Ellington Financial (EFC) 10-Q 10 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 03, 2019
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Registrant Name	Ellington Financial Inc.
Entity Central Index Key	0001411342
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		29,745,776

Condensed Consolidated Balance

Condensed Consolidated Balance Sheet - USD ($) $ in Thousands		Mar. 31, 2019		Dec. 31, 2018
Assets
Cash and cash equivalents(1)		$ 55,876	[1]	$ 44,656
Restricted cash(1)		175	[1]	425
Securities, at fair value		1,529,485
Loans, at fair value(1)	[1]	1,014,990
Investment in unconsolidated entities, at fair value	[1]	58,152
Real estate owned(1)		31,003	[1]	30,778
Investments, financial derivatives, and repurchase agreements:
Investments, at fair value (Cost – $2,970,306)				2,939,311
Repurchase agreements, at fair value (Cost – $61,274)	[2]	25,381		61,274
Total investments, financial derivatives, and repurchase agreements				3,020,586
Financial derivatives—assets, at fair value	[2]	15,356		20,001
Reverse repurchase agreements		25,381
Due from brokers(1)		58,145	[1]	71,794
Receivable for securities sold and financial derivatives				780,826
Investment related receivables(1)	[1]	78,223
Interest and principal receivable				37,676
Other assets(1)		3,779	[1]	15,536
Total Assets		2,870,565		3,971,499
Investments and financial derivatives:
Repurchase agreements(1)	[1]	1,550,016
Securities sold short, at fair value		26,212		850,577
Financial derivatives—liabilities, at fair value	[2]	26,904		20,806
Total investments and financial derivatives				871,383
Reverse repurchase agreements	[2]	1,550,016		1,498,849
Due to brokers		4,820		5,553
Investment related payables(1)		168,211	[1]	488,411
Other secured borrowings(1)		117,315	[1]	114,100
Other secured borrowings, at fair value(1)		282,124	[1]	297,948
Senior notes, net		85,100		85,035
Accounts payable and accrued expenses(1)		6,167	[1]	5,723
Base management fee payable to affiliate		1,722		1,744
Dividend payable		4,267
Interest payable(1)	[1]	4,995
Interest and dividends payable				7,159
Other liabilities(1)		278	[1]	424
Total Liabilities		2,278,131		3,376,329
Commitments and contingencies (Note 21)
ANALYSIS OF EQUITY:
Common stock, par value $0.001 per share, 100,000,000 shares authorized; 29,745,776 shares issued and outstanding		30		563,833
Additional paid-in-capital		664,654		0
Retained earnings (accumulated deficit)		(102,475)
Total Stockholders' Equity		562,209		563,833
Non-controlling interests(1)		30,225	[1]	31,337
Total Equity		592,434		595,170
Total Liabilities and Equity		$ 2,870,565		$ 3,971,499
PER SHARE INFORMATION:
Common shares				$ 18.92
[1]	Ellington Financial Inc.'s Condensed Consolidated Balance Sheet includes assets and liabilities of variable interest entities it has consolidated. See Note 9 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.
[2]	In the Company's Consolidated Statement of Assets, Liabilities, and Equity, all balances associated with repurchase agreements, reverse repurchase agreements, and financial derivatives are presented on a gross basis.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Mar. 31, 2019
Statement of Financial Position [Abstract]
Investments at value, cost	$ 2,970,306
Financial derivatives–assets, at fair value Net cost	22,526
Repurchase agreements, cost	61,274
Investments sold short at value, proceeds	(844,604)
Financial derivatives-liabilities, at fair value Net proceeds	(19,019)
Other secured borrowings proceeds	(114,100)
Other secured financing, at fair value-Proceeds	$ (298,706)
Common shares		$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	29,796,601	29,745,776
Common stock, shares outstanding	29,796,601	29,745,776

Consolidated Condensed Schedule

Consolidated Condensed Schedule of Investments (Cash Equivalents) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)shares	[2]
Cash equivalents
Schedule of Investments [Line Items]
Investment owned as a percentage of equity	2.09%	[1]
Money Market Funds, at Cost	$ 12,460
Money Market Funds, at Carrying Value	$ 12,460
Cash equivalents | Various Money Market Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, Balance, Shares | shares	12,460
Money Market Funds, at Carrying Value	$ 12,460
Cash equivalents | Various Money Market Funds [Member] | Minimum
Schedule of Investments [Line Items]
Rate	2.31%
Cash equivalents | Various Money Market Funds [Member] | Maximum
Schedule of Investments [Line Items]
Rate	2.34%
[1]	Classification percentages are based on Total Equity.
[2]	See Note 2 and Note 3 in Notes to Consolidated Financial Statements.

Consolidated Condensed Schedu_2

Consolidated Condensed Schedule of Investments (Long Investments) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)propertyshares
Schedule of Investments [Line Items]
TBA securities, at fair value (Current principal: $460,037)	$ 2,939,311
Investment Owned, at Cost	$ 2,970,306
Percentage collateralized by GNRCMO certificates	100.00%
Non-performing loans, maturity date not applicable	$ 47,300
Mortgage Loans in Process of Foreclosure, Amount	$ 9,100
Unrated But Agency-Guaranteed [Member]
Schedule of Investments [Line Items]
Long investment holdings as a percentage of stockholders' equity	243.66%
Long Investment Aaa Rating [Member]
Schedule of Investments [Line Items]
Long investment holdings as a percentage of stockholders' equity	0.01%
Long Investment Aa Rating [Member]
Schedule of Investments [Line Items]
Long investment holdings as a percentage of stockholders' equity	0.63%
Long Investment A Rating [Member]
Schedule of Investments [Line Items]
Long investment holdings as a percentage of stockholders' equity	4.73%
Long Investment BBB Rating [Member]
Schedule of Investments [Line Items]
Long investment holdings as a percentage of stockholders' equity	1.84%
Long Investment BB Rating [Member]
Schedule of Investments [Line Items]
Long investment holdings as a percentage of stockholders' equity	46.34%
Long Investment Unrated Rating [Member]
Schedule of Investments [Line Items]
Long investment holdings as a percentage of stockholders' equity	196.65%
Related Party-Consumer Loans Titled in Name of Related Party
Schedule of Investments [Line Items]
Fair value of loans held in related party trust	$ 21,900
Purchasing Entity
Schedule of Investments [Line Items]
Fair value of loans held in related party trust	$ 181,500
Principal And Interest - Fixed Rate Agency Securities
Schedule of Investments [Line Items]
Investment owned as a percentage of equity	148.68%	[1],[2],[3],[4]
TBA securities, at fair value (Current principal: $460,037)	$ 884,870
Principal And Interest - Fixed Rate Agency Securities | Federal National Mortgage Association Pools (30 Year) 4.00% [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 143,523
Rate	4.00%
TBA securities, at fair value (Current principal: $460,037)	$ 147,395
Principal And Interest - Fixed Rate Agency Securities | Federal National Mortgage Association Pools (30 Year) 4.00% [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2039-09
Principal And Interest - Fixed Rate Agency Securities | Federal National Mortgage Association Pools (30 Year) 4.00% [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2048-11
Principal And Interest - Fixed Rate Agency Securities | Federal Home Loan Mortgage Corporation Pools (Thirty Year) Four Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 111,109
Rate	4.00%
TBA securities, at fair value (Current principal: $460,037)	$ 114,104
Principal And Interest - Fixed Rate Agency Securities | Federal Home Loan Mortgage Corporation Pools (Thirty Year) Four Percent [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2041-11
Principal And Interest - Fixed Rate Agency Securities | Federal Home Loan Mortgage Corporation Pools (Thirty Year) Four Percent [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2048-12
Principal And Interest - Fixed Rate Agency Securities | Federal National Mortgage Association Pools (30 Year) 3.50% [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 82,189
Rate	3.50%
TBA securities, at fair value (Current principal: $460,037)	$ 82,450
Principal And Interest - Fixed Rate Agency Securities | Federal National Mortgage Association Pools (30 Year) 3.50% [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2042-09
Principal And Interest - Fixed Rate Agency Securities | Federal National Mortgage Association Pools (30 Year) 3.50% [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2048-02
Principal And Interest - Fixed Rate Agency Securities | Government National Mortgage Association Pools (30 Year) 4.50% [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 74,478
Rate	4.50%
TBA securities, at fair value (Current principal: $460,037)	$ 77,266
Principal And Interest - Fixed Rate Agency Securities | Government National Mortgage Association Pools (30 Year) 4.50% [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2046-09
Principal And Interest - Fixed Rate Agency Securities | Government National Mortgage Association Pools (30 Year) 4.50% [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2049-01
Principal And Interest - Fixed Rate Agency Securities | Federal National Mortgage Association Pools (Thirty Year) Four Point Five Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 65,892
Rate	4.50%
TBA securities, at fair value (Current principal: $460,037)	$ 68,853
Principal And Interest - Fixed Rate Agency Securities | Federal National Mortgage Association Pools (Thirty Year) Four Point Five Percent [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2041-10
Principal And Interest - Fixed Rate Agency Securities | Federal National Mortgage Association Pools (Thirty Year) Four Point Five Percent [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2048-12
Principal And Interest - Fixed Rate Agency Securities | Government National Mortgage Association Pools (Thirty Year) Four Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 51,362
Rate	4.00%
TBA securities, at fair value (Current principal: $460,037)	$ 52,544
Principal And Interest - Fixed Rate Agency Securities | Government National Mortgage Association Pools (Thirty Year) Four Percent [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2045-07
Principal And Interest - Fixed Rate Agency Securities | Government National Mortgage Association Pools (Thirty Year) Four Percent [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2048-05
Principal And Interest - Fixed Rate Agency Securities | Government National Mortgage Association Pools (Thirty Year) Five Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 46,026
Rate	5.00%
TBA securities, at fair value (Current principal: $460,037)	$ 48,245
Principal And Interest - Fixed Rate Agency Securities | Government National Mortgage Association Pools (Thirty Year) Five Percent [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2048-02
Principal And Interest - Fixed Rate Agency Securities | Government National Mortgage Association Pools (Thirty Year) Five Percent [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2048-12
Principal And Interest - Fixed Rate Agency Securities | Federal Home Loan Mortgage Corporation Pools (Thirty Year) Four Point Five Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 45,670
Rate	4.50%
TBA securities, at fair value (Current principal: $460,037)	$ 47,583
Principal And Interest - Fixed Rate Agency Securities | Federal Home Loan Mortgage Corporation Pools (Thirty Year) Four Point Five Percent [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2043-09
Principal And Interest - Fixed Rate Agency Securities | Federal Home Loan Mortgage Corporation Pools (Thirty Year) Four Point Five Percent [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2048-10
Principal And Interest - Fixed Rate Agency Securities | Federal National Mortgage Association Pools (Fifteen Year) Three Point Five Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 42,663
Rate	3.50%
TBA securities, at fair value (Current principal: $460,037)	$ 43,241
Principal And Interest - Fixed Rate Agency Securities | Federal National Mortgage Association Pools (Fifteen Year) Three Point Five Percent [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2028-03
Principal And Interest - Fixed Rate Agency Securities | Federal National Mortgage Association Pools (Fifteen Year) Three Point Five Percent [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2032-03
Principal And Interest - Fixed Rate Agency Securities | Federal National Mortgage Association Pools (Thirty Year) Five Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 38,420
Rate	5.00%
TBA securities, at fair value (Current principal: $460,037)	$ 40,652
Principal And Interest - Fixed Rate Agency Securities | Federal National Mortgage Association Pools (Thirty Year) Five Percent [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2035-10
Principal And Interest - Fixed Rate Agency Securities | Federal National Mortgage Association Pools (Thirty Year) Five Percent [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2048-08
Principal And Interest - Fixed Rate Agency Securities | Government National Mortgage Association Pools (Thirty Year) Three Point Five Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 32,106
Rate	3.50%
TBA securities, at fair value (Current principal: $460,037)	$ 32,253
Principal And Interest - Fixed Rate Agency Securities | Government National Mortgage Association Pools (Thirty Year) Three Point Five Percent [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2042-12
Principal And Interest - Fixed Rate Agency Securities | Government National Mortgage Association Pools (Thirty Year) Three Point Five Percent [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2047-12
Principal And Interest - Fixed Rate Agency Securities | Federal Home Loan Mortgage Corporation Pools (Thirty Year) Three Point Five Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 25,082
Rate	3.50%
TBA securities, at fair value (Current principal: $460,037)	$ 25,185
Principal And Interest - Fixed Rate Agency Securities | Federal Home Loan Mortgage Corporation Pools (Thirty Year) Three Point Five Percent [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2042-01
Principal And Interest - Fixed Rate Agency Securities | Federal Home Loan Mortgage Corporation Pools (Thirty Year) Three Point Five Percent [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2048-03
Principal And Interest - Fixed Rate Agency Securities | Government National Mortgage Association Pools (30 Year) 5.50% [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 21,807
Rate	5.50%
TBA securities, at fair value (Current principal: $460,037)	$ 23,207
Principal And Interest - Fixed Rate Agency Securities | Government National Mortgage Association Pools (30 Year) 5.50% [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2048-04
Principal And Interest - Fixed Rate Agency Securities | Government National Mortgage Association Pools (30 Year) 5.50% [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2048-12
Principal And Interest - Fixed Rate Agency Securities | Federal National Mortgage Association Pools (15 Year) 3.00% [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 10,899
Rate	3.00%
TBA securities, at fair value (Current principal: $460,037)	$ 10,895
Principal And Interest - Fixed Rate Agency Securities | Federal National Mortgage Association Pools (15 Year) 3.00% [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2030-04
Principal And Interest - Fixed Rate Agency Securities | Federal National Mortgage Association Pools (15 Year) 3.00% [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2032-09
Principal And Interest - Fixed Rate Agency Securities | Federal Home Loan Mortgage Corporation Pools (15 Year) 3.50% [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 8,275
Rate	3.50%
TBA securities, at fair value (Current principal: $460,037)	$ 8,389
Principal And Interest - Fixed Rate Agency Securities | Federal Home Loan Mortgage Corporation Pools (15 Year) 3.50% [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2028-09
Principal And Interest - Fixed Rate Agency Securities | Federal Home Loan Mortgage Corporation Pools (15 Year) 3.50% [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2032-12
Principal And Interest - Fixed Rate Agency Securities | Federal Home Loan Mortgage Corporation Pools (Other) Three Point Five Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 7,287
Rate	3.50%
TBA securities, at fair value (Current principal: $460,037)	$ 7,316
Principal And Interest - Fixed Rate Agency Securities | Federal Home Loan Mortgage Corporation Pools (Other) Three Point Five Percent [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2043-04
Principal And Interest - Fixed Rate Agency Securities | Federal Home Loan Mortgage Corporation Pools (Other) Three Point Five Percent [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2046-09
Principal And Interest - Fixed Rate Agency Securities | Federal Home Loan Mortgage Corporation Pools (Thirty Year) 5.00% [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 6,096
Rate	5.00%
TBA securities, at fair value (Current principal: $460,037)	$ 6,423
Principal And Interest - Fixed Rate Agency Securities | Federal Home Loan Mortgage Corporation Pools (Thirty Year) 5.00% [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2044-07
Principal And Interest - Fixed Rate Agency Securities | Federal Home Loan Mortgage Corporation Pools (Thirty Year) 5.00% [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2048-10
Principal And Interest - Fixed Rate Agency Securities | Federal National Mortgage Association Pools (Fifteen Year) Four Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 5,728
Rate	4.00%
TBA securities, at fair value (Current principal: $460,037)	$ 5,823
Principal And Interest - Fixed Rate Agency Securities | Federal National Mortgage Association Pools (Fifteen Year) Four Percent [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2026-06
Principal And Interest - Fixed Rate Agency Securities | Federal National Mortgage Association Pools (Fifteen Year) Four Percent [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2031-05
Principal And Interest - Fixed Rate Agency Securities | Federal National Mortgage Association Pools (Thirty Year) Five Point Five Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 5,023
Rate	5.50%
TBA securities, at fair value (Current principal: $460,037)	$ 5,342
Principal And Interest - Fixed Rate Agency Securities | Federal National Mortgage Association Pools (Thirty Year) Five Point Five Percent [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2039-11
Principal And Interest - Fixed Rate Agency Securities | Federal National Mortgage Association Pools (Thirty Year) Five Point Five Percent [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2048-06
Principal And Interest - Fixed Rate Agency Securities | Federal National Mortgage Association Pools (Other) 5.00% [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 4,547
Rate	5.00%
TBA securities, at fair value (Current principal: $460,037)	$ 4,772
Principal And Interest - Fixed Rate Agency Securities | Federal National Mortgage Association Pools (Other) 5.00% [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2043-09
Principal And Interest - Fixed Rate Agency Securities | Federal National Mortgage Association Pools (Other) 5.00% [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2044-01
Principal And Interest - Fixed Rate Agency Securities | Federal National Mortgage Association Pools (Other) 4.00% [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2047-12
Current Principal/Notional Amount	$ 4,394
Rate	4.00%
TBA securities, at fair value (Current principal: $460,037)	$ 4,478
Principal And Interest - Fixed Rate Agency Securities | Government National Mortgage Association Pools (30 Year) 6.00% [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 3,408
Rate	6.00%
TBA securities, at fair value (Current principal: $460,037)	$ 3,666
Principal And Interest - Fixed Rate Agency Securities | Government National Mortgage Association Pools (30 Year) 6.00% [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2048-05
Principal And Interest - Fixed Rate Agency Securities | Government National Mortgage Association Pools (30 Year) 6.00% [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2048-11
Principal And Interest - Fixed Rate Agency Securities | Federal Home Loan Mortgage Corporation Pools (Thirty Year) Three Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 2,773
Rate	3.00%
TBA securities, at fair value (Current principal: $460,037)	$ 2,722
Principal And Interest - Fixed Rate Agency Securities | Federal Home Loan Mortgage Corporation Pools (Thirty Year) Three Percent [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2043-07
Principal And Interest - Fixed Rate Agency Securities | Federal Home Loan Mortgage Corporation Pools (Thirty Year) Three Percent [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2045-06
Principal And Interest - Fixed Rate Agency Securities | Federal National Mortgage Association Pools (Thirty Year) Three Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 2,603
Rate	3.00%
TBA securities, at fair value (Current principal: $460,037)	$ 2,556
Principal And Interest - Fixed Rate Agency Securities | Federal National Mortgage Association Pools (Thirty Year) Three Percent [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2042-01
Principal And Interest - Fixed Rate Agency Securities | Federal National Mortgage Association Pools (Thirty Year) Three Percent [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2045-06
Principal And Interest - Fixed Rate Agency Securities | Government National Mortgage Association Pools (30 Year) 3.75% [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2047-07
Current Principal/Notional Amount	$ 2,508
Rate	3.75%
TBA securities, at fair value (Current principal: $460,037)	$ 2,537
Principal And Interest - Fixed Rate Agency Securities | Federal Home Loan Mortgage Corporation Pools (Other) Four Point Five Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2044-05
Current Principal/Notional Amount	$ 2,348
Rate	4.50%
TBA securities, at fair value (Current principal: $460,037)	$ 2,432
Principal And Interest - Fixed Rate Agency Securities | Federal Home Loan Mortgage Corporation (15 Year) 3 Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2030-04
Current Principal/Notional Amount	$ 2,343
Rate	3.00%
TBA securities, at fair value (Current principal: $460,037)	$ 2,342
Principal And Interest - Fixed Rate Agency Securities | Federal National Mortgage Association Pools (Fifteen Year) Four Point Five Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2026-04
Current Principal/Notional Amount	$ 2,177
Rate	4.50%
TBA securities, at fair value (Current principal: $460,037)	$ 2,265
Principal And Interest - Fixed Rate Agency Securities | Federal National Mortgage Association Pools (Other) Four Point Five Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2041-05
Current Principal/Notional Amount	$ 2,025
Rate	4.50%
TBA securities, at fair value (Current principal: $460,037)	$ 2,079
Principal And Interest - Fixed Rate Agency Securities | Federal Home Loan Mortgage Corporation Pools (Thirty Year) Five Point Five Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 1,677
Rate	5.50%
TBA securities, at fair value (Current principal: $460,037)	$ 1,786
Principal And Interest - Fixed Rate Agency Securities | Federal Home Loan Mortgage Corporation Pools (Thirty Year) Five Point Five Percent [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2033-08
Principal And Interest - Fixed Rate Agency Securities | Federal Home Loan Mortgage Corporation Pools (Thirty Year) Five Point Five Percent [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2048-05
Principal And Interest - Fixed Rate Agency Securities | Federal National Mortgage Association Pools (Twenty Year) Four Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2033-12
Current Principal/Notional Amount	$ 1,478
Rate	4.00%
TBA securities, at fair value (Current principal: $460,037)	$ 1,526
Principal And Interest - Fixed Rate Agency Securities | Federal Home Loan Mortgage Corporation Pools (Twenty Year) Four Point Five Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2033-12
Current Principal/Notional Amount	$ 976
Rate	4.50%
TBA securities, at fair value (Current principal: $460,037)	$ 1,021
Principal And Interest - Fixed Rate Agency Securities | Federal Home Loan Mortgage Corporation Pools (Fifteen Year) Four Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2029-02
Current Principal/Notional Amount	$ 886
Rate	4.00%
TBA securities, at fair value (Current principal: $460,037)	$ 897
Principal And Interest - Fixed Rate Agency Securities | Federal Home Loan Mortgage Corporation Pools (Thirty Year) Six Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2040-05
Current Principal/Notional Amount	$ 651
Rate	6.00%
TBA securities, at fair value (Current principal: $460,037)	$ 697
Principal And Interest - Fixed Rate Agency Securities | Government National Mortgage Association Pools (Thirty Year) Three Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2042-11
Current Principal/Notional Amount	$ 710
Rate	3.00%
TBA securities, at fair value (Current principal: $460,037)	$ 695
Principal And Interest - Fixed Rate Agency Securities | Federal National Mortgage Association Pools (Thirty Year) Six Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 588
Rate	6.00%
TBA securities, at fair value (Current principal: $460,037)	$ 631
Principal And Interest - Fixed Rate Agency Securities | Federal National Mortgage Association Pools (Thirty Year) Six Percent [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2039-09
Principal And Interest - Fixed Rate Agency Securities | Federal National Mortgage Association Pools (Thirty Year) Six Percent [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2040-02
Principal And Interest - Fixed Rate Agency Securities | Government National Mortgage Association Pools (Thirty Year) Two Point Four Nine Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2043-10
Current Principal/Notional Amount	$ 524
Rate	2.49%
TBA securities, at fair value (Current principal: $460,037)	$ 496
Principal And Interest - Fixed Rate Agency Securities | Federal National Mortgage Association Pools (Thirty Year) Three Point Two Eight Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2042-06
Current Principal/Notional Amount	$ 109
Rate	3.28%
TBA securities, at fair value (Current principal: $460,037)	$ 106
Interest Only - Fixed Rate Agency Securities
Schedule of Investments [Line Items]
Investment owned as a percentage of equity	1.77%	[1],[2],[3],[4]
TBA securities, at fair value (Current principal: $460,037)	$ 10,510
Interest Only - Fixed Rate Agency Securities | Government National Mortgage Association 4.00% [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 17,505
Rate	4.00%
TBA securities, at fair value (Current principal: $460,037)	$ 2,828
Interest Only - Fixed Rate Agency Securities | Government National Mortgage Association 4.00% [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2045-02	[1],[3],[4]
Interest Only - Fixed Rate Agency Securities | Government National Mortgage Association 4.00% [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2045-06	[1],[3],[4]
Interest Only - Fixed Rate Agency Securities | Federal National Mortgage Association 4.50% [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 10,446
Rate	4.50%
TBA securities, at fair value (Current principal: $460,037)	$ 1,223
Interest Only - Fixed Rate Agency Securities | Federal National Mortgage Association 4.50% [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2020-12	[1],[3],[4]
Interest Only - Fixed Rate Agency Securities | Federal National Mortgage Association 4.50% [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2044-06	[1],[3],[4]
Interest Only - Fixed Rate Agency Securities | Government National Mortgage Association 6.00% [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 4,768
Rate	6.00%
TBA securities, at fair value (Current principal: $460,037)	$ 978
Interest Only - Fixed Rate Agency Securities | Government National Mortgage Association 6.00% [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2038-06	[1],[3],[4]
Interest Only - Fixed Rate Agency Securities | Government National Mortgage Association 6.00% [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2039-08	[1],[3],[4]
Interest Only - Fixed Rate Agency Securities | Government National Mortgage Association Four Point Five Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 5,949
Rate	4.50%
TBA securities, at fair value (Current principal: $460,037)	$ 808
Interest Only - Fixed Rate Agency Securities | Government National Mortgage Association Four Point Five Percent [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2039-06	[1],[3],[4]
Interest Only - Fixed Rate Agency Securities | Government National Mortgage Association Four Point Five Percent [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2044-07	[1],[3],[4]
Interest Only - Fixed Rate Agency Securities | Federal National Mortgage Association Five Point Five Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2039-10	[1],[3],[4]
Current Principal/Notional Amount	$ 3,401
Rate	5.50%
TBA securities, at fair value (Current principal: $460,037)	$ 749
Interest Only - Fixed Rate Agency Securities | Government National Mortgage Association Five Point Five Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2043-11	[1],[3],[4]
Current Principal/Notional Amount	$ 3,612
Rate	5.50%
TBA securities, at fair value (Current principal: $460,037)	$ 623
Interest Only - Fixed Rate Agency Securities | Federal Home Loan Mortgage Corporation Three Point Five Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2032-12	[1],[3],[4]
Current Principal/Notional Amount	$ 3,642
Rate	3.50%
TBA securities, at fair value (Current principal: $460,037)	$ 515
Interest Only - Fixed Rate Agency Securities | Federal National Mortgage Association Four Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 3,560
Rate	4.00%
TBA securities, at fair value (Current principal: $460,037)	$ 513
Interest Only - Fixed Rate Agency Securities | Federal National Mortgage Association Four Percent [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2039-05	[1],[3],[4]
Interest Only - Fixed Rate Agency Securities | Federal National Mortgage Association Four Percent [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2043-11	[1],[3],[4]
Interest Only - Fixed Rate Agency Securities | Federal National Mortgage Association Five Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 2,659
Rate	5.00%
TBA securities, at fair value (Current principal: $460,037)	$ 463
Interest Only - Fixed Rate Agency Securities | Federal National Mortgage Association Five Percent [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2038-01	[1],[3],[4]
Interest Only - Fixed Rate Agency Securities | Federal National Mortgage Association Five Percent [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2040-05	[1],[3],[4]
Interest Only - Fixed Rate Agency Securities | Federal Home Loan Mortgage Corporation Five Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2038-11	[1],[3],[4]
Current Principal/Notional Amount	$ 5,122
Rate	5.00%
TBA securities, at fair value (Current principal: $460,037)	$ 402
Interest Only - Fixed Rate Agency Securities | Federal Home Loan Mortgage Corporation Five Point FIve Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 3,749
Rate	5.50%
TBA securities, at fair value (Current principal: $460,037)	$ 336
Interest Only - Fixed Rate Agency Securities | Federal Home Loan Mortgage Corporation Five Point FIve Percent [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2039-01	[1],[3],[4]
Interest Only - Fixed Rate Agency Securities | Federal Home Loan Mortgage Corporation Five Point FIve Percent [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2039-09	[1],[3],[4]
Interest Only - Fixed Rate Agency Securities | Federal National Mortgage Association Six Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2040-01	[1],[3],[4]
Current Principal/Notional Amount	$ 1,613
Rate	6.00%
TBA securities, at fair value (Current principal: $460,037)	$ 274
Interest Only - Fixed Rate Agency Securities | Federal Home Loan Mortgage Corporation Four Point Five Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2043-07	[1],[3],[4]
Current Principal/Notional Amount	$ 1,463
Rate	4.50%
TBA securities, at fair value (Current principal: $460,037)	$ 254
Interest Only - Fixed Rate Agency Securities | Federal National Mortgage Association Three Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2041-09	[1],[3],[4]
Current Principal/Notional Amount	$ 2,291
Rate	3.00%
TBA securities, at fair value (Current principal: $460,037)	$ 203
Interest Only - Fixed Rate Agency Securities | Government National Mortgage Association Five Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 3,043
Rate	5.00%
TBA securities, at fair value (Current principal: $460,037)	$ 181
Interest Only - Fixed Rate Agency Securities | Government National Mortgage Association Five Percent [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2037-05	[1],[3],[4]
Interest Only - Fixed Rate Agency Securities | Government National Mortgage Association Five Percent [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2041-05	[1],[3],[4]
Interest Only - Fixed Rate Agency Securities | Government National Mortgage Association Four Point Seven Five Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2040-07	[1],[3],[4]
Current Principal/Notional Amount	$ 842
Rate	4.75%
TBA securities, at fair value (Current principal: $460,037)	$ 160
TBA - Fixed Rate Agency Securities
Schedule of Investments [Line Items]
Investment owned as a percentage of equity	79.78%	[1],[2],[3],[4]
Current Principal/Notional Amount	$ 460,037
TBA securities, at fair value (Current principal: $460,037)	$ 474,860
TBA - Fixed Rate Agency Securities | Federal Home Loan Mortgage Corporation (15 Year) 3 Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2019-01	[1],[3],[4]
Current Principal/Notional Amount	$ 1,660
Rate	3.00%
TBA securities, at fair value (Current principal: $460,037)	$ 1,655
TBA - Fixed Rate Agency Securities | Government National Mortgage Association (30 Year) 5 Point 00 Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2019-01	[1],[3],[4]
Current Principal/Notional Amount	$ 299,455
Rate	5.00%
TBA securities, at fair value (Current principal: $460,037)	$ 311,515
TBA - Fixed Rate Agency Securities | Federal National Mortgage Association (30 Year) 4 Point 00 Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2019-01	[1],[3],[4]
Current Principal/Notional Amount	$ 122,003
Rate	4.00%
TBA securities, at fair value (Current principal: $460,037)	$ 124,376
TBA - Fixed Rate Agency Securities | Federal Home Loan Mortgage Corporation (30 Year) 3 Point 50 Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2019-01	[1],[3],[4]
Current Principal/Notional Amount	$ 21,540
Rate	3.50%
TBA securities, at fair value (Current principal: $460,037)	$ 21,529
TBA - Fixed Rate Agency Securities | Government National Mortgage Association (30 Year) 5 Point 50 Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2019-01	[1],[3],[4]
Current Principal/Notional Amount	$ 10,579
Rate	5.50%
TBA securities, at fair value (Current principal: $460,037)	$ 11,058
TBA - Fixed Rate Agency Securities | Government National Mortgage Association (30 Year) 3 Point 00 Percent [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2019-01	[1],[3],[4]
Current Principal/Notional Amount	$ 4,800
Rate	3.00%
TBA securities, at fair value (Current principal: $460,037)	$ 4,727
Fixed Rate Agency Securities [Member]
Schedule of Investments [Line Items]
Investment owned as a percentage of equity	230.23%	[1],[2],[3],[4]
TBA securities, at fair value (Current principal: $460,037)	$ 1,370,240
Investment Owned, at Cost	$ 1,388,115	[1],[3],[4]
Principal And Interest - Floating Rate Agency Securities
Schedule of Investments [Line Items]
Investment owned as a percentage of equity	10.24%	[1],[2],[3],[4]
TBA securities, at fair value (Current principal: $460,037)	$ 60,971
Principal And Interest - Floating Rate Agency Securities | Government National Mortgage Association Pools [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	52,532
TBA securities, at fair value (Current principal: $460,037)	$ 55,475
Principal And Interest - Floating Rate Agency Securities | Government National Mortgage Association Pools [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2061-07	[1],[3],[4]
Rate	4.39%	[1],[3],[4]
Principal And Interest - Floating Rate Agency Securities | Government National Mortgage Association Pools [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2067-12	[1],[3],[4]
Rate	4.67%	[1],[3],[4]
Principal And Interest - Floating Rate Agency Securities | Federal National Mortgage Association Pools [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 3,515
TBA securities, at fair value (Current principal: $460,037)	$ 3,650
Principal And Interest - Floating Rate Agency Securities | Federal National Mortgage Association Pools [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2035-09	[1],[3],[4]
Rate	2.70%	[1],[3],[4]
Principal And Interest - Floating Rate Agency Securities | Federal National Mortgage Association Pools [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2045-05	[1],[3],[4]
Rate	4.69%	[1],[3],[4]
Principal And Interest - Floating Rate Agency Securities | Federal Home Loan Mortgage Corporation Pools [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 1,808
TBA securities, at fair value (Current principal: $460,037)	$ 1,846
Principal And Interest - Floating Rate Agency Securities | Federal Home Loan Mortgage Corporation Pools [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2037-06	[1],[3],[4]
Rate	3.49%	[1],[3],[4]
Principal And Interest - Floating Rate Agency Securities | Federal Home Loan Mortgage Corporation Pools [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2044-05	[1],[3],[4]
Rate	4.72%	[1],[3],[4]
Interest Only - Floating Rate Agency Securities [Member]
Schedule of Investments [Line Items]
Investment owned as a percentage of equity	3.19%	[1],[2],[3],[4]
TBA securities, at fair value (Current principal: $460,037)	$ 19,006
Interest Only - Floating Rate Agency Securities [Member] | Government National Mortgage Association [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	228,763
TBA securities, at fair value (Current principal: $460,037)	$ 10,772
Interest Only - Floating Rate Agency Securities [Member] | Government National Mortgage Association [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2031-06	[1],[3],[4]
Rate	0.38%	[1],[3],[4]
Interest Only - Floating Rate Agency Securities [Member] | Government National Mortgage Association [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2066-10	[1],[3],[4]
Rate	5.64%	[1],[3],[4]
Interest Only - Floating Rate Agency Securities [Member] | Federal National Mortgage Association [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 70,568
TBA securities, at fair value (Current principal: $460,037)	$ 4,880
Interest Only - Floating Rate Agency Securities [Member] | Federal National Mortgage Association [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2033-06	[1],[3],[4]
Rate	1.13%	[1],[3],[4]
Interest Only - Floating Rate Agency Securities [Member] | Federal National Mortgage Association [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2046-11	[1],[3],[4]
Rate	5.50%	[1],[3],[4]
Interest Only - Floating Rate Agency Securities [Member] | Federal Home Loan Mortgage Corporation [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 48,699
TBA securities, at fair value (Current principal: $460,037)	$ 3,256
Interest Only - Floating Rate Agency Securities [Member] | Federal Home Loan Mortgage Corporation [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2036-03	[1],[3],[4]
Rate	1.55%	[1],[3],[4]
Interest Only - Floating Rate Agency Securities [Member] | Federal Home Loan Mortgage Corporation [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2044-01	[1],[3],[4]
Rate	4.19%	[1],[3],[4]
Interest Only - Floating Rate Agency Securities [Member] | Resecuritization of Government National Mortgage Association [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2060-08	[1],[3],[4],[5]
Current Principal/Notional Amount	$ 5,220
Rate	2.21%
TBA securities, at fair value (Current principal: $460,037)	$ 98
Floating Rate Agency Securities [Member]
Schedule of Investments [Line Items]
Investment owned as a percentage of equity	13.43%	[1],[2],[3],[4]
TBA securities, at fair value (Current principal: $460,037)	$ 79,977
Investment Owned, at Cost	$ 81,873	[1],[3],[4]
Agency Securities [Member]
Schedule of Investments [Line Items]
Investment owned as a percentage of equity	243.66%	[1],[2],[3],[4]
TBA securities, at fair value (Current principal: $460,037)	$ 1,450,217
Investment Owned, at Cost	$ 1,469,988	[1],[3],[4]
Principal And Interest - Private Label Securities [Member]
Schedule of Investments [Line Items]
Investment owned as a percentage of equity	55.33%	[2],[3],[4]
TBA securities, at fair value (Current principal: $460,037)	$ 329,317
Investment Owned, at Cost	$ 326,430	[3],[4]
Principal And Interest - Private Label Securities [Member] | North America [Member]
Schedule of Investments [Line Items]
Investment owned as a percentage of equity	27.62%	[2],[3],[4]
TBA securities, at fair value (Current principal: $460,037)	$ 164,410
Investment Owned, at Cost	$ 153,769	[3],[4]
Principal And Interest - Private Label Securities [Member] | Europe [Member]
Schedule of Investments [Line Items]
Investment owned as a percentage of equity	27.71%	[2],[3],[4]
TBA securities, at fair value (Current principal: $460,037)	$ 164,907
Investment Owned, at Cost	172,661	[3],[4]
Principal And Interest - Private Label Securities [Member] | Various Issuer [Member] | North America [Member] | Mortgage-related Commercial
Schedule of Investments [Line Items]
Current Principal/Notional Amount	37,171
TBA securities, at fair value (Current principal: $460,037)	15,137
Principal And Interest - Private Label Securities [Member] | Various Issuer [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	227,479
TBA securities, at fair value (Current principal: $460,037)	149,273
Principal And Interest - Private Label Securities [Member] | Various Issuer [Member] | Europe [Member] | Mortgage-related Commercial
Schedule of Investments [Line Items]
Current Principal/Notional Amount	24,978
TBA securities, at fair value (Current principal: $460,037)	15,482
Principal And Interest - Private Label Securities [Member] | Various Issuer [Member] | Europe [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	183,154
TBA securities, at fair value (Current principal: $460,037)	$ 149,425
Principal And Interest - Private Label Securities [Member] | Various Issuer [Member] | Minimum | North America [Member] | Mortgage-related Commercial
Schedule of Investments [Line Items]
Investments maturity date	2049-03	[3],[4]
Rate	2.80%	[3],[4]
Principal And Interest - Private Label Securities [Member] | Various Issuer [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2019-05	[3],[4]
Rate	0.00%	[3],[4]
Principal And Interest - Private Label Securities [Member] | Various Issuer [Member] | Minimum | Europe [Member] | Mortgage-related Commercial
Schedule of Investments [Line Items]
Investments maturity date	2020-10	[3],[4]
Rate	0.38%	[3],[4]
Principal And Interest - Private Label Securities [Member] | Various Issuer [Member] | Minimum | Europe [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2025-06	[3],[4]
Rate	0.00%	[3],[4]
Principal And Interest - Private Label Securities [Member] | Various Issuer [Member] | Maximum | North America [Member] | Mortgage-related Commercial
Schedule of Investments [Line Items]
Investments maturity date	2061-05	[3],[4]
Rate	3.29%	[3],[4]
Principal And Interest - Private Label Securities [Member] | Various Issuer [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2047-03	[3],[4]
Rate	24.56%	[3],[4]
Principal And Interest - Private Label Securities [Member] | Various Issuer [Member] | Maximum | Europe [Member] | Mortgage-related Commercial
Schedule of Investments [Line Items]
Investments maturity date	2045-08	[3],[4]
Rate	4.29%	[3],[4]
Principal And Interest - Private Label Securities [Member] | Various Issuer [Member] | Maximum | Europe [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2052-12	[3],[4]
Rate	5.50%	[3],[4]
Interest Only - Private Label Securities [Member]
Schedule of Investments [Line Items]
Investment owned as a percentage of equity	1.22%	[2],[3],[4]
TBA securities, at fair value (Current principal: $460,037)	$ 7,230
Investment Owned, at Cost	5,189	[3],[4]
Interest Only - Private Label Securities [Member] | Various Issuer [Member] | North America [Member] | Mortgage-related Commercial
Schedule of Investments [Line Items]
Current Principal/Notional Amount	41,707
TBA securities, at fair value (Current principal: $460,037)	3,289
Interest Only - Private Label Securities [Member] | Various Issuer [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	30,842
TBA securities, at fair value (Current principal: $460,037)	$ 3,941
Interest Only - Private Label Securities [Member] | Various Issuer [Member] | Minimum | North America [Member] | Mortgage-related Commercial
Schedule of Investments [Line Items]
Investments maturity date	2049-03	[3],[4]
Rate	1.25%	[3],[4]
Interest Only - Private Label Securities [Member] | Various Issuer [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2030-12	[3],[4]
Rate	0.00%	[3],[4]
Interest Only - Private Label Securities [Member] | Various Issuer [Member] | Maximum | North America [Member] | Mortgage-related Commercial
Schedule of Investments [Line Items]
Investments maturity date	2061-05	[3],[4]
Rate	2.00%	[3],[4]
Interest Only - Private Label Securities [Member] | Various Issuer [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2047-09	[3],[4]
Rate	2.00%	[3],[4]
Other Private Label Securities [Member]
Schedule of Investments [Line Items]
Investment owned as a percentage of equity	0.00%	[2],[3],[4]
TBA securities, at fair value (Current principal: $460,037)	$ 0
Investment Owned, at Cost	0	[3],[4]
Other Private Label Securities [Member] | Various Issuer [Member] | North America [Member] | Mortgage-related Commercial
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 0
Rate	0.00%
TBA securities, at fair value (Current principal: $460,037)	$ 0
Other Private Label Securities [Member] | Various Issuer [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2037-06	[3],[4]
Other Private Label Securities [Member] | Various Issuer [Member] | Minimum | North America [Member] | Mortgage-related Commercial
Schedule of Investments [Line Items]
Investments maturity date	2045-07	[3],[4]
Other Private Label Securities [Member] | Various Issuer [Member] | Maximum | North America [Member] | Mortgage-related Commercial
Schedule of Investments [Line Items]
Investments maturity date	2061-05	[3],[4]
Private Label Securities [Member]
Schedule of Investments [Line Items]
Investment owned as a percentage of equity	56.55%	[2],[3],[4]
TBA securities, at fair value (Current principal: $460,037)	$ 336,547
Investment Owned, at Cost	$ 331,619	[3],[4]
Mortgage-Backed Securities [Member]
Schedule of Investments [Line Items]
Investment owned as a percentage of equity	300.21%	[2],[3],[4]
TBA securities, at fair value (Current principal: $460,037)	$ 1,786,764
Investment Owned, at Cost	$ 1,801,607	[3],[4]
CLOs
Schedule of Investments [Line Items]
Investment owned as a percentage of equity	20.82%	[2],[3],[4]
TBA securities, at fair value (Current principal: $460,037)	$ 123,893
Investment Owned, at Cost	$ 139,424	[3],[4]
CLOs | North America [Member]
Schedule of Investments [Line Items]
Investment owned as a percentage of equity	20.82%	[2],[3],[4],[6]
TBA securities, at fair value (Current principal: $460,037)	$ 123,893
Investment Owned, at Cost	139,424	[3],[4],[6]
CLOs | Various Issuer [Member] | North America [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	269,224
TBA securities, at fair value (Current principal: $460,037)	$ 123,893
CLOs | Various Issuer [Member] | Minimum | North America [Member]
Schedule of Investments [Line Items]
Investments maturity date	2019-01	[3],[4],[6]
Rate	0.00%	[3],[4],[6]
CLOs | Various Issuer [Member] | Maximum | North America [Member]
Schedule of Investments [Line Items]
Investments maturity date	2118-10	[3],[4],[6]
Rate	10.54%	[3],[4],[6]
CLOs | Related Party CLO securitization [Member]
Schedule of Investments [Line Items]
TBA securities, at fair value (Current principal: $460,037)	$ 50,800
Consumer loans and asset-backed securities backed by consumer loans
Schedule of Investments [Line Items]
Investment owned as a percentage of equity	34.74%	[2],[3],[4],[7]
TBA securities, at fair value (Current principal: $460,037)	$ 206,761
Investment Owned, at Cost	$ 211,982	[3],[4],[7]
Consumer loans and asset-backed securities backed by consumer loans | North America [Member]
Schedule of Investments [Line Items]
Investment owned as a percentage of equity	34.59%	[2],[3],[4],[7]
TBA securities, at fair value (Current principal: $460,037)	$ 205,877
Investment Owned, at Cost	$ 211,221	[3],[4],[7]
Consumer loans and asset-backed securities backed by consumer loans | Europe [Member]
Schedule of Investments [Line Items]
Investment owned as a percentage of equity	0.15%	[2],[3],[4],[7]
TBA securities, at fair value (Current principal: $460,037)	$ 884
Investment Owned, at Cost	761	[3],[4],[7]
Consumer loans and asset-backed securities backed by consumer loans | Various Issuer [Member] | North America [Member] | Consumer [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	233,602
TBA securities, at fair value (Current principal: $460,037)	$ 205,877
Consumer loans and asset-backed securities backed by consumer loans | Various Issuer [Member] | Europe [Member] | Consumer [Member]
Schedule of Investments [Line Items]
Investments maturity date	2030-12	[3],[4],[7]
Current Principal/Notional Amount	$ 3,540
Rate	0.00%
TBA securities, at fair value (Current principal: $460,037)	$ 884
Consumer loans and asset-backed securities backed by consumer loans | Various Issuer [Member] | Minimum | North America [Member] | Consumer [Member]
Schedule of Investments [Line Items]
Investments maturity date	2019-01	[3],[4],[7],[8],[9]
Rate	5.31%	[3],[4],[7],[8],[9]
Consumer loans and asset-backed securities backed by consumer loans | Various Issuer [Member] | Maximum | North America [Member] | Consumer [Member]
Schedule of Investments [Line Items]
Investments maturity date	2023-12	[3],[4],[7],[8],[9]
Rate	76.50%	[3],[4],[7],[8],[9]
Corporate debt securities
Schedule of Investments [Line Items]
Investment owned as a percentage of equity	3.76%	[2],[3],[4]
TBA securities, at fair value (Current principal: $460,037)	$ 22,392
Investment Owned, at Cost	$ 24,268	[3],[4]
Corporate debt securities | North America [Member]
Schedule of Investments [Line Items]
Investment owned as a percentage of equity	1.95%	[2],[3],[4]
TBA securities, at fair value (Current principal: $460,037)	$ 11,586
Investment Owned, at Cost	$ 11,949	[3],[4]
Corporate debt securities | Europe [Member]
Schedule of Investments [Line Items]
Investment owned as a percentage of equity	1.81%	[2],[3],[4]
TBA securities, at fair value (Current principal: $460,037)	$ 10,806
Investment Owned, at Cost	$ 12,319	[3],[4]
Corporate debt securities | Various Issuer [Member] | North America [Member] | Communications [Member]
Schedule of Investments [Line Items]
Investments maturity date	2022-05	[3],[4]
Current Principal/Notional Amount	$ 938
Rate	0.00%
TBA securities, at fair value (Current principal: $460,037)	$ 824
Corporate debt securities | Various Issuer [Member] | North America [Member] | Consumer [Member]
Schedule of Investments [Line Items]
Investments maturity date	2027-01	[3],[4]
Current Principal/Notional Amount	$ 3,342
Rate	6.69%
TBA securities, at fair value (Current principal: $460,037)	$ 3,141
Corporate debt securities | Various Issuer [Member] | North America [Member] | Energy [Member]
Schedule of Investments [Line Items]
Investments maturity date	2021-09	[3],[4]
Current Principal/Notional Amount	$ 2,080
Rate	4.63%
TBA securities, at fair value (Current principal: $460,037)	$ 1,877
Corporate debt securities | Various Issuer [Member] | North America [Member] | Industrial Sector [Member]
Schedule of Investments [Line Items]
Investments maturity date	2021-12	[3],[4]
Current Principal/Notional Amount	$ 1,755
Rate	3.75%
TBA securities, at fair value (Current principal: $460,037)	$ 1,742
Corporate debt securities | Various Issuer [Member] | North America [Member] | Technology Sector [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	4,570
TBA securities, at fair value (Current principal: $460,037)	$ 4,002
Corporate debt securities | Various Issuer [Member] | Europe [Member] | Consumer [Member]
Schedule of Investments [Line Items]
Investments maturity date	2019-12	[3],[4]
Current Principal/Notional Amount	$ 20,574
Rate	0.00%
TBA securities, at fair value (Current principal: $460,037)	$ 0
Corporate debt securities | Various Issuer [Member] | Europe [Member] | Financial [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	11,235
TBA securities, at fair value (Current principal: $460,037)	$ 10,806
Corporate debt securities | Various Issuer [Member] | Minimum | North America [Member] | Technology Sector [Member]
Schedule of Investments [Line Items]
Investments maturity date	2020-05	[3],[4]
Corporate debt securities | Various Issuer [Member] | Minimum | Europe [Member] | Financial [Member]
Schedule of Investments [Line Items]
Investments maturity date	2020-10	[3],[4]
Rate	0.00%	[3],[4]
Corporate debt securities | Various Issuer [Member] | Minimum | Europe [Member] | Technology Sector [Member]
Schedule of Investments [Line Items]
Rate	0.00%	[3],[4]
Corporate debt securities | Various Issuer [Member] | Maximum | North America [Member] | Technology Sector [Member]
Schedule of Investments [Line Items]
Investments maturity date	2022-05	[3],[4]
Corporate debt securities | Various Issuer [Member] | Maximum | Europe [Member] | Financial [Member]
Schedule of Investments [Line Items]
Investments maturity date	2022-11	[3],[4]
Rate	16.00%	[3],[4]
Corporate debt securities | Various Issuer [Member] | Maximum | Europe [Member] | Technology Sector [Member]
Schedule of Investments [Line Items]
Rate	4.38%	[3],[4]
Secured notes
Schedule of Investments [Line Items]
Investment owned as a percentage of equity	1.83%	[2],[3],[4],[10]
TBA securities, at fair value (Current principal: $460,037)	$ 10,917
Investment Owned, at Cost	$ 12,138	[3],[4],[10]
Secured notes | Various Issuer [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2057-11	[3],[4],[10]
Current Principal/Notional Amount	$ 17,608
Rate	5.00%	[3],[4],[10]
TBA securities, at fair value (Current principal: $460,037)	$ 10,917
Mortgage Loans [Member]
Schedule of Investments [Line Items]
Investment owned as a percentage of equity	118.96%	[2],[3],[4],[7]
TBA securities, at fair value (Current principal: $460,037)	$ 708,015
Investment Owned, at Cost	703,366	[3],[4],[7]
Mortgage Loans [Member] | Various Issuer [Member] | North America [Member] | Mortgage-related Commercial
Schedule of Investments [Line Items]
Current Principal/Notional Amount	235,459
TBA securities, at fair value (Current principal: $460,037)	211,185
Mortgage Loans [Member] | Various Issuer [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	493,248
TBA securities, at fair value (Current principal: $460,037)	$ 496,830
Mortgage Loans [Member] | Various Issuer [Member] | Minimum | North America [Member] | Mortgage-related Commercial
Schedule of Investments [Line Items]
Investments maturity date	2019-03	[3],[4],[7],[11]
Rate	4.31%	[3],[4],[7],[11]
Mortgage Loans [Member] | Various Issuer [Member] | Minimum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2019-03	[3],[4],[7],[12],[13]
Rate	2.00%	[3],[4],[7],[12],[13]
Mortgage Loans [Member] | Various Issuer [Member] | Maximum | North America [Member] | Mortgage-related Commercial
Schedule of Investments [Line Items]
Investments maturity date	2037-10	[3],[4],[7],[11]
Rate	12.74%	[3],[4],[7],[11]
Mortgage Loans [Member] | Various Issuer [Member] | Maximum | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
Investments maturity date	2058-12	[3],[4],[7],[12],[13]
Rate	15.00%	[3],[4],[7],[12],[13]
Real estate owned
Schedule of Investments [Line Items]
Investment owned as a percentage of equity	5.80%	[2],[3],[4],[7],[14]
TBA securities, at fair value (Current principal: $460,037)	$ 34,500
Investment Owned, at Cost	35,371	[3],[4],[7],[14]
Real estate owned | Single-Family Houses [Member] | North America [Member] | Real estate-related [Member]
Schedule of Investments [Line Items]
TBA securities, at fair value (Current principal: $460,037)	$ 1,296
Number of Real Estate Properties | property	5
Real estate owned | Commercial Property [Member] | North America [Member] | Real estate-related [Member]
Schedule of Investments [Line Items]
TBA securities, at fair value (Current principal: $460,037)	$ 33,204
Number of Real Estate Properties | property	18
Common stock
Schedule of Investments [Line Items]
Investment owned as a percentage of equity	0.37%	[2],[3],[4]
TBA securities, at fair value (Current principal: $460,037)	$ 2,200
Investment Owned, at Cost	$ 2,482	[3],[4]
Common stock | North America [Member]
Schedule of Investments [Line Items]
Investment owned as a percentage of equity	0.37%	[2],[3],[4]
TBA securities, at fair value (Current principal: $460,037)	$ 2,200
Investment Owned, at Cost	2,482	[3],[4]
Common stock | Exchange Traded Equity [Member] | North America [Member] | Consumer [Member]
Schedule of Investments [Line Items]
TBA securities, at fair value (Current principal: $460,037)	$ 25
Investment Owned, Balance, Shares | shares	24
Common stock | Exchange Traded Equity [Member] | North America [Member] | Financial [Member]
Schedule of Investments [Line Items]
TBA securities, at fair value (Current principal: $460,037)	$ 2,175
Investment Owned, Balance, Shares | shares	213
Corporate equity securities
Schedule of Investments [Line Items]
Investment owned as a percentage of equity	7.36%	[2],[3],[4]
TBA securities, at fair value (Current principal: $460,037)	$ 43,793
Investment Owned, at Cost	39,592	[3],[4]
Corporate equity securities | Mortgage-related Commercial
Schedule of Investments [Line Items]
TBA securities, at fair value (Current principal: $460,037)	$ 1,100
Corporate equity securities | North America [Member]
Schedule of Investments [Line Items]
Investment owned as a percentage of equity	7.36%	[2],[3],[4]
TBA securities, at fair value (Current principal: $460,037)	$ 43,789
Investment Owned, at Cost	$ 39,587	[3],[4]
Corporate equity securities | Europe [Member]
Schedule of Investments [Line Items]
Investment owned as a percentage of equity	0.00%	[2],[3],[4]
TBA securities, at fair value (Current principal: $460,037)	$ 4
Investment Owned, at Cost	5	[3],[4]
Corporate equity securities | Non-Exchange Traded Corporate Equity [Member] | North America [Member] | Communications [Member]
Schedule of Investments [Line Items]
TBA securities, at fair value (Current principal: $460,037)	$ 97
Investment Owned, Balance, Shares | shares	7
Corporate equity securities | Non-Exchange Traded Corporate Equity [Member] | North America [Member] | Consumer [Member]
Schedule of Investments [Line Items]
TBA securities, at fair value (Current principal: $460,037)	$ 0
Investment Owned, Balance, Shares | shares	1,540
Corporate equity securities | Non-Exchange Traded Corporate Equity [Member] | North America [Member] | Diversified [Member]
Schedule of Investments [Line Items]
TBA securities, at fair value (Current principal: $460,037)	$ 1,433
Investment Owned, Balance, Shares | shares	144
Corporate equity securities | Non-Exchange Traded Corporate Equity [Member] | Europe [Member] | Consumer [Member]
Schedule of Investments [Line Items]
TBA securities, at fair value (Current principal: $460,037)	$ 0
Investment Owned, Balance, Shares | shares	125
Corporate equity securities | Non-Exchange Traded Corporate Equity [Member] | Europe [Member] | Financial [Member]
Schedule of Investments [Line Items]
TBA securities, at fair value (Current principal: $460,037)	$ 4
Investment Owned, Balance, Shares | shares	0
Corporate equity securities | Investment in unconsolidated entities | North America [Member] | Consumer [Member]
Schedule of Investments [Line Items]
TBA securities, at fair value (Current principal: $460,037)	$ 4,045
Corporate equity securities | Non-Exchange Traded Preferred Equity Investment in Consumer Loan Originators [Member] [Domain] | North America [Member] | Consumer [Member]
Schedule of Investments [Line Items]
TBA securities, at fair value (Current principal: $460,037)	$ 3,000
Investment Owned, Balance, Shares | shares	3,000
Corporate equity securities | Non-controlling Interest in Mortgage-related Private Partnership | North America [Member] | Mortgage-related Commercial
Schedule of Investments [Line Items]
TBA securities, at fair value (Current principal: $460,037)	$ 1,147
Corporate equity securities | Non-Exchange Traded Preferred Equity Investment in Mortgage Originators [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
TBA securities, at fair value (Current principal: $460,037)	$ 27,317
Investment Owned, Balance, Shares | shares	23
Corporate equity securities | Non-Exchange Traded Equity Investment in Mortgage Originators [Member] | North America [Member] | Mortgage-related Residential [Member]
Schedule of Investments [Line Items]
TBA securities, at fair value (Current principal: $460,037)	$ 6,750
Investment Owned, Balance, Shares | shares	9,818
U.S. Treasury securities
Schedule of Investments [Line Items]
Investment owned as a percentage of equity	0.01%	[2],[3],[4]
TBA securities, at fair value (Current principal: $460,037)	$ 76
Investment Owned, at Cost	$ 76	[3],[4]
U.S. Treasury securities | U.S. Treasury Note, 2.75 Percent, Maturity Date 2023 04 [Member] | North America [Member] | Government [Member]
Schedule of Investments [Line Items]
Investments maturity date	2023-04	[3],[4]
Current Principal/Notional Amount	$ 75
Rate	2.75%
TBA securities, at fair value (Current principal: $460,037)	$ 76
Long Investments [Member]
Schedule of Investments [Line Items]
Investment owned as a percentage of equity	493.86%	[2],[3],[4]
TBA securities, at fair value (Current principal: $460,037)	$ 2,939,311
Investment Owned, at Cost	$ 2,970,306	[3],[4]
Long Investments [Member] | Government National Mortgage Association [Member]
Schedule of Investments [Line Items]
Investment owned as a percentage of equity	107.55%
Long Investments [Member] | Federal National Mortgage Association [Member]
Schedule of Investments [Line Items]
Investment owned as a percentage of equity	93.99%
Long Investments [Member] | Federal Home Loan Mortgage Corporation [Member]
Schedule of Investments [Line Items]
Investment owned as a percentage of equity	42.12%
Securitized residential mortgage loans
Schedule of Investments [Line Items]
Fair Value of Assets Transfered and Accounted for as Secured Borrowings	$ 314,200
[1]	At December 31, 2018, the Company's long investments guaranteed by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and the Government National Mortgage Association, represented 93.99%, 42.12%, and 107.55% of Total Equity, respectively.
[2]	Classification percentages are based on Total Equity.
[3]	See Note 2 and Note 3 in Notes to Consolidated Financial Statements.
[4]	The table below shows the Company's long investment ratings from Moody's, Standard and Poor's, or Fitch, as well as the Company's long investments that were unrated but guaranteed by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, or the Government National Mortgage Association. Ratings tend to be a lagging credit indicator; as a result, the credit quality of the Company's long investment holdings may be lower than the credit quality implied based on the ratings listed below. In situations where an investment has a split rating, the lowest provided rating is used. The ratings descriptions include ratings qualified with a "+," "-," "1," "2," or "3."Rating Description Percent of EquityUnrated but Agency-Guaranteed 243.66%Aaa/AAA/AAA 0.01%Aa/AA/AA 0.63%A/A/A 4.73%Baa/BBB/BBB 1.84%Ba/BB/BB or below 46.34%Unrated 196.65%
[5]	Private trust 100% backed by interest in Government National Mortgage Association collateralized mortgage obligation certificates.
[6]	Includes investment in collateralized loan obligation notes in the amount of $50.8 million that were issued and are managed by related parties of the Company. See Note 9 to the Notes to Consolidated Financial Statements.
[7]	Loans and real estate owned are beneficially owned by the Company through participation certificates in the various trusts that hold such investments. See Note 9 to the Notes to Consolidated Financial Statements.
[8]	Includes investments in participation certificates related to loans held in a trust owned by a related party of Ellington Management Group, L.L.C. Through its participation certificates, the Company participates in the cash flows of the underlying loans held by the trust. At December 31, 2018 loans held in the related party trust for which the Company has participating interests in the cash flows, totaled $181.5 million. See Note 9 to the Notes to Consolidated Financial Statements.
[9]	Includes investments in participation certificates related to loans titled in the name of a related party of Ellington Management Group, L.L.C. Through its participation certificates, the Company has beneficial interests in the loan cash flows, net of servicing-related fees and expenses. At December 31, 2018 loans for which the Company has beneficial interests in the net cash flows, totaled $21.9 million. See Note 9 to the Notes to Consolidated Financial Statements.
[10]	Represents the Company's investment in a related party. See Note 9 to the Notes to Consolidated Financial Statements
[11]	Includes non-performing commercial mortgage loans in the amount of $47.3 million whereby principal and/or interest is past due and a maturity date is not applicable.
[12]	As of December 31, 2018, the Company had residential mortgage loans that were in the process of foreclosure with a fair value of $9.1 million.
[13]	Includes $314.2 million of non-qualified mortgage loans that have been securitized and are held in a consolidated securitization trusts. See Note 6 to the Notes to Consolidated Financial Statements.
[14]	Number of properties not shown in thousands, represents actual number of properties owned.

Consolidated Condensed Schedu_3

Consolidated Condensed Schedule of Investments (Repurchase Agreements) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Schedule of Investments [Line Items]
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 61,274	[1]
Repurchase agreements, cost	61,274
Repurchase Agreements [Member]
Schedule of Investments [Line Items]
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 61,274
Investment owned as a percentage of equity	10.30%	[2],[3],[4]
Repurchase agreements, cost	$ 61,274	[3],[4]
Repurchase Agreements [Member] | JP Morgan Securities LLC Collateralized by Par Value $13,600 U.S. Treasury Note, Coupon 2.88%, Maturity Date 2021 11 [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 13,854
Rate	3.25%
Securities collateralized by par value	$ 13,600	[3],[4]
Coupon rate on underlying collateral	2.88%	[3],[4]
Maturity date of securities	2021-11	[3],[4]
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 13,854
Investments maturity date	2019-01	[3],[4]
Repurchase Agreements [Member] | JP Morgan Securities LLC Collateralized by Par Value $10,451 U.S. Treasury Note, Coupon 2.88%, Maturity Date 2023 10 [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 10,712
Rate	3.15%
Securities collateralized by par value	$ 10,451	[3],[4]
Coupon rate on underlying collateral	2.88%	[3],[4]
Maturity date of securities	2023-10	[3],[4]
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 10,712
Investments maturity date	2019-01	[3],[4]
Repurchase Agreements [Member] | JP Morgan Securities LLC Collateralized by Par Value $10,102 Sovereign Government Bond, Coupon 0.75% Maturity Date 2021 07 [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 10,365
Rate	(0.75%)
Securities collateralized by par value	$ 10,102	[3],[4]
Coupon rate on underlying collateral	0.75%	[3],[4]
Maturity date of securities	2021-07	[3],[4]
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 10,365
Investments maturity date	2019-01	[3],[4]
Repurchase Agreements [Member] | JP Morgan Securities LLC Collateralized by Par Value $9,161 Sovereign Government Bond, Coupon 2.75%, Maturity Date 2019 04 [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 9,379
Rate	(0.65%)
Securities collateralized by par value	$ 9,161	[3],[4]
Coupon rate on underlying collateral	2.75%	[3],[4]
Maturity date of securities	2019-04	[3],[4]
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 9,379
Investments maturity date	2019-01	[3],[4]
Repurchase Agreements [Member] | JP Morgan Securities LLC Collateralized by Par Value $3,400 U.S. Treasury Note, Coupon 3.13%, Maturity Date 2028 11 [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 3,562
Rate	3.05%
Securities collateralized by par value	$ 3,400	[3],[4]
Coupon rate on underlying collateral	3.13%	[3],[4]
Maturity date of securities	2028-11	[3],[4]
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 3,562
Investments maturity date	2019-01	[3],[4]
Repurchase Agreements [Member] | JP Morgan Securities LLC Collateralized by Par Value $2,800 U.S. Treasury Note, Coupon 2.88%, Maturity Date 2028 08 [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 2,884
Rate	2.95%
Securities collateralized by par value	$ 2,800	[3],[4]
Coupon rate on underlying collateral	2.88%	[3],[4]
Maturity date of securities	2028-08	[3],[4]
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 2,884
Investments maturity date	2019-01	[3],[4]
Repurchase Agreements [Member] | Bank of America Securities Collateralized by Par Value $2,062 U.S. Treasury Note, Coupon 2.88%, Maturity Date 2023 11 [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 2,098
Rate	2.90%
Securities collateralized by par value	$ 2,062	[3],[4]
Coupon rate on underlying collateral	2.88%	[3],[4]
Maturity date of securities	2023-11	[3],[4]
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 2,098
Investments maturity date	2019-01	[3],[4]
Repurchase Agreements [Member] | Bank of America Securities Collateralized by Par Value $1,939 U.S. Treasury Note, Coupon 2.75%, Maturity Date 2023 08 [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 1,975
Rate	2.90%
Securities collateralized by par value	$ 1,939	[3],[4]
Coupon rate on underlying collateral	2.75%	[3],[4]
Maturity date of securities	2023-08	[3],[4]
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 1,975
Investments maturity date	2019-01	[3],[4]
Repurchase Agreements [Member] | Barclays Capital Inc Collateralized by Par Value $1,900 Exchange-Traded Corporate Debt, Coupon 5.95%, Maturity Date 2026 12 [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 1,710
Rate	(1.65%)
Securities collateralized by par value	$ 1,900	[3],[4]
Coupon rate on underlying collateral	5.95%	[3],[4]
Maturity date of securities	2026-12	[3],[4]
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 1,710
Investments maturity date	2019-01	[3],[4]
Repurchase Agreements [Member] | Bank of America Securities Collateralized by Par Value $1,355 U.S. Treasury Note, Coupon 2.75%, Maturity Date 2023 04 [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 1,369
Rate	3.05%
Securities collateralized by par value	$ 1,355	[3],[4]
Coupon rate on underlying collateral	2.75%	[3],[4]
Maturity date of securities	2023-04	[3],[4]
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 1,369
Investments maturity date	2019-01	[3],[4]
Repurchase Agreements [Member] | Morgan Stanley Collateralized by Par Value $1,000 Exchange-Traded Corporate Debt, Coupon 5.95%, Maturity Date 2026 12 [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 957
Rate	(2.15%)
Securities collateralized by par value	$ 1,000	[3],[4]
Coupon rate on underlying collateral	5.95%	[3],[4]
Maturity date of securities	2026-12	[3],[4]
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 957
Investments maturity date	2019-01	[3],[4]
Repurchase Agreements [Member] | Barclays Capital Inc Collateralized by Par Value $1,200 Exchange-Traded Corporate Debt, Coupon 9.88%, Maturity Date 2024 02 [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 797
Rate	(0.75%)
Securities collateralized by par value	$ 1,200	[3],[4]
Coupon rate on underlying collateral	9.88%	[3],[4]
Maturity date of securities	2024-02	[3],[4]
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 797
Investments maturity date	2019-01	[3],[4]
Repurchase Agreements [Member] | Barclays Capital Inc Collateralized by Par Value $800 Exchange-Traded Corporate Debt, Coupon 9.88%, Maturity Date 2024 02 [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 531
Rate	(1.25%)
Securities collateralized by par value	$ 800	[3],[4]
Coupon rate on underlying collateral	9.88%	[3],[4]
Maturity date of securities	2024-02	[3],[4]
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 531
Investments maturity date	2019-01	[3],[4]
Repurchase Agreements [Member] | RBC Capital Markets LLC Collateralized by Par Value $500 Exchange-Traded Corporate Debt, Coupon 5.75%, Maturity Date 2022 10 [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 525
Rate	2.05%
Securities collateralized by par value	$ 500	[3],[4]
Coupon rate on underlying collateral	5.75%	[3],[4]
Maturity date of securities	2022-10	[3],[4]
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 525
Investments maturity date	2019-01	[3],[4]
Repurchase Agreements [Member] | Bank of America Securities Collateralized by Par Value $463 U.S. Treasury Note, Coupon 2.63%, Maturity Date 2023 06 [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 469
Rate	3.05%
Securities collateralized by par value	$ 463	[3],[4]
Coupon rate on underlying collateral	2.63%	[3],[4]
Maturity date of securities	2023-06	[3],[4]
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 469
Investments maturity date	2019-01	[3],[4]
Repurchase Agreements [Member] | Societe Generale Collateralized by Par Value $100 Exchange-Traded Corporate Debt, Coupon 5.95%, Maturity Date 2026 12 [Member]
Schedule of Investments [Line Items]
Current Principal/Notional Amount	$ 87
Rate	(1.85%)
Securities collateralized by par value	$ 100	[3],[4]
Coupon rate on underlying collateral	5.95%	[3],[4]
Maturity date of securities	2026-12	[3],[4]
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 87
Investments maturity date	2019-01	[3],[4]
[1]	In the Company's Consolidated Statement of Assets, Liabilities, and Equity, all balances associated with repurchase agreements, reverse repurchase agreements, and financial derivatives are presented on a gross basis.
[2]	Classification percentages are based on Total Equity.
[3]	In general, securities received pursuant to repurchase agreements were delivered to counterparties in short sale transactions.
[4]	See Note 2 and Note 3 in Notes to Consolidated Financial Statements.

Consolidated Condensed Schedu_4

Consolidated Condensed Schedule of Investments (Investments Sold Short) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)shares
Investments Sold, Not yet Purchased [Line Items]
Investments sold short, at fair value-	$ (850,577)
Proceeds from investments sold short	$ (844,604)
TBA - Fixed Rate Agency Securities Sold Short [Member]
Investments Sold, Not yet Purchased [Line Items]
Investment Sold, Not yet Purchased, Percent of Equity	(129.87%)	[1],[2],[3]
Current Principal/Notional Amount	$ (753,697)
Investments sold short, at fair value-	(772,964)
Proceeds from investments sold short	(766,777)	[1],[3]
TBA - Fixed Rate Agency Securities Sold Short [Member] | Federal National Mortgage Association (30 Year) 4 Point 50 Percent [Member] | Mortgage-related Residential [Member] | North America [Member]
Investments Sold, Not yet Purchased [Line Items]
Current Principal/Notional Amount	$ (156,590)
Rate	4.50%
Investments maturity date	2019-01	[1],[3]
Investments sold short, at fair value-	$ (162,119)
TBA - Fixed Rate Agency Securities Sold Short [Member] | Government National Mortgage Association (30 Year) 4 Point 50 Percent [Member] | Mortgage-related Residential [Member] | North America [Member]
Investments Sold, Not yet Purchased [Line Items]
Current Principal/Notional Amount	$ (117,590)
Rate	4.50%
Investments maturity date	2019-01	[1],[3]
Investments sold short, at fair value-	$ (121,637)
TBA - Fixed Rate Agency Securities Sold Short [Member] | Federal Home Loan Mortgage Corporation (30 Year) 4 Point 00 Percent [Member] | Mortgage-related Residential [Member] | North America [Member]
Investments Sold, Not yet Purchased [Line Items]
Current Principal/Notional Amount	$ (107,397)
Rate	4.00%
Investments maturity date	2019-01	[1],[3]
Investments sold short, at fair value-	$ (109,465)
TBA - Fixed Rate Agency Securities Sold Short [Member] | Federal National Mortgage Association (30 Year) 5 Point 00 Percent [Member] | Mortgage-related Residential [Member] | North America [Member]
Investments Sold, Not yet Purchased [Line Items]
Current Principal/Notional Amount	$ (87,817)
Rate	5.00%
Investments maturity date	2019-01	[1],[3]
Investments sold short, at fair value-	$ (91,971)
TBA - Fixed Rate Agency Securities Sold Short [Member] | Government National Mortgage Association (30 Year) 4 Point 00 Percent [Member] | Mortgage-related Residential [Member] | North America [Member]
Investments Sold, Not yet Purchased [Line Items]
Current Principal/Notional Amount	$ (86,893)
Rate	4.00%
Investments maturity date	2019-01	[1],[3]
Investments sold short, at fair value-	$ (88,994)
TBA - Fixed Rate Agency Securities Sold Short [Member] | Federal National Mortgage Association (30 Year) 3 Point 50 Percent [Member] | Mortgage-related Residential [Member] | North America [Member]
Investments Sold, Not yet Purchased [Line Items]
Current Principal/Notional Amount	$ (76,912)
Rate	3.50%
Investments maturity date	2019-01	[1],[3]
Investments sold short, at fair value-	$ (76,891)
TBA - Fixed Rate Agency Securities Sold Short [Member] | Government National Mortgage Association (30 Year) 3 Point 50 Percent [Member] | Mortgage-related Residential [Member] | North America [Member]
Investments Sold, Not yet Purchased [Line Items]
Current Principal/Notional Amount	$ (32,260)
Rate	3.50%
Investments maturity date	2019-01	[1],[3]
Investments sold short, at fair value-	$ (32,484)
TBA - Fixed Rate Agency Securities Sold Short [Member] | Federal National Mortgage Association (15 Year) 3 Point 50 Percent [Member] | Mortgage-related Residential [Member] | North America [Member]
Investments Sold, Not yet Purchased [Line Items]
Current Principal/Notional Amount	$ (26,530)
Rate	3.50%
Investments maturity date	2019-01	[1],[3]
Investments sold short, at fair value-	$ (26,859)
TBA - Fixed Rate Agency Securities Sold Short [Member] | Federal Home Loan Mortgage Corporation (30 Year) 4 Point 50 Percent [Member] | Mortgage-related Residential [Member] | North America [Member]
Investments Sold, Not yet Purchased [Line Items]
Current Principal/Notional Amount	$ (24,841)
Rate	4.50%
Investments maturity date	2019-01	[1],[3]
Investments sold short, at fair value-	$ (25,707)
TBA - Fixed Rate Agency Securities Sold Short [Member] | Federal National Mortgage Association (30 Year) 3 Point 00 Percent [Member] | Mortgage-related Residential [Member] | North America [Member]
Investments Sold, Not yet Purchased [Line Items]
Current Principal/Notional Amount	$ (16,557)
Rate	3.00%
Investments maturity date	2019-01	[1],[3]
Investments sold short, at fair value-	$ (16,153)
TBA - Fixed Rate Agency Securities Sold Short [Member] | Federal National Mortgage Association (15 Year) 3 Point 00 Percent [Member] | Mortgage-related Residential [Member] | North America [Member]
Investments Sold, Not yet Purchased [Line Items]
Current Principal/Notional Amount	$ (13,450)
Rate	3.00%
Investments maturity date	2019-01	[1],[3]
Investments sold short, at fair value-	$ (13,426)
TBA - Fixed Rate Agency Securities Sold Short [Member] | Federal National Mortgage Association (30 Year) 5 Point 50 Percent [Member] | Mortgage-related Residential [Member] | North America [Member]
Investments Sold, Not yet Purchased [Line Items]
Current Principal/Notional Amount	$ (6,860)
Rate	5.50%
Investments maturity date	2019-01	[1],[3]
Investments sold short, at fair value-	$ (7,258)
TBA - Fixed Rate Agency Securities Sold Short [Member] | Federal National Mortgage Association [Member]
Investments Sold, Not yet Purchased [Line Items]
Investment Sold, Not yet Purchased, Percent of Equity	(66.31%)
TBA - Fixed Rate Agency Securities Sold Short [Member] | Federal Home Loan Mortgage Corporation [Member]
Investments Sold, Not yet Purchased [Line Items]
Investment Sold, Not yet Purchased, Percent of Equity	(22.71%)
TBA - Fixed Rate Agency Securities Sold Short [Member] | Government National Mortgage Association [Member]
Investments Sold, Not yet Purchased [Line Items]
Investment Sold, Not yet Purchased, Percent of Equity	(40.85%)
US Government Debt Securities [Member] | North America [Member]
Investments Sold, Not yet Purchased [Line Items]
Investment Sold, Not yet Purchased, Percent of Equity	(5.85%)	[2],[3]
Investments sold short, at fair value-	$ (34,817)
Proceeds from investments sold short	(34,410)	[3]
US Government Debt Securities [Member] | U.S. Treasury Note, 2.88 Percent, Maturity Date 2021 11 [Member] | Government [Member] | North America [Member]
Investments Sold, Not yet Purchased [Line Items]
Current Principal/Notional Amount	$ (13,600)
Rate	2.88%
Investments maturity date	2021-11	[3]
Investments sold short, at fair value-	$ (13,754)
US Government Debt Securities [Member] | U.S. Treasury Note, 2.88 Percent, Maturity Date 2023 10 [Member] | Government [Member] | North America [Member]
Investments Sold, Not yet Purchased [Line Items]
Current Principal/Notional Amount	$ (10,451)
Rate	2.88%
Investments maturity date	2023-10	[3]
Investments sold short, at fair value-	$ (10,631)
US Government Debt Securities [Member] | U.S. Treasury Note, 3.13 Percent, Maturity Date 2028 11 [Member] | Government [Member] | North America [Member]
Investments Sold, Not yet Purchased [Line Items]
Current Principal/Notional Amount	$ (3,400)
Rate	3.13%
Investments maturity date	2028-11	[3]
Investments sold short, at fair value-	$ (3,528)
US Government Debt Securities [Member] | U.S. Treasury Note, 2.88 Percent, Maturity Date 2028 08 [Member] | Government [Member] | North America [Member]
Investments Sold, Not yet Purchased [Line Items]
Current Principal/Notional Amount	$ (2,800)
Rate	2.88%
Investments maturity date	2028-08	[3]
Investments sold short, at fair value-	$ (2,844)
US Government Debt Securities [Member] | U.S. Treasury Note, 2.88 Percent, Maturity Date 2023 11 [Member] | Government [Member] | North America [Member]
Investments Sold, Not yet Purchased [Line Items]
Current Principal/Notional Amount	$ (2,062)
Rate	2.88%
Investments maturity date	2023-11	[3]
Investments sold short, at fair value-	$ (2,098)
US Government Debt Securities [Member] | U.S. Treasury Note, 2.75 Percent, Maturity Date 2023 08 [Member] | Government [Member] | North America [Member]
Investments Sold, Not yet Purchased [Line Items]
Current Principal/Notional Amount	$ (1,939)
Rate	2.75%
Investments maturity date	2023-08	[3]
Investments sold short, at fair value-	$ (1,962)
Debt Security, Government, Non-US [Member] | Europe [Member]
Investments Sold, Not yet Purchased [Line Items]
Investment Sold, Not yet Purchased, Percent of Equity	(3.25%)	[2],[3]
Investments sold short, at fair value-	$ (19,334)
Proceeds from investments sold short	(19,545)	[3]
Debt Security, Government, Non-US [Member] | European Sovereign Bond [Member] | Government [Member] | Europe [Member]
Investments Sold, Not yet Purchased [Line Items]
Current Principal/Notional Amount	(19,006)
Investments sold short, at fair value-	$ (19,334)
Debt Security, Government, Non-US [Member] | European Sovereign Bond [Member] | Government [Member] | Europe [Member] | Minimum
Investments Sold, Not yet Purchased [Line Items]
Rate	0.75%	[3]
Investments maturity date	2019-04	[3]
Debt Security, Government, Non-US [Member] | European Sovereign Bond [Member] | Government [Member] | Europe [Member] | Maximum
Investments Sold, Not yet Purchased [Line Items]
Rate	2.75%	[3]
Investments maturity date	2021-07	[3]
Government debt
Investments Sold, Not yet Purchased [Line Items]
Investment Sold, Not yet Purchased, Percent of Equity	(9.10%)	[2],[3]
Investments sold short, at fair value-	$ (54,151)
Proceeds from investments sold short	$ (53,955)	[3]
Common stock
Investments Sold, Not yet Purchased [Line Items]
Investment Sold, Not yet Purchased, Percent of Equity	(2.84%)	[2],[3]
Investments sold short, at fair value-	$ (16,933)
Proceeds from investments sold short	(17,164)	[3]
Common stock | Exchange Traded Equity [Member] | Financial [Member] | North America [Member]
Investments Sold, Not yet Purchased [Line Items]
Investments sold short, at fair value-	$ (16,933)
Investment Sold, Not yet Purchased, Balance, Shares | shares	(277)
Corporate debt securities
Investments Sold, Not yet Purchased [Line Items]
Investment Sold, Not yet Purchased, Percent of Equity	(1.10%)	[2],[3]
Investments sold short, at fair value-	$ (6,529)
Proceeds from investments sold short	(6,708)	[3]
Corporate debt securities | Various Issuer [Member] | Communications [Member] | North America [Member]
Investments Sold, Not yet Purchased [Line Items]
Current Principal/Notional Amount	$ (1,730)
Rate	4.25%
Investments maturity date	2023-09	[3]
Investments sold short, at fair value-	$ (1,734)
Corporate debt securities | Various Issuer [Member] | Consumer [Member] | North America [Member]
Investments Sold, Not yet Purchased [Line Items]
Current Principal/Notional Amount	$ (500)
Rate	5.75%
Investments maturity date	2022-10	[3]
Investments sold short, at fair value-	$ (500)
Corporate debt securities | Various Issuer [Member] | Energy [Member] | North America [Member]
Investments Sold, Not yet Purchased [Line Items]
Current Principal/Notional Amount	$ (2,000)
Rate	9.88%
Investments maturity date	2024-02	[3]
Investments sold short, at fair value-	$ (1,230)
Corporate debt securities | Various Issuer [Member] | Financial [Member] | North America [Member]
Investments Sold, Not yet Purchased [Line Items]
Current Principal/Notional Amount	(3,600)
Investments sold short, at fair value-	$ (2,810)
Corporate debt securities | Various Issuer [Member] | Financial [Member] | North America [Member] | Minimum
Investments Sold, Not yet Purchased [Line Items]
Rate	4.70%	[3]
Investments maturity date	2026-12	[3]
Corporate debt securities | Various Issuer [Member] | Financial [Member] | North America [Member] | Maximum
Investments Sold, Not yet Purchased [Line Items]
Rate	5.95%	[3]
Investments maturity date	2027-06	[3]
Corporate debt securities | Various Issuer [Member] | Technology Sector [Member] | North America [Member]
Investments Sold, Not yet Purchased [Line Items]
Current Principal/Notional Amount	$ (288)
Rate	4.95%
Investments maturity date	2023-04	[3]
Investments sold short, at fair value-	$ (255)
Investments Sold Short
Investments Sold, Not yet Purchased [Line Items]
Investment Sold, Not yet Purchased, Percent of Equity	(142.91%)	[2],[3]
Investments sold short, at fair value-	$ (850,577)
Proceeds from investments sold short	$ (844,604)	[3]
[1]	At December 31, 2018, the Company's short investments guaranteed by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and the Government National Mortgage Association, represented 66.31%, 22.71%, and 40.85% of Total Equity, respectively.
[2]	Classification percentages are based on Total Equity.
[3]	See Note 2 and Note 3 in Notes to Consolidated Financial Statements.

