Ellington Financial (EFC) 10-Q 9 Nov 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Nov. 06, 2020
Class of Stock [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-34569
Entity Registrant Name	Ellington Financial Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-0489289
Entity Address, Address Line One	53 Forest Avenue
Entity Address, City or Town	Old Greenwich
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06870
City Area Code	203
Local Phone Number	698-1200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		43,781,684
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001411342
Current Fiscal Year End Date	--12-31
Common Stock
Class of Stock [Line Items]
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	EFC
Security Exchange Name	NYSE
Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Title of 12(b) Security	6.750% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Trading Symbol	EFC PR A
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheet - USD ($) $ in Thousands		Sep. 30, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	[1]	$ 126,783	$ 72,302
Restricted cash	[1]	175	175
Securities, at fair value(1)	[1]	1,451,420	2,449,941
Loans, at fair value	[1]	1,442,612	1,412,426
Investment in unconsolidated entities, at fair value	[1]	95,803	71,850
Real estate owned	[1]	24,794	30,584
Financial derivatives—assets, at fair value		27,864	16,788
Reverse repurchase agreements		47,041	73,639
Due from brokers	[1]	63,991	79,829
Investment related receivables	[1]	67,540	123,120
Other assets	[1]	2,850	7,563
Total Assets		3,350,873	4,338,217
Liabilities
Securities sold short, at fair value		51,493	73,409
Repurchase agreements	[1]	1,439,984	2,445,300
Financial derivatives—liabilities, at fair value		34,814	27,621
Due to brokers		7,147	2,197
Investment related payables	[1]	0	66,133
Other secured borrowings	[1]	142,674	150,334
Other secured borrowings, at fair value	[1]	695,516	594,396
Senior notes, net		85,495	85,298
Base management fee payable to affiliate		2,981	2,663
Incentive fee payable to affiliate		0	116
Dividends payable		5,299	6,978
Interest payable	[1]	2,074	7,320
Accrued expenses and other liabilities	[1]	11,119	7,753
Total Liabilities		2,478,596	3,469,518
Commitments and contingencies
ANALYSIS OF EQUITY:
Preferred stock, par value $0.001 per share, 100,000,000 shares authorized;6.750% Series A Fixed-to-Floating Rate Cumulative Redeemable; 4,600,000 shares issued and outstanding ($115,000 liquidation preference)		111,034	111,034
Common stock, par value $0.001 per share, 100,000,000 shares authorized; 43,779,924 and 38,647,943 shares issued and outstanding, respectively		44	39
Additional paid-in-capital		916,038	821,747
Retained earnings (accumulated deficit)		(191,986)	(103,555)
Total Stockholders' Equity		835,130	829,265
Non-controlling interests	[1]	37,147	39,434
Total Equity		872,277	868,699
Total Liabilities and Equity		$ 3,350,873	$ 4,338,217
[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.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheet (Parenthetical) - USD ($)	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Common shares	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	43,781,684	38,647,943
Common stock, shares outstanding	43,781,684	38,647,943
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	100,000,000	100,000,000
Preferred Stock, Shares Issued	4,600,000	4,600,000
Preferred Stock, Shares Outstanding	4,600,000	4,600,000
Preferred Stock, Dividend Rate, Percentage	6.75%
Preferred Stock, Liquidation Preference, Value	$ 115,000	$ 115,000

Condensed Consolidated Statemen

Condensed Consolidated Statement of Operations - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net Interest Income
Interest income		$ 43,075	$ 39,985	$ 134,463	$ 114,548
Interest expense		(12,937)	(19,954)	(49,713)	(57,275)
Total net interest income		30,138	20,031	84,750	57,273
Other Income (Loss)
Realized gains (losses) on securities and loans, net		1,446	3,368	(2,335)	(3,460)
Realized (gains) losses on financial derivatives, net		(1,620)	(9,360)	(25,702)	(31,850)
Realized gains (losses) on real estate owned, net		(18)	1,165	121	1,205
Unrealized gains (losses) on securities and loans, net		24,208	6,519	(65,418)	51,395
Unrealized gains (losses) on financial derivatives, net		(298)	1,473	(2,109)	(9,136)
Unrealized gains (losses) on real estate owned, net		122	(22)	(462)	(535)
Other, net		(2,747)	539	(1,503)	4,349
Total other income (loss)		21,093	3,682	(97,408)	11,968
Expenses
Base management fee to affiliate (Net of fee rebates)	[1]	2,981	1,942	8,330	5,324
Other investment related expenses
Servicing expense		2,379	1,940	7,402	6,578
Debt issuance costs related to Other secured borrowings, at fair value		0	0	2,075	1,671
Other		1,199	1,347	3,328	3,668
Professional fees		1,209	698	3,819	3,832
Compensation expense		1,085	712	2,813	2,687
Other expenses		1,625	1,156	4,876	3,194
Total expenses		10,478	7,795	32,643	26,954
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities		40,753	15,918	(45,301)	42,287
Income Tax Expense (Benefit)		2,494	2	3,490	378
Earnings (losses) from investments in unconsolidated entities		11,443	2,796	10,590	6,947
Net Income (Loss)		49,702	18,712	(38,201)	48,856
Net income (loss) attributable to non-controlling interests		1,559	1,419	1,894	3,511
Preferred Stock Dividends, Income Statement Impact		1,940	0	5,822	0
Net Income (Loss) Attributable to Common Stockholders		$ 46,203	$ 17,293	$ (45,917)	$ 45,345
Net Income (Loss) per Share of Common Stock:
Basic and Diluted (USD per share)		$ 1.06	$ 0.53	$ (1.06)	$ 1.47
[1]	See Note 13 for further details on management fee rebates.

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019		Sep. 30, 2020	Sep. 30, 2019
Management Fee Expense, Rebates	$ 201	$ 503	[1]	$ 853	$ 1,458	[1]
[1]	See Note 13 for further details on management fee rebates.

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	Common Stock		Common StockTotal Stockholders' Equity	Common StockCommon Stock	Common StockAdditional Paid-in Capital
CHANGE IN SHAREHOLDERS’ EQUITY RESULTING FROM OPERATIONS
Preferred Stock, Value, Outstanding		$ 0
Beginning balance (in shares) at Dec. 31, 2018		29,796,601		29,796,601
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]			$ 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			(4)		(4)		4
Repurchase of shares of common stock (in shares)				(50,825)
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
Ending balance at Mar. 31, 2019		$ 592,434	562,209	$ 30	664,654	(102,475)	30,225
Beginning balance (in shares) at Dec. 31, 2018		29,796,601		29,796,601
Beginning balance at Dec. 31, 2018		$ 595,170	563,833	$ 0	665,356	(101,523)	31,337
CHANGE IN SHAREHOLDERS’ EQUITY RESULTING FROM OPERATIONS
Stock Issued During Period, Shares, New Issues		4,025,000
Shares Issued As Payment of Incentive Fee, Shares		0
Repurchase of shares of common stock (in shares)		(50,825)
Repurchase of shares of common stock		$ (800)
Ending balance (in shares) at Sep. 30, 2019		33,774,386		33,774,386
Ending balance at Sep. 30, 2019		$ 668,967	635,446	$ 34	734,628	(99,216)	33,521
CHANGE IN SHAREHOLDERS’ EQUITY RESULTING FROM OPERATIONS
Dividends declared (in usd per share)		$ 1.39
Preferred Stock, Value, Outstanding		$ 0
Beginning balance (in shares) at Mar. 31, 2019				29,745,776
Beginning balance at Mar. 31, 2019		592,434	562,209	$ 30	664,654	(102,475)	30,225
CHANGE IN SHAREHOLDERS’ EQUITY RESULTING FROM OPERATIONS
Net income (loss)		13,656	12,644			12,644	1,012
Contributions from non-controlling interests		4,936					4,936
Dividends	[2]	(12,801)	(12,493)			(12,493)	(308)
Distributions to non-controlling interests		(5,225)					(5,225)
Share-based long term incentive plan unit awards		$ 114	110		110		4
Ending balance (in shares) at Jun. 30, 2019		29,745,776		29,745,776
Ending balance at Jun. 30, 2019		$ 593,114	562,470	$ 30	664,764	(102,324)	30,644
CHANGE IN SHAREHOLDERS’ EQUITY RESULTING FROM OPERATIONS
Preferred Stock, Value, Outstanding		0
Net income (loss)		$ 18,712	17,293			17,293	1,419
Stock Issued During Period, Shares, New Issues		4,025,000						4,025,000	[3]
Stock Issued During Period, Value, New Issues	[3]							$ 69,810		$ 69,810	$ 4	$ 69,806
Shares Issued As Payment of Incentive Fee, Shares		0
Contributions from non-controlling interests		$ 9,428					9,428
Dividends	[2]	(14,494)	(14,185)			(14,185)	(309)
Distributions to non-controlling interests		$ (7,719)					(7,719)
Adjustment to non-controlling interests			(56)		(56)		56
Stock issued during period, shares, conversion of units								(3,610)
Repurchase of shares of common stock (in shares)		0
Share-based long term incentive plan unit awards		$ 116	114		114		2
Ending balance (in shares) at Sep. 30, 2019		33,774,386		33,774,386
Ending balance at Sep. 30, 2019		$ 668,967	635,446	$ 34	734,628	(99,216)	33,521
CHANGE IN SHAREHOLDERS’ EQUITY RESULTING FROM OPERATIONS
Dividends declared (in usd per share)		$ 0.42
Preferred Stock, Value, Outstanding		$ 0
Preferred Stock, Value, Outstanding		$ 111,034
Beginning balance (in shares) at Dec. 31, 2019		38,647,943		38,647,943
Beginning balance at Dec. 31, 2019		$ 868,699	829,265	$ 39	821,747	(103,555)	39,434
CHANGE IN SHAREHOLDERS’ EQUITY RESULTING FROM OPERATIONS
Net income (loss)		(128,342)	(127,457)			(127,457)	(885)
Stock Issued During Period, Shares, New Issues	[3]							5,290,000
Stock Issued During Period, Value, New Issues	[3]							$ 95,292		95,292	5	95,287
Shares Issued As Payment of Incentive Fee, Shares								637
Shares Issued As Payment of Incentive Fee								$ 12		$ 12	$ 0	$ 12
Contributions from non-controlling interests		3,487					3,487
Dividends	[2]	(20,057)	(19,748)			(19,748)	(309)
Dividends, Preferred Stock, Cash	[4]	(1,941)	(1,941)			(1,941)	0
Distributions to non-controlling interests		(4,798)					(4,798)
Adjustment to non-controlling interests			(545)		(545)		545
Stock issued during period, shares, conversion of units				129,516
Stock Issued During Period, Value, Conversion of Units			2,378		2,378		2,378
Repurchase of shares of common stock (in shares)				(288,172)
Repurchase of shares of common stock		(3,035)	(3,035)		(3,035)
Share-based long term incentive plan unit awards		164	162		162		2
Ending balance (in shares) at Mar. 31, 2020				43,779,924
Ending balance at Mar. 31, 2020		$ 809,481	774,383	$ 44	916,006	(252,701)	35,098
Beginning balance (in shares) at Dec. 31, 2019		38,647,943		38,647,943
Beginning balance at Dec. 31, 2019		$ 868,699	829,265	$ 39	821,747	(103,555)	39,434
CHANGE IN SHAREHOLDERS’ EQUITY RESULTING FROM OPERATIONS
Stock Issued During Period, Shares, New Issues		5,290,000
Shares Issued As Payment of Incentive Fee, Shares		637
Repurchase of shares of common stock (in shares)		(290,050)
Repurchase of shares of common stock		$ (3,100)
Ending balance (in shares) at Sep. 30, 2020		43,781,684		43,781,684
Ending balance at Sep. 30, 2020		$ 872,277	835,130	$ 44	916,038	(191,986)	37,147
CHANGE IN SHAREHOLDERS’ EQUITY RESULTING FROM OPERATIONS
Dividends declared (in usd per share)		$ 0.97
Preferred Stock, Dividends Per Share, Declared		$ 0.84375
Preferred Stock, Value, Outstanding		$ 111,034
Beginning balance (in shares) at Mar. 31, 2020				43,779,924
Beginning balance at Mar. 31, 2020		809,481	774,383	$ 44	916,006	(252,701)	35,098
CHANGE IN SHAREHOLDERS’ EQUITY RESULTING FROM OPERATIONS
Net income (loss)		40,439	39,219			39,219	1,220
Contributions from non-controlling interests		2,895					2,895
Dividends	[2]	(11,097)	(10,945)			(10,945)	(152)
Dividends, Preferred Stock, Cash	[4]	(1,941)	(1,941)			(1,941)	0
Distributions to non-controlling interests		(2,280)					(2,280)
Share-based long term incentive plan unit awards		$ 182	180		180		2
Ending balance (in shares) at Jun. 30, 2020		43,779,924		43,779,924
Ending balance at Jun. 30, 2020		$ 837,679	800,896	$ 44	916,186	(226,368)	36,783
CHANGE IN SHAREHOLDERS’ EQUITY RESULTING FROM OPERATIONS
Preferred Stock, Value, Outstanding		111,034
Net income (loss)		$ 49,702	48,143			48,143	1,559
Stock Issued During Period, Shares, New Issues		0
Shares Issued As Payment of Incentive Fee, Shares		0
Contributions from non-controlling interests		$ 1,199					1,199
Dividends	[2]	(11,987)	(11,821)			(11,821)	(166)
Dividends, Preferred Stock, Cash	[4]	(1,940)	(1,940)			(1,940)	0
Distributions to non-controlling interests		$ (2,541)					(2,541)
Adjustment to non-controlling interests			(369)		(369)		369
Stock issued during period, shares, conversion of units				3,638				0
Stock Issued During Period, Value, Conversion of Units			59		59		59
Repurchase of shares of common stock (in shares)		(1,878)		(1,878)
Repurchase of shares of common stock		$ (21)	(21)		(21)
Share-based long term incentive plan unit awards		$ 186	183		183		3
Ending balance (in shares) at Sep. 30, 2020		43,781,684		43,781,684
Ending balance at Sep. 30, 2020		$ 872,277	$ 835,130	$ 44	$ 916,038	$ (191,986)	$ 37,147
CHANGE IN SHAREHOLDERS’ EQUITY RESULTING FROM OPERATIONS
Dividends declared (in usd per share)		$ 0.27
Preferred Stock, Dividends Per Share, Declared		$ 0.421875
Preferred Stock, Value, Outstanding		$ 111,034
[1]	See Note 1 for further details on the share conversion.
[2]	For the three-month periods ended September 30, 2020 and 2019, dividends totaling $0.27 and $0.42, respectively, per share of common stock and convertible unit outstanding, were declared. For the nine-month periods ended September 30, 2020 and 2019, dividends totaling $0.97 and $1.39, respectively, per share of common stock and convertible unit outstanding, were declared.
[3]	Net of underwriters' discounts and offering costs.
[4]	For the three- and nine-month periods ended September 30, 2020, dividends totaling $0.421875 and $0.84375, respectively, per share of preferred stock was declared.

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019
Statement of Cash Flows [Abstract]
Net Income (Loss)		$ (38,201)	$ 48,856
Reconciliation of the net increase (decrease) in equity resulting from operations to net cash provided by (used in) operating activities:
Realized (gains) losses on securities and loans, net		2,335	3,460
Realized (gains) losses on financial derivatives, net		25,702	31,850
Realized (gains) losses on real estate owned, net		(121)	(1,205)
Unrealized (gains) losses on securities and loans, net		65,418	(51,395)
Unrealized (gains) losses on financial derivatives, net		2,109	9,136
Unrealized (gains) losses on real estate owned, net		462	535
Share-based long term incentive plan unit expense		500	300
Debt issuance costs related to Other secured borrowings, at fair value(1)		0	(1,034)
(Earnings) losses from investments in unconsolidated entities		(10,590)	(6,947)
Increase (decrease) in liabilities:
Net cash provided by (used in) operating activities		82,480	56,119
Cash Flows from Investing Activities:
Purchase of securities		(1,189,684)	(1,890,456)
Purchase of loans		(548,104)	(701,569)
Capital improvements of real estate owned		(153)	(240)
Proceeds from disposition of securities		1,830,612	1,353,755
Proceeds from disposition of loans		8,006	28,344
Contributions to investments in unconsolidated entities		(19,711)	(39,369)
Distributions from investments in unconsolidated entities		17,181	43,587
Proceeds from disposition of real estate owned		7,801	5,579
Proceeds from principal payments of securities		284,242	175,804
Proceeds from principal payments of loans		337,748	207,413
Proceeds from investments sold short		264,267	508,074
Repurchase of securities sold short		(292,105)	(549,782)
Payments on financial derivatives		(99,800)	(79,558)
Proceeds from financial derivatives		68,546	45,368
Payments made on reverse repurchase agreements		(6,659,967)	(4,171,036)
Proceeds from reverse repurchase agreements		6,686,565	4,343,602
Due from brokers, net		12,376	10,160
Due to brokers, net		5,641	(2,995)
Net cash provided by (used in) investing activities		713,461	(713,319)
Cash flows provided by (used in) financing activities:
Net proceeds from issuance of common stock	[1]	95,537	70,035
Offering costs paid		(253)	(462)
Repurchase of common stock		(3,056)	(782)
Dividends paid		(50,642)	(39,226)
Contributions from non-controlling interests		9,134	16,876
Distributions to non-controlling interests		(7,961)	(17,250)
Proceeds from issuance of securitized debt		45,963	28,490
Proceeds from issuance of Other secured borrowings		205,357	70,988
Principal payment on securitized debt		(59,893)	(51,439)
Borrowings under repurchase agreements		3,445,412	6,110,390
Repayments of repurchase agreements		(4,423,440)	(5,540,301)
Due from brokers, net		2,620	(3,826)
Due to brokers, net		(238)	3,086
Net cash provided by (used in) financing activities		(741,460)	645,545
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash		54,481	(11,655)
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period		72,477	45,081
Cash, Cash Equivalents, and Restricted Cash, End of Period		126,958	33,426
Supplemental disclosure of cash flow information:
Interest paid		54,958	58,298
Dividends payable		5,299	4,833
Contribution from non-controlling interest (non-cash)		2,340	0
Distributions to non-controlling interests		(2,340)	0
Income tax paid		505	142
Share-based long term incentive plan unit awards (non-cash)		500	300
Transfers from mortgage loans to real estate owned (non-cash)		2,198	18,314
Transfers from mortgage loans to investments in non-consolidated entities (non-cash)		10,833	0
Purchase of investments (non-cash)		0	(2,975)
Purchase of Loans Non Cash		6,270	0
Proceeds from issuance of Other secured borrowings (non-cash)		6,270	0
Proceeds from principal payments of investments (non-cash)		138,608	78,887
Repayments of repurchase agreement (non-cash)		(27,288)	(148,158)
Principal payments on Other secured borrowings, at fair value (non-cash)		(138,608)	(78,887)
Proceeds received from Other secured borrowings, at fair value (non-cash)		27,735	148,547
Repayment of senior notes (non-cash)		0	(86,000)
Issuance of senior notes (non-cash)		$ 0	$ 86,000
[1]	Net of underwriters' discounts.

Organization and Investment Obj

Organization and Investment Objective	9 Months Ended
	Sep. 30, 2020
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 98.8% 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 has elected to be taxed as a REIT for U.S. federal income tax purposes. 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 and commercial mortgage loans, residential mortgage-backed securities, or "RMBS," commercial mortgage-backed securities, or "CMBS," consumer loans and asset-backed securities, or "ABS," including 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 (the "Manager") is an SEC-registered investment adviser 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. The Manager 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. COVID-19 Impact During the first quarter of 2020, there was a worldwide outbreak of a novel coronavirus disease, or "COVID-19." The outbreak was declared a pandemic by the World Health Organization and numerous countries, including the United States, have responded by instituting quarantines or lockdowns, imposing restrictions on travel, restrictions on the ability of individuals to assemble in groups, and restrictions on the ability of certain businesses to operate, all of which have resulted in significant disruptions in the U.S. and global economies. In mid-March 2020, adverse economic conditions related to the COVID-19 pandemic began to impact the Company's financial position and results of operations. The COVID-19 pandemic has contributed to volatility, dislocations in the financial markets, and illiquidity. As a result, during the first quarter of 2020 the Company received margin calls under its repurchase agreements that were higher than typical historical levels. During the second and third quarters, prices for most credit assets, which are assets for which the principal and interest payments are not guaranteed by a U.S. government agency or a U.S. government-sponsored entity, stabilized, and market volatility subsided, and as a result our margin calls reverted to more typical levels. We satisfied all margin calls during the nine-month period ended September 30, 2020. Actions by the U.S. Federal Reserve starting in the second half of March 2020 helped stabilize the market for certain assets, including 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," and investment-grade corporate bonds, while other sectors, including non- investment-grade CMBS and CLOs, noticeably lagged. In light of the heightened levels of market volatility and systemic liquidity risk experienced during the first quarter of 2020, the Company proactively reduced the size of its Agency RMBS portfolio, thereby bolstering its liquidity and lowering its leverage. In the second quarter, the Company resumed making new credit and Agency RMBS investments, but as of September 30, 2020, its investment portfolios were smaller and its debt-to-equity ratio lower than prior to the outbreak of COVID-19, and the Company maintained a higher cash balance. The Company's management team has implemented business continuity plans, and the Company, the Manager, and Ellington continue to be fully operational in a largely work-from-home environment.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
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 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 (particularly in light of the significant volatility, lack of pricing transparency, and market dislocations that have been caused by the COVID-19 pandemic, and associated responses to the pandemic). 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 the condensed consolidated financial statements and notes thereto should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2019 and Part II. Item 1A— Risk Factors, included in the Company's Quarterly Report on Form 10-Q, as amended, for the three-month period ended March 31, 2020. 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 ended December 31, 2019, the Company determined that, effective January 1, 2019, it no longer qualified for investment company accounting in accordance with ASC 946-10-25, and has prospectively discontinued its use. The Company elected the fair value option, or "FVO," for, and therefore the Company continued 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 determined that the presentation of its condensed consolidated financial statements for periods beginning after December 31, 2018 are not comparable to the condensed consolidated financial statements previously prepared for prior periods for which the Company applied ASC 946. 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 (losses) from investments in unconsolidated entities, on the Condensed Consolidated Statement of Operations. (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 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, credit default swaps, or "CDS," on individual ABS, 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, 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. 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 third-party pricing services. 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. Periods after January 1, 2020— For periods subsequent to the Company's application of the principles of ASU 2016-13, Financial Instruments—Credit Losses ("ASU 2016-13"), as discussed below, the Company evaluates the cost basis of its investments in securities on at least a quarterly basis, under ASC 326-30, Financial Instruments—Credit Losses: Available-for-Sale Debt Securities ("ASC 326-30"). 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. The Company must evaluate the decline in the fair value of the impaired security and determine whether such decline resulted from a credit loss or non-credit related factors. In its assessment of whether a credit loss exists, the Company compares the present value of estimated future cash flows of the impaired security with the amortized cost basis of such security. The estimated future cash flows reflect those that a "market participant" would use and typically include assumptions related to fluctuations in interest rates, prepayment speeds, default rates, collateral performance, and the timing and amount of projected credit losses, as well incorporating observations of current market developments and events. Cash flows are discounted at an interest rate equal to the current yield used to accrete interest income. If the present value of estimated future cash flows is less than the amortized cost basis of the security, an expected credit loss exists and is included in Unrealized gains (losses) on securities and loans, net, on the Condensed Consolidated Statement of Operations. If it is determined as of the financial reporting date that all or a portion of a security's cost basis is not collectible, then the Company will recognize a realized loss to the extent of the adjustment to the security's cost basis. This adjustment to the amortized cost basis of the security is reflected in Net realized gains (losses) on securities and loans, net, on the Consolidated Statement of Operations. Periods prior to January 1, 2020— For periods prior to the Company's adoption of ASU 2016-13, the Company evaluated the cost basis of its investments in securities for other-than-temporary impairment, or "OTTI," on at least a quarterly basis. When the fair value of a security was less than its amortized cost basis as of the balance sheet date, the security's cost basis was considered impaired, and the impairment was designated as either temporary or other-than-temporary. When a security's cost basis was impaired, an OTTI was considered to have occurred if (i) the Company intended to sell the security, (ii) it was more likely than not that the Company would have been required to sell the security before recovery of its amortized cost basis, or (iii) the Company did not expect to recover the security's amortized cost basis, even if the Company did not intend to sell the security and it was not more likely than not that the Company would have been required to sell the security. Additionally, for securities accounted for under ASC 325-40, an impairment of the cost basis was recorded when there was an adverse change in the expected cash flows to be received and the fair value of the security was less than its carrying amount. Any resulting OTTI adjustments made to the cost basis of the security were 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 primarily 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. 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. The Company generates income from fees on certain loans, generally commercial mortgage loans, that it originates and holds for investment, including origination and exit fees. Such fee income is recorded when earned and included in Other, net on the Condensed Consolidated Statement of Operations. 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. Once consumer loans are more than 120 days past due, the Company will generally charge off such loans. The Company evaluates its charged-off loans and determines collectibility, if any, on such loans. The Company evaluates the collectibility 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 market developments, 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 elected the FVO on all of its loan investments. Periods after January 1, 2020 —For periods subsequent to the Company's application of the principles of ASU 2016-13, in its assessment of whether a credit loss exists, the Company compares the present value of the amount expected to be collected on the impaired loan with the amortized cost basis of such loan. If the present value of the amount expected to be collected on the impaired loan is less than the amortized cost basis of such loan, an expected credit loss exists and is included in Unrealized gains (losses) on securities and loans, net, on the Consolidated Statement of Operations. If it is determined as of the financial reporting date that all or a portion of a loan's cost basis is not collectible, then the Company will recognize a realized loss to the extent of the adjustment to the loan's cost basis. This adjustment to the amortized cost basis of the loan is reflected in Realized gains (losses) on securities and loans, net, on the Consolidated Statement of Operations. Periods prior to January 1, 2020 —For periods prior to the Company's application of the principles of ASU 2016-13, the Company recognized impairments through an adjustment to the amortized cost basis; the Company recognized 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 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. For purposes of estimating 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, GDP growth rates, and unemployment rates). These assumptions are re-evaluated not less than quarterly. Changes in projected cash flows may 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 market developments, the Company re-assesses the collectibility 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). Periods after January 1, 2020 —Certain of the Company's debt securities and loans, at the date of acquisition, have experienced or are expected to experience more-than-insignificant deterioration in credit quality since origination. For periods subsequent to the Company's application of the principles of ASU 2016-13, if at the date of acquisition for a particular asset the Company projects a significant difference between contractual cash flows and expected cash flows, it establishes an initial estimate for credit losses as an upward adjustment to the acquisition cost of the asset for the purpose of calculating interest income using the effective yield method. Periods prior to January 1, 2020 —Prior to the Company's application of the principles of ASU 2016-13, for each loan acquired that had evidence of credit deterioration since origination and the expectation that either principal or interest would not be paid in full, interest income was generally recognized using the effective interest method for so long as the cash flows could 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 amortized 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 updated its estimate of the cash flows expected to be collected over the life of the loan, and applied revised yields prospectively. In estimating future cash flows on the Company's debt securities, there are a number of assumptions that are 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 an

Valuation

Valuation	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Valuation	Valuation The tables below reflect 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 September 30, 2020 and December 31, 2019: September 30, 2020: Description Level 1 Level 2 Level 3 Total (In thousands) Assets: Securities, at fair value: Agency RMBS $ — $ 907,715 $ 12,140 $ 919,855 Non-Agency RMBS — 73,538 139,199 212,737 CMBS — 62,206 42,809 105,015 CLOs — 50,304 112,990 163,294 Asset-backed securities, backed by consumer loans — — 47,298 47,298 Corporate debt securities — — 2,207 2,207 Corporate equity securities — — 1,014 1,014 Loans, at fair value: Residential mortgage loans — — 1,030,709 1,030,709 Commercial mortgage loans — — 252,231 252,231 Consumer loans — — 152,609 152,609 Corporate loans — — 7,063 7,063 Investment in unconsolidated entities, at fair value — — 95,803 95,803 Financial derivatives–assets, at fair value: Credit default swaps on asset-backed securities — — 351 351 Credit default swaps on asset-backed indices — 9,722 — 9,722 Credit default swaps on corporate bonds — 39 — 39 Credit default swaps on corporate bond indices — 2,419 — 2,419 Interest rate swaps — 13,790 — 13,790 TBAs — 1,150 — 1,150 Total return swaps — — 105 105 Warrants — 31 — 31 Futures 1 — — 1 Forwards — 256 — 256 Total assets $ 1 $ 1,121,170 $ 1,896,528 $ 3,017,699 Liabilities: Securities sold short, at fair value: Government debt $ — $ (51,032) $ — $ (51,032) Corporate debt securities — (461) — (461) Financial derivatives–liabilities, at fair value: Credit default swaps on asset-backed indices — (142) — (142) Credit default swaps on corporate bonds — (580) — (580) Credit default swaps on corporate bond indices — (3,572) — (3,572) Interest rate swaps — (29,774) — (29,774) TBAs — (286) — (286) Futures (331) — — (331) Forwards — (41) — (41) Total return swaps — — (88) (88) Other secured borrowings, at fair value — — (695,516) (695,516) Total liabilities $ (331) $ (85,888) $ (695,604) $ (781,823) December 31, 2019: Description Level 1 Level 2 Level 3 Total (In thousands) Assets: Securities, at fair value: Agency RMBS $ — $ 1,917,059 $ 19,904 $ 1,936,963 Non-Agency RMBS — 76,969 89,581 166,550 CMBS — 95,063 29,805 124,868 CLOs — 125,464 44,979 170,443 Asset-backed securities, backed by consumer loans — — 48,610 48,610 Corporate debt securities — — 1,113 1,113 Corporate equity securities — — 1,394 1,394 Loans, at fair value: Residential mortgage loans — — 932,203 932,203 Commercial mortgage loans — — 274,759 274,759 Consumer loans — — 186,954 186,954 Corporate loans — — 18,510 18,510 Investment in unconsolidated entities, at fair value — — 71,850 71,850 Financial derivatives–assets, at fair value: Credit default swaps on asset-backed securities — — 993 993 Credit default swaps on asset-backed indices — 3,319 — 3,319 Credit default swaps on corporate bonds — 2 — 2 Credit default swaps on corporate bond indices — 5,599 — 5,599 Interest rate swaps — 5,468 — 5,468 TBAs — 596 — 596 Total return swaps — — 620 620 Futures 148 — — 148 Forwards — 43 — 43 Total assets $ 148 $ 2,229,582 $ 1,721,275 $ 3,951,005 Liabilities: Securities sold short, at fair value: Government debt $ — $ (72,938) $ — $ (72,938) Corporate debt securities — (471) — (471) Financial derivatives–liabilities, at fair value: Credit default swaps on asset-backed indices — (250) — (250) Credit default swaps on corporate bonds — (1,693) — (1,693) Credit default swaps on corporate bond indices — (14,524) — (14,524) Interest rate swaps — (8,719) — (8,719) TBAs — (1,012) — (1,012) Futures (45) — — (45) Forwards — (169) — (169) Total return swaps — (773) (436) (1,209) Other secured borrowings, at fair value — — (594,396) (594,396) Total liabilities $ (45) $ (100,549) $ (594,832) $ (695,426) The following tables identifies the significant unobservable inputs that affect the valuation of the Company's Level 3 assets and liabilities as of September 30, 2020 and December 31, 2019: September 30, 2020: Fair Value Valuation Unobservable Input Range Weighted Description Min Max (In thousands) Non-Agency RMBS $ 85,183 Market Quotes Non Binding Third-Party Valuation $ 9.43 $ 314.93 $ 87.41 CMBS 41,602 Market Quotes Non Binding Third-Party Valuation 4.56 95.32 59.06 CLOs 88,907 Market Quotes Non Binding Third-Party Valuation 2.00 93.50 78.04 Agency interest only RMBS 3,503 Market Quotes Non Binding Third-Party Valuation 0.80 22.13 12.60 Corporate loans 7,063 Market Quotes Non Binding Third-Party Valuation 100.00 100.00 100.00 ABS backed by consumer loans 107 Market Quotes Non Binding Third-Party Valuation 96.01 97.58 96.80 Non-Agency RMBS 54,016 Discounted Cash Flows Yield 0.8 % 60.0 % 8.5 % Projected Collateral Prepayments 13.5 % 77.6 % 59.2 % Projected Collateral Losses 0.0 % 70.3 % 8.7 % Projected Collateral Recoveries 0.0 % 46.5 % 10.3 % Projected Collateral Scheduled Amortization 7.7 % 70.4 % 21.8 % 100.0 % Non-Agency CMBS 1,207 Discounted Cash Flows Yield 23.1 % 25.7 % 23.7 % Projected Collateral Losses 0.7 % 0.9 % 0.8 % Projected Collateral Recoveries 1.9 % 3.8 % 3.4 % Projected Collateral Scheduled Amortization 95.4 % 97.4 % 95.8 % 100.0 % Corporate debt and equity 3,221 Discounted Cash Flows Yield 10.0 % 10.0 % 10.0 % CLOs 24,083 Discounted Cash Flows Yield 6.7 % 85.2 % 20.1 % Projected Collateral Prepayments 65.7 % 88.5 % 71.3 % Projected Collateral Losses 4.4 % 20.9 % 17.0 % Projected Collateral Recoveries 4.3 % 11.2 % 9.7 % Projected Collateral Scheduled Amortization 0.0 % 2.8 % 2.0 % 100.0 % ABS backed by consumer loans 47,191 Discounted Cash Flows Yield 14.0 % 23.6 % 14.1 % Projected Collateral Prepayments 0.0 % 9.8 % 7.3 % Projected Collateral Losses 1.0 % 34.7 % 16.3 % Projected Collateral Scheduled Amortization 56.7 % 99.0 % 76.4 % 100.0 % (continued) Fair Value Valuation Unobservable Input Range Weighted Description Min Max (In thousands) Consumer loans $ 152,609 Discounted Cash Flows Yield 9.0 % 12.0 % 10.0 % Projected Collateral Prepayments 0.0 % 37.1 % 12.9 % Projected Collateral Losses 1.1 % 86.6 % 10.7 % Projected Collateral Scheduled Amortization 13.4 % 98.2 % 76.4 % 100.0 % Performing commercial mortgage loans 228,560 Discounted Cash Flows Yield 6.8 % 10.4 % 8.0 % Non-performing commercial mortgage loans 23,671 Discounted Cash Flows Yield 9.5 % 16.2 % 12.5 % Months to Resolution 4.9 8.8 7.0 Performing and re-performing residential mortgage loans 245,027 Discounted Cash Flows Yield 0.6 % 54.3 % 6.0 % Securitized residential mortgage loans (1)(2) 760,420 Discounted Cash Flows Yield 1.8 % 7.3 % 4.2 % Non-performing residential mortgage loans 25,262 Discounted Cash Flows Yield 1.5 % 28.4 % 10.3 % Months to Resolution — 90.9 33.2 Total return swaps—asset 105 Discounted Cash Flows Yield 11.7 % 20.8 % 12.7 % Credit default swaps on asset-backed securities 351 Net Discounted Cash Flows Projected Collateral Prepayments 33.3 % 41.0 % 39.2 % Projected Collateral Losses 6.8 % 11.2 % 9.1 % Projected Collateral Recoveries 13.6 % 18.3 % 15.2 % Projected Collateral Scheduled Amortization 35.1 % 41.6 % 36.5 % 100.0 % Agency interest only RMBS 8,637 Option Adjusted Spread ("OAS") LIBOR OAS (3)(4) 160 3,992 954 Projected Collateral Prepayments 0.7 % 100.0 % 78.3 % Projected Collateral Scheduled Amortization 0.0 % 99.3 % 21.7 % 100.0 % Investment in unconsolidated entities 95,803 Enterprise Value Equity Price-to-Book (5) 1.0x 4.0x 1.3x Other secured borrowings, at fair value (1)(6) (695,516) Discounted Cash Flows Yield 1.8% 3.3% 2.4% Total return swaps—liability (88) Discounted Cash Flows Yield 20.8% 20.8% 20.8% (1) Securitized residential mortgage loans and Other secured borrowings, at fair value, represent financial assets and liabilities of the Company's CFEs as discussed in Note 2. (2) Includes $37.1 million of non-performing securitized residential mortgage loans. (3) Shown in basis points. (4) For range minimum, range maximum, and the weighted average of LIBOR OAS, excludes Agency interest only securities with a negative LIBOR OAS, with a total fair value of $1.4 million. Including these securities the weighted average was 596 basis points. (5) Represents an estimation of where market participants might value an enterprise on a price-to-book basis. (6) For range minimum, range maximum, and the weighted average of yield, excludes Other secured borrowings, at fair value with a negative yield, with a total fair value of $(116.1) million. Including these borrowings the weighted average yield was 1.81%. December 31, 2019: Fair Value Valuation Unobservable Input Range Weighted Description Min Max (In thousands) Non-Agency RMBS $ 38,754 Market Quotes Non Binding Third-Party Valuation $ 6.68 $ 144.79 $ 86.21 CMBS 29,630 Market Quotes Non Binding Third-Party Valuation 5.08 80.72 64.73 CLOs 38,220 Market Quotes Non Binding Third-Party Valuation 40.00 96.00 73.98 Agency interest only RMBS 3,753 Market Quotes Non Binding Third-Party Valuation 1.36 16.61 5.11 Corporate loans 6,010 Market Quotes Non Binding Third-Party Valuation 100.00 100.00 100.00 ABS backed by consumer loans 139 Market Quotes Non Binding Third-Party Valuation 95.47 96.78 96.12 Non-Agency RMBS 50,827 Discounted Cash Flows Yield 3.3 % 60.9 % 10.0 % Projected Collateral Prepayments 0.8 % 72.0 % 49.3 % Projected Collateral Losses 0.0 % 22.7 % 6.6 % Projected Collateral Recoveries 0.0 % 32.4 % 6.9 % Projected Collateral Scheduled Amortization 16.9 % 92.9 % 37.2 % 100.0 % Non-Agency CMBS 175 Discounted Cash Flows Yield 10.0 % 10.0 % 10.0 % Projected Collateral Prepayments 100.0 % 100.0 % 100.0 % 100.0 % Corporate debt and equity 2,507 Discounted Cash Flows Yield 10.0 % 10.0 % 10.0 % CLOs 6,759 Discounted Cash Flows Yield 14.0 % 41.9 % 26.2 % Projected Collateral Prepayments 48.5 % 84.6 % 72.5 % Projected Collateral Losses 11.7 % 36.4 % 19.9 % Projected Collateral Recoveries 3.7 % 15.1 % 7.6 % 100.0 % ABS backed by consumer loans 48,471 Discounted Cash Flows Yield 12.0 % 20.2 % 12.1 % Projected Collateral Prepayments 0.0 % 11.2 % 9.7 % Projected Collateral Losses 0.6 % 18.0 % 15.4 % Projected Collateral Scheduled Amortization 71.3 % 99.4 % 74.9 % 100.0 % (continued) Fair Value Valuation Unobservable Input Range Weighted Description Min Max (In thousands) Consumer loans $ 186,954 Discounted Cash Flows Yield 7.0 % 10.0 % 8.1 % Projected Collateral Prepayments 0.0 % 44.2 % 16.0 % Projected Collateral Losses 3.0 % 84.5 % 8.6 % Projected Collateral Scheduled Amortization 15.5 % 95.8 % 75.4 % 100.0 % Corporate loans 12,500 Discounted Cash Flows Yield 15.0 % 18.0 % 16.8 % Performing commercial mortgage loans 248,214 Discounted Cash Flows Yield 7.7 % 16.6 % 8.8 % Non-performing commercial mortgage loans 26,545 Discounted Cash Flows Yield 9.8 % 14.7 % 12.4 % Months to Resolution 1.1 23.0 11.4 Performing and re-performing residential mortgage loans 289,672 Discounted Cash Flows Yield 1.6 % 19.5 % 6.2 % Securitized residential mortgage loans (1)(2) 628,415 Discounted Cash Flows Yield 3.2 % 4.3 % 3.6 % Non-performing residential mortgage loans 14,116 Discounted Cash Flows Yield 1.0 % 26.6 % 9.1 % Months to Resolution 1.1 165.4 54.6 Total return swaps—asset 620 Discounted Cash Flows Yield 8.5 % 27.7 % 11.5 % Credit default swaps on asset-backed securities 993 Net Discounted Cash Flows Projected Collateral Prepayments 35.4 % 42.0 % 37.3 % Projected Collateral Losses 4.2 % 12.4 % 10.2 % Projected Collateral Recoveries 10.0 % 18.2 % 15.3 % Projected Collateral Scheduled Amortization 36.2 % 41.5 % 37.2 % 100.0 % Agency interest only RMBS 16,151 Option Adjusted Spread ("OAS") LIBOR OAS (3) 93 3,527 701 Projected Collateral Prepayments 12.3 % 100.0 % 72.3 % Projected Collateral Scheduled Amortization 0.0 % 87.7 % 27.7 % 100.0 % Investment in unconsolidated entities 41,392 Enterprise Value Equity Price-to-Book (4) 1.0x 4.7x 1.7x Investment in unconsolidated entities 30,458 Discounted Cash Flows Yield (5) 3.7% 14.8% 9.9% Other secured borrowings, at fair value (1) (594,396) Discounted Cash Flows Yield 2.9% 4.0% 3.3% Total return swaps—liability (436) Discounted Cash Flows Yield 27.7% 27.7% 27.7% (1) Securitized residential mortgage loans and Other secured borrowings, at fair value, represent financial assets and liabilities of the Company's CFEs as discussed in Note 2. (2) Includes $1.5 million of non-performing securitized residential mortgage loans. (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 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 includes a roll-forward of the Company's financial instruments for the three- and nine-month periods ended September 30, 2020 and 2019 (including the change in fair value), for financial instruments classified by the Company within Level 3 of the valuation hierarchy. Three-Month Period Ended September 30, 2020 (In thousands) Beginning Balance as of Accreted Net Realized Change in Net Purchases/Payments (1) Sales/Issuances (2) Transfers Into Level 3 Transfers Out of Level 3 Ending Assets: Securities, at fair value: Agency RMBS $ 12,907 $ (1,482) $ 494 $ 280 $ 3,490 $ (2,243) $ 2,621 $ (3,927) $ 12,140 Non-Agency RMBS 128,607 884 (77) 2,610 21,138 (6,395) 10,895 (18,463) 139,199 CMBS 65,695 659 8 4,117 12,699 (8) 560 (40,921) 42,809 CLOs 136,466 1,962 (82) 1,920 2,241 (127) 6,483 (35,873) 112,990 Asset-backed securities backed by consumer loans 47,941 (1,435) (4) 1,165 7,455 (7,824) — — 47,298 Corporate debt securities 1,951 — 296 509 28 (577) — — 2,207 Corporate equity securities 1,084 — — (73) 3 — — — 1,014 Loans, at fair value: Residential mortgage loans 948,447 (2,009) (146) 15,672 139,609 (70,864) — — 1,030,709 Commercial mortgage loans 295,496 17 36 (6) 18,881 (62,193) — — 252,231 Consumer loans 166,681 (6,342) (112) (1,627) 28,554 (34,545) — — 152,609 Corporate loan 6,227 — — — 836 — — — 7,063 Investments in unconsolidated entities, at fair value 72,553 — 62 11,381 15,307 (3,500) — — 95,803 Financial derivatives–assets, at fair value: Credit default swaps on asset-backed securities 353 — 1 (2) 3 (4) — — 351 Total return swaps 442 — (129) (338) 209 (79) — — 105 Total assets, at fair value $ 1,884,850 $ (7,746) $ 347 $ 35,608 $ 250,453 $ (188,359) $ 20,559 $ (99,184) $ 1,896,528 Liabilities: Financial derivatives–assets, at fair value: Total return swaps $ (77) $ — $ 4 $ (11) $ (4) $ — $ — $ — $ (88) Other secured borrowings, at fair value (742,688) — — (5,178) 52,350 — — — (695,516) Total liabilities, at fair value $ (742,765) $ — $ 4 $ (5,189) $ 52,346 $ — $ — $ — $ (695,604) (1) For Investments in unconsolidated entities, at fair value, amount represents contributions to investments in unconsolidated entities. (2) For Investments in unconsolidated entities, at fair value, amount represents distributions from investments in unconsolidated entities. 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 September 30, 2020, as well as Level 3 financial instruments disposed of by the Company during the three-month period ended September 30, 2020. For Level 3 financial instruments held by the Company at September 30, 2020, change in net unrealized gain (loss) of $9.3 million, $14.2 million, $11.3 million, $(0.3) million, $(11) thousand, and $(5.2) million, for the three-month period ended September 30, 2020 relate to securities, loans, investments in unconsolidated entities, financial derivatives–assets, financial derivatives–liabilities, and other secured borrowings, at fair value, respectively. At September 30, 2020, the Company transferred $99.2 million of assets from Level 3 to Level 2 and $20.6 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. Three-Month Period Ended September 30, 2019 (In thousands) Beginning Balance as of Accreted Net Realized Change in Net Purchases/ (1) Sales/ (2) Transfers Into Level 3 Transfers Out of Level 3 Ending Assets: Securities, at fair value: Agency RMBS $ 11,034 $ (1,164) $ (621) $ 696 $ 13,254 $ — $ 737 $ (437) $ 23,499 Non-Agency RMBS 96,790 (121) 7,836 (6,457) 6,483 (21,457) 5,808 (7,400) 81,482 CMBS 6,278 25 374 (302) 6,815 (1,474) 652 — 12,368 CLOs 17,222 (184) 1,158 184 — (1,139) 15,287 (4,520) 28,008 Asset-backed securities backed by consumer loans 25,019 (611) (100) (320) 18,638 (3,310) — — 39,316 Corporate debt securities 4,081 — (583) 142 6,425 (6,883) — — 3,182 Corporate equity securities 1,791 — (768) (61) 1,316 — — — 2,278 Loans, at fair value: Residential mortgage loans 663,880 (2,241) (400) 3,559 191,512 (58,582) — — 797,728 Commercial mortgage loans 260,034 (52) (1) 507 32,426 (32,288) — — 260,626 Consumer loans 162,609 (6,474) (1,055) 28 33,101 (36,510) — — 151,699 Corporate loans 5,000 — — — 10,790 — — — 15,790 Investment in unconsolidated entities, at fair value 69,676 — (139) 2,935 9,643 (11,680) — — 70,435 Financial derivatives–assets, at fair value: Credit default swaps on asset-backed securities 1,090 — 16 (12) 10 (26) — — 1,078 Total return swaps 87 — (15) 148 — 15 — — 235 Total assets, at fair value $ 1,324,591 $ (10,822) $ 5,702 $ 1,047 $ 330,413 $ (173,334) $ 22,484 $ (12,357) $ 1,487,724 Liabilities: Financial derivatives–liabilities, at fair value: Total return swaps $ — $ — $ 48 $ (214) $ — $ (48) $ — $ — $ (214) Other secured borrowings, at fair value $ (475,816) $ — $ — $ (72) $ 37,259 $ — $ — $ — $ (438,629) Total liabilities, at fair value $ (475,816) $ — $ 48 $ (286) $ 37,259 $ (48) $ — $ — $ (438,843) (1) For Investments in unconsolidated entities, at fair value, amount represents contributions to investments in unconsolidated entities. (2) For Investments in unconsolidated entities, at fair value, amount represents distributions from investments in unconsolidated entities. 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 September 30, 2019, as well as Level 3 financial instruments disposed of by the Company during the three-month period ended September 30, 2019. For Level 3 financial instruments held by the Company at September 30, 2019, change in net unrealized gain (loss) of $(4.7) million, $4.1 million, $3.3 million, $0.1 million, $(0.2) million, and $(0.1) million, for the three-month period ended September 30, 2019 relate to securities, loans, investments in unconsolidated entities, financial derivatives–assets, financial derivatives–liabilities, and other secured borrowings, at fair value, respectively. At September 30, 2019, the Company transferred $12.4 million of assets from Level 3 to Level 2 and $22.5 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. Nine-Month Period Ended September 30, 2020 (In thousands) Beginning Balance as of Accreted Net Realized Change in Net Purchases/Payments (1) Sales/Issuances (2) Transfers Into Level 3 Transfers Out of Level 3 Ending Assets: Securities, at fair value: Agency RMBS $ 19,904 $ (6,072) $ 614 $ 2,803 $ 8,219 $ (3,295) $ 2,177 $ (12,210) $ 12,140 Non-Agency RMBS 89,581 1,113 303 (1,996) 61,933 (29,811) 22,974 (4,898) 139,199 CMBS 29,805 617 (867) (4,638) 51,432 (32,284) 7,828 (9,084) 42,809 CLOs 44,979 1,237 (7,586) (24,206) 47,730 — 53,462 (2,626) 112,990 Asset-backed securities backed by consumer loans 48,610 (3,584) (200) (1,501) 25,001 (21,028) — — 47,298 Corporate debt securities 1,113 — 504 991 3,450 (3,851) — — 2,207 Corporate equity securities 1,394 — 7 (741) 366 (12) — — 1,014 Loans, at fair value: Residential mortgage loans 932,203 (4,414) (722) 7,008 340,842 (244,208) — — 1,030,709 Commercial mortgage loans 274,759 113 135 (140) 107,608 (130,244) — — 252,231 Consumer loans 186,954 (21,712) (97) (6,965) 104,872 (110,443) — — 152,609 Corporate loan 18,510 — — — 1,053 (12,500) — — 7,063 Investments in unconsolidated entities, at fair value 71,850 — 62 10,528 29,522 (16,159) — — 95,803 Financial derivatives–assets, at fair value: Credit default swaps on asset-backed securities 993 — (955) 915 29 (631) — — 351 Total return swaps 620 — 113 (515) 209 (322) — — 105 Total assets, at fair value $ 1,721,275 $ (32,702) $ (8,689) $ (18,457) $ 782,266 $ (604,788) $ 86,441 $ (28,818) $ 1,896,528 Liabilities: Financial derivatives–liabilities, at fair value: Total return swaps $ (436) $ — $ (501) $ 349 $ 500 $ — $ — $ — $ (88) Other secured borrowings, at fair value (594,396) — — (6,636) 138,608 (233,092) — — (695,516) Total liabilities, at fair value $ (594,832) $ — $ (501) $ (6,287) $ 139,108 $ (233,092) $ — $ — $ (695,604) (1) For Investments in unconsolidated entities, at fair value, amount represents contributions to investments in unconsolidated entities. (2) For Investments in unconsolidated entities, at fair value, amount represents distributions from investments in unconsolidated entities. 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 September 30, 2020, as well as Level 3 financial instruments disposed of by the Company during the nine-month period ended September 30, 2020. For Level 3 financial instruments held by the Company at September 30, 2020, change in net unrealized gain (loss) of $(56.3) million, $12 thousand, $10.2 million, $0.6 million, $(0.1) million, and $(6.6) million, for the nine-month period ended September 30, 2020 relate to securities, loans, investments in unconsolidated entities, financial derivatives–assets, financial derivatives–liabilities, and other secured borrowings, at fair value, respectively. At September 30, 2020, the Company transferred $28.8 million of assets from Level 3 to Level 2 and $86.4 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. Nine-Month Period Ended September 30, 2019 (In thousands) Beginning Balance as of Accreted Net Realized Change in Net Purchases/ (1) Sales/ (2) Transfers Into Level 3 Transfers Out of Level 3 Ending Assets: Securities, at fair value: Agency RMBS $ 7,293 $ (2,228) $ (1,228) $ 1,430 $ 14,854 $ (463) $ 4,708 $ (867) $ 23,499 Non-Agency RMBS 91,291 104 7,187 (4,482) 10,239 (27,514) 14,633 (9,976) 81,482 CMBS 803 (16) 76 (73) 7,937 (221) 3,862 — 12,368 CLOs 14,915 (670) (536) 1,889 816 (1,125) 15,287 (2,568) 28,008 Asset-backed securities backed by consumer loans 22,800 (1,580) (765) 537 28,189 (9,865) — — 39,316 Corporate debt securities 6,318 22 (928) 65 9,257 (11,552) — — 3,182 Corporate equity securities 1,534 — (910) 337 1,317 — — — 2,278 Loans, at fair value: Residential mortgage loans 496,829 (4,515) 1,554 7,717 452,958 (156,815) — — 797,728 Commercial mortgage loans 195,301 1,087 1,412 (1,844) 128,839 (64,169) — — 260,626 Consumer loans 183,961 (22,432) (4,565) 2,726 103,983 (111,974) — — 151,699 Corporate loan — — — — 15,790 — — — 15,790 Investment in unconsolidated entities, at fair value 72,298 276 1,545 5,125 40,097 (48,906) — — 70,435 Financial derivatives–assets, at fair value: Credit default swaps on asset-backed securities 1,472 — 419 (394) 18 (437) — — 1,078 Total return swaps — — 1 235 — (1) — — 235 Total assets, at fair value $ 1,094,815 $ (29,952) $ 3,262 $ 13,268 $ 814,294 $ (433,042) $ 38,490 $ (13,411) $ 1,487,724 Liabilities: Financial derivatives–liabilities, at fair value: Total return swaps $ — $ — $ 48 $ (214) $ — $ (48) $ — $ — $ (214) Other secured borrowings, at fair value (297,948) — — (32) 78,887 (219,536) — — (438,629) Total liabilities, at fair value $ (297,948) $ — $ 48 $ (246) $ 78,887 $ (219,584) $ — $ — $ (438,843) (1) For Investments in unconsolidated entities, at fair value, amount represents contributions to investments in unconsolidated entities. (2) For Investments in unconsolidated entities, at fair value, amount represents distributions from investments in unconsolidated entities. 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 September 30, 2019, as well as Level 3 financial instruments disposed of by the Company during the nine-month period ended September 30, 2019. For Level 3 financial instruments held by the Company at September 30, 2019, change in net unrealized gain (loss) of $(0.4) million, $10.2 million, $2.4 million, $(0.2) million, $(0.2) million, and $(32) thousand, for the nine-month period ended September 30, 2019 relate to securities, loans, investments in unconsolidated entities, financial derivatives–assets, financial derivatives–liabilities, and other secured borrowings, at fair value, respectively. At September 30, 2019, the Company transferred $13.4 million of assets from Level 3 to Level 2 and $38.5 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 September 30, 2020 and December 31, 2019: As of September 30, 2020 December 31, 2019 (In thousands) Fair Value Carrying Value Fair Value Carrying Value Other financial instruments Assets: Cash and cash equivalents $ 126,783 $ 126,783 $ 72,302 $ 72,302 Restricted cash 175 175 175 175 Due from brokers 63,991 63,991 79,829 79,829 Reverse repurchase agreements 47,041 47,041 73,639 73,639 Liabilities: Repurchase agreements 1,439,984 1,439,984 2,445,300 2,445,300 Other secured borrowings 142,674 142,674 150,334 150,334 Senior notes, net 86,000 85,495 88,365 85,298 Due to brokers 7,147 7,147 2,197 2,197 Cash and cash equivalents generally includes cash held in interest bearing overnight accounts, for which fair value equals the carrying value, and investments which are liquid in nature, such as investments in money market accounts or U.S. Treasury Bills, 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. As of September 30, 2020 and December 31, 2019, the estimated fair value of the Company's Senior notes was based on a third-party valuation.

