated, in our financial statements in accordance with GAAP; “business purpose loans” refers to (i) short-term loans that are collateralized by residential properties and are made to investors who intend to rehabilitate and sell the residential property for a profit or (ii) loans that finance (or refinance) non-owner occupied residential properties that are rented to one or more tenants; “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; and “SOFR” refers to Secured Overnight Funding Rate. Basis of Presentation – On March 9, 2023, the Company effected a one-for-four reverse stock split of its issued, outstanding and authorized shares of common stock (the "Reverse Stock Split"). Accordingly, all common share and per common share data for all periods presented in these condensed consolidated financial statements and notes thereto have been adjusted on a retroactive basis to reflect the impact of the Reverse Stock Split. The accompanying condensed consolidated balance sheet as of December 31, 2022 has been derived from audited financial statements. The accompanying condensed consolidated balance sheet as of March 31, 2023, the accompanying condensed consolidated statements of operations for the three months ended March 31, 2023 and 2022, the accompanying condensed consolidated statements of comprehensive income (loss) for the three months ended March 31, 2023 and 2022, the accompanying condensed consolidated statements of changes in stockholders’ equity for the three months ended March 31, 2023 and 2022 and the accompanying condensed consolidated statements of cash flows for the three months ended March 31, 2023 and 2022 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, 2022, 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, 2022. Provided in this section is a summary of additional accounting policies that are significant to, or newly adopted by, the Company for the three months ended March 31, 2023. The results of operations for the three months ended March 31, 2023 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, real estate held by Consolidated VIEs 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. Reclassifications – Certain prior period amounts have been reclassified in the accompanying condensed consolidated financial statements to conform to current period presentation. In particular, prior period disclosures have been adjusted for the aforementioned Reverse Stock Split. Additionally, prior period disclosures have been conformed to the current period presentation of interest expense, mortgages payable on real estate. Starting in the fourth quarter of 2022, interest expense, mortgages payable on real estate is presented in expenses related to real estate on the Company's condensed consolidated statements of operations. Previously, interest expense, mortgages payable on real estate was presented in interest expense and net interest income on the Company's condensed consolidated statements of operations. 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 ( see Note 7 ). 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 in accordance with ASC 810, Consolidation ("ASC 810") 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. The Company evaluates the initial consolidation of each Consolidated VIE, which includes a determination of whether the VIE constitutes the definition of a business in accordance with ASC 805, Business Combinations ("ASC 805"), by considering if substantially all of the fair value of the gross assets within the VIE are concentrated in either a single identifiable asset or group of single identifiable assets. Upon consolidation, the Company recognizes the assets acquired, the liabilities assumed, and any third-party ownership of membership interests as non-controlling interest as of the consolidation or acquisition date, measured at their relative fair values ( see Note 7 ). Non-controlling interest in Consolidated VIEs is adjusted prospectively for its share of the allocation of income or loss and equity contributions and distributions from each respective Consolidated VIE. The third-party owners of certain of the non-controlling interests in Consolidated VIEs have the ability to sell their ownership interests to the Company, at their election, subject to certain conditions. The Company has classified these third-party ownership interests as redeemable non-controlling interest in Consolidated VIEs in mezzanine equity on the accompanying condensed consolidated balance sheets. Derivative Financial Instruments – The Company enters into various types of derivative financial instruments in connection with its risk management activities which are recorded on the accompanying condensed consolidated balance sheets as assets or liabilities at fair value in accordance with ASC 815, Derivatives and Hedging (“ASC 815”). Changes in fair value are accounted for depending on the use of the derivative financial instruments and whether they qualify for hedge accounting treatment. The Company elected not to apply hedge accounting for its derivative financial instruments; accordingly, all changes in fair value are reported on the accompanying condensed consolidated statements of operations as unrealized gains (losses), net. The Company is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Primarily to help mitigate interest rate risk, the Company may enter into interest rate swaps. Interest rate swaps are contractual agreements whereby one party pays a floating interest rate on a notional principal amount and receives a fixed-rate payment on the same notional principal, or vice versa, for a fixed period of time. Interest rate swaps change in value with movements in interest rates. All of the Company’s interest rate swaps are cleared through a central clearing house which requires that the Company post an initial margin amount determined by the central clearing house, which is generally intended to be set at a level sufficient to protect the exchange from the derivative financial instrument’s maximum estimated single-day price movement. The Company also exchanges variation margin based upon daily changes in fair value, as measured by the central clearing house. The exchange of variation margin is treated as a legal settlement of the exposure under the interest rate swap contract, as opposed to pledged collateral. Accordingly, the Company accounts for the receipt or payment of variation margin as a direct reduction to or increase in the carrying value of the interest rate swap asset or liability. The receipt or payment of initial margin is accounted for separate from the interest rate swap asset or liability and classified within restricted cash and included in other assets on the accompanying condensed consolidated balance sheets. Any additional margin fundings, in excess of initial margin and variation margin, are included in other assets on the accompanying condensed consolidated balance sheets. Summary of Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). ASU 2020-04 provides optional expedients and exceptions to GAAP requirements for modifications to debt agreements, leases, derivatives and other contracts, related to the expected market transition from LIBOR, and certain other floating rate benchmark indices, or collectively, IBORs, to alternative reference rates. ASU 2020-04 generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope ("ASU 2021-01"). ASU 2021-01 clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the "discounting transition" (i.e., changes in the interest rates used for margining, discounting, or contract price alignment for derivative instruments that are being implemented as part of the market-wide transition to new reference rates). Once ASU 2020-04 is elected, the guidance must be applied prospectively for all eligible contract modifications. The amendments in ASU 2021-01 were 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. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 ("ASU 2022-06"), which allows ASU 2020-04 to be adopted and applied prospectively to contract modifications made on or before December 31, 2024. The Company continues to evaluate the impact of ASU 2020-04 and ASU 2021-01 on its financing transactions that are subject to LIBOR and may apply elections, as applicable, as the expected market transition from IBORs to alternative reference rates continues to develop.

Residential Loans, at Fair Valu

Residential Loans, at Fair Value	3 Months Ended
	Mar. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Residential Loans, at Fair Value	3. 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 its 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 March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): March 31, 2023 December 31, 2022 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 $ 992,993 $ 941,329 $ 1,766,819 $ 3,701,141 $ 1,152,502 $ 955,579 $ 1,790,179 $ 3,898,260 (Discount)/premium (21,949) (5,801) (59,147) (86,897) (22,179) (5,815) (60,745) (88,739) Unrealized (losses) gains (50,044) (106,375) (82,969) (239,388) (48,939) (122,182) (113,320) (284,441) Carrying value $ 921,000 $ 829,153 $ 1,624,703 $ 3,374,856 $ 1,081,384 $ 827,582 $ 1,616,114 $ 3,525,080 (1) Certain of the Company's residential loans, at fair value are pledged as collateral for repurchase agreements as of March 31, 2023 and December 31, 2022 ( see Note 12) . (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 ( see Note 13 ). (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 ( see Note 13) . The following table presents the unrealized gains (losses), net attributable to residential loans, at fair value for the three months ended March 31, 2023 and 2022, respectively (dollar amounts in thousands): For the Three Months Ended March 31, 2023 March 31, 2022 Residential loans Consolidated SLST (1) Residential loans held in securitization trusts Residential loans Consolidated SLST (1) Residential loans held in securitization trusts Unrealized (losses) gains, net $ (1,307) $ 15,807 $ 30,554 $ (25,524) $ (66,645) $ (37,774) (1) 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 ( see Note 16). 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 $2.0 million and $3.9 million of net realized gains on the payoff of residential loans, at fair value during the three months ended March 31, 2023 and 2022, respectively. The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of residential loans, at fair value as of March 31, 2023 and December 31, 2022, respectively, are as follows: March 31, 2023 December 31, 2022 Residential loans Consolidated SLST Residential loans held in securitization trusts Residential loans Consolidated SLST Residential loans held in securitization trusts California 23.5 % 10.6 % 17.9 % 24.3 % 10.6 % 19.2 % Florida 14.3 % 10.3 % 10.0 % 13.2 % 10.3 % 10.2 % New York 8.4 % 9.8 % 8.4 % 8.0 % 9.8 % 8.6 % New Jersey 6.4 % 7.5 % 5.6 % 6.3 % 7.4 % 5.6 % Texas 6.4 % 3.9 % 7.8 % 7.0 % 4.0 % 7.3 % Illinois 2.6 % 7.2 % 3.5 % 2.6 % 7.2 % 3.2 % 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 March 31, 2023 and December 31, 2022, 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 March 31, 2023 $ 187,929 $ 209,673 $ 9,594 $ 10,397 December 31, 2022 149,076 159,981 8,382 9,132

Multi-family Loans, at Fair Val

Multi-family Loans, at Fair Value	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Multi-family Loans, at Fair Value	4. 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. Multi-family loans consist of the following as of March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): March 31, 2023 December 31, 2022 Investment amount $ 95,640 $ 88,249 Deferred loan fees, net (497) (428) Unrealized gains (losses), net 166 (287) Total, at Fair Value $ 95,309 $ 87,534 For the three months ended March 31, 2023 and 2022, the Company recognized $0.5 million in net unrealized gains and $0.5 million in net unrealized losses on multi-family loans, respectively. For the three months ended March 31, 2023, the Company recognized no premiums resulting from early redemption of multi-family loans. For the three months ended March 31, 2022, the Company recognized $0.8 million in premiums resulting from early redemption of multi-family loans, which are included in other income on the accompanying condensed consolidated statements of operations. The table below presents the fair value and aggregate unpaid principal balance of the Company's multi-family loans in non-accrual status as of March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): March 31, 2023 December 31, 2022 Days Late Fair Value Unpaid Principal Balance Fair Value Unpaid Principal Balance 90 + $ 4,753 $ 3,363 $ 4,523 $ 3,363 The geographic concentrations of credit risk exceeding 5% of the total multi-family loan investment amounts as of March 31, 2023 and December 31, 2022, respectively, are as follows: March 31, 2023 December 31, 2022 Texas 35.0 % 30.1 % Tennessee 14.6 % 15.6 % Florida 10.2 % 10.9 % Ohio 8.9 % 9.7 % Louisiana 7.0 % 7.5 % Alabama 6.7 % 7.1 % North Carolina 5.7 % 6.1 % Indiana 5.3 % 5.7 %

Investment Securities Available

Investment Securities Available for Sale, at Fair Value	3 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Investment Securities Available for Sale, at Fair Value	5. 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 (loss). The Company's investment securities available for sale consisted of the following as of March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): March 31, 2023 December 31, 2022 Amortized Cost Unrealized Fair Value Amortized Cost Unrealized Fair Value Gains Losses Gains Losses Fair Value Option Agency RMBS $ 106,116 $ 1,084 $ — $ 107,200 $ — $ — $ — $ — Non-Agency RMBS 44,483 8,878 (13,434) 39,927 48,958 9,436 (13,469) 44,925 CMBS 32,025 — (1,357) 30,668 32,033 — (1,900) 30,133 ABS 683 — (191) 492 797 59 — 856 Total investment securities available for sale - fair value option 183,307 9,962 (14,982) 178,287 81,788 9,495 (15,369) 75,914 CECL Securities Non-Agency RMBS 25,663 — (1,379) 24,284 25,616 — (1,971) 23,645 Total investment securities available for sale - CECL Securities 25,663 — (1,379) 24,284 25,616 — (1,971) 23,645 Total $ 208,970 $ 9,962 $ (16,361) $ 202,571 $ 107,404 $ 9,495 $ (17,340) $ 99,559 Accrued interest receivable for investment securities available for sale in the amount of $0.9 million and $0.4 million as of March 31, 2023 and December 31, 2022, respectively, is included in other assets on the Company's condensed consolidated balance sheets. For the three months ended March 31, 2023 and 2022, the Company recognized $0.9 million in net unrealized gains and $4.6 million in net unrealized losses on investment securities available for sale accounted for under the fair value option, respectively. Realized Gain and Loss Activity The Company did not sell investment securities during the three months ended March 31, 2023. The following table summarizes our investment securities sold during the three months ended March 31, 2022 (dollar amounts in thousands): Three Months Ended March 31, 2022 Sales Proceeds Realized Gains Realized Losses Net Realized Gains (Losses) Non-Agency RMBS $ 24,374 $ 374 $ — $ 374 Total $ 24,374 $ 374 $ — $ 374 Weighted Average Life Actual maturities of our investment securities available for sale are generally shorter than stated contractual maturities (with contractual maturities up to 36 years), as they are affected by periodic payments and prepayments of principal on the underlying mortgages. As of March 31, 2023 and December 31, 2022, based on management’s estimates, the weighted average life of the Company’s investment securities available for sale portfolio was approximately 8.6 years and 7.6 years, respectively. The following table sets forth the weighted average lives of our investment securities available for sale as of March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): Weighted Average Life March 31, 2023 December 31, 2022 0 to 5 years $ 35,025 $ 39,655 Over 5 to 10 years 152,858 46,558 10+ years 14,688 13,346 Total $ 202,571 $ 99,559 Unrealized Losses in Other Comprehensive Income (Loss) The Company evaluated its CECL Securities that were in an unrealized loss position as of March 31, 2023 and December 31, 2022, 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 months ended March 31, 2023 and 2022. 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 March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): March 31, 2023 Less than 12 months Greater than 12 months Total Carrying Gross Carrying Gross Carrying Gross Non-Agency RMBS $ 15,997 $ (533) $ 8,287 $ (846) $ 24,284 $ (1,379) Total $ 15,997 $ (533) $ 8,287 $ (846) $ 24,284 $ (1,379) December 31, 2022 Less than 12 months Greater than 12 months Total Carrying Gross Carrying Gross Carrying Gross Non-Agency RMBS $ 23,609 $ (1,966) $ 36 $ (5) $ 23,645 $ (1,971) Total $ 23,609 $ (1,966) $ 36 $ (5) $ 23,645 $ (1,971) At March 31, 2023 , 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. Credit risk associated with non-Agency RMBS is regularly assessed as new information regarding the underlying collateral becomes available and based on updated estimates of cash flows generated by the underlying collateral. In performing its assessment, the Company considers past and expected future performance of the underlying collateral, including timing of expected future cash flows, prepayment rates, default rates, loss severities, delinquency rates, current levels of subordination, volatility of the security's fair value, temporary declines in liquidity for the asset class and interest rate changes since purchase. Based upon the most recent evaluation, the Company does not believe that these unrealized losses are credit related but are rather a reflection of current market yields and/or marketplace bid-ask spreads.

Equity Investments, at Fair Val

Equity Investments, at Fair Value	3 Months Ended
	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Equity Investments, at Fair Value	6. Equity Investments, at Fair Value The Company's equity investments consist of, or have consisted of, preferred equity ownership interests in entities that invest in multi-family properties where the risks and payment characteristics are equivalent to an equity investment (or multi-family preferred equity ownership interests), equity ownership interests in entities that invest in single-family properties and originate 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. The following table presents the Company's equity investments as of March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): March 31, 2023 December 31, 2022 Investment Name Ownership Interest Fair Value Ownership Interest Fair Value Multi-Family Preferred Equity Ownership Interests 1122 Chicago DE, LLC 53% $ 8,426 53% $ 8,276 Bighaus, LLC 42% 16,739 42% 16,482 FF/RMI 20 Midtown, LLC 51% 27,525 51% 27,079 Palms at Cape Coral, LLC 34% 5,530 34% 5,429 America Walks at Port St. Lucie, LLC 62% 25,177 62% 29,873 EHOF-NYMT Sunset Apartments Preferred, LLC 57% 18,510 57% 18,139 Lucie at Tradition Holdings, LLC 70% 18,016 70% 17,576 Syracuse Apartments and Townhomes, LLC 58% 20,478 58% 20,115 Hudson Bridge Apartments, LLC - Series A, Briar Hill Apartments, LLC, Kings Glen Apartments, LLC, Flagstone Apartments, LLC, Brookfield Apartments II, LLC - Series B, and Silber JBSM Properties, LLC (collectively) 58% 9,422 58% 9,277 Tides on 27th Investors, LLC 54% 16,325 — — Total - Multi-Family Preferred Equity Ownership Interests 166,148 152,246 Single-Family Equity Ownership Interests Constructive Loans, LLC (1) 50% 25,000 — 27,500 Total - Single-Family Equity Ownership Interests 25,000 27,500 Total $ 191,148 $ 179,746 (1) The Company exercised its option to purchase 50% of the issued and outstanding interests of an entity that originates residential loans during the three months ended March 31, 2023. The Company purchased $16.0 million and $170.2 million of residential loans from the entity during the three months ended March 31, 2023 and 2022, respectively. 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 months ended March 31, 2023 and 2022, 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 months ended March 31, 2023 and 2022 includes $0.6 million and $0.1 million of net unrealized gains, respectively. Three Months Ended March 31, Investment Name 2023 2022 1122 Chicago DE, LLC $ 251 $ 237 Bighaus, LLC 537 465 FF/RMI 20 Midtown, LLC 799 798 Palms at Cape Coral, LLC 177 155 America Walks at Port St. Lucie, LLC 1,126 902 EHOF-NYMT Sunset Apartments Preferred, LLC 625 549 Lucie at Tradition Holdings, LLC 684 601 Syracuse Apartments and Townhomes, LLC 654 516 Hudson Bridge Apartments, LLC - Series A, Briar Hill Apartments, LLC, Kings Glen Apartments, LLC, Flagstone Apartments, LLC, Brookfield Apartments II, LLC - Series B, and Silber JBSM Properties, LLC (collectively) 301 — Tides on 27th Investors, LLC 797 — DCP Gold Creek, LLC — 853 Rigsbee Ave Holdings, LLC — (174) Walnut Creek Properties Holdings, L.L.C. — (153) Lurin-RMI, LLC — 280 Somerset Deerfield Investor, LLC — 587 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) — 159 Total Income - Multi-Family Preferred Equity Ownership Interests $ 5,951 $ 5,775 For the three months ended March 31, 2023, the Company recognized no premiums resulting from early redemption of multi-family preferred equity ownership interests included in equity investments. For the three months ended March 31, 2022, the Company recognized $0.7 million in premiums resulting from early redemption of multi-family preferred equity ownership interests included in equity investments, which are included in other income on the accompanying condensed consolidated statement of operations. Income from single-family equity ownership interests and joint venture equity investments in multi-family properties that are accounted for under the equity method using the fair value option 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 months ended March 31, 2023 and 2022, respectively (dollar amounts in thousands): Three Months Ended March 31, Investment Name 2023 2022 Single-Family Equity Ownership Interests Constructive Loans, LLC (1) $ (2,500) $ — Morrocroft Neighborhood Stabilization Fund II, LP (2) — 28 Total (Loss) Income - Single-Family Equity Ownership Interests $ (2,500) $ 28 Joint Venture Equity Investments in Multi-Family Properties (3) GWR Cedars Partners, LLC $ 413 $ 100 GWR Gateway Partners, LLC 647 150 Total Income - Joint Venture Equity Investments in Multi-Family Properties $ 1,060 $ 250 (1) Includes a net unrealized loss of $3.2 million for the three months ended March 31, 2023. The Company did not recognize any unrealized gains or losses for the three months ended March 31, 2022. (2) The Company's equity investment was redeemed during the year ended December 31, 2022. (3) The Company's joint venture equity investments in multi-family properties were transferred to assets of disposal group held for sale during the year ended December 31, 2022 ( see Note 9 ). Includes net unrealized gains of $1.1 million and $0.3 million for the three months ended March 31, 2023 and 2022, respectively.

Use of Special Purpose Entities

Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022, 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 (each a “Financing VIE” and collectively, the “Financing VIEs”). Accordingly, the Company consolidated the then-outstanding Financing VIEs as of March 31, 2023 and December 31, 2022. 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 March 31, 2023 and December 31, 2022, 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 13 ). 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. As of March 31, 2023 and December 31, 2022, the Consolidated SLST securities owned by the Company had a fair value of $188.5 million and $191.5 million, respectively ( see Note 16 ). The Company’s investments in Consolidated SLST securities were not included as collateral to any Financing VIE as of March 31, 2023 and December 31, 2022. Consolidated Real Estate VIEs The Company owns joint venture equity investments in entities 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 consolidates the assets, liabilities, income and expenses of these VIEs in the accompanying condensed consolidated financial statements with non-controlling interests or redeemable 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 equity investments and real estate acquisitions by a Consolidated VIE in accordance with asset acquisition provisions of 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. During the year ended December 31, 2020, the Company reconsidered its evaluation of its variable interest in a VIE that owned a multi-family apartment community and in which the Company held a preferred equity investment. The Company determined that it gained the power to direct the activities, and became primary beneficiary, of the VIE and consolidated this VIE into its condensed consolidated financial statements. 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 March 2022, the entity completed the sale of its multi-family apartment community and redeemed the Company's preferred equity investment ( see Note 8 ). The following table summarizes the aggregate estimated fair value of the assets, liabilities and non-controlling interests associated with the initial consolidation of the joint venture entities and real estate acquisitions by a Consolidated VIE during the three months ended March 31, 2022 (dollar amounts in thousands): Cash (1) $ 7,102 Operating real estate (1) (2) 528,768 Lease intangibles (1) (3) 27,461 Other assets (1) 6,130 Total assets 569,461 Mortgages payable on real estate, net (1) 409,756 Other liabilities (1) 3,180 Total liabilities 412,936 Non-controlling interests (4) 10,488 Net assets consolidated $ 146,037 (1) In September 2022, the Company announced a repositioning of its business through the opportunistic disposition over time of the Company's joint venture equity investments in multi-family properties and reallocation of its capital away from such assets to its targeted assets. Accordingly, the Company determined that certain joint venture equity investments met the criteria to be classified as held for sale and transferred the assets and liabilities of the respective Consolidated VIEs to assets and liabilities of disposal group held for sale in the accompanying condensed consolidated balance sheets. See Note 9 for additional information. (2) For joint venture equity investments that are not held for sale, operating real estate is included in real estate, net in the accompanying condensed consolidated balance sheets. (3) For joint venture equity investments that are not held for sale, lease intangibles are included in other assets in the accompanying condensed consolidated balance sheets. (4) Represents third-party ownership of membership interests in Consolidated Real Estate VIEs. In analyzing whether the Company is the primary beneficiary of the Financing VIEs, Consolidated SLST and Consolidated Real Estate 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 Consolidated Real Estate VIEs as of March 31, 2023 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Financing VIEs Other VIEs Residential Consolidated SLST Consolidated Real Estate Total Cash and cash equivalents $ — $ — $ 11,971 $ 11,971 Residential loans, at fair value 1,624,703 829,153 — 2,453,856 Real estate, net held in Consolidated VIEs (1) — — 543,471 543,471 Assets of disposal group held for sale (2) — — 1,140,308 1,140,308 Other assets 96,699 3,122 9,396 109,217 Total assets $ 1,721,402 $ 832,275 $ 1,705,146 $ 4,258,823 Collateralized debt obligations ($1,390,991 at amortized cost, net and $638,513 at fair value) $ 1,390,991 $ 638,513 $ — $ 2,029,504 Mortgages payable on real estate, net in Consolidated VIEs (3) — — 397,316 397,316 Liabilities of disposal group held for sale (2) — — 896,983 896,983 Other liabilities 6,624 3,883 6,149 16,656 Total liabilities $ 1,397,615 $ 642,396 $ 1,300,448 $ 3,340,459 Redeemable non-controlling interest in Consolidated VIEs (4) $ — $ — $ 54,352 $ 54,352 Non-controlling interest in Consolidated VIEs (5) $ — $ — $ 31,309 $ 31,309 Net investment (6) $ 323,787 $ 189,879 $ 319,037 $ 832,703 (1) Included in real estate, net in the accompanying condensed consolidated balance sheets. (2) Represents assets and liabilities, respectively, of certain Consolidated Real Estate VIEs included in disposal group held for sale ( see Note 9 ). (3) Included in mortgages payable on real estate, net in the accompanying condensed consolidated balance sheets. (4) Represents redeemable third-party ownership of membership interests in Consolidated Real Estate VIEs. See Redeemable Non-Controlling Interest in Consolidated VIEs below. (5) Represents third-party ownership of membership interests in Consolidated Real Estate VIEs. (6) The net investment amount is the maximum amount of the Company's investment that is at risk to loss and represents the difference between the carrying value of total assets and total liabilities held by VIEs, less non-controlling interests, if any. The following table presents a summary of the assets, liabilities and non-controlling interests of the Company's residential loan securitizations, Consolidated SLST and Consolidated Real Estate VIEs as of December 31, 2022 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Financing VIEs Other VIEs Residential Consolidated SLST Consolidated Real Estate Total Cash and cash equivalents $ — $ — $ 21,129 $ 21,129 Residential loans, at fair value 1,616,114 827,582 — 2,443,696 Real estate, net held in Consolidated VIEs (1) — — 543,739 543,739 Assets of disposal group held for sale (2) — — 1,142,773 1,142,773 Other assets 92,906 3,168 13,686 109,760 Total assets $ 1,709,020 $ 830,750 $ 1,721,327 $ 4,261,097 Collateralized debt obligations ($1,468,222 at amortized cost, net and $634,495 at fair value) $ 1,468,222 $ 634,495 $ — $ 2,102,717 Mortgages payable on real estate, net in Consolidated VIEs (3) — — 394,707 394,707 Liabilities of disposal group held for sale (2) — — 883,812 883,812 Other liabilities 8,168 3,342 10,511 22,021 Total liabilities $ 1,476,390 $ 637,837 $ 1,289,030 $ 3,403,257 Redeemable non-controlling interest in Consolidated VIEs (4) $ — $ — $ 63,803 $ 63,803 Non-controlling interest in Consolidated VIEs (5) $ — $ — $ 32,967 $ 32,967 Net investment (6) $ 232,630 $ 192,913 $ 335,527 $ 761,070 (1) Included in real estate, net in the accompanying condensed consolidated balance sheets. (2) Represents assets and liabilities, respectively, of certain Consolidated Real Estate VIEs included in disposal group held for sale ( see Note 9 ). (3) Included in mortgages payable on real estate, net in the accompanying condensed consolidated balance sheets. (4) Represents redeemable third-party ownership of membership interests in Consolidated Real Estate VIEs. See Redeemable Non-Controlling Interest in Consolidated VIEs below. (5) Represents third-party ownership of membership interests in Consolidated Real Estate VIEs. (6) The net investment amount is the maximum amount of the Company's investment that is at risk to loss and represents the difference between the carrying value of total assets and total liabilities held by VIEs, less non-controlling interests, if any. The following table presents condensed statements of operations for non-Company-sponsored VIEs for the three months ended March 31, 2023 and 2022, respectively (dollar amounts in thousands). The following table includes net (loss) income from assets and liabilities of disposal group held for sale and intercompany balances have been eliminated for purposes of this presentation. Three Months Ended March 31, 2023 2022 Consolidated SLST Consolidated Real Estate Total Consolidated SLST Consolidated Real Estate Total Interest income $ 8,733 $ — $ 8,733 $ 9,380 $ — $ 9,380 Interest expense 6,315 — 6,315 5,978 — 5,978 Total net interest income 2,418 — 2,418 3,402 — 3,402 Unrealized gains (losses), net 2,299 (1,298) 1,001 (15,279) — (15,279) Income from real estate — 39,075 39,075 — 23,637 23,637 Other losses — (10,259) (10,259) — — — Total non-interest income (loss) 2,299 27,518 29,817 (15,279) 23,637 8,358 Expenses related to real estate — 48,062 48,062 — 53,281 53,281 Net income (loss) 4,717 (20,544) (15,827) (11,877) (29,644) (41,521) Net loss attributable to non-controlling interest in Consolidated VIEs — 6,701 6,701 — 14,869 14,869 Net income (loss) attributable to Company $ 4,717 $ (13,843) $ (9,126) $ (11,877) $ (14,775) $ (26,652) Redeemable Non-Controlling Interest in Consolidated VIEs The third-party owners of certain of the non-controlling interests in Consolidated VIEs have the ability to sell their ownership interests to the Company, at their election. The Company has classified these third-party ownership interests as redeemable non-controlling interests in Consolidated VIEs in mezzanine equity on the accompanying condensed consolidated balance sheets. The holders of the redeemable non-controlling interests may elect to sell their ownership interests to the Company at fair value once a year and the sales are subject to annual minimum and maximum amount limitations. The following table presents activity in redeemable non-controlling interest in Consolidated VIEs for the three months ended March 31, 2023 and 2022, respectively (dollar amounts in thousands): Three Months Ended March 31, 2023 2022 Beginning balance $ 63,803 $ 66,392 Contributions — 274 Distributions (3,950) (677) Net loss attributable to redeemable non-controlling interest in Consolidated VIEs (5,501) (12,628) Ending balance $ 54,352 $ 53,361 Unconsolidated VIEs As of March 31, 2023 and December 31, 2022, the Company evaluated its investment securities available for sale, preferred equity 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 March 31, 2023 and December 31, 2022, 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 March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): March 31, 2023 Multi-family loans Investment Equity investments Assets of disposal group held for sale Total ABS $ — $ 492 $ — $ — $ 492 Non-Agency RMBS — 28,125 — — 28,125 Preferred equity investments in multi-family properties 95,309 — 166,148 — 261,457 Joint venture equity investments in multi-family properties — — — 10,070 10,070 Maximum exposure $ 95,309 $ 28,617 $ 166,148 $ 10,070 $ 300,144 December 31, 2022 Multi-family loans Investment Equity investments Assets of disposal group held for sale Total ABS $ — $ 856 $ — $ — $ 856 Non-Agency RMBS — 29,290 — — 29,290 Preferred equity investments in multi-family properties 87,534 — 152,246 — 239,780 Joint venture equity investments in multi-family properties — — — 9,010 9,010 Maximum exposure $ 87,534 $ 30,146 $ 152,246 $ 9,010 $ 278,936