Consolidated Condensed Schedu_5

Consolidated Condensed Schedule of Investments (Financial Derivatives) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)contract
Investment Holdings, Other than Securities [Line Items]
Financial derivatives–assets, at fair value-	$ 20,001	[1]
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	(20,806)	[1]
Net cost	22,526
Net proceeds	$ (19,019)
Short | Foreign Exchange Future [Member]
Investment Holdings, Other than Securities [Line Items]
Number of contracts | contract	411
Short | US Treasury Note Futures [Member]
Investment Holdings, Other than Securities [Line Items]
Number of contracts | contract	1,516
Financial Derivatives - Assets
Investment Holdings, Other than Securities [Line Items]
Financial derivatives–assets, at fair value-	$ 20,001
Investment owned as a percentage of equity	3.36%	[2],[3]
Net cost	$ 22,526	[3]
Financial Derivatives - Assets | Swap [Member]
Investment Holdings, Other than Securities [Line Items]
Financial derivatives–assets, at fair value-	$ 19,995
Investment owned as a percentage of equity	3.36%	[2],[3]
Net cost	$ 22,524	[3]
Financial Derivatives - Assets | Futures
Investment Holdings, Other than Securities [Line Items]
Financial derivatives–assets, at fair value-	$ 0
Investment owned as a percentage of equity	0.00%	[2],[3]
Financial Derivatives - Assets | Options
Investment Holdings, Other than Securities [Line Items]
Financial derivatives–assets, at fair value-	$ 0
Investment owned as a percentage of equity	0.00%	[2],[3]
Net cost	$ 2	[3]
Financial Derivatives - Assets | Forwards
Investment Holdings, Other than Securities [Line Items]
Financial derivatives–assets, at fair value-	$ 6
Investment owned as a percentage of equity	0.00%	[2],[3]
Financial Derivatives - Assets | Long | Credit default swaps on asset-backed indices | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	$ 689
Financial derivatives–assets, at fair value-	$ 7
Financial Derivatives - Assets | Long | Credit default swaps on asset-backed indices | Minimum | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2037-12	[3],[4]
Financial Derivatives - Assets | Long | Credit default swaps on asset-backed indices | Maximum | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date		[3],[4]
Financial Derivatives - Assets | Long | Credit default swaps on corporate bond indices | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	$ 47,815
Financial derivatives–assets, at fair value-	$ 733
Financial Derivatives - Assets | Long | Credit default swaps on corporate bond indices | Minimum | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2019-06	[3],[4]
Financial Derivatives - Assets | Long | Credit default swaps on corporate bond indices | Maximum | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2023-06	[3],[4]
Financial Derivatives - Assets | Long | Interest rate swaps | Interest Rate Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	$ 29,198
Financial derivatives–assets, at fair value-	$ 61
Financial Derivatives - Assets | Long | Interest rate swaps | Minimum | Interest Rate Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2019-01	[3],[5]
Financial Derivatives - Assets | Long | Interest rate swaps | Maximum | Interest Rate Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2019-02	[3],[5]
Financial Derivatives - Assets | Long | Interest Rate Cap [Member] | Interest Rate Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	$ 51,545
Financial derivatives–assets, at fair value-	$ 0
Investment maturity date	2019-05	[3],[6]
Financial Derivatives - Assets | Long | North America [Member] | Credit default swaps on corporate bonds
Investment Holdings, Other than Securities [Line Items]
Financial derivatives–assets, at fair value-	$ 1,003
Financial Derivatives - Assets | Long | North America [Member] | Credit default swaps on corporate bonds | Basic Materials [Member] | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	4
Financial derivatives–assets, at fair value-	$ 0
Investment maturity date	2022-12	[3],[4]
Financial Derivatives - Assets | Long | North America [Member] | Credit default swaps on corporate bonds | Communications [Member] | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	$ 3,090
Financial derivatives–assets, at fair value-	$ 18
Financial Derivatives - Assets | Long | North America [Member] | Credit default swaps on corporate bonds | Communications [Member] | Minimum | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2020-12	[3],[4]
Financial Derivatives - Assets | Long | North America [Member] | Credit default swaps on corporate bonds | Communications [Member] | Maximum | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2023-12	[3],[4]
Financial Derivatives - Assets | Long | North America [Member] | Credit default swaps on corporate bonds | Consumer [Member] | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	$ 10,655
Financial derivatives–assets, at fair value-	$ 868
Financial Derivatives - Assets | Long | North America [Member] | Credit default swaps on corporate bonds | Consumer [Member] | Minimum | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2020-06	[3],[4]
Financial Derivatives - Assets | Long | North America [Member] | Credit default swaps on corporate bonds | Consumer [Member] | Maximum | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2023-12	[3],[4]
Financial Derivatives - Assets | Long | North America [Member] | Credit default swaps on corporate bonds | Energy [Member] | Minimum | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2020-06	[3],[4]
Financial Derivatives - Assets | Long | North America [Member] | Credit default swaps on corporate bonds | Energy [Member] | Maximum | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2023-06	[3],[4]
Financial Derivatives - Assets | Long | North America [Member] | Credit default swaps on corporate bonds | Financial [Member] | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	$ 930
Financial derivatives–assets, at fair value-	$ 104
Investment maturity date	2023-12	[3],[4]
Financial Derivatives - Assets | Long | North America [Member] | Credit default swaps on corporate bonds | Industrial Sector [Member] | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	$ 485
Financial derivatives–assets, at fair value-	$ 13
Investment maturity date	2023-12	[3],[4]
Financial Derivatives - Assets | Long | North America [Member] | Credit default swaps on corporate bonds | Technology Sector [Member] | Minimum | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2020-06	[3],[4]
Financial Derivatives - Assets | Long | North America [Member] | Credit default swaps on corporate bonds | Technology Sector [Member] | Maximum | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2023-06	[3],[4]
Financial Derivatives - Assets | Short | Credit default swaps on asset-backed indices | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	$ (56,207)
Financial derivatives–assets, at fair value-	$ 8,085
Financial Derivatives - Assets | Short | Credit default swaps on asset-backed indices | Minimum | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2046-05	[3],[7]
Financial Derivatives - Assets | Short | Credit default swaps on asset-backed indices | Maximum | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2059-11	[3],[7]
Financial Derivatives - Assets | Short | Interest rate swaps | Interest Rate Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	$ (353,741)
Financial derivatives–assets, at fair value-	$ 7,163
Financial Derivatives - Assets | Short | Interest rate swaps | Minimum | Interest Rate Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2020-03	[3],[8]
Financial Derivatives - Assets | Short | Interest rate swaps | Maximum | Interest Rate Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2045-12	[3],[8]
Financial Derivatives - Assets | Short | US Treasury Note Futures [Member] | Interest Rate Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	$ (151,600)
Financial derivatives–assets, at fair value-	$ 0
Investment maturity date	2019-03	[3],[9]
Financial Derivatives - Assets | Short | Forwards | Currency risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	$ (802)
Financial derivatives–assets, at fair value-	$ 6
Investment maturity date	2019-03	[3],[10]
Financial Derivatives - Assets | Short | North America [Member] | Credit default swaps on corporate bonds
Investment Holdings, Other than Securities [Line Items]
Financial derivatives–assets, at fair value-	$ 1,470
Financial Derivatives - Assets | Short | North America [Member] | Credit default swaps on corporate bonds | Basic Materials [Member] | Minimum | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2021-12	[3],[7]
Financial Derivatives - Assets | Short | North America [Member] | Credit default swaps on corporate bonds | Basic Materials [Member] | Maximum | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2023-12	[3],[7]
Financial Derivatives - Assets | Short | North America [Member] | Credit default swaps on corporate bonds | Communications [Member] | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	$ (906)
Financial derivatives–assets, at fair value-	$ 226
Financial Derivatives - Assets | Short | North America [Member] | Credit default swaps on corporate bonds | Communications [Member] | Minimum | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2021-12	[3],[7]
Financial Derivatives - Assets | Short | North America [Member] | Credit default swaps on corporate bonds | Communications [Member] | Maximum | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2023-12	[3],[7]
Financial Derivatives - Assets | Short | North America [Member] | Credit default swaps on corporate bonds | Consumer [Member] | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	$ (2,065)
Financial derivatives–assets, at fair value-	$ 30
Investment maturity date	2020-03	[3],[7]
Financial Derivatives - Assets | Short | North America [Member] | Credit default swaps on corporate bonds | Energy [Member] | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	$ (7,610)
Financial derivatives–assets, at fair value-	$ 950
Financial Derivatives - Assets | Short | North America [Member] | Credit default swaps on corporate bonds | Energy [Member] | Minimum | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2019-06	[3],[7]
Financial Derivatives - Assets | Short | North America [Member] | Credit default swaps on corporate bonds | Energy [Member] | Maximum | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2023-06	[3],[7]
Financial Derivatives - Assets | Short | North America [Member] | Credit default swaps on corporate bonds | Industrial Sector [Member] | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	$ (2,074)
Financial derivatives–assets, at fair value-	25
Financial Derivatives - Assets | Short | North America [Member] | Credit default swaps on corporate bonds | Technology Sector [Member] | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	(4,070)
Financial derivatives–assets, at fair value-	$ 239
Financial Derivatives - Assets | Short | North America [Member] | Credit default swaps on corporate bonds | Technology Sector [Member] | Minimum | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2020-06	[3],[7]
Financial Derivatives - Assets | Short | North America [Member] | Credit default swaps on corporate bonds | Technology Sector [Member] | Maximum | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2022-06	[3],[7]
Financial Derivatives - Assets | Short | North America [Member] | Credit default swaps on asset-backed securities | Mortgage-related Residential [Member] | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	$ (3,186)
Financial derivatives–assets, at fair value-	$ 1,472
Financial Derivatives - Assets | Short | North America [Member] | Credit default swaps on asset-backed securities | Mortgage-related Residential [Member] | Minimum | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2035-06	[3],[7]
Financial Derivatives - Assets | Short | North America [Member] | Credit default swaps on asset-backed securities | Mortgage-related Residential [Member] | Maximum | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2035-12	[3],[7]
Financial Derivatives - Assets | Short | North America [Member] | Total return swaps
Investment Holdings, Other than Securities [Line Items]
Financial derivatives–assets, at fair value-	$ 1
Financial Derivatives - Assets | Short | North America [Member] | Total return swaps | Financial [Member] | Equity Market Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	(17,740)
Financial derivatives–assets, at fair value-	$ 1
Financial Derivatives - Assets | Short | North America [Member] | Total return swaps | Financial [Member] | Minimum | Equity Market Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2019-07	[3],[11]
Financial Derivatives - Assets | Short | North America [Member] | Total return swaps | Financial [Member] | Maximum | Equity Market Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2019-10	[3],[11]
Financial Derivatives - Liabilities
Investment Holdings, Other than Securities [Line Items]
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 20,806
Investment owned as a percentage of equity	(3.50%)	[2],[3]
Net proceeds	$ (19,019)	[3]
Financial Derivatives - Liabilities | Swap [Member]
Investment Holdings, Other than Securities [Line Items]
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 20,331
Investment owned as a percentage of equity	(3.42%)	[2],[3]
Net proceeds	$ (19,019)	[3]
Financial Derivatives - Liabilities | Futures
Investment Holdings, Other than Securities [Line Items]
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 355
Investment owned as a percentage of equity	(0.06%)	[2],[3]
Financial Derivatives - Liabilities | Forwards
Investment Holdings, Other than Securities [Line Items]
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 120
Investment owned as a percentage of equity	(0.02%)	[2],[3]
Financial Derivatives - Liabilities | Long | Credit default swaps on asset-backed indices | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	$ 14,838
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 2,125
Financial Derivatives - Liabilities | Long | Credit default swaps on asset-backed indices | Minimum | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2049-03	[3],[4]
Financial Derivatives - Liabilities | Long | Credit default swaps on asset-backed indices | Maximum | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2060-11	[3],[4]
Financial Derivatives - Liabilities | Long | Credit default swaps on corporate bond indices | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	$ 2,330
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 1,467
Investment maturity date	2023-12	[3]
Financial Derivatives - Liabilities | Long | Interest rate swaps | Interest Rate Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	$ 113,809
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 1,987
Financial Derivatives - Liabilities | Long | Interest rate swaps | Minimum | Interest Rate Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2021-06	[3],[5]
Financial Derivatives - Liabilities | Long | Interest rate swaps | Maximum | Interest Rate Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2029-01	[3],[5]
Financial Derivatives - Liabilities | Long | North America [Member] | Credit default swaps on corporate bonds
Investment Holdings, Other than Securities [Line Items]
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 2,482
Financial Derivatives - Liabilities | Long | North America [Member] | Credit default swaps on corporate bonds | Basic Materials [Member] | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	2,000
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 25
Investment maturity date	2023-12	[3],[4]
Financial Derivatives - Liabilities | Long | North America [Member] | Credit default swaps on corporate bonds | Communications [Member] | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	$ 2,313
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 396
Financial Derivatives - Liabilities | Long | North America [Member] | Credit default swaps on corporate bonds | Communications [Member] | Minimum | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2022-06	[3],[4]
Financial Derivatives - Liabilities | Long | North America [Member] | Credit default swaps on corporate bonds | Communications [Member] | Maximum | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2023-12	[3],[4]
Financial Derivatives - Liabilities | Long | North America [Member] | Credit default swaps on corporate bonds | Consumer [Member] | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	$ 3,741
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 62
Financial Derivatives - Liabilities | Long | North America [Member] | Credit default swaps on corporate bonds | Consumer [Member] | Minimum | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2020-03	[3],[4]
Financial Derivatives - Liabilities | Long | North America [Member] | Credit default swaps on corporate bonds | Consumer [Member] | Maximum | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2021-06	[3],[4]
Financial Derivatives - Liabilities | Long | North America [Member] | Credit default swaps on corporate bonds | Energy [Member] | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	$ 5,144
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 1,885
Financial Derivatives - Liabilities | Long | North America [Member] | Credit default swaps on corporate bonds | Energy [Member] | Minimum | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2020-06	[3],[4]
Financial Derivatives - Liabilities | Long | North America [Member] | Credit default swaps on corporate bonds | Energy [Member] | Maximum | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2023-06	[3],[4]
Financial Derivatives - Liabilities | Long | North America [Member] | Credit default swaps on corporate bonds | Technology Sector [Member] | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	$ 1,953
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 114
Financial Derivatives - Liabilities | Long | North America [Member] | Credit default swaps on corporate bonds | Technology Sector [Member] | Minimum | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2020-06	[3],[4]
Financial Derivatives - Liabilities | Long | North America [Member] | Credit default swaps on corporate bonds | Technology Sector [Member] | Maximum | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2023-06	[3],[4]
Financial Derivatives - Liabilities | Long | North America [Member] | Recovery swaps
Investment Holdings, Other than Securities [Line Items]
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 8
Financial Derivatives - Liabilities | Long | North America [Member] | Recovery swaps | Consumer [Member] | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	2,600
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 8
Investment maturity date	2019-06	[3],[12]
Financial Derivatives - Liabilities | Short | Credit default swaps on corporate bond indices | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	$ (279,163)
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 10,090
Financial Derivatives - Liabilities | Short | Credit default swaps on corporate bond indices | Minimum | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2019-06	[3],[7]
Financial Derivatives - Liabilities | Short | Credit default swaps on corporate bond indices | Maximum | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2023-12	[3],[7]
Financial Derivatives - Liabilities | Short | Interest rate swaps | Interest Rate Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	$ (71,672)
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 1,406
Financial Derivatives - Liabilities | Short | Interest rate swaps | Minimum | Interest Rate Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2020-05	[3],[8]
Financial Derivatives - Liabilities | Short | Interest rate swaps | Maximum | Interest Rate Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2028-11	[3],[8]
Financial Derivatives - Liabilities | Short | Interest Rate Swaps Variable rates only [Member] | Interest Rate Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	$ (12,900)
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 4
Investment maturity date	2019-06	[3],[13]
Financial Derivatives - Liabilities | Short | Total return swaps | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	$ (11,230)
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 6
Investment maturity date	2019-03	[3],[14]
Financial Derivatives - Liabilities | Short | Eurodollar futures | Interest Rate Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	$ (98,000)
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 53
Number of contracts per every $1,000,000 in notional value | contract	1
Financial Derivatives - Liabilities | Short | Eurodollar futures | Minimum | Interest Rate Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2019-03	[3],[15]
Financial Derivatives - Liabilities | Short | Eurodollar futures | Maximum | Interest Rate Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2020-06	[3],[15]
Financial Derivatives - Liabilities | Short | Foreign Exchange Future [Member] | Interest Rate Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	$ (47,931)
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 302
Investment maturity date	2019-03	[3]
Financial Derivatives - Liabilities | Short | Forwards | Currency risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	$ (16,497)
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 120
Investment maturity date	2019-03	[3],[10]
Financial Derivatives - Liabilities | Short | North America [Member] | Credit default swaps on corporate bonds
Investment Holdings, Other than Securities [Line Items]
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 756
Financial Derivatives - Liabilities | Short | North America [Member] | Credit default swaps on corporate bonds | Basic Materials [Member] | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	(1,180)
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 57
Investment maturity date	2019-12	[3],[7]
Financial Derivatives - Liabilities | Short | North America [Member] | Credit default swaps on corporate bonds | Communications [Member] | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	$ (3,910)
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 11
Financial Derivatives - Liabilities | Short | North America [Member] | Credit default swaps on corporate bonds | Communications [Member] | Minimum | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2019-12	[3],[7]
Financial Derivatives - Liabilities | Short | North America [Member] | Credit default swaps on corporate bonds | Communications [Member] | Maximum | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2023-12	[3],[7]
Financial Derivatives - Liabilities | Short | North America [Member] | Credit default swaps on corporate bonds | Consumer [Member] | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	$ (12,830)
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 567
Financial Derivatives - Liabilities | Short | North America [Member] | Credit default swaps on corporate bonds | Consumer [Member] | Minimum | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2019-06	[3],[7]
Financial Derivatives - Liabilities | Short | North America [Member] | Credit default swaps on corporate bonds | Consumer [Member] | Maximum | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Investment maturity date	2023-12	[3],[7]
Financial Derivatives - Liabilities | Short | North America [Member] | Credit default swaps on corporate bonds | Financial [Member] | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	$ (930)
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 104
Investment maturity date	2023-12	[3],[7]
Financial Derivatives - Liabilities | Short | North America [Member] | Credit default swaps on corporate bonds | Industrial Sector [Member] | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	$ (485)
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 13
Investment maturity date	2023-12	[3],[7]
Financial Derivatives - Liabilities | Short | North America [Member] | Credit default swaps on corporate bonds | Technology Sector [Member] | Credit Risk [Member]
Investment Holdings, Other than Securities [Line Items]
Derivative notional	$ (1,160)
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	$ 4
Investment maturity date	2019-06	[3],[7]
[1]	In the Company's Consolidated Statement of Assets, Liabilities, and Equity, all balances associated with repurchase agreements, reverse repurchase agreements, and financial derivatives are presented on a gross basis.
[2]	Classification percentages are based on Total Equity.
[3]	See Note 2 and Note 3 in Notes to Consolidated Financial Statements.
[4]	For long credit default swaps, the Company sold protection.
[5]	For long interest rate swap contracts, the Company pays a floating rate and receives a fixed rate.
[6]	Notional value represents the amount on which interest payments are calculated to the extent the market interest rate exceeds the rate cap on the contract.
[7]	For short credit default swaps, the Company purchased protection.
[8]	For short interest rate swap contracts, the Company pays a fixed rate and receives a floating rate.
[9]	Notional value represents the total face amount of U.S. Treasury securities underlying all contracts held. As of December 31, 2018, a total of 1,516 contracts were held.
[10]	Notional value represents U.S. Dollars to be received by the Company at the maturity of the forward contract.
[11]	Notional value represents number of underlying shares multiplied by the closing price of the underlying security.
[12]	For long recovery swaps the Company receives a specified recovery rate in exchange for the actual recovery rate on the underlying.
[13]	Represents interest rate "basis" swaps whereby the Company pays one floating rate and receives a different floating rate.
[14]	Notional value represents the number of underlying index units multiplied by the reference price.
[15]	Every $1,000,000 in notional value represents one contract.

Condensed Consolidated Statemen

Condensed Consolidated Statement of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019		Mar. 31, 2018
Net Interest Income
Interest income	$ 36,016		$ 28,092	[1]
Interest expense	(17,618)		(11,562)
Total net interest income	18,398
Other income			716
Total investment income			28,808
Other Income (Loss)
Realized gains (losses) on securities and loans, net	(5,322)
Realized gains (losses) on financial derivatives, net	(11,570)
Realized gains (losses) on real estate owned, net	(58)
Unrealized gains (losses) on securities and loans, net	26,388
Unrealized gains (losses) on financial derivatives, net	(5,689)		4,044
Unrealized gains (losses) on real estate owned, net	(247)
Other, net	2,002
Total other income (loss)	5,504
Expenses
Base management fee to affiliate (Net of fee rebates)	1,722	[2]	1,978	[3]
Other investment related expenses
Servicing expense	2,393		1,456
Other	1,083		1,496
Professional fees	1,956		648
Administration fees			179
Compensation expense	1,072		510
Insurance expense			125
Directors' fees and expenses			73
Share-based long term incentive plan unit expense	116		93
Other expenses			446
Other expenses	985
Total expenses			18,566
Total expenses	9,211
NET INVESTMENT INCOME			10,242
Net realized gain (loss) on:
Investments			12,584
Financial derivatives, excluding currency hedges			902
Financial derivatives—currency hedges			(2,204)
Foreign currency transactions	25		1,769
Total net realized gain (loss)			13,051
Change in net unrealized gain (loss) on:
Investments			(6,851)
Other secured borrowings			784
Financial derivatives, excluding currency hedges			3,197
Financial derivatives—currency hedges			800
Foreign currency translation	21		101
Net unrealized gain (loss)			(1,969)
NET REALIZED AND CHANGE IN NET UNREALIZED GAIN (LOSS) ON INVESTMENTS, OTHER SECURED BORROWINGS, FINANCIAL DERIVATIVES, AND FOREIGN CURRENCY TRANSACTIONS/TRANSLATION			11,082
NET INCREASE IN EQUITY RESULTING FROM OPERATIONS			21,324
Net Income (Loss) before Earnings from Investments in Unconsolidated Entities	14,691
Earnings from investments in unconsolidated entities	1,797
Net Income (Loss)	16,488
Net Income (Loss) Attributable to Non-Controlling Interests	1,080		285
Net Income (Loss) Attributable to Common Stockholders	$ 15,408		$ 21,039
Net Income (Loss) per Common Share:
Basic and Diluted (USD per share)	$ 0.52		$ 0.67
Dividends declared (in usd per share)	$ 0.55		$ 0.41
[1]	Includes interest income and interest expense of a consolidated securitization trust of $1.3 million and $0.9 million, respectively, for the three-month period ended March 31, 2018. See Note 6 for further details on the Company's consolidated securitization trust.
[2]	See Note 13 for further details on management fee rebates.
[3]	See Note 9 for further details on management fee rebates.

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Operations (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Securitization Transactions [Line Items]
Management fee rebate	$ 1,380
Interest income	28,092	[1]
Interest expense	11,562
Consolidated Entities [Member]
Securitization Transactions [Line Items]
Interest income	1,300
Interest expense	$ 900
[1]	Includes interest income and interest expense of a consolidated securitization trust of $1.3 million and $0.9 million, respectively, for the three-month period ended March 31, 2018. See Note 6 for further details on the Company's consolidated securitization trust.

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Changes in Equity - USD ($) $ in Thousands		Total	Total Stockholders' Equity	Common Stock	Additional Paid-in Capital	Retained Earnings/(Accumulated Deficit)	Non-controlling Interest
Beginning balance (in shares) at Dec. 31, 2017		31,335,938
Beginning balance at Dec. 31, 2017		$ 620,961	$ 600,099				$ 20,862
CHANGE IN SHAREHOLDERS’ EQUITY RESULTING FROM OPERATIONS
Contributions from non-controlling interests		1,236					1,236
Dividends		(12,850)	(12,763)				(87)
Distributions to non-controlling interests		(6,848)					(6,848)
Adjustment to non-controlling interests		$ 0	(27)				27
Repurchase of shares of common stock (in shares)		(943,897)
Repurchase of shares of common stock		$ (13,966)	(13,966)
Share-based long term incentive plan unit redemption and distribution		$ 93	92				1
Ending balance (in shares) at Mar. 31, 2018		30,392,041
Ending balance at Mar. 31, 2018		$ 609,950	594,474				15,476
Change In Shareholders' Equity Resulting From Operations [Abstract]
Net investment income		10,242
Net realized gain (loss) on investments, financial derivatives, and foreign currency transactions		13,051
Change in net unrealized gain (loss) on investments, other secured borrowings, financial derivatives, and foreign currency translation		(1,969)
Net increase in equity resulting from operations		21,324	21,039				285
Net increase (decrease) in equity from transactions		(32,335)	(26,664)				(5,671)
Net increase (decrease) in equity		$ (11,011)	(5,625)				(5,386)
Beginning balance (in shares) at Dec. 31, 2018		29,796,601		29,796,601,000
Beginning balance at Dec. 31, 2018		$ 595,170	563,833	$ 0	$ 665,356	$ (101,523)	31,337
CHANGE IN SHAREHOLDERS’ EQUITY RESULTING FROM OPERATIONS
Share conversion	[1]	0		$ 30	(30)
Net income (loss)		16,488	15,408			15,408	1,080
Contributions from non-controlling interests		2,512					2,512
Dividends	[2]	(16,764)	(16,360)			(16,360)	(404)
Distributions to non-controlling interests		(4,306)					(4,306)
Adjustment to non-controlling interests		$ 0	(4)		(4)		4
Repurchase of shares of common stock (in shares)		(50,825)		(50,825,000)
Repurchase of shares of common stock		$ (782)	(782)		(782)
Share-based long term incentive plan unit awards		$ 116	114		114		2
Ending balance (in shares) at Mar. 31, 2019		29,745,776		29,745,776,000
Ending balance at Mar. 31, 2019		$ 592,434	$ 562,209	$ 30	$ 664,654	$ (102,475)	$ 30,225
[1]	See Note 1 for further details on the share conversion.
[2]	For the three-month period ended March 31, 2019, dividends totaling $0.55 per share of common stock outstanding were declared.

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]
Dividends declared (in usd per share)	$ 0.55	$ 0.41
Dividends paid (in usd per share)	$ 0.55	$ 0.41

Condensed Consolidated Statem_5

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Statement of Cash Flows [Abstract]
NET INCREASE IN EQUITY RESULTING FROM OPERATIONS			$ 21,324
Reconciliation of the net increase (decrease) in equity resulting from operations to net cash provided by (used in) operating activities:
Net realized (gain) loss on investments, financial derivatives, and foreign currency transactions			(11,573)
Change in net unrealized (gain) loss on investments, other secured borrowings, financial derivatives, and foreign currency translation			988
Amortization of premiums and accretion of discounts, net			9,933
Purchase of investments			(1,058,635)
Proceeds from disposition of investments			645,213
Proceeds from principal payments of investments			118,663
Proceeds from investments sold short			1,053,526
Repurchase of investments sold short			(994,295)
Payments on financial derivatives			(38,996)
Proceeds from financial derivatives			38,316
Amortization of deferred debt issuance costs			66
Share-based long term incentive plan unit expense		$ 116	93
Interest income related to consolidated securitization trust(1)	[1]		(944)
Interest expense related to consolidated securitization trust	[1]		944
Repurchase agreements			23,411
(Increase) decrease in assets:
Receivable for securities sold and financial derivatives			(46,126)
Due from brokers, net			44,855
Interest and principal receivable			(2,800)
Other assets			30,041
Increase (decrease) in liabilities:
Due to brokers			19,333
Payable for securities purchased and financial derivatives			22,816
Accounts payable and accrued expenses			(9)
Other liabilities			38
Interest and dividends payable			(736)
Base management fee payable to affiliate			(135)
Net cash provided by (used in) operating activities		20,992	(124,689)
Cash Flows from Investing Activities:
Purchase of securities		(617,445)
Purchase of loans		(260,716)
Capital improvements of real estate owned		(240)
Proceeds from disposition of securities		682,337
Proceeds from disposition of loans		10,296
Contributions to investments in unconsolidated entities		(13,245)
Distributions from investments in unconsolidated entities		27,585
Proceeds from disposition of real estate owned		9
Proceeds from principal payments of securities		36,414
Proceeds from principal payments of loans		87,481
Proceeds from securities sold short		278,033
Repurchase of securities sold short		(329,382)
Payments on financial derivatives		(32,285)
Proceeds from financial derivatives		22,161
Payments made on reverse repurchase agreements		(1,536,791)
Proceeds from reverse repurchase agreements		1,572,683
Due from brokers, net		11,026
Due to brokers, net		(2,476)
Net cash provided by (used in) investing activities		(64,555)
Cash flows provided by (used in) financing activities:
Repurchase of common stock		(782)	(13,966)
Dividends paid		(12,497)	(12,850)
Contributions from non-controlling interests		2,512	1,236
Distributions to non-controlling interests		(4,306)	(6,848)
Proceeds from issuance of Other secured borrowings		16,680	18,910
Principal payments on Other secured borrowings		(13,465)	(4,939)
Borrowings under repurchase agreements		1,507,161	896,028
Repayments of repurchase agreements		(1,443,871)	(774,400)
Due from brokers, net		3,707
Due to brokers, net		(606)
Net cash provided by (used in) financing activities		54,533	103,171
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash		10,970	(21,518)
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period		45,081	47,658	[2]
Cash, Cash Equivalents, and Restricted Cash, End of Period		56,051	26,140
Supplemental disclosure of cash flow information:
Interest paid		19,782	12,252
Dividend payable		4,267
Share-based long term incentive plan unit awards (non-cash)		116	93
Transfers from mortgage loans to real estate owned (non-cash)		299
Aggregate TBA trade activity (buys sells) (non-cash)			6,552,290
Proceeds from principal payments of investments (non-cash)		15,767	10,547
Principal payments on Other secured borrowings, at fair value (non-cash)		(15,767)	$ (10,547)
Repayment of senior notes (non-cash)		(86,000)
Issuance of senior notes (non-cash)		$ 86,000
[1]	Related to non-qualified mortgage securitization transactions. See Note 6 for further details.
[2]	.

Organization and Investment Obj

Organization and Investment Objective	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Investment Objective	Organization and Investment Objective Ellington Financial Inc., formerly known as Ellington Financial LLC, was originally formed as a Delaware limited liability company on July 9, 2007 and commenced operations on August 17, 2007. On February 28, 2019, Ellington Financial LLC filed a certificate of conversion with the Secretary of State of the State of Delaware (the "Secretary") to convert from a Delaware limited liability company to a Delaware corporation (the "Conversion") and change its name to Ellington Financial Inc. The Conversion became effective on March 1, 2019, and upon effectiveness, each of Ellington Financial LLC's existing common shares representing limited liability company interests, no par value, converted into one issued and outstanding, fully paid and nonassessable share of common stock, $0.001 par value per share, of Ellington Financial Inc. In connection with the Conversion, Ellington Financial Inc.'s Board of Directors (the "Board of Directors") approved Ellington Financial Inc.'s Certificate of Incorporation (which was also filed with the Secretary) and Bylaws. Ellington Financial Operating Partnership LLC (the "Operating Partnership"), a 97.6% owned consolidated subsidiary of Ellington Financial Inc., was formed as a Delaware limited liability company on December 14, 2012 and commenced operations on January 1, 2013. All of Ellington Financial Inc.'s operations and business activities are conducted through the Operating Partnership. Ellington Financial Inc., the Operating Partnership, and their consolidated subsidiaries are hereafter collectively referred to as the "Company." All intercompany accounts are eliminated in consolidation. The Company conducts its operations to qualify and be taxed as a real estate investment trust, or "REIT," under the Internal Revenue Code of 1986, as amended (the "Code"), and has elected to be taxed as a corporation effective January 1, 2019. The Company intends to qualify and will elect to be taxed as a REIT for U.S. federal income tax purposes commencing with the tax year ending December 31, 2019, the tax return for which is expected to be filed in 2020. In anticipation of the Company's intended election to be taxed as a REIT under the Code beginning with its 2019 taxable year (the "REIT Election"), the Company implemented an internal restructuring as of December 31, 2018. As part of this restructuring, the Company moved certain of its non-REIT-qualifying investments and financial derivatives to taxable REIT subsidiaries or, "TRSs," and disposed of certain of its investments in non-REIT-qualifying investments and financial derivatives. The Company invests in a diverse array of financial assets, including residential mortgage-backed securities, or "RMBS," commercial mortgage-backed securities, or "CMBS," residential and commercial mortgage loans, consumer loans and asset-backed securities, or "ABS," backed by consumer loans, collateralized loan obligations, or "CLOs," non-mortgage- and mortgage-related derivatives, equity investments in loan origination companies, and other strategic investments. Ellington Financial Management LLC ("EFM" or the "Manager") is an SEC-registered investment adviser and a registered commodity pool operator that serves as the Manager to the Company pursuant to the terms of its Seventh Amended and Restated Management Agreement (the "Management Agreement"), which was approved by the Board of Directors effective March 13, 2018. EFM is an affiliate of Ellington Management Group, L.L.C. ("Ellington"), an investment management firm that is registered as both an investment adviser and a commodity pool operator. In accordance with the terms of the Management Agreement, the Manager implements the investment strategy and manages the business and operations on a day-to-day basis for the Company and performs certain services for the Company, subject to oversight by the Board of Directors. Organization and Investment Objective Ellington Financial LLC was formed as a Delaware limited liability company on July 9, 2007 and commenced operations on August 17, 2007. Ellington Financial Operating Partnership LLC (the "Operating Partnership"), a 97.6% owned consolidated subsidiary of Ellington Financial LLC, was formed as a Delaware limited liability company on December 14, 2012 and commenced operations on January 1, 2013. All of the Company's operations and business activities are conducted through the Operating Partnership. Ellington Financial LLC, the Operating Partnership, and their consolidated subsidiaries are hereafter collectively referred to as the "Company." All intercompany accounts are eliminated in consolidation. The Company invests in a diverse array of financial assets, including residential mortgage-backed securities, or "RMBS," commercial mortgage-backed securities, or "CMBS," residential and commercial mortgage loans, consumer loans and asset-backed securities, or "ABS," backed by consumer loans, collateralized loan obligations, or "CLOs," non-mortgage and mortgage-related derivatives, equity investments in loan origination companies, and other strategic investments. Ellington Financial Management LLC ("EFM" or the "Manager") is an SEC-registered investment adviser and a registered commodity pool operator that serves as the Manager to the Company pursuant to the terms of its seventh amended and restated management agreement (the "Management Agreement"). EFM is an affiliate of Ellington Management Group, L.L.C., ("Ellington") an investment management firm that is registered as both an investment adviser and a commodity pool operator. In accordance with the terms of the Management Agreement, the Manager implements the investment strategy and manages the business and operations on a day-to-day basis for the Company and performs certain services for the Company, subject to oversight by the Company's Board of Directors ("Board of Directors").

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies (A) Basis of Presentation : The Company's unaudited interim condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America, or "U.S. GAAP," and Regulation S-X. The condensed consolidated financial statements include the accounts of the Company, the Operating Partnership, its subsidiaries, and variable interest entities, or "VIEs," for which the Company is deemed to be the primary beneficiary. All intercompany balances and transactions have been eliminated. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In management's opinion, all material adjustments considered necessary for a fair statement of the Company's interim condensed consolidated financial statements have been included and are only of a normal recurring nature. Interim results are not necessarily indicative of the results that may be expected for the entire fiscal year. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2018. The Company adopted ASC 946, Financial Services—Investment Companies ("ASC 946") upon its commencement of operations in August 2007, and applied U.S. GAAP for investment companies. In connection with the Company's internal restructuring and the Company's intention to qualify as a REIT for the year ending December 31, 2019, the Company has determined that, effective January 1, 2019, it no longer qualifies for investment company accounting in accordance with ASC 946-10-25, and has prospectively discontinued its use. The Company will elect the fair value option, or "FVO," for, and therefore the Company will continue to measure at fair value, those of its assets and liabilities it had previously measured at fair value and for which such election is permitted, as provided for under ASC 825, Financial Instruments ("ASC 825"). Due to the prospective application of a change in accounting as required under ASC 946-10-25-2, the Company has determined that the presentation of its condensed consolidated financial statements for periods beginning after December 31, 2018 are not comparable to the consolidated financial statements previously prepared for prior periods for which the Company applied ASC 946. As a result, the Company has provided separate consolidated financial statements for applicable prior periods in Item 1 of this Quarterly Report on Form 10-Q. Reclassification and Presentation Effective January 1, 2019, the Company prospectively discontinued its application of ASC 946. Upon its change in status, the following significant changes and elections were made: • Investments in securities are now accounted for in accordance with ASC 320, Investments—Debt and Equity Securities ("ASC 320"); • The Company elected the FVO as provided for under ASC 825-10-25-4 for all eligible financial instruments for which the Company had previously measured at fair value, including investments in securities, loans, financial derivatives, and certain of the Company's secured borrowings. As a result, all changes in the fair value of such financial instruments will continue to be recorded in earnings on the Company's Condensed Consolidated Statement of Operations; • Real estate owned, or "REO," is not eligible for the FVO election. As a result, REO is carried at the lower of cost or fair value. The Company's cost basis in any REO that was previously measured at fair value under ASC 946 was adjusted on January 1, 2019 to equal the fair value of such investment as of December 31, 2018; • The Company elected not to designate its financial derivatives as hedging instruments in accordance with ASC 815, Derivatives and Hedging ("ASC 815"). As a result, all changes in the fair value of financial derivatives will continue to be recorded in earnings on the Company's Condensed Consolidated Statement of Operations; • Forward settling to-be-announced mortgage-backed-securities, or "TBAs," are no longer classified as investments. TBAs will be classified as financial derivatives, with the difference between the forward contract price and the market value of the TBA position as of the reporting date included in Unrealized gains (losses) on financial derivatives, net, on the Condensed Consolidated Statement of Operations; and • The Company is required to account for certain of its equity investments under ASC 323-10, Investments—Equity Method and Joint Ventures ("ASC 323-10"). The Company has elected the FVO for such equity investments and changes in fair value will be reported in Earnings from investments in unconsolidated entities, on the Condensed Consolidated Statement of Operations. The discontinuation of the Company's application of ASC 946 prospectively changed the presentation of the Company's condensed consolidated financial statements. The most significant changes are: • The Consolidated Statement of Assets, Liabilities, and Equity has been changed to a Condensed Consolidated Balance Sheet; • The Consolidated Condensed Schedule of Investments has been removed; • The Consolidated Statement of Operations is no longer presented in the format required under ASC 946. The Company will present the Condensed Consolidated Statement of Operations as required under U.S. GAAP for operating companies. A Consolidated Statement of Other Comprehensive Income (Loss) will be presented, if and when applicable; • The Condensed Consolidated Statement of Cash Flows has been changed, and now includes a section for investing activities; • Certain footnotes have been changed to reflect conformity with applicable U.S. GAAP for operating companies; • The Company re-evaluated its interests in all entities to determine whether they are variable interests, and re-evaluated its investments, including it investments in partially owned entities, to determine if they are VIEs, as required under ASC 810, Consolidation ("ASC 810"). The Company also re-evaluated consolidation considerations for all of its investments in VIEs and partially owned entities, as required under ASC 810. Applicable disclosures related to VIEs have been included in these notes to condensed consolidated financial statements; • Securities/loans sold under agreements to be repurchased at an agreed-upon price and date, which were formerly referred to as "reverse repurchase agreements," are now referred to as "repurchase agreements"; • Securities/loans purchased under agreements to resell at an agreed-upon price and date, which were formerly referred to as "repurchase agreements," are now referred to as "reverse repurchase agreements"; and • The financial highlights disclosures, which are not required under U.S. GAAP for operating companies, have been removed. (B) Valuation : The Company applies ASC 820-10, Fair Value Measurement ("ASC 820") to its holdings of financial instruments. ASC 820 establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the observability of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: • Level 1—inputs to the valuation methodology are observable and reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Currently, the types of financial instruments the Company generally includes in this category are listed equities and exchange-traded derivatives; • Level 2—inputs to the valuation methodology other than quoted prices included in Level 1 are observable for the asset or liability, either directly or indirectly. Currently, the types of financial instruments that the Company generally includes in this category are RMBS for which the principal and interest payments are guaranteed by a U.S. government agency or a U.S. government-sponsored entity, or "Agency RMBS," U.S. Treasury securities and sovereign debt, certain non-Agency RMBS, CMBS, CLOs, corporate debt, and actively traded derivatives such as interest rate swaps, foreign currency forwards, and other over-the-counter derivatives; and • Level 3—inputs to the valuation methodology are unobservable and significant to the fair value measurement. The types of financial instruments that the Company generally includes in this category are certain RMBS, CMBS, CLOs, ABS, and credit default swaps, or "CDS," on individual ABS, in each case where there is less price transparency. Also included in this category are residential and commercial mortgage loans, consumer loans, and private corporate debt and equity investments. For certain financial instruments, the various inputs that management uses to measure fair value may fall into different levels of the fair value hierarchy. For each such financial instrument, the determination of which category within the fair value hierarchy is appropriate is based on the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the various inputs that management uses to measure fair value, with the highest priority given to inputs that are observable and reflect quoted prices (unadjusted) for identical assets or liabilities in active markets (Level 1), and the lowest priority given to inputs that are unobservable and significant to the fair value measurement (Level 3). The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. The Company may use valuation techniques consistent with the market and income approaches to measure the fair value of its financial instruments. The market approach uses third-party valuations and information obtained from market transactions involving identical or similar financial instruments. The income approach uses projections of the future economic benefit of an instrument to determine its fair value, such as in the discounted cash flow methodology. The inputs or methodology used for valuing financial instruments are not necessarily an indication of the risk associated with investing in these financial instruments. The leveling of each financial instrument is reassessed at the end of each period. Transfers between levels of the fair value hierarchy are assumed to occur at the end of the reporting period. Summary Valuation Techniques For financial instruments that are traded in an "active market," the best measure of fair value is the quoted market price. However, many of the Company's financial instruments are not traded in an active market. Therefore, management generally uses third-party valuations when available. If third-party valuations are not available, management uses other valuation techniques, such as the discounted cash flow methodology. The following are summary descriptions, for various categories of financial instruments, of the valuation methodologies management uses in determining fair value of the Company's financial instruments in such categories. Management utilizes such methodologies to assign a fair value (the estimated price that, in an orderly transaction at the valuation date, would be received to sell an asset, or paid to transfer a liability, as the case may be) to each such financial instrument. For mortgage-backed securities, or "MBS," TBAs, CLOs, and corporate debt and equity, management seeks to obtain at least one third-party valuation, and often obtains multiple valuations when available. Management has been able to obtain third-party valuations on the vast majority of these instruments and expects to continue to solicit third-party valuations in the future. Management generally values each financial instrument at the average of third-party valuations received and not rejected as described below. Third-party valuations are not binding, management may adjust the valuations it receives (e.g., downward adjustments for odd lots), and management may challenge or reject a valuation when, based on its validation criteria, management determines that such valuation is unreasonable or erroneous. Furthermore, based on its validation criteria, management may determine that the average of the third-party valuations received for a given financial instrument does not result in what management believes to be the fair value of such instrument, and in such circumstances management may override this average with its own good faith valuation. The validation criteria may take into account output from management's own models, recent trading activity in the same or similar instruments, and valuations received from third parties. The use of proprietary models requires the use of a significant amount of judgment and the application of various assumptions including, but not limited to, assumptions concerning future prepayment rates and default rates. Given their relatively high level of price transparency, Agency RMBS pass-throughs are typically classified as Level 2. Non-Agency RMBS, CMBS, Agency interest only and inverse interest only RMBS, CLOs, and corporate bonds are generally classified as either Level 2 or Level 3 based on analysis of available market data and/or third-party valuations. Private equity investments are generally classified as Level 3. Furthermore, the methodology used by the third-party valuation providers is reviewed at least annually by management, so as to ascertain whether such providers are utilizing observable market data to determine the valuations that they provide. For residential and commercial mortgage loans and consumer loans, management determines fair value by taking into account both external pricing data, which includes third-party valuations, and internal pricing models. Management has obtained third-party valuations on the majority of these investments and expects to continue to solicit third-party valuations in the future. In determining fair value for non-performing mortgage loans, management evaluates third-party valuations, if applicable, as well as management's estimates of the value of the underlying real estate, using information including general economic data, broker price opinions, or "BPOs," recent sales, property appraisals, and bids. In determining fair value for performing mortgage loans and consumer loans, management evaluates third-party valuations, if applicable, as well as discounted cash flows of the loans based on market assumptions. Cash flow assumptions typically include projected default and prepayment rates and loss severities, and may include adjustments based on appraisals and BPOs. Mortgage and consumer loans are classified as Level 3. The Company has securitized certain mortgage loans that are not deemed "qualified mortgage," or "QM," loans under the rules of the Consumer Financial Protection Bureau, or "non-QM loans." The Company's securitized non-QM loans are held as part of a collateralized financing entity, or "CFE." A CFE is a VIE that holds financial assets, issues beneficial interests in those assets, and has no more than nominal equity, and for which the issued beneficial interests have contractual recourse only to the related assets of the CFE. ASC 810 allows the Company to elect to measure both the financial assets and financial liabilities of the CFE using the more observable of the fair value of the financial assets and the fair value of the financial liabilities of the CFE. The Company has elected the FVO for initial and subsequent recognition of the debt issued by its consolidated securitization trusts and has determined that each consolidated securitization trust meets the definition of a CFE; see Note 10 " Securitization Transactions — Residential Mortgage Loan Securitizations " for further discussion on the Company's securitization trusts. The Company has determined the inputs to the fair value measurement of the financial liabilities of each of its CFEs to be more observable than those of the financial assets and, as a result, has used the fair value of the financial liabilities of each of the CFEs to measure the fair value of the financial assets of each of the CFEs. The fair value of the debt issued by each CFE is typically valued using discounted cash flows and other market data. The securitized non-QM loans, which are assets of the CFEs, are included in Loans, at fair value, on the Company's Condensed Consolidated Balance Sheet. The debt issued by the CFEs is included in Other secured borrowings, at fair value, on the Company's Condensed Consolidated Balance Sheet. Unrealized gains (losses) from changes in fair value of Other secured borrowings, at fair value, are included in Other, net, on the Company's Condensed Consolidated Statement of Operations. The securitized non-QM loans and the debt issued by the Company's CFEs are both classified as Level 3. For financial derivatives with greater price transparency, such as CDS on asset-backed indices, CDS on corporate indices, certain options on the foregoing, and total return swaps on publicly traded equities or indices, market-standard pricing sources are used to obtain valuations; these financial derivatives are generally classified as Level 2. Interest rate swaps, swaptions, and foreign currency forwards are typically valued based on internal models that use observable market data, including applicable interest rates and foreign currency rates in effect as of the measurement date; the model-generated valuations are then typically compared to counterparty valuations for reasonableness. These financial derivatives are also generally classified as Level 2. Financial derivatives with less price transparency, such as CDS on individual ABS, are generally valued based on internal models, and are classified as Level 3. In the case of CDS on individual ABS, the valuation process typically starts with an estimation of the value of the underlying ABS. In valuing its financial derivatives, the Company also considers the creditworthiness of both the Company and its counterparties, along with collateral provisions contained in each financial derivative agreement. Investments in private operating entities, such as loan originators, are valued based on available metrics, such as relevant market multiples and comparable company valuations, company specific-financial data including actual and projected results, and independent third party valuation estimates. These investments are classified as Level 3. The Company's repurchase and reverse repurchase agreements are carried at cost, which approximates fair value. Repurchase and reverse repurchase agreements are classified as Level 2, based on the adequacy of the collateral and their short term nature. The Company's valuation process, including the application of validation criteria, is overseen by the Manager's Valuation Committee (the "Valuation Committee"). The Valuation Committee includes senior level executives from various departments within the Manager, and each quarter, the Valuation Committee reviews and approves the valuations of the Company's financial instruments. The valuation process also includes a monthly review by the Company's third-party administrator. The goal of this review is to replicate various aspects of the Company's valuation process based on the Company's documented procedures. Because of the inherent uncertainty of valuation, the estimated fair value of the Company's financial instruments may differ significantly from the values that would have been used had a ready market for the financial instruments existed, and the differences could be material to the Company's condensed consolidated financial statements. (C) Accounting for Securities : Purchases and sales of investments in securities are generally recorded on trade date, and realized and unrealized gains and losses are calculated based on identified cost. Investments in securities are recorded in accordance with ASC 320 or ASC 325-40, Beneficial Interests in Securitized Financial Assets ("ASC 325-40"). The Company generally classifies its securities as available-for-sale. The Company has chosen to elect the FVO pursuant to ASC 825 for its investments in securities. Electing the FVO allows the Company to record changes in fair value in the Condensed Consolidated Statement of Operations, as a component of Unrealized gains (losses) on securities and loans, net, which, in management's view, more appropriately reflects the results of operations for a particular reporting period as all investment activities will be recorded in a similar manner. Many of the Company's investments in securities, such as MBS and CLOs, are issued by entities that are deemed to be VIEs. For the majority of such investments, the Company has determined it is not the primary beneficiary of such VIEs and therefore has not consolidated such VIEs. The Company's maximum risk of loss in these unconsolidated VIEs is generally limited to the fair value of the Company's investment in the VIE. The Company evaluates its investments in interest only securities to determine whether they meet the requirements for classification as financial derivatives under ASC 815. For interest only securities, where the holder is entitled only to a portion of the interest payments made on the mortgages underlying certain MBS, and inverse interest only securities, which are interest only securities whose coupon has an inverse relationship to its benchmark rate, such as LIBOR, the Company has determined that such investments do not meet the requirements for treatment as financial derivatives and are classified as securities. The Company evaluates the cost basis of its investments in securities for other-than-temporary impairment, or "OTTI," on at least a quarterly basis. The determination of whether a security is other-than-temporarily impaired requires judgments, estimates, and assumptions based on subjective and objective factors. As a result, the timing and amount of an OTTI constitutes an accounting estimate that may change materially over time. When the fair value of a security is less than its amortized cost basis as of the balance sheet date, the security's cost basis is considered impaired, and the impairment is designated as either temporary or other-than-temporary. When a security's cost basis is impaired, an OTTI is considered to have occurred if (i) the Company intends to sell the security (i.e., a decision has been made as of the reporting date), (ii) it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, or (iii) the Company does not expect to recover the security's amortized cost basis, even if the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security. Additionally, for securities accounted for under ASC 325-40, an impairment of the cost basis is recorded when there is an adverse change in the expected cash flows to be received and the fair value of the security is less than its carrying amount. In determining whether an adverse change in cash flows has occurred, the present value of the remaining cash flows, as estimated at the initial transaction date (or the last date previously revised), is compared to the present value of the expected cash flows at the current reporting date. The estimated cash flows reflect those that a "market participant" would use and include observations of current information and events, and assumptions related to fluctuations in interest rates, prepayment speeds and the timing and amount of potential credit losses. Cash flows are discounted at a rate equal to the current yield used to accrete interest income. Any resulting OTTI adjustments made to the cost basis of the security are reflected in Realized gains (losses) on securities and loans, net, on the Condensed Consolidated Statement of Operations. (D) Accounting for Loans : The Company's loan portfolio generally consists of residential mortgage, commercial mortgage, and consumer loans. The Company's loans are accounted for under ASC 310-10, Receivables , and are classified as held-for-investment when the Company has the intent and ability to hold such loans for the foreseeable future or to maturity/payoff. When the Company has the intent to sell loans, such loans will be classified as held-for-sale. Mortgage loans held-for-sale are accounted for under ASC 948-310, Financial services—mortgage banking. The Company may aggregate its loans into pools based on common risk characteristics at purchase. Once a pool of loans is assembled, its composition is maintained. The Company has chosen to elect the FVO pursuant to ASC 825 for its loan portfolios. Loans are recorded at fair value on the Condensed Consolidated Balance Sheet and changes in fair value are recorded in earnings on the Condensed Consolidated Statement of Operations as a component of Unrealized gains (losses) on securities and loans, net. Transfers between held-for-investment and held-for-sale occur once the Company's intent to sell the loans changes. For residential and commercial mortgage loans, the Company generally accrues interest payments. Such loans are typically moved to non-accrual status if the loan becomes 90 days or more delinquent. The Company does not accrue interest payments on its consumer loans; interest payments are recorded upon receipt. The Company evaluates the collectability of both interest and principal on each of its loan investments and whether the cost basis of the loan is impaired. A loan's cost basis is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. When a loan's cost basis is impaired, the Company does not record an allowance for loan loss as it has elected the FVO on all of its loan investments. The Company will recognize impairments through an adjustment to the amortized cost basis and recognize a realized loss in the period such adjustment was made which is included in Realized gains (losses) on securities and loans, net, on the Condensed Consolidated Statement of Operations. (E) Interest Income : The Company amortizes premiums and accretes discounts on its debt securities. Coupon interest income on fixed-income investments is generally accrued based on the outstanding principal balance or notional value and the current coupon interest rate. For debt securities that are deemed to be of high credit quality at the time of purchase (generally Agency RMBS, exclusive of interest only securities), premiums and discounts are amortized/accreted into interest income over the life of such securities using the effective interest method. For such securities whose cash flows vary depending on prepayments, an effective yield retroactive to the time of purchase is periodically recomputed based on actual prepayments and changes in projected prepayment activity, and a catch-up adjustment, or "Catch-up Premium Amortization Adjustment," is made to amortization to reflect the cumulative impact of the change in effective yield. For debt securities (generally non-Agency RMBS, CMBS, ABS, CLOs, and interest only securities) that are deemed not to be of high credit quality at the time of purchase, interest income is recognized based on the effective interest method. When the fair value of a debt security is less than its amortized cost basis as of the balance sheet date, the security's cost basis is considered impaired. The Company will adjust such impaired cost basis to the present value of the estimated future cash flows. This adjustment to the cost basis is reported in Realized gains (losses) on securities and loans, net, on the Condensed Consolidated Statement of Operations. For purposes of estimating the future expected cash flows, management uses assumptions including, but not limited to, assumptions for future prepayment rates, default rates, and loss severities (each of which may in turn incorporate various macro-economic assumptions, such as future housing prices). These assumptions are re-evaluated not less than quarterly. Changes in projected cash flows will result in prospective changes in the yield/interest income recognized on such securities based on the updated expected future cash flows. For each loan purchased with the expectation that both interest and principal will be paid in full, the Company generally amortizes or accretes any premium or discount over the life of the loan utilizing the effective interest method. However, based on current information and events, the Company re-assesses the collectability of interest and principal, and generally designates a loan as in non-accrual status either when any payments have become 90 or more days past due, or when, in the opinion of management, it is probable that the Company will be unable to collect either interest or principal in full. Once a loan is designated as in non-accrual status, as long as principal is still expected to be collectible in full, interest payments are recorded as interest income only when received (i.e., under the cash basis method); accruals of interest income are only resumed when the loan becomes contractually current and performance is demonstrated to be resumed. However, if principal is not expected to be collectible in full, the cost recovery method is used (i.e., no interest income is recognized, and all payments received—whether contractually interest or principal—are applied to cost). For each loan purchased with evidence of credit deterioration since origination and the expectation that either principal or interest will not be paid in full, interest income is generally recognized using the effective interest method for as long as the cash flows can be reasonably estimated. Here, instead of amortizing the purchase discount (i.e., the excess of the unpaid principal balance over the purchase price) over the life of the loan, the Company effectively amortizes the accretable yield (i.e., the excess of the Company's estimate of the total cash flows to be collected over the life of the loan over the purchase price). Not less than quarterly, the Company updates its estimate of the cash flows expected to be collected over the life of the loan, and revised yields are prospectively applied. For certain groups of consumer loans that the Company considers as having sufficiently homogeneous characteristics, the Company aggregates such loans into pools, and accounts for each such pool as a single unit of account. The pool is then treated analogously to a debt security deemed not to be of high credit quality, in that (i) the aggregate premium or discount for the pool is amortized or accreted into interest income based on the pool's effective interest rate; (ii) the effective interest rate is determined based on the net expected cash flows of the pool, taking into account estimates of prepayments, defaults, and loss severities; and (iii) estimates are updated not less than quarterly and revised yields are prospectively applied. In estimating future cash flows on the Company's debt securities, there are a number of assumptions that will be subject to significant uncertainties and contingencies, including, in the case of MBS, assumptions relating to prepayment rates, default rates, loan loss severities, and loan repurchases. These estimates require the use of a significant amount of judgment. (F) Investments in unconsolidated entities : The Company has made and may in the future make non-controlling equity investments in various entities, such as loan originators. Such investments are generally in the form of preferred and/or common equity, or membership interests. In certain cases, the Company can exercise significant influence over the entity (e.g. by having representation on the entity's board of directors) but the requirements for consolidation under ASC 810 are not met; in such cases the Company is required to account for such equity investments under ASC 323-10. The Company has chosen to elect the FVO pursuant to ASC 825 for its investments in unconsolidated entities, which, in management's view, more appropriately reflects the results of operations for a particular reporting period, as all investment activities will be recorded in a similar manner. The period change in fair value of t

Valuation

Valuation	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Valuation	Valuation The table below reflects the value of the Company's Level 1, Level 2, and Level 3 financial instruments that are measured at fair value on a recurring basis as of March 31, 2019: Description Level 1 Level 2 Level 3 Total (In thousands) Assets: Securities, at fair value- Agency RMBS $ — $ 1,137,826 $ 6,389 $ 1,144,215 Non-Agency RMBS — 111,500 94,670 206,170 CMBS — 28,055 5,137 33,192 CLOs — 76,559 21,438 97,997 Asset-backed securities, backed by consumer loans — — 24,108 24,108 Corporate debt securities — — 5,737 5,737 Corporate equity securities — — 1,465 1,465 U.S. Treasury securities — 16,601 — 16,601 Loans, at fair value- Residential mortgage loans — — 583,252 583,252 Commercial mortgage loans — — 239,623 239,623 Consumer loans — — 192,115 192,115 Investment in unconsolidated entities, at fair value — — 58,152 58,152 Financial derivatives–assets, at fair value- Credit default swaps on asset-backed securities — — 1,233 1,233 Credit default swaps on asset-backed indices — 3,276 — 3,276 Credit default swaps on corporate bonds — 715 — 715 Credit default swaps on corporate bond indices — 3,519 — 3,519 Interest rate swaps — 5,391 — 5,391 TBAs — 531 — 531 Futures 138 — — 138 Forwards — 430 — 430 Total return swaps — 123 — 123 Total assets $ 138 $ 1,384,526 $ 1,233,319 $ 2,617,983 Description Level 1 Level 2 Level 3 Total (continued) (In thousands) Liabilities: Securities sold short, at fair value- Government debt $ — $ (21,771 ) $ — $ (21,771 ) Corporate debt securities — (4,441 ) — (4,441 ) Financial derivatives–liabilities, at fair value- Credit default swaps on asset-backed indices — (822 ) — (822 ) Credit default swaps on corporate bonds — (953 ) — (953 ) Credit default swaps on corporate bond indices — (11,907 ) — (11,907 ) Interest rate swaps — (7,571 ) — (7,571 ) TBAs — (3,075 ) — (3,075 ) Futures (2,454 ) — — (2,454 ) Forwards — (122 ) — (122 ) Other secured borrowings, at fair value — — (282,124 ) (282,124 ) Total liabilities $ (2,454 ) $ (50,662 ) $ (282,124 ) $ (335,240 ) The following table identifies the significant unobservable inputs that affect the valuation of the Company's Level 3 assets and liabilities as of March 31, 2019: Fair Value Valuation Technique Unobservable Input Range Weighted Average Description Min Max (In thousands) Non-Agency RMBS $ 42,096 Market Quotes Non Binding Third-Party Valuation $ 15.72 $ 184.92 $ 82.84 CMBS 5,137 Market Quotes Non Binding Third-Party Valuation 5.94 70.90 60.88 CLOs 13,508 Market Quotes Non Binding Third-Party Valuation 27.30 80.00 72.87 Agency interest only RMBS 705 Market Quotes Non Binding Third-Party Valuation 8.42 14.43 11.96 Corporate debt and equity 1,452 Market Quotes Non Binding Third-Party Valuation 83.50 83.50 83.50 Non-Agency RMBS 52,574 Discounted Cash Flows Yield 0.5 % 67.1 % 9.5 % Projected Collateral Prepayments 15.1 % 77.8 % 46.6 % Projected Collateral Losses 0.1 % 17.6 % 8.8 % Projected Collateral Recoveries 1.7 % 15.8 % 8.2 % Projected Collateral Scheduled Amortization 16.3 % 63.0 % 36.4 % 100.0 % Corporate debt and equity 5,750 Discounted Cash Flows Yield 10.0 % 19.6 % 16.7 % CLOs 7,930 Discounted Cash Flows Yield 8.7 % 15.2 % 11.8 % Projected Collateral Prepayments 19.9 % 87.3 % 52.5 % Projected Collateral Losses 5.3 % 30.8 % 15.7 % Projected Collateral Recoveries 4.2 % 13.7 % 8.8 % Projected Collateral Scheduled Amortization — % 65.2 % 23.0 % 100.0 % (continued) Fair Value Valuation Technique Unobservable Input Range Weighted Average Description Min Max (In thousands) ABS backed by consumer loans 24,108 Discounted Cash Flows Yield 12.0 % 18.7 % 12.2 % Projected Collateral Prepayments 0.0 % 11.0 % 9.4 % Projected Collateral Losses 1.6 % 16.6 % 14.9 % Projected Collateral Scheduled Amortization 72.9 % 98.4 % 75.7 % 100.0 % Consumer loans 192,115 Discounted Cash Flows Yield 7.0 % 10.0 % 8.0 % Projected Collateral Prepayments 0.0 % 55.4 % 41.5 % Projected Collateral Losses 4.0 % 86.6 % 8.0 % Projected Collateral Scheduled Amortization 13.4 % 85.7 % 50.5 % 100.0 % Performing commercial mortgage loans 198,823 Discounted Cash Flows Yield 8.0 % 22.5 % 9.4 % Non-performing commercial mortgage loans 40,800 Discounted Cash Flows Yield 10.5 % 14.1 % 12.8 % Months to Resolution 0.0 5.0 3.0 Performing and re-performing residential mortgage loans 274,572 Discounted Cash Flows Yield 4.1 % 22.6 % 6.0 % Securitized residential mortgage loans (1) 296,366 Discounted Cash Flows Yield 4.4 % 4.6 % 4.5 % Non-performing residential mortgage loans 12,314 Discounted Cash Flows Yield 4.3 % 33.3 % 11.9 % Months to Resolution 13.5 62.6 32.3 Credit default swaps on asset-backed securities 1,233 Net Discounted Cash Flows Projected Collateral Prepayments 34.1 % 38.6 % 36.0 % Projected Collateral Losses 11.7 % 18.1 % 13.3 % Projected Collateral Recoveries 14.2 % 17.5 % 16.2 % Projected Collateral Scheduled Amortization 29.1 % 36.5 % 34.5 % 100.0 % Agency interest only RMBS 5,684 Option Adjusted Spread ("OAS") LIBOR OAS (2) 93 3,527 654 Projected Collateral Prepayments 30.0 % 100.0 % 67.7 % Projected Collateral Scheduled Amortization 0.0 % 70.0 % 32.3 % 100.0 % Investment in unconsolidated entities 31,849 Enterprise Value Equity Price-to-Book (3) 1.0X 3.1X 1.4X Investment in unconsolidated entities 3,000 Recent Transactions Transaction Price n/a n/a n/a Investment in unconsolidated entities 23,303 Discounted Cash Flows Yield (4) 5.5% 19.6% 10.2% Other secured borrowings, at fair value (1) (282,124 ) Discounted Cash Flows Yield 4.0% 4.1% 4.1% (1) Securitized residential mortgage loans and Other secured borrowings, at fair value, represent financial assets and liabilities of the Company's CFE as discussed in Note 2. (2) Shown in basis points. (3) Represent an estimation of where market participants might value an enterprise on a price-to-book basis. (4) Represents the significant unobservable inputs used to fair value the financial instruments of the unconsolidated entity. The fair value of such financial instruments is the largest component of the valuation of such entity as a whole. Third-party non-binding valuations are validated by comparing such valuations to internally generated prices based on the Company's models and, when available, to recent trading activity in the same or similar instruments. For those instruments valued using discounted and net discounted cash flows, collateral prepayments, losses, recoveries, and scheduled amortization are projected over the remaining life of the collateral and expressed as a percentage of the collateral's current principal balance. Averages are weighted based on the fair value of the related instrument. In the case of credit default swaps on asset-backed securities, averages are weighted based on each instrument's bond equivalent value. Bond equivalent value represents the investment amount of a corresponding position in the reference obligation, calculated as the difference between the outstanding principal balance of the underlying reference obligation and the fair value, inclusive of accrued interest, of the derivative contract. For those assets valued using the LIBOR Option Adjusted Spread ("LIBOR OAS") valuation methodology, cash flows are projected using the Company's models over multiple interest rate scenarios, and these projected cash flows are then discounted using the LIBOR rates implied by each interest rate scenario. The LIBOR OAS of an asset is then computed as the unique constant yield spread that, when added to all LIBOR rates in each interest rate scenario generated by the model, will equate (a) the expected present value of the projected asset cash flows over all model scenarios to (b) the actual current market price of the asset. LIBOR OAS is therefore model-dependent. Generally speaking, LIBOR OAS measures the additional yield spread over LIBOR that an asset provides at its current market price after taking into account any interest rate options embedded in the asset. The Company considers the expected timeline to resolution in the determination of fair value for its non-performing commercial and residential mortgage loans. Material changes in any of the inputs above in isolation could result in a significant change to reported fair value measurements. Additionally, fair value measurements are impacted by the interrelationships of these inputs. For example, for instruments subject to prepayments and credit losses, such as non-Agency RMBS and consumer loans and ABS backed by consumer loans, a higher expectation of collateral prepayments will generally be accompanied by a lower expectation of collateral losses. Conversely, higher losses will generally be accompanied by lower prepayments. Because the Company's credit default swaps on asset-backed security holdings represent credit default swap contracts whereby the Company has purchased credit protection, such credit default swaps on asset-backed securities generally have the directionally opposite sensitivity to prepayments, losses, and recoveries as compared to the Company's long securities holdings. Prepayments do not represent a significant input for the Company's commercial mortgage-backed securities and commercial mortgage loans. Losses and recoveries do not represent a significant input for the Company's Agency RMBS interest only securities, given the guarantee of the issuing government agency or government-sponsored enterprise. The tables below include a roll-forward of the Company's financial instruments for the three-month period ended March 31, 2019 (including the change in fair value), for financial instruments classified by the Company within Level 3 of the valuation hierarchy. Level 3—Fair Value Measurement Using Significant Unobservable Inputs: Three-Month Period Ended March 31, 2019 (In thousands) Beginning Balance as of Accreted Discounts / (Amortized Premiums) Net Realized Gain/ (Loss) Change in Net Unrealized Gain/(Loss) Purchases/ Sales/ Transfers Into Level 3 Transfers Out of Level 3 Ending Balance as of March 31, 2019 Assets: Securities, at fair value: Agency RMBS $ 7,293 $ (774 ) $ (594 ) $ 189 $ 6 $ — $ 842 $ (573 ) $ 6,389 Non-Agency RMBS 91,291 63 (101 ) (535 ) 15,546 (19,436 ) 10,492 (2,650 ) 94,670 CMBS 803 (14 ) — (8 ) — — 4,356 — 5,137 CLOs 14,915 (406 ) (83 ) 49 8,304 — — (1,341 ) 21,438 Asset-backed securities backed by consumer loans 22,800 (609 ) (512 ) 762 4,940 (3,273 ) — — 24,108 Corporate debt securities 6,318 16 (1 ) (77 ) 384 (903 ) — — 5,737 Corporate equity securities 1,530 — — (65 ) — — — — 1,465 Loans, at fair value: Residential mortgage loans 496,829 (927 ) (136 ) 1,901 157,602 (72,017 ) — — 583,252 Commercial mortgage loans 195,301 306 — (333 ) 48,857 (4,508 ) — — 239,623 Consumer loans 183,961 (8,572 ) (2,055 ) 1,842 54,256 (37,317 ) — — 192,115 Investment in unconsolidated entities, at fair value 72,302 276 1,560 (39 ) 13,428 (29,375 ) — — 58,152 Financial derivatives–assets, at fair value- Credit default swaps on asset-backed securities 1,472 — 275 (239 ) 2 (277 ) — — 1,233 Total assets, at fair value $ 1,094,815 $ (10,641 ) $ (1,647 ) $ 3,447 $ 303,325 $ (167,106 ) $ 15,690 $ (4,564 ) $ 1,233,319 Liabilities: Other secured borrowings, at fair value $ (297,948 ) $ — $ — $ 57 $ 15,767 $ — $ — $ — $ (282,124 ) Total liabilities, at fair value $ (297,948 ) $ — $ — $ 57 $ 15,767 $ — $ — $ — $ (282,124 ) All amounts of net realized and change in net unrealized gain (loss) in the table above are reflected in the accompanying Condensed Consolidated Statement of Operations. The table above incorporates changes in net unrealized gain (loss) for both Level 3 financial instruments held by the Company at March 31, 2019, as well as Level 3 financial instruments disposed of by the Company during the three-month period ended March 31, 2019. For Level 3 financial instruments held by the Company at March 31, 2019, change in net unrealized gain (loss) of $0.7 million , $3.4 million , $(2.1) million , $(0.2) million , and $57 thousand , for the three-month period ended March 31, 2019 relate to securities, loans, investments in unconsolidated entities, financial derivatives–assets, and other secured borrowings, at fair value, respectively. At March 31, 2019, the Company transferred $4.6 million of assets from Level 3 to Level 2 and $15.7 million from Level 2 to Level 3. Transfers between these hierarchy levels were based on the availability of sufficient observable inputs to meet Level 2 versus Level 3 criteria. The leveling of each financial instrument is reassessed at the end of each period, and is based on pricing information received from third-party pricing sources. The following table summarizes the estimated fair value of all other financial instruments not measured at fair value on a recurring basis as of March 31, 2019: March 31, 2019 (In thousands) Fair Value Carrying Value Other financial instruments Assets: Cash and cash equivalents $ 55,876 $ 55,876 Restricted cash 175 175 Due from brokers 58,145 58,145 Reverse repurchase agreements 25,381 25,381 Liabilities: Repurchase agreements 1,550,016 1,550,016 Other secured borrowings 117,315 117,315 Senior notes, net 85,100 85,100 Due to brokers 4,820 4,820 Cash and cash equivalents includes cash held in an interest bearing overnight account, for which fair value equals the carrying value, and cash held in money market accounts, which are liquid in nature and for which fair value equals the carrying value; such assets are considered Level 1. Restricted cash includes cash held in a segregated account for which fair value equals the carrying value; such assets are considered Level 1. Due from brokers and Due to brokers include collateral transferred to or received from counterparties, along with receivables and payables for open and/or closed derivative positions. These receivables and payables are short term in nature and any collateral transferred consists primarily of cash; fair value of these items is approximated by carrying value and such items are considered Level 1. The Company's reverse repurchase agreements, repurchase agreements, and other secured borrowings are carried at cost, which approximates fair value due to their short term nature. Reverse repurchase agreements, repurchase agreements, and other secured borrowings are classified as Level 2 based on the adequacy of the collateral and their short term nature. The Senior notes are considered Level 3 liabilities given the relative unobservability of the most significant inputs to valuation estimation as well as the lack of trading activity of these instruments. Valuation The table below reflects the value of the Company's Level 1, Level 2, and Level 3 financial instruments at December 31, 2018: Description Level 1 Level 2 Level 3 Total (In thousands) Assets: Cash equivalents $ 12,460 $ — $ — $ 12,460 Investments, at fair value- Agency residential mortgage-backed securities $ — $ 1,442,924 $ 7,293 $ 1,450,217 U.S. Treasury securities — 76 — 76 Private label residential mortgage-backed securities — 211,348 91,291 302,639 Private label commercial mortgage-backed securities — 33,105 803 33,908 Commercial mortgage loans — — 211,185 211,185 Residential mortgage loans — — 496,830 496,830 Collateralized loan obligations — 108,978 14,915 123,893 Consumer loans and asset-backed securities backed by consumer loans — — 206,761 206,761 Corporate debt — 16,074 6,318 22,392 Secured notes — — 10,917 10,917 Real estate owned — — 34,500 34,500 Common stock 2,200 — — 2,200 Corporate equity investments — — 43,793 43,793 Total investments, at fair value 2,200 1,812,505 1,124,606 2,939,311 Financial derivatives–assets, at fair value- Credit default swaps on asset-backed securities — — 1,472 1,472 Credit default swaps on corporate bond indices — 733 — 733 Credit default swaps on corporate bonds — 2,473 — 2,473 Credit default swaps on asset-backed indices — 8,092 — 8,092 Total return swaps — 1 — 1 Interest rate swaps — 7,224 — 7,224 Forwards — 6 — 6 Total financial derivatives–assets, at fair value — 18,529 1,472 20,001 Repurchase agreements, at fair value — 61,274 — 61,274 Total investments, financial derivatives–assets, and repurchase agreements, at fair value $ 2,200 $ 1,892,308 $ 1,126,078 $ 3,020,586 Liabilities: Investments sold short, at fair value- Agency residential mortgage-backed securities $ — $ (772,964 ) $ — $ (772,964 ) Government debt — (54,151 ) — (54,151 ) Corporate debt — (6,529 ) — (6,529 ) Common stock (16,933 ) — — (16,933 ) Total investments sold short, at fair value (16,933 ) (833,644 ) — (850,577 ) Description Level 1 Level 2 Level 3 Total (continued) (In thousands) Financial derivatives–liabilities, at fair value- Credit default swaps on corporate bond indices $ — $ (11,557 ) $ — $ (11,557 ) Credit default swaps on corporate bonds — (3,246 ) — (3,246 ) Credit default swaps on asset-backed indices — (2,125 ) — (2,125 ) Interest rate swaps — (3,397 ) — (3,397 ) Total return swaps — (6 ) — (6 ) Futures (355 ) — — (355 ) Forwards — (120 ) — (120 ) Total financial derivatives–liabilities, at fair value (355 ) (20,451 ) — (20,806 ) Other secured borrowings, at fair value — — (297,948 ) (297,948 ) Total investments sold short, financial derivatives–liabilities, and other secured borrowings, at fair value $ (17,288 ) $ (854,095 ) $ (297,948 ) $ (1,169,331 ) The following table identifies the significant unobservable inputs that affect the valuation of the Company's Level 3 assets and liabilities as of December 31, 2018: Fair Value Valuation Technique Unobservable Input Range Weighted Average Description Min Max (In thousands) Private label residential mortgage-backed securities $ 36,945 Market Quotes Non Binding Third-Party Valuation $ 17.42 $ 178.00 $ 78.31 Collateralized loan obligations 5,828 Market Quotes Non Binding Third-Party Valuation 2.64 375.00 167.78 Corporate debt, non-exchange traded corporate equity, and secured notes 13,976 Market Quotes Non Binding Third-Party Valuation 9.69 91.00 59.18 Private label commercial mortgage-backed securities 576 Market Quotes Non Binding Third-Party Valuation 5.93 6.36 6.14 Agency interest only residential mortgage-backed securities 744 Market Quotes Non Binding Third-Party Valuation 1.70 9.12 5.64 Private label residential mortgage-backed securities 54,346 Discounted Cash Flows Yield 3.5 % 66.1 % 10.7 % Projected Collateral Prepayments 16.0 % 92.1 % 50.4 % Projected Collateral Losses 0.0 % 23.1 % 8.7 % Projected Collateral Recoveries 1.5 % 14.6 % 7.3 % Projected Collateral Scheduled Amortization 6.1 % 61.8 % 33.6 % 100.0 % Private label commercial mortgage-backed securities 227 Discounted Cash Flows Yield 3.4 % 3.4 % 3.4 % Projected Collateral Losses 2.0 % 2.0 % 2.0 % Projected Collateral Recoveries 6.6 % 6.6 % 6.6 % Projected Collateral Scheduled Amortization 91.4 % 91.4 % 91.4 % 100.0 % Corporate debt and non-exchange traded corporate equity 4,793 Discounted Cash Flows Yield 17.5 % 17.5 % 17.5 % (continued) Fair Value Valuation Technique Unobservable Input Range Weighted Average Description Min Max (In thousands) Collateralized loan obligations $ 9,087 Discounted Cash Flows Yield 12.6 % 103.1 % 26.7 % Projected Collateral Prepayments 8.1 % 88.4 % 65.2 % Projected Collateral Losses 3.7 % 40.8 % 13.5 % Projected Collateral Recoveries 4.2 % 38.0 % 11.9 % Projected Collateral Scheduled Amortization 3.5 % 13.5 % 9.4 % 100.0 % Consumer loans and asset-backed securities backed by consumer loans 206,761 Discounted Cash Flows Yield 7.0 % 18.3 % 8.5 % Projected Collateral Prepayments 0.0 % 45.9 % 33.5 % Projected Collateral Losses 2.6 % 84.8 % 9.1 % Projected Collateral Scheduled Amortization 15.2 % 96.6 % 57.4 % 100.0 % Performing commercial mortgage loans 163,876 Discounted Cash Flows Yield 8.0 % 22.5 % 9.6 % Non-performing commercial mortgage loans and commercial real estate owned 80,513 Discounted Cash Flows Yield 9.6 % 27.4 % 13.2 % Months to Resolution 3.0 16.0 7.9 Performing residential mortgage loans 171,367 Discounted Cash Flows Yield 2.7 % 12.9 % 6.0 % Securitized residential mortgage loans (1) 314,202 Discounted Cash Flows Yield 4.3 % 4.6 % 4.6 % Non-performing residential mortgage loans and residential real estate owned 12,557 Discounted Cash Flows Yield 4.3 % 25.1 % 11.3 % Months to Resolution (2) 1.9 42.2 27.8 Credit default swaps on asset-backed securities 1,472 Net Discounted Cash Flows Projected Collateral Prepayments 33.6 % 42.0 % 36.5 % Projected Collateral Losses 11.1 % 15.6 % 12.8 % Projected Collateral Recoveries 10.3 % 18.7 % 15.8 % Projected Collateral Scheduled Amortization 32.0 % 36.5 % 34.9 % 100.0 % Agency interest only residential mortgage-backed securities 6,549 Option Adjusted Spread ("OAS") LIBOR OAS (3) 211 3,521 677 Projected Collateral Prepayments 37.7 % 100.0 % 66.2 % Projected Collateral Scheduled Amortization 0.0 % 62.3 % 33.8 % 100.0 % Non-exchange traded common equity investment in mortgage-related entity 6,750 Enterprise Value Equity Price-to-Book (4) 3.3x 3.3x 3.3x Non-exchange traded preferred equity investment in mortgage-related entity 27,317 Enterprise Value Equity Price-to-Book (4) 1.1x 1.1x 1.1x Non-exchange traded preferred equity investment in loan origination entity 3,000 Recent Transactions Transaction Price N/A N/A N/A Non-controlling equity interest in limited liability company 5,192 Discounted Cash Flows Yield (5) 12.9% 16.1% 15.4% Other secured borrowings, at fair value (1) (297,948 ) Discounted Cash Flows Yield 3.9% 4.4% 4.3% (1) Securitized residential mortgage loans and Other secured borrowings, at fair value, represent financial assets and liabilities of the Company's CFE as discussed in Note 2. (2) Excludes certain loans that are re-performing. (3) Shown in basis points. (4) Represent an estimation of where market participants might value an enterprise on a price-to-book basis. (5) Represents the significant unobservable inputs used to fair value the financial instruments of the limited liability company. The fair value of such financial instruments is the largest component of the valuation of the limited liability company as a whole. Third-party non-binding valuations are validated by comparing such valuations to internally generated prices based on the Company's models and to recent trading activity in the same or similar instruments. For those instruments valued using discounted and net discounted cash flows, collateral prepayments, losses, recoveries, and scheduled amortization are projected over the remaining life of the collateral and expressed as a percentage of the collateral's current principal balance. Averages are weighted based on the fair value of the related instrument. In the case of credit default swaps on asset-backed securities, averages are weighted based on each instrument's bond equivalent value. Bond equivalent value represents the investment amount of a corresponding position in the reference obligation, calculated as the difference between the outstanding principal balance of the underlying reference obligation and the fair value, inclusive of accrued interest, of the derivative contract. For those assets valued using the LIBOR Option Adjusted Spread ("OAS") valuation methodology, cash flows are projected using the Company's models over multiple interest rate scenarios, and these projected cash flows are then discounted using the LIBOR rates implied by each interest rate scenario. The LIBOR OAS of an asset is then computed as the unique constant yield spread that, when added to all LIBOR rates in each interest rate scenario generated by the model, will equate (a) the expected present value of the projected asset cash flows over all model scenarios to (b) the actual current market price of the asset. LIBOR OAS is therefore model-dependent. Generally speaking, LIBOR OAS measures the additional yield spread over LIBOR that an asset provides at its current market price after taking into account any interest rate options embedded in the asset. The Company considers the expected timeline to resolution in the determination of fair value for its non-performing commercial and residential mortgage loans. Material changes in any of the inputs above in isolation could result in a significant change to reported fair value measurements. Additionally, fair value measurements are impacted by the interrelationships of these inputs. For example, for instruments subject to prepayments and credit losses, such as non-Agency RMBS and consumer loans and ABS backed by consumer loans, a higher expectation of collateral prepayments will generally be accompanied by a lower expectation of collateral losses. Conversely, higher losses will generally be accompanied by lower prepayments. Because the Company's credit default swaps on asset-backed security holdings represent credit default swap contracts whereby the Company has purchased credit protection, such credit default swaps on asset-backed securities generally have the directionally opposite sensitivity to prepayments, losses, and recoveries as compared to the Company's long securities holdings. Prepayments do not represent a significant input for the Company's commercial mortgage-backed securities and commercial mortgage loans. Losses and recoveries do not represent a significant input for the Company's Agency RMBS interest only securities, given the guarantee of the issuing government agency or government-sponsored enterprise. The tables below include a roll-forward of the Company's financial instruments for the three-month period ended March 31, 2018 (including the change in fair value), for financial instruments classified by the Company within Level 3 of the valuation hierarchy. Level 3—Fair Value Measurement Using Significant Unobservable Inputs: Three-Month Period Ended March 31, 2018 (In thousands) Ending Accreted Net Realized Change in Net Purchases/ Sales/ Transfers Into Level 3 Transfers Out of Level 3 Ending Assets: Investments, at fair value- Agency residential mortgage-backed securities $ 6,173 $ (600 ) $ 39 $ 264 $ 1,101 $ (388 ) $ — $ (461 ) $ 6,128 Private label residential mortgage-backed securities 101,297 106 2,288 293 20,660 (21,574 ) 11,561 (2,769 ) 111,862 Private label commercial mortgage-backed securities 12,347 (183 ) 1,554 121 9,624 (7,366 ) — (2,388 ) 13,709 Commercial mortgage loans 108,301 618 330 (161 ) 3,988 (3,782 ) — — 109,294 Residential mortgage loans 182,472 (715 ) (54 ) (653 ) 73,040 (13,309 ) — — 240,781 Collateralized loan obligations 24,911 455 2 226 10,095 (8,210 ) — — 27,479 (In thousands) Ending Accreted Discounts / (Amortized Premiums) Net Realized Gain/ (Loss) Change in Net Unrealized Gain/(Loss) Purchases/ Sales/ Transfers Into Level 3 Transfers Out of Level 3 Ending Balance as of March 31, 2018 (Continued) Consumer loans and asset-backed securities backed by consumer loans $ 135,258 $ (5,896 ) $ 501 $ 3,804 $ 42,133 $ (27,378 ) $ — $ — $ 148,422 Corporate debt 23,947 (114 ) 52 364 456 (6,705 ) — — 18,000 Real estate owned 26,277 — (456 ) 615 4,098 (1,424 ) — — 29,110 Corporate equity investments 37,465 — — 4,326 9,078 — — — 50,869 Total investments, at fair value 658,448 (6,329 ) 4,256 9,199 174,273 (90,136 ) 11,561 (5,618 ) 755,654 Financial derivatives–assets, at fair value- Credit default swaps on asset-backed securities 3,140 — 86 (71 ) 24 (110 ) — — 3,069 Total financial derivatives– assets, at fair value 3,140 — 86 (71 ) 24 (110 ) — — 3,069 Total investments and financial derivatives–assets, at fair value $ 661,588 $ (6,329 ) $ 4,342 $ 9,128 $ 174,297 $ (90,246 ) $ 11,561 $ (5,618 ) $ 758,723 Liabilities: Other secured borrowings, at fair value $ (125,105 ) $ — $ — $ 784 $ 10,546 $ — $ — $ — $ (113,775 ) Total other secured borrowings, at fair value $ (125,105 ) $ — $ — $ 784 $ 10,546 $ — $ — $ — $ (113,775 ) All amounts of net realized and change in net unrealized gain (loss) in the table above are reflected in the accompanying Consolidated Statement of Operations. The table above incorporates changes in net unrealized gain (loss) for both Level 3 financial instruments held by the Company at March 31, 2018, as well as Level 3 financial instruments disposed of by the Company during the three-month period ended March 31, 2018. For Level 3 financial instruments held by the Company at March 31, 2018, change in net unrealized gain (loss) of $8.6 million , $(0.1) million , and $0.8 million , for the three-month period ended March 31, 2018 relate to investments, financial derivatives–assets, and other secured borrowings, at fair value, respectively. As of June 30, 2017, the Company modified its procedures to determine the level within the hierarchy for certain financial instruments. Under the revised procedures, the Company examines financial instruments individually rather than in cohorts of like instruments as it had previously. As of March 31, 2018, the Company transferred $5.6 million of securities from Level 3 to Level 2 and $11.6 million from Level 2 to Level 3. Transfers between these hierarchy levels were based on the availability of sufficient observable inputs to meet Level 2 versus Level 3 criteria. The leveling of each financial instrument is reassessed at the end of each period, and is based on pricing information received from third party pricing sources. Not included in the disclosures above are the Company's other financial instruments, which are carried at cost and include, Cash, Due from brokers, Due to brokers, Reverse repurchase agreements, Other secured borrowings, and the Company's unsecured long-term debt, or the "Senior Notes," which is reflected on the Consolidated Statement of Assets, Liabilities, and Equity in Senior notes, net. Cash includes cash held in various accounts including an interest bearing overnight account for which fair value equals the carrying value; such assets are considered Level 1 assets. Due from brokers and Due to brokers include collateral transferred to or received from counterparties, along with receivables and payables for open and/or closed derivative positions. These receivables and payables are short term in nature and any collateral transferred consists primarily of cash; carrying value of these items approximates fair value and such items are considered Level 1 assets and liabilities. The Company's reverse repurchase agreements and Other secured borrowings are carried at cost, which approximates fair value due to their short term nature. Reverse repurchase agreements and Other secured borrowings are considered Level 2 assets and liabilities based on the adequacy of the associated collateral and their short term nature. The Company estimates the fair value of the Senior Notes at $86.0 million as of December 31, 2018. The Senior Notes are considered Level 3 liabilities given the relative unobservability of the most significant inputs to valuation estimation as well as the lack of trading activity of these instruments.