Investment in Securities

Investment in Securities	9 Months Ended
	Sep. 30, 2020
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 tables detail the Company's investment in securities as of September 30, 2020 and December 31, 2019. September 30, 2020: 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 $ 69,491 $ 2,641 $ 72,132 $ 1,890 $ (27) $ 73,995 3.31 % 1.89 % 3.38 20-year fixed-rate mortgages 587 39 626 29 — 655 4.71 % 2.94 % 3.88 30-year fixed-rate mortgages 625,882 30,133 656,015 26,286 (371) 681,930 4.06 % 2.42 % 4.06 Adjustable rate mortgages 6,751 173 6,924 123 (1) 7,046 3.65 % 2.15 % 3.35 Reverse mortgages 94,741 5,466 100,207 4,317 — 104,524 4.02 % 2.36 % 5.10 Interest only securities n/a n/a 47,507 5,682 (1,484) 51,705 3.47 % 10.17 % 4.58 Non-Agency RMBS 336,997 (131,976) 205,021 12,488 (7,959) 209,550 3.16 % 6.35 % 4.68 CMBS 184,695 (62,938) 121,757 803 (24,307) 98,253 2.54 % 7.74 % 8.43 Non-Agency interest only securities n/a n/a 8,367 1,832 (250) 9,949 1.17 % 16.73 % 2.75 CLOs n/a n/a 211,236 1 (47,943) 163,294 3.25 % 8.48 % 3.84 ABS backed by consumer loans 71,617 (24,277) 47,340 1,052 (1,094) 47,298 11.82 % 17.39 % 1.08 Corporate debt 24,174 (23,187) 987 1,220 — 2,207 — % — % 2.85 Corporate equity n/a n/a 1,604 160 (750) 1,014 n/a n/a n/a Total Long 1,414,935 (203,926) 1,479,723 55,883 (84,186) 1,451,420 3.86 % 5.05 % 4.37 Short: Corporate debt (450) (6) (456) 5 (10) (461) 5.32 % 5.21 % 4.14 U.S. Treasury securities (14,000) (273) (14,273) — (37) (14,310) 0.63 % 0.41 % 6.21 European sovereign bonds (36,280) 1,622 (34,658) — (2,064) (36,722) 0.22 % 0.06 % 3.36 Total Short (50,730) 1,343 (49,387) 5 (2,111) (51,493) 0.39 % 0.21 % 4.16 Total $ 1,364,205 $ (202,583) $ 1,430,336 $ 55,888 $ (86,297) $ 1,399,927 3.98 % 4.89 % 4.38 (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. December 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 $ 314,636 $ 6,369 $ 321,005 $ 2,604 $ (203) $ 323,406 3.05 % 2.28 % 3.05 20-year fixed-rate mortgages 804 49 853 24 — 877 4.62 % 2.99 % 4.80 30-year fixed-rate mortgages 1,358,762 64,846 1,423,608 13,821 (2,830) 1,434,599 4.20 % 2.95 % 6.63 Adjustable rate mortgages 9,651 315 9,966 90 (54) 10,002 3.99 % 2.03 % 4.09 Reverse mortgages 122,670 8,133 130,803 2,023 (26) 132,800 4.43 % 2.78 % 6.67 Interest only securities n/a n/a 34,044 1,624 (389) 35,279 2.81 % 9.27 % 3.86 Non-Agency RMBS 274,353 (122,685) 151,668 12,549 (1,081) 163,136 3.41 % 7.25 % 5.31 CMBS 185,417 (67,961) 117,456 2,990 (480) 119,966 3.31 % 6.62 % 8.94 Non-Agency interest only securities n/a n/a 6,517 1,817 (18) 8,316 1.10 % 8.18 % 4.14 CLOs n/a n/a 169,238 4,219 (3,014) 170,443 5.05 % 9.62 % 4.75 ABS backed by consumer loans 67,080 (19,154) 47,926 1,596 (912) 48,610 12.17 % 14.00 % 1.22 Corporate debt 22,125 (21,241) 884 229 — 1,113 — % — % 0.33 Corporate equity n/a n/a 1,242 152 — 1,394 n/a n/a n/a Total Long 2,355,498 (151,329) 2,415,210 43,738 (9,007) 2,449,941 4.15 % 4.09 % 5.88 Short: Corporate debt (450) (6) (456) — (15) (471) 5.44 % 5.21 % 4.90 U.S. Treasury securities (63,140) 381 (62,759) 63 (298) (62,994) 1.76 % 1.87 % 6.11 European sovereign bonds (9,759) 133 (9,626) — (318) (9,944) 0.77 % 0.12 % 1.58 Total Short (73,349) 508 (72,841) 63 (631) (73,409) 1.65 % 1.66 % 5.49 Total $ 2,282,149 $ (150,821) $ 2,342,369 $ 43,801 $ (9,638) $ 2,376,532 4.23 % 4.01 % 5.90 (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 tables detail weighted average life of the Company's Agency RMBS as of September 30, 2020 and December 31, 2019. September 30, 2020: ($ 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 $ 150,492 $ 146,624 4.26 % $ 8,893 $ 8,267 3.90 % Greater than three years and less than seven years 706,422 678,227 3.95 % 39,604 36,038 3.63 % Greater than seven years and less than eleven years 11,236 11,053 3.01 % 1,048 1,049 0.28 % Greater than eleven years — — — % 2,160 2,153 0.78 % Total $ 868,150 $ 835,904 3.99 % $ 51,705 $ 47,507 3.47 % (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. December 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 $ 188,593 $ 187,099 3.39 % $ 9,011 $ 8,611 3.35 % Greater than three years and less than seven years 961,839 953,031 4.25 % 25,334 24,512 2.66 % Greater than seven years and less than eleven years 713,862 708,805 3.89 % 934 921 1.90 % Greater than eleven years 37,390 37,300 3.51 % — — — % Total $ 1,901,684 $ 1,886,235 4.02 % $ 35,279 $ 34,044 2.81 % (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 tables detail weighted average life of the Company's long non-Agency RMBS, CMBS, and CLOs and other securities as of September 30, 2020 and December 31, 2019. September 30, 2020: ($ 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 $ 80,873 $ 77,739 3.67 % $ 4,079 $ 2,685 0.55 % $ 61,222 $ 63,694 9.43 % Greater than three years and less than seven years 106,561 102,374 3.38 % 5,870 5,682 1.47 % 150,175 193,955 3.38 % Greater than seven years and less than eleven years 96,327 119,267 2.48 % — — — % 1,402 1,914 — % Greater than eleven years 24,042 27,398 1.04 % — — — % — — — % Total $ 307,803 $ 326,778 2.93 % $ 9,949 $ 8,367 1.17 % $ 212,799 $ 259,563 4.84 % (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. December 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 $ 50,120 $ 48,213 2.73 % $ 439 $ 401 1.37 % $ 54,446 $ 54,090 11.11 % Greater than three years and less than seven years 87,436 79,326 4.42 % 7,877 6,116 1.08 % 157,384 155,651 5.38 % Greater than seven years and less than eleven years 127,533 123,924 3.31 % — — — % 8,336 8,307 — % Greater than eleven years 18,013 17,661 0.81 % — — — % — — — % Total $ 283,102 $ 269,124 3.37 % $ 8,316 $ 6,517 1.10 % $ 220,166 $ 218,048 6.60 % (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 tables detail the components of interest income by security type for the three- and nine-month periods ended September 30, 2020 and 2019: Three-Month Period Ended (In thousands) September 30, 2020 September 30, 2019 Security Type Coupon Interest Net Amortization Interest Income Coupon Interest Net Amortization Interest Income Agency RMBS $ 14,117 $ (7,454) $ 6,663 $ 16,026 $ (6,290) $ 9,736 Non-Agency RMBS and CMBS 3,311 1,911 5,222 3,383 430 3,813 CLOs 2,256 2,179 4,435 3,480 (627) 2,853 Other securities (1) 2,970 (1,435) 1,535 1,670 (611) 1,059 Total $ 22,654 $ (4,799) $ 17,855 $ 24,559 $ (7,098) $ 17,461 Nine-Month Period Ended (In thousands) September 30, 2020 September 30, 2019 Security Type Coupon Interest Net Amortization Interest Income Coupon Interest Net Amortization Interest Income Agency RMBS $ 47,632 $ (25,516) $ 22,116 $ 42,681 $ (15,883) $ 26,798 Non-Agency RMBS and CMBS 10,995 4,001 14,996 10,514 1,666 12,180 CLOs 11,662 1,543 13,205 11,391 (1,138) 10,253 Other securities (1) 8,992 (3,584) 5,408 4,706 (1,528) 3,178 Total $ 79,281 $ (23,556) $ 55,725 $ 69,292 $ (16,883) $ 52,409 (1) Other securities includes ABS backed by consumer loans, corporate debt securities, and U.S. Treasury securities. For the three-month periods ended September 30, 2020 and 2019, the Catch-Up Premium Amortization Adjustment was $0.3 million and $(1.5) million, respectively. For the nine-month periods ended September 30, 2020 and 2019, the Catch-Up Premium Amortization Adjustment was $(4.4) million and $(2.9) million, respectively. The following tables present proceeds from sales and the resulting realized gains and (losses) of the Company's securities for the three- and nine-month periods ended September 30, 2020 and 2019. Three-Month Period Ended (In thousands) September 30, 2020 September 30, 2019 (1) Security Type Proceeds (2) Gross Realized Gains Gross Realized Losses (3) Net Realized Gain (Loss) Proceeds (2) Gross Realized Gains Gross Realized Losses (3) Net Realized Gain (Loss) Agency RMBS $ 10,675 $ 2,467 $ (564) $ 1,903 $ 331,572 $ 4,511 $ (34) $ 4,477 Non-Agency RMBS and CMBS 17,926 1,669 (171) 1,498 16,496 9,606 (341) 9,265 CLOs — — 256 256 2,060 1,287 27 1,314 Other securities (4) 11,861 373 (74) 299 138,000 63 (220) (157) Total $ 40,462 $ 4,509 $ (553) $ 3,956 $ 488,128 $ 15,467 $ (568) $ 14,899 (1) Conformed to current period presentation. (2) Includes proceeds on sales of securities not yet settled as of period end. (3) Excludes realized losses of $(2.5) million and $(10.1) million, for the three-month periods ended September 30, 2020 and 2019, respectively, related to adjustments to the cost basis of certain securities for which the Company has determined all or a portion of such securities cost basis to be uncollectible. (4) Other securities includes ABS backed by consumer loans, corporate debt and equity, exchange-traded equity, and U.S. Treasury securities. Nine-Month Period Ended (In thousands) September 30, 2020 September 30, 2019 (1) Security Type Proceeds (2) Gross Realized Gains Gross Realized Losses Net Realized Gain (Loss) Proceeds (2) Gross Realized Gains Gross Realized Losses (3) Net Realized Gain (Loss) Agency RMBS $ 1,438,469 $ 15,982 $ (3,369) $ 12,613 $ 719,082 $ 6,954 $ (1,950) $ 5,004 Non-Agency RMBS and CMBS 116,349 11,081 (3,880) 7,201 165,180 11,356 (3,835) 7,521 CLOs 41,714 1,122 (2,928) (1,806) 58,157 1,169 (816) 353 Other securities (4) 169,172 1,273 (329) 944 602,443 801 (1,206) (405) Total $ 1,765,704 $ 29,458 $ (10,506) $ 18,952 $ 1,544,862 $ 20,280 $ (7,807) $ 12,473 (1) Conformed to current period presentation. (2) Includes proceeds on sales of securities not yet settled as of period end. (3) Excludes realized losses of $(16.3) million and $(16.1) million, for the nine-month periods ended September 30, 2020 and 2019, respectively, related to adjustments to the cost basis of certain securities for which the Company has determined all or a portion of such securities cost basis to be uncollectible. (4) Other securities includes ABS 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, excluding those where there are expected credit losses as of the balance sheet date in relation to such securities' cost bases, by length of time that such securities have been in an unrealized loss position at September 30, 2020. September 30, 2020: (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 $ 138,286 $ (673) $ 1,881 $ (112) $ 140,167 $ (785) Non-Agency RMBS and CMBS 18,887 (1,560) 1,665 (84) 20,552 (1,644) CLOs 10,204 (10,069) 54 — 10,258 (10,069) Other securities (1) 647 (431) — — 647 (431) Total $ 168,024 $ (12,733) $ 3,600 $ (196) $ 171,624 $ (12,929) (1) Other securities includes ABS backed by consumer loans, corporate debt and 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 December 31, 2019. December 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 $ 328,968 $ (1,503) $ 125,095 $ (1,999) $ 454,063 $ (3,502) Non-Agency RMBS and CMBS 88,495 (880) 27,218 (699) 115,713 (1,579) CLOs 37,354 (1,911) 9,245 (1,103) 46,599 (3,014) Other securities (1) 16,562 (852) 1,380 (60) 17,942 (912) Total $ 471,379 $ (5,146) $ 162,938 $ (3,861) $ 634,317 $ (9,007) (1) Other securities includes ABS 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. As of September 30, 2020, the Company had expected future credit losses, which it tracks for purposes of calculating interest income, of $28.4 million related to adverse changes in estimated future cash flows on its securities, primarily due to the economic impact of the COVID-19 pandemic. Certain of the Company's securities, at the date of acquisition, have experienced or are expected to experience more-than-insignificant deterioration in credit quality since origination and the Company has established an initial estimate for credit losses on such securities; as of September 30, 2020, the estimated credit losses on such securities was $4.0 million. As of September 30, 2020, the Company determined for certain securities that a portion of such securities cost basis is not collectible; for the three- and nine-month periods ended September 30, 2020, the Company recognized realized losses on these securities of $(2.5) million and $(16.3) million, respectively, which are reflected in Net realized gains (losses) on securities and loans, net, on the Condensed Consolidated Statement of Operations. For the three- and nine-month periods ended September 30, 2019, the Company recognized an impairment charge of $10.1 million and $16.1 million, respectively, 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.

Investment in Loans

Investment in Loans	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Investment in Loans	Investment in Loans The Company invests in various types of loans, such as residential mortgage, commercial mortgage, consumer, and corporate 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 September 30, 2020 and December 31, 2019: As of (In thousands) September 30, 2020 December 31, 2019 Loan Type Unpaid Principal Balance Fair Unpaid Principal Balance Fair Residential mortgage loans $ 1,004,980 $ 1,030,709 $ 911,705 $ 932,203 Commercial mortgage loans 252,305 252,231 277,870 274,759 Consumer loans 150,062 152,609 179,743 186,954 Corporate loans 7,063 7,063 18,415 18,510 Total $ 1,414,410 $ 1,442,612 $ 1,387,733 $ 1,412,426 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. Credit risk in our loan portfolio can be amplified by exogenous shocks impacting our borrowers such as man-made or natural disasters, including the COVID-19 pandemic. The following table provides details, by accrual status, for loans that are 90 days or more past due as of September 30, 2020 and December 31, 2019: As of September 30, 2020 December 31, 2019 (In thousands) Unpaid Principal Balance Fair Value Unpaid Principal Balance Fair Value 90 days or more past due—non-accrual status Residential mortgage loans $ 67,121 $ 64,414 $ 22,092 $ 19,401 Commercial mortgage loans 23,750 23,671 28,936 26,545 Consumer loans 1,284 1,131 5,633 5,225 Residential Mortgage Loans The tables below detail certain information regarding the Company's residential mortgage loans as of September 30, 2020 and December 31, 2019. September 30, 2020: 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) $ 996,429 $ 8,676 $ 1,005,105 $ 21,504 $ (4,355) $ 1,022,254 6.23 % 5.15 % 1.66 Residential mortgage loans, held-for-sale 8,551 (863) 7,688 793 (26) 8,455 4.73 % 6.04 % 5.50 Total $ 1,004,980 $ 7,813 $ 1,012,793 $ 22,297 $ (4,381) $ 1,030,709 6.22 % 5.16 % 1.70 (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 $760.4 million of non-QM loans that have been securitized and are held in consolidated securitization trusts. Such loans had $17.5 million and $(0.2) million of gross unrealized gains and gross unrealized losses, respectively; such unrealized gains (losses) are presented on a gross basis on the Company's Condensed Consolidated Statement of Operations. See Residential Mortgage Loan Securitizations in Note 10 for additional information. December 31, 2019: Gross Unrealized Weighted Average ($ 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) $ 911,705 $ 9,354 $ 921,059 $ 13,082 $ (1,938) $ 932,203 6.44 % 5.79 % 1.90 (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 $628.4 million of non-QM loans that have been securitized and are held in consolidated securitization trusts. The table below summarizes the geographic distribution of the real estate collateral underlying the Company's residential mortgage loans as a percentage of total outstanding unpaid principal balance as of September 30, 2020 and December 31, 2019: Property Location by U.S. State September 30, 2020 December 31, 2019 California 44.0 % 46.6 % Florida 13.8 % 11.9 % Texas 10.4 % 11.9 % Colorado 2.8 % 3.2 % Massachusetts 2.6 % 2.9 % Oregon 2.4 % 2.2 % Arizona 1.9 % 2.4 % Utah 1.9 % 1.9 % Illinois 1.8 % 1.7 % New Jersey 1.8 % 1.1 % Nevada 1.7 % 1.6 % Washington 1.6 % 1.6 % New York 1.3 % 1.3 % North Carolina 1.2 % — % Georgia 1.1 % — % Maryland 1.0 % 1.1 % Connecticut 1.0 % — % Other 7.7 % 8.6 % 100.0 % 100.0 % The following table presents information on the Company's residential mortgage loans by re-performing or non-performing status, as of September 30, 2020 and December 31, 2019. As of September 30, 2020 December 31, 2019 (In thousands) Unpaid Principal Balance Fair Value Unpaid Principal Balance Fair Value Re-performing $ 23,002 $ 21,572 $ 27,663 $ 25,323 Non-performing 64,710 62,343 17,757 15,580 As described in Note 2, the Company evaluates the cost basis of its residential mortgage loans for impairment on at least a quarterly basis. At September 30, 2020, the Company had expected future credit losses, which it tracks for purposes of calculating interest income, of $2.6 million related to adverse changes in estimated future cash flows on its residential mortgage loans, primarily due to the economic impact of the COVID-19 pandemic. Certain of the Company's residential mortgage loans, at the date of acquisition, have experienced or are expected to experience more-than-insignificant deterioration in credit quality since origination and the Company has established an initial estimate for credit losses on such loans; as of September 30, 2020, the estimated credit losses on such loans was $0.4 million. The Company has determined for certain of its residential mortgage loans that a portion of such loans' cost basis is not collectible; for the three- and nine-month periods ended September 30, 2020, the Company recognized realized losses on these loans of $51 thousand and $(0.5) million, which are reflected in Net realized gains (losses) on securities and loans, net, on the Condensed Consolidated Statement of Operations. For the three- and nine-month periods ended September 30, 2019, the Company recognized an impairment charge of $0.3 million and $0.7 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. As of September 30, 2020 and December 31, 2019, the Company had residential mortgage loans that were in the process of foreclosure with a fair value of $11.1 million and $10.9 million, respectively. Commercial Mortgage Loans The tables below detail certain information regarding the Company's commercial mortgage loans as of September 30, 2020 and December 31, 2019: September 30, 2020: Gross Unrealized Weighted Average ($ in thousands) Unpaid Principal Balance Premium (Discount) Amortized Cost Gains Losses Fair Value Coupon Yield (1) Life (Years) (2) Commercial mortgage loans, held-for-investment $ 252,305 $ (122) $ 252,183 $ 535 $ (487) $ 252,231 8.25 % 8.14 % 0.77 (1) Excludes commercial mortgage loans, in non-accrual status, with a fair value of $23.8 million. (2) Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal. December 31, 2019: Gross Unrealized Weighted Average ($ in thousands) Unpaid Principal Balance Premium (Discount) Amortized Cost Gains Losses Fair Value Coupon Yield (1) Life (Years) (2) Commercial mortgage loans, held-for-investment $ 277,870 $ (3,302) $ 274,568 $ 253 $ (62) $ 274,759 7.65 % 8.58 % 1.07 (1) Excludes commercial mortgage loans, held at par in non-accrual status, with a fair value of $10.7 million. (2) 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 a percentage of total outstanding unpaid principal balance as of September 30, 2020 and December 31, 2019: Property Location by U.S. State September 30, 2020 December 31, 2019 Florida 17.6 % 31.7 % New York 16.5 % 17.7 % Pennsylvania 11.5 % — % Connecticut 9.3 % 8.2 % Missouri 6.6 % 4.6 % Ohio 6.1 % — % California 5.7 % — % Massachusetts 5.2 % 4.7 % New Jersey 4.9 % 13.3 % Arizona 3.7 % 3.8 % Virginia 3.6 % 6.8 % Indiana 2.4 % 2.1 % North Carolina 2.0 % 1.8 % Nevada 1.6 % 1.5 % Tennessee 1.6 % 1.5 % Illinois 1.3 % 1.2 % Other 0.4 % 1.1 % 100.0 % 100.0 % As of September 30, 2020, the Company had two non-performing commercial mortgage loans with an unpaid principal balance and fair value of $23.8 million and $23.7 million, respectively. As of December 31, 2019, the Company had three non-performing commercial mortgage loans with an unpaid principal balance and fair value of $28.9 million and $26.5 million, respectively. As described in Note 2, the Company evaluates the cost basis of its commercial mortgage loans for impairment on at least a quarterly basis. At September 30, 2020, the expected future credit losses, which it tracks for purposes of calculating interest income, of $0.4 million related to adverse changes in estimated future cash flows on its commercial mortgage loans. For the three- and nine-month periods ended September 30, 2019, the Company did not recognize any impairment charge on the cost basis of its commercial mortgage loans. As of September 30, 2020, the Company did not have any commercial mortgage loans that were in the process of foreclosure. As of December 31, 2019, the Company had two commercial mortgage loans with a fair value of $16.0 million that were in the process of foreclosure. Consumer Loans The tables below detail certain information regarding the Company's consumer loans as of September 30, 2020 and December 31, 2019: September 30, 2020: Gross Unrealized Weighted Average ($ in thousands) Unpaid Principal Balance Premium (Discount) Amortized Cost Gains Losses Fair Value (1) Life (Years) (2) Delinquency (Days) Consumer loans, held-for-investment $ 150,062 $ 7,347 $ 157,409 $ 1,430 $ (6,230) $ 152,609 0.88 4 (1) Includes $0.6 million of charged-off loans for which the Company has determined that it is probable the servicer will be able to collect principal and interest. (2) Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal. December 31, 2019: Gross Unrealized Weighted Average ($ in thousands) Unpaid Principal Balance Premium (Discount) Amortized Cost Gains Losses Fair Value (1) Life (Years) (2) Delinquency (Days) Consumer loans, held-for-investment $ 179,743 $ 5,027 $ 184,770 $ 2,561 $ (377) $ 186,954 0.82 4 (1) Includes $0.6 million of charged-off loans for which the Company has determined that it is probable the servicer will be able to collect principal and interest. (2) 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 as a percentage of total unpaid principal balance of the Company's consumer loans, which the Company uses as an indicator of credit quality, as of September 30, 2020 and December 31, 2019: Days Past Due September 30, 2020 December 31, 2019 Current 96.2 % 95.3 % 30-59 Days 1.6 % 2.1 % 60-89 Days 1.1 % 1.4 % 90-119 Days 0.8 % 1.2 % >120 Days 0.3 % — % 100.0 % 100.0 % During the three-month periods ended September 30, 2020 and 2019, the Company charged off $3.9 million and $4.9 million, respectively, of unpaid principal balance of consumer loans that were greater than 120 days delinquent. During each of the nine-month periods ended September 30, 2020 and 2019, the Company charged off $13.9 million of unpaid principal balance of consumer loans that were greater than 120 days delinquent. As of both September 30, 2020 and December 31, 2019, the Company held charged-off consumer loans with an aggregate fair value of $0.6 million for which the Company has determined that it is probable the servicer will be able to collect principal and interest. As described in Note 2, the Company evaluates the cost basis of its consumer loans for impairment on at least a quarterly basis. At September 30, 2020, the Company had expected future credit losses, which it tracks for purposes of calculating interest income, of $4.7 million on its consumer loans. The Company has determined for certain of its consumer loans that a portion of such loans' cost basis is not collectible; for each of the three- and nine-month periods ended September 30, 2020, the Company recognized realized losses on these loans of $0.1 million. For the three- and nine-month periods ended September 30, 2019, the Company recognized an impairment charge of $1.1 million and $4.6 million, respectively, on the cost basis of its consumer loan pools, which is included in Realized gains (losses) on securities and loans, net, on the Condensed Consolidated Statement of Operations. Corporate Loans The tables below detail certain information regarding the Company's corporate loans as of September 30, 2020 and December 31, 2019: September 30, 2020: Weighted Average ($ in thousands) Unpaid Fair Value Rate Remaining Term (Years) Corporate loans, held-for-investment (1) $ 7,063 $ 7,063 19.43 % 1.98 (1) See Note 21 for further details on the Company's unfunded commitments related to certain of its corporate loans. December 31, 2019: Weighted Average ($ in thousands) Unpaid Fair Value Rate Remaining Term (Years) Corporate loans, held-for-investment (1)(2) $ 18,415 $ 18,510 17.62 % 0.87 (1) See Note 13 for further details on the Company's transactions involving a loan originator in which the Company also holds an equity investment. (2) See Note 21 for further details on the Company's unfunded commitments related to certain of its corporate loans.

Investments in Unconsolidated E

Investments in Unconsolidated Entities	9 Months Ended
	Sep. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entities	Investments in Unconsolidated EntitiesThe Company has various equity investments in entities where it 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 September 30, 2020 and December 31, 2019, the Company's investments in unconsolidated entities had an aggregate fair value of $95.8 million and $71.9 million, respectively, which is included on the Condensed Consolidated Balance Sheet in Investments in unconsolidated entities, at fair value. For the three-month periods ended September 30, 2020 and 2019, the Company recognized $11.4 million and $2.8 million, respectively, in Earnings (losses) from investments in unconsolidated entities, on its Condensed Consolidated Statement of Operations. For the nine-month periods ended September 30, 2020 and 2019, the Company recognized $10.6 million and $6.9 million, respectively, in Earnings (losses) 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 September 30, 2020 and December 31, 2019, the fair value of the Company's investments in unconsolidated entities that have been deemed to be VIEs was $37.1 million and $28.5 million. The following table provides details about the Company's investments in unconsolidated entities as of September 30, 2020 and December 31, 2019: Percentage Ownership Investment in Unconsolidated Entity Form of Investment September 30, 2020 December 31, 2019 Longbridge Financial, LLC (1) Preferred shares 49.7% 49.7% LendSure Mortgage Corp. (1)(2) Common shares 49.9% 49.9% Jepson Holdings Limited (1) Membership Interest 30.1% 30.1% Elizon AFG 2018-1 LLC (1)(3)(4) Membership Interest 22.1% 13.4% Elizon DB 2015-1 LLC (1)(3)(5) Membership Interest 8.5% 3.5% Other Various 7.4%–51.0% 7.7%–51.0% (1) See Note 13 for additional details on the Company's related party transactions. (2) Excludes investment in warrants convertible into non-voting common shares; including such warrants the Company's additional non-voting stake in the entity was 15.0% as of September 30, 2020. See Note 13 Related Party Transactions— Transactions Involving Certain Loan Originators for additional information. (3) 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. (4) As discussed in Note 13 Related Party Transactions— Participation in Multi-Borrower Financing Facilities , the Company and the Affiliated Entities (as defined in Note 13) each consolidate their segregated portions of the Joint Entity (as defined in Note 13). The Company's effective percentage ownership before the effects of consolidation of both its and the Affiliated Entities' respective segregated portions of the Joint Entity, was 61.7% and 70.4% as of September 30, 2020 and December 31, 2019, respectively. (5) As discussed in Note 13 Related Party Transactions— Participation in Multi-Borrower Financing Facilities , the Company and the Affiliated Entities each consolidate their segregated portions of the Joint Entity . The Company's effective percentage ownership before the effects of consolidation of both its and the Affiliated Entities' respective segregated portions of the Joint Entity, was 53.1% and 48.7% as of September 30, 2020 and December 31, 2019, respectively. For the nine-month period ended September 30, 2020, the Company recognized unrealized gains that may be deemed to be significant in relation to the Company's net income related to one of the Company's investments in an unconsolidated entity, a mortgage originator. For the three-month periods ended September 30, 2020 and 2019, the Company recognized $8.9 million and $2.1 million, respectively of unrealized gains included in Earnings (losses) from investments in unconsolidated entities on the Condensed Consolidated Statement of Operations. For the nine-month periods ended September 30, 2020 and 2019, the Company recognized $13.2 million and $0.6 million, respectively of unrealized gains included in Earnings (losses) from investments in unconsolidated entities on the Condensed Consolidated Statement of Operations. The following table provides a summary of the results of operations of this entity for the three- and nine-month periods ended September 30, 2020 and 2019. Three-Month Period Ended Nine-Month Period Ended (In thousands) September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Revenue $ 4,827 $ 6,957 $ 10,030 $ 14,486 Net income (loss) $ 15,962 $ 4,739 $ 28,901 $ 3,074

Real Estate Owned

Real Estate Owned	9 Months Ended
	Sep. 30, 2020
Real Estate Owned, Disclosure of Detailed Components [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 tables detail activity in the Company's carrying value of REO for the three- and nine-month periods ended September 30, 2020 and 2019: Three-Month Period Ended September 30, 2020 September 30, 2019 Number of Properties Carrying Value Number of Properties Carrying Value (In thousands) (In thousands) Beginning Balance (June 30, 2020 and June 30, 2019, respectively) 13 $ 24,044 20 $ 47,621 Transfers from mortgage loans 4 676 1 601 Capital expenditures and other adjustments to cost 27 — Adjustments to record at the lower of cost or fair value 147 6 Disposals (1) (100) (7) (3,805) Ending Balance (September 30, 2020 and September 30, 2019, respectively) 16 $ 24,794 14 $ 44,423 Nine-Month Period Ended September 30, 2020 September 30, 2019 Number of Properties Carrying Value Number of Properties Carrying Value (In thousands) (In thousands) Beginning Balance (December 31, 2019 and January 1, 2019, respectively) 15 $ 30,584 20 $ 30,778 Transfers from mortgage loans 9 2,198 5 18,314 Capital expenditures and other adjustments to cost 153 240 Adjustments to record at the lower of cost or fair value (813) (257) Disposals (8) (7,328) (11) (4,652) Ending Balance (September 30, 2020 and September 30, 2019, respectively) 16 $ 24,794 14 $ 44,423 During the three-month period ended September 30, 2020, the Company sold one REO property, realizing a net gain (loss) of approximately $(18) thousand. During the three-month period ended September 30, 2019, the Company sold seven REO properties, realizing a net gain (loss) of approximately $1.2 million. During the nine-month period ended September 30, 2020, the Company sold eight REO properties, realizing a net gain (loss) of approximately $0.1 million. During the nine-month period ended September 30, 2019, the Company sold eleven REO properties, realizing a net gain (loss) of approximately $1.2 million. 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 September 30, 2020 and December 31, 2019 all of the Company's REO had been obtained as a result of obtaining physical possession through foreclosure. As of September 30, 2020 and December 31, 2019, the Company had REO measured at fair value on a non-recurring basis of $18.4 million and $19.4 million, respectively.