Real Estate, Net

Real Estate, Net	3 Months Ended
	Mar. 31, 2023
Real Estate [Abstract]
Real Estate, Net	8. Real Estate, Net The following is a summary of real estate, net, collectively, as of March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): March 31, 2023 December 31, 2022 Land $ 89,550 $ 89,550 Building and improvements 629,123 611,102 Furniture, fixture and equipment 14,496 13,540 Real estate $ 733,169 $ 714,192 Accumulated depreciation (27,263) (21,224) Real estate, net (1) $ 705,906 $ 692,968 (1) In September 2022, the Company announced a repositioning of its business through the opportunistic disposition over time of the Company's joint venture equity investments in multi-family properties and reallocation of its capital away from such assets to its targeted assets. Accordingly, the real estate, net related to certain joint venture equity investments in multi-family properties is included in assets of disposal group held for sale on the accompanying condensed consolidated balance sheets. See Note 9 for additional information. Multi-family Apartment Properties As of March 31, 2023 and December 31, 2022, the Company owned joint venture equity investments in entities 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) . In March 2022, a wholly-owned subsidiary of the Company completed the sale of its multi-family apartment community for approximately $52.0 million, subject to certain prorations and adjustments typical in such real estate transactions, repaid the related mortgage payable in the amount of approximately $37.0 million and redeemed the Company's preferred equity investment ( see Note 7 ). The sale generated a net gain of approximately $0.4 million and a loss on extinguishment of debt of approximately $0.6 million, both of which are included in other income on the accompanying condensed consolidated statements of operations. The multi-family apartment communities generally 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. Single-family Rental Properties As of March 31, 2023 and December 31, 2022, the Company owned single-family rental homes. These units are leased to individual tenants for the production of rental income and are generally leased at a fixed monthly rate with no option for the lessee to purchase the leased unit at any point. Lease Intangibles Intangibles related to multi-family properties consist of the value of in-place leases and are included in other assets on the accompanying condensed consolidated balance sheets. Lease intangibles included in other assets were fully amortized as of March 31, 2023 and December 31, 2022. In September 2022, the Company announced a repositioning of its business through the opportunistic disposition over time of the Company's joint venture equity investments in multi-family properties and reallocation of its capital away from such assets to its targeted assets. Accordingly, the lease intangibles, net related to certain joint venture equity investments in multi-family properties are included in assets of disposal group held for sale on the accompanying condensed consolidated balance sheets. See Note 9 for additional information. Depreciation and Amortization Expense Depreciation and amortization expenses related to operating real estate are included in expenses related to real estate on the accompanying condensed consolidated statements of operations. The following table presents depreciation and amortization expenses for the three months ended March 31, 2023 and 2022, respectively (dollar amounts in thousands): For the Three Months Ended March 31, 2023 2022 Depreciation expense on operating real estate $ 6,039 $ 10,111 Amortization of lease intangibles related to operating real estate — 25,475 Total depreciation and amortization (1) $ 6,039 $ 35,586

Assets and Liabilities of Dispo

Assets and Liabilities of Disposal Group Held for Sale	3 Months Ended
	Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Assets and Liabilities of Disposal Group Held for Sale	9. Assets and Liabilities of Disposal Group Held for Sale In September 2022, the Company announced a repositioning of its business through the opportunistic disposition over time of the Company's joint venture equity investments in multi-family properties and reallocation of its capital away from such assets to its targeted assets. Accordingly, the Company determined that certain joint venture equity investments met the criteria to be classified as held for sale, transferred either the assets and liabilities of the respective Consolidated VIEs or its equity investment in the joint venture entity to assets and liabilities of disposal group held for sale in the accompanying condensed consolidated balance sheets and recognized no loss. The following table presents the carrying values of the major classes of assets and liabilities of disposal group held for sale as of March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): March 31, 2023 December 31, 2022 Cash and cash equivalents (1) $ 12,236 $ 13,944 Equity investments 10,070 9,010 Real estate, net (1) 1,082,722 1,079,942 Other assets (1) 45,351 48,888 Total assets of disposal group held for sale $ 1,150,379 $ 1,151,784 Mortgages payable on real estate $ 878,060 $ 865,414 Other liabilities 18,923 18,398 Total liabilities of disposal group held for sale (1) $ 896,983 $ 883,812 (1) Certain assets and liabilities of the disposal group held for sale are in Consolidated VIEs because the Company is the primary beneficiary. Also included in the disposal group held for sale are non-controlling interests in Consolidated VIEs in the amount of $23.0 million and $23.9 million as of March 31, 2023 and December 31, 2022, respectively. Real estate, net included in assets of disposal group held for sale is recorded at the lower of the net carrying amount of the assets or the estimated fair value, net of selling costs. Fair value for real estate, net was based upon a discounted cash flow analysis using property financial information and assumptions regarding market rent, revenue and expense growth, capitalization rates and return rates. As of March 31, 2023, the fair value, net of selling costs of multi-family properties owned by two of the joint venture equity investments was less than the properties' net carrying values. Accordingly, the Company recognized a $11.1 million impairment in the three months ended March 31, 2023. As of March 31, 2023, the fair value, net of selling costs of the multi-family property owned by one of the joint venture equity investments that had previously been impaired was more than the property's net carrying value. Accordingly, the Company recognized a $0.8 million recovery of value in the three months ended March 31, 2023. See Note 16 for descriptions of valuation methodologies utilized for other classes of assets and liabilities of disposal group held for sale. The following table presents the pretax losses of the disposal group held for sale for the three months ended March 31, 2023 and 2022, respectively (dollar amounts in thousands): For the Three Months Ended March 31, 2023 2022 Pretax loss of disposal group held for sale $ (16,368) $ (16,649) Pretax loss of disposal group attributable to non-controlling interest in Consolidated VIEs 1,214 1,786 Pretax loss of disposal group attributable to Company's common stockholders $ (15,154) $ (14,863)

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	10. Derivative Instruments and Hedging Activities The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company enters into derivative financial instruments in connection with its risk management activities. These derivative instruments may include interest rate swaps, interest rate caps, futures and options contracts such as options on credit default swap indices, equity index options, swaptions and options on futures. The Company may also pursue forward-settling purchases or sales of Agency RMBS where the underlying pools of mortgage loans are “To-Be-Announced,” or TBAs, purchase options on U.S. Treasury futures or invest in other types of mortgage derivative securities. The Company elected not to apply hedge accounting for its derivative instruments. Derivatives Not Designated as Hedging Instruments The Company and the entities that own multi-family properties in which the Company owns joint venture equity investments are required by lenders on certain repurchase agreement financing and variable-rate mortgages payable on real estate to enter into interest rate cap contracts. See Notes 12 and 14 for information regarding these interest rate cap contracts. The Company uses interest rate swaps to hedge the variable cash flows associated with our variable-rate borrowings. Interest rate swaps generally involve the receipt of variable-rate amounts from a counterparty, based on SOFR, in exchange for the Company making fixed-rate payments over the life of the interest rate swap without exchange of the underlying notional amount. Notwithstanding the foregoing, in order to manage its position with regard to its liabilities, the Company may enter into interest rate swaps which involve the receipt of fixed-rate amounts from a counterparty in exchange for the Company making variable-rate payments, based on SOFR, over the life of the interest rate swap without exchange of the underlying notional amount. The variable rate the Company pays or receives under its swap agreements has the effect of offsetting the repricing characteristics and cash flows of the Company's financing arrangements. The Company has credit default swap index options that allow the Company to enter into a fixed rate payer position in the underlying credit default swap index at the agreed strike level, as well as equity index put options that gives the Company the right to sell the underlying index at a specified strike price. The Company did not have any interest rate swap or option transactions in 2022. The following table summarizes the Company's derivative instruments as of March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): Fair Value Type of Derivative Instrument Consolidated Balance Sheet Location March 31, 2023 December 31, 2022 Interest rate caps (1) Other assets $ 2,002 $ 2,473 Options Other assets 1,120 — Total derivative assets $ 3,122 $ 2,473 Interest rate swaps Other liabilities $ — $ — Total derivative liabilities $ — $ — (1) See Notes 12 and 14 for information regarding interest rate cap contracts. The Company elects to net the fair value of its derivative contracts by counterparty when appropriate. These contracts contain legally enforceable provisions that allow for netting or setting off of all individual derivative receivables and payables with each counterparty and therefore, the fair values of those derivative contracts are reported net by counterparty. All of the Company’s interest rate swaps are cleared through a central clearing house, CME Group Inc. ("CME Clearing") which is the parent company of the Chicago Mercantile Exchange Inc. CME Clearing serves as the counterparty to every cleared transaction, becoming the buyer to each seller and the seller to each buyer, limiting the credit risk by guaranteeing the financial performance of both parties and netting down exposures. The following table presents a reconciliation of gross derivative assets and liabilities to net amounts presented in the accompanying condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): March 31, 2023 Gross Amount of Recognized Assets (Liabilities) Gross Amounts Offset in Balance Sheets Variation Margin Net Amounts of Assets (Liabilities) Presented in Balance Sheets Derivative assets Interest rate caps $ 2,002 $ — $ — $ 2,002 Options 1,120 — — 1,120 Interest rate swaps 412 (412) — — Total derivative assets $ 3,534 $ (412) $ — $ 3,122 Derivative liabilities Interest rate swaps $ (2,899) $ 412 $ 2,487 $ — Total derivative liabilities $ (2,899) $ 412 $ 2,487 $ — December 31, 2022 Gross Amount of Recognized Assets (Liabilities) Gross Amounts Offset in Balance Sheets Variation Margin Net Amounts of Assets (Liabilities) Presented in Balance Sheets Derivative assets Interest rate caps $ 2,473 $ — $ — $ 2,473 Total derivative assets $ 2,473 $ — $ — $ 2,473 The use of derivatives exposes the Company to counterparty credit risks in the event of a default by a counterparty. If a counterparty defaults under the applicable derivative agreement, the Company may be unable to collect payments to which it is entitled under its derivative agreements and may have difficulty collecting the assets it pledged as collateral against such derivatives. The Company is required to post an initial margin amount for its interest rate swaps determined by CME Clearing, which is generally intended to be set at a level sufficient to protect the exchange from the derivative financial instrument’s maximum estimated single-day price movement. As of March 31, 2023, an initial margin account balance of approximately $5.3 million and excess margin in the amount of approximately $2.6 million are included in other assets on the accompanying condensed consolidated balance sheets. The table below summarizes the activity of derivative instruments not designated as hedging instruments for the three months ended March 31, 2022 (dollar amounts in thousands): Notional Amount For the Three Months Ended March 31, 2023 Type of Derivative Instrument December 31, 2022 Additions Terminations March 31, 2023 Options $ — $ 500,053 $ — $ 500,053 Interest rate swaps — 341,300 — 341,300 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 three months ended March 31, 2023 (dollar amounts in thousands): For the Three Months Ended March 31, 2023 Type of Derivative Instrument Realized Gains (Losses) Unrealized Gains (Losses) Options $ — $ (420) Interest rate swaps — (2,487) Total $ — $ (2,907) The following table presents information about our interest rate swaps whereby we receive floating rate payments in exchange for fixed rate payments as of March 31, 2023 (dollar amounts in thousands): March 31, 2023 Swap Maturities Notional Amount Weighted Average Fixed Interest Rate Weighted Average Variable Interest Rate 2025 $ 255,700 4.31 % 4.71 % 2028 28,900 3.87 % 4.66 % 2033 32,700 3.60 % 4.65 % Total $ 317,300 4.20 % 4.70 % The following table presents information about our interest rate swaps whereby we receive fixed rate payments in exchange for floating rate payments as of March 31, 2023 (dollar amounts in thousands): March 31, 2023 Swap Maturities Notional Amount Weighted Average Fixed Interest Rate Weighted Average Variable Interest Rate 2028 $ 8,000 3.36 % 4.83 % 2033 16,000 3.21 % 4.83 % Total $ 24,000 3.26 % 4.83 % Certain of the Company’s derivative contracts are subject to International Swaps and Derivatives Association Master Agreements or other similar agreements which may contain provisions that grant counterparties certain rights with respect to the applicable agreement upon the occurrence of certain events including a decline in Company's stockholders’ equity (as defined in the respective agreements) in excess of specified thresholds or dollar amounts over set periods of time, the Company’s failure to maintain its REIT status, the Company’s failure to comply with limits on the amount of leverage and the Company’s stock being delisted from Nasdaq. Cash flow activity related to derivative instruments is reflected within the operating activities and investing activities sections of the Company's condensed consolidated statements of cash flows. Realized gains or losses, if any, and unrealized gains or losses, if any, on the Company's derivative instruments are included in the realized (gains) losses, net and unrealized (gains) losses, net line items within the operating activities section of the condensed consolidated statements of cash flows. Additionally, any changes in excess margin amounts due from or due to counterparties in connection with the Company's interest rate swaps are included in the changes in operating assets and liabilities line item of the condensed consolidated statements of cash flows. The remaining cash flow activity related to derivative instruments is reflected within the net payments received from (made on) derivative instruments line item within the investing activities section of the condensed consolidated statements of cash flows.

Other Assets and Other Liabilit

Other Assets and Other Liabilities	3 Months Ended
	Mar. 31, 2023
Offsetting [Abstract]
Other Assets and Other Liabilities	11. Other Assets and Other Liabilities Other Assets The following table presents the components of the Company's other assets as of March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): March 31, 2023 December 31, 2022 Restricted cash (1) $ 115,249 $ 136,220 Accrued interest receivable 31,578 34,067 Collections receivable from residential loan servicers 16,150 15,374 Recoverable advances on residential loans 15,611 13,979 Other receivables 13,326 11,357 Other assets in consolidated multi-family properties 8,631 13,681 Operating lease right-of-use assets 7,524 7,831 Real estate owned 3,743 18,588 Derivative assets (2) 3,122 2,473 Deferred tax assets 2,448 2,671 Other 4,945 3,115 Total $ 222,327 $ 259,356 (1) Restricted cash represents cash held by third parties, including cash held by the Company's securitization trusts and consolidated multi-family properties. (2) Includes derivative asset held in a consolidated multi-family property. Other Liabilities The following table presents the components of the Company's other liabilities as of March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): March 31, 2023 December 31, 2022 Dividends and dividend equivalents payable $ 49,129 $ 49,996 Accrued interest payable 12,109 10,629 Operating lease liabilities 8,070 8,383 Accrued expenses 6,960 15,576 Accrued expenses and other liabilities in consolidated multi-family properties 6,149 10,511 Deferred revenue 5,953 7,131 Advanced remittances from residential loan servicers 1,116 9,098 Unfunded commitments for residential loans 554 2,950 Deferred tax liabilities — 394 Other 2,651 1,323 Total $ 92,691 $ 115,991

Repurchase Agreements

Repurchase Agreements	3 Months Ended
	Mar. 31, 2023
Carrying Value of Federal Funds Sold, Securities Purchased under Agreements to Resell, and Deposits Paid for Securities Borrowed [Abstract]
Repurchase Agreements	12. Repurchase Agreements The following table presents the carrying value of the Company's repurchase agreements as of March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): Repurchase Agreements Secured By: March 31, 2023 December 31, 2022 Residential loans $ 561,124 $ 686,946 Investment securities 226,778 50,077 Total carrying value $ 787,902 $ 737,023 As of March 31, 2023, the Company's only repurchase agreement exposure where the amount at risk was in excess of 5% of the Company's stockholders’ equity was to Bank of America at 6.88%. The amount at risk is defined as the fair value of assets pledged as collateral to the financing arrangement in excess of the financing arrangement liability. The financings under certain of our repurchase agreements are subject to margin calls to the extent the market value of the collateral subject to repurchase agreement falls below specified levels and repurchase may be accelerated upon an event of default under the repurchase agreements. As of March 31, 2023, the Company had assets available to be posted as margin which included liquid assets, such as unrestricted cash and cash equivalents, and unencumbered securities that could be monetized to pay down or collateralize the liability immediately. As of March 31, 2023, the Company had $215.8 million included in cash and cash equivalents and $127.5 million in unencumbered investment securities available to meet additional haircuts or market valuation requirements. The following table presents information about the Company's unencumbered securities at March 31, 2023 (dollar amounts in thousands): Unencumbered Securities March 31, 2023 Agency RMBS $ 6,914 Non-Agency RMBS (1) (2) 89,425 CMBS 30,667 ABS 492 Total $ 127,498 (1) Includes IOs in Consolidated SLST with a fair value of $19.1 million as of March 31, 2023. Consolidated SLST securities owned by the Company are eliminated in consolidation in accordance with GAAP. (2) Includes CDOs repurchased from our residential loan securitizations with a fair value of $6.1 million as of March 31, 2023. Repurchased CDOs are eliminated in consolidation in accordance with GAAP. The Company also had unencumbered residential loans with a fair value of $225.3 million at March 31, 2023. Residential Loans The Company has repurchase agreements with four 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 March 31, 2023 and December 31, 2022, 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) March 31, 2023 $ 1,975,000 $ 562,371 $ (1,247) $ 561,124 $ 695,701 7.34 % 17.21 December 31, 2022 $ 2,030,879 $ 688,487 $ (1,541) $ 686,946 $ 867,033 6.65 % 16.69 (1) Includes non-mark-to-market repurchase agreements with an aggregate outstanding balance of $317.3 million, a weighted average rate of 7.45%, and weighted average months to maturity of 23.05 months as of March 31, 2023. Includes non-mark-to-market repurchase agreements with an aggregate outstanding balance of $446.8 million, a weighted average rate of 6.77%, and weighted average months to maturity of 23.96 months as of December 31, 2022. (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 one of the counterparties with an aggregate outstanding balance of $245.0 million as of March 31, 2023 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. The Company, as required by a repurchase agreement with one counterparty, has entered into an interest rate cap contract that limits the indexed portion of the interest rate on the related repurchase agreement to a strike price of Term SOFR of 4.10% on the $111.0 million notional amount with an expiration date of November 17, 2024. The fair value of the interest rate cap contract of $1.2 million and $1.5 million is included in other assets in the condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022, respectively. The Company recognized unrealized losses of $0.2 million for the three months ended March 31, 2023 which is included in non-interest (loss) income in the condensed consolidated statements of operations. As of March 31, 2023, 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 March 31, 2023 and through the date of this Quarterly Report on Form 10-Q. Investment Securities The Company has entered into repurchase agreements with financial institutions to finance certain investment securities available for sale, securities owned in Consolidated SLST and CDOs repurchased from our residential loan securitizations. These repurchase agreements provide short-term financing that bear interest rates typically based on a spread to SOFR and are secured by the investment securities which they finance and additional collateral pledged, if any. As of March 31, 2023 and December 31, 2022 , the Company had amounts outstanding under repurchase agreements with three counterparties. The following table presents detailed information about the amounts outstanding under the Company’s repurchase agreements secured by investment securities and associated assets pledged as collateral at March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): March 31, 2023 December 31, 2022 Outstanding Repurchase Agreements Fair Value of Collateral Pledged Amortized Cost of Collateral Pledged Outstanding Repurchase Agreements Fair Value of Collateral Pledged Amortized Cost of Collateral Pledged Agency RMBS $ 94,306 $ 100,286 $ 99,278 $ — $ — $ — Non-Agency RMBS (1) (2) 132,472 268,590 309,778 50,077 170,551 210,733 Balance at end of the period $ 226,778 $ 368,876 $ 409,056 $ 50,077 $ 170,551 $ 210,733 (1) Includes first loss subordinated securities in Consolidated SLST with a fair value of $169.4 million as of March 31, 2023. Consolidated SLST securities owned by the Company are eliminated in consolidation in accordance with GAAP. (2) Includes securities repurchased from our residential loan securitizations with a fair value of $99.2 million as of March 31, 2023. Repurchased CDOs are eliminated in consolidation in accordance with GAAP. As of March 31, 2023 and December 31, 2022, the outstanding balances under our repurchase agreements secured by investment securities were funded at a weighted average advance rate of 76.6% and 30.0%, respectively, that implies an average "haircut" of 23.4% and 70.0%, respectively. As of March 31, 2023, the weighted average "haircut" related to our repurchase agreement financing for our Agency RMBS and non-Agency RMBS was approximately 5.0% and 36.5%, respectively. As of March 31, 2023 and December 31, 2022, the average days to maturity for repurchase agreements secured by investment securities were 55 days and 9 days, respectively, and the weighted average interest rates were 5.74% and 5.28%, respectively. The Company’s accrued interest payable on outstanding repurchase agreements secured by investment securities at March 31, 2023 and December 31, 2022 amounted to $1.3 million and $0.6 million, respectively, and is included in other liabilities on the Company’s condensed consolidated balance sheets. The following table presents contractual maturity information about the Company’s outstanding repurchase agreements secured by investment securities at March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): Contractual Maturity March 31, 2023 December 31, 2022 Within 30 days $ 49,950 $ 50,077 Over 30 day to 90 days 176,828 — Over 90 days — — Total $ 226,778 $ 50,077

Collateralized Debt Obligations

Collateralized Debt Obligations	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Collateralized Debt Obligations	13. 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 March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): March 31, 2023 Outstanding Face Amount Carrying Value Weighted Average Interest Rate (1) Stated Maturity (2) Consolidated SLST (3) $ 688,916 $ 638,513 2.75 % 2059 Residential loan securitizations 1,416,155 1,390,991 3.58 % 2026 - 2062 Total collateralized debt obligations $ 2,105,071 $ 2,029,504 December 31, 2022 Outstanding Face Amount Carrying Value Weighted Average Interest Rate (1) Stated Maturity (2) Consolidated SLST (3) $ 699,408 $ 634,495 2.75 % 2059 Residential loan securitizations 1,498,198 1,468,222 3.54 % 2026 - 2062 Total collateralized debt obligations $ 2,197,606 $ 2,102,717 (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) 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. (3) The Company has elected the fair value option for CDOs issued by Consolidated SLST ( see Note 16). The Company's CDOs as of March 31, 2023 had stated maturities as follows: Year ending December 31, Total 2023 $ — 2024 — 2025 — 2026 113,000 2027 225,000 Thereafter 1,767,071 Total $ 2,105,071

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	14. Debt 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 March 31, 2023, 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 $2.4 million and $2.6 million as of March 31, 2023 and December 31, 2022, respectively. 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 is 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 had 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%. The Company did not exercise its redemption right prior to April 30, 2023. 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 are structurally subordinated in right of payment to the Company's subordinated debentures. As of March 31, 2023, 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 March 31, 2023 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 March 31, 2023 and December 31, 2022 (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 May 5, 2023, the Company has not been notified, and is not aware, of any event of default under the indenture for the subordinated debentures. Convertible Notes The Company redeemed its $138.0 million aggregate principal amount of 6.25% Senior Convertible Notes (the "Convertible Notes") at maturity on January 15, 2022. None of the Convertible Notes were converted prior to maturity. The following table presents interest expense from the Convertible Notes for the three months ended March 31, 2022 (dollar amounts in thousands): For the Three Months Ended March 31, 2022 Contractual interest expense $ 335 Amortization of underwriter's discount and deferred charges 103 Total $ 438 Mortgages Payable on Real Estate As of March 31, 2023 and December 31, 2022, the Company owned joint venture equity investments in entities 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) . In March 2022, a wholly-owned subsidiary of the Company completed the sale of its multi-family apartment community and redeemed the Company's preferred equity investment ( see Note 7 ). In conjunction with the sale, the entity repaid the related mortgage payable in the amount of approximately $37.0 million and recorded a loss on extinguishment of debt of approximately $0.6 million, which is included in other income on the accompanying condensed consolidated statements of operations. The consolidated multi-family apartment communities are subject to mortgages payable collateralized by the associated real estate assets. The Company has no obligation for repayment of the mortgages payable but, with respect to certain of the mortgages payable, it may execute a guaranty related to commitment of bad acts. The following table presents detailed information for these mortgages payable on real estate as of March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): Maximum Committed Mortgage Principal Amount Outstanding Mortgage Balance Net Deferred Finance Cost Mortgage Payable, Net (1) Stated Maturity Weighted Average Interest Rate (2) (3) March 31, 2023 $ 401,362 $ 400,112 $ (2,796) $ 397,316 2025 - 2032 4.29 % December 31, 2022 398,703 397,453 (2,746) 394,707 2025 - 2032 4.21 % (1) In September 2022, the Company announced a repositioning of its business through the opportunistic disposition over time of the Company's joint venture equity investments in multi-family properties and reallocation of its capital away from such assets to its targeted assets. Accordingly, the mortgages payable on real estate related to certain joint venture equity investments in multi-family properties are included in liabilities of disposal group held for sale on the accompanying condensed consolidated balance sheets. See Note 9 for additional information. (2) Weighted average interest rate is calculated using the outstanding mortgage balance and interest rate as of the date indicated. (3) For variable-rate mortgages payable, the joint venture entity, as required by the loan agreement, entered into an interest rate cap contract with a counterparty that limits the indexed portion of the interest rate to a strike price of Term SOFR of 2.0% on the $29.0 million notional amount with an expiration date of April 1, 2024. The fair value of the interest rate cap contract of $0.8 million and $1.0 million is included in other assets in the condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022, respectively. The consolidated multi-family apartment communities recognized an unrealized loss on interest rate contracts of $0.1 million for the three months ended March 31, 2023, which is included in non-interest income (loss) in the condensed consolidated statements of operations. Debt Maturities As of March 31, 2023, maturities for debt on the Company's condensed consolidated balance sheet are as follows (dollar amounts in thousands): Year Ending December 31, Outstanding Balance 2023 $ — 2024 — 2025 27,750 2026 127,209 2027 — 2028 — Thereafter 390,153 $ 545,112

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	15. Commitments and Contingencies Outstanding Litigation The Company is at times subject to various legal proceedings arising in the ordinary course of business. As of March 31, 2023, 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. Investment Commitment

