Ellington Financial (EFC) 10-Q 10 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	May 03, 2024
Class of Stock [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		85,041,913
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
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
Series A 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
Series B Preferred Stock
Class of Stock [Line Items]
Title of 12(b) Security	6.250% Series B Fixed-Rate Reset Cumulative Redeemable Preferred Stock
Trading Symbol	EFC PR B
Security Exchange Name	NYSE
Series C Preferred Stock
Class of Stock [Line Items]
Title of 12(b) Security	8.625% Series C Fixed-Rate Reset Cumulative Redeemable Preferred Stock
Trading Symbol	EFC PR C
Security Exchange Name	NYSE
Series D Preferred Stock
Class of Stock [Line Items]
Title of 12(b) Security	7.000% Series D Cumulative Perpetual Redeemable Preferred Stock
Trading Symbol	EFC PRD
Security Exchange Name	NYSE
Series E Preferred Stock
Class of Stock [Line Items]
Title of 12(b) Security	8.250% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Trading Symbol	EFC PRE
Security Exchange Name	NYSE

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	[1]	$ 187,467	$ 228,927
Restricted cash	[1]	6,343	1,618
Securities, at fair value(1)(2)	[1],[2]	1,328,848	1,518,377
Loans, at fair value(1)(2)	[1],[2]	12,644,232	12,306,636
Loan commitments, at fair value		3,917	2,584
Forward MSR-related investments, at fair value(1)		160,009	163,336
Mortgage servicing rights, at fair value		29,889	29,580
Investments in unconsolidated entities, at fair value	[1]	125,366	116,414
Real estate owned(1)(2)	[1],[2]	19,999	22,085
Financial derivatives—assets, at fair value		150,343	143,996
Reverse repurchase agreements		183,607	173,145
Due from brokers		17,099	51,884
Investment related receivables(1)	[1]	200,059	480,249
Other assets(1)	[1]	75,422	77,099
Total Assets		15,132,600	15,315,930
Liabilities
Securities sold short, at fair value		165,118	154,303
Repurchase agreements(1)	[1]	2,517,747	2,967,437
Financial derivatives—liabilities, at fair value		40,425	61,776
Due to brokers		62,646	62,442
Investment related payables		32,329	37,403
Other secured borrowings(1)	[1]	180,918	245,827
Other secured borrowings, at fair value(1)	[1]	1,569,149	1,424,668
HMBS-related obligations, at fair value		8,619,463	8,423,235
Unsecured borrowings, at fair value		270,936	272,765
Base management fee payable to affiliate		5,730	5,660
Dividends payable		15,168	11,528
Interest payable(1)	[1]	25,177	22,933
Accrued expenses and other liabilities(1)	[1]	74,638	90,341
Total Liabilities		13,579,444	13,780,318
Commitments and contingencies
ANALYSIS OF EQUITY:
Preferred stock, par value $0.001 per share, 100,000,000 shares authorized; 14,757,222 and 14,757,222 shares issued and outstanding, and $368,931 and $368,931 aggregate liquidation preference, respectively		355,551	355,551
Common stock, par value $0.001 per share, 200,000,000 shares authorized; 85,056,648 and 83,000,488 shares issued and outstanding, respectively		85	83
Additional paid-in-capital		1,540,857	1,514,797
Retained earnings (accumulated deficit)		(363,034)	(353,360)
Total Stockholders' Equity		1,533,459	1,517,071
Non-controlling interests(1)	[1]	19,697	18,541
Total Equity		1,553,156	1,535,612
Total Liabilities and Equity		$ 15,132,600	$ 15,315,930
[1] Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities. Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	85,056,648	83,000,488
Common stock, shares outstanding	85,056,648	83,000,488
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	14,757,222	14,757,222
Preferred Stock, Shares Outstanding	14,757,222	14,757,222
Preferred Stock, Liquidation Preference, Value	$ 368,931	$ 368,931

Consolidated Statement of Opera

Consolidated Statement of Operations - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Net Interest Income
Interest income		$ 101,520	$ 87,174
Interest expense		(70,464)	(59,617)
Total net interest income		31,056	27,557
Other Income (Loss)
Realized gains (losses) on securities and loans, net		(17,208)	(36,767)