Financial Derivatives

Financial Derivatives	9 Months Ended
	Sep. 30, 2020
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 September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 (In thousands) Financial derivatives–assets, at fair value: TBA securities purchase contracts $ 394 $ 90 TBA securities sale contracts 756 506 Fixed payer interest rate swaps 5 3,914 Fixed receiver interest rate swaps 13,785 1,554 Credit default swaps on asset-backed securities 351 993 Credit default swaps on asset-backed indices 9,722 3,319 Credit default swaps on corporate bonds 39 2 Credit default swaps on corporate bond indices 2,419 5,599 Total return swaps 105 620 Futures 1 148 Forwards 256 43 Warrants 31 — Total financial derivatives–assets, at fair value 27,864 16,788 Financial derivatives–liabilities, at fair value: TBA securities purchase contracts $ (156) $ — TBA securities sale contracts (130) (1,012) Fixed payer interest rate swaps (29,712) (8,513) Fixed receiver interest rate swaps (62) (206) Credit default swaps on asset-backed indices (142) (250) Credit default swaps on corporate bonds (580) (1,693) Credit default swaps on corporate bond indices (3,572) (14,524) Total return swaps (88) (1,209) Futures (331) (45) Forwards (41) (169) Total financial derivatives–liabilities, at fair value (34,814) (27,621) Total $ (6,950) $ (10,833) Interest Rate Swaps The following tables provide information about the Company's fixed payer interest rate swaps as of September 30, 2020 and December 31, 2019: September 30, 2020: Weighted Average Maturity Notional Amount Fair Value Pay Rate Receive Rate Remaining Years to Maturity (In thousands) 2021 $ 17,500 $ (223) 2.75 % 0.23 % 0.47 2022 129,975 (1,952) 1.21 0.26 1.40 2023 146,012 (5,052) 1.50 0.24 2.67 2025 31,500 (902) 0.95 0.25 4.61 2026 28,104 (1,463) 1.25 0.22 5.74 2027 34,000 (89) 0.49 0.22 6.73 2028 32,942 (4,721) 2.40 0.23 7.59 2029 92,594 (9,789) 1.78 0.25 9.04 2030 68,463 (2,781) 1.10 0.25 9.44 2036 1,100 (84) 1.45 0.22 15.39 2049 5,796 (2,651) 2.89 0.30 28.28 Total $ 587,986 $ (29,707) 1.43 % 0.25 % 5.15 December 31, 2019: Weighted Average Maturity Notional Amount (1) Fair Value (1) Pay Rate (2)(3) Receive Rate (2) Remaining Years to Maturity (4) (In thousands) 2020 $ 68,607 $ (234) 1.74 % 1.93 % 0.24 2021 268,929 (419) 1.73 1.95 1.64 2022 31,350 9 1.65 1.93 2.14 2023 101,012 (1,265) 2.06 1.91 3.29 2024 13,000 99 1.56 1.89 4.90 2025 12,800 (24) n/a n/a 5.22 2026 59,902 1,946 1.24 1.94 6.50 2028 32,942 (1,634) 2.40 1.93 8.34 2029 136,838 (2,018) 2.02 1.96 9.61 2030 685 (32) 2.38 1.90 10.90 2036 1,100 87 1.45 1.94 16.14 2049 5,796 (1,114) 2.89 2.09 29.03 Total $ 732,961 $ (4,599) 1.83 % 1.94 % 4.31 (1) Includes forward-starting interest rate swaps with a notional amount of $20.9 million and fair value of $(41) thousand. (2) Excludes forward-starting interest rate swaps. (3) Including forward-starting interest rate swaps the total weighted average pay rate was 1.83%. (4) Includes forward-starting interest rate swaps, all of which start within six months of period end. The following tables provide information about the Company's fixed receiver interest rate swaps as of September 30, 2020 and December 31, 2019: September 30, 2020: Weighted Average Maturity Notional Amount Fair Value Pay Rate Receive Rate Remaining Years to Maturity (In thousands) 2021 $ 12,950 $ 201 0.23 % 1.75 % 0.96 2022 87,683 1,514 0.26 1.33 1.45 2023 48,657 2,234 0.23 2.00 2.51 2024 86,342 5,262 0.26 1.65 3.99 2025 39,685 226 0.24 0.44 4.66 2027 25,108 343 0.30 0.63 6.50 2029 9,800 1,030 0.24 1.78 9.02 2030 128,335 2,913 0.25 0.90 9.47 Total $ 438,560 $ 13,723 0.25 % 1.25 % 5.15 December 31, 2019: Weighted Average Maturity Notional Amount Fair Value Pay Rate Receive Rate Remaining Years to Maturity (In thousands) 2021 $ 181,950 $ (49) 1.89 % 1.67 % 1.84 2022 53,974 441 1.91 1.85 2.17 2023 48,657 709 1.92 2.00 3.26 2024 11,342 306 2.09 2.33 4.23 2029 9,800 (59) 1.91 1.78 9.77 Total $ 305,723 $ 1,348 1.91 % 1.78 % 2.47 Credit Default Swaps The following table provides information about the Company's credit default swaps as of September 30, 2020 and December 31, 2019: As of September 30, 2020 December 31, 2019 Type (1) Notional Fair Value Weighted Average Remaining Term (Years) Notional Fair Value Weighted Average Remaining Term (Years) ($ in thousands) Asset: Long: Credit default swaps on asset-backed indices $ 416 $ 6 17.25 $ 695 $ 10 23.80 Credit default swaps on corporate bonds 1,600 39 5.22 430 2 0.47 Credit default swaps on corporate bond indices 69,381 1,913 2.71 130,707 5,547 2.42 Short: Credit default swaps on asset-backed securities (955) 351 14.95 (2,640) 993 15.63 Credit default swaps on asset-backed indices (30,668) 9,716 37.71 (63,515) 3,309 38.40 Credit default swaps on corporate bond indices (10,036) 506 1.64 (1,997) 52 3.97 Liability: Long: Credit default swaps on asset-backed indices 480 (142) 32.61 344 (145) 29.35 Short: Credit default swaps on asset-backed indices (1) — 29.25 (4,501) (105) 40.31 Credit default swaps on corporate bonds (12,200) (580) 3.71 (10,800) (1,693) 3.92 Credit default swaps on corporate bond indices (126,983) (3,572) 2.07 (250,088) (14,524) 2.51 $ (108,966) $ 8,237 11.71 $ (201,365) $ (6,554) 14.88 (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 long and short positions in futures as of September 30, 2020 and December 31, 2019: As of September 30, 2020 December 31, 2019 Description Notional Amount Fair Value Remaining Months to Expiration Notional Amount Fair Value Remaining Months to Expiration (In thousands) (In thousands) Assets: Short Contracts: U.S. Treasury futures $ (300) $ 1 2.73 $ — $ — — Liabilities: Long Contracts: U.S. Treasury futures $ 1,900 $ (31) 2.73 — — — Short Contracts: U.S. Treasury futures (165,600) (300) 3.00 (16,000) 148 2.77 Eurodollar futures — — — (14,000) (45) 4.05 Total, net $ (164,000) $ (330) 3.00 $ (30,000) $ 103 3.37 Warrants The following table provides information about the Company's warrants contracts to purchase shares as of September 30, 2020 and December 31, 2019: September 30, 2020 As of December, 31, 2019 Description Number of Shares Underlying Warrant Fair Value Remaining Years to Expiration Number of Shares Underlying Warrant Fair Value Remaining Years to Expiration (In thousands) (In thousands) Warrants 1,546 $ 31 2.08 1,515 $ — 2.82 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. The Company also invests in TBAs as a means of acquiring additional exposure to Agency RMBS, or for investment purposes, including holding long positions. 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 September 30, 2020 and December 31, 2019, the Company had outstanding TBA purchase and sale contracts as follows: September 30, 2020 December 31, 2019 TBA Securities Notional Amount (1) Cost Basis (2) Market Value (3) Net Carrying Value (4) Notional Amount (1) Cost Basis (2) Market Value (3) Net Carrying Value (4) (In thousands) Purchase contracts: Assets $ 100,890 $ 103,882 $ 104,276 $ 394 $ 40,100 $ 40,585 $ 40,675 $ 90 Liabilities 68,000 71,370 71,214 (156) — — — — 168,890 175,252 175,490 238 40,100 40,585 40,675 90 Sale contracts: Assets (401,722) (428,049) (427,293) 756 (319,981) (332,080) (331,574) 506 Liabilities (86,845) (91,369) (91,499) (130) (773,749) (806,568) (807,580) (1,012) (488,567) (519,418) (518,792) 626 (1,093,730) (1,138,648) (1,139,154) (506) Total TBA securities, net $ (319,677) $ (344,166) $ (343,302) $ 864 $ (1,053,630) $ (1,098,063) $ (1,098,479) $ (416) (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- and nine-month periods ended September 30, 2020 and 2019 are summarized in the tables below: Three-Month Period Ended September 30, 2020: Derivative Type Primary 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 $ (1,150) $ (29) $ (1,179) $ 516 $ 1,104 $ 1,620 Credit default swaps on asset-backed securities Credit 1 1 (1) (1) Credit default swaps on asset-backed indices Credit (239) (239) 503 503 Credit default swaps on corporate bond indices Credit (1,067) (1,067) (1,059) (1,059) Credit default swaps on corporate bonds Credit (93) (93) (334) (334) Total return swaps Credit (125) (125) (348) (348) TBAs Interest Rate 2,367 2,367 (744) (744) Futures Interest Rate (402) (402) 52 52 Forwards Currency (898) (898) 33 33 Total $ (1,150) $ (485) $ (1,635) $ 516 $ (794) $ (278) (1) Includes realized gain/(loss) on transactions involving foreign-currency-denominated financial derivatives in the amount of $(15) thousand for the three-month period ended September 30, 2020, 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 $20 thousand for the three-month period ended September 30, 2020, which is included on the Condensed Consolidated Statement of Operations in Other, net. Three-Month Period Ended September 30, 2019 Derivative Type Primary 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 $ 82 $ 34 $ 116 $ 171 $ (2,598) $ (2,427) Credit default swaps on asset-backed securities Credit 16 16 (12) (12) Credit default swaps on asset-backed indices Credit (261) (261) (81) (81) Credit default swaps on corporate bond indices Credit (1,113) (1,113) 909 909 Credit default swaps on corporate bonds Credit (259) (259) 268 268 Total return swaps Equity Market/Credit 251 251 (716) (716) TBAs Interest Rate (5,067) (5,067) 1,542 1,542 Futures Interest Rate/Currency (3,551) (3,551) 1,627 1,627 Forwards Currency 525 525 379 379 Total $ 82 $ (9,425) $ (9,343) $ 171 $ 1,318 $ 1,489 (1) Includes realized gain/(loss) on transactions involving foreign-currency-denominated financial derivatives in the amount of $17 thousand for the three-month period ended September 30, 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 $16 thousand for the three-month period ended September 30, 2019, which is included on the Condensed Consolidated Statement of Operations in Other, net. Nine-Month Period Ended September 30, 2020: Derivative Type Primary 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 $ (1,900) $ (8,761) $ (10,661) $ 541 $ (16,373) $ (15,832) Credit default swaps on asset-backed securities Credit (955) (955) 915 915 Credit default swaps on asset-backed indices Credit 3,660 3,660 7,642 7,642 Credit default swaps on corporate bond indices Credit (550) (550) 3,080 3,080 Credit default swaps on corporate bonds Credit 356 356 711 711 Total return swaps Credit (2,180) (2,180) 607 607 TBAs Interest Rate (6,778) (6,778) 1,280 1,280 Futures Interest Rate (7,866) (7,866) (434) (434) Forwards Currency (616) (616) 343 343 Warrants Equity Market/Credit — — (382) (382) Options Credit (100) (100) — — Total $ (1,900) $ (23,790) $ (25,690) $ 541 $ (2,611) $ (2,070) (1) Includes realized gain/(loss) on transactions involving foreign-currency-denominated financial derivatives in the amount of $12 thousand for the nine-month period ended September 30, 2020, 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 $39 thousand for the nine-month period ended September 30, 2020, which is included on the Condensed Consolidated Statement of Operations in Other, net. Nine-Month Period Ended September 30, 2019: Derivative Type Primary 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 $ 852 $ (1,117) $ (265) $ (60) $ (11,915) $ (11,975) Credit default swaps on asset-backed securities Credit 419 419 (394) (394) Credit default swaps on asset-backed indices Credit (1,245) (1,245) (832) (832) Credit default swaps on corporate bond indices Credit (4,387) (4,387) (1,026) (1,026) Credit default swaps on corporate bonds Credit (764) (764) 1,110 1,110 Total return swaps Equity Market/Credit (1,046) (1,046) (681) (681) TBAs Interest Rate (17,183) (17,183) 3,680 3,680 Futures Interest Rate/Currency (8,365) (8,365) 761 761 Forwards Currency 1,068 1,068 228 228 Options Interest Rate (35) (35) 1 1 Total $ 852 $ (32,655) $ (31,803) $ (60) $ (9,068) $ (9,128) (1) Includes realized gain/(loss) on transactions involving foreign-currency-denominated financial derivatives in the amount of $47 thousand for the nine-month period ended September 30, 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 $8 thousand for the nine-month period ended September 30, 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 nine-month period ended September 30, 2020 and year ended December 31, 2019: Derivative Type Nine-Month Year Ended (In thousands) Interest rate swaps $ 1,078,808 $ 731,941 TBAs 732,048 973,331 Credit default swaps 290,822 399,316 Total return swaps 7,819 39,434 Futures 143,440 167,708 Options 1,950 19,825 Forwards 36,935 30,930 Warrants 1,543 2,222 From time to time the Company enters into credit derivative contracts for which the Company sells credit protection ("written credit derivatives"). As of September 30, 2020 and December 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 September 30, 2020 and December 31, 2019 are summarized below: Credit Derivatives September 30, 2020 December 31, 2019 (In thousands) Fair Value of Written Credit Derivatives, Net $ 1,816 $ 5,414 Fair Value of Purchased Credit Derivatives Offsetting Written Credit Derivatives with Third Parties (1) — (3,248) Notional Value of Written Credit Derivatives (2) 71,877 132,176 Notional Value of Purchased Credit Derivatives Offsetting Written Credit Derivatives with Third Parties (1) — (81,637) (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 September 30, 2020 and December 31, 2019, implied credit spreads on such contracts ranged between 53.2 and 382.3 basis points and 10.9 and 440.0 basis points, respectively. 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 $(0.1) million as of both September 30, 2020 and December 31, 2019. Estimated points up front on these contracts as of September 30, 2020 ranged between 54.2 and 85.2 and as of December 31, 2019 estimated points up front on these contracts was 57.0. Total net up-front payments (paid) or received relating to written credit derivatives outstanding at September 30, 2020 and December 31, 2019 were $(2.1) million and $(3.3) million, respectively.

Consolidated VIEs

Consolidated VIEs	9 Months Ended
	Sep. 30, 2020
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 September 30, 2020 and December 31, 2019. (In thousands) September 30, 2020 (1) December 31, 2019 (1) Assets Cash and cash equivalents $ 1,152 $ 6,016 Restricted cash 175 175 Securities, at fair value 46,857 47,923 Loans, at fair value 1,423,035 1,393,916 Investments in unconsolidated entities, at fair value 6,289 5,641 Real estate owned 24,794 30,584 Investment related receivables 43,542 28,668 Other assets 2,250 6,191 Total Assets $ 1,548,094 $ 1,519,114 Liabilities Repurchase agreements $ 260,310 $ 302,791 Investment related payables — 3,275 Other secured borrowings 142,674 150,334 Other secured borrowings, at fair value 695,516 594,396 Interest payable 402 1,247 Accrued expenses and other liabilities 1,301 2,279 Total Liabilities 1,100,203 1,054,322 Total Stockholders' Equity 422,217 440,394 Non-controlling interests 25,674 24,400 Total Equity 447,891 464,794 Total Liabilities and Equity $ 1,548,094 $ 1,519,116 (1) See Note 10 and Note 13 for additional information on the Company's consolidated VIEs.

Securitization Transactions

Securitization Transactions	9 Months Ended
	Sep. 30, 2020
Securitization Transactions [Abstract]
Securitization Transactions	Securitization Transactions Participation in CLO Transactions Since June 2017, an affiliate of Ellington has sponsored four CLO securitization transactions (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 certain cases, 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 (each a "CLO Issuer") issued various classes of notes, which were in turn sold to unrelated third parties and the applicable CLO Co-Participants. The CLO Issuers are each deemed to be a VIE. 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 a portion 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. As of September 30, 2020 and December 31, 2019, the fair value of the Company's investment in the notes issued by the CLO Issuers was $13.8 million and $39.7 million, respectively. See Note 13 for further details on the Company's participation in CLO transactions. Residential Mortgage Loan Securitizations Since November 2017, the Company, through certain wholly owned subsidiaries (each, a "Sponsor"), has sponsored several securitizations of non-QM loans. In each case, the applicable Sponsor transferred a pool of non-QM loans (each, a Collateral Pool") to a wholly owned entity (each, a "Depositor") and on the closing date such loans were deposited into newly created securitization trusts (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 Act, 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 applicable Sponsor purchased and intends to hold, at a minimum, the requisite amount of the most subordinated classes of Certificates and the excess cash flow certificates. The applicable Sponsor also purchased the Certificates entitled to excess servicing fees in each securitization, while the remaining classes of Certificates were purchased by unrelated parties. Notwithstanding that the Certificates carry final scheduled distribution dates of October 25, 2047 or later, the applicable Depositor may, at its sole option, purchase all of the outstanding Certificates (an "Optional Redemption") following the earlier of (1) the applicable anniversary of the closing date (typically two or three years) of the respective securitization or (2) the date on which the aggregate unpaid principal balance of the applicable Collateral Pool has declined below 30% of the aggregate unpaid principal balance of the applicable Collateral Pool 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 applicable 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. Each Sponsor also serves as the servicing administrator of its respective 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. Each 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. In November 2019, the Company exercised its Optional Redemption right with respect to Ellington Financial Mortgage Trust 2017-1. The following table details the Company's outstanding 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 2018-1 11/18 $ 232,518 $ 232,518 (1) Ellington Financial Mortgage Trust 2019-1 6/19 226,913 226,913 (2) Ellington Financial Mortgage Trust 2019-2 11/19 267,255 267,255 (3) Ellington Financial Mortgage Trust 2020-1 6/20 259,273 259,273 (4) (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 as of the settlement date 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. (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 as of the settlement date equal to 6.1% of the fair value of all Certificates issued. The Sponsor also purchased, for an aggregate purchase price of $1.2 million, the Certificates entitled to excess servicing fees, while the remaining classes of Certificates were purchased by unrelated third parties. (3) 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 as of the settlement date equal to 6.4% of the fair value of all Certificates issued. The Sponsor also purchased, for an aggregate purchase price of $1.7 million, the Certificates entitled to excess servicing fees, while the remaining classes of Certificates were purchased by unrelated third parties. (4) 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 as of the settlement date equal to 8.0% of the fair value of all Certificates issued. Additionally, the Sponsor purchased another subordinated class of Certificates with an aggregate value equal to 3.5% of the fair value of all Certificates issued as of the settlement date. Finally, the Sponsor also purchased, for an aggregate purchase price of $1.9 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 September 30, 2020 and December 31, 2019: (In thousands) September 30, 2020 December 31, 2019 Assets: Loans, at fair value $ 760,420 $ 628,415 Real estate owned 658 658 Investment related receivables 5,793 10,409 Liabilities: Other secured borrowings, at fair value 695,516 594,396

Borrowings

Borrowings	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Borrowings	Borrowings Secured Borrowings The Company's secured borrowings consist of repurchase agreements, Other secured borrowings, and Other secured borrowings, at fair value. As of September 30, 2020 and December 31, 2019, the Company's total secured borrowings were $2.3 billion and $3.2 billion, respectively. 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 September 30, 2020 as compared to 28 counterparties as of December 31, 2019. As of September 30, 2020, remaining days to maturity on the Company's open repurchase agreements ranged from 1 day to 608 days. Interest rates on the Company's open repurchase agreements ranged from 0.22% to 5.24% as of September 30, 2020. As of December 31, 2019, remaining days to maturity on the Company's open repurchase agreements ranged from 2 days to 882 days. Interest rates on the Company's open repurchase agreements ranged from 0.15% to 5.20% as of December 31, 2019. The following table details the Company's outstanding borrowings under repurchase agreements for Agency RMBS and credit assets (which can include non-Agency RMBS, CMBS, CLOs, consumer loans, corporate debt, residential mortgage loans, and commercial mortgage loans and REO), by remaining maturity as of September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 Weighted Average Weighted Average Remaining Maturity Outstanding Interest Rate Remaining Days to Maturity Outstanding Interest Rate Remaining Days to Maturity Agency RMBS: (In thousands) (In thousands) 30 Days or Less $ 241,423 0.31 % 17 $ 511,996 2.08 % 17 31-60 Days 418,573 0.27 % 44 744,387 1.93 % 47 61-90 Days 107,446 0.45 % 72 594,738 1.96 % 76 91-120 Days 5,675 1.35 % 99 10,270 2.24 % 93 151-180 Days 17,237 0.29 % 168 3,082 2.67 % 171 181-360 Days 93,432 0.30 % 287 — — % — Total Agency RMBS 883,786 0.31 % 69 1,864,473 1.98 % 48 Credit: 30 Days or Less 40,785 2.14 % 10 16,549 3.38 % 25 31-60 Days 98,068 2.85 % 45 104,491 3.14 % 48 61-90 Days 113,027 2.54 % 77 138,837 3.03 % 73 91-120 Days 154,379 2.79 % 106 — — % — 121-150 Days 6,015 3.29 % 134 7,460 3.89 % 123 151-180 Days 13,750 3.23 % 167 31,498 3.87 % 173 181-360 Days 81,933 4.83 % 228 186,661 3.80 % 250 > 360 Days 48,241 3.05 % 608 95,331 4.52 % 678 Total Credit Assets 556,198 3.04 % 145 580,827 3.61 % 229 Total $ 1,439,984 1.37 % 98 $ 2,445,300 2.37 % 91 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 September 30, 2020 and December 31, 2019, the fair value of investments transferred as collateral under outstanding borrowings under repurchase agreements was $1.783 billion and $2.763 billion, respectively. Collateral transferred under outstanding borrowings under repurchase agreements as of December 31, 2019 include investments in the amount of $64.7 million, that were sold prior to period end but for which such sale had not yet settled. In addition, as of September 30, 2020 and December 31, 2019, the Company posted net cash collateral of $27.7 million and $31.0 million, respectively, as well as posting additional securities with a fair value of $28 thousand and $0.2 million, respectively, to its counterparties. Amount at risk represents the excess, if any, for each counterparty of the fair value of collateral held by such counterparty over the amounts outstanding under repurchase agreements. As of both September 30, 2020 and December 31, 2019, there was no single counterparty 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 has a term ending in February 2021. The facility accrues interest on a floating-rate basis. As of September 30, 2020 and December 31, 2019, the Company had outstanding borrowings under this facility in the amount of $10.5 million and $16.0 million, respectively, which is included under the caption Other secured borrowings, on the Company's Condensed Consolidated Balance Sheet. The effective interest rate, inclusive of related deferred financing costs, was 2.28% and 3.85% as of September 30, 2020 and December 31, 2019. As of September 30, 2020 and December 31, 2019, the fair value of unsecured loans collateralizing this borrowing was $13.9 million and $22.3 million, respectively. There are a number of covenants, including several financial covenants, associated with this borrowing; as of September 30, 2020, the Company was in compliance with all of its covenants. In November 2019, 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 2020 (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 September 30, 2020 and December 2019, the Company had outstanding borrowings under this facility in the amount of $95.7 million and $102.5 million, respectively, which is included under the caption Other secured borrowings, on the Company's Condensed Consolidated Balance Sheet. The effective interest rate on this facility, inclusive of related deferred financing costs, was 2.53% and 4.01%, as of September 30, 2020 and December 31, 2019, respectively. As of September 30, 2020 and December 31, 2019, the fair value of unsecured loans collateralizing this borrowing was $132.4 million and $144.1 million, respectively. There are a number of covenants, including several financial covenants, associated with this borrowing; as of September 30, 2020, the Company was in compliance with all of its covenants. In December 2019, the Company entered into an agreement to finance a portfolio of ABS backed by consumer loans through a recourse secured borrowing facility. The facility includes a revolving borrowing period ending in June 2021 (or earlier following a trigger event), whereby the Company can vary its borrowings based on the size of its portfolio, subject to certain maximum limits. Following the revolving borrowing period, the facility amortizes, with a final termination date in June 2023. The facility accrues interest on a floating rate basis. As of September 30, 2020 and December 31, 2019, the Company had outstanding borrowings under this facility in the amount of $30.2 million and $31.8 million, respectively, which is included under the caption Other secured borrowings, on the Company's Condensed Consolidated Balance Sheet.The effective interest rate on this facility, inclusive of related deferred financing costs, was 5.20% and 5.23% as of September 30, 2020 and December 31, 2019, respectively. As of September 30, 2020 and December 31, 2019, the fair value of ABS backed by consumer loans collateralizing this borrowing was $46.9 million and $47.9 million, respectively. There are a number of covenants, including several financial covenants, associated with this borrowing; as of September 30, 2020, the Company was in compliance with all of its covenants. The Company has completed securitization transactions, as discussed in Note 10, whereby it financed portfolios of non-QM loans. As of September 30, 2020 and December 31, 2019, the fair value of the Company's outstanding liabilities associated with these securitization transactions was $695.5 million and $594.4 million, respectively, 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 2.91% and 3.19% as of September 30, 2020 and December 31, 2019, respectively. As of September 30, 2020 and December 31, 2019, the fair value of non-QM loans and the carrying value of REO held in the consolidated securitization trusts was $761.1 million and $629.1 million, respectively. In March 2020, the Company entered into a participation agreement with an unrelated third-party, the "Junior Participant," whereby the Company transferred to the Junior Participant an interest in a small balance commercial mortgage loan, the "Partial Loan," (together with the Company's interest, the "Whole Commercial Loan"). The Partial Loan is subordinate to the interest in the loan held by the Company. In accordance with ASC 860-10, the Partial Loan transferred to the Junior Participant does not meet the definition of a participating interest and, as a result, the Company does not recognize the transfer of the Partial Loan to the Junior Participant as a sale. The Company has recorded the Whole Commercial Loan in Loans, at fair value, on the Condensed Consolidated Balance Sheet. As of September 30, 2020, the fair value of the Whole Commercial Loan was $16.9 million. The Company's liability to the Junior Participant as of September 30, 2020 was $6.3 million and is included in Other secured borrowings on the Company's Condensed Consolidated Balance Sheet. Under the terms of the participation agreement, the Junior Participant is entitled to a portion of the cashflows of the underlying commercial mortgage loan. 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 certain 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 September 30, 2020 and December 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, over the next 5 years, for outstanding borrowings as of September 30, 2020: Year Repurchase Agreements (1) Other Secured Borrowings (2) Senior Notes (1) Total (In thousands) Next Twelve Months $ 1,391,743 $ 523,802 $ — $ 1,915,545 Year 2 48,241 91,199 86,000 225,440 Year 3 — 261,991 — 261,991 Year 4 — — — — Year 5 — — — — Total $ 1,439,984 $ 876,992 $ 86,000 $ 2,402,976 (1) Reflects the Company's contractual principal repayment dates. (2) Includes $734.3 million of expected principal repayments related to the Company's consolidated residential mortgage loan securitizations, which are projected based upon the underlying assets' expected repayments and may be prior to the stated contractual maturities.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax [Abstract]
Income Taxes	Income TaxesThe Company has elected to be taxed as a REIT under the Code. A REIT is generally not subject to U.S. federal, state, and local income tax on the portion of its income that is distributed to its owners if it distributes at least 90% of its REIT taxable income within the prescribed time frames, 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 continue to meet the requirements for qualification as a REIT. Accordingly, Ellington Financial Inc. 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, or foreign income taxes, such taxes are recorded in the Company's condensed consolidated financial statements. In response to the negative economic impact of the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act, or the "CARES Act," was signed into law on March 27, 2020, and provided for significant stimulus spending and included numerous tax provisions. As of September 30, 2020, there was no material impact on the Company's tax provision as a result of the CARES Act; however, the Company continues to monitor and evaluate the impact of the CARES Act and other COVID-19-related legislation. The Company accounts for income taxes in accordance with ASC 740, Income Taxes

Related Party Transactions

Related Party Transactions	3 Months Ended
	Sep. 30, 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. For the three-month period ended September 30, 2020, the total base management fee incurred was $3.0 million, consisting of $3.2 million of total gross base management fee incurred, less $0.2 million of management fee rebates. For the three-month period ended September 30, 2019, the total base management fee incurred was $1.9 million, consisting of $2.4 million of total gross base management fee incurred, less $0.5 million of management fee rebates. For the nine-month period ended September 30, 2020, the total base management fee incurred was $8.3 million, consisting of $9.2 million of total gross base management fee incurred, less $0.9 million of management fee rebates. For the nine-month period ended September 30, 2019, the total base management fee incurred was $5.3 million consisting of $6.8 million of total gross base management fee incurred, less $1.5 million of management fee rebates. See "— Participation in CLO Transactions " below for details on management fee rebates. 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 September 30, 2020, there was a Loss Carryforward of $46.3 million. There was no Loss Carryforward as of December 31, 2019. 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. The Company did not accrue an incentive fee for any of the three- or nine-month periods ended September 30, 2020 and 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 nine-month periods ended September 30, 2020 and 2019, the Company reimbursed the Manager $7.4 million and $8.2 million, respectively, for previously incurred operating expenses. As of September 30, 2020 and December 31, 2019, the outstanding payable to the Manager for operating expenses was $2.4 million and $2.0 million, respectively, which are included in Accrued expenses and other liabilities on the Condensed Consolidated Balance Sheet. Transactions Involving Certain Loan Originators As of September 30, 2020 and December 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 equity investment, 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 both September 30, 2020 and December 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. Additionally, in August 2020, the Company entered into a commitment agreement whereby the Company committed to purchase $150 million of residential mortgage loans that meet specified criteria, or the "Commitment Agreement." As of September 30, 2020, the Company had purchased the entire $150 million of eligible residential mortgage loans under the terms of the Commitment Agreement. In connection with the Commitment Agreement, the Company also entered into an agreement whereby the Company would be entitled to receive warrants proportionally as it satisfied its purchase commitment under the Commitment Agreement to purchase a maximum of 9.329 million shares of non-voting common stock. As of September 30, 2020, the Company has received warrants for the maximum 9.329 million shares; such warrants have a fair value of $2.8 million as of September 30, 2020 and are included in Investments in unconsolidated entities on the Condensed Consolidated Balance Sheet. 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 $46.9 million and $47.9 million as of September 30, 2020 and December 31, 2019, respectively. In May 2019 the Company entered into a note purchase agreement whereby it agreed to lend up to $5.0 million to a mortgage originator ("the Initial Note") in which the Company also holds an equity investment. The Initial Note carried an interest rate of 15% per annum on the outstanding balance. In July and December 2019, the Company amended the note purchase agreement whereby it agreed to lend an additional $5.0 million and $2.5 million, respectively, (the "Additional Notes") to the mortgage originator. The Additional Notes each carried an interest rate of 18% per annum. As of December 31, 2019, the aggregate outstanding balance on the Initial Note and the Additional Notes was $12.5 million. In January 2020, the Initial Note and the Additional Notes were repaid. The Initial Note and the Additional Notes are classified as Corporate loans and included in Loans, at fair value on the Condensed Consolidated Balance Sheet. 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 nine-month periods ended September 30, 2020 and 2019, the Company purchased loans under these agreements with an aggregate principal balance of $84.7 million and $72.4 million, respectively. As of September 30, 2020 and December 31, 2019, the estimated remaining contingent purchase obligations of the Company under these purchase agreements was approximately $77.1 million and $287.1 million, respectively, 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 $151.7 million and $185.4 million as of September 30, 2020 and December 31, 2019, respectively. The Company has beneficial interests in residential mortgage loans and REO held in a trust owned by a related party of Ellington. Through these beneficial interests, 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 beneficial interests and held in the related party trust was $272.4 million and $304.8 million as of September 30, 2020 and December 31, 2019, respectively. 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 September 30, 2020 and December 31, 2019, the aggregate fair value of the small balance commercial loans was $33.6 million and $29.5 million, respectively. As of September 30, 2020, the non-controlling interests held by the unrelated third party and the Ellington affiliates were $4.1 million and $8.9 million, respectively. As of December 31, 2019, the non-controlling interests held by the unrelated third party and the Ellington affiliates were $3.6 million and $7.0 million, respectively. As of December 31, 2019, the Company had a payable to an Ellington affiliate in the amount of $0.7 million, which is included in Accrued expenses and other liabilities on the Condensed Consolidated Balance Sheet. The Company did not have any payables to or receivables from the Ellington affiliates as of September 30, 2020. The Company is also a co-investor in certain small balance commercial mortgage loans and REO with other investors, including various unrelated third parties and various affiliates of Ellington. Each co-investor in a particular loan has an interest in the limited liability company that owns such loan or REO. As of September 30, 2020 and December 31, 2019, the aggregate fair value of the Company's investments in the jointly owned limited liability companies was approximately $30.4 million and $17.3 million, respectively. Such investments are included in Investments in unconsolidated entities, on the Condensed Consolidated Balance Sheet. The consumer, residential mortgage, and certain 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. Certain of the New Securitization Notes were distributed to the Company and its affiliates on a pro rata basis. 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 September 30, 2020 and December 31, 2019, the Company's equity investment in Jepson Holdings Limited had a fair value of $1.7 million and $1.9 million, respectively. 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 or its affiliates (the "Affiliated Entities") in various entities (each, a "Joint Entity"), which were formed in order to facilitate the financing of small balance commercial mortgage loans, residential mortgage loans, and REO (collectively, the "Mortgage Loan and REO Assets"), through repurchase agreements. Each Joint Entity has a master repurchase agreement with a particular financing counterparty. In connection with the financing of the Mortgage Loan and REO Assets under repurchase agreements, each of the Company and the Affiliated Entities transferred certain of their respective Mortgage Loan and REO Assets to one of the Joint Entities in exchange for its pro rata share of the financing proceeds that the respective Joint Entity received from the financing counterparty. While the Company's Mortgage Loan and REO Assets were transferred to the Joint Entity, the Company's Mortgage Loan and REO 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 Mortgage Loan and REO Assets. As of September 30, 2020 and December 31, 2019, the Joint Entities had aggregate outstanding issued debt under the repurchase agreements in the amount of $258.0 million and $350.6 million, respectively. The Company's segregated portion of this debt as of September 30, 2020 and December 31, 2019 was $135.9 million and $174.4 million, respectively, 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 Joint Entity, including those beneficially owned by any non-defaulting owners of such Joint Entity, could be used to satisfy the outstanding obligations under such repurchase agreement. As of September 30, 2020 and December 31, 2019, no party to any of the repurchase agreements was in default. Each of the Joint 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 certain of the Mortgage Loan and REO Assets, where such Mortgage Loan and REO Assets and the related debt are segregated for the Company and each of the Affiliated Entities. On account of the segregation of certain of each co-participant's assets and liabilities within each of the Joint Entities, as well as the retention by each co-participant of control over its segregated Mortgage Loan and REO Assets within the Joint 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 Joint 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 periods ended September 30, 2020 and 2019, the amount of such management fee rebates was $0.2 million and $0.5 million, respectively. For the nine-month periods ended September 30, 2020 and 2019, the amount of such management fee rebates was $0.9 million and $1.5 million, respectively. 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 September 30, 2020 and December 31, 2019, the Company's investment in such warehouse facilities was $5.4 million and $8.1 million, respectively, which are included on the Condensed Consolidated Balance Sheet in Investments in unconsolidated entities.

Long-Term Incentive Plan Units

Long-Term Incentive Plan Units	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Long-Term Incentive Plan Units	Long-Term Incentive Plan UnitsOP 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 periods ended September 30, 2020 and 2019 was $0.2 million and $0.1 million, respectively. Total expense associated with OP LTIP Units issued under the Company's incentive plans for the nine-month periods ended September 30, 2020 and 2019 was $0.5 million and $0.3 million, respectively. On March 4, 2020, the Company's Board of Directors authorized the issuance of 14,811 OP LTIP Units to certain of Ellington's personnel dedicated to the Company pursuant to the Company's 2017 Equity Incentive Plan. On September 10, 2020, the Company's Board of Directors authorized the issuance of 22,840 OP LTIP Units to certain of its directors pursuant to the Company's 2017 Equity Incentive Plan. These OP LTIP Units will vest and become non-forfeitable on September 9, 2021. The below table details unvested OP LTIP Units as of September 30, 2020: Grant Recipient Number of OP LTIP Units Granted Grant Date Vesting Date (1) Directors: 22,840 September 10, 2020 September 9, 2021 Dedicated or partially dedicated personnel: 12,818 December 13, 2019 December 13, 2020 10,067 December 13, 2019 December 13, 2021 8,691 December 11, 2018 December 11, 2020 4,977 March 4, 2020 December 31, 2020 9,834 March 4, 2020 December 31, 2021 Total unvested OP LTIP Units at September 30, 2020 69,227 (1) Date at which such OP LTIP Units will vest and become non-forfeitable. The following tables summarize issuance and exercise activity of OP LTIP Units for the three- and nine-month periods ended September 30, 2020 and 2019: Three-Month Period Ended September 30, 2020 September 30, 2019 Manager Director/ Total Manager Director/ Total OP LTIP Units Outstanding (June 30, 2020 and 2019, respectively) 365,518 195,009 560,527 375,000 146,371 521,371 Granted — 22,840 22,840 — 14,552 14,552 Exercised — (3,638) (3,638) — (3,610) (3,610) OP LTIP Units Outstanding (September 30, 2020 and 2019, respectively) 365,518 214,211 579,729 375,000 157,313 532,313 OP LTIP Units Unvested and Outstanding (September 30, 2020 and 2019, respectively) — 69,227 69,227 — 37,821 37,821 OP LTIP Units Vested and Outstanding (September 30, 2020 and 2019, respectively) 365,518 144,984 510,502 375,000 119,492 494,492 Nine-Month Period Ended September 30, 2020 September 30, 2019 Manager Director/ Total Manager Director/ Total OP LTIP Units Outstanding (December 31, 2019 and January 1, 2019, respectively) 365,518 180,198 545,716 375,000 146,371 521,371 Granted — 37,651 37,651 — 14,552 14,552 Exercised — (3,638) (3,638) — (3,610) (3,610) OP LTIP Units Outstanding (September 30, 2020 and 2019, respectively) 365,518 214,211 579,729 375,000 157,313 532,313 OP LTIP Units Unvested and Outstanding (September 30, 2020 and 2019, respectively) — 69,227 69,227 — 37,821 37,821 OP LTIP Units Vested and Outstanding (September 30, 2020 and 2019, respectively) 365,518 144,984 510,502 375,000 119,492 494,492 There were an aggregate of 1,794,021 and 1,832,309 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 as of September 30, 2020 and December 31, 2019, respectively.

Non-controlling Interests

Non-controlling Interests	9 Months Ended
	Sep. 30, 2020
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 period, calculated using a daily weighted average of all shares of common stock of the Company and Convertible Non-controlling Interests outstanding during the period. 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. On March 2, 2020, certain related parties of current Ellington employees converted 129,516 OP Units into shares of common stock. As September 30, 2020, the Convertible Non-controlling Interests consisted of the outstanding 579,729 OP LTIP Units and 48,409 OP Units, and represented an interest of approximately 1.2% in the Operating Partnership. As December 31, 2019, the Convertible Non-controlling Interests consisted of the outstanding 545,716 OP LTIP Units and 177,925 OP Units, and represented an interest of approximately 1.6% in the Operating Partnership. As of September 30, 2020 and December 31, 2019, non-controlling interests related to all outstanding Convertible Non-controlling Interests was $10.4 million and $13.4 million, respectively. Joint Venture Interests Non-controlling interests also include the interests of joint venture partners in various consolidated subsidiaries of the Company. These subsidiaries hold the Company's investments in certain commercial mortgage loans and REO. The 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. The 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 September 30, 2020 and December 31, 2019, the joint venture partners' interests in subsidiaries of the Company were $26.6 million and $25.9 million, respectively. The joint venture partners' interests are not convertible into shares of common stock of the Company or OP Units, nor are the joint venture partners entitled to receive distributions that holders of shares of common stock of the Company receive.

Equity

Equity	3 Months Ended
	Sep. 30, 2020
Stockholders' Equity Note [Abstract]
Common Stock Capitalization	16. Equity Preferred Stock The Company has authorized 100,000,000 shares of preferred stock, $0.001 par value per share. As of both September 30, 2020 and December 31, 2019, there were 4,600,000 shares of 6.750% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, $0.001 par value per share ("Series A Preferred Stock") outstanding. The Company's Series A Preferred Stock ranks senior to its common stock and Convertible Non-controlling Interests with respect to the payment of dividends and the distribution of assets upon a voluntary or involuntary liquidation, dissolution or winding up of the Company. Additionally, the Company's Series A Preferred Stock has no stated maturity and is not subject to any sinking fund or mandatory redemption. The Series A Preferred Stock is not redeemable by the Company prior to October 30, 2024, except under circumstances where it is necessary to allow the Company to maintain its qualification as a REIT for U.S. federal income tax purposes and except in certain instances upon the occurrence of a change of control. Holders of the Company's Series A Preferred Stock generally do not have any voting rights. Holders of the Series A Preferred Stock are entitled to receive cumulative cash dividends (i) from and including the original issue date to, but excluding, October 30, 2024, at a fixed rate equal to 6.750% per annum of the $25.00 per share liquidation preference and (ii) from and including October 30, 2024, at a floating rate equal to three-month LIBOR plus a spread of 5.196% per annum of the $25.00 per share liquidation preference. Dividends are payable quarterly in arrears on or about the 30th day of each January, April, July, and October, commencing with the first dividend payment on January 30, 2020, which the Board of Directors declared in December 2019. As of September 30, 2020 and December 31, 2019, the total amount of cumulative preferred dividends in arrears was $1.3 million and $1.5 million, respectively. Common Stock 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 September 30, 2020 and December 31, 2019, there were 43,781,684 and 38,647,943, respectively, shares of common stock outstanding. On January 24, 2020, the Company completed a follow-on offering of 5,290,000 shares of its common stock, of which 690,000 shares were issued pursuant to the exercise of the underwriters' option. The issuance and sale of the 5,290,000 shares of common stock generated net proceeds, after underwriters' discount and offering costs, of $95.3 million. The following table summarizes issuance, repurchase, and other activity with respect to the Company's common stock for the three- and nine-month periods ended September 30, 2020 and 2019: Three-Month Period Ended Nine-Month Period Ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Shares of Common Stock Outstanding (6/30/2020, 6/30/2019, 12/31/2019 and 1/1/2019, respectively) 43,779,924 29,745,776 38,647,943 29,796,601 Share Activity: Shares of common stock issued — 4,025,000 5,290,000 4,025,000 Shares of common stock issued in connection with incentive fee payment — — 637 — Shares of common stock repurchased (1,878) — (290,050) (50,825) OP Units exercised 3,638 3,610 133,154 3,610 Shares of Common Stock Outstanding (9/30/2020, 9/30/2019, 9/30/2020, 9/30/2019, respectively) 43,781,684 33,774,386 43,781,684 33,774,386 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 September 30, 2020 and December 31, 2019, the Company's issued and outstanding shares of common stock would increase to 44,409,822 and 39,371,584 shares, respectively. 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,

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2020
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 Nine-Month (In thousands except share amounts) September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Net income (loss) attributable to common stockholders $ 46,203 $ 17,293 $ (45,917) $ 45,345 Add: Net income (loss) attributable to Convertible Non-controlling Interests (1) 647 387 (916) 1,079 Net income (loss) attributable to common stockholders and Convertible Non-controlling Interests 46,850 17,680 (46,833) 46,424 Dividends Paid: Common stockholders (11,821) (14,185) (42,514) (43,038) Convertible Non-controlling Interests (166) (309) (627) (1,021) Total dividends paid to common stockholders and Convertible Non-controlling Interests (11,987) (14,494) (43,141) (44,059) Undistributed (Distributed in excess of) earnings: Common stockholders 34,382 3,108 (88,431) 2,307 Convertible Non-controlling Interests 481 78 (1,543) 58 Total undistributed (distributed in excess of) earnings attributable to common stockholders and Convertible Non-controlling Interests $ 34,863 $ 3,186 $ (89,974) $ 2,365 Weighted average shares outstanding (basic and diluted): Weighted average shares of common stock outstanding 43,779,134 32,835,652 43,387,168 30,787,634 Weighted average Convertible Non-controlling Interest Units outstanding 613,319 735,789 635,836 734,186 Weighted average shares of common stock and Convertible Non-controlling Interest Units outstanding 44,392,453 33,571,441 44,023,004 31,521,820 Basic earnings per share of common stock and Convertible Non-controlling Interest Unit: Distributed $ 0.27 $ 0.42 $ 0.97 $ 1.39 Undistributed (Distributed in excess of) 0.79 0.11 (2.03) 0.08 $ 1.06 $ 0.53 $ (1.06) $ 1.47 Diluted earnings per share of common stock and Convertible Non-controlling Interest Unit: Distributed $ 0.27 $ 0.42 $ 0.97 $ 1.39 Undistributed (Distributed in excess of) 0.79 0.11 (2.03) 0.08 $ 1.06 $ 0.53 $ (1.06) $ 1.47 (1) For the three-month periods ended September 30, 2020 and 2019, excludes net income (loss) of $0.9 million and $1.0 million, respectively, attributable to joint venture partners, which have non-participating interests as described in Note 15. For the nine-month periods ended September 30, 2020 and 2019, excludes net income (loss) of $2.8 million and $2.4 million, respectively, attributable to joint venture partners, which have non-participating interests as described in Note 15.

Restricted Cash

Restricted Cash	9 Months Ended
	Sep. 30, 2020
Restricted Cash and Investments [Abstract]
Restricted Cash	Restricted CashThe 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 both September 30, 2020 and December 31, 2019, the Company's restricted cash balance related to the flow consumer loan purchase and sale agreement was $0.2 million.