Investment in Securities

Investment in Securities	3 Months Ended
	Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Investment in Securities	Investment in Securities The Company's securities portfolio primarily consists of Agency RMBS, non-Agency RMBS, CMBS, CLOs, ABS backed by consumer loans, and corporate debt and equity. The following table details the Company's investment in securities as of March 31, 2019. Gross Unrealized Weighted Average ($ in thousands) Current Principal Unamortized Premium (Discount) Amortized Cost Gains Losses Fair Value Coupon (1) Yield Life (Years) (2) Long: Agency RMBS: 15-year fixed-rate mortgages 70,927 2,897 73,824 68 (1,261 ) 72,631 3.48 % 2.40 % 4.39 20-year fixed-rate mortgages 2,267 148 2,415 — (38 ) 2,377 4.20 % 2.88 % 5.32 30-year fixed-rate mortgages 906,415 43,286 949,701 4,584 (9,311 ) 944,974 4.20 % 3.37 % 6.82 Adjustable rate mortgages 9,173 401 9,574 23 (137 ) 9,460 3.97 % 2.97 % 3.16 Reverse mortgages 83,293 6,448 89,741 233 (629 ) 89,345 4.40 % 3.03 % 6.34 Interest only securities n/a n/a 25,473 1,110 (1,155 ) 25,428 3.31 % 7.48 % 3.61 Non-Agency RMBS 298,383 (111,182 ) 187,201 17,642 (2,540 ) 202,303 3.44 % 6.42 % 7.31 CMBS 65,186 (36,910 ) 28,276 1,284 (147 ) 29,413 2.77 % 8.42 % 8.38 Non-Agency interest only securities n/a n/a 5,693 1,953 — 7,646 0.77 % 25.35 % 7.63 CLOs n/a n/a 98,713 2,941 (3,657 ) 97,997 3.85 % 16.22 % 5.68 ABS backed by consumer loans 36,022 (12,488 ) 23,534 940 (366 ) 24,108 14.52 % 11.85 % 1.16 Corporate debt 26,730 (20,956 ) 5,774 44 (81 ) 5,737 9.26 % 20.18 % 1.57 Corporate equity n/a n/a 1,583 4 (122 ) 1,465 n/a n/a n/a U.S. Treasury securities 16,375 189 16,564 45 (8 ) 16,601 2.51 % 2.30 % 5.68 Total Long 1,514,771 (128,167 ) 1,518,066 30,871 (19,452 ) 1,529,485 4.15 % 5.08 % 6.49 Short: Corporate debt (5,160 ) 515 (4,645 ) 237 (33 ) (4,441 ) 5.19 % 5.91 % 6.16 U.S. Treasury securities (2,800 ) 15 (2,785 ) — (125 ) (2,910 ) 2.88 % 2.92 % 9.38 European sovereign bonds (18,605 ) (884 ) (19,489 ) 947 (319 ) (18,861 ) 1.69 % 0.43 % 1.27 Total Short (26,565 ) (354 ) (26,919 ) 1,184 (477 ) (26,212 ) 2.42 % 1.64 % 3.00 Total 1,488,206 (128,521 ) 1,491,147 32,055 (19,929 ) 1,503,273 4.18 % 5.02 % 6.55 (1) Weighted average coupon represents the weighted average coupons of the securities, rather than, in the case of collateralized securities, the coupon rates or loan rates on the underlying collateral. (2) Average lives of MBS are generally shorter than stated contractual maturities. Average lives are affected by the contractual maturities of the underlying mortgages, scheduled periodic payments of principal, and unscheduled prepayments of principal. The following table details weighted average life of the Company's Agency RMBS as of March 31, 2019. ($ in thousands) Agency RMBS Agency Interest Only Securities Estimated Weighted Average Life (1) Fair Value Amortized Cost Weighted Average Coupon (2) Fair Value Amortized Cost Weighted Average Coupon (2) Less than three years 38,461 38,339 4.64 % 7,582 7,763 3.14 % Greater than three years less than seven years 486,247 489,019 4.29 % 17,582 17,460 3.42 % Greater than seven years less then eleven years 581,828 585,867 4.04 % 264 250 0.66 % Greater than eleven years 12,251 12,030 4.10 % — — — % Total 1,118,787 1,125,255 4.17 % 25,428 25,473 3.31 % (1) Average lives of RMBS are generally shorter than stated contractual maturities. Average lives are affected by the contractual maturities of the underlying mortgages, scheduled periodic payments of principal, and unscheduled prepayments of principal. (2) Weighted average coupon represents the weighted average coupons of the securities, rather than the coupon rates or loan rates on the underlying collateral. The following table details weighted average life of the Company's long non-Agency RMBS, CMBS, and CLOs and other securities as of March 31, 2019. ($ in thousands) Non-Agency RMBS and CMBS Non-Agency IOs CLOs and Other Securities (2) Estimated Weighted Average Life (1) Fair Value Amortized Cost Weighted Average Coupon (3) Fair Value Amortized Cost Weighted Average Coupon (3) Fair Value Amortized Cost Weighted Average Coupon (3) Less than three years 60,447 52,618 2.07 % 176 30 2.00 % 34,601 34,877 12.03 % Greater than three years less than seven years 65,214 60,490 5.32 % 3,829 3,450 1.40 % 90,984 91,770 4.33 % Greater than seven years less then eleven years 53,571 49,960 3.61 % 306 — 0.50 % 17,235 16,487 0.68 % Greater than eleven years 52,484 52,409 2.15 % 3,335 2,213 — % 1,623 1,451 — % Total 231,716 215,477 3.36 % 7,646 5,693 0.77 % 144,443 144,585 5.69 % (1) Average lives of MBS are generally shorter than stated contractual maturities. Average lives are affected by the contractual maturities of the underlying mortgages, scheduled periodic payments of principal, and unscheduled prepayments of principal. (2) Other Securities includes asset-backed securities, backed by consumer loans, corporate debt, and U.S. Treasury securities. (3) Weighted average coupon represents the weighted average coupons of the securities, rather than the coupon rates or loan rates on the underlying collateral. The following table details the components of interest income by security type for the three-month period ended March 31, 2019: Security Type Coupon Interest Net Amortization Interest Income (In thousands) Agency RMBS 12,190 (4,628 ) 7,562 Non-Agency RMBS and CMBS 3,849 547 4,396 CLOs 4,244 65 4,309 Other securities (1) 1,593 (562 ) 1,031 Total 21,876 (4,578 ) 17,298 (1) Other securities includes asset-backed securities, backed by consumer loans, corporate debt, and U.S. Treasury securities. For the three-month period ended March 31, 2019 the Catch-Up Premium Amortization Adjustment was $(0.5) million . The following table presents proceeds from sales and the resulting realized gains and (losses) of the Company's securities for the three-month period ended March 31, 2019. Security Type Proceeds Gross Realized Gains Gross Realized Losses Net Realized Gain (Loss) (In thousands) Agency RMBS 128,304 712 (1,679 ) (967 ) Non-Agency RMBS and CMBS 129,545 1,272 (3,443 ) (2,171 ) CLOs 44,822 140 (935 ) (795 ) Other securities (1) 405,903 758 (1,259 ) (501 ) Total 708,574 2,882 (7,316 ) (4,434 ) (1) Other securities includes asset-backed securities, backed by consumer loans, corporate debt and equity, exchange-traded equity, and U.S. Treasury securities. The following table presents the fair value and gross unrealized losses of our long securities by length of time that such securities have been in an unrealized loss position at March 31, 2019. (In thousands) Less than 12 Months Greater than 12 Months Total Security Type Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Agency RMBS 123,567 (627 ) 521,597 (11,904 ) 645,164 (12,531 ) Non-Agency RMBS and CMBS 85,338 (1,585 ) 34,988 (1,102 ) 120,326 (2,687 ) CLOs 28,953 (996 ) 25,154 (2,661 ) 54,107 (3,657 ) Other securities (1) 16,896 (177 ) 2,963 (400 ) 19,859 (577 ) Total 254,754 (3,385 ) 584,702 (16,067 ) 839,456 (19,452 ) (1) Other securities includes asset-backed securities, backed by consumer loans, corporate debt and equity, and U.S. Treasury securities. As described in Note 2, the Company evaluates the cost basis of its securities for impairment on at least a quarterly basis. For the three-month period ended March 31, 2019, the Company recognized an impairment charge of $1.3 million on the cost basis of its securities, which is included in Realized gains (losses) on securities and loans, net, on the Condensed Consolidated Statement of Operations. For each of the remaining securities in a loss position at March 31, 2019, the unrealized loss is due to market conditions and not to a change in the credit quality of the securities. In addition, any unrealized losses on the Company’s Agency RMBS accounted for under ASC 320 are not due to credit losses given their explicit guarantee of principal and interest by the issuing government agency or government-sponsored enterprise, but rather are due to changes in interest rates and prepayment expectations.

Investment in Loans

Investment in Loans	3 Months Ended
	Mar. 31, 2019
Receivables [Abstract]
Investment in Loans	Investment in Loans The Company invests in various types of loans, such as residential mortgage, commercial mortgage, and consumer loans. As discussed in Note 2, the Company has elected the FVO for its investments in loans. The following table is a summary of the Company's investments in loans as of March 31, 2019: Loan Type Unpaid Principal Balance Fair Value (In thousands) Residential mortgage loans $ 577,880 $ 583,252 Commercial mortgage loans 264,932 239,623 Consumer loans 184,171 192,115 Total $ 1,026,983 $ 1,014,990 The Company is subject to credit risk in connection with its investments in loans. The two primary components of credit risk are default risk, which is the risk that a borrower fails to make scheduled principal and interest payments, and severity risk, which is the risk of loss upon a borrower default on a mortgage loan or other secured or unsecured loan. Severity risk includes the risk of loss of value of the property or other asset, if any, securing the loan, as well as the risk of loss associated with taking over the property or other asset, if any, including foreclosure costs. The following table provides details, by accrual status, for loans that are 90 days or more past due as of March 31, 2019: Unpaid Principal Balance Fair Value 90 days or more past due—accrual status (In thousands) Commercial mortgage loans (1) $ 6,491 $ 6,491 90 days or more past due—non-accrual status Residential mortgage loans 18,582 16,110 Commercial mortgage loans 16,050 16,050 Consumer loans 2,046 2,025 (1) Represents a loan where the borrower is currently making payments and is expected to continue to make payments. Residential Mortgage Loans The table below details certain information regarding the Company's residential mortgage loans as of March 31, 2019: Gross Unrealized Weighted Average ($ in thousands) Unpaid Principal Balance Premium (Discount) Amortized Cost Gains Losses Fair Value Coupon Yield Life (Years) (1) Residential mortgage loans, held-for-investment (2) $ 555,386 $ 4,470 $ 559,856 $ 4,368 $ (1,461 ) $ 562,763 6.49 % 5.68 % 1.95 Residential mortgage loans, held-for-sale 22,494 (3,344 ) 19,150 1,520 (181 ) 20,489 4.66 % 6.37 % 5.48 Total $ 577,880 $ 1,126 $ 579,006 $ 5,888 $ (1,642 ) $ 583,252 6.42 % 5.70 % 2.07 (1) Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal. (2) Includes $296.4 million of non-QM loans that have been securitized and are held in consolidated securitization trusts; see Note 10. The table below summarizes the geographic distribution of the real estate collateral underlying the Company's residential mortgage loans as of March 31, 2019: Property Location by State Percentage of Total Outstanding Unpaid Principal Balance California 48.3 % Florida 12.9 % Texas 12.7 % Colorado 4.4 % Arizona 2.8 % Oregon 2.4 % New York 2.2 % Washington 2.2 % Nevada 2.1 % Utah 1.5 % New Jersey 1.3 % Maryland 1.1 % Other 6.1 % 100.0 % The following table presents information on the Company's residential mortgage loans by re-performing or non-performing status, as of March 31, 2019. (In thousands) Unpaid Principal Balance Fair Value Re-performing $ 35,616 $ 31,816 Non-performing 15,795 13,678 As described in Note 2, the Company evaluates the cost basis of its residential mortgage loans for impairment on at least a quarterly basis. For the three-month period ended March 31, 2019, the Company recognized an impairment charge of $0.1 million on the cost basis of its residential mortgage loans, which is included in Realized gains (losses) on securities and loans, net, on the Condensed Consolidated Statement of Operations. The impairment charge recognized for the three-month period ended March 31, 2019, where the fair value of the residential mortgage loans was less than their carrying amount, related to residential mortgage loans with an aggregate unpaid principal balance of $2.2 million and fair value of $1.9 million . As of March 31, 2019, the Company had residential mortgage loans that were in the process of foreclosure with a fair value of $8.1 million . Commercial Mortgage Loans The table below details certain information regarding the Company's commercial mortgage loans as of March 31, 2019: Gross Unrealized Weighted Average ($ in thousands) Unpaid Principal Balance Premium (Discount) Amortized Cost Gains Losses Fair Value Coupon Yield Life (Years) (1) Commercial mortgage loans $ 264,932 $ (27,249 ) $ 237,683 $ 2,131 $ (191 ) $ 239,623 8.92 % 9.44 % 0.95 (1) Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal. The table below summarizes the geographic distribution of the real estate collateral underlying the Company's commercial mortgage loans as of March 31, 2019: Property Location by State Percentage of Total Outstanding Unpaid Principal Balance Florida 20.1 % Connecticut 18.7 % New York 12.7 % New Jersey 10.4 % North Carolina 7.3 % Virginia 7.1 % Massachusetts 4.9 % Pennsylvania 4.3 % Arizona 4.0 % Indiana 3.8 % Kentucky 3.8 % Tennessee 1.5 % Louisiana 1.4 % 100.0 % As of March 31, 2019, the Company had five non-performing commercial mortgage loans with an unpaid principal balance and fair value of $65.2 million and $40.8 million , respectively. The Company evaluates the cost basis of its commercial mortgage loans for impairment on at least a quarterly basis. As of March 31, 2019, the Company did not have any commercial mortgage loans that were in the process of foreclosure. Consumer Loans The table below details certain information regarding the Company's consumer loans as of March 31, 2019: Gross Unrealized Weighted Average ($ in thousands) Unpaid Principal Balance Premium (Discount) Amortized Cost Gains Losses Fair Value Life (Years) (1) Delinquency (Days) Consumer loans $ 184,171 $ 6,912 $ 191,083 $ 2,623 $ (1,591 ) $ 192,115 0.78 3 (1) Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal. The table below provides details on the delinquency status of the Company's consumer loans, which the Company uses as an indicator of credit quality, as of March 31, 2019: Days Past Due Delinquency Status (1) Current 95.9 % 30-59 Days 1.7 % 60-89 Days 1.3 % 90-119 Days 1.1 % 100.0 % (1) As a percentage of total unpaid principal balance. As described in Note 2, the Company evaluates the cost basis of its pools of consumer loans for impairments on at least a quarterly basis. For the three-month period ended March 31, 2019, the Company recognized an impairment charge of $2.1 million on the cost basis of its consumer loan pools, which is included in Realized gains (losses) on securities and loans, net, on the Condensed Consolidated Statement of Operations. The impairment charge recognized for the three-month period ended March 31, 2019, where the fair value of the consumer loan pools was less than their carrying amount, related to consumer loan pools with an aggregate unpaid principal balance of $173.8 million and fair value of $181.3 million .

Investments in Unconsolidated E

Investments in Unconsolidated Entities	3 Months Ended
	Mar. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities As of March 31, 2019 the Company had various equity investments in entities where the Company has the ability to exert significant influence over such entity, but does not control such entity. In these cases the criteria for consolidation have not been met and the Company is required to account for such investments under ASC 323-10; the Company has elected the FVO for its investments in unconsolidated entities. As of March 31, 2019, the Company's investments in unconsolidated entities had an aggregate fair value of $58.2 million , which is included on the Condensed Consolidated Balance Sheet in Investments in unconsolidated entities, at fair value. For the three-month period ended March 31, 2019 the Company recognized $1.8 million in Earnings from investments in unconsolidated entities, on its Condensed Consolidated Statement of Operations. Certain of the entities that the Company accounts for under ASC 323-10 are deemed to be VIEs, and the maximum amount at risk is generally limited to the Company's investment in the VIE. As of March 31, 2019, the fair value of the Company's investments in unconsolidated entities that have been deemed to be VIEs was $23.3 million . The following table provides details about the Company's investments in unconsolidated entities as of March 31, 2019: Investment in Unconsolidated Entity Form of Investment Percentage Ownership of Unconsolidated Entity Longbridge Financial, LLC Preferred shares 49.7% LendSure Mortgage Corp. (1) Common shares 45.0% Jepson Holdings Limited (1)(2) Membership Interest 30.1% Elizon DB 2015-1 LLC (1)(2) Membership Interest 6.1% Other Various 10.0%–49.6% (1) See Note 13 for additional details on the Company's related party transactions. (2) The Company has evaluated this entity and determined that it meets the definition of a VIE. The Company evaluated its interest in the VIE and determined that the Company does not have the power to direct the activities of the VIE and does not have control of the underlying assets, where applicable. As a result, the Company determined that it is not the primary beneficiary of this VIE and therefore has not consolidated the VIE.

Real Estate Owned

Real Estate Owned	3 Months Ended
	Mar. 31, 2019
Banking and Thrift [Abstract]
Real Estate Owned	Real Estate Owned As discussed in Note 2, the Company obtains possession of REO as a result of foreclosures on the associated mortgage loans. The following table details activity in the Company's carrying value of REO for the three-month period ended March 31, 2019. Number of Properties Carrying Value (In thousands) Beginning Balance (1/1/2019) 20 $ 30,778 Transfers from mortgage loans 2 299 Capital expenditures and other adjustments to cost 240 Adjustments to record at the lower of cost or fair value (250 ) Disposals (1 ) (64 ) Ending Balance (3/31/2019) 21 $ 31,003 During the three-month period ended March 31, 2019, the Company sold one REO property, realizing a net gain (loss) of approximately $(58) thousand . Such realized gains (losses) are included in R ealized gains (losses) on real estate owned, net, on the Company's Condensed Consolidated Statement of Operations. As of March 31, 2019 all of the Company's REO had been obtained as a result of obtaining physical possession through foreclosure. As of March 31, 2019, the Company had REO measured at fair value on a non-recurring basis of $24.1 million .

To Be Announced RMBS

To Be Announced RMBS	3 Months Ended
	Mar. 31, 2019
To Be Announced RMBS [Abstract]
To Be Announced RMBS	To Be Announced RMBS In addition to investing in pools of Agency RMBS, the Company transacts in the forward settling TBA market. Pursuant to these TBA transactions, the Company agrees to purchase or sell, for future delivery, Agency RMBS with certain principal and interest terms and certain types of underlying collateral, but the particular Agency RMBS to be delivered is not identified until shortly before the TBA settlement date. TBAs are liquid and have quoted market prices and represent the most actively traded class of MBS. The Company accounts for its TBAs as purchases and sales and uses TBAs primarily for hedging purposes, typically in the form of short positions. However, the Company may also invest in TBAs for speculative purposes, including holding long positions. Overall, the Company typically holds a net short position. The Company does not generally take delivery of TBAs; rather, it settles the associated receivable and payable with its trading counterparties on a net basis. Transactions with the same counterparty for the same TBA that result in a reduction of the position are treated as extinguished. The fair value of the Company's long positions in TBA contracts are reflected on the Consolidated Condensed Schedule of Investments under TBA–Fixed-Rate Agency Securities and the fair value of the Company's positions in TBA contracts sold short are reflected on the Consolidated Condensed Schedule of Investments under TBA–Fixed-Rate Agency Securities Sold Short. The payables and receivables related to the Company's TBA securities are included on the Consolidated Statement of Assets, Liabilities, and Equity in Payable for securities purchased and Receivable for securities sold, respectively. The below table details TBA assets, liabilities, and the respective related payables and receivables as of December 31, 2018: (In thousands) As of December 31, 2018 Assets: TBA securities, at fair value (Current principal: $460,037) $ 474,860 Receivable for securities sold relating to unsettled TBA sales 766,574 Liabilities: TBA securities sold short, at fair value (Current principal: -$753,697) $ (772,964 ) Payable for securities purchased relating to unsettled TBA purchases (473,386 ) Net short TBA securities, at fair value (298,104 )

Financial Derivatives

Financial Derivatives	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Derivatives	Financial Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company manages certain risks associated with its investments and borrowings, including interest rate, credit, liquidity, and foreign exchange rate risk primarily by managing the amount, sources, and duration of its investments and borrowings, and through the use of derivative financial instruments. The Company's derivative financial instruments are used to manage differences in the amount, timing, and duration of its known or expected cash receipts and its known or expected cash payments principally related to its investments and borrowings. The following table details the fair value of the Company's holdings of financial derivatives as of March 31, 2019: March 31, 2019 (In thousands) Financial derivatives–assets, at fair value: TBA securities purchase contracts $ 445 TBA securities sale contracts 86 Fixed payer interest rate swaps 2,291 Fixed receiver interest rate swaps 3,096 Basis swaps 4 Credit default swaps on asset-backed securities 1,233 Credit default swaps on asset-backed indices 3,276 Credit default swaps on corporate bonds 715 Credit default swaps on corporate bond indices 3,519 Total return swaps 123 Futures 138 Forwards 430 Total financial derivatives–assets, at fair value $ 15,356 Financial derivatives–liabilities, at fair value: TBA securities purchase contracts $ (33 ) TBA securities sale contracts (3,042 ) Fixed payer interest rate swaps (6,243 ) Fixed receiver interest rate swaps (1,328 ) Credit default swaps on asset-backed indices (822 ) Credit default swaps on corporate bonds (945 ) Credit default swaps on corporate bond indices (11,907 ) Recovery swaps (8 ) Futures (2,454 ) Forwards (122 ) Total financial derivatives–liabilities, at fair value $ (26,904 ) Total $ (11,548 ) Interest Rate Swaps The following table provides information about the Company's fixed payer interest rate swaps as of March 31, 2019: Weighted Average Maturity Notional Amount Fair Value Pay Rate Receive Rate Remaining Years to Maturity (In thousands) 2020 $ 68,607 $ 549 1.74 % 2.61 % 1.00 2021 121,499 (603 ) 2.71 2.63 1.82 2023 101,012 858 2.06 2.66 4.04 2024 77,700 (1,021 ) 2.58 2.76 4.81 2025 30,023 296 2.09 2.64 6.67 2026 10,200 191 2.02 2.67 7.44 2028 69,602 (1,975 ) 2.71 2.68 9.25 2029 70,000 (1,825 ) 2.70 2.77 9.80 2030 685 2 2.38 2.68 11.65 2045 7,896 19 2.54 2.63 26.69 2049 6,700 (443 ) 2.89 2.80 29.78 Total $ 563,924 $ (3,952 ) 2.41 % 2.68 % 5.49 The following table provides information about the Company's fixed receiver interest rate swaps as of March 31, 2019: Weighted Average Maturity Notional Amount Fair Value Pay Rate Receive Rate Remaining Years to Maturity (In thousands) 2021 $ 5,928 $ (21 ) 2.61 % 2.00 % 2.21 2022 53,974 (761 ) 2.63 1.85 2.92 2023 48,657 (509 ) 2.62 2.00 4.01 2024 68,500 816 2.38 2.56 4.80 2029 79,550 1,800 2.30 2.66 9.82 2049 6,700 443 2.80 2.89 29.78 Total $ 263,309 $ 1,768 2.47 % 2.34 % 6.36 The following table provides information about the Company's basis swaps as of March 31, 2019: Weighted Average Maturity Notional Amount Fair Value Pay Rate Receive Rate Remaining Years to Maturity (In thousands) 2019 $ (12,900 ) $ 4 2.61 % 2.64 % 0.21 Total $ (12,900 ) $ 4 2.61 % 2.64 % 0.21 Credit Default Swaps The following table provides information about the Company's credit default swaps as of March 31, 2019: March 31, 2019: Type (1) Notional Fair Value Remaining Term (Years) (In thousands) Asset: Long: Credit default swaps on asset-backed indices $ 837 $ 9 23.57 Credit default swaps on corporate bonds 3,070 296 2.97 Credit default swaps on corporate bond indices 76,904 3,519 4.09 Short: Credit default swaps on asset-backed securities (2,909 ) 1,233 16.41 Credit default swaps on asset-backed indices (32,326 ) 3,267 37.60 Credit default swaps on corporate bonds (3,033 ) 419 1.98 Liability: Long: Credit default swaps on asset-backed indices 5,439 (819 ) 40.73 Credit default swaps on corporate bonds 2,980 (407 ) 1.97 Short: Credit default swaps on asset-backed indices (2,500 ) (3 ) 38.58 Credit default swaps on corporate bonds (16,955 ) (538 ) 1.14 Credit default swaps on corporate bond indices (223,080 ) (11,907 ) 2.47 Recovery swaps (2,600 ) (8 ) 0.22 $ (194,173 ) $ (4,939 ) 7.04 (1) Long notional represents contracts where the Company has written protection and short notional represents contracts where the Company has purchased protection. Futures The following table provides information about the Company's short positions in futures as of March 31, 2019: March 31, 2019: Description Notional Amount Fair Value Remaining Months to Expiration (In thousands) U.S. Treasury futures $ (151,600 ) $ (2,380 ) 2.79 Eurodollar futures (63,000 ) (74 ) 5.97 Currency futures (15,840 ) 138 2.60 Total $ (230,440 ) $ (2,316 ) 3.64 TBAs The Company transacts in the forward settling TBA market. Pursuant to these TBA transactions, the Company agrees to purchase or sell, for future delivery, Agency RMBS with certain principal and interest terms and certain types of underlying collateral, but the particular Agency RMBS to be delivered is not identified until shortly before the TBA settlement date. TBAs are generally liquid, have quoted market prices, and represent the most actively traded class of MBS. The Company uses TBAs to mitigate interest rate risk, usually by taking short positions. From time to time, the Company also invests in TBAs as a means of acquiring additional exposure to Agency RMBS, or for speculative purposes, including holding long positions. Overall, the Company typically holds a net short position. The Company does not generally take delivery of TBAs; rather, it settles the associated receivable and payable with its trading counterparties on a net basis. Transactions with the same counterparty for the same TBA that result in a reduction of the position are treated as extinguished. As of March 31, 2019, the Company had outstanding contracts to purchase ("long positions") and sell ("short positions") TBA securities as follows: March 31, 2019 TBA Securities Notional Amount (1) Cost Basis (2) Market Value (3) Net Carrying Value (4) (In thousands) Purchase contracts: Assets $ 167,641 $ 173,619 $ 174,064 $ 445 Liabilities 25,500 25,875 25,842 (33 ) 193,141 199,494 199,906 412 Sale contracts: Assets (155,175 ) (158,767 ) (158,681 ) 86 Liabilities (572,003 ) (589,105 ) (592,147 ) (3,042 ) (727,178 ) (747,872 ) (750,828 ) (2,956 ) Total TBA securities, net $ (534,037 ) $ (548,378 ) $ (550,922 ) $ (2,544 ) (1) Notional amount represents the principal balance of the underlying Agency RMBS. (2) Cost basis represents the forward price to be paid (received) for the underlying Agency RMBS. (3) Market value represents the current market value of the underlying Agency RMBS (on a forward delivery basis) as of period end. (4) Net carrying value represents the difference between the market value of the TBA contract as of period end and the cost basis, and is reported in Financial derivatives-assets, at fair value and Financial derivatives-liabilities, at fair value on the Condensed Consolidated Balance Sheet. Gains and losses on the Company's derivative contracts for the three-month period ended March 31, 2019 are summarized in the tables below: Derivative Type Primary Risk Exposure Net Realized Gains (Losses) on Periodic Settlements of Interest Rate Swaps Net Realized Gains (Losses) on Financial Derivatives Other Than Periodic Settlements of Interest Rate Swaps (1) Net Realized Gains (Losses) on Financial Derivatives (1) Change in Net Unrealized Gains (Losses) on Accrued Periodic Settlements of Interest Rate Swaps Change in Net Unrealized Gains (Losses) on Financial Derivatives Other Than on Accrued Periodic Settlements of Interest Rate Swaps (2) Change in Net Unrealized Gains (Losses) on Financial Derivatives (2) (In thousands) Interest rate swaps Interest Rate $ 719 $ 1,458 $ 2,177 $ (275 ) $ (5,774 ) $ (6,049 ) Credit default swaps on asset-backed securities Credit 275 275 (239 ) (239 ) Credit default swaps on asset-backed indices Credit (746 ) (746 ) (548 ) (548 ) Credit default swaps on corporate bond indices Credit (2,513 ) (2,513 ) (2,407 ) (2,407 ) Credit default swaps on corporate bonds Credit (425 ) (425 ) 766 766 Total return swaps Equity Market/Credit (1,298 ) (1,298 ) 129 129 TBAs Interest Rate (6,435 ) (6,435 ) 1,898 1,898 Futures Interest Rate/Currency (2,433 ) (2,433 ) 359 359 Forwards Currency (114 ) (114 ) 423 423 Options Interest Rate (33 ) (33 ) — — Total $ 719 $ (12,264 ) $ (11,545 ) $ (275 ) $ (5,393 ) $ (5,668 ) (1) Includes gain/(loss) on foreign currency transactions on financial derivatives in the amount of $25 thousand for the three-month period ended March 31, 2019, which is included on the Condensed Consolidated Statement of Operations in Other, net. (2) Includes foreign currency remeasurement on financial derivatives in the amount of $21 thousand for the three-month period ended March 31, 2019, which is included on the Condensed Consolidated Statement of Operations in Other, net. The table below details the average notional values of the Company's financial derivatives, using absolute value of month end notional values, for the three-month period ended March 31, 2019: Derivative Type Three-Month Period Ended (In thousands) Interest rate swaps $ 912,934 TBAs 984,292 Credit default swaps 403,254 Total return swaps 38,400 Futures 280,947 Options 51,545 Forwards 29,078 Warrants 2,281 From time to time the Company enters into credit derivative contracts for which the Company sells credit protection ("written credit derivatives"). As of March 31, 2019, all of the Company's open written credit derivatives were credit default swaps on either mortgage/asset-backed indices (ABX and CMBX indices) or corporate bond indices (CDX), collectively referred to as credit indices, or on individual corporate bonds, for which the Company receives periodic payments at fixed rates from credit protection buyers, and is obligated to make payments to the credit protection buyer upon the occurrence of a "credit event" with respect to underlying reference assets. Written credit derivatives held by the Company at March 31, 2019 are summarized below: Credit Derivatives March 31, 2019 (In thousands) Fair Value of Written Credit Derivatives, Net $ 2,598 Fair Value of Purchased Credit Derivatives Offsetting Written Credit Derivatives with Third Parties (1) (167 ) Notional Value of Written Credit Derivatives (2) 89,230 Notional Value of Purchased Credit Derivatives Offsetting Written Credit Derivatives with Third Parties (1) 13,153 (1) Offsetting transactions with third parties include purchased credit derivatives which have the same reference obligation. (2) The notional value is the maximum amount that a seller of credit protection would be obligated to pay, and a buyer of credit protection would receive, upon occurrence of a "credit event." Movements in the value of credit default swap transactions may require the Company or the counterparty to post or receive collateral. Amounts due or owed under credit derivative contracts with an International Swaps and Derivatives Association, or "ISDA," counterparty may be offset against amounts due or owed on other credit derivative contracts with the same ISDA counterparty. As a result, the notional value of written credit derivatives involving a particular underlying reference asset or index has been reduced (but not below zero) by the notional value of any contracts where the Company has purchased credit protection on the same reference asset or index with the same ISDA counterparty. A credit default swap on a credit index or a corporate bond typically terminates at the stated maturity date in the case of corporate indices or bonds, or, in the case of ABX and CMBX indices, the date that all of the reference assets underlying the index are paid off in full, retired, or otherwise cease to exist. Implied credit spreads may be used to determine the market value of such contracts and are reflective of the cost of buying/selling credit protection. Higher spreads would indicate a greater likelihood that a seller will be obligated to perform ( i.e. , make protection payments) under the contract. In situations where the credit quality of the underlying reference assets has deteriorated, the percentage of notional values that would be paid up front to enter into a new such contract ("points up front") is frequently used as an indication of credit risk. Credit protection sellers entering the market in such situations would expect to be paid points up front corresponding to the approximate fair value of the contract. For the Company's written credit derivatives that were outstanding at March 31, 2019, implied credit spreads on such contracts ranged between 21.8 and 1,956.0 basis points. Excluded from these spread ranges are contracts outstanding for which the individual spread is greater than 2,000 basis points. The Company believes that these contracts would be quoted based on estimated points up front. The total fair value of contracts with individual implied credit spreads in excess of 2,000 basis points was $(0.2) million as of March 31, 2019. Estimated points up front on these contracts as of March 31, 2019 ranged between 56.3 and 74.7 points. Total net up-front payments (paid) or received relating to written credit derivatives outstanding at March 31, 2019 were $(2.0) million . Financial Derivatives Gains and losses on the Company's derivative contracts for the three-month period March 31, 2018 are summarized in the table below: Three-Month Period Ended March 31, 2018 Derivative Type Primary Risk Exposure Net Realized (1) Change in Net Unrealized Gain/(Loss) (2) (In thousands) Credit default swaps on asset-backed securities Credit $ 86 $ (71 ) Credit default swaps on asset-backed indices Credit (1,842 ) 1,452 Credit default swaps on corporate bond indices Credit (1,562 ) 1,563 Credit default swaps on corporate bonds Credit 4,469 (3,855 ) Total return swaps Equity Market/Credit 166 17 Interest rate swaps Interest Rate (824 ) 5,039 Futures Interest Rate/Currency (761 ) (561 ) Forwards Currency (1,174 ) 384 Options Interest Rate/ Equity Market (61 ) 76 Total $ (1,503 ) $ 4,044 (1) Includes gain/(loss) on foreign currency transactions on derivatives in the amount of $(0.2) million which is included on the Consolidated Statement of Operations in Realized gain (loss) on foreign currency transactions. (2) Includes foreign currency translation on derivatives in the amount of $47 thousand which is included on the Consolidated Statement of Operations in Change in net unrealized gain (loss) on foreign currency translation. The table below details the average notional values of the Company's financial derivatives, using absolute value of month end notional values, for the year ended December 31, 2018: Derivative Type Year Ended (In thousands) Interest rate swaps $ 1,059,756 Credit default swaps 566,805 Total return swaps 53,603 Futures 201,295 Options 99,891 Forwards 45,522 From time to time the Company enters into credit derivative contracts for which the Company sells credit protection ("written credit derivatives"). As of December 31, 2018 all of the Company's open written credit derivatives were credit default swaps on either mortgage/asset-backed indices (ABX and CMBX indices) or corporate bond indices (CDX), collectively referred to as credit indices, or on individual corporate bonds, for which the Company receives periodic payments at fixed rates from credit protection buyers, and is obligated to make payments to the credit protection buyer upon the occurrence of a "credit event" with respect to underlying reference assets. Written credit derivatives held by the Company at December 31, 2018 are summarized below: Credit Derivatives December 31, 2018 (In thousands) Fair Value of Written Credit Derivatives, Net $ (4,339 ) Fair Value of Purchased Credit Derivatives Offsetting Written Credit Derivatives with Third Parties (1) (284 ) Notional Value of Written Credit Derivatives (2) 98,586 Notional Value of Purchased Credit Derivatives Offsetting Written Credit Derivatives with Third Parties (1) 41,134 (1) Offsetting transactions with third parties include purchased credit derivatives which have the same reference obligation. (2) The notional value is the maximum amount that a seller of credit protection would be obligated to pay, and a buyer of credit protection would receive, upon occurrence of a "credit event." Movements in the value of credit default swap transactions may require the Company or the counterparty to post or receive collateral. Amounts due or owed under credit derivative contracts with an International Swaps and Derivatives Association, or "ISDA," counterparty may be offset against amounts due or owed on other credit derivative contracts with the same ISDA counterparty. As a result, the notional value of written credit derivatives involving a particular underlying reference asset or index has been reduced (but not below zero) by the notional value of any contracts where the Company has purchased credit protection on the same reference asset or index with the same ISDA counterparty. A credit default swap on a credit index or a corporate bond typically terminates at the stated maturity date in the case of corporate indices or bonds, or, in the case of ABX and CMBX indices, the date that all of the reference assets underlying the index are paid off in full, retired, or otherwise cease to exist. Implied credit spreads may be used to determine the market value of such contracts and are reflective of the cost of buying/selling credit protection. Higher spreads would indicate a greater likelihood that a seller will be obligated to perform ( i.e. , make protection payments) under the contract. In situations where the credit quality of the underlying reference assets has deteriorated, the percentage of notional values that would be paid up front to enter into a new such contract ("points up front") is frequently used as an indication of credit risk. Credit protection sellers entering the market in such situations would expect to be paid points up front corresponding to the approximate fair value of the contract. For the Company's written credit derivatives that were outstanding at December 31, 2018, implied credit spreads on such contracts ranged between 42.6 and 815.1 basis points. Excluded from this spread range are contracts outstanding for which the individual spread is greater than 2,000 basis points. The Company believes that these contracts would be quoted based on estimated points up front. The total fair value of contracts with individual implied credit spreads in excess of 2,000 basis points was $(1.0) million as of December 31, 2018. Estimated points up front on these contracts as of December 31, 2018 ranged between 36.9 and 75.2 points. Total net up-front payments (paid) or received relating to written credit derivatives outstanding at December 31, 2018 were $(2.0) million .

Consolidated VIEs

Consolidated VIEs	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidated VIEs	Consolidated VIEs As discussed in Note 2, the Company has interests in entities that it has determined to be VIEs. The following table summarizes the assets and liabilities of the Company's consolidated VIEs that are included on the Company's Condensed Consolidated Balance Sheet as of March 31, 2019. (In thousands) March 31, 2019 Assets Cash and cash equivalents $ 2,914 Restricted cash 175 Loans, at fair value 1,004,211 Investments in unconsolidated entities, at fair value 7,712 Real estate owned 31,003 Due from brokers 190 Investment related receivables 25,221 Other assets 2,499 Total Assets $ 1,073,925 Liabilities Repurchase agreements $ 348,737 Investment related payables 1,452 Other secured borrowings 117,315 Other secured borrowings, at fair value 282,124 Accounts payable and accrued expenses 1,347 Interest payable 957 Other liabilities 278 Total Liabilities 752,210 Total Stockholders' Equity 305,479 Non-controlling interests 16,236 Total Equity 321,715 Total Liabilities and Equity $ 1,073,925 (1) See Note 10 and Note 13 for additional information on the Company's consolidated VIEs.

Securitization Transactions

Securitization Transactions	3 Months Ended
	Mar. 31, 2019
Securitization Transactions [Abstract]
Securitization Transactions	. Securitization Transactions Participation in Multi-Seller Consumer Loan Securitization In August 2016, the Company participated in a securitization transaction whereby the Company, together with another entity managed by Ellington (the "co-participant"), sold consumer loans with an aggregate unpaid principal balance of approximately $124 million to a newly formed securitization trust (the "Issuer"). Of the $124 million in loans sold to the Issuer, the Company's share was 51% while the co-participant's share was 49% . The transfer was accounted for as a sale in accordance with ASC 860-10. As a result of the sale the Company recognized a realized loss in the amount of $(0.1) million. Pursuant to the securitization, the Issuer issued senior and subordinated notes in the principal amount of $87 million and $18.7 million, respectively. Trust certificates representing beneficial ownership of the Issuer were also issued. In connection with the transaction, and through a jointly owned newly formed entity (the "Acquiror"), the Company and the co-participant acquired all of the subordinated notes as well as the trust certificates in the Issuer. The Company and the co-participant acquired 51% and 49% , respectively, of the interests in the Acquiror. Subsequently, at the direction of the Company and the co-participant, the Acquiror sold the subordinated notes to a third party; such sales occurred prior to January 1, 2019. As of March 31, 2019, the Company's total interest in the Acquiror was approximately 49.6% . The Company's interest in the Acquiror, for which the Company has elected the FVO, is included on the Condensed Consolidated Balance Sheet in Investments in unconsolidated entities, at fair value. The notes and trust certificates issued by the Issuer are backed by the cash flows from the underlying consumer loans. If there are breaches of representations and warranties with respect to any underlying consumer loans, the Company could, under certain circumstances, be required to repurchase or replace such loans. Absent such breaches, the Company has no obligation to repurchase or replace any underlying consumer loans that become delinquent or otherwise default. Cash flows collected on the underlying consumer loans are distributed to service providers to the trust, noteholders, and trust certificate holders in accordance with the contractual priority of payments. In addition, another affiliate of Ellington (the "Administrator"), acts as the administrator for the securitization and is paid a monthly fee for its services. The Issuer and the Aquiror are each deemed to be a VIE. The Company has evaluated its interest in the Issuer under ASC 810, and while the Company retains credit risk in the securitization trust through its beneficial ownership of most of the subordinated interests of the securitization trust, which are the first to absorb credit losses on the securitized assets, the Company does not retain control of these assets or the power to direct the activities of the Issuer that most significantly impact the Issuer's economic performance. As a result the Company determined that neither the Company nor the Aquiror is the primary beneficiary of the Issuer, and therefore the Company has not consolidated the Issuer. Additionally, the Company evaluated its interest in the Aquiror and determined that is does not have the power to direct the activities of the Aquiror that most significantly impact the Aquiror's economic performance. As a result, the Company determined that it is not the primary beneficiary of the Aquiror, and therefore the Company has not consolidated the Aquiror. The maximum amount at risk related to the Company's investment in the Aquiror is limited to the fair value of such investment, which was $2.6 million as of March 31, 2019. Participation in CLO Transactions Since June 2017, an affiliate of Ellington has sponsored four CLO securitization transactions (the "CLO I Securitization," the "CLO II Securitization," the "CLO III Securitization," and the "CLO IV Securitization"; collectively, the "Ellington-sponsored CLO Securitizations"), collateralized by corporate loans and managed by an affiliate of Ellington (the "CLO Manager"). Ellington, the Company, several other affiliates of Ellington, and in the case of the CLO II Securitization, the CLO III Securitization, and the CLO IV Securitization, several third parties, participated in the Ellington-sponsored CLO Securitizations (collectively, the "CLO Co-Participants"). Pursuant to each Ellington-sponsored CLO Securitization, a newly formed securitization trust (the "CLO I Issuer," the "CLO II Issuer," the "CLO III Issuer," and the "CLO IV Issuer"; collectively, the "CLO Issuers") issued various classes of notes, which were in turn sold to unrelated third parties and the applicable CLO Co-Participants. The notes issued by each CLO Issuer are backed by the cash flows from the underlying corporate loans (including loans to be purchased during a reinvestment period), which are applied in accordance with the contractual priority of payments. For each of the Ellington-sponsored CLO Securitizations, with the exception of the CLO I Securitization, the Company, along with certain other CLO Co-Participants, advanced funds in the form of loans (the "Advances") to the applicable CLO Issuers prior to the CLO pricing date to enable it to establish warehouse facilities for the purpose of acquiring the assets to be securitized. Pursuant to their terms, the Advances are required to be repaid at the closing of the respective securitization. In each Ellington-sponsored CLO Securitization, the Company and each of the applicable CLO Co-Participants purchased various classes of notes issued by the corresponding CLO Issuer. In accordance with the Company's accounting policy for recording certain investment transactions on trade date, these purchases were recorded on the CLO pricing date rather than on the CLO closing date. The CLO Issuers are each deemed to be VIEs. The Company evaluates its interests in the CLO Issuers under ASC 810, and while the Company retains credit risk in each of the securitization trusts through its beneficial ownership of most of the subordinated interests of each of the securitization trusts, which are the first to absorb credit losses on the securitized assets, the Company does not retain control of these assets or the power to direct the activities of the CLO Issuers that most significantly impact the CLO Issuers' economic performance. As a result the Company determined that it is not the primary beneficiary of the CLO Issuers, and therefore the Company has not consolidated the CLO Issuers. The Company's maximum amount at risk is limited to the Company's investment in each of the CLO Issuers. The following table details the Company's investments in notes issued by the Ellington-sponsored CLO Securitizations: Securitization Transaction CLO Issuer (1) CLO Pricing Date CLO Closing Date Total Face Amount of Notes Issued Face Amount of Notes Initially Purchased Aggregate Purchase Price of Notes Initially Purchased Fair Value of Notes Held as of March 31, 2019 (In thousands) CLO I Securitization CLO I Issuer 8/18 8/18 $ 461,840 $ 36,579 (2) $ 25,622 $ 17,742 (3) CLO II Securitization CLO II Issuer 12/17 1/18 452,800 18,223 (4) 16,621 14,931 (3) CLO III Securitization CLO III Issuer 6/18 7/18 407,100 35,480 (4) 32,394 19,561 (5) CLO IV Securitization CLO IV Issuer 2/19 3/19 478,488 12,700 (4) 10,618 10,496 (5) (1) The Company is not deemed to be the primary beneficiary of the CLO Issuers, which are deemed to be VIEs, as discussed above. (2) The Company purchased secured and unsecured subordinated notes. (3) Includes secured and unsecured subordinated notes. (4) The Company purchased secured senior and secured and unsecured subordinated notes. (5) Includes secured senior and secured and unsecured subordinated notes. See Note 13 for further details on the Company's participation in CLO transactions. Residential Mortgage Loan Securitizations Since November 2017, the Company, through its wholly owned subsidiary, Ellington Financial REIT TRS LLC (the "Sponsor"), has sponsored two securitizations of non-QM loans. In each case, the Sponsor transferred non-QM loans to a wholly owned, newly created entity (the "Depositor") and on the closing date such loans were deposited into newly created securitization trusts (Ellington Financial Mortgage Trust 2017-1 and Ellington Financial Mortgage Trust 2018-1, collectively the "Issuing Entities"). Pursuant to the securitizations, the Issuing Entities issued various classes of mortgage pass-through certificates (the "Certificates") which are backed by the cash flows from the underlying non-QM loans. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, sponsors of securitizations are generally required to retain at least 5% of the economic interest in the credit risk of the securitized assets (the "Risk Retention Rules"). In order to comply with the Risk Retention Rules, in each securitization, the Sponsor purchased the two most subordinated classes of Certificates and the excess cash flow certificates. The Sponsor also purchased the Certificates entitled to excess servicing fees in each securitization, while the remaining classes of Certificates were purchased by unrelated parties. The Certificates issued in November 2017 and 2018 have final scheduled distribution dates of October 25, 2047 and October 25, 2058, respectively. However, the Depositor may, with respect to each securitization, at its sole option, purchase all of the outstanding Certificates (an "Optional Redemption") following the earlier of (1) the two year anniversary of the closing date of such securitization or (2) the date on which the aggregate unpaid principal balance of the underlying non-QM loans has declined below 30% of the aggregate unpaid principal balance of the underlying non-QM loans as of the date as of which such loans were originally transferred to the applicable Issuing Entity. The purchase price that the Depositor is required to pay in connection with an Optional Redemption is equal to the sum of the unpaid principal balance of each class of Certificates as of the redemption date and any accrued and unpaid interest thereon. In light of these Optional Redemption rights held by the Depositor, the transfers of non-QM loans to each of the Issuing Entities do not qualify as sales under ASC 860-10. In the event that certain breaches of representations or warranties are discovered with respect to any underlying non-QM loans, the Company could be required to repurchase or replace such loans. The Sponsor also serves as the servicing administrator of each securitization, for which it is entitled to receive a monthly fee equal to one-twelfth of the product of (a) 0.03% and (b) the unpaid principal balance of the underlying non-QM loans as of the first day of the related due period. The Sponsor in its role as servicing administrator provides direction and consent for certain loss mitigation activities to the third-party servicer of the underlying non-QM loans. In certain circumstances, the servicing administrator will be required to reimburse the servicer for principal and interest advances and servicing advances made by the servicer. In light of the Company's retained interests in each of the securitizations, together with the Optional Redemption rights and the Company's ability to direct the third-party servicer regarding certain loss mitigation activities, the Company is deemed to be the primary beneficiary of the Issuing Entities, which are VIEs, and has consolidated the Issuing Entities. Interest income from these loans and the expenses related to the servicing of these loans are included in Interest income and Investment related expenses—Servicing expense, respectively, on the Condensed Consolidated Statement of Operations. The Issuing Entities each meet the definition of a CFE as defined in Note 2, and as a result the assets of each of the Issuing Entities have been valued using the fair value of the liabilities of the respective Issuing Entity, as such liabilities have been assessed to be more observable than such assets. The debt of the Issuing Entities is included in Other secured borrowings, at fair value, on the Condensed Consolidated Balance Sheet and is shown net of the Certificates held by the Company. The following table details the Company's consolidated residential mortgage loan securitizations: Issuing Entity Closing Date Principal Balance of Loans Transferred to the Depositor Total Face Amount of Certificates Issued (In thousands) Ellington Financial Mortgage Trust 2017-1 11/17 $ 141,233 $ 141,233 (1) Ellington Financial Mortgage Trust 2018-1 11/18 232,518 232,518 (2) (1) In order to comply with the Risk Retention Rules, the Sponsor purchased the two most subordinated classes of Certificates and the excess cash flow certificates, with an aggregate value equal to 5.1% of the fair value of all Certificates issued. The Sponsor also purchased, for an aggregate purchase price of $0.7 million, the Certificates entitled to excess servicing fees, while the remaining classes of Certificates were purchased by unrelated third parties. (2) In order to comply with the Risk Retention Rules, the Sponsor purchased the two most subordinated classes of Certificates and the excess cash flow certificates, with an aggregate value equal to 5.7% of the fair value of all Certificates issued. The Sponsor also purchased, for an aggregate purchase price of $1.3 million, the Certificates entitled to excess servicing fees, while the remaining classes of Certificates were purchased by unrelated third parties. The following table details the assets and liabilities of the consolidated securitization trusts included in the Company's Condensed Consolidated Balance Sheet as of March 31, 2019: (In thousands) March 31, 2019 Assets: Loans, at fair value $ 296,366 Investment related receivables 4,734 Liabilities: Interest payable 91 Other secured borrowings, at fair value 282,124 Securitization Transactions Participation in Multi-Seller Consumer Loan Securitization In August 2016, the Company participated in a securitization transaction whereby the Company, together with another entity managed by Ellington (the "co-participant"), sold consumer loans with an aggregate unpaid principal balance of approximately $124 million to a newly formed securitization trust (the "Issuer"). Of the $124 million in loans sold to the Issuer, the Company's share was 51% while the co-participant's share was 49% . The transfer was accounted for as a sale in accordance with ASC 860-10. As a result of the sale the Company recognized a realized loss in the amount of $(0.1) million . Pursuant to the securitization, the Issuer issued senior and subordinated notes in the principal amount of $87 million and $18.7 million , respectively. Trust certificates representing beneficial ownership of the Issuer were also issued. In connection with the transaction, and through a jointly owned newly formed entity (the "Acquiror"), the Company and the co-participant acquired all of the subordinated notes as well as the trust certificates in the Issuer. The Company and the co-participant acquired 51% and 49% , respectively, of the interests in the Acquiror. During 2017, at the co-participant's direction, the Acquiror sold the portion of the subordinated notes beneficially owned by the co-participant, and in 2018, the Acquiror sold the remaining portion of the subordinated notes which were beneficially owned by the Company, and as a result as of December 31, 2018, the Company's total interest in the Acquiror was approximately 62% . The Company's interest in the Acquiror is accounted for as a beneficial interest and is included on the Consolidated Condensed Schedule of Investments in Corporate Equity Investments . The notes and trust certificates issued by the Issuer are backed by the cash flows from the underlying consumer loans. If there are breaches of representations and warranties with respect to any underlying consumer loans, the Company could, under certain circumstances, be required to purchase or replace such loans. Absent such breaches, the Company has no obligation to repurchase or replace any underlying consumer loans that become delinquent or otherwise default. Cash flows collected on the underlying consumer loans are distributed to service providers to the trust, noteholders, and trust certificate holders in accordance with the contractual priority of payments. In addition, another affiliate of Ellington (the "Administrator"), acts as the administrator for the securitization and is paid a monthly fee for its services. While the Company retains credit risk in the securitization trust through its beneficial ownership of the most subordinated interests of the securitization trust, which are the first to absorb credit losses on the securitized assets, the Company does not retain control of these assets or the power to direct the activities of the Issuer that most significantly impact the Issuer's economic performance. See Note 9 for further details on the Company’s participation in the multi-seller consumer loan securitization. Participation in CLO Transactions Since June 2017, an affiliate of Ellington sponsored three CLO securitization transactions (the "CLO I Securitization," the "CLO II Securitization," and the "CLO III Securitization"; collectively, the "Ellington-sponsored CLO Securitizations"), collateralized by corporate loans and managed by an affiliate of Ellington (the "CLO Manager"). Ellington, the Company, several other affiliates of Ellington, and, in the case of the CLO II Securitization and the CLO III Securitization, several third parties, participated in the Ellington-sponsored CLO Securitizations (collectively, the "CLO Co-Participants"). Pursuant to each Ellington-sponsored CLO Securitization, a newly formed securitization trust (the "CLO I Issuer," the "CLO II Issuer," and the "CLO III Issuer"; collectively, the "CLO Issuers") issued various classes of notes, which were in turn sold to unrelated third parties and the applicable CLO Co-Participants. The notes issued by each CLO Issuer are backed by the cash flows from the underlying corporate loans (including loans to be purchased during a reinvestment period); these cash flows are applied in accordance with the contractual priority of payments. In the case of the CLO I Securitization, the Company and one CLO Co-Participant transferred corporate loans with a fair value of approximately $62.0 million and $141.7 million , respectively, to the CLO I Issuer in exchange for cash. The Company has no obligation to repurchase or replace securitized corporate loans that subsequently become delinquent or are otherwise in default, and the transfer by the Company was accounted for as a sale in accordance with ASC 860-10. As a result of the sale, the Company recognized a realized gain in the amount of $0.2 million . In the case of the CLO II Securitization and the CLO III Securitization, the Company, along with certain other CLO Co-Participants, advanced funds in the form of loans (the "Advances") to the applicable CLO Issuers prior to the CLO pricing date to enable it to establish warehouse facilities for the purpose of acquiring the assets to be securitized. Pursuant to their terms, the Advances are required to be repaid at the closing of the respective securitization. In each Ellington-sponsored CLO Securitization, the Company and each of the applicable CLO Co-Participants purchased various classes of notes issued by the corresponding CLO Issuer. In accordance with the Company's accounting policy for recording certain investment transactions on trade date, these purchases were recorded on the CLO pricing date rather than the CLO closing date. In addition, in the case of each of the CLO I Securitization and the CLO II Securitization, the Company and the CLO Co-Participants also funded a newly formed entity (the "CLO I Risk Retention Vehicle" and the "CLO II Risk Retention Vehicle") to purchase a sufficient portion of the unsecured subordinated notes issued by the applicable CLO Issuer so as to comply with risk retention rules (the "Risk Retention Rules") under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as further described below. With respect to each Ellington-sponsored CLO Securitization, the Company subsequently sold a portion of the notes that it had originally purchased. As of December 31, 2018, the Company did not have an ownership interest in the CLO I Risk Retention Vehicle. Under the Risk Retention Rules, sponsors of securitizations are generally required to retain at least 5% of the economic interest in the credit risk of the securitized assets. However, in February 2018, the U.S. Court of Appeals for the District of Columbia Circuit, or the "Court of Appeals," ruled that open-market CLO securitizations are exempt from the Risk Retention Rules, as long as certain requirements are met, and in April 2018 the Court of Appeals gave effect to this ruling. As a result, Risk Retention Rules no longer apply to managers of open-market CLOs, and those managers are now permitted to sell the interests in existing open-market CLOs that were originally retained in order to comply with the Risk Retention Rules, as long as those securitizations meet the requirements for exemption. After the decision by the Court of Appeals, the CLO Manager determined that the CLO II Securitization met the requirements for exemption from the Risk Retention Rules and subsequently distributed, in-kind, the subordinated notes held in the CLO II Risk Retention Vehicle to the CLO Co-Participants pro rata based on each CLO Co-Participant's respective ownership percentage of the CLO II Risk Retention Vehicle. The subordinated notes distributed to the Company from the CLO II Risk Retention Vehicle had a face amount of $5.6 million . Such notes had a fair value of $4.3 million as of December 31, 2018 and are included on the Company's Consolidated Condensed Schedule of Investments in Collateralized Loan Obligations and in the table below. The Manager of CLO III Securitization was not required to establish a risk retention vehicle because the transaction closed subsequent to the effectiveness of the ruling by the Court of Appeals. In August 2018, the CLO I Issuer optionally redeemed all of the notes issued by the CLO I Securitization. Simultaneously with this optional redemption, the CLO I Issuer issued various classes of new notes, which were in turn sold to unrelated third parties and to the applicable CLO Co-Participants ("the Reset CLO I Securitization"). These new notes are backed by the cash flows from the underlying corporate loans (including loans to be purchased during a reinvestment period); these cash flows are applied in accordance with the contractual priority of payments. The CLO Manager determined that the Reset CLO I Securitization met the requirements for exemption from the Risk Retention Rules. As a result, the CLO Manager commenced liquidation of the CLO I Risk Retention Vehicle, and all of the liquidation proceeds have been distributed to the applicable CLO Co-Participants. As of December 31, 2018, the Company has received $5.7 million in liquidation proceeds from the CLO I Risk Retention Vehicle. While the Company retains credit risk in each of the Ellington-sponsored CLO Securitizations through its beneficial ownership of the most subordinated interests of each of the securitization trusts, which are the first to absorb credit losses on the securitized assets, the Company does not retain control of these assets nor does it have the power to direct the activities of the CLO Issuers that most significantly impact the CLO Issuers' economic performance. The following table details the Company’s investments in notes issued by the Ellington-sponsored CLO Securitizations: CLO Issuer (1) CLO Pricing Date CLO Closing Date Total Face Amount of Notes Issued Face Amount of Notes Initially Purchased Aggregate Purchase Price Notes Held (2) as of December 31, 2018 ($ in thousands) CLO I Issuer (3)(4) 5/17 6/17 $ 373,550 $ 36,606 (5) $ 35,926 $ — CLO I Issuer (4) 8/18 8/18 461,840 36,579 (5) 25,622 16,973 (6) CLO II Issuer 12/17 1/18 452,800 18,223 (7) 16,621 14,721 (6) CLO III Issuer 6/18 7/18 407,100 35,480 (7) 32,394 19,071 (8) (1) The Company does not have the power to direct the activities of the CLO Issuers that most significantly impact their economic performance. (2) Included on the Company's Consolidated Condensed Schedule of Investments in Collateralized Loan Obligations. (3) Excludes the Company's equity investment in the CLO I Risk Retention Vehicle, as discussed above. (4) In August 2018, the notes originally issued by the CLO I Issuer in 2017 were fully redeemed, and the CLO I Issuer simultaneously issued new notes in conjunction with this full redemption. (5) The Company purchased secured and unsecured subordinated notes. (6) Includes secured and unsecured subordinated notes. (7) The Company purchased secured senior and secured and unsecured subordinated notes. (8) Includes secured senior and secured and unsecured subordinated notes. See Note 9 for further details on the Company’s participation in CLO transactions. Residential Mortgage Loan Securitizations Since November 2017, the Company, through its wholly owned subsidiary, Ellington Financial REIT TRS LLC (the "Sponsor"), has sponsored two securitizations of non-QM loans. In each case, the Sponsor transferred non-QM loans to a wholly owned, newly created entity (the "Depositor") and on the closing date such loans were deposited into newly created securitization trusts (Ellington Financial Mortgage Trust 2017-1 and Ellington Financial Mortgage Trust 2018-1, collectively the "Issuing Entities"). Pursuant to the securitizations, the Issuing Entities issued various classes of mortgage pass-through certificates (the "Certificates") which are backed by the cash flows from the underlying non-QM loans. As detailed further in the table below, in order to comply with the Risk Retention Rules, in each securitization the Sponsor purchased the two most subordinated classes of Certificates and the excess cash flow certificates. The Sponsor also purchased the Certificates entitled to excess servicing fees in each securitization, while the remaining classes of Certificates were purchased by unrelated parties. The Certificates issued in November 2017 and 2018 have final scheduled distribution dates of October 25, 2047 and October 25, 2058, respectively. However, the Depositor may, with respect to each securitization, at its sole option, purchase all of the outstanding Certificates (an "Optional Redemption") following the earlier of (1) the two year anniversary of the closing date of such securitization or (2) the date on which the aggregate unpaid principal balance of the underlying non-QM loans has declined below 30% of the aggregate unpaid principal balance of the underlying non-QM loans as of the date as of which such loans were originally transferred to the applicable Issuing Entity. The purchase price that the Depositor is required to pay in connection with an Optional Redemption is equal to the sum of the unpaid principal balance of each class of Certificates as of the redemption date and any accrued and unpaid interest thereon. In light of these Optional Redemption rights held by the Depositor, the transfers of non-QM loans to each of the Issuing Entities do not qualify as sales under ASC 860, Transfers and Servicing. In the event that certain breaches of representations or warranties are discovered with respect to any underlying non-QM loans, the Company could be required to repurchase or replace such loans. The Sponsor also serves as the servicing administrator of each securitization and as such, is entitled to receive a monthly fee equal to one-twelfth of the product of (a) 0.03% and (b) the unpaid principal balance of the underlying non-QM loans as of the first day of the related due period. The Sponsor in its role as servicing administrator provides direction and consent for certain loss mitigation activities to the third-party servicer of the underlying non-QM loans. In certain circumstances, the servicing administrator will be required to reimburse the servicer for principal and interest advances and servicing advances made by the servicer. In light of the Company’s retained interests in each of the securitizations, together with the Optional Redemption rights and the Company's ability to direct the third-party servicer regarding certain loss mitigation activities, the Issuing Entities are deemed to be an extension of the Company's business. The non-QM loans held by the Issuing Entities are included on the Consolidated Condensed Schedule of Investments in Mortgage Loans. Interest income from these loans and the expenses related to the servicing of these loans are included in Interest income and Other investment related expenses—Servicing expense, respectively, on the Consolidated Statement of Operations. The Issuing Entities each meet the definition of a CFE as defined in Note 2, and as a result the assets of the Issuing Entities have been valued using the fair value of the liabilities of the Issuing Entities, as such liabilities have been assessed to be more observable than such assets. The debt of the Issuing Entities is included in Other secured borrowings, at fair value on the Consolidated Statement of Assets, Liabilities, and Equity and is shown net of the Certificates held by the Company. The following table details the residential mortgage loan securitizations: Issuing Entity Closing Date Principal Balance of Loans Transferred to the Depositor Total Face Amount of Certificates Issued (In thousands) Ellington Financial Mortgage Trust 2017-1 11/15/2017 $ 141,233 $ 141,233 (1) Ellington Financial Mortgage Trust 2018-1 11/13/2018 232,518 232,518 (2) (1) In order to comply with the Risk Retention Rules, the Sponsor purchased the two most subordinated classes of Certificates and the excess cash flow certificates, with an aggregate value equal to 5.1% of the fair value of all Certificates issued. The Sponsor also purchased, for an aggregate purchase price of $0.7 million , the Certificates entitled to excess servicing fees, while the remaining classes of Certificates were purchased by unrelated third parties. (2) In order to comply with the Risk Retention Rules, the Sponsor purchased the two most subordinated classes of Certificates and the excess cash flow certificates, with an aggregate value equal to 5.7% of the fair value of all Certificates issued. The Sponsor also purchased, for an aggregate purchase price of $1.3 million , the Certificates entitled to excess servicing fees, while the remaining classes of Certificates were purchased by unrelated third parties. The following table details the assets and liabilities of the consolidated securitization trusts included in the Company’s Consolidated Statement of Assets, Liabilities, and Equity as of December 31, 2018: As of (In thousands) December 31, 2018 Assets: Cash and cash equivalents $ — Investments, at fair value 314,202 Interest and dividends receivable 3,527 Liabilities: Interest and dividends payable 103 Other secured borrowings, at fair value 297,948