Realized gains (losses) on financial derivatives, net		3,478	(25,447)
Realized gains (losses) on real estate owned, net		(1,372)	(56)
Unrealized gains (losses) on securities and loans, net		5,573	99,257
Unrealized gains (losses) on financial derivatives, net		30,365	2,763
Unrealized gains (losses) on real estate owned, net		(679)	4
Unrealized gains (losses) on other secured borrowings, at fair value, net		(12,524)	(29,680)
Unrealized gains (losses) on unsecured borrowings, at fair value		1,829	6,510
Net change from HECM reverse mortgage loans, at fair value		205,497	163,121
Net change related to HMBS obligations, at fair value		(177,982)	(131,534)
Other, net		7,508	3,504
Total other income (loss)		44,485	51,675
Expenses
Base management fee to affiliate (Net of fee rebates of $86 and $172, respectively)(2)	[1]	5,730	4,956
Other investment related expenses
Servicing expense		5,688	4,807
Debt issuance costs related to Other secured borrowings, at fair value		3,113	0
Other		4,435	3,869
Professional fees		2,970	3,556
Compensation and benefits		14,643	15,049
Other expenses		7,076	5,665
Total expenses		43,655	37,902
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities		31,886	41,330
Income tax expense (benefit)		61	21
Earnings (losses) from investments in unconsolidated entities		2,226	3,444
Net Income (Loss)		34,051	44,753
Net income (loss) attributable to non-controlling interests		482	720
Dividends on preferred stock		6,654	5,117
Net Income (Loss) Attributable to Common Stockholders		$ 26,915	$ 38,916
Net Income (Loss) per Share of Common Stock:
Basic and Diluted (USD per share)		$ 0.32	$ 0.58
[1] See Note 16 for further details on management fee rebates.

Consolidated Statement of Ope_2

Consolidated Statement of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Consolidated Statement of Operations (Parenthetical) [Abstract]
Base management fee to affiliate (Net of fee rebates of $86 and $172, respectively)(2)	$ 86	$ 172	[1]
Dividends declared (in usd per share)	$ 0.43	$ 0.45
Preferred Stock, Dividends Per Share, Declared	$ 2.3046875	$ 1.31563
[1] See Note 16 for further details on management fee rebates.

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($)		Total		Total Stockholder's Equity	Common Stock	Additional Paid-in Capital	Retained Earnings/(Accumulated Deficit)	Non-controlling Interest		Common Stock		Common Stock Total Stockholder's Equity	Common Stock Common Stock	Common Stock Additional Paid-in Capital	Preferred Stock	Preferred Stock Total Stockholder's Equity
CHANGE IN SHAREHOLDERS’ EQUITY RESULTING FROM OPERATIONS
Preferred Stock, Value, Outstanding															$ 227,432,000
Beginning balance (in shares) at Dec. 31, 2022		63,812,215			63,812,215
Beginning balance at Dec. 31, 2022		$ 1,220,886,000		$ 1,195,967,000	$ 64,000	$ 1,259,352,000	$ (290,881,000)	$ 24,919,000
CHANGE IN SHAREHOLDERS’ EQUITY RESULTING FROM OPERATIONS
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest		44,753,000		44,033,000			44,033,000	720,000
Stock Issued During Period, Value, New Issues	[1]									$ 60,465,000		$ 60,465,000	$ 4,000	$ 60,461,000	96,488,000	$ 96,488,000
Contributions from non-controlling interests		757,000						757,000
Dividends	[2]	(30,664,000)		(30,297,000)			(30,297,000)	(367,000)
Dividends, Preferred Stock, Cash	[3]	(5,117,000)		(5,117,000)			(5,117,000)
Distributions to non-controlling interests		$ (1,065,000)						(1,065,000)
Adjustment to non-controlling interests				37,000		37,000		(37,000)
Repurchase of shares of common stock (in shares)		1,061,000			1,061,000
Repurchase of shares of common stock		$ (12,072,000)		(12,072,000)		(12,071,000)							(1,000)
Share-based long term incentive plan unit awards		$ 332,000		328,000		328,000		4,000
Ending balance (in shares) at Mar. 31, 2023		67,185,076			67,185,076
Ending balance at Mar. 31, 2023		$ 1,374,763,000		1,349,832,000	$ 67,000	1,308,107,000	(282,262,000)	24,931,000
CHANGE IN SHAREHOLDERS’ EQUITY RESULTING FROM OPERATIONS
Dividends declared (in usd per share)		$ 0.45