Offsetting of Assets and Liabil

Offsetting of Assets and Liabilities	9 Months Ended
	Sep. 30, 2020
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. Financial instruments are generally 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 tables present information about certain assets and liabilities representing financial instruments as of September 30, 2020 and December 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 net settlement, as well as a right of offset in the event of default or in the event of a bankruptcy of either party to the transaction. September 30, 2020: 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 $ 27,864 $ (16,646) $ — $ (6,469) $ 4,749 Reverse repurchase agreements 47,041 (47,041) — — — Liabilities Financial derivatives–liabilities (34,814) 16,646 — 18,088 (80) Repurchase agreements (1,439,984) 1,439,984 (27,744) 27,744 — (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 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 repurchase agreements as of September 30, 2020 was $1.8 billion. As of September 30, 2020, total cash collateral on financial derivative assets and liabilities excludes excess net cash collateral pledged (received) of $3.1 million and $7.8 million, respectively. (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 particular 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. December 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 $ 16,788 $ (12,755) $ — $ (807) $ 3,226 Reverse repurchase agreements 73,639 (73,639) — — — Liabilities Financial derivatives–liabilities (27,621) 12,755 — 12,233 (2,633) Repurchase agreements (2,445,300) 73,639 2,340,656 31,005 — (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 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 repurchase agreements as of December 31, 2019 was $2.8 billion. As of December 31, 2019, total cash collateral on financial derivative assets and liabilities excludes excess net cash collateral pledged of $4.3 million and $23.4 million, respectively. (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 particular 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	9 Months Ended
	Sep. 30, 2020
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 September 30, 2020 and December 31, 2019. September 30, 2020: Amount of Exposure Number of Counterparties with Exposure Maximum Percentage of Exposure to a Single Counterparty (1) (In thousands) Cash and cash equivalents $ 126,783 10 28.5 % Collateral on repurchase agreements held by dealers (2) 1,810,825 24 18.6 % Due from brokers 63,991 22 35.4 % Receivable for securities sold (3) 5,086 2 87.0 % (1) Each counterparty is a large creditworthy financial institution. (2) Includes securities, loans, and REO as well as cash posted as collateral for repurchase agreements. (3) Included in Investment related receivables on the Condensed Consolidated Balance Sheet. December 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 $ 72,302 11 42.2 % Collateral on repurchase agreements held by dealers (2) 2,793,696 28 13.8 % Due from brokers 79,829 24 30.9 % Receivable for securities sold (3) 69,995 5 62.3 % (1) Each counterparty is a large creditworthy financial institution. (2) Includes securities, loans, and REO as well as cash posted as collateral for repurchase agreements. (3) Included in Investment related receivables on the Condensed Consolidated Balance Sheet.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
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 both September 30, 2020 and December 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 $3.2 million and $5.2 million as of September 30, 2020 and December 31, 2019, respectively. Commitments and Contingencies Related to Investments in Mortgage Loan Originators In connection with certain of its investments in mortgage loan 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 September 30, 2020 and December 31, 2019, the mortgage loan originator had $17.3 million and $0.4 million, respectively, 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 Accrued expenses and other liabilities on the Condensed Consolidated Balance Sheet. As of both September 30, 2020 and December 31, 2019, the estimated fair value of such guarantees was insignificant. Commitments and Contingencies Related to Corporate Loans The Company has investments in certain corporate loans whereby the borrowers can request additional funds under the respective agreements. As of September 30, 2020 and December 31, 2019 the Company had unfunded commitments related to such investments in the amount of $1.5 million and $1.9 million, respectively.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 7, 2020, the Board of Directors approved a dividend in the amount of $0.09 per share of common stock payable on November 25, 2020 to stockholders of record as of October 30, 2020 and a dividend in the amount of $0.421875 per share of Series A Preferred Stock payable on October 30, 2020 to stockholders of record as of October 19, 2020. On November 2, 2020, the Board of Directors approved a dividend in the amount of $0.10 per share of common stock payable on December 28, 2020 to stockholders of record as of November 30, 2020.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Assets Sold under Agreements to Repurchase [Line Items]
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 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 (particularly in light of the significant volatility, lack of pricing transparency, and market dislocations that have been caused by the COVID-19 pandemic, and associated responses to the pandemic). 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 the condensed consolidated financial statements and notes thereto should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2019 and Part II. Item 1A— Risk Factors, included in the Company's Quarterly Report on Form 10-Q, as amended, for the three-month period ended March 31, 2020. 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 ended December 31, 2019, the Company determined that, effective January 1, 2019, it no longer qualified for investment company accounting in accordance with ASC 946-10-25, and has prospectively discontinued its use. The Company elected the fair value option, or "FVO," for, and therefore the Company continued 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 determined that the presentation of its condensed consolidated financial statements for periods beginning after December 31, 2018 are not comparable to the condensed consolidated financial statements previously prepared for prior periods for which the Company applied ASC 946.
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 (losses) from investments in unconsolidated entities, on the Condensed Consolidated Statement of Operations.
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 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, credit default swaps, or "CDS," on individual ABS, 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, 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. 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 third-party pricing services. 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.
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. Periods after January 1, 2020— For periods subsequent to the Company's application of the principles of ASU 2016-13, Financial Instruments—Credit Losses ("ASU 2016-13"), as discussed below, the Company evaluates the cost basis of its investments in securities on at least a quarterly basis, under ASC 326-30, Financial Instruments—Credit Losses: Available-for-Sale Debt Securities ("ASC 326-30"). 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. The Company must evaluate the decline in the fair value of the impaired security and determine whether such decline resulted from a credit loss or non-credit related factors. In its assessment of whether a credit loss exists, the Company compares the present value of estimated future cash flows of the impaired security with the amortized cost basis of such security. The estimated future cash flows reflect those that a "market participant" would use and typically include assumptions related to fluctuations in interest rates, prepayment speeds, default rates, collateral performance, and the timing and amount of projected credit losses, as well incorporating observations of current market developments and events. Cash flows are discounted at an interest rate equal to the current yield used to accrete interest income. If the present value of estimated future cash flows is less than the amortized cost basis of the security, an expected credit loss exists and is included in Unrealized gains (losses) on securities and loans, net, on the Condensed Consolidated Statement of Operations. If it is determined as of the financial reporting date that all or a portion of a security's cost basis is not collectible, then the Company will recognize a realized loss to the extent of the adjustment to the security's cost basis. This adjustment to the amortized cost basis of the security is reflected in Net realized gains (losses) on securities and loans, net, on the Consolidated Statement of Operations. Periods prior to January 1, 2020— For periods prior to the Company's adoption of ASU 2016-13, the Company evaluated the cost basis of its investments in securities for other-than-temporary impairment, or "OTTI," on at least a quarterly basis. When the fair value of a security was less than its amortized cost basis as of the balance sheet date, the security's cost basis was considered impaired, and the impairment was designated as either temporary or other-than-temporary. When a security's cost basis was impaired, an OTTI was considered to have occurred if (i) the Company intended to sell the security, (ii) it was more likely than not that the Company would have been required to sell the security before recovery of its amortized cost basis, or (iii) the Company did not expect to recover the security's amortized cost basis, even if the Company did not intend to sell the security and it was not more likely than not that the Company would have been required to sell the security.
Accounting for Loans	Accounting for Loans : The Company's loan portfolio primarily 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. 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. The Company generates income from fees on certain loans, generally commercial mortgage loans, that it originates and holds for investment, including origination and exit fees. Such fee income is recorded when earned and included in Other, net on the Condensed Consolidated Statement of Operations. 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. Once consumer loans are more than 120 days past due, the Company will generally charge off such loans. The Company evaluates its charged-off loans and determines collectibility, if any, on such loans. The Company evaluates the collectibility 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 market developments, 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 elected the FVO on all of its loan investments. Periods after January 1, 2020 —For periods subsequent to the Company's application of the principles of ASU 2016-13, in its assessment of whether a credit loss exists, the Company compares the present value of the amount expected to be collected on the impaired loan with the amortized cost basis of such loan. If the present value of the amount expected to be collected on the impaired loan is less than the amortized cost basis of such loan, an expected credit loss exists and is included in Unrealized gains (losses) on securities and loans, net, on the Consolidated Statement of Operations. If it is determined as of the financial reporting date that all or a portion of a loan's cost basis is not collectible, then the Company will recognize a realized loss to the extent of the adjustment to the loan's cost basis. This adjustment to the amortized cost basis of the loan is reflected in Realized gains (losses) on securities and loans, net, on the Consolidated Statement of Operations. Periods prior to January 1, 2020 —For periods prior to the Company's application of the principles of ASU 2016-13, the Company recognized impairments through an adjustment to the amortized cost basis; the Company recognized 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.
Interest 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 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. For purposes of estimating 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, GDP growth rates, and unemployment rates). These assumptions are re-evaluated not less than quarterly. Changes in projected cash flows may 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 market developments, the Company re-assesses the collectibility 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). Periods after January 1, 2020 —Certain of the Company's debt securities and loans, at the date of acquisition, have experienced or are expected to experience more-than-insignificant deterioration in credit quality since origination. For periods subsequent to the Company's application of the principles of ASU 2016-13, if at the date of acquisition for a particular asset the Company projects a significant difference between contractual cash flows and expected cash flows, it establishes an initial estimate for credit losses as an upward adjustment to the acquisition cost of the asset for the purpose of calculating interest income using the effective yield method. Periods prior to January 1, 2020 —Prior to the Company's application of the principles of ASU 2016-13, for each loan acquired that had evidence of credit deterioration since origination and the expectation that either principal or interest would not be paid in full, interest income was generally recognized using the effective interest method for so long as the cash flows could 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 amortized 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 updated its estimate of the cash flows expected to be collected over the life of the loan, and applied revised yields prospectively. In estimating future cash flows on the Company's debt securities, there are a number of assumptions that are 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.
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 (losses) from investments in unconsolidated entities.
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 initial cost basis in REO is equal to the fair value of the real estate associated with the foreclosed mortgage loan, less expected costs to sell. REO valuations are reflected at the lower of cost or fair value. The fair value of such REO is typically based on management's estimates which generally use information including general economic data, BPOs, recent sales, property appraisals, and bids, and takes into account the expected costs to sell the property. REO recorded at fair value on a non-recurring basis are classified as Level 3.
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.
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, or the "Dodd-Frank Act." 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 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. The Company also invests in TBAs as a means of acquiring additional exposure to Agency RMBS, or for speculative purposes, including holding long positions. 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.
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 interest bearing overnight accounts 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.
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."
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 the 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.
Offering Costs/Underwriters' Discount	Offering Costs/Underwriters' Discount :
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 Investment related expenses—Other 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.
Expenses	Expenses: Expenses are recognized as incurred on the Condensed 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. The Company has elected the FVO for its investments, and as a result all investment related expenses are expensed as incurred and included in Investment related expenses on the Condensed Consolidated Statement of Operations.
Investment Related Receivables [Policy Text Block]	Investment Related Receivables: Investment related receivables on the Company's Condensed Consolidated Balance Sheet includes receivables for securities sold and interest and principal receivable on securities and loans.
LTIP Units	Long Term Incentive Plan Units : Long term incentive plan units of the Operating Partnership ("OP LTIP Units") have been issued to certain Ellington personnel dedicated or partially dedicated to the Company, certain of the Company's 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 Company's 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.
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
Dividends	Dividends: Dividends payable on shares of common stock and Convertible Non-controlling Interest Units are recorded on the declaration date.
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.
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.
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. The Company's 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.
Income Taxes	Income Taxes: The Company has elected 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 within the prescribed timeframes. 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. 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 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 and its open tax years. 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 condensed consolidated financial statements. Also, management's conclusions regarding the authoritative guidance may be subject to review and adjustment at a later date based on changing 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 adoption of ASU 2018-13 did not have a material impact on the Company's condensed consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, which introduced 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 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. ASU 2016-13 amends the guidance which required 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, there is no longer an other-than-temporary impairment 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. While generally not applicable for financial assets for which the fair value option has been elected, the Company has applied the principles of ASU 2016-13 as described above. The adoption of ASU 2016-13 did not have a material impact on the Company's condensed consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform—Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"), which provides optional guidance for a limited period meant to ease the potential burden in accounting for, or recognizing the effects of, reform to LIBOR and certain other reference rates. The standard is effective for all entities beginning on March 12, 2020 and may be elected over time. However, ASU 2020-04 is only applicable to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform, and that were entered into or evaluated prior to January 1, 2023. The Company is currently evaluating the impact that the adoption of ASU 2020-04 would have on its condensed consolidated financial statements.
Financial Assets Sold under Agreement to Repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase and Resale 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.
Securities Purchased under Agreements to Resell [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase and Resale 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.

Valuation (Tables)

Valuation (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	The tables below reflect 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 September 30, 2020 and December 31, 2019: September 30, 2020: Description Level 1 Level 2 Level 3 Total (In thousands) Assets: Securities, at fair value: Agency RMBS $ — $ 907,715 $ 12,140 $ 919,855 Non-Agency RMBS — 73,538 139,199 212,737 CMBS — 62,206 42,809 105,015 CLOs — 50,304 112,990 163,294 Asset-backed securities, backed by consumer loans — — 47,298 47,298 Corporate debt securities — — 2,207 2,207 Corporate equity securities — — 1,014 1,014 Loans, at fair value: Residential mortgage loans — — 1,030,709 1,030,709 Commercial mortgage loans — — 252,231 252,231 Consumer loans — — 152,609 152,609 Corporate loans — — 7,063 7,063 Investment in unconsolidated entities, at fair value — — 95,803 95,803 Financial derivatives–assets, at fair value: Credit default swaps on asset-backed securities — — 351 351 Credit default swaps on asset-backed indices — 9,722 — 9,722 Credit default swaps on corporate bonds — 39 — 39 Credit default swaps on corporate bond indices — 2,419 — 2,419 Interest rate swaps — 13,790 — 13,790 TBAs — 1,150 — 1,150 Total return swaps — — 105 105 Warrants — 31 — 31 Futures 1 — — 1 Forwards — 256 — 256 Total assets $ 1 $ 1,121,170 $ 1,896,528 $ 3,017,699 Liabilities: Securities sold short, at fair value: Government debt $ — $ (51,032) $ — $ (51,032) Corporate debt securities — (461) — (461) Financial derivatives–liabilities, at fair value: Credit default swaps on asset-backed indices — (142) — (142) Credit default swaps on corporate bonds — (580) — (580) Credit default swaps on corporate bond indices — (3,572) — (3,572) Interest rate swaps — (29,774) — (29,774) TBAs — (286) — (286) Futures (331) — — (331) Forwards — (41) — (41) Total return swaps — — (88) (88) Other secured borrowings, at fair value — — (695,516) (695,516) Total liabilities $ (331) $ (85,888) $ (695,604) $ (781,823) December 31, 2019: Description Level 1 Level 2 Level 3 Total (In thousands) Assets: Securities, at fair value: Agency RMBS $ — $ 1,917,059 $ 19,904 $ 1,936,963 Non-Agency RMBS — 76,969 89,581 166,550 CMBS — 95,063 29,805 124,868 CLOs — 125,464 44,979 170,443 Asset-backed securities, backed by consumer loans — — 48,610 48,610 Corporate debt securities — — 1,113 1,113 Corporate equity securities — — 1,394 1,394 Loans, at fair value: Residential mortgage loans — — 932,203 932,203 Commercial mortgage loans — — 274,759 274,759 Consumer loans — — 186,954 186,954 Corporate loans — — 18,510 18,510 Investment in unconsolidated entities, at fair value — — 71,850 71,850 Financial derivatives–assets, at fair value: Credit default swaps on asset-backed securities — — 993 993 Credit default swaps on asset-backed indices — 3,319 — 3,319 Credit default swaps on corporate bonds — 2 — 2 Credit default swaps on corporate bond indices — 5,599 — 5,599 Interest rate swaps — 5,468 — 5,468 TBAs — 596 — 596 Total return swaps — — 620 620 Futures 148 — — 148 Forwards — 43 — 43 Total assets $ 148 $ 2,229,582 $ 1,721,275 $ 3,951,005 Liabilities: Securities sold short, at fair value: Government debt $ — $ (72,938) $ — $ (72,938) Corporate debt securities — (471) — (471) Financial derivatives–liabilities, at fair value: Credit default swaps on asset-backed indices — (250) — (250) Credit default swaps on corporate bonds — (1,693) — (1,693) Credit default swaps on corporate bond indices — (14,524) — (14,524) Interest rate swaps — (8,719) — (8,719) TBAs — (1,012) — (1,012) Futures (45) — — (45) Forwards — (169) — (169) Total return swaps — (773) (436) (1,209) Other secured borrowings, at fair value — — (594,396) (594,396) Total liabilities $ (45) $ (100,549) $ (594,832) $ (695,426)
Schedule of Financial Instruments	The following table summarizes the estimated fair value of all other financial instruments not measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019: As of September 30, 2020 December 31, 2019 (In thousands) Fair Value Carrying Value Fair Value Carrying Value Other financial instruments Assets: Cash and cash equivalents $ 126,783 $ 126,783 $ 72,302 $ 72,302 Restricted cash 175 175 175 175 Due from brokers 63,991 63,991 79,829 79,829 Reverse repurchase agreements 47,041 47,041 73,639 73,639 Liabilities: Repurchase agreements 1,439,984 1,439,984 2,445,300 2,445,300 Other secured borrowings 142,674 142,674 150,334 150,334 Senior notes, net 86,000 85,495 88,365 85,298 Due to brokers 7,147 7,147 2,197 2,197 Cash and cash equivalents generally includes cash held in interest bearing overnight accounts, for which fair value equals the carrying value, and investments which are liquid in nature, such as investments in money market accounts or U.S. Treasury Bills, 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. As of September 30, 2020 and December 31, 2019, the estimated fair value of the Company's Senior notes was based on a third-party valuation.
Schedule of Significant Unobservable Inputs, Qualitative Information	The following tables identifies the significant unobservable inputs that affect the valuation of the Company's Level 3 assets and liabilities as of September 30, 2020 and December 31, 2019: September 30, 2020: Fair Value Valuation Unobservable Input Range Weighted Description Min Max (In thousands) Non-Agency RMBS $ 85,183 Market Quotes Non Binding Third-Party Valuation $ 9.43 $ 314.93 $ 87.41 CMBS 41,602 Market Quotes Non Binding Third-Party Valuation 4.56 95.32 59.06 CLOs 88,907 Market Quotes Non Binding Third-Party Valuation 2.00 93.50 78.04 Agency interest only RMBS 3,503 Market Quotes Non Binding Third-Party Valuation 0.80 22.13 12.60 Corporate loans 7,063 Market Quotes Non Binding Third-Party Valuation 100.00 100.00 100.00 ABS backed by consumer loans 107 Market Quotes Non Binding Third-Party Valuation 96.01 97.58 96.80 Non-Agency RMBS 54,016 Discounted Cash Flows Yield 0.8 % 60.0 % 8.5 % Projected Collateral Prepayments 13.5 % 77.6 % 59.2 % Projected Collateral Losses 0.0 % 70.3 % 8.7 % Projected Collateral Recoveries 0.0 % 46.5 % 10.3 % Projected Collateral Scheduled Amortization 7.7 % 70.4 % 21.8 % 100.0 % Non-Agency CMBS 1,207 Discounted Cash Flows Yield 23.1 % 25.7 % 23.7 % Projected Collateral Losses 0.7 % 0.9 % 0.8 % Projected Collateral Recoveries 1.9 % 3.8 % 3.4 % Projected Collateral Scheduled Amortization 95.4 % 97.4 % 95.8 % 100.0 % Corporate debt and equity 3,221 Discounted Cash Flows Yield 10.0 % 10.0 % 10.0 % CLOs 24,083 Discounted Cash Flows Yield 6.7 % 85.2 % 20.1 % Projected Collateral Prepayments 65.7 % 88.5 % 71.3 % Projected Collateral Losses 4.4 % 20.9 % 17.0 % Projected Collateral Recoveries 4.3 % 11.2 % 9.7 % Projected Collateral Scheduled Amortization 0.0 % 2.8 % 2.0 % 100.0 % ABS backed by consumer loans 47,191 Discounted Cash Flows Yield 14.0 % 23.6 % 14.1 % Projected Collateral Prepayments 0.0 % 9.8 % 7.3 % Projected Collateral Losses 1.0 % 34.7 % 16.3 % Projected Collateral Scheduled Amortization 56.7 % 99.0 % 76.4 % 100.0 % (continued) Fair Value Valuation Unobservable Input Range Weighted Description Min Max (In thousands) Consumer loans $ 152,609 Discounted Cash Flows Yield 9.0 % 12.0 % 10.0 % Projected Collateral Prepayments 0.0 % 37.1 % 12.9 % Projected Collateral Losses 1.1 % 86.6 % 10.7 % Projected Collateral Scheduled Amortization 13.4 % 98.2 % 76.4 % 100.0 % Performing commercial mortgage loans 228,560 Discounted Cash Flows Yield 6.8 % 10.4 % 8.0 % Non-performing commercial mortgage loans 23,671 Discounted Cash Flows Yield 9.5 % 16.2 % 12.5 % Months to Resolution 4.9 8.8 7.0 Performing and re-performing residential mortgage loans 245,027 Discounted Cash Flows Yield 0.6 % 54.3 % 6.0 % Securitized residential mortgage loans (1)(2) 760,420 Discounted Cash Flows Yield 1.8 % 7.3 % 4.2 % Non-performing residential mortgage loans 25,262 Discounted Cash Flows Yield 1.5 % 28.4 % 10.3 % Months to Resolution — 90.9 33.2 Total return swaps—asset 105 Discounted Cash Flows Yield 11.7 % 20.8 % 12.7 % Credit default swaps on asset-backed securities 351 Net Discounted Cash Flows Projected Collateral Prepayments 33.3 % 41.0 % 39.2 % Projected Collateral Losses 6.8 % 11.2 % 9.1 % Projected Collateral Recoveries 13.6 % 18.3 % 15.2 % Projected Collateral Scheduled Amortization 35.1 % 41.6 % 36.5 % 100.0 % Agency interest only RMBS 8,637 Option Adjusted Spread ("OAS") LIBOR OAS (3)(4) 160 3,992 954 Projected Collateral Prepayments 0.7 % 100.0 % 78.3 % Projected Collateral Scheduled Amortization 0.0 % 99.3 % 21.7 % 100.0 % Investment in unconsolidated entities 95,803 Enterprise Value Equity Price-to-Book (5) 1.0x 4.0x 1.3x Other secured borrowings, at fair value (1)(6) (695,516) Discounted Cash Flows Yield 1.8% 3.3% 2.4% Total return swaps—liability (88) Discounted Cash Flows Yield 20.8% 20.8% 20.8% (1) Securitized residential mortgage loans and Other secured borrowings, at fair value, represent financial assets and liabilities of the Company's CFEs as discussed in Note 2. (2) Includes $37.1 million of non-performing securitized residential mortgage loans. (3) Shown in basis points. (4) For range minimum, range maximum, and the weighted average of LIBOR OAS, excludes Agency interest only securities with a negative LIBOR OAS, with a total fair value of $1.4 million. Including these securities the weighted average was 596 basis points. (5) Represents an estimation of where market participants might value an enterprise on a price-to-book basis. (6) For range minimum, range maximum, and the weighted average of yield, excludes Other secured borrowings, at fair value with a negative yield, with a total fair value of $(116.1) million. Including these borrowings the weighted average yield was 1.81%. December 31, 2019: Fair Value Valuation Unobservable Input Range Weighted Description Min Max (In thousands) Non-Agency RMBS $ 38,754 Market Quotes Non Binding Third-Party Valuation $ 6.68 $ 144.79 $ 86.21 CMBS 29,630 Market Quotes Non Binding Third-Party Valuation 5.08 80.72 64.73 CLOs 38,220 Market Quotes Non Binding Third-Party Valuation 40.00 96.00 73.98 Agency interest only RMBS 3,753 Market Quotes Non Binding Third-Party Valuation 1.36 16.61 5.11 Corporate loans 6,010 Market Quotes Non Binding Third-Party Valuation 100.00 100.00 100.00 ABS backed by consumer loans 139 Market Quotes Non Binding Third-Party Valuation 95.47 96.78 96.12 Non-Agency RMBS 50,827 Discounted Cash Flows Yield 3.3 % 60.9 % 10.0 % Projected Collateral Prepayments 0.8 % 72.0 % 49.3 % Projected Collateral Losses 0.0 % 22.7 % 6.6 % Projected Collateral Recoveries 0.0 % 32.4 % 6.9 % Projected Collateral Scheduled Amortization 16.9 % 92.9 % 37.2 % 100.0 % Non-Agency CMBS 175 Discounted Cash Flows Yield 10.0 % 10.0 % 10.0 % Projected Collateral Prepayments 100.0 % 100.0 % 100.0 % 100.0 % Corporate debt and equity 2,507 Discounted Cash Flows Yield 10.0 % 10.0 % 10.0 % CLOs 6,759 Discounted Cash Flows Yield 14.0 % 41.9 % 26.2 % Projected Collateral Prepayments 48.5 % 84.6 % 72.5 % Projected Collateral Losses 11.7 % 36.4 % 19.9 % Projected Collateral Recoveries 3.7 % 15.1 % 7.6 % 100.0 % ABS backed by consumer loans 48,471 Discounted Cash Flows Yield 12.0 % 20.2 % 12.1 % Projected Collateral Prepayments 0.0 % 11.2 % 9.7 % Projected Collateral Losses 0.6 % 18.0 % 15.4 % Projected Collateral Scheduled Amortization 71.3 % 99.4 % 74.9 % 100.0 % (continued) Fair Value Valuation Unobservable Input Range Weighted Description Min Max (In thousands) Consumer loans $ 186,954 Discounted Cash Flows Yield 7.0 % 10.0 % 8.1 % Projected Collateral Prepayments 0.0 % 44.2 % 16.0 % Projected Collateral Losses 3.0 % 84.5 % 8.6 % Projected Collateral Scheduled Amortization 15.5 % 95.8 % 75.4 % 100.0 % Corporate loans 12,500 Discounted Cash Flows Yield 15.0 % 18.0 % 16.8 % Performing commercial mortgage loans 248,214 Discounted Cash Flows Yield 7.7 % 16.6 % 8.8 % Non-performing commercial mortgage loans 26,545 Discounted Cash Flows Yield 9.8 % 14.7 % 12.4 % Months to Resolution 1.1 23.0 11.4 Performing and re-performing residential mortgage loans 289,672 Discounted Cash Flows Yield 1.6 % 19.5 % 6.2 % Securitized residential mortgage loans (1)(2) 628,415 Discounted Cash Flows Yield 3.2 % 4.3 % 3.6 % Non-performing residential mortgage loans 14,116 Discounted Cash Flows Yield 1.0 % 26.6 % 9.1 % Months to Resolution 1.1 165.4 54.6 Total return swaps—asset 620 Discounted Cash Flows Yield 8.5 % 27.7 % 11.5 % Credit default swaps on asset-backed securities 993 Net Discounted Cash Flows Projected Collateral Prepayments 35.4 % 42.0 % 37.3 % Projected Collateral Losses 4.2 % 12.4 % 10.2 % Projected Collateral Recoveries 10.0 % 18.2 % 15.3 % Projected Collateral Scheduled Amortization 36.2 % 41.5 % 37.2 % 100.0 % Agency interest only RMBS 16,151 Option Adjusted Spread ("OAS") LIBOR OAS (3) 93 3,527 701 Projected Collateral Prepayments 12.3 % 100.0 % 72.3 % Projected Collateral Scheduled Amortization 0.0 % 87.7 % 27.7 % 100.0 % Investment in unconsolidated entities 41,392 Enterprise Value Equity Price-to-Book (4) 1.0x 4.7x 1.7x Investment in unconsolidated entities 30,458 Discounted Cash Flows Yield (5) 3.7% 14.8% 9.9% Other secured borrowings, at fair value (1) (594,396) Discounted Cash Flows Yield 2.9% 4.0% 3.3% Total return swaps—liability (436) Discounted Cash Flows Yield 27.7% 27.7% 27.7% (1) Securitized residential mortgage loans and Other secured borrowings, at fair value, represent financial assets and liabilities of the Company's CFEs as discussed in Note 2. (2) Includes $1.5 million of non-performing securitized residential mortgage loans. (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 unconsolidated entity. The fair value of such financial instruments is the largest component of the valuation of such entity as a whole.
Fair Value Measurement Using Significant Unobservable Inputs	The tables below includes a roll-forward of the Company's financial instruments for the three- and nine-month periods ended September 30, 2020 and 2019 (including the change in fair value), for financial instruments classified by the Company within Level 3 of the valuation hierarchy. Three-Month Period Ended September 30, 2020 (In thousands) Beginning Balance as of Accreted Net Realized Change in Net Purchases/Payments (1) Sales/Issuances (2) Transfers Into Level 3 Transfers Out of Level 3 Ending Assets: Securities, at fair value: Agency RMBS $ 12,907 $ (1,482) $ 494 $ 280 $ 3,490 $ (2,243) $ 2,621 $ (3,927) $ 12,140 Non-Agency RMBS 128,607 884 (77) 2,610 21,138 (6,395) 10,895 (18,463) 139,199 CMBS 65,695 659 8 4,117 12,699 (8) 560 (40,921) 42,809 CLOs 136,466 1,962 (82) 1,920 2,241 (127) 6,483 (35,873) 112,990 Asset-backed securities backed by consumer loans 47,941 (1,435) (4) 1,165 7,455 (7,824) — — 47,298 Corporate debt securities 1,951 — 296 509 28 (577) — — 2,207 Corporate equity securities 1,084 — — (73) 3 — — — 1,014 Loans, at fair value: Residential mortgage loans 948,447 (2,009) (146) 15,672 139,609 (70,864) — — 1,030,709 Commercial mortgage loans 295,496 17 36 (6) 18,881 (62,193) — — 252,231 Consumer loans 166,681 (6,342) (112) (1,627) 28,554 (34,545) — — 152,609 Corporate loan 6,227 — — — 836 — — — 7,063 Investments in unconsolidated entities, at fair value 72,553 — 62 11,381 15,307 (3,500) — — 95,803 Financial derivatives–assets, at fair value: Credit default swaps on asset-backed securities 353 — 1 (2) 3 (4) — — 351 Total return swaps 442 — (129) (338) 209 (79) — — 105 Total assets, at fair value $ 1,884,850 $ (7,746) $ 347 $ 35,608 $ 250,453 $ (188,359) $ 20,559 $ (99,184) $ 1,896,528 Liabilities: Financial derivatives–assets, at fair value: Total return swaps $ (77) $ — $ 4 $ (11) $ (4) $ — $ — $ — $ (88) Other secured borrowings, at fair value (742,688) — — (5,178) 52,350 — — — (695,516) Total liabilities, at fair value $ (742,765) $ — $ 4 $ (5,189) $ 52,346 $ — $ — $ — $ (695,604) (1) For Investments in unconsolidated entities, at fair value, amount represents contributions to investments in unconsolidated entities. (2) For Investments in unconsolidated entities, at fair value, amount represents distributions from investments in unconsolidated entities. 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 September 30, 2020, as well as Level 3 financial instruments disposed of by the Company during the three-month period ended September 30, 2020. For Level 3 financial instruments held by the Company at September 30, 2020, change in net unrealized gain (loss) of $9.3 million, $14.2 million, $11.3 million, $(0.3) million, $(11) thousand, and $(5.2) million, for the three-month period ended September 30, 2020 relate to securities, loans, investments in unconsolidated entities, financial derivatives–assets, financial derivatives–liabilities, and other secured borrowings, at fair value, respectively. At September 30, 2020, the Company transferred $99.2 million of assets from Level 3 to Level 2 and $20.6 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. Three-Month Period Ended September 30, 2019 (In thousands) Beginning Balance as of Accreted Net Realized Change in Net Purchases/ (1) Sales/ (2) Transfers Into Level 3 Transfers Out of Level 3 Ending Assets: Securities, at fair value: Agency RMBS $ 11,034 $ (1,164) $ (621) $ 696 $ 13,254 $ — $ 737 $ (437) $ 23,499 Non-Agency RMBS 96,790 (121) 7,836 (6,457) 6,483 (21,457) 5,808 (7,400) 81,482 CMBS 6,278 25 374 (302) 6,815 (1,474) 652 — 12,368 CLOs 17,222 (184) 1,158 184 — (1,139) 15,287 (4,520) 28,008 Asset-backed securities backed by consumer loans 25,019 (611) (100) (320) 18,638 (3,310) — — 39,316 Corporate debt securities 4,081 — (583) 142 6,425 (6,883) — — 3,182 Corporate equity securities 1,791 — (768) (61) 1,316 — — — 2,278 Loans, at fair value: Residential mortgage loans 663,880 (2,241) (400) 3,559 191,512 (58,582) — — 797,728 Commercial mortgage loans 260,034 (52) (1) 507 32,426 (32,288) — — 260,626 Consumer loans 162,609 (6,474) (1,055) 28 33,101 (36,510) — — 151,699 Corporate loans 5,000 — — — 10,790 — — — 15,790 Investment in unconsolidated entities, at fair value 69,676 — (139) 2,935 9,643 (11,680) — — 70,435 Financial derivatives–assets, at fair value: Credit default swaps on asset-backed securities 1,090 — 16 (12) 10 (26) — — 1,078 Total return swaps 87 — (15) 148 — 15 — — 235 Total assets, at fair value $ 1,324,591 $ (10,822) $ 5,702 $ 1,047 $ 330,413 $ (173,334) $ 22,484 $ (12,357) $ 1,487,724 Liabilities: Financial derivatives–liabilities, at fair value: Total return swaps $ — $ — $ 48 $ (214) $ — $ (48) $ — $ — $ (214) Other secured borrowings, at fair value $ (475,816) $ — $ — $ (72) $ 37,259 $ — $ — $ — $ (438,629) Total liabilities, at fair value $ (475,816) $ — $ 48 $ (286) $ 37,259 $ (48) $ — $ — $ (438,843) (1) For Investments in unconsolidated entities, at fair value, amount represents contributions to investments in unconsolidated entities. (2) For Investments in unconsolidated entities, at fair value, amount represents distributions from investments in unconsolidated entities. 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 September 30, 2019, as well as Level 3 financial instruments disposed of by the Company during the three-month period ended September 30, 2019. For Level 3 financial instruments held by the Company at September 30, 2019, change in net unrealized gain (loss) of $(4.7) million, $4.1 million, $3.3 million, $0.1 million, $(0.2) million, and $(0.1) million, for the three-month period ended September 30, 2019 relate to securities, loans, investments in unconsolidated entities, financial derivatives–assets, financial derivatives–liabilities, and other secured borrowings, at fair value, respectively. At September 30, 2019, the Company transferred $12.4 million of assets from Level 3 to Level 2 and $22.5 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. Nine-Month Period Ended September 30, 2020 (In thousands) Beginning Balance as of Accreted Net Realized Change in Net Purchases/Payments (1) Sales/Issuances (2) Transfers Into Level 3 Transfers Out of Level 3 Ending Assets: Securities, at fair value: Agency RMBS $ 19,904 $ (6,072) $ 614 $ 2,803 $ 8,219 $ (3,295) $ 2,177 $ (12,210) $ 12,140 Non-Agency RMBS 89,581 1,113 303 (1,996) 61,933 (29,811) 22,974 (4,898) 139,199 CMBS 29,805 617 (867) (4,638) 51,432 (32,284) 7,828 (9,084) 42,809 CLOs 44,979 1,237 (7,586) (24,206) 47,730 — 53,462 (2,626) 112,990 Asset-backed securities backed by consumer loans 48,610 (3,584) (200) (1,501) 25,001 (21,028) — — 47,298 Corporate debt securities 1,113 — 504 991 3,450 (3,851) — — 2,207 Corporate equity securities 1,394 — 7 (741) 366 (12) — — 1,014 Loans, at fair value: Residential mortgage loans 932,203 (4,414) (722) 7,008 340,842 (244,208) — — 1,030,709 Commercial mortgage loans 274,759 113 135 (140) 107,608 (130,244) — — 252,231 Consumer loans 186,954 (21,712) (97) (6,965) 104,872 (110,443) — — 152,609 Corporate loan 18,510 — — — 1,053 (12,500) — — 7,063 Investments in unconsolidated entities, at fair value 71,850 — 62 10,528 29,522 (16,159) — — 95,803 Financial derivatives–assets, at fair value: Credit default swaps on asset-backed securities 993 — (955) 915 29 (631) — — 351 Total return swaps 620 — 113 (515) 209 (322) — — 105 Total assets, at fair value $ 1,721,275 $ (32,702) $ (8,689) $ (18,457) $ 782,266 $ (604,788) $ 86,441 $ (28,818) $ 1,896,528 Liabilities: Financial derivatives–liabilities, at fair value: Total return swaps $ (436) $ — $ (501) $ 349 $ 500 $ — $ — $ — $ (88) Other secured borrowings, at fair value (594,396) — — (6,636) 138,608 (233,092) — — (695,516) Total liabilities, at fair value $ (594,832) $ — $ (501) $ (6,287) $ 139,108 $ (233,092) $ — $ — $ (695,604) (1) For Investments in unconsolidated entities, at fair value, amount represents contributions to investments in unconsolidated entities. (2) For Investments in unconsolidated entities, at fair value, amount represents distributions from investments in unconsolidated entities. 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 September 30, 2020, as well as Level 3 financial instruments disposed of by the Company during the nine-month period ended September 30, 2020. For Level 3 financial instruments held by the Company at September 30, 2020, change in net unrealized gain (loss) of $(56.3) million, $12 thousand, $10.2 million, $0.6 million, $(0.1) million, and $(6.6) million, for the nine-month period ended September 30, 2020 relate to securities, loans, investments in unconsolidated entities, financial derivatives–assets, financial derivatives–liabilities, and other secured borrowings, at fair value, respectively. At September 30, 2020, the Company transferred $28.8 million of assets from Level 3 to Level 2 and $86.4 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. Nine-Month Period Ended September 30, 2019 (In thousands) Beginning Balance as of Accreted Net Realized Change in Net Purchases/ (1) Sales/ (2) Transfers Into Level 3 Transfers Out of Level 3 Ending Assets: Securities, at fair value: Agency RMBS $ 7,293 $ (2,228) $ (1,228) $ 1,430 $ 14,854 $ (463) $ 4,708 $ (867) $ 23,499 Non-Agency RMBS 91,291 104 7,187 (4,482) 10,239 (27,514) 14,633 (9,976) 81,482 CMBS 803 (16) 76 (73) 7,937 (221) 3,862 — 12,368 CLOs 14,915 (670) (536) 1,889 816 (1,125) 15,287 (2,568) 28,008 Asset-backed securities backed by consumer loans 22,800 (1,580) (765) 537 28,189 (9,865) — — 39,316 Corporate debt securities 6,318 22 (928) 65 9,257 (11,552) — — 3,182 Corporate equity securities 1,534 — (910) 337 1,317 — — — 2,278 Loans, at fair value: Residential mortgage loans 496,829 (4,515) 1,554 7,717 452,958 (156,815) — — 797,728 Commercial mortgage loans 195,301 1,087 1,412 (1,844) 128,839 (64,169) — — 260,626 Consumer loans 183,961 (22,432) (4,565) 2,726 103,983 (111,974) — — 151,699 Corporate loan — — — — 15,790 — — — 15,790 Investment in unconsolidated entities, at fair value 72,298 276 1,545 5,125 40,097 (48,906) — — 70,435 Financial derivatives–assets, at fair value: Credit default swaps on asset-backed securities 1,472 — 419 (394) 18 (437) — — 1,078 Total return swaps — — 1 235 — (1) — — 235 Total assets, at fair value $ 1,094,815 $ (29,952) $ 3,262 $ 13,268 $ 814,294 $ (433,042) $ 38,490 $ (13,411) $ 1,487,724 Liabilities: Financial derivatives–liabilities, at fair value: Total return swaps $ — $ — $ 48 $ (214) $ — $ (48) $ — $ — $ (214) Other secured borrowings, at fair value (297,948) — — (32) 78,887 (219,536) — — (438,629) Total liabilities, at fair value $ (297,948) $ — $ 48 $ (246) $ 78,887 $ (219,584) $ — $ — $ (438,843) (1) For Investments in unconsolidated entities, at fair value, amount represents contributions to investments in unconsolidated entities. (2) For Investments in unconsolidated entities, at fair value, amount represents distributions from investments in unconsolidated entities. 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 September 30, 2019, as well as Level 3 financial instruments disposed of by the Company during the nine-month period ended September 30, 2019. For Level 3 financial instruments held by the Company at September 30, 2019, change in net unrealized gain (loss) of $(0.4) million, $10.2 million, $2.4 million, $(0.2) million, $(0.2) million, and $(32) thousand, for the nine-month period ended September 30, 2019 relate to securities, loans, investments in unconsolidated entities, financial derivatives–assets, financial derivatives–liabilities, and other secured borrowings, at fair value, respectively. At September 30, 2019, the Company transferred $13.4 million of assets from Level 3 to Level 2 and $38.5 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)	9 Months Ended
	Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Summary of Investment Holdings	The following tables detail the Company's investment in securities as of September 30, 2020 and December 31, 2019. September 30, 2020: 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 $ 69,491 $ 2,641 $ 72,132 $ 1,890 $ (27) $ 73,995 3.31 % 1.89 % 3.38 20-year fixed-rate mortgages 587 39 626 29 — 655 4.71 % 2.94 % 3.88 30-year fixed-rate mortgages 625,882 30,133 656,015 26,286 (371) 681,930 4.06 % 2.42 % 4.06 Adjustable rate mortgages 6,751 173 6,924 123 (1) 7,046 3.65 % 2.15 % 3.35 Reverse mortgages 94,741 5,466 100,207 4,317 — 104,524 4.02 % 2.36 % 5.10 Interest only securities n/a n/a 47,507 5,682 (1,484) 51,705 3.47 % 10.17 % 4.58 Non-Agency RMBS 336,997 (131,976) 205,021 12,488 (7,959) 209,550 3.16 % 6.35 % 4.68 CMBS 184,695 (62,938) 121,757 803 (24,307) 98,253 2.54 % 7.74 % 8.43 Non-Agency interest only securities n/a n/a 8,367 1,832 (250) 9,949 1.17 % 16.73 % 2.75 CLOs n/a n/a 211,236 1 (47,943) 163,294 3.25 % 8.48 % 3.84 ABS backed by consumer loans 71,617 (24,277) 47,340 1,052 (1,094) 47,298 11.82 % 17.39 % 1.08 Corporate debt 24,174 (23,187) 987 1,220 — 2,207 — % — % 2.85 Corporate equity n/a n/a 1,604 160 (750) 1,014 n/a n/a n/a Total Long 1,414,935 (203,926) 1,479,723 55,883 (84,186) 1,451,420 3.86 % 5.05 % 4.37 Short: Corporate debt (450) (6) (456) 5 (10) (461) 5.32 % 5.21 % 4.14 U.S. Treasury securities (14,000) (273) (14,273) — (37) (14,310) 0.63 % 0.41 % 6.21 European sovereign bonds (36,280) 1,622 (34,658) — (2,064) (36,722) 0.22 % 0.06 % 3.36 Total Short (50,730) 1,343 (49,387) 5 (2,111) (51,493) 0.39 % 0.21 % 4.16 Total $ 1,364,205 $ (202,583) $ 1,430,336 $ 55,888 $ (86,297) $ 1,399,927 3.98 % 4.89 % 4.38 (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. December 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 $ 314,636 $ 6,369 $ 321,005 $ 2,604 $ (203) $ 323,406 3.05 % 2.28 % 3.05 20-year fixed-rate mortgages 804 49 853 24 — 877 4.62 % 2.99 % 4.80 30-year fixed-rate mortgages 1,358,762 64,846 1,423,608 13,821 (2,830) 1,434,599 4.20 % 2.95 % 6.63 Adjustable rate mortgages 9,651 315 9,966 90 (54) 10,002 3.99 % 2.03 % 4.09 Reverse mortgages 122,670 8,133 130,803 2,023 (26) 132,800 4.43 % 2.78 % 6.67 Interest only securities n/a n/a 34,044 1,624 (389) 35,279 2.81 % 9.27 % 3.86 Non-Agency RMBS 274,353 (122,685) 151,668 12,549 (1,081) 163,136 3.41 % 7.25 % 5.31 CMBS 185,417 (67,961) 117,456 2,990 (480) 119,966 3.31 % 6.62 % 8.94 Non-Agency interest only securities n/a n/a 6,517 1,817 (18) 8,316 1.10 % 8.18 % 4.14 CLOs n/a n/a 169,238 4,219 (3,014) 170,443 5.05 % 9.62 % 4.75 ABS backed by consumer loans 67,080 (19,154) 47,926 1,596 (912) 48,610 12.17 % 14.00 % 1.22 Corporate debt 22,125 (21,241) 884 229 — 1,113 — % — % 0.33 Corporate equity n/a n/a 1,242 152 — 1,394 n/a n/a n/a Total Long 2,355,498 (151,329) 2,415,210 43,738 (9,007) 2,449,941 4.15 % 4.09 % 5.88 Short: Corporate debt (450) (6) (456) — (15) (471) 5.44 % 5.21 % 4.90 U.S. Treasury securities (63,140) 381 (62,759) 63 (298) (62,994) 1.76 % 1.87 % 6.11 European sovereign bonds (9,759) 133 (9,626) — (318) (9,944) 0.77 % 0.12 % 1.58 Total Short (73,349) 508 (72,841) 63 (631) (73,409) 1.65 % 1.66 % 5.49 Total $ 2,282,149 $ (150,821) $ 2,342,369 $ 43,801 $ (9,638) $ 2,376,532 4.23 % 4.01 % 5.90 (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.
Securities by Weighted Average Life	The following tables detail weighted average life of the Company's Agency RMBS as of September 30, 2020 and December 31, 2019. September 30, 2020: ($ 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 $ 150,492 $ 146,624 4.26 % $ 8,893 $ 8,267 3.90 % Greater than three years and less than seven years 706,422 678,227 3.95 % 39,604 36,038 3.63 % Greater than seven years and less than eleven years 11,236 11,053 3.01 % 1,048 1,049 0.28 % Greater than eleven years — — — % 2,160 2,153 0.78 % Total $ 868,150 $ 835,904 3.99 % $ 51,705 $ 47,507 3.47 % (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. December 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 $ 188,593 $ 187,099 3.39 % $ 9,011 $ 8,611 3.35 % Greater than three years and less than seven years 961,839 953,031 4.25 % 25,334 24,512 2.66 % Greater than seven years and less than eleven years 713,862 708,805 3.89 % 934 921 1.90 % Greater than eleven years 37,390 37,300 3.51 % — — — % Total $ 1,901,684 $ 1,886,235 4.02 % $ 35,279 $ 34,044 2.81 % (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 tables detail weighted average life of the Company's long non-Agency RMBS, CMBS, and CLOs and other securities as of September 30, 2020 and December 31, 2019. September 30, 2020: ($ 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 $ 80,873 $ 77,739 3.67 % $ 4,079 $ 2,685 0.55 % $ 61,222 $ 63,694 9.43 % Greater than three years and less than seven years 106,561 102,374 3.38 % 5,870 5,682 1.47 % 150,175 193,955 3.38 % Greater than seven years and less than eleven years 96,327 119,267 2.48 % — — — % 1,402 1,914 — % Greater than eleven years 24,042 27,398 1.04 % — — — % — — — % Total $ 307,803 $ 326,778 2.93 % $ 9,949 $ 8,367 1.17 % $ 212,799 $ 259,563 4.84 % (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. December 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 $ 50,120 $ 48,213 2.73 % $ 439 $ 401 1.37 % $ 54,446 $ 54,090 11.11 % Greater than three years and less than seven years 87,436 79,326 4.42 % 7,877 6,116 1.08 % 157,384 155,651 5.38 % Greater than seven years and less than eleven years 127,533 123,924 3.31 % — — — % 8,336 8,307 — % Greater than eleven years 18,013 17,661 0.81 % — — — % — — — % Total $ 283,102 $ 269,124 3.37 % $ 8,316 $ 6,517 1.10 % $ 220,166 $ 218,048 6.60 % (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.
Investment Income	The following tables detail the components of interest income by security type for the three- and nine-month periods ended September 30, 2020 and 2019: Three-Month Period Ended (In thousands) September 30, 2020 September 30, 2019 Security Type Coupon Interest Net Amortization Interest Income Coupon Interest Net Amortization Interest Income Agency RMBS $ 14,117 $ (7,454) $ 6,663 $ 16,026 $ (6,290) $ 9,736 Non-Agency RMBS and CMBS 3,311 1,911 5,222 3,383 430 3,813 CLOs 2,256 2,179 4,435 3,480 (627) 2,853 Other securities (1) 2,970 (1,435) 1,535 1,670 (611) 1,059 Total $ 22,654 $ (4,799) $ 17,855 $ 24,559 $ (7,098) $ 17,461 Nine-Month Period Ended (In thousands) September 30, 2020 September 30, 2019 Security Type Coupon Interest Net Amortization Interest Income Coupon Interest Net Amortization Interest Income Agency RMBS $ 47,632 $ (25,516) $ 22,116 $ 42,681 $ (15,883) $ 26,798 Non-Agency RMBS and CMBS 10,995 4,001 14,996 10,514 1,666 12,180 CLOs 11,662 1,543 13,205 11,391 (1,138) 10,253 Other securities (1) 8,992 (3,584) 5,408 4,706 (1,528) 3,178 Total $ 79,281 $ (23,556) $ 55,725 $ 69,292 $ (16,883) $ 52,409 (1) Other securities includes ABS backed by consumer loans, corporate debt securities, and U.S. Treasury securities.
Schedule of Realized Gain (Loss)	The following tables present proceeds from sales and the resulting realized gains and (losses) of the Company's securities for the three- and nine-month periods ended September 30, 2020 and 2019. Three-Month Period Ended (In thousands) September 30, 2020 September 30, 2019 (1) Security Type Proceeds (2) Gross Realized Gains Gross Realized Losses (3) Net Realized Gain (Loss) Proceeds (2) Gross Realized Gains Gross Realized Losses (3) Net Realized Gain (Loss) Agency RMBS $ 10,675 $ 2,467 $ (564) $ 1,903 $ 331,572 $ 4,511 $ (34) $ 4,477 Non-Agency RMBS and CMBS 17,926 1,669 (171) 1,498 16,496 9,606 (341) 9,265 CLOs — — 256 256 2,060 1,287 27 1,314 Other securities (4) 11,861 373 (74) 299 138,000 63 (220) (157) Total $ 40,462 $ 4,509 $ (553) $ 3,956 $ 488,128 $ 15,467 $ (568) $ 14,899 (1) Conformed to current period presentation. (2) Includes proceeds on sales of securities not yet settled as of period end. (3) Excludes realized losses of $(2.5) million and $(10.1) million, for the three-month periods ended September 30, 2020 and 2019, respectively, related to adjustments to the cost basis of certain securities for which the Company has determined all or a portion of such securities cost basis to be uncollectible. (4) Other securities includes ABS backed by consumer loans, corporate debt and equity, exchange-traded equity, and U.S. Treasury securities. Nine-Month Period Ended (In thousands) September 30, 2020 September 30, 2019 (1) Security Type Proceeds (2) Gross Realized Gains Gross Realized Losses Net Realized Gain (Loss) Proceeds (2) Gross Realized Gains Gross Realized Losses (3) Net Realized Gain (Loss) Agency RMBS $ 1,438,469 $ 15,982 $ (3,369) $ 12,613 $ 719,082 $ 6,954 $ (1,950) $ 5,004 Non-Agency RMBS and CMBS 116,349 11,081 (3,880) 7,201 165,180 11,356 (3,835) 7,521 CLOs 41,714 1,122 (2,928) (1,806) 58,157 1,169 (816) 353 Other securities (4) 169,172 1,273 (329) 944 602,443 801 (1,206) (405) Total $ 1,765,704 $ 29,458 $ (10,506) $ 18,952 $ 1,544,862 $ 20,280 $ (7,807) $ 12,473 (1) Conformed to current period presentation. (2) Includes proceeds on sales of securities not yet settled as of period end. (3) Excludes realized losses of $(16.3) million and $(16.1) million, for the nine-month periods ended September 30, 2020 and 2019, respectively, related to adjustments to the cost basis of certain securities for which the Company has determined all or a portion of such securities cost basis to be uncollectible. (4) Other securities includes ABS 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, excluding those where there are expected credit losses as of the balance sheet date in relation to such securities' cost bases, by length of time that such securities have been in an unrealized loss position at September 30, 2020. September 30, 2020: (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 $ 138,286 $ (673) $ 1,881 $ (112) $ 140,167 $ (785) Non-Agency RMBS and CMBS 18,887 (1,560) 1,665 (84) 20,552 (1,644) CLOs 10,204 (10,069) 54 — 10,258 (10,069) Other securities (1) 647 (431) — — 647 (431) Total $ 168,024 $ (12,733) $ 3,600 $ (196) $ 171,624 $ (12,929) (1) Other securities includes ABS backed by consumer loans, corporate debt and 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 December 31, 2019. December 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 $ 328,968 $ (1,503) $ 125,095 $ (1,999) $ 454,063 $ (3,502) Non-Agency RMBS and CMBS 88,495 (880) 27,218 (699) 115,713 (1,579) CLOs 37,354 (1,911) 9,245 (1,103) 46,599 (3,014) Other securities (1) 16,562 (852) 1,380 (60) 17,942 (912) Total $ 471,379 $ (5,146) $ 162,938 $ (3,861) $ 634,317 $ (9,007) (1) Other securities includes ABS backed by consumer loans, corporate debt and equity, and U.S. Treasury securities.