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	16. 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 – Residential loans held in Consolidated SLST 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 based on the fair value of the CDOs issued by the securitization and its investment in the securitization (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 the securitization 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 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 weighted multiples of origination volume and earnings before taxes, depreciation and amortization of the entity. 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 fair values of the Company's interest rate cap agreements are measured using models developed by either third-party pricing providers or the respective counterparty that use the market-standard methodology of discounting the future expected cash receipts which would occur if floating interest rates rise above the strike rate of the caps. The floating interest rates used in the calculation of projected receipts on the interest rate caps are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The inputs used in the valuation of interest rate caps fall within Level 2 of the fair value hierarchy. The Company's interest rate swaps are classified as Level 2 fair values and are measured using valuations reported by CME Clearing. The derivatives are presented net of variation margin payments pledged or received. The Company's options are classified as Level 2 fair values and are measured using prices obtained from the counterparty. g. Collateralized Debt Obligations – CDOs issued by Consolidated SLST 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 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 March 31, 2023 and December 31, 2022, respectively, on the Company’s condensed consolidated balance sheets (dollar amounts in thousands): Measured at Fair Value on a Recurring Basis at March 31, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets carried at fair value Residential loans: Residential loans $ — $ — $ 921,000 $ 921,000 $ — $ — $ 1,081,384 $ 1,081,384 Consolidated SLST — — 829,153 829,153 — — 827,582 827,582 Residential loans held in securitization trusts — — 1,624,703 1,624,703 — — 1,616,114 1,616,114 Multi-family loans — — 95,309 95,309 — — 87,534 87,534 Investment securities available for sale: Agency RMBS — 107,200 — 107,200 — — — — Non-Agency RMBS — 64,211 — 64,211 — 68,570 — 68,570 CMBS — 30,668 — 30,668 — 30,133 — 30,133 ABS — 492 — 492 — 856 — 856 Equity investments (1) — — 191,148 191,148 — — 179,746 179,746 Derivative assets: Interest rate caps (1) (2) — 2,002 — 2,002 — 2,473 — 2,473 Options (2) — 1,120 — 1,120 — — — — Assets of disposal group held for sale (3) — 22,800 10,070 32,870 — 29,418 9,010 38,428 Total $ — $ 228,493 $ 3,671,383 $ 3,899,876 $ — $ 131,450 $ 3,801,370 $ 3,932,820 Liabilities carried at fair value Consolidated SLST CDOs $ — $ — $ 638,513 $ 638,513 $ — $ — $ 634,495 $ 634,495 Derivative liabilities: Interest rate swaps (2) (4) — — — — — — — — Total $ — $ — $ 638,513 $ 638,513 $ — $ — $ 634,495 $ 634,495 (1) Excludes assets of disposal group held for sale (see Note 9 ). (2) Included in other assets in the condensed consolidated balance sheets. (3) Includes derivative assets classified as Level 2 instruments in the amount of $22.8 million and $29.4 million as of March 31, 2023 and December 31, 2022, respectively, and equity investments classified as Level 3 instruments in the amount of $10.1 million and $9.0 million as of March 31, 2023 and December 31, 2022, respectively. (4) All of the Company’s interest rate swaps outstanding are cleared through a central clearing house. The Company exchanges variation margin for swaps based upon daily changes in fair value. Includes derivative liabilities of $2.9 million and derivative assets of $0.4 million netted against a variation margin of $2.5 million at March 31, 2023. The following tables detail changes in valuation for the Level 3 assets for the three months ended March 31, 2023 and 2022, respectively (dollar amounts in thousands): Level 3 Assets: Three Months Ended March 31, 2023 Residential loans Residential loans Consolidated SLST Residential loans held in securitization trusts Multi-family loans Equity investments Equity investments in disposal group held for sale Total Balance at beginning of period $ 1,081,384 $ 827,582 $ 1,616,114 $ 87,534 $ 179,746 $ 9,010 $ 3,801,370 Total (losses)/gains (realized/unrealized) Included in earnings (599) 15,121 33,041 2,889 3,451 1,060 54,963 Transfers out (1) (93) — (233) — — — (326) Transfer to securitization trust, net (2) (86,110) — 86,110 — — — — Funding/Contributions — — — 6,420 15,528 — 21,948 Paydowns/Distributions (141,355) (13,550) (130,911) (1,534) (7,577) — (294,927) Sales (166) — — — — (166) Purchases 67,939 — 20,582 — — — 88,521 Balance at the end of period $ 921,000 $ 829,153 $ 1,624,703 $ 95,309 $ 191,148 $ 10,070 $ 3,671,383 (1) Transfers out of Level 3 assets represents the transfer of residential loans to real estate owned. (2) During the three months ended March 31, 2023, the Company transferred certain business purpose loans into residential loan securitizations ( see Note 7 for further discussion of the Company's residential loan securitizations). Three Months Ended March 31, 2022 Residential loans Residential loans Consolidated SLST Residential loans held in securitization trusts Multi-family loans Equity investments Total Balance at beginning of period $ 1,703,290 $ 1,070,882 $ 801,429 $ 120,021 $ 239,631 $ 3,935,253 Total (losses)/gains (realized/unrealized) Included in earnings (24,571) (67,685) (33,729) 3,258 6,793 (115,934) Transfers out (1) (90) — (789) — — (879) Transfer to securitization trust, net (2) (598,430) — 598,430 — — — Funding/Contributions — — — — 19,191 19,191 Paydowns/Distributions (126,575) (33,344) (117,548) (13,071) (40,315) (330,853) Sales (320) — — — — (320) Purchases 767,914 — 14,563 — — 782,477 Balance at the end of period $ 1,721,218 $ 969,853 $ 1,262,356 $ 110,208 $ 225,300 $ 4,288,935 (1) Transfers out of Level 3 assets represents the transfer of residential loans to real estate owned. (2) During the three months ended March 31, 2022, the Company completed two securitizations of certain performing, re-performing and business purpose loans ( see Note 7 for further discussion of the Company's residential loan securitizations). The following table details changes in valuation for the Level 3 liabilities for the three months ended March 31, 2023 and 2022, respectively (dollar amounts in thousands): Level 3 Liabilities: Consolidated SLST CDOs Three Months Ended March 31, 2023 2022 Balance at beginning of period $ 634,495 $ 839,419 Total gains (realized/unrealized) Included in earnings 14,511 (51,438) Paydowns (10,493) (33,717) Balance at the end of period $ 638,513 $ 754,264 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): March 31, 2023 Fair Value Valuation Technique Unobservable Input Weighted Average Range Assets Residential loans: Residential loans and residential loans held in securitization trusts (1) $2,392,768 Discounted cash flow Lifetime CPR 4.6% — - 34.9% Lifetime CDR 0.7% — - 26.9% Loss severity 7.9% — - 96.6% Yield 7.9% 5.3% - 92.0% $152,935 Liquidation model Annual home price appreciation/(depreciation) 0.1% (1.0)% - 5.2% Liquidation timeline (months) 20 9 - 50 Property value $1,931,405 $15,300 - $13,800,000 Yield 7.6% 7.5% - 29.3% Consolidated SLST (3) $829,153 Liability price N/A Total $3,374,856 Multi-family loans (1) $95,309 Discounted cash flow Discount rate 12.4% 11.0% - 20.5% Months to assumed redemption 35 6 - 52 Loss severity — Equity investments (1) (2) $166,148 Discounted cash flow Discount rate 13.5% 13.0% - 15.5% Months to assumed redemption 20 1 - 59 Loss severity — Equity investments in disposal group held for sale (2) $10,070 Discounted cash flow Discount rate 16.0% 16.0% - 16.0% Months to assumed redemption 18 18 - 18 Loss severity — Liabilities Consolidated SLST CDOs (3) (4) $638,513 Discounted cash flow Yield 5.0% 4.3% - 10.0% Collateral prepayment rate 5.8% 2.6% - 6.7% Collateral default rate 1.5% — - 11.5% Loss severity 22.0% 2.3% - 27.2% (1) Weighted average amounts are calculated based on the weighted average fair value of the assets. (2) Equity investments do not include equity ownership interests in an entity that originates residential loans. The fair value of this investment is determined using weighted multiples of origination volume and earnings before taxes, depreciation and amortization of the entity. (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 March 31, 2023, the fair value of investment securities we own in Consolidated SLST amounts to $188.5 million. (4) Weighted average yield calculated based on the weighted average fair value of the CDOs issued by Consolidated SLST, including investment securities we own. 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 CDOs issued by Consolidated SLST, including investment securities we own. The following table details the changes in unrealized gains (losses) included in earnings for the three months ended March 31, 2023 and 2022, respectively, for our Level 3 assets and liabilities held as of March 31, 2023 and 2022, respectively (dollar amounts in thousands): Three Months Ended March 31, 2023 2022 Assets Residential loans: Residential loans (1) $ (3,320) $ (25,440) Consolidated SLST (1) 15,807 (66,645) Residential loans held in securitization trusts (1) 30,077 (32,566) Multi-family loans (1) 453 291 Equity investments (2) (2,577) 1,115 Equity investments in disposal group held for sale (2) 1,060 — Liabilities Consolidated SLST CDOs (1) (13,508) 51,366 (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 March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): March 31, 2023 December 31, 2022 Fair Value Carrying Estimated Carrying Estimated Financial Assets: Cash and cash equivalents Level 1 $ 227,753 $ 227,753 $ 244,718 $ 244,718 Residential loans Level 3 3,374,856 3,374,856 3,525,080 3,525,080 Multi-family loans Level 3 95,309 95,309 87,534 87,534 Investment securities available for sale Level 2 202,571 202,571 99,559 99,559 Equity investments Level 3 191,148 191,148 179,746 179,746 Equity investments in disposal group held for sale Level 3 10,070 10,070 9,010 9,010 Derivative assets Level 2 3,122 3,122 2,473 2,473 Derivative assets in disposal group held for sale Level 2 22,800 22,800 29,418 29,418 Financial Liabilities: Repurchase agreements Level 2 787,902 787,902 737,023 737,023 Collateralized debt obligations: Residential loan securitizations at amortized cost, net Level 3 1,390,991 1,321,342 1,468,222 1,383,715 Consolidated SLST Level 3 638,513 638,513 634,495 634,495 Subordinated debentures Level 3 45,000 33,500 45,000 32,721 Senior unsecured notes Level 2 97,561 91,732 97,384 91,104 Mortgages payable on real estate Level 3 397,316 374,605 394,707 377,327 Mortgages payable on real estate in disposal group held for sale Level 3 878,060 877,360 865,414 864,758 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 – 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. 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 real estate – The fair value of consolidated variable-rate mortgages payable approximates the carrying value of such liabilities. The fair value of consolidated fixed-rate mortgages payable is estimated based upon discounted cash flows at current borrowing rates.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Stockholders' Equity	17. Stockholders' Equity (a) Preferred Stock The Company had 200,000,000 authorized shares of preferred stock, par value $0.01 per share (the "Preferred Stock"), with 22,265,817 and 22,284,994 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively. As of March 31, 2023, the Company has four outstanding series of cumulative redeemable 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”), 6.875% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series F Preferred Stock”) and 7.000% Series G Cumulative Redeemable Preferred Stock (“Series G 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 March 2023, the Board of Directors approved a $100.0 million preferred stock repurchase program. The program, which expires March 31, 2024, allows the Company to make repurchases of shares of Preferred Stock from time to time in open market transactions, including through block purchases or privately negotiated transactions. During the three months ended March 31, 2023, the Company repurchased 19,177 shares of Series G Preferred Stock pursuant to the preferred stock repurchase program for a total cost of approximately $0.3 million, including fees and commissions paid to the broker, representing an average repurchase price of $16.64 per preferred share. The difference between the consideration transferred and the carrying value of the preferred stock resulted in a gain attributable to common stockholders of approximately $0.1 million during the three months ended March 31, 2023. As of March 31, 2023, $99.7 million of the approved amount remained available for the repurchase of shares of Preferred Stock under the preferred stock repurchase program. The following tables summarize the Company’s Preferred Stock issued and outstanding as of March 31, 2023 and December 31, 2022 (dollar amounts in thousands): March 31, 2023 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-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 5,750,000 138,650 143,750 6.875 % October 15, 2026 October 15, 2026 3M SOFR + 6.130% Fixed Rate Series G 5,450,000 2,980,823 71,756 74,520 7.000 % January 15, 2027 Total 31,500,000 22,265,817 $ 537,889 $ 556,645 December 31, 2022 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-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 5,750,000 138,650 143,750 6.875 % October 15, 2026 October 15, 2026 3M SOFR + 6.130% Fixed Rate Series G 5,450,000 3,000,000 72,218 75,000 7.000 % January 15, 2027 Total 31,500,000 22,284,994 $ 538,351 $ 557,125 (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 D Preferred Stock, Series E Preferred Stock, Series F Preferred Stock and Series G Preferred Stock, respectively). (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 The following table presents the relevant information with respect to quarterly cash dividends declared on the Preferred Stock commencing January 1, 2022 through March 31, 2023: Cash Dividend Per Share Declaration Date Record Date Payment Date Series D Preferred Stock Series E Preferred Stock Series F Preferred Stock Series G Preferred Stock March 9, 2023 April 1, 2023 April 15, 2023 $ 0.50 $ 0.4921875 $ 0.4296875 $ 0.43750 December 12, 2022 January 1, 2023 January 15, 2023 0.50 0.4921875 0.4296875 0.43750 September 16, 2022 October 1, 2022 October 15, 2022 0.50 0.4921875 0.4296875 0.43750 June 17, 2022 July 1, 2022 July 15, 2022 0.50 0.4921875 0.4296875 0.43750 March 14, 2022 April 1, 2022 April 15, 2022 0.50 0.4921875 0.4296875 0.43750 (c) Common Stock The Company had 200,000,000 authorized shares of common stock, par value $0.01 per share, with 91,180,096 and 91,193,688 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively. On February 22, 2023, the Company announced that the Board of Directors approved the Reverse Stock Split. The Reverse Stock Split was effected as of 12:01 a.m., New York City time, on March 9, 2023 (the “Effective Time”). Accordingly, at the Effective Time, every four issued and outstanding shares of the Company’s common stock were converted into one share of the Company’s common stock, with a proportionate reduction in the Company’s authorized shares of common stock, outstanding equity awards and number of shares remaining available for issuance under the Company's 2017 Equity Incentive Plan (as amended, the "2017 Plan") . In connection with the reverse stock split, the number of authorized shares of the Company’s common stock was also reduced on a one-for-four basis, from 800,000,000 to 200,000,000. The par value of each share of common stock remained unchanged. No fractional shares were issued in connection with the Reverse Stock Split. Instead, each stockholder holding fractional shares as a result of the Reverse Stock Split was entitled to receive, in lieu of such fractional shares, cash in an amount based on the closing price of the Company's common stock on the Nasdaq Global Select Market on March 8, 2023. The Reverse Stock Split applied to all of the Company’s outstanding shares of common stock and therefore did not affect any stockholder’s ownership percentage of shares of the Company’s common stock, except for de minimis changes resulting from the payment of cash in lieu of fractional shares. A ll common share and per common share data included in these condensed consolidated financial statements and notes thereto have been adjusted on a retroactive basis to reflect the impact of the Reverse Stock Split. In February 2022, the Board of Directors approved a $200.0 million stock repurchase program. The program, which expires March 31, 2024, allows the Company to make repurchases of shares of common stock from time to time in open market transactions, including through block purchases, through privately negotiated transactions or pursuant to any Rule 10b-18 or 10b5-1 plans. In March 2023, the Board of Directors approved an upsize of the stock repurchase program to $246.0 million. During the three months ended March 31, 2023, the Company repurchased 377,508 shares of its common stock pursuant to the stock repurchase program for a total cost of approximately $3.6 million, including fees and commissions paid to the broker, representing an average repurchase price of $9.56 per common share. The Company did not repurchase any shares of its common stock during the three months ended March 31, 2022. As of March 31, 2023, $199.8 million of the approved amount remained available for the repurchase of shares of the Company's common stock under the stock repurchase program. (d) Dividends on Common Stock The following table presents cash dividends declared by the Company on its common stock with respect to the quarterly periods commencing January 1, 2022 through March 31, 2023: Period Declaration Date Record Date Payment Date Cash Dividend Per Share First Quarter 2023 March 9, 2023 March 20, 2023 April 26, 2023 $ 0.40 Fourth Quarter 2022 December 12, 2022 December 27, 2022 January 26, 2023 0.40 Third Quarter 2022 September 16, 2022 September 26, 2022 October 26, 2022 0.40 Second Quarter 2022 June 17, 2022 June 27, 2022 July 25, 2022 0.40 First Quarter 2022 March 14, 2022 March 24, 2022 April 25, 2022 0.40 (e) 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. There were no shares of the Company's common stock issued under the Common Equity Distribution Agreement during the three months ended March 31, 2023 and 2022. As of March 31, 2023, approximately $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. On March 2, 2022, the Company entered into an amendment to the Preferred Equity Distribution Agreement that provided for the inclusion of sales of the Company's Series G Preferred Stock and the exclusion of sales of the Company's Series B 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	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings (Loss) Per Common Share	18. 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. The Company redeemed the Convertible Notes at maturity in the amount of $138.0 million on January 15, 2022. During the three months ended March 31, 2022, 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 months ended March 31, 2023, certain of the PSUs awarded under 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 March 31, 2023, the 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. During the three months ended March 31, 2022, 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 March 31, 2023 2022 Basic Earnings (Loss) per Common Share: Net income (loss) attributable to Company $ 20,863 $ (73,850) Less: Preferred Stock dividends (10,484) (10,493) Plus: Gain on repurchase of preferred stock 142 — Net income (loss) attributable to Company's common stockholders $ 10,521 $ (84,343) Basic weighted average common shares outstanding 91,314 95,199 Basic Earnings (Loss) per Common Share $ 0.12 $ (0.89) Diluted Earnings (Loss) per Common Share: Net income (loss) attributable to Company $ 20,863 $ (73,850) Less: Preferred Stock dividends (10,484) (10,493) Plus: Gain on repurchase of preferred stock 142 — Net income (loss) attributable to Company's common stockholders $ 10,521 $ (84,343) Weighted average common shares outstanding 91,314 95,199 Net effect of assumed PSUs vested 358 — Net effect of assumed RSUs vested — — Diluted weighted average common shares outstanding 91,672 95,199 Diluted Earnings (Loss) per Common Share $ 0.11 $ (0.89)

Stock Based Compensation

Stock Based Compensation	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock Based Compensation	19. Stock Based Compensation Pursuant to the 2017 Plan, as approved by the Company's stockholders, eligible employees, officers and directors of the Company and individuals who provide services to 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 10,792,500 . Of the common stock authorized at March 31, 2023, 7,203,330 shares remain available for issuance under the 2017 Plan. The Company’s non-employee directors have been issued 229,754 shares under the 2017 Plan as of March 31, 2023. The Company’s employees have been issued 1,220,850 shares of restricted stock under the 2017 Plan as of March 31, 2023. At March 31, 2023, there were 550,536 shares of non-vested restricted stock outstanding, 1,159,901 common shares reserved for issuance in connection with outstanding PSUs under the 2017 Plan and 119,064 common shares reserved for issuance in connection with outstanding RSUs under the 2017 Plan. Of the common stock authorized at December 31, 2022, 7,199,024 shares were reserved for issuance under the 2017 Plan. The Company's non-employee directors had been issued 229,754 shares under the 2017 Plan as of December 31, 2022. The Company’s employees had been issued 952,350 shares of restricted stock under the 2017 Plan as of December 31, 2022. At December 31, 2022, there were 526,074 shares of non-vested restricted stock outstanding, 1,558,343 common shares reserved for issuance in connection with outstanding PSUs under the 2017 Plan and 263,708 common shares reserved for issuance in connection with outstanding RSUs under the 2017 Plan. (a) Restricted Common Stock Awards During the three months ended March 31, 2023 and 2022, the Company recognized non-cash compensation expense on its restricted common stock awards of $1.0 million and $1.1 million, respectively. Dividends are paid on all restricted 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 under the 2017 Plan for the three months ended March 31, 2023 and 2022, respectively, is presented below: 2023 2022 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 1 526,074 $ 16.34 477,276 $ 20.20 Granted 275,248 12.36 304,417 14.36 Vested (244,015) 18.18 (221,239) 21.97 Forfeited (6,771) 13.04 (5,370) 16.75 Non-vested shares as of March 31 550,536 $ 13.57 555,084 $ 16.31 Restricted stock granted during the period 275,248 $ 12.36 304,417 $ 14.36 (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 March 31, 2023 and 2022, the Company had unrecognized compensation expense of $6.8 million and $8.2 million, respectively, related to the non-vested shares of restricted common stock under the 2017 Plan. The unrecognized compensation expense at March 31, 2023 is expected to be recognized over a weighted average period of 2.2 years. The total fair value of restricted shares vested during the three months ended March 31, 2023 and 2022 was approximately $3.0 million and $3.2 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 Under the 2017 Plan, PSUs are instruments that provide the holder the right to receive one share of the Company's common stock once a performance condition has been satisfied. The awards were issued pursuant to and are consistent with the terms and conditions of the 2017 Plan. 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 total shareholder return 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 year period and correlation between each company's stock and the identified performance peer group over the same time series and (ii) a risk free rate for the period interpolated from the U.S. Treasury yield curve on grant date. The PSUs include dividend equivalent rights ("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 three months ended March 31, 2023 and 2022, respectively, is presented below: 2023 2022 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 1 786,577 $ 23.06 844,185 $ 21.70 Granted — — 211,133 19.47 Vested (201,978) 28.18 (268,729) 16.00 Non-vested target PSUs as of March 31 584,599 $ 21.29 786,589 $ 23.05 (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 total shareholder return of the Company’s common stock over a future period of three years. The three-year performance period for PSUs granted in 2020 ended on December 31, 2022, resulting in the vesting of 161,583 shares of common stock during the three months ended March 31, 2023 with a fair value of $2.0 million on the vesting date. The number of vested shares related to PSUs granted in 2020 was less than the target PSUs of 201,978. The three-year performance period for PSUs granted in 2019 ended on December 31, 2021, resulting in the vesting of 183,374 shares of common stock during the three months ended March 31, 2022 with a fair value of $2.6 million on the vesting date. The number of vested shares related to PSUs granted in 2019 was less than the target PSUs of 268,729. Non-vested PSUs are forfeited upon the recipient's termination of employment, subject to certain exceptions. As of March 31, 2023 and 2022, there was $4.6 million and $10.3 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 March 31, 2023 is expected to be recognized over a weighted average period of 1.3 years. Compensation expense related to the PSUs was $1.1 million and $1.4 million for the three months ended March 31, 2023 and 2022, respectively. (c) Restricted Stock Units Under the 2017 Plan, 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 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 three months ended March 31, 2023 and 2022, respectively, is presented below: 2023 2022 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 1 263,708 $ 16.11 254,052 $ 17.45 Granted — — 105,566 14.88 Vested (131,094) 17.40 (95,910) 18.32 Forfeited (13,550) 14.76 — — Non-vested RSUs as of March 31 119,064 $ 14.83 263,708 $ 16.10 (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 three months ended March 31, 2023, 131,094 shares of common stock were issued in connection with the vesting of RSUs at a fair value of $1.4 million on the vesting date. During the three months ended March 31, 2022, 95,910 shares of common stock were issued in connection with the vesting of RSUs at a fair value of $1.4 million on the vesting date. Non-vested RSUs are forfeited upon the recipient's termination of employment, subject to certain exceptions. As of March 31, 2023 and 2022, there was $1.5 million and $3.8 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 March 31, 2023 is expected to be recognized over a weighted average period of 1.4 years. Compensation expense related to the RSUs was $0.3 million and $0.5 million for the three months ended March 31, 2023 and 2022, respectively.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	20. Income Taxes For the three months ended March 31, 2023 and 2022, 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 (benefit)/provision for the three months ended March 31, 2023 and 2022, respectively, is comprised of the following components (dollar amounts in thousands): Three Months Ended March 31, 2023 2022 Current income tax expense $ 187 $ 65 Deferred income tax benefit (171) (87) Total income tax provision/(benefit) $ 16 $ (22) Deferred Tax Assets and Liabilities The major sources of temporary differences included in the deferred tax assets (liabilities) and their deferred tax effect as of March 31, 2023 and December 31, 2022, respectively, are as follows (dollar amounts in thousands): March 31, 2023 December 31, 2022 Deferred tax assets Net operating loss carryforward $ 4,455 $ 3,513 Capital loss carryover 16,117 16,045 GAAP/Tax basis differences 6,596 1,869 Total deferred tax assets (1) 27,168 21,427 Deferred tax liabilities GAAP/Tax basis differences — 394 Total deferred tax liabilities (2) — 394 Valuation allowance (1) (24,720) (18,756) Total net deferred tax asset $ 2,448 $ 2,277 (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 March 31, 2023, the Company, through wholly-owned TRSs, had incurred net operating losses in the aggregate amount of approximately $13.1 million. The Company’s carryforward net operating losses can be carried forward indefinitely until they are offset by future taxable income. Additionally, as of March 31, 2023, the Company, through its wholly-owned TRSs, had also incurred approximately $47.3 million in capital losses. The Company's carryforward capital losses will expire between 2025 and 2028 if they are not offset by future capital gains. At March 31, 2023, 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 an increase of approximately $6.0 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	3 Months Ended
	Mar. 31, 2023
Banking and Thrift, Interest [Abstract]
Net Interest Income	21. Net Interest Income The following table details the components of the Company's interest income and interest expense for the three months ended March 31, 2023 and 2022, respectively (dollar amounts in thousands): For the Three Months Ended 2023 2022 Interest income Residential loans Residential loans $ 16,954 $ 24,834 Consolidated SLST 8,733 9,380 Residential loans held in securitization trusts 24,721 16,633 Total residential loans 50,408 50,847 Multi-family loans 2,436 2,951 Investment securities available for sale 3,169 4,675 Other 1,123 28 Total interest income 57,136 58,501 Interest expense . Repurchase agreements 13,068 5,531 Collateralized debt obligations Consolidated SLST 6,315 5,978 Residential loan securitizations 17,376 7,456 Total collateralized debt obligations 23,691 13,434 Convertible notes — 438 Senior unsecured notes 1,614 1,603 Subordinated debentures 962 459 Total interest expense 39,335 21,465 Net interest income $ 17,801 $ 37,036

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation – On March 9, 2023, the Company effected a one-for-four reverse stock split of its issued, outstanding and authorized shares of common stock (the "Reverse Stock Split"). Accordingly, all common share and per common share data for all periods presented in these condensed consolidated financial statements and notes thereto have been adjusted on a retroactive basis to reflect the impact of the Reverse Stock Split. The accompanying condensed consolidated balance sheet as of December 31, 2022 has been derived from audited financial statements. The accompanying condensed consolidated balance sheet as of March 31, 2023, the accompanying condensed consolidated statements of operations for the three months ended March 31, 2023 and 2022, the accompanying condensed consolidated statements of comprehensive income (loss) for the three months ended March 31, 2023 and 2022, the accompanying condensed consolidated statements of changes in stockholders’ equity for the three months ended March 31, 2023 and 2022 and the accompanying condensed consolidated statements of cash flows for the three months ended March 31, 2023 and 2022 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, 2022, 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, 2022. Provided in this section is a summary of additional accounting policies that are significant to, or newly adopted by, the Company for the three months ended March 31, 2023. The results of operations for the three months ended March 31, 2023 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. In particular, prior period disclosures have been adjusted for the aforementioned Reverse Stock Split. Additionally, prior period disclosures have been conformed to the current period presentation of interest expense, mortgages payable on real estate. Starting in the fourth quarter of 2022, interest expense, mortgages payable on real estate is presented in expenses related to real estate on the Company's condensed consolidated statements of operations. Previously, interest expense, mortgages payable on real estate was presented in interest expense and net interest income on the Company's condensed consolidated statements of operations.
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 ( see Note 7 ). 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 in accordance with ASC 810, Consolidation ("ASC 810") 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. The Company evaluates the initial consolidation of each Consolidated VIE, which includes a determination of whether the VIE constitutes the definition of a business in accordance with ASC 805, Business Combinations ("ASC 805"), by considering if substantially all of the fair value of the gross assets within the VIE are concentrated in either a single identifiable asset or group of single identifiable assets. Upon consolidation, the Company recognizes the assets acquired, the liabilities assumed, and any third-party ownership of membership interests as non-controlling interest as of the consolidation or acquisition date, measured at their relative fair values ( see Note 7
Derivative Financial Instruments	Derivative Financial Instruments – The Company enters into various types of derivative financial instruments in connection with its risk management activities which are recorded on the accompanying condensed consolidated balance sheets as assets or liabilities at fair value in accordance with ASC 815, Derivatives and Hedging (“ASC 815”). Changes in fair value are accounted for depending on the use of the derivative financial instruments and whether they qualify for hedge accounting treatment. The Company elected not to apply hedge accounting for its derivative financial instruments; accordingly, all changes in fair value are reported on the accompanying condensed consolidated statements of operations as unrealized gains (losses), net.
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). Once ASU 2020-04 is elected, the guidance must be applied prospectively for all eligible contract modifications. The amendments in ASU 2021-01 were 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. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 ("ASU 2022-06"), which allows ASU 2020-04 to be adopted and applied prospectively to contract modifications made on or before December 31, 2024. The Company continues to evaluate the impact of ASU 2020-04 and ASU 2021-01 on its financing transactions that are subject to LIBOR and may apply elections, as applicable, as the expected market transition from IBORs to alternative reference rates continues to develop.
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 – Residential loans held in Consolidated SLST 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 based on the fair value of the CDOs issued by the securitization and its investment in the securitization (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 the securitization 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 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 weighted multiples of origination volume and earnings before taxes, depreciation and amortization of the entity. 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 fair values of the Company's interest rate cap agreements are measured using models developed by either third-party pricing providers or the respective counterparty that use the market-standard methodology of discounting the future expected cash receipts which would occur if floating interest rates rise above the strike rate of the caps. The floating interest rates used in the calculation of projected receipts on the interest rate caps are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The inputs used in the valuation of interest rate caps fall within Level 2 of the fair value hierarchy. The Company's interest rate swaps are classified as Level 2 fair values and are measured using valuations reported by CME Clearing. The derivatives are presented net of variation margin payments pledged or received. The Company's options are classified as Level 2 fair values and are measured using prices obtained from the counterparty. g. Collateralized Debt Obligations – CDOs issued by Consolidated SLST 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 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)	3 Months Ended
	Mar. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule of Residential Mortgage Loans Held in Securitization Trusts, Net	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 March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): March 31, 2023 December 31, 2022 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 $ 992,993 $ 941,329 $ 1,766,819 $ 3,701,141 $ 1,152,502 $ 955,579 $ 1,790,179 $ 3,898,260 (Discount)/premium (21,949) (5,801) (59,147) (86,897) (22,179) (5,815) (60,745) (88,739) Unrealized (losses) gains (50,044) (106,375) (82,969) (239,388) (48,939) (122,182) (113,320) (284,441) Carrying value $ 921,000 $ 829,153 $ 1,624,703 $ 3,374,856 $ 1,081,384 $ 827,582 $ 1,616,114 $ 3,525,080 (1) Certain of the Company's residential loans, at fair value are pledged as collateral for repurchase agreements as of March 31, 2023 and December 31, 2022 ( see Note 12) . (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 ( see Note 13 ). (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 ( see Note 13)
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 months ended March 31, 2023 and 2022, respectively (dollar amounts in thousands): For the Three Months Ended March 31, 2023 March 31, 2022 Residential loans Consolidated SLST (1) Residential loans held in securitization trusts Residential loans Consolidated SLST (1) Residential loans held in securitization trusts Unrealized (losses) gains, net $ (1,307) $ 15,807 $ 30,554 $ (25,524) $ (66,645) $ (37,774) (1) 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 ( see Note 16). 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 March 31, 2023 and December 31, 2022, respectively, are as follows: March 31, 2023 December 31, 2022 Residential loans Consolidated SLST Residential loans held in securitization trusts Residential loans Consolidated SLST Residential loans held in securitization trusts California 23.5 % 10.6 % 17.9 % 24.3 % 10.6 % 19.2 % Florida 14.3 % 10.3 % 10.0 % 13.2 % 10.3 % 10.2 % New York 8.4 % 9.8 % 8.4 % 8.0 % 9.8 % 8.6 % New Jersey 6.4 % 7.5 % 5.6 % 6.3 % 7.4 % 5.6 % Texas 6.4 % 3.9 % 7.8 % 7.0 % 4.0 % 7.3 % Illinois 2.6 % 7.2 % 3.5 % 2.6 % 7.2 % 3.2 % The geographic concentrations of credit risk exceeding 5% of the total multi-family loan investment amounts as of March 31, 2023 and December 31, 2022, respectively, are as follows: March 31, 2023 December 31, 2022 Texas 35.0 % 30.1 % Tennessee 14.6 % 15.6 % Florida 10.2 % 10.9 % Ohio 8.9 % 9.7 % Louisiana 7.0 % 7.5 % Alabama 6.7 % 7.1 % North Carolina 5.7 % 6.1 % Indiana 5.3 % 5.7 %
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 March 31, 2023 and December 31, 2022, 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 March 31, 2023 $ 187,929 $ 209,673 $ 9,594 $ 10,397 December 31, 2022 149,076 159,981 8,382 9,132