Preferred Stock, Dividends Per Share, Declared		$ 1.31563
Stock Issued During Period, Shares, New Issues		4,433,861								4,433,861	[1]
Preferred Stock, Value, Outstanding															323,920,000
Preferred Stock, Value, Outstanding		$ 355,551,000													355,551,000
Beginning balance (in shares) at Dec. 31, 2023		83,000,488			83,000,488
Beginning balance at Dec. 31, 2023		$ 1,535,612,000		1,517,071,000	$ 83,000	1,514,797,000	(353,360,000)	18,541,000
CHANGE IN SHAREHOLDERS’ EQUITY RESULTING FROM OPERATIONS
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest		34,051,000		33,569,000			33,569,000	482,000
Stock Issued During Period, Value, New Issues	[1]									$ 26,856,000		$ 26,856,000	2,000	$ 26,854,000
Contributions from non-controlling interests		2,084,000						2,084,000
Dividends		(36,936,000)	[2]	(36,589,000)			(36,589,000)	(347,000)	[2]
Dividends, Preferred Stock, Cash	[2]	(6,654,000)		(6,654,000)			(6,654,000)
Distributions to non-controlling interests		$ (1,589,000)						(1,589,000)
Adjustment to non-controlling interests				(524,000)		(524,000)		524,000
Repurchase of shares of common stock (in shares)		47,565			47,565
Repurchase of shares of common stock		$ (524,000)		(524,000)		(524,000)							$ 0
Share-based long term incentive plan unit awards		$ 256,000		254,000		254,000		2,000
Ending balance (in shares) at Mar. 31, 2024		85,056,648			85,056,648
Ending balance at Mar. 31, 2024		$ 1,553,156,000		$ 1,533,459,000	$ 85,000	$ 1,540,857,000	$ (363,034,000)	$ 19,697,000
CHANGE IN SHAREHOLDERS’ EQUITY RESULTING FROM OPERATIONS
Dividends declared (in usd per share)		$ 0.43
Preferred Stock, Dividends Per Share, Declared		$ 2.3046875
Stock Issued During Period, Shares, New Issues		2,103,725								2,103,725	[1]
Preferred Stock, Value, Outstanding		$ 355,551,000													$ 355,551,000
[1] Net of discounts and commissions and offering costs. For the three-month periods ended March 31, 2024 and 2023, dividends totaling $0.43 and $0.45, respectively, per share of common stock and convertible unit outstanding were declared. For the three-month period ended March 31, 2024 and 2023, dividends totaling $2.3046875 and $1.31563, respectively, per share of preferred stock were declared.

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Cash flows provided by (used in) operating activities:
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest		$ 34,051	$ 44,753
Realized (gains) losses on securities and loans, net		17,208	36,767
Realized (gains) losses on financial derivatives, net		(3,478)	25,447
Realized gains (losses) on real estate owned, net		1,372	56
Unrealized gains (losses) on securities and loans, net		(5,573)	(99,257)
Unrealized gains (losses) on financial derivatives, net		(30,365)	(2,763)
Unrealized gains (losses) on real estate owned, net		679	(4)
Net change related to HMBS obligations, at fair value		177,982	131,534
Earnings (losses) from investments in unconsolidated entities		(2,226)	(3,444)
Net cash provided by (used in) operating activities		(59,461)	(48,662)
Cash Flows from Investing Activities:
Purchase of securities		(266,368)	(440,666)
Purchase and origination of loans		(905,310)	(675,665)
Proceeds from Sale of Forward MSR-related Investments		8,537	0
Capital improvements of real estate owned		0	(26)
Proceeds from disposition of securities		737,308	507,153
Proceeds from disposition of loans		52,402	0
Contributions to investments in unconsolidated entities		(15,659)	(5,654)
Distributions from investments in unconsolidated entities		27,533	42,530
Proceeds from disposition of real estate owned		13,091	13,082
Proceeds from FHA insurance claims and other receivables on HECM loans		11,813	0
Proceeds from principal payments of securities		35,043	38,440
Proceeds from principal payments of loans		637,627	536,983
Proceeds from securities sold short		21,942	127,172
Repurchase of securities sold short		(10,046)	(180,963)
Payments on financial derivatives		(77,127)	(93,263)
Proceeds from financial derivatives		82,030	70,235
Payments made on reverse repurchase agreements		(8,351,628)	(10,437,812)