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Borrowings	360 Days 140,306 5.15 % 636 Total Credit Assets 581,314 3.98 % 240 U.S. Treasury Securities: 30 Days or Less 273 3.10 % 2 Total U.S. Treasury Securities 273 3.10 % 2 Total $ 1,498,849 3.13 % 122 Reverse repurchase agreements involving underlying investments that the Company sold prior to period end, for settlement following period end, are shown using their original maturity dates even though such reverse repurchase agreements may be expected to be terminated early upon settlement of the sale of the underlying investment. As of December 31, 2018, the fair value of investments transferred as collateral under outstanding borrowings under reverse repurchase agreements was $1.79 billion . Collateral transferred under outstanding borrowings as of December 31, 2018 include investments in the amount of $86.7 million that were sold prior to period end but for which such sale had not yet settled. In addition the Company posted net cash collateral of $17.0 million and additional securities with a fair value of $0.2 million as of December 31, 2018 to its counterparties. As of December 31, 2018, there were no counterparties for which the amount at risk relating to our repurchase agreements was greater than 10% of total equity. Other Secured Borrowings In February 2018, the Company entered into agreements to finance a portfolio of unsecured loans through a recourse secured borrowing facility. The facility includes a one year revolving period (or earlier following an early amortization event or event of default), whereby the Company can vary its borrowings based on the size of its portfolio, subject to certain maximum limits. After the revolving period ends, the facility has a two-year term ending in February 2021. The facility accrues interest on a floating rate basis. As of December 31, 2018, the Company had outstanding borrowings under this facility in the amount of $13.2 million which is included under the caption Other secured borrowings, on the Company's Consolidated Statement of Assets, Liabilities, and Equity, and the effective interest rate, inclusive of related deferred financing costs, was 4.72% . As of December 31, 2018, the fair value of unsecured loans collateralizing this borrowing was $20.3 million . In December 2017, the Company amended its non-recourse secured borrowing facility that is used to finance a portfolio of unsecured loans. The facility includes a reinvestment period ending in December 2019 (or earlier following an early amortization event), whereby the Company can vary its borrowings based on the size of its portfolio, subject to certain maximum limits. Following the reinvestment period, the facility will begin to amortize based on the collections from the underlying loans. The facility accrues interest on a floating rate basis. As of December 31, 2018 the Company had outstanding borrowings under this facility in the amount of $101.0 million which is included under the caption Other secured borrowings, on the Company's Consolidated Statement of Assets, Liabilities, and Equity, and the effective interest rate on this facility, inclusive of related deferred financing costs, was 4.68% as of December 31, 2018. As of December 31, 2018 the fair value of unsecured loans collateralizing this borrowing was $149.0 million . The Company has completed securitization transactions, as discussed in Note 6, whereby it financed portfolios of non-QM loans. As of December 31, 2018 the fair value of the Company’s outstanding liabilities associated with these securitization transactions were $297.9 million , representing the fair value of the securitization trust certificates held by third parties as of such date, and is included on Company's Consolidated Statement of Assets, Liabilities, and Equity in Other Secured Borrowings, at fair value. The weighted average coupon on the Certificates held by third parties was 3.72% as of December 31, 2018. As of December 31, 2018 the fair value of non-QM loans held in the securitization trusts were $314.2 million . Unsecured Borrowings Senior Notes On August 18, 2017, the Company issued $86.0 million in aggregate principal amount of Senior Notes. The total net proceeds to the Company from the issuance of the Senior Notes was approximately $84.7 million , after deducting debt issuance costs. The Senior Notes bear an interest rate of 5.25% , subject to adjustment based on changes in the ratings, if any, of the Senior Notes. Interest on the Senior notes is payable semi-annually in arrears on March 1 and September 1 of each year. The Senior Notes mature on September 1, 2022 . The Company may redeem the Senior Notes, at its option, in whole or in part, prior to March 1, 2022 at a price equal to 100% of the principal amount thereof, plus the applicable "make-whole" premium as of the applicable date of redemption. At any time on or after March 1, 2022, the Company may redeem the Senior Notes, in whole or in part, at a redemption price equal to 100% of the aggregate principal amount of the Senior Notes to be redeemed, plus accrued and unpaid interest. The Senior Notes are carried at amortized cost. There are a number of covenants, including several financial covenants, associated with the Senior Notes. As of December 31, 2018 the Company was in compliance with all of its covenants. The Company amortizes debt issuance costs over the life of the associated debt; the amortized portion of debt issuance costs is included in Interest expense on the Consolidated Statement of Operations. The Senior Notes have an effective interest rate of 5.55% , inclusive of debt issuance costs. The Senior Notes are unsecured and are effectively subordinated to secured indebtedness of the Company, to the extent of the value of the collateral securing such indebtedness. Schedule of Principal Repayments The following table details the Company's principal repayment schedule for outstanding borrowings as of December 31, 2018: Year Reverse Repurchase Agreements (1) Other Secured Borrowings (2) Senior Notes (1) Total (In thousands) 2019 $ 1,358,542 $ 194,135 $ — $ 1,552,677 2020 78,530 205,198 — 283,728 2021 61,776 13,150 — 74,926 2022 — — 86,000 86,000 2023 — — — — Total $ 1,498,848 $ 412,483 $ 86,000 $ 1,997,331 (1) Reflects the Company's contractual principal repayment dates. (2) Reflects the Company's expected principal repayment dates." id="sjs-B4">Borrowings Secured Borrowings The Company's secured borrowings consist of repurchase agreements, Other secured borrowings, and Other secured borrowings, at fair value. As of March 31, 2019, the Company's total secured borrowings were $1.949 billion . Repurchase Agreements The Company enters into repurchase agreements. A repurchase agreement involves the sale of an asset to a counterparty together with a simultaneous agreement to repurchase the transferred asset or similar asset from such counterparty at a future date. The Company accounts for its repurchase agreements as collateralized borrowings, with the transferred assets effectively serving as collateral for the related borrowing. The Company's repurchase agreements typically range in term from 30 to 180 days, although the Company also has repurchase agreements that provide for longer or shorter terms. The principal economic terms of each repurchase agreement—such as loan amount, interest rate, and maturity date—are typically negotiated on a transaction-by-transaction basis. Other terms and conditions, such as those relating to events of default, are typically governed under the Company's master repurchase agreements. Absent an event of default, the Company maintains beneficial ownership of the transferred securities during the term of the repurchase agreement and receives the related principal and interest payments. Interest rates on these borrowings are generally fixed based on prevailing rates corresponding to the terms of the borrowings, and for most repurchase agreements, interest is generally paid at the termination of the repurchase agreement, at which time the Company may enter into a new repurchase agreement at prevailing market rates with the same counterparty, repay that counterparty and possibly negotiate financing terms with a different counterparty, or choose to no longer finance the related asset. Some repurchase agreements provide for periodic payments of interest, such as monthly payments. In response to a decline in the fair value of the transferred securities, whether as a result of changes in market conditions, security paydowns, or other factors, repurchase agreement counterparties will typically make a margin call, whereby the Company will be required to post additional securities and/or cash as collateral with the counterparty in order to re-establish the agreed-upon collateralization requirements. In the event of increases in fair value of the transferred securities, the Company can generally require the counterparty to post collateral with it in the form of cash or securities. The Company is generally permitted to sell or re-pledge any securities posted by the counterparty as collateral; however, upon termination of the repurchase agreement, or other circumstance in which the counterparty is no longer required to post such margin, the Company must return to the counterparty the same security that had been posted. At any given time, the Company seeks to have its outstanding borrowings under repurchase agreements with several different counterparties in order to reduce the exposure to any single counterparty. The Company had outstanding borrowings under repurchase agreements with 24 counterparties as of March 31, 2019. As of March 31, 2019 remaining days to maturity on the Company's open repurchase agreements ranged from 1 day to 781 days. Interest rates on the Company's open repurchase agreements ranged from 0.24% to 5.85% as of March 31, 2019. The following table details the Company's outstanding borrowings under repurchase agreements for Agency RMBS, credit assets (which include non-Agency RMBS, CMBS, CLOs, consumer loans, corporate debt, residential mortgage loans, and commercial mortgage loans and REO), and U.S. Treasury securities, by remaining maturity as of March 31, 2019: (In thousands) March 31, 2019 Weighted Average Remaining Maturity Outstanding Borrowings Interest Rate Remaining Days to Maturity Agency RMBS: 30 Days or Less $ 180,657 2.73 % 14 31-60 Days 358,677 2.71 % 45 61-90 Days 393,529 2.69 % 76 121-150 Days 5,690 2.73 % 148 151-180 Days 2,713 2.64 % 180 Total Agency RMBS 941,266 2.71 % 53 Credit: 30 Days or Less 9,330 4.13 % 20 31-60 Days 70,732 3.77 % 41 61-90 Days 156,414 3.58 % 79 91-120 Days 683 5.00 % 101 151-180 Days 9,487 4.50 % 168 181-360 Days 264,458 4.55 % 254 > 360 Days 68,139 5.46 % 774 Total Credit Assets 579,243 4.29 % 236 U.S. Treasury Securities: 30 Days or Less 29,507 2.54 % 1 Total U.S. Treasury Securities 29,507 2.54 % 1 Total $ 1,550,016 3.30 % 121 Repurchase agreements involving underlying investments that the Company sold prior to period end, for settlement following period end, are shown using their original maturity dates even though such repurchase agreements may be expected to be terminated early upon settlement of the sale of the underlying investment. As of March 31, 2019, the fair value of investments transferred as collateral under outstanding borrowings under repurchase agreements was $1.850 billion . Collateral transferred under outstanding borrowings under repurchase agreements as of March 31, 2019 include investments in the amount of $20.7 million that were sold prior to period end but for which such sale had not yet settled. In addition the Company posted net cash collateral of $13.9 million and additional securities with a fair value of $0.2 million as of March 31, 2019 to its counterparties. As of March 31, 2019, there were no counterparties for which the amount at risk relating to our repurchase agreements was greater than 10% of total equity. Other Secured Borrowings In February 2018, the Company entered into agreements to finance a portfolio of unsecured loans through a recourse secured borrowing facility. The facility includes a one-year revolving period (or earlier following an early amortization event or event of default), whereby the Company can vary its borrowings based on the size of its portfolio, subject to certain maximum limits. After the revolving period ends, the facility has a two-year term ending in February 2021. The facility accrues interest on a floating-rate basis. As of March 31, 2019, the Company had outstanding borrowings under this facility in the amount of $11.4 million which is included under the caption Other secured borrowings, on the Company's Condensed Consolidated Balance Sheet, and the effective interest rate, inclusive of related deferred financing costs, was 4.75% . As of March 31, 2019, the fair value of unsecured loans collateralizing this borrowing was $20.2 million . In December 2017, the Company amended its non-recourse secured borrowing facility that is used to finance a portfolio of unsecured loans. The facility includes a reinvestment period ending in December 2019 (or earlier following an early amortization event), whereby the Company can vary its borrowings based on the size of its portfolio, subject to certain maximum limits. Following the reinvestment period, the facility will begin to amortize based on the collections from the underlying loans. The facility accrues interest on a floating rate basis. As of March 31, 2019, the Company had outstanding borrowings under this facility in the amount of $105.9 million , which is included under the caption Other secured borrowings, on the Company's Condensed Consolidated Balance Sheet, and the effective interest rate on this facility, inclusive of related deferred financing costs, was 4.67% . As of March 31, 2019, the fair value of unsecured loans collateralizing this borrowing was $157.1 million . The Company has completed securitization transactions, as discussed in Note 10, whereby it financed portfolios of non-QM loans. As of March 31, 2019, the fair value of the Company's outstanding liabilities associated with these securitization transactions was $282.1 million , representing the fair value of the securitization trust certificates held by third parties as of such date, and is included on the Company's Condensed Consolidated Balance Sheet in Other secured borrowings, at fair value. The weighted average coupon of the Certificates held by third parties was 3.75% as of March 31, 2019. As of March 31, 2019, the fair value of non-QM loans held in the securitization trusts was $296.4 million . Unsecured Borrowings Senior Notes On August 18, 2017, the Company issued $86.0 million in aggregate principal amount of unsecured senior notes (the "Old Senior Notes"). The total net proceeds to the Company from the issuance of the Old Senior Notes was approximately $84.7 million , after deducting debt issuance costs. The Old Senior Notes had an interest rate of 5.25% , subject to adjustment based on changes in the ratings, if any, of the Old Senior Notes. On February 13, 2019, in connection with the REIT Election, the Company exchanged all $86.0 million in principal amount of the Old Senior Notes for new unsecured long-term debt jointly and severally co-issued by two of its consolidated subsidiaries and fully guaranteed by the Company (the "Senior Notes"). At any time, the Company is permitted to add others of its consolidated subsidiaries as co-issuers of the Senior Notes. The Senior Notes bear interest at a rate of 5.50% , subject to adjustment based on changes, if any, in the ratings of the Senior Notes. Interest on the Senior Notes is payable semi-annually in arrears on March 1 and September 1 of each year. The Senior Notes mature on September 1, 2022. The Company may redeem the Senior Notes, at its option, in whole or in part, prior to March 1, 2022 at a price equal to 100% of the principal amount thereof, plus the applicable "make-whole" premium as of the applicable date of redemption. At any time on or after March 1, 2022, the Company may redeem the Senior Notes, in whole or in part, at a redemption price equal to 100% of the aggregate principal amount of the Senior Notes to be redeemed, plus accrued and unpaid interest. The Senior Notes are carried at amortized cost. There are a number of covenants, including several financial covenants, associated with the Senior Notes. As of March 31, 2019, the Company was in compliance with all of its covenants. The Company amortizes debt issuance costs over the life of the associated debt; the amortized portion of debt issuance costs is included in Interest expense on the Condensed Consolidated Statement of Operations. The Senior Notes have an effective interest rate of 5.80% , inclusive of debt issuance costs. The Senior Notes are unsecured and are effectively subordinated to secured indebtedness of the Company, to the extent of the value of the collateral securing such indebtedness. Schedule of Principal Repayments The following table details the Company's principal repayment schedule for outstanding borrowings as of March 31, 2019: Year Repurchase Agreements (1) Other Secured Borrowings (2) Senior Notes (1) Total (In thousands) 2019 $ 1,346,013 $ 177,617 $ — $ 1,523,630 2020 139,258 211,266 — 350,524 2021 64,745 11,375 — 76,120 2022 — — 86,000 86,000 2023 — — — — Total $ 1,550,016 $ 400,258 $ 86,000 2,036,274 (1) Reflects the Company's contractual principal repayment dates. (2) Reflects the Company's expected principal repayment dates. Borrowings Secured Borrowings The Company's secured borrowings consist of reverse repurchase agreements, Other secured borrowings, and Other secured borrowings, at fair value. As of December 31, 2018 the Company's total secured borrowings were $1.911 billion . Reverse Repurchase Agreements The Company enters into reverse repurchase agreements. A reverse repurchase agreement involves the sale of an asset to a counterparty together with a simultaneous agreement to repurchase the transferred asset or similar asset from such counterparty at a future date. The Company accounts for its reverse repurchase agreements as collateralized borrowings, with the transferred assets effectively serving as collateral for the related borrowing. The Company's reverse repurchase agreements typically range in term from 30 to 180 days, although the Company also has reverse repurchase agreements that provide for longer or shorter terms. The principal economic terms of each reverse repurchase agreement—such as loan amount, interest rate, and maturity date—are typically negotiated on a transaction-by-transaction basis. Other terms and conditions, such as those relating to events of default, are typically governed under the Company's master repurchase agreements. Absent an event of default, the Company maintains beneficial ownership of the transferred securities during the term of the reverse repurchase agreement and receives the related principal and interest payments. Interest rates on these borrowings are generally fixed based on prevailing rates corresponding to the terms of the borrowings, and for most reverse repurchase agreements, interest is generally paid at the termination of the reverse repurchase agreement, at which time the Company may enter into a new reverse repurchase agreement at prevailing market rates with the same counterparty, repay that counterparty and possibly negotiate financing terms with a different counterparty, or choose to no longer finance the related asset. Some reverse repurchase agreements provide for periodic payments of interest, such as monthly payments. In response to a decline in the fair value of the transferred securities, whether as a result of changes in market conditions, security paydowns, or other factors, reverse repurchase agreement counterparties will typically make a margin call, whereby the Company will be required to post additional securities and/or cash as collateral with the counterparty in order to re-establish the agreed-upon collateralization requirements. In the event of increases in fair value of the transferred securities, the Company can generally require the counterparty to post collateral with it in the form of cash or securities. The Company is generally permitted to sell or re-pledge any securities posted by the counterparty as collateral; however, upon termination of the reverse repurchase agreement, or other circumstance in which the counterparty is no longer required to post such margin, the Company must return to the counterparty the same security that had been posted. At any given time, the Company seeks to have its outstanding borrowings under reverse repurchase agreements with several different counterparties in order to reduce the exposure to any single counterparty. The Company had outstanding borrowings under reverse repurchase agreements with 23 counterparties as of December 31, 2018. At December 31, 2018, approximately 21% of open reverse repurchase agreements were with one counterparty. As of December 31, 2018 remaining days to maturity on the Company's open reverse repurchase agreements ranged from 2 days to 871 days. Interest rates on the Company's open reverse repurchase agreements ranged from 0.23% to 6.07% as of December 31, 2018. The following table details the Company's outstanding borrowings under reverse repurchase agreements for Agency RMBS, credit assets (which include non-Agency MBS, CLOs, consumer loans, corporate debt, residential mortgage loans, and commercial mortgage loans and REO), and U.S. Treasury securities, by remaining maturity as of December 31, 2018: (In thousands) December 31, 2018 Weighted Average Remaining Maturity Outstanding Borrowings Interest Rate Remaining Days to Maturity Agency RMBS: 30 Days or Less $ 245,956 2.46 % 17 31-60 Days 415,379 2.58 % 46 61-90 Days 255,421 2.74 % 76 91-120 Days 506 3.31 % 91 Total Agency RMBS 917,262 2.59 % 47 Credit: 30 Days or Less 30,426 2.55 % 22 31-60 Days 189,937 3.32 % 48 61-90 Days 93,202 3.21 % 74 121-150 Days 26,222 4.60 % 123 151-180 Days 9,491 4.64 % 166 181-360 Days 91,730 4.54 % 316 > 360 Days 140,306 5.15 % 636 Total Credit Assets 581,314 3.98 % 240 U.S. Treasury Securities: 30 Days or Less 273 3.10 % 2 Total U.S. Treasury Securities 273 3.10 % 2 Total $ 1,498,849 3.13 % 122 Reverse repurchase agreements involving underlying investments that the Company sold prior to period end, for settlement following period end, are shown using their original maturity dates even though such reverse repurchase agreements may be expected to be terminated early upon settlement of the sale of the underlying investment. As of December 31, 2018, the fair value of investments transferred as collateral under outstanding borrowings under reverse repurchase agreements was $1.79 billion . Collateral transferred under outstanding borrowings as of December 31, 2018 include investments in the amount of $86.7 million that were sold prior to period end but for which such sale had not yet settled. In addition the Company posted net cash collateral of $17.0 million and additional securities with a fair value of $0.2 million as of December 31, 2018 to its counterparties. As of December 31, 2018, there were no counterparties for which the amount at risk relating to our repurchase agreements was greater than 10% of total equity. Other Secured Borrowings In February 2018, the Company entered into agreements to finance a portfolio of unsecured loans through a recourse secured borrowing facility. The facility includes a one year revolving period (or earlier following an early amortization event or event of default), whereby the Company can vary its borrowings based on the size of its portfolio, subject to certain maximum limits. After the revolving period ends, the facility has a two-year term ending in February 2021. The facility accrues interest on a floating rate basis. As of December 31, 2018, the Company had outstanding borrowings under this facility in the amount of $13.2 million which is included under the caption Other secured borrowings, on the Company's Consolidated Statement of Assets, Liabilities, and Equity, and the effective interest rate, inclusive of related deferred financing costs, was 4.72% . As of December 31, 2018, the fair value of unsecured loans collateralizing this borrowing was $20.3 million . In December 2017, the Company amended its non-recourse secured borrowing facility that is used to finance a portfolio of unsecured loans. The facility includes a reinvestment period ending in December 2019 (or earlier following an early amortization event), whereby the Company can vary its borrowings based on the size of its portfolio, subject to certain maximum limits. Following the reinvestment period, the facility will begin to amortize based on the collections from the underlying loans. The facility accrues interest on a floating rate basis. As of December 31, 2018 the Company had outstanding borrowings under this facility in the amount of $101.0 million which is included under the caption Other secured borrowings, on the Company's Consolidated Statement of Assets, Liabilities, and Equity, and the effective interest rate on this facility, inclusive of related deferred financing costs, was 4.68% as of December 31, 2018. As of December 31, 2018 the fair value of unsecured loans collateralizing this borrowing was $149.0 million . The Company has completed securitization transactions, as discussed in Note 6, whereby it financed portfolios of non-QM loans. As of December 31, 2018 the fair value of the Company’s outstanding liabilities associated with these securitization transactions were $297.9 million , representing the fair value of the securitization trust certificates held by third parties as of such date, and is included on Company's Consolidated Statement of Assets, Liabilities, and Equity in Other Secured Borrowings, at fair value. The weighted average coupon on the Certificates held by third parties was 3.72% as of December 31, 2018. As of December 31, 2018 the fair value of non-QM loans held in the securitization trusts were $314.2 million . Unsecured Borrowings Senior Notes On August 18, 2017, the Company issued $86.0 million in aggregate principal amount of Senior Notes. The total net proceeds to the Company from the issuance of the Senior Notes was approximately $84.7 million , after deducting debt issuance costs. The Senior Notes bear an interest rate of 5.25% , subject to adjustment based on changes in the ratings, if any, of the Senior Notes. Interest on the Senior notes is payable semi-annually in arrears on March 1 and September 1 of each year. The Senior Notes mature on September 1, 2022 . The Company may redeem the Senior Notes, at its option, in whole or in part, prior to March 1, 2022 at a price equal to 100% of the principal amount thereof, plus the applicable "make-whole" premium as of the applicable date of redemption. At any time on or after March 1, 2022, the Company may redeem the Senior Notes, in whole or in part, at a redemption price equal to 100% of the aggregate principal amount of the Senior Notes to be redeemed, plus accrued and unpaid interest. The Senior Notes are carried at amortized cost. There are a number of covenants, including several financial covenants, associated with the Senior Notes. As of December 31, 2018 the Company was in compliance with all of its covenants. The Company amortizes debt issuance costs over the life of the associated debt; the amortized portion of debt issuance costs is included in Interest expense on the Consolidated Statement of Operations. The Senior Notes have an effective interest rate of 5.55% , inclusive of debt issuance costs. The Senior Notes are unsecured and are effectively subordinated to secured indebtedness of the Company, to the extent of the value of the collateral securing such indebtedness. Schedule of Principal Repayments The following table details the Company's principal repayment schedule for outstanding borrowings as of December 31, 2018: Year Reverse Repurchase Agreements (1) Other Secured Borrowings (2) Senior Notes (1) Total (In thousands) 2019 $ 1,358,542 $ 194,135 $ — $ 1,552,677 2020 78,530 205,198 — 283,728 2021 61,776 13,150 — 74,926 2022 — — 86,000 86,000 2023 — — — — Total $ 1,498,848 $ 412,483 $ 86,000 $ 1,997,331 (1) Reflects the Company's contractual principal repayment dates. (2) Reflects the Company's expected principal repayment dates.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Tax [Abstract]
Income Taxes	Income Taxes The Company intends to qualify and will elect to be taxed as a REIT beginning with its taxable year ending December 31, 2019. A REIT is generally not subject to U.S. federal, state, and local income tax on that portion of its income that is distributed to its owners if it distributes at least 90% of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding any net capital gains. The Company intends to operate in a manner which will allow it to qualify as a REIT. Accordingly, the Company does not believe that it will be subject to U.S. federal, state, and local income tax on the portion of its net taxable income that is distributed to its stockholders as long as certain asset, income, and share ownership tests are met. Certain foreign and domestic subsidiaries of the Company have elected to be treated as TRSs and therefore are taxed as corporations for U.S. federal, state, and local income tax purposes. To the extent that those entities incur U.S. federal, state, or local income taxes, such taxes are recorded in the Company's condensed consolidated financial statements. The Company accounts for income taxes in accordance with ASC 740, Income Taxes . Deferred income taxes reflect the net tax effects of temporary differences that may exist between the carrying amounts of assets and liabilities under U.S. GAAP and the carrying amounts used for income tax purposes. As of March 31, 2019, one of the Company's domestic TRS's had a net operating loss carryforward, resulting in a gross deferred tax asset, which has been fully reserved through a valuation allowance. Income Taxes The Company has certain subsidiaries that have elected to be treated as corporations for U.S. federal, state, and local income tax purposes.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company is party to the Management Agreement (which may be amended from time to time), pursuant to which the Manager manages the assets, operations, and affairs of the Company, in consideration of which the Company pays the Manager management and incentive fees. The descriptions of the Base Management Fees and Incentive Fees are detailed below. Base Management Fees The Operating Partnership pays the Manager 1.50% per annum of total equity of the Operating Partnership calculated in accordance with U.S. GAAP as of the end of each fiscal quarter (before deductions for base management fees and incentive fees payable with respect to such fiscal quarter), provided that total equity is adjusted to exclude one-time events pursuant to changes in U.S. GAAP, as well as non-cash charges after discussion between the Manager and the Company's independent directors, and approval by a majority of the Company's independent directors in the case of non-cash charges. Pursuant to the Management Agreement, if the Company invests at issuance in the equity of any collateralized debt obligation that is managed, structured, or originated by Ellington or one of its affiliates, or if the Company invests in any other investment fund or other investment for which Ellington or one of its affiliates receives management, origination, or structuring fees, then, unless agreed otherwise by a majority of the Company's independent directors, the base management and incentive fees payable by the Company to its Manager will be reduced by an amount equal to the applicable portion (as described in the Management Agreement) of any such management, origination, or structuring fees. Summary information —For the three-month period ended March 31, 2019, the total base management fee incurred was $1.7 million consisting of $2.1 million of total gross base management fee incurred, less $0.4 million of management fee rebates, as discussed below in "— Participation in CLO Transactions ." Incentive Fees The Manager is entitled to receive a quarterly incentive fee equal to the positive excess, if any, of (i) the product of (A) 25% and (B) the excess of (1) Adjusted Net Income (described below) for the Incentive Calculation Period (which means such fiscal quarter and the immediately preceding three fiscal quarters) over (2) the sum of the Hurdle Amounts (described below) for the Incentive Calculation Period, over (ii) the sum of the incentive fees already paid or payable for each fiscal quarter in the Incentive Calculation Period preceding such fiscal quarter. For purposes of calculating the incentive fee, "Adjusted Net Income" for the Incentive Calculation Period means the net increase in equity from operations of the Operating Partnership, after all base management fees but before any incentive fees for such period, and excluding any non-cash equity compensation expenses for such period, as reduced by any Loss Carryforward (as described below) as of the end of the fiscal quarter preceding the Incentive Calculation Period. For purposes of calculating the incentive fee, the "Loss Carryforward" as of the end of any fiscal quarter is calculated by determining the excess, if any, of (1) the Loss Carryforward as of the end of the immediately preceding fiscal quarter over (2) the Company's net increase in equity from operations (expressed as a positive number) or net decrease in equity from operations (expressed as a negative number) of the Operating Partnership for such fiscal quarter. As of March 31, 2019, there was no Loss Carryforward. For purposes of calculating the incentive fee, the "Hurdle Amount" means, with respect to any fiscal quarter, the product of (i) one-fourth of the greater of (A) 9% and (B) 3% plus the 10-year U.S. Treasury rate for such fiscal quarter, (ii) the sum of (A) the weighted average gross proceeds per share of all common stock and OP Unit issuances since inception of the Company and up to the end of such fiscal quarter, with each issuance weighted by both the number of shares of common stock and OP Units issued in such issuance and the number of days that such issued shares of common stock and OP Units were outstanding during such fiscal quarter, using a first-in first-out basis of accounting ( i.e. attributing any share of common stock and OP Unit repurchases to the earliest issuances first) and (B) the result obtained by dividing (I) retained earnings attributable to shares of common stock and OP Units at the beginning of such fiscal quarter by (II) the average number of shares of common stock and OP Units outstanding for each day during such fiscal quarter, (iii) the sum of (x) the average number of shares of common stock and long term incentive plan units of the Company outstanding for each day during such fiscal quarter, and (y) the average number of Convertible Non-controlling Interests outstanding for each day during such fiscal quarter. For purposes of determining the Hurdle Amount, issuances of common stock, and Convertible Non-controlling Interests (a) as equity incentive awards, (b) to the Manager as part of its base management fee or incentive fee and (c) to the Manager or any of its affiliates in privately negotiated transactions, are excluded from the calculation. The payment of the incentive fee will be in a combination of shares of common stock and cash, provided that at least 10% of any quarterly payment will be made in shares of common stock. Summary information —The Company did not accrue an incentive fee for the three-month period ended March 31, 2019, since on a rolling four quarter basis, the Company's income did not exceed the prescribed hurdle amount. Termination Fees The Management Agreement requires the Company to pay a termination fee to the Manager in the event of (1) the Company's termination or non-renewal of the Management Agreement without cause or (2) the Company's termination of the Management Agreement based on unsatisfactory performance by the Manager that is materially detrimental to the Company or (3) the Manager's termination of the Management Agreement upon a default by the Company in the performance of any material term of the Management Agreement. Such termination fee will be equal to the amount of three times the sum of (i) the average annual quarterly base management fee amounts paid or payable with respect to the two 12 -month periods ending on the last day of the latest fiscal quarter completed on or prior to the date of the notice of termination or non-renewal and (ii) the average annual quarterly incentive fee amounts paid or payable with respect to the two 12 -month periods ending on the last day of the latest fiscal quarter completed on or prior to the date of the notice of termination or non-renewal. Expense Reimbursement Under the terms of the Management Agreement the Company is required to reimburse the Manager for operating expenses related to the Company that are incurred by the Manager, including expenses relating to legal, accounting, due diligence, other services, and all other costs and expenses. The Company's reimbursement obligation is not subject to any dollar limitation. Expenses will be reimbursed in cash within 60 days following delivery of the expense statement by the Manager; provided, however, that such reimbursement may be offset by the Manager against amounts due to the Company from the Manager. The Company will not reimburse the Manager for the salaries and other compensation of the Manager's personnel except that the Company will be responsible for expenses incurred by the Manager in employing certain dedicated or partially dedicated personnel as further described below. The Company reimburses the Manager for the allocable share of the compensation, including, without limitation, wages, salaries, and employee benefits paid or reimbursed, as approved by the Compensation Committee of the Board of Directors to certain dedicated or partially dedicated personnel who spend all or a portion of their time managing the Company's affairs, based upon the percentage of time devoted by such personnel to the Company's affairs. In their capacities as officers or personnel of the Manager or its affiliates, such personnel will devote such portion of their time to the Company's affairs as is necessary to enable the Company to operate its business. For the three-month period ended March 31, 2019, the Company reimbursed the Manager $2.7 million for previously incurred operating and compensation expenses. Transactions Involving Certain Loan Originators As of March 31, 2019, the loan originators in which the Company holds equity investments represent related parties. Transactions that have been entered into with these related party mortgage originators are summarized below. The Company is a party to a mortgage loan purchase and sale flow agreement, with a mortgage originator in which the Company holds an investment in common stock, whereby the Company purchases residential mortgage loans that satisfy certain specified criteria. The Company has also provided a $5.0 million line of credit to the mortgage originator. Under the terms of this line of credit, the Company has agreed to make advances to the mortgage originator solely for the purpose of funding specifically identified residential mortgage loans designated for sale to the Company. To the extent the advances are drawn by the mortgage originator, it must pay interest, at a rate of 15% per annum, on the outstanding balance of each advance from the date the advance is made until such advance is repaid in full. The mortgage originator is required to repay advances in full no later than two business days following the date that the Company purchases the related residential mortgage loans from the mortgage originator. As of March 31, 2019, there were no advances outstanding. The Company has also entered into two agreements whereby it guarantees the performance of such mortgage originator under third-party master repurchase agreements. See Note 21, Commitments and Contingencies, for further information on the Company's guarantees of the third-party borrowing arrangements. The Company, through a related party of Ellington, or the "Loan Purchaser," is a party to a consumer loan purchase and sale flow agreement, with a consumer loan originator in which the Company holds an investment in preferred stock and warrants to purchase additional preferred stock, whereby the Loan Purchaser purchases consumer loans that satisfy certain specified criteria. The Company has investments in participation certificates related to consumer loans titled in the name of the Loan Purchaser. Through its participation certificates, the Company has beneficial interests in the loan cash flows, net of servicing-related fees and expenses. The total fair value of the Company's participation certificates was $23.3 million as of March 31, 2019. Consumer, Residential, and Commercial Loan Transactions with Affiliates The Company purchases certain of its consumer loans through an affiliate, or the "Purchasing Entity." The Purchasing Entity has entered into purchase agreements, open-ended in duration, with third party consumer loan originators whereby it has agreed to purchase eligible consumer loans. The amount of loans purchased under these purchase agreements is dependent on, among other factors, the amount of loans originated in any given period by the selling originators. The Company and other affiliates of Ellington have entered into agreements with the Purchasing Entity whereby the Company and each of the affiliates of Ellington have agreed to purchase their allocated portion (subject to monthly determination based on available capital and other factors) of the eligible loans acquired by the Purchasing Entity under each purchase agreement. Immediately after the Purchasing Entity purchases beneficial interests in the loans, the Company and other affiliates of Ellington purchase such beneficial interests from the Purchasing Entity, at the same price paid by the Purchasing Entity. During the three-month period ended March 31, 2019, the Company purchased loans under these agreements with an aggregate principal balance of $43.6 million . As of March 31, 2019, the estimated remaining contingent purchase obligations of the Company under these purchase agreements was approximately $227.2 million in principal balance. The Company's beneficial interests in the consumer loans purchased through the Purchasing Entity are evidenced by participation certificates issued by trusts that hold legal title to the loans. These trusts are owned by a related party of Ellington and were established to hold such loans. Through its participation certificates, the Company participates in the cash flows of the underlying loans held by each trust. The total amount of consumer loans underlying the Company's participation certificates and held in the related party trusts was $190.2 million as of March 31, 2019. The Company has investments in participation certificates related to residential mortgage loans and REO held in a trust owned by another related party of Ellington. Through its participation certificates, the Company participates in the cash flows of the underlying loans held by such trust. The total amount of residential mortgage loans and REO underlying the Company's participation certificates and held in the related party trust was $288.4 million as of March 31, 2019. The Company is a co-investor in certain small balance commercial mortgage loans with several other investors, including an unrelated third party and various affiliates of Ellington. These loans are beneficially owned by a consolidated subsidiary of the Company. As of March 31, 2019, the aggregate fair value of these loans was $25.3 million and the non-controlling interests held by the unrelated third party and the Ellington affiliates were $1.5 million and $4.1 million , respectively. The Company is also a co-investor in certain small balance commercial mortgage loans with other investors, including unrelated third parties and various affiliates of Ellington. Each co-investor in a loan has an interest in the limited liability company that owns such loan. As of March 31, 2019, the aggregate fair value of the Company's investments in the jointly owned limited liability companies was approximately $8.8 million . Such investments are included in Investments in unconsolidated entities, on the Condensed Consolidated Balance Sheet. The consumer, residential mortgage, and commercial mortgage loans that are the subject of the foregoing loan transactions are held in trusts, each of which the Company has determined to be a VIE. The Company has evaluated each of these VIEs and determined that the Company has the power to direct the activities of each VIE that most significantly impact such VIE's economic performance and the Company has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. As a result the Company has determined it is the primary beneficiary of each of these VIEs and has consolidated each VIE. Equity Investment in Unconsolidated Entity The Company was a co-investor, together with other affiliates of Ellington, in Jepson Holdings Limited, the parent of an entity (the "Right Holder Entity") that held a call right (the "Call Right") to a European mortgage loan securitization (the "Initial Securitization"). The Right Holder Entity issued notes (the "Right Holder Notes") to the Company and its affiliates, and to an unrelated third party. In March 2019, the Right Holder Entity assigned the Call Right to a newly formed entity, which exercised the Call Right and re-securitized the underlying European mortgage loan assets of the Initial Securitization through a new securitization trust (the "New Securitization"). In exchange for assigning the Call Right, the Right Holder Entity received a combination of (i) cash and (ii) certain notes issued by the New Securitization (the "New Securitization Notes"). The Right Holder Entity fully repaid the unrelated third party’s Right Holder Note with a combination of cash and New Securitization Notes. The Right Holder Notes held by the Company and its affiliates were also fully repaid with cash and New Securitization Notes, which as of March 31, 2019 were still held by the Right Holder Entity. The Right Holder Entity is expected to continue to hold certain of the New Securitization Notes in order to comply with European risk retention rules. As of March 31, 2019, the Company’s equity investment in Jepson Holdings Limited had a fair value of $7.0 million . See Note 6 for additional details on this equity investment. Participation in Multi-Borrower Financing Facilities The Company is a co-participant with certain other entities managed by Ellington (the "Affiliated Entities") in two entities (each, a "Jointly Owned Entity"), which were formed in order to facilitate the financing of small balance commercial mortgage loans and REO (collectively, the "SBC Assets"), through repurchase agreements. Each Jointly Owned Entity has a master repurchase agreement with a particular financing counterparty. In connection with the financing of the SBC Assets under repurchase agreements, each of the Company and the Affiliated Entities transferred certain of their respective SBC Assets to one of the Jointly Owned Entities in exchange for its pro rata share of the financing proceeds that the respective Jointly Owned Entity received from the financing counterparty. While the Company's SBC Assets were transferred to the Jointly Owned Entity, the Company's SBC Assets and the related debt were not derecognized for financial reporting purposes, in accordance with ASC 860-10, because the Company continued to retain the risks and rewards of ownership of its SBC Assets. As of March 31, 2019, the Jointly Owned Entities had aggregate outstanding issued debt under the repurchase agreements in the amount of $234.3 million . The Company's segregated portion of this debt as of March 31, 2019, was $148.3 million , and is included under the caption Repurchase agreements on the Company's Condensed Consolidated Balance Sheet. To the extent that there is a default under the repurchase agreements, all of the assets of each respective Jointly Owned Entity, including those beneficially owned by any non-defaulting owners of such Jointly Owned Entity, could be used to satisfy the outstanding obligations under such repurchase agreement. As of March 31, 2019, no party to either of the repurchase agreements was in default. Each of the Jointly Owned Entities has been determined to be a VIE. The Company has evaluated each of these VIEs and determined that it continued to retain the risks and rewards of ownership of its SBC Assets. Such SBC Assets and the related debt are segregated for the Company and each of the Affiliated Entities. On account of the segregation of each of the co-participant's assets and liabilities within each of the Jointly Owned Entities, as well as the retention by each co-participant of control over its specific SBC Assets within the Jointly Owned Entities, the Company has determined that it is the primary beneficiary of, and has consolidated its segregated portion of assets and liabilities within, each of the Jointly Owned Entities. See Note 9 and Note 11 for additional information. Participation in CLO Transactions As discussed in Note 10, the Company participated in a number of CLO securitization transactions, all managed by the CLO Manager. The CLO Manager is entitled to receive management and incentive fees in accordance with the respective management agreements between the CLO Manager and the respective CLO Issuers. In accordance with the Management Agreement, the Manager rebates to the Company the portion of the management fees payable by each CLO Issuer to the CLO Manager that are allocable to the Company's participating interest in the unsecured subordinated notes issued by such CLO Issuer. For the three-month period ended March 31, 2019, the amount of such management fee rebates was $0.4 million . In addition, from time to time, the Company along with various other affiliates of Ellington, and in certain cases various third parties, advance funds in the form of loans ("Initial Funding Loans") to securitization vehicles to enable them to establish warehouse facilities for the purpose of acquiring the assets to be securitized. Pursuant to the terms of the warehouse facilities and the Initial Funding Loans, the applicable securitization trust is required, at the closing of each respective CLO securitization, first to repay the warehouse facility, then to repay the Initial Funding Loans, and then to distribute interest earned, net of any necessary reserves and/or interest expense, and the aggregate realized or unrealized gains, if any, on assets purchased into the warehouse facility. In the event that such CLO securitization fails to close, the assets held by the respective securitization vehicle would, subject to a cure period, be liquidated. As of March 31, 2019, the Company's investments in such warehouse facilities was $4.8 million , which are included on the Condensed Consolidated Balance Sheet in Investments in unconsolidated entities. Related Party Transactions The Company is party to a Management Agreement (which may be amended from time to time), pursuant to which the Manager manages the assets, operations, and affairs of the Company, in consideration of which the Company pays the Manager management and incentive fees. Effective March 13, 2018, the Board of Directors approved a Seventh Amended and Restated Management Agreement between the Company and the Manager. The descriptions of the Base Management Fees and Incentive Fees are detailed below. Base Management Fees The Operating Partnership pays the Manager 1.50% per annum of total equity of the Operating Partnership calculated in accordance with U.S. GAAP as of the end of each fiscal quarter (before deductions for base management fees and incentive fees payable with respect to such fiscal quarter), provided that total equity is adjusted to exclude one-time events pursuant to changes in U.S. GAAP, as well as non-cash charges after discussion between the Manager and the Company's independent directors, and approval by a majority of the Company's independent directors in the case of non-cash charges. Pursuant to the Company's management agreement, if the Company invests at issuance in the equity of any collateralized debt obligation that is managed, structured, or originated by Ellington or one of its affiliates, or if the Company invests in any other investment fund or other investment for which Ellington or one of its affiliates receives management, origination, or structuring fees, then, unless agreed otherwise by a majority of the Company's independent directors, the base management and incentive fees payable by the Company to its Manager will be reduced by an amount equal to the applicable portion (as described in the management agreement) of any such management, origination, or structuring fees. Summary information —For the three-month period ended March 31, 2018 the total base management fee incurred, net of fee rebates, was $2.0 million . Incentive Fees The Manager is entitled to receive a quarterly incentive fee equal to the positive excess, if any, of (i) the product of (A) 25% and (B) the excess of (1) Adjusted Net Income (described below) for the Incentive Calculation Period (which means such fiscal quarter and the immediately preceding three fiscal quarters) over (2) the sum of the Hurdle Amounts (described below) for the Incentive Calculation Period, over (ii) the sum of the incentive fees already paid or payable for each fiscal quarter in the Incentive Calculation Period preceding such fiscal quarter. For purposes of calculating the incentive fee, "Adjusted Net Income" for the Incentive Calculation Period means the net increase in equity from operations of the Operating Partnership, after all base management fees but before any incentive fees for such period, and excluding any non-cash equity compensation expenses for such period, as reduced by any Loss Carryforward (as described below) as of the end of the fiscal quarter preceding the Incentive Calculation Period. For purposes of calculating the incentive fee, the "Loss Carryforward" as of the end of any fiscal quarter is calculated by determining the excess, if any, of (1) the Loss Carryforward as of the end of the immediately preceding fiscal quarter over (2) the Company's net increase in equity from operations (expressed as a positive number) or net decrease in equity from operations (expressed as a negative number) of the Operating Partnership for such fiscal quarter. As of December 31, 2018, there was a Loss Carryforward of $2.1 million . For purposes of calculating the incentive fee, the "Hurdle Amount" means, with respect to any fiscal quarter, the product of (i) one-fourth of the greater of (A) 9% and (B) 3% plus the 10-year U.S. Treasury rate for such fiscal quarter, (ii) the sum of (A) the weighted average gross proceeds per share of all common share and OP Unit issuances since inception of the Company and up to the end of such fiscal quarter, with each issuance weighted by both the number of shares and OP Units issued in such issuance and the number of days that such issued shares and OP Units were outstanding during such fiscal quarter, using a first-in first-out basis of accounting ( i.e. attributing any share and OP Unit repurchases to the earliest issuances first) and (B) the result obtained by dividing (I) retained earnings attributable to common shares and OP Units at the beginning of such fiscal quarter by (II) the average number of common shares and OP Units outstanding for each day during such fiscal quarter, (iii) the sum of (x) the average number of common shares and LTIP Units outstanding for each day during such fiscal quarter, and (y) the average number of OP Units and OP LTIP Units outstanding for each day during such fiscal quarter. For purposes of determining the Hurdle Amount, issuances of common shares, OP LTIP Units, and OP Units (a) as equity incentive awards, (b) to the Manager as part of its base management fee or incentive fee and (c) to the Manager or any of its affiliates in privately negotiated transactions, are excluded from the calculation. The payment of the incentive fee will be in a combination of common shares and cash, provided that at least 10% of any quarterly payment will be made in common shares. Summary information —The Company did not incur any expense for incentive fees for the three-month period ended March 31, 2018 since on a rolling four quarter basis, the Company's income did not exceed the prescribed hurdle amount. Termination Fees The Management Agreement requires the Company to pay a termination fee to the Manager in the event of (1) the Company's termination or non-renewal of the Management Agreement without cause or (2) the Company's termination of the Management Agreement based on unsatisfactory performance by the Manager that is materially detrimental to the Company or (3) the Manager's termination of the Management Agreement upon a default by the Company in the performance of any material term of the Management Agreement. Such termination fee will be equal to the amount of three times the sum of (i) the average annual Quarterly Base Management Fee Amounts paid or payable with respect to the two 12 -month periods ending on the last day of the latest fiscal quarter completed on or prior to the date of the notice of termination or non-renewal and (ii) the average annual Quarterly Incentive Fee Amounts paid or payable with respect to the two 12 -month periods ending on the last day of the latest fiscal quarter completed on or prior to the date of the notice of termination or non-renewal. Expense Reimbursement Under the terms of the Management Agreement the Company is required to reimburse the Manager for operating expenses related to the Company that are incurred by the Manager, including expenses relating to legal, accounting, due diligence, other services, and all other costs and expenses. The Company's reimbursement obligation is not subject to any dollar limitation. Expenses will be reimbursed in cash within 60 days following delivery of the expense statement by the Manager; provided, however, that such reimbursement may be offset by the Manager against amounts due to the Company from the Manager. The Company will not reimburse the Manager for the salaries and other compensation of the Manager's personnel except that the Company will be responsible for expenses incurred by the Manager in employing certain dedicated or partially dedicated personnel as further described below. The Company reimburses the Manager for the allocable share of the compensation, including, without limitation, wages, salaries, and employee benefits paid or reimbursed, as approved by the Compensation Committee of the Board of Directors to certain dedicated or partially dedicated personnel who spend all or a portion of their time managing the Company's affairs, based upon the percentage of time devoted by such personnel to the Company's affairs. In their capacities as officers or personnel of the Manager or its affiliates, such personnel will devote such portion of their time to the Company's affairs as is necessary to enable the Company to operate its business. For the three-month period ended March 31, 2018 the Company reimbursed the Manager $1.5 million for previously incurred operating and compensation expenses. Equity Investments in Certain Mortgage Originators As of December 31, 2018, the mortgage originators in which the Company holds equity investments represent related parties. Transactions that have been entered into with these related party mortgage originators are summarized below. The Company is a party to a mortgage loan purchase and sale flow agreement, with a mortgage originator in which the Company holds an investment in common stock, whereby the Company purchases residential mortgage loans that satisfy certain specified criteria. The Company has also provided a $5.0 million line of credit to the mortgage originator. Under the terms of this line of credit, the Company has agreed to make advances to the mortgage originator solely for the purpose of funding specifically identified residential mortgage loans designated for sale to the Company. To the extent the advances are drawn by the mortgage originator, it must pay interest, at a rate of 15% per annum, on the outstanding balance of each advance from the date the advance is made until such advance is repaid in full. The mortgage originator is required to repay advances in full no later than two business days following the date the Company purchases the related residential mortgage loans from the mortgage originator. As of December 31, 2018, there were no advances outstanding. The Company has also entered into two agreements whereby it guarantees the performance of such mortgage originator under third-party borrowing arrangements. See Note 17, Commitments and Contingencies, for further information on the Company's guarantees of the third-party borrowing arrangements. Consumer, Residential, and Commercial Loan Transactions with Affiliates The Company, through a related party of Ellington, or the "Loan Purchaser," is a beneficiary to a consumer loan purchase and sale flow agreement whereby the Loan Purchaser purchases consumer loans that satisfy certain specified criteria. The Company has investments in participation certificates related to consumer loans titled in the name of the Loan Purchaser. Through its participation certificates, the Company has beneficial interests in the loan cash flows, net of servicing-related fees and expenses. The total fair value of the Company's beneficial interests in the net cash flows was $21.9 million as of December 31, 2018 and is included on the Company's Consolidated Condensed Schedule of Investments in Consumer Loans and Asset-backed Securities backed by Consumer Loans. In addition, the Company also holds an investment in preferred stock and warrants to purchase additional preferred stock of the consumer loan originator that sells consumer loans to the Loan Purchaser. The Company purchases certain of its consumer loans through an affiliate, or the "Purchasing Entity." The Purchasing Entity has entered into purchase agreements, open-ended in duration, with third party consumer loan originators whereby it has agreed to purchase eligible consumer loans. The amount of

Long-Term Incentive Plan Units

Long-Term Incentive Plan Units	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Long-Term Incentive Plan Units	Long-Term Incentive Plan Units OP LTIP Units subject to the Company's incentive plans are generally exercisable by the holder at any time after vesting. Each OP LTIP Unit is convertible into an OP Unit on a one-for-one basis. Subject to certain conditions, the OP Units are redeemable by the holder for an equivalent number of shares of common stock of the Company or for the cash value of such shares of common stock, at the Company's election. Costs associated with the OP LTIP Units issued under the Company's incentive plans are measured as of the grant date and expensed ratably over the vesting period. Total expense associated with OP LTIP Units issued under the Company's incentive plans for the three-month period ended March 31, 2019 was $0.1 million . The below table details unvested OP LTIP Units as of March 31, 2019: Grant Recipient Number of OP LTIP Units Granted Grant Date Vesting Date (1) Directors: 14,440 September 12, 2018 September 11, 2019 Partially dedicated employees: 8,692 December 11, 2018 December 11, 2019 8,691 December 11, 2018 December 11, 2020 5,886 December 12, 2017 December 12, 2019 Total unvested OP LTIP Units at March 31, 2019 37,709 (1) Date at which such OP LTIP Units will vest and become non-forfeitable. The following table summarizes issuance and exercise activity of OP LTIP Units for the three-month period ended March 31, 2019: Manager Director/ Employee Total OP LTIP Units Outstanding (1/1/19) 375,000 146,371 521,371 Granted — — — Exercised — — — OP LTIP Units Outstanding (3/31/19) 375,000 146,371 521,371 OP LTIP Units Unvested and Outstanding (3/31/19) — 37,709 37,709 OP LTIP Units Vested and Outstanding (3/31/19) 375,000 108,662 483,662 As of March 31, 2019, there were an aggregate of 1,874,223 shares of common stock of the Company underlying awards, including OP LTIP Units, available for future issuance under the Company's 2017 Equity Incentive Plan. Long-Term Incentive Plan Units LTIP Units and OP LTIP Units held pursuant to the Company's incentive plans are generally exercisable by the holder at any time after vesting. Each LTIP Unit is convertible into one common share. Each OP LTIP Unit is convertible into an OP Unit on a one-for-one basis. Subject to certain conditions, the OP Units are redeemable by the holder for an equivalent number of common shares of the Company or for the cash value of such common shares, at the Company's election. Costs associated with the LTIP Units and the OP LTIP Units issued under the Company's incentive plans are measured as of the grant date and expensed ratably over the vesting period. Total expense associated with LTIP Units and OP LTIP Units issued under the Company's incentive plans for each of the three-month period ended March 31, 2018 was $0.1 million . On March 7, 2018, the Company's Board of Directors authorized the issuance of 1,723 LTIP Units to certain of its partially dedicated employees pursuant to the Company's 2017 Equity Incentive Plan. These LTIP Units will vest and become non-forfeitable on March 7, 2019. On September 12, 2018, the Company's Board of Directors authorized the issuance of 14,440 LTIP Units to certain of its directors pursuant to the Company's 2017 Equity Incentive Plan. These LTIP Units will vest and become non-forfeitable on September 11, 2019. On December 11, 2018, the Company's Board of Directors authorized the issuance of 17,383 OP LTIP Units to certain of its partially dedicated employees pursuant to the Company's 2017 Equity Incentive Plan. These OP LTIP Units will vest and become non-forfeitable on December 11, 2019 with respect to 8,692 OP LTIP Units and December 11, 2020 with respect to 8,691 OP LTIP Units. On December 31, 2018, the Company redeemed all 503,988 outstanding LTIP Units which it had originally issued under its incentive plans, with each LTIP unitholder receiving in exchange an equal number of OP LTIP Units (the "Redemption Transaction"). The below table details unvested OP LTIP Units as of December 31, 2018: Grant Recipient Number of OP LTIP Units Grant Date Vesting Date (1) Directors: 14,440 September 12, 2018 September 11, 2019 Partially dedicated employees: 8,692 December 11, 2018 December 11, 2019 8,691 December 11, 2018 December 11, 2020 1,723 March 7, 2018 March 7, 2019 5,886 December 12, 2017 December 12, 2019 Total unvested OP LTIP Units at December 31, 2018 39,432 (1) Date at which such OP LTIP Units will vest and become non-forfeitable. The following table summarizes issuance and exercise activity of LTIP Units and OP LTIP Units for the three-month period ended March 31, 2018: Manager Director/ Employee Total LTIP Units and OP LTIP Units Outstanding (12/31/2017) 375,000 116,159 491,159 Granted — 1,723 1,723 Exercised — — — LTIP Units and OP LTIP Units Outstanding (3/31/2018) 375,000 117,882 492,882 LTIP Units and OP LTIP Units Vested and Outstanding (3/31/2018) 375,000 86,155 461,155 As of December 31, 2018, there were an aggregate of 1,874,223 common shares underlying awards, including OP LTIP Units, available for future issuance under the Company's 2017 Equity Incentive Plan.

Non-controlling Interests

Non-controlling Interests	3 Months Ended
	Mar. 31, 2019
Noncontrolling Interest [Abstract]
Non-controlling Interests	Non-controlling Interests Operating Partnership Non-controlling interests include the Convertible Non-controlling Interests in the Operating Partnership owned by an affiliate of our Manager, our directors, and certain current and former Ellington employees and their related parties. On December 31, 2018, the Company redeemed 503,988 outstanding long term incentive plan units of the Company and exchanged them on a one-for-one basis for OP LTIP Units. Income allocated to Convertible Non-controlling Interests is based on the non-controlling interest owners' ownership percentage of the Operating Partnership during the quarter, calculated using a daily weighted average of all shares of common stock of the Company and Convertible Non-controlling Interests outstanding during the quarter. Holders of Convertible Non-controlling Interests are entitled to receive the same distributions that holders of shares of common stock of the Company receive. Convertible Non-controlling Interests are non-voting with respect to matters as to which holders of common stock of the Company are entitled to vote. As March 31, 2019, the Convertible Non-controlling Interests consisted of the outstanding 521,371 OP LTIP Units and 212,000 OP Units, and represented an interest of approximately 2.4% in the Operating Partnership. As of March 31, 2019, non-controlling interests related to the outstanding 521,371 OP LTIP Units and the outstanding 212,000 OP Units was $13.9 million . Joint Venture Interests Non-controlling interests also include the interests of joint venture partners in various consolidated subsidiaries of the Company. The subsidiaries hold the Company's investments in certain commercial mortgage loans and REO. These joint venture partners participate in the income, expense, gains and losses of such subsidiaries as set forth in the related operating agreements of the subsidiaries. These joint venture partners make capital contributions to the subsidiaries as new approved investments are purchased by the subsidiaries, and are generally entitled to distributions when investments are sold or otherwise disposed of. As of March 31, 2019, these joint venture partners' interests in subsidiaries of the Company were $16.2 million . These joint venture partners' interests are not convertible into shares of common stock of the Company or OP Units, nor are these joint venture partners entitled to receive distributions that holders of shares of common stock of the Company receive. Non-controlling Interests Operating Partnership Non-controlling interests include the Convertible Non-controlling Interests in the Operating Partnership owned by an affiliate of our Manager, our directors, and certain current and former Ellington employees and their related parties. These interests consist of OP Units and OP LTIP Units. On January 1, 2013, 212,000 OP Units were purchased by the initial non-controlling interest member. On December 11, 2018, the Company issued 17,383 OP LTIP Units to certain officers of the Company. On December 31, 2018, the Company redeemed 503,988 LTIP Units and distributed 503,988 OP LTIP Units to non-controlling interest members pursuant to the Redemption Transaction. Income allocated to these non-controlling interests is based on the non-controlling interest owners' ownership percentage of the Operating Partnership during the quarter, calculated using a daily weighted average of all common shares and convertible units outstanding during the quarter. Holders of OP Units and OP LTIP Units are entitled to receive the same distributions that holders of common shares receive, and OP Units are convertible into common shares on a one-for-one basis, subject to specified limitations. Each OP LTIP Unit is convertible into an OP Unit on a one-for-one basis. OP Units and OP LTIP Units are non-voting with respect to matters as to which common shareholders are entitled to vote. As December 31, 2018, the Convertible Non-controlling Interests consisted of the outstanding 521,371 OP LTIP Units and 212,000 OP Units, and represented an interest of approximately 2.4% in the Operating Partnership. As of December 31, 2018, the Convertible Non-controlling Interests consisted of 212,000 outstanding OP Units, and represented an interest of approximately 0.7% in the Operating Partnership. As of December 31, 2018 non-controlling interests related to the outstanding 521,371 OP LTIP Units and the outstanding 212,000 OP Units was $13.9 million . Joint Venture Interests Non-controlling interests also include the interests of joint venture partners in various consolidated subsidiaries of the Company. The subsidiaries hold the Company's investments in certain commercial mortgage loans and REO. These joint venture partners participate in the income, expense, gains and losses of such subsidiaries as set forth in the related operating agreements of the subsidiaries. These joint venture partners make capital contributions to the subsidiaries as new approved investments are purchased by the subsidiaries, and are generally entitled to distributions when investments are sold or otherwise disposed of. As of December 31, 2018 these joint venture partners' interests in subsidiaries of the Company were $17.3 million . These joint venture partners' interests are not convertible into common shares of the Company or OP Units, nor are these joint venture partners entitled to receive distributions that holders of common shares of the Company receive.

Common Stock Capitalization

Common Stock Capitalization	3 Months Ended
	Mar. 31, 2019
Stockholders' Equity Note [Abstract]
Common Stock Capitalization	Common Stock Capitalization The Company has authorized 100,000,000 shares of common stock, $0.001 par value per share. The Board of Directors may authorize the issuance of additional shares, subject to the approval of the holders of at least a majority of the shares of common stock then outstanding present in person or represented by proxy at a meeting of the stockholders. As of March 31, 2019, there were 29,745,776 shares of common stock outstanding. During the three-month period ended March 31, 2019, the Board of Directors authorized dividends totaling $0.55 per share. Total dividends declared during the three-month period ended March 31, 2019 were $16.8 million . The following table summarizes issuance, repurchase, and other activity with respect to the Company's common stock for the three-month period ended March 31, 2019: March 31, 2019 Shares of Common Stock Outstanding (1/1/19) 29,796,601 Share Activity: Shares of common stock repurchased (50,825 ) Director OP LTIP Units exercised — Shares of Common Stock Outstanding (3/31/19) 29,745,776 If all Convertible Non-controlling Interests that have been previously issued were to become fully vested and exchanged for shares of common stock as of March 31, 2019, the Company's issued and outstanding shares of common stock would increase to 30,479,147 shares. On June 13, 2018, the Board of Directors approved the adoption of a share repurchase program under which the Company is authorized to repurchase up to 1.55 million shares of common stock. The program, which is open-ended in duration, allows the Company to make repurchases from time to time on the open market or in negotiated transactions, including under Rule 10b5-1 plans. Repurchases are at the Company's discretion, subject to applicable law, share availability, price and financial performance, among other considerations. During the three-month period ended March 31, 2019, the Company repurchased 50,825 shares at an average price per share of $15.39 and a total cost of $0.8 million . From inception of the current repurchase plan through March 31, 2019, the Company repurchased 411,915 shares at an average price per share of $15.34 and a total cost of $6.3 million . Common Share Capitalization During the three-months ended March 31, 2018 the Board of Directors authorized dividends totaling $0.41 per share. Total dividends paid during the three-month period ended March 31, 2018 were $12.9 million . The following table summarizes issuance, repurchase, and other activity with respect to the Company's common shares for the three-month period ended March 31, 2018: Three-Month Period Ended March 31, 2018 Common Shares Outstanding (12/31/2017) 31,335,938 Share Activity: Shares repurchased (943,897 ) Director LTIP Units exercised — Common Shares Outstanding (3/31/2018) 30,392,041 If all LTIP Units, OP LTIP Units, and OP Units that have been previously issued were to become fully vested and exchanged for common shares as of March 31, 2018 the Company's issued and outstanding common shares would increase to 31,096,923 . On February 6, 2018, the Company's Board of Directors approved the adoption of a share repurchase program under which the Company is authorized to repurchase up to 1.55 million common shares. The program, which is open-ended in duration, allows the Company to make repurchases from time to time on the open market or in negotiated transactions, including under Rule 10b5-1 plans. Repurchases are at the Company's discretion, subject to applicable law, share availability, price and its financial performance, among other considerations. This program superseded the program that was previously adopted on February 6, 2018. During the three-month period ended March 31, 2018, the Company repurchased 943,897 common shares at an average price per share of $14.80 and a total cost of $14.0 million .

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The components of the computation of basic and diluted EPS are as follows: Three-Month Period Ended March 31, 2019 (In thousands except share amounts) Net income (loss) attributable to common stockholders $ 15,408 Add: Net income (loss) attributable to Convertible Non-controlling Interests (1) 380 Net income (loss) related to common stockholders and Convertible Non-controlling Interests 15,788 Dividends Paid: Common stockholders (16,360 ) Convertible Non-controlling Interests (404 ) Total dividends paid to common stockholders and Convertible Non-controlling Interests (16,764 ) Undistributed (Distributed in excess of) earnings: Common stockholders (952 ) Convertible Non-controlling Interests (24 ) Total undistributed (distributed in excess of) earnings attributable to common stockholders and Convertible Non-controlling Interests (976 ) Weighted average shares outstanding (basic and diluted): Weighted average shares of common stock outstanding 29,747,537 Weighted average Convertible Non-controlling Interest Units outstanding 733,371 Weighted average shares of common stock and Convertible Non-controlling Interest Units outstanding 30,480,908 Basic earnings per share of common stock: Distributed $ 0.55 Undistributed (Distributed in excess of) (0.03 ) $ 0.52 Diluted earnings per share of common stock: Distributed $ 0.55 Undistributed (Distributed in excess of) (0.03 ) $ 0.52 (1) For the three-month period ended March 31, 2019, excludes net income (loss) of $0.7 million , attributable to joint venture partners, which have non-participating interests as described in Note 15. Earnings Per Share The components of the computation of basic and diluted EPS were as follows: Three-Month Period Ended March 31, 2018 (In thousands except share amounts) Net increase in shareholders' equity resulting from operations $ 21,039 Add: Net increase in equity resulting from operations attributable to the participating non-controlling interest (1) 142 Net increase in equity resulting from operations related to common shares, LTIP Unit holders, and participating non-controlling interest 21,181 Net increase in shareholders' equity resulting from operations available to common share and LTIP Unit holders: Net increase in shareholders' equity resulting from operations– common shares 20,709 Net increase in shareholders' equity resulting from operations– LTIP Units 330 Dividends Paid (2) : Common shareholders (12,562 ) LTIP Unit holders (201 ) Non-controlling interest (87 ) Total dividends paid to common shareholders, LTIP Unit holders, and non-controlling interest (12,850 ) Undistributed (Distributed in excess of) earnings: Common shareholders 8,147 LTIP Unit holders 129 Non-controlling interest 55 Total undistributed (distributed in excess of) earnings attributable to common shareholders, LTIP Unit holders, and non-controlling interest $ 8,331 Weighted average shares outstanding (basic and diluted): Weighted average common shares outstanding 30,830,615 Weighted average participating LTIP Units 491,638 Weighted average non-controlling interest units 212,000 Basic earnings per common share: Distributed $ 0.41 Undistributed (Distributed in excess of) 0.26 $ 0.67 Diluted earnings per common share: Distributed $ 0.41 Undistributed (Distributed in excess of) 0.26 $ 0.67 (1) For the three-months ended March 31, 2018 excludes net increase (decrease) in equity resulting from operations of $0.1 million attributable to joint venture partners, which have non-participating interests as described in Note 11. (2) The Company pays quarterly dividends in arrears, so a portion of the dividends paid in each calendar year relate to the prior year's earnings.

Restricted Cash

Restricted Cash	3 Months Ended
	Mar. 31, 2019
Restricted Cash and Investments [Abstract]
Restricted Cash	Restricted Cash The Company is required to maintain certain cash balances with counterparties and/or unrelated third parties for various activities and transactions. The Company is required to maintain a specific cash balance in a segregated account pursuant to a flow consumer loan purchase and sale agreement. As of March 31, 2019, the Company's restricted cash balance related to the flow consumer loan purchase and sale agreement was $0.2 million . Restricted Cash The Company is required to maintain certain cash balances with counterparties and/or unrelated third parties for various activities and transactions. The Company is required to maintain a specific cash balance in a segregated account pursuant to a flow consumer loan purchase and sale agreement. The Company is also required to maintain a specific minimum cash balance in connection with its subsidiary that holds various state mortgage origination licenses. The below table details the Company's restricted cash balances included in Restricted cash on the Consolidated Statement of Assets, Liabilities, and Equity as of December 31, 2018. December 31, 2018 (In thousands) Restricted cash balance related to: Minimum account balance required for regulatory purposes $ 250 Flow consumer loan purchase and sale agreement 175 Total $ 425

Offsetting of Assets and Liabil

Offsetting of Assets and Liabilities	3 Months Ended
	Mar. 31, 2019
Offsetting of Assets and Liabilities [Abstract]
Offsetting of Assets and Liabilities	Offsetting of Assets and Liabilities The Company generally records financial instruments at fair value as described in Note 2. All financial instruments are recorded on a gross basis on the Condensed Consolidated Balance Sheet. In connection with the vast majority of its derivative, reverse repurchase and repurchase agreements, and the related trading agreements, the Company and its counterparties are required to pledge collateral. Cash or other collateral is exchanged as required with each of the Company's counterparties in connection with open derivative positions, and reverse repurchase and repurchase agreements. The following table presents information about certain assets and liabilities representing financial instruments as of March 31, 2019 . The Company has not entered into master netting agreements with any of its counterparties. Certain of the Company's reverse repurchase and repurchase agreements and financial derivative transactions are governed by underlying agreements that generally provide a right of offset in the event of default or in the event of a bankruptcy of either party to the transaction. March 31, 2019 : Description Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet (1) Financial Instruments Available for Offset Financial Instruments Transferred or Pledged as Collateral (2)(3) Cash Collateral (Received) Pledged (2)(3) Net Amount (In thousands) Assets Financial derivatives–assets $ 15,356 $ (12,082 ) $ — $ (1,232 ) $ 2,042 Reverse repurchase agreements 25,381 (25,381 ) — — — Liabilities Financial derivatives–liabilities (26,904 ) 12,082 — 10,373 (4,449 ) Repurchase agreements (1,550,016 ) 25,381 1,510,762 13,873 — (1) In the Company's Condensed Consolidated Balance Sheet, all balances associated with repurchase agreements, reverse repurchase agreements, and financial derivatives are presented on a gross basis. (2) For the purpose of this presentation, for each row the total amount of financial instruments transferred or pledged and cash collateral (received) or pledged may not exceed the applicable gross amount of assets or (liabilities) as presented here. Therefore, the Company has reduced the amount of financial instruments transferred or pledged as collateral related to the Company's reverse repurchase agreements and cash collateral pledged on the Company's financial derivative liabilities. Total financial instruments transferred or pledged as collateral on the Company's reverse repurchase agreements as of March 31, 2019 was $1.85 billion . As of March 31, 2019, total cash collateral on financial derivative assets excludes excess net cash collateral pledged of $3.0 million . As of March 31, 2019, total cash collateral on financial derivative liabilities excludes excess cash collateral pledged of $13.8 million . (3) When collateral is pledged to or pledged by a counterparty, it is often pledged or posted with respect to all positions with such counterparty, and in such cases such collateral cannot be specifically identified as relating to a specific asset or liability. As a result, in preparing the above tables, the Company has made assumptions in allocating pledged or posted collateral among the various rows. Offsetting of Assets and Liabilities The Company records financial instruments at fair value as described in Note 2. All financial instruments are recorded on a gross basis on the Consolidated Statement of Assets, Liabilities, and Equity. In connection with the vast majority of its derivative, repurchase and reverse repurchase agreements, and the related trading agreements, the Company and its counterparties are required to pledge collateral. Cash or other collateral is exchanged as required with each of the Company's counterparties in connection with open derivative positions, and repurchase and reverse repurchase agreements. The following tables present information about certain assets and liabilities representing financial instruments as of December 31, 2018. The Company has not entered into master netting agreements with any of its counterparties. Certain of the Company's repurchase and reverse repurchase agreements and financial derivative transactions are governed by underlying agreements that generally provide a right of offset in the event of default or in the event of a bankruptcy of either party to the transaction. December 31, 2018: Description Amount of Assets (Liabilities) Presented in the Consolidated Statements of Assets, Liabilities, and Equity (1) Financial Instruments Available for Offset Financial Instruments Transferred or Pledged as Collateral (2)(3) Cash Collateral (Received) Pledged (2)(3) Net Amount (In thousands) Assets Financial derivatives–assets $ 20,001 $ (10,910 ) $ — $ (2,514 ) $ 6,577 Repurchase agreements 61,274 (61,274 ) — — — Liabilities Financial derivatives–liabilities (20,806 ) 10,910 — 9,896 — Reverse repurchase agreements (1,498,849 ) 61,274 1,420,601 16,974 — (1) In the Company's Consolidated Statement of Assets, Liabilities, and Equity, all balances associated with repurchase agreements, reverse repurchase agreements, and financial derivatives are presented on a gross basis. (2) For the purpose of this presentation, for each row the total amount of financial instruments transferred or pledged and cash collateral (received) or pledged may not exceed the applicable gross amount of assets or (liabilities) as presented here. Therefore, the Company has reduced the amount of financial instruments transferred or pledged as collateral related to the Company's reverse repurchase agreements and cash collateral pledged on the Company's financial derivative liabilities. Total financial instruments transferred or pledged as collateral on the Company's reverse repurchase agreements as of December 31, 2018 were $1.79 billion . As of December 31, 2018 total cash collateral on financial derivative assets excludes excess net cash collateral pledged of $0.1 million . As of December 31, 2018 total cash collateral on financial derivative liabilities excludes excess cash collateral pledged of $16.4 million . (3) When collateral is pledged to or pledged by a counterparty, it is often pledged or posted with respect to all positions with such counterparty, and in such cases such collateral cannot be specifically identified as relating to a specific asset or liability. As a result, in preparing the above tables, the Company has made assumptions in allocating pledged or posted collateral among the various rows.

Counterparty Risk

Counterparty Risk	3 Months Ended
	Mar. 31, 2019
Risks and Uncertainties [Abstract]
Counterparty Risk	Counterparty Risk The Company is exposed to concentrations of counterparty risk. It seeks to mitigate such risk by diversifying its exposure among various counterparties, when appropriate. The following table summarizes the Company's exposure to counterparty risk as of March 31, 2019. Amount of Exposure Number of Counterparties with Exposure Maximum Percentage of Exposure to a Single Counterparty (1) (In thousands) Cash and cash equivalents $ 55,876 7 55.9 % Collateral on repurchase agreements held by dealers (2) 1,864,614 25 16.0 % Due from brokers 58,145 17 24.9 % Receivable for securities sold (3) 40,489 6 29.7 % (1) Each counterparty is a large creditworthy financial institution. (2) Includes securities and loans as well as cash posted as collateral for repurchase agreements. (3) Included in Investment related receivables on the Condensed Consolidated Balance Sheet. Counterparty Risk As of December 31, 2018, investments with an aggregate value of approximately $1.79 billion were held with dealers as collateral for various reverse repurchase agreements. The investments held as collateral include securities in the amount of $86.7 million that were sold prior to period end but for which such sale had not yet settled as of December 31, 2018. The following table details the percentage of such collateral held by counterparties who hold greater than 15% of the aggregate $1.79 billion in collateral for various reverse repurchase agreements as of December 31, 2018. In addition to the below, unencumbered investments, on a settlement date basis, of approximately $13.3 million were held in custody at the Bank of New York Mellon Corporation as of December 31, 2018. Dealer % of Total Collateral on Reverse Repurchase Agreements Royal Bank of Canada 19% The following table details the percentage of collateral amounts held by dealers who hold greater than 15% of the Company's Due from Brokers, included as of December 31, 2018: Dealer % of Total Due from Brokers Morgan Stanley 37% J.P. Morgan Securities LLC 30% The following table details the percentage of amounts held by dealers who hold greater than 15% of the Company's Receivable for securities sold as of December 31, 2018: Dealer % of Total Receivable for Securities Sold J.P. Morgan Securities LLC 25% Bank of America Securities 26% CS First Boston Limited 34% In addition, the Company held cash and cash equivalents of $44.7 million as of March 31, 2018. The below table details the concentration of cash and cash equivalents held by each counterparty: Counterparty As of December 31, 2018 Bank of New York Mellon Corporation 64% Deutsche Bank Securities 5% Bank of America Securities 2% Morgan Stanley Institutional Liquidity Fund—Government Portfolio 10% BlackRock Liquidity Funds FedFund Portfolio 9% Goldman Sachs Financial Square Funds—Government Fund 9% Lakeland Bank Inc. 1%

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Commitments	Commitments and Contingencies The Company provides current directors and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Company. In the normal course of business the Company may also enter into contracts that contain a variety of representations, warranties, and general indemnifications. The Company's maximum exposure under these arrangements, including future claims that may be made against the Company that have not yet occurred, is unknown. The Company has not incurred any costs to defend lawsuits or settle claims related to these indemnification agreements. As of March 31, 2019 the Company has no liabilities recorded for these agreements. The Company's maximum risk of loss from credit events on its securities (excluding Agency securities, which are guaranteed by the issuing government agency or government-sponsored enterprise), loans, and investments in unconsolidated entities is limited to the amount paid for such investment. Commitments and Contingencies Related to Investments in Residential Mortgage Loans In connection with certain of the Company's investments in residential mortgage loans, the Company has unfunded commitments in the amount of $1.6 million as of March 31, 2019. Commitments and Contingencies Related to Investments in Mortgage Loan Originators In connection with certain of its investments in mortgage originators, the Company has outstanding commitments and contingencies as described below. As described in Note 13, the Company is party to a flow mortgage loan purchase and sale agreement with a mortgage loan originator. The Company has entered into two agreements whereby it guarantees the performance of this mortgage loan originator under master repurchase agreements. The Company's maximum guarantees are capped at $25.0 million . As of March 31, 2019 the mortgage loan originator had $9.4 million of outstanding borrowings under the agreements guaranteed by the Company. The Company's obligations under these arrangements are deemed to be guarantees under ASC 460-10. The Company has elected the FVO for its guarantees, which are included in Other Liabilities on the Condensed Consolidated Balance Sheet. As of March 31, 2019, the estimated fair value of such guarantees was insignificant. Commitments and Contingencies The Company provides current directors and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Company. In the normal course of business the Company may also enter into contracts that contain a variety of representations, warranties, and general indemnifications. The Company's maximum exposure under these arrangements, including future claims that may be made against the Company that have not yet occurred, is unknown. The Company has not incurred any costs to defend lawsuits or settle claims related to these indemnification agreements. As of December 31, 2018, the Company has no liabilities recorded for these agreements. Commitments and Contingencies Related to Investments in Residential Mortgage Loans In connection with certain of the Company's investments in residential mortgage loans, the Company has unfunded commitments in the amount of $1.0 million as of December 31, 2018. Commitments and Contingencies Related to Investments in Mortgage Originators In connection with certain of its investments in mortgage originators, the Company has outstanding commitments and contingencies as described below. As described in Note 9, Related Party Transactions, the Company is party to a flow mortgage loan purchase and sale agreement with a mortgage originator. The Company has entered into two agreements whereby it guarantees the performance of this mortgage originator under master repurchase agreements. The Company's maximum guarantees are capped at $25.0 million . As of December 31, 2018 the mortgage originator had $2.9 million outstanding borrowings under these agreements guaranteed by the Company. The Company's obligation under these arrangements are deemed to be guarantees under ASC 460-10 and are carried at fair value and included in Other Liabilities on the Consolidated Statement of Assets, Liabilities, and Equity. As of December 31, 2018 the estimated fair value of such guarantees was zero .