Multi-family Loans, at Fair V_2

Multi-family Loans, at Fair Value (Tables)	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Schedule of Mezzanine Loans and Preferred Equity Investments	Multi-family loans consist of the following as of March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): March 31, 2023 December 31, 2022 Investment amount $ 95,640 $ 88,249 Deferred loan fees, net (497) (428) Unrealized gains (losses), net 166 (287) Total, at Fair Value $ 95,309 $ 87,534 The following table presents condensed statements of operations for non-Company-sponsored VIEs for the three months ended March 31, 2023 and 2022, respectively (dollar amounts in thousands). The following table includes net (loss) income from assets and liabilities of disposal group held for sale and intercompany balances have been eliminated for purposes of this presentation. Three Months Ended March 31, 2023 2022 Consolidated SLST Consolidated Real Estate Total Consolidated SLST Consolidated Real Estate Total Interest income $ 8,733 $ — $ 8,733 $ 9,380 $ — $ 9,380 Interest expense 6,315 — 6,315 5,978 — 5,978 Total net interest income 2,418 — 2,418 3,402 — 3,402 Unrealized gains (losses), net 2,299 (1,298) 1,001 (15,279) — (15,279) Income from real estate — 39,075 39,075 — 23,637 23,637 Other losses — (10,259) (10,259) — — — Total non-interest income (loss) 2,299 27,518 29,817 (15,279) 23,637 8,358 Expenses related to real estate — 48,062 48,062 — 53,281 53,281 Net income (loss) 4,717 (20,544) (15,827) (11,877) (29,644) (41,521) Net loss attributable to non-controlling interest in Consolidated VIEs — 6,701 6,701 — 14,869 14,869 Net income (loss) attributable to Company $ 4,717 $ (13,843) $ (9,126) $ (11,877) $ (14,775) $ (26,652)
Schedule of 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 multi-family loans in non-accrual status as of March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): March 31, 2023 December 31, 2022 Days Late Fair Value Unpaid Principal Balance Fair Value Unpaid Principal Balance 90 + $ 4,753 $ 3,363 $ 4,523 $ 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 March 31, 2023 and December 31, 2022, respectively, are as follows: March 31, 2023 December 31, 2022 Residential loans Consolidated SLST Residential loans held in securitization trusts Residential loans Consolidated SLST Residential loans held in securitization trusts California 23.5 % 10.6 % 17.9 % 24.3 % 10.6 % 19.2 % Florida 14.3 % 10.3 % 10.0 % 13.2 % 10.3 % 10.2 % New York 8.4 % 9.8 % 8.4 % 8.0 % 9.8 % 8.6 % New Jersey 6.4 % 7.5 % 5.6 % 6.3 % 7.4 % 5.6 % Texas 6.4 % 3.9 % 7.8 % 7.0 % 4.0 % 7.3 % Illinois 2.6 % 7.2 % 3.5 % 2.6 % 7.2 % 3.2 % The geographic concentrations of credit risk exceeding 5% of the total multi-family loan investment amounts as of March 31, 2023 and December 31, 2022, respectively, are as follows: March 31, 2023 December 31, 2022 Texas 35.0 % 30.1 % Tennessee 14.6 % 15.6 % Florida 10.2 % 10.9 % Ohio 8.9 % 9.7 % Louisiana 7.0 % 7.5 % Alabama 6.7 % 7.1 % North Carolina 5.7 % 6.1 % Indiana 5.3 % 5.7 %

Investment Securities Availab_2

Investment Securities Available for Sale, at Fair Value (Tables)	3 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Available-for-sale Securities Reconciliation	The Company's investment securities available for sale consisted of the following as of March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): March 31, 2023 December 31, 2022 Amortized Cost Unrealized Fair Value Amortized Cost Unrealized Fair Value Gains Losses Gains Losses Fair Value Option Agency RMBS $ 106,116 $ 1,084 $ — $ 107,200 $ — $ — $ — $ — Non-Agency RMBS 44,483 8,878 (13,434) 39,927 48,958 9,436 (13,469) 44,925 CMBS 32,025 — (1,357) 30,668 32,033 — (1,900) 30,133 ABS 683 — (191) 492 797 59 — 856 Total investment securities available for sale - fair value option 183,307 9,962 (14,982) 178,287 81,788 9,495 (15,369) 75,914 CECL Securities Non-Agency RMBS 25,663 — (1,379) 24,284 25,616 — (1,971) 23,645 Total investment securities available for sale - CECL Securities 25,663 — (1,379) 24,284 25,616 — (1,971) 23,645 Total $ 208,970 $ 9,962 $ (16,361) $ 202,571 $ 107,404 $ 9,495 $ (17,340) $ 99,559
Schedule of Investments Securities Sold	The following table summarizes our investment securities sold during the three months ended March 31, 2022 (dollar amounts in thousands): Three Months Ended March 31, 2022 Sales Proceeds Realized Gains Realized Losses Net Realized Gains (Losses) Non-Agency RMBS $ 24,374 $ 374 $ — $ 374 Total $ 24,374 $ 374 $ — $ 374
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 March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): Weighted Average Life March 31, 2023 December 31, 2022 0 to 5 years $ 35,025 $ 39,655 Over 5 to 10 years 152,858 46,558 10+ years 14,688 13,346 Total $ 202,571 $ 99,559
Investment Securities Available-for-sale in an 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 March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): March 31, 2023 Less than 12 months Greater than 12 months Total Carrying Gross Carrying Gross Carrying Gross Non-Agency RMBS $ 15,997 $ (533) $ 8,287 $ (846) $ 24,284 $ (1,379) Total $ 15,997 $ (533) $ 8,287 $ (846) $ 24,284 $ (1,379) December 31, 2022 Less than 12 months Greater than 12 months Total Carrying Gross Carrying Gross Carrying Gross Non-Agency RMBS $ 23,609 $ (1,966) $ 36 $ (5) $ 23,645 $ (1,971) Total $ 23,609 $ (1,966) $ 36 $ (5) $ 23,645 $ (1,971)

Equity Investments, at Fair V_2

Equity Investments, at Fair Values (Tables)	3 Months Ended
	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments in Unconsolidated Entities	The following table presents the Company's equity investments as of March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): March 31, 2023 December 31, 2022 Investment Name Ownership Interest Fair Value Ownership Interest Fair Value Multi-Family Preferred Equity Ownership Interests 1122 Chicago DE, LLC 53% $ 8,426 53% $ 8,276 Bighaus, LLC 42% 16,739 42% 16,482 FF/RMI 20 Midtown, LLC 51% 27,525 51% 27,079 Palms at Cape Coral, LLC 34% 5,530 34% 5,429 America Walks at Port St. Lucie, LLC 62% 25,177 62% 29,873 EHOF-NYMT Sunset Apartments Preferred, LLC 57% 18,510 57% 18,139 Lucie at Tradition Holdings, LLC 70% 18,016 70% 17,576 Syracuse Apartments and Townhomes, LLC 58% 20,478 58% 20,115 Hudson Bridge Apartments, LLC - Series A, Briar Hill Apartments, LLC, Kings Glen Apartments, LLC, Flagstone Apartments, LLC, Brookfield Apartments II, LLC - Series B, and Silber JBSM Properties, LLC (collectively) 58% 9,422 58% 9,277 Tides on 27th Investors, LLC 54% 16,325 — — Total - Multi-Family Preferred Equity Ownership Interests 166,148 152,246 Single-Family Equity Ownership Interests Constructive Loans, LLC (1) 50% 25,000 — 27,500 Total - Single-Family Equity Ownership Interests 25,000 27,500 Total $ 191,148 $ 179,746 (1) The Company exercised its option to purchase 50% of the issued and outstanding interests of an entity that originates residential loans during the three months ended March 31, 2023. The Company purchased $16.0 million and $170.2 million of residential loans from the entity during the three months ended March 31, 2023 and 2022, respectively. The following table presents income from multi-family preferred equity ownership interests for the three months ended March 31, 2023 and 2022, 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 months ended March 31, 2023 and 2022 includes $0.6 million and $0.1 million of net unrealized gains, respectively. Three Months Ended March 31, Investment Name 2023 2022 1122 Chicago DE, LLC $ 251 $ 237 Bighaus, LLC 537 465 FF/RMI 20 Midtown, LLC 799 798 Palms at Cape Coral, LLC 177 155 America Walks at Port St. Lucie, LLC 1,126 902 EHOF-NYMT Sunset Apartments Preferred, LLC 625 549 Lucie at Tradition Holdings, LLC 684 601 Syracuse Apartments and Townhomes, LLC 654 516 Hudson Bridge Apartments, LLC - Series A, Briar Hill Apartments, LLC, Kings Glen Apartments, LLC, Flagstone Apartments, LLC, Brookfield Apartments II, LLC - Series B, and Silber JBSM Properties, LLC (collectively) 301 — Tides on 27th Investors, LLC 797 — DCP Gold Creek, LLC — 853 Rigsbee Ave Holdings, LLC — (174) Walnut Creek Properties Holdings, L.L.C. — (153) Lurin-RMI, LLC — 280 Somerset Deerfield Investor, LLC — 587 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) — 159 Total Income - Multi-Family Preferred Equity Ownership Interests $ 5,951 $ 5,775 Three Months Ended March 31, Investment Name 2023 2022 Single-Family Equity Ownership Interests Constructive Loans, LLC (1) $ (2,500) $ — Morrocroft Neighborhood Stabilization Fund II, LP (2) — 28 Total (Loss) Income - Single-Family Equity Ownership Interests $ (2,500) $ 28 Joint Venture Equity Investments in Multi-Family Properties (3) GWR Cedars Partners, LLC $ 413 $ 100 GWR Gateway Partners, LLC 647 150 Total Income - Joint Venture Equity Investments in Multi-Family Properties $ 1,060 $ 250 (1) Includes a net unrealized loss of $3.2 million for the three months ended March 31, 2023. The Company did not recognize any unrealized gains or losses for the three months ended March 31, 2022. (2) The Company's equity investment was redeemed during the year ended December 31, 2022. (3) The Company's joint venture equity investments in multi-family properties were transferred to assets of disposal group held for sale during the year ended December 31, 2022 ( see Note 9 ). Includes net unrealized gains of $1.1 million and $0.3 million for the three months ended March 31, 2023 and 2022, respectively.

Use of Special Purpose Entiti_2

Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) (Tables)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Assets and Liabilities of Consolidated VIE's	The following table summarizes the aggregate estimated fair value of the assets, liabilities and non-controlling interests associated with the initial consolidation of the joint venture entities and real estate acquisitions by a Consolidated VIE during the three months ended March 31, 2022 (dollar amounts in thousands): Cash (1) $ 7,102 Operating real estate (1) (2) 528,768 Lease intangibles (1) (3) 27,461 Other assets (1) 6,130 Total assets 569,461 Mortgages payable on real estate, net (1) 409,756 Other liabilities (1) 3,180 Total liabilities 412,936 Non-controlling interests (4) 10,488 Net assets consolidated $ 146,037 (1) In September 2022, the Company announced a repositioning of its business through the opportunistic disposition over time of the Company's joint venture equity investments in multi-family properties and reallocation of its capital away from such assets to its targeted assets. Accordingly, the Company determined that certain joint venture equity investments met the criteria to be classified as held for sale and transferred the assets and liabilities of the respective Consolidated VIEs to assets and liabilities of disposal group held for sale in the accompanying condensed consolidated balance sheets. See Note 9 for additional information. (2) For joint venture equity investments that are not held for sale, operating real estate is included in real estate, net in the accompanying condensed consolidated balance sheets. (3) For joint venture equity investments that are not held for sale, lease intangibles are included in other assets in the accompanying condensed consolidated balance sheets. (4) Represents third-party ownership of membership interests in Consolidated Real Estate VIEs. The following table presents a summary of the assets, liabilities and non-controlling interests of the Company's residential loan securitizations, Consolidated SLST and Consolidated Real Estate VIEs as of March 31, 2023 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Financing VIEs Other VIEs Residential Consolidated SLST Consolidated Real Estate Total Cash and cash equivalents $ — $ — $ 11,971 $ 11,971 Residential loans, at fair value 1,624,703 829,153 — 2,453,856 Real estate, net held in Consolidated VIEs (1) — — 543,471 543,471 Assets of disposal group held for sale (2) — — 1,140,308 1,140,308 Other assets 96,699 3,122 9,396 109,217 Total assets $ 1,721,402 $ 832,275 $ 1,705,146 $ 4,258,823 Collateralized debt obligations ($1,390,991 at amortized cost, net and $638,513 at fair value) $ 1,390,991 $ 638,513 $ — $ 2,029,504 Mortgages payable on real estate, net in Consolidated VIEs (3) — — 397,316 397,316 Liabilities of disposal group held for sale (2) — — 896,983 896,983 Other liabilities 6,624 3,883 6,149 16,656 Total liabilities $ 1,397,615 $ 642,396 $ 1,300,448 $ 3,340,459 Redeemable non-controlling interest in Consolidated VIEs (4) $ — $ — $ 54,352 $ 54,352 Non-controlling interest in Consolidated VIEs (5) $ — $ — $ 31,309 $ 31,309 Net investment (6) $ 323,787 $ 189,879 $ 319,037 $ 832,703 (1) Included in real estate, net in the accompanying condensed consolidated balance sheets. (2) Represents assets and liabilities, respectively, of certain Consolidated Real Estate VIEs included in disposal group held for sale ( see Note 9 ). (3) Included in mortgages payable on real estate, net in the accompanying condensed consolidated balance sheets. (4) Represents redeemable third-party ownership of membership interests in Consolidated Real Estate VIEs. See Redeemable Non-Controlling Interest in Consolidated VIEs below. (5) Represents third-party ownership of membership interests in Consolidated Real Estate VIEs. (6) The net investment amount is the maximum amount of the Company's investment that is at risk to loss and represents the difference between the carrying value of total assets and total liabilities held by VIEs, less non-controlling interests, if any. The following table presents a summary of the assets, liabilities and non-controlling interests of the Company's residential loan securitizations, Consolidated SLST and Consolidated Real Estate VIEs as of December 31, 2022 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Financing VIEs Other VIEs Residential Consolidated SLST Consolidated Real Estate Total Cash and cash equivalents $ — $ — $ 21,129 $ 21,129 Residential loans, at fair value 1,616,114 827,582 — 2,443,696 Real estate, net held in Consolidated VIEs (1) — — 543,739 543,739 Assets of disposal group held for sale (2) — — 1,142,773 1,142,773 Other assets 92,906 3,168 13,686 109,760 Total assets $ 1,709,020 $ 830,750 $ 1,721,327 $ 4,261,097 Collateralized debt obligations ($1,468,222 at amortized cost, net and $634,495 at fair value) $ 1,468,222 $ 634,495 $ — $ 2,102,717 Mortgages payable on real estate, net in Consolidated VIEs (3) — — 394,707 394,707 Liabilities of disposal group held for sale (2) — — 883,812 883,812 Other liabilities 8,168 3,342 10,511 22,021 Total liabilities $ 1,476,390 $ 637,837 $ 1,289,030 $ 3,403,257 Redeemable non-controlling interest in Consolidated VIEs (4) $ — $ — $ 63,803 $ 63,803 Non-controlling interest in Consolidated VIEs (5) $ — $ — $ 32,967 $ 32,967 Net investment (6) $ 232,630 $ 192,913 $ 335,527 $ 761,070 (1) Included in real estate, net in the accompanying condensed consolidated balance sheets. (2) Represents assets and liabilities, respectively, of certain Consolidated Real Estate VIEs included in disposal group held for sale ( see Note 9 ). (3) Included in mortgages payable on real estate, net in the accompanying condensed consolidated balance sheets. (4) Represents redeemable third-party ownership of membership interests in Consolidated Real Estate VIEs. See Redeemable Non-Controlling Interest in Consolidated VIEs below. (5) Represents third-party ownership of membership interests in Consolidated Real Estate VIEs. (6) The net investment amount is the maximum amount of the Company's investment that is at risk to loss and represents the difference between the carrying value of total assets and total liabilities held by VIEs, less non-controlling interests, if any. The following table presents the carrying value and estimated fair value of the Company’s financial instruments at March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): March 31, 2023 December 31, 2022 Fair Value Carrying Estimated Carrying Estimated Financial Assets: Cash and cash equivalents Level 1 $ 227,753 $ 227,753 $ 244,718 $ 244,718 Residential loans Level 3 3,374,856 3,374,856 3,525,080 3,525,080 Multi-family loans Level 3 95,309 95,309 87,534 87,534 Investment securities available for sale Level 2 202,571 202,571 99,559 99,559 Equity investments Level 3 191,148 191,148 179,746 179,746 Equity investments in disposal group held for sale Level 3 10,070 10,070 9,010 9,010 Derivative assets Level 2 3,122 3,122 2,473 2,473 Derivative assets in disposal group held for sale Level 2 22,800 22,800 29,418 29,418 Financial Liabilities: Repurchase agreements Level 2 787,902 787,902 737,023 737,023 Collateralized debt obligations: Residential loan securitizations at amortized cost, net Level 3 1,390,991 1,321,342 1,468,222 1,383,715 Consolidated SLST Level 3 638,513 638,513 634,495 634,495 Subordinated debentures Level 3 45,000 33,500 45,000 32,721 Senior unsecured notes Level 2 97,561 91,732 97,384 91,104 Mortgages payable on real estate Level 3 397,316 374,605 394,707 377,327 Mortgages payable on real estate in disposal group held for sale Level 3 878,060 877,360 865,414 864,758
Schedule of Statement of Operations of Variable Interest Entities	Multi-family loans consist of the following as of March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): March 31, 2023 December 31, 2022 Investment amount $ 95,640 $ 88,249 Deferred loan fees, net (497) (428) Unrealized gains (losses), net 166 (287) Total, at Fair Value $ 95,309 $ 87,534 The following table presents condensed statements of operations for non-Company-sponsored VIEs for the three months ended March 31, 2023 and 2022, respectively (dollar amounts in thousands). The following table includes net (loss) income from assets and liabilities of disposal group held for sale and intercompany balances have been eliminated for purposes of this presentation. Three Months Ended March 31, 2023 2022 Consolidated SLST Consolidated Real Estate Total Consolidated SLST Consolidated Real Estate Total Interest income $ 8,733 $ — $ 8,733 $ 9,380 $ — $ 9,380 Interest expense 6,315 — 6,315 5,978 — 5,978 Total net interest income 2,418 — 2,418 3,402 — 3,402 Unrealized gains (losses), net 2,299 (1,298) 1,001 (15,279) — (15,279) Income from real estate — 39,075 39,075 — 23,637 23,637 Other losses — (10,259) (10,259) — — — Total non-interest income (loss) 2,299 27,518 29,817 (15,279) 23,637 8,358 Expenses related to real estate — 48,062 48,062 — 53,281 53,281 Net income (loss) 4,717 (20,544) (15,827) (11,877) (29,644) (41,521) Net loss attributable to non-controlling interest in Consolidated VIEs — 6,701 6,701 — 14,869 14,869 Net income (loss) attributable to Company $ 4,717 $ (13,843) $ (9,126) $ (11,877) $ (14,775) $ (26,652)
Schedule of Redeemable Noncontrolling Interest in Consolidated VIEs	The following table presents activity in redeemable non-controlling interest in Consolidated VIEs for the three months ended March 31, 2023 and 2022, respectively (dollar amounts in thousands): Three Months Ended March 31, 2023 2022 Beginning balance $ 63,803 $ 66,392 Contributions — 274 Distributions (3,950) (677) Net loss attributable to redeemable non-controlling interest in Consolidated VIEs (5,501) (12,628) Ending balance $ 54,352 $ 53,361
Schedule of Classification and Carrying Value of Unconsolidated VIEs	The following tables present the classification and carrying value of unconsolidated VIEs as of March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): March 31, 2023 Multi-family loans Investment Equity investments Assets of disposal group held for sale Total ABS $ — $ 492 $ — $ — $ 492 Non-Agency RMBS — 28,125 — — 28,125 Preferred equity investments in multi-family properties 95,309 — 166,148 — 261,457 Joint venture equity investments in multi-family properties — — — 10,070 10,070 Maximum exposure $ 95,309 $ 28,617 $ 166,148 $ 10,070 $ 300,144 December 31, 2022 Multi-family loans Investment Equity investments Assets of disposal group held for sale Total ABS $ — $ 856 $ — $ — $ 856 Non-Agency RMBS — 29,290 — — 29,290 Preferred equity investments in multi-family properties 87,534 — 152,246 — 239,780 Joint venture equity investments in multi-family properties — — — 9,010 9,010 Maximum exposure $ 87,534 $ 30,146 $ 152,246 $ 9,010 $ 278,936

Real Estate, Net (Tables)

Real Estate, Net (Tables)	3 Months Ended
	Mar. 31, 2023
Real Estate [Abstract]
Schedule of Real Estate Investment	The following is a summary of real estate, net, collectively, as of March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): March 31, 2023 December 31, 2022 Land $ 89,550 $ 89,550 Building and improvements 629,123 611,102 Furniture, fixture and equipment 14,496 13,540 Real estate $ 733,169 $ 714,192 Accumulated depreciation (27,263) (21,224) Real estate, net (1) $ 705,906 $ 692,968 (1) In September 2022, the Company announced a repositioning of its business through the opportunistic disposition over time of the Company's joint venture equity investments in multi-family properties and reallocation of its capital away from such assets to its targeted assets. Accordingly, the real estate, net related to certain joint venture equity investments in multi-family properties is included in assets of disposal group held for sale on the accompanying condensed consolidated balance sheets. See Note 9 for additional information.
Schedule Of Components Of Income From Real Estate And Expenses	The following table presents depreciation and amortization expenses for the three months ended March 31, 2023 and 2022, respectively (dollar amounts in thousands): For the Three Months Ended March 31, 2023 2022 Depreciation expense on operating real estate $ 6,039 $ 10,111 Amortization of lease intangibles related to operating real estate — 25,475 Total depreciation and amortization (1) $ 6,039 $ 35,586

Assets and Liabilities of Dis_2

Assets and Liabilities of Disposal Group Held for Sale (Tables)	3 Months Ended
	Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Assets and Liabilities of Disposal Group Held for Sale	The following table presents the carrying values of the major classes of assets and liabilities of disposal group held for sale as of March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): March 31, 2023 December 31, 2022 Cash and cash equivalents (1) $ 12,236 $ 13,944 Equity investments 10,070 9,010 Real estate, net (1) 1,082,722 1,079,942 Other assets (1) 45,351 48,888 Total assets of disposal group held for sale $ 1,150,379 $ 1,151,784 Mortgages payable on real estate $ 878,060 $ 865,414 Other liabilities 18,923 18,398 Total liabilities of disposal group held for sale (1) $ 896,983 $ 883,812 (1) Certain assets and liabilities of the disposal group held for sale are in Consolidated VIEs because the Company is the primary beneficiary. The following table presents the pretax losses of the disposal group held for sale for the three months ended March 31, 2023 and 2022, respectively (dollar amounts in thousands): For the Three Months Ended March 31, 2023 2022 Pretax loss of disposal group held for sale $ (16,368) $ (16,649) Pretax loss of disposal group attributable to non-controlling interest in Consolidated VIEs 1,214 1,786 Pretax loss of disposal group attributable to Company's common stockholders $ (15,154) $ (14,863)

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following table summarizes the Company's derivative instruments as of March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): Fair Value Type of Derivative Instrument Consolidated Balance Sheet Location March 31, 2023 December 31, 2022 Interest rate caps (1) Other assets $ 2,002 $ 2,473 Options Other assets 1,120 — Total derivative assets $ 3,122 $ 2,473 Interest rate swaps Other liabilities $ — $ — Total derivative liabilities $ — $ — (1) See Notes 12 and 14 for information regarding interest rate cap contracts.
Reconciliation of Gross Derivative Assets and Liabilities	The following table presents a reconciliation of gross derivative assets and liabilities to net amounts presented in the accompanying condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): March 31, 2023 Gross Amount of Recognized Assets (Liabilities) Gross Amounts Offset in Balance Sheets Variation Margin Net Amounts of Assets (Liabilities) Presented in Balance Sheets Derivative assets Interest rate caps $ 2,002 $ — $ — $ 2,002 Options 1,120 — — 1,120 Interest rate swaps 412 (412) — — Total derivative assets $ 3,534 $ (412) $ — $ 3,122 Derivative liabilities Interest rate swaps $ (2,899) $ 412 $ 2,487 $ — Total derivative liabilities $ (2,899) $ 412 $ 2,487 $ — December 31, 2022 Gross Amount of Recognized Assets (Liabilities) Gross Amounts Offset in Balance Sheets Variation Margin Net Amounts of Assets (Liabilities) Presented in Balance Sheets Derivative assets Interest rate caps $ 2,473 $ — $ — $ 2,473 Total derivative assets $ 2,473 $ — $ — $ 2,473
Schedule of Activity of Derivative Instruments	The table below summarizes the activity of derivative instruments not designated as hedging instruments for the three months ended March 31, 2022 (dollar amounts in thousands): Notional Amount For the Three Months Ended March 31, 2023 Type of Derivative Instrument December 31, 2022 Additions Terminations March 31, 2023 Options $ — $ 500,053 $ — $ 500,053 Interest rate swaps — 341,300 — 341,300
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 three months ended March 31, 2023 (dollar amounts in thousands): For the Three Months Ended March 31, 2023 Type of Derivative Instrument Realized Gains (Losses) Unrealized Gains (Losses) Options $ — $ (420) Interest rate swaps — (2,487) Total $ — $ (2,907)
Schedule of Interest Rate Derivatives	The following table presents information about our interest rate swaps whereby we receive floating rate payments in exchange for fixed rate payments as of March 31, 2023 (dollar amounts in thousands): March 31, 2023 Swap Maturities Notional Amount Weighted Average Fixed Interest Rate Weighted Average Variable Interest Rate 2025 $ 255,700 4.31 % 4.71 % 2028 28,900 3.87 % 4.66 % 2033 32,700 3.60 % 4.65 % Total $ 317,300 4.20 % 4.70 % The following table presents information about our interest rate swaps whereby we receive fixed rate payments in exchange for floating rate payments as of March 31, 2023 (dollar amounts in thousands): March 31, 2023 Swap Maturities Notional Amount Weighted Average Fixed Interest Rate Weighted Average Variable Interest Rate 2028 $ 8,000 3.36 % 4.83 % 2033 16,000 3.21 % 4.83 % Total $ 24,000 3.26 % 4.83 %

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Offsetting [Abstract]
Schedule of Other Assets	The following table presents the components of the Company's other assets as of March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): March 31, 2023 December 31, 2022 Restricted cash (1) $ 115,249 $ 136,220 Accrued interest receivable 31,578 34,067 Collections receivable from residential loan servicers 16,150 15,374 Recoverable advances on residential loans 15,611 13,979 Other receivables 13,326 11,357 Other assets in consolidated multi-family properties 8,631 13,681 Operating lease right-of-use assets 7,524 7,831 Real estate owned 3,743 18,588 Derivative assets (2) 3,122 2,473 Deferred tax assets 2,448 2,671 Other 4,945 3,115 Total $ 222,327 $ 259,356 (1) Restricted cash represents cash held by third parties, including cash held by the Company's securitization trusts and consolidated multi-family properties. (2) Includes derivative asset held in a consolidated multi-family property.
Schedule of Other Liabilities	The following table presents the components of the Company's other liabilities as of March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): March 31, 2023 December 31, 2022 Dividends and dividend equivalents payable $ 49,129 $ 49,996 Accrued interest payable 12,109 10,629 Operating lease liabilities 8,070 8,383 Accrued expenses 6,960 15,576 Accrued expenses and other liabilities in consolidated multi-family properties 6,149 10,511 Deferred revenue 5,953 7,131 Advanced remittances from residential loan servicers 1,116 9,098 Unfunded commitments for residential loans 554 2,950 Deferred tax liabilities — 394 Other 2,651 1,323 Total $ 92,691 $ 115,991