Proceeds from reverse repurchase agreements		8,340,599	10,484,229
Due from brokers, net		35,199	56
Due to brokers, net		15,986	(4,557)
Net cash provided by (used in) investing activities		392,972	(18,726)
Cash flows provided by (used in) financing activities:
Net proceeds from issuance of common stock	[1]	26,903	60,611
Proceeds from Issuance of Preferred Stock and Preference Stock	[1]	0	96,850
Offering costs paid		(212)	(45)
Payments for Repurchase of Common Stock		(524)	(12,072)
Dividends paid		(39,950)	(33,981)
Contributions from non-controlling interests		1,040	816
Distributions to non-controlling interests		(1,589)	(1,065)
Proceeds from issuance of other secured borrowings		334,718	400,278
Principal payments on other secured borrowings		(399,627)	(380,616)
Borrowings under repurchase agreements		15,281,381	9,785,538
Repayments of repurchase agreements		(15,589,965)	(9,967,872)
Proceeds from Issuance of Other Secured Borrowings, at fair value		18,271	0
Proceeds from issuance of HMBS		292,702	332,845
Principal payments on HMBS related obligations, at fair value		278,440	262,386
Due from brokers, net		(1,192)	13,355
Due to brokers, net		(13,762)	3,419
Net cash provided by (used in) financing activities		(370,246)	35,675
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash		(36,735)	(31,713)
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period		230,545	221,869
Cash, Cash Equivalents, and Restricted Cash, End of Period		193,810	190,156
Cash and Cash Equivalents, at Carrying Value	[2]	187,467	188,555
Restricted cash	[2]	6,343	1,601
Supplemental disclosure of cash flow information:
Interest paid		68,220	67,143
Income tax paid		232	(518)
Dividends payable		15,168	14,043
Transfers from mortgage loans to real estate owned (non-cash)		13,056	3,134
Transfers from mortgage loans to other sales and claims receivable (non-cash)		12,026	10,501
Transfers from mortgage loans to investments in non-consolidated entities (non-cash)		18,600	17,175
Transfers from corporate loans to investments in unconsolidated entities (non-cash)		500	0
Contributions to investments in non-consolidated entities (non-cash)		0	(7,957)
Purchase of investments (non-cash)		0	(25,580)
Purchase of Loans Non Cash		0	72,257
Proceeds from the disposition of loans (non-cash)		0	174,181
Proceeds from principal payments of investments (non-cash)		31,184	35,371
Principal payments on Other secured borrowings, at fair value (non-cash)		(31,184)	(35,371)
Proceeds received from Other secured borrowings, at fair value (non-cash)		144,217	0
Proceeds from issuance of Other secured borrowings (non-cash)		0	67,921
Repayments of repurchase agreement (non-cash)		$ (141,106)	$ (141,453)
[1] Net of discounts and commissions. Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.

Organization and Investment Obj

Organization and Investment Objective	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Investment Objective	Organization and Investment Objective Ellington Financial Inc. commenced operations on August 17, 2007 and is a Delaware corporation. Ellington Financial Operating Partnership LLC (the "Operating Partnership"), a 99.3% 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. 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. 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 Ellington Financial Inc.'s Board of Directors (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. On October 3, 2022, the Company completed the acquisition of a controlling interest in Longbridge Financial, LLC ("Longbridge"), a reverse mortgage loan originator and servicer (the "Longbridge Transaction"). As a result of the Longbridge Transaction, the Company consolidates Longbridge's financial results. Additionally, on December 14, 2023, Arlington Asset Investment Corp., a Virginia corporation (“Arlington”), merged with and into EF Merger Sub Inc., a direct wholly-owned subsidiary of the Company, pursuant to the agreement and plan of merger (the “Arlington Merger Agreement”) which was entered into on May 29, 2023 (the “Arlington Merger”).