Financial Highlights

Financial Highlights	3 Months Ended
	Mar. 31, 2019
Investment Company, Financial Highlights [Abstract]
Financial Highlights	Financial Highlights Results of Operations for a Share Outstanding Throughout the Periods: Three-Month Period Ended March 31, 2018 Beginning Shareholders' Equity Per Share (12/31/2017) $ 19.15 Net Investment Income 0.33 Net Realized/Unrealized Gains (Losses) 0.36 Results of Operations Attributable to Equity 0.69 Less: Results of Operations Attributable to Non-controlling Interests (0.01 ) Results of Operations Attributable to Shareholders' Equity (1) 0.68 Dividends Paid to Common Shareholders (0.41 ) Accretive (Dilutive) Effect of Share Issuances (Net of Offering Costs), Share Repurchases, and Adjustments to Non-controlling Interest 0.14 Ending Shareholders' Equity Per Share (12/31/2018) (2) $ 19.56 Shares Outstanding, end of period 30,392,041 (1) Calculated based on average common shares outstanding and can differ from the calculation for EPS (See Note 13). (2) If all LTIP Units and OP Units previously issued were vested and exchanged for common shares as of March 31, 2018 shareholders' equity per share would be $19.25 . Total Return: The Company calculates its total return two ways, one based on its reported net asset value and the other based on its publicly traded share price. The following table illustrates the Company's total return for the periods presented based on net asset value: Net Asset Value Based Total Return for a Shareholder: (1) Three-Month Period Ended March 31, 2018 Total Return 4.30% (1) Total return is calculated assuming reinvestment of distributions at shareholders' equity per share during the period. Market Based Total Return for a Shareholder: For the three-month period ended March 31, 2018 the Company's market based total return based on the closing price as reported by the New York Stock Exchange was 5.03% . Calculation of market based total return assumes the reinvestment of dividends at the closing price as reported by the New York Stock Exchange as of the ex-date. Net Investment Income Ratio to Average Equity: (1)(2) Three-Month Period Ended March 31, 2018 Net Investment Income 6.75% (1) Average equity is calculated using month end values. (2) Includes all items of income and expense on an annualized basis. Expense Ratios to Average Equity: (1)(2) Three-Month Period Ended March 31, 2018 Operating expenses, before interest expense and other investment related expenses (2.67)% Interest expense and other investment related expenses (9.56)% Total Expenses (12.23)% (1) Average equity is calculated using month end values.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 5, 2019, the Board of Directors approved a dividend in the amount of $0.14 per share payable on May 28, 2019 to stockholders of record as of April 30, 2019. Additionally, on May 7, 2019, the Board of Directors approved a dividend in the amount of $ 0.14 per share payable on June 25, 2019 to stockholders of record as of May 31, 2019. Subsequent Events On February 13, 2019, the Company announced that it will elect to be taxed as a REIT for U.S. federal income tax purposes for the taxable year ending December 31, 2019. To facilitate this planned election, it has elected to be taxed as a corporation for U.S. federal income tax purposes effective January 1, 2019. Also on February 13, 2019, the Company exchanged $86 million of 5.50% Senior Notes due 2022 (the "New Senior Notes") for its existing 5.25% senior notes due 2022 (the "Existing Senior Notes"). The New Senior Notes were jointly and severally issued by two of the Company's subsidiaries and fully guaranteed by the Company. The indenture governing the New Senior Notes contains a number of covenants, including several financial covenants. On February 14, 2019, the Company's Board of Directors approved a dividend in the amount of $0.41 per share payable on March 15, 2019 to shareholders of record as of March 1, 2019. On February 28, 2019, the Company filed a certificate of conversion with the Secretary of State of the State of Delaware (the "Secretary of State") to convert from a Delaware limited liability company to a Delaware corporation (the "Conversion") and change its name to Ellington Financial Inc. (the "Corporation"). The Conversion became effective on March 1, 2019, and upon effectiveness, each of the Company's existing common shares representing limited liability company interests, no par value, converted into one issued and outstanding, fully paid and nonassessable share of common stock, $0.001 par value per share, of the Corporation. In connection with the Conversion, the Board approved the Company's Certificate of Incorporation, which the Company also filed with the Secretary of State, and the Company's Bylaws. On March 11, 2019, the Company's Board of Directors approved a dividend in the amount of $0.14 per share payable on April 25, 2019 to stockholders of record as of March 29, 2019. In connection with the Conversion and the Company's plan to qualify as a REIT for the year ending December 31, 2019, effective January 1, 2019 the Company no longer qualifies for investment company accounting in accordance with ASC 946 and will discontinue its use prospectively. The Company will continue to measure its qualifying assets and liabilities at fair value by electing the fair value option where applicable.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation : The Company's unaudited interim condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America, or "U.S. GAAP," and Regulation S-X. The condensed consolidated financial statements include the accounts of the Company, the Operating Partnership, its subsidiaries, and variable interest entities, or "VIEs," for which the Company is deemed to be the primary beneficiary. All intercompany balances and transactions have been eliminated. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In management's opinion, all material adjustments considered necessary for a fair statement of the Company's interim condensed consolidated financial statements have been included and are only of a normal recurring nature. Interim results are not necessarily indicative of the results that may be expected for the entire fiscal year. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2018. The Company adopted ASC 946, Financial Services—Investment Companies ("ASC 946") upon its commencement of operations in August 2007, and applied U.S. GAAP for investment companies. In connection with the Company's internal restructuring and the Company's intention to qualify as a REIT for the year ending December 31, 2019, the Company has determined that, effective January 1, 2019, it no longer qualifies for investment company accounting in accordance with ASC 946-10-25, and has prospectively discontinued its use. The Company will elect the fair value option, or "FVO," for, and therefore the Company will continue to measure at fair value, those of its assets and liabilities it had previously measured at fair value and for which such election is permitted, as provided for under ASC 825, Financial Instruments ("ASC 825"). Due to the prospective application of a change in accounting as required under ASC 946-10-25-2, the Company has determined that the presentation of its condensed consolidated financial statements for periods beginning after December 31, 2018 are not comparable to the consolidated financial statements previously prepared for prior periods for which the Company applied ASC 946. As a result, the Company has provided separate consolidated financial statements for applicable prior periods in Item 1 of this Quarterly Report on Form 10-Q. Basis of Presentation : The Company's unaudited interim consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America, or "U.S. GAAP," for investment companies, ASC 946, Financial Services—Investment Companies ("ASC 946"). The Company has determined that it meets the definition of an investment company under ASC 946 . ASC 946 requires, among other things, that investments be reported at fair value in the financial statements. Additionally under ASC 946 the Company generally will not consolidate its interest in any company other than in its subsidiaries that qualify as investment companies under ASC 946. The consolidated financial statements include the accounts of the Company, the Operating Partnership, and its subsidiaries. They also include certain securitization trusts which are designed to facilitate specific financing activities of the Company and represent a direct extension of the Company's business activities. All intercompany balances and transactions have been eliminated. The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be material. In management's opinion, all material adjustments considered necessary for a fair statement of the Company's interim consolidated financial statements have been included and are only of a normal recurring nature. Interim results are not necessarily indicative of the results that may be expected for the entire fiscal year. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2017.
Reclassification and Presentation	Reclassification and Presentation Effective January 1, 2019, the Company prospectively discontinued its application of ASC 946. Upon its change in status, the following significant changes and elections were made: • Investments in securities are now accounted for in accordance with ASC 320, Investments—Debt and Equity Securities ("ASC 320"); • The Company elected the FVO as provided for under ASC 825-10-25-4 for all eligible financial instruments for which the Company had previously measured at fair value, including investments in securities, loans, financial derivatives, and certain of the Company's secured borrowings. As a result, all changes in the fair value of such financial instruments will continue to be recorded in earnings on the Company's Condensed Consolidated Statement of Operations; • Real estate owned, or "REO," is not eligible for the FVO election. As a result, REO is carried at the lower of cost or fair value. The Company's cost basis in any REO that was previously measured at fair value under ASC 946 was adjusted on January 1, 2019 to equal the fair value of such investment as of December 31, 2018; • The Company elected not to designate its financial derivatives as hedging instruments in accordance with ASC 815, Derivatives and Hedging ("ASC 815"). As a result, all changes in the fair value of financial derivatives will continue to be recorded in earnings on the Company's Condensed Consolidated Statement of Operations; • Forward settling to-be-announced mortgage-backed-securities, or "TBAs," are no longer classified as investments. TBAs will be classified as financial derivatives, with the difference between the forward contract price and the market value of the TBA position as of the reporting date included in Unrealized gains (losses) on financial derivatives, net, on the Condensed Consolidated Statement of Operations; and • The Company is required to account for certain of its equity investments under ASC 323-10, Investments—Equity Method and Joint Ventures ("ASC 323-10"). The Company has elected the FVO for such equity investments and changes in fair value will be reported in Earnings from investments in unconsolidated entities, on the Condensed Consolidated Statement of Operations. The discontinuation of the Company's application of ASC 946 prospectively changed the presentation of the Company's condensed consolidated financial statements. The most significant changes are: • The Consolidated Statement of Assets, Liabilities, and Equity has been changed to a Condensed Consolidated Balance Sheet; • The Consolidated Condensed Schedule of Investments has been removed; • The Consolidated Statement of Operations is no longer presented in the format required under ASC 946. The Company will present the Condensed Consolidated Statement of Operations as required under U.S. GAAP for operating companies. A Consolidated Statement of Other Comprehensive Income (Loss) will be presented, if and when applicable; • The Condensed Consolidated Statement of Cash Flows has been changed, and now includes a section for investing activities; • Certain footnotes have been changed to reflect conformity with applicable U.S. GAAP for operating companies; • The Company re-evaluated its interests in all entities to determine whether they are variable interests, and re-evaluated its investments, including it investments in partially owned entities, to determine if they are VIEs, as required under ASC 810, Consolidation ("ASC 810"). The Company also re-evaluated consolidation considerations for all of its investments in VIEs and partially owned entities, as required under ASC 810. Applicable disclosures related to VIEs have been included in these notes to condensed consolidated financial statements; • Securities/loans sold under agreements to be repurchased at an agreed-upon price and date, which were formerly referred to as "reverse repurchase agreements," are now referred to as "repurchase agreements"; • Securities/loans purchased under agreements to resell at an agreed-upon price and date, which were formerly referred to as "repurchase agreements," are now referred to as "reverse repurchase agreements"; and • The financial highlights disclosures, which are not required under U.S. GAAP for operating companies, have been removed. (B) Valuation : The Company applies ASC 820-10, Fair Value Measurement ("ASC 820") to its holdings of financial instruments. ASC 820 establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the observability of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: • Level 1—inputs to the valuation methodology are observable and reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Currently, the types of financial instruments the Company generally includes in this category are listed equities and exchange-traded derivatives; • Level 2—inputs to the valuation methodology other than quoted prices included in Level 1 are observable for the asset or liability, either directly or indirectly. Currently, the types of financial instruments that the Company generally includes in this category are RMBS for which the principal and interest payments are guaranteed by a U.S. government agency or a U.S. government-sponsored entity, or "Agency RMBS," U.S. Treasury securities and sovereign debt, certain non-Agency RMBS, CMBS, CLOs, corporate debt, and actively traded derivatives such as interest rate swaps, foreign currency forwards, and other over-the-counter derivatives; and • Level 3—inputs to the valuation methodology are unobservable and significant to the fair value measurement. The types of financial instruments that the Company generally includes in this category are certain RMBS, CMBS, CLOs, ABS, and credit default swaps, or "CDS," on individual ABS, in each case where there is less price transparency. Also included in this category are residential and commercial mortgage loans, consumer loans, and private corporate debt and equity investments. For certain financial instruments, the various inputs that management uses to measure fair value may fall into different levels of the fair value hierarchy. For each such financial instrument, the determination of which category within the fair value hierarchy is appropriate is based on the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the various inputs that management uses to measure fair value, with the highest priority given to inputs that are observable and reflect quoted prices (unadjusted) for identical assets or liabilities in active markets (Level 1), and the lowest priority given to inputs that are unobservable and significant to the fair value measurement (Level 3). The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. The Company may use valuation techniques consistent with the market and income approaches to measure the fair value of its financial instruments. The market approach uses third-party valuations and information obtained from market transactions involving identical or similar financial instruments. The income approach uses projections of the future economic benefit of an instrument to determine its fair value, such as in the discounted cash flow methodology. The inputs or methodology used for valuing financial instruments are not necessarily an indication of the risk associated with investing in these financial instruments. The leveling of each financial instrument is reassessed at the end of each period. Transfers between levels of the fair value hierarchy are assumed to occur at the end of the reporting period.
Valuation	Valuation : The Company applies ASC 820-10, Fair Value Measurement ("ASC 820") to its holdings of financial instruments. ASC 820 establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the observability of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: • Level 1—inputs to the valuation methodology are observable and reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Currently, the types of financial instruments the Company generally includes in this category are listed equities and exchange-traded derivatives; • Level 2—inputs to the valuation methodology other than quoted prices included in Level 1 are observable for the asset or liability, either directly or indirectly. Currently, the types of financial instruments that the Company generally includes in this category are RMBS for which the principal and interest payments are guaranteed by a U.S. government agency or a U.S. government-sponsored entity, or "Agency RMBS," U.S. Treasury securities and sovereign debt, certain non-Agency RMBS, CMBS, CLOs, corporate debt, and actively traded derivatives such as interest rate swaps, foreign currency forwards, and other over-the-counter derivatives; and • Level 3—inputs to the valuation methodology are unobservable and significant to the fair value measurement. The types of financial instruments that the Company generally includes in this category are certain RMBS, CMBS, CLOs, ABS, and credit default swaps, or "CDS," on individual ABS, in each case where there is less price transparency. Also included in this category are residential and commercial mortgage loans, consumer loans, and private corporate debt and equity investments. For certain financial instruments, the various inputs that management uses to measure fair value may fall into different levels of the fair value hierarchy. For each such financial instrument, the determination of which category within the fair value hierarchy is appropriate is based on the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the various inputs that management uses to measure fair value, with the highest priority given to inputs that are observable and reflect quoted prices (unadjusted) for identical assets or liabilities in active markets (Level 1), and the lowest priority given to inputs that are unobservable and significant to the fair value measurement (Level 3). The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. The Company may use valuation techniques consistent with the market and income approaches to measure the fair value of its financial instruments. The market approach uses third-party valuations and information obtained from market transactions involving identical or similar financial instruments. The income approach uses projections of the future economic benefit of an instrument to determine its fair value, such as in the discounted cash flow methodology. The inputs or methodology used for valuing financial instruments are not necessarily an indication of the risk associated with investing in these financial instruments. The leveling of each financial instrument is reassessed at the end of each period. Transfers between levels of the fair value hierarchy are assumed to occur at the end of the reporting period. Summary Valuation Techniques For financial instruments that are traded in an "active market," the best measure of fair value is the quoted market price. However, many of the Company's financial instruments are not traded in an active market. Therefore, management generally uses third-party valuations when available. If third-party valuations are not available, management uses other valuation techniques, such as the discounted cash flow methodology. The following are summary descriptions, for various categories of financial instruments, of the valuation methodologies management uses in determining fair value of the Company's financial instruments in such categories. Management utilizes such methodologies to assign a fair value (the estimated price that, in an orderly transaction at the valuation date, would be received to sell an asset, or paid to transfer a liability, as the case may be) to each such financial instrument. For mortgage-backed securities, or "MBS," TBAs, CLOs, and corporate debt and equity, management seeks to obtain at least one third-party valuation, and often obtains multiple valuations when available. Management has been able to obtain third-party valuations on the vast majority of these instruments and expects to continue to solicit third-party valuations in the future. Management generally values each financial instrument at the average of third-party valuations received and not rejected as described below. Third-party valuations are not binding, management may adjust the valuations it receives (e.g., downward adjustments for odd lots), and management may challenge or reject a valuation when, based on its validation criteria, management determines that such valuation is unreasonable or erroneous. Furthermore, based on its validation criteria, management may determine that the average of the third-party valuations received for a given financial instrument does not result in what management believes to be the fair value of such instrument, and in such circumstances management may override this average with its own good faith valuation. The validation criteria may take into account output from management's own models, recent trading activity in the same or similar instruments, and valuations received from third parties. The use of proprietary models requires the use of a significant amount of judgment and the application of various assumptions including, but not limited to, assumptions concerning future prepayment rates and default rates. Given their relatively high level of price transparency, Agency RMBS pass-throughs are typically classified as Level 2. Non-Agency RMBS, CMBS, Agency interest only and inverse interest only RMBS, CLOs, and corporate bonds are generally classified as either Level 2 or Level 3 based on analysis of available market data and/or third-party valuations. Private equity investments are generally classified as Level 3. Furthermore, the methodology used by the third-party valuation providers is reviewed at least annually by management, so as to ascertain whether such providers are utilizing observable market data to determine the valuations that they provide. For residential and commercial mortgage loans and consumer loans, management determines fair value by taking into account both external pricing data, which includes third-party valuations, and internal pricing models. Management has obtained third-party valuations on the majority of these investments and expects to continue to solicit third-party valuations in the future. In determining fair value for non-performing mortgage loans, management evaluates third-party valuations, if applicable, as well as management's estimates of the value of the underlying real estate, using information including general economic data, broker price opinions, or "BPOs," recent sales, property appraisals, and bids. In determining fair value for performing mortgage loans and consumer loans, management evaluates third-party valuations, if applicable, as well as discounted cash flows of the loans based on market assumptions. Cash flow assumptions typically include projected default and prepayment rates and loss severities, and may include adjustments based on appraisals and BPOs. Mortgage and consumer loans are classified as Level 3. The Company has securitized certain mortgage loans that are not deemed "qualified mortgage," or "QM," loans under the rules of the Consumer Financial Protection Bureau, or "non-QM loans." The Company's securitized non-QM loans are held as part of a collateralized financing entity, or "CFE." A CFE is a VIE that holds financial assets, issues beneficial interests in those assets, and has no more than nominal equity, and for which the issued beneficial interests have contractual recourse only to the related assets of the CFE. ASC 810 allows the Company to elect to measure both the financial assets and financial liabilities of the CFE using the more observable of the fair value of the financial assets and the fair value of the financial liabilities of the CFE. The Company has elected the FVO for initial and subsequent recognition of the debt issued by its consolidated securitization trusts and has determined that each consolidated securitization trust meets the definition of a CFE; see Note 10 " Securitization Transactions — Residential Mortgage Loan Securitizations " for further discussion on the Company's securitization trusts. The Company has determined the inputs to the fair value measurement of the financial liabilities of each of its CFEs to be more observable than those of the financial assets and, as a result, has used the fair value of the financial liabilities of each of the CFEs to measure the fair value of the financial assets of each of the CFEs. The fair value of the debt issued by each CFE is typically valued using discounted cash flows and other market data. The securitized non-QM loans, which are assets of the CFEs, are included in Loans, at fair value, on the Company's Condensed Consolidated Balance Sheet. The debt issued by the CFEs is included in Other secured borrowings, at fair value, on the Company's Condensed Consolidated Balance Sheet. Unrealized gains (losses) from changes in fair value of Other secured borrowings, at fair value, are included in Other, net, on the Company's Condensed Consolidated Statement of Operations. The securitized non-QM loans and the debt issued by the Company's CFEs are both classified as Level 3. For financial derivatives with greater price transparency, such as CDS on asset-backed indices, CDS on corporate indices, certain options on the foregoing, and total return swaps on publicly traded equities or indices, market-standard pricing sources are used to obtain valuations; these financial derivatives are generally classified as Level 2. Interest rate swaps, swaptions, and foreign currency forwards are typically valued based on internal models that use observable market data, including applicable interest rates and foreign currency rates in effect as of the measurement date; the model-generated valuations are then typically compared to counterparty valuations for reasonableness. These financial derivatives are also generally classified as Level 2. Financial derivatives with less price transparency, such as CDS on individual ABS, are generally valued based on internal models, and are classified as Level 3. In the case of CDS on individual ABS, the valuation process typically starts with an estimation of the value of the underlying ABS. In valuing its financial derivatives, the Company also considers the creditworthiness of both the Company and its counterparties, along with collateral provisions contained in each financial derivative agreement. Investments in private operating entities, such as loan originators, are valued based on available metrics, such as relevant market multiples and comparable company valuations, company specific-financial data including actual and projected results, and independent third party valuation estimates. These investments are classified as Level 3. The Company's repurchase and reverse repurchase agreements are carried at cost, which approximates fair value. Repurchase and reverse repurchase agreements are classified as Level 2, based on the adequacy of the collateral and their short term nature. The Company's valuation process, including the application of validation criteria, is overseen by the Manager's Valuation Committee (the "Valuation Committee"). The Valuation Committee includes senior level executives from various departments within the Manager, and each quarter, the Valuation Committee reviews and approves the valuations of the Company's financial instruments. The valuation process also includes a monthly review by the Company's third-party administrator. The goal of this review is to replicate various aspects of the Company's valuation process based on the Company's documented procedures. Because of the inherent uncertainty of valuation, the estimated fair value of the Company's financial instruments may differ significantly from the values that would have been used had a ready market for the financial instruments existed, and the differences could be material to the Company's condensed consolidated financial statements. Valuation : The Company applies ASC 820-10, Fair Value Measurement ("ASC 820-10"), to its holdings of financial instruments. ASC 820-10 establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the observability of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: • Level 1—inputs to the valuation methodology are observable and reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Currently, the types of financial instruments the Company generally includes in this category are listed equities, exchange-traded derivatives, and cash equivalents; • Level 2—inputs to the valuation methodology other than quoted prices included in Level 1 are observable for the asset or liability, either directly or indirectly. Currently, the types of financial instruments that the Company generally includes in this category are Agency RMBS, U.S. Treasury securities and sovereign debt, certain non-Agency RMBS and CMBS, CLOs, and corporate debt, and actively traded derivatives, such as interest rate swaps and foreign currency forwards, and certain other over-the-counter derivatives; and • Level 3—inputs to the valuation methodology are unobservable and significant to the fair value measurement. The types of financial instruments that the Company generally includes in this category are certain RMBS, CMBS, and CLOs, ABS, credit default swaps, or "CDS," on individual ABS, distressed corporate debt, and total return swaps on distressed corporate debt, in each case where there is less price transparency. Also included in this category are residential and commercial mortgage loans, consumer loans, non-listed equities, private corporate debt and equity investments, secured notes, and Other secured borrowings, at fair value. For certain financial instruments, the various inputs that management uses to measure fair value for such financial instrument may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for such financial instrument is based on the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the various inputs that management uses to measure fair value with the highest priority to inputs that are observable and reflect quoted prices (unadjusted) for identical assets or liabilities in active markets (Level 1) and the lowest priority to inputs that are unobservable and significant to the fair value measurement (Level 3). The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. The Company may use valuation techniques consistent with the market and income approaches to measure the fair value of its assets and liabilities. The market approach uses third-party valuations and information obtained from market transactions involving identical or similar assets or liabilities. The income approach uses projections of the future economic benefit of an instrument to determine its fair value, such as in the discounted cash flow methodology. The inputs or methodology used for valuing financial instruments are not necessarily an indication of the risk associated with investing in these financial instruments. The leveling of each financial instrument is reassessed at the end of each period. Summary Valuation Techniques For financial instruments that are traded in an "active market," the best measure of fair value is the quoted market price. However, many of the Company's financial instruments are not traded in an active market. Therefore, management generally uses third-party valuations when available. If third-party valuations are not available, management uses other valuation techniques, such as the discounted cash flow methodology. The following are summary descriptions, for various categories of financial instruments, of the valuation methodologies management uses in determining fair value of the Company's financial instruments in such categories. Management utilizes such methodologies to assign a good faith fair value (the estimated price that, in an orderly transaction at the valuation date, would be received to sell an asset, or paid to transfer a liability, as the case may be) to each such financial instrument. For mortgage-backed securities, or "MBS," including To Be Announced MBS, or "TBAs," CLOs, and distressed and non-distressed corporate debt and equity, management seeks to obtain at least one third-party valuation, and often obtains multiple valuations when available. Management has been able to obtain third-party valuations on the vast majority of these instruments and expects to continue to solicit third-party valuations in the future. Management generally values each financial instrument at the average of third-party valuations received and not rejected as described below. Third-party valuations are not binding, and while management generally does not adjust the valuations it receives, management may challenge or reject a valuation when, based on its validation criteria, management determines that such valuation is unreasonable or erroneous. Furthermore, based on its validation criteria, management may determine that the average of the third-party valuations received for a given instrument does not result in what management believes to be the fair value of such instrument, and in such circumstances management may override this average with its own good faith valuation. The validation criteria may take into account output from management's own models, recent trading activity in the same or similar instruments, and valuations received from third parties. The use of proprietary models requires the use of a significant amount of judgment and the application of various assumptions including, but not limited to, assumptions concerning future prepayment rates and default rates. Valuations for fixed-rate RMBS pass-throughs issued by a U.S. government agency or government-sponsored enterprise are typically based on observable pay-up data (pay-ups are price premiums for specified categories of fixed-rate pools relative to their TBA counterparts) or models that use observable market data, such as interest rates and historical prepayment speeds, and are validated against third-party valuations. Given their relatively high level of price transparency, Agency RMBS pass-throughs are typically designated as Level 2 assets. Non-Agency MBS, Agency interest only and inverse interest only RMBS, and CLOs are generally classified as either Level 2 or Level 3 based on analysis of available market data and/or third-party valuations. The Company's investments in distressed corporate debt can be in the form of loans as well as total return swaps on loans. These investments, as well as related non-listed equity investments, are generally designated as Level 3 assets. Valuations for total return swaps are typically based on prices of the underlying loans received from widely used third-party pricing services. Investments in non-distressed corporate bonds are generally also valued based on prices received from third-party pricing services, and many of these bonds, because they are very liquid with readily observable data, are generally classified as Level 2 holdings. Furthermore, the methodology used by the third-party valuation providers is reviewed at least annually by management, so as to ascertain whether such providers are utilizing observable market data to determine the valuations that they provide. For residential and commercial mortgage loans, consumer loans, and real estate owned properties, or "REO," management determines fair value by taking into account both external pricing data, when available, and internal pricing models. Non-performing mortgage loans and REO are typically valued based on management's estimates of the value of the underlying real estate, using information including general economic data, broker price opinions, or "BPOs," recent sales, property appraisals, and bids. Performing mortgage loans and consumer loans are typically valued using discounted cash flows based on market assumptions. Cash flow assumptions typically include projected default and prepayment rates and loss severities, and may include adjustments based on appraisals and BPOs. Mortgage and consumer loans and REO properties are classified as Level 3 assets. Securitized mortgage loans that are not deemed "qualified mortgage," or "QM," loans under the rules of the Consumer Financial Protection Bureau, or "non-QM loans," are held as part of a collateralized financing entity, or "CFE." A CFE is a variable interest entity, or "VIE," that holds financial assets, issues beneficial interests in those assets, and has no more than nominal equity, and for which the issued beneficial interests have contractual recourse only to the related assets of the CFE. ASC 810, Consolidation ("ASC 810"), allows the Company to elect to measure both the financial assets and financial liabilities of the CFE using the more observable of the fair value of the financial assets and the fair value of the financial liabilities of the CFE. The Company has elected the fair value option for initial and subsequent recognition of the debt issued by its consolidated securitization trust and has determined such trust meets the definition of a CFE; see Note 6 for further discussion on the Company's securitization trusts. The Company has determined the inputs to the fair value measurement of the financial liabilities of its CFE to be more observable than those of the financial assets and, as a result, has used the fair value of the financial liabilities of the CFE to measure the fair value of the financial assets of the CFE. The fair value of the debt issued by the CFE is typically valued using discounted cash flows and other market data. The securitized non-QM loans, which are assets of the CFE, are included in Investments, at fair value on the Company's Consolidated Statement of Assets, Liabilities, and Equity. The debt issued by the CFE is included in Other secured borrowings, at fair value, on the Company's Consolidated Statement of Assets, Liabilities, and Equity. The securitized non-QM loans and the debt issued by the Company's CFE are both designated as Level 3 financial instruments. For financial derivatives with greater price transparency, such as CDS on asset-backed indices, CDS on corporate indices, certain options on the foregoing, and total return swaps on publicly traded equities, market-standard pricing sources are used to obtain valuations; these financial derivatives are generally designated as Level 2 instruments. Interest rate swaps, swaptions, and foreign currency forwards are typically valued based on internal models that use observable market data, including applicable interest rates and foreign currency rates in effect as of the measurement date; the model-generated valuations are then typically compared to counterparty valuations for reasonableness. These financial derivatives are also generally designated as Level 2 instruments. Financial derivatives with less price transparency, such as CDS on individual ABS, are generally valued based on internal models, and are typically designated as Level 3 instruments. In the case of CDS on individual ABS, the valuation process typically starts with an estimation of the value of the underlying ABS. In valuing its derivatives, the Company also considers the creditworthiness of both the Company and its counterparties, along with collateral provisions contained in each derivative agreement. Investments in private operating entities, such as loan originators, are valued based on available metrics, such as relevant market multiples and comparable company valuations, company specific-financial data including actual and projected results and independent third party valuation estimates. These investments are designated as Level 3 assets. The Company's repurchase agreements are carried at fair value based on their contractual amounts as the debt is short-term in nature. The Company's reverse repurchase agreements are carried at cost, which approximates fair value. Repurchase and reverse repurchase agreements are classified as Level 2 assets and liabilities based on the adequacy of the collateral and their short term nature. The Company's valuation process, including the application of validation criteria, is overseen by the Manager's Valuation Committee ("Valuation Committee"). The Valuation Committee includes senior level executives from various departments within the Manager, and each quarter, the Valuation Committee reviews and approves the valuations of the Company's investments. The valuation process also includes a monthly review by the Company's third-party administrator. The goal of this review is to replicate various aspects of the Company's valuation process based on the Company's documented procedures. Because of the inherent uncertainty of valuation, the estimated fair value of the Company's financial instruments may differ significantly from the values that would have been used had a ready market for the financial instruments existed, and the differences could be material to the Company's consolidated financial statements.
Accounting for Securities	Accounting for Securities : Purchases and sales of investments in securities are generally recorded on trade date, and realized and unrealized gains and losses are calculated based on identified cost. Investments in securities are recorded in accordance with ASC 320 or ASC 325-40, Beneficial Interests in Securitized Financial Assets ("ASC 325-40"). The Company generally classifies its securities as available-for-sale. The Company has chosen to elect the FVO pursuant to ASC 825 for its investments in securities. Electing the FVO allows the Company to record changes in fair value in the Condensed Consolidated Statement of Operations, as a component of Unrealized gains (losses) on securities and loans, net, which, in management's view, more appropriately reflects the results of operations for a particular reporting period as all investment activities will be recorded in a similar manner. Many of the Company's investments in securities, such as MBS and CLOs, are issued by entities that are deemed to be VIEs. For the majority of such investments, the Company has determined it is not the primary beneficiary of such VIEs and therefore has not consolidated such VIEs. The Company's maximum risk of loss in these unconsolidated VIEs is generally limited to the fair value of the Company's investment in the VIE. The Company evaluates its investments in interest only securities to determine whether they meet the requirements for classification as financial derivatives under ASC 815. For interest only securities, where the holder is entitled only to a portion of the interest payments made on the mortgages underlying certain MBS, and inverse interest only securities, which are interest only securities whose coupon has an inverse relationship to its benchmark rate, such as LIBOR, the Company has determined that such investments do not meet the requirements for treatment as financial derivatives and are classified as securities. The Company evaluates the cost basis of its investments in securities for other-than-temporary impairment, or "OTTI," on at least a quarterly basis. The determination of whether a security is other-than-temporarily impaired requires judgments, estimates, and assumptions based on subjective and objective factors. As a result, the timing and amount of an OTTI constitutes an accounting estimate that may change materially over time. When the fair value of a security is less than its amortized cost basis as of the balance sheet date, the security's cost basis is considered impaired, and the impairment is designated as either temporary or other-than-temporary. When a security's cost basis is impaired, an OTTI is considered to have occurred if (i) the Company intends to sell the security (i.e., a decision has been made as of the reporting date), (ii) it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, or (iii) the Company does not expect to recover the security's amortized cost basis, even if the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security. Additionally, for securities accounted for under ASC 325-40, an impairment of the cost basis is recorded when there is an adverse change in the expected cash flows to be received and the fair value of the security is less than its carrying amount. In determining whether an adverse change in cash flows has occurred, the present value of the remaining cash flows, as estimated at the initial transaction date (or the last date previously revised), is compared to the present value of the expected cash flows at the current reporting date. The estimated cash flows reflect those that a "market participant" would use and include observations of current information and events, and assumptions related to fluctuations in interest rates, prepayment speeds and the timing and amount of potential credit losses. Cash flows are discounted at a rate equal to the current yield used to accrete interest income. Any resulting OTTI adjustments made to the cost basis of the security are reflected in Realized gains (losses) on securities and loans, net, on the Condensed Consolidated Statement of Operations.
Accounting for Loans	Accounting for Loans : The Company's loan portfolio generally consists of residential mortgage, commercial mortgage, and consumer loans. The Company's loans are accounted for under ASC 310-10, Receivables , and are classified as held-for-investment when the Company has the intent and ability to hold such loans for the foreseeable future or to maturity/payoff. When the Company has the intent to sell loans, such loans will be classified as held-for-sale. Mortgage loans held-for-sale are accounted for under ASC 948-310, Financial services—mortgage banking. The Company may aggregate its loans into pools based on common risk characteristics at purchase. Once a pool of loans is assembled, its composition is maintained. The Company has chosen to elect the FVO pursuant to ASC 825 for its loan portfolios. Loans are recorded at fair value on the Condensed Consolidated Balance Sheet and changes in fair value are recorded in earnings on the Condensed Consolidated Statement of Operations as a component of Unrealized gains (losses) on securities and loans, net. Transfers between held-for-investment and held-for-sale occur once the Company's intent to sell the loans changes. For residential and commercial mortgage loans, the Company generally accrues interest payments. Such loans are typically moved to non-accrual status if the loan becomes 90 days or more delinquent. The Company does not accrue interest payments on its consumer loans; interest payments are recorded upon receipt. The Company evaluates the collectability of both interest and principal on each of its loan investments and whether the cost basis of the loan is impaired. A loan's cost basis is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. When a loan's cost basis is impaired, the Company does not record an allowance for loan loss as it has elected the FVO on all of its loan investments. The Company will recognize impairments through an adjustment to the amortized cost basis and recognize a realized loss in the period such adjustment was made which is included in Realized gains (losses) on securities and loans, net, on the Condensed Consolidated Statement of Operations.
Purchase and Sales of Investments and Investment Income	Interest Income : The Company amortizes premiums and accretes discounts on its debt securities. Coupon interest income on fixed-income investments is generally accrued based on the outstanding principal balance or notional value and the current coupon interest rate. For debt securities that are deemed to be of high credit quality at the time of purchase (generally Agency RMBS, exclusive of interest only securities), premiums and discounts are amortized/accreted into interest income over the life of such securities using the effective interest method. For such securities whose cash flows vary depending on prepayments, an effective yield retroactive to the time of purchase is periodically recomputed based on actual prepayments and changes in projected prepayment activity, and a catch-up adjustment, or "Catch-up Premium Amortization Adjustment," is made to amortization to reflect the cumulative impact of the change in effective yield. For debt securities (generally non-Agency RMBS, CMBS, ABS, CLOs, and interest only securities) that are deemed not to be of high credit quality at the time of purchase, interest income is recognized based on the effective interest method. When the fair value of a debt security is less than its amortized cost basis as of the balance sheet date, the security's cost basis is considered impaired. The Company will adjust such impaired cost basis to the present value of the estimated future cash flows. This adjustment to the cost basis is reported in Realized gains (losses) on securities and loans, net, on the Condensed Consolidated Statement of Operations. For purposes of estimating the future expected cash flows, management uses assumptions including, but not limited to, assumptions for future prepayment rates, default rates, and loss severities (each of which may in turn incorporate various macro-economic assumptions, such as future housing prices). These assumptions are re-evaluated not less than quarterly. Changes in projected cash flows will result in prospective changes in the yield/interest income recognized on such securities based on the updated expected future cash flows. For each loan purchased with the expectation that both interest and principal will be paid in full, the Company generally amortizes or accretes any premium or discount over the life of the loan utilizing the effective interest method. However, based on current information and events, the Company re-assesses the collectability of interest and principal, and generally designates a loan as in non-accrual status either when any payments have become 90 or more days past due, or when, in the opinion of management, it is probable that the Company will be unable to collect either interest or principal in full. Once a loan is designated as in non-accrual status, as long as principal is still expected to be collectible in full, interest payments are recorded as interest income only when received (i.e., under the cash basis method); accruals of interest income are only resumed when the loan becomes contractually current and performance is demonstrated to be resumed. However, if principal is not expected to be collectible in full, the cost recovery method is used (i.e., no interest income is recognized, and all payments received—whether contractually interest or principal—are applied to cost). For each loan purchased with evidence of credit deterioration since origination and the expectation that either principal or interest will not be paid in full, interest income is generally recognized using the effective interest method for as long as the cash flows can be reasonably estimated. Here, instead of amortizing the purchase discount (i.e., the excess of the unpaid principal balance over the purchase price) over the life of the loan, the Company effectively amortizes the accretable yield (i.e., the excess of the Company's estimate of the total cash flows to be collected over the life of the loan over the purchase price). Not less than quarterly, the Company updates its estimate of the cash flows expected to be collected over the life of the loan, and revised yields are prospectively applied. For certain groups of consumer loans that the Company considers as having sufficiently homogeneous characteristics, the Company aggregates such loans into pools, and accounts for each such pool as a single unit of account. The pool is then treated analogously to a debt security deemed not to be of high credit quality, in that (i) the aggregate premium or discount for the pool is amortized or accreted into interest income based on the pool's effective interest rate; (ii) the effective interest rate is determined based on the net expected cash flows of the pool, taking into account estimates of prepayments, defaults, and loss severities; and (iii) estimates are updated not less than quarterly and revised yields are prospectively applied. In estimating future cash flows on the Company's debt securities, there are a number of assumptions that will be subject to significant uncertainties and contingencies, including, in the case of MBS, assumptions relating to prepayment rates, default rates, loan loss severities, and loan repurchases. These estimates require the use of a significant amount of judgment. Purchase and Sales of Investments and Investment Income : Purchases and sales of investments are generally recorded on trade date, and realized and unrealized gains and losses are calculated based on identified cost. The Company amortizes premiums and accretes discounts on its debt investments. Coupon interest income on fixed-income investments is generally accrued based on the outstanding principal balance or notional value and the current coupon interest rate. For Agency RMBS and debt securities that are deemed to be of high credit quality at the time of purchase, premiums and discounts are amortized into interest income over the life of such securities using the effective interest method. For securities whose cash flows vary depending on prepayments, an effective yield retroactive to the time of purchase is periodically recomputed based on actual prepayments and changes in projected prepayment activity, and a catch-up adjustment is made to amortization to reflect the cumulative impact of the change in effective yield. For debt securities (including non-Agency MBS) that are deemed not to be of high credit quality at the time of purchase, interest income is recognized based on the effective interest method. For purposes of determining the effective interest rate, management estimates the future expected cash flows of its investment holdings based on assumptions including, but not limited to, assumptions for future prepayment rates, default rates, and loss severities (each of which may in turn incorporate various macro-economic assumptions, such as future housing prices). These assumptions are re-evaluated not less than quarterly. Principal write-offs are generally treated as realized losses. Changes in projected cash flows, as applied to the current amortized cost of the security, may result in a prospective change in the yield/interest income recognized on such securities. For each loan purchased with the expectation that both interest and principal will be paid in full, the Company generally amortizes or accretes any premium or discount over the life of the loan utilizing the effective interest method. However, on at least a quarterly basis based on current information and events, the Company re-assesses the collectibility of interest and principal, and designates a loan as impaired either when any payments have become 90 or more days past due, or when, in the opinion of management, it is probable that the Company will be unable to collect either interest or principal in full. Once a loan is designated as impaired, as long as principal is still expected to be collectible in full, interest payments are recorded as interest income only when received (i.e., under the cash basis method); accruals of interest income are only resumed when the loan becomes contractually current and performance is demonstrated to be resumed. However, if principal is not expected to be collectible in full, the cost recovery method is used (i.e., no interest income is recognized, and all payments received—whether contractually interest or principal—are applied to cost). For each loan purchased with evidence of credit deterioration since origination and the expectation that either principal or interest will not be paid in full, interest income is generally recognized using the effective interest method for as long as the cash flows can be reasonably estimated. Here, instead of amortizing the purchase discount (i.e., the excess of the unpaid principal balance over the purchase price) over the life of the loan, the Company effectively amortizes the accretable yield (i.e., the excess of the Company's estimate of the total cash flows to be collected over the life of the loan over the purchase price). Not less than quarterly, the Company updates its estimate of the cash flows expected to be collected over the life of the loan, and revised yields are prospectively applied. To the extent that cash flows cannot be reasonably estimated, these loans are generally accounted for under the cost recovery method. For certain groups of consumer loans that the Company considers as having sufficiently homogeneous characteristics, the Company aggregates such loans into pools, and accounts for each such pool as a single asset. The pool is then treated analogously to a debt security deemed not to be of high credit quality, in that (i) the aggregate premium or discount for the pool is amortized or accreted into interest income based on the pool's effective interest rate; (ii) the effective interest rate is determined based on the net expected cash flows of the pool, taking into account estimates of prepayments, defaults, and loss severities; and (iii) estimates are updated not less than quarterly and revised yields are prospectively applied. In estimating future cash flows on the Company's debt investments, there are a number of assumptions that will be subject to significant uncertainties and contingencies, including, in the case of MBS, assumptions relating to prepayment rates, default rates, loan loss severities, and loan repurchases. These estimates require the use of a significant amount of judgment. The Company receives dividend income on certain of its equity investments and rental income on certain of its REO properties. These items of income are included on the Consolidated Statement of Operations in, "Other income."
Investments in Unconsolidated Entities	Investments in unconsolidated entities : The Company has made and may in the future make non-controlling equity investments in various entities, such as loan originators. Such investments are generally in the form of preferred and/or common equity, or membership interests. In certain cases, the Company can exercise significant influence over the entity (e.g. by having representation on the entity's board of directors) but the requirements for consolidation under ASC 810 are not met; in such cases the Company is required to account for such equity investments under ASC 323-10. The Company has chosen to elect the FVO pursuant to ASC 825 for its investments in unconsolidated entities, which, in management's view, more appropriately reflects the results of operations for a particular reporting period, as all investment activities will be recorded in a similar manner. The period change in fair value of the Company's investments in unconsolidated entities is recorded on the Condensed Consolidated Statement of Operations in Earnings from investments in unconsolidated entities.
Securities Sold Short	Securities Sold Short : The Company may purchase or engage in short sales of U.S. Treasury securities and sovereign debt to mitigate the potential impact of changes in interest rates and/or foreign exchange rates on the performance of its portfolio. When the Company sells securities short, it typically satisfies its security delivery settlement obligation by borrowing or purchasing the security sold short from the same or a different counterparty. When borrowing a security sold short from a counterparty, the Company generally is required to deliver cash or securities to such counterparty as collateral for the Company's obligation to return the borrowed security. The Company has chosen to elect the FVO pursuant to ASC 825 for its securities sold short. Electing the FVO allows the Company to record changes in fair value in the Condensed Consolidated Statement of Operations, which, in management's view, more appropriately reflects the results of operations for a particular reporting period as all securities activities will be recorded in a similar manner. As such, securities sold short are recorded at fair value on the Condensed Consolidated Balance Sheet and the period change in fair value is recorded in current period earnings on the Condensed Consolidated Statement of Operations as a component of Unrealized gains (losses) on securities and loans, net. A realized gain or loss will be recognized upon the termination of a short sale if the market price is less or greater than the original sale price. Such realized gain or loss is recorded on the Company's Condensed Consolidated Statement of Operations in Realized gains (losses) on securities and loans, net. Investments Sold Short : When the Company sells securities short, it typically satisfies its security delivery settlement obligation by obtaining the security sold short from the same or a different counterparty. The Company generally is required to deliver cash or securities as collateral to the counterparty for the Company's obligation to return the borrowed security. The amount by which the market value of the obligation falls short of or exceeds the proceeds from the short sale is treated as an unrealized gain or loss, respectively. A realized gain or loss will be recognized upon the termination of a short sale if the market price is less or greater than the proceeds originally received.
Financial Derivatives	Financial Derivatives : The Company enters into various types of financial derivatives subject to its investment guidelines, which include restrictions associated with qualifying and maintaining qualification as a REIT. The Company's financial derivatives are predominantly subject to bilateral collateral arrangements or clearing in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The Company may be required to deliver or receive cash or securities as collateral upon entering into derivative transactions. In addition, changes in the relative value of derivative transactions may require the Company or the counterparty to post or receive additional collateral. In the case of cleared derivatives, the clearinghouse becomes the Company's counterparty and a futures commission merchant acts as an intermediary between the Company and the clearinghouse with respect to all facets of the related transaction, including the posting and receipt of required collateral. Cash collateral received by the Company is included in Due to Brokers, on the Condensed Consolidated Balance Sheet. Conversely, cash collateral posted by the Company is included in Due from Brokers, on the Condensed Consolidated Balance Sheet. The types of derivatives primarily utilized by the Company are swaps, TBAs, futures, options, and forwards. Swaps : The Company may enter into various types of swaps, including interest rate swaps, credit default swaps, and total return swaps. The primary risk associated with the Company's interest rate swap activity is interest rate risk. The primary risk associated with the Company's credit default swaps and total return swaps is credit risk. 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 enters 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. The Company also enters into interest rate swaps whereby the Company pays one floating rate and receives a different floating rate, or "basis swaps." The Company enters into credit default swaps. A credit default swap is a contract under which one party agrees to compensate another party for the financial loss associated with the occurrence of a "credit event" in relation to a "reference amount" or notional value of a "reference asset" (usually a bond, loan, or an index or basket of bonds or loans). The definition of a credit event may vary from contract to contract. A credit event may occur (i) when the reference asset (or underlying asset, in the case of a reference asset that is an index or basket) fails to make scheduled principal or interest payments to its holders, (ii) with respect to credit default swaps referencing mortgage/asset-backed securities and indices, when the reference asset (or underlying asset, in the case of a reference asset that is an index or basket) is downgraded below a certain rating level, or (iii) with respect to credit default swaps referencing corporate entities and indices, upon the bankruptcy of the obligor of the reference asset (or underlying obligor, in the case of a reference asset that is an index). The Company typically writes (sells) protection to take a "long" position with respect to the underlying reference assets, or purchases (buys) protection to take a "short" position with respect to the underlying reference assets or to hedge exposure to other investment holdings. The Company enters into total return swaps in order to take a "long" or "short" position with respect to an underlying reference asset. The Company is subject to market price volatility of the underlying reference asset. A total return swap involves commitments to pay interest in exchange for a market-linked return based on a notional value. To the extent that the total return of the corporate debt, security, group of securities or index underlying the transaction exceeds or falls short of the offsetting interest obligation, the Company will receive a payment from or make a payment to the counterparty. Swaps change in value with movements in interest rates, credit quality, or total return of the reference securities. During the term of swap contracts, changes in value are recognized as unrealized gains or losses on the Condensed Consolidated Statement of Operations. When a contract is terminated, the Company realizes a gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Company's basis in the contract, if any. Periodic payments or receipts required by swap agreements are recorded as unrealized gains or losses when accrued and realized gains or losses when received or paid. Upfront payments paid and/or received by the Company to open swap contracts are recorded as an asset and/or liability on the Condensed Consolidated Balance Sheet and are recorded as a realized gain or loss on the termination date. TBA Securities : The Company transacts in the forward settling TBA market. A TBA position is a forward contract for the purchase ("long position") or sale ("short position") of Agency RMBS at a predetermined price, face amount, issuer, coupon, and maturity on an agreed-upon future delivery date. For each TBA contract and delivery month, a uniform settlement date for all market participants is determined by the Securities Industry and Financial Markets Association. The specific Agency RMBS to be delivered into the contract at the settlement date are not known at the time of the transaction. The Company typically does not take delivery of TBAs, but rather enters into offsetting transactions and settles the associated receivable and payable balances with its counterparties. The Company uses TBAs to mitigate interest rate risk, usually by taking short positions. From time to time, the Company also invests in TBAs as a means of acquiring additional exposure to Agency RMBS, or for speculative purposes, including holding long positions. Overall, the Company typically holds a net short position. TBAs are accounted for by the Company as financial derivatives. The difference between the forward contract price and the market value of the TBA position as of the reporting date is included in Unrealized gains (losses) on financial derivatives, net, on the Condensed Consolidated Statement of Operations. Futures Contracts : A futures contract is an exchange-traded agreement to buy or sell an asset for a set price on a future date. The Company enters into Eurodollar and/or U.S. Treasury security futures contracts to hedge its interest rate risk. The Company may also enter into various other futures contracts, including equity index futures and foreign currency futures. Initial margin deposits are made upon entering into futures contracts and can generally be either in the form of cash or securities. During the period the futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by marking-to-market to reflect the current market value of the contract. Variation margin payments are made or received periodically, depending upon whether unrealized losses or gains are incurred. When the contract is closed, the Company records a realized gain or loss equal to the difference between the proceeds of the closing transaction and the Company's basis in the contract. Options : The Company may purchase or write put or call options contracts or enter into swaptions. The Company enters into options contracts typically to help mitigate overall market, credit, or interest rate risk depending on the type of options contract. However, the Company also enters into options contracts from time to time for speculative purposes. When the Company purchases an options contract, the option asset is initially recorded at an amount equal to the premium paid, if any, and is subsequently marked-to-market. Premiums paid for purchasing options contracts that expire unexercised are recognized on the expiration date as realized losses. If an options contract is exercised, the premium paid is subtracted from the proceeds of the sale or added to the cost of the purchase to determine whether the Company has realized a gain or loss on the related transaction. When the Company writes an options contract, the option liability is initially recorded at an amount equal to the premium received, if any, and is subsequently marked-to-market. Premiums received for writing options contracts that expire unexercised are recognized on the expiration date as realized gains. If an options contract is exercised, the premium received is subtracted from the cost of the purchase or added to the proceeds of the sale to determine whether the Company has realized a gain or loss on the related investment transaction. When the Company enters into a closing transaction, the Company will realize a gain or loss depending upon whether the amount from the closing transaction is greater or less than the premiums paid or received. The Company may also enter into options contracts that contain forward-settling premiums. In this case, no money is exchanged upfront. Instead, the agreed-upon premium is paid by the buyer upon expiration of the option, regardless of whether or not the option is exercised. Forward Currency Contracts : A forward currency contract is an agreement between two parties to purchase or sell a specific quantity of currency with the delivery and settlement at a specific future date and exchange rate. During the period the forward currency contract is open, changes in the value of the contract are recognized as unrealized gains or losses. When the contract is settled, the Company records a realized gain or loss equal to the difference between the proceeds of the closing transaction and the Company's basis in the contract. Financial derivative assets are included in Financial derivatives—assets, at fair value, on the Condensed Consolidated Balance Sheet. Financial derivative liabilities are included in Financial derivatives—liabilities, at fair value, on the Condensed Consolidated Balance Sheet. The Company has chosen to elect the FVO pursuant to ASC 825 for its financial derivatives. Electing the FVO allows the Company to record changes in fair value in the Condensed Consolidated Statement of Operations, which, in management's view, more appropriately reflects the results of operations for a particular reporting period as all securities activities will be recorded in a similar manner. Changes in unrealized gains and losses on financial derivatives are included in Unrealized gains (losses) on financial derivatives, net, on the Condensed Consolidated Statement of Operations. Realized gains and losses on financial derivatives are included in Realized gains (losses) on financial derivatives, net, on the Condensed Consolidated Statement of Operations. Financial Derivatives : The Company enters into various types of financial derivatives. The Company's financial derivatives are predominantly subject to bilateral collateral arrangements or clearing in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The Company may be required to deliver or receive cash or securities as collateral upon entering into derivative transactions. In addition, changes in the relative value of derivative transactions may require the Company or the counterparty to post or receive additional collateral. In the case of cleared derivatives, the clearinghouse becomes the Company's counterparty and a futures commission merchant acts as an intermediary between the Company and the clearinghouse with respect to all facets of the related transaction, including the posting and receipt of required collateral. Cash collateral received by the Company is reflected on the Consolidated Statement of Assets, Liabilities, and Equity as "Due to Brokers." Conversely, cash collateral posted by the Company is reflected as "Due from Brokers" on the Consolidated Statement of Assets, Liabilities, and Equity. The major types of derivatives utilized by the Company are swaps, futures, options, and forwards. Swaps : The Company may enter into various types of swaps, including interest rate swaps, credit default swaps, and total return swaps. The primary risk associated with the Company's interest rate swap activity is interest rate risk. The primary risk associated with the Company's credit default swaps is credit risk and the primary risks associated with the Company's total return swap activity are equity market risk and credit risk. 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 enters 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. The Company enters into credit default swaps. A credit default swap is a contract under which one party agrees to compensate another party for the financial loss associated with the occurrence of a "credit event" in relation to a "reference amount" or notional value of a credit obligation (usually a bond, loan, or a basket of bonds or loans). The definition of a credit event may vary from contract to contract. A credit event may occur (i) when the underlying reference asset(s) fails to make scheduled principal or interest payments to its holders, (ii) with respect to credit default swaps referencing mortgage/asset-backed securities and indices, when the underlying reference obligation is downgraded below a certain rating level, or (iii) with respect to credit default swaps referencing corporate entities and indices, upon the bankruptcy of the underlying reference obligor. The Company typically writes (sells) protection to take a "long" position or purchases (buys) protection to take a "short" position with respect to underlying reference assets or to hedge exposure to other investment holdings. The Company enters into total return swaps in order to take a "long" or "short" position with respect to an underlying reference asset. The Company is subject to market price volatility of the underlying reference asset. A total return swap involves commitments to pay interest in exchange for a market-linked return based on a notional value. To the extent that the total return of the corporate debt, security, group of securities or index underlying the transaction exceeds or falls short of the offsetting interest obligation, the Company will receive a payment from or make a payment to the counterparty. Swaps change in value with movements in interest rates, credit quality, or total return of the reference securities. During the term of swap contracts, changes in value are recognized as unrealized gains or losses. When a contract is terminated, the Company realizes a gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Company's basis in the contract, if any. Periodic payments or receipts required by swap agreements are recorded as unrealized gains or losses when accrued and realized gains or losses when received or paid. Upfront payments paid and/or received by the Company to open swap contracts are recorded as an asset and/or liability on the Consolidated Statement of Assets, Liabilities, and Equity and are recorded as a realized gain or loss on the termination date. Futures Contracts : A futures contract is an exchange-traded agreement to buy or sell an asset for a set price on a future date. The Company enters into Eurodollar and/or U.S. Treasury security futures contracts to hedge its interest rate risk. The Company may also enter into various other futures contracts, including equity index futures and foreign currency futures. Initial margin deposits are made upon entering into futures contracts and can generally be either in the form of cash or securities. During the period the futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by marking-to-market to reflect the current market value of the contract. Variation margin payments are made or received periodically, depending upon whether unrealized losses or gains are incurred. When the contract is closed, the Company records a realized gain or loss equal to the difference between the proceeds of the closing transaction and the Company's basis in the contract. Options : The Company may purchase or write put or call options contracts or enter into swaptions. The Company enters into options contracts typically to help mitigate overall market, credit, or interest rate risk depending on the type of options contract. However, the Company also enters into options contracts from time to time for speculative purposes. When the Company purchases an options contract, the option asset is initially recorded at an amount equal to the premium paid, if any, and is subsequently marked-to-market. Premiums paid for purchasing options contracts that expire unexercised are recognized on the expiration date as realized losses. If an options contract is exercised, the premium paid is subtracted from the proceeds of the sale or added to the cost of the purchase to determine whether the Company has realized a gain or loss on the related transaction. When the Company writes an options contract, the option liability is initially recorded at an amount equal to the premium received, if any, and is subsequently marked-to-market. Premiums received for writing options contracts that expire unexercised are recognized on the expiration date as realized gains. If an options contract is exercised, the premium received is subtracted from the cost of the purchase or added to the proceeds of the sale to determine whether the Company has realized a gain or loss on the related investment transaction. When the Company enters into a closing transaction, the Company will realize a gain or loss depending upon whether the amount from the closing transaction is greater or less than the premiums paid or received. The Company may also enter into options contracts that contain forward-settling premiums. In this case, no money is exchanged upfront. Instead the agreed-upon premium is paid by the buyer upon expiration of the option, regardless of whether or not the option is exercised. Forward Currency Contracts : A forward currency contract is an agreement between two parties to purchase or sell a specific quantity of currency with the delivery and settlement at a specific future date and exchange rate. During the period the forward currency contract is open, changes in the value of the contract are recognized as unrealized gains or losses. When the contract is settled, the Company records a realized gain or loss equal to the difference between the proceeds of the closing transaction and the Company's basis in the contract. Commitments to Purchase Residential Mortgage Loans : The Company has entered into forward purchase commitments under flow agreements, whereby the Company commits to purchasing the loans based on pre-defined underwriting guidelines and at stated interest rates. Actual loan purchases are contingent upon successful loan closings. These commitments to purchase mortgage loans are classified as derivatives on the Company's Consolidated Statement of Assets, Liabilities, and Equity and are, therefore, recorded as assets or liabilities measured at fair value. Until the purchase commitment expires or the underlying loan closes, changes in the estimated fair value of such commitments are recognized as unrealized gains or losses in the Consolidated Statement of Operations. Financial derivatives disclosed on the Consolidated Condensed Schedule of Investments include: credit default swaps on asset-backed securities, credit default swaps on asset-backed indices, credit default swaps on corporate bond indices, credit default swaps on corporate bonds, interest rate swaps, total return swaps, futures contracts, foreign currency forwards, options contracts. Financial derivative assets are included in Financial derivatives—assets, at fair value on the Consolidated Statement of Assets, Liabilities, and Equity. Financial derivative liabilities are included in Financial derivatives—liabilities, at fair value on the Consolidated Statement of Assets, Liabilities, and Equity. In addition, financial derivative contracts are summarized by type on the Consolidated Condensed Schedule of Investments.
Cash and Cash Equivalents	Cash and Cash Equivalents : Cash and cash equivalents include cash and short term investments with original maturities of three months or less at the date of acquisition. Cash and cash equivalents typically include amounts held in an interest bearing overnight account and amounts held in money market funds, and these balances generally exceed insured limits. The Company holds its cash at institutions that it believes to be highly creditworthy. Restricted cash represents cash that the Company can use only for specific purposes. See Note 18 for further discussion of restricted cash balances. Cash and Cash Equivalents : Cash and cash equivalents include cash and short term investments with original maturities of three months or less at the date of acquisition. Cash and cash equivalents typically include amounts held in an interest bearing overnight account and amounts held in money market funds, and these balances generally exceed insured limits. The Company holds its cash at institutions that it believes to be highly creditworthy. Restricted cash represents cash that the Company can use only for specific purposes. The Company's investments in money market funds are included in the Consolidated Condensed Schedule of Investments. See Note 15 for further discussion of restricted cash balances.
Reverse Repurchase Agreements	Reverse Repurchase Agreements : The Company enters into reverse repurchase agreement transactions whereby it purchases securities under agreements to resell at an agreed-upon price and date. In general, securities received pursuant to reverse repurchase agreements are delivered to counterparties of short sale transactions. The interest rate on a reverse repurchase agreement is based on competitive rates (or competitive market spreads, in the case of agreements with floating interest rates) at the time such agreement is entered into. Assets held pursuant to reverse repurchase agreements are reflected as assets on the Condensed Consolidated Balance Sheet. Reverse repurchase agreements are carried at their contractual amounts, which approximates fair value due to their short-term nature. Repurchase and reverse repurchase agreements that are conducted with the same counterparty may be reported on a net basis if they meet the requirements of ASC 210-20, Balance Sheet Offsetting . There are no repurchase and reverse repurchase agreements reported on a net basis in the Company's condensed consolidated financial statements. Reverse Repurchase Agreements : The Company enters into reverse repurchase agreements with third-party broker-dealers whereby it sells securities under agreements to be repurchased at an agreed-upon price and date. The Company accounts for reverse repurchase agreements as collateralized borrowings, with the initial sale price representing the amount borrowed, and with the future repurchase price consisting of the amount borrowed plus interest, at the implied interest rate of the reverse repurchase agreement, on the amount borrowed over the term of the reverse repurchase agreement. The interest rate on a reverse repurchase agreement is based on competitive rates (or competitive market spreads, in the case of agreements with floating interest rates) at the time such agreement is entered into. When the Company enters into a reverse repurchase agreement, the lender establishes and maintains an account containing cash and/or securities having a value not less than the repurchase price, including accrued interest, of the reverse repurchase agreement. Reverse repurchase agreements are carried at their contractual amounts, which approximate fair value as the debt is short-term in nature.
Repurchase Agreements	Repurchase Agreements : The Company enters into repurchase agreements with third-party broker-dealers whereby it sells securities under agreements to be repurchased at an agreed-upon price and date. The Company accounts for repurchase agreements as collateralized borrowings, with the initial sale price representing the amount borrowed, and with the future repurchase price consisting of the amount borrowed plus interest, at the implied interest rate of the repurchase agreement, on the amount borrowed over the term of the repurchase agreement. The interest rate on a repurchase agreement is based on competitive rates (or competitive market spreads, in the case of agreements with floating interest rates) at the time such agreement is entered into. When the Company enters into a repurchase agreement, the lender establishes and maintains an account containing cash and/or securities having a value not less than the repurchase price, including accrued interest, of the repurchase agreement. Repurchase agreements are carried at their contractual amounts, which approximate fair value as the debt is short-term in nature. Repurchase Agreements : The Company enters into repurchase agreement transactions whereby it purchases securities under agreements to resell at an agreed-upon price and date. In general, securities received pursuant to repurchase agreements are delivered to counterparties of short sale transactions. The interest rate on a repurchase agreement is based on competitive rates (or competitive market spreads, in the case of agreements with floating interest rates) at the time such agreement is entered into. Assets held pursuant to repurchase agreements are reflected as assets on the Consolidated Statement of Assets, Liabilities, and Equity. Repurchase agreements are carried at fair value based on their contractual amounts as the debt is short-term in nature. Repurchase and reverse repurchase agreements that are conducted with the same counterparty may be reported on a net basis if they meet the requirements of ASC 210-20, Balance Sheet Offsetting . There are no repurchase and reverse repurchase agreements reported on a net basis in the Company's consolidated financial statements.
Transfers of Financial Assets	Transfers of Financial Assets : The Company enters into transactions whereby it transfers financial assets to third parties. Upon such a transfer of financial assets, the Company will sometimes retain or acquire interests in the related assets. The Company evaluates transferred assets pursuant to ASC 860-10, Transfers of Financial Assets , or "ASC 860-10," which requires that a determination be made as to whether a transferor has surrendered control over transferred financial assets. That determination must consider the transferor's continuing involvement in the transferred financial asset, including all arrangements or agreements made contemporaneously with, or in contemplation of, the transfer, even if they were not entered into at the time of the transfer. When a transfer of financial assets does not qualify as a sale, ASC 860-10 requires the transfer to be accounted for as a secured borrowing with a pledge of collateral. ASC 860-10 is a standard that requires the Company to exercise significant judgment in determining whether a transaction should be recorded as a "sale" or a "financing." Transfers of Financial Assets : The Company enters into transactions whereby it transfers financial assets to third parties. Upon such a transfer of financial assets, the Company will sometimes retain or acquire interests in the related assets. The Company evaluates transferred assets pursuant to ASC 860-10, Transfers of Financial Assets , or "ASC 860-10," which requires that a determination be made as to whether a transferor has surrendered control over transferred financial assets. That determination must consider the transferor's continuing involvement in the transferred financial asset, including all arrangements or agreements made contemporaneously with, or in contemplation of, the transfer, even if they were not entered into at the time of the transfer. When a transfer of financial assets does not qualify as a sale, ASC 860-10 requires the transfer to be accounted for as a secured borrowing with a pledge of collateral. ASC 860-10 is a standard that requires the Company to exercise significant judgment in determining whether a transaction should be recorded as a "sale" or a "financing."
When-Issued/Delayed Delivery Securities	When-Issued/Delayed Delivery Securities : The Company may purchase or sell securities on a when-issued or delayed delivery basis. Securities purchased or sold on a when-issued basis are traded for delivery beyond the normal settlement date at a stated price or yield, and no income accrues to the purchaser prior to settlement. Purchasing or selling securities on a when-issued or delayed delivery basis involves the risk that the market price or yield at the time of settlement may be lower or higher than the agreed-upon price or yield, in which case a realized loss may be incurred. The Company transacts in the forward settling TBA market. The Company typically does not take delivery of TBAs, but rather settles the associated receivable and payable with its trading counterparties on a net basis. Transactions with the same counterparty for the same TBA that result in a reduction of the position are treated as extinguished. The market value of the securities that the Company is required to purchase pursuant to a TBA transaction may decline below the agreed-upon purchase price. Conversely, the market value of the securities that the Company is required to sell pursuant to a TBA transaction may increase above the agreed upon sale price. As part of its TBA activities, the Company may "roll" its TBA positions, whereby the Company may sell (buy) securities for delivery (receipt) in an earlier month and simultaneously contract to repurchase (sell) similar, but not identical, securities at an agreed-upon price on a fixed date in a later month (with the later-month price typically lower than the earlier-month price). The Company accounts for its TBA transactions (including those related to TBA rolls) as purchases and sales.
REO	REO : When the Company obtains possession of real property in connection with a foreclosure or similar action, the Company de-recognizes the associated mortgage loan according to ASU 2014-04, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure ("ASU 2014-04"). Under the provisions of ASU 2014-04, the Company is deemed to have received physical possession of real estate property collateralizing a mortgage loan when it obtains legal title to the property upon completion of a foreclosure or when the borrower conveys all interest in the property to it through a deed in lieu of foreclosure or similar legal agreement. The Company's cost basis in REO is equal to the fair value of the associated mortgage loan at the time the Company obtains possession. REO valuations are reflected at the lower of cost or fair value. REO : When the Company obtains possession of real property in connection with a foreclosure or similar action, the Company de-recognizes the associated mortgage loan according to ASU 2014-04, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure ("ASU 2014-04"). Under the provisions of ASU 2014-04, the Company is deemed to have received physical possession of real estate property collateralizing a mortgage loan when it obtains legal title to the property upon completion of a foreclosure or when the borrower conveys all interest in the property to it through a deed in lieu of foreclosure or similar legal agreement. The Company holds all REO at fair value.
Investments in Operating Entities	Investments in Operating Entities : The Company has made and may in the future make non-controlling investments in operating entities such as loan originators. Investments in such operating entities may be in the form of preferred and/or common equity, debt, or some other form of investment. The Company carries its investments in such entities at fair value. In cases where the operating entity provides services to the Company, the Company is required to use the equity method of accounting.
Variable Interest Entities	Variable Interest Entities : VIEs are entities in which: (i) the equity investors do not have the characteristics of a controlling financial interest, or (ii) there is insufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties. Consolidation of a VIE is required by the entity that is deemed to be the primary beneficiary of the VIE. The Company evaluates all of its interests in VIEs for consolidation under ASC 810. The primary beneficiary is generally the party with both (i) the power to direct the activities of the VIE that most significantly impact its economic performance, and (ii) the obligation to absorb losses and the right to receive benefits from the VIE which could be potentially significant to the VIE. When the Company has an interest in an entity that has been determined to be a VIE, the Company assesses whether it is deemed to be the primary beneficiary of the VIE. The Company will only consolidate a VIE for which it has concluded it is the primary beneficiary. To assess whether the Company has the power to direct the activities of a VIE that most significantly impact the VIE's economic performance, the Company considers all facts and circumstances, including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes (i) identifying the activities that most significantly impact the VIE's economic performance; and (ii) identifying which party, if any, has power over those activities. To assess whether the Company has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, it considers all of its economic interests, including debt and/or equity investments, as well as other arrangements deemed to be variable interests in the VIE. These assessments to determine whether the Company is the primary beneficiary require significant judgment. In instances where the Company and its related parties have interests in a VIE, the Company considers whether there is a single party in the related party group that meets the criteria to be deemed the primary beneficiary. If one party within the related party group meets such criteria, that reporting entity would be deemed to be the primary beneficiary of the VIE and no further analysis is needed. If no party within the related party group on its own meets the criteria to be deemed the primary beneficiary, but the related party group as a whole meets such criteria, the determination of primary beneficiary within the related party group requires significant judgment. The Company performs analysis which is based upon qualitative as well as quantitative factors, such as the relationship of the VIE to each of the members of the related party group, as well as the significance of the VIE's activities to those members, with the objective of determining which party is most closely associated with the VIE. The Company performs ongoing reassessments of (i) whether any entities previously evaluated have become VIEs, based on certain events, and therefore subject to assessment to determine whether consolidation is appropriate, and (ii) whether changes in the facts and circumstances regarding the Company's involvement with a VIE causes its consolidation conclusion regarding the VIE to change. See Note 9 and Note 13 for further information on the Company's consolidated VIEs. The Company's maximum amount at risk is generally limited to the Company's investment in the VIE. The Company is generally not contractually required to provide and has not provided any form of financial support to the VIEs. The Company holds beneficial interests in certain securitization trusts that are considered VIEs. The beneficial interests in these securitization trusts are represented by certificates issued by the trusts. The securitization trusts have been structured as pass-through entities that receive principal and interest payments on the underlying collateral and distribute those payments to the certificate holders, which include both third-party investors and the Company. The certificates held by the Company typically include some or all of the most subordinated tranches. The assets held by the trusts are restricted in that they can only be used to fulfill the obligations of the related trust. In certain cases, the design and structure of the securitization trust is such that the Company effectively retains control of the assets as well as the activities that most significantly impact the economic performance of the trust. In such cases, the Company is determined to be the primary beneficiary, and the Company consolidates the trust and all intercompany transactions are eliminated in consolidation. In cases where the Company does not effectively retain control of the assets of, or have the power to direct the activities that most significantly impact the economic performance of, the related trust, it does not consolidate the trust. See Note 10 for further discussion of the Company's securitization trusts. Variable Interest Entities : VIEs are entities in which: (i) the equity investors do not have the characteristics of a controlling financial interest, or (ii) there is insufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties. The Company holds beneficial interests in securitization trusts that are considered VIEs. The beneficial interests in these securitization trusts are represented by certificates issued by the trusts. The securitization trusts have been structured as pass-through entities that receive principal and interest payments on the underlying collateral and distribute those payments to the certificate holders, which include both third-party investors and the Company. The certificates held by the Company typically include some or all of the most subordinated tranches. The assets held by the trusts are restricted in that they can only be used to fulfill the obligations of the related trust. In certain cases the design and structure of the securitization trust is such that the Company effectively retains control of the assets as well as the activities that most significantly impact the economic performance of the trust; in such cases the trust is considered a direct extension of the Company's business, and the Company consolidates the trust. In cases where the Company does not effectively retain control of the assets of, or the activities that most significantly impact the economic performance of, the related trust, it does not consolidate the trust. See Note 6 for further discussion of the Company's securitization trusts.
Offering Costs/Underwriters' Discount	Offering Costs/Underwriters' Discount : Offering costs and underwriters' discount are charged against stockholders' equity as incurred. Offering costs typically include legal, accounting, and other fees associated with the cost of raising capital. Offering Costs/Underwriters' Discount : Offering costs and underwriters' discount are charged against shareholders' equity. Offering costs typically include legal, accounting, printing, and other fees associated with the cost of raising capital.
Debt Issuance Costs	Debt Issuance Costs : Debt issuance costs associated with debt for which the Company has elected the FVO are expensed at the issuance of the debt, and are included in Other investment related expenses on the Condensed Consolidated Statement of Operations. Costs associated with the issuance of debt for which the Company has not elected the FVO are deferred and amortized over the life of the debt, which approximates the effective interest rate method, and are included in Interest expense on the Condensed Consolidated Statement of Operations. Deferred debt issuance costs are presented on the Condensed Consolidated Balance Sheet as a direct deduction from the related debt liability, unless such deferred debt issuance costs are associated with borrowing facilities that are expected to have a future benefit, such as giving the Company the ability to access additional borrowings over the contractual term of the debt, in which case such deferred debt issuance costs are included in Other assets on the Condensed Consolidated Balance Sheet. Debt issuance costs include legal and accounting fees, purchasers' or underwriters' discount, as well as other fees associated with the cost of the issuance of the related debt. Debt Issuance Costs : Debt issuance costs associated with debt for which the Company has elected the fair value option are expensed at the issuance of the debt, and are included in Other investment related expenses on the Consolidated Statement of Operations. Costs associated with the issuance of debt for which the Company has not elected the fair value option are amortized over the life of the debt, which approximates the effective interest rate method, and are included in Interest expense on the Consolidated Statement of Operations. Deferred debt issuance costs are presented on the Consolidated Statement of Assets, Liabilities, and Equity as a direct deduction from the related debt liability, unless such deferred debt issuance costs are associated with borrowing facilities that are expected to have a future benefit, such as giving the Company the ability to access additional borrowings over the contractual term of the debt, in which case such deferred debt issuance costs are included in Other Assets on Consolidated Statement of Assets, Liabilities, and Equity. Debt issuance costs include legal and accounting fees, purchasers' or underwriters' discount, as well as other fees associated with the cost of the issuance of the related debt.
Expenses	Expenses : Expenses are recognized as incurred on the Condensed Consolidated Statement of Operations. Expenses : Expenses are recognized as incurred on the Consolidated Statement of Operations.
Investment Related Expenses	Investment Related Expenses : Investment related expenses consist of expenses directly related to specific financial instruments. Such expenses generally include dividend expense on common stock sold short, servicing fees and corporate and escrow advances on mortgage and consumer loans, and various other expenses and fees related directly to the Company's financial instruments. Other Investment Related Expenses : Other investment related expenses consist of expenses directly related to specific financial instruments. Such expenses generally include dividend expense on common stock sold short, servicing fees and corporate and escrow advances on mortgage and consumer loans, and various other expenses and fees related directly to the Company's financial instruments. Other investment related expenses are recognized as incurred on the Consolidated Statement of Operations; dividend expense on common stock sold short is recognized on the ex-dividend date.
LTIP Units	Long term incentive plan units : Long term incentive plan units of the Operating Partnership ("OP LTIP Units") have been issued to the Company's dedicated or partially dedicated personnel and certain of its directors as well as the Manager. Costs associated with OP LTIP Units issued to dedicated or partially dedicated personnel, or to the Company's directors, are measured as of the grant date based on the closing stock price on the New York Stock Exchange and are amortized over the vesting period in accordance with ASC 718-10, Compensation—Stock Compensation . The vesting periods for OP LTIP Units are typically one year from issuance for non-executive directors, and are typically one year to two years from issuance for dedicated or partially dedicated personnel. LTIP Units : Long term incentive plan units of the Company ("LTIP Units") and long term incentive plan units of the Operating Partnership ("OP LTIP Units") have been issued to the Company's dedicated or partially dedicated personnel and certain of its directors as well as the Manager. Costs associated with LTIP Units and OP LTIP Units issued to dedicated or partially dedicated personnel, or to its directors, are measured as of the grant date based on the closing stock price on the New York Stock Exchange and are amortized over the vesting period in accordance with ASC 718-10, Compensation—Stock Compensation . The vesting periods for LTIP Units and OP LTIP Units are typically one year from issuance for directors, and are typically one year to two years from issuance for dedicated or partially dedicated personnel.
Non-controlling interest	Non-controlling interests : Non-controlling interests include interests in the Operating Partnership represented by units convertible into shares of the Company's common stock ("Convertible Non-controlling Interests"). Convertible Non-controlling Interests include both the OP LTIP Units and those common units ("OP Units") of the Operating Partnership not held by the Company (collectively, the "Convertible Non-controlling Interest Units"). Non-controlling interests also include the interests of joint venture partners in certain of our consolidated subsidiaries. The joint venture partners' interests are not convertible into shares of the Company's common stock. The Company adjusts the Convertible Non-controlling Interests to align their carrying value with their share of total outstanding Operating Partnership units, including both the OP Units held by the Company and the Convertible Non-controlling Interests. Any such adjustments are reflected in Adjustment to non-controlling interests, on the Condensed Consolidated Statement of Changes in Equity. See Note 15 for further discussion of non-controlling interests. Non-controlling interests : Non-controlling interests include interests in the Operating Partnership represented by units convertible into the Company's common shares (“Convertible Non-controlling Interests”). Convertible Non-controlling Interests include both the OP LTIP Units and those common units ("OP Units") of the Operating Partnership not held by the Company. Non-controlling interests also include the interests of joint venture partners in certain of our consolidated subsidiaries. The joint venture partners' interests are not convertible into the Company's common shares. The Company adjusts the Convertible Non-controlling Interests to align their carrying value with their share of total outstanding Operating Partnership units, including both the OP Units held by the Company and the Convertible Non-controlling Interests. Any such adjustments are reflected in "Adjustment to non-controlling interest" on the Consolidated Statement of Changes in Equity. See Note 11 for further discussion of non-controlling interests.
Dividends	Dividends : Dividends payable are recorded on the declaration date. Dividends : Dividends payable by the Company are recorded on the ex-dividend date. Dividends are typically declared and paid on a quarterly basis in arrears.
Shares Repurchased	Shares Repurchased : Shares of common stock that are repurchased by the Company subsequent to issuance are immediately retired upon settlement and decrease the total number of shares of common stock issued and outstanding. The cost of such repurchases is charged against Additional paid-in-capital on the Company's Condensed Consolidated Balance Sheet. Shares Repurchased : Common shares that are repurchased by the Company subsequent to issuance are immediately retired upon settlement and decrease the total number of shares outstanding and issued.
Earnings Per Share ("EPS")	Earnings Per Share ("EPS") : Basic EPS is computed using the two class method by dividing net income (loss) after adjusting for the impact of Convertible Non-controlling Interests which are participating securities, by the weighted average number of shares of common stock outstanding calculated including Convertible Non-controlling Interests. Because the Company's Convertible Non-controlling Interests are participating securities, they are included in the calculation of both basic and diluted EPS. Earnings Per Share ("EPS") : Basic EPS is computed using the two class method by dividing net increase (decrease) in shareholders' equity resulting from operations after adjusting for the impact of LTIP Units which are participating securities, by the weighted average number of common shares outstanding calculated including LTIP Units. Because the Company's LTIP Units are participating securities, they are included in the calculation of basic and diluted EPS. Convertible Non-controlling Interests are also participating securities and, accordingly, are included in the calculation of both basic and diluted EPS.
Foreign Currency	Foreign Currency : The functional currency of the Company is U.S. dollars. Assets and liabilities denominated in foreign currencies are remeasured into U.S. dollars at current exchange rates at the following dates: (i) assets, liabilities, and unrealized gains/losses—at the valuation date; and (ii) income, expenses, and realized gains/losses—at the accrual/transaction date. The Company isolates the portion of realized and change in unrealized gain (loss) resulting from changes in foreign currency exchange rates on investments and financial derivatives from the fluctuations arising from changes in fair value of investments and financial derivatives held. Changes in realized and change in unrealized gain (loss) due to foreign currency are included in Other, net, on the Condensed Consolidated Statement of Operations. Our reporting currency is U.S. Dollars. If the Company has investments in unconsolidated entities that have a functional currency other than U.S. Dollars, the fair value is translated to U.S. dollars using the current exchange rate at the valuation date. The cumulative translation adjustment, if any, associated with the Company's investments in unconsolidated entities is recorded in accumulated other comprehensive income (loss), a component of consolidated stockholders' equity. Foreign Currency : Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at current exchange rates at the following dates: (i) assets, liabilities, and unrealized gains/losses—at the valuation date; and (ii) income, expenses, and realized gains/losses—at the accrual/transaction date. The Company isolates the portion of realized and change in unrealized gain (loss) resulting from changes in foreign currency exchange rates on investments and financial derivatives from the fluctuations arising from changes in fair value of investments and financial derivatives held. Changes in realized and change in unrealized gain (loss) due to foreign currency are included in Foreign currency transactions and Foreign currency translation, respectively, on the Consolidated Statement of Operations.
Income Taxes	Income Taxes : The Company intends to elect to be taxed as a REIT under Sections 856 through 860 of the Code. As a REIT, the Company is generally not subject to corporate-level federal and state income tax on net income it distributes to its stockholders. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including distributing at least 90% of its annual taxable income to stockholders. Even if the Company qualifies as a REIT, it may be subject to certain federal, state, local and foreign taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal, state, and local income taxes and may be precluded from qualifying as a REIT for the four taxable years following the year in which the Company fails to qualify as a REIT. The Company believes that it will operate in a manner that will allow it to qualify for taxation as a REIT. As a result of the Company's expected REIT qualification and expected distributions, it does not generally expect to pay federal or state corporate income taxes. Many of the REIT requirements, however, are highly technical and complex. As a REIT, if the Company fails to distribute in any calendar year (subject to specific timing rules for certain dividends paid in January) at least the sum of (i) 85% of its ordinary income for such year, (ii) 95% of its capital gain net income for such year, and (iii) any undistributed taxable income from the prior year, the Company would be subject to a non-deductible 4% excise tax on the excess of such required distribution over the sum of (i) the amounts actually distributed and (ii) the amounts of income retained and on which the Company has paid corporate income tax. The Company elected to treat certain domestic and foreign subsidiaries as TRSs, and may in the future elect to treat other current or future subsidiaries as TRSs. In general, a TRS may hold assets and engage in activities that the Company cannot hold or engage in directly and generally may engage in any real estate or non-real estate-related business. A domestic TRS may, but is not required to, declare dividends to the Company; such dividends will be included in the Company's taxable income/(loss) and may necessitate a distribution to the Company's stockholders. Conversely, if the Company retains earnings at the level of a domestic TRS, such earnings will increase the book equity of the consolidated entity. A domestic TRS is subject to U.S. federal, state, and local corporate income taxes. The Company has elected and may elect in the future to treat certain of its foreign corporate subsidiaries as TRSs and, accordingly, taxable income generated by these TRSs may not be subject to U.S. federal, state, and local corporate income taxation, but generally will be included in the Company's income on a current basis as Subpart F income, whether or not distributed. However, certain of the Company’s foreign subsidiaries may be subject to income taxes in the relevant foreign jurisdictions. The Company's financial results are generally not expected to reflect provisions for current or deferred income taxes, except for any activities conducted through one or more TRSs that are subject to corporate income taxation. The Company follows the authoritative guidance on accounting for and disclosure of uncertainty on tax positions, which requires management to determine whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. For uncertain tax positions, the tax benefit to be recognized is measured as the largest amount of benefit that is more than 50% likely to be realized upon ultimate settlement. The Company did not have any unrecognized tax benefits resulting from tax positions related to the current period or to 2018, 2017, 2016, or 2015 (its open tax years). In the normal course of business, the Company may be subject to examination by federal, state, local, and foreign jurisdictions, where applicable, for the current period, 2018, 2017, 2016, and 2015 (its open tax years). Income Taxes : The Company is treated as a partnership for U.S. federal income tax purposes. Certain of the Company's subsidiaries are not consolidated for U.S. federal income tax purposes, but are also treated as partnerships. In general, partnerships are not subject to entity-level tax on their income, but the income of a partnership is taxable to its owners on a flow-through basis. In addition, certain subsidiaries of the Company have elected to be treated as corporations for U.S. federal income tax purposes, and one has elected to be taxed as a real estate investment trust, or "REIT." The Company follows the authoritative guidance on accounting for and disclosure of uncertainty on tax positions, which requires management to determine whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. For uncertain tax positions, the tax benefit to be recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The Company did not have any additions to unrecognized tax benefits resulting from tax positions related either to the current period or to 2017, 2016, or 2015 (its open tax years), and no reductions resulting from tax positions of prior years or due to settlements, and thus had no unrecognized tax benefits or reductions since inception. The Company does not expect any change in unrecognized tax benefits within the next fiscal year. There were no amounts accrued for tax penalties or interest as of or during the periods presented in these consolidated financial statements. The Company may take positions with respect to certain tax issues which depend on legal interpretation of facts or applicable tax regulations. Should the relevant tax regulators successfully challenge any of such positions, the Company might be found to have a tax liability that has not been recorded in the accompanying consolidated financial statements. Also, management's conclusions regarding ASC 740-10 may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance from the Financial Accounting Standards Board, or "FASB," and ongoing analyses of tax laws, regulations and interpretations thereof.
Recent Accounting Pronouncements	Recent Accounting Pronouncements : In August 2018, the Financial Accounting Standards Board, or "FASB," issued ASU 2018-13, Fair Value Measurement—Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement ("ASU 2018-13"). This amends ASC 820 to remove or modify various current disclosure requirements related to fair value measurement. Additionally, ASU 2018-13 requires certain additional disclosures around fair value measurement. ASU 2018-13 is effective for annual periods beginning after December 15, 2019 and interim periods within those years, with early adoption permitted. Entities are permitted to early adopt any removed or modified disclosures and delay adoption of the additional disclosures until their effective date. The Company has elected to early adopt the removal and modification of various disclosure requirements in accordance with ASU 2018-13; early adoption has not had a material impact on the Company's consolidated financial statements. The Company has elected not to early adopt the additional disclosure requirements. The adoption of the additional disclosure requirements, as required under ASU 2018-13, is not expected to have a material impact on the Company's consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses ("ASU 2016-13"). ASU 2016-13 introduces a new model related to the accounting for credit losses on financial assets subject to credit losses and measured at amortized cost and certain off-balance sheet credit exposures. ASU 2016-13 amends the current guidance, which requires an OTTI charge only when fair value is below the amortized cost of an asset. The length of time the fair value of an available-for-sale debt security has been below the amortized cost will no longer impact the determination of whether a credit loss exists. As a result, it is no longer an other-than-temporary model. In addition, credit losses on available-for-sale debt securities will now be limited to the difference between the security's amortized cost basis and its fair value. The new debt security model will also require the use of an allowance to record estimated credit losses. The new guidance also expands the disclosure requirements regarding an entity's assumptions and models. In addition, public entities will need to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination (i.e., by vintage year). ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company is currently evaluating its method of adoption and the impact this ASU will have on its consolidated financial statements. Recent Accounting Pronouncements : In August 2018, the Financial Accounting Standards Board, or "FASB," issued ASU 2018-13, Fair Value Measurement—Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement ("ASU 2018-13"). This amends ASC 820, Fair Value Measurement , to remove or modify various current disclosure requirements related to fair value measurement. Additionally ASU 2018-13 requires certain additional disclosures around fair value measurement. ASU 2018-13 is effective for annual periods beginning after December 15, 2019 and interim periods within those years, with early adoption permitted. Entities are permitted to early adopt any removed or modified disclosures and delay adoption of the additional disclosures until their effective date. The Company has elected to early adopt the removal and modification of various disclosure requirements in accordance with ASU 2018-13; early adoption has not had a material impact on the Company's consolidated financial statements. The Company has elected not to early adopt the additional disclosure requirements. The adoption of additional disclosures, as required under ASU 2018-13, is not expected to have a material impact on the Company's consolidated financial statements. In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation—Improvements to Nonemployee Share-Based Payment Accounting ("ASU 2018-07"). This amends ASC 718, Compensation—Stock Compensation , to simplify several aspects of accounting for nonemployee share-based payment transactions. ASU 2018-07 is effective for annual periods beginning after December 15, 2019 and interim periods beginning after December 15, 2020, with early adoption permitted. The adoption of ASU 2018-07 is not expected to have a material impact on the Company's consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows—Restricted Cash ("ASU 2016-18"). This amends ASC 230, Statement of Cash Flows , to require that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash and restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 became effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The adoption of ASU 2016-18 did not have a material impact on the Company's consolidated financial statements.