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	3 Months Ended
	Mar. 31, 2023
Carrying Value of Federal Funds Sold, Securities Purchased under Agreements to Resell, and Deposits Paid for Securities Borrowed [Abstract]
Schedule of Company's Repurchase Agreements	The following table presents the carrying value of the Company's repurchase agreements as of March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): Repurchase Agreements Secured By: March 31, 2023 December 31, 2022 Residential loans $ 561,124 $ 686,946 Investment securities 226,778 50,077 Total carrying value $ 787,902 $ 737,023
Schedule of Unencumbered Securities	The following table presents information about the Company's unencumbered securities at March 31, 2023 (dollar amounts in thousands): Unencumbered Securities March 31, 2023 Agency RMBS $ 6,914 Non-Agency RMBS (1) (2) 89,425 CMBS 30,667 ABS 492 Total $ 127,498 (1) Includes IOs in Consolidated SLST with a fair value of $19.1 million as of March 31, 2023. Consolidated SLST securities owned by the Company are eliminated in consolidation in accordance with GAAP. (2) Includes CDOs repurchased from our residential loan securitizations with a fair value of $6.1 million as of March 31, 2023. Repurchased CDOs are eliminated in consolidation in accordance with GAAP.
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 March 31, 2023 and December 31, 2022, 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) March 31, 2023 $ 1,975,000 $ 562,371 $ (1,247) $ 561,124 $ 695,701 7.34 % 17.21 December 31, 2022 $ 2,030,879 $ 688,487 $ (1,541) $ 686,946 $ 867,033 6.65 % 16.69 (1) Includes non-mark-to-market repurchase agreements with an aggregate outstanding balance of $317.3 million, a weighted average rate of 7.45%, and weighted average months to maturity of 23.05 months as of March 31, 2023. Includes non-mark-to-market repurchase agreements with an aggregate outstanding balance of $446.8 million, a weighted average rate of 6.77%, and weighted average months to maturity of 23.96 months as of December 31, 2022. (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.
Schedule of Repurchase Agreements Secured by Investment Securities	The following table presents detailed information about the amounts outstanding under the Company’s repurchase agreements secured by investment securities and associated assets pledged as collateral at March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): March 31, 2023 December 31, 2022 Outstanding Repurchase Agreements Fair Value of Collateral Pledged Amortized Cost of Collateral Pledged Outstanding Repurchase Agreements Fair Value of Collateral Pledged Amortized Cost of Collateral Pledged Agency RMBS $ 94,306 $ 100,286 $ 99,278 $ — $ — $ — Non-Agency RMBS (1) (2) 132,472 268,590 309,778 50,077 170,551 210,733 Balance at end of the period $ 226,778 $ 368,876 $ 409,056 $ 50,077 $ 170,551 $ 210,733 (1) Includes first loss subordinated securities in Consolidated SLST with a fair value of $169.4 million as of March 31, 2023. Consolidated SLST securities owned by the Company are eliminated in consolidation in accordance with GAAP. (2) Includes securities repurchased from our residential loan securitizations with a fair value of $99.2 million as of March 31, 2023. Repurchased CDOs are eliminated in consolidation in accordance with GAAP.
Schedule Of Repurchase Agreements, Maturities	The following table presents contractual maturity information about the Company’s outstanding repurchase agreements secured by investment securities at March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): Contractual Maturity March 31, 2023 December 31, 2022 Within 30 days $ 49,950 $ 50,077 Over 30 day to 90 days 176,828 — Over 90 days — — Total $ 226,778 $ 50,077

Collateralized Debt Obligatio_2

Collateralized Debt Obligations (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Mortgages Payable in Consolidated VIEs	The following tables present a summary of the Company's CDOs as of March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): March 31, 2023 Outstanding Face Amount Carrying Value Weighted Average Interest Rate (1) Stated Maturity (2) Consolidated SLST (3) $ 688,916 $ 638,513 2.75 % 2059 Residential loan securitizations 1,416,155 1,390,991 3.58 % 2026 - 2062 Total collateralized debt obligations $ 2,105,071 $ 2,029,504 December 31, 2022 Outstanding Face Amount Carrying Value Weighted Average Interest Rate (1) Stated Maturity (2) Consolidated SLST (3) $ 699,408 $ 634,495 2.75 % 2059 Residential loan securitizations 1,498,198 1,468,222 3.54 % 2026 - 2062 Total collateralized debt obligations $ 2,197,606 $ 2,102,717 (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) 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. (3) The Company has elected the fair value option for CDOs issued by Consolidated SLST ( see Note 16).
Schedule of Maturities of Collateralized Debt Obligations	The Company's CDOs as of March 31, 2023 had stated maturities as follows: Year ending December 31, Total 2023 $ — 2024 — 2025 — 2026 113,000 2027 225,000 Thereafter 1,767,071 Total $ 2,105,071 As of March 31, 2023, maturities for debt on the Company's condensed consolidated balance sheet are as follows (dollar amounts in thousands): Year Ending December 31, Outstanding Balance 2023 $ — 2024 — 2025 27,750 2026 127,209 2027 — 2028 — Thereafter 390,153 $ 545,112

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022 (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 Interest Expense from Convertible Debt	The following table presents interest expense from the Convertible Notes for the three months ended March 31, 2022 (dollar amounts in thousands): For the Three Months Ended March 31, 2022 Contractual interest expense $ 335 Amortization of underwriter's discount and deferred charges 103 Total $ 438 The following table details the components of the Company's interest income and interest expense for the three months ended March 31, 2023 and 2022, respectively (dollar amounts in thousands): For the Three Months Ended 2023 2022 Interest income Residential loans Residential loans $ 16,954 $ 24,834 Consolidated SLST 8,733 9,380 Residential loans held in securitization trusts 24,721 16,633 Total residential loans 50,408 50,847 Multi-family loans 2,436 2,951 Investment securities available for sale 3,169 4,675 Other 1,123 28 Total interest income 57,136 58,501 Interest expense . Repurchase agreements 13,068 5,531 Collateralized debt obligations Consolidated SLST 6,315 5,978 Residential loan securitizations 17,376 7,456 Total collateralized debt obligations 23,691 13,434 Convertible notes — 438 Senior unsecured notes 1,614 1,603 Subordinated debentures 962 459 Total interest expense 39,335 21,465 Net interest income $ 17,801 $ 37,036
Schedule of Mortgage Payable in Consolidated VIE	The following table presents detailed information for these mortgages payable on real estate as of March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): Maximum Committed Mortgage Principal Amount Outstanding Mortgage Balance Net Deferred Finance Cost Mortgage Payable, Net (1) Stated Maturity Weighted Average Interest Rate (2) (3) March 31, 2023 $ 401,362 $ 400,112 $ (2,796) $ 397,316 2025 - 2032 4.29 % December 31, 2022 398,703 397,453 (2,746) 394,707 2025 - 2032 4.21 % (1) In September 2022, the Company announced a repositioning of its business through the opportunistic disposition over time of the Company's joint venture equity investments in multi-family properties and reallocation of its capital away from such assets to its targeted assets. Accordingly, the mortgages payable on real estate related to certain joint venture equity investments in multi-family properties are included in liabilities of disposal group held for sale on the accompanying condensed consolidated balance sheets. See Note 9 for additional information. (2) Weighted average interest rate is calculated using the outstanding mortgage balance and interest rate as of the date indicated. (3) For variable-rate mortgages payable, the joint venture entity, as required by the loan agreement, entered into an interest rate cap contract with a counterparty that limits the indexed portion of the interest rate to a strike price of Term SOFR of 2.0% on the $29.0 million notional amount with an expiration date of April 1, 2024. The fair value of the interest rate cap contract of $0.8 million and $1.0 million is included in other assets in the condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022, respectively. The consolidated multi-family apartment communities recognized an unrealized loss on interest rate contracts of $0.1 million for the three months ended March 31, 2023, which is included in non-interest income (loss) in the condensed consolidated statements of operations.
Schedule of Maturities of Long-term Debt	The Company's CDOs as of March 31, 2023 had stated maturities as follows: Year ending December 31, Total 2023 $ — 2024 — 2025 — 2026 113,000 2027 225,000 Thereafter 1,767,071 Total $ 2,105,071 As of March 31, 2023, maturities for debt on the Company's condensed consolidated balance sheet are as follows (dollar amounts in thousands): Year Ending December 31, Outstanding Balance 2023 $ — 2024 — 2025 27,750 2026 127,209 2027 — 2028 — Thereafter 390,153 $ 545,112

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022, respectively, on the Company’s condensed consolidated balance sheets (dollar amounts in thousands): Measured at Fair Value on a Recurring Basis at March 31, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets carried at fair value Residential loans: Residential loans $ — $ — $ 921,000 $ 921,000 $ — $ — $ 1,081,384 $ 1,081,384 Consolidated SLST — — 829,153 829,153 — — 827,582 827,582 Residential loans held in securitization trusts — — 1,624,703 1,624,703 — — 1,616,114 1,616,114 Multi-family loans — — 95,309 95,309 — — 87,534 87,534 Investment securities available for sale: Agency RMBS — 107,200 — 107,200 — — — — Non-Agency RMBS — 64,211 — 64,211 — 68,570 — 68,570 CMBS — 30,668 — 30,668 — 30,133 — 30,133 ABS — 492 — 492 — 856 — 856 Equity investments (1) — — 191,148 191,148 — — 179,746 179,746 Derivative assets: Interest rate caps (1) (2) — 2,002 — 2,002 — 2,473 — 2,473 Options (2) — 1,120 — 1,120 — — — — Assets of disposal group held for sale (3) — 22,800 10,070 32,870 — 29,418 9,010 38,428 Total $ — $ 228,493 $ 3,671,383 $ 3,899,876 $ — $ 131,450 $ 3,801,370 $ 3,932,820 Liabilities carried at fair value Consolidated SLST CDOs $ — $ — $ 638,513 $ 638,513 $ — $ — $ 634,495 $ 634,495 Derivative liabilities: Interest rate swaps (2) (4) — — — — — — — — Total $ — $ — $ 638,513 $ 638,513 $ — $ — $ 634,495 $ 634,495 (1) Excludes assets of disposal group held for sale (see Note 9 ). (2) Included in other assets in the condensed consolidated balance sheets. (3) Includes derivative assets classified as Level 2 instruments in the amount of $22.8 million and $29.4 million as of March 31, 2023 and December 31, 2022, respectively, and equity investments classified as Level 3 instruments in the amount of $10.1 million and $9.0 million as of March 31, 2023 and December 31, 2022, respectively. (4) All of the Company’s interest rate swaps outstanding are cleared through a central clearing house. The Company exchanges variation margin for swaps based upon daily changes in fair value. Includes derivative liabilities of $2.9 million and derivative assets of $0.4 million netted against a variation margin of $2.5 million at March 31, 2023.
Schedule of Changes in Valuation of Level 3 Assets	The following tables detail changes in valuation for the Level 3 assets for the three months ended March 31, 2023 and 2022, respectively (dollar amounts in thousands): Level 3 Assets: Three Months Ended March 31, 2023 Residential loans Residential loans Consolidated SLST Residential loans held in securitization trusts Multi-family loans Equity investments Equity investments in disposal group held for sale Total Balance at beginning of period $ 1,081,384 $ 827,582 $ 1,616,114 $ 87,534 $ 179,746 $ 9,010 $ 3,801,370 Total (losses)/gains (realized/unrealized) Included in earnings (599) 15,121 33,041 2,889 3,451 1,060 54,963 Transfers out (1) (93) — (233) — — — (326) Transfer to securitization trust, net (2) (86,110) — 86,110 — — — — Funding/Contributions — — — 6,420 15,528 — 21,948 Paydowns/Distributions (141,355) (13,550) (130,911) (1,534) (7,577) — (294,927) Sales (166) — — — — (166) Purchases 67,939 — 20,582 — — — 88,521 Balance at the end of period $ 921,000 $ 829,153 $ 1,624,703 $ 95,309 $ 191,148 $ 10,070 $ 3,671,383 (1) Transfers out of Level 3 assets represents the transfer of residential loans to real estate owned. (2) During the three months ended March 31, 2023, the Company transferred certain business purpose loans into residential loan securitizations ( see Note 7 for further discussion of the Company's residential loan securitizations). Three Months Ended March 31, 2022 Residential loans Residential loans Consolidated SLST Residential loans held in securitization trusts Multi-family loans Equity investments Total Balance at beginning of period $ 1,703,290 $ 1,070,882 $ 801,429 $ 120,021 $ 239,631 $ 3,935,253 Total (losses)/gains (realized/unrealized) Included in earnings (24,571) (67,685) (33,729) 3,258 6,793 (115,934) Transfers out (1) (90) — (789) — — (879) Transfer to securitization trust, net (2) (598,430) — 598,430 — — — Funding/Contributions — — — — 19,191 19,191 Paydowns/Distributions (126,575) (33,344) (117,548) (13,071) (40,315) (330,853) Sales (320) — — — — (320) Purchases 767,914 — 14,563 — — 782,477 Balance at the end of period $ 1,721,218 $ 969,853 $ 1,262,356 $ 110,208 $ 225,300 $ 4,288,935 (1) Transfers out of Level 3 assets represents the transfer of residential loans to real estate owned. (2) During the three months ended March 31, 2022, the Company completed two securitizations of certain performing, re-performing and business purpose loans ( see Note 7 for further discussion of the Company's residential loan securitizations).
Schedule of Changes in Valuation of Level 3 Liabilities	The following table details changes in valuation for the Level 3 liabilities for the three months ended March 31, 2023 and 2022, respectively (dollar amounts in thousands): Level 3 Liabilities: Consolidated SLST CDOs Three Months Ended March 31, 2023 2022 Balance at beginning of period $ 634,495 $ 839,419 Total gains (realized/unrealized) Included in earnings 14,511 (51,438) Paydowns (10,493) (33,717) Balance at the end of period $ 638,513 $ 754,264
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): March 31, 2023 Fair Value Valuation Technique Unobservable Input Weighted Average Range Assets Residential loans: Residential loans and residential loans held in securitization trusts (1) $2,392,768 Discounted cash flow Lifetime CPR 4.6% — - 34.9% Lifetime CDR 0.7% — - 26.9% Loss severity 7.9% — - 96.6% Yield 7.9% 5.3% - 92.0% $152,935 Liquidation model Annual home price appreciation/(depreciation) 0.1% (1.0)% - 5.2% Liquidation timeline (months) 20 9 - 50 Property value $1,931,405 $15,300 - $13,800,000 Yield 7.6% 7.5% - 29.3% Consolidated SLST (3) $829,153 Liability price N/A Total $3,374,856 Multi-family loans (1) $95,309 Discounted cash flow Discount rate 12.4% 11.0% - 20.5% Months to assumed redemption 35 6 - 52 Loss severity — Equity investments (1) (2) $166,148 Discounted cash flow Discount rate 13.5% 13.0% - 15.5% Months to assumed redemption 20 1 - 59 Loss severity — Equity investments in disposal group held for sale (2) $10,070 Discounted cash flow Discount rate 16.0% 16.0% - 16.0% Months to assumed redemption 18 18 - 18 Loss severity — Liabilities Consolidated SLST CDOs (3) (4) $638,513 Discounted cash flow Yield 5.0% 4.3% - 10.0% Collateral prepayment rate 5.8% 2.6% - 6.7% Collateral default rate 1.5% — - 11.5% Loss severity 22.0% 2.3% - 27.2% (1) Weighted average amounts are calculated based on the weighted average fair value of the assets. (2) Equity investments do not include equity ownership interests in an entity that originates residential loans. The fair value of this investment is determined using weighted multiples of origination volume and earnings before taxes, depreciation and amortization of the entity. (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 March 31, 2023, the fair value of investment securities we own in Consolidated SLST amounts to $188.5 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 months ended March 31, 2023 and 2022, respectively, for our Level 3 assets and liabilities held as of March 31, 2023 and 2022, respectively (dollar amounts in thousands): Three Months Ended March 31, 2023 2022 Assets Residential loans: Residential loans (1) $ (3,320) $ (25,440) Consolidated SLST (1) 15,807 (66,645) Residential loans held in securitization trusts (1) 30,077 (32,566) Multi-family loans (1) 453 291 Equity investments (2) (2,577) 1,115 Equity investments in disposal group held for sale (2) 1,060 — Liabilities Consolidated SLST CDOs (1) (13,508) 51,366 (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 summarizes the aggregate estimated fair value of the assets, liabilities and non-controlling interests associated with the initial consolidation of the joint venture entities and real estate acquisitions by a Consolidated VIE during the three months ended March 31, 2022 (dollar amounts in thousands): Cash (1) $ 7,102 Operating real estate (1) (2) 528,768 Lease intangibles (1) (3) 27,461 Other assets (1) 6,130 Total assets 569,461 Mortgages payable on real estate, net (1) 409,756 Other liabilities (1) 3,180 Total liabilities 412,936 Non-controlling interests (4) 10,488 Net assets consolidated $ 146,037 (1) In September 2022, the Company announced a repositioning of its business through the opportunistic disposition over time of the Company's joint venture equity investments in multi-family properties and reallocation of its capital away from such assets to its targeted assets. Accordingly, the Company determined that certain joint venture equity investments met the criteria to be classified as held for sale and transferred the assets and liabilities of the respective Consolidated VIEs to assets and liabilities of disposal group held for sale in the accompanying condensed consolidated balance sheets. See Note 9 for additional information. (2) For joint venture equity investments that are not held for sale, operating real estate is included in real estate, net in the accompanying condensed consolidated balance sheets. (3) For joint venture equity investments that are not held for sale, lease intangibles are included in other assets in the accompanying condensed consolidated balance sheets. (4) Represents third-party ownership of membership interests in Consolidated Real Estate VIEs. The following table presents a summary of the assets, liabilities and non-controlling interests of the Company's residential loan securitizations, Consolidated SLST and Consolidated Real Estate VIEs as of March 31, 2023 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Financing VIEs Other VIEs Residential Consolidated SLST Consolidated Real Estate Total Cash and cash equivalents $ — $ — $ 11,971 $ 11,971 Residential loans, at fair value 1,624,703 829,153 — 2,453,856 Real estate, net held in Consolidated VIEs (1) — — 543,471 543,471 Assets of disposal group held for sale (2) — — 1,140,308 1,140,308 Other assets 96,699 3,122 9,396 109,217 Total assets $ 1,721,402 $ 832,275 $ 1,705,146 $ 4,258,823 Collateralized debt obligations ($1,390,991 at amortized cost, net and $638,513 at fair value) $ 1,390,991 $ 638,513 $ — $ 2,029,504 Mortgages payable on real estate, net in Consolidated VIEs (3) — — 397,316 397,316 Liabilities of disposal group held for sale (2) — — 896,983 896,983 Other liabilities 6,624 3,883 6,149 16,656 Total liabilities $ 1,397,615 $ 642,396 $ 1,300,448 $ 3,340,459 Redeemable non-controlling interest in Consolidated VIEs (4) $ — $ — $ 54,352 $ 54,352 Non-controlling interest in Consolidated VIEs (5) $ — $ — $ 31,309 $ 31,309 Net investment (6) $ 323,787 $ 189,879 $ 319,037 $ 832,703 (1) Included in real estate, net in the accompanying condensed consolidated balance sheets. (2) Represents assets and liabilities, respectively, of certain Consolidated Real Estate VIEs included in disposal group held for sale ( see Note 9 ). (3) Included in mortgages payable on real estate, net in the accompanying condensed consolidated balance sheets. (4) Represents redeemable third-party ownership of membership interests in Consolidated Real Estate VIEs. See Redeemable Non-Controlling Interest in Consolidated VIEs below. (5) Represents third-party ownership of membership interests in Consolidated Real Estate VIEs. (6) The net investment amount is the maximum amount of the Company's investment that is at risk to loss and represents the difference between the carrying value of total assets and total liabilities held by VIEs, less non-controlling interests, if any. The following table presents a summary of the assets, liabilities and non-controlling interests of the Company's residential loan securitizations, Consolidated SLST and Consolidated Real Estate VIEs as of December 31, 2022 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Financing VIEs Other VIEs Residential Consolidated SLST Consolidated Real Estate Total Cash and cash equivalents $ — $ — $ 21,129 $ 21,129 Residential loans, at fair value 1,616,114 827,582 — 2,443,696 Real estate, net held in Consolidated VIEs (1) — — 543,739 543,739 Assets of disposal group held for sale (2) — — 1,142,773 1,142,773 Other assets 92,906 3,168 13,686 109,760 Total assets $ 1,709,020 $ 830,750 $ 1,721,327 $ 4,261,097 Collateralized debt obligations ($1,468,222 at amortized cost, net and $634,495 at fair value) $ 1,468,222 $ 634,495 $ — $ 2,102,717 Mortgages payable on real estate, net in Consolidated VIEs (3) — — 394,707 394,707 Liabilities of disposal group held for sale (2) — — 883,812 883,812 Other liabilities 8,168 3,342 10,511 22,021 Total liabilities $ 1,476,390 $ 637,837 $ 1,289,030 $ 3,403,257 Redeemable non-controlling interest in Consolidated VIEs (4) $ — $ — $ 63,803 $ 63,803 Non-controlling interest in Consolidated VIEs (5) $ — $ — $ 32,967 $ 32,967 Net investment (6) $ 232,630 $ 192,913 $ 335,527 $ 761,070 (1) Included in real estate, net in the accompanying condensed consolidated balance sheets. (2) Represents assets and liabilities, respectively, of certain Consolidated Real Estate VIEs included in disposal group held for sale ( see Note 9 ). (3) Included in mortgages payable on real estate, net in the accompanying condensed consolidated balance sheets. (4) Represents redeemable third-party ownership of membership interests in Consolidated Real Estate VIEs. See Redeemable Non-Controlling Interest in Consolidated VIEs below. (5) Represents third-party ownership of membership interests in Consolidated Real Estate VIEs. (6) The net investment amount is the maximum amount of the Company's investment that is at risk to loss and represents the difference between the carrying value of total assets and total liabilities held by VIEs, less non-controlling interests, if any. The following table presents the carrying value and estimated fair value of the Company’s financial instruments at March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands): March 31, 2023 December 31, 2022 Fair Value Carrying Estimated Carrying Estimated Financial Assets: Cash and cash equivalents Level 1 $ 227,753 $ 227,753 $ 244,718 $ 244,718 Residential loans Level 3 3,374,856 3,374,856 3,525,080 3,525,080 Multi-family loans Level 3 95,309 95,309 87,534 87,534 Investment securities available for sale Level 2 202,571 202,571 99,559 99,559 Equity investments Level 3 191,148 191,148 179,746 179,746 Equity investments in disposal group held for sale Level 3 10,070 10,070 9,010 9,010 Derivative assets Level 2 3,122 3,122 2,473 2,473 Derivative assets in disposal group held for sale Level 2 22,800 22,800 29,418 29,418 Financial Liabilities: Repurchase agreements Level 2 787,902 787,902 737,023 737,023 Collateralized debt obligations: Residential loan securitizations at amortized cost, net Level 3 1,390,991 1,321,342 1,468,222 1,383,715 Consolidated SLST Level 3 638,513 638,513 634,495 634,495 Subordinated debentures Level 3 45,000 33,500 45,000 32,721 Senior unsecured notes Level 2 97,561 91,732 97,384 91,104 Mortgages payable on real estate Level 3 397,316 374,605 394,707 377,327 Mortgages payable on real estate in disposal group held for sale Level 3 878,060 877,360 865,414 864,758

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Schedule of Preferred Stock Issued and Outstanding	The following tables summarize the Company’s Preferred Stock issued and outstanding as of March 31, 2023 and December 31, 2022 (dollar amounts in thousands): March 31, 2023 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-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 5,750,000 138,650 143,750 6.875 % October 15, 2026 October 15, 2026 3M SOFR + 6.130% Fixed Rate Series G 5,450,000 2,980,823 71,756 74,520 7.000 % January 15, 2027 Total 31,500,000 22,265,817 $ 537,889 $ 556,645 December 31, 2022 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-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 5,750,000 138,650 143,750 6.875 % October 15, 2026 October 15, 2026 3M SOFR + 6.130% Fixed Rate Series G 5,450,000 3,000,000 72,218 75,000 7.000 % January 15, 2027 Total 31,500,000 22,284,994 $ 538,351 $ 557,125 (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 D Preferred Stock, Series E Preferred Stock, Series F Preferred Stock and Series G Preferred Stock, respectively). (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 Payable	The following table presents the relevant information with respect to quarterly cash dividends declared on the Preferred Stock commencing January 1, 2022 through March 31, 2023: Cash Dividend Per Share Declaration Date Record Date Payment Date Series D Preferred Stock Series E Preferred Stock Series F Preferred Stock Series G Preferred Stock March 9, 2023 April 1, 2023 April 15, 2023 $ 0.50 $ 0.4921875 $ 0.4296875 $ 0.43750 December 12, 2022 January 1, 2023 January 15, 2023 0.50 0.4921875 0.4296875 0.43750 September 16, 2022 October 1, 2022 October 15, 2022 0.50 0.4921875 0.4296875 0.43750 June 17, 2022 July 1, 2022 July 15, 2022 0.50 0.4921875 0.4296875 0.43750 March 14, 2022 April 1, 2022 April 15, 2022 0.50 0.4921875 0.4296875 0.43750 Period Declaration Date Record Date Payment Date Cash Dividend Per Share First Quarter 2023 March 9, 2023 March 20, 2023 April 26, 2023 $ 0.40 Fourth Quarter 2022 December 12, 2022 December 27, 2022 January 26, 2023 0.40 Third Quarter 2022 September 16, 2022 September 26, 2022 October 26, 2022 0.40 Second Quarter 2022 June 17, 2022 June 27, 2022 July 25, 2022 0.40 First Quarter 2022 March 14, 2022 March 24, 2022 April 25, 2022 0.40

Earnings (Loss) Per Common Sh_2

Earnings (Loss) Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 2022 Basic Earnings (Loss) per Common Share: Net income (loss) attributable to Company $ 20,863 $ (73,850) Less: Preferred Stock dividends (10,484) (10,493) Plus: Gain on repurchase of preferred stock 142 — Net income (loss) attributable to Company's common stockholders $ 10,521 $ (84,343) Basic weighted average common shares outstanding 91,314 95,199 Basic Earnings (Loss) per Common Share $ 0.12 $ (0.89) Diluted Earnings (Loss) per Common Share: Net income (loss) attributable to Company $ 20,863 $ (73,850) Less: Preferred Stock dividends (10,484) (10,493) Plus: Gain on repurchase of preferred stock 142 — Net income (loss) attributable to Company's common stockholders $ 10,521 $ (84,343) Weighted average common shares outstanding 91,314 95,199 Net effect of assumed PSUs vested 358 — Net effect of assumed RSUs vested — — Diluted weighted average common shares outstanding 91,672 95,199 Diluted Earnings (Loss) per Common Share $ 0.11 $ (0.89)

Stock Based Compensation (Table

Stock Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Nonvested Share Activity	A summary of the activity of the Company's non-vested restricted stock under the 2017 Plan for the three months ended March 31, 2023 and 2022, respectively, is presented below: 2023 2022 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 1 526,074 $ 16.34 477,276 $ 20.20 Granted 275,248 12.36 304,417 14.36 Vested (244,015) 18.18 (221,239) 21.97 Forfeited (6,771) 13.04 (5,370) 16.75 Non-vested shares as of March 31 550,536 $ 13.57 555,084 $ 16.31 Restricted stock granted during the period 275,248 $ 12.36 304,417 $ 14.36 (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 three months ended March 31, 2023 and 2022, respectively, is presented below: 2023 2022 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 1 786,577 $ 23.06 844,185 $ 21.70 Granted — — 211,133 19.47 Vested (201,978) 28.18 (268,729) 16.00 Non-vested target PSUs as of March 31 584,599 $ 21.29 786,589 $ 23.05 (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 total shareholder return 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 three months ended March 31, 2023 and 2022, respectively, is presented below: 2023 2022 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 1 263,708 $ 16.11 254,052 $ 17.45 Granted — — 105,566 14.88 Vested (131,094) 17.40 (95,910) 18.32 Forfeited (13,550) 14.76 — — Non-vested RSUs as of March 31 119,064 $ 14.83 263,708 $ 16.10 (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)	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Provision	The income tax (benefit)/provision for the three months ended March 31, 2023 and 2022, respectively, is comprised of the following components (dollar amounts in thousands): Three Months Ended March 31, 2023 2022 Current income tax expense $ 187 $ 65 Deferred income tax benefit (171) (87) Total income tax provision/(benefit) $ 16 $ (22)
Schedule of Deferred Tax Assets and Liabilities	The major sources of temporary differences included in the deferred tax assets (liabilities) and their deferred tax effect as of March 31, 2023 and December 31, 2022, respectively, are as follows (dollar amounts in thousands): March 31, 2023 December 31, 2022 Deferred tax assets Net operating loss carryforward $ 4,455 $ 3,513 Capital loss carryover 16,117 16,045 GAAP/Tax basis differences 6,596 1,869 Total deferred tax assets (1) 27,168 21,427 Deferred tax liabilities GAAP/Tax basis differences — 394 Total deferred tax liabilities (2) — 394 Valuation allowance (1) (24,720) (18,756) Total net deferred tax asset $ 2,448 $ 2,277 (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)	3 Months Ended
	Mar. 31, 2023
Banking and Thrift, Interest [Abstract]
Schedule of Components of Interest Income and Interest Expense	The following table presents interest expense from the Convertible Notes for the three months ended March 31, 2022 (dollar amounts in thousands): For the Three Months Ended March 31, 2022 Contractual interest expense $ 335 Amortization of underwriter's discount and deferred charges 103 Total $ 438 The following table details the components of the Company's interest income and interest expense for the three months ended March 31, 2023 and 2022, respectively (dollar amounts in thousands): For the Three Months Ended 2023 2022 Interest income Residential loans Residential loans $ 16,954 $ 24,834 Consolidated SLST 8,733 9,380 Residential loans held in securitization trusts 24,721 16,633 Total residential loans 50,408 50,847 Multi-family loans 2,436 2,951 Investment securities available for sale 3,169 4,675 Other 1,123 28 Total interest income 57,136 58,501 Interest expense . Repurchase agreements 13,068 5,531 Collateralized debt obligations Consolidated SLST 6,315 5,978 Residential loan securitizations 17,376 7,456 Total collateralized debt obligations 23,691 13,434 Convertible notes — 438 Senior unsecured notes 1,614 1,603 Subordinated debentures 962 459 Total interest expense 39,335 21,465 Net interest income $ 17,801 $ 37,036