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies (A) Basis of Presentation : The Company's unaudited 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. In management's opinion, all material adjustments considered necessary for a fair statement of the Company's 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, 2023. (B) Valuation : The Company applies ASC 820-10, Fair Value Measurement ("ASC 820") to its holdings of financial instruments. ASC 820 establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the observability of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: • Level 1—inputs to the valuation methodology are observable and reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Currently, the types of financial instruments the Company generally includes in this category are listed equities and exchange-traded derivatives; • Level 2—inputs to the valuation methodology other than quoted prices included in Level 1 are observable for the asset or liability, either directly or indirectly. Currently, the types of financial instruments that the Company generally includes in this category are RMBS, for which the principal and interest payments are guaranteed by a U.S. government agency or a U.S. government-sponsored entity, or "Agency RMBS," U.S. Treasury securities and sovereign debt, certain non-Agency RMBS, CMBS, CLOs, corporate debt, and actively traded derivatives such as interest rate swaps, foreign currency forwards, and other over-the-counter derivatives; and • Level 3—inputs to the valuation methodology are unobservable and significant to the fair value measurement. The types of financial instruments that the Company generally includes in this category are certain RMBS, CMBS, CLOs, ABS, 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, reverse mortgage loans, private corporate debt and equity investments, loan commitments, mortgage servicing rights, or "MSRs," Forward MSR-related investments, other secured borrowings, at fair value, HMBS-related obligations, at fair value, and Unsecured borrowings, at fair value. 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," forward settling to-be-announced mortgage-backed-securities, or "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 mortgage loans, reverse mortgage loans, 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 loans 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, and in the case of HECM reverse mortgage loans, projected future tail draws. Many adjustable-rate reverse mortgage loans provide the borrower with a line of credit that can be drawn over time, and a "tail draw" is a principal addition that results when a borrower takes such a draw, which may be securitized. Mortgage and consumer loans are classified as Level 3. The Company has elected the fair value option, or "FVO," for its HMBS-related obligations. It determines fair value by taking into account both external pricing data, which includes third-party valuations, and internal pricing models. The estimated fair value of HMBS-related obligations also includes the consideration that would be required by a market participant to transfer the HECM loan net of the related servicing, including exposure resulting from shortfalls in FHA insurance proceeds. HMBS-related obligations, at fair value are classified as Level 3. The Company has elected the FVO for its MSRs and Forward MSR-related investments. It determines fair value by taking into account both external pricing data, which includes third-party valuations, and internal pricing models. MSRs and Forward MSR-related investments are classified as Level 3. The Company has securitized certain mortgage loans, including residential mortgage loans that are not deemed "qualified mortgage," or "QM," loans under the rules of the Consumer Financial Protection Bureau, or "non-QM loans," and proprietary reverse mortgage 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, Consolidation ("ASC 810") allows the Company to elect to measure both the financial assets and financial liabilities of the CFE using the more observable of the fair value of the financial assets and the fair value of the financial liabilities of the CFE. The Company has elected the 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 13 " Securitization Transactions, — Residential Mortgage Loan Securitizations and — Proprietary Reverse Mortgage Loan Securitizations " for further discussion on the Company's consolidated 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 both external pricing data, which includes third-party valuations, and internal pricing models. The securitized loans, which are assets of the consolidated CFEs, are included in Loans, at fair value, on the Company's Condensed Consolidated Balance Sheet. The debt issued by the consolidated 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 Unrealized gains (losses) on other secured borrowings, at fair value, 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. The Company has elected the FVO for its loan commitments related to reverse mortgage loans, and uses valuation models incorporating market pricing for instruments with similar characteristics in determining fair value. The valuation model uses various inputs, such as an estimate of the fair value