Investment in Loans (Tables)

Investment in Loans (Tables)	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Summary of Investments in Loans	The following table is a summary of the Company's investments in loans as of September 30, 2020 and December 31, 2019: As of (In thousands) September 30, 2020 December 31, 2019 Loan Type Unpaid Principal Balance Fair Unpaid Principal Balance Fair Residential mortgage loans $ 1,004,980 $ 1,030,709 $ 911,705 $ 932,203 Commercial mortgage loans 252,305 252,231 277,870 274,759 Consumer loans 150,062 152,609 179,743 186,954 Corporate loans 7,063 7,063 18,415 18,510 Total $ 1,414,410 $ 1,442,612 $ 1,387,733 $ 1,412,426 The tables below detail certain information regarding the Company's residential mortgage loans as of September 30, 2020 and December 31, 2019. September 30, 2020: 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) $ 996,429 $ 8,676 $ 1,005,105 $ 21,504 $ (4,355) $ 1,022,254 6.23 % 5.15 % 1.66 Residential mortgage loans, held-for-sale 8,551 (863) 7,688 793 (26) 8,455 4.73 % 6.04 % 5.50 Total $ 1,004,980 $ 7,813 $ 1,012,793 $ 22,297 $ (4,381) $ 1,030,709 6.22 % 5.16 % 1.70 (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 $760.4 million of non-QM loans that have been securitized and are held in consolidated securitization trusts. Such loans had $17.5 million and $(0.2) million of gross unrealized gains and gross unrealized losses, respectively; such unrealized gains (losses) are presented on a gross basis on the Company's Condensed Consolidated Statement of Operations. See Residential Mortgage Loan Securitizations in Note 10 for additional information. December 31, 2019: Gross Unrealized Weighted Average ($ 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) $ 911,705 $ 9,354 $ 921,059 $ 13,082 $ (1,938) $ 932,203 6.44 % 5.79 % 1.90 (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 $628.4 million of non-QM loans that have been securitized and are held in consolidated securitization trusts. The tables below detail certain information regarding the Company's commercial mortgage loans as of September 30, 2020 and December 31, 2019: September 30, 2020: Gross Unrealized Weighted Average ($ in thousands) Unpaid Principal Balance Premium (Discount) Amortized Cost Gains Losses Fair Value Coupon Yield (1) Life (Years) (2) Commercial mortgage loans, held-for-investment $ 252,305 $ (122) $ 252,183 $ 535 $ (487) $ 252,231 8.25 % 8.14 % 0.77 (1) Excludes commercial mortgage loans, in non-accrual status, with a fair value of $23.8 million. (2) Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal. December 31, 2019: Gross Unrealized Weighted Average ($ in thousands) Unpaid Principal Balance Premium (Discount) Amortized Cost Gains Losses Fair Value Coupon Yield (1) Life (Years) (2) Commercial mortgage loans, held-for-investment $ 277,870 $ (3,302) $ 274,568 $ 253 $ (62) $ 274,759 7.65 % 8.58 % 1.07 (1) Excludes commercial mortgage loans, held at par in non-accrual status, with a fair value of $10.7 million. (2) Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal. The tables below detail certain information regarding the Company's consumer loans as of September 30, 2020 and December 31, 2019: September 30, 2020: Gross Unrealized Weighted Average ($ in thousands) Unpaid Principal Balance Premium (Discount) Amortized Cost Gains Losses Fair Value (1) Life (Years) (2) Delinquency (Days) Consumer loans, held-for-investment $ 150,062 $ 7,347 $ 157,409 $ 1,430 $ (6,230) $ 152,609 0.88 4 (1) Includes $0.6 million of charged-off loans for which the Company has determined that it is probable the servicer will be able to collect principal and interest. (2) Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal. December 31, 2019: Gross Unrealized Weighted Average ($ in thousands) Unpaid Principal Balance Premium (Discount) Amortized Cost Gains Losses Fair Value (1) Life (Years) (2) Delinquency (Days) Consumer loans, held-for-investment $ 179,743 $ 5,027 $ 184,770 $ 2,561 $ (377) $ 186,954 0.82 4 (1) Includes $0.6 million of charged-off loans for which the Company has determined that it is probable the servicer will be able to collect principal and interest. (2) Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal. The tables below detail certain information regarding the Company's corporate loans as of September 30, 2020 and December 31, 2019: September 30, 2020: Weighted Average ($ in thousands) Unpaid Fair Value Rate Remaining Term (Years) Corporate loans, held-for-investment (1) $ 7,063 $ 7,063 19.43 % 1.98 (1) See Note 21 for further details on the Company's unfunded commitments related to certain of its corporate loans. December 31, 2019: Weighted Average ($ in thousands) Unpaid Fair Value Rate Remaining Term (Years) Corporate loans, held-for-investment (1)(2) $ 18,415 $ 18,510 17.62 % 0.87 (1) See Note 13 for further details on the Company's transactions involving a loan originator in which the Company also holds an equity investment. (2) See Note 21 for further details on the Company's unfunded commitments related to certain of its corporate loans.
Financing Receivable, Past Due [Table Text Block]	The following table provides details, by accrual status, for loans that are 90 days or more past due as of September 30, 2020 and December 31, 2019: As of September 30, 2020 December 31, 2019 (In thousands) Unpaid Principal Balance Fair Value Unpaid Principal Balance Fair Value 90 days or more past due—non-accrual status Residential mortgage loans $ 67,121 $ 64,414 $ 22,092 $ 19,401 Commercial mortgage loans 23,750 23,671 28,936 26,545 Consumer loans 1,284 1,131 5,633 5,225
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	The table below summarizes the geographic distribution of the real estate collateral underlying the Company's residential mortgage loans as a percentage of total outstanding unpaid principal balance as of September 30, 2020 and December 31, 2019: Property Location by U.S. State September 30, 2020 December 31, 2019 California 44.0 % 46.6 % Florida 13.8 % 11.9 % Texas 10.4 % 11.9 % Colorado 2.8 % 3.2 % Massachusetts 2.6 % 2.9 % Oregon 2.4 % 2.2 % Arizona 1.9 % 2.4 % Utah 1.9 % 1.9 % Illinois 1.8 % 1.7 % New Jersey 1.8 % 1.1 % Nevada 1.7 % 1.6 % Washington 1.6 % 1.6 % New York 1.3 % 1.3 % North Carolina 1.2 % — % Georgia 1.1 % — % Maryland 1.0 % 1.1 % Connecticut 1.0 % — % Other 7.7 % 8.6 % 100.0 % 100.0 % The table below summarizes the geographic distribution of the real estate collateral underlying the Company's commercial mortgage loans as a percentage of total outstanding unpaid principal balance as of September 30, 2020 and December 31, 2019: Property Location by U.S. State September 30, 2020 December 31, 2019 Florida 17.6 % 31.7 % New York 16.5 % 17.7 % Pennsylvania 11.5 % — % Connecticut 9.3 % 8.2 % Missouri 6.6 % 4.6 % Ohio 6.1 % — % California 5.7 % — % Massachusetts 5.2 % 4.7 % New Jersey 4.9 % 13.3 % Arizona 3.7 % 3.8 % Virginia 3.6 % 6.8 % Indiana 2.4 % 2.1 % North Carolina 2.0 % 1.8 % Nevada 1.6 % 1.5 % Tennessee 1.6 % 1.5 % Illinois 1.3 % 1.2 % Other 0.4 % 1.1 % 100.0 % 100.0 % September 30, 2020: Amount of Exposure Number of Counterparties with Exposure Maximum Percentage of Exposure to a Single Counterparty (1) (In thousands) Cash and cash equivalents $ 126,783 10 28.5 % Collateral on repurchase agreements held by dealers (2) 1,810,825 24 18.6 % Due from brokers 63,991 22 35.4 % Receivable for securities sold (3) 5,086 2 87.0 % (1) Each counterparty is a large creditworthy financial institution. (2) Includes securities, loans, and REO as well as cash posted as collateral for repurchase agreements. (3) Included in Investment related receivables on the Condensed Consolidated Balance Sheet. December 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 $ 72,302 11 42.2 % Collateral on repurchase agreements held by dealers (2) 2,793,696 28 13.8 % Due from brokers 79,829 24 30.9 % Receivable for securities sold (3) 69,995 5 62.3 % (1) Each counterparty is a large creditworthy financial institution. (2) Includes securities, loans, and REO as well as cash posted as collateral for repurchase agreements. (3) Included in Investment related receivables on the Condensed Consolidated Balance Sheet.
Financing Receivable Credit Quality Indicators [Table Text Block]	The following table presents information on the Company's residential mortgage loans by re-performing or non-performing status, as of September 30, 2020 and December 31, 2019. As of September 30, 2020 December 31, 2019 (In thousands) Unpaid Principal Balance Fair Value Unpaid Principal Balance Fair Value Re-performing $ 23,002 $ 21,572 $ 27,663 $ 25,323 Non-performing 64,710 62,343 17,757 15,580
Consumer Loans, Delinquency Status [Table Text Block]	The table below provides details on the delinquency status as a percentage of total unpaid principal balance of the Company's consumer loans, which the Company uses as an indicator of credit quality, as of September 30, 2020 and December 31, 2019: Days Past Due September 30, 2020 December 31, 2019 Current 96.2 % 95.3 % 30-59 Days 1.6 % 2.1 % 60-89 Days 1.1 % 1.4 % 90-119 Days 0.8 % 1.2 % >120 Days 0.3 % — % 100.0 % 100.0 %

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	9 Months Ended
	Sep. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments in Unconsolidated Entities	The following table provides a summary of the results of operations of this entity for the three- and nine-month periods ended September 30, 2020 and 2019. Three-Month Period Ended Nine-Month Period Ended (In thousands) September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Revenue $ 4,827 $ 6,957 $ 10,030 $ 14,486 Net income (loss) $ 15,962 $ 4,739 $ 28,901 $ 3,074

Real Estate Owned (Tables)

Real Estate Owned (Tables)	9 Months Ended
	Sep. 30, 2020
Real Estate Owned, Disclosure of Detailed Components [Abstract]
Schedule of Real Estate Owned	The following tables detail activity in the Company's carrying value of REO for the three- and nine-month periods ended September 30, 2020 and 2019: Three-Month Period Ended September 30, 2020 September 30, 2019 Number of Properties Carrying Value Number of Properties Carrying Value (In thousands) (In thousands) Beginning Balance (June 30, 2020 and June 30, 2019, respectively) 13 $ 24,044 20 $ 47,621 Transfers from mortgage loans 4 676 1 601 Capital expenditures and other adjustments to cost 27 — Adjustments to record at the lower of cost or fair value 147 6 Disposals (1) (100) (7) (3,805) Ending Balance (September 30, 2020 and September 30, 2019, respectively) 16 $ 24,794 14 $ 44,423 Nine-Month Period Ended September 30, 2020 September 30, 2019 Number of Properties Carrying Value Number of Properties Carrying Value (In thousands) (In thousands) Beginning Balance (December 31, 2019 and January 1, 2019, respectively) 15 $ 30,584 20 $ 30,778 Transfers from mortgage loans 9 2,198 5 18,314 Capital expenditures and other adjustments to cost 153 240 Adjustments to record at the lower of cost or fair value (813) (257) Disposals (8) (7,328) (11) (4,652) Ending Balance (September 30, 2020 and September 30, 2019, respectively) 16 $ 24,794 14 $ 44,423

Financial Derivatives (Tables)

Financial Derivatives (Tables)	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table details the fair value of the Company's holdings of financial derivatives as of September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 (In thousands) Financial derivatives–assets, at fair value: TBA securities purchase contracts $ 394 $ 90 TBA securities sale contracts 756 506 Fixed payer interest rate swaps 5 3,914 Fixed receiver interest rate swaps 13,785 1,554 Credit default swaps on asset-backed securities 351 993 Credit default swaps on asset-backed indices 9,722 3,319 Credit default swaps on corporate bonds 39 2 Credit default swaps on corporate bond indices 2,419 5,599 Total return swaps 105 620 Futures 1 148 Forwards 256 43 Warrants 31 — Total financial derivatives–assets, at fair value 27,864 16,788 Financial derivatives–liabilities, at fair value: TBA securities purchase contracts $ (156) $ — TBA securities sale contracts (130) (1,012) Fixed payer interest rate swaps (29,712) (8,513) Fixed receiver interest rate swaps (62) (206) Credit default swaps on asset-backed indices (142) (250) Credit default swaps on corporate bonds (580) (1,693) Credit default swaps on corporate bond indices (3,572) (14,524) Total return swaps (88) (1,209) Futures (331) (45) Forwards (41) (169) Total financial derivatives–liabilities, at fair value (34,814) (27,621) Total $ (6,950) $ (10,833)
Schedule of Interest Rate Derivatives [Table Text Block]	The following tables provide information about the Company's fixed payer interest rate swaps as of September 30, 2020 and December 31, 2019: September 30, 2020: Weighted Average Maturity Notional Amount Fair Value Pay Rate Receive Rate Remaining Years to Maturity (In thousands) 2021 $ 17,500 $ (223) 2.75 % 0.23 % 0.47 2022 129,975 (1,952) 1.21 0.26 1.40 2023 146,012 (5,052) 1.50 0.24 2.67 2025 31,500 (902) 0.95 0.25 4.61 2026 28,104 (1,463) 1.25 0.22 5.74 2027 34,000 (89) 0.49 0.22 6.73 2028 32,942 (4,721) 2.40 0.23 7.59 2029 92,594 (9,789) 1.78 0.25 9.04 2030 68,463 (2,781) 1.10 0.25 9.44 2036 1,100 (84) 1.45 0.22 15.39 2049 5,796 (2,651) 2.89 0.30 28.28 Total $ 587,986 $ (29,707) 1.43 % 0.25 % 5.15 December 31, 2019: Weighted Average Maturity Notional Amount (1) Fair Value (1) Pay Rate (2)(3) Receive Rate (2) Remaining Years to Maturity (4) (In thousands) 2020 $ 68,607 $ (234) 1.74 % 1.93 % 0.24 2021 268,929 (419) 1.73 1.95 1.64 2022 31,350 9 1.65 1.93 2.14 2023 101,012 (1,265) 2.06 1.91 3.29 2024 13,000 99 1.56 1.89 4.90 2025 12,800 (24) n/a n/a 5.22 2026 59,902 1,946 1.24 1.94 6.50 2028 32,942 (1,634) 2.40 1.93 8.34 2029 136,838 (2,018) 2.02 1.96 9.61 2030 685 (32) 2.38 1.90 10.90 2036 1,100 87 1.45 1.94 16.14 2049 5,796 (1,114) 2.89 2.09 29.03 Total $ 732,961 $ (4,599) 1.83 % 1.94 % 4.31 (1) Includes forward-starting interest rate swaps with a notional amount of $20.9 million and fair value of $(41) thousand. (2) Excludes forward-starting interest rate swaps. (3) Including forward-starting interest rate swaps the total weighted average pay rate was 1.83%. (4) Includes forward-starting interest rate swaps, all of which start within six months of period end. The following tables provide information about the Company's fixed receiver interest rate swaps as of September 30, 2020 and December 31, 2019: September 30, 2020: Weighted Average Maturity Notional Amount Fair Value Pay Rate Receive Rate Remaining Years to Maturity (In thousands) 2021 $ 12,950 $ 201 0.23 % 1.75 % 0.96 2022 87,683 1,514 0.26 1.33 1.45 2023 48,657 2,234 0.23 2.00 2.51 2024 86,342 5,262 0.26 1.65 3.99 2025 39,685 226 0.24 0.44 4.66 2027 25,108 343 0.30 0.63 6.50 2029 9,800 1,030 0.24 1.78 9.02 2030 128,335 2,913 0.25 0.90 9.47 Total $ 438,560 $ 13,723 0.25 % 1.25 % 5.15 December 31, 2019: Weighted Average Maturity Notional Amount Fair Value Pay Rate Receive Rate Remaining Years to Maturity (In thousands) 2021 $ 181,950 $ (49) 1.89 % 1.67 % 1.84 2022 53,974 441 1.91 1.85 2.17 2023 48,657 709 1.92 2.00 3.26 2024 11,342 306 2.09 2.33 4.23 2029 9,800 (59) 1.91 1.78 9.77 Total $ 305,723 $ 1,348 1.91 % 1.78 % 2.47
Schedule of Credit Default Swaps [Table Text Block]	The following table provides information about the Company's credit default swaps as of September 30, 2020 and December 31, 2019: As of September 30, 2020 December 31, 2019 Type (1) Notional Fair Value Weighted Average Remaining Term (Years) Notional Fair Value Weighted Average Remaining Term (Years) ($ in thousands) Asset: Long: Credit default swaps on asset-backed indices $ 416 $ 6 17.25 $ 695 $ 10 23.80 Credit default swaps on corporate bonds 1,600 39 5.22 430 2 0.47 Credit default swaps on corporate bond indices 69,381 1,913 2.71 130,707 5,547 2.42 Short: Credit default swaps on asset-backed securities (955) 351 14.95 (2,640) 993 15.63 Credit default swaps on asset-backed indices (30,668) 9,716 37.71 (63,515) 3,309 38.40 Credit default swaps on corporate bond indices (10,036) 506 1.64 (1,997) 52 3.97 Liability: Long: Credit default swaps on asset-backed indices 480 (142) 32.61 344 (145) 29.35 Short: Credit default swaps on asset-backed indices (1) — 29.25 (4,501) (105) 40.31 Credit default swaps on corporate bonds (12,200) (580) 3.71 (10,800) (1,693) 3.92 Credit default swaps on corporate bond indices (126,983) (3,572) 2.07 (250,088) (14,524) 2.51 $ (108,966) $ 8,237 11.71 $ (201,365) $ (6,554) 14.88 (1) Long notional represents contracts where the Company has written protection and short notional represents contracts where the Company has purchased protection.
Schedule of Futures Contracts [Table Text Block]	The following table provides information about the Company's long and short positions in futures as of September 30, 2020 and December 31, 2019: As of September 30, 2020 December 31, 2019 Description Notional Amount Fair Value Remaining Months to Expiration Notional Amount Fair Value Remaining Months to Expiration (In thousands) (In thousands) Assets: Short Contracts: U.S. Treasury futures $ (300) $ 1 2.73 $ — $ — — Liabilities: Long Contracts: U.S. Treasury futures $ 1,900 $ (31) 2.73 — — — Short Contracts: U.S. Treasury futures (165,600) (300) 3.00 (16,000) 148 2.77 Eurodollar futures — — — (14,000) (45) 4.05 Total, net $ (164,000) $ (330) 3.00 $ (30,000) $ 103 3.37
Schedule of Derivative Warrant Contracts [Table Text Block]	Warrants The following table provides information about the Company's warrants contracts to purchase shares as of September 30, 2020 and December 31, 2019: September 30, 2020 As of December, 31, 2019 Description Number of Shares Underlying Warrant Fair Value Remaining Years to Expiration Number of Shares Underlying Warrant Fair Value Remaining Years to Expiration (In thousands) (In thousands) Warrants 1,546 $ 31 2.08 1,515 $ — 2.82
Schedule of TBA securities [Table Text Block]	As of September 30, 2020 and December 31, 2019, the Company had outstanding TBA purchase and sale contracts as follows: September 30, 2020 December 31, 2019 TBA Securities Notional Amount (1) Cost Basis (2) Market Value (3) Net Carrying Value (4) Notional Amount (1) Cost Basis (2) Market Value (3) Net Carrying Value (4) (In thousands) Purchase contracts: Assets $ 100,890 $ 103,882 $ 104,276 $ 394 $ 40,100 $ 40,585 $ 40,675 $ 90 Liabilities 68,000 71,370 71,214 (156) — — — — 168,890 175,252 175,490 238 40,100 40,585 40,675 90 Sale contracts: Assets (401,722) (428,049) (427,293) 756 (319,981) (332,080) (331,574) 506 Liabilities (86,845) (91,369) (91,499) (130) (773,749) (806,568) (807,580) (1,012) (488,567) (519,418) (518,792) 626 (1,093,730) (1,138,648) (1,139,154) (506) Total TBA securities, net $ (319,677) $ (344,166) $ (343,302) $ 864 $ (1,053,630) $ (1,098,063) $ (1,098,479) $ (416) (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- and nine-month periods ended September 30, 2020 and 2019 are summarized in the tables below: Three-Month Period Ended September 30, 2020: Derivative Type Primary 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 $ (1,150) $ (29) $ (1,179) $ 516 $ 1,104 $ 1,620 Credit default swaps on asset-backed securities Credit 1 1 (1) (1) Credit default swaps on asset-backed indices Credit (239) (239) 503 503 Credit default swaps on corporate bond indices Credit (1,067) (1,067) (1,059) (1,059) Credit default swaps on corporate bonds Credit (93) (93) (334) (334) Total return swaps Credit (125) (125) (348) (348) TBAs Interest Rate 2,367 2,367 (744) (744) Futures Interest Rate (402) (402) 52 52 Forwards Currency (898) (898) 33 33 Total $ (1,150) $ (485) $ (1,635) $ 516 $ (794) $ (278) (1) Includes realized gain/(loss) on transactions involving foreign-currency-denominated financial derivatives in the amount of $(15) thousand for the three-month period ended September 30, 2020, 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 $20 thousand for the three-month period ended September 30, 2020, which is included on the Condensed Consolidated Statement of Operations in Other, net. Three-Month Period Ended September 30, 2019 Derivative Type Primary 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 $ 82 $ 34 $ 116 $ 171 $ (2,598) $ (2,427) Credit default swaps on asset-backed securities Credit 16 16 (12) (12) Credit default swaps on asset-backed indices Credit (261) (261) (81) (81) Credit default swaps on corporate bond indices Credit (1,113) (1,113) 909 909 Credit default swaps on corporate bonds Credit (259) (259) 268 268 Total return swaps Equity Market/Credit 251 251 (716) (716) TBAs Interest Rate (5,067) (5,067) 1,542 1,542 Futures Interest Rate/Currency (3,551) (3,551) 1,627 1,627 Forwards Currency 525 525 379 379 Total $ 82 $ (9,425) $ (9,343) $ 171 $ 1,318 $ 1,489 (1) Includes realized gain/(loss) on transactions involving foreign-currency-denominated financial derivatives in the amount of $17 thousand for the three-month period ended September 30, 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 $16 thousand for the three-month period ended September 30, 2019, which is included on the Condensed Consolidated Statement of Operations in Other, net. Nine-Month Period Ended September 30, 2020: Derivative Type Primary 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 $ (1,900) $ (8,761) $ (10,661) $ 541 $ (16,373) $ (15,832) Credit default swaps on asset-backed securities Credit (955) (955) 915 915 Credit default swaps on asset-backed indices Credit 3,660 3,660 7,642 7,642 Credit default swaps on corporate bond indices Credit (550) (550) 3,080 3,080 Credit default swaps on corporate bonds Credit 356 356 711 711 Total return swaps Credit (2,180) (2,180) 607 607 TBAs Interest Rate (6,778) (6,778) 1,280 1,280 Futures Interest Rate (7,866) (7,866) (434) (434) Forwards Currency (616) (616) 343 343 Warrants Equity Market/Credit — — (382) (382) Options Credit (100) (100) — — Total $ (1,900) $ (23,790) $ (25,690) $ 541 $ (2,611) $ (2,070) (1) Includes realized gain/(loss) on transactions involving foreign-currency-denominated financial derivatives in the amount of $12 thousand for the nine-month period ended September 30, 2020, 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 $39 thousand for the nine-month period ended September 30, 2020, which is included on the Condensed Consolidated Statement of Operations in Other, net. Nine-Month Period Ended September 30, 2019: Derivative Type Primary 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 $ 852 $ (1,117) $ (265) $ (60) $ (11,915) $ (11,975) Credit default swaps on asset-backed securities Credit 419 419 (394) (394) Credit default swaps on asset-backed indices Credit (1,245) (1,245) (832) (832) Credit default swaps on corporate bond indices Credit (4,387) (4,387) (1,026) (1,026) Credit default swaps on corporate bonds Credit (764) (764) 1,110 1,110 Total return swaps Equity Market/Credit (1,046) (1,046) (681) (681) TBAs Interest Rate (17,183) (17,183) 3,680 3,680 Futures Interest Rate/Currency (8,365) (8,365) 761 761 Forwards Currency 1,068 1,068 228 228 Options Interest Rate (35) (35) 1 1 Total $ 852 $ (32,655) $ (31,803) $ (60) $ (9,068) $ (9,128) (1) Includes realized gain/(loss) on transactions involving foreign-currency-denominated financial derivatives in the amount of $47 thousand for the nine-month period ended September 30, 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 $8 thousand for the nine-month period ended September 30, 2019, which is included on the Condensed Consolidated Statement of Operations in Other, net.
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 nine-month period ended September 30, 2020 and year ended December 31, 2019: Derivative Type Nine-Month Year Ended (In thousands) Interest rate swaps $ 1,078,808 $ 731,941 TBAs 732,048 973,331 Credit default swaps 290,822 399,316 Total return swaps 7,819 39,434 Futures 143,440 167,708 Options 1,950 19,825 Forwards 36,935 30,930 Warrants 1,543 2,222
Schedule of Credit Derivatives	Written credit derivatives held by the Company at September 30, 2020 and December 31, 2019 are summarized below: Credit Derivatives September 30, 2020 December 31, 2019 (In thousands) Fair Value of Written Credit Derivatives, Net $ 1,816 $ 5,414 Fair Value of Purchased Credit Derivatives Offsetting Written Credit Derivatives with Third Parties (1) — (3,248) Notional Value of Written Credit Derivatives (2) 71,877 132,176 Notional Value of Purchased Credit Derivatives Offsetting Written Credit Derivatives with Third Parties (1) — (81,637) (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)	9 Months Ended
	Sep. 30, 2020
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 September 30, 2020 and December 31, 2019. (In thousands) September 30, 2020 (1) December 31, 2019 (1) Assets Cash and cash equivalents $ 1,152 $ 6,016 Restricted cash 175 175 Securities, at fair value 46,857 47,923 Loans, at fair value 1,423,035 1,393,916 Investments in unconsolidated entities, at fair value 6,289 5,641 Real estate owned 24,794 30,584 Investment related receivables 43,542 28,668 Other assets 2,250 6,191 Total Assets $ 1,548,094 $ 1,519,114 Liabilities Repurchase agreements $ 260,310 $ 302,791 Investment related payables — 3,275 Other secured borrowings 142,674 150,334 Other secured borrowings, at fair value 695,516 594,396 Interest payable 402 1,247 Accrued expenses and other liabilities 1,301 2,279 Total Liabilities 1,100,203 1,054,322 Total Stockholders' Equity 422,217 440,394 Non-controlling interests 25,674 24,400 Total Equity 447,891 464,794 Total Liabilities and Equity $ 1,548,094 $ 1,519,116 (1) See Note 10 and Note 13 for additional information on the Company's consolidated VIEs.

Securitization Transactions (Ta

Securitization Transactions (Tables)	9 Months Ended
	Sep. 30, 2020
Securitization Transactions [Abstract]
Schedule of Residential Loan Securitizations	The following table details the Company's outstanding 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 2018-1 11/18 $ 232,518 $ 232,518 (1) Ellington Financial Mortgage Trust 2019-1 6/19 226,913 226,913 (2) Ellington Financial Mortgage Trust 2019-2 11/19 267,255 267,255 (3) Ellington Financial Mortgage Trust 2020-1 6/20 259,273 259,273 (4) (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 as of the settlement date 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. (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 as of the settlement date equal to 6.1% of the fair value of all Certificates issued. The Sponsor also purchased, for an aggregate purchase price of $1.2 million, the Certificates entitled to excess servicing fees, while the remaining classes of Certificates were purchased by unrelated third parties. (3) 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 as of the settlement date equal to 6.4% of the fair value of all Certificates issued. The Sponsor also purchased, for an aggregate purchase price of $1.7 million, the Certificates entitled to excess servicing fees, while the remaining classes of Certificates were purchased by unrelated third parties. (4) 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 as of the settlement date equal to 8.0% of the fair value of all Certificates issued. Additionally, the Sponsor purchased another subordinated class of Certificates with an aggregate value equal to 3.5% of the fair value of all Certificates issued as of the settlement date. Finally, the Sponsor also purchased, for an aggregate purchase price of $1.9 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 September 30, 2020 and December 31, 2019: (In thousands) September 30, 2020 December 31, 2019 Assets: Loans, at fair value $ 760,420 $ 628,415 Real estate owned 658 658 Investment related receivables 5,793 10,409 Liabilities: Other secured borrowings, at fair value 695,516 594,396

Borrowings (Tables)

Borrowings (Tables)	9 Months Ended
	Sep. 30, 2020
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 and credit assets (which can include non-Agency RMBS, CMBS, CLOs, consumer loans, corporate debt, residential mortgage loans, and commercial mortgage loans and REO), by remaining maturity as of September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 Weighted Average Weighted Average Remaining Maturity Outstanding Interest Rate Remaining Days to Maturity Outstanding Interest Rate Remaining Days to Maturity Agency RMBS: (In thousands) (In thousands) 30 Days or Less $ 241,423 0.31 % 17 $ 511,996 2.08 % 17 31-60 Days 418,573 0.27 % 44 744,387 1.93 % 47 61-90 Days 107,446 0.45 % 72 594,738 1.96 % 76 91-120 Days 5,675 1.35 % 99 10,270 2.24 % 93 151-180 Days 17,237 0.29 % 168 3,082 2.67 % 171 181-360 Days 93,432 0.30 % 287 — — % — Total Agency RMBS 883,786 0.31 % 69 1,864,473 1.98 % 48 Credit: 30 Days or Less 40,785 2.14 % 10 16,549 3.38 % 25 31-60 Days 98,068 2.85 % 45 104,491 3.14 % 48 61-90 Days 113,027 2.54 % 77 138,837 3.03 % 73 91-120 Days 154,379 2.79 % 106 — — % — 121-150 Days 6,015 3.29 % 134 7,460 3.89 % 123 151-180 Days 13,750 3.23 % 167 31,498 3.87 % 173 181-360 Days 81,933 4.83 % 228 186,661 3.80 % 250 > 360 Days 48,241 3.05 % 608 95,331 4.52 % 678 Total Credit Assets 556,198 3.04 % 145 580,827 3.61 % 229 Total $ 1,439,984 1.37 % 98 $ 2,445,300 2.37 % 91
Schedule of Maturities of Long-term Debt [Table Text Block]	Schedule of Principal Repayments The following table details the Company's principal repayment schedule, over the next 5 years, for outstanding borrowings as of September 30, 2020: Year Repurchase Agreements (1) Other Secured Borrowings (2) Senior Notes (1) Total (In thousands) Next Twelve Months $ 1,391,743 $ 523,802 $ — $ 1,915,545 Year 2 48,241 91,199 86,000 225,440 Year 3 — 261,991 — 261,991 Year 4 — — — — Year 5 — — — — Total $ 1,439,984 $ 876,992 $ 86,000 $ 2,402,976 (1) Reflects the Company's contractual principal repayment dates. (2) Includes $734.3 million of expected principal repayments related to the Company's consolidated residential mortgage loan securitizations, which are projected based upon the underlying assets' expected repayments and may be prior to the stated contractual maturities.

Long-Term Incentive Plan Units

Long-Term Incentive Plan Units (Tables)	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Unvested LTIP Units	The below table details unvested OP LTIP Units as of September 30, 2020: Grant Recipient Number of OP LTIP Units Granted Grant Date Vesting Date (1) Directors: 22,840 September 10, 2020 September 9, 2021 Dedicated or partially dedicated personnel: 12,818 December 13, 2019 December 13, 2020 10,067 December 13, 2019 December 13, 2021 8,691 December 11, 2018 December 11, 2020 4,977 March 4, 2020 December 31, 2020 9,834 March 4, 2020 December 31, 2021 Total unvested OP LTIP Units at September 30, 2020 69,227 (1) Date at which such OP LTIP Units will vest and become non-forfeitable.
Roll-Forward of Company's LTIP Units Outstanding	The following tables summarize issuance and exercise activity of OP LTIP Units for the three- and nine-month periods ended September 30, 2020 and 2019: Three-Month Period Ended September 30, 2020 September 30, 2019 Manager Director/ Total Manager Director/ Total OP LTIP Units Outstanding (June 30, 2020 and 2019, respectively) 365,518 195,009 560,527 375,000 146,371 521,371 Granted — 22,840 22,840 — 14,552 14,552 Exercised — (3,638) (3,638) — (3,610) (3,610) OP LTIP Units Outstanding (September 30, 2020 and 2019, respectively) 365,518 214,211 579,729 375,000 157,313 532,313 OP LTIP Units Unvested and Outstanding (September 30, 2020 and 2019, respectively) — 69,227 69,227 — 37,821 37,821 OP LTIP Units Vested and Outstanding (September 30, 2020 and 2019, respectively) 365,518 144,984 510,502 375,000 119,492 494,492 Nine-Month Period Ended September 30, 2020 September 30, 2019 Manager Director/ Total Manager Director/ Total OP LTIP Units Outstanding (December 31, 2019 and January 1, 2019, respectively) 365,518 180,198 545,716 375,000 146,371 521,371 Granted — 37,651 37,651 — 14,552 14,552 Exercised — (3,638) (3,638) — (3,610) (3,610) OP LTIP Units Outstanding (September 30, 2020 and 2019, respectively) 365,518 214,211 579,729 375,000 157,313 532,313 OP LTIP Units Unvested and Outstanding (September 30, 2020 and 2019, respectively) — 69,227 69,227 — 37,821 37,821 OP LTIP Units Vested and Outstanding (September 30, 2020 and 2019, respectively) 365,518 144,984 510,502 375,000 119,492 494,492

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2020
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- and nine-month periods ended September 30, 2020 and 2019: Three-Month Period Ended Nine-Month Period Ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Shares of Common Stock Outstanding (6/30/2020, 6/30/2019, 12/31/2019 and 1/1/2019, respectively) 43,779,924 29,745,776 38,647,943 29,796,601 Share Activity: Shares of common stock issued — 4,025,000 5,290,000 4,025,000 Shares of common stock issued in connection with incentive fee payment — — 637 — Shares of common stock repurchased (1,878) — (290,050) (50,825) OP Units exercised 3,638 3,610 133,154 3,610 Shares of Common Stock Outstanding (9/30/2020, 9/30/2019, 9/30/2020, 9/30/2019, respectively) 43,781,684 33,774,386 43,781,684 33,774,386

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2020
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 Nine-Month (In thousands except share amounts) September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Net income (loss) attributable to common stockholders $ 46,203 $ 17,293 $ (45,917) $ 45,345 Add: Net income (loss) attributable to Convertible Non-controlling Interests (1) 647 387 (916) 1,079 Net income (loss) attributable to common stockholders and Convertible Non-controlling Interests 46,850 17,680 (46,833) 46,424 Dividends Paid: Common stockholders (11,821) (14,185) (42,514) (43,038) Convertible Non-controlling Interests (166) (309) (627) (1,021) Total dividends paid to common stockholders and Convertible Non-controlling Interests (11,987) (14,494) (43,141) (44,059) Undistributed (Distributed in excess of) earnings: Common stockholders 34,382 3,108 (88,431) 2,307 Convertible Non-controlling Interests 481 78 (1,543) 58 Total undistributed (distributed in excess of) earnings attributable to common stockholders and Convertible Non-controlling Interests $ 34,863 $ 3,186 $ (89,974) $ 2,365 Weighted average shares outstanding (basic and diluted): Weighted average shares of common stock outstanding 43,779,134 32,835,652 43,387,168 30,787,634 Weighted average Convertible Non-controlling Interest Units outstanding 613,319 735,789 635,836 734,186 Weighted average shares of common stock and Convertible Non-controlling Interest Units outstanding 44,392,453 33,571,441 44,023,004 31,521,820 Basic earnings per share of common stock and Convertible Non-controlling Interest Unit: Distributed $ 0.27 $ 0.42 $ 0.97 $ 1.39 Undistributed (Distributed in excess of) 0.79 0.11 (2.03) 0.08 $ 1.06 $ 0.53 $ (1.06) $ 1.47 Diluted earnings per share of common stock and Convertible Non-controlling Interest Unit: Distributed $ 0.27 $ 0.42 $ 0.97 $ 1.39 Undistributed (Distributed in excess of) 0.79 0.11 (2.03) 0.08 $ 1.06 $ 0.53 $ (1.06) $ 1.47 (1) For the three-month periods ended September 30, 2020 and 2019, excludes net income (loss) of $0.9 million and $1.0 million, respectively, attributable to joint venture partners, which have non-participating interests as described in Note 15. For the nine-month periods ended September 30, 2020 and 2019, excludes net income (loss) of $2.8 million and $2.4 million, respectively, attributable to joint venture partners, which have non-participating interests as described in Note 15.

Offsetting of Assets and Liab_2

Offsetting of Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2020
Offsetting of Assets and Liabilities [Abstract]
Schedule of Offsetting of Assets and Liabilities	The following tables present information about certain assets and liabilities representing financial instruments as of September 30, 2020 and December 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 net settlement, as well as a right of offset in the event of default or in the event of a bankruptcy of either party to the transaction. September 30, 2020: 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 $ 27,864 $ (16,646) $ — $ (6,469) $ 4,749 Reverse repurchase agreements 47,041 (47,041) — — — Liabilities Financial derivatives–liabilities (34,814) 16,646 — 18,088 (80) Repurchase agreements (1,439,984) 1,439,984 (27,744) 27,744 — (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 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 repurchase agreements as of September 30, 2020 was $1.8 billion. As of September 30, 2020, total cash collateral on financial derivative assets and liabilities excludes excess net cash collateral pledged (received) of $3.1 million and $7.8 million, respectively. (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 particular 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. December 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 $ 16,788 $ (12,755) $ — $ (807) $ 3,226 Reverse repurchase agreements 73,639 (73,639) — — — Liabilities Financial derivatives–liabilities (27,621) 12,755 — 12,233 (2,633) Repurchase agreements (2,445,300) 73,639 2,340,656 31,005 — (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 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 repurchase agreements as of December 31, 2019 was $2.8 billion. As of December 31, 2019, total cash collateral on financial derivative assets and liabilities excludes excess net cash collateral pledged of $4.3 million and $23.4 million, respectively. (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 particular 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)	9 Months Ended
	Sep. 30, 2020
Risks and Uncertainties [Abstract]
Schedules of Exposure to Counterparty Risk	The table below summarizes the geographic distribution of the real estate collateral underlying the Company's residential mortgage loans as a percentage of total outstanding unpaid principal balance as of September 30, 2020 and December 31, 2019: Property Location by U.S. State September 30, 2020 December 31, 2019 California 44.0 % 46.6 % Florida 13.8 % 11.9 % Texas 10.4 % 11.9 % Colorado 2.8 % 3.2 % Massachusetts 2.6 % 2.9 % Oregon 2.4 % 2.2 % Arizona 1.9 % 2.4 % Utah 1.9 % 1.9 % Illinois 1.8 % 1.7 % New Jersey 1.8 % 1.1 % Nevada 1.7 % 1.6 % Washington 1.6 % 1.6 % New York 1.3 % 1.3 % North Carolina 1.2 % — % Georgia 1.1 % — % Maryland 1.0 % 1.1 % Connecticut 1.0 % — % Other 7.7 % 8.6 % 100.0 % 100.0 % The table below summarizes the geographic distribution of the real estate collateral underlying the Company's commercial mortgage loans as a percentage of total outstanding unpaid principal balance as of September 30, 2020 and December 31, 2019: Property Location by U.S. State September 30, 2020 December 31, 2019 Florida 17.6 % 31.7 % New York 16.5 % 17.7 % Pennsylvania 11.5 % — % Connecticut 9.3 % 8.2 % Missouri 6.6 % 4.6 % Ohio 6.1 % — % California 5.7 % — % Massachusetts 5.2 % 4.7 % New Jersey 4.9 % 13.3 % Arizona 3.7 % 3.8 % Virginia 3.6 % 6.8 % Indiana 2.4 % 2.1 % North Carolina 2.0 % 1.8 % Nevada 1.6 % 1.5 % Tennessee 1.6 % 1.5 % Illinois 1.3 % 1.2 % Other 0.4 % 1.1 % 100.0 % 100.0 % September 30, 2020: Amount of Exposure Number of Counterparties with Exposure Maximum Percentage of Exposure to a Single Counterparty (1) (In thousands) Cash and cash equivalents $ 126,783 10 28.5 % Collateral on repurchase agreements held by dealers (2) 1,810,825 24 18.6 % Due from brokers 63,991 22 35.4 % Receivable for securities sold (3) 5,086 2 87.0 % (1) Each counterparty is a large creditworthy financial institution. (2) Includes securities, loans, and REO as well as cash posted as collateral for repurchase agreements. (3) Included in Investment related receivables on the Condensed Consolidated Balance Sheet. December 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 $ 72,302 11 42.2 % Collateral on repurchase agreements held by dealers (2) 2,793,696 28 13.8 % Due from brokers 79,829 24 30.9 % Receivable for securities sold (3) 69,995 5 62.3 % (1) Each counterparty is a large creditworthy financial institution. (2) Includes securities, loans, and REO as well as cash posted as collateral for repurchase agreements. (3) Included in Investment related receivables on the Condensed Consolidated Balance Sheet.