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details)	Mar. 09, 2023 shares
Accounting Policies [Abstract]
Stock split (in shares)	0.25

Residential Loans, at Fair Va_3

Residential Loans, at Fair Value - Schedule of Residential Loans at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal	$ 3,701,141	$ 3,898,260
(Discount)/premium	(86,897)	(88,739)
Unrealized (losses) gains	(239,388)	(284,441)
Carrying value	3,374,856	3,525,080
Consolidated SLST | VIE, Primary Beneficiary
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal	941,329	955,579
(Discount)/premium	(5,801)	(5,815)
Unrealized (losses) gains	(106,375)	(122,182)
Carrying value	829,153	827,582
Residential loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal	992,993	1,152,502
(Discount)/premium	(21,949)	(22,179)
Unrealized (losses) gains	(50,044)	(48,939)
Carrying value	921,000	1,081,384
Residential loans held in securitization trusts
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal	1,766,819	1,790,179
(Discount)/premium	(59,147)	(60,745)
Unrealized (losses) gains	(82,969)	(113,320)
Carrying value	$ 1,624,703	$ 1,616,114

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
	Mar. 31, 2023	Mar. 31, 2022
Consolidated SLST | VIE, Primary Beneficiary
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Unrealized (losses) gains, net	$ 15,807	$ (66,645)
Residential loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Unrealized (losses) gains, net	(1,307)	(25,524)
Residential loans held in securitization trusts
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Unrealized (losses) gains, net	$ 30,554	$ (37,774)

Residential Loans, at Fair Va_5

Residential Loans, at Fair Value - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Net realized gain on payoff of residential loans	$ 2	$ 3.9
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	$ 122.1		$ 143.2

Residential Loans, at Fair Va_6

Residential Loans, at Fair Value - Concentration of Risk (Details) - Geographic Concentration Risk	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Residential loans | California
Concentration Risk [Line Items]
Geographic concentration, percent	23.50%	24.30%
Residential loans | Florida
Concentration Risk [Line Items]
Geographic concentration, percent	14.30%	13.20%
Residential loans | New York
Concentration Risk [Line Items]
Geographic concentration, percent	8.40%	8%
Residential loans | New Jersey
Concentration Risk [Line Items]
Geographic concentration, percent	6.40%	6.30%
Residential loans | Texas
Concentration Risk [Line Items]
Geographic concentration, percent	6.40%	7%
Residential loans | Illinois
Concentration Risk [Line Items]
Geographic concentration, percent	2.60%	2.60%
Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary | California
Concentration Risk [Line Items]
Geographic concentration, percent	10.60%	10.60%
Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary | Florida
Concentration Risk [Line Items]
Geographic concentration, percent	10.30%	10.30%
Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary | New York
Concentration Risk [Line Items]
Geographic concentration, percent	9.80%	9.80%
Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary | New Jersey
Concentration Risk [Line Items]
Geographic concentration, percent	7.50%	7.40%
Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary | Texas
Concentration Risk [Line Items]
Geographic concentration, percent	3.90%	4%
Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary | Illinois
Concentration Risk [Line Items]
Geographic concentration, percent	7.20%	7.20%
Residential loans held in securitization trusts | California
Concentration Risk [Line Items]
Geographic concentration, percent	17.90%	19.20%
Residential loans held in securitization trusts | Florida
Concentration Risk [Line Items]
Geographic concentration, percent	10%	10.20%
Residential loans held in securitization trusts | New York
Concentration Risk [Line Items]
Geographic concentration, percent	8.40%	8.60%
Residential loans held in securitization trusts | New Jersey
Concentration Risk [Line Items]
Geographic concentration, percent	5.60%	5.60%
Residential loans held in securitization trusts | Texas
Concentration Risk [Line Items]
Geographic concentration, percent	7.80%	7.30%
Residential loans held in securitization trusts | Illinois
Concentration Risk [Line Items]
Geographic concentration, percent	3.50%	3.20%

Residential Loans, at Fair Va_7

Residential Loans, at Fair Value - Differences Between Fair Value and Aggregate Unpaid Principal (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair Value	$ 3,374,856	$ 3,525,080
Residential loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair Value	921,000	1,081,384
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	187,929	149,076
Unpaid Principal Balance	209,673	159,981
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	9,594	8,382
Unpaid Principal Balance	$ 10,397	$ 9,132

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 - VIE, Not Primary Beneficiary - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Investment amount	$ 95,640	$ 88,249
Deferred loan fees, net	(497)	(428)
Unrealized gains (losses), net	166	(287)
Total, at Fair Value	$ 95,309	$ 87,534

Multi-family Loans, at Fair V_4

Multi-family Loans, at Fair Value - Narrative (Details) - Multi-family loans - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Unrealized gains (losses)	$ 500,000	$ 500,000
Loan premiums, early redemption	$ 0	$ 800,000

Multi-family Loans, at Fair V_5

Multi-family Loans, at Fair Value - Unpaid Principal Balance (Details) - 90 Days or greater past due - Multi-family loans - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Fair Value	$ 4,753	$ 4,523
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	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Texas
Concentration Risk [Line Items]
Geographic concentration, percent	35%	30.10%
Tennessee
Concentration Risk [Line Items]
Geographic concentration, percent	14.60%	15.60%
Florida
Concentration Risk [Line Items]
Geographic concentration, percent	10.20%	10.90%
Ohio
Concentration Risk [Line Items]
Geographic concentration, percent	8.90%	9.70%
Louisiana
Concentration Risk [Line Items]
Geographic concentration, percent	7%	7.50%
Alabama
Concentration Risk [Line Items]
Geographic concentration, percent	6.70%	7.10%
North Carolina
Concentration Risk [Line Items]
Geographic concentration, percent	5.70%	6.10%
Indiana
Concentration Risk [Line Items]
Geographic concentration, percent	5.30%	5.70%

Investment Securities Availab_3

Investment Securities Available for Sale, at Fair Value - Schedule of Investment Securities Available for Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value Option
Amortized Cost	$ 183,307	$ 81,788
Unrealized Gains	9,962	9,495
Unrealized Losses	(14,982)	(15,369)
Fair Value	178,287	75,914
CECL Securities
Amortized Cost	25,663	25,616
Unrealized Gains	0	0
Unrealized Losses	(1,379)	(1,971)
Fair Value	24,284	23,645
Total CECL Securities and Fair Value Option
Amortized Cost	208,970	107,404
Unrealized Gains	9,962	9,495
Unrealized Losses	(16,361)	(17,340)
Fair Value	202,571	99,559
Agency RMBS
Fair Value Option
Amortized Cost	106,116	0
Unrealized Gains	1,084	0
Unrealized Losses	0	0
Fair Value	107,200	0
Non-Agency RMBS
Fair Value Option
Amortized Cost	44,483	48,958
Unrealized Gains	8,878	9,436
Unrealized Losses	(13,434)	(13,469)
Fair Value	39,927	44,925
CECL Securities
Amortized Cost	25,663	25,616
Unrealized Gains	0	0
Unrealized Losses	(1,379)	(1,971)
Fair Value	24,284	23,645
CMBS
Fair Value Option
Amortized Cost	32,025	32,033
Unrealized Gains	0	0
Unrealized Losses	(1,357)	(1,900)
Fair Value	30,668	30,133
ABS
Fair Value Option
Amortized Cost	683	797
Unrealized Gains	0	59
Unrealized Losses	(191)	0
Fair Value	$ 492	$ 856

Investment Securities Availab_4

Investment Securities Available for Sale, at Fair Value - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Accrued interest	$ 900,000		$ 400,000
Unrealized gains (losses) on investments	$ 900,000	$ 4,600,000
Realized loss		374,000
Contractual maturities (up to)	36 years
Weighted average life of available for sale securities portfolio	8 years 7 months 6 days		7 years 7 months 6 days
Allowance for credit loss	$ 0		$ 0
Debt securities, allowance for credit loss, period increase (decrease)	$ 0	0
Non-Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Realized loss		$ 374,000

Investment Securities Availab_5

Investment Securities Available for Sale, at Fair Value - Proceeds from Sale (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Debt Securities, Available-for-sale [Line Items]
Sales Proceeds	$ 24,374
Realized Gains	374
Realized Losses	0
Net Realized Gains (Losses)	374
Non-Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Sales Proceeds	24,374
Realized Gains	374
Realized Losses	0
Net Realized Gains (Losses)	$ 374

Investment Securities Availab_6

Investment Securities Available for Sale, at Fair Value - Weighted Average Lives for Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
0 to 5 years	$ 35,025	$ 39,655
Over 5 to 10 years	152,858	46,558
10+ years	14,688	13,346
Total	$ 202,571	$ 99,559

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	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 months, Carrying Value	$ 15,997	$ 23,609
Less Than 12 months, Gross Unrealized Losses	(533)	(1,966)
Greater Than 12 months, Carrying Value	8,287	36
Greater Than 12 months, Gross Unrealized Losses	(846)	(5)
Total, Carrying Value	24,284	23,645
Total Gross Unrealized Losses	(1,379)	(1,971)
Non-Agency RMBS
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 months, Carrying Value	15,997	23,609
Less Than 12 months, Gross Unrealized Losses	(533)	(1,966)
Greater Than 12 months, Carrying Value	8,287	36
Greater Than 12 months, Gross Unrealized Losses	(846)	(5)
Total, Carrying Value	24,284	23,645
Total Gross Unrealized Losses	$ (1,379)	$ (1,971)

Equity Investments, at Fair V_3

Equity Investments, at Fair Value - Schedule of Equity Investments Accounted under the Equity Method (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Equity investments | Multi-Family Preferred Equity Ownership Interests
Schedule of Equity Method Investments [Line Items]
Fair Value	$ 166,148		$ 152,246
Equity investments | Single-Family Equity Ownership Interests
Schedule of Equity Method Investments [Line Items]
Fair Value	25,000		27,500
Equity investments | Preferred Equity Ownership Interests
Schedule of Equity Method Investments [Line Items]
Fair Value	$ 191,148		$ 179,746
1122 Chicago DE, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests
Schedule of Equity Method Investments [Line Items]
Ownership Interest	53%		53%
Fair Value	$ 8,426		$ 8,276
Bighaus, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests
Schedule of Equity Method Investments [Line Items]
Ownership Interest	42%		42%
Fair Value	$ 16,739		$ 16,482
FF/RMI 20 Midtown, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests
Schedule of Equity Method Investments [Line Items]
Ownership Interest	51%		51%
Fair Value	$ 27,525		$ 27,079
Palms at Cape Coral, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests
Schedule of Equity Method Investments [Line Items]
Ownership Interest	34%		34%
Fair Value	$ 5,530		$ 5,429
America Walks at Port St. Lucie, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests
Schedule of Equity Method Investments [Line Items]
Ownership Interest	62%		62%
Fair Value	$ 25,177		$ 29,873
EHOF-NYMT Sunset Apartments Preferred, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests
Schedule of Equity Method Investments [Line Items]
Ownership Interest	57%		57%
Fair Value	$ 18,510		$ 18,139
Lucie at Tradition Holdings, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests
Schedule of Equity Method Investments [Line Items]
Ownership Interest	70%		70%
Fair Value	$ 18,016		$ 17,576
Syracuse Apartments and Townhomes, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests
Schedule of Equity Method Investments [Line Items]
Ownership Interest	58%		58%
Fair Value	$ 20,478		$ 20,115
Hudson Bridge Apartments, LLC - Series A, Briar Hill Apartments, LLC, Kings Glen Apartments, LLC, Flagstone Apartments, LLC, Brookfield Apartments II, LLC - Series B, and Silber JBSM Properties, LLC (collectively) | Equity investments | Multi-Family Preferred Equity Ownership Interests
Schedule of Equity Method Investments [Line Items]
Ownership Interest	58%		58%
Fair Value	$ 9,422		$ 9,277
Tides on 27th Investors, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests
Schedule of Equity Method Investments [Line Items]
Ownership Interest	54%		0%
Fair Value	$ 16,325		$ 0
Constructive Loans, LLC | Single-Family Equity Ownership Interests
Schedule of Equity Method Investments [Line Items]
Purchase of residential loans	$ 16,000	$ 170,200
Constructive Loans, LLC | Equity investments | Single-Family Equity Ownership Interests
Schedule of Equity Method Investments [Line Items]
Ownership Interest	50%		0%
Fair Value	$ 25,000		$ 27,500
Option to purchase issued and outstanding interests, percentage	50%

Equity Investments, at Fair V_4

Equity Investments, at Fair Value - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Schedule of Equity Method Investments [Line Items]
Income from equity investments	$ 4,511,000	$ 6,053,000
Preferred Equity Ownership Interests
Schedule of Equity Method Investments [Line Items]
Income from equity investments	600,000	100,000
Multi-Family Preferred Equity Ownership Interests
Schedule of Equity Method Investments [Line Items]
Other (loss) income	$ 0	$ 700,000

Equity Investments, at Fair V_5

Equity Investments, at Fair Value - Schedule of Income From Multi-Family Preferred Equity Ownership Interests (Details) - Multi-Family Preferred Equity Ownership Interests - Equity investments - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Schedule of Equity Method Investments [Line Items]
Change in fair value, gain (loss)	$ 5,951	$ 5,775
1122 Chicago DE, LLC
Schedule of Equity Method Investments [Line Items]
Change in fair value, gain (loss)	251	237
Bighaus, LLC
Schedule of Equity Method Investments [Line Items]
Change in fair value, gain (loss)	537	465
FF/RMI 20 Midtown, LLC
Schedule of Equity Method Investments [Line Items]
Change in fair value, gain (loss)	799	798
Palms at Cape Coral, LLC
Schedule of Equity Method Investments [Line Items]
Change in fair value, gain (loss)	177	155
America Walks at Port St. Lucie, LLC
Schedule of Equity Method Investments [Line Items]
Change in fair value, gain (loss)	1,126	902
EHOF-NYMT Sunset Apartments Preferred, LLC
Schedule of Equity Method Investments [Line Items]
Change in fair value, gain (loss)	625	549
Lucie at Tradition Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Change in fair value, gain (loss)	684	601
Syracuse Apartments and Townhomes, LLC
Schedule of Equity Method Investments [Line Items]
Change in fair value, gain (loss)	654	516
Hudson Bridge Apartments, LLC - Series A, Briar Hill Apartments, LLC, Kings Glen Apartments, LLC, Flagstone Apartments, LLC, Brookfield Apartments II, LLC - Series B, and Silber JBSM Properties, LLC (collectively)
Schedule of Equity Method Investments [Line Items]
Change in fair value, gain (loss)	301	0
Tides on 27th Investors, LLC
Schedule of Equity Method Investments [Line Items]
Change in fair value, gain (loss)	797	0
DCP Gold Creek, LLC
Schedule of Equity Method Investments [Line Items]
Change in fair value, gain (loss)	0	853
Rigsbee Ave Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Change in fair value, gain (loss)	0	(174)
Walnut Creek Properties Holdings, L.L.C.
Schedule of Equity Method Investments [Line Items]
Change in fair value, gain (loss)	0	(153)
Lurin-RMI, LLC
Schedule of Equity Method Investments [Line Items]
Change in fair value, gain (loss)	0	280
Somerset Deerfield Investor, LLC
Schedule of Equity Method Investments [Line Items]
Change in fair value, gain (loss)	0	587
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]
Change in fair value, gain (loss)	$ 0	$ 159

Equity Investments, at Fair V_6

Equity Investments, at Fair Value - Schedule of Income (Loss) From Investments (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Schedule of Equity Method Investments [Line Items]
Unrealized gains (losses), net	$ 28,489,000	$ (83,659,000)
Equity investments | Single-Family Equity Ownership Interests
Schedule of Equity Method Investments [Line Items]
Change in fair value, gain (loss)	(2,500,000)	28,000
Equity investments | Joint venture equity investments in multi-family properties
Schedule of Equity Method Investments [Line Items]
Change in fair value, gain (loss)	1,060,000	250,000
Constructive Loans, LLC | Equity investments | Single-Family Equity Ownership Interests
Schedule of Equity Method Investments [Line Items]
Change in fair value, gain (loss)	(2,500,000)	0
Unrealized gains (losses), net	(3,200,000)	0
Morrocroft Neighborhood Stabilization Fund II, LP | Equity investments | Single-Family Equity Ownership Interests
Schedule of Equity Method Investments [Line Items]
Change in fair value, gain (loss)	0	28,000
GWR Cedars Partners, LLC | Equity investments | Joint venture equity investments in multi-family properties
Schedule of Equity Method Investments [Line Items]
Change in fair value, gain (loss)	413,000	100,000
GWR Gateway Partners, LLC | Equity investments | Joint venture equity investments in multi-family properties
Schedule of Equity Method Investments [Line Items]
Change in fair value, gain (loss)	647,000	150,000
Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I) | Equity investments | Joint venture equity investments in multi-family properties
Schedule of Equity Method Investments [Line Items]
Unrealized gains (losses), net	$ 1,100,000	$ 300,000

Use of Special Purpose Entiti_3

Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
VIE, Primary Beneficiary | Consolidated SLST
Variable Interest Entity [Line Items]
Variable interest entity, primary beneficiary, maximum loss exposure, amount	$ 188.5	$ 191.5

Use of Special Purpose Entiti_4

Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) - Fair Value of the Assets, Liabilities and Non-controlling Interests Consolidated During Period (Details) - VIE, Primary Beneficiary - Consolidated Real Estate $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash	$ 7,102
Operating real estate	528,768
Lease intangible	27,461
Other assets	6,130
Total Assets	569,461
Mortgages payable on real estate, net	409,756
Other liabilities	3,180
Total Liabilities	412,936
Non-controlling interest	10,488
Net assets consolidated	$ 146,037

Use of Special Purpose Entiti_5

Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) - Assets and Liabilities of Consolidated VIEs (Details) - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents		$ 227,753	$ 244,718	$ 303,762
Assets of disposal group held for sale		1,150,379	1,151,784
Other assets		222,327	259,356
Total Assets	[1]	6,170,249	6,240,745
Liabilities of disposal group held for sale		896,983	883,812
Other liabilities		92,691	115,991
Total Liabilities	[1]	4,346,957	4,376,634
Non-controlling interest in Consolidated VIEs		31,434	33,092
Residential collateralized debt obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Multi-family CDOs, at fair value		1,390,991	1,468,222
Consolidated SLST CDOs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Multi-family CDOs, at fair value		638,513	634,495
VIE, Primary Beneficiary
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Assets		4,258,823	4,261,097
Total Liabilities		3,340,459	3,403,257
Redeemable non-controlling interest in Consolidated VIEs		54,352	63,803	$ 53,361	$ 66,392
VIE, Primary Beneficiary | Financing And Other VIEs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents		11,971	21,129
Real estate, net held in Consolidated VIEs		543,471	543,739
Assets of disposal group held for sale		1,140,308	1,142,773
Other assets		109,217	109,760
Total Assets		4,258,823	4,261,097
Multi-family CDOs, at fair value		2,029,504	2,102,717
Mortgages payable on real estate, net in Consolidated VIEs		397,316	394,707
Liabilities of disposal group held for sale		896,983	883,812
Other liabilities		16,656	22,021
Total Liabilities		3,340,459	3,403,257
Redeemable non-controlling interest in Consolidated VIEs		54,352	63,803
Non-controlling interest in Consolidated VIEs		31,309	32,967
Net investment		832,703	761,070
VIE, Primary Beneficiary | Residential Loan Securitizations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents		0	0
Real estate, net held in Consolidated VIEs		0	0
Assets of disposal group held for sale		0	0
Other assets		96,699	92,906
Total Assets		1,721,402	1,709,020
Multi-family CDOs, at fair value		1,390,991	1,468,222
Mortgages payable on real estate, net in Consolidated VIEs		0	0
Liabilities of disposal group held for sale		0	0
Other liabilities		6,624	8,168
Total Liabilities		1,397,615	1,476,390
Redeemable non-controlling interest in Consolidated VIEs		0	0
Non-controlling interest in Consolidated VIEs		0	0
Net investment		323,787	232,630
VIE, Primary Beneficiary | Consolidated SLST
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents		0	0
Real estate, net held in Consolidated VIEs		0	0
Assets of disposal group held for sale		0	0
Other assets		3,122	3,168
Total Assets		832,275	830,750
Multi-family CDOs, at fair value		638,513	634,495
Mortgages payable on real estate, net in Consolidated VIEs		0	0
Liabilities of disposal group held for sale		0	0
Other liabilities		3,883	3,342
Total Liabilities		642,396	637,837
Redeemable non-controlling interest in Consolidated VIEs		0	0
Non-controlling interest in Consolidated VIEs		0	0
Net investment		189,879	192,913
VIE, Primary Beneficiary | Consolidated Real Estate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents		11,971	21,129
Real estate, net held in Consolidated VIEs		543,471	543,739
Assets of disposal group held for sale		1,140,308	1,142,773
Other assets		9,396	13,686
Total Assets		1,705,146	1,721,327
Multi-family CDOs, at fair value		0	0
Mortgages payable on real estate, net in Consolidated VIEs		397,316	394,707
Liabilities of disposal group held for sale		896,983	883,812
Other liabilities		6,149	10,511
Total Liabilities		1,300,448	1,289,030
Redeemable non-controlling interest in Consolidated VIEs		54,352	63,803
Non-controlling interest in Consolidated VIEs		31,309	32,967
Net investment		319,037	335,527
VIE, Primary Beneficiary | Residential collateralized debt obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Multi-family CDOs, at fair value		1,390,991	1,468,222
VIE, Primary Beneficiary | Consolidated SLST CDOs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Multi-family CDOs, at fair value		638,513	634,495
VIE, Primary Beneficiary | Residential loans, at fair value | Financing And Other VIEs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential loans, at fair value		2,453,856	2,443,696
VIE, Primary Beneficiary | Residential loans, at fair value | Residential Loan Securitizations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential loans, at fair value		1,624,703	1,616,114
VIE, Primary Beneficiary | Residential loans, at fair value | Consolidated SLST
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential loans, at fair value		829,153	827,582
VIE, Primary Beneficiary | Residential loans, at fair value | Consolidated Real Estate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential loans, at fair value		$ 0	$ 0
[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 March 31, 2023 and December 31, 2022, assets of consolidated VIEs totaled $4,258,823 and $4,261,097, respectively, and the liabilities of consolidated VIEs totaled $3,340,459 and $3,403,257, respectively. See Note 7 for further discussion.

Use of Special Purpose Entiti_6

Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) - Schedule of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Variable Interest Entity [Line Items]
Interest expense	$ 39,335	$ 21,465
Total net interest income	17,801	37,036
Unrealized gains (losses), net	28,489	(83,659)
Income from real estate	41,746	25,589
Other losses	(9,000)	1,427
Total non-interest income (loss)	66,827	(46,784)
Expenses related to real estate	50,697	55,146
Net income (loss)	14,162	(88,719)
Net loss attributable to non-controlling interest in Consolidated VIEs	6,701	14,869
Net income (loss) attributable to Company	20,863	(73,850)
VIE, Primary Beneficiary
Variable Interest Entity [Line Items]
Net loss attributable to non-controlling interest in Consolidated VIEs	5,501	12,628
VIE, Primary Beneficiary | Financing And Other VIEs
Variable Interest Entity [Line Items]
Interest income	8,733	9,380
Interest expense	6,315	5,978
Total net interest income	2,418	3,402
Unrealized gains (losses), net	1,001	(15,279)
Income from real estate	39,075	23,637
Other losses	(10,259)	0
Total non-interest income (loss)	29,817	8,358
Expenses related to real estate	48,062	53,281
Net income (loss)	(15,827)	(41,521)
Net loss attributable to non-controlling interest in Consolidated VIEs	6,701	14,869
Net income (loss) attributable to Company	(9,126)	(26,652)
VIE, Primary Beneficiary | Consolidated SLST
Variable Interest Entity [Line Items]
Interest income	8,733	9,380
Interest expense	6,315	5,978
Total net interest income	2,418	3,402
Unrealized gains (losses), net	2,299	(15,279)
Income from real estate	0	0
Other losses	0	0
Total non-interest income (loss)	2,299	(15,279)
Expenses related to real estate	0	0
Net income (loss)	4,717	(11,877)
Net income (loss) attributable to Company	4,717	(11,877)
VIE, Primary Beneficiary | Consolidated Real Estate
Variable Interest Entity [Line Items]
Interest income	0	0
Interest expense	0	0
Total net interest income	0	0
Unrealized gains (losses), net	(1,298)	0
Income from real estate	39,075	23,637
Other losses	(10,259)	0
Total non-interest income (loss)	27,518	23,637
Expenses related to real estate	48,062	53,281
Net income (loss)	(20,544)	(29,644)
Net loss attributable to non-controlling interest in Consolidated VIEs	6,701	14,869
Net income (loss) attributable to Company	$ (13,843)	$ (14,775)

Use of Special Purpose Entiti_7

Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) - Redeemable Noncontrolling Interest in Consolidated VIEs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Net loss attributable to non-controlling interest in Consolidated VIEs	$ (6,701)	$ (14,869)
VIE, Primary Beneficiary
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	63,803	66,392
Contributions	0	274
Distributions	(3,950)	(677)
Net loss attributable to non-controlling interest in Consolidated VIEs	(5,501)	(12,628)
Ending balance	$ 54,352	$ 53,361

Use of Special Purpose Entiti_8

Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) - Classification and Carrying Value of Unconsolidated VIEs (Details) - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Total assets	[1]	$ 6,170,249	$ 6,240,745
Maximum exposure | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Total assets		300,144	278,936
Maximum exposure | Multi-family loans | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Total assets		95,309	87,534
Maximum exposure | Investment securities available for sale, at fair value | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Total assets		28,617	30,146
Maximum exposure | Equity investments | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Total assets		166,148	152,246
Maximum exposure | Assets of disposal group held for sale | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Total assets		10,070	9,010
ABS | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Total assets		492	856
ABS | Multi-family loans | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Total 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]
Total assets		492	856
ABS | Equity investments | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Total assets		0	0
ABS | Assets of disposal group held for sale | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Total assets		0	0
Non-Agency RMBS | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Total assets		28,125	29,290
Non-Agency RMBS | Multi-family loans | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Total assets		0	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]
Total assets		28,125	29,290
Non-Agency RMBS | Equity investments | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Total assets		0	0
Non-Agency RMBS | Assets of disposal group held for sale | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Total assets		0	0
Preferred equity investments in multi-family properties | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Total assets		261,457	239,780
Preferred equity investments in multi-family properties | Multi-family loans | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Total assets		95,309	87,534
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]
Total 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]
Total assets		166,148	152,246
Preferred equity investments in multi-family properties | Assets of disposal group held for sale | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Total assets		0	0
Joint venture equity investments in multi-family properties | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Total assets		10,070	9,010
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]
Total assets		0	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]
Total assets		0	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]
Total assets		0	0
Joint venture equity investments in multi-family properties | Assets of disposal group held for sale | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Total assets		$ 10,070	$ 9,010
[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 March 31, 2023 and December 31, 2022, assets of consolidated VIEs totaled $4,258,823 and $4,261,097, respectively, and the liabilities of consolidated VIEs totaled $3,340,459 and $3,403,257, respectively. See Note 7 for further discussion.