Valuation (Tables)

Valuation (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Schedule of Financial Instruments	The table below reflects the value of the Company's Level 1, Level 2, and Level 3 financial instruments that are measured at fair value on a recurring basis as of March 31, 2019: Description Level 1 Level 2 Level 3 Total (In thousands) Assets: Securities, at fair value- Agency RMBS $ — $ 1,137,826 $ 6,389 $ 1,144,215 Non-Agency RMBS — 111,500 94,670 206,170 CMBS — 28,055 5,137 33,192 CLOs — 76,559 21,438 97,997 Asset-backed securities, backed by consumer loans — — 24,108 24,108 Corporate debt securities — — 5,737 5,737 Corporate equity securities — — 1,465 1,465 U.S. Treasury securities — 16,601 — 16,601 Loans, at fair value- Residential mortgage loans — — 583,252 583,252 Commercial mortgage loans — — 239,623 239,623 Consumer loans — — 192,115 192,115 Investment in unconsolidated entities, at fair value — — 58,152 58,152 Financial derivatives–assets, at fair value- Credit default swaps on asset-backed securities — — 1,233 1,233 Credit default swaps on asset-backed indices — 3,276 — 3,276 Credit default swaps on corporate bonds — 715 — 715 Credit default swaps on corporate bond indices — 3,519 — 3,519 Interest rate swaps — 5,391 — 5,391 TBAs — 531 — 531 Futures 138 — — 138 Forwards — 430 — 430 Total return swaps — 123 — 123 Total assets $ 138 $ 1,384,526 $ 1,233,319 $ 2,617,983 Description Level 1 Level 2 Level 3 Total (continued) (In thousands) Liabilities: Securities sold short, at fair value- Government debt $ — $ (21,771 ) $ — $ (21,771 ) Corporate debt securities — (4,441 ) — (4,441 ) Financial derivatives–liabilities, at fair value- Credit default swaps on asset-backed indices — (822 ) — (822 ) Credit default swaps on corporate bonds — (953 ) — (953 ) Credit default swaps on corporate bond indices — (11,907 ) — (11,907 ) Interest rate swaps — (7,571 ) — (7,571 ) TBAs — (3,075 ) — (3,075 ) Futures (2,454 ) — — (2,454 ) Forwards — (122 ) — (122 ) Other secured borrowings, at fair value — — (282,124 ) (282,124 ) Total liabilities $ (2,454 ) $ (50,662 ) $ (282,124 ) $ (335,240 ) The following table summarizes the estimated fair value of all other financial instruments not measured at fair value on a recurring basis as of March 31, 2019: March 31, 2019 (In thousands) Fair Value Carrying Value Other financial instruments Assets: Cash and cash equivalents $ 55,876 $ 55,876 Restricted cash 175 175 Due from brokers 58,145 58,145 Reverse repurchase agreements 25,381 25,381 Liabilities: Repurchase agreements 1,550,016 1,550,016 Other secured borrowings 117,315 117,315 Senior notes, net 85,100 85,100 Due to brokers 4,820 4,820 The table below reflects the value of the Company's Level 1, Level 2, and Level 3 financial instruments at December 31, 2018: Description Level 1 Level 2 Level 3 Total (In thousands) Assets: Cash equivalents $ 12,460 $ — $ — $ 12,460 Investments, at fair value- Agency residential mortgage-backed securities $ — $ 1,442,924 $ 7,293 $ 1,450,217 U.S. Treasury securities — 76 — 76 Private label residential mortgage-backed securities — 211,348 91,291 302,639 Private label commercial mortgage-backed securities — 33,105 803 33,908 Commercial mortgage loans — — 211,185 211,185 Residential mortgage loans — — 496,830 496,830 Collateralized loan obligations — 108,978 14,915 123,893 Consumer loans and asset-backed securities backed by consumer loans — — 206,761 206,761 Corporate debt — 16,074 6,318 22,392 Secured notes — — 10,917 10,917 Real estate owned — — 34,500 34,500 Common stock 2,200 — — 2,200 Corporate equity investments — — 43,793 43,793 Total investments, at fair value 2,200 1,812,505 1,124,606 2,939,311 Financial derivatives–assets, at fair value- Credit default swaps on asset-backed securities — — 1,472 1,472 Credit default swaps on corporate bond indices — 733 — 733 Credit default swaps on corporate bonds — 2,473 — 2,473 Credit default swaps on asset-backed indices — 8,092 — 8,092 Total return swaps — 1 — 1 Interest rate swaps — 7,224 — 7,224 Forwards — 6 — 6 Total financial derivatives–assets, at fair value — 18,529 1,472 20,001 Repurchase agreements, at fair value — 61,274 — 61,274 Total investments, financial derivatives–assets, and repurchase agreements, at fair value $ 2,200 $ 1,892,308 $ 1,126,078 $ 3,020,586 Liabilities: Investments sold short, at fair value- Agency residential mortgage-backed securities $ — $ (772,964 ) $ — $ (772,964 ) Government debt — (54,151 ) — (54,151 ) Corporate debt — (6,529 ) — (6,529 ) Common stock (16,933 ) — — (16,933 ) Total investments sold short, at fair value (16,933 ) (833,644 ) — (850,577 ) Description Level 1 Level 2 Level 3 Total (continued) (In thousands) Financial derivatives–liabilities, at fair value- Credit default swaps on corporate bond indices $ — $ (11,557 ) $ — $ (11,557 ) Credit default swaps on corporate bonds — (3,246 ) — (3,246 ) Credit default swaps on asset-backed indices — (2,125 ) — (2,125 ) Interest rate swaps — (3,397 ) — (3,397 ) Total return swaps — (6 ) — (6 ) Futures (355 ) — — (355 ) Forwards — (120 ) — (120 ) Total financial derivatives–liabilities, at fair value (355 ) (20,451 ) — (20,806 ) Other secured borrowings, at fair value — — (297,948 ) (297,948 ) Total investments sold short, financial derivatives–liabilities, and other secured borrowings, at fair value $ (17,288 ) $ (854,095 ) $ (297,948 ) $ (1,169,331 ) The tables below include a roll-forward of the Company's financial instruments for the three-month period ended March 31, 2018 (including the change in fair value), for financial instruments classified by the Company within Level 3 of the valuation hierarchy. Level 3—Fair Value Measurement Using Significant Unobservable Inputs: Three-Month Period Ended March 31, 2018 (In thousands) Ending Accreted Net Realized Change in Net Purchases/ Sales/ Transfers Into Level 3 Transfers Out of Level 3 Ending Assets: Investments, at fair value- Agency residential mortgage-backed securities $ 6,173 $ (600 ) $ 39 $ 264 $ 1,101 $ (388 ) $ — $ (461 ) $ 6,128 Private label residential mortgage-backed securities 101,297 106 2,288 293 20,660 (21,574 ) 11,561 (2,769 ) 111,862 Private label commercial mortgage-backed securities 12,347 (183 ) 1,554 121 9,624 (7,366 ) — (2,388 ) 13,709 Commercial mortgage loans 108,301 618 330 (161 ) 3,988 (3,782 ) — — 109,294 Residential mortgage loans 182,472 (715 ) (54 ) (653 ) 73,040 (13,309 ) — — 240,781 Collateralized loan obligations 24,911 455 2 226 10,095 (8,210 ) — — 27,479 (In thousands) Ending Accreted Discounts / (Amortized Premiums) Net Realized Gain/ (Loss) Change in Net Unrealized Gain/(Loss) Purchases/ Sales/ Transfers Into Level 3 Transfers Out of Level 3 Ending Balance as of March 31, 2018 (Continued) Consumer loans and asset-backed securities backed by consumer loans $ 135,258 $ (5,896 ) $ 501 $ 3,804 $ 42,133 $ (27,378 ) $ — $ — $ 148,422 Corporate debt 23,947 (114 ) 52 364 456 (6,705 ) — — 18,000 Real estate owned 26,277 — (456 ) 615 4,098 (1,424 ) — — 29,110 Corporate equity investments 37,465 — — 4,326 9,078 — — — 50,869 Total investments, at fair value 658,448 (6,329 ) 4,256 9,199 174,273 (90,136 ) 11,561 (5,618 ) 755,654 Financial derivatives–assets, at fair value- Credit default swaps on asset-backed securities 3,140 — 86 (71 ) 24 (110 ) — — 3,069 Total financial derivatives– assets, at fair value 3,140 — 86 (71 ) 24 (110 ) — — 3,069 Total investments and financial derivatives–assets, at fair value $ 661,588 $ (6,329 ) $ 4,342 $ 9,128 $ 174,297 $ (90,246 ) $ 11,561 $ (5,618 ) $ 758,723 Liabilities: Other secured borrowings, at fair value $ (125,105 ) $ — $ — $ 784 $ 10,546 $ — $ — $ — $ (113,775 ) Total other secured borrowings, at fair value $ (125,105 ) $ — $ — $ 784 $ 10,546 $ — $ — $ — $ (113,775 ) All amounts of net realized and change in net unrealized gain (loss) in the table above are reflected in the accompanying Consolidated Statement of Operations. The table above incorporates changes in net unrealized gain (loss) for both Level 3 financial instruments held by the Company at March 31, 2018, as well as Level 3 financial instruments disposed of by the Company during the three-month period ended March 31, 2018. For Level 3 financial instruments held by the Company at March 31, 2018, change in net unrealized gain (loss) of $8.6 million , $(0.1) million , and $0.8 million , for the three-month period ended March 31, 2018 relate to investments, financial derivatives–assets, and other secured borrowings, at fair value, respectively.
Schedule of Significant Unobservable Inputs, Qualitative Information	The following table identifies the significant unobservable inputs that affect the valuation of the Company's Level 3 assets and liabilities as of March 31, 2019: Fair Value Valuation Technique Unobservable Input Range Weighted Average Description Min Max (In thousands) Non-Agency RMBS $ 42,096 Market Quotes Non Binding Third-Party Valuation $ 15.72 $ 184.92 $ 82.84 CMBS 5,137 Market Quotes Non Binding Third-Party Valuation 5.94 70.90 60.88 CLOs 13,508 Market Quotes Non Binding Third-Party Valuation 27.30 80.00 72.87 Agency interest only RMBS 705 Market Quotes Non Binding Third-Party Valuation 8.42 14.43 11.96 Corporate debt and equity 1,452 Market Quotes Non Binding Third-Party Valuation 83.50 83.50 83.50 Non-Agency RMBS 52,574 Discounted Cash Flows Yield 0.5 % 67.1 % 9.5 % Projected Collateral Prepayments 15.1 % 77.8 % 46.6 % Projected Collateral Losses 0.1 % 17.6 % 8.8 % Projected Collateral Recoveries 1.7 % 15.8 % 8.2 % Projected Collateral Scheduled Amortization 16.3 % 63.0 % 36.4 % 100.0 % Corporate debt and equity 5,750 Discounted Cash Flows Yield 10.0 % 19.6 % 16.7 % CLOs 7,930 Discounted Cash Flows Yield 8.7 % 15.2 % 11.8 % Projected Collateral Prepayments 19.9 % 87.3 % 52.5 % Projected Collateral Losses 5.3 % 30.8 % 15.7 % Projected Collateral Recoveries 4.2 % 13.7 % 8.8 % Projected Collateral Scheduled Amortization — % 65.2 % 23.0 % 100.0 % (continued) Fair Value Valuation Technique Unobservable Input Range Weighted Average Description Min Max (In thousands) ABS backed by consumer loans 24,108 Discounted Cash Flows Yield 12.0 % 18.7 % 12.2 % Projected Collateral Prepayments 0.0 % 11.0 % 9.4 % Projected Collateral Losses 1.6 % 16.6 % 14.9 % Projected Collateral Scheduled Amortization 72.9 % 98.4 % 75.7 % 100.0 % Consumer loans 192,115 Discounted Cash Flows Yield 7.0 % 10.0 % 8.0 % Projected Collateral Prepayments 0.0 % 55.4 % 41.5 % Projected Collateral Losses 4.0 % 86.6 % 8.0 % Projected Collateral Scheduled Amortization 13.4 % 85.7 % 50.5 % 100.0 % Performing commercial mortgage loans 198,823 Discounted Cash Flows Yield 8.0 % 22.5 % 9.4 % Non-performing commercial mortgage loans 40,800 Discounted Cash Flows Yield 10.5 % 14.1 % 12.8 % Months to Resolution 0.0 5.0 3.0 Performing and re-performing residential mortgage loans 274,572 Discounted Cash Flows Yield 4.1 % 22.6 % 6.0 % Securitized residential mortgage loans (1) 296,366 Discounted Cash Flows Yield 4.4 % 4.6 % 4.5 % Non-performing residential mortgage loans 12,314 Discounted Cash Flows Yield 4.3 % 33.3 % 11.9 % Months to Resolution 13.5 62.6 32.3 Credit default swaps on asset-backed securities 1,233 Net Discounted Cash Flows Projected Collateral Prepayments 34.1 % 38.6 % 36.0 % Projected Collateral Losses 11.7 % 18.1 % 13.3 % Projected Collateral Recoveries 14.2 % 17.5 % 16.2 % Projected Collateral Scheduled Amortization 29.1 % 36.5 % 34.5 % 100.0 % Agency interest only RMBS 5,684 Option Adjusted Spread ("OAS") LIBOR OAS (2) 93 3,527 654 Projected Collateral Prepayments 30.0 % 100.0 % 67.7 % Projected Collateral Scheduled Amortization 0.0 % 70.0 % 32.3 % 100.0 % Investment in unconsolidated entities 31,849 Enterprise Value Equity Price-to-Book (3) 1.0X 3.1X 1.4X Investment in unconsolidated entities 3,000 Recent Transactions Transaction Price n/a n/a n/a Investment in unconsolidated entities 23,303 Discounted Cash Flows Yield (4) 5.5% 19.6% 10.2% Other secured borrowings, at fair value (1) (282,124 ) Discounted Cash Flows Yield 4.0% 4.1% 4.1% (1) Securitized residential mortgage loans and Other secured borrowings, at fair value, represent financial assets and liabilities of the Company's CFE as discussed in Note 2. (2) Shown in basis points. (3) Represent an estimation of where market participants might value an enterprise on a price-to-book basis. (4) Represents the significant unobservable inputs used to fair value the financial instruments of the unconsolidated entity. The fair value of such financial instruments is the largest component of the valuation of such entity as a whole. The following table identifies the significant unobservable inputs that affect the valuation of the Company's Level 3 assets and liabilities as of December 31, 2018: Fair Value Valuation Technique Unobservable Input Range Weighted Average Description Min Max (In thousands) Private label residential mortgage-backed securities $ 36,945 Market Quotes Non Binding Third-Party Valuation $ 17.42 $ 178.00 $ 78.31 Collateralized loan obligations 5,828 Market Quotes Non Binding Third-Party Valuation 2.64 375.00 167.78 Corporate debt, non-exchange traded corporate equity, and secured notes 13,976 Market Quotes Non Binding Third-Party Valuation 9.69 91.00 59.18 Private label commercial mortgage-backed securities 576 Market Quotes Non Binding Third-Party Valuation 5.93 6.36 6.14 Agency interest only residential mortgage-backed securities 744 Market Quotes Non Binding Third-Party Valuation 1.70 9.12 5.64 Private label residential mortgage-backed securities 54,346 Discounted Cash Flows Yield 3.5 % 66.1 % 10.7 % Projected Collateral Prepayments 16.0 % 92.1 % 50.4 % Projected Collateral Losses 0.0 % 23.1 % 8.7 % Projected Collateral Recoveries 1.5 % 14.6 % 7.3 % Projected Collateral Scheduled Amortization 6.1 % 61.8 % 33.6 % 100.0 % Private label commercial mortgage-backed securities 227 Discounted Cash Flows Yield 3.4 % 3.4 % 3.4 % Projected Collateral Losses 2.0 % 2.0 % 2.0 % Projected Collateral Recoveries 6.6 % 6.6 % 6.6 % Projected Collateral Scheduled Amortization 91.4 % 91.4 % 91.4 % 100.0 % Corporate debt and non-exchange traded corporate equity 4,793 Discounted Cash Flows Yield 17.5 % 17.5 % 17.5 % (continued) Fair Value Valuation Technique Unobservable Input Range Weighted Average Description Min Max (In thousands) Collateralized loan obligations $ 9,087 Discounted Cash Flows Yield 12.6 % 103.1 % 26.7 % Projected Collateral Prepayments 8.1 % 88.4 % 65.2 % Projected Collateral Losses 3.7 % 40.8 % 13.5 % Projected Collateral Recoveries 4.2 % 38.0 % 11.9 % Projected Collateral Scheduled Amortization 3.5 % 13.5 % 9.4 % 100.0 % Consumer loans and asset-backed securities backed by consumer loans 206,761 Discounted Cash Flows Yield 7.0 % 18.3 % 8.5 % Projected Collateral Prepayments 0.0 % 45.9 % 33.5 % Projected Collateral Losses 2.6 % 84.8 % 9.1 % Projected Collateral Scheduled Amortization 15.2 % 96.6 % 57.4 % 100.0 % Performing commercial mortgage loans 163,876 Discounted Cash Flows Yield 8.0 % 22.5 % 9.6 % Non-performing commercial mortgage loans and commercial real estate owned 80,513 Discounted Cash Flows Yield 9.6 % 27.4 % 13.2 % Months to Resolution 3.0 16.0 7.9 Performing residential mortgage loans 171,367 Discounted Cash Flows Yield 2.7 % 12.9 % 6.0 % Securitized residential mortgage loans (1) 314,202 Discounted Cash Flows Yield 4.3 % 4.6 % 4.6 % Non-performing residential mortgage loans and residential real estate owned 12,557 Discounted Cash Flows Yield 4.3 % 25.1 % 11.3 % Months to Resolution (2) 1.9 42.2 27.8 Credit default swaps on asset-backed securities 1,472 Net Discounted Cash Flows Projected Collateral Prepayments 33.6 % 42.0 % 36.5 % Projected Collateral Losses 11.1 % 15.6 % 12.8 % Projected Collateral Recoveries 10.3 % 18.7 % 15.8 % Projected Collateral Scheduled Amortization 32.0 % 36.5 % 34.9 % 100.0 % Agency interest only residential mortgage-backed securities 6,549 Option Adjusted Spread ("OAS") LIBOR OAS (3) 211 3,521 677 Projected Collateral Prepayments 37.7 % 100.0 % 66.2 % Projected Collateral Scheduled Amortization 0.0 % 62.3 % 33.8 % 100.0 % Non-exchange traded common equity investment in mortgage-related entity 6,750 Enterprise Value Equity Price-to-Book (4) 3.3x 3.3x 3.3x Non-exchange traded preferred equity investment in mortgage-related entity 27,317 Enterprise Value Equity Price-to-Book (4) 1.1x 1.1x 1.1x Non-exchange traded preferred equity investment in loan origination entity 3,000 Recent Transactions Transaction Price N/A N/A N/A Non-controlling equity interest in limited liability company 5,192 Discounted Cash Flows Yield (5) 12.9% 16.1% 15.4% Other secured borrowings, at fair value (1) (297,948 ) Discounted Cash Flows Yield 3.9% 4.4% 4.3% (1) Securitized residential mortgage loans and Other secured borrowings, at fair value, represent financial assets and liabilities of the Company's CFE as discussed in Note 2. (2) Excludes certain loans that are re-performing. (3) Shown in basis points. (4) Represent an estimation of where market participants might value an enterprise on a price-to-book basis. (5) Represents the significant unobservable inputs used to fair value the financial instruments of the limited liability company. The fair value of such financial instruments is the largest component of the valuation of the limited liability company as a whole.
Fair Value Measurement Using Significant Unobservable Inputs	The tables below include a roll-forward of the Company's financial instruments for the three-month period ended March 31, 2019 (including the change in fair value), for financial instruments classified by the Company within Level 3 of the valuation hierarchy. Level 3—Fair Value Measurement Using Significant Unobservable Inputs: Three-Month Period Ended March 31, 2019 (In thousands) Beginning Balance as of Accreted Discounts / (Amortized Premiums) Net Realized Gain/ (Loss) Change in Net Unrealized Gain/(Loss) Purchases/ Sales/ Transfers Into Level 3 Transfers Out of Level 3 Ending Balance as of March 31, 2019 Assets: Securities, at fair value: Agency RMBS $ 7,293 $ (774 ) $ (594 ) $ 189 $ 6 $ — $ 842 $ (573 ) $ 6,389 Non-Agency RMBS 91,291 63 (101 ) (535 ) 15,546 (19,436 ) 10,492 (2,650 ) 94,670 CMBS 803 (14 ) — (8 ) — — 4,356 — 5,137 CLOs 14,915 (406 ) (83 ) 49 8,304 — — (1,341 ) 21,438 Asset-backed securities backed by consumer loans 22,800 (609 ) (512 ) 762 4,940 (3,273 ) — — 24,108 Corporate debt securities 6,318 16 (1 ) (77 ) 384 (903 ) — — 5,737 Corporate equity securities 1,530 — — (65 ) — — — — 1,465 Loans, at fair value: Residential mortgage loans 496,829 (927 ) (136 ) 1,901 157,602 (72,017 ) — — 583,252 Commercial mortgage loans 195,301 306 — (333 ) 48,857 (4,508 ) — — 239,623 Consumer loans 183,961 (8,572 ) (2,055 ) 1,842 54,256 (37,317 ) — — 192,115 Investment in unconsolidated entities, at fair value 72,302 276 1,560 (39 ) 13,428 (29,375 ) — — 58,152 Financial derivatives–assets, at fair value- Credit default swaps on asset-backed securities 1,472 — 275 (239 ) 2 (277 ) — — 1,233 Total assets, at fair value $ 1,094,815 $ (10,641 ) $ (1,647 ) $ 3,447 $ 303,325 $ (167,106 ) $ 15,690 $ (4,564 ) $ 1,233,319 Liabilities: Other secured borrowings, at fair value $ (297,948 ) $ — $ — $ 57 $ 15,767 $ — $ — $ — $ (282,124 ) Total liabilities, at fair value $ (297,948 ) $ — $ — $ 57 $ 15,767 $ — $ — $ — $ (282,124 ) The tables below include a roll-forward of the Company's financial instruments for the three-month period ended March 31, 2018 (including the change in fair value), for financial instruments classified by the Company within Level 3 of the valuation hierarchy. Level 3—Fair Value Measurement Using Significant Unobservable Inputs: Three-Month Period Ended March 31, 2018 (In thousands) Ending Accreted Net Realized Change in Net Purchases/ Sales/ Transfers Into Level 3 Transfers Out of Level 3 Ending Assets: Investments, at fair value- Agency residential mortgage-backed securities $ 6,173 $ (600 ) $ 39 $ 264 $ 1,101 $ (388 ) $ — $ (461 ) $ 6,128 Private label residential mortgage-backed securities 101,297 106 2,288 293 20,660 (21,574 ) 11,561 (2,769 ) 111,862 Private label commercial mortgage-backed securities 12,347 (183 ) 1,554 121 9,624 (7,366 ) — (2,388 ) 13,709 Commercial mortgage loans 108,301 618 330 (161 ) 3,988 (3,782 ) — — 109,294 Residential mortgage loans 182,472 (715 ) (54 ) (653 ) 73,040 (13,309 ) — — 240,781 Collateralized loan obligations 24,911 455 2 226 10,095 (8,210 ) — — 27,479 (In thousands) Ending Accreted Discounts / (Amortized Premiums) Net Realized Gain/ (Loss) Change in Net Unrealized Gain/(Loss) Purchases/ Sales/ Transfers Into Level 3 Transfers Out of Level 3 Ending Balance as of March 31, 2018 (Continued) Consumer loans and asset-backed securities backed by consumer loans $ 135,258 $ (5,896 ) $ 501 $ 3,804 $ 42,133 $ (27,378 ) $ — $ — $ 148,422 Corporate debt 23,947 (114 ) 52 364 456 (6,705 ) — — 18,000 Real estate owned 26,277 — (456 ) 615 4,098 (1,424 ) — — 29,110 Corporate equity investments 37,465 — — 4,326 9,078 — — — 50,869 Total investments, at fair value 658,448 (6,329 ) 4,256 9,199 174,273 (90,136 ) 11,561 (5,618 ) 755,654 Financial derivatives–assets, at fair value- Credit default swaps on asset-backed securities 3,140 — 86 (71 ) 24 (110 ) — — 3,069 Total financial derivatives– assets, at fair value 3,140 — 86 (71 ) 24 (110 ) — — 3,069 Total investments and financial derivatives–assets, at fair value $ 661,588 $ (6,329 ) $ 4,342 $ 9,128 $ 174,297 $ (90,246 ) $ 11,561 $ (5,618 ) $ 758,723 Liabilities: Other secured borrowings, at fair value $ (125,105 ) $ — $ — $ 784 $ 10,546 $ — $ — $ — $ (113,775 ) Total other secured borrowings, at fair value $ (125,105 ) $ — $ — $ 784 $ 10,546 $ — $ — $ — $ (113,775 ) All amounts of net realized and change in net unrealized gain (loss) in the table above are reflected in the accompanying Consolidated Statement of Operations. The table above incorporates changes in net unrealized gain (loss) for both Level 3 financial instruments held by the Company at March 31, 2018, as well as Level 3 financial instruments disposed of by the Company during the three-month period ended March 31, 2018. For Level 3 financial instruments held by the Company at March 31, 2018, change in net unrealized gain (loss) of $8.6 million , $(0.1) million , and $0.8 million , for the three-month period ended March 31, 2018 relate to investments, financial derivatives–assets, and other secured borrowings, at fair value, respectively. As of June 30, 2017, the Company modified its procedures to determine the level within the hierarchy for certain financial instruments. Under the revised procedures, the Company examines financial instruments individually rather than in cohorts of like instruments as it had previously. As of March 31, 2018, the Company transferred $5.6 million of securities from Level 3 to Level 2 and $11.6 million from Level 2 to Level 3. Transfers between these hierarchy levels were based on the availability of sufficient observable inputs to meet Level 2 versus Level 3 criteria. The leveling of each financial instrument is reassessed at the end of each period, and is based on pricing information received from third party pricing sources.

Investment in Securities (Table

Investment in Securities (Tables)	3 Months Ended
	Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Summary of Investment Holdings	The following table details the Company's investment in securities as of March 31, 2019. Gross Unrealized Weighted Average ($ in thousands) Current Principal Unamortized Premium (Discount) Amortized Cost Gains Losses Fair Value Coupon (1) Yield Life (Years) (2) Long: Agency RMBS: 15-year fixed-rate mortgages 70,927 2,897 73,824 68 (1,261 ) 72,631 3.48 % 2.40 % 4.39 20-year fixed-rate mortgages 2,267 148 2,415 — (38 ) 2,377 4.20 % 2.88 % 5.32 30-year fixed-rate mortgages 906,415 43,286 949,701 4,584 (9,311 ) 944,974 4.20 % 3.37 % 6.82 Adjustable rate mortgages 9,173 401 9,574 23 (137 ) 9,460 3.97 % 2.97 % 3.16 Reverse mortgages 83,293 6,448 89,741 233 (629 ) 89,345 4.40 % 3.03 % 6.34 Interest only securities n/a n/a 25,473 1,110 (1,155 ) 25,428 3.31 % 7.48 % 3.61 Non-Agency RMBS 298,383 (111,182 ) 187,201 17,642 (2,540 ) 202,303 3.44 % 6.42 % 7.31 CMBS 65,186 (36,910 ) 28,276 1,284 (147 ) 29,413 2.77 % 8.42 % 8.38 Non-Agency interest only securities n/a n/a 5,693 1,953 — 7,646 0.77 % 25.35 % 7.63 CLOs n/a n/a 98,713 2,941 (3,657 ) 97,997 3.85 % 16.22 % 5.68 ABS backed by consumer loans 36,022 (12,488 ) 23,534 940 (366 ) 24,108 14.52 % 11.85 % 1.16 Corporate debt 26,730 (20,956 ) 5,774 44 (81 ) 5,737 9.26 % 20.18 % 1.57 Corporate equity n/a n/a 1,583 4 (122 ) 1,465 n/a n/a n/a U.S. Treasury securities 16,375 189 16,564 45 (8 ) 16,601 2.51 % 2.30 % 5.68 Total Long 1,514,771 (128,167 ) 1,518,066 30,871 (19,452 ) 1,529,485 4.15 % 5.08 % 6.49 Short: Corporate debt (5,160 ) 515 (4,645 ) 237 (33 ) (4,441 ) 5.19 % 5.91 % 6.16 U.S. Treasury securities (2,800 ) 15 (2,785 ) — (125 ) (2,910 ) 2.88 % 2.92 % 9.38 European sovereign bonds (18,605 ) (884 ) (19,489 ) 947 (319 ) (18,861 ) 1.69 % 0.43 % 1.27 Total Short (26,565 ) (354 ) (26,919 ) 1,184 (477 ) (26,212 ) 2.42 % 1.64 % 3.00 Total 1,488,206 (128,521 ) 1,491,147 32,055 (19,929 ) 1,503,273 4.18 % 5.02 % 6.55 (1) Weighted average coupon represents the weighted average coupons of the securities, rather than, in the case of collateralized securities, the coupon rates or loan rates on the underlying collateral. (2) Average lives of MBS are generally shorter than stated contractual maturities. Average lives are affected by the contractual maturities of the underlying mortgages, scheduled periodic payments of principal, and unscheduled prepayments of principal.
Debt Securities, Available-for-sale	The following table details weighted average life of the Company's Agency RMBS as of March 31, 2019. ($ in thousands) Agency RMBS Agency Interest Only Securities Estimated Weighted Average Life (1) Fair Value Amortized Cost Weighted Average Coupon (2) Fair Value Amortized Cost Weighted Average Coupon (2) Less than three years 38,461 38,339 4.64 % 7,582 7,763 3.14 % Greater than three years less than seven years 486,247 489,019 4.29 % 17,582 17,460 3.42 % Greater than seven years less then eleven years 581,828 585,867 4.04 % 264 250 0.66 % Greater than eleven years 12,251 12,030 4.10 % — — — % Total 1,118,787 1,125,255 4.17 % 25,428 25,473 3.31 % (1) Average lives of RMBS are generally shorter than stated contractual maturities. Average lives are affected by the contractual maturities of the underlying mortgages, scheduled periodic payments of principal, and unscheduled prepayments of principal. (2) Weighted average coupon represents the weighted average coupons of the securities, rather than the coupon rates or loan rates on the underlying collateral. The following table details weighted average life of the Company's long non-Agency RMBS, CMBS, and CLOs and other securities as of March 31, 2019. ($ in thousands) Non-Agency RMBS and CMBS Non-Agency IOs CLOs and Other Securities (2) Estimated Weighted Average Life (1) Fair Value Amortized Cost Weighted Average Coupon (3) Fair Value Amortized Cost Weighted Average Coupon (3) Fair Value Amortized Cost Weighted Average Coupon (3) Less than three years 60,447 52,618 2.07 % 176 30 2.00 % 34,601 34,877 12.03 % Greater than three years less than seven years 65,214 60,490 5.32 % 3,829 3,450 1.40 % 90,984 91,770 4.33 % Greater than seven years less then eleven years 53,571 49,960 3.61 % 306 — 0.50 % 17,235 16,487 0.68 % Greater than eleven years 52,484 52,409 2.15 % 3,335 2,213 — % 1,623 1,451 — % Total 231,716 215,477 3.36 % 7,646 5,693 0.77 % 144,443 144,585 5.69 % (1) Average lives of MBS are generally shorter than stated contractual maturities. Average lives are affected by the contractual maturities of the underlying mortgages, scheduled periodic payments of principal, and unscheduled prepayments of principal. (2) Other Securities includes asset-backed securities, backed by consumer loans, corporate debt, and U.S. Treasury securities.
Investment Income	The following table details the components of interest income by security type for the three-month period ended March 31, 2019: Security Type Coupon Interest Net Amortization Interest Income (In thousands) Agency RMBS 12,190 (4,628 ) 7,562 Non-Agency RMBS and CMBS 3,849 547 4,396 CLOs 4,244 65 4,309 Other securities (1) 1,593 (562 ) 1,031 Total 21,876 (4,578 ) 17,298 (1) Other securities includes asset-backed securities, backed by consumer loans, corporate debt, and U.S. Treasury securities.
Schedule of Realized Gain (Loss)	The following table presents proceeds from sales and the resulting realized gains and (losses) of the Company's securities for the three-month period ended March 31, 2019. Security Type Proceeds Gross Realized Gains Gross Realized Losses Net Realized Gain (Loss) (In thousands) Agency RMBS 128,304 712 (1,679 ) (967 ) Non-Agency RMBS and CMBS 129,545 1,272 (3,443 ) (2,171 ) CLOs 44,822 140 (935 ) (795 ) Other securities (1) 405,903 758 (1,259 ) (501 ) Total 708,574 2,882 (7,316 ) (4,434 ) (1) Other securities includes asset-backed securities, backed by consumer loans, corporate debt and equity, exchange-traded equity, and U.S. Treasury securities.
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	The following table presents the fair value and gross unrealized losses of our long securities by length of time that such securities have been in an unrealized loss position at March 31, 2019. (In thousands) Less than 12 Months Greater than 12 Months Total Security Type Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Agency RMBS 123,567 (627 ) 521,597 (11,904 ) 645,164 (12,531 ) Non-Agency RMBS and CMBS 85,338 (1,585 ) 34,988 (1,102 ) 120,326 (2,687 ) CLOs 28,953 (996 ) 25,154 (2,661 ) 54,107 (3,657 ) Other securities (1) 16,896 (177 ) 2,963 (400 ) 19,859 (577 ) Total 254,754 (3,385 ) 584,702 (16,067 ) 839,456 (19,452 ) (1) Other securities includes asset-backed securities, backed by consumer loans, corporate debt and equity, and U.S. Treasury securities.

Investment in Loans (Tables)

Investment in Loans (Tables)	3 Months Ended
	Mar. 31, 2019
Receivables [Abstract]
Summary of Investments in Loans	The following table is a summary of the Company's investments in loans as of March 31, 2019: Loan Type Unpaid Principal Balance Fair Value (In thousands) Residential mortgage loans $ 577,880 $ 583,252 Commercial mortgage loans 264,932 239,623 Consumer loans 184,171 192,115 Total $ 1,026,983 $ 1,014,990 Commercial Mortgage Loans The table below details certain information regarding the Company's commercial mortgage loans as of March 31, 2019: Gross Unrealized Weighted Average ($ in thousands) Unpaid Principal Balance Premium (Discount) Amortized Cost Gains Losses Fair Value Coupon Yield Life (Years) (1) Commercial mortgage loans $ 264,932 $ (27,249 ) $ 237,683 $ 2,131 $ (191 ) $ 239,623 8.92 % 9.44 % 0.95 (1) Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal. The table below summarizes the geographic distribution of the real estate collateral underlying the Company's commercial mortgage loans as of March 31, 2019: Property Location by State Percentage of Total Outstanding Unpaid Principal Balance Florida 20.1 % Connecticut 18.7 % New York 12.7 % New Jersey 10.4 % North Carolina 7.3 % Virginia 7.1 % Massachusetts 4.9 % Pennsylvania 4.3 % Arizona 4.0 % Indiana 3.8 % Kentucky 3.8 % Tennessee 1.5 % Louisiana 1.4 % 100.0 % The following table presents information on the Company's residential mortgage loans by re-performing or non-performing status, as of March 31, 2019. (In thousands) Unpaid Principal Balance Fair Value Re-performing $ 35,616 $ 31,816 Non-performing 15,795 13,678 The table below details certain information regarding the Company's consumer loans as of March 31, 2019: Gross Unrealized Weighted Average ($ in thousands) Unpaid Principal Balance Premium (Discount) Amortized Cost Gains Losses Fair Value Life (Years) (1) Delinquency (Days) Consumer loans $ 184,171 $ 6,912 $ 191,083 $ 2,623 $ (1,591 ) $ 192,115 0.78 3 (1) Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal. The table below details certain information regarding the Company's residential mortgage loans as of March 31, 2019: Gross Unrealized Weighted Average ($ in thousands) Unpaid Principal Balance Premium (Discount) Amortized Cost Gains Losses Fair Value Coupon Yield Life (Years) (1) Residential mortgage loans, held-for-investment (2) $ 555,386 $ 4,470 $ 559,856 $ 4,368 $ (1,461 ) $ 562,763 6.49 % 5.68 % 1.95 Residential mortgage loans, held-for-sale 22,494 (3,344 ) 19,150 1,520 (181 ) 20,489 4.66 % 6.37 % 5.48 Total $ 577,880 $ 1,126 $ 579,006 $ 5,888 $ (1,642 ) $ 583,252 6.42 % 5.70 % 2.07 (1) Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal. (2) Includes $296.4 million of non-QM loans that have been securitized and are held in consolidated securitization trusts; see Note 10. The table below summarizes the geographic distribution of the real estate collateral underlying the Company's residential mortgage loans as of March 31, 2019: Property Location by State Percentage of Total Outstanding Unpaid Principal Balance California 48.3 % Florida 12.9 % Texas 12.7 % Colorado 4.4 % Arizona 2.8 % Oregon 2.4 % New York 2.2 % Washington 2.2 % Nevada 2.1 % Utah 1.5 % New Jersey 1.3 % Maryland 1.1 % Other 6.1 % 100.0 %
Summary of Loans Past Due	The table below provides details on the delinquency status of the Company's consumer loans, which the Company uses as an indicator of credit quality, as of March 31, 2019: Days Past Due Delinquency Status (1) Current 95.9 % 30-59 Days 1.7 % 60-89 Days 1.3 % 90-119 Days 1.1 % 100.0 % The following table provides details, by accrual status, for loans that are 90 days or more past due as of March 31, 2019: Unpaid Principal Balance Fair Value 90 days or more past due—accrual status (In thousands) Commercial mortgage loans (1) $ 6,491 $ 6,491 90 days or more past due—non-accrual status Residential mortgage loans 18,582 16,110 Commercial mortgage loans 16,050 16,050 Consumer loans 2,046 2,025 (1) Represents a loan where the borrower is currently making payments and is expected to continue to make payments

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	3 Months Ended
	Mar. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments in Unconsolidated Entities	The following table provides details about the Company's investments in unconsolidated entities as of March 31, 2019: Investment in Unconsolidated Entity Form of Investment Percentage Ownership of Unconsolidated Entity Longbridge Financial, LLC Preferred shares 49.7% LendSure Mortgage Corp. (1) Common shares 45.0% Jepson Holdings Limited (1)(2) Membership Interest 30.1% Elizon DB 2015-1 LLC (1)(2) Membership Interest 6.1% Other Various 10.0%–49.6% (1) See Note 13 for additional details on the Company's related party transactions. (2) The Company has evaluated this entity and determined that it meets the definition of a VIE. The Company evaluated its interest in the VIE and determined that the Company does not have the power to direct the activities of the VIE and does not have control of the underlying assets, where applicable. As a result, the Company determined that it is not the primary beneficiary of this VIE and therefore has not consolidated the VIE.

Real Estate Owned (Tables)

Real Estate Owned (Tables)	3 Months Ended
	Mar. 31, 2019
Banking and Thrift [Abstract]
Schedule of Real Estate Owned	The following table details activity in the Company's carrying value of REO for the three-month period ended March 31, 2019. Number of Properties Carrying Value (In thousands) Beginning Balance (1/1/2019) 20 $ 30,778 Transfers from mortgage loans 2 299 Capital expenditures and other adjustments to cost 240 Adjustments to record at the lower of cost or fair value (250 ) Disposals (1 ) (64 ) Ending Balance (3/31/2019) 21 $ 31,003

To Be Announced RMBS (Tables)

To Be Announced RMBS (Tables)	3 Months Ended
	Mar. 31, 2019
To Be Announced RMBS [Abstract]
To Be Announced RMBS	The below table details TBA assets, liabilities, and the respective related payables and receivables as of December 31, 2018: (In thousands) As of December 31, 2018 Assets: TBA securities, at fair value (Current principal: $460,037) $ 474,860 Receivable for securities sold relating to unsettled TBA sales 766,574 Liabilities: TBA securities sold short, at fair value (Current principal: -$753,697) $ (772,964 ) Payable for securities purchased relating to unsettled TBA purchases (473,386 ) Net short TBA securities, at fair value (298,104 )

Financial Derivatives (Tables)

Financial Derivatives (Tables)	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Assets at Fair Value	The following table details the fair value of the Company's holdings of financial derivatives as of March 31, 2019: March 31, 2019 (In thousands) Financial derivatives–assets, at fair value: TBA securities purchase contracts $ 445 TBA securities sale contracts 86 Fixed payer interest rate swaps 2,291 Fixed receiver interest rate swaps 3,096 Basis swaps 4 Credit default swaps on asset-backed securities 1,233 Credit default swaps on asset-backed indices 3,276 Credit default swaps on corporate bonds 715 Credit default swaps on corporate bond indices 3,519 Total return swaps 123 Futures 138 Forwards 430 Total financial derivatives–assets, at fair value $ 15,356 Financial derivatives–liabilities, at fair value: TBA securities purchase contracts $ (33 ) TBA securities sale contracts (3,042 ) Fixed payer interest rate swaps (6,243 ) Fixed receiver interest rate swaps (1,328 ) Credit default swaps on asset-backed indices (822 ) Credit default swaps on corporate bonds (945 ) Credit default swaps on corporate bond indices (11,907 ) Recovery swaps (8 ) Futures (2,454 ) Forwards (122 ) Total financial derivatives–liabilities, at fair value $ (26,904 ) Total $ (11,548 )
Schedule of Derivative Liabilities at Fair Value	The following table details the fair value of the Company's holdings of financial derivatives as of March 31, 2019: March 31, 2019 (In thousands) Financial derivatives–assets, at fair value: TBA securities purchase contracts $ 445 TBA securities sale contracts 86 Fixed payer interest rate swaps 2,291 Fixed receiver interest rate swaps 3,096 Basis swaps 4 Credit default swaps on asset-backed securities 1,233 Credit default swaps on asset-backed indices 3,276 Credit default swaps on corporate bonds 715 Credit default swaps on corporate bond indices 3,519 Total return swaps 123 Futures 138 Forwards 430 Total financial derivatives–assets, at fair value $ 15,356 Financial derivatives–liabilities, at fair value: TBA securities purchase contracts $ (33 ) TBA securities sale contracts (3,042 ) Fixed payer interest rate swaps (6,243 ) Fixed receiver interest rate swaps (1,328 ) Credit default swaps on asset-backed indices (822 ) Credit default swaps on corporate bonds (945 ) Credit default swaps on corporate bond indices (11,907 ) Recovery swaps (8 ) Futures (2,454 ) Forwards (122 ) Total financial derivatives–liabilities, at fair value $ (26,904 ) Total $ (11,548 )
Schedule of Derivative Instruments	Interest Rate Swaps The following table provides information about the Company's fixed payer interest rate swaps as of March 31, 2019: Weighted Average Maturity Notional Amount Fair Value Pay Rate Receive Rate Remaining Years to Maturity (In thousands) 2020 $ 68,607 $ 549 1.74 % 2.61 % 1.00 2021 121,499 (603 ) 2.71 2.63 1.82 2023 101,012 858 2.06 2.66 4.04 2024 77,700 (1,021 ) 2.58 2.76 4.81 2025 30,023 296 2.09 2.64 6.67 2026 10,200 191 2.02 2.67 7.44 2028 69,602 (1,975 ) 2.71 2.68 9.25 2029 70,000 (1,825 ) 2.70 2.77 9.80 2030 685 2 2.38 2.68 11.65 2045 7,896 19 2.54 2.63 26.69 2049 6,700 (443 ) 2.89 2.80 29.78 Total $ 563,924 $ (3,952 ) 2.41 % 2.68 % 5.49 The following table provides information about the Company's fixed receiver interest rate swaps as of March 31, 2019: Weighted Average Maturity Notional Amount Fair Value Pay Rate Receive Rate Remaining Years to Maturity (In thousands) 2021 $ 5,928 $ (21 ) 2.61 % 2.00 % 2.21 2022 53,974 (761 ) 2.63 1.85 2.92 2023 48,657 (509 ) 2.62 2.00 4.01 2024 68,500 816 2.38 2.56 4.80 2029 79,550 1,800 2.30 2.66 9.82 2049 6,700 443 2.80 2.89 29.78 Total $ 263,309 $ 1,768 2.47 % 2.34 % 6.36 The following table provides information about the Company's basis swaps as of March 31, 2019: Weighted Average Maturity Notional Amount Fair Value Pay Rate Receive Rate Remaining Years to Maturity (In thousands) 2019 $ (12,900 ) $ 4 2.61 % 2.64 % 0.21 Total $ (12,900 ) $ 4 2.61 % 2.64 % 0.21 Credit Default Swaps The following table provides information about the Company's credit default swaps as of March 31, 2019: March 31, 2019: Type (1) Notional Fair Value Remaining Term (Years) (In thousands) Asset: Long: Credit default swaps on asset-backed indices $ 837 $ 9 23.57 Credit default swaps on corporate bonds 3,070 296 2.97 Credit default swaps on corporate bond indices 76,904 3,519 4.09 Short: Credit default swaps on asset-backed securities (2,909 ) 1,233 16.41 Credit default swaps on asset-backed indices (32,326 ) 3,267 37.60 Credit default swaps on corporate bonds (3,033 ) 419 1.98 Liability: Long: Credit default swaps on asset-backed indices 5,439 (819 ) 40.73 Credit default swaps on corporate bonds 2,980 (407 ) 1.97 Short: Credit default swaps on asset-backed indices (2,500 ) (3 ) 38.58 Credit default swaps on corporate bonds (16,955 ) (538 ) 1.14 Credit default swaps on corporate bond indices (223,080 ) (11,907 ) 2.47 Recovery swaps (2,600 ) (8 ) 0.22 $ (194,173 ) $ (4,939 ) 7.04 (1) Long notional represents contracts where the Company has written protection and short notional represents contracts where the Company has purchased protection. Futures The following table provides information about the Company's short positions in futures as of March 31, 2019: March 31, 2019: Description Notional Amount Fair Value Remaining Months to Expiration (In thousands) U.S. Treasury futures $ (151,600 ) $ (2,380 ) 2.79 Eurodollar futures (63,000 ) (74 ) 5.97 Currency futures (15,840 ) 138 2.60 Total $ (230,440 ) $ (2,316 ) 3.64 As of March 31, 2019, the Company had outstanding contracts to purchase ("long positions") and sell ("short positions") TBA securities as follows: March 31, 2019 TBA Securities Notional Amount (1) Cost Basis (2) Market Value (3) Net Carrying Value (4) (In thousands) Purchase contracts: Assets $ 167,641 $ 173,619 $ 174,064 $ 445 Liabilities 25,500 25,875 25,842 (33 ) 193,141 199,494 199,906 412 Sale contracts: Assets (155,175 ) (158,767 ) (158,681 ) 86 Liabilities (572,003 ) (589,105 ) (592,147 ) (3,042 ) (727,178 ) (747,872 ) (750,828 ) (2,956 ) Total TBA securities, net $ (534,037 ) $ (548,378 ) $ (550,922 ) $ (2,544 ) (1) Notional amount represents the principal balance of the underlying Agency RMBS. (2) Cost basis represents the forward price to be paid (received) for the underlying Agency RMBS. (3) Market value represents the current market value of the underlying Agency RMBS (on a forward delivery basis) as of period end. (4) Net carrying value represents the difference between the market value of the TBA contract as of period end and the cost basis, and is reported in Financial derivatives-assets, at fair value and Financial derivatives-liabilities, at fair value on the Condensed Consolidated Balance Sheet.
Schedule of Gains and Losses on Derivative Contracts	Gains and losses on the Company's derivative contracts for the three-month period ended March 31, 2019 are summarized in the tables below: Derivative Type Primary Risk Exposure Net Realized Gains (Losses) on Periodic Settlements of Interest Rate Swaps Net Realized Gains (Losses) on Financial Derivatives Other Than Periodic Settlements of Interest Rate Swaps (1) Net Realized Gains (Losses) on Financial Derivatives (1) Change in Net Unrealized Gains (Losses) on Accrued Periodic Settlements of Interest Rate Swaps Change in Net Unrealized Gains (Losses) on Financial Derivatives Other Than on Accrued Periodic Settlements of Interest Rate Swaps (2) Change in Net Unrealized Gains (Losses) on Financial Derivatives (2) (In thousands) Interest rate swaps Interest Rate $ 719 $ 1,458 $ 2,177 $ (275 ) $ (5,774 ) $ (6,049 ) Credit default swaps on asset-backed securities Credit 275 275 (239 ) (239 ) Credit default swaps on asset-backed indices Credit (746 ) (746 ) (548 ) (548 ) Credit default swaps on corporate bond indices Credit (2,513 ) (2,513 ) (2,407 ) (2,407 ) Credit default swaps on corporate bonds Credit (425 ) (425 ) 766 766 Total return swaps Equity Market/Credit (1,298 ) (1,298 ) 129 129 TBAs Interest Rate (6,435 ) (6,435 ) 1,898 1,898 Futures Interest Rate/Currency (2,433 ) (2,433 ) 359 359 Forwards Currency (114 ) (114 ) 423 423 Options Interest Rate (33 ) (33 ) — — Total $ 719 $ (12,264 ) $ (11,545 ) $ (275 ) $ (5,393 ) $ (5,668 ) (1) Includes gain/(loss) on foreign currency transactions on financial derivatives in the amount of $25 thousand for the three-month period ended March 31, 2019, which is included on the Condensed Consolidated Statement of Operations in Other, net. (2) Includes foreign currency remeasurement on financial derivatives in the amount of $21 thousand for the three-month period ended March 31, 2019, which is included on the Condensed Consolidated Statement of Operations in Other, net. Gains and losses on the Company's derivative contracts for the three-month period March 31, 2018 are summarized in the table below: Three-Month Period Ended March 31, 2018 Derivative Type Primary Risk Exposure Net Realized (1) Change in Net Unrealized Gain/(Loss) (2) (In thousands) Credit default swaps on asset-backed securities Credit $ 86 $ (71 ) Credit default swaps on asset-backed indices Credit (1,842 ) 1,452 Credit default swaps on corporate bond indices Credit (1,562 ) 1,563 Credit default swaps on corporate bonds Credit 4,469 (3,855 ) Total return swaps Equity Market/Credit 166 17 Interest rate swaps Interest Rate (824 ) 5,039 Futures Interest Rate/Currency (761 ) (561 ) Forwards Currency (1,174 ) 384 Options Interest Rate/ Equity Market (61 ) 76 Total $ (1,503 ) $ 4,044 (1) Includes gain/(loss) on foreign currency transactions on derivatives in the amount of $(0.2) million which is included on the Consolidated Statement of Operations in Realized gain (loss) on foreign currency transactions. (2) Includes foreign currency translation on derivatives in the amount of $47 thousand which is included on the Consolidated Statement of Operations in Change in net unrealized gain (loss) on foreign currency translation.
Derivative activity, volume	The table below details the average notional values of the Company's financial derivatives, using absolute value of month end notional values, for the three-month period ended March 31, 2019: Derivative Type Three-Month Period Ended (In thousands) Interest rate swaps $ 912,934 TBAs 984,292 Credit default swaps 403,254 Total return swaps 38,400 Futures 280,947 Options 51,545 Forwards 29,078 Warrants 2,281 The table below details the average notional values of the Company's financial derivatives, using absolute value of month end notional values, for the year ended December 31, 2018: Derivative Type Year Ended (In thousands) Interest rate swaps $ 1,059,756 Credit default swaps 566,805 Total return swaps 53,603 Futures 201,295 Options 99,891 Forwards 45,522
Schedule of Credit Derivatives	Written credit derivatives held by the Company at March 31, 2019 are summarized below: Credit Derivatives March 31, 2019 (In thousands) Fair Value of Written Credit Derivatives, Net $ 2,598 Fair Value of Purchased Credit Derivatives Offsetting Written Credit Derivatives with Third Parties (1) (167 ) Notional Value of Written Credit Derivatives (2) 89,230 Notional Value of Purchased Credit Derivatives Offsetting Written Credit Derivatives with Third Parties (1) 13,153 (1) Offsetting transactions with third parties include purchased credit derivatives which have the same reference obligation. (2) The notional value is the maximum amount that a seller of credit protection would be obligated to pay, and a buyer of credit protection would receive, upon occurrence of a "credit event." Movements in the value of credit default swap transactions may require the Company or the counterparty to post or receive collateral. Amounts due or owed under credit derivative contracts with an International Swaps and Derivatives Association, or "ISDA," counterparty may be offset against amounts due or owed on other credit derivative contracts with the same ISDA counterparty. As a result, the notional value of written credit derivatives involving a particular underlying reference asset or index has been reduced (but not below zero) by the notional value of any contracts where the Company has purchased credit protection on the same reference asset or index with the same ISDA counterparty. Written credit derivatives held by the Company at December 31, 2018 are summarized below: Credit Derivatives December 31, 2018 (In thousands) Fair Value of Written Credit Derivatives, Net $ (4,339 ) Fair Value of Purchased Credit Derivatives Offsetting Written Credit Derivatives with Third Parties (1) (284 ) Notional Value of Written Credit Derivatives (2) 98,586 Notional Value of Purchased Credit Derivatives Offsetting Written Credit Derivatives with Third Parties (1) 41,134 (1) Offsetting transactions with third parties include purchased credit derivatives which have the same reference obligation. (2) The notional value is the maximum amount that a seller of credit protection would be obligated to pay, and a buyer of credit protection would receive, upon occurrence of a "credit event." Movements in the value of credit default swap transactions may require the Company or the counterparty to post or receive collateral. Amounts due or owed under credit derivative contracts with an International Swaps and Derivatives Association, or "ISDA," counterparty may be offset against amounts due or owed on other credit derivative contracts with the same ISDA counterparty. As a result, the notional value of written credit derivatives involving a particular underlying reference asset or index has been reduced (but not below zero) by the notional value of any contracts where the Company has purchased credit protection on the same reference asset or index with the same ISDA counterparty.

Consolidated VIEs (Tables)

Consolidated VIEs (Tables)	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Consolidated VIEs	The following table summarizes the assets and liabilities of the Company's consolidated VIEs that are included on the Company's Condensed Consolidated Balance Sheet as of March 31, 2019. (In thousands) March 31, 2019 Assets Cash and cash equivalents $ 2,914 Restricted cash 175 Loans, at fair value 1,004,211 Investments in unconsolidated entities, at fair value 7,712 Real estate owned 31,003 Due from brokers 190 Investment related receivables 25,221 Other assets 2,499 Total Assets $ 1,073,925 Liabilities Repurchase agreements $ 348,737 Investment related payables 1,452 Other secured borrowings 117,315 Other secured borrowings, at fair value 282,124 Accounts payable and accrued expenses 1,347 Interest payable 957 Other liabilities 278 Total Liabilities 752,210 Total Stockholders' Equity 305,479 Non-controlling interests 16,236 Total Equity 321,715 Total Liabilities and Equity $ 1,073,925 (1) See Note 10 and Note 13 for additional information on the Company's consolidated VIEs.

Securitization Transactions (Ta

Securitization Transactions (Tables)	3 Months Ended
	Mar. 31, 2019
Securitization Transactions [Abstract]
Securitization Transactions	The following table details the Company's investments in notes issued by the Ellington-sponsored CLO Securitizations: Securitization Transaction CLO Issuer (1) CLO Pricing Date CLO Closing Date Total Face Amount of Notes Issued Face Amount of Notes Initially Purchased Aggregate Purchase Price of Notes Initially Purchased Fair Value of Notes Held as of March 31, 2019 (In thousands) CLO I Securitization CLO I Issuer 8/18 8/18 $ 461,840 $ 36,579 (2) $ 25,622 $ 17,742 (3) CLO II Securitization CLO II Issuer 12/17 1/18 452,800 18,223 (4) 16,621 14,931 (3) CLO III Securitization CLO III Issuer 6/18 7/18 407,100 35,480 (4) 32,394 19,561 (5) CLO IV Securitization CLO IV Issuer 2/19 3/19 478,488 12,700 (4) 10,618 10,496 (5) (1) The Company is not deemed to be the primary beneficiary of the CLO Issuers, which are deemed to be VIEs, as discussed above. (2) The Company purchased secured and unsecured subordinated notes. (3) Includes secured and unsecured subordinated notes. (4) The Company purchased secured senior and secured and unsecured subordinated notes. (5) Includes secured senior and secured and unsecured subordinated notes. The following table details the Company’s investments in notes issued by the Ellington-sponsored CLO Securitizations: CLO Issuer (1) CLO Pricing Date CLO Closing Date Total Face Amount of Notes Issued Face Amount of Notes Initially Purchased Aggregate Purchase Price Notes Held (2) as of December 31, 2018 ($ in thousands) CLO I Issuer (3)(4) 5/17 6/17 $ 373,550 $ 36,606 (5) $ 35,926 $ — CLO I Issuer (4) 8/18 8/18 461,840 36,579 (5) 25,622 16,973 (6) CLO II Issuer 12/17 1/18 452,800 18,223 (7) 16,621 14,721 (6) CLO III Issuer 6/18 7/18 407,100 35,480 (7) 32,394 19,071 (8) (1) The Company does not have the power to direct the activities of the CLO Issuers that most significantly impact their economic performance. (2) Included on the Company's Consolidated Condensed Schedule of Investments in Collateralized Loan Obligations. (3) Excludes the Company's equity investment in the CLO I Risk Retention Vehicle, as discussed above. (4) In August 2018, the notes originally issued by the CLO I Issuer in 2017 were fully redeemed, and the CLO I Issuer simultaneously issued new notes in conjunction with this full redemption. (5) The Company purchased secured and unsecured subordinated notes. (6) Includes secured and unsecured subordinated notes. (7) The Company purchased secured senior and secured and unsecured subordinated notes. (8) Includes secured senior and secured and unsecured subordinated notes.
Schedule of Residential Loan Securitizations	The following table details the Company's consolidated residential mortgage loan securitizations: Issuing Entity Closing Date Principal Balance of Loans Transferred to the Depositor Total Face Amount of Certificates Issued (In thousands) Ellington Financial Mortgage Trust 2017-1 11/17 $ 141,233 $ 141,233 (1) Ellington Financial Mortgage Trust 2018-1 11/18 232,518 232,518 (2) (1) In order to comply with the Risk Retention Rules, the Sponsor purchased the two most subordinated classes of Certificates and the excess cash flow certificates, with an aggregate value equal to 5.1% of the fair value of all Certificates issued. The Sponsor also purchased, for an aggregate purchase price of $0.7 million, the Certificates entitled to excess servicing fees, while the remaining classes of Certificates were purchased by unrelated third parties. (2) In order to comply with the Risk Retention Rules, the Sponsor purchased the two most subordinated classes of Certificates and the excess cash flow certificates, with an aggregate value equal to 5.7% of the fair value of all Certificates issued. The Sponsor also purchased, for an aggregate purchase price of $1.3 million, the Certificates entitled to excess servicing fees, while the remaining classes of Certificates were purchased by unrelated third parties. The following table details the residential mortgage loan securitizations: Issuing Entity Closing Date Principal Balance of Loans Transferred to the Depositor Total Face Amount of Certificates Issued (In thousands) Ellington Financial Mortgage Trust 2017-1 11/15/2017 $ 141,233 $ 141,233 (1) Ellington Financial Mortgage Trust 2018-1 11/13/2018 232,518 232,518 (2) (1) In order to comply with the Risk Retention Rules, the Sponsor purchased the two most subordinated classes of Certificates and the excess cash flow certificates, with an aggregate value equal to 5.1% of the fair value of all Certificates issued. The Sponsor also purchased, for an aggregate purchase price of $0.7 million , the Certificates entitled to excess servicing fees, while the remaining classes of Certificates were purchased by unrelated third parties. (2) In order to comply with the Risk Retention Rules, the Sponsor purchased the two most subordinated classes of Certificates and the excess cash flow certificates, with an aggregate value equal to 5.7% of the fair value of all Certificates issued. The Sponsor also purchased, for an aggregate purchase price of $1.3 million , the Certificates entitled to excess servicing fees, while the remaining classes of Certificates were purchased by unrelated third parties.
Schedule of Assets and Liabilities of Consolidated Securitization Trusts	The following table details the assets and liabilities of the consolidated securitization trusts included in the Company's Condensed Consolidated Balance Sheet as of March 31, 2019: (In thousands) March 31, 2019 Assets: Loans, at fair value $ 296,366 Investment related receivables 4,734 Liabilities: Interest payable 91 Other secured borrowings, at fair value 282,124 The following table details the assets and liabilities of the consolidated securitization trusts included in the Company’s Consolidated Statement of Assets, Liabilities, and Equity as of December 31, 2018: As of (In thousands) December 31, 2018 Assets: Cash and cash equivalents $ — Investments, at fair value 314,202 Interest and dividends receivable 3,527 Liabilities: Interest and dividends payable 103 Other secured borrowings, at fair value 297,948

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule of Repurchase Agreements [Table Text Block]	The following table details the Company's outstanding borrowings under repurchase agreements for Agency RMBS, credit assets (which include non-Agency RMBS, CMBS, CLOs, consumer loans, corporate debt, residential mortgage loans, and commercial mortgage loans and REO), and U.S. Treasury securities, by remaining maturity as of March 31, 2019: (In thousands) March 31, 2019 Weighted Average Remaining Maturity Outstanding Borrowings Interest Rate Remaining Days to Maturity Agency RMBS: 30 Days or Less $ 180,657 2.73 % 14 31-60 Days 358,677 2.71 % 45 61-90 Days 393,529 2.69 % 76 121-150 Days 5,690 2.73 % 148 151-180 Days 2,713 2.64 % 180 Total Agency RMBS 941,266 2.71 % 53 Credit: 30 Days or Less 9,330 4.13 % 20 31-60 Days 70,732 3.77 % 41 61-90 Days 156,414 3.58 % 79 91-120 Days 683 5.00 % 101 151-180 Days 9,487 4.50 % 168 181-360 Days 264,458 4.55 % 254 > 360 Days 68,139 5.46 % 774 Total Credit Assets 579,243 4.29 % 236 U.S. Treasury Securities: 30 Days or Less 29,507 2.54 % 1 Total U.S. Treasury Securities 29,507 2.54 % 1 Total $ 1,550,016 3.30 % 121 The following table details the Company's outstanding borrowings under reverse repurchase agreements for Agency RMBS, credit assets (which include non-Agency MBS, CLOs, consumer loans, corporate debt, residential mortgage loans, and commercial mortgage loans and REO), and U.S. Treasury securities, by remaining maturity as of December 31, 2018: (In thousands) December 31, 2018 Weighted Average Remaining Maturity Outstanding Borrowings Interest Rate Remaining Days to Maturity Agency RMBS: 30 Days or Less $ 245,956 2.46 % 17 31-60 Days 415,379 2.58 % 46 61-90 Days 255,421 2.74 % 76 91-120 Days 506 3.31 % 91 Total Agency RMBS 917,262 2.59 % 47 Credit: 30 Days or Less 30,426 2.55 % 22 31-60 Days 189,937 3.32 % 48 61-90 Days 93,202 3.21 % 74 121-150 Days 26,222 4.60 % 123 151-180 Days 9,491 4.64 % 166 181-360 Days 91,730 4.54 % 316 > 360 Days 140,306 5.15 % 636 Total Credit Assets 581,314 3.98 % 240 U.S. Treasury Securities: 30 Days or Less 273 3.10 % 2 Total U.S. Treasury Securities 273 3.10 % 2 Total $ 1,498,849 3.13 % 122
Schedule of Maturities of Long-term Debt [Table Text Block]	Schedule of Principal Repayments The following table details the Company's principal repayment schedule for outstanding borrowings as of March 31, 2019: Year Repurchase Agreements (1) Other Secured Borrowings (2) Senior Notes (1) Total (In thousands) 2019 $ 1,346,013 $ 177,617 $ — $ 1,523,630 2020 139,258 211,266 — 350,524 2021 64,745 11,375 — 76,120 2022 — — 86,000 86,000 2023 — — — — Total $ 1,550,016 $ 400,258 $ 86,000 2,036,274 (1) Reflects the Company's contractual principal repayment dates. (2) Reflects the Company's expected principal repayment dates. The following table details the Company's principal repayment schedule for outstanding borrowings as of December 31, 2018: Year Reverse Repurchase Agreements (1) Other Secured Borrowings (2) Senior Notes (1) Total (In thousands) 2019 $ 1,358,542 $ 194,135 $ — $ 1,552,677 2020 78,530 205,198 — 283,728 2021 61,776 13,150 — 74,926 2022 — — 86,000 86,000 2023 — — — — Total $ 1,498,848 $ 412,483 $ 86,000 $ 1,997,331 (1) Reflects the Company's contractual principal repayment dates. (2) Reflects the Company's expected principal repayment dates.

Long-Term Incentive Plan Units

Long-Term Incentive Plan Units (Tables)	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Unvested LTIP Units	The below table details unvested OP LTIP Units as of March 31, 2019: Grant Recipient Number of OP LTIP Units Granted Grant Date Vesting Date (1) Directors: 14,440 September 12, 2018 September 11, 2019 Partially dedicated employees: 8,692 December 11, 2018 December 11, 2019 8,691 December 11, 2018 December 11, 2020 5,886 December 12, 2017 December 12, 2019 Total unvested OP LTIP Units at March 31, 2019 37,709 (1) Date at which such OP LTIP Units will vest and become non-forfeitable. The below table details unvested OP LTIP Units as of December 31, 2018: Grant Recipient Number of OP LTIP Units Grant Date Vesting Date (1) Directors: 14,440 September 12, 2018 September 11, 2019 Partially dedicated employees: 8,692 December 11, 2018 December 11, 2019 8,691 December 11, 2018 December 11, 2020 1,723 March 7, 2018 March 7, 2019 5,886 December 12, 2017 December 12, 2019 Total unvested OP LTIP Units at December 31, 2018 39,432 (1) Date at which such OP LTIP Units will vest and become non-forfeitable.
Roll-Forward of Company's LTIP Units Outstanding	The following table summarizes issuance and exercise activity of OP LTIP Units for the three-month period ended March 31, 2019: Manager Director/ Employee Total OP LTIP Units Outstanding (1/1/19) 375,000 146,371 521,371 Granted — — — Exercised — — — OP LTIP Units Outstanding (3/31/19) 375,000 146,371 521,371 OP LTIP Units Unvested and Outstanding (3/31/19) — 37,709 37,709 OP LTIP Units Vested and Outstanding (3/31/19) 375,000 108,662 483,662 The following table summarizes issuance and exercise activity of LTIP Units and OP LTIP Units for the three-month period ended March 31, 2018: Manager Director/ Employee Total LTIP Units and OP LTIP Units Outstanding (12/31/2017) 375,000 116,159 491,159 Granted — 1,723 1,723 Exercised — — — LTIP Units and OP LTIP Units Outstanding (3/31/2018) 375,000 117,882 492,882 LTIP Units and OP LTIP Units Vested and Outstanding (3/31/2018) 375,000 86,155 461,155

Common Stock Capitalization (Ta

Common Stock Capitalization (Tables)	3 Months Ended
	Mar. 31, 2019
Stockholders' Equity Note [Abstract]
Summary of Common Shares Outstanding	The following table summarizes issuance, repurchase, and other activity with respect to the Company's common stock for the three-month period ended March 31, 2019: March 31, 2019 Shares of Common Stock Outstanding (1/1/19) 29,796,601 Share Activity: Shares of common stock repurchased (50,825 ) Director OP LTIP Units exercised — Shares of Common Stock Outstanding (3/31/19) 29,745,776 The following table summarizes issuance, repurchase, and other activity with respect to the Company's common shares for the three-month period ended March 31, 2018: Three-Month Period Ended March 31, 2018 Common Shares Outstanding (12/31/2017) 31,335,938 Share Activity: Shares repurchased (943,897 ) Director LTIP Units exercised — Common Shares Outstanding (3/31/2018) 30,392,041

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Computation Of Basic And Diluted EPS	The components of the computation of basic and diluted EPS are as follows: Three-Month Period Ended March 31, 2019 (In thousands except share amounts) Net income (loss) attributable to common stockholders $ 15,408 Add: Net income (loss) attributable to Convertible Non-controlling Interests (1) 380 Net income (loss) related to common stockholders and Convertible Non-controlling Interests 15,788 Dividends Paid: Common stockholders (16,360 ) Convertible Non-controlling Interests (404 ) Total dividends paid to common stockholders and Convertible Non-controlling Interests (16,764 ) Undistributed (Distributed in excess of) earnings: Common stockholders (952 ) Convertible Non-controlling Interests (24 ) Total undistributed (distributed in excess of) earnings attributable to common stockholders and Convertible Non-controlling Interests (976 ) Weighted average shares outstanding (basic and diluted): Weighted average shares of common stock outstanding 29,747,537 Weighted average Convertible Non-controlling Interest Units outstanding 733,371 Weighted average shares of common stock and Convertible Non-controlling Interest Units outstanding 30,480,908 Basic earnings per share of common stock: Distributed $ 0.55 Undistributed (Distributed in excess of) (0.03 ) $ 0.52 Diluted earnings per share of common stock: Distributed $ 0.55 Undistributed (Distributed in excess of) (0.03 ) $ 0.52 (1) For the three-month period ended March 31, 2019, excludes net income (loss) of $0.7 million , attributable to joint venture partners, which have non-participating interests as described in Note 15. The components of the computation of basic and diluted EPS were as follows: Three-Month Period Ended March 31, 2018 (In thousands except share amounts) Net increase in shareholders' equity resulting from operations $ 21,039 Add: Net increase in equity resulting from operations attributable to the participating non-controlling interest (1) 142 Net increase in equity resulting from operations related to common shares, LTIP Unit holders, and participating non-controlling interest 21,181 Net increase in shareholders' equity resulting from operations available to common share and LTIP Unit holders: Net increase in shareholders' equity resulting from operations– common shares 20,709 Net increase in shareholders' equity resulting from operations– LTIP Units 330 Dividends Paid (2) : Common shareholders (12,562 ) LTIP Unit holders (201 ) Non-controlling interest (87 ) Total dividends paid to common shareholders, LTIP Unit holders, and non-controlling interest (12,850 ) Undistributed (Distributed in excess of) earnings: Common shareholders 8,147 LTIP Unit holders 129 Non-controlling interest 55 Total undistributed (distributed in excess of) earnings attributable to common shareholders, LTIP Unit holders, and non-controlling interest $ 8,331 Weighted average shares outstanding (basic and diluted): Weighted average common shares outstanding 30,830,615 Weighted average participating LTIP Units 491,638 Weighted average non-controlling interest units 212,000 Basic earnings per common share: Distributed $ 0.41 Undistributed (Distributed in excess of) 0.26 $ 0.67 Diluted earnings per common share: Distributed $ 0.41 Undistributed (Distributed in excess of) 0.26 $ 0.67 (1) For the three-months ended March 31, 2018 excludes net increase (decrease) in equity resulting from operations of $0.1 million attributable to joint venture partners, which have non-participating interests as described in Note 11. (2) The Company pays quarterly dividends in arrears, so a portion of the dividends paid in each calendar year relate to the prior year's earnings.

Restricted Cash (Tables)

Restricted Cash (Tables)	3 Months Ended
	Mar. 31, 2019
Restricted Cash and Investments [Abstract]
Restrictions on Cash and Cash Equivalents	The below table details the Company's restricted cash balances included in Restricted cash on the Consolidated Statement of Assets, Liabilities, and Equity as of December 31, 2018. December 31, 2018 (In thousands) Restricted cash balance related to: Minimum account balance required for regulatory purposes $ 250 Flow consumer loan purchase and sale agreement 175 Total $ 425

Offsetting of Assets and Liab_2

Offsetting of Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2019
Offsetting of Assets and Liabilities [Abstract]
Schedule of Offsetting of Assets and Liabilities	The following table presents information about certain assets and liabilities representing financial instruments as of March 31, 2019 . The Company has not entered into master netting agreements with any of its counterparties. Certain of the Company's reverse repurchase and repurchase agreements and financial derivative transactions are governed by underlying agreements that generally provide a right of offset in the event of default or in the event of a bankruptcy of either party to the transaction. March 31, 2019 : Description Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet (1) Financial Instruments Available for Offset Financial Instruments Transferred or Pledged as Collateral (2)(3) Cash Collateral (Received) Pledged (2)(3) Net Amount (In thousands) Assets Financial derivatives–assets $ 15,356 $ (12,082 ) $ — $ (1,232 ) $ 2,042 Reverse repurchase agreements 25,381 (25,381 ) — — — Liabilities Financial derivatives–liabilities (26,904 ) 12,082 — 10,373 (4,449 ) Repurchase agreements (1,550,016 ) 25,381 1,510,762 13,873 — (1) In the Company's Condensed Consolidated Balance Sheet, all balances associated with repurchase agreements, reverse repurchase agreements, and financial derivatives are presented on a gross basis. (2) For the purpose of this presentation, for each row the total amount of financial instruments transferred or pledged and cash collateral (received) or pledged may not exceed the applicable gross amount of assets or (liabilities) as presented here. Therefore, the Company has reduced the amount of financial instruments transferred or pledged as collateral related to the Company's reverse repurchase agreements and cash collateral pledged on the Company's financial derivative liabilities. Total financial instruments transferred or pledged as collateral on the Company's reverse repurchase agreements as of March 31, 2019 was $1.85 billion . As of March 31, 2019, total cash collateral on financial derivative assets excludes excess net cash collateral pledged of $3.0 million . As of March 31, 2019, total cash collateral on financial derivative liabilities excludes excess cash collateral pledged of $13.8 million . (3) When collateral is pledged to or pledged by a counterparty, it is often pledged or posted with respect to all positions with such counterparty, and in such cases such collateral cannot be specifically identified as relating to a specific asset or liability. As a result, in preparing the above tables, the Company has made assumptions in allocating pledged or posted collateral among the various rows. The following tables present information about certain assets and liabilities representing financial instruments as of December 31, 2018. The Company has not entered into master netting agreements with any of its counterparties. Certain of the Company's repurchase and reverse repurchase agreements and financial derivative transactions are governed by underlying agreements that generally provide a right of offset in the event of default or in the event of a bankruptcy of either party to the transaction. December 31, 2018: Description Amount of Assets (Liabilities) Presented in the Consolidated Statements of Assets, Liabilities, and Equity (1) Financial Instruments Available for Offset Financial Instruments Transferred or Pledged as Collateral (2)(3) Cash Collateral (Received) Pledged (2)(3) Net Amount (In thousands) Assets Financial derivatives–assets $ 20,001 $ (10,910 ) $ — $ (2,514 ) $ 6,577 Repurchase agreements 61,274 (61,274 ) — — — Liabilities Financial derivatives–liabilities (20,806 ) 10,910 — 9,896 — Reverse repurchase agreements (1,498,849 ) 61,274 1,420,601 16,974 — (1) In the Company's Consolidated Statement of Assets, Liabilities, and Equity, all balances associated with repurchase agreements, reverse repurchase agreements, and financial derivatives are presented on a gross basis. (2) For the purpose of this presentation, for each row the total amount of financial instruments transferred or pledged and cash collateral (received) or pledged may not exceed the applicable gross amount of assets or (liabilities) as presented here. Therefore, the Company has reduced the amount of financial instruments transferred or pledged as collateral related to the Company's reverse repurchase agreements and cash collateral pledged on the Company's financial derivative liabilities. Total financial instruments transferred or pledged as collateral on the Company's reverse repurchase agreements as of December 31, 2018 were $1.79 billion . As of December 31, 2018 total cash collateral on financial derivative assets excludes excess net cash collateral pledged of $0.1 million . As of December 31, 2018 total cash collateral on financial derivative liabilities excludes excess cash collateral pledged of $16.4 million . (3) When collateral is pledged to or pledged by a counterparty, it is often pledged or posted with respect to all positions with such counterparty, and in such cases such collateral cannot be specifically identified as relating to a specific asset or liability. As a result, in preparing the above tables, the Company has made assumptions in allocating pledged or posted collateral among the various rows.

Counterparty Risk (Tables)

Counterparty Risk (Tables)	3 Months Ended
	Mar. 31, 2019
Risks and Uncertainties [Abstract]
Schedules of Exposure to Counterparty Risk	The following table summarizes the Company's exposure to counterparty risk as of March 31, 2019. Amount of Exposure Number of Counterparties with Exposure Maximum Percentage of Exposure to a Single Counterparty (1) (In thousands) Cash and cash equivalents $ 55,876 7 55.9 % Collateral on repurchase agreements held by dealers (2) 1,864,614 25 16.0 % Due from brokers 58,145 17 24.9 % Receivable for securities sold (3) 40,489 6 29.7 % (1) Each counterparty is a large creditworthy financial institution. (2) Includes securities and loans as well as cash posted as collateral for repurchase agreements. (3) Included in Investment related receivables on the Condensed Consolidated Balance Sheet.
Schedule Of Percentage Of Total Collateral On Reverse Repurchase Agreements [Table Text Block]	The following table details the percentage of such collateral held by counterparties who hold greater than 15% of the aggregate $1.79 billion in collateral for various reverse repurchase agreements as of December 31, 2018. In addition to the below, unencumbered investments, on a settlement date basis, of approximately $13.3 million were held in custody at the Bank of New York Mellon Corporation as of December 31, 2018. Dealer % of Total Collateral on Reverse Repurchase Agreements Royal Bank of Canada 19%
% Of Total Deposits With Dealers Held As Collateral	The following table details the percentage of collateral amounts held by dealers who hold greater than 15% of the Company's Due from Brokers, included as of December 31, 2018: Dealer % of Total Due from Brokers Morgan Stanley 37% J.P. Morgan Securities LLC 30%
% Of Total Receivable For Securities Sold	The following table details the percentage of amounts held by dealers who hold greater than 15% of the Company's Receivable for securities sold as of December 31, 2018: Dealer % of Total Receivable for Securities Sold J.P. Morgan Securities LLC 25% Bank of America Securities 26% CS First Boston Limited 34%
Schedule of Cash and Cash Equivalents	In addition, the Company held cash and cash equivalents of $44.7 million as of March 31, 2018. The below table details the concentration of cash and cash equivalents held by each counterparty: Counterparty As of December 31, 2018 Bank of New York Mellon Corporation 64% Deutsche Bank Securities 5% Bank of America Securities 2% Morgan Stanley Institutional Liquidity Fund—Government Portfolio 10% BlackRock Liquidity Funds FedFund Portfolio 9% Goldman Sachs Financial Square Funds—Government Fund 9% Lakeland Bank Inc. 1%

Financial Highlights (Tables)

Financial Highlights (Tables)	3 Months Ended
	Mar. 31, 2019
Investment Company, Financial Highlights [Abstract]
Results of Operations For a Share Outstanding	Results of Operations for a Share Outstanding Throughout the Periods: Three-Month Period Ended March 31, 2018 Beginning Shareholders' Equity Per Share (12/31/2017) $ 19.15 Net Investment Income 0.33 Net Realized/Unrealized Gains (Losses) 0.36 Results of Operations Attributable to Equity 0.69 Less: Results of Operations Attributable to Non-controlling Interests (0.01 ) Results of Operations Attributable to Shareholders' Equity (1) 0.68 Dividends Paid to Common Shareholders (0.41 ) Accretive (Dilutive) Effect of Share Issuances (Net of Offering Costs), Share Repurchases, and Adjustments to Non-controlling Interest 0.14 Ending Shareholders' Equity Per Share (12/31/2018) (2) $ 19.56 Shares Outstanding, end of period 30,392,041 (1) Calculated based on average common shares outstanding and can differ from the calculation for EPS (See Note 13). (2) If all LTIP Units and OP Units previously issued were vested and exchanged for common shares as of March 31, 2018 shareholders' equity per share would be $19.25 .
Net Asset Value Based Total Return For a Shareholder	The following table illustrates the Company's total return for the periods presented based on net asset value: Net Asset Value Based Total Return for a Shareholder: (1) Three-Month Period Ended March 31, 2018 Total Return 4.30% (1) Total return is calculated assuming reinvestment of distributions at shareholders' equity per share during the period.
Net Investment Income Ratio to Average Equity	Net Investment Income Ratio to Average Equity: (1)(2) Three-Month Period Ended March 31, 2018 Net Investment Income 6.75% (1) Average equity is calculated using month end values. (2) Includes all items of income and expense on an annualized basis.
Expense Ratios to Average Equity	Expense Ratios to Average Equity: (1)(2) Three-Month Period Ended March 31, 2018 Operating expenses, before interest expense and other investment related expenses (2.67)% Interest expense and other investment related expenses (9.56)% Total Expenses (12.23)% (1) Average equity is calculated using month end values.