Organization and Investment O_2

Organization and Investment Objective (Details) - $ / shares	Sep. 30, 2020	Dec. 31, 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	98.80%

Significant Accounting Polici_3

Significant Accounting Policies (Details)	9 Months Ended
	Sep. 30, 2020
Significant Accounting Policies [Line Items]
Number of days to determine non-performance of loan	90 days
Long-Term Incentive Plan Units [Member] | Director [Member]
Significant Accounting Policies [Line Items]
Vesting period	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		Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value(1)	[1]	$ 1,451,420	$ 2,449,941
Investment in unconsolidated entities, at fair value	[1]	95,803	71,850
Financial derivatives–assets, at fair value-		27,864	16,788
Repurchase agreements, at fair value		47,041	73,639
Investments sold short, at fair value-		(51,493)	(73,409)
Financial derivatives–liabilities, at fair value-		(34,814)	(27,621)
Other secured borrowings, at fair value	[1]	(695,516)	(594,396)
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in unconsolidated entities, at fair value		95,803	71,850
Total assets		3,017,699	3,951,005
Other secured borrowings, at fair value		(695,516)	(594,396)
Total liabilities		(781,823)	(695,426)
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-		(461)	(471)
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-		(51,032)	(72,938)
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-		(3,572)	(14,524)
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-		(580)	(1,693)
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-		(142)	(250)
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-		(29,774)	(8,719)
Fair Value, Measurements, Recurring | Financial Derivatives - Liabilities | TBA securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–liabilities, at fair value-		(286)	(1,012)
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-		(331)	(45)
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-		(41)	(169)
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-		(88)	(1,209)
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)		919,855	1,936,963
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(1)		212,737	166,550
Fair Value, Measurements, Recurring | Securities | CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value(1)		105,015	124,868
Fair Value, Measurements, Recurring | Securities | CLOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value(1)		163,294	170,443
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(1)		47,298	48,610
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(1)		2,207	1,113
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)		1,014	1,394
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		1,030,709	932,203
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		252,231	274,759
Fair Value, Measurements, Recurring | Loans | Consumer loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans, at fair value		152,609	186,954
Fair Value, Measurements, Recurring | Loans | Corporate loan [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans, at fair value		7,063	18,510
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-		351	993
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-		2,419	5,599
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-			2
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-		9,722	3,319
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-		13,790	5,468
Fair Value, Measurements, Recurring | Financial Derivatives - Assets | TBA securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		1,150	596
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-		1	148
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-		256	43
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-		105	620
Fair Value, Measurements, Recurring | Financial Derivatives - Assets | Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		31
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	0
Total assets		1	148
Other secured borrowings, at fair value		0	0
Total liabilities		(331)	(45)
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	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	0
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 | TBA securities
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 | Futures
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–liabilities, at fair value-		(331)	(45)
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	0
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(1)		0	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(1)		0	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(1)		0	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(1)		0	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(1)		0	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(1)		0	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(1)		0	0
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	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	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	0
Fair Value, Measurements, Recurring | Level 1 | Loans | Corporate loan [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans, at fair value		0	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
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 | TBA 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 | Futures
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		1	148
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 | Financial Derivatives - Assets | Warrants
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
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in unconsolidated entities, at fair value		0	0
Total assets		1,121,170	2,229,582
Other secured borrowings, at fair value		0	0
Total liabilities		(85,888)	(100,549)
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-		(461)	(471)
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-		(51,032)	(72,938)
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-		(3,572)	(14,524)
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-		(580)	(1,693)
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-		(142)	(250)
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-		(29,774)	(8,719)
Fair Value, Measurements, Recurring | Level 2 | Financial Derivatives - Liabilities | TBA securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–liabilities, at fair value-		(286)	(1,012)
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-		(41)	(169)
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-		0	(773)
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)		907,715	1,917,059
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(1)		73,538	76,969
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(1)		62,206	95,063
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(1)		50,304	125,464
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(1)		0	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(1)		0	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(1)		0	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	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	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	0
Fair Value, Measurements, Recurring | Level 2 | Loans | Corporate loan [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans, at fair value		0	0
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-		2,419	5,599
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-			2
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-		9,722	3,319
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-		13,790	5,468
Fair Value, Measurements, Recurring | Level 2 | Financial Derivatives - Assets | TBA securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		1,150	596
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	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-		256	43
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-		0	0
Fair Value, Measurements, Recurring | Level 2 | Financial Derivatives - Assets | Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		31
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		95,803	71,850
Total assets		1,896,528	1,721,275
Other secured borrowings, at fair value		(695,516)	(594,396)
Total liabilities		(695,604)	(594,832)
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	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	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 | TBA securities
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 | 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-		(88)	(436)
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(1)		12,140	19,904
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(1)		139,199	89,581
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(1)		42,809	29,805
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(1)		112,990	44,979
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(1)		47,298	48,610
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(1)		2,207	1,113
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)		1,014	1,394
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		1,030,709	932,203
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		252,231	274,759
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		152,609	186,954
Fair Value, Measurements, Recurring | Level 3 | Loans | Corporate loan [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans, at fair value		7,063	18,510
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-		351	993
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
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 | TBA 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 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	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-		105	$ 620
Fair Value, Measurements, Recurring | Level 3 | Financial Derivatives - Assets | Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value-		$ 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.

Valuation (Schedule of Signific

Valuation (Schedule of Significant Unobservable Inputs, Qualitative Information) (Details) - Level 3 $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2020	Sep. 30, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)$ / shares
Total return swaps | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input		0.117	0.085
Derivative Liability, Measurement Input		0.208	0.277
Total return swaps | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input		0.208	0.277
Derivative Liability, Measurement Input		0.208	0.277
Total return swaps | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input		0.127	0.115
Derivative Liability, Measurement Input		0.208	0.277
Valuation, Market Approach | Non-Agency RMBS
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value		$ 85,183	$ 38,754
Valuation, Market Approach | Non-Agency RMBS | Measurement Input, Quoted Price | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input | $ / shares		9.43	6.68
Valuation, Market Approach | Non-Agency RMBS | Measurement Input, Quoted Price | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input | $ / shares		314.93	144.79
Valuation, Market Approach | Non-Agency RMBS | Measurement Input, Quoted Price | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input | $ / shares		87.41	86.21
Valuation, Market Approach | CMBS
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value		$ 41,602	$ 29,630
Valuation, Market Approach | CMBS | Measurement Input, Quoted Price | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input | $ / shares		4.56	5.08
Valuation, Market Approach | CMBS | Measurement Input, Quoted Price | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input | $ / shares		95.32	80.72
Valuation, Market Approach | CMBS | Measurement Input, Quoted Price | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input | $ / shares		59.06	64.73
Valuation, Market Approach | Agency RMBS | Interest only securities
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value		$ 3,503	$ 3,753
Valuation, Market Approach | Agency RMBS | Interest only securities | Measurement Input, Quoted Price | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input | $ / shares		0.80	1.36
Valuation, Market Approach | Agency RMBS | Interest only securities | Measurement Input, Quoted Price | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input | $ / shares		22.13	16.61
Valuation, Market Approach | Agency RMBS | Interest only securities | Measurement Input, Quoted Price | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input | $ / shares		12.60	5.11
Valuation, Market Approach | CLOs
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value		$ 88,907	$ 38,220
Valuation, Market Approach | CLOs | Measurement Input, Quoted Price | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input | $ / shares		2	40
Valuation, Market Approach | CLOs | Measurement Input, Quoted Price | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input | $ / shares		93.50	96
Valuation, Market Approach | CLOs | Measurement Input, Quoted Price | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input | $ / shares		78.04	73.98
Valuation, Market Approach | Asset-backed securities, backed by consumer loans
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value		$ 107	$ 139
Valuation, Market Approach | Asset-backed securities, backed by consumer loans | Measurement Input, Quoted Price | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input | $ / shares		96.01	95.47
Valuation, Market Approach | Asset-backed securities, backed by consumer loans | Measurement Input, Quoted Price | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input | $ / shares		97.58	96.78
Valuation, Market Approach | Asset-backed securities, backed by consumer loans | Measurement Input, Quoted Price | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input | $ / shares		96.80	96.12
Valuation, Market Approach | Corporate loan [Member]
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value		$ 7,063	$ 6,010
Valuation, Market Approach | Corporate loan [Member] | Measurement Input, Quoted Price | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input | $ / shares		100	100
Valuation, Market Approach | Corporate loan [Member] | Measurement Input, Quoted Price | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input | $ / shares		100	100
Valuation, Market Approach | Corporate loan [Member] | Measurement Input, Quoted Price | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input | $ / shares		100	100
Valuation, Income Approach | Non-Agency RMBS
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value		$ 54,016	$ 50,827
Valuation, Income Approach | Non-Agency RMBS | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Total outstanding collateral		100.00%	100.00%
Valuation, Income Approach | Non-Agency RMBS | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.008	0.033
Valuation, Income Approach | Non-Agency RMBS | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.600	0.609
Valuation, Income Approach | Non-Agency RMBS | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.085	0.100
Valuation, Income Approach | Non-Agency RMBS | Measurement Input, Prepayment Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.135	0.008
Valuation, Income Approach | Non-Agency RMBS | Measurement Input, Prepayment Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.776	0.720
Valuation, Income Approach | Non-Agency RMBS | Measurement Input, Prepayment Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.592	0.493
Valuation, Income Approach | Non-Agency RMBS | Measurement Input, Default Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0	0
Valuation, Income Approach | Non-Agency RMBS | Measurement Input, Default Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.703	0.227
Valuation, Income Approach | Non-Agency RMBS | Measurement Input, Default Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.087	0.066
Valuation, Income Approach | Non-Agency RMBS | Measurement Input, Projected Collateral Recoveries | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0	0
Valuation, Income Approach | Non-Agency RMBS | Measurement Input, Projected Collateral Recoveries | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.465	0.324
Valuation, Income Approach | Non-Agency RMBS | Measurement Input, Projected Collateral Recoveries | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.103	0.069
Valuation, Income Approach | Non-Agency RMBS | Measurement input, Projected Collateral Scheduled Amortization | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.077	0.169
Valuation, Income Approach | Non-Agency RMBS | Measurement input, Projected Collateral Scheduled Amortization | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.704	0.929
Valuation, Income Approach | Non-Agency RMBS | Measurement input, Projected Collateral Scheduled Amortization | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.218	0.372
Valuation, Income Approach | CMBS
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value		$ 1,207	$ 175
Valuation, Income Approach | CMBS | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Total outstanding collateral		100.00%	100.00%
Valuation, Income Approach | CMBS | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.231	0.100
Valuation, Income Approach | CMBS | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.257	0.100
Valuation, Income Approach | CMBS | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.237	0.100
Valuation, Income Approach | CMBS | Measurement Input, Prepayment Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input			1
Valuation, Income Approach | CMBS | Measurement Input, Prepayment Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input			1
Valuation, Income Approach | CMBS | Measurement Input, Prepayment Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input			1
Valuation, Income Approach | CMBS | Measurement Input, Default Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.007
Valuation, Income Approach | CMBS | Measurement Input, Default Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.009
Valuation, Income Approach | CMBS | Measurement Input, Default Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.008
Valuation, Income Approach | CMBS | Measurement Input, Projected Collateral Recoveries | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.019
Valuation, Income Approach | CMBS | Measurement Input, Projected Collateral Recoveries | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.038
Valuation, Income Approach | CMBS | Measurement Input, Projected Collateral Recoveries | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.034
Valuation, Income Approach | CMBS | Measurement input, Projected Collateral Scheduled Amortization | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.954
Valuation, Income Approach | CMBS | Measurement input, Projected Collateral Scheduled Amortization | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.974
Valuation, Income Approach | CMBS | Measurement input, Projected Collateral Scheduled Amortization | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.958
Valuation, Income Approach | Agency RMBS | Interest only securities
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value		$ 8,637	$ 16,151
Fair Value of Agency IOs, negative OAS measurement input		$ 1,400
Valuation, Income Approach | Agency RMBS | Interest only securities | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Total outstanding collateral		100.00%	100.00%
Valuation, Income Approach | Agency RMBS | Interest only securities | Measurement Input, LIBOR OAS | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.0160	0.0093
Valuation, Income Approach | Agency RMBS | Interest only securities | Measurement Input, LIBOR OAS | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.3992	0.3527
Valuation, Income Approach | Agency RMBS | Interest only securities | Measurement Input, LIBOR OAS | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.0954	0.0701
Valuation, Income Approach | Agency RMBS | Interest only securities | Net LIBOR OAS [Member] | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.0596
Valuation, Income Approach | Agency RMBS | Interest only securities | Measurement Input, Prepayment Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.007	0.123
Valuation, Income Approach | Agency RMBS | Interest only securities | Measurement Input, Prepayment Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		1	1
Valuation, Income Approach | Agency RMBS | Interest only securities | Measurement Input, Prepayment Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.783	0.723
Valuation, Income Approach | Agency RMBS | Interest only securities | Measurement input, Projected Collateral Scheduled Amortization | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0	0
Valuation, Income Approach | Agency RMBS | Interest only securities | Measurement input, Projected Collateral Scheduled Amortization | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.993	0.877
Valuation, Income Approach | Agency RMBS | Interest only securities | Measurement input, Projected Collateral Scheduled Amortization | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.217	0.277
Valuation, Income Approach | Corporate debt and equity
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value		$ 3,221	$ 2,507
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	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		0.100	0.100
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		0.100	0.100
Valuation, Income Approach | Investment in unconsolidated entities
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value			$ 30,458
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			0.037
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			0.148
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			0.099
Valuation, Income Approach | CLOs
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value		$ 24,083	$ 6,759
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]
Securities, measurement input		0.067	0.140
Valuation, Income Approach | CLOs | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.852	0.419
Valuation, Income Approach | CLOs | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.201	0.262
Valuation, Income Approach | CLOs | Measurement Input, Prepayment Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.657	0.485
Valuation, Income Approach | CLOs | Measurement Input, Prepayment Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.885	0.846
Valuation, Income Approach | CLOs | Measurement Input, Prepayment Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.713	0.725
Valuation, Income Approach | CLOs | Measurement Input, Default Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.044	0.117
Valuation, Income Approach | CLOs | Measurement Input, Default Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.209	0.364
Valuation, Income Approach | CLOs | Measurement Input, Default Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.170	0.199
Valuation, Income Approach | CLOs | Measurement Input, Projected Collateral Recoveries | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.043	0.037
Valuation, Income Approach | CLOs | Measurement Input, Projected Collateral Recoveries | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.112	0.151
Valuation, Income Approach | CLOs | Measurement Input, Projected Collateral Recoveries | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.097	0.076
Valuation, Income Approach | CLOs | Measurement input, Projected Collateral Scheduled Amortization | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0
Valuation, Income Approach | CLOs | Measurement input, Projected Collateral Scheduled Amortization | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.028
Valuation, Income Approach | CLOs | Measurement input, Projected Collateral Scheduled Amortization | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.020
Valuation, Income Approach | Asset-backed securities, backed by consumer loans
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value		$ 47,191	$ 48,471
Valuation, Income Approach | 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 | Asset-backed securities, backed by consumer loans | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.140	0.120
Valuation, Income Approach | Asset-backed securities, backed by consumer loans | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.236	0.202
Valuation, Income Approach | Asset-backed securities, backed by consumer loans | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.141	0.121
Valuation, Income Approach | Asset-backed securities, backed by consumer loans | Measurement Input, Prepayment Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0	0
Valuation, Income Approach | Asset-backed securities, backed by consumer loans | Measurement Input, Prepayment Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.098	0.112
Valuation, Income Approach | Asset-backed securities, backed by consumer loans | Measurement Input, Prepayment Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.073	0.097
Valuation, Income Approach | Asset-backed securities, backed by consumer loans | Measurement Input, Default Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.010	0.006
Valuation, Income Approach | Asset-backed securities, backed by consumer loans | Measurement Input, Default Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.347	0.180
Valuation, Income Approach | Asset-backed securities, backed by consumer loans | Measurement Input, Default Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.163	0.154
Valuation, Income Approach | Asset-backed securities, backed by consumer loans | Measurement input, Projected Collateral Scheduled Amortization | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.567	0.713
Valuation, Income Approach | Asset-backed securities, backed by consumer loans | Measurement input, Projected Collateral Scheduled Amortization | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.990	0.994
Valuation, Income Approach | Asset-backed securities, backed by consumer loans | Measurement input, Projected Collateral Scheduled Amortization | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.764	0.749
Valuation, Income Approach | Consumer loans
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value		$ 152,609	$ 186,954
Valuation, Income Approach | 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 | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.090	0.070
Valuation, Income Approach | Consumer loans | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.120	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		0.100	0.081
Valuation, Income Approach | Consumer loans | Measurement Input, Prepayment Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0	0
Valuation, Income Approach | Consumer loans | Measurement Input, Prepayment Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.371	0.442
Valuation, Income Approach | Consumer loans | Measurement Input, Prepayment Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.129	0.160
Valuation, Income Approach | Consumer loans | Measurement Input, Default Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.011	0.030
Valuation, Income Approach | Consumer loans | Measurement Input, Default Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.866	0.845
Valuation, Income Approach | Consumer loans | Measurement Input, Default Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.107	0.086
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	0.155
Valuation, Income Approach | Consumer loans | Measurement input, Projected Collateral Scheduled Amortization | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input		0.982	0.958
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		0.764	0.754
Valuation, Income Approach | Corporate loan [Member]
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value			$ 12,500
Valuation, Income Approach | Corporate loan [Member] | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input			0.150
Valuation, Income Approach | Corporate loan [Member] | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input			0.180
Valuation, Income Approach | Corporate loan [Member] | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input			0.168
Valuation, Income Approach | Credit default swaps on asset-backed securities
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value		$ 351	$ 993
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]
Derivative asset, measurement input		0.333	0.354
Valuation, Income Approach | Credit default swaps on asset-backed securities | Measurement Input, Prepayment Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input		0.410	0.420
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]
Derivative asset, measurement input		0.392	0.373
Valuation, Income Approach | Credit default swaps on asset-backed securities | Measurement Input, Default Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input		0.068	0.042
Valuation, Income Approach | Credit default swaps on asset-backed securities | Measurement Input, Default Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input		0.112	0.124
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]
Derivative asset, measurement input		0.091	0.102
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]
Derivative asset, measurement input		0.136	0.100
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]
Derivative asset, measurement input		0.183	0.182
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]
Derivative asset, measurement input		0.152	0.153
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]
Derivative asset, measurement input		0.351	0.362
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]
Derivative asset, measurement input		0.416	0.415
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]
Derivative asset, measurement input		0.365	0.372
Valuation, Income Approach | Total return swaps
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value		$ 105	$ 620
Fair value		(88)	(436)
Valuation, Income Approach | Other secured borrowings, at fair value
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value		(695,516)	$ (594,396)
Fair Value of borrowings, negative yield measurement input		$ (116,100)
Valuation, Income Approach | Other secured borrowings, at fair value | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input		0.018	0.029
Valuation, Income Approach | Other secured borrowings, at fair value | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input		0.033	0.040
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 instrument, measurement input		0.024	0.033
Valuation, Income Approach | Other secured borrowings, at fair value | us-gaap_MeasurementInputDiscountRateIncludingNegativeRateMember [Member] | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input		0.0181
Enterprise Value | Investment in unconsolidated entities
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value		$ 95,803	$ 41,392
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	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		4	4.7
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		1.3	1.7
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		0.006	0.016
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		0.543	0.195
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	0.062
Performing and/or Re-performing | Valuation, Income Approach | Commercial mortgage loans
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value		$ 228,560	$ 248,214
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		0.068	0.077
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		0.104	0.166
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		0.080	0.088
Performing and/or Re-performing | Valuation, Income Approach | Residential mortgage loans
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value		$ 245,027	$ 289,672
Securitized loans [Member] | Valuation, Income Approach | Residential mortgage loans
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value		$ 760,420	$ 628,415
Securitized loans [Member] | Valuation, Income Approach | Residential mortgage loans | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input		0.018	0.032
Securitized loans [Member] | Valuation, Income Approach | Residential mortgage loans | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input		0.073	0.043
Securitized loans [Member] | Valuation, Income Approach | Residential mortgage loans | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input		0.042	0.036
Securitized loans [Member] | Valuation, Income Approach | Residential mortgage loans
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value		$ 37,100	$ 1,500
Non-performing | Residential mortgage loans | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input		0.015	0.010
Non-performing | Residential mortgage loans | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input		0.284	0.266
Non-performing | Residential mortgage loans | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input		0.103	0.091
Non-performing | Valuation, Income Approach | Commercial mortgage loans
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value		$ 23,671	$ 26,545
Non-performing | Valuation, Income Approach | Commercial mortgage loans | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, recovery time	1 month 3 days	4 months 27 days
Non-performing | Valuation, Income Approach | Commercial mortgage loans | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, recovery time	23 months	8 months 24 days
Non-performing | Valuation, Income Approach | Commercial mortgage loans | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, recovery time	11 months 12 days	7 months
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		0.095	0.098
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		0.162	0.147
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		0.125	0.124
Non-performing | Valuation, Income Approach | Residential mortgage loans
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value		$ 25,262	$ 14,116
Non-performing | Valuation, Income Approach | Residential mortgage loans | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, recovery time	1 month 3 days	0 months
Non-performing | Valuation, Income Approach | Residential mortgage loans | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, recovery time	165 months 12 days	90 months 27 days
Non-performing | Valuation, Income Approach | Residential mortgage loans | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, recovery time	54 months 18 days	33 months 6 days

Valuation (Significant Unobserv

Valuation (Significant Unobservable Inputs Rollforward) (Details) - Level 3 - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	$ 1,884,850	$ 1,324,591	$ 1,721,275	$ 1,094,815
Assets, Accreted Discounts/Amortized Premiums	(7,746)	(10,822)	(32,702)	(29,952)
Assets, Realized Gain (Loss)	347	5,702	(8,689)	3,262
Assets, Change In Net Unrealized Gain/(Loss)	35,608	1,047	(18,457)	13,268
Assets, Purchases	250,453	330,413	782,266	814,294
Assets, Sales	188,359	173,334	(604,788)	(433,042)
Assets, Transfers into Level 3	20,559	22,484	86,441	38,490
Assets, Transfers out of Level 3	99,184	12,357	(28,818)	(13,411)
Assets, Ending Balance	1,896,528	1,487,724	1,896,528	1,487,724
Liabilities, Begining Balance	742,765	(475,816)	(594,832)	(297,948)
Liabilities, Accreted Discounts/Amortized Premiums	0	0	0	0
Liabilities, Realized Gain/(Loss)	4	48	(501)	48
Liabilities, Change In Net Unrealized Gain/(Loss)	(5,189)	(286)	(6,287)	(246)
Liabilities Purchases/Payments	52,346	37,259	139,108	78,887
Liabilities, Sales/Issuance	0	(48)	(233,092)	(219,584)
Liabilities, Transfers into Level 3	0	0	0	0
Liabilities, Transfers out of Level 3	0	0	0	0
Liabilities, Ending Balance	(695,604)	(438,843)	(695,604)	(438,843)
Other secured borrowings, at fair value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Liabilities, Begining Balance	742,688	(475,816)	(594,396)	(297,948)
Liabilities, Accreted Discounts/Amortized Premiums	0	0	0	0
Liabilities, Realized Gain/(Loss)	0	0	0	0
Liabilities, Change In Net Unrealized Gain/(Loss)	(5,178)	(72)	(6,636)	(32)
Liabilities, Payments	52,350	37,259	138,608	78,887
Liabilities, Issuances	0	0	(233,092)	(219,536)
Liabilities, Transfers into Level 3	0	0	0	0
Liabilities, Transfers out of Level 3	0	0	0	0
Liabilities, Ending Balance	(695,516)	(438,629)	(695,516)	(438,629)
Change in unrealized gains (losses), liabilities	(5,200)	(100)	(6,600)	(32)
Financial Derivatives - Liabilities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in unrealized gains (losses), liabilities	(11)	(200)	(100)	(200)
Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in unrealized gain (loss), assets	9,300	(4,700)	(56,300)	(400)
Securities | Agency RMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	12,907	11,034	19,904	7,293
Assets, Accreted Discounts/Amortized Premiums	(1,482)	(1,164)	(6,072)	(2,228)
Assets, Realized Gain (Loss)	494	(621)	614	(1,228)
Assets, Change In Net Unrealized Gain/(Loss)	280	696	2,803	1,430
Assets, Purchases	3,490	13,254	8,219	14,854
Assets, Sales	2,243	0	(3,295)	(463)
Assets, Transfers into Level 3	2,621	737	2,177	4,708
Assets, Transfers out of Level 3	3,927	437	(12,210)	(867)
Assets, Ending Balance	12,140	23,499	12,140	23,499
Securities | Non-Agency RMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	128,607	96,790	89,581	91,291
Assets, Accreted Discounts/Amortized Premiums	884	(121)	1,113	104
Assets, Realized Gain (Loss)	(77)	7,836	303	7,187
Assets, Change In Net Unrealized Gain/(Loss)	2,610	(6,457)	(1,996)	(4,482)
Assets, Purchases	21,138	6,483	61,933	10,239
Assets, Sales	6,395	21,457	(29,811)	(27,514)
Assets, Transfers into Level 3	10,895	5,808	22,974	14,633
Assets, Transfers out of Level 3	18,463	7,400	(4,898)	(9,976)
Assets, Ending Balance	139,199	81,482	139,199	81,482
Securities | CMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	65,695	6,278	29,805	803
Assets, Accreted Discounts/Amortized Premiums	659	25	617	(16)
Assets, Realized Gain (Loss)	8	374	(867)	76
Assets, Change In Net Unrealized Gain/(Loss)	4,117	(302)	(4,638)	(73)
Assets, Purchases	12,699	6,815	51,432	7,937
Assets, Sales	8	1,474	(32,284)	(221)
Assets, Transfers into Level 3	560	652	7,828	3,862
Assets, Transfers out of Level 3	40,921	0	9,084	0
Assets, Ending Balance	42,809	12,368	42,809	12,368
Securities | CLOs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	136,466	17,222	44,979	14,915
Assets, Accreted Discounts/Amortized Premiums	1,962	(184)	1,237	(670)
Assets, Realized Gain (Loss)	(82)	1,158	(7,586)	(536)
Assets, Change In Net Unrealized Gain/(Loss)	1,920	184	(24,206)	1,889
Assets, Purchases	2,241	0	47,730	816
Assets, Sales	127	1,139	0	(1,125)
Assets, Transfers into Level 3	6,483	15,287	53,462	15,287
Assets, Transfers out of Level 3	35,873	4,520	(2,626)	(2,568)
Assets, Ending Balance	112,990	28,008	112,990	28,008
Securities | Asset-backed securities, backed by consumer loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	47,941	25,019	48,610	22,800
Assets, Accreted Discounts/Amortized Premiums	(1,435)	(611)	(3,584)	(1,580)
Assets, Realized Gain (Loss)	(4)	(100)	(200)	(765)
Assets, Change In Net Unrealized Gain/(Loss)	1,165	(320)	(1,501)	537
Assets, Purchases	7,455	18,638	25,001	28,189
Assets, Sales	7,824	3,310	(21,028)	(9,865)
Assets, Transfers into Level 3	0	0	0	0
Assets, Transfers out of Level 3	0	0	0	0
Assets, Ending Balance	47,298	39,316	47,298	39,316
Securities | Corporate debt securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	1,951	4,081	1,113	6,318
Assets, Accreted Discounts/Amortized Premiums	0	0	0	22
Assets, Realized Gain (Loss)	296	(583)	504	(928)
Assets, Change In Net Unrealized Gain/(Loss)	509	142	991	65
Assets, Purchases	28	6,425	3,450	9,257
Assets, Sales	577	6,883	(3,851)	(11,552)
Assets, Transfers into Level 3	0	0	0	0
Assets, Transfers out of Level 3	0	0	0	0
Assets, Ending Balance	2,207	3,182	2,207	3,182
Securities | Corporate equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	1,084	1,791	1,394	1,534
Assets, Accreted Discounts/Amortized Premiums	0	0	0	0
Assets, Realized Gain (Loss)	0	(768)	7	(910)
Assets, Change In Net Unrealized Gain/(Loss)	(73)	(61)	(741)	337
Assets, Purchases	3	1,316	366	1,317
Assets, Sales	0	0	(12)	0
Assets, Transfers into Level 3	0	0	0	0
Assets, Transfers out of Level 3	0	0	0	0
Assets, Ending Balance	1,014	2,278	1,014	2,278
Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in unrealized gain (loss), assets	14,200	4,100	12	10,200
Loans | Residential mortgage loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	948,447	663,880	932,203	496,829
Assets, Accreted Discounts/Amortized Premiums	(2,009)	(2,241)	(4,414)	(4,515)
Assets, Realized Gain (Loss)	(146)	(400)	(722)	1,554
Assets, Change In Net Unrealized Gain/(Loss)	15,672	3,559	7,008	7,717
Assets, Purchases	139,609	191,512	340,842	452,958
Assets, Sales	70,864	58,582	(244,208)	(156,815)
Assets, Transfers into Level 3	0	0	0	0
Assets, Transfers out of Level 3	0	0	0	0
Assets, Ending Balance	1,030,709	797,728	1,030,709	797,728
Loans | Commercial mortgage loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	295,496	260,034	274,759	195,301
Assets, Accreted Discounts/Amortized Premiums	17	(52)	113	1,087
Assets, Realized Gain (Loss)	36	(1)	135	1,412
Assets, Change In Net Unrealized Gain/(Loss)	(6)	507	(140)	(1,844)
Assets, Purchases	18,881	32,426	107,608	128,839
Assets, Sales	62,193	32,288	(130,244)	(64,169)
Assets, Transfers into Level 3	0	0	0	0
Assets, Transfers out of Level 3	0	0	0	0
Assets, Ending Balance	252,231	260,626	252,231	260,626
Loans | Consumer loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	166,681	162,609	186,954	183,961
Assets, Accreted Discounts/Amortized Premiums	(6,342)	(6,474)	(21,712)	(22,432)
Assets, Realized Gain (Loss)	(112)	(1,055)	(97)	(4,565)
Assets, Change In Net Unrealized Gain/(Loss)	(1,627)	28	(6,965)	2,726
Assets, Purchases	28,554	33,101	104,872	103,983
Assets, Sales	34,545	36,510	(110,443)	(111,974)
Assets, Transfers into Level 3	0	0	0	0
Assets, Transfers out of Level 3	0	0	0	0
Assets, Ending Balance	152,609	151,699	152,609	151,699
Loans | Corporate loan [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	6,227	5,000	18,510	0
Assets, Accreted Discounts/Amortized Premiums	0	0	0	0
Assets, Realized Gain (Loss)	0	0	0	0
Assets, Change In Net Unrealized Gain/(Loss)	0	0	0	0
Assets, Purchases	836	10,790	1,053	15,790
Assets, Sales	0	0	(12,500)	0
Assets, Transfers into Level 3	0	0	0	0
Assets, Transfers out of Level 3	0	0	0	0
Assets, Ending Balance	7,063	15,790	7,063	15,790
Investment in unconsolidated entities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	72,553	69,676	71,850	72,298
Assets, Accreted Discounts/Amortized Premiums	0	0	0	276
Assets, Realized Gain (Loss)	62	(139)	62	1,545
Assets, Change In Net Unrealized Gain/(Loss)	11,381	2,935	10,528	5,125
Assets, Purchases	15,307	9,643	29,522	40,097
Assets, Sales	3,500	11,680	(16,159)	(48,906)
Assets, Transfers into Level 3	0	0	0	0
Assets, Transfers out of Level 3	0	0	0	0
Assets, Ending Balance	95,803	70,435	95,803	70,435
Change in unrealized gain (loss), assets	11,300	3,300	10,200	2,400
Financial Derivatives - Assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in unrealized gain (loss), assets	(300)	100	600	(200)
Financial Derivatives - Assets | Total return swaps
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	442	87	620	0
Assets, Accreted Discounts/Amortized Premiums	0	0	0	0
Assets, Realized Gain (Loss)	(129)	(15)	113	1
Assets, Change In Net Unrealized Gain/(Loss)	(338)	148	(515)	235
Assets, Purchases	209	0	209	0
Assets, Sales	79	(15)	(322)	(1)
Assets, Transfers into Level 3	0	0	0	0
Assets, Transfers out of Level 3	0	0	0	0
Assets, Ending Balance	105	235	105	235
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	353	1,090	993	1,472
Assets, Accreted Discounts/Amortized Premiums	0	0	0	0
Assets, Realized Gain (Loss)	1	16	(955)	419
Assets, Change In Net Unrealized Gain/(Loss)	(2)	(12)	915	(394)
Assets, Purchases	3	10	29	18
Assets, Sales	4	26	(631)	(437)
Assets, Transfers into Level 3	0	0	0	0
Assets, Transfers out of Level 3	0	0	0	0
Assets, Ending Balance	351	1,078	351	1,078
Financial Derivatives - Liabilities | Total return swaps
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Liabilities, Begining Balance	77	0	(436)	0
Liabilities, Accreted Discounts/Amortized Premiums	0	0	0	0
Liabilities, Realized Gain/(Loss)	4	48	(501)	48
Liabilities, Change In Net Unrealized Gain/(Loss)	(11)	(214)	349	(214)
Liabilities, Payments	(4)	0	500	0
Liabilities, Issuances	0	(48)	0	(48)
Liabilities, Transfers into Level 3	0	0	0	0
Liabilities, Transfers out of Level 3	0	0	0	0
Liabilities, Ending Balance	$ (88)	$ (214)	$ (88)	$ (214)

Valuation (Narrative) (Details)

Valuation (Narrative) (Details) - Level 3 - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in unrealized gains (losses)	$ 9,300	$ (4,700)	$ (56,300)	$ (400)
Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in unrealized gains (losses)	14,200	4,100	12	10,200
Investment in unconsolidated entities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in unrealized gains (losses)	11,300	3,300	10,200	2,400
Financial Derivatives - Assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in unrealized gains (losses)	(300)	100	600	(200)
Other secured borrowings, at fair value
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in unrealized gains (losses)	(5,200)	(100)	(6,600)	(32)
Financial Derivatives - Liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in unrealized gains (losses)	$ (11)	$ (200)	$ (100)	$ (200)

Valuation (Fair Value of Other

Valuation (Fair Value of Other Financial Instruments) (Details) - USD ($) $ in Thousands		Sep. 30, 2020	Dec. 31, 2019
Assets:
Cash and cash equivalents	[1]	$ 126,783	$ 72,302
Due from brokers	[1]	63,991	79,829
Repurchase agreements, at fair value		47,041	73,639
Liabilities:
Repurchase agreements	[1]	1,439,984	2,445,300
Other secured borrowings	[1]	142,674	150,334
Senior notes, net		85,495	85,298
Due to brokers		7,147	2,197
Fair Value
Assets:
Cash and cash equivalents		126,783	72,302
Restricted cash		175	175
Due from brokers		63,991	79,829
Repurchase agreements, at fair value		47,041	73,639
Liabilities:
Repurchase agreements		1,439,984	2,445,300
Other secured borrowings		142,674	150,334
Senior notes, net		86,000	88,365
Due to brokers		7,147	2,197
Carrying Value
Assets:
Cash and cash equivalents		126,783	72,302
Restricted cash		175	175
Due from brokers		63,991	79,829
Repurchase agreements, at fair value		47,041	73,639
Liabilities:
Repurchase agreements		1,439,984	2,445,300
Other secured borrowings		142,674	150,334
Senior notes, net		85,495	85,298
Due to brokers		$ 7,147	$ 2,197
[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		9 Months Ended	12 Months Ended
		Sep. 30, 2020	Dec. 31, 2019
Securities, Available-for-sale [Line Items]
Current Principal		$ 1,364,205	$ 2,282,149
Unamortized Premium (Discount)		(202,583)	(150,821)
Amortized Cost		1,430,336	2,342,369
Gross Unrealized Gains		55,888	43,801
Gross Unrealized Losses		(86,297)	(9,638)
Investment Owned At Fair Value, Net		1,399,927	2,376,532
Securities, at fair value(1)	[1]	1,451,420	2,449,941
Securities sold short, at fair value		$ (51,493)	$ (73,409)
Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		3.98%	4.23%
Weighted Average Yield		4.89%	4.01%
Weighted average life		4 years 4 months 17 days	5 years 10 months 24 days
Long
Securities, Available-for-sale [Line Items]
Current Principal		$ 1,414,935	$ 2,355,498
Unamortized Premium (Discount)		(203,926)	(151,329)
Amortized Cost		1,479,723	2,415,210
Gross Unrealized Gains		55,883	43,738
Gross Unrealized Losses		(84,186)	(9,007)
Securities, at fair value(1)		$ 1,451,420	$ 2,449,941
Long | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		3.86%	4.15%
Weighted Average Yield		5.05%	4.09%
Weighted average life		4 years 4 months 13 days	5 years 10 months 17 days
Long | 15-year fixed-rate mortgages
Securities, Available-for-sale [Line Items]
Current Principal		$ 69,491	$ 314,636
Unamortized Premium (Discount)		2,641	6,369
Amortized Cost		72,132	321,005
Gross Unrealized Gains		1,890	2,604
Gross Unrealized Losses		(27)	(203)
Securities, at fair value(1)		$ 73,995	$ 323,406
Long | 15-year fixed-rate mortgages | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		3.31%	3.05%
Weighted Average Yield		1.89%	2.28%
Weighted average life		3 years 4 months 17 days	3 years 18 days
Long | 20-year fixed-rate mortgages
Securities, Available-for-sale [Line Items]
Current Principal		$ 587	$ 804
Unamortized Premium (Discount)		39	49
Amortized Cost		626	853
Gross Unrealized Gains		29	24
Gross Unrealized Losses		0	0
Securities, at fair value(1)		$ 655	$ 877
Long | 20-year fixed-rate mortgages | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		4.71%	4.62%
Weighted Average Yield		2.94%	2.99%
Weighted average life		3 years 10 months 17 days	4 years 9 months 18 days
Long | 30-year fixed-rate mortgages
Securities, Available-for-sale [Line Items]
Current Principal		$ 625,882	$ 1,358,762
Unamortized Premium (Discount)		30,133	64,846
Amortized Cost		656,015	1,423,608
Gross Unrealized Gains		26,286	13,821
Gross Unrealized Losses		(371)	(2,830)
Securities, at fair value(1)		$ 681,930	$ 1,434,599
Long | 30-year fixed-rate mortgages | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		4.06%	4.20%
Weighted Average Yield		2.42%	2.95%
Weighted average life		4 years 21 days	6 years 7 months 17 days
Long | Adjustable rate mortgages
Securities, Available-for-sale [Line Items]
Current Principal		$ 6,751	$ 9,651
Unamortized Premium (Discount)		173	315
Amortized Cost		6,924	9,966
Gross Unrealized Gains		123	90
Gross Unrealized Losses		(1)	(54)
Securities, at fair value(1)		$ 7,046	$ 10,002
Long | Adjustable rate mortgages | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		3.65%	3.99%
Weighted Average Yield		2.15%	2.03%
Weighted average life		3 years 4 months 6 days	4 years 1 month 2 days
Long | Reverse mortgages
Securities, Available-for-sale [Line Items]
Current Principal		$ 94,741	$ 122,670
Unamortized Premium (Discount)		5,466	8,133
Amortized Cost		100,207	130,803
Gross Unrealized Gains		4,317	2,023
Gross Unrealized Losses		0	(26)
Securities, at fair value(1)		$ 104,524	$ 132,800
Long | Reverse mortgages | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		4.02%	4.43%
Weighted Average Yield		2.36%	2.78%
Weighted average life		5 years 1 month 6 days	6 years 8 months 1 day
Long | Interest only securities
Securities, Available-for-sale [Line Items]
Amortized Cost		$ 47,507	$ 34,044
Gross Unrealized Gains		5,682	1,624
Gross Unrealized Losses		(1,484)	(389)
Securities, at fair value(1)		$ 51,705	$ 35,279
Long | Interest only securities | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		3.47%	2.81%
Weighted Average Yield		10.17%	9.27%
Weighted average life		4 years 6 months 29 days	3 years 10 months 9 days
Long | Non-Agency RMBS
Securities, Available-for-sale [Line Items]
Current Principal		$ 336,997	$ 274,353
Unamortized Premium (Discount)		(131,976)	(122,685)
Amortized Cost		205,021	151,668
Gross Unrealized Gains		12,488	12,549
Gross Unrealized Losses		(7,959)	(1,081)
Securities, at fair value(1)		$ 209,550	$ 163,136
Long | Non-Agency RMBS | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		3.16%	3.41%
Weighted Average Yield		6.35%	7.25%
Weighted average life		4 years 8 months 4 days	5 years 3 months 21 days
Long | CMBS
Securities, Available-for-sale [Line Items]
Current Principal		$ 184,695	$ 185,417
Unamortized Premium (Discount)		(62,938)	(67,961)
Amortized Cost		121,757	117,456
Gross Unrealized Gains		803	2,990
Gross Unrealized Losses		(24,307)	(480)
Securities, at fair value(1)		$ 98,253	$ 119,966
Long | CMBS | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		2.54%	3.31%
Weighted Average Yield		7.74%	6.62%
Weighted average life		8 years 5 months 4 days	8 years 11 months 8 days
Long | Non-Agency IOs
Securities, Available-for-sale [Line Items]
Amortized Cost		$ 8,367	$ 6,517
Gross Unrealized Gains		1,832	1,817
Gross Unrealized Losses		(250)	(18)
Securities, at fair value(1)		$ 9,949	$ 8,316
Long | Non-Agency IOs | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		1.17%	1.10%
Weighted Average Yield		16.73%	8.18%
Weighted average life		2 years 9 months	4 years 1 month 20 days
Long | CLOs
Securities, Available-for-sale [Line Items]
Amortized Cost		$ 211,236	$ 169,238
Gross Unrealized Gains		1	4,219
Gross Unrealized Losses		(47,943)	(3,014)
Securities, at fair value(1)		$ 163,294	$ 170,443
Long | CLOs | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		3.25%	5.05%
Weighted Average Yield		8.48%	9.62%
Weighted average life		3 years 10 months 2 days	4 years 9 months
Long | Asset-backed securities, backed by consumer loans
Securities, Available-for-sale [Line Items]
Current Principal		$ 71,617	$ 67,080
Unamortized Premium (Discount)		(24,277)	(19,154)
Amortized Cost		47,340	47,926
Gross Unrealized Gains		1,052	1,596
Gross Unrealized Losses		(1,094)	(912)
Securities, at fair value(1)		$ 47,298	$ 48,610
Long | Asset-backed securities, backed by consumer loans | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		11.82%	12.17%
Weighted Average Yield		17.39%	14.00%
Weighted average life		1 year 29 days	1 year 2 months 19 days
Long | Corporate debt securities
Securities, Available-for-sale [Line Items]
Current Principal		$ 24,174	$ 22,125
Unamortized Premium (Discount)		(23,187)	(21,241)
Amortized Cost		987	884
Gross Unrealized Gains		1,220	229
Gross Unrealized Losses		0	0
Securities, at fair value(1)		$ 2,207	$ 1,113
Long | Corporate debt securities | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		0.00%	0.00%
Weighted Average Yield		0.00%	0.00%
Weighted average life		2 years 10 months 6 days	3 months 29 days
Long | Corporate equity securities
Securities, Available-for-sale [Line Items]
Amortized Cost		$ 1,604	$ 1,242
Securities, at fair value(1)		1,014	1,394
Corporate equity, gross unrealized gains		160	152
Corporate equity, gross unrealized losses		(750)	0
Short
Securities, Available-for-sale [Line Items]
Current Principal		(50,730)	(73,349)
Unamortized Premium (Discount)		1,343	508
Investment Sold, Not yet Purchased, Sale Proceeds		(49,387)	(72,841)
Gross Unrealized Gains		5	63
Gross Unrealized Losses		(2,111)	(631)
Securities sold short, at fair value		$ (51,493)	$ (73,409)
Short | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		0.39%	1.65%
Weighted Average Yield		0.21%	1.66%
Weighted average life		4 years 1 month 28 days	5 years 5 months 26 days
Short | Corporate debt securities
Securities, Available-for-sale [Line Items]
Current Principal		$ (450)	$ (450)
Unamortized Premium (Discount)		(6)	(6)
Investment Sold, Not yet Purchased, Sale Proceeds		(456)	(456)
Gross Unrealized Gains		5	0
Gross Unrealized Losses		(10)	(15)
Securities sold short, at fair value		$ (461)	$ (471)
Short | Corporate debt securities | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		5.32%	5.44%
Weighted Average Yield		5.21%	5.21%
Weighted average life		4 years 1 month 20 days	4 years 10 months 24 days
Short | U.S. Treasury securities
Securities, Available-for-sale [Line Items]
Current Principal		$ (14,000)	$ (63,140)
Unamortized Premium (Discount)		(273)	381
Investment Sold, Not yet Purchased, Sale Proceeds		(14,273)	(62,759)
Gross Unrealized Gains		0	63
Gross Unrealized Losses		(37)	(298)
Securities sold short, at fair value		$ (14,310)	$ (62,994)
Short | U.S. Treasury securities | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		0.63%	1.76%
Weighted Average Yield		0.41%	1.87%
Weighted average life		6 years 2 months 15 days	6 years 1 month 9 days
Short | European sovereign bonds
Securities, Available-for-sale [Line Items]
Current Principal		$ (36,280)	$ (9,759)
Unamortized Premium (Discount)		1,622	133
Investment Sold, Not yet Purchased, Sale Proceeds		(34,658)	(9,626)
Gross Unrealized Gains		0	0
Gross Unrealized Losses		(2,064)	(318)
Securities sold short, at fair value		$ (36,722)	$ (9,944)
Short | European sovereign bonds | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		0.22%	0.77%
Weighted Average Yield		0.06%	0.12%
Weighted average life		3 years 4 months 9 days	1 year 6 months 29 days
[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 (Matur