of the servicing rights expected to be recorded upon sale of a loan to a third party, estimated cost to originate the loan, and the expected pull-through rate. The Company's loan commitments are 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 directed by the Manager's Valuation Committee (the "Valuation Committee"), and overseen by the Company's audit 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 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, Investments—Debt and Equity Securities ("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, Financial Instruments ("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, Derivatives and Hedging ("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 SOFR, the Company has determined that such investments do not meet the requirements for treatment as financial derivatives and are classified as securities. The Company applies the principles of ASU 2016-13, Financial Instruments—Credit Losses ("ASU 2016-13") and 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 Condensed Consolidated Statement of Operations. (D) Accounting for Loans : The Company's loan portfolio primarily consists of residential mortgage, commercial mortgage, consumer, and reverse mortgage 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. Transfers between held-for-investment and held-for-sale occur once the Company's intent to sell the loans changes. 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. Changes in fair value on residential mortgage, commercial mortgage, consumer, corporate loans, and propriety reverse mortgage loans are included as a component of Unrealized gains (losses) on securities and loans, net. Changes in fair value on HECM reverse mortgage loans held-for-investment is included as a component of Net change from HECM reverse mortgage loans, at fair value, on the Condensed Consolidated Statement of Operations. The Company generates income from fees on certain loans, generally reverse mortgage and commercial mortgage loans, that it originates and holds for investment, including origination, servicing, and exit fees. Such fee income is recorded when earned and included in Other, net on the Condensed Consolidated Statement of Operations. 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. Although reverse mortgage loans do not require monthly principal and interest payments, the terms of such loans require the borrower to occupy the property and to stay current on payment of property taxes and homeowners insurance. In the event that the borrower no longer occupies the property due to death or other circumstances or becomes delinquent on their tax or insurance payments, the loan will be classified as inactive. 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. Consistent with 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 Condensed 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 Condensed Consolidated Statement of Operations. (E) Interest Income : The Company generally 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 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 (including residential, commercial, and proprietary reverse mortgage loans and consumer loans) 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). Interest income on HECM reverse mortgage loans held-for-investment is recognized based on the stated rate of the loan. Such interest income is included on the Condensed Consolidated Statement of Operations as a component of Net change from HECM reverse mortgage loans, at fair value. For Forward MSR-related investments, the Company recognizes interest income based on the effective interest method. For purposes of estimating future expected cash flows, management uses various assumptions about the mortgage loans underlying the MSRs, including but not limited to the timing and amount of prepayments. 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 investments based on the updated expected future cash flows. Interest income on Forward MSR-related investments is included on the Condensed Consolidated Statement of Operations as a component of Interest Income. 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. Consistent with 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. 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) Mortgage Servicing Rights : MSRs represent contractual rights to perform specific administrative functions for the underlying loans including specified mortgage servicing activities, which include collecting loan payments, remitting principal and interest payments, managing escrow accounts for mortgage-related expenses such as taxes and insurance, and various other administrative tasks required to adequately service the mortgage loan portfolio. MSRs are created when the Company sells originated or purchased reverse mortgage loans but retains the servicing rights; MSRs can also be acquired in the secondary market. The Company has elected the FVO for its MSRs in accordance with ASC 860-50, Transfers and Servicing—Servicing assets and liabilities ("ASC 860-50"). Under this methodology, the Company fair values its MSRs on a recurring basis with changes in fair value recorded through earnings on the Condensed Consolidated Statement of Operations in Other, net. The Company accrues a