Organization and Investment O_2

Organization and Investment Objective (Details) - $ / shares	Mar. 31, 2019	Feb. 28, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Common shares	$ 0.001	$ 0.001
Ellington Financial Operating Partnership LLC [Member] | Total Stockholders' Equity
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Ownership Percentage	97.60%

Significant Accounting Polici_3

Significant Accounting Policies (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Significant Accounting Policies [Line Items]
Number of days to determine non-performance of loan	90 days	90 days
Long-Term Incentive Plan Units [Member] | Director [Member]
Significant Accounting Policies [Line Items]
Vesting period	1 year	1 year
Minimum | Long-Term Incentive Plan Units [Member] | Dedicated or partially dedicated personnel [Member]
Significant Accounting Policies [Line Items]
Vesting period		1 year
Maximum | Long-Term Incentive Plan Units [Member] | Dedicated or partially dedicated personnel [Member]
Significant Accounting Policies [Line Items]
Vesting period		2 years

Valuation (Schedule of Financia

Valuation (Schedule of Financial Instruments) (Details) - USD ($) $ in Thousands		Mar. 31, 2019		Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-		$ 1,503,273
Securities, at fair value		1,529,485
Investment in unconsolidated entities, at fair value	[1]	58,152
Financial derivatives–assets, at fair value-	[2]	15,356		$ 20,001
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	[2]	25,381		61,274
Investments sold short, at fair value-		(26,212)		(850,577)
Financial derivatives–liabilities, at fair value-	[2]	(26,904)		(20,806)
Other secured borrowings, at fair value		(282,124)	[1]	(297,948)
Non-Agency RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		202,303
CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		29,413
CLOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		97,997
Asset-backed securities, backed by consumer loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		24,108
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		5,737
Investments sold short, at fair value-		(4,441)
U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		16,601
Investments sold short, at fair value-		(2,910)
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in unconsolidated entities, at fair value		58,152
Total investments, financial derivatives–assets, and repurchase agreements, at fair value		2,617,983		3,020,586
Other secured borrowings, at fair value		(282,124)
Total investments sold short, financial derivatives–liabilities, and other secured borrowings, at fair value		(335,240)		(1,169,331)
Fair Value, Measurements, Recurring | Investments Sold Short
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments sold short, at fair value-				(850,577)
Fair Value, Measurements, Recurring | Investments Sold Short | Agency RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments sold short, at fair value-				(772,964)
Fair Value, Measurements, Recurring | Investments Sold Short | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments sold short, at fair value-		(4,441)
Fair Value, Measurements, Recurring | Investments Sold Short | Government debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments sold short, at fair value-		(21,771)
Fair Value, Measurements, Recurring | Investments Sold Short | Government debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments sold short, at fair value-				(54,151)
Fair Value, Measurements, Recurring | Investments Sold Short | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments sold short, at fair value-				(6,529)
Fair Value, Measurements, Recurring | Investments Sold Short | Common stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments sold short, at fair value-				(16,933)
Fair Value, Measurements, Recurring | Financial Derivatives - Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–liabilities, at fair value-				(20,806)
Fair Value, Measurements, Recurring | Financial Derivatives - Liabilities | Credit default swaps on corporate bond indices
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–liabilities, at fair value-		(822)		(11,557)
Fair Value, Measurements, Recurring | Financial Derivatives - Liabilities | Credit default swaps on corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–liabilities, at fair value-		(953)		(3,246)
Fair Value, Measurements, Recurring | Financial Derivatives - Liabilities | Credit default swaps on asset-backed indices
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–liabilities, at fair value-		(11,907)		(2,125)
Fair Value, Measurements, Recurring | Financial Derivatives - Liabilities | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–liabilities, at fair value-		(7,571)		(3,397)
Fair Value, Measurements, Recurring | Financial Derivatives - Liabilities | TBAs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–liabilities, at fair value-		(3,075)
Fair Value, Measurements, Recurring | Financial Derivatives - Liabilities | Futures
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–liabilities, at fair value-		(2,454)		(355)
Fair Value, Measurements, Recurring | Financial Derivatives - Liabilities | Forwards
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–liabilities, at fair value-		(122)		(120)
Fair Value, Measurements, Recurring | Financial Derivatives - Liabilities | Total return swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–liabilities, at fair value-				(6)
Fair Value, Measurements, Recurring | Other secured borrowings, at fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other secured borrowings, at fair value				(297,948)
Fair Value, Measurements, Recurring | Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents				12,460
Fair Value, Measurements, Recurring | Securities | Agency RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		1,144,215
Fair Value, Measurements, Recurring | Securities | Non-Agency RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		206,170
Fair Value, Measurements, Recurring | Securities | CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		33,192
Fair Value, Measurements, Recurring | Securities | CLOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		97,997
Fair Value, Measurements, Recurring | Securities | Asset-backed securities, backed by consumer loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		24,108
Fair Value, Measurements, Recurring | Securities | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		5,737
Fair Value, Measurements, Recurring | Securities | Corporate equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		1,465
Fair Value, Measurements, Recurring | Securities | U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		16,601
Fair Value, Measurements, Recurring | Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				2,939,311
Fair Value, Measurements, Recurring | Investments | Agency RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				1,450,217
Fair Value, Measurements, Recurring | Investments | Non-Agency RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				302,639
Fair Value, Measurements, Recurring | Investments | CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				33,908
Fair Value, Measurements, Recurring | Investments | CLOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				123,893
Fair Value, Measurements, Recurring | Investments | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				22,392
Fair Value, Measurements, Recurring | Investments | Corporate equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				43,793
Fair Value, Measurements, Recurring | Investments | Secured notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				10,917
Fair Value, Measurements, Recurring | Investments | U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				76
Fair Value, Measurements, Recurring | Investments | Residential mortgage loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				496,830
Fair Value, Measurements, Recurring | Investments | Commercial mortgage loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				211,185
Fair Value, Measurements, Recurring | Investments | Consumer loans and asset-backed securities backed by consumer loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				206,761
Fair Value, Measurements, Recurring | Investments | Real estate owned
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				34,500
Fair Value, Measurements, Recurring | Investments | Common stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				2,200
Fair Value, Measurements, Recurring | Loans | Residential mortgage loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans, at fair value		583,252
Fair Value, Measurements, Recurring | Loans | Commercial mortgage loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans, at fair value		239,623
Fair Value, Measurements, Recurring | Loans | Consumer loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans, at fair value		192,115
Fair Value, Measurements, Recurring | Financial Derivatives - Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-				20,001
Fair Value, Measurements, Recurring | Financial Derivatives - Assets | Credit default swaps on asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		1,233		1,472
Fair Value, Measurements, Recurring | Financial Derivatives - Assets | Credit default swaps on corporate bond indices
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		3,276		733
Fair Value, Measurements, Recurring | Financial Derivatives - Assets | Credit default swaps on corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		715		2,473
Fair Value, Measurements, Recurring | Financial Derivatives - Assets | Credit default swaps on asset-backed indices
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		3,519		8,092
Fair Value, Measurements, Recurring | Financial Derivatives - Assets | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		5,391		7,224
Fair Value, Measurements, Recurring | Financial Derivatives - Assets | TBAs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		531
Fair Value, Measurements, Recurring | Financial Derivatives - Assets | Futures
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		138
Fair Value, Measurements, Recurring | Financial Derivatives - Assets | Forwards
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		430		6
Fair Value, Measurements, Recurring | Financial Derivatives - Assets | Total return swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		123		1
Fair Value, Measurements, Recurring | Repurchase Agreements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)				61,274
Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in unconsolidated entities, at fair value		0
Total investments, financial derivatives–assets, and repurchase agreements, at fair value		138		2,200
Other secured borrowings, at fair value		0
Total investments sold short, financial derivatives–liabilities, and other secured borrowings, at fair value		(2,454)		(17,288)
Fair Value, Measurements, Recurring | Level 1 | Investments Sold Short
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments sold short, at fair value-				(16,933)
Fair Value, Measurements, Recurring | Level 1 | Investments Sold Short | Agency RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments sold short, at fair value-				0
Fair Value, Measurements, Recurring | Level 1 | Investments Sold Short | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments sold short, at fair value-		0
Fair Value, Measurements, Recurring | Level 1 | Investments Sold Short | Government debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments sold short, at fair value-		0
Fair Value, Measurements, Recurring | Level 1 | Investments Sold Short | Government debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments sold short, at fair value-				0
Fair Value, Measurements, Recurring | Level 1 | Investments Sold Short | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments sold short, at fair value-				0
Fair Value, Measurements, Recurring | Level 1 | Investments Sold Short | Common stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments sold short, at fair value-				(16,933)
Fair Value, Measurements, Recurring | Level 1 | Financial Derivatives - Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–liabilities, at fair value-				(355)
Fair Value, Measurements, Recurring | Level 1 | Financial Derivatives - Liabilities | Credit default swaps on corporate bond indices
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–liabilities, at fair value-		0		0
Fair Value, Measurements, Recurring | Level 1 | Financial Derivatives - Liabilities | Credit default swaps on corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–liabilities, at fair value-		0		0
Fair Value, Measurements, Recurring | Level 1 | Financial Derivatives - Liabilities | Credit default swaps on asset-backed indices
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–liabilities, at fair value-		0		0
Fair Value, Measurements, Recurring | Level 1 | Financial Derivatives - Liabilities | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–liabilities, at fair value-		0		0
Fair Value, Measurements, Recurring | Level 1 | Financial Derivatives - Liabilities | TBAs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–liabilities, at fair value-		0
Fair Value, Measurements, Recurring | Level 1 | Financial Derivatives - Liabilities | Futures
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–liabilities, at fair value-		(2,454)		(355)
Fair Value, Measurements, Recurring | Level 1 | Financial Derivatives - Liabilities | Forwards
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–liabilities, at fair value-		0		0
Fair Value, Measurements, Recurring | Level 1 | Financial Derivatives - Liabilities | Total return swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–liabilities, at fair value-				0
Fair Value, Measurements, Recurring | Level 1 | Other secured borrowings, at fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other secured borrowings, at fair value				0
Fair Value, Measurements, Recurring | Level 1 | Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents				12,460
Fair Value, Measurements, Recurring | Level 1 | Securities | Agency RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		0
Fair Value, Measurements, Recurring | Level 1 | Securities | Non-Agency RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		0
Fair Value, Measurements, Recurring | Level 1 | Securities | CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		0
Fair Value, Measurements, Recurring | Level 1 | Securities | CLOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		0
Fair Value, Measurements, Recurring | Level 1 | Securities | Asset-backed securities, backed by consumer loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		0
Fair Value, Measurements, Recurring | Level 1 | Securities | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		0
Fair Value, Measurements, Recurring | Level 1 | Securities | Corporate equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		0
Fair Value, Measurements, Recurring | Level 1 | Securities | U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		0
Fair Value, Measurements, Recurring | Level 1 | Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				2,200
Fair Value, Measurements, Recurring | Level 1 | Investments | Agency RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				0
Fair Value, Measurements, Recurring | Level 1 | Investments | Non-Agency RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				0
Fair Value, Measurements, Recurring | Level 1 | Investments | CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				0
Fair Value, Measurements, Recurring | Level 1 | Investments | CLOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				0
Fair Value, Measurements, Recurring | Level 1 | Investments | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				0
Fair Value, Measurements, Recurring | Level 1 | Investments | Corporate equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				0
Fair Value, Measurements, Recurring | Level 1 | Investments | Secured notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				0
Fair Value, Measurements, Recurring | Level 1 | Investments | U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				0
Fair Value, Measurements, Recurring | Level 1 | Investments | Residential mortgage loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				0
Fair Value, Measurements, Recurring | Level 1 | Investments | Commercial mortgage loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				0
Fair Value, Measurements, Recurring | Level 1 | Investments | Consumer loans and asset-backed securities backed by consumer loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				0
Fair Value, Measurements, Recurring | Level 1 | Investments | Real estate owned
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				0
Fair Value, Measurements, Recurring | Level 1 | Investments | Common stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				2,200
Fair Value, Measurements, Recurring | Level 1 | Loans | Residential mortgage loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans, at fair value		0
Fair Value, Measurements, Recurring | Level 1 | Loans | Commercial mortgage loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans, at fair value		0
Fair Value, Measurements, Recurring | Level 1 | Loans | Consumer loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans, at fair value		0
Fair Value, Measurements, Recurring | Level 1 | Financial Derivatives - Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-				0
Fair Value, Measurements, Recurring | Level 1 | Financial Derivatives - Assets | Credit default swaps on asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		0		0
Fair Value, Measurements, Recurring | Level 1 | Financial Derivatives - Assets | Credit default swaps on corporate bond indices
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		0		0
Fair Value, Measurements, Recurring | Level 1 | Financial Derivatives - Assets | Credit default swaps on corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		0		0
Fair Value, Measurements, Recurring | Level 1 | Financial Derivatives - Assets | Credit default swaps on asset-backed indices
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		0		0
Fair Value, Measurements, Recurring | Level 1 | Financial Derivatives - Assets | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		0		0
Fair Value, Measurements, Recurring | Level 1 | Financial Derivatives - Assets | TBAs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		0
Fair Value, Measurements, Recurring | Level 1 | Financial Derivatives - Assets | Futures
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		138
Fair Value, Measurements, Recurring | Level 1 | Financial Derivatives - Assets | Forwards
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		0		0
Fair Value, Measurements, Recurring | Level 1 | Financial Derivatives - Assets | Total return swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		0		0
Fair Value, Measurements, Recurring | Level 1 | Repurchase Agreements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)				0
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in unconsolidated entities, at fair value		0
Total investments, financial derivatives–assets, and repurchase agreements, at fair value		1,384,526		1,892,308
Other secured borrowings, at fair value		0
Total investments sold short, financial derivatives–liabilities, and other secured borrowings, at fair value		(50,662)		(854,095)
Fair Value, Measurements, Recurring | Level 2 | Investments Sold Short
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments sold short, at fair value-				(833,644)
Fair Value, Measurements, Recurring | Level 2 | Investments Sold Short | Agency RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments sold short, at fair value-				(772,964)
Fair Value, Measurements, Recurring | Level 2 | Investments Sold Short | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments sold short, at fair value-		(4,441)
Fair Value, Measurements, Recurring | Level 2 | Investments Sold Short | Government debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments sold short, at fair value-		(21,771)
Fair Value, Measurements, Recurring | Level 2 | Investments Sold Short | Government debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments sold short, at fair value-				(54,151)
Fair Value, Measurements, Recurring | Level 2 | Investments Sold Short | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments sold short, at fair value-				(6,529)
Fair Value, Measurements, Recurring | Level 2 | Investments Sold Short | Common stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments sold short, at fair value-				0
Fair Value, Measurements, Recurring | Level 2 | Financial Derivatives - Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–liabilities, at fair value-				(20,451)
Fair Value, Measurements, Recurring | Level 2 | Financial Derivatives - Liabilities | Credit default swaps on corporate bond indices
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–liabilities, at fair value-		(822)		(11,557)
Fair Value, Measurements, Recurring | Level 2 | Financial Derivatives - Liabilities | Credit default swaps on corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–liabilities, at fair value-		(953)		(3,246)
Fair Value, Measurements, Recurring | Level 2 | Financial Derivatives - Liabilities | Credit default swaps on asset-backed indices
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–liabilities, at fair value-		(11,907)		(2,125)
Fair Value, Measurements, Recurring | Level 2 | Financial Derivatives - Liabilities | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–liabilities, at fair value-		(7,571)		(3,397)
Fair Value, Measurements, Recurring | Level 2 | Financial Derivatives - Liabilities | TBAs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–liabilities, at fair value-		(3,075)
Fair Value, Measurements, Recurring | Level 2 | Financial Derivatives - Liabilities | Futures
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–liabilities, at fair value-		0		0
Fair Value, Measurements, Recurring | Level 2 | Financial Derivatives - Liabilities | Forwards
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–liabilities, at fair value-		(122)		(120)
Fair Value, Measurements, Recurring | Level 2 | Financial Derivatives - Liabilities | Total return swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–liabilities, at fair value-				(6)
Fair Value, Measurements, Recurring | Level 2 | Other secured borrowings, at fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other secured borrowings, at fair value				0
Fair Value, Measurements, Recurring | Level 2 | Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents				0
Fair Value, Measurements, Recurring | Level 2 | Securities | Agency RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		1,137,826
Fair Value, Measurements, Recurring | Level 2 | Securities | Non-Agency RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		111,500
Fair Value, Measurements, Recurring | Level 2 | Securities | CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		28,055
Fair Value, Measurements, Recurring | Level 2 | Securities | CLOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		76,559
Fair Value, Measurements, Recurring | Level 2 | Securities | Asset-backed securities, backed by consumer loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		0
Fair Value, Measurements, Recurring | Level 2 | Securities | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		0
Fair Value, Measurements, Recurring | Level 2 | Securities | Corporate equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		0
Fair Value, Measurements, Recurring | Level 2 | Securities | U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		16,601
Fair Value, Measurements, Recurring | Level 2 | Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				1,812,505
Fair Value, Measurements, Recurring | Level 2 | Investments | Agency RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				1,442,924
Fair Value, Measurements, Recurring | Level 2 | Investments | Non-Agency RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				211,348
Fair Value, Measurements, Recurring | Level 2 | Investments | CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				33,105
Fair Value, Measurements, Recurring | Level 2 | Investments | CLOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				108,978
Fair Value, Measurements, Recurring | Level 2 | Investments | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				16,074
Fair Value, Measurements, Recurring | Level 2 | Investments | Corporate equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				0
Fair Value, Measurements, Recurring | Level 2 | Investments | Secured notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				0
Fair Value, Measurements, Recurring | Level 2 | Investments | U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				76
Fair Value, Measurements, Recurring | Level 2 | Investments | Residential mortgage loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				0
Fair Value, Measurements, Recurring | Level 2 | Investments | Commercial mortgage loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				0
Fair Value, Measurements, Recurring | Level 2 | Investments | Consumer loans and asset-backed securities backed by consumer loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				0
Fair Value, Measurements, Recurring | Level 2 | Investments | Real estate owned
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				0
Fair Value, Measurements, Recurring | Level 2 | Investments | Common stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				0
Fair Value, Measurements, Recurring | Level 2 | Loans | Residential mortgage loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans, at fair value		0
Fair Value, Measurements, Recurring | Level 2 | Loans | Commercial mortgage loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans, at fair value		0
Fair Value, Measurements, Recurring | Level 2 | Loans | Consumer loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans, at fair value		0
Fair Value, Measurements, Recurring | Level 2 | Financial Derivatives - Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-				18,529
Fair Value, Measurements, Recurring | Level 2 | Financial Derivatives - Assets | Credit default swaps on asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		0		0
Fair Value, Measurements, Recurring | Level 2 | Financial Derivatives - Assets | Credit default swaps on corporate bond indices
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		3,276		733
Fair Value, Measurements, Recurring | Level 2 | Financial Derivatives - Assets | Credit default swaps on corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		715		2,473
Fair Value, Measurements, Recurring | Level 2 | Financial Derivatives - Assets | Credit default swaps on asset-backed indices
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		3,519		8,092
Fair Value, Measurements, Recurring | Level 2 | Financial Derivatives - Assets | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		5,391		7,224
Fair Value, Measurements, Recurring | Level 2 | Financial Derivatives - Assets | TBAs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		531
Fair Value, Measurements, Recurring | Level 2 | Financial Derivatives - Assets | Futures
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		0
Fair Value, Measurements, Recurring | Level 2 | Financial Derivatives - Assets | Forwards
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		430		6
Fair Value, Measurements, Recurring | Level 2 | Financial Derivatives - Assets | Total return swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		123		1
Fair Value, Measurements, Recurring | Level 2 | Repurchase Agreements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)				61,274
Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in unconsolidated entities, at fair value		58,152
Total investments, financial derivatives–assets, and repurchase agreements, at fair value		1,233,319		1,126,078
Other secured borrowings, at fair value		(282,124)
Total investments sold short, financial derivatives–liabilities, and other secured borrowings, at fair value		(282,124)		(297,948)
Fair Value, Measurements, Recurring | Level 3 | Investments Sold Short
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments sold short, at fair value-				0
Fair Value, Measurements, Recurring | Level 3 | Investments Sold Short | Agency RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments sold short, at fair value-				0
Fair Value, Measurements, Recurring | Level 3 | Investments Sold Short | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments sold short, at fair value-		0
Fair Value, Measurements, Recurring | Level 3 | Investments Sold Short | Government debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments sold short, at fair value-		0
Fair Value, Measurements, Recurring | Level 3 | Investments Sold Short | Government debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments sold short, at fair value-				0
Fair Value, Measurements, Recurring | Level 3 | Investments Sold Short | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments sold short, at fair value-				0
Fair Value, Measurements, Recurring | Level 3 | Investments Sold Short | Common stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments sold short, at fair value-				0
Fair Value, Measurements, Recurring | Level 3 | Financial Derivatives - Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–liabilities, at fair value-				0
Fair Value, Measurements, Recurring | Level 3 | Financial Derivatives - Liabilities | Credit default swaps on corporate bond indices
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–liabilities, at fair value-		0		0
Fair Value, Measurements, Recurring | Level 3 | Financial Derivatives - Liabilities | Credit default swaps on corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–liabilities, at fair value-		0		0
Fair Value, Measurements, Recurring | Level 3 | Financial Derivatives - Liabilities | Credit default swaps on asset-backed indices
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–liabilities, at fair value-		0		0
Fair Value, Measurements, Recurring | Level 3 | Financial Derivatives - Liabilities | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–liabilities, at fair value-		0		0
Fair Value, Measurements, Recurring | Level 3 | Financial Derivatives - Liabilities | TBAs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–liabilities, at fair value-		0
Fair Value, Measurements, Recurring | Level 3 | Financial Derivatives - Liabilities | Futures
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–liabilities, at fair value-		0		0
Fair Value, Measurements, Recurring | Level 3 | Financial Derivatives - Liabilities | Forwards
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–liabilities, at fair value-		0		0
Fair Value, Measurements, Recurring | Level 3 | Financial Derivatives - Liabilities | Total return swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–liabilities, at fair value-				0
Fair Value, Measurements, Recurring | Level 3 | Other secured borrowings, at fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other secured borrowings, at fair value				(297,948)
Fair Value, Measurements, Recurring | Level 3 | Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents				0
Fair Value, Measurements, Recurring | Level 3 | Securities | Agency RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		6,389
Fair Value, Measurements, Recurring | Level 3 | Securities | Non-Agency RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		94,670
Fair Value, Measurements, Recurring | Level 3 | Securities | CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		5,137
Fair Value, Measurements, Recurring | Level 3 | Securities | CLOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		21,438
Fair Value, Measurements, Recurring | Level 3 | Securities | Asset-backed securities, backed by consumer loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		24,108
Fair Value, Measurements, Recurring | Level 3 | Securities | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		5,737
Fair Value, Measurements, Recurring | Level 3 | Securities | Corporate equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		1,465
Fair Value, Measurements, Recurring | Level 3 | Securities | U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value		0
Fair Value, Measurements, Recurring | Level 3 | Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				1,124,606
Fair Value, Measurements, Recurring | Level 3 | Investments | Agency RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				7,293
Fair Value, Measurements, Recurring | Level 3 | Investments | Non-Agency RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				91,291
Fair Value, Measurements, Recurring | Level 3 | Investments | CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				803
Fair Value, Measurements, Recurring | Level 3 | Investments | CLOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				14,915
Fair Value, Measurements, Recurring | Level 3 | Investments | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				6,318
Fair Value, Measurements, Recurring | Level 3 | Investments | Corporate equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				43,793
Fair Value, Measurements, Recurring | Level 3 | Investments | Secured notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				10,917
Fair Value, Measurements, Recurring | Level 3 | Investments | U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				0
Fair Value, Measurements, Recurring | Level 3 | Investments | Residential mortgage loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				496,830
Fair Value, Measurements, Recurring | Level 3 | Investments | Commercial mortgage loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				211,185
Fair Value, Measurements, Recurring | Level 3 | Investments | Consumer loans and asset-backed securities backed by consumer loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				206,761
Fair Value, Measurements, Recurring | Level 3 | Investments | Real estate owned
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				34,500
Fair Value, Measurements, Recurring | Level 3 | Investments | Common stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value-				0
Fair Value, Measurements, Recurring | Level 3 | Loans | Residential mortgage loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans, at fair value		583,252
Fair Value, Measurements, Recurring | Level 3 | Loans | Commercial mortgage loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans, at fair value		239,623
Fair Value, Measurements, Recurring | Level 3 | Loans | Consumer loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans, at fair value		192,115
Fair Value, Measurements, Recurring | Level 3 | Financial Derivatives - Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-				1,472
Fair Value, Measurements, Recurring | Level 3 | Financial Derivatives - Assets | Credit default swaps on asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		1,233		1,472
Fair Value, Measurements, Recurring | Level 3 | Financial Derivatives - Assets | Credit default swaps on corporate bond indices
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		0		0
Fair Value, Measurements, Recurring | Level 3 | Financial Derivatives - Assets | Credit default swaps on corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		0		0
Fair Value, Measurements, Recurring | Level 3 | Financial Derivatives - Assets | Credit default swaps on asset-backed indices
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		0		0
Fair Value, Measurements, Recurring | Level 3 | Financial Derivatives - Assets | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		0		0
Fair Value, Measurements, Recurring | Level 3 | Financial Derivatives - Assets | TBAs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		0
Fair Value, Measurements, Recurring | Level 3 | Financial Derivatives - Assets | Futures
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		0
Fair Value, Measurements, Recurring | Level 3 | Financial Derivatives - Assets | Forwards
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		0		0
Fair Value, Measurements, Recurring | Level 3 | Financial Derivatives - Assets | Total return swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		$ 0		0
Fair Value, Measurements, Recurring | Level 3 | Repurchase Agreements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)				$ 0
[1]	Ellington Financial Inc.'s Condensed Consolidated Balance Sheet includes assets and liabilities of variable interest entities it has consolidated. See Note 9 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.
[2]	In the Company's Consolidated Statement of Assets, Liabilities, and Equity, all balances associated with repurchase agreements, reverse repurchase agreements, and financial derivatives are presented on a gross basis.

Valuation (Schedule of Signific

Valuation (Schedule of Significant Unobservable Inputs, Qualitative Information) (Details) - Level 3	12 Months Ended
	Dec. 31, 2018USD ($)		Dec. 31, 2017	Mar. 31, 2019	Mar. 31, 2019month	Mar. 31, 2019$ / shares	Mar. 31, 2019USD ($)
Corporate equity securities | Non-exchange traded preferred equity investment in loan origination entity
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 3,000,000
Valuation, Market Approach | Private label mortgage backed securities
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 36,945,000						$ 42,096,000
Valuation, Market Approach | Private label mortgage backed securities | Measurement Input, Quoted Price | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input	17.42
Securities, measurement input | $ / shares						15.72
Valuation, Market Approach | Private label mortgage backed securities | Measurement Input, Quoted Price | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input	178
Securities, measurement input | $ / shares						184.92
Valuation, Market Approach | Private label mortgage backed securities | Measurement Input, Quoted Price | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input	78.31
Securities, measurement input | $ / shares						82.84
Valuation, Market Approach | CMBS
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 576,000						5,137,000
Valuation, Market Approach | CMBS | Measurement Input, Quoted Price | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input	5.93
Securities, measurement input | $ / shares						5.94
Valuation, Market Approach | CMBS | Measurement Input, Quoted Price | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input	6.36
Securities, measurement input | $ / shares						70.90
Valuation, Market Approach | CMBS | Measurement Input, Quoted Price | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input	6.14
Securities, measurement input | $ / shares						60.88
Valuation, Market Approach | Agency interest only RMBS
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 744,000						705,000
Valuation, Market Approach | Agency interest only RMBS | Measurement Input, Quoted Price | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input	1.70
Securities, measurement input | $ / shares						8.42
Valuation, Market Approach | Agency interest only RMBS | Measurement Input, Quoted Price | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input	9.12
Securities, measurement input | $ / shares						14.43
Valuation, Market Approach | Agency interest only RMBS | Measurement Input, Quoted Price | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input	5.64
Securities, measurement input | $ / shares						11.96
Valuation, Market Approach | Corporate debt and equity
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value							1,452,000
Valuation, Market Approach | Corporate debt and equity | Measurement Input, Quoted Price | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input | $ / shares						83.50
Valuation, Market Approach | Corporate debt and equity | Measurement Input, Quoted Price | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input | $ / shares						83.50
Valuation, Market Approach | Corporate debt and equity | Measurement Input, Quoted Price | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input | $ / shares						83.50
Valuation, Market Approach | CLOs
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 5,828,000						13,508,000
Valuation, Market Approach | CLOs | Measurement Input, Quoted Price | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input	2.64
Securities, measurement input | $ / shares						27.30
Valuation, Market Approach | CLOs | Measurement Input, Quoted Price | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input	375
Securities, measurement input | $ / shares						80
Valuation, Market Approach | CLOs | Measurement Input, Quoted Price | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input	167.78
Securities, measurement input | $ / shares						72.87
Valuation, Market Approach | Corporate debt, non-exchange traded corporate equity, and secured notes [Member]
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 13,976,000
Valuation, Market Approach | Corporate debt, non-exchange traded corporate equity, and secured notes [Member] | Measurement Input, Quoted Price | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input	9.69
Valuation, Market Approach | Corporate debt, non-exchange traded corporate equity, and secured notes [Member] | Measurement Input, Quoted Price | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input	91
Valuation, Market Approach | Corporate debt, non-exchange traded corporate equity, and secured notes [Member] | Measurement Input, Quoted Price | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input	59.18
Valuation, Income Approach | Private label mortgage backed securities
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 54,346,000						52,574,000
Valuation, Income Approach | Private label mortgage backed securities | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Total outstanding collateral	100.00%			100.00%
Valuation, Income Approach | Private label mortgage backed securities | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	3.50%
Securities, measurement input				0.005
Valuation, Income Approach | Private label mortgage backed securities | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	66.10%
Securities, measurement input				0.671
Valuation, Income Approach | Private label mortgage backed securities | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	10.70%
Securities, measurement input				0.095
Valuation, Income Approach | Private label mortgage backed securities | Measurement Input, Prepayment Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	16.00%
Securities, measurement input				0.151
Valuation, Income Approach | Private label mortgage backed securities | Measurement Input, Prepayment Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	92.10%
Securities, measurement input				0.778
Valuation, Income Approach | Private label mortgage backed securities | Measurement Input, Prepayment Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	50.40%
Securities, measurement input				0.466
Valuation, Income Approach | Private label mortgage backed securities | Measurement Input, Default Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	0.00%
Securities, measurement input				0.001
Valuation, Income Approach | Private label mortgage backed securities | Measurement Input, Default Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	23.10%
Securities, measurement input				0.176
Valuation, Income Approach | Private label mortgage backed securities | Measurement Input, Default Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	8.70%
Securities, measurement input				0.088
Valuation, Income Approach | Private label mortgage backed securities | Measurement Input, Projected Collateral Recoveries | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	1.50%
Securities, measurement input				0.017
Valuation, Income Approach | Private label mortgage backed securities | Measurement Input, Projected Collateral Recoveries | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	14.60%
Securities, measurement input				0.158
Valuation, Income Approach | Private label mortgage backed securities | Measurement Input, Projected Collateral Recoveries | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	7.30%
Securities, measurement input				0.082
Valuation, Income Approach | Private label mortgage backed securities | Measurement input, Projected Collateral Scheduled Amortization | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	6.10%
Securities, measurement input				0.163
Valuation, Income Approach | Private label mortgage backed securities | Measurement input, Projected Collateral Scheduled Amortization | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	61.80%
Securities, measurement input				0.630
Valuation, Income Approach | Private label mortgage backed securities | Measurement input, Projected Collateral Scheduled Amortization | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	33.60%
Securities, measurement input				0.364
Valuation, Income Approach | CMBS
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 227,000
Valuation, Income Approach | CMBS | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Total outstanding collateral	100.00%
Valuation, Income Approach | CMBS | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	3.40%
Valuation, Income Approach | CMBS | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	3.40%
Valuation, Income Approach | CMBS | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	3.40%
Valuation, Income Approach | CMBS | Measurement Input, Default Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	2.00%
Valuation, Income Approach | CMBS | Measurement Input, Default Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	2.00%
Valuation, Income Approach | CMBS | Measurement Input, Default Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	2.00%
Valuation, Income Approach | CMBS | Measurement Input, Projected Collateral Recoveries | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	6.60%
Valuation, Income Approach | CMBS | Measurement Input, Projected Collateral Recoveries | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	6.60%
Valuation, Income Approach | CMBS | Measurement Input, Projected Collateral Recoveries | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	6.60%
Valuation, Income Approach | CMBS | Measurement input, Projected Collateral Scheduled Amortization | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	91.40%
Valuation, Income Approach | CMBS | Measurement input, Projected Collateral Scheduled Amortization | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	91.40%
Valuation, Income Approach | CMBS | Measurement input, Projected Collateral Scheduled Amortization | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	91.40%
Valuation, Income Approach | Corporate Debt and non-exchange traded corporate equity [Member]
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 4,793,000
Valuation, Income Approach | Corporate Debt and non-exchange traded corporate equity [Member] | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	17.50%
Valuation, Income Approach | Corporate Debt and non-exchange traded corporate equity [Member] | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	17.50%
Valuation, Income Approach | Corporate Debt and non-exchange traded corporate equity [Member] | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	17.50%
Valuation, Income Approach | Corporate debt and equity
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value							5,750,000
Valuation, Income Approach | Corporate debt and equity | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input				0.100
Valuation, Income Approach | Corporate debt and equity | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input				0.196
Valuation, Income Approach | Corporate debt and equity | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input				0.167
Valuation, Income Approach | Agency interest only RMBS
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 6,549,000						5,684,000
Valuation, Income Approach | Agency interest only RMBS | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	2.11%	[1]	3.81%
Valuation, Income Approach | Agency interest only RMBS | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	35.21%	[1]	35.21%
Valuation, Income Approach | Agency interest only RMBS | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	6.77%	[1]	7.30%
Total outstanding collateral	100.00%			100.00%
Valuation, Income Approach | Agency interest only RMBS | Measurement Input, LIBOR OAS | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input				0.0093
Valuation, Income Approach | Agency interest only RMBS | Measurement Input, LIBOR OAS | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input				0.3527
Valuation, Income Approach | Agency interest only RMBS | Measurement Input, LIBOR OAS | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input				0.0654
Valuation, Income Approach | Agency interest only RMBS | Measurement Input, Prepayment Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	37.70%
Securities, measurement input				0.300
Valuation, Income Approach | Agency interest only RMBS | Measurement Input, Prepayment Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	100.00%
Securities, measurement input				1
Valuation, Income Approach | Agency interest only RMBS | Measurement Input, Prepayment Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	66.20%
Securities, measurement input				0.677
Valuation, Income Approach | Agency interest only RMBS | Measurement input, Projected Collateral Scheduled Amortization | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	0.00%
Securities, measurement input				0
Valuation, Income Approach | Agency interest only RMBS | Measurement input, Projected Collateral Scheduled Amortization | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	62.30%
Securities, measurement input				0.700
Valuation, Income Approach | Agency interest only RMBS | Measurement input, Projected Collateral Scheduled Amortization | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	33.80%
Securities, measurement input				0.323
Valuation, Income Approach | Investment in unconsolidated entities
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value							23,303,000
Valuation, Income Approach | Investment in unconsolidated entities | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Equity method investment, measurement input				0.055
Valuation, Income Approach | Investment in unconsolidated entities | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Equity method investment, measurement input				0.196
Valuation, Income Approach | Investment in unconsolidated entities | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Equity method investment, measurement input				0.102
Valuation, Income Approach | CLOs
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 9,087,000						7,930,000
Valuation, Income Approach | CLOs | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Total outstanding collateral	100.00%			100.00%
Valuation, Income Approach | CLOs | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	12.60%
Securities, measurement input				0.087
Valuation, Income Approach | CLOs | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	103.10%
Securities, measurement input				0.152
Valuation, Income Approach | CLOs | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	26.70%
Securities, measurement input				0.118
Valuation, Income Approach | CLOs | Measurement Input, Prepayment Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	8.10%
Securities, measurement input				0.199
Valuation, Income Approach | CLOs | Measurement Input, Prepayment Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	88.40%
Securities, measurement input				0.873
Valuation, Income Approach | CLOs | Measurement Input, Prepayment Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	65.20%
Securities, measurement input				0.525
Valuation, Income Approach | CLOs | Measurement Input, Default Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	3.70%
Securities, measurement input				0.053
Valuation, Income Approach | CLOs | Measurement Input, Default Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	40.80%
Securities, measurement input				0.308
Valuation, Income Approach | CLOs | Measurement Input, Default Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	13.50%
Securities, measurement input				0.157
Valuation, Income Approach | CLOs | Measurement Input, Projected Collateral Recoveries | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	4.20%
Securities, measurement input				0.042
Valuation, Income Approach | CLOs | Measurement Input, Projected Collateral Recoveries | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	38.00%
Securities, measurement input				0.137
Valuation, Income Approach | CLOs | Measurement Input, Projected Collateral Recoveries | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	11.90%
Securities, measurement input				0.088
Valuation, Income Approach | CLOs | Measurement input, Projected Collateral Scheduled Amortization | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	3.50%
Securities, measurement input				0
Valuation, Income Approach | CLOs | Measurement input, Projected Collateral Scheduled Amortization | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	13.50%
Securities, measurement input				0.652
Valuation, Income Approach | CLOs | Measurement input, Projected Collateral Scheduled Amortization | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	9.40%
Securities, measurement input				0.230
Valuation, Income Approach | Consumer loans and asset-backed securities backed by consumer loans
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 206,761,000						24,108,000
Valuation, Income Approach | Consumer loans and asset-backed securities backed by consumer loans | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Total outstanding collateral	100.00%			100.00%
Valuation, Income Approach | Consumer loans and asset-backed securities backed by consumer loans | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	7.00%
Securities, measurement input				0.120
Valuation, Income Approach | Consumer loans and asset-backed securities backed by consumer loans | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	18.30%
Securities, measurement input				0.187
Valuation, Income Approach | Consumer loans and asset-backed securities backed by consumer loans | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	8.50%
Securities, measurement input				0.122
Valuation, Income Approach | Consumer loans and asset-backed securities backed by consumer loans | Measurement Input, Prepayment Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	0.00%
Securities, measurement input				0
Valuation, Income Approach | Consumer loans and asset-backed securities backed by consumer loans | Measurement Input, Prepayment Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	45.90%
Securities, measurement input				0.110
Valuation, Income Approach | Consumer loans and asset-backed securities backed by consumer loans | Measurement Input, Prepayment Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	33.50%
Securities, measurement input				0.094
Valuation, Income Approach | Consumer loans and asset-backed securities backed by consumer loans | Measurement Input, Default Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	2.60%
Securities, measurement input				0.016
Valuation, Income Approach | Consumer loans and asset-backed securities backed by consumer loans | Measurement Input, Default Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	84.80%
Securities, measurement input				0.166
Valuation, Income Approach | Consumer loans and asset-backed securities backed by consumer loans | Measurement Input, Default Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	9.10%
Securities, measurement input				0.149
Valuation, Income Approach | Consumer loans and asset-backed securities backed by consumer loans | Measurement input, Projected Collateral Scheduled Amortization | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	15.20%
Securities, measurement input				0.729
Valuation, Income Approach | Consumer loans and asset-backed securities backed by consumer loans | Measurement input, Projected Collateral Scheduled Amortization | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	96.60%
Securities, measurement input				0.984
Valuation, Income Approach | Consumer loans and asset-backed securities backed by consumer loans | Measurement input, Projected Collateral Scheduled Amortization | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	57.40%
Securities, measurement input				0.757
Valuation, Income Approach | Consumer loans
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value							192,115,000
Valuation, Income Approach | Consumer loans | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Total outstanding collateral				100.00%
Valuation, Income Approach | Consumer loans | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input				0.070
Valuation, Income Approach | Consumer loans | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input				0.100
Valuation, Income Approach | Consumer loans | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input				0.080
Valuation, Income Approach | Consumer loans | Measurement Input, Prepayment Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input				0
Valuation, Income Approach | Consumer loans | Measurement Input, Prepayment Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input				0.554
Valuation, Income Approach | Consumer loans | Measurement Input, Prepayment Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input				0.415
Valuation, Income Approach | Consumer loans | Measurement Input, Default Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input				0.040
Valuation, Income Approach | Consumer loans | Measurement Input, Default Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input				0.866
Valuation, Income Approach | Consumer loans | Measurement Input, Default Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input				0.080
Valuation, Income Approach | Consumer loans | Measurement input, Projected Collateral Scheduled Amortization | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input				0.134
Valuation, Income Approach | Consumer loans | Measurement input, Projected Collateral Scheduled Amortization | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input				0.857
Valuation, Income Approach | Consumer loans | Measurement input, Projected Collateral Scheduled Amortization | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input				0.505
Valuation, Income Approach | Performing commercial mortgage loans
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 163,876,000
Valuation, Income Approach | Performing commercial mortgage loans | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	8.00%
Valuation, Income Approach | Performing commercial mortgage loans | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	22.50%
Valuation, Income Approach | Performing commercial mortgage loans | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	9.60%
Valuation, Income Approach | Non-performing commercial mortgage loans and commercial real estate owned
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 80,513,000
Valuation, Income Approach | Non-performing commercial mortgage loans and commercial real estate owned | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, recovery time	3 months		4 months
Valuation, Income Approach | Non-performing commercial mortgage loans and commercial real estate owned | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, recovery time	16 months		17 months
Valuation, Income Approach | Non-performing commercial mortgage loans and commercial real estate owned | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, recovery time	7 months 27 days		9 months 15 days
Valuation, Income Approach | Non-performing commercial mortgage loans and commercial real estate owned | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	9.60%
Valuation, Income Approach | Non-performing commercial mortgage loans and commercial real estate owned | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	27.40%
Valuation, Income Approach | Non-performing commercial mortgage loans and commercial real estate owned | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	13.20%
Valuation, Income Approach | Performing residential mortgage loans
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 171,367,000
Valuation, Income Approach | Performing residential mortgage loans | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	2.70%
Valuation, Income Approach | Performing residential mortgage loans | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	12.90%
Valuation, Income Approach | Performing residential mortgage loans | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	6.00%
Valuation, Income Approach | Securitized residential mortgage loans
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 314,202,000						296,366,000
Valuation, Income Approach | Securitized residential mortgage loans | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	4.30%
Loans, measurement input				0.044
Valuation, Income Approach | Securitized residential mortgage loans | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	4.60%
Loans, measurement input				0.046
Valuation, Income Approach | Securitized residential mortgage loans | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	4.60%
Loans, measurement input				0.045
Valuation, Income Approach | Non-performing residential mortgage loans and residential real estate owned
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 12,557,000
Valuation, Income Approach | Non-performing residential mortgage loans and residential real estate owned | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, recovery time	1 month 27 days	[2]	1 month 27 days
Valuation, Income Approach | Non-performing residential mortgage loans and residential real estate owned | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, recovery time	42 months 6 days	[2]	40 months 15 days
Valuation, Income Approach | Non-performing residential mortgage loans and residential real estate owned | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, recovery time	27 months 24 days	[2]	25 months 18 days
Valuation, Income Approach | Non-performing residential mortgage loans and residential real estate owned | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	4.30%
Valuation, Income Approach | Non-performing residential mortgage loans and residential real estate owned | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	25.10%
Valuation, Income Approach | Non-performing residential mortgage loans and residential real estate owned | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	11.30%
Valuation, Income Approach | Credit default swaps on asset-backed securities
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 1,472,000						1,233,000
Valuation, Income Approach | Credit default swaps on asset-backed securities | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Total outstanding collateral	100.00%			100.00%
Valuation, Income Approach | Credit default swaps on asset-backed securities | Measurement Input, Prepayment Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	33.60%
Derivative asset, measurement input				0.341
Valuation, Income Approach | Credit default swaps on asset-backed securities | Measurement Input, Prepayment Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	42.00%
Derivative asset, measurement input				0.386
Valuation, Income Approach | Credit default swaps on asset-backed securities | Measurement Input, Prepayment Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	36.50%
Derivative asset, measurement input				0.360
Valuation, Income Approach | Credit default swaps on asset-backed securities | Measurement Input, Default Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	11.10%
Derivative asset, measurement input				0.117
Valuation, Income Approach | Credit default swaps on asset-backed securities | Measurement Input, Default Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	15.60%
Derivative asset, measurement input				0.181
Valuation, Income Approach | Credit default swaps on asset-backed securities | Measurement Input, Default Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	12.80%
Derivative asset, measurement input				0.133
Valuation, Income Approach | Credit default swaps on asset-backed securities | Measurement Input, Projected Collateral Recoveries | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	10.30%
Derivative asset, measurement input				0.142
Valuation, Income Approach | Credit default swaps on asset-backed securities | Measurement Input, Projected Collateral Recoveries | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	18.70%
Derivative asset, measurement input				0.175
Valuation, Income Approach | Credit default swaps on asset-backed securities | Measurement Input, Projected Collateral Recoveries | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	15.80%
Derivative asset, measurement input				0.162
Valuation, Income Approach | Credit default swaps on asset-backed securities | Measurement input, Projected Collateral Scheduled Amortization | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	32.00%
Derivative asset, measurement input				0.291
Valuation, Income Approach | Credit default swaps on asset-backed securities | Measurement input, Projected Collateral Scheduled Amortization | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	36.50%
Derivative asset, measurement input				0.365
Valuation, Income Approach | Credit default swaps on asset-backed securities | Measurement input, Projected Collateral Scheduled Amortization | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	34.90%
Derivative asset, measurement input				0.345
Valuation, Income Approach | Investment in unconsolidated entities
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 5,192,000
Valuation, Income Approach | Investment in unconsolidated entities | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	12.90%
Valuation, Income Approach | Investment in unconsolidated entities | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	16.10%
Valuation, Income Approach | Investment in unconsolidated entities | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, percent	15.40%
Valuation, Income Approach | Other secured borrowings, at fair value
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ (297,948,000)						(282,124,000)
Valuation, Income Approach | Other secured borrowings, at fair value | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Debt, measurement input	3.90%
Debt instrument, measurement input				0.040
Valuation, Income Approach | Other secured borrowings, at fair value | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Debt, measurement input	4.40%
Debt instrument, measurement input				0.041
Valuation, Income Approach | Other secured borrowings, at fair value | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Debt, measurement input	4.30%
Debt instrument, measurement input				0.041
Enterprise Value | Investment in unconsolidated entities
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value							31,849,000
Enterprise Value | Investment in unconsolidated entities | Measurement Input, Equity Price-to-Book | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Equity method investment, measurement input				1
Enterprise Value | Investment in unconsolidated entities | Measurement Input, Equity Price-to-Book | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Equity method investment, measurement input				3.1
Enterprise Value | Investment in unconsolidated entities | Measurement Input, Equity Price-to-Book | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Equity method investment, measurement input				1.4
Enterprise Value | Corporate equity securities | Non-exchange traded common equity investment in mortgage-related entity
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 6,750,000
Enterprise Value | Corporate equity securities | Non-exchange traded common equity investment in mortgage-related entity | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input	3.3	[3]	2
Enterprise Value | Corporate equity securities | Non-exchange traded common equity investment in mortgage-related entity | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input	3.3	[3]	2
Enterprise Value | Corporate equity securities | Non-exchange traded common equity investment in mortgage-related entity | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input	3.3	[3]	2
Enterprise Value | Corporate equity securities | Non-exchange traded preferred equity investment in mortgage-related entity
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 27,317,000
Enterprise Value | Corporate equity securities | Non-exchange traded preferred equity investment in mortgage-related entity | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input	1.1	[3]	0.9
Enterprise Value | Corporate equity securities | Non-exchange traded preferred equity investment in mortgage-related entity | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input	1.1	[3]	0.9
Enterprise Value | Corporate equity securities | Non-exchange traded preferred equity investment in mortgage-related entity | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input	1.1	[3]	0.9
Market Quotes | Investment in unconsolidated entities
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value							3,000,000
Performing and/or Re-performing | Residential mortgage loans | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, measurement input				0.041
Performing and/or Re-performing | Residential mortgage loans | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, measurement input				0.226
Performing and/or Re-performing | Residential mortgage loans | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, measurement input				0.060
Performing and/or Re-performing | Valuation, Income Approach | Commercial mortgage loans
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value							198,823,000
Performing and/or Re-performing | Valuation, Income Approach | Commercial mortgage loans | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, measurement input				0.080
Performing and/or Re-performing | Valuation, Income Approach | Commercial mortgage loans | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, measurement input				0.225
Performing and/or Re-performing | Valuation, Income Approach | Commercial mortgage loans | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, measurement input				0.094
Performing and/or Re-performing | Valuation, Income Approach | Residential mortgage loans
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value							274,572,000
Non-performing | Residential mortgage loans | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, measurement input				0.043
Non-performing | Residential mortgage loans | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, measurement input				0.333
Non-performing | Residential mortgage loans | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, measurement input				0.119
Non-performing | Valuation, Income Approach | Commercial mortgage loans
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value							40,800,000
Non-performing | Valuation, Income Approach | Commercial mortgage loans | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, measurement input				0.105	0
Non-performing | Valuation, Income Approach | Commercial mortgage loans | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, measurement input				0.141	5
Non-performing | Valuation, Income Approach | Commercial mortgage loans | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, measurement input				0.128	3
Non-performing | Valuation, Income Approach | Residential mortgage loans
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value							$ 12,314,000
Non-performing | Valuation, Income Approach | Residential mortgage loans | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, measurement input | month					13.5
Non-performing | Valuation, Income Approach | Residential mortgage loans | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, measurement input | month					62.6
Non-performing | Valuation, Income Approach | Residential mortgage loans | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, measurement input | month					32.3
[1]	Shown in basis points.
[2]	Excludes certain loans that are re-performing.
[3]	Represent an estimation of where market participants might value an enterprise on a price-to-book basis.

Valuation (Significant Unobserv

Valuation (Significant Unobservable Inputs Rollforward) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Transfers into Level 3	$ 15,700	$ 11,600
Assets, Transfers out of Level 3	(4,600)	(5,600)
Other secured borrowings, at fair value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in unrealized gains (losses), liabilities	57
Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in unrealized gain (loss), assets	700
Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in unrealized gain (loss), assets	3,400
Investment in unconsolidated entities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in unrealized gain (loss), assets	(2,100)
Financial Derivatives - Assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in unrealized gain (loss), assets	(200)
Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	1,094,815	661,588
Assets, Accreted Discounts/Amortized Premiums	(10,641)	(6,329)
Assets, Realized Gain (Loss)	(1,647)	4,342
Assets, Change In Net Unrealized Gain/(Loss)	3,447	9,128
Assets, Purchases	303,325	174,297
Assets, Sales	(167,106)	(90,246)
Assets, Transfers into Level 3	15,690	11,561
Assets, Transfers out of Level 3	(4,564)	(5,618)
Assets, Ending Balance	1,233,319	758,723
Liabilities, Begining Balance	(297,948)	(125,105)
Liabilities, Accreted Discounts/Amortized Premiums	0	0
Liabilities, Realized Gain/(Loss)	0	0
Liabilities, Change In Net Unrealized Gain/(Loss)	57	784
Liabilities Purchases/Payments	15,767	10,546
Liabilities, Sales/Issuance	0	0
Liabilities, Transfers into Level 3	0	0
Liabilities, Transfers out of Level 3	0	0
Liabilities, Ending Balance	(282,124)	(113,775)
Level 3 | Other secured borrowings, at fair value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Liabilities, Begining Balance	(297,948)	(125,105)
Liabilities, Accreted Discounts/Amortized Premiums	0	0
Liabilities, Realized Gain/(Loss)	0	0
Liabilities, Change In Net Unrealized Gain/(Loss)	57	784
Liabilities, Payments	15,767	10,546
Liabilities, Issuances	0	0
Liabilities, Transfers into Level 3	0	0
Liabilities, Transfers out of Level 3	0	0
Liabilities, Ending Balance	(282,124)	(113,775)
Change in unrealized gains (losses), liabilities		800
Level 3 | Securities | Agency RMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	7,293
Assets, Accreted Discounts/Amortized Premiums	(774)
Assets, Realized Gain (Loss)	(594)
Assets, Change In Net Unrealized Gain/(Loss)	189
Assets, Purchases	6
Assets, Sales	0
Assets, Transfers into Level 3	842
Assets, Transfers out of Level 3	(573)
Assets, Ending Balance	6,389
Level 3 | Securities | Non-Agency RMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	91,291
Assets, Accreted Discounts/Amortized Premiums	63
Assets, Realized Gain (Loss)	(101)
Assets, Change In Net Unrealized Gain/(Loss)	(535)
Assets, Purchases	15,546
Assets, Sales	(19,436)
Assets, Transfers into Level 3	10,492
Assets, Transfers out of Level 3	(2,650)
Assets, Ending Balance	94,670
Level 3 | Securities | CMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	803
Assets, Accreted Discounts/Amortized Premiums	(14)
Assets, Realized Gain (Loss)	0
Assets, Change In Net Unrealized Gain/(Loss)	(8)
Assets, Purchases	0
Assets, Sales	0
Assets, Transfers into Level 3	4,356
Assets, Transfers out of Level 3	0
Assets, Ending Balance	5,137
Level 3 | Securities | CLOs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	14,915
Assets, Accreted Discounts/Amortized Premiums	(406)
Assets, Realized Gain (Loss)	(83)
Assets, Change In Net Unrealized Gain/(Loss)	49
Assets, Purchases	8,304
Assets, Sales	0
Assets, Transfers into Level 3	0
Assets, Transfers out of Level 3	(1,341)
Assets, Ending Balance	21,438
Level 3 | Securities | Asset-backed securities, backed by consumer loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	22,800
Assets, Accreted Discounts/Amortized Premiums	(609)
Assets, Realized Gain (Loss)	(512)
Assets, Change In Net Unrealized Gain/(Loss)	762
Assets, Purchases	4,940
Assets, Sales	(3,273)
Assets, Transfers into Level 3	0
Assets, Transfers out of Level 3	0
Assets, Ending Balance	24,108
Level 3 | Securities | Corporate debt securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	6,318
Assets, Accreted Discounts/Amortized Premiums	16
Assets, Realized Gain (Loss)	(1)
Assets, Change In Net Unrealized Gain/(Loss)	(77)
Assets, Purchases	384
Assets, Sales	(903)
Assets, Transfers into Level 3	0
Assets, Transfers out of Level 3	0
Assets, Ending Balance	5,737
Level 3 | Securities | Corporate equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	1,530
Assets, Accreted Discounts/Amortized Premiums	0
Assets, Realized Gain (Loss)	0
Assets, Change In Net Unrealized Gain/(Loss)	(65)
Assets, Purchases	0
Assets, Sales	0
Assets, Transfers into Level 3	0
Assets, Transfers out of Level 3	0
Assets, Ending Balance	1,465
Level 3 | Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance		658,448
Assets, Accreted Discounts/Amortized Premiums		(6,329)
Assets, Realized Gain (Loss)		4,256
Assets, Change In Net Unrealized Gain/(Loss)		9,199
Assets, Purchases		174,273
Assets, Sales		(90,136)
Assets, Transfers into Level 3		11,561
Assets, Transfers out of Level 3		(5,618)
Assets, Ending Balance		755,654
Change in unrealized gain (loss), assets		8,600
Level 3 | Investments | Agency RMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance		6,173
Assets, Accreted Discounts/Amortized Premiums		(600)
Assets, Realized Gain (Loss)		39
Assets, Change In Net Unrealized Gain/(Loss)		264
Assets, Purchases		1,101
Assets, Sales		(388)
Assets, Transfers into Level 3		0
Assets, Transfers out of Level 3		(461)
Assets, Ending Balance		6,128
Level 3 | Investments | Non-Agency RMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance		101,297
Assets, Accreted Discounts/Amortized Premiums		106
Assets, Realized Gain (Loss)		2,288
Assets, Change In Net Unrealized Gain/(Loss)		293
Assets, Purchases		20,660
Assets, Sales		(21,574)
Assets, Transfers into Level 3		11,561
Assets, Transfers out of Level 3		(2,769)
Assets, Ending Balance		111,862
Level 3 | Investments | CMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance		12,347
Assets, Accreted Discounts/Amortized Premiums		(183)
Assets, Realized Gain (Loss)		1,554
Assets, Change In Net Unrealized Gain/(Loss)		121
Assets, Purchases		9,624
Assets, Sales		(7,366)
Assets, Transfers into Level 3		0
Assets, Transfers out of Level 3		(2,388)
Assets, Ending Balance		13,709
Level 3 | Investments | CLOs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance		24,911
Assets, Accreted Discounts/Amortized Premiums		455
Assets, Realized Gain (Loss)		2
Assets, Change In Net Unrealized Gain/(Loss)		226
Assets, Purchases		10,095
Assets, Sales		(8,210)
Assets, Transfers into Level 3		0
Assets, Transfers out of Level 3		0
Assets, Ending Balance		27,479
Level 3 | Investments | Corporate debt securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance		23,947
Assets, Accreted Discounts/Amortized Premiums		(114)
Assets, Realized Gain (Loss)		52
Assets, Change In Net Unrealized Gain/(Loss)		364
Assets, Purchases		456
Assets, Sales		(6,705)
Assets, Transfers into Level 3		0
Assets, Transfers out of Level 3		0
Assets, Ending Balance		18,000
Level 3 | Investments | Corporate equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance		37,465
Assets, Accreted Discounts/Amortized Premiums		0
Assets, Realized Gain (Loss)		0
Assets, Change In Net Unrealized Gain/(Loss)		4,326
Assets, Purchases		9,078
Assets, Sales		0
Assets, Transfers into Level 3		0
Assets, Transfers out of Level 3		0
Assets, Ending Balance		50,869
Level 3 | Investments | Residential mortgage loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance		182,472
Assets, Accreted Discounts/Amortized Premiums		(715)
Assets, Realized Gain (Loss)		(54)
Assets, Change In Net Unrealized Gain/(Loss)		(653)
Assets, Purchases		73,040
Assets, Sales		(13,309)
Assets, Transfers into Level 3		0
Assets, Transfers out of Level 3		0
Assets, Ending Balance		240,781
Level 3 | Investments | Commercial mortgage loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance		108,301
Assets, Accreted Discounts/Amortized Premiums		618
Assets, Realized Gain (Loss)		330
Assets, Change In Net Unrealized Gain/(Loss)		(161)
Assets, Purchases		3,988
Assets, Sales		(3,782)
Assets, Transfers into Level 3		0
Assets, Transfers out of Level 3		0
Assets, Ending Balance		109,294
Level 3 | Investments | Consumer loans and asset-backed securities backed by consumer loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance		135,258
Assets, Accreted Discounts/Amortized Premiums		(5,896)
Assets, Realized Gain (Loss)		501
Assets, Change In Net Unrealized Gain/(Loss)		3,804
Assets, Purchases		42,133
Assets, Sales		(27,378)
Assets, Transfers into Level 3		0
Assets, Transfers out of Level 3		0
Assets, Ending Balance		148,422
Level 3 | Investments | Real estate owned
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance		26,277
Assets, Accreted Discounts/Amortized Premiums		0
Assets, Realized Gain (Loss)		(456)
Assets, Change In Net Unrealized Gain/(Loss)		615
Assets, Purchases		4,098
Assets, Sales		(1,424)
Assets, Transfers into Level 3		0
Assets, Transfers out of Level 3		0
Assets, Ending Balance		29,110
Level 3 | Loans | Residential mortgage loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	496,829
Assets, Accreted Discounts/Amortized Premiums	(927)
Assets, Realized Gain (Loss)	(136)
Assets, Change In Net Unrealized Gain/(Loss)	1,901
Assets, Purchases	157,602
Assets, Sales	(72,017)
Assets, Transfers into Level 3	0
Assets, Transfers out of Level 3	0
Assets, Ending Balance	583,252
Level 3 | Loans | Commercial mortgage loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	195,301
Assets, Accreted Discounts/Amortized Premiums	306
Assets, Realized Gain (Loss)	0
Assets, Change In Net Unrealized Gain/(Loss)	(333)
Assets, Purchases	48,857
Assets, Sales	(4,508)
Assets, Transfers into Level 3	0
Assets, Transfers out of Level 3	0
Assets, Ending Balance	239,623
Level 3 | Loans | Consumer loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	183,961
Assets, Accreted Discounts/Amortized Premiums	(8,572)
Assets, Realized Gain (Loss)	(2,055)
Assets, Change In Net Unrealized Gain/(Loss)	1,842
Assets, Purchases	54,256
Assets, Sales	(37,317)
Assets, Transfers into Level 3	0
Assets, Transfers out of Level 3	0
Assets, Ending Balance	192,115
Level 3 | Investment in unconsolidated entities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	72,302
Assets, Accreted Discounts/Amortized Premiums	276
Assets, Realized Gain (Loss)	1,560
Assets, Change In Net Unrealized Gain/(Loss)	(39)
Assets, Purchases	13,428
Assets, Sales	(29,375)
Assets, Transfers into Level 3	0
Assets, Transfers out of Level 3	0
Assets, Ending Balance	58,152
Level 3 | Financial Derivatives - Assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance		3,140
Assets, Accreted Discounts/Amortized Premiums		0
Assets, Realized Gain (Loss)		86
Assets, Change In Net Unrealized Gain/(Loss)		(71)
Assets, Purchases		24
Assets, Sales		(110)
Assets, Transfers into Level 3		0
Assets, Transfers out of Level 3		0
Assets, Ending Balance		3,069
Change in unrealized gain (loss), assets		(100)
Level 3 | Financial Derivatives - Assets | Credit default swaps on asset-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	1,472	3,140
Assets, Accreted Discounts/Amortized Premiums	0	0
Assets, Realized Gain (Loss)	275	86
Assets, Change In Net Unrealized Gain/(Loss)	(239)	(71)
Assets, Purchases	2	24
Assets, Sales	(277)	(110)
Assets, Transfers into Level 3	0	0
Assets, Transfers out of Level 3	0	0
Assets, Ending Balance	$ 1,233	$ 3,069

Valuation (Narrative) (Details)

Valuation (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Valuation [Abstract]
Senior notes, estimated fair value			$ 86,000	$ 85,600
Assets, Transfers out of Level 3	$ (4,600)	$ (5,600)
Assets, Transfers into Level 3	15,700	$ 11,600
Other secured borrowings, at fair value
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in unrealized gains (losses)	57
Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in unrealized gains (losses)	700
Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in unrealized gains (losses)	3,400
Investment in unconsolidated entities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in unrealized gains (losses)	(2,100)
Financial Derivatives - Assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in unrealized gains (losses)	$ (200)

Valuation (Fair Value of Other

Valuation (Fair Value of Other Financial Instruments) (Details) - USD ($) $ in Thousands		Mar. 31, 2019		Dec. 31, 2018	Mar. 31, 2018
Assets:
Cash and cash equivalents(1)		$ 55,876	[1]	$ 44,656	$ 44,700
Restricted cash				425
Due from brokers(1)		58,145	[1]	71,794
Reverse repurchase agreements		25,381
Liabilities:
Repurchase agreements(1)	[1]	1,550,016
Other secured borrowings(1)		117,315	[1]	114,100
Senior notes, net		85,100		85,035
Due to brokers		4,820		$ 5,553
Fair Value
Assets:
Cash and cash equivalents(1)		55,876
Restricted cash		175
Due from brokers(1)		58,145
Reverse repurchase agreements		25,381
Liabilities:
Repurchase agreements(1)		1,550,016
Other secured borrowings(1)		117,315
Senior notes, net		85,100
Due to brokers		4,820
Carrying Value
Assets:
Cash and cash equivalents(1)		55,876
Restricted cash		175
Due from brokers(1)		58,145
Reverse repurchase agreements		25,381
Liabilities:
Repurchase agreements(1)		1,550,016
Other secured borrowings(1)		117,315
Senior notes, net		85,100
Due to brokers		$ 4,820
[1]	Ellington Financial Inc.'s Condensed Consolidated Balance Sheet includes assets and liabilities of variable interest entities it has consolidated. See Note 9 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.

Investment in Securities (Summa

Investment in Securities (Summary of Investment in Securities) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Long:
Current Principal	$ 1,514,771
Unamortized Premium (Discount)	(128,167)
Amortized Cost	1,518,066
Gross Unrealized Gains	30,871
Gross Unrealized Losses	(19,452)
Fair Value	$ 1,529,485
Coupon	4.15%
Yield	5.08%
Life (Years)	6 years 179 days
Short:
Current Principal	$ (26,565)
Unamortized Premium (Discount)	(354)
Amortized Cost	(26,919)
Gross Unrealized Gains	1,184
Gross Unrealized Losses	(477)
Fair Value	$ (26,212)	$ (850,577)
Coupon	2.42%
Yield	1.64%
Life (Years)	3 years
Current Principal, Total	$ 1,488,206
Unamortized Premium (Discount), Total	(128,521)
Amortized Cost, Total	1,491,147
Gross Unrealized Gains, Total	32,055
Gross Unrealized Losses, Total	(19,929)
Fair Value, Total	$ 1,503,273
Rate	4.18%
Yield	5.02%
Life (Years), Total	6 years 201 days
Non-Agency IOs
Long:
Amortized Cost	$ 5,693
Gross Unrealized Gains	1,953
Gross Unrealized Losses	0
Fair Value	$ 7,646
Coupon	0.77%
Yield	25.35%
Life (Years)	7 years 230 days
15-year fixed-rate mortgages
Long:
Current Principal	$ 70,927
Unamortized Premium (Discount)	2,897
Amortized Cost	73,824
Gross Unrealized Gains	68
Gross Unrealized Losses	(1,261)
Fair Value	$ 72,631
Coupon	3.48%
Yield	2.40%
Life (Years)	4 years 142 days
20-year fixed-rate mortgages
Long:
Current Principal	$ 2,267
Unamortized Premium (Discount)	148
Amortized Cost	2,415
Gross Unrealized Gains	0
Gross Unrealized Losses	(38)
Fair Value	$ 2,377
Coupon	4.20%
Yield	2.88%
Life (Years)	5 years 117 days
30-year fixed-rate mortgages
Long:
Current Principal	$ 906,415
Unamortized Premium (Discount)	43,286
Amortized Cost	949,701
Gross Unrealized Gains	4,584
Gross Unrealized Losses	(9,311)
Fair Value	$ 944,974
Coupon	4.20%
Yield	3.37%
Life (Years)	6 years 299 days
Adjustable rate mortgages
Long:
Current Principal	$ 9,173
Unamortized Premium (Discount)	401
Amortized Cost	9,574
Gross Unrealized Gains	23
Gross Unrealized Losses	(137)
Fair Value	$ 9,460
Coupon	3.97%
Yield	2.97%
Life (Years)	3 years 58 days
Reverse mortgages
Long:
Current Principal	$ 83,293
Unamortized Premium (Discount)	6,448
Amortized Cost	89,741
Gross Unrealized Gains	233
Gross Unrealized Losses	(629)
Fair Value	$ 89,345
Coupon	4.40%
Yield	3.03%
Life (Years)	6 years 124 days
Interest only securities
Long:
Amortized Cost	$ 25,473
Gross Unrealized Gains	1,110
Gross Unrealized Losses	(1,155)
Fair Value	$ 25,428
Coupon	3.31%
Yield	7.48%
Life (Years)	3 years 223 days
Non-Agency RMBS
Long:
Current Principal	$ 298,383
Unamortized Premium (Discount)	(111,182)
Amortized Cost	187,201
Gross Unrealized Gains	17,642
Gross Unrealized Losses	(2,540)
Fair Value	$ 202,303
Coupon	3.44%
Yield	6.42%
Life (Years)	7 years 113 days
CMBS
Long:
Current Principal	$ 65,186
Unamortized Premium (Discount)	(36,910)
Amortized Cost	28,276
Gross Unrealized Gains	1,284
Gross Unrealized Losses	(147)
Fair Value	$ 29,413
Coupon	2.77%
Yield	8.42%
Life (Years)	8 years 139 days
CLOs
Long:
Amortized Cost	$ 98,713
Gross Unrealized Gains	2,941
Gross Unrealized Losses	(3,657)
Fair Value	$ 97,997
Coupon	3.85%
Yield	16.22%
Life (Years)	5 years 248 days
Asset-backed securities, backed by consumer loans
Long:
Current Principal	$ 36,022
Unamortized Premium (Discount)	(12,488)
Amortized Cost	23,534
Gross Unrealized Gains	940
Gross Unrealized Losses	(366)
Fair Value	$ 24,108
Coupon	14.52%
Yield	11.85%
Life (Years)	1 year 58 days
Corporate debt securities
Long:
Current Principal	$ 26,730
Unamortized Premium (Discount)	(20,956)
Amortized Cost	5,774
Gross Unrealized Gains	44
Gross Unrealized Losses	(81)
Fair Value	$ 5,737
Coupon	9.26%
Yield	20.18%
Life (Years)	1 year 208 days
Short:
Current Principal	$ (5,160)
Unamortized Premium (Discount)	515
Amortized Cost	(4,645)
Gross Unrealized Gains	237
Gross Unrealized Losses	(33)
Fair Value	$ (4,441)
Coupon	5.19%
Yield	5.91%
Life (Years)	6 years 58 days
Corporate equity securities
Long:
Corporate equity, amortized cost	$ 1,583
Corporate equity, gross unrealized gains	4
Corporate equity, gross unrealized losses	(122)
Corporate equity, fair value	1,465
U.S. Treasury securities
Long:
Current Principal	16,375
Unamortized Premium (Discount)	189
Amortized Cost	16,564
Gross Unrealized Gains	45
Gross Unrealized Losses	(8)
Fair Value	$ 16,601
Coupon	2.51%
Yield	2.30%
Life (Years)	5 years 248 days
Short:
Current Principal	$ (2,800)
Unamortized Premium (Discount)	15
Amortized Cost	(2,785)
Gross Unrealized Gains	0
Gross Unrealized Losses	(125)
Fair Value	$ (2,910)
Coupon	2.88%
Yield	2.92%
Life (Years)	9 years 139 days
European sovereign bonds
Short:
Current Principal	$ (18,605)
Unamortized Premium (Discount)	(884)
Amortized Cost	(19,489)
Gross Unrealized Gains	947
Gross Unrealized Losses	(319)
Fair Value	$ (18,861)
Coupon	1.69%
Yield	0.43%
Life (Years)	1 year 99 days

Investment in Securities (Matur

Investment in Securities (Maturities of Securities) (Details) $ in Thousands	Mar. 31, 2019USD ($)
Agency RMBS
Fair Value
Less than three years	$ 38,461
Greater than three years less than seven years	486,247
Greater than seven years less then eleven years	581,828
Greater than eleven years	12,251
Total	1,118,787
Amortized Cost
Less than three years	38,339
Greater than three years less than seven years	489,019
Greater than seven years less then eleven years	585,867
Greater than eleven years	12,030
Total	$ 1,125,255
Weighted Average Coupon(2)
Less than three years	4.10%
Greater than three years less than seven years	4.04%
Greater than seven years less then eleven years	4.29%
Greater than eleven years	4.64%
Total	4.17%
Agency Interest Only Securities
Fair Value
Less than three years	$ 7,582
Greater than three years less than seven years	17,582
Greater than seven years less then eleven years	264
Greater than eleven years	0
Total	25,428
Amortized Cost
Less than three years	7,763
Greater than three years less than seven years	17,460
Greater than seven years less then eleven years	250
Greater than eleven years	0
Total	$ 25,473
Weighted Average Coupon(2)
Less than three years	0.00%
Greater than three years less than seven years	0.66%
Greater than seven years less then eleven years	3.42%
Greater than eleven years	3.14%
Total	3.31%
Non-Agency RMBS and CMBS
Fair Value
Less than three years	$ 60,447
Greater than three years less than seven years	65,214
Greater than seven years less then eleven years	53,571
Greater than eleven years	52,484
Total	231,716
Amortized Cost
Less than three years	52,618
Greater than three years less than seven years	60,490
Greater than seven years less then eleven years	49,960
Greater than eleven years	52,409
Total	$ 215,477
Weighted Average Coupon(2)
Less than three years	2.15%
Greater than three years less than seven years	3.61%
Greater than seven years less then eleven years	5.32%
Greater than eleven years	2.07%
Total	3.36%
Non-Agency IOs
Fair Value
Less than three years	$ 176
Greater than three years less than seven years	3,829
Greater than seven years less then eleven years	306
Greater than eleven years	3,335
Total	7,646
Amortized Cost
Less than three years	30
Greater than three years less than seven years	3,450
Greater than seven years less then eleven years	0
Greater than eleven years	2,213
Total	$ 5,693
Weighted Average Coupon(2)
Less than three years	0.00%
Greater than three years less than seven years	0.50%
Greater than seven years less then eleven years	1.40%
Greater than eleven years	2.00%
Total	0.77%
CLOs and Other Securities
Fair Value
Less than three years	$ 34,601
Greater than three years less than seven years	90,984
Greater than seven years less then eleven years	17,235
Greater than eleven years	1,623
Total	144,443
Amortized Cost
Less than three years	34,877
Greater than three years less than seven years	91,770
Greater than seven years less then eleven years	16,487
Greater than eleven years	1,451
Total	$ 144,585
Weighted Average Coupon(2)
Less than three years	0.00%
Greater than three years less than seven years	0.68%
Greater than seven years less then eleven years	4.33%
Greater than eleven years	12.03%
Total	5.69%

Investment in Securities (Sum_2

Investment in Securities (Summary of Investment Income) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Debt Securities, Available-for-sale [Line Items]
Coupon Interest	$ 21,876
Net Amortization	(4,578)
Interest Income	17,298
Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Coupon Interest	12,190
Net Amortization	(4,628)
Interest Income	7,562
Non-Agency RMBS and CMBS
Debt Securities, Available-for-sale [Line Items]
Coupon Interest	3,849
Net Amortization	547
Interest Income	4,396
CLOs
Debt Securities, Available-for-sale [Line Items]
Coupon Interest	4,244
Net Amortization	65
Interest Income	4,309
Other Securities
Debt Securities, Available-for-sale [Line Items]
Coupon Interest	1,593
Net Amortization	(562)
Interest Income	$ 1,031

Investment in Securities (Proce

Investment in Securities (Proceeds, Realized Gains (Losses) on Sales) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Debt Securities, Available-for-sale [Line Items]
Proceeds	$ 682,337
Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Proceeds	128,304
Gross Realized Gains	712
Gross Realized Losses	(1,679)
Net Realized Gain (Loss)	(967)
Non-Agency RMBS and CMBS
Debt Securities, Available-for-sale [Line Items]
Proceeds	129,545
Gross Realized Gains	1,272
Gross Realized Losses	(3,443)
Net Realized Gain (Loss)	(2,171)
CLOs
Debt Securities, Available-for-sale [Line Items]
Proceeds	44,822
Gross Realized Gains	140
Gross Realized Losses	(935)
Net Realized Gain (Loss)	(795)
Other Securities
Debt Securities, Available-for-sale [Line Items]
Proceeds	405,903
Gross Realized Gains	758
Gross Realized Losses	(1,259)
Net Realized Gain (Loss)	(501)
Securities Total
Debt Securities, Available-for-sale [Line Items]
Proceeds	708,574
Gross Realized Gains	2,882
Gross Realized Losses	(7,316)
Net Realized Gain (Loss)	$ (4,434)

Investment in Securities (Unrea

Investment in Securities (Unrealized Loss Positions Securities) (Details) $ in Thousands	Mar. 31, 2019USD ($)
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months	$ 254,754
Unrealized Losses, Less than 12 Months	(3,385)
Fair Value, Greater than 12 Months	584,702
Unrealized Losses, Greater than 12 Months	(16,067)
Fair Value, Total	839,456
Unrealized Loss, Total	(19,452)
Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months	123,567
Unrealized Losses, Less than 12 Months	(627)
Fair Value, Greater than 12 Months	521,597
Unrealized Losses, Greater than 12 Months	(11,904)
Fair Value, Total	645,164
Unrealized Loss, Total	(12,531)
Non-Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months	85,338
Unrealized Losses, Less than 12 Months	(1,585)
Fair Value, Greater than 12 Months	34,988
Unrealized Losses, Greater than 12 Months	(1,102)
Fair Value, Total	120,326
Unrealized Loss, Total	(2,687)
CLOs
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months	28,953
Unrealized Losses, Less than 12 Months	(996)
Fair Value, Greater than 12 Months	25,154
Unrealized Losses, Greater than 12 Months	(2,661)
Fair Value, Total	54,107
Unrealized Loss, Total	(3,657)
Other Securities
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months	16,896
Unrealized Losses, Less than 12 Months	(177)
Fair Value, Greater than 12 Months	2,963
Unrealized Losses, Greater than 12 Months	(400)
Fair Value, Total	19,859
Unrealized Loss, Total	$ (577)

Investment in Securities (Narra

Investment in Securities (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Investments, Debt and Equity Securities [Abstract]
Catch-up premium amortization adjustment	$ (0.5)
OTTI charge on securities	$ 1.3

Investment in Loans (Schedule o

Investment in Loans (Schedule of Investments in Loans) (Details) $ in Thousands	Mar. 31, 2019USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 1,026,983
Fair Value	1,014,990	[1]
Residential mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	577,880
Fair Value	583,252
Commercial mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	264,932
Fair Value	239,623
Consumer loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	184,171
Fair Value	$ 192,115
[1]	Ellington Financial Inc.'s Condensed Consolidated Balance Sheet includes assets and liabilities of variable interest entities it has consolidated. See Note 9 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.