Investment in Securities (Maturities of Securities) (Details) - USD ($) $ in Thousands		Sep. 30, 2020	Dec. 31, 2019
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)	[1]	$ 1,451,420	$ 2,449,941
Amortized Cost		$ 1,430,336	$ 2,342,369
Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		3.98%	4.23%
Long
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)		$ 1,451,420	$ 2,449,941
Amortized Cost		$ 1,479,723	$ 2,415,210
Long | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		3.86%	4.15%
Long | Agency RMBS
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)		$ 868,150	$ 1,901,684
Amortized Cost		$ 835,904	$ 1,886,235
Long | Agency RMBS | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		3.99%	4.02%
Long | Agency RMBS | Less than three years [Member]
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)		$ 150,492	$ 188,593
Amortized Cost		$ 146,624	$ 187,099
Long | Agency RMBS | Less than three years [Member] | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		4.26%	3.39%
Long | Agency RMBS | Greater than three years less than seven years [Member]
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)		$ 706,422	$ 961,839
Amortized Cost		$ 678,227	$ 953,031
Long | Agency RMBS | Greater than three years less than seven years [Member] | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		3.95%	4.25%
Long | Agency RMBS | Greater than seven years less than eleven [Member]
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)		$ 11,236	$ 713,862
Amortized Cost		$ 11,053	$ 708,805
Long | Agency RMBS | Greater than seven years less than eleven [Member] | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		3.01%	3.89%
Long | Agency RMBS | Greater than eleven year [Member]
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)		$ 0	$ 37,390
Amortized Cost		$ 0	$ 37,300
Long | Agency RMBS | Greater than eleven year [Member] | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		0.00%	3.51%
Long | Agency RMBS | Interest only securities
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)		$ 51,705	$ 35,279
Amortized Cost		$ 47,507	$ 34,044
Long | Agency RMBS | Interest only securities | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		3.47%	2.81%
Long | Agency RMBS | Interest only securities | Less than three years [Member]
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)		$ 8,893	$ 9,011
Amortized Cost		$ 8,267	$ 8,611
Long | Agency RMBS | Interest only securities | Less than three years [Member] | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		3.90%	3.35%
Long | Agency RMBS | Interest only securities | Greater than three years less than seven years [Member]
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)		$ 39,604	$ 25,334
Amortized Cost		$ 36,038	$ 24,512
Long | Agency RMBS | Interest only securities | Greater than three years less than seven years [Member] | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		3.63%	2.66%
Long | Agency RMBS | Interest only securities | Greater than seven years less than eleven [Member]
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)		$ 1,048	$ 934
Amortized Cost		$ 1,049	$ 921
Long | Agency RMBS | Interest only securities | Greater than seven years less than eleven [Member] | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		0.28%	1.90%
Long | Agency RMBS | Interest only securities | Greater than eleven year [Member]
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)		$ 2,160	$ 0
Amortized Cost		$ 2,153	$ 0
Long | Agency RMBS | Interest only securities | Greater than eleven year [Member] | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		0.78%	0.00%
Long | Non-Agency RMBS and CMBS
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)		$ 307,803	$ 283,102
Amortized Cost		$ 326,778	$ 269,124
Long | Non-Agency RMBS and CMBS | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		2.93%	3.37%
Long | Non-Agency RMBS and CMBS | Less than three years [Member]
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)		$ 80,873	$ 50,120
Amortized Cost		$ 77,739	$ 48,213
Long | Non-Agency RMBS and CMBS | Less than three years [Member] | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		3.67%	2.73%
Long | Non-Agency RMBS and CMBS | Greater than three years less than seven years [Member]
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)		$ 106,561	$ 87,436
Amortized Cost		$ 102,374	$ 79,326
Long | Non-Agency RMBS and CMBS | Greater than three years less than seven years [Member] | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		3.38%	4.42%
Long | Non-Agency RMBS and CMBS | Greater than seven years less than eleven [Member]
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)		$ 96,327	$ 127,533
Amortized Cost		$ 119,267	$ 123,924
Long | Non-Agency RMBS and CMBS | Greater than seven years less than eleven [Member] | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		2.48%	3.31%
Long | Non-Agency RMBS and CMBS | Greater than eleven year [Member]
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)		$ 24,042	$ 18,013
Amortized Cost		$ 27,398	$ 17,661
Long | Non-Agency RMBS and CMBS | Greater than eleven year [Member] | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		1.04%	0.81%
Long | Non-Agency RMBS
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)		$ 209,550	$ 163,136
Amortized Cost		$ 205,021	$ 151,668
Long | Non-Agency RMBS | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		3.16%	3.41%
Long | Non-Agency RMBS | Interest only securities
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)		$ 9,949	$ 8,316
Amortized Cost		$ 8,367	$ 6,517
Long | Non-Agency RMBS | Interest only securities | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		1.17%	1.10%
Long | Non-Agency RMBS | Interest only securities | Less than three years [Member]
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)		$ 4,079	$ 439
Amortized Cost		$ 2,685	$ 401
Long | Non-Agency RMBS | Interest only securities | Less than three years [Member] | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		0.55%	1.37%
Long | Non-Agency RMBS | Interest only securities | Greater than three years less than seven years [Member]
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)		$ 5,870	$ 7,877
Amortized Cost		$ 5,682	$ 6,116
Long | Non-Agency RMBS | Interest only securities | Greater than three years less than seven years [Member] | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		1.47%	1.08%
Long | Non-Agency RMBS | Interest only securities | Greater than seven years less than eleven [Member]
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)		$ 0	$ 0
Amortized Cost		$ 0	$ 0
Long | Non-Agency RMBS | Interest only securities | Greater than seven years less than eleven [Member] | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		0.00%	0.00%
Long | Non-Agency RMBS | Interest only securities | Greater than eleven year [Member]
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)		$ 0	$ 0
Amortized Cost		$ 0	$ 0
Long | Non-Agency RMBS | Interest only securities | Greater than eleven year [Member] | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		0.00%	0.00%
Long | CLOs And Other Securities [Member]
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)		$ 212,799	$ 220,166
Amortized Cost		$ 259,563	$ 218,048
Long | CLOs And Other Securities [Member] | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		4.84%	6.60%
Long | CLOs And Other Securities [Member] | Less than three years [Member]
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)		$ 61,222	$ 54,446
Amortized Cost		$ 63,694	$ 54,090
Long | CLOs And Other Securities [Member] | Less than three years [Member] | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		9.43%	11.11%
Long | CLOs And Other Securities [Member] | Greater than three years less than seven years [Member]
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)		$ 150,175	$ 157,384
Amortized Cost		$ 193,955	$ 155,651
Long | CLOs And Other Securities [Member] | Greater than three years less than seven years [Member] | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		3.38%	5.38%
Long | CLOs And Other Securities [Member] | Greater than seven years less than eleven [Member]
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)		$ 1,402	$ 8,336
Amortized Cost		$ 1,914	$ 8,307
Long | CLOs And Other Securities [Member] | Greater than seven years less than eleven [Member] | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		0.00%	0.00%
Long | CLOs And Other Securities [Member] | Greater than eleven year [Member]
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)		$ 0	$ 0
Amortized Cost		$ 0	$ 0
Long | CLOs And Other Securities [Member] | Greater than eleven year [Member] | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		0.00%	0.00%
[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 (Sum_2

Investment in Securities (Summary of Investment Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Securities, Available-for-sale [Line Items]
Interest Income	$ 43,075	$ 39,985	$ 134,463	$ 114,548
Agency RMBS
Securities, Available-for-sale [Line Items]
Coupon Interest	14,117	16,026	47,632	42,681
Net Amortization	(7,454)	(6,290)	(25,516)	(15,883)
Interest Income	6,663	9,736	22,116	26,798
Non-Agency RMBS and CMBS
Securities, Available-for-sale [Line Items]
Coupon Interest	3,311	3,383	10,995	10,514
Net Amortization	1,911	430	4,001	1,666
Interest Income	5,222	3,813	14,996	12,180
CLOs
Securities, Available-for-sale [Line Items]
Coupon Interest	2,256	3,480	11,662	11,391
Net Amortization	2,179	(627)	1,543	(1,138)
Interest Income	4,435	2,853	13,205	10,253
Other Securities
Securities, Available-for-sale [Line Items]
Coupon Interest	2,970	1,670	8,992	4,706
Net Amortization	(1,435)	(611)	(3,584)	(1,528)
Interest Income	1,535	1,059	5,408	3,178
Securities Investment [Member]
Securities, Available-for-sale [Line Items]
Coupon Interest	22,654	24,559	79,281	69,292
Net Amortization	(4,799)	(7,098)	(23,556)	(16,883)
Interest Income	$ 17,855	$ 17,461	$ 55,725	$ 52,409

Investment in Securities (Proce

Investment in Securities (Proceeds, Realized Gains (Losses) on Sales) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Securities, Available-for-sale [Line Items]
Available-for-sale securities Realizes Losses - Write offs	$ (2,500)		$ (16,300)
Proceeds	40,462	$ 488,128	1,765,704	$ 1,544,862
Available-for-sale Securities, Gross Realized Gains	4,509	15,467	29,458	20,280
Available-for-sale Securities, Gross Realized Losses	(553)	(568)	(10,506)	(7,807)
Available-for-sale Securities, Gross Realized Gain (Loss)	3,956	14,899	18,952	12,473
OTTI charge on securities		10,100		16,100
Agency RMBS
Securities, Available-for-sale [Line Items]
Proceeds	10,675	331,572	1,438,469	719,082
Available-for-sale Securities, Gross Realized Gains	2,467	4,511	15,982	6,954
Available-for-sale Securities, Gross Realized Losses	(564)	(34)	(3,369)	(1,950)
Available-for-sale Securities, Gross Realized Gain (Loss)	1,903	4,477	12,613	5,004
Non-Agency RMBS and CMBS
Securities, Available-for-sale [Line Items]
Proceeds	17,926	16,496	116,349	165,180
Available-for-sale Securities, Gross Realized Gains	1,669	9,606	11,081	11,356
Available-for-sale Securities, Gross Realized Losses	(171)	(341)	(3,880)	(3,835)
Available-for-sale Securities, Gross Realized Gain (Loss)	1,498	9,265	7,201	7,521
CLOs
Securities, Available-for-sale [Line Items]
Proceeds	0	2,060	41,714	58,157
Available-for-sale Securities, Gross Realized Gains	0	1,287	1,122	1,169
Available-for-sale Securities, Gross Realized Losses	256	27	(2,928)	(816)
Available-for-sale Securities, Gross Realized Gain (Loss)	256	1,314	(1,806)	353
Other Securities
Securities, Available-for-sale [Line Items]
Proceeds	11,861	138,000	169,172	602,443
Available-for-sale Securities, Gross Realized Gains	373	63	1,273	801
Available-for-sale Securities, Gross Realized Losses	(74)	(220)	(329)	(1,206)
Available-for-sale Securities, Gross Realized Gain (Loss)	$ 299	$ (157)	$ 944	$ (405)

Investment in Securities (Unrea

Investment in Securities (Unrealized Loss Positions Securities) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months	$ 168,024	$ 471,379
Unrealized Losses, Less than 12 Months	(12,733)	(5,146)
Fair Value, Greater than 12 Months	3,600	162,938
Unrealized Losses, Greater than 12 Months	(196)	(3,861)
Fair Value, Total	171,624	634,317
Unrealized Loss, Total	(12,929)	(9,007)
Agency RMBS
Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months	138,286	328,968
Unrealized Losses, Less than 12 Months	(673)	(1,503)
Fair Value, Greater than 12 Months	1,881	125,095
Unrealized Losses, Greater than 12 Months	(112)	(1,999)
Fair Value, Total	140,167	454,063
Unrealized Loss, Total	(785)	(3,502)
Non-Agency RMBS
Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months	18,887	88,495
Unrealized Losses, Less than 12 Months	(1,560)	(880)
Fair Value, Greater than 12 Months	1,665	27,218
Unrealized Losses, Greater than 12 Months	(84)	(699)
Fair Value, Total	20,552	115,713
Unrealized Loss, Total	(1,644)	(1,579)
CLOs
Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months	10,204	37,354
Unrealized Losses, Less than 12 Months	(10,069)	(1,911)
Fair Value, Greater than 12 Months	54	9,245
Unrealized Losses, Greater than 12 Months	0	(1,103)
Fair Value, Total	10,258	46,599
Unrealized Loss, Total	(10,069)	(3,014)
Other Securities
Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months	647	16,562
Unrealized Losses, Less than 12 Months	(431)	(852)
Fair Value, Greater than 12 Months	0	1,380
Unrealized Losses, Greater than 12 Months	0	(60)
Fair Value, Total	647	17,942
Unrealized Loss, Total	$ (431)	$ (912)

Investment in Securities (Narra

Investment in Securities (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	$ 86,297		$ 86,297		$ 9,638
Debt Securities, Available-for-sale, Allowance for Credit Loss	28,400		28,400
Debt Securities, Available-for-sale, Purchased with Credit Deterioration, Allowance for Credit Loss at Acquisition Date			4,000
Available-for-sale securities Realizes Losses - Write offs	(2,500)		(16,300)
Catch-up premium amortization adjustment	300	$ (1,500)	(4,400)	$ (2,900)
OTTI charge on securities		$ 10,100		$ 16,100
Long
Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	$ 84,186		$ 84,186		$ 9,007

Investment in Loans (Schedule o

Investment in Loans (Schedule of Investments in Loans) (Details) - USD ($) $ in Thousands		Sep. 30, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Principal/Notional Amount		$ 1,414,410	$ 1,387,733
Fair Value	[1]	1,442,612	1,412,426
Residential mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Principal/Notional Amount		1,004,980	911,705
Fair Value		1,030,709	932,203
Commercial mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Principal/Notional Amount		252,305	277,870
Fair Value		252,231	274,759
Consumer loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Principal/Notional Amount		150,062	179,743
Fair Value		152,609	186,954
Corporate loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Principal/Notional Amount		7,063	18,415
Fair Value		$ 7,063	$ 18,510
[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) - USD ($) $ in Thousands		Sep. 30, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		$ 1,414,410	$ 1,387,733
Loans, at fair value	[1]	1,442,612	1,412,426
Commercial mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		252,305	277,870
Loans, at fair value		252,231	274,759
Residential mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		1,004,980	911,705
Loans, at fair value		1,030,709	932,203
Consumer loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		150,062	179,743
Loans, at fair value		152,609	186,954
Non-accrual status [Member] | Commercial mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, at fair value		23,800	10,700
Non-accrual status [Member] | Commercial mortgage loans | 90 Days or More Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		23,750	28,936
Loans, at fair value		23,671	26,545
Non-accrual status [Member] | Residential mortgage loans | 90 Days or More Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		67,121	22,092
Loans, at fair value		64,414	19,401
Non-accrual status [Member] | Consumer loans | 90 Days or More Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		1,284	5,633
Loans, at fair value		$ 1,131	$ 5,225
[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_3

Investment in Loans (Schedule of Residential Mortgage Loans) (Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		$ 1,414,410	$ 1,387,733
Unamortized Premium (Discount)		(202,583)	(150,821)
Fair Value	[1]	$ 1,442,612	$ 1,412,426
Weighted Average
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average Coupon		3.98%	4.23%
Weighted Average Yield		4.89%	4.01%
Weighted average life		4 years 4 months 17 days	5 years 10 months 24 days
Residential mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		$ 1,004,980	$ 911,705
Fair Value		1,030,709	932,203
Consolidated securitization trusts [Member] | Residential mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gains		17,500
Losses		200
Loans held-for-investment [Member] | Residential mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		996,429	911,705
Unamortized Premium (Discount)		8,676	9,354
Amortized Cost		1,005,105	921,059
Gains		21,504	13,082
Losses		(4,355)	(1,938)
Fair Value		$ 1,022,254	$ 932,203
Loans held-for-investment [Member] | Residential mortgage loans | Weighted Average
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average Coupon		6.23%	6.44%
Weighted Average Yield		5.15%	5.79%
Weighted average life		1 year 7 months 28 days	1 year 10 months 24 days
Non-QM loan securitization | Residential mortgage loans | Consolidated Entities [Member] | Securitized loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value		$ 760,420	$ 628,415
[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]	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	100.00%	100.00%
CALIFORNIA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	44.00%	46.60%
Florida [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	13.80%	11.90%
Texas [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	10.40%	11.90%
Colorado [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2.80%	3.20%
MASSACHUSETTS
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2.60%	2.90%
MASSACHUSETTS
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.60%	1.60%
NEVADA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.70%	1.60%
OREGON
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2.40%	2.20%
ARIZONA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.90%	2.40%
UTAH
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.90%	1.90%
Maryland [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.30%	1.30%
CONNECTICUT
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.00%	0.00%
MARYLAND
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.00%	1.10%
NORTH CAROLINA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.20%	0.00%
NEW JERSEY
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.80%	1.10%
ILLINOIS
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.80%	1.70%
Other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	7.70%	8.60%
GEORGIA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.10%	0.00%

Investment in Loans Investment

Investment in Loans Investment in Loans (Schedule of Residential Mortgage Loans: Performance) (Details) - USD ($) $ in Thousands		Sep. 30, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		$ 1,414,410	$ 1,387,733
Loans, at fair value	[1]	1,442,612	1,412,426
Residential mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		1,004,980	911,705
Loans, at fair value		1,030,709	932,203
Residential mortgage loans | Performing Financial Instruments [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		23,002	27,663
Loans, at fair value		21,572	25,323
Residential mortgage loans | Non-performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		64,710	17,757
Loans, at fair value		$ 62,343	$ 15,580
[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 (Narrative)

Investment in Loans (Narrative) (Details) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2020USD ($)loan	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)loan	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		$ 1,414,410		$ 1,414,410		$ 1,387,733
Loans, at fair value	[1]	1,442,612		1,442,612		1,412,426
Residential mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impairment Losses, Recognized in Earnings			$ 300		$ 700
Mortgage Loans in Process of Foreclosure, Amount		11,100		11,100		10,900
Unpaid Principal Balance		1,004,980		1,004,980		911,705
Loans, at fair value		1,030,709		1,030,709		932,203
Residential mortgage loans | Non-performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		64,710		64,710		17,757
Loans, at fair value		62,343		62,343		15,580
Commercial mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Losses		(487)		(487)		(62)
Financing Receivable, Allowance for Credit Loss		400		400
Mortgage Loans in Process of Foreclosure, Amount						$ 16,000
Number of mortgage loans in process of foreclosure						2
Unpaid Principal Balance		252,305		252,305		$ 277,870
Loans, at fair value		$ 252,231		$ 252,231		$ 274,759
Commercial mortgage loans | Non-performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan		2		2		3
Unpaid Principal Balance		$ 23,800		$ 23,800		$ 28,900
Loans, at fair value		23,700		23,700		26,500
Consumer loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Losses		(6,230)		(6,230)		(377)
Financing Receivable, Allowance for Credit Loss				4,700
Delinquent loans, charged off		3,900	4,900	13,900	13,900
Fair value of charged-off loans		600		600		600
Impairment Losses, Recognized in Earnings			$ 1,100		$ 4,600
Unpaid Principal Balance		150,062		150,062		179,743
Loans, at fair value		152,609		152,609		186,954
Corporate loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		7,063		7,063		18,415
Loans, at fair value		7,063		7,063		18,510
Loans held-for-investment [Member] | Residential mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Losses		(4,355)		(4,355)		(1,938)
Financing Receivable, Allowance for Credit Loss		2,600		2,600
Financing Receivable, Purchased with Credit Deterioration, Allowance for Credit Loss at Acquisition Date				400
Realized Losses, Write offs on loans		51		(500)
Unpaid Principal Balance		996,429		996,429		911,705
Loans, at fair value		1,022,254		1,022,254		$ 932,203
Loans held-for-investment [Member] | Consumer loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Realized Losses, Write offs on loans		$ 100		$ 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.

Investment in Loans (Schedule_5

Investment in Loans (Schedule of Commercial Mortgage Loans) (Details) (Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		$ 1,414,410	$ 1,387,733
Unamortized Premium (Discount)		(202,583)	(150,821)
Loans, at fair value	[1]	$ 1,442,612	$ 1,412,426
Weighted Average
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average Coupon		3.98%	4.23%
Weighted Average Yield		4.89%	4.01%
Weighted average life		4 years 4 months 17 days	5 years 10 months 24 days
Commercial mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		$ 252,305	$ 277,870
Unamortized Premium (Discount)		(122)	(3,302)
Amortized Cost		252,183	274,568
Gains		535	253
Losses		(487)	(62)
Loans, at fair value		$ 252,231	$ 274,759
Number of mortgage loans in process of foreclosure			2
Mortgage Loans in Process of Foreclosure, Amount			$ 16,000
Commercial mortgage loans | Weighted Average
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average Coupon		8.25%	7.65%
Weighted Average Yield		8.14%	8.58%
Weighted average life		9 months 7 days	1 year 25 days
Non-accrual status [Member] | Commercial mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, at fair value		$ 23,800	$ 10,700
[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_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	9 Months Ended
	Mar. 31, 2020	Sep. 30, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	100.00%	100.00%
Florida [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	31.70%	17.60%
NEW YORK
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	17.70%	16.50%
NEW JERSEY
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	0.00%	11.50%
Virginia [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	6.80%	3.60%
CONNECTICUT
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	8.20%	9.30%
MASSACHUSETTS
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	13.30%	4.90%
NORTH CAROLINA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	4.60%	6.60%
CALIFORNIA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	0.00%	5.70%
MASSACHUSETTS
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	4.70%	5.20%
ARIZONA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	3.80%	3.70%
Indiana [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2.10%	2.40%
PENNSYLVANIA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.80%	2.00%
NEVADA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.50%	1.60%
Tennessee [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.50%	1.60%
ILLINOIS
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.20%	1.30%
Other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.10%	0.40%
OHIO
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	0.00%	6.10%

Investment in Loans (Schedule_7

Investment in Loans (Schedule of Consumer Loans) (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended	12 Months Ended
		Mar. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance			$ 1,414,410	$ 1,387,733
Unamortized Premium (Discount)			(202,583)	(150,821)
Loans, at fair value	[1]		$ 1,442,612	$ 1,412,426
Weighted Average
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted average life			4 years 4 months 17 days	5 years 10 months 24 days
Consumer loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of charged-off loans			$ 600	$ 600
Unpaid Principal Balance			150,062	179,743
Unamortized Premium (Discount)			7,347	5,027
Amortized Cost			157,409	184,770
Gains			1,430	2,561
Losses			(6,230)	(377)
Loans, at fair value			$ 152,609	$ 186,954
Consumer loans | Weighted Average
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted average life		9 months 25 days	10 months 17 days
Delinquency (Days)			4 days	4 days
[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_8

Investment in Loans (Schedule of Consumer Loans: Delinquency Status) (Details) - Consumer loans	Sep. 30, 2020	Dec. 31, 2019
Financing Receivable, Past Due [Line Items]
Percent past due	100.00%	100.00%
Financial Asset, 1 to 29 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Percent past due	96.20%	95.30%
30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Percent past due	1.60%	2.10%
60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Percent past due	1.10%	1.40%
90-119 Days or More Past Due [Member]
Financing Receivable, Past Due [Line Items]
Percent past due	0.80%	1.20%
Financing Receivables, Equal to Greater than 120 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Percent past due	0.30%	0.00%

Investment in Loans Investmen_2

Investment in Loans Investment in Loans (Schedule of Corporate Loans) (Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		$ 1,414,410	$ 1,387,733
Loans, at fair value	[1]	1,442,612	1,412,426
Corporate loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		7,063	18,415
Loans, at fair value		$ 7,063	$ 18,510
Weighted Average
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average Coupon		3.98%	4.23%
Weighted average life		4 years 4 months 17 days	5 years 10 months 24 days
Weighted Average | Corporate loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average Coupon		19.43%	17.62%
Weighted average life		1 year 11 months 23 days	10 months 13 days
[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.

Investments in Unconsolidated_3

Investments in Unconsolidated Entities (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities, at fair value	[1]	$ 95,803		$ 95,803		$ 71,850
Earnings (losses) from investments in unconsolidated entities		11,443	$ 2,796	10,590	$ 6,947
Mortgage loan originator [Member]
Schedule of Equity Method Investments [Line Items]
Earnings (losses) from investments in unconsolidated entities		8,900	$ 2,100	13,200	$ 600
Variable Interest Entity, Not Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities, at fair value		$ 37,100		$ 37,100		$ 28,500
[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.

Investments in Unconsolidated_4

Investments in Unconsolidated Entities Schedule of Ownership of Investments in Unconsolidated Entities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Mortgage loan originator [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Summarized Financial Information, Revenue	$ 4,827	$ 6,957	$ 10,030	$ 14,486
Equity Method Investment, Summarized Financial Information, Net Income (Loss)	$ 15,962	$ 4,739	$ 28,901	$ 3,074
Longbridge Financial LLC [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	49.70%		49.70%		49.70%
LendSure Mortgage Corp [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	49.90%		49.90%		49.90%
LendSure Mortgage Corp [Member] | Nonvoting Common Stock [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	15.00%		15.00%
Jepson Holdings Limited
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	30.10%		30.10%		30.10%
Elizon AFG 2018-1 LLC [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	22.10%		22.10%		13.40%
Effective Ownership Percentage	61.70%		61.70%		70.40%
Elizon DB 2015-1 LLC [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	8.50%		8.50%		3.50%
Effective Ownership Percentage	53.10%		53.10%		48.70%
Minimum | Other Equity Method Investments [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	7.40%		7.40%		7.70%
Maximum | Other Equity Method Investments [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	51.00%		51.00%		51.00%

Real Estate Owned (Details)

Real Estate Owned (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)property	Sep. 30, 2019USD ($)property	Sep. 30, 2020USD ($)property	Sep. 30, 2019USD ($)property	Dec. 31, 2019USD ($)
Real Estate Owned, Disclosure of Detailed Components [Abstract]
Real Estate Acquired Through Foreclosure, Disposals, Number Of Properties | property	1	7	8	11
Realized Gain (Loss) on Sale of Properties	$ (18)	$ 1,200	$ 100	$ 1,200
REO, fair value	$ 18,400		$ 18,400		$ 19,400

Real Estate Owned Schedule of R

Real Estate Owned Schedule of Real Estate Owned Activity (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)property	Sep. 30, 2019USD ($)property	Sep. 30, 2020USD ($)property	Sep. 30, 2019USD ($)property
Number of Properties
Beginning Balance | property	13	20	15	20
Transfers from mortgage loans | property	4	1	9	5
Disposals | property	(1)	(7)	(8)	(11)
Ending Balance | property	16	14	16	14
Carrying Value
Beginning Balance	$ 24,044	$ 47,621	$ 30,584	$ 30,778
Transfers from mortgage loans	676	601	2,198	18,314
Capital expenditures and other adjustments to cost	27	0	153	240
Adjustments to record at the lower of cost or fair value	147	6	(813)	(257)
Disposals	(100)	(3,805)	(7,328)	(4,652)
Ending Balance	$ 24,794	$ 44,423	$ 24,794	$ 44,423

To Be Announced RMBS (Details)

To Be Announced RMBS (Details) - USD ($) $ in Thousands		Sep. 30, 2020	Dec. 31, 2019
To Be Announced Securities [Line Items]
Unpaid Principal Balance		$ 1,414,410	$ 1,387,733
Investments sold short, at fair value-		(51,493)	(73,409)
Payable for securities purchased relating to unsettled TBA purchases	[1]	0	(66,133)
Net short TBA securities, at fair value		$ (1,399,927)	$ (2,376,532)
[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 (Schedule

Financial Derivatives (Schedule of Financial Derivatives) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value-	$ 27,864	$ 16,788
Financial derivatives–liabilities, at fair value-	(34,814)	(27,621)
Total	(6,950)	(10,833)
TBA Securities, Purchase Contracts [Member]
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value-	394	90
Financial derivatives–liabilities, at fair value-	(156)	0
TBA Securities, Sale Contracts [Member]
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value-	756	506
Financial derivatives–liabilities, at fair value-	(130)	(1,012)
Interest rate swaps | Short
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value-	5	3,914
Financial derivatives–liabilities, at fair value-	(29,712)	(8,513)
Interest rate swaps | Long
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value-	13,785	1,554
Financial derivatives–liabilities, at fair value-	(62)	(206)
Credit default swaps on asset-backed securities
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value-	351	993
Credit default swaps on asset-backed indices
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value-	9,722	3,319
Financial derivatives–liabilities, at fair value-	(142)	(250)
Credit default swaps on corporate bonds
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value-	39	2
Financial derivatives–liabilities, at fair value-	(580)	(1,693)
Credit default swaps on corporate bond indices
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value-	2,419	5,599
Financial derivatives–liabilities, at fair value-	(3,572)	(14,524)
Total return swaps
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value-	105	620
Financial derivatives–liabilities, at fair value-	(88)	(1,209)
Futures
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value-	1	148
Financial derivatives–liabilities, at fair value-	(331)	(45)
Futures | Short
Derivatives, Fair Value [Line Items]
Total	(330)	103
Forwards
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value-	256	43
Financial derivatives–liabilities, at fair value-	(41)	(169)
Warrants
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value-	$ 31	$ 0

Financial Derivatives (Interest

Financial Derivatives (Interest Rate Swaps) (Details) - Interest rate swaps - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Long
Derivative [Line Items]
Notional Amount	$ 438,560	$ 305,723
Fair Value	13,723	1,348
Long | 2021 [Member]
Derivative [Line Items]
Notional Amount	12,950	181,950
Fair Value	201	(49)
Long | 2022 [Member]
Derivative [Line Items]
Notional Amount	87,683	53,974
Fair Value	1,514	441
Long | 2023 [Member]
Derivative [Line Items]
Notional Amount	48,657	48,657
Fair Value	2,234	709
Long | 2024 [Member]
Derivative [Line Items]
Notional Amount	86,342	11,342
Fair Value	5,262	306
Long | 2025 [Member]
Derivative [Line Items]
Notional Amount	39,685
Fair Value	226
Long | 2027 [Member]
Derivative [Line Items]
Notional Amount	25,108
Fair Value	343
Long | 2029 [Member]
Derivative [Line Items]
Notional Amount	9,800	9,800
Fair Value	1,030	$ (59)
Long | 2030 [Member]
Derivative [Line Items]
Notional Amount	128,335
Fair Value	$ 2,913
Long | Weighted Average
Derivative [Line Items]
Pay Rate	1.25%	1.78%
Receive Rate	0.25%	1.91%
Remaining Years to Maturity	5 years 1 month 24 days	2 years 5 months 19 days
Long | Weighted Average | 2021 [Member]
Derivative [Line Items]
Pay Rate	1.75%	1.67%
Receive Rate	0.23%	1.89%
Remaining Years to Maturity	11 months 15 days	1 year 10 months 2 days
Long | Weighted Average | 2022 [Member]
Derivative [Line Items]
Pay Rate	1.33%	1.85%
Receive Rate	0.26%	1.91%
Remaining Years to Maturity	1 year 5 months 12 days	2 years 2 months 1 day
Long | Weighted Average | 2023 [Member]
Derivative [Line Items]
Pay Rate	2.00%	2.00%
Receive Rate	0.23%	1.92%
Remaining Years to Maturity	2 years 6 months 3 days	3 years 3 months 3 days
Long | Weighted Average | 2024 [Member]
Derivative [Line Items]
Pay Rate	1.65%	2.33%
Receive Rate	0.26%	2.09%
Remaining Years to Maturity	3 years 11 months 26 days	4 years 2 months 23 days
Long | Weighted Average | 2025 [Member]
Derivative [Line Items]
Pay Rate	0.44%
Receive Rate	0.24%
Remaining Years to Maturity	4 years 7 months 28 days
Long | Weighted Average | 2027 [Member]
Derivative [Line Items]
Pay Rate	0.63%
Receive Rate	0.30%
Remaining Years to Maturity	6 years 6 months
Long | Weighted Average | 2029 [Member]
Derivative [Line Items]
Pay Rate	1.78%	1.78%
Receive Rate	0.24%	1.91%
Remaining Years to Maturity	9 years 7 days	9 years 9 months 7 days
Long | Weighted Average | 2030 [Member]
Derivative [Line Items]
Pay Rate	0.90%
Receive Rate	0.25%
Remaining Years to Maturity	9 years 5 months 19 days
Short
Derivative [Line Items]
Notional Amount	$ 587,986	$ 732,961
Fair Value	(29,707)	(4,599)
Short | 2020 [Member]
Derivative [Line Items]
Notional Amount	17,500	68,607
Fair Value	(223)	(234)
Short | 2021 [Member]
Derivative [Line Items]
Notional Amount	129,975	268,929
Fair Value	(1,952)	(419)
Short | 2022 [Member]
Derivative [Line Items]
Notional Amount	146,012	31,350
Fair Value	(5,052)	9
Short | 2023 [Member]
Derivative [Line Items]
Notional Amount	31,500	101,012
Fair Value	(902)	(1,265)
Short | 2024 [Member]
Derivative [Line Items]
Notional Amount		13,000
Fair Value		99
Short | 2025 [Member]
Derivative [Line Items]
Notional Amount	28,104	12,800
Fair Value	(1,463)	(24)
Short | 2026 [Member]
Derivative [Line Items]
Notional Amount	34,000	59,902
Fair Value	(89)	1,946
Short | 2028 [Member]
Derivative [Line Items]
Notional Amount	32,942	32,942
Fair Value	(4,721)	(1,634)
Short | 2029 [Member]
Derivative [Line Items]
Notional Amount	92,594	136,838
Fair Value	(9,789)	(2,018)
Short | 2030 [Member]
Derivative [Line Items]
Notional Amount	68,463	685
Fair Value	(2,781)	(32)
Short | 2036 [Member]
Derivative [Line Items]
Notional Amount	1,100	1,100
Fair Value	(84)	87
Short | 2049 [Member]
Derivative [Line Items]
Notional Amount	5,796	5,796
Fair Value	$ (2,651)	$ (1,114)
Short | Weighted Average
Derivative [Line Items]
Pay Rate	1.43%	1.83%
Receive Rate	0.25%	1.94%
Remaining Years to Maturity	5 years 1 month 24 days	4 years 3 months 21 days
Short | Weighted Average | 2020 [Member]
Derivative [Line Items]
Pay Rate	2.75%	1.74%
Receive Rate	0.23%	1.93%
Remaining Years to Maturity	5 months 19 days	2 months 26 days
Short | Weighted Average | 2021 [Member]
Derivative [Line Items]
Pay Rate	1.21%	1.73%
Receive Rate	0.26%	1.95%
Remaining Years to Maturity	1 year 4 months 24 days	1 year 7 months 20 days
Short | Weighted Average | 2022 [Member]
Derivative [Line Items]
Pay Rate	1.50%	1.65%
Receive Rate	0.24%	1.93%
Remaining Years to Maturity	2 years 8 months 1 day	2 years 1 month 20 days
Short | Weighted Average | 2023 [Member]
Derivative [Line Items]
Pay Rate	0.95%	2.06%
Receive Rate	0.25%	1.91%
Remaining Years to Maturity	4 years 7 months 9 days	3 years 3 months 14 days
Short | Weighted Average | 2024 [Member]
Derivative [Line Items]
Pay Rate		1.56%
Receive Rate		1.89%
Remaining Years to Maturity		4 years 10 months 24 days
Short | Weighted Average | 2025 [Member]
Derivative [Line Items]
Pay Rate	1.25%
Receive Rate	0.22%
Remaining Years to Maturity	5 years 8 months 26 days	5 years 2 months 19 days
Short | Weighted Average | 2026 [Member]
Derivative [Line Items]
Pay Rate	0.49%	1.24%
Receive Rate	0.22%	1.94%
Remaining Years to Maturity	6 years 8 months 23 days	6 years 6 months
Short | Weighted Average | 2028 [Member]
Derivative [Line Items]
Pay Rate	2.40%	2.40%
Receive Rate	0.23%	1.93%
Remaining Years to Maturity	7 years 7 months 2 days	8 years 4 months 2 days
Short | Weighted Average | 2029 [Member]
Derivative [Line Items]
Pay Rate	1.78%	2.02%
Receive Rate	0.25%	1.96%
Remaining Years to Maturity	9 years 14 days	9 years 7 months 9 days
Short | Weighted Average | 2030 [Member]
Derivative [Line Items]
Pay Rate	1.10%	2.38%
Receive Rate	0.25%	1.90%
Remaining Years to Maturity	9 years 5 months 8 days	10 years 10 months 24 days
Short | Weighted Average | 2036 [Member]
Derivative [Line Items]
Pay Rate	1.45%	1.45%
Receive Rate	0.22%	1.94%
Remaining Years to Maturity	15 years 4 months 20 days	16 years 1 month 20 days
Short | Weighted Average | 2049 [Member]
Derivative [Line Items]
Pay Rate	2.89%	2.89%
Receive Rate	0.30%	2.09%
Remaining Years to Maturity	28 years 3 months 10 days	29 years 10 days
Forward-starting interest rate swap [Member] | Short
Derivative [Line Items]
Notional Amount		$ 20,900
Fair Value		$ (41)
Derivative fixed interest rate including forward-starting swaps		1.83%

Financial Derivatives (Credit D

Financial Derivatives (Credit Default Swaps) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Financial derivatives–assets, at fair value-		$ 27,864	$ 16,788
Financial derivatives–liabilities, at fair value-		(34,814)	(27,621)
Fair Value		6,950	10,833
Credit default swaps on asset-backed indices
Derivative [Line Items]
Financial derivatives–assets, at fair value-		9,722	3,319
Financial derivatives–liabilities, at fair value-		(142)	(250)
Credit default swaps on asset-backed indices | Financial Derivatives - Assets | Long
Derivative [Line Items]
Notional Amount		(416)	(695)
Financial derivatives–assets, at fair value-		6	10
Credit default swaps on asset-backed indices | Financial Derivatives - Assets | Short
Derivative [Line Items]
Notional Amount		(30,668)	(63,515)
Financial derivatives–assets, at fair value-		9,716	3,309
Credit default swaps on asset-backed indices | Financial Derivatives - Liabilities | Long
Derivative [Line Items]
Notional Amount		(480)	(344)
Financial derivatives–liabilities, at fair value-		(142)	(145)
Credit default swaps on asset-backed indices | Financial Derivatives - Liabilities | Short
Derivative [Line Items]
Notional Amount		(1)	(4,501)
Financial derivatives–liabilities, at fair value-		0	(105)
Credit default swaps on asset-backed securities
Derivative [Line Items]
Financial derivatives–assets, at fair value-		351	993
Credit default swaps on asset-backed securities | Financial Derivatives - Assets | Short
Derivative [Line Items]
Notional Amount		(955)	(2,640)
Financial derivatives–assets, at fair value-		351	993
Credit default swaps on corporate bonds
Derivative [Line Items]
Financial derivatives–assets, at fair value-		39	2
Financial derivatives–liabilities, at fair value-		(580)	(1,693)
Credit default swaps on corporate bonds | Financial Derivatives - Assets | Long
Derivative [Line Items]
Notional Amount		(1,600)	(430)
Financial derivatives–assets, at fair value-		39	2
Credit default swaps on corporate bonds | Financial Derivatives - Liabilities | Short
Derivative [Line Items]
Notional Amount		(12,200)	(10,800)
Financial derivatives–liabilities, at fair value-		(580)	(1,693)
Credit default swaps on corporate bond indices
Derivative [Line Items]
Financial derivatives–assets, at fair value-		2,419	5,599
Financial derivatives–liabilities, at fair value-		(3,572)	(14,524)
Credit default swaps on corporate bond indices | Financial Derivatives - Assets | Long
Derivative [Line Items]
Notional Amount		(69,381)	(130,707)
Financial derivatives–assets, at fair value-		1,913	5,547
Credit default swaps on corporate bond indices | Financial Derivatives - Assets | Short
Derivative [Line Items]
Notional Amount		(10,036)	(1,997)
Financial derivatives–assets, at fair value-		506	52
Credit default swaps on corporate bond indices | Financial Derivatives - Liabilities | Short
Derivative [Line Items]
Notional Amount		(126,983)	(250,088)
Financial derivatives–liabilities, at fair value-		(3,572)	(14,524)
Credit default swaps
Derivative [Line Items]
Notional Amount		(108,966)	(201,365)
Fair Value		$ (8,237)	$ 6,554
Weighted Average | Credit default swaps on asset-backed indices | Financial Derivatives - Assets | Long
Derivative [Line Items]
Remaining Years to Maturity		17 years 3 months	23 years 9 months 18 days
Weighted Average | Credit default swaps on asset-backed indices | Financial Derivatives - Assets | Short
Derivative [Line Items]
Remaining Years to Maturity		37 years 8 months 15 days	38 years 4 months 24 days
Weighted Average | Credit default swaps on asset-backed indices | Financial Derivatives - Liabilities | Long
Derivative [Line Items]
Remaining Years to Maturity		32 years 7 months 9 days	29 years 4 months 6 days
Weighted Average | Credit default swaps on asset-backed indices | Financial Derivatives - Liabilities | Short
Derivative [Line Items]
Remaining Years to Maturity		29 years 3 months	40 years 3 months 21 days
Weighted Average | Credit default swaps on asset-backed securities | Financial Derivatives - Assets | Short
Derivative [Line Items]
Remaining Years to Maturity		14 years 11 months 12 days	15 years 7 months 17 days
Weighted Average | Credit default swaps on corporate bonds | Financial Derivatives - Assets | Long
Derivative [Line Items]
Remaining Years to Maturity		0 days	5 months 19 days
Weighted Average | Credit default swaps on corporate bonds | Financial Derivatives - Assets | Short
Derivative [Line Items]
Remaining Years to Maturity	0 days
Weighted Average | Credit default swaps on corporate bonds | Financial Derivatives - Liabilities | Short
Derivative [Line Items]
Remaining Years to Maturity		3 years 8 months 15 days	3 years 11 months 1 day
Weighted Average | Credit default swaps on corporate bond indices | Financial Derivatives - Assets | Long
Derivative [Line Items]
Remaining Years to Maturity		2 years 8 months 15 days	2 years 5 months 1 day
Weighted Average | Credit default swaps on corporate bond indices | Financial Derivatives - Assets | Short
Derivative [Line Items]
Remaining Years to Maturity		1 year 7 months 20 days	3 years 11 months 19 days
Weighted Average | Credit default swaps on corporate bond indices | Financial Derivatives - Liabilities | Long
Derivative [Line Items]
Remaining Years to Maturity	0 days
Weighted Average | Credit default swaps on corporate bond indices | Financial Derivatives - Liabilities | Short
Derivative [Line Items]
Remaining Years to Maturity		2 years 25 days	2 years 6 months 3 days
Weighted Average | Credit default swaps
Derivative [Line Items]
Remaining Years to Maturity		11 years 8 months 15 days	14 years 10 months 17 days

Financial Derivatives (Futures)