base servicing fee for each serviced loan, typically based on the remaining outstanding principal balance of the loan and a fixed annual percentage fee, which is included in Other, net on the Condensed Consolidated Statement of Operations. Costs of servicing and ancillary fees are recognized as incurred or earned, and are included in Servicing expense on the Condensed Consolidated Statement of Operations. (G) Loan Commitments : The Company's loan commitments relate to certain reverse mortgage loans extended to borrowers. The Company has elected the FVO for its loan commitments which are included in Loan commitments, at fair value on the Condensed Consolidated Balance Sheet. Changes in the fair value of the Company's loan commitments are included in Other, net on the Condensed Consolidated Statement of Operations. (H) 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 requirement

Valuation

Valuation	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	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 March 31, 2024 and December 31, 2023: March 31, 2024: Description Level 1 Level 2 Level 3 Total (In thousands) Assets: Securities, at fair value: Agency RMBS $ — $ 655,850 $ 6,722 $ 662,572 Non-Agency RMBS — 136,950 100,778 237,728 CMBS — 7,698 14,695 22,393 CLOs — 41,323 23,377 64,700 Asset-backed securities, backed by consumer loans — — 71,544 71,544 Other ABS — — 14,689 14,689 Corporate debt securities — — 12,929 12,929 Corporate equity securities 6,827 — 10,428 17,255 U.S. Treasury securities — 225,038 — 225,038 Loans, at fair value: Residential mortgage loans — — 3,160,176 3,160,176 Commercial mortgage loans — — 294,100 294,100 Consumer loans — — 1,289 1,289 Corporate loans — — 6,219 6,219 Reverse mortgage loans — — 9,182,448 9,182,448 Forward MSR-related investments, at fair value — — 160,009 160,009 MSRs, at fair value — — 29,889 29,889 Servicing asset, at fair value — — 324 324 Loan commitments, at fair value — — 3,917 3,917 Investment in unconsolidated entities, at fair value — — 125,366 125,366 Financial derivatives–assets, at fair value: Credit default swaps on asset-backed securities — — 8 8 Credit default swaps on asset-backed indices — 1,948 — 1,948 Credit default swaps on corporate bonds — 107 — 107 Credit default swaps on corporate bond indices — 11,830 — 11,830 Interest rate swaps — 135,115 — 135,115 Total return swaps — — 6 6 TBAs — 879 — 879 Warrants — 53 — 53 Futures 61 — — 61 Forwards — 336 — 336 Total assets $ 6,888 $ 1,217,127 $ 13,218,913 $ 14,442,928 Description Level 1 Level 2 Level 3 Total (continued) (In thousands) Liabilities: Securities sold short, at fair value: Government debt $ — $ (165,118) $ — $ (165,118) Financial derivatives–liabilities, at fair value: Credit default swaps on asset-backed indices — (32) — (32) Credit default swaps on corporate bonds — (246) — (246) Credit default swaps on corporate bond indices — (22,037) — (22,037) Interest rate swaps — (16,653) — (16,653) TBAs — (569) — (569) Futures (888) — — (888) Forwards — — — — Other secured borrowings, at fair value — — (1,569,149) (1,569,149) HMBS-related obligations, at fair value — — (8,619,463) (8,619,463) Unsecured borrowings, at fair value — — (270,936) (270,936) Total liabilities $ (888) $ (204,655) $ (10,459,548) $ (10,665,091) December 31, 2023: Description Level 1 Level 2 Level 3 Total (In thousands) Assets: Securities, at fair value: Agency RMBS $ — $ 847,712 $ 5,512 $ 853,224 Non-Agency RMBS — 150,349 155,240 305,589 CMBS — 31,289 14,143 45,432 CLOs — 17,539 20,439 37,978 Asset-backed securities, backed by consumer loans — — 74,226 74,226 Other ABS — — 7,696 7,696 Corporate debt securities — — 8,041 8,041 Corporate equity securities 8,834 — 12,294 21,128 U.S. Treasury securities — 165,063 — 165,063 Loans, at fair value: Residential mortgage loans — — 3,093,912 3,093,912 Commercial mortgage loans — — 266,595 266,595 Consumer loans — — 1,759 1,759 Corporate loans — — 5,819 5,819 Reverse mortgage loans — — 8,938,551 8,938,551 Forward MSR-related investments, at fair value — — 163,336 163,336 MSRs, at fair value — — 29,580 29,580 Servicing asset, at fair value — — 1,327 1,327 Loan commitments, at fair value — — 2,584 2,584 Investment in unconsolidated entities, at fair value — — 116,414 116,414 Description Level 1 Level 2 Level 3 Total (continued) (In thousands) Financial derivatives–assets, at fair value: Credit default swaps on asset-backed securities $ — $ — $ 8 $ 8 Credit default swaps on asset-backed indices — 3,318 — 3,318 Credit default swaps on corporate bonds — 25 — 25 Credit default swaps on corporate bond indices — 7,259 — 7,259 Interest rate swaps — 129,239 — 129,239 Total return swaps — — 6 6 TBAs — 2,182 — 2,182 Warrants — 1,702 — 1,702 Futures 245 — — 245 Forwards — 12 — 12 Total assets $ 9,079 $ 1,355,689 $ 12,917,482 $ 14,282,250 Liabilities: Securities sold short, at fair value: Government debt $ — $ (154,303) $ — $ (154,303) Financial derivatives–liabilities, at fair value: Credit default swaps on asset-backed indices — (32) — (32) Credit default swaps on corporate bonds — (225) — (225) Credit default swaps on corporate bond indices — (15,894) — (15,894) Interest rate swaps — (31,745) — (31,745) TBAs — (5,820) — (5,820) Futures (7,990) — — (7,990) Forwards — (70) — (70) Other