Investment in Loans (Schedule_2

Investment in Loans (Schedule of 90 Days or More Past Due) (Details) - 90 Days or More Past Due [Member] $ in Thousands	Mar. 31, 2019USD ($)
Commercial mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
90 days or more past due—accrual status, Unpaid Principal Balance	$ 6,491
90 days or more past due—accrual status, Fair Value	6,491
90 days or more past due—non-accrual status, Unpaid Principal Balance	16,050
90 days or more past due—non-accrual status, , Fair Value	16,050
Residential mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
90 days or more past due—non-accrual status, Unpaid Principal Balance	18,582
90 days or more past due—non-accrual status, , Fair Value	16,110
Consumer loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
90 days or more past due—non-accrual status, Unpaid Principal Balance	2,046
90 days or more past due—non-accrual status, , Fair Value	$ 2,025

Investment in Loans (Schedule_3

Investment in Loans (Schedule of Residential Mortgage Loans) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Residential mortgage loans, held-for-investment
Unpaid Principal Balance	$ 1,026,983
Financing Receivable, Including Held-For-Sale [Abstract]
Fair Value	1,014,990	[1]
Non-qualified mortgage loans that have been securitized and are held in consolidated securitization trusts	296,400
Residential mortgage loans
Residential mortgage loans, held-for-investment
Unpaid Principal Balance, Residential mortgage loans, held-for-investment	555,386
Unpaid Principal Balance	577,880
Premium (Discount)	4,470
Amortized Cost	559,856
Gains	4,368
Losses	(1,461)
Fair Value	$ 562,763
Coupon	6.49%
Yield	5.68%
Life (Years)	1 year 347 days
Residential mortgage loans, held-for-sale
Unpaid Principal Balance	$ 22,494
Premium (Discount)	(3,344)
Amortized Cost	19,150
Gains	1,520
Losses	(181)
Fair Value	$ 20,489
Coupon	4.66%
Yield	6.37%
Life (Years)	5 years 175 days
Financing Receivable, Including Held-For-Sale [Abstract]
Unpaid Principal Balance	$ 577,880
Premium (Discount)	1,126
Amortized Cost	579,006
Gains	5,888
Losses	(1,642)
Fair Value	$ 583,252
Coupon	6.42%
Yield	5.70%
Life (Years)	2 years 26 days
Residential mortgage loans | Re-performing
Residential mortgage loans, held-for-investment
Unpaid Principal Balance	$ 35,616
Fair Value	31,816
Residential mortgage loans | Non-performing
Residential mortgage loans, held-for-investment
Unpaid Principal Balance	15,795
Fair Value	$ 13,678
[1]	Ellington Financial Inc.'s Condensed Consolidated Balance Sheet includes assets and liabilities of variable interest entities it has consolidated. See Note 9 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.

Investment in Loans (Schedule_4

Investment in Loans (Schedule of Residential Mortgage Loans: Geographic Distribution) (Details) - Financing Receivables, Unpaid Principal Balance [Member] - Residential mortgage loans - Geographic Concentration Risk [Member]	3 Months Ended
	Mar. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	100.00%
California [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	48.30%
Florida [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	12.90%
Texas [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	12.70%
Colorado [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	4.40%
Arizona [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2.80%
Oregon [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2.40%
Washington [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2.20%
New York [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2.20%
Nevada [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2.10%
Utah [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.50%
New Jersey [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.30%
Maryland [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.10%
Other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	6.10%

Investment in Loans (Narrative)

Investment in Loans (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 1,026,983
Residential mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impairments	100
Unpaid principal balance, impairments	2,200
Fair value, impairments	1,900
In process of foreclosure	8,100
Unpaid Principal Balance	577,880
Loans, at fair value	562,763
Residential mortgage loans | Non-performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	15,795
Loans, at fair value	13,678
Commercial mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	264,932
Loans, at fair value	$ 239,623
Commercial mortgage loans | Non-performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	5
Unpaid Principal Balance	$ 65,200
Loans, at fair value	40,800
Consumer loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impairments	2,100
Unpaid principal balance, impairments	173,800
Fair value, impairments	181,300
Unpaid Principal Balance	184,171
Loans, at fair value	$ 192,115

Investment in Loans (Schedule_5

Investment in Loans (Schedule of Commercial Mortgage Loans) (Details) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 1,026,983
Commercial mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	264,932
Premium (Discount)	(27,249)
Amortized Cost	237,683
Gains	2,131
Losses	(191)
Fair Value	$ 239,623
Coupon	8.92%
Yield	9.44%
Life (Years)	347 days

Investment in Loans (Schedule_6

Investment in Loans (Schedule of Commercial Loans: Geographic Distribution) (Details) - Financing Receivables, Unpaid Principal Balance [Member] - Geographic Concentration Risk [Member] - Commercial mortgage loans	3 Months Ended
	Mar. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	100.00%
Florida [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	20.10%
Connecticut [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	18.70%
New York [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	12.70%
New Jersey [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	10.40%
North Carolina [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	7.30%
Virginia [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	7.10%
Massachusetts [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	4.90%
Pennsylvania [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	4.30%
Arizona [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	4.00%
Indiana [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	3.80%
Kentucky [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	3.80%
Tennessee [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.50%
Louisiana [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.40%

Investment in Loans (Schedule_7

Investment in Loans (Schedule of Consumer Mortgage Loans) (Details) (Details) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 1,026,983
Consumer loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	184,171
Premium (Discount)	6,912
Amortized Cost	191,083
Gains	2,623
Losses	(1,591)
Fair Value	$ 192,115
Life (Years)	285 days
Delinquency (Days)	3 days

Investment in Loans (Schedule_8

Investment in Loans (Schedule of Consumer Loans: Delinquency Status) (Details) - Consumer loans	Mar. 31, 2019
Financing Receivable, Recorded Investment, Past Due [Line Items]
Current	95.90%
Percent past due	100.00%
30 to 59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Percent past due	1.70%
60 to 89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Percent past due	1.30%
90-119 Days or More Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Percent past due	1.10%

Investments in Unconsolidated_3

Investments in Unconsolidated Entities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities, at fair value	$ 58,152	[1]
Earnings from investments in unconsolidated entities	1,797
Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities, at fair value	23,300
Jepson Holdings Limited
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities, at fair value	$ 7,000
Percentage Ownership of Unconsolidated Entity	30.10%
Longbridge Financial LLC
Schedule of Equity Method Investments [Line Items]
Percentage Ownership of Unconsolidated Entity	49.70%
LendSure Mortgage Corp.
Schedule of Equity Method Investments [Line Items]
Percentage Ownership of Unconsolidated Entity	45.00%
Elizon DB 2015-1 LLC [Member]
Schedule of Equity Method Investments [Line Items]
Percentage Ownership of Unconsolidated Entity	6.10%
Minimum | Other
Schedule of Equity Method Investments [Line Items]
Percentage Ownership of Unconsolidated Entity	10.00%
Maximum | Other
Schedule of Equity Method Investments [Line Items]
Percentage Ownership of Unconsolidated Entity	49.60%
[1]	Ellington Financial Inc.'s Condensed Consolidated Balance Sheet includes assets and liabilities of variable interest entities it has consolidated. See Note 9 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.

Real Estate Owned (Details)

Real Estate Owned (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)property
Number of Properties
Beginning Balance (1/1/2019) | property	20
Transfers from mortgage loans | property	2
Disposals | property	(1)
Ending Balance (3/31/2019) | property	21
Carrying Value
Beginning Balance (1/1/2019)	$ 30,778
Transfers from mortgage loans	299
Capital expenditures and other adjustments to cost	240
Adjustments to record at the lower of cost or fair value	(250)
Disposals	(64)
Ending Balance (3/31/2019)	31,003	[1]
Realized gains (losses) on real estate owned, net	(58)
REO, fair value	$ 24,100
[1]	Ellington Financial Inc.'s Condensed Consolidated Balance Sheet includes assets and liabilities of variable interest entities it has consolidated. See Note 9 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.

To Be Announced RMBS (Details)

To Be Announced RMBS (Details) - USD ($) $ in Thousands	Mar. 31, 2019		Dec. 31, 2018
To Be Announced Securities [Line Items]
TBA securities, at fair value (Current principal: $460,037)			$ 2,939,311
Investments sold short, at fair value-	$ (26,212)		(850,577)
Payable for securities purchased relating to unsettled TBA purchases	$ (168,211)	[1]	(488,411)
To Be Announced Fixed Rate Agency Securities [Member]
To Be Announced Securities [Line Items]
TBA securities, at fair value (Current principal: $460,037)			474,860
Principal Amount			460,037
Receivable for securities sold relating to unsettled TBA sales			766,574
TBA - Fixed Rate Agency Securities Sold Short [Member]
To Be Announced Securities [Line Items]
Investments sold short, at fair value-			(772,964)
Principal Amount			(753,697)
Payable for securities purchased relating to unsettled TBA purchases			(473,386)
Net short TBA securities, at fair value			$ (298,104)
[1]	Ellington Financial Inc.'s Condensed Consolidated Balance Sheet includes assets and liabilities of variable interest entities it has consolidated. See Note 9 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.

Financial Derivatives (Fair Val

Financial Derivatives (Fair Value of Financial Derivatives) (Details) - USD ($) $ in Thousands		Mar. 31, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value-	[1]	$ 15,356	$ 20,001
Financial derivatives–liabilities, at fair value-	[1]	(26,904)	$ (20,806)
Total		(11,548)
TBA securities purchase contracts
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value-		445
Financial derivatives–liabilities, at fair value-		(33)
TBA securities sale contracts
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value-		86
Financial derivatives–liabilities, at fair value-		(3,042)
Fixed payer interest rate swaps
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value-		2,291
Financial derivatives–liabilities, at fair value-		(6,243)
Fixed receiver interest rate swaps
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value-		3,096
Financial derivatives–liabilities, at fair value-		(1,328)
Basis swaps
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value-		4
Credit default swaps on asset-backed securities
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value-		1,233
Financial derivatives–liabilities, at fair value-		(822)
Credit default swaps on asset-backed indices
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value-		3,276
Credit default swaps on corporate bonds
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value-		715
Financial derivatives–liabilities, at fair value-		(945)
Credit default swaps on corporate bond indices
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value-		3,519
Financial derivatives–liabilities, at fair value-		(11,907)
Recovery swaps
Derivatives, Fair Value [Line Items]
Financial derivatives–liabilities, at fair value-		(8)
Total return swaps
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value-		123
Futures
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value-		138
Financial derivatives–liabilities, at fair value-		(2,454)
Forwards
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value-		430
Financial derivatives–liabilities, at fair value-		$ (122)
[1]	In the Company's Consolidated Statement of Assets, Liabilities, and Equity, all balances associated with repurchase agreements, reverse repurchase agreements, and financial derivatives are presented on a gross basis.

Financial Derivatives (Interest

Financial Derivatives (Interest Rate Swaps) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Fixed payer interest rate swaps
Derivative [Line Items]
Notional Amount	$ (563,924)
Fair Value	$ (3,952)
Pay Rate	2.41%
Receive Rate	2.68%
Remaining Years to Maturity	5 years 179 days
Fixed payer interest rate swaps | 2020 [Member]
Derivative [Line Items]
Notional Amount	$ (68,607)
Fair Value	$ 549
Pay Rate	1.74%
Receive Rate	2.61%
Remaining Years to Maturity	1 year
Fixed payer interest rate swaps | 2021 [Member]
Derivative [Line Items]
Notional Amount	$ (121,499)
Fair Value	$ (603)
Pay Rate	2.71%
Receive Rate	2.63%
Remaining Years to Maturity	1 year 299 days
Fixed payer interest rate swaps | 2023 [Member]
Derivative [Line Items]
Notional Amount	$ (101,012)
Fair Value	$ 858
Pay Rate	2.06%
Receive Rate	2.66%
Remaining Years to Maturity	4 years 15 days
Fixed payer interest rate swaps | 2024 [Member]
Derivative [Line Items]
Notional Amount	$ (77,700)
Fair Value	$ (1,021)
Pay Rate	2.58%
Receive Rate	2.76%
Remaining Years to Maturity	4 years 296 days
Fixed payer interest rate swaps | 2025 [Member]
Derivative [Line Items]
Notional Amount	$ (30,023)
Fair Value	$ 296
Pay Rate	2.09%
Receive Rate	2.64%
Remaining Years to Maturity	6 years 245 days
Fixed payer interest rate swaps | 2026 [Member]
Derivative [Line Items]
Notional Amount	$ (10,200)
Fair Value	$ 191
Pay Rate	2.02%
Receive Rate	2.67%
Remaining Years to Maturity	7 years 161 days
Fixed payer interest rate swaps | 2028 [Member]
Derivative [Line Items]
Notional Amount	$ (69,602)
Fair Value	$ (1,975)
Pay Rate	2.71%
Receive Rate	2.68%
Remaining Years to Maturity	9 years 91 days
Fixed payer interest rate swaps | 2029 [Member]
Derivative [Line Items]
Notional Amount	$ (70,000)
Fair Value	$ (1,825)
Pay Rate	2.70%
Receive Rate	2.77%
Remaining Years to Maturity	9 years 292 days
Fixed payer interest rate swaps | 2030 [Member]
Derivative [Line Items]
Notional Amount	$ (685)
Fair Value	$ 2
Pay Rate	2.38%
Receive Rate	2.68%
Remaining Years to Maturity	11 years 237 days
Fixed payer interest rate swaps | 2045 [Member]
Derivative [Line Items]
Notional Amount	$ (7,896)
Fair Value	$ 19
Pay Rate	2.54%
Receive Rate	2.63%
Remaining Years to Maturity	26 years 252 days
Fixed payer interest rate swaps | 2049 [Member]
Derivative [Line Items]
Notional Amount	$ (6,700)
Fair Value	$ (443)
Pay Rate	2.89%
Receive Rate	2.80%
Remaining Years to Maturity	29 years 285 days
Fixed receiver interest rate swaps
Derivative [Line Items]
Notional Amount	$ (263,309)
Fair Value	$ 1,768
Pay Rate, Basis Swap	2.47%
Receive Rate, Basis Swap	2.34%
Remaining Years to Maturity	6 years 131 days
Fixed receiver interest rate swaps | 2021 [Member]
Derivative [Line Items]
Notional Amount	$ (5,928)
Fair Value	$ (21)
Pay Rate, Basis Swap	2.61%
Receive Rate, Basis Swap	2.00%
Remaining Years to Maturity	2 years 77 days
Fixed receiver interest rate swaps | 2022 [Member]
Derivative [Line Items]
Notional Amount	$ (53,974)
Fair Value	$ (761)
Pay Rate, Basis Swap	2.63%
Receive Rate, Basis Swap	1.85%
Remaining Years to Maturity	2 years 336 days
Fixed receiver interest rate swaps | 2023 [Member]
Derivative [Line Items]
Notional Amount	$ (48,657)
Fair Value	$ (509)
Pay Rate, Basis Swap	2.62%
Receive Rate, Basis Swap	2.00%
Remaining Years to Maturity	4 years 4 days
Fixed receiver interest rate swaps | 2024 [Member]
Derivative [Line Items]
Notional Amount	$ (68,500)
Fair Value	$ 816
Pay Rate, Basis Swap	2.38%
Receive Rate, Basis Swap	2.56%
Remaining Years to Maturity	4 years 292 days
Fixed receiver interest rate swaps | 2029 [Member]
Derivative [Line Items]
Notional Amount	$ (79,550)
Fair Value	$ 1,800
Pay Rate, Basis Swap	2.30%
Receive Rate, Basis Swap	2.66%
Remaining Years to Maturity	9 years 299 days
Fixed receiver interest rate swaps | 2049 [Member]
Derivative [Line Items]
Notional Amount	$ (6,700)
Fair Value	$ 443
Pay Rate, Basis Swap	2.80%
Receive Rate, Basis Swap	2.89%
Remaining Years to Maturity	29 years 285 days
Basis swaps
Derivative [Line Items]
Notional Amount	$ (12,900)
Fair Value	$ 4
Pay Rate, Basis Swap	2.61%
Receive Rate, Basis Swap	2.64%
Remaining Years to Maturity	77 days
Basis swaps | 2019 [Member]
Derivative [Line Items]
Notional Amount	$ (12,900)
Fair Value	$ 4
Pay Rate, Basis Swap	2.61%
Receive Rate, Basis Swap	2.64%
Remaining Years to Maturity	77 days

Financial Derivatives (Credit D

Financial Derivatives (Credit Default Swaps) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Financial derivatives–assets, at fair value-	[1]	$ 15,356	$ 20,001
Financial derivatives–liabilities, at fair value-	[1]	(26,904)	$ (20,806)
Fair Value		(11,548)
Credit default swaps on asset-backed indices
Derivative [Line Items]
Financial derivatives–assets, at fair value-		3,276
Credit default swaps on asset-backed indices | Long
Derivative [Line Items]
Notional amount, assets		837
Notional amount, liabilities		(5,439)
Financial derivatives–assets, at fair value-		9
Financial derivatives–liabilities, at fair value-		$ 819
Remaining Maturity, Assets		23 years 208 days
Remaining Maturity, Liability		40 years 266 days
Credit default swaps on asset-backed indices | Short
Derivative [Line Items]
Notional amount, assets		$ 32,326
Notional amount, liabilities		(2,500)
Financial derivatives–assets, at fair value-		3,267
Financial derivatives–liabilities, at fair value-		$ (3)
Remaining Maturity, Assets		37 years 219 days
Remaining Maturity, Liability		38 years 212 days
Credit default swaps on asset-backed securities
Derivative [Line Items]
Financial derivatives–assets, at fair value-		$ 1,233
Financial derivatives–liabilities, at fair value-		(822)
Credit default swaps on asset-backed securities | Short
Derivative [Line Items]
Notional amount, assets		2,909
Financial derivatives–assets, at fair value-		$ 1,233
Remaining Maturity, Assets		16 years 150 days
Credit default swaps on corporate bonds
Derivative [Line Items]
Financial derivatives–assets, at fair value-		$ 715
Financial derivatives–liabilities, at fair value-		(945)
Credit default swaps on corporate bonds | Long
Derivative [Line Items]
Notional amount, assets		3,070
Notional amount, liabilities		(2,980)
Financial derivatives–assets, at fair value-		296
Financial derivatives–liabilities, at fair value-		$ 407
Remaining Maturity, Assets		2 years 354 days
Remaining Maturity, Liability		1 year 354 days
Credit default swaps on corporate bonds | Short
Derivative [Line Items]
Notional amount, assets		$ 3,033
Notional amount, liabilities		(16,955)
Financial derivatives–assets, at fair value-		419
Financial derivatives–liabilities, at fair value-		$ (538)
Remaining Maturity, Assets		1 year 358 days
Remaining Maturity, Liability		1 year 51 days
Credit default swaps on corporate bond indices
Derivative [Line Items]
Financial derivatives–assets, at fair value-		$ 3,519
Financial derivatives–liabilities, at fair value-		(11,907)
Credit default swaps on corporate bond indices | Long
Derivative [Line Items]
Notional amount, assets		76,904
Financial derivatives–assets, at fair value-		$ 3,519
Remaining Maturity, Assets		4 years 33 days
Credit default swaps on corporate bond indices | Short
Derivative [Line Items]
Notional amount, liabilities		$ (223,080)
Financial derivatives–liabilities, at fair value-		$ (11,907)
Remaining Maturity, Liability		2 years 172 days
Recovery swaps
Derivative [Line Items]
Financial derivatives–liabilities, at fair value-		$ (8)
Recovery swaps | Short
Derivative [Line Items]
Notional amount, liabilities		(2,600)
Financial derivatives–liabilities, at fair value-		$ (8)
Remaining Maturity, Liability		80 days
Credit default swaps
Derivative [Line Items]
Notional Amount		$ (194,173)
Fair Value		$ (4,939)
Remaining Years to Maturity		7 years 15 days
[1]	In the Company's Consolidated Statement of Assets, Liabilities, and Equity, all balances associated with repurchase agreements, reverse repurchase agreements, and financial derivatives are presented on a gross basis.

Financial Derivatives (Futures)

Financial Derivatives (Futures) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Derivative [Line Items]
Fair Value	$ (11,548)
Short | U.S. Treasury futures
Derivative [Line Items]
Notional Amount	(151,600)
Fair Value	$ (2,380)
Remaining Years to Maturity	2 months 24 days
Short | Eurodollar futures
Derivative [Line Items]
Notional Amount	$ (63,000)
Fair Value	$ (74)
Remaining Years to Maturity	5 months 29 days
Short | Currency futures
Derivative [Line Items]
Notional Amount	$ (15,840)
Fair Value	$ 138
Remaining Years to Maturity	2 months 19 days
Short | Futures
Derivative [Line Items]
Notional Amount	$ (230,440)
Fair Value	$ (2,316)
Remaining Years to Maturity	3 months 20 days

Financial Derivatives (TBAs) (D

Financial Derivatives (TBAs) (Details) - TBAs $ in Thousands	Mar. 31, 2019USD ($)
Notional Amount
Notional Amount	$ 534,037
Cost Basis
Total TBA securities, net	548,378
Market Value
Total TBA securities, net	550,922
Net Carrying Value
Total TBA securities, net	(2,544)
Long
Notional Amount
Notional amount, assets	167,641
Notional amount, liabilities	25,500
Notional Amount	193,141
Cost Basis
Assets	173,619
Liabilities	25,875
Total TBA securities, net	199,494
Market Value
Assets	174,064
Liabilities	25,842
Total TBA securities, net	199,906
Net Carrying Value
Assets	445
Liabilities	(33)
Total TBA securities, net	412
Short
Notional Amount
Notional amount, assets	155,175
Notional amount, liabilities	572,003
Notional Amount	727,178
Cost Basis
Assets	158,767
Liabilities	589,105
Total TBA securities, net	747,872
Market Value
Assets	158,681
Liabilities	592,147
Total TBA securities, net	750,828
Net Carrying Value
Assets	86
Liabilities	(3,042)
Total TBA securities, net	$ (2,956)

Financial Derivatives (Schedule

Financial Derivatives (Schedule of Gains and Losses on Derivative Contracts) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Derivative [Line Items]
Net Realized Gains (Losses) on Periodic Settlements of Interest Rate Swaps	$ 719
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps	(12,264)
Net Realized Gains (Losses) on Financial Derivatives	(11,545)	$ (1,503)
Unrealized gains (losses) on financial derivatives, net	(5,689)	4,044
Change in Net Unrealized Gains (Losses) on Accrued Periodic Settlements of Interest Rate Swaps	(275)
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	(5,393)
Unrealized gains (losses) on financial derivatives, net	(5,668)
Foreign currency transactions	25	1,769
Foreign currency translation	21	101
Derivative [Member]
Derivative [Line Items]
Foreign currency transactions		(200)
Foreign currency translation		47
Interest rate swaps | Interest Rate Risk [Member]
Derivative [Line Items]
Net Realized Gains (Losses) on Periodic Settlements of Interest Rate Swaps	719
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps	1,458
Net Realized Gains (Losses) on Financial Derivatives	2,177	(824)
Unrealized gains (losses) on financial derivatives, net		5,039
Change in Net Unrealized Gains (Losses) on Accrued Periodic Settlements of Interest Rate Swaps	(275)
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	(5,774)
Unrealized gains (losses) on financial derivatives, net	(6,049)
Credit default swaps on asset-backed securities | Credit Risk [Member]
Derivative [Line Items]
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps	275
Net Realized Gains (Losses) on Financial Derivatives	275	86
Unrealized gains (losses) on financial derivatives, net		(71)
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	(239)
Unrealized gains (losses) on financial derivatives, net	(239)
Credit default swaps on corporate bond indices | Credit Risk [Member]
Derivative [Line Items]
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps	(746)
Net Realized Gains (Losses) on Financial Derivatives	(746)	(1,562)
Unrealized gains (losses) on financial derivatives, net		1,563
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	(548)
Unrealized gains (losses) on financial derivatives, net	(548)
Credit default swaps on asset-backed indices | Credit Risk [Member]
Derivative [Line Items]
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps	(2,513)
Net Realized Gains (Losses) on Financial Derivatives	(2,513)	(1,842)
Unrealized gains (losses) on financial derivatives, net		1,452
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	(2,407)
Unrealized gains (losses) on financial derivatives, net	(2,407)
Credit default swaps on corporate bonds | Credit Risk [Member]
Derivative [Line Items]
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps	(425)
Net Realized Gains (Losses) on Financial Derivatives	(425)	4,469
Unrealized gains (losses) on financial derivatives, net		(3,855)
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	766
Unrealized gains (losses) on financial derivatives, net	766
Total return swaps | Equity Market/Credit Risk [Member]
Derivative [Line Items]
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps	(1,298)
Net Realized Gains (Losses) on Financial Derivatives	(1,298)	166
Unrealized gains (losses) on financial derivatives, net		17
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	129
Unrealized gains (losses) on financial derivatives, net	129
TBAs | Interest Rate Risk [Member]
Derivative [Line Items]
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps	(6,435)
Net Realized Gains (Losses) on Financial Derivatives	(6,435)
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	1,898
Unrealized gains (losses) on financial derivatives, net	1,898
Futures | Interest Rate/Currency Risk [Member]
Derivative [Line Items]
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps	(2,433)
Net Realized Gains (Losses) on Financial Derivatives	(2,433)	(761)
Unrealized gains (losses) on financial derivatives, net		(561)
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	359
Unrealized gains (losses) on financial derivatives, net	359
Forwards | Currency risk [Member]
Derivative [Line Items]
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps	(114)
Net Realized Gains (Losses) on Financial Derivatives	(114)	(1,174)
Unrealized gains (losses) on financial derivatives, net		384
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	423
Unrealized gains (losses) on financial derivatives, net	423
Options | Interest Rate Risk [Member]
Derivative [Line Items]
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps	(33)
Net Realized Gains (Losses) on Financial Derivatives	(33)
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	0
Unrealized gains (losses) on financial derivatives, net	$ 0
Options | Interest Rates/Equity Market Risk [Member]
Derivative [Line Items]
Net Realized Gains (Losses) on Financial Derivatives		(61)
Unrealized gains (losses) on financial derivatives, net		$ 76

Financial Derivatives (Schedu_2

Financial Derivatives (Schedule of Derivative Activity) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Interest rate swaps
Derivative [Line Items]
Average Monthly Notional	$ 912,934	$ 1,059,756
TBAs
Derivative [Line Items]
Average Monthly Notional	984,292
Credit default swaps
Derivative [Line Items]
Average Monthly Notional	403,254	566,805
Total return swaps
Derivative [Line Items]
Average Monthly Notional	38,400	53,603
Futures
Derivative [Line Items]
Average Monthly Notional	280,947	201,295
Options
Derivative [Line Items]
Average Monthly Notional	51,545	99,891
Forwards
Derivative [Line Items]
Average Monthly Notional	29,078	$ 45,522
Warrants
Derivative [Line Items]
Average Monthly Notional	$ 2,281

Financial Derivatives (Schedu_3

Financial Derivatives (Schedule of Credit Derivatives) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Credit Default Swap, Selling Protection [Member]
Credit Derivatives [Line Items]
Fair Value of Written Credit Derivatives, Net	$ 2,598	$ (4,339)
Notional value	89,230	98,586
Credit Default Swap, Buying Protection [Member]
Credit Derivatives [Line Items]
Fair Value of Written Credit Derivatives, Net	(167)	(284)
Notional value	$ 13,153	$ 41,134

Financial Derivatives (Narrativ

Financial Derivatives (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Written credit derivative spread threshold	20.00%	20.00%
Credit Default Swap, Selling Protection [Member]
Derivative [Line Items]
Credit risk derivative in excess of threshold, at fair value, net	$ (0.2)	$ (1)
Total net up-front payments received	$ (2)	$ (2)
Minimum
Derivative [Line Items]
Spread on written credit derivatives	0.426%	0.218%
Upfront points on written credit derivative in excess of threshold	36.9	56.3
Maximum
Derivative [Line Items]
Spread on written credit derivatives	8.151%	19.56%
Upfront points on written credit derivative in excess of threshold	75.2	74.7

Consolidated VIEs (Details)

Consolidated VIEs (Details) - USD ($) $ in Thousands		Mar. 31, 2019		Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents(1)		$ 55,876	[1]	$ 44,656	$ 44,700
Restricted cash(1)		175	[1]	425
Loans, at fair value(1)	[1]	1,014,990
Investment in unconsolidated entities, at fair value	[1]	58,152
Real estate owned(1)		31,003	[1]	30,778
Due from brokers(1)		58,145	[1]	71,794
Reverse repurchase agreements		25,381
Investment related receivables(1)	[1]	78,223
Other assets(1)		3,779	[1]	15,536
Total Assets		2,870,565		3,971,499
Liabilities
Repurchase agreements(1)	[1]	1,550,016
Investment related payables(1)		168,211	[1]	488,411
Other secured borrowings(1)		117,315	[1]	114,100
Other secured borrowings, at fair value(1)		282,124	[1]	297,948
Accounts payable and accrued expenses(1)		6,167	[1]	5,723
Interest payable(1)	[1]	4,995
Other liabilities(1)		278	[1]	424
Total Liabilities		2,278,131		3,376,329
Total Stockholders' Equity		562,209		563,833
Non-controlling interests(1)		30,225	[1]	31,337
Total Equity		592,434		595,170	$ 609,950	$ 620,961
Total Liabilities and Equity		2,870,565		$ 3,971,499
Primary Beneficiary
Assets
Cash and cash equivalents(1)		2,914
Restricted cash(1)		175
Loans, at fair value(1)		1,004,211
Investment in unconsolidated entities, at fair value		7,712
Real estate owned(1)		31,003
Due from brokers(1)		190
Investment related receivables(1)		25,221
Other assets(1)		2,499
Total Assets		1,073,925
Liabilities
Repurchase agreements(1)		348,737
Investment related payables(1)		1,452
Other secured borrowings(1)		117,315
Other secured borrowings, at fair value(1)		282,124
Accounts payable and accrued expenses(1)		1,347
Interest payable(1)		957
Other liabilities(1)		278
Total Liabilities		752,210
Total Stockholders' Equity		305,479
Non-controlling interests(1)		16,236
Total Equity		321,715
Total Liabilities and Equity		$ 1,073,925
[1]	Ellington Financial Inc.'s Condensed Consolidated Balance Sheet includes assets and liabilities of variable interest entities it has consolidated. See Note 9 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.

Securitization Transactions Nar

Securitization Transactions Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended			12 Months Ended
		Aug. 31, 2016	Mar. 31, 2019		Mar. 31, 2018	Dec. 31, 2018		Dec. 31, 2017
Securitization Transactions [Line Items]
Face amount of notes distributed from Risk Retention Vehicle						$ 5,600
Proceeds received from equity investment in risk retention vehicle (liquidation)						5,700
Minimum economic interest required to be retained					5.00%
TBA securities, at fair value						$ 2,939,311
Participation in Multi-Seller Consumer Loan Securitization [Member]
Securitization Transactions [Line Items]
Aggregate unpaid principal balance of loans sold		$ 124,000
Company's share of loans sold		51.00%
Co-participants share of loans sold		49.00%
Loss on securitization of financial assets		$ (100)
Senior notes issued in securitization transaction		87,000
Subordinated notes issued in securitization transaction		$ 18,700
Company's initial percentage ownership of jointly owned entity		51.00%
Affiliated co-participants initial percentage ownership of jointly owned entity		49.00%
Company's current percentage ownership of jointly owned entity			49.60%			62.00%		75.00%
Maximum amount at risk			$ 2,600
CLO I Securitization [Member]
Securitization Transactions [Line Items]
Loss on securitization of financial assets					$ 200
The Company [Member] | CLO I Securitization [Member]
Securitization Transactions [Line Items]
Corporate loans transferred into CLO securitization					62,000
Affiliated Entity [Member] | CLO I Securitization [Member]
Securitization Transactions [Line Items]
Corporate loans transferred into CLO securitization					$ 141,700
CLOs
Securitization Transactions [Line Items]
TBA securities, at fair value						$ 123,893
CLOs | CLO I Securitization [Member]
Securitization Transactions [Line Items]
TBA securities, at fair value	[1],[2]		$ 17,742	[3]		0	[4]
CLOs | Distributed from Risk Retention Vehicle [Member]
Securitization Transactions [Line Items]
TBA securities, at fair value						$ 4,300
Non-QM loan securitization
Securitization Transactions [Line Items]
Threshold for exercising Optional Redemption			30.00%			30.00%
Percentage used to calculate servicing administrator fee			0.03%			0.03%
[1]	In August 2018, the notes originally issued by the CLO I Issuer in 2017 were fully redeemed, and the CLO I Issuer simultaneously issued new notes in conjunction with this full redemption.
[2]	Included on the Company's Consolidated Condensed Schedule of Investments in Collateralized Loan Obligations.
[3]	Includes secured and unsecured subordinated notes.
[4]	Excludes the Company's equity investment in the CLO I Risk Retention Vehicle, as discussed above.

Securitization Transactions (Sc

Securitization Transactions (Schedule of CLO Securitization Transactions) (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
		Mar. 31, 2019		Dec. 31, 2018
Securitization Transactions [Line Items]
TBA securities, at fair value				$ 2,939,311
CLO I Securitization [Member]
Securitization Transactions [Line Items]
CLO Pricing Date	[1],[2]	2018-08		2017-05
CLO Closing Date	[1],[2]	2018-08		2017-06
Total Face Amount of Notes Issued	[2]	$ 461,840		$ 373,550	[1]
Face Amount of Notes Initially Purchased	[2],[3]	36,579		36,606	[1]
Aggregate Purchase Price of Notes Initially Purchased	[2]	$ 25,622		$ 35,926	[1]
Reset CLO I Securitization [Member]
Securitization Transactions [Line Items]
CLO Pricing Date	[2]			2018-08
CLO Closing Date	[2]			2018-08
Total Face Amount of Notes Issued	[2]			$ 461,840
Face Amount of Notes Initially Purchased	[2],[3]			36,579
Aggregate Purchase Price of Notes Initially Purchased	[2]			$ 25,622
CLO II Securitization [Member]
Securitization Transactions [Line Items]
CLO Pricing Date		2017-12		2017-12
CLO Closing Date		2018-01		2018-01
Total Face Amount of Notes Issued		$ 452,800		$ 452,800
Face Amount of Notes Initially Purchased	[4]	18,223		18,223
Aggregate Purchase Price of Notes Initially Purchased		$ 16,621		$ 16,621
CLO III Securitization [Member]
Securitization Transactions [Line Items]
CLO Pricing Date		2018-06		2018-06
CLO Closing Date		2018-07		2018-07
Total Face Amount of Notes Issued		$ 407,100		$ 407,100
Face Amount of Notes Initially Purchased	[4]	35,480		35,480
Aggregate Purchase Price of Notes Initially Purchased		$ 32,394		32,394
CLO IV Securitization [Member]
Securitization Transactions [Line Items]
CLO Pricing Date		2019-02
CLO Closing Date		2019-03
Total Face Amount of Notes Issued		$ 478,488
Face Amount of Notes Initially Purchased	[4]	12,700
Aggregate Purchase Price of Notes Initially Purchased		10,618
CLOs
Securitization Transactions [Line Items]
TBA securities, at fair value				123,893
CLOs | CLO I Securitization [Member]
Securitization Transactions [Line Items]
TBA securities, at fair value	[2],[5]	17,742	[6]	0	[1]
CLOs | Reset CLO I Securitization [Member]
Securitization Transactions [Line Items]
TBA securities, at fair value	[2],[5],[6]			16,973
CLOs | CLO II Securitization [Member]
Securitization Transactions [Line Items]
TBA securities, at fair value	[5],[6]	14,931		14,721
CLOs | CLO III Securitization [Member]
Securitization Transactions [Line Items]
TBA securities, at fair value	[5],[7]	19,561		$ 19,071
CLOs | CLO IV Securitization [Member]
Securitization Transactions [Line Items]
TBA securities, at fair value	[5],[7]	$ 10,496
[1]	Excludes the Company's equity investment in the CLO I Risk Retention Vehicle, as discussed above.
[2]	In August 2018, the notes originally issued by the CLO I Issuer in 2017 were fully redeemed, and the CLO I Issuer simultaneously issued new notes in conjunction with this full redemption.
[3]	The Company purchased secured and unsecured subordinated notes.
[4]	The Company purchased secured senior and secured and unsecured subordinated notes.
[5]	Included on the Company's Consolidated Condensed Schedule of Investments in Collateralized Loan Obligations.
[6]	Includes secured and unsecured subordinated notes.
[7]	Includes secured senior and secured and unsecured subordinated notes.

Securitization Transactions (_2

Securitization Transactions (Schedule of Residential Loan Securitizations) (Details) - Non-QM loan securitization - USD ($)		3 Months Ended	12 Months Ended
		Mar. 31, 2019	Dec. 31, 2018
November 2017 [Member]
Securitization Transactions [Line Items]
Total Face Amount of Certificates Issued	[1]	$ 141,233,000	$ 141,233,000
Economic interest retained		5.10%	5.10%
Purchase of certificates		$ 0.7	$ 700,000
November 2018 [Member]
Securitization Transactions [Line Items]
Total Face Amount of Certificates Issued	[2]	$ 232,518,000	$ 232,518,000
Economic interest retained		5.70%	5.70%
Purchase of certificates		$ 1.3	$ 1,300,000
The Company [Member] | November 2017 [Member]
Securitization Transactions [Line Items]
Principal Balance of Loans Transferred to the Depositor		141,233,000	141,233,000
The Company [Member] | November 2018 [Member]
Securitization Transactions [Line Items]
Principal Balance of Loans Transferred to the Depositor		$ 232,518,000	$ 232,518,000
[1]	In order to comply with the Risk Retention Rules, the Sponsor purchased the two most subordinated classes of Certificates and the excess cash flow certificates, with an aggregate value equal to 5.1% of the fair value of all Certificates issued. The Sponsor also purchased, for an aggregate purchase price of $0.7 million, the Certificates entitled to excess servicing fees, while the remaining classes of Certificates were purchased by unrelated third parties.
[2]	In order to comply with the Risk Retention Rules, the Sponsor purchased the two most subordinated classes of Certificates and the excess cash flow certificates, with an aggregate value equal to 5.7% of the fair value of all Certificates issued. The Sponsor also purchased, for an aggregate purchase price of $1.3 million, the Certificates entitled to excess servicing fees, while the remaining classes of Certificates were purchased by unrelated third parties.

Securitization Transactions (_3

Securitization Transactions (Schedule of Assets and Liabilities Attributable to Consolidated VIEs) (Details) - USD ($) $ in Thousands	Mar. 31, 2019		Dec. 31, 2018	Mar. 31, 2018
Variable Interest Entity [Line Items]
Cash and cash equivalents(1)	$ 55,876	[1]	$ 44,656	$ 44,700
TBA securities, at fair value			2,939,311
Interest payable			7,159
Other secured borrowings, at fair value	282,124	[1]	297,948
Consolidated Entities [Member]
Variable Interest Entity [Line Items]
Cash and cash equivalents(1)			0
Loans, at fair value	296,366
TBA securities, at fair value			314,202
Interest and dividends receivable	4,734		3,527
Interest payable	91		103
Other secured borrowings, at fair value	$ 282,124		$ 297,948
[1]	Ellington Financial Inc.'s Condensed Consolidated Balance Sheet includes assets and liabilities of variable interest entities it has consolidated. See Note 9 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.

(Schedule of Reverse Repurchase

(Schedule of Reverse Repurchase Agreements by Maturity) (Details) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2019USD ($)counterparty	Dec. 31, 2018USD ($)counterparty
Borrowings [Line Items]
Number of Counterparties with Outstanding Reverse Repurchase Agreements | counterparty		24	23
Total secured borrowings		$ 1,949,000	$ 1,911,000
Reverse repurchase agreements	[1]	$ 1,550,016	$ 1,498,849
Debt, Weighted Average Interest Rate		3.30%	3.13%
Remaining Days to Maturity, Reverse Repurchase Agreements		121 days	122 days
Agency RMBS
Borrowings [Line Items]
Reverse repurchase agreements		$ 941,266	$ 917,262
Debt, Weighted Average Interest Rate		2.71%	2.59%
Remaining Days to Maturity, Reverse Repurchase Agreements		53 days	47 days
Agency RMBS | 30 Days or Less
Borrowings [Line Items]
Reverse repurchase agreements		$ 180,657	$ 245,956
Debt, Weighted Average Interest Rate		2.73%	2.46%
Remaining Days to Maturity, Reverse Repurchase Agreements		14 days	17 days
Agency RMBS | 31-60 Days
Borrowings [Line Items]
Reverse repurchase agreements		$ 358,677	$ 415,379
Debt, Weighted Average Interest Rate		2.71%	2.58%
Remaining Days to Maturity, Reverse Repurchase Agreements		45 days	46 days
Agency RMBS | 61-90 Days
Borrowings [Line Items]
Reverse repurchase agreements		$ 393,529	$ 255,421
Debt, Weighted Average Interest Rate		2.69%	2.74%
Remaining Days to Maturity, Reverse Repurchase Agreements		76 days	76 days
Agency RMBS | 91-120 Days
Borrowings [Line Items]
Reverse repurchase agreements		$ 5,690	$ 506
Debt, Weighted Average Interest Rate		2.73%	3.31%
Remaining Days to Maturity, Reverse Repurchase Agreements		148 days	91 days
Agency RMBS | 151-180 Days
Borrowings [Line Items]
Reverse repurchase agreements		$ 2,713
Debt, Weighted Average Interest Rate		2.64%
Remaining Days to Maturity, Reverse Repurchase Agreements		180 days
U.S. Treasury securities
Borrowings [Line Items]
Reverse repurchase agreements		$ 29,507	$ 273
Debt, Weighted Average Interest Rate		2.54%	3.10%
Remaining Days to Maturity, Reverse Repurchase Agreements		1 day	2 days
U.S. Treasury securities | 30 Days or Less
Borrowings [Line Items]
Reverse repurchase agreements		$ 29,507	$ 273
Debt, Weighted Average Interest Rate		2.54%	3.10%
Remaining Days to Maturity, Reverse Repurchase Agreements		1 day	2 days
Credit | 30 Days or Less
Borrowings [Line Items]
Reverse repurchase agreements		$ 9,330	$ 30,426
Debt, Weighted Average Interest Rate		4.13%	2.55%
Remaining Days to Maturity, Reverse Repurchase Agreements		20 days	22 days
Credit | 31-60 Days
Borrowings [Line Items]
Reverse repurchase agreements		$ 70,732	$ 189,937
Debt, Weighted Average Interest Rate		3.77%	3.32%
Remaining Days to Maturity, Reverse Repurchase Agreements		41 days	48 days
Credit | 61-90 Days
Borrowings [Line Items]
Reverse repurchase agreements		$ 156,414	$ 93,202
Debt, Weighted Average Interest Rate		3.58%	3.21%
Remaining Days to Maturity, Reverse Repurchase Agreements		79 days	74 days
Credit | 91-120 Days
Borrowings [Line Items]
Reverse repurchase agreements		$ 683	$ 26,222
Debt, Weighted Average Interest Rate		5.00%	4.60%
Remaining Days to Maturity, Reverse Repurchase Agreements		101 days	123 days
Credit | 151-180 Days
Borrowings [Line Items]
Reverse repurchase agreements		$ 9,487	$ 9,491
Debt, Weighted Average Interest Rate		4.50%	4.64%
Remaining Days to Maturity, Reverse Repurchase Agreements		168 days	166 days
Credit | 181-360 Days
Borrowings [Line Items]
Reverse repurchase agreements		$ 264,458	$ 91,730
Debt, Weighted Average Interest Rate		4.55%	4.54%
Remaining Days to Maturity, Reverse Repurchase Agreements		254 days	316 days
Credit | More Than 360 Days
Borrowings [Line Items]
Reverse repurchase agreements		$ 68,139	$ 140,306
Debt, Weighted Average Interest Rate		5.46%	5.15%
Remaining Days to Maturity, Reverse Repurchase Agreements		774 days	636 days
Credit | Total Credit Assets
Borrowings [Line Items]
Reverse repurchase agreements		$ 579,243	$ 581,314
Debt, Weighted Average Interest Rate		4.29%	3.98%
Remaining Days to Maturity, Reverse Repurchase Agreements		236 days	240 days
Minimum
Borrowings [Line Items]
Reverse Repurchase Agreements Remaining Terms		1 day	2 days
Reverse Repurchase Agreements Interest Rate		0.24%	0.23%
Maximum
Borrowings [Line Items]
Reverse Repurchase Agreements Remaining Terms		781 days	871 days
Reverse Repurchase Agreements Interest Rate		5.85%	6.07%
[1]	In the Company's Consolidated Statement of Assets, Liabilities, and Equity, all balances associated with repurchase agreements, reverse repurchase agreements, and financial derivatives are presented on a gross basis.

Borrowings (Details)

Borrowings (Details) $ in Thousands		Feb. 13, 2019USD ($)	Aug. 18, 2017USD ($)	Mar. 31, 2019USD ($)counterparty		Dec. 31, 2018USD ($)counterparty	Mar. 31, 2018USD ($)
Borrowings [Line Items]
Total secured borrowings				$ 1,949,000		$ 1,911,000
Concentration Risk, Reverse Repurchase Agreements						21.00%
Number of Counterparties With Concentration Risk, Reverse Repurchase Agreements | counterparty						1
Number of Counterparties with Outstanding Reverse Repurchase Agreements | counterparty				24		23
Investments held with dealers as collateral				$ 1,850,000		$ 1,790,000
Pledged Financial Instruments, Not Separately Reported, Securities For Repurchase Agreements Unsettled				$ 20,700		$ 86,700	$ 86,700
Repurchase Agreements amount at risk threshold				10.00%		10.00%
Other secured borrowings				$ 117,315	[1]	$ 114,100
Minimum
Borrowings [Line Items]
Reverse Repurchase Agreements Maturity				30 days		30 days
Reverse Repurchase Agreements Remaining Terms				1 day		2 days
Reverse Repurchase Agreements Interest Rate				0.24%		0.23%
Maximum
Borrowings [Line Items]
Reverse Repurchase Agreements Maturity				180 days		180 days
Reverse Repurchase Agreements Remaining Terms				781 days		871 days
Reverse Repurchase Agreements Interest Rate				5.85%		6.07%
Reverse repurchase agreements
Borrowings [Line Items]
Cash collateral posted for securities sold under agreements to repurchase	[2],[3]			$ 13,900		$ 17,000
Security Owned and Pledged as Collateral, Fair Value				200		200
Securitized residential mortgage loans
Borrowings [Line Items]
Fair Value of Assets Transfered and Accounted for as Secured Borrowings				296,400		314,200
Secured borrowing recourse facility collateralized by unsecured loan portfolio
Borrowings [Line Items]
Other secured borrowings				$ 11,400		$ 13,200
Effective interest rate on borrowing				4.75%		4.72%
Secured borrowing recourse facility collateralized by unsecured loan portfolio | Unsecured loans
Borrowings [Line Items]
Fair Value of Assets Transfered and Accounted for as Secured Borrowings				$ 20,200		$ 20,300
Non-QM loan securitization
Borrowings [Line Items]
Other secured borrowings				$ 282,100		$ 297,900
Effective interest rate on borrowing				3.75%		3.72%
Secured borrowing facility collateralized by unsecured loan portfolio
Borrowings [Line Items]
Other secured borrowings				$ 105,900		$ 101,000
Effective interest rate on borrowing				4.67%		4.68%
Secured borrowing facility collateralized by unsecured loan portfolio | Unsecured loans
Borrowings [Line Items]
Fair Value of Assets Transfered and Accounted for as Secured Borrowings				$ 157,100		$ 149,000
Senior Notes
Borrowings [Line Items]
Debt Instrument, Face Amount		$ 86,000	$ 86,000
Proceeds from Debt, Net of Issuance Costs			$ 84,700
Debt Instrument, Interest Rate, Stated Percentage		5.50%	5.25%
Redemption percentage		100.00%	100.00%
Debt Instrument, Maturity Date			Sep. 1, 2022
Effective interest rate on borrowing				5.80%		5.55%
[1]	Ellington Financial Inc.'s Condensed Consolidated Balance Sheet includes assets and liabilities of variable interest entities it has consolidated. See Note 9 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.
[2]	For the purpose of this presentation, for each row the total amount of financial instruments transferred or pledged and cash collateral (received) or pledged may not exceed the applicable gross amount of assets or (liabilities) as presented here. Therefore, the Company has reduced the amount of financial instruments transferred or pledged as collateral related to the Company's reverse repurchase agreements and cash collateral pledged on the Company's financial derivative liabilities. Total financial instruments transferred or pledged as collateral on the Company's reverse repurchase agreements as of December 31, 2018 were $1.79 billion. As of December 31, 2018 total cash collateral on financial derivative assets excludes excess net cash collateral pledged of $0.1 million. As of December 31, 2018 total cash collateral on financial derivative liabilities excludes excess cash collateral pledged of $16.4 million
[3]	When collateral is pledged to or pledged by a counterparty, it is often pledged or posted with respect to all positions with such counterparty, and in such cases such collateral cannot be specifically identified as relating to a specific asset or liability. As a result, in preparing the above tables, the Company has made assumptions in allocating pledged or posted collateral among the various rows.

Borrowings (Schedule of Debt Re

Borrowings (Schedule of Debt Repayments) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Repurchase Agreements
Debt Instrument [Line Items]
2019 Scheduled Repayment of Principal	$ 1,346,013	$ 1,358,542	[1]
2020 Scheduled Repayment of Principal	139,258	78,530	[1]
2021 Scheduled Repayment of Principal	64,745	61,776	[1]
2022 Scheduled Repayment of Principal	0	0	[1]
2023 Scheduled Repayment of Principal	0	0	[1]
Total Scheduled Repayment of Principal	1,550,016	1,498,848	[1]
Other Secured Borrowings
Debt Instrument [Line Items]
2019 Scheduled Repayment of Principal	177,617	194,135	[2]
2020 Scheduled Repayment of Principal	211,266	205,198	[2]
2021 Scheduled Repayment of Principal	11,375	13,150	[2]
2022 Scheduled Repayment of Principal	0	0	[2]
2023 Scheduled Repayment of Principal	0	0	[2]
Total Scheduled Repayment of Principal	400,258	412,483	[2]
Senior Notes
Debt Instrument [Line Items]
2019 Scheduled Repayment of Principal	0	0	[1]
2020 Scheduled Repayment of Principal	0	0	[1]
2021 Scheduled Repayment of Principal	0	0	[1]
2022 Scheduled Repayment of Principal	86,000	86,000	[1]
2023 Scheduled Repayment of Principal	0	0	[1]
Total Scheduled Repayment of Principal	86,000	86,000	[1]
Total
Debt Instrument [Line Items]
2019 Scheduled Repayment of Principal	1,523,630	1,552,677
2020 Scheduled Repayment of Principal	350,524	283,728
2021 Scheduled Repayment of Principal	76,120	74,926
2022 Scheduled Repayment of Principal	86,000	86,000
2023 Scheduled Repayment of Principal	0	0
Total Scheduled Repayment of Principal	$ 2,036,274	$ 1,997,331
[1]	Reflects the Company's contractual principal repayment dates.
[2]	Reflects the Company's expected principal repayment dates.

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands		3 Months Ended				12 Months Ended
		Mar. 31, 2019USD ($)period		Mar. 31, 2018USD ($)		Dec. 31, 2018USD ($)
Related Party Transaction [Line Items]
Annual base management fee percentage		1.50%		1.50%
Base management fee to affiliate		$ 1,722	[1]	$ 1,978	[2]
Base management fee, gross		2,100
Base management fee, rebates		$ 400
Incentive fee rate		25.00%		25.00%
Incentive Fee, Loss Carryforward		$ 0				$ 2,100
Incentive fee hurdle rate fixed		9.00%		9.00%
Incentive fee hurdle rate floating		3.00%		3.00%
Minimum percentage of incentive fee to be paid in share		10.00%		10.00%
Termination Fee, Number Of Periods | period		2
Termination Fee, Period		12 months
Expense Reimbursement Period		60 days		60 days
Expense Reimbursement - Manager		$ 2,700		$ 1,500
TBA securities, at fair value						2,939,311
Investment in unconsolidated entities, at fair value	[3]	58,152
Non-controlling interests(1)		30,225	[3]			31,337
Reverse repurchase agreements	[4]	1,550,016				1,498,849
Management fee rebate		447		$ 1,380		300
Other assets(1)		3,779	[3]			15,536
Face amount of investments purchased from related party						$ 2,900
Management Fee, description						The Operating Partnership pays the Manager 1.50% per annum of total equity of the Operating Partnership calculated in accordance with U.S. GAAP as of the end of each fiscal quarter (before deductions for base management fees and incentive fees payable with respect to such fiscal quarter), provided that total equity is adjusted to exclude one-time events pursuant to changes in U.S. GAAP, as well as non-cash charges after discussion between the Manager and the Company's independent directors, and approval by a majority of the Company's independent directors in the case of non-cash charges.
Incentive fee, description						The Manager is entitled to receive a quarterly incentive fee equal to the positive excess, if any, of (i) the product of (A) 25% and (B) the excess of (1) Adjusted Net Income (described below) for the Incentive Calculation Period (which means such fiscal quarter and the immediately preceding three fiscal quarters) over (2) the sum of the Hurdle Amounts (described below) for the Incentive Calculation Period, over (ii) the sum of the incentive fees already paid or payable for each fiscal quarter in the Incentive Calculation Period preceding such fiscal quarter. For purposes of calculating the incentive fee, "Adjusted Net Income" for the Incentive Calculation Period means the net increase in equity from operations of the Operating Partnership, after all base management fees but before any incentive fees for such period, and excluding any non-cash equity compensation expenses for such period, as reduced by any Loss Carryforward (as described below) as of the end of the fiscal quarter preceding the Incentive Calculation Period. For purposes of calculating the incentive fee, the "Loss Carryforward" as of the end of any fiscal quarter is calculated by determining the excess, if any, of (1) the Loss Carryforward as of the end of the immediately preceding fiscal quarter over (2) the Company's net increase in equity from operations (expressed as a positive number) or net decrease in equity from operations (expressed as a negative number) of the Operating Partnership for such fiscal quarter. As of December 31, 2018, there was a Loss Carryforward of $2.1 million. For purposes of calculating the incentive fee, the "Hurdle Amount" means, with respect to any fiscal quarter, the product of (i) one-fourth of the greater of (A) 9% and (B) 3% plus the 10-year U.S. Treasury rate for such fiscal quarter, (ii) the sum of (A) the weighted average gross proceeds per share of all common share and OP Unit issuances since inception of the Company and up to the end of such fiscal quarter, with each issuance weighted by both the number of shares and OP Units issued in such issuance and the number of days that such issued shares and OP Units were outstanding during such fiscal quarter, using a first-in first-out basis of accounting (i.e. attributing any share and OP Unit repurchases to the earliest issuances first) and (B) the result obtained by dividing (I) retained earnings attributable to common shares and OP Units at the beginning of such fiscal quarter by (II) the average number of common shares and OP Units outstanding for each day during such fiscal quarter, (iii) the sum of (x) the average number of common shares and LTIP Units outstanding for each day during such fiscal quarter, and (y) the average number of OP Units and OP LTIP Units outstanding for each day during such fiscal quarter. For purposes of determining the Hurdle Amount, issuances of common shares, OP LTIP Units, and OP Units (a) as equity incentive awards, (b) to the Manager as part of its base management fee or incentive fee and (c) to the Manager or any of its affiliates in privately negotiated transactions, are excluded from the calculation. The payment of the incentive fee will be in a combination of common shares and cash, provided that at least 10% of any quarterly payment will be made in common shares.
Termination fee, description						The Management Agreement requires the Company to pay a termination fee to the Manager in the event of (1) the Company's termination or non-renewal of the Management Agreement without cause or (2) the Company's termination of the Management Agreement based on unsatisfactory performance by the Manager that is materially detrimental to the Company or (3) the Manager's termination of the Management Agreement upon a default by the Company in the performance of any material term of the Management Agreement. Such termination fee will be equal to the amount of three times the sum of (i) the average annual Quarterly Base Management Fee Amounts paid or payable with respect to the two 12-month periods ending on the last day of the latest fiscal quarter completed on or prior to the date of the notice of termination or non-renewal and (ii) the average annual Quarterly Incentive Fee Amounts paid or payable with respect to the two 12-month periods ending on the last day of the latest fiscal quarter completed on or prior to the date of the notice of termination or non-renewal.
Commercial mortgage loans and REO
Related Party Transaction [Line Items]
TBA securities, at fair value		25,300				$ 25,300
Reverse repurchase agreements		148,300				77,000
Corporate equity securities
Related Party Transaction [Line Items]
TBA securities, at fair value						43,793
Secured notes
Related Party Transaction [Line Items]
TBA securities, at fair value						10,917
Corporate debt securities
Related Party Transaction [Line Items]
TBA securities, at fair value						22,392
Mortgage Originator
Related Party Transaction [Line Items]
Warehouse facility, monetary amount		$ 5,000				$ 5,000
Interest rate		15.00%				15.00%
Advances made under warehouse facility		$ 0				$ 0
Related Party-Consumer Loans Titled in Name of Related Party
Related Party Transaction [Line Items]
Fair value of loans held in related party trust		23,300				21,900
Purchasing Entity
Related Party Transaction [Line Items]
Fair value of loans held in related party trust		190,200				181,500
Consumer loans purchased through affiliate		43,600				166,300
Estimated remaining contingent purchase obligations		227,200				263,500
Related party trust - Residential Mortgage Loans and REO
Related Party Transaction [Line Items]
Fair value of loans held in related party trust		288,400				498,100
Non-controlling interest of joint venture partner | Unrelated third party joint venture interest | Commercial mortgage loans and REO
Related Party Transaction [Line Items]
Non-controlling interests(1)		1,500				1,400
Non-controlling interest of joint venture partner | Related party joint venture interest | Commercial mortgage loans and REO
Related Party Transaction [Line Items]
Non-controlling interests(1)		4,100				4,100
Participation in multi-borrower financing facility
Related Party Transaction [Line Items]
Outstanding debt of related party		234,300				149,000
Loan receivable from affiliated entity related to warehouse facility
Related Party Transaction [Line Items]
Other assets(1)		4,800				11,600
Investment purchased from related party | Corporate debt securities
Related Party Transaction [Line Items]
TBA securities, at fair value						1,600
Mortgage-related Commercial | Corporate equity securities
Related Party Transaction [Line Items]
TBA securities, at fair value		8,800				$ 1,100
Ownership percentage of limited liability company held as investment						15.00%
Jepson Holdings Limited
Related Party Transaction [Line Items]
Investment in unconsolidated entities, at fair value		$ 7,000
[1]	See Note 13 for further details on management fee rebates.
[2]	See Note 9 for further details on management fee rebates.
[3]	Ellington Financial Inc.'s Condensed Consolidated Balance Sheet includes assets and liabilities of variable interest entities it has consolidated. See Note 9 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.
[4]	In the Company's Consolidated Statement of Assets, Liabilities, and Equity, all balances associated with repurchase agreements, reverse repurchase agreements, and financial derivatives are presented on a gross basis.

Long-Term Incentive Plan Unit_2

Long-Term Incentive Plan Units (Narrative) (Details) - USD ($) $ in Thousands	Dec. 12, 2018	Sep. 12, 2018	Mar. 07, 2018	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based long term incentive plan unit expense				$ 116	$ 93
Capital shares reserved for future issuance (in shares)				1,874,223		1,874,223
Long-Term Incentive Plan Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
LTIP Unit Grants in Period (in units)				0	1,723
Grants in Period (in shares)				37,709		39,432
Director [Member] | Long-Term Incentive Plan Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
LTIP Unit Grants in Period (in units)		14,440
Grants in Period (in shares)				14,440		14,440
Dedicated or partially dedicated personnel [Member] | Long-Term Incentive Plan Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
LTIP Unit Grants in Period (in units)	17,383		1,723
Vest December 11, 2019 [Member] | Dedicated or partially dedicated personnel [Member] | Long-Term Incentive Plan Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in Period (in shares)				8,692		8,692
Vest December 12, 2019 [Member] | Dedicated or partially dedicated personnel [Member] | Long-Term Incentive Plan Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in Period (in shares)				5,886		5,886
Vest December 11, 2020 [Member] | Dedicated or partially dedicated personnel [Member] | Long-Term Incentive Plan Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in Period (in shares)				8,691		8,691
Non-controlling interest in Operating Partnership [Member] | Non-controlling Interest
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Operating Partnership LTIP Units Redeemed (in units)						503,988

Long-Term Incentive Plan Unit_3

Long-Term Incentive Plan Units Long-Term Incentive Plan Units (Unvested LTIP Units) (Details) - Long-Term Incentive Plan Units [Member] - shares		3 Months Ended	12 Months Ended
		Mar. 31, 2019	Dec. 31, 2018
Schedule of Unvested LTIP Units [Line Items]
Number of OP LTIP Units (in units)		37,709	39,432
Director [Member]
Schedule of Unvested LTIP Units [Line Items]
Number of OP LTIP Units (in units)		14,440	14,440
Grant Date		Sep. 12, 2018	Sep. 12, 2018
Vesting Date(1)	[1]	Sep. 11, 2019	Sep. 11, 2019
Vest December 11, 2019 [Member] | Dedicated or partially dedicated personnel [Member]
Schedule of Unvested LTIP Units [Line Items]
Number of OP LTIP Units (in units)		8,692	8,692
Grant Date		Dec. 11, 2018	Dec. 11, 2018
Vesting Date(1)	[1]	Dec. 11, 2019	Dec. 11, 2019
Vest December 11, 2020 [Member] | Dedicated or partially dedicated personnel [Member]
Schedule of Unvested LTIP Units [Line Items]
Number of OP LTIP Units (in units)		8,691	8,691
Grant Date		Dec. 11, 2018	Dec. 11, 2018
Vesting Date(1)	[1]	Dec. 11, 2020	Dec. 11, 2020
Vest March 7, 2019 [Member] | Dedicated or partially dedicated personnel [Member]
Schedule of Unvested LTIP Units [Line Items]
Number of OP LTIP Units (in units)			1,723
Grant Date			Mar. 7, 2018
Vesting Date(1)	[1]		Mar. 7, 2019
Vest December 12, 2019 [Member] | Dedicated or partially dedicated personnel [Member]
Schedule of Unvested LTIP Units [Line Items]
Number of OP LTIP Units (in units)		5,886	5,886
Grant Date		Dec. 12, 2017	Dec. 12, 2017
Vesting Date(1)	[1]	Dec. 12, 2019	Dec. 12, 2019
[1]	Date at which such OP LTIP Units will vest and become non-forfeitable.

Long-Term Incentive Plan Unit_4

Long-Term Incentive Plan Units (Roll-Forward of Company's LTIP Units Outstanding) (Details) - shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Exercised	0	0
Long-Term Incentive Plan Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
LTIP Units Outstanding, beginning of period	521,371	491,159
Granted	0	1,723
Exercised	0	0
LTIP Units Outstanding, end of period	521,371	492,882
OP LTIP Units Unvested and Outstanding end of period	37,709
OP LTIP Units Vested and Outstanding (3/31/19)	483,662	461,155
Manager [Member] | Long-Term Incentive Plan Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
LTIP Units Outstanding, beginning of period	375,000	375,000
Granted	0	0
Exercised	0	0
LTIP Units Outstanding, end of period	375,000	375,000
OP LTIP Units Unvested and Outstanding end of period	0
OP LTIP Units Vested and Outstanding (3/31/19)	375,000	375,000
Non-Manager [Member] | Long-Term Incentive Plan Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
LTIP Units Outstanding, beginning of period	146,371	116,159
Granted	0	1,723
Exercised	0	0
LTIP Units Outstanding, end of period	146,371	117,882
OP LTIP Units Unvested and Outstanding end of period	37,709
OP LTIP Units Vested and Outstanding (3/31/19)	108,662	86,155

Non-controlling Interests (Deta

Non-controlling Interests (Details) - USD ($) $ in Thousands	Dec. 12, 2018	Jan. 02, 2013	Mar. 31, 2019		Dec. 31, 2018	Dec. 31, 2017
Noncontrolling Interest [Line Items]
Non-controlling interests(1)			$ 30,225	[1]	$ 31,337
Non-controlling interest in Operating Partnership [Member] | Non-controlling Interest
Noncontrolling Interest [Line Items]
Operating Partnership Units Issued		212,000
Operating Partnership LTIP Units Issued (in units)	17,383
Operating Partnership LTIP Units Redeemed (in units)					503,988
Operating Partnership LTIP Units Distributed (in units)					503,988
Operating Partnership LTIP Units (in units)			521,371		521,371
Operating Partnership Units (in units)			212,000		212,000
Ownership Percentage			2.40%		2.40%	0.70%
Noncontrolling Interest in Operating Partnerships			$ 13,900		$ 13,900
Non-controlling interest of joint venture partner | Non-controlling Interest
Noncontrolling Interest [Line Items]
Non-controlling interests(1)			$ 16,200		$ 17,300
[1]	Ellington Financial Inc.'s Condensed Consolidated Balance Sheet includes assets and liabilities of variable interest entities it has consolidated. See Note 9 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.

Common Stock Capitalization (Na

Common Stock Capitalization (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		10 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Feb. 28, 2019	Dec. 31, 2018	Jun. 13, 2018	Feb. 06, 2018	Dec. 31, 2017
Stockholders' Equity Note [Abstract]
Common stock, shares authorized (in shares)	100,000,000		100,000,000		100,000,000
Common shares	$ 0.001		$ 0.001	$ 0.001
Common stock, shares outstanding	29,745,776	30,392,041	29,745,776		29,796,601			31,335,938
Dividends declared (in usd per share)	$ 0.55	$ 0.41
Dividends declared	$ 16,800
Dividends paid	$ (12,497)	$ (12,850)
Common shares issued and outstanding upon conversion of all convertible securities (in shares)	30,479,147	31,096,923	30,479,147
Number of shares authorized to be repurchased (in shares)						1,550,000	1,550,000
Shares repurchased (in shares)	50,825	943,897	411,915
Average price per share (USD per share)	$ 15.39	$ 14.80	$ 15.34
Total cost	$ (782)	$ (13,966)	$ (6,300)

Common Stock Capitalization (Su

Common Stock Capitalization (Summary of Common Stock Outstanding) (Details) - shares	3 Months Ended		10 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	29,796,601	31,335,938
Shares repurchased	(50,825)	(943,897)	(411,915)
Director OP LTIP Units exercised	0	0
Ending balance (in shares)	29,745,776	30,392,041	29,745,776

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019		Mar. 31, 2018
Net increase (decrease) in shareholders' equity resulting from operations
Net income (loss) attributable to common stockholders	$ 15,408		$ 21,039
Add: Net income (loss) attributable to Convertible Non-controlling Interests	380		142
Net income (loss) related to common stockholders and Convertible Non-controlling Interests	15,788		21,181
Dividends Paid:
Dividends	(16,764)	[1]	(12,850)
Undistributed (Distributed in excess of) earnings:
Total undistributed (distributed in excess of) earnings	$ (976)		$ (8,331)
Basic earnings per share of common stock:
Distributed (in usd per share)	$ 0.55		$ 0.41
Undistributed (Distributed in excess of) (in usd per share)	(0.03)		0.26
Basic earnings per common share (in usd per share)	0.52		0.67
Diluted earnings per share of common stock:
Distributed (in usd per share)	0.55		0.41
Undistributed (Distributed in excess of) (usd per share)	(0.03)		0.26
Diluted earnings per common share (in usd per share)	$ 0.52		$ 0.67
Net increase (decrease) in equity resulting from operations	$ 700		$ 100
Common Stock
Net increase (decrease) in shareholders' equity resulting from operations
Net income (loss) attributable to common stockholders			20,709
Dividends Paid:
Dividends	(16,360)		(12,562)
Undistributed (Distributed in excess of) earnings:
Total undistributed (distributed in excess of) earnings	$ (952)		$ (8,147)
Weighted average shares outstanding (basic and diluted):
Weighted average shares outstanding (basic and diluted) (in shares)	29,747,537		30,830,615
Long-Term Incentive Plan Units [Member]
Net increase (decrease) in shareholders' equity resulting from operations
Net income (loss) attributable to common stockholders			$ 330
Dividends Paid:
Dividends			(201)
Undistributed (Distributed in excess of) earnings:
Total undistributed (distributed in excess of) earnings			$ (129)
Weighted average shares outstanding (basic and diluted):
Weighted average shares outstanding (basic and diluted) (in shares)			491,638
Non-controlling Interest
Dividends Paid:
Dividends	$ (404)		$ (87)
Undistributed (Distributed in excess of) earnings:
Total undistributed (distributed in excess of) earnings	$ (24)		$ (55)
Weighted average shares outstanding (basic and diluted):
Weighted average shares outstanding (basic and diluted) (in shares)	733,371		212,000
Convertible Non-controlling Interest [Member]
Weighted average shares outstanding (basic and diluted):
Weighted average shares outstanding (basic and diluted) (in shares)	30,480,908
[1]	For the three-month period ended March 31, 2019, dividends totaling $0.55 per share of common stock outstanding were declared.

(Schedule of Restricted Cash) (

(Schedule of Restricted Cash) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Restricted Cash [Line Items]
Restricted cash		$ 425
Minimum account balance required for regulatory purposes
Restricted Cash [Line Items]
Restricted cash		250
Flow consumer loan purchase and sale agreement
Restricted Cash [Line Items]
Restricted cash	$ 200	$ 175

Offsetting of Assets and Liab_3

Offsetting of Assets and Liabilities (Details) - USD ($) $ in Thousands		Mar. 31, 2019	Dec. 31, 2018
Financial derivatives–assets
Financial derivatives–assets, at fair value-	[1]	$ 15,356	$ 20,001
Financial Instruments Available for Offset		(12,082)	(10,910)
Cash Collateral (Received) Pledged	[2],[3]	(1,232)	(2,514)
Net Amount		2,042	6,577
Reverse repurchase agreements
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	[1]	25,381	61,274
Financial Instruments Available for Offset		(25,381)	(61,274)
Cash Collateral (Received) Pledged	[2],[3]	0	0
Net Amount		0	0
Repurchase agreements
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	[1]	(1,550,016)	(1,498,849)
Financial Instruments Available for Offset		25,381	61,274
Cash Collateral (Received) Pledged	[2],[3]	13,873	16,974
Net Amount		0	0
Financial derivatives–liabilities
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)	[1]	(26,904)	(20,806)
Financial Instruments Available for Offset		12,082	10,910
Cash Collateral (Received) Pledged	[2],[3]	10,373	9,896
Net Amount		(4,449)	0
Securities Collateral relating to Reverse Repurchase Agreements		1,850,000	1,790,000
Financial Derivatives - Assets
Financial derivatives–assets
Financial derivatives–assets, at fair value-			20,001
Financial Instruments Transferred or Pledged as Collateral	[2],[3]	0	0
Financial derivatives–liabilities
Excess cash collateral		3,000	100
Repurchase Agreements [Member]
Financial derivatives–assets
Financial Instruments Transferred or Pledged as Collateral	[2],[3]	0	0
Reverse repurchase agreements
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)			61,274
Financial Derivatives - Liabilities
Financial derivatives–assets
Financial Instruments Transferred or Pledged as Collateral	[2],[3]	0	0
Financial derivatives–liabilities
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)			20,806
Excess cash collateral		13,800	16,400
Reverse repurchase agreements
Financial derivatives–assets
Financial Instruments Transferred or Pledged as Collateral	[2],[3]	$ 1,510,762	$ 1,420,601
[1]	In the Company's Consolidated Statement of Assets, Liabilities, and Equity, all balances associated with repurchase agreements, reverse repurchase agreements, and financial derivatives are presented on a gross basis.
[2]	For the purpose of this presentation, for each row the total amount of financial instruments transferred or pledged and cash collateral (received) or pledged may not exceed the applicable gross amount of assets or (liabilities) as presented here. Therefore, the Company has reduced the amount of financial instruments transferred or pledged as collateral related to the Company's reverse repurchase agreements and cash collateral pledged on the Company's financial derivative liabilities. Total financial instruments transferred or pledged as collateral on the Company's reverse repurchase agreements as of December 31, 2018 were $1.79 billion. As of December 31, 2018 total cash collateral on financial derivative assets excludes excess net cash collateral pledged of $0.1 million. As of December 31, 2018 total cash collateral on financial derivative liabilities excludes excess cash collateral pledged of $16.4 million
[3]	When collateral is pledged to or pledged by a counterparty, it is often pledged or posted with respect to all positions with such counterparty, and in such cases such collateral cannot be specifically identified as relating to a specific asset or liability. As a result, in preparing the above tables, the Company has made assumptions in allocating pledged or posted collateral among the various rows.

Counterparty Risk (Exposure to

Counterparty Risk (Exposure to Counterparty Risk) (Details) - Counterparty Risk [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)counterparty
Cash and Cash Equivalents [Member]
Concentration Risk [Line Items]
Amount of Exposure | $	$ 55,876
Number of Counterparties with Exposure | counterparty	7
Percentage of Total Outstanding Unpaid Principal Balance	55.90%
Collateral On Repurchase Agreements Held By Dealers [Member]
Concentration Risk [Line Items]
Amount of Exposure | $	$ 1,864,614
Number of Counterparties with Exposure | counterparty	25
Percentage of Total Outstanding Unpaid Principal Balance	16.00%
Due From Broker [Member]
Concentration Risk [Line Items]
Amount of Exposure | $	$ 58,145
Number of Counterparties with Exposure | counterparty	17
Percentage of Total Outstanding Unpaid Principal Balance	24.90%
Receivable For Securities Sold [Member]
Concentration Risk [Line Items]
Amount of Exposure | $	$ 40,489
Number of Counterparties with Exposure | counterparty	6
Percentage of Total Outstanding Unpaid Principal Balance	29.70%

Counterparty Risk (Narrative) (

Counterparty Risk (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2018	Mar. 31, 2019
Risks and Uncertainties [Abstract]
Investments held with dealers as collateral		$ 1,790,000	$ 1,850,000
Pledged Financial Instruments, Not Separately Reported, Securities For Repurchase Agreements Unsettled	$ 86,700	$ 86,700	20,700
Concentration risk threshold	15.00%	15.00%
Unencumbered investments held in custody		$ 13,300
Cash and cash equivalents(1)	$ 44,700	$ 44,656	$ 55,876	[1]
[1]	Ellington Financial Inc.'s Condensed Consolidated Balance Sheet includes assets and liabilities of variable interest entities it has consolidated. See Note 9 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.

Counterparty Risk (% of Total C

Counterparty Risk (% of Total Collateral on Reverse Repurchase Agreements) (Details)	Dec. 31, 2018
Royal Bank of Canada [Member]
Concentration Risk [Line Items]
Percentage of Total Collateral On Reverse Repurchase Agreements	19.00%

Counterparty Risk (% of Due fro

Counterparty Risk (% of Due from Brokers) (Details)	Dec. 31, 2018
Morgan Stanley [Member]
Concentration Risk [Line Items]
% of Total Due from Brokers	37.00%
J.P. Morgan Securities LLC [Member]
Concentration Risk [Line Items]
% of Total Due from Brokers	30.00%

Counterparty Risk (% of Total R

Counterparty Risk (% of Total Receivable for Securities Sold) (Details)	Dec. 31, 2018
J.P. Morgan Securities LLC [Member]
Concentration Risk [Line Items]
% of Total Receivable for Securities Sold	25.00%
Bank of America Securities [Member]
Concentration Risk [Line Items]
% of Total Receivable for Securities Sold	26.00%
CS First Boston Limited [Member]
Concentration Risk [Line Items]
% of Total Receivable for Securities Sold	34.00%

Counterparty Risk (Cash and Cas

Counterparty Risk (Cash and Cash Equivalents) (Details)	Dec. 31, 2018
Bank of New York Mellon Corporation [Member]
Concentration Risk [Line Items]
Concentration risk percentage, cash and cash equivalents	64.00%
Deutsche Bank Securities [Member]
Concentration Risk [Line Items]
Concentration risk percentage, cash and cash equivalents	5.00%
Bank of America Securities [Member]
Concentration Risk [Line Items]
Concentration risk percentage, cash and cash equivalents	2.00%
Morgan Stanley Institutional Liquidity Fund - Government Portfolio [Member]
Concentration Risk [Line Items]
Concentration risk percentage, cash and cash equivalents	10.00%
BlackRock Liquidity Funds FedFund Portfolio, Institutional Class Shares [Member]
Concentration Risk [Line Items]
Concentration risk percentage, cash and cash equivalents	9.00%
Goldman Sachs Financial Square Funds - Government Fund [Member]
Concentration Risk [Line Items]
Concentration risk percentage, cash and cash equivalents	9.00%
US Bank N.A. [Member]
Concentration Risk [Line Items]
Concentration risk percentage, cash and cash equivalents	1.00%

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Other Commitments [Line Items]
Unfunded commitments	$ 1,600,000	$ 1,000,000
Related party mortgage originator (with flow mortgage loan purchase and sale agreement) [Member] | Non-Exchange Traded Equity Investment in Mortgage Originators [Member]
Other Commitments [Line Items]
Unfunded commitments		0
Maximum guarantees	25,000,000	25,000,000
Drawn down amount being guaranteed	$ 9,400,000	$ 2,900,000

Financial Highlights (Narrative

Financial Highlights (Narrative) (Details)	3 Months Ended
	Mar. 31, 2018
Investment Company, Financial Highlights [Abstract]
Market Based Total Return	5.03%

Financial Highlights (Results o

Financial Highlights (Results of Operations for a Share Outstanding) (Details) - $ / shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Increase (Decrease) Equity Per Share [Roll Forward]
Beginning Shareholders' Equity Per Share (12/31/2017)	$ 19.15
Net Investment Income	0.33
Net Realized/Unrealized Gains (Losses)	0.36
Results of Operations Attributable to Equity	0.69
Less: Results of Operations Attributable to Non-controlling Interests	(0.01)
Results of Operations Attributable to Shareholders' Equity	0.68
Dividends Paid to Common Shareholders	(0.41)
Accretive (Dilutive) Effect of Share Issuances (Net of Offering Costs), Share Repurchases, and Adjustments to Non-controlling Interest	0.14
Ending Shareholders' Equity Per Share (3/31/2018 and 3/31/2017, respectively)	$ 19.56
Shares Outstanding, end of period	30,392,041	29,745,776	29,796,601	31,335,938
Shareholders Equity Per Share Upon Conversion Of All Convertible Units (in usd per share)	$ 19.25

Financial Highlights (Net Asset

Financial Highlights (Net Asset Value Based Total Return for a Shareholder) (Details)	3 Months Ended
	Mar. 31, 2018
Investment Company, Financial Highlights [Abstract]
Total Return	4.30%

Financial Highlights (Net Inves

Financial Highlights (Net Investment Income Ratio to Average Equity) (Details)	3 Months Ended
	Mar. 31, 2018
Investment Company, Financial Highlights [Abstract]
Net Investment Income (Loss) Ratio	6.75%

Financial Highlights (Expense R

Financial Highlights (Expense Ratios to Average Equity) (Details)	3 Months Ended
	Mar. 31, 2018
Investment Company, Financial Highlights [Abstract]
Operating expenses, before interest expense and other investment related expenses	(2.67%)
Interest expense and other investment related expenses	(9.56%)
Total Expenses	(12.23%)

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 12, 2019	Feb. 15, 2019	May 07, 2019	Apr. 05, 2019	Mar. 31, 2019	Mar. 11, 2019	Feb. 28, 2019	Feb. 14, 2019	Feb. 13, 2019	Aug. 18, 2017
Subsequent Event [Line Items]
Dividend Per Share (USD per share)						$ 0.14		$ 0.41
Common shares					$ 0.001		$ 0.001
Declared date	Mar. 11, 2019	Feb. 14, 2019
Payment Date	Apr. 25, 2019	Mar. 15, 2019
Record Date	Mar. 29, 2019	Mar. 1, 2019
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividend Per Share (USD per share)			$ 0.14	$ 0.14
Senior Notes
Subsequent Event [Line Items]
Debt Instrument, Face Amount									$ 86	$ 86
Debt Instrument, Interest Rate, Stated Percentage									5.50%	5.25%