Real Estate, Net - Summary of I

Real Estate, Net - Summary of Investments (Details) - VIE, Primary Beneficiary - Real Estate Investment - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Real Estate [Line Items]
Land	$ 89,550	$ 89,550
Building and improvements	629,123	611,102
Furniture, fixture and equipment	14,496	13,540
Real estate	733,169	714,192
Accumulated depreciation	(27,263)	(21,224)
Real estate, net	$ 705,906	$ 692,968

Real Estate, Net - Narrative (D

Real Estate, Net - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Real Estate [Line Items]
Net proceeds received from (payments made on) mortgages payable on real estate		$ (13,840)	$ 6,947
Loss on extinguishment of debt	$ 600	$ (1,170)	$ 603
VIE, Primary Beneficiary | Multi-Family Apartment Properties
Real Estate [Line Items]
Net proceeds from sale of real estate	52,000
Net proceeds received from (payments made on) mortgages payable on real estate	37,000
Sale generated a net gain	400
Loss on extinguishment of debt	$ 600

Real Estate, Net - Components o

Real Estate, Net - Components of Income From Real Estate and Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Real Estate [Line Items]
Depreciation and amortization	$ 6,039	$ 35,586
Real Estate
Real Estate [Line Items]
Depreciation and amortization expense related to operating real estate	6,039	10,111
Amortization of lease intangibles related to operating real estate	0	25,475
Depreciation and amortization	$ 6,039	$ 35,586

Assets and Liabilities of Dis_3

Assets and Liabilities of Disposal Group Held for Sale - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Realized loss	$ 0
Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment loss	11,100,000
Impairment of real estate, recovery impairment value	800,000
Discontinued Operations, Held-for-sale | VIE, Primary Beneficiary
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncontrolling interest in VIE	$ 23,000,000	$ 23,900,000

Assets and Liabilities of Dis_4

Assets and Liabilities of Disposal Group Held for Sale - Carrying Values of Assets and Liabilities of Disposal Group Held for Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Cash and cash equivalents	$ 12,236	$ 13,944
Equity investments	10,070	9,010
Real estate, net	1,082,722	1,079,942
Other assets	45,351	48,888
Total assets of disposal group held for sale	1,150,379	1,151,784
Mortgages payable on real estate	878,060	865,414
Other liabilities	18,923	18,398
Total liabilities of disposal group held for sale	$ 896,983	$ 883,812

Assets and Liabilities of Dis_5

Assets and Liabilities of Disposal Group Held for Sale - Pretax Losses of Disposal Group Held for Sale (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Pretax loss of disposal group held for sale	$ (16,368)	$ (16,649)
Pretax loss of disposal group attributable to non-controlling interest in Consolidated VIEs	1,214	1,786
Pretax loss of disposal group attributable to Company's common stockholders	$ (15,154)	$ (14,863)

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 transaction	Mar. 31, 2023 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Number of interest rate swap or option transactions | transaction	0
Margin deposit assets, initial amount		$ 5.3
Margin deposit assets, excess amount		$ 2.6

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Total derivative assets	$ 3,122	$ 2,473
Total derivative liabilities	0	0
Interest rate caps
Derivatives, Fair Value [Line Items]
Total derivative assets	2,002
Options
Derivatives, Fair Value [Line Items]
Total derivative assets	1,120
Interest rate swaps
Derivatives, Fair Value [Line Items]
Total derivative assets	0	2,473
Total derivative liabilities	0
Other assets | Interest rate caps
Derivatives, Fair Value [Line Items]
Total derivative assets	2,002	2,473
Other assets | Options
Derivatives, Fair Value [Line Items]
Total derivative assets	1,120	0
Other liabilities | Interest rate swaps
Derivatives, Fair Value [Line Items]
Total derivative liabilities	$ 0	$ 0

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Reconciliation of Gross Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Derivative assets
Gross Amount of Recognized Assets (Liabilities)	$ 3,534	$ 2,473
Gross Amounts Offset in Balance Sheets	(412)	0
Variation Margin	0	0
Net Amounts of Assets (Liabilities) Presented in Balance Sheets	3,122	2,473
Derivative liabilities
Gross Amount of Recognized Assets (Liabilities)	(2,899)
Gross Amounts Offset in Balance Sheets	412
Variation Margin	2,487
Net Amounts of Assets (Liabilities) Presented in Balance Sheets	0	0
Interest rate caps
Derivative assets
Gross Amount of Recognized Assets (Liabilities)	2,002
Gross Amounts Offset in Balance Sheets	0
Variation Margin	0
Net Amounts of Assets (Liabilities) Presented in Balance Sheets	2,002
Options
Derivative assets
Gross Amount of Recognized Assets (Liabilities)	1,120
Gross Amounts Offset in Balance Sheets	0
Variation Margin	0
Net Amounts of Assets (Liabilities) Presented in Balance Sheets	1,120
Interest rate swaps
Derivative assets
Gross Amount of Recognized Assets (Liabilities)	412	2,473
Gross Amounts Offset in Balance Sheets	(412)	0
Variation Margin	0	0
Net Amounts of Assets (Liabilities) Presented in Balance Sheets	0	$ 2,473
Derivative liabilities
Gross Amount of Recognized Assets (Liabilities)	(2,899)
Gross Amounts Offset in Balance Sheets	412
Variation Margin	2,487
Net Amounts of Assets (Liabilities) Presented in Balance Sheets	$ 0

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities - Activity of Derivative Instruments Not Designated as Hedges (Details) - Trading $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Options
Derivative Instruments and Hedging Activities Disclosures [Roll Forward]
Beginning balance	$ 0
Additions	500,053
Terminations	0
Ending balance	500,053
Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Roll Forward]
Beginning balance	0
Additions	341,300
Terminations	0
Ending balance	$ 341,300

Derivative Instruments and He_7

Derivative Instruments and Hedging Activities - Components of Investment Fair Value Changes (Details) - Trading $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Realized Gains (Losses)	$ 0
Unrealized Gains (Losses)	(2,907)
Options
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Realized Gains (Losses)	0
Unrealized Gains (Losses)	(420)
Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Realized Gains (Losses)	0
Unrealized Gains (Losses)	$ (2,487)

Derivative Instruments and He_8

Derivative Instruments and Hedging Activities - Schedule of Interest Rate Derivatives (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Floating Rate Payments
Derivative [Line Items]
Notional Amount	$ 317,300
Weighted Average Fixed Interest Rate	4.20%
Weighted Average Variable Interest Rate	4.70%
Fixed Rate Payments
Derivative [Line Items]
Notional Amount	$ 24,000
Weighted Average Fixed Interest Rate	3.26%
Weighted Average Variable Interest Rate	4.83%
2025 | Floating Rate Payments
Derivative [Line Items]
Notional Amount	$ 255,700
Weighted Average Fixed Interest Rate	4.31%
Weighted Average Variable Interest Rate	4.71%
2028 | Floating Rate Payments
Derivative [Line Items]
Notional Amount	$ 28,900
Weighted Average Fixed Interest Rate	3.87%
Weighted Average Variable Interest Rate	4.66%
2028 | Fixed Rate Payments
Derivative [Line Items]
Notional Amount	$ 8,000
Weighted Average Fixed Interest Rate	3.36%
Weighted Average Variable Interest Rate	4.83%
2033 | Floating Rate Payments
Derivative [Line Items]
Notional Amount	$ 32,700
Weighted Average Fixed Interest Rate	3.60%
Weighted Average Variable Interest Rate	4.65%
2033 | Fixed Rate Payments
Derivative [Line Items]
Notional Amount	$ 16,000
Weighted Average Fixed Interest Rate	3.21%
Weighted Average Variable Interest Rate	4.83%

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Offsetting [Abstract]
Restricted cash	$ 115,249	$ 136,220	$ 100,250
Accrued interest receivable	31,578	34,067
Collections receivable from residential loan servicers	16,150	15,374
Recoverable advances on residential loans	15,611	13,979
Other receivables	13,326	11,357
Other assets in consolidated multi-family properties	8,631	13,681
Operating lease right-of-use assets	7,524	7,831
Real estate owned	3,743	18,588
Derivative assets	3,122	2,473
Deferred tax assets	2,448	2,671
Other	4,945	3,115
Other assets	$ 222,327	$ 259,356
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets

Other Assets and Other Liabil_4

Other Assets and Other Liabilities - Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Offsetting [Abstract]
Dividends and dividend equivalents payable	$ 49,129	$ 49,996
Accrued interest payable	12,109	10,629
Operating lease liabilities	8,070	8,383
Accrued expenses	6,960	15,576
Accrued expenses and other liabilities in consolidated multi-family properties	6,149	10,511
Deferred revenue	5,953	7,131
Advanced remittances from residential loan servicers	1,116	9,098
Unfunded commitments for residential loans	554	2,950
Deferred tax liabilities	0	394
Other	2,651	1,323
Total	$ 92,691	$ 115,991
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Total	Total

Repurchase Agreements - Company

Repurchase Agreements - Company's Repurchase Agreements (Details) - Repurchase agreements - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets Sold under Agreements to Repurchase [Line Items]
Total carrying value	$ 787,902	$ 737,023
Residential loans
Assets Sold under Agreements to Repurchase [Line Items]
Total carrying value	561,124	686,946
Investment securities
Assets Sold under Agreements to Repurchase [Line Items]
Total carrying value	$ 226,778	$ 50,077

Repurchase Agreements - Narrati

Repurchase Agreements - Narrative (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) counterparty financialInstitution	Dec. 31, 2022 USD ($) counterparty	Mar. 31, 2022 USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Cash and cash equivalents	$ 227,753,000	$ 244,718,000	$ 303,762,000
Repurchase agreements, number of financial institutions | financialInstitution	4
Repurchase agreements, number of counterparties | counterparty	1
Financings under repurchase agreements, aggregate outstanding balance	$ 245,000,000
Number of counterparties with amounts outstanding under repurchase agreements | counterparty	3	3
Interest rate caps
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements, number of counterparties | counterparty	1
Interest rate	4.10%
Notional Amount	$ 111,000,000
Fair value of the interest rate cap contract	1,200,000	$ 1,500,000
Unrealized losses	$ 200,000
Bank of America
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreement percentage at risk	6.88%
Repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Cash and cash equivalents	$ 215,800,000
Unencumbered investment securities	$ 127,498,000
Weighted average advance rate	76.60%	30%
Average interest rate haircut	23.40%	70%
Average days to maturity	55 days	9 days
Weighted average interest rate	5.74%	5.28%
Accrued interest payable	$ 1,300,000	$ 600,000
Repurchase agreements | Residential loans
Assets Sold under Agreements to Repurchase [Line Items]
Unencumbered investment securities	225,300,000
Repurchase agreements | Agency RMBS
Assets Sold under Agreements to Repurchase [Line Items]
Unencumbered investment securities	$ 6,914,000
Average interest rate haircut	5%
Repurchase agreements | Non-Agency RMBS
Assets Sold under Agreements to Repurchase [Line Items]
Unencumbered investment securities	$ 89,425,000
Average interest rate haircut	36.50%

Repurchase Agreements - Schedul

Repurchase Agreements - Schedule of Unencumbered Securities (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Securities borrowed	$ 127,498
Agency RMBS | Repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Securities borrowed	6,914
Non-Agency RMBS | Residential Loan Securitizations
Assets Sold under Agreements to Repurchase [Line Items]
Collateralized debt obligations, repurchased residential loan securitization	6,100
Non-Agency RMBS | Repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Securities borrowed	89,425
Non-Agency RMBS | Repurchase agreements | Consolidated SLST
Assets Sold under Agreements to Repurchase [Line Items]
Securities borrowed	19,100
CMBS | Repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Securities borrowed	30,667
ABS | Repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Securities borrowed	$ 492

Repurchase Agreements - Borrowi

Repurchase Agreements - Borrowings Under Financing Arrangements and Associated Assets Pledged as Collateral (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2023	Jun. 30, 2022	Dec. 31, 2022
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Outstanding Repurchase Agreements	$ 226,778		$ 50,077
Fair Value of Loans Pledged	3,374,856		3,525,080
Repurchase agreements
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Outstanding Repurchase Agreements	226,778		50,077
Carrying Value of Repurchase Agreements	787,902		737,023
Fair Value of Loans Pledged	$ 368,876		$ 170,551
Weighted Average Months to Maturity	55 days		9 days
Residential loans
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Maximum Aggregate Uncommitted Principal Amount	$ 1,975,000		$ 2,030,879
Outstanding Repurchase Agreements	562,371		688,487
Net Deferred Finance Costs	(1,247)		(1,541)
Fair Value of Loans Pledged	$ 695,701		$ 867,033
Weighted Average Rate	7.34%		6.65%
Weighted Average Months to Maturity	17 years 2 months 15 days	16 years 8 months 8 days
Residential loans | Repurchase agreements
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Carrying Value of Repurchase Agreements	$ 561,124		$ 686,946
Residential loans | Repurchase Agreement, Non Mark-to Market
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Outstanding Repurchase Agreements	$ 317,300		$ 446,800
Weighted Average Rate	7.45%		6.77%
Weighted Average Months to Maturity	23 years 18 days	23 years 11 months 15 days

Repurchase Agreements - Repurch

Repurchase Agreements - Repurchase Agreements Secured by Investment Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets Sold under Agreements to Repurchase [Line Items]
Outstanding Repurchase Agreements	$ 226,778	$ 50,077
Fair Value of Loans Pledged	3,374,856	3,525,080
Repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Outstanding Repurchase Agreements	226,778	50,077
Fair Value of Loans Pledged	368,876	170,551
Amortized Cost of Collateral Pledged	409,056	210,733
Agency RMBS | Repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Outstanding Repurchase Agreements	94,306	0
Fair Value of Loans Pledged	100,286	0
Amortized Cost of Collateral Pledged	99,278	0
Non-Agency RMBS | Repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Outstanding Repurchase Agreements	132,472	50,077
Fair Value of Loans Pledged	268,590	170,551
Amortized Cost of Collateral Pledged	309,778	$ 210,733
Non-Agency RMBS | Repurchase agreements | Residential Loan Securitizations
Assets Sold under Agreements to Repurchase [Line Items]
Amortized Cost of Collateral Pledged	99,200
Non-Agency RMBS | Repurchase agreements | Consolidated SLST
Assets Sold under Agreements to Repurchase [Line Items]
Amortized Cost of Collateral Pledged	$ 169,400

Repurchase Agreements - Maturit

Repurchase Agreements - Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements, maturities	$ 226,778	$ 50,077
Within 30 days
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements, maturities	49,950	50,077
Over 30 day to 90 days
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements, maturities	176,828	0
Over 90 days
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements, maturities	$ 0	$ 0

Collateralized Debt Obligatio_3

Collateralized Debt Obligations - Schedule of Debt (Details) - Collateralized Debt Obligations - Secured Debt - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Outstanding Face Amount	$ 2,105,071	$ 2,197,606
Carrying Value	2,029,504	2,102,717
Consolidated SLST
Debt Instrument [Line Items]
Outstanding Face Amount	688,916	699,408
Carrying Value	$ 638,513	$ 634,495
Weighted average interest rate	2.75%	2.75%
Residential loan securitizations
Debt Instrument [Line Items]
Outstanding Face Amount	$ 1,416,155	$ 1,498,198
Carrying Value	$ 1,390,991	$ 1,468,222
Weighted average interest rate	3.58%	3.54%

Collateralized Debt Obligatio_4

Collateralized Debt Obligations - Maturities (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Debt Instrument [Line Items]
2023	$ 0
2024	0
2025	27,750
2026	127,209
2027	0
Total	545,112
Secured Debt | Collateralized Debt Obligations
Debt Instrument [Line Items]
2023	0
2024	0
2025	0
2026	113,000
2027	225,000
Thereafter	1,767,071
Total	$ 2,105,071

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)			1 Months Ended	3 Months Ended
	Jan. 15, 2022	Apr. 27, 2021	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt				$ 545,112,000
Payments made on mortgages payable on real estate				(13,840,000)	$ 6,947,000
Loss on extinguishment of debt			$ 600,000	(1,170,000)	$ 603,000
VIE, Primary Beneficiary | Multi-Family Apartment Properties
Debt Instrument [Line Items]
Payments made on mortgages payable on real estate			37,000,000
Loss on extinguishment of debt			$ 600,000
5.75% Senior Notes Due 2026 | Senior unsecured notes
Debt Instrument [Line Items]
Principal value of trust preferred securities		$ 100,000,000
Interest rate		5.75%
Debt instrument, percentage of principal issued		100%
Proceeds from issuance of senior unsecured notes, net		$ 96,300,000
Long-term debt				100,000,000
Deferred loan fees, net				$ 2,400,000		$ 2,600,000
Debt issuance costs, amortization rate				6.64%
5.75% Senior Notes Due 2026 | Senior unsecured notes | Between BB+ and B+ Credit Rating
Debt Instrument [Line Items]
Interest rate increase		0.50%
5.75% Senior Notes Due 2026 | Senior unsecured notes | B+ or Below Credit Rating
Debt Instrument [Line Items]
Interest rate increase		0.75%
5.75% Senior Notes Due 2026 | April 30, 2023 - April 29, 2024 | Senior unsecured notes
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage		100%
Debt instrument, redemption price, percentage multiplyer		2.875%
5.75% Senior Notes Due 2026 | Debt Instrument, Redemption, Period One | Senior unsecured notes
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage		100%
6.25% senior convertible notes due 2022 | Convertible notes
Debt Instrument [Line Items]
Interest rate	6.25%
Extinguishment of debt, amount	$ 138,000,000

Debt - Schedule of Debt Redempt

Debt - Schedule of Debt Redemption Details (Details) - 5.75% Senior Notes Due 2026 - Senior unsecured notes	Apr. 27, 2021
April 30, 2023 - April 29, 2024
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage multiplyer	2.875%
April 30, 2024 - April 29, 2025
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage multiplyer	1.4375%
April 30, 2025 - April 29, 2026
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage multiplyer	0%

Debt - Preferred Securities (De

Debt - Preferred Securities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
NYM Preferred Trust I
Debt Instrument [Line Items]
Principal value of trust preferred securities	$ 25,000
NYM Preferred Trust I | LIBOR
Debt Instrument [Line Items]
Interest rate	3.75%
NYM Preferred Trust II
Debt Instrument [Line Items]
Principal value of trust preferred securities	$ 20,000
NYM Preferred Trust II | LIBOR
Debt Instrument [Line Items]
Interest rate	3.95%

Debt - Schedule of Interest Exp

Debt - Schedule of Interest Expense from Convertible Debt (Details) - Convertible notes - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Instrument [Line Items]
Contractual interest expense		$ 335
Amortization of underwriter's discount and deferred charges		103
Total	$ 0	$ 438

Debt - Schedule of Mortgage Not

Debt - Schedule of Mortgage Notes Payable On Operating Real Estate (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Mortgage Payable, Net	$ 545,112,000
Total derivative assets	3,534,000		$ 2,473,000
Unrealized (gains) losses, net	(28,489,000)	$ 83,659,000
Interest rate caps
Debt Instrument [Line Items]
Notional Amount	111,000,000
Total derivative assets	$ 2,002,000
Interest rate caps | Not Designated as Hedging Instrument
Debt Instrument [Line Items]
Strike Rate	2%
Notional Amount	$ 29,000,000
Unrealized (gains) losses, net	100,000
Interest rate caps | Not Designated as Hedging Instrument | Other assets
Debt Instrument [Line Items]
Total derivative assets	800,000		1,000,000
VIE, Primary Beneficiary | Mortgage Note | Joint Venture Investment
Debt Instrument [Line Items]
Maximum Committed Mortgage Principal Amount	401,362,000		398,703,000
Outstanding Mortgage Balance	400,112,000		397,453,000
Net Deferred Finance Cost	(2,796,000)		(2,746,000)
Mortgage Payable, Net	$ 397,316,000		$ 394,707,000
Weighted Average Interest Rate	4.29%		4.21%

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Long-Term Debt (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2023	$ 0
2024	0
2025	27,750
2026	127,209
2027	0
2028	0
Thereafter	390,153
Total	$ 545,112

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Dec. 07, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Amount agreed to fund joint venture equity investments	$ 40

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets carried at fair value
Investment securities available for sale:	$ 24,284	$ 23,645
Derivative assets:
Total derivative assets	3,534	2,473
Derivative liabilities
Derivative assets	3,122	2,473
Variation Margin	(2,487)
Interest rate caps
Derivative assets:
Total derivative assets	2,002
Interest rate swaps
Derivative assets:
Total derivative assets	412	2,473
Derivative liabilities
Variation Margin	(2,487)
Fair Value, Measurements, Recurring
Assets carried at fair value
Fair Value	191,148	179,746
Assets of disposal group held for sale	32,870	38,428
Total	3,899,876	3,932,820
Derivative liabilities
Total	638,513	634,495
Fair Value, Measurements, Recurring | Interest rate caps
Derivative assets:
Total derivative assets	2,002	2,473
Fair Value, Measurements, Recurring | Option
Derivative assets:
Total derivative assets	1,120	0
Fair Value, Measurements, Recurring | Interest rate swaps
Derivative liabilities
Derivative liability	0	0
Variation Margin	2,500
Fair Value, Measurements, Recurring | Interest rate swaps | Central Clearing House
Derivative liabilities
Derivative liability	2,900
Derivative assets	400
Fair Value, Measurements, Recurring | Residential loans
Assets carried at fair value
Residential loans, at fair value	921,000	1,081,384
Fair Value, Measurements, Recurring | Residential loans | Consolidated SLST | VIE, Primary Beneficiary
Assets carried at fair value
Residential loans, at fair value	829,153	827,582
Fair Value, Measurements, Recurring | Residential loans held in securitization trusts
Assets carried at fair value
Residential loans, at fair value	1,624,703	1,616,114
Fair Value, Measurements, Recurring | Multi-family loans
Assets carried at fair value
Multi-family loans	95,309	87,534
Fair Value, Measurements, Recurring | Agency RMBS
Assets carried at fair value
Investment securities available for sale:	107,200	0
Fair Value, Measurements, Recurring | Non-Agency RMBS
Assets carried at fair value
Investment securities available for sale:	64,211	68,570
Fair Value, Measurements, Recurring | CMBS
Assets carried at fair value
Investment securities available for sale:	30,668	30,133
Fair Value, Measurements, Recurring | ABS
Assets carried at fair value
Investment securities available for sale:	492	856
Fair Value, Measurements, Recurring | Consolidated SLST CDOs | Consolidated SLST | VIE, Primary Beneficiary
Liabilities carried at fair value
Consolidated SLST CDOs	638,513	634,495
Level 1 | Fair Value, Measurements, Recurring
Assets carried at fair value
Fair Value	0	0
Assets of disposal group held for sale	0	0
Total	0	0
Derivative liabilities
Total	0	0
Level 1 | Fair Value, Measurements, Recurring | Interest rate caps
Derivative assets:
Total derivative assets	0	0
Level 1 | Fair Value, Measurements, Recurring | Option
Derivative assets:
Total derivative assets	0	0
Level 1 | Fair Value, Measurements, Recurring | Interest rate swaps
Derivative liabilities
Derivative liability	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:	0	0
Level 1 | Fair Value, Measurements, Recurring | Non-Agency RMBS
Assets carried at fair value
Investment securities available for sale:	0	0
Level 1 | Fair Value, Measurements, Recurring | CMBS
Assets carried at fair value
Investment securities available for sale:	0	0
Level 1 | Fair Value, Measurements, Recurring | ABS
Assets carried at fair value
Investment securities available for sale:	0	0
Level 1 | Fair Value, Measurements, Recurring | Consolidated SLST CDOs | Consolidated SLST | VIE, Primary Beneficiary
Liabilities carried at fair value
Consolidated SLST CDOs	0	0
Level 2
Assets carried at fair value
Investment securities available for sale:	202,571	99,559
Derivative liabilities
Derivative assets	3,122	2,473
Level 2 | Fair Value, Measurements, Recurring
Assets carried at fair value
Fair Value	0	0
Assets of disposal group held for sale	22,800	29,418
Total	228,493	131,450
Derivative liabilities
Total	0	0
Level 2 | Fair Value, Measurements, Recurring | Interest rate caps
Derivative assets:
Total derivative assets	2,002	2,473
Level 2 | Fair Value, Measurements, Recurring | Option
Derivative assets:
Total derivative assets	1,120	0
Level 2 | Fair Value, Measurements, Recurring | Interest rate swaps
Derivative liabilities
Derivative liability	0	0
Level 2 | Fair Value, Measurements, Recurring | Derivative Asset
Assets carried at fair value
Assets of disposal group held for sale	22,800	29,400
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:	107,200	0
Level 2 | Fair Value, Measurements, Recurring | Non-Agency RMBS
Assets carried at fair value
Investment securities available for sale:	64,211	68,570
Level 2 | Fair Value, Measurements, Recurring | CMBS
Assets carried at fair value
Investment securities available for sale:	30,668	30,133
Level 2 | Fair Value, Measurements, Recurring | ABS
Assets carried at fair value
Investment securities available for sale:	492	856
Level 2 | Fair Value, Measurements, Recurring | Consolidated SLST CDOs | Consolidated SLST | VIE, Primary Beneficiary
Liabilities carried at fair value
Consolidated SLST CDOs	0	0
Level 3
Assets carried at fair value
Fair Value	191,148	179,746
Level 3 | Fair Value, Measurements, Recurring
Assets carried at fair value
Fair Value	191,148	179,746
Assets of disposal group held for sale	10,070	9,010
Total	3,671,383	3,801,370
Derivative liabilities
Total	638,513	634,495
Level 3 | Fair Value, Measurements, Recurring | Interest rate caps
Derivative assets:
Total derivative assets	0	0
Level 3 | Fair Value, Measurements, Recurring | Option
Derivative assets:
Total derivative assets	0	0
Level 3 | Fair Value, Measurements, Recurring | Interest rate swaps
Derivative liabilities
Derivative liability	0	0
Level 3 | Fair Value, Measurements, Recurring | Residential loans
Assets carried at fair value
Residential loans, at fair value	921,000	1,081,384
Level 3 | Fair Value, Measurements, Recurring | Residential loans | Consolidated SLST | VIE, Primary Beneficiary
Assets carried at fair value
Residential loans, at fair value	829,153	827,582
Level 3 | Fair Value, Measurements, Recurring | Residential loans held in securitization trusts
Assets carried at fair value
Residential loans, at fair value	1,624,703	1,616,114
Level 3 | Fair Value, Measurements, Recurring | Multi-family loans
Assets carried at fair value
Multi-family loans	95,309	87,534
Level 3 | Fair Value, Measurements, Recurring | Agency RMBS
Assets carried at fair value
Investment securities available for sale:	0	0
Level 3 | Fair Value, Measurements, Recurring | Non-Agency RMBS
Assets carried at fair value
Investment securities available for sale:	0	0
Level 3 | Fair Value, Measurements, Recurring | CMBS
Assets carried at fair value
Investment securities available for sale:	0	0
Level 3 | Fair Value, Measurements, Recurring | ABS
Assets carried at fair value
Investment securities available for sale:	0	0
Level 3 | Fair Value, Measurements, Recurring | Consolidated SLST CDOs | Consolidated SLST | VIE, Primary Beneficiary
Liabilities carried at fair value
Consolidated SLST CDOs	638,513	634,495
Level 3 | Fair Value, Measurements, Recurring | Equity investments
Assets carried at fair value
Assets of disposal group held for sale	$ 10,100	$ 9,000

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Valuation for Level 3 Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 3,801,370	$ 3,935,253
Total (losses)/gains (realized/unrealized)
Included in earnings	54,963	(115,934)
Transfers out	(326)	(879)
Transfers to securitization trust, net	0	0
Funding/Contributions	21,948	19,191
Paydowns/Distributions	(294,927)	(330,853)
Sales	(166)	(320)
Purchases	88,521	782,477
Balance at the end of period	$ 3,671,383	$ 4,288,935
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net
Consolidated SLST | VIE, Primary Beneficiary | Residential loans
Total (losses)/gains (realized/unrealized)
Sales	$ 0
Residential loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	1,081,384	$ 1,703,290
Total (losses)/gains (realized/unrealized)
Included in earnings	(599)	(24,571)
Transfers out	(93)	(90)
Transfers to securitization trust, net	(86,110)	(598,430)
Funding/Contributions	0	0
Paydowns/Distributions	(141,355)	(126,575)
Sales		(320)
Purchases	67,939	767,914
Balance at the end of period	921,000	1,721,218
Residential loans | Residential loans
Total (losses)/gains (realized/unrealized)
Sales	(166)
Residential loans | Consolidated SLST | VIE, Primary Beneficiary
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	827,582	1,070,882
Total (losses)/gains (realized/unrealized)
Included in earnings	15,121	(67,685)
Transfers out	0	0
Transfers to securitization trust, net	0	0
Funding/Contributions	0	0
Paydowns/Distributions	(13,550)	(33,344)
Sales		0
Purchases	0	0
Balance at the end of period	829,153	969,853
Residential loans held in securitization trusts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	1,616,114	801,429
Total (losses)/gains (realized/unrealized)
Included in earnings	33,041	(33,729)
Transfers out	(233)	(789)
Transfers to securitization trust, net	86,110	598,430
Funding/Contributions	0	0
Paydowns/Distributions	(130,911)	(117,548)
Sales		0
Purchases	20,582	14,563
Balance at the end of period	1,624,703	1,262,356
Residential loans held in securitization trusts | Residential loans
Total (losses)/gains (realized/unrealized)
Sales	0
Multi-family loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	87,534	120,021
Total (losses)/gains (realized/unrealized)
Included in earnings	2,889	3,258
Transfers out	0	0
Transfers to securitization trust, net	0	0
Funding/Contributions	6,420	0
Paydowns/Distributions	(1,534)	(13,071)
Sales		0
Purchases	0	0
Balance at the end of period	95,309	110,208
Multi-family loans | Multi-family loans
Total (losses)/gains (realized/unrealized)
Sales	0
Equity investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	179,746	239,631
Total (losses)/gains (realized/unrealized)
Included in earnings	3,451	6,793
Transfers out	0	0
Transfers to securitization trust, net	0	0
Funding/Contributions	15,528	19,191
Paydowns/Distributions	(7,577)	(40,315)
Sales		0
Purchases	0	0
Balance at the end of period	191,148	$ 225,300
Equity investments | Equity investments
Total (losses)/gains (realized/unrealized)
Sales	0
Equity investments in disposal group held for sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	9,010
Total (losses)/gains (realized/unrealized)
Included in earnings	1,060
Transfers out	0
Transfers to securitization trust, net	0
Funding/Contributions	0
Paydowns/Distributions	0
Purchases	0
Balance at the end of period	$ 10,070

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Valuation for Level 3 Liabilities (Details) - Consolidated SLST - VIE, Primary Beneficiary - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 634,495	$ 839,419
Total gains (realized/unrealized)
Included in earnings	14,511	(51,438)
Paydowns	(10,493)	(33,717)
Balance at the end of period	$ 638,513	$ 754,264