Financial Derivatives (Futures) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Fair Value		$ (6,950)	$ (10,833)
Short | Futures
Derivative [Line Items]
Notional Amount		(164,000)	(30,000)
Fair Value		$ (330)	103
Remaining Years to Maturity	3 months 10 days	3 months
Financial Derivatives - Liabilities | Short | U.S. Treasury futures
Derivative [Line Items]
Notional Amount		$ (165,600)	(16,000)
Fair Value		$ (300)	148
Remaining Years to Maturity	2 months 23 days	3 months
Financial Derivatives - Liabilities | Short | Eurodollar futures
Derivative [Line Items]
Notional Amount		$ 0	(14,000)
Fair Value		$ 0	(45)
Remaining Years to Maturity	4 months 2 days	0 years
Financial Derivatives - Liabilities | Long | U.S. Treasury futures
Derivative [Line Items]
Notional Amount		$ 1,900	0
Fair Value		$ (31)	0
Remaining Years to Maturity	0 years	2 months 23 days
Financial Derivatives - Assets | Short | U.S. Treasury futures
Derivative [Line Items]
Notional Amount		$ (300)	0
Fair Value		$ 1	$ 0
Remaining Years to Maturity	0 years	2 months 23 days

Financial Derivatives (TBAs) (D

Financial Derivatives (TBAs) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Financial derivatives–assets, at fair value-	$ 27,864	$ 16,788
Derivative Liability	34,814	27,621
Derivative Assets (Liabilities), at Fair Value, Net	(6,950)	(10,833)
TBA securities
Derivative [Line Items]
Notional Amount	(319,677)	(1,053,630)
Derivative, Cost Basis	(344,166)	(1,098,063)
Market Value Underlying	(343,302)	(1,098,479)
Derivative Assets (Liabilities), at Fair Value, Net	864	(416)
TBA securities | Long
Derivative [Line Items]
Notional Amount	(168,890)	(40,100)
Derivative, Cost Basis	175,252	40,585
Market Value Underlying	175,490	40,675
Derivative Assets (Liabilities), at Fair Value, Net	238	90
TBA securities | Short
Derivative [Line Items]
Notional Amount	(488,567)	(1,093,730)
Derivative, Cost Basis	(519,418)	(1,138,648)
Market Value Underlying	(518,792)	(1,139,154)
Derivative Assets (Liabilities), at Fair Value, Net	626	(506)
Financial Derivatives - Assets | TBA securities | Long
Derivative [Line Items]
Notional Amount	(100,890)	(40,100)
Derivative, Cost Basis	103,882	40,585
Market Value Underlying	104,276	40,675
Financial derivatives–assets, at fair value-	394	90
Financial Derivatives - Assets | TBA securities | Short
Derivative [Line Items]
Notional Amount	(401,722)	(319,981)
Derivative, Cost Basis	(428,049)	(332,080)
Market Value Underlying	(427,293)	(331,574)
Financial derivatives–assets, at fair value-	756	506
Financial Derivatives - Liabilities | TBA securities | Long
Derivative [Line Items]
Notional Amount	68,000	0
Derivative, Cost Basis	71,370	0
Market Value Underlying	71,214	0
Derivative Liability	(156)	0
Financial Derivatives - Liabilities | TBA securities | Short
Derivative [Line Items]
Notional Amount	(86,845)	(773,749)
Derivative, Cost Basis	(91,369)	(806,568)
Market Value Underlying	(91,499)	(807,580)
Derivative Liability	$ (130)	$ (1,012)

Financial Derivatives (Schedu_2

Financial Derivatives (Schedule of Gains and Losses on Derivative Contracts) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative [Line Items]
Net Realized Gains (Losses) on Periodic Settlements of Interest Rate Swaps	$ (1,150)	$ 82	$ (1,900)	$ 852
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps	(485)	(9,425)	(23,790)	(32,655)
Realized gains (losses) on financial derivatives, net	(1,635)	(9,343)	(25,690)	(31,803)
Change in Net Unrealized Gains (Losses) on Accrued Periodic Settlements of Interest Rate Swaps	516	171	541	(60)
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	(794)	1,318	(2,611)	(9,068)
Unrealized gains (losses) on financial derivatives, net	(278)	1,489	(2,070)	(9,128)
Derivative [Member]
Derivative [Line Items]
Foreign currency transactions	(15)	17	12	47
Foreign currency translation	20	16	39	8
Interest rate swaps | Interest Rate Risk [Member]
Derivative [Line Items]
Net Realized Gains (Losses) on Periodic Settlements of Interest Rate Swaps	(1,150)	82	(1,900)	852
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps	(29)	34	(8,761)	(1,117)
Realized gains (losses) on financial derivatives, net	(1,179)	116	(10,661)	(265)
Change in Net Unrealized Gains (Losses) on Accrued Periodic Settlements of Interest Rate Swaps	516	171	541	(60)
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	1,104	(2,598)	(16,373)	(11,915)
Unrealized gains (losses) on financial derivatives, net	1,620	(2,427)	(15,832)	(11,975)
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	1	16	(955)	419
Realized gains (losses) on financial derivatives, net	1	16	(955)	419
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	(1)	(12)	915	(394)
Unrealized gains (losses) on financial derivatives, net	(1)	(12)	915	(394)
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	(239)	(261)	3,660	(1,245)
Realized gains (losses) on financial derivatives, net	(239)	(261)	3,660	(1,245)
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	503	(81)	7,642	(832)
Unrealized gains (losses) on financial derivatives, net	503	(81)	7,642	(832)
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	(1,067)	(1,113)	(550)	(4,387)
Realized gains (losses) on financial derivatives, net	(1,067)	(1,113)	(550)	(4,387)
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	(1,059)	909	3,080	(1,026)
Unrealized gains (losses) on financial derivatives, net	(1,059)	909	3,080	(1,026)
Credit default swaps on corporate bonds | Credit Risk [Member]
Derivative [Line Items]
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps	(93)	(259)	356	(764)
Realized gains (losses) on financial derivatives, net	(93)	(259)	356	(764)
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	(334)	268	711	1,110
Unrealized gains (losses) on financial derivatives, net	(334)	268	711	1,110
Total return swaps | Equity Market/Credit Risk [Member]
Derivative [Line Items]
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps	(125)	251	(2,180)	(1,046)
Realized gains (losses) on financial derivatives, net	(125)	251	(2,180)	(1,046)
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	(348)	(716)	607	(681)
Unrealized gains (losses) on financial derivatives, net	(348)	(716)	607	(681)
TBA securities | Interest Rate Risk [Member]
Derivative [Line Items]
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps	2,367	(5,067)	(6,778)	(17,183)
Realized gains (losses) on financial derivatives, net	2,367	(5,067)	(6,778)	(17,183)
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	(744)	1,542	1,280	3,680
Unrealized gains (losses) on financial derivatives, net	(744)	1,542	1,280	3,680
Futures | Interest Rate/Currency Risk [Member]
Derivative [Line Items]
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps	(402)	(3,551)	(7,866)	(8,365)
Realized gains (losses) on financial derivatives, net	(402)	(3,551)	(7,866)	(8,365)
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	52	1,627	(434)	761
Unrealized gains (losses) on financial derivatives, net	52	1,627	(434)	761
Forwards | Currency risk [Member]
Derivative [Line Items]
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps	(898)	525	(616)	1,068
Realized gains (losses) on financial derivatives, net	(898)	525	(616)	1,068
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	33	379	343	228
Unrealized gains (losses) on financial derivatives, net	$ 33	$ 379	343	228
Warrants | Equity Market/Credit Risk [Member]
Derivative [Line Items]
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps			0
Realized gains (losses) on financial derivatives, net			0
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps			(382)
Unrealized gains (losses) on financial derivatives, net			(382)
Options | Interest Rate Risk [Member]
Derivative [Line Items]
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps				(35)
Realized gains (losses) on financial derivatives, net				(35)
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps				1
Unrealized gains (losses) on financial derivatives, net				$ 1
Options | Credit [Member]
Derivative [Line Items]
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps			(100)
Realized gains (losses) on financial derivatives, net			(100)
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

Financial Derivatives (Schedu_3

Financial Derivatives (Schedule of Derivative Activity) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Interest rate swaps
Derivative [Line Items]
Average Monthly Notional	$ 1,078,808	$ 731,941
TBA securities
Derivative [Line Items]
Average Monthly Notional	732,048	973,331
Credit default swaps
Derivative [Line Items]
Average Monthly Notional	290,822	399,316
Total return swaps
Derivative [Line Items]
Average Monthly Notional	7,819	39,434
Futures
Derivative [Line Items]
Average Monthly Notional	143,440	167,708
Options
Derivative [Line Items]
Average Monthly Notional	1,950	19,825
Forwards
Derivative [Line Items]
Average Monthly Notional	36,935	30,930
Warrants
Derivative [Line Items]
Average Monthly Notional	$ 1,543	$ 2,222

Financial Derivatives (Schedu_4

Financial Derivatives (Schedule of Credit Derivatives) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Credit Default Swap, Selling Protection [Member]
Credit Derivatives [Line Items]
Fair Value	$ 1,816	$ 5,414
Notional value	71,877	132,176
Credit Default Swap, Buying Protection [Member]
Credit Derivatives [Line Items]
Fair Value of Purchased Credit Derivatives Offsetting Written Credit Derivatives	0	(3,248)
Notional value of purchased credit derivatives offsetting written credit derivatives	$ 0	$ (81,637)

Financial Derivatives (Narrativ

Financial Derivatives (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Written credit derivative spread threshold		20.00%	20.00%
Upfront points on written credit derivative in excess of threshold			57
Credit Default Swap, Selling Protection [Member]
Derivative [Line Items]
Credit risk derivative in excess of threshold, at fair value, net		$ (0.1)	$ (0.1)
Total net up-front payments received	$ (3.3)	$ (2.1)
Minimum
Derivative [Line Items]
Spread on written credit derivatives		10.01%	1.09%
Upfront points on written credit derivative in excess of threshold		57
Maximum
Derivative [Line Items]
Spread on written credit derivatives		100.11%	44.00%
Upfront points on written credit derivative in excess of threshold		85.2

Financial Derivatives Schedule

Financial Derivatives Schedule of Options Contracts (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Financial derivatives–assets, at fair value-	$ 27,864	$ 16,788
Put Option [Member]
Derivative [Line Items]
Remaining Years to Maturity	15 days

Financial Derivatives Schedul_2

Financial Derivatives Schedule of Warrant Contracts (Details) - USD ($) shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Financial derivatives–assets, at fair value-	$ 27,864	$ 16,788
Warrants
Derivative [Line Items]
Number of Shares Underlying Warrant Contracts	1,546	1,515
Financial derivatives–assets, at fair value-	$ 31	$ 0
Remaining Years to Maturity	2 years 29 days	2 years 9 months 25 days

Consolidated VIEs (Details)

Consolidated VIEs (Details) - USD ($) $ in Thousands		Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	[1]	$ 126,783			$ 72,302
Restricted cash	[1]	175			175
Securities, at fair value(1)	[1]	1,451,420			2,449,941
Loans, at fair value	[1]	1,442,612			1,412,426
Investment in unconsolidated entities, at fair value	[1]	95,803			71,850
Real estate owned	[1]	24,794			30,584
Due from brokers	[1]	63,991			79,829
Investment related receivables	[1]	67,540			123,120
Other assets	[1]	2,850			7,563
Total Assets		3,350,873			4,338,217
Liabilities
Repurchase agreements	[1]	1,439,984			2,445,300
Investment related payables	[1]	0			66,133
Other secured borrowings	[1]	142,674			150,334
Other secured borrowings, at fair value	[1]	695,516			594,396
Interest payable	[1]	2,074			7,320
Accrued expenses and other liabilities	[1]	11,119			7,753
Total Liabilities		2,478,596			3,469,518
Total Stockholders' Equity		835,130			829,265
Non-controlling interests	[1]	37,147			39,434
Total Equity		872,277	$ 837,679	$ 809,481	868,699	$ 668,967	$ 593,114	$ 592,434	$ 595,170
Total Liabilities and Equity		3,350,873			4,338,217
Primary Beneficiary
Assets
Cash and cash equivalents		1,152			6,016
Restricted cash		175			175
Securities, at fair value(1)		46,857			47,923
Loans, at fair value		1,423,035			1,393,916
Investment in unconsolidated entities, at fair value		6,289			5,641
Real estate owned		24,794			30,584
Investment related receivables		43,542			28,668
Other assets		2,250			6,191
Total Assets		1,548,094			1,519,114
Liabilities
Repurchase agreements		260,310			302,791
Investment related payables		0			3,275
Other secured borrowings		142,674			150,334
Other secured borrowings, at fair value		695,516			594,396
Interest payable		402			1,247
Accrued expenses and other liabilities		1,301			2,279
Total Liabilities		1,100,203			1,054,322
Total Stockholders' Equity		422,217			440,394
Non-controlling interests		25,674			24,400
Total Equity		447,891			464,794
Total Liabilities and Equity		$ 1,548,094			$ 1,519,116
[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		9 Months Ended
		Sep. 30, 2020	Dec. 31, 2019
Securitization Transactions [Line Items]
Securities, at fair value(1)	[1]	$ 1,451,420	$ 2,449,941
Participation in Multi-Seller Consumer Loan Securitization [Member]
Securitization Transactions [Line Items]
Company's current percentage ownership of jointly owned entity			51.00%
CLOs | Related Party CLO securitization [Member]
Securitization Transactions [Line Items]
Securities, at fair value(1)		$ 13,800	$ 39,700
Non-QM loan securitization
Securitization Transactions [Line Items]
Threshold for exercising Optional Redemption		30.00%
Percentage used to calculate servicing administrator fee		0.03%
[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 (Sc

Securitization Transactions (Schedule of CLO Securitization Transactions) (Details) - USD ($) $ in Thousands		Sep. 30, 2020	Dec. 31, 2019
Securitization Transactions [Line Items]
Securities, at fair value(1)	[1]	$ 1,451,420	$ 2,449,941
CLOs | Related Party CLO securitization [Member]
Securitization Transactions [Line Items]
Securities, at fair value(1)		$ 13,800	$ 39,700
[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 (_2

Securitization Transactions (Schedule of Residential Loan Securitizations) (Details) - Non-QM loan securitization $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
November 2018 [Member]
Securitization Transactions [Line Items]
Total Face Amount of Certificates Issued	$ 232,518
Economic interest retained	5.70%
Purchase of certificates	$ 1,300
June 2019 [Member]
Securitization Transactions [Line Items]
Total Face Amount of Certificates Issued	$ 226,913
Economic interest retained	6.10%
Purchase of certificates	$ 1,200
November 2019 [Member]
Securitization Transactions [Line Items]
Total Face Amount of Certificates Issued	$ 267,255
Economic interest retained	6.40%
Purchase of certificates	$ 1,700
June 2020 [Member]
Securitization Transactions [Line Items]
Total Face Amount of Certificates Issued	259,273
Purchase of certificates	1,900
The Company [Member] | November 2018 [Member]
Securitization Transactions [Line Items]
Principal Balance of Loans Transferred to the Depositor	232,518
The Company [Member] | June 2019 [Member]
Securitization Transactions [Line Items]
Principal Balance of Loans Transferred to the Depositor	226,913
The Company [Member] | November 2019 [Member]
Securitization Transactions [Line Items]
Principal Balance of Loans Transferred to the Depositor	267,255
The Company [Member] | June 2020 [Member]
Securitization Transactions [Line Items]
Principal Balance of Loans Transferred to the Depositor	$ 259,273
Retained, non-risk retention [Member] | June 2020 [Member]
Securitization Transactions [Line Items]
Economic interest retained	3.50%
Retained, risk retention rules [Member] | June 2020 [Member]
Securitization Transactions [Line Items]
Economic interest retained	8.00%

Securitization Transactions (_3

Securitization Transactions (Schedule of Assets and Liabilities Attributable to Consolidated VIEs) (Details) - USD ($) $ in Thousands		Sep. 30, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Cash and cash equivalents	[1]	$ 126,783	$ 72,302
Loans, at fair value	[1]	1,442,612	1,412,426
Real estate owned	[1]	24,794	30,584
Investment related receivables	[1]	67,540	123,120
Interest payable	[1]	2,074	7,320
Other secured borrowings, at fair value	[1]	695,516	594,396
Non-QM loan securitization | Consolidated Entities [Member]
Variable Interest Entity [Line Items]
Investment related receivables		5,793	10,409
Other secured borrowings, at fair value		695,516	594,396
Residential mortgage loans
Variable Interest Entity [Line Items]
Loans, at fair value		1,030,709	932,203
Securitized loans [Member] | Residential mortgage loans | Non-QM loan securitization | Consolidated Entities [Member]
Variable Interest Entity [Line Items]
Loans, at fair value		760,420	628,415
Real estate owned		$ 658	$ 658
[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	9 Months Ended	12 Months Ended
		Mar. 31, 2020	Sep. 30, 2020USD ($)counterparty	Dec. 31, 2019USD ($)counterparty
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase agreements	[1]		$ 1,439,984	$ 2,445,300
Number of Counterparties with Outstanding Reverse Repurchase Agreements | counterparty			24	28
Total secured borrowings			$ 2,300,000	$ 3,200,000
Agency RMBS
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase agreements			883,786	1,864,473
Agency RMBS | 30 Days or Less
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase agreements			241,423	511,996
Agency RMBS | 31-60 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase agreements			418,573	744,387
Agency RMBS | 61-90 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase agreements			107,446	594,738
Agency RMBS | 91-120 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase agreements			5,675	10,270
Agency RMBS | 151 to 180 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase agreements			17,237	3,082
Agency RMBS | More Than 360 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase agreements			93,432	0
Credit
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase agreements			556,198	580,827
Credit | 30 Days or Less
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase agreements			40,785	16,549
Credit | 31-60 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase agreements			98,068	104,491
Credit | 61-90 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase agreements			113,027	138,837
Credit | 91-120 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase agreements			154,379	0
Credit | 121-150 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase agreements			6,015	7,460
Credit | 151 to 180 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase agreements			13,750	31,498
Credit | More Than 360 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase agreements			81,933	186,661
Credit | Total Credit Assets
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase agreements			$ 48,241	$ 95,331
Minimum
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Interest Rate			0.22%	0.15%
Repurchase agreements, remaining days to maturity		2 days	1 day
Maximum
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Interest Rate			5.24%	5.20%
Repurchase agreements, remaining days to maturity		882 days	608 days
Weighted Average
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Interest Rate			1.37%	2.37%
Repurchase agreements, remaining days to maturity			98 days	91 days
Weighted Average | Agency RMBS
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Interest Rate			0.31%	1.98%
Repurchase agreements, remaining days to maturity			69 days	48 days
Weighted Average | Agency RMBS | 30 Days or Less
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Interest Rate			0.31%	2.08%
Repurchase agreements, remaining days to maturity			17 days	17 days
Weighted Average | Agency RMBS | 31-60 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Interest Rate			0.27%	1.93%
Repurchase agreements, remaining days to maturity			44 days	47 days
Weighted Average | Agency RMBS | 61-90 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Interest Rate			0.45%	1.96%
Repurchase agreements, remaining days to maturity			72 days	76 days
Weighted Average | Agency RMBS | 91-120 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Interest Rate			1.35%	2.24%
Repurchase agreements, remaining days to maturity			99 days	93 days
Weighted Average | Agency RMBS | 151 to 180 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Interest Rate			0.29%	2.67%
Repurchase agreements, remaining days to maturity			168 days	171 days
Weighted Average | Agency RMBS | More Than 360 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Interest Rate			0.30%	0.00%
Repurchase agreements, remaining days to maturity		0 days	287 days
Weighted Average | Credit
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Interest Rate			3.04%	3.61%
Repurchase agreements, remaining days to maturity			145 days	229 days
Weighted Average | Credit | 30 Days or Less
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Interest Rate			2.14%	3.38%
Repurchase agreements, remaining days to maturity			10 days	25 days
Weighted Average | Credit | 31-60 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Interest Rate			2.85%	3.14%
Repurchase agreements, remaining days to maturity			45 days	48 days
Weighted Average | Credit | 61-90 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Interest Rate			2.54%	3.03%
Repurchase agreements, remaining days to maturity			77 days	73 days
Weighted Average | Credit | 91-120 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Interest Rate			2.79%	0.00%
Repurchase agreements, remaining days to maturity		0 days	106 days
Weighted Average | Credit | 121-150 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Interest Rate			3.29%	3.89%
Repurchase agreements, remaining days to maturity			134 days	123 days
Weighted Average | Credit | 151 to 180 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Interest Rate			3.23%	3.87%
Repurchase agreements, remaining days to maturity			167 days	173 days
Weighted Average | Credit | More Than 360 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Interest Rate			4.83%	3.80%
Repurchase agreements, remaining days to maturity			228 days	250 days
Weighted Average | Credit | Total Credit Assets
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Interest Rate			3.05%	4.52%
Repurchase agreements, remaining days to maturity			608 days	678 days
[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.

Borrowings (Details)

Borrowings (Details) $ in Thousands		Feb. 13, 2019	Aug. 18, 2017USD ($)	Mar. 31, 2020	Sep. 30, 2020USD ($)counterparty	Dec. 31, 2019USD ($)counterparty
Borrowings [Line Items]
Total secured borrowings					$ 2,300,000	$ 3,200,000
Number of Counterparties with Outstanding Reverse Repurchase Agreements | counterparty					24	28
Financial Instruments transferred as collateral for repurchase agreements					$ 1,783,000	$ 2,763,000
Collateral on repurchase agreements, unsettled sales						64,700
Repurchase Agreements amount at risk threshold					10.00%
Other secured borrowings	[1]				$ 142,674	150,334
Other secured borrowings, at fair value	[1]				$ 695,516	$ 594,396
Minimum
Borrowings [Line Items]
Reverse Repurchase Agreements Maturity					30 days
Repurchase agreements, remaining days to maturity				2 days	1 day
Repurchase Agreements Interest Rate					0.22%	0.15%
Maximum
Borrowings [Line Items]
Reverse Repurchase Agreements Maturity					180 days
Repurchase agreements, remaining days to maturity				882 days	608 days
Repurchase Agreements Interest Rate					5.24%	5.20%
Reverse repurchase agreements
Borrowings [Line Items]
Cash collateral posted for securities sold under agreements to repurchase					$ 27,700	$ 31,000
Security Owned and Pledged as Collateral, Fair Value					28	200
Securitized residential mortgage loans
Borrowings [Line Items]
Fair Value of Assets Transfered and Accounted for as Secured Borrowings					761,100	629,100
Secured borrowing recourse facility collateralized by unsecured loan portfolio
Borrowings [Line Items]
Other secured borrowings					$ 10,500	$ 16,000
Debt Instrument, Interest Rate, Effective Rate					2.28%	3.85%
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					$ 13,900	$ 22,300
Non-QM loan securitization
Borrowings [Line Items]
Other secured borrowings						$ 594,400
Debt Instrument, Interest Rate, Effective Rate					2.91%	3.19%
Secured borrowing facility collateralized by unsecured loan portfolio
Borrowings [Line Items]
Other secured borrowings					$ 95,700	$ 102,500
Debt Instrument, Interest Rate, Effective Rate					2.53%	4.01%
Secured borrowing facility collateralized by unsecured loan portfolio | Unsecured loans
Borrowings [Line Items]
Fair Value of Assets Transfered and Accounted for as Secured Borrowings					$ 132,400	$ 144,100
Secured borrowing facility collateralized by ABS backed by consumer loans [Member]
Borrowings [Line Items]
Other secured borrowings					$ 30,200	$ 31,800
Debt Instrument, Interest Rate, Effective Rate					5.20%	5.23%
Fair Value of Assets Transfered and Accounted for as Secured Borrowings					$ 46,900	$ 47,900
Commercial mortgage loans
Borrowings [Line Items]
Other secured borrowings					6,300
Fair Value of Assets Transfered and Accounted for as Secured Borrowings					$ 16,900
Senior Notes
Borrowings [Line Items]
Debt Instrument, Interest Rate, Effective Rate					5.80%
Debt Instrument, Face Amount			$ 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%
Debt Instrument, Maturity Date			Sep. 1, 2022
[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.

Borrowings (Schedule of Debt Re

Borrowings (Schedule of Debt Repayments) (Details) $ in Thousands	Sep. 30, 2020USD ($)
Debt Instrument [Line Items]
Expected principal repayments related to consolidated residential mortgage loan securitizations	$ 734,300
Repurchase Agreements
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months	1,391,743
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two	48,241
2020 Scheduled Repayment of Principal	0
2021 Scheduled Repayment of Principal	0
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five	0
Total Scheduled Repayment of Principal	1,439,984
Other Secured Borrowings
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months	523,802
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two	91,199
2020 Scheduled Repayment of Principal	261,991
2021 Scheduled Repayment of Principal	0
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five	0
Total Scheduled Repayment of Principal	876,992
Senior Notes
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months	0
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two	86,000
2020 Scheduled Repayment of Principal	0
2021 Scheduled Repayment of Principal	0
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five	0
Total Scheduled Repayment of Principal	86,000
Total
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months	1,915,545
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two	225,440
2020 Scheduled Repayment of Principal	261,991
2021 Scheduled Repayment of Principal	0
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five	0
Total Scheduled Repayment of Principal	$ 2,402,976

Income Taxes Income Taxes (Deta

Income Taxes Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Tax Expense (Benefit)	$ 2,494	$ 2	$ 3,490	$ 378

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands		3 Months Ended			9 Months Ended
		Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)		Sep. 30, 2020USD ($)numberOfWarrantsperiod	Sep. 30, 2019USD ($)		Dec. 31, 2019USD ($)
Related Party Transaction [Line Items]
Annual base management fee percentage					1.50%
Base management fee to affiliate	[1]	$ 2,981	$ 1,942		$ 8,330	$ 5,324
Base management fee, gross		3,200	2,400		9,200	6,800
Management Fee Expense, Rebates		201	503	[1]	$ 853	1,458	[1]
Incentive fee rate					25.00%
Incentive Fee, Loss Carryforward		46,300			$ 46,300			$ 0
Incentive fee hurdle rate fixed					9.00%
Incentive fee hurdle rate floating					3.00%
Minimum percentage of incentive fee to be paid in share					10.00%
Termination Fee, Number Of Periods | period					2
Termination Fee, Period					12 months
Expense Reimbursement Period					60 days
Expense Reimbursement - Manager					$ 7,400	8,200
Real estate owned	[2]	24,794			24,794			30,584
Investment in unconsolidated entities, at fair value	[2]	95,803			95,803			71,850
Securities, at fair value(1)	[2]	1,451,420			1,451,420			2,449,941
Non-controlling interests	[2]	37,147			37,147			39,434
Accrued expenses and other liabilities	[2]	11,119			11,119			7,753
Reverse repurchase agreements		1,439,984			1,439,984			2,445,300
Other assets	[2]	2,850			2,850			7,563
Unpaid Principal Balance		1,414,410			1,414,410			1,387,733
Related Party Transaction, Purchases from Related Party			$ 6,800		1,600	6,800
Commercial mortgage loans and REO
Related Party Transaction [Line Items]
Fair Value		33,600			33,600			29,500
Reverse repurchase agreements		135,900			135,900			174,400
Affiliated Entity [Member]
Related Party Transaction [Line Items]
Accounts payable and accrued expenses	[2]	2,400			2,400			2,000
Affiliated Entity [Member] | Commercial mortgage loans and REO
Related Party Transaction [Line Items]
Accrued expenses and other liabilities	[2]							700
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			0
Loans purchased under commitment agreement					$ 150,000
Number of warrants purchased under commitment agreement | numberOfWarrants					9,329,000
Mortgage Originator | Warrants
Related Party Transaction [Line Items]
Investment in unconsolidated entities, at fair value		2,800			$ 2,800
Related Party-Consumer Loans Titled in Name of Related Party
Related Party Transaction [Line Items]
Fair value of loans held in related party trust		46,900			46,900			47,900
Purchasing Entity
Related Party Transaction [Line Items]
Fair value of loans held in related party trust		151,700			151,700			185,400
Consumer loans purchased through affiliate					84,700	$ 72,400
Estimated remaining contingent purchase obligations		77,100			77,100			287,100
Related party trust - Residential Mortgage Loans and REO
Related Party Transaction [Line Items]
Fair value of loans held in related party trust		272,400			272,400			304,800
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		4,100			4,100			3,600
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		8,900			8,900			7,000
Mortgage-related Commercial | Corporate equity securities
Related Party Transaction [Line Items]
Fair Value		30,400			30,400			17,300
Jepson Holdings Limited
Related Party Transaction [Line Items]
Investment in unconsolidated entities, at fair value		1,700			1,700			1,900
Corporate loan [Member]
Related Party Transaction [Line Items]
Unpaid Principal Balance		7,063			7,063			18,415
Corporate loan [Member] | Mortgage Originator
Related Party Transaction [Line Items]
Unpaid Principal Balance								12,500
Long
Related Party Transaction [Line Items]
Securities, at fair value(1)		1,451,420			1,451,420			2,449,941
Long | Non-Agency RMBS
Related Party Transaction [Line Items]
Securities, at fair value(1)		209,550			209,550			163,136
Loan receivable from affiliated entity related to warehouse facility
Related Party Transaction [Line Items]
Other assets		5,400			5,400			8,100
Participation in multi-borrower financing facility
Related Party Transaction [Line Items]
Outstanding debt of related party		$ 258,000			258,000			$ 350,600
Maximum | Mortgage Originator
Related Party Transaction [Line Items]
Commitment to purchase loans					$ 150,000
Number of warrants available for purchase under commitment agreement | numberOfWarrants					9,329,000
Note Purchase Agreement May 2019 [Member] | Corporate loan [Member] | Mortgage Originator
Related Party Transaction [Line Items]
Investment Interest Rate		15.00%			15.00%
Note Purchase Agreement May 2019 [Member] | Maximum | Corporate loan [Member] | Mortgage Originator
Related Party Transaction [Line Items]
Note Agreement, Lending Amount Per Agreement		$ 5,000			$ 5,000
Note Purchase Agreement July 2019 [Member] | Corporate loan [Member] | Mortgage Originator
Related Party Transaction [Line Items]
Investment Interest Rate		18.00%			18.00%
Note Purchase Agreement July 2019 [Member] | Maximum | Corporate loan [Member] | Mortgage Originator
Related Party Transaction [Line Items]
Note Agreement, Lending Amount Per Agreement		$ 5,000			$ 5,000
Note Purchase Agreement December 2019 [Member] | Maximum | Corporate loan [Member] | Mortgage Originator
Related Party Transaction [Line Items]
Note Agreement, Lending Amount Per Agreement		$ 2,500			$ 2,500
[1]	See Note 13 for further details on management fee rebates.
[2]	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.

Long-Term Incentive Plan Unit_2

Long-Term Incentive Plan Units (Narrative) (Details) - USD ($) $ in Millions	Sep. 10, 2020	Mar. 04, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based long term incentive plan unit expense			$ 0.2	$ 0.1	$ 0.5	$ 0.3
Capital shares reserved for future issuance (in shares)			1,794,021		1,794,021		1,832,309
Long-Term Incentive Plan Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period			3,638	3,610	3,638	3,610
Grants in Period (in shares)					69,227
Director [Member] | Long-Term Incentive Plan Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in Period (in shares)					22,840
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)	22,840	14,811
Manager [Member] | Long-Term Incentive Plan Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period			0	0	0	0
Vest December 13, 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)					12,818
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
Vest December 13, 2021 [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)					10,067
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]	9 Months Ended
	Sep. 30, 2020shares
Schedule of Unvested LTIP Units [Line Items]
Number of OP LTIP Units (in units)	69,227
Director [Member]
Schedule of Unvested LTIP Units [Line Items]
Number of OP LTIP Units (in units)	22,840
Grant Date	Sep. 10, 2020
Vesting Date(1)	Sep. 9, 2021
Vest December 13, 2020 [Member] | Dedicated or partially dedicated personnel [Member]
Schedule of Unvested LTIP Units [Line Items]
Number of OP LTIP Units (in units)	12,818
Grant Date	Dec. 13, 2019
Vesting Date(1)	Dec. 13, 2020
Vest December 13, 2021 [Member] | Dedicated or partially dedicated personnel [Member]
Schedule of Unvested LTIP Units [Line Items]
Number of OP LTIP Units (in units)	10,067
Grant Date	Dec. 13, 2019
Vesting Date(1)	Dec. 13, 2021
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
Grant Date	Dec. 11, 2018
Vesting Date(1)	Dec. 11, 2020
Vest December 31, 2020 [Member] | Dedicated or partially dedicated personnel [Member]
Schedule of Unvested LTIP Units [Line Items]
Number of OP LTIP Units (in units)	4,977
Grant Date	Mar. 4, 2020
Vesting Date(1)	Dec. 31, 2020
Vest December 31, 2021 [Member] | Dedicated or partially dedicated personnel [Member]
Schedule of Unvested LTIP Units [Line Items]
Number of OP LTIP Units (in units)	9,834
Grant Date	Mar. 4, 2020
Vesting Date(1)	Dec. 31, 2021

Long-Term Incentive Plan Unit_4

Long-Term Incentive Plan Units (Roll-Forward of Company's LTIP Units Outstanding) (Details) - Long-Term Incentive Plan Units [Member] - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
LTIP Units Outstanding, beginning of period	560,527	521,371	545,716	521,371
Granted	22,840	14,552	37,651	14,552
Exercised	(3,638)	(3,610)	(3,638)	(3,610)
LTIP Units Outstanding, end of period	579,729	532,313	579,729	532,313
OP LTIP Units Unvested and Outstanding end of period	69,227	37,821	69,227	37,821
OP LTIP Units Vested and Outstanding end of period	510,502	494,492	510,502	494,492
Manager [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
LTIP Units Outstanding, beginning of period	365,518	375,000	365,518	375,000
Granted	0	0	0	0
Exercised	0	0	0	0
LTIP Units Outstanding, end of period	365,518	375,000	365,518	375,000
OP LTIP Units Unvested and Outstanding end of period	0	0	0	0
OP LTIP Units Vested and Outstanding end of period	365,518	375,000	365,518	375,000
Non-Manager [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
LTIP Units Outstanding, beginning of period	195,009	146,371	180,198	146,371
Granted	22,840	14,552	37,651	14,552
Exercised	(3,638)	(3,610)	(3,638)	(3,610)
LTIP Units Outstanding, end of period	214,211	157,313	214,211	157,313
OP LTIP Units Unvested and Outstanding end of period	69,227	37,821	69,227	37,821
OP LTIP Units Vested and Outstanding end of period	144,984	119,492	144,984	119,492

Non-controlling Interests (Deta

Non-controlling Interests (Details) - USD ($) $ in Thousands		Mar. 02, 2020	Mar. 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Noncontrolling Interest [Line Items]
Non-controlling interests	[1]			$ 37,147	$ 39,434
Non-controlling interest in Operating Partnership [Member] | Non-controlling Interest
Noncontrolling Interest [Line Items]
Operating Partnership LTIP Units Redeemed (in units)						503,988
Non-controlling interest of joint venture partner | Non-controlling Interest
Noncontrolling Interest [Line Items]
Non-controlling interests				$ 26,600	$ 25,900
Operating Partnership Units [Member]
Noncontrolling Interest [Line Items]
Operating Partnership Units, converted during period		(129,516)
Non-controlling interest in Operating Partnership [Member] | Non-controlling Interest
Noncontrolling Interest [Line Items]
Operating Partnership LTIP Units (in units)			545,716	579,729
Operating Partnership Units (in units)			177,925	48,409
Ownership Percentage				1.20%	1.60%
Noncontrolling Interest in Operating Partnerships				$ 10,400	$ 13,400
[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.

Equity (Narrative) (Details)

Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 25, 2020	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Jan. 24, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018	Jun. 13, 2018
Subsidiary, Sale of Stock [Line Items]
Preferred Stock, Shares Issued		4,600,000				4,600,000				4,600,000
Preferred Stock, Dividend Rate, Percentage			6.75%			6.75%
Preferred Stock, Shares Outstanding		4,600,000				4,600,000				4,600,000
Preferred Stock, Shares Authorized		100,000,000				100,000,000				100,000,000
Preferred Stock, Par or Stated Value Per Share		$ 0.001				$ 0.001				$ 0.001
Preferred Stock, Liquidation Preference Per Share		$ 25				$ 25
Preferred Stock, Amount of Preferred Dividends in Arrears			$ 1,500			$ 1,300
Preferred Stock Dividend Rate Variable Rate Spread						5.196%
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		43,781,684		33,774,386		43,781,684	33,774,386	43,779,924		38,647,943	29,745,776	29,796,601
Dividends declared (in usd per share)		$ 0.27		$ 0.42		$ 0.97	$ 1.39
Dividends paid						$ (50,642)	$ (39,226)
Common shares issued and outstanding upon conversion of all convertible securities (in shares)		44,409,822				44,409,822				39,371,584
Number of shares authorized to be repurchased (in shares)													1,550,000
Shares repurchased (in shares)		1,878		0		290,050	50,825	701,965
Average price per share (USD per share)		$ 11				$ 10.54	$ 15.39	$ 13.36
Total cost		$ (21)	$ (3,035)		$ (782)	$ (3,100)	$ (800)	$ (9,400)
Stock Issued During Period, Shares, New Issues	5,290,000	0		4,025,000		5,290,000	4,025,000
Proceeds from issuance of shares, net									$ 95,300
Over-Allotment Option [Member]
Subsidiary, Sale of Stock [Line Items]
Stock Issued During Period, Shares, New Issues	690,000
Operating Partnership Units [Member]
Subsidiary, Sale of Stock [Line Items]
Stock issued during period, shares, conversion of units		3,638		3,610		133,154	3,610

Equity (Summary of Common Stock

Equity (Summary of Common Stock Outstanding) (Details) - shares	Jan. 25, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		43,779,924	29,745,776	38,647,943	29,796,601
Stock Issued During Period, Shares, New Issues	5,290,000	0	4,025,000	5,290,000	4,025,000
Shares Issued As Payment of Incentive Fee, Shares		0	0	637	0
Shares repurchased		(1,878)	0	(290,050)	(50,825)	(701,965)
Ending balance (in shares)		43,781,684	33,774,386	43,781,684	33,774,386	43,779,924
Operating Partnership Units [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued during period, shares, conversion of units		3,638	3,610	133,154	3,610

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net increase (decrease) in shareholders' equity resulting from operations
Net income (loss) attributable to common stockholders	$ 46,203	$ 17,293	$ (45,917)	$ 45,345
Add: Net income (loss) attributable to Convertible Non-controlling Interests	647	387	(916)	1,079
Net income (loss) related to common stockholders and Convertible Non-controlling Interests	46,850	17,680	(46,833)	46,424
Dividends Paid:
Dividends	(11,987)	(14,494)	(43,141)	(44,059)
Undistributed (Distributed in excess of) earnings:
Total undistributed (distributed in excess of) earnings	$ 34,863	$ 3,186	$ (89,974)	$ 2,365
Weighted average shares outstanding (basic and diluted):
Weighted average shares outstanding (basic and diluted) (in shares)	44,392,453	33,571,441	44,023,004	31,521,820
Basic earnings per share of common stock:
Distributed (in usd per share)	$ 0.27	$ 0.42	$ 0.97	$ 1.39
Undistributed (Distributed in excess of) (in usd per share)	0.79	0.11	(2.03)	0.08
Basic earnings per common share (in usd per share)	1.06	0.53	(1.06)	1.47
Diluted earnings per share of common stock:
Distributed (in usd per share)	0.27	0.42	0.97	1.39
Undistributed (Distributed in excess of) (usd per share)	0.79	0.11	(2.03)	0.08
Diluted earnings per common share (in usd per share)	$ 1.06	$ 0.53	$ (1.06)	$ 1.47
Net increase (decrease) in equity resulting from operations	$ 900	$ 1,000	$ 2,800	$ 2,400
Net increase (decrease) in equity resulting from operations	900	1,000	2,800	2,400
Common Stock
Dividends Paid:
Dividends	(11,821)	(14,185)	(42,514)	(43,038)
Undistributed (Distributed in excess of) earnings:
Total undistributed (distributed in excess of) earnings	$ 34,382	$ 3,108	$ (88,431)	$ 2,307
Weighted average shares outstanding (basic and diluted):
Weighted average shares outstanding (basic and diluted) (in shares)	43,779,134	32,835,652	43,387,168	30,787,634
Non-controlling Interest
Dividends Paid:
Dividends	$ (166)	$ (309)	$ (627)	$ (1,021)
Undistributed (Distributed in excess of) earnings:
Total undistributed (distributed in excess of) earnings	$ 481	$ 78	$ (1,543)	$ 58
Weighted average shares outstanding (basic and diluted):
Weighted average shares outstanding (basic and diluted) (in shares)	613,319	735,789	635,836	734,186

(Schedule of Restricted Cash) (

(Schedule of Restricted Cash) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Flow consumer loan purchase and sale agreement
Restricted Cash [Line Items]
Restricted cash	$ 0.2	$ 0.2

Offsetting of Assets and Liab_3

Offsetting of Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Financial derivatives–assets
Financial derivatives–assets, at fair value-	$ 27,864	$ 16,788
Financial Instruments Available for Offset	(16,646)	(12,755)
Cash Collateral (Received) Pledged	(6,469)	(807)
Net Amount	4,749	3,226
Reverse repurchase agreements
Repurchase agreements, at fair value	47,041	73,639
Financial Instruments Available for Offset	(47,041)	(73,639)
Cash Collateral (Received) Pledged	0	0
Net Amount	0	0
Repurchase agreements
Reverse repurchase agreements	(1,439,984)	(2,445,300)
Financial Instruments Available for Offset	1,439,984	73,639
Cash Collateral (Received) Pledged	27,744	31,005
Net Amount	0	0
Financial derivatives–liabilities
Financial derivatives–liabilities, at fair value-	(34,814)	(27,621)
Financial Instruments Available for Offset	16,646	12,755
Cash Collateral (Received) Pledged	18,088	12,233
Net Amount	(80)	(2,633)
Securities Collateral relating to Reverse Repurchase Agreements	1,800,000	2,800,000
Financial Derivatives - Assets
Financial derivatives–assets
Financial Instruments Transferred or Pledged as Collateral	0	0
Financial derivatives–liabilities
Excess cash collateral	3,100	4,300
Securities Purchased under Agreements to Resell [Member]
Financial derivatives–assets
Financial Instruments Transferred or Pledged as Collateral	0	0
Financial Derivatives - Liabilities
Financial derivatives–assets
Financial Instruments Transferred or Pledged as Collateral	0	0
Financial derivatives–liabilities
Excess cash collateral	7,800	23,400
Reverse repurchase agreements
Financial derivatives–assets
Financial Instruments Transferred or Pledged as Collateral	$ (27,744)	$ 2,340,656

Counterparty Risk (Exposure to

Counterparty Risk (Exposure to Counterparty Risk) (Details) - Counterparty Risk [Member] $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020USD ($)counterparty	Dec. 31, 2019USD ($)counterparty
Cash and Cash Equivalents [Member]
Concentration Risk [Line Items]
Amount of Exposure | $	$ 126,783	$ 72,302
Number of Counterparties with Exposure | counterparty	10	11
Percentage of Total Outstanding Unpaid Principal Balance	28.50%	42.20%
Collateral On Repurchase Agreements Held By Dealers [Member]
Concentration Risk [Line Items]
Amount of Exposure | $	$ 1,810,825	$ 2,793,696
Number of Counterparties with Exposure | counterparty	24	28
Percentage of Total Outstanding Unpaid Principal Balance	18.60%	13.80%
Due From Broker [Member]
Concentration Risk [Line Items]
Amount of Exposure | $	$ 63,991	$ 79,829
Number of Counterparties with Exposure | counterparty	22	24
Percentage of Total Outstanding Unpaid Principal Balance	35.40%	30.90%
Receivable For Securities Sold [Member]
Concentration Risk [Line Items]
Amount of Exposure | $	$ 5,086	$ 69,995
Number of Counterparties with Exposure | counterparty	2	5
Percentage of Total Outstanding Unpaid Principal Balance	87.00%	62.30%

Counterparty Risk (Narrative) (

Counterparty Risk (Narrative) (Details) - USD ($) $ in Thousands		Sep. 30, 2020	Dec. 31, 2019
Risks and Uncertainties [Abstract]
Financial Instruments transferred as collateral for repurchase agreements		$ 1,783,000	$ 2,763,000
Cash and cash equivalents	[1]	$ 126,783	$ 72,302
[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 (Cash and Cas

Counterparty Risk (Cash and Cash Equivalents) (Details) - USD ($) $ in Thousands		Sep. 30, 2020	Dec. 31, 2019
Concentration Risk [Line Items]
Cash and Cash Equivalents, at Carrying Value	[1]	$ 126,783	$ 72,302
[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.

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
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]
Maximum guarantees	$ 25
Drawn down amount being guaranteed	17.3	$ 0.4
Residential mortgage loans
Other Commitments [Line Items]
Unfunded commitment	3.2	5.2
Corporate loan [Member]
Other Commitments [Line Items]
Unfunded commitment	$ 1.5	$ 1.9

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member] - $ / shares	Nov. 02, 2020	Oct. 07, 2020
Subsequent Event [Line Items]
Dividend Per Share (USD per share)	$ 0.10
Declared date	Nov. 2, 2020	Oct. 7, 2020
Payment Date	Dec. 28, 2020
Record Date	Nov. 30, 2020
Common Stock
Subsequent Event [Line Items]
Dividend Per Share (USD per share)		$ 0.09
Payment Date		Nov. 25, 2020
Record Date		Oct. 30, 2020
Preferred Stock [Member]
Subsequent Event [Line Items]
Dividend Per Share (USD per share)		$ 0.421875
Payment Date		Oct. 30, 2020
Record Date		Oct. 19, 2020