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Schedule of Quantitative Information Regarding Significant and Unobservable Inputs Used in the Valuation of Level 3 Assets and Liabilities Measured at Fair Value (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Consolidated SLST CDOs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Carrying Value	$ 638,513,000	$ 634,495,000
Consolidated SLST CDOs | VIE, Primary Beneficiary
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Carrying Value	638,513,000	634,495,000
Consolidated SLST | VIE, Primary Beneficiary
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Variable interest entity, primary beneficiary, maximum loss exposure, amount	188,500,000	191,500,000
Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, at fair value	3,374,856,000
Fair Value	191,148,000	179,746,000
Level 3 | Consolidated SLST CDOs | VIE, Primary Beneficiary
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Carrying Value	638,513,000	$ 634,495,000
Level 3 | Valuation Technique, Discounted Cash Flow | Equity investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value	166,148,000
Level 3 | Valuation Technique, Discounted Cash Flow | Equity investments in disposal group held for sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value	$ 10,070,000
Level 3 | Loss severity | Valuation Technique, Discounted Cash Flow | Weighted Average | Equity investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Equity method investment, measurement input	0
Level 3 | Loss severity | Valuation Technique, Discounted Cash Flow | Weighted Average | Equity investments in disposal group held for sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Equity method investment, measurement input	0
Level 3 | Discount rate | Valuation Technique, Discounted Cash Flow | Weighted Average | Equity investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Equity method investment, measurement input	0.135
Level 3 | Discount rate | Valuation Technique, Discounted Cash Flow | Weighted Average | Equity investments in disposal group held for sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Equity method investment, measurement input	0.160
Level 3 | Discount rate | Valuation Technique, Discounted Cash Flow | Minimum | Equity investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Equity method investment, measurement input	0.130
Level 3 | Discount rate | Valuation Technique, Discounted Cash Flow | Minimum | Equity investments in disposal group held for sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Equity method investment, measurement input	0.160
Level 3 | Discount rate | Valuation Technique, Discounted Cash Flow | Maximum | Equity investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Equity method investment, measurement input	0.155
Level 3 | Discount rate | Valuation Technique, Discounted Cash Flow | Maximum | Equity investments in disposal group held for sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Equity method investment, measurement input	0.160
Level 3 | Months to assumed redemption | Valuation Technique, Discounted Cash Flow | Weighted Average | Equity investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Equity method investment, measurement input	20
Level 3 | Months to assumed redemption | Valuation Technique, Discounted Cash Flow | Weighted Average | Equity investments in disposal group held for sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Equity method investment, measurement input	18
Level 3 | Months to assumed redemption | Valuation Technique, Discounted Cash Flow | Minimum | Equity investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Equity method investment, measurement input	1
Level 3 | Months to assumed redemption | Valuation Technique, Discounted Cash Flow | Minimum | Equity investments in disposal group held for sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Equity method investment, measurement input	18
Level 3 | Months to assumed redemption | Valuation Technique, Discounted Cash Flow | Maximum | Equity investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Equity method investment, measurement input	59
Level 3 | Months to assumed redemption | Valuation Technique, Discounted Cash Flow | Maximum | Equity investments in disposal group held for sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Equity method investment, measurement input	18
Level 3 | Residential loans and residential loans held in securitization trusts | Valuation Technique, Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, at fair value	$ 2,392,768,000
Level 3 | Residential loans and residential loans held in securitization trusts | Valuation Technique, Liquidation Model
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, at fair value	$ 152,935,000
Level 3 | Residential loans and residential loans held in securitization trusts | Lifetime CPR | Valuation Technique, Discounted Cash Flow | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, measurement input	0.046
Level 3 | Residential loans and residential loans held in securitization trusts | Lifetime CPR | Valuation Technique, 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 | Valuation Technique, Discounted Cash Flow | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, measurement input	0.349
Level 3 | Residential loans and residential loans held in securitization trusts | Lifetime CDR | Valuation Technique, 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 | Valuation Technique, 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 | Valuation Technique, Discounted Cash Flow | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, measurement input	0.269
Level 3 | Residential loans and residential loans held in securitization trusts | Loss severity | Valuation Technique, Discounted Cash Flow | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, measurement input	0.079
Level 3 | Residential loans and residential loans held in securitization trusts | Loss severity | Valuation Technique, 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 | Valuation Technique, Discounted Cash Flow | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, measurement input	0.966
Level 3 | Residential loans and residential loans held in securitization trusts | Yield | Valuation Technique, Discounted Cash Flow | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, measurement input	0.079
Level 3 | Residential loans and residential loans held in securitization trusts | Yield | Valuation Technique, Discounted Cash Flow | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, measurement input	0.053
Level 3 | Residential loans and residential loans held in securitization trusts | Yield | Valuation Technique, Discounted Cash Flow | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, measurement input	0.920
Level 3 | Residential loans and residential loans held in securitization trusts | Yield | Valuation Technique, Liquidation Model | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, measurement input	0.076
Level 3 | Residential loans and residential loans held in securitization trusts | Yield | Valuation Technique, Liquidation Model | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, measurement input	0.075
Level 3 | Residential loans and residential loans held in securitization trusts | Yield | Valuation Technique, Liquidation Model | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, measurement input	0.293
Level 3 | Residential loans and residential loans held in securitization trusts | Annual home price appreciation/(depreciation) | Valuation Technique, Liquidation Model | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, measurement input	0.001
Level 3 | Residential loans and residential loans held in securitization trusts | Annual home price appreciation/(depreciation) | Valuation Technique, Liquidation Model | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, measurement input	(0.010)
Level 3 | Residential loans and residential loans held in securitization trusts | Annual home price appreciation/(depreciation) | Valuation Technique, Liquidation Model | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, measurement input	0.052
Level 3 | Residential loans and residential loans held in securitization trusts | Liquidation timeline (months) | Valuation Technique, 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)	20 months
Level 3 | Residential loans and residential loans held in securitization trusts | Liquidation timeline (months) | Valuation Technique, 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 (months) | Valuation Technique, Liquidation Model | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, measurement input, liquidation timeline (in months)	50 months
Level 3 | Residential loans and residential loans held in securitization trusts | Property value | Valuation Technique, Liquidation Model | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, at fair value	$ 1,931,405
Level 3 | Residential loans and residential loans held in securitization trusts | Property value | Valuation Technique, Liquidation Model | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, at fair value	15,300
Level 3 | Residential loans and residential loans held in securitization trusts | Property value | Valuation Technique, Liquidation Model | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Residential mortgage loans, at fair value	13,800,000
Level 3 | Multi-family loans | Valuation Technique, Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Multi-family loans	$ 95,309,000
Level 3 | Multi-family loans | Loss severity | Valuation Technique, 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 | Valuation Technique, Discounted Cash Flow | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input	0.124
Level 3 | Multi-family loans | Discount rate | Valuation Technique, 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 | Valuation Technique, Discounted Cash Flow | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input	0.205
Level 3 | Multi-family loans | Months to assumed redemption | Valuation Technique, Discounted Cash Flow | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, assumed redemption period (in months)	35 months
Level 3 | Multi-family loans | Months to assumed redemption | Valuation Technique, Discounted Cash Flow | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, assumed redemption period (in months)	6 months
Level 3 | Multi-family loans | Months to assumed redemption | Valuation Technique, Discounted Cash Flow | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, assumed redemption period (in months)	52 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	$ 829,153,000
Variable interest entity, primary beneficiary, maximum loss exposure, amount	188,500,000
Level 3 | Consolidated SLST | Valuation Technique, Discounted Cash Flow | Consolidated SLST CDOs | VIE, Primary Beneficiary
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Carrying Value	$ 638,513,000
Level 3 | Consolidated SLST | Loss severity | Valuation Technique, Discounted Cash Flow | Weighted Average | Consolidated SLST CDOs | VIE, Primary Beneficiary
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt, measurement input	0.220
Level 3 | Consolidated SLST | Loss severity | Valuation Technique, Discounted Cash Flow | Minimum | Consolidated SLST CDOs | VIE, Primary Beneficiary
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt, measurement input	0.023
Level 3 | Consolidated SLST | Loss severity | Valuation Technique, Discounted Cash Flow | Maximum | Consolidated SLST CDOs | VIE, Primary Beneficiary
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt, measurement input	0.272
Level 3 | Consolidated SLST | Yield | Valuation Technique, Discounted Cash Flow | Weighted Average | Consolidated SLST CDOs | VIE, Primary Beneficiary
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt, measurement input	0.050
Level 3 | Consolidated SLST | Yield | Valuation Technique, Discounted Cash Flow | Minimum | Consolidated SLST CDOs | VIE, Primary Beneficiary
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt, measurement input	0.043
Level 3 | Consolidated SLST | Yield | Valuation Technique, Discounted Cash Flow | Maximum | Consolidated SLST CDOs | VIE, Primary Beneficiary
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt, measurement input	0.100
Level 3 | Consolidated SLST | Collateral prepayment rate | Valuation Technique, Discounted Cash Flow | Weighted Average | Consolidated SLST CDOs | VIE, Primary Beneficiary
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt, measurement input	0.058
Level 3 | Consolidated SLST | Collateral prepayment rate | Valuation Technique, Discounted Cash Flow | Minimum | Consolidated SLST CDOs | VIE, Primary Beneficiary
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt, measurement input	0.026
Level 3 | Consolidated SLST | Collateral prepayment rate | Valuation Technique, Discounted Cash Flow | Maximum | Consolidated SLST CDOs | VIE, Primary Beneficiary
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt, measurement input	0.067
Level 3 | Consolidated SLST | Collateral default rate | Valuation Technique, Discounted Cash Flow | Weighted Average | Consolidated SLST CDOs | VIE, Primary Beneficiary
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt, measurement input	0.015
Level 3 | Consolidated SLST | Collateral default rate | Valuation Technique, Discounted Cash Flow | Minimum | Consolidated SLST CDOs | 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 | Valuation Technique, Discounted Cash Flow | Maximum | Consolidated SLST CDOs | VIE, Primary Beneficiary
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt, measurement input	0.115

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Changes in Unrealized Gains (Losses) Included in Earnings for Level 3 Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Liabilities
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Unrealized gains (losses), net	Unrealized gains (losses), net
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Unrealized gains (losses), net	Unrealized gains (losses), net
Level 3 | Consolidated SLST | VIE, Primary Beneficiary
Assets
Unrealized gains (losses)	$ 15,807	$ (66,645)
Residential loans | Level 3
Assets
Unrealized gains (losses)	(3,320)	(25,440)
Residential Loans Held in Securitization Trusts | Level 3
Assets
Unrealized gains (losses)	30,077	(32,566)
Preferred Equity and Mezzanine Loan Investments | Level 3
Assets
Unrealized gains (losses)	453	291
Equity investments | Level 3
Assets
Unrealized gains (losses)	(2,577)	1,115
Equity investments in disposal group held for sale | Level 3
Assets
Unrealized gains (losses)	1,060	0
Collateralized Debt Obligations | Level 3 | Consolidated SLST | VIE, Primary Beneficiary
Liabilities
Unrealized gains (losses)	$ (13,508)	$ 51,366

Fair Value of Financial Instr_8

Fair Value of Financial Instruments - Carrying Value and Estimated Fair Value of the Company's Financial Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Financial Assets:
Cash and cash equivalents	$ 227,753	$ 244,718	$ 303,762
Investment securities available for sale:	24,284	23,645
Equity Investments, carrying value	191,148	179,746
Equity investments in disposal group held for sale, carrying value	10,070	9,010
Derivative Asset, carrying value	3,122	2,473
Financial Liabilities:
Subordinated debentures, carrying value	45,000	45,000
Senior unsecured notes, carrying value	97,561	$ 97,384
Mortgages payable on operating real estate, carrying value	$ 545,112
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Residential collateralized debt obligations
Financial Liabilities:
Carrying Value	$ 1,390,991	$ 1,468,222
Residential collateralized debt obligations | VIE, Primary Beneficiary
Financial Liabilities:
Carrying Value	1,390,991	1,468,222
Consolidated SLST CDOs
Financial Liabilities:
Carrying Value	638,513	634,495
Consolidated SLST CDOs | VIE, Primary Beneficiary
Financial Liabilities:
Carrying Value	638,513	634,495
Level 1
Financial Assets:
Cash and cash equivalents	227,753	244,718
Cash and cash equivalents, estimated fair value	227,753	244,718
Level 2
Financial Assets:
Investment securities available for sale:	202,571	99,559
Derivative Asset, carrying value	3,122	2,473
Derivative Asset, estimated fair value	3,122	2,473
Derivative assets in disposal group held for sale, carrying value	22,800	29,418
Derivative assets in disposal group held for sale, estimated fair value	22,800	29,418
Financial Liabilities:
Senior unsecured notes, carrying value	97,561	97,384
Senior unsecured notes, estimated fair value	91,732	91,104
Level 2 | Portfolio Investments
Financial Liabilities:
Outstanding repurchase agreements	787,902	737,023
Level 3
Financial Assets:
Equity Investments, carrying value	191,148	179,746
Equity Investment, estimated fair value	191,148	179,746
Equity investments in disposal group held for sale, carrying value	10,070	9,010
Equity investments in disposal group held for sale, estimated fair value	10,070	9,010
Financial Liabilities:
Subordinated debentures, carrying value	45,000	45,000
Subordinated debentures, estimated fair value	33,500	32,721
Level 3 | Mortgage Note
Financial Liabilities:
Mortgages payable on operating real estate, carrying value	397,316	394,707
Mortgages payable on operating real estate, estimated fair value	374,605	377,327
Mortgages payable on real estate in disposal group held for sale, carrying value	878,060	865,414
Mortgages payable on real estate in disposal group held for sale, estimated fair value	877,360	864,758
Level 3 | Residential collateralized debt obligations
Financial Liabilities:
Carrying Value	1,390,991	1,468,222
Secured debt, estimated fair value	1,321,342	1,383,715
Level 3 | Consolidated SLST CDOs | VIE, Primary Beneficiary
Financial Liabilities:
Carrying Value	638,513	634,495
Secured debt, estimated fair value	638,513	634,495
Level 3 | Residential loans
Financial Assets:
Residential loans	3,374,856	3,525,080
Residential mortgage loans, estimated fair value	3,374,856	3,525,080
Level 3 | Multi-family loans
Financial Assets:
Preferred equity and mezzanine loan investments, carrying value	95,309	87,534
Preferred equity and mezzanine loan investments, estimated fair value	$ 95,309	$ 87,534

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) quarter seriesOfPreferredStock director $ / shares shares	Mar. 31, 2022 USD ($) shares	Dec. 31, 2022 $ / shares shares	Feb. 22, 2023 shares	Feb. 21, 2023 shares	Feb. 28, 2022 USD ($)	Aug. 10, 2021 USD ($) $ / shares	Nov. 27, 2019 USD ($)	Mar. 29, 2019 USD ($)
Class of Stock [Line Items]
Number of series of cumulative redeemable preferred stock outstanding | seriesOfPreferredStock	4
Net income attributable to company's common stockholders | $	$ 10,521,000	$ (84,343,000)
Redemption price (in dollars per share) | $ / shares	$ 25
Preferred stock redemption period	120 days
Number of elected directors pending preferred stock voting rights | director	2
Percent of outstanding shares affirmative votes needed for material and adverse changes to preferred stock terms	66.67%
Common stock, shares authorized (in shares)	200,000,000		200,000,000	200,000,000	800,000,000
Common stock, par value (in usd per share) | $ / shares	$ 0.01		$ 0.01
Common stock, shares, issued (in shares)	91,180,096		91,193,688
Common stock, shares outstanding (in shares)	91,180,096		91,193,688
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) | $							$ 100,000,000
Shares issued (in shares)	0	0
Common stock reserved for issuance | $	$ 100,000,000
Equity agreement for preferred stock maximum aggregate sales price (up to) | $							$ 149,100,000	$ 131,500,000
Preferred Equity Distribution Agreement
Class of Stock [Line Items]
Shares issued (in shares)	0	0
Equity agreement for preferred stock maximum aggregate sales price (up to) | $									$ 50,000,000
Preferred stock available for future issuance, value | $	$ 100,000,000
Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	200,000,000		200,000,000
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.01		$ 0.01
Preferred stock, shares issued (in shares)	22,265,817		22,284,994
Preferred stock, shares outstanding (in shares)	22,265,817		22,284,994
Common stock repurchases | $	$ 320,000
Number of quarters with no dividends that results in voting rights | quarter	6
Preferred Stock | Stock Repurchase Plan
Class of Stock [Line Items]
Stock repurchase program, authorized amount | $	$ 100,000,000
Shares repurchased (in shares)	19,177
Common stock repurchases | $	$ 300,000
Average cost per share (in usd per share) | $ / shares	$ 16.64
Net income attributable to company's common stockholders | $	$ 100,000
Remaining authorized repurchase amount | $	$ 99,700,000
Series D
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, shares outstanding (in shares)	6,123,495		6,123,495
Preferred stock, cumulative redeemable dividend rate	8%		8%
Series E
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	9,900,000		9,900,000
Preferred stock, shares issued (in shares)	7,411,499		7,411,499
Preferred stock, shares outstanding (in shares)	7,411,499		7,411,499
Preferred stock, cumulative redeemable dividend rate	7.875%		7.875%
Series F
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	7,750,000		7,750,000
Preferred stock, shares issued (in shares)	5,750,000		5,750,000
Preferred stock, shares outstanding (in shares)	5,750,000		5,750,000
Preferred stock, cumulative redeemable dividend rate	6.875%		6.875%
Series G
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	5,450,000		5,450,000
Preferred stock, shares issued (in shares)	2,980,823		3,000,000
Preferred stock, shares outstanding (in shares)	2,980,823		3,000,000
Preferred stock, cumulative redeemable dividend rate	7%		7%
Common Stock
Class of Stock [Line Items]
Common stock repurchases | $	$ 3,610,000
Common Stock | Stock Repurchase Plan
Class of Stock [Line Items]
Stock repurchase program, authorized amount | $	$ 246,000,000					$ 200,000,000
Shares repurchased (in shares)	377,508
Common stock repurchases | $	$ 3,600,000
Average cost per share (in usd per share) | $ / shares	$ 9.56
Remaining authorized repurchase amount | $	$ 199,800,000

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Preferred Stock Issued and Outstanding (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Carrying Value	$ 537,889,000	$ 538,351,000
Series D
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, shares outstanding (in shares)	6,123,495	6,123,495
Carrying Value	$ 148,134,000	$ 148,134,000
Liquidation Preference	$ 153,087,000	$ 153,087,000
Preferred stock, contractual rate, percentage	8%	8%
Series D | LIBOR
Class of Stock [Line Items]
Preferred stock, floating annual rate, percentage	5.695%	5.695%
Series E
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	9,900,000	9,900,000
Preferred stock, shares issued (in shares)	7,411,499	7,411,499
Preferred stock, shares outstanding (in shares)	7,411,499	7,411,499
Carrying Value	$ 179,349,000	$ 179,349,000
Liquidation Preference	$ 185,288,000	$ 185,288,000
Preferred stock, contractual rate, percentage	7.875%	7.875%
Series E | LIBOR
Class of Stock [Line Items]
Preferred stock, floating annual rate, percentage	6.429%	6.429%
Series F
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	7,750,000	7,750,000
Preferred stock, shares issued (in shares)	5,750,000	5,750,000
Preferred stock, shares outstanding (in shares)	5,750,000	5,750,000
Carrying Value	$ 138,650,000	$ 138,650,000
Liquidation Preference	$ 143,750,000	$ 143,750,000
Preferred stock, contractual rate, percentage	6.875%	6.875%
Series F | Underwritten Public Offering
Class of Stock [Line Items]
Preferred stock, liquidation preference per share (in dollars per share)	$ 25
Series F | SOFR
Class of Stock [Line Items]
Preferred stock, floating annual rate, percentage	6.13%	6.13%
Series G
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	5,450,000	5,450,000
Preferred stock, shares issued (in shares)	2,980,823	3,000,000
Preferred stock, shares outstanding (in shares)	2,980,823	3,000,000
Carrying Value	$ 71,756,000	$ 72,218,000
Liquidation Preference	$ 74,520,000	$ 75,000,000
Preferred stock, contractual rate, percentage	7%	7%
Preferred Stock, Series Shares
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	31,500,000	31,500,000
Preferred stock, shares issued (in shares)	22,265,817	22,284,994
Preferred stock, shares outstanding (in shares)	22,265,817	22,284,994
Carrying Value	$ 537,889,000	$ 538,351,000
Liquidation Preference	$ 556,645,000	$ 557,125,000

Stockholders' Equity - Cash Div

Stockholders' Equity - Cash Dividends Declared - Preferred Stock (Details) - $ / shares	Apr. 15, 2023	Jan. 15, 2023	Oct. 15, 2022	Jul. 15, 2022	Apr. 15, 2022
Series D
Dividends Payable [Line Items]
Cash dividend per share (in dollars per share)		$ 0.50	$ 0.50	$ 0.50	$ 0.50
Series D | Subsequent Event
Dividends Payable [Line Items]
Cash dividend per share (in dollars per share)	$ 0.50
Series E
Dividends Payable [Line Items]
Cash dividend per share (in dollars per share)		0.4921875	0.4921875	0.4921875	0.4921875
Series E | Subsequent Event
Dividends Payable [Line Items]
Cash dividend per share (in dollars per share)	0.4921875
Series F
Dividends Payable [Line Items]
Cash dividend per share (in dollars per share)		0.4296875	0.4296875	0.4296875	0.4296875
Series F | Subsequent Event
Dividends Payable [Line Items]
Cash dividend per share (in dollars per share)	0.4296875
Series G
Dividends Payable [Line Items]
Cash dividend per share (in dollars per share)		$ 0.43750	$ 0.43750	$ 0.43750	$ 0.43750
Series G | Subsequent Event
Dividends Payable [Line Items]
Cash dividend per share (in dollars per share)	$ 0.43750

Stockholders' Equity - Cash D_2

Stockholders' Equity - Cash Dividends Declared - Common Stock (Details) - $ / shares	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Cash dividend per share (in dollars per share)	$ 0.40	$ 0.40	$ 0.40	$ 0.40	$ 0.40

Earnings (Loss) Per Common Sh_3

Earnings (Loss) Per Common Share - Narrative (Details)	Jan. 15, 2022 USD ($)
6.25% senior convertible notes due 2022 | Convertible notes
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Extinguishment of debt, amount	$ 138,000,000

Earnings (Loss) Per Common Sh_4

Earnings (Loss) Per Common Share - Computation of Basic and Diluted (Loss) Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Basic Earnings (Loss) per Common Share:
Net income (loss) attributable to Company	$ 20,863	$ (73,850)
Less: Preferred Stock dividends	(10,484)	(10,493)
Plus: Gain on repurchase of preferred stock	142	0
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS	$ 10,521	$ (84,343)
Weighted average common shares outstanding-basic (in shares)	91,314	95,199
Basic earnings (loss) per common share (in dollars per share)	$ 0.12	$ (0.89)
Diluted Earnings (Loss) per Common Share:
Net income (loss) attributable to Company	$ 20,863	$ (73,850)
Less: Preferred Stock dividends	(10,484)	(10,493)
Plus: Gain on repurchase of preferred stock	142	0
Net income (loss) attributable to Company's common stockholders	$ 10,521	$ (84,343)
Weighted average common shares outstanding-basic (in shares)	91,314	95,199
Diluted weighted average common shares outstanding (in shares)	91,672	95,199
Diluted earnings (loss) per common share (in dollars per share)	$ 0.11	$ (0.89)
PSUs
Diluted Earnings (Loss) per Common Share:
Net effect of assumed PSUs/RSUs vested (in shares)	358	0
RSUs
Diluted Earnings (Loss) per Common Share:
Net effect of assumed PSUs/RSUs vested (in shares)	0	0

Stock Based Compensation - Narr

Stock Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	550,536	555,084	526,074	477,276
Share-based compensation expense	$ 1	$ 1.1
Unrecognized compensation cost	$ 6.8	8.2
Unrecognized compensation cost, period for recognition	2 years 2 months 12 days
Fair value of vested shares	$ 3	$ 3.2
Requisite service period	3 years
Shares vested (in shares)	244,015	221,239
2017 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares that may be issued (in shares)	10,792,500
Shares available for grant (in shares)	7,203,330		7,199,024
2017 Incentive Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	550,536		526,074
2017 Incentive Plan | Restricted Stock | Share-Based Payment Arrangement, Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)			952,350
2017 Incentive Plan | PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)	1,159,901		1,558,343
Share-based compensation expense	$ 1.1	$ 1.4
Unrecognized compensation cost	$ 4.6	10.3
Unrecognized compensation cost, period for recognition	1 year 3 months 18 days
Fair value of vested shares	$ 2	$ 2.6
Fair value, expected term	3 years
Fair value, expected term for volatility rate	3 years
Award vesting period			3 years	3 years
Shares vested (in shares)	161,583	183,374
Vested shares target (in shares)	201,978	268,729
2017 Incentive Plan | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)	119,064		263,708
Non-vested shares (in shares)	119,064	263,708	263,708	254,052
Share-based compensation expense	$ 0.3	$ 0.5
Unrecognized compensation cost	$ 1.5	3.8
Unrecognized compensation cost, period for recognition	1 year 4 months 24 days
Fair value of vested shares	$ 1.4	$ 1.4
Requisite service period	3 years
Shares vested (in shares)	131,094	95,910
2017 Incentive Plan | Director | Share-Based Payment Arrangement, Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)	229,754		229,754
2017 Incentive Plan | Employee | Share-Based Payment Arrangement, Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)	1,220,850

Stock Based Compensation - Non-

Stock Based Compensation - Non-vested Restricted Stock, PSU and RSU Award Activity (Details) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restricted Stock
Number of Non-vested Restricted Shares
Non-vested shares at beginning of period (in shares)	526,074	477,276
Granted (in shares)	275,248	304,417
Vested (in shares)	(244,015)	(221,239)
Forfeited (in shares)	(6,771)	(5,370)
Non-vested shares at end of period (in shares)	550,536	555,084
Weighted Average Per Share Grant Date Fair Value
Non-vested shares at beginning of period (in dollars per share)	$ 16.34	$ 20.20
Granted (in dollars per share)	12.36	14.36
Vested (in dollars per share)	18.18	21.97
Forfeited (in dollars per share)	13.04	16.75
Non-vested shares at end of period (in dollars per share)	$ 13.57	$ 16.31
Restricted Stock | 2017 Incentive Plan
Number of Non-vested Restricted Shares
Non-vested shares at beginning of period (in shares)	526,074
Non-vested shares at end of period (in shares)	550,536
PSUs, Target | 2017 Incentive Plan
Number of Non-vested Restricted Shares
Non-vested shares at beginning of period (in shares)	786,577	844,185
Granted (in shares)	0	211,133
Vested (in shares)	(201,978)	(268,729)
Non-vested shares at end of period (in shares)	584,599	786,589
PSUs | 2017 Incentive Plan
Number of Non-vested Restricted Shares
Vested (in shares)	(161,583)	(183,374)
Weighted Average Per Share Grant Date Fair Value
Non-vested shares at beginning of period (in dollars per share)	$ 23.06	$ 21.70
Granted (in dollars per share)	0	19.47
Vested (in dollars per share)	28.18	16
Non-vested shares at end of period (in dollars per share)	$ 21.29	$ 23.05
Fair value, expected term	3 years
RSUs | 2017 Incentive Plan
Number of Non-vested Restricted Shares
Non-vested shares at beginning of period (in shares)	263,708	254,052
Granted (in shares)	0	105,566
Vested (in shares)	(131,094)	(95,910)
Forfeited (in shares)	(13,550)	0
Non-vested shares at end of period (in shares)	119,064	263,708
Weighted Average Per Share Grant Date Fair Value
Non-vested shares at beginning of period (in dollars per share)	$ 16.11	$ 17.45
Granted (in dollars per share)	0	14.88
Vested (in dollars per share)	17.40	18.32
Forfeited (in dollars per share)	14.76	0
Non-vested shares at end of period (in dollars per share)	$ 14.83	$ 16.10

Income Taxes - Income Tax Provi

Income Taxes - Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Current income tax expense	$ 187	$ 65
Deferred income tax benefit	(171)	(87)
Total income tax provision/(benefit)	$ 16	$ (22)

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Deferred tax assets
Net operating loss carryforward	$ 4,455	$ 3,513
Capital loss carryover	16,117	16,045
GAAP/Tax basis differences	6,596	1,869
Total deferred tax assets	27,168	21,427
Deferred tax liabilities
GAAP/Tax basis differences	0	394
Total deferred tax liabilities	0	394
Valuation allowance	(24,720)	(18,756)
Deferred tax assets	$ 2,448	$ 2,277

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Operating Loss Carryforwards [Line Items]
Change in valuation allowance	$ 6
Taxable REIT Subsidiaries
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	13.1
Capital losses	$ 47.3

Net Interest Income - Schedule

Net Interest Income - Schedule of Components of Interest Income and Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Interest income	$ 57,136	$ 58,501
Interest expense	39,335	21,465
Total net interest income	17,801	37,036
Convertible notes
Interest expense	0	438
Senior unsecured notes
Senior unsecured notes	1,614	1,603
Subordinated debentures
Subordinated debentures	962	459
Residential loans
Interest income	16,954	24,834
Consolidated SLST | VIE, Primary Beneficiary
Interest income	8,733	9,380
Interest expense	6,315	5,978
Residential loans held in securitization trusts
Interest income	24,721	16,633
Total residential loans
Interest income	50,408	50,847
Multi-family loans
Interest income	2,436	2,951
Investment securities available for sale
Investment securities available for sale	3,169	4,675
Other
Other	1,123	28
Repurchase agreements
Interest expense	13,068	5,531
Residential loan securitizations
Interest expense	17,376	7,456
Total collateralized debt obligations
Interest expense	$ 23,691	$ 13,434