secured borrowings, at fair value — — (1,424,668) (1,424,668) HMBS-related obligations, at fair value — — (8,423,235) (8,423,235) Unsecured borrowings, at fair value — — (272,765) (272,765) Total liabilities $ (7,990) $ (208,089) $ (10,120,668) $ (10,336,747) The tables below include roll-forwards of the Company's financial instruments for the three-month periods ended March 31, 2024 and 2023 (including the change in fair value), for financial instruments classified by the Company within Level 3 of the valuation hierarchy. Three-Month Period Ended March 31, 2024 (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 $ 5,512 $ (257) $ 1 $ (152) $ 315 $ (131) $ 1,434 $ — $ 6,722 Non-Agency RMBS 155,240 (933) 1,374 6,241 3,857 (38,870) 1,404 (27,536) 100,777 CMBS 14,143 188 136 590 336 (1,098) 995 (595) 14,695 CLOs 20,439 (277) (3,629) 3,655 3,916 (2,440) 1,713 — 23,377 Asset-backed securities backed by consumer loans 74,226 (2,069) (1,353) 561 8,291 (8,111) — — 71,545 Other ABS 7,696 368 — (357) 6,993 (11) — — 14,689 Corporate debt securities 8,041 — 33 631 5,156 (932) — — 12,929 Corporate equity securities 12,294 — 739 (458) — (2,147) — — 10,428 Loans, at fair value: Residential mortgage loans 3,093,912 (254) (2,496) 6,085 516,075 (453,146) — — 3,160,176 Commercial mortgage loans 266,595 — — (1,111) 105,956 (77,340) — — 294,100 Consumer loans 1,759 (123) (28) 22 109 (450) — — 1,289 Corporate loans 5,819 — — (100) 585 (85) — — 6,219 Reverse mortgage loans (3) 8,938,551 — — 199,307 317,050 (272,460) — — 9,182,448 Forward MSR-related investments, at fair value 163,336 3,597 — 1,612 — (8,536) — — 160,009 MSRs, at fair value (3) 29,580 — — 309 — — — — 29,889 Servicing asset, at fair value 1,327 — — (1,003) — — — — 324 Loan commitments, at fair value 2,584 — — 1,333 — — — — 3,917 Investments in unconsolidated entities, at fair value 116,414 — 1,173 1,053 34,259 (27,533) — — 125,366 Financial derivatives–assets, at fair value: Credit default swaps on asset-backed securities 8 — — — — — — — 8 Total return swaps 6 — 21 — — (21) — — 6 Total assets, at fair value $ 12,917,482 $ 240 $ (4,029) $ 218,218 $ 1,002,898 $ (893,311) $ 5,546 $ (28,131) $ 13,218,913 Liabilities: Other secured borrowings, at fair value (1,424,668) (652) — (12,524) 31,184 (162,489) — — (1,569,149) Unsecured borrowings, at fair value (272,765) — — 1,829 — — — — (270,936) HMBS-related obligations, at fair value (8,423,235) — — (178,317) 274,457 (292,368) — — (8,619,463) Total liabilities, at fair value $ (10,120,668) $ (652) $ — $ (189,012) $ 305,641 $ (454,857) $ — $ — $ (10,459,548) (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. (3) Change in net unrealized gain (loss) represents the net change in fair value which can include interest income and realized and unrealized gains and losses. All amounts of net realized and change in net unrealized gain (loss) in the table above are reflected in the accompanying Condensed Consolidated Statement of Operations. The table above incorporates changes in net unrealized gain (loss) for both Level 3 financial instruments held by the Company at March 31, 2024, as well as Level 3 financial instruments disposed of by the Company during the three-month period ended March 31, 2024. For Level 3 financial instruments held by the Company at March 31, 2024, change in net unrealized gain (loss) of $8.0 million, $204.1 million, $1.6 million, $0.3 million, $(1.0) million, $1.3 million, $0.5 million, $(1) thousand, $(12.5) million, $1.8 million, and $(178.0) million for the three-month period ended March 31, 2024 relate to securities, loans, Forward MSR-related investments, MSRs, servicing asset, loan commitments, investments in unconsolidated entities, financial derivatives-assets, other secured borrowings, Unsecured borrowings, and HMBS-related obligations, at fair value, respectively. At March 31, 2024, the Company transferred $28.1 million of assets from Level 3 to Level 2 and $5.5 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. Three-Month Period Ended March 31, 2023 (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 $ 7,027 $ (349) $ (13) $ 156 $ 141 $ (872) $ 194 $ (91) $ 6,193 Non-Agency RMBS 132,502 132 891 (4,376) 30,533 (23,422) 21,582 (1,565) 156,277 CMBS 12,649 50 — (1,421) — — 758 (269) 11,767 CLOs 24,598 169 89 (614) 1,481 (1) 2,952 — 28,674 Asset-backed securities backed by consumer loans 73,644 (1,327) 78 (2,072) 12,140 (10,263) — — 72,200 Corporate debt securities 7,533 — (258) 271 2,895 (2,094) — — 8,347 Corporate equity securities 11,111 — — (40) 31 — — — 11,102 Loans, at fair value: Residential mortgage loans 3,115,518 (1,662) (5,588) 53,645 320,212 (457,381) — — 3,024,744 Commercial mortgage loans 404,324 — (2) 340 36,220 (66,649) — — 374,233 Consumer loans 4,843 (246) 96 (254) 300 (770) — — 3,969 Corporate loans 4,086 — (100) 1 936 (3) — — 4,920 Reverse mortgage loans (3) 8,097,237 — (3) 171,567 420,478 (284,578) — — 8,404,701 MSRs, at fair value (3) 8,108 — — (8) — — — — 8,100 Servicing asset, at fair value 999 — — (700) — — — — 299 Loan commitments, at fair value 3,060 — — 239 — — — — 3,299 Investments in unconsolidated entities, at fair value 127,046 — 1,472 1,972 30,787 (42,530) — — 118,747 Financial derivatives–assets, at fair value: Credit default swaps on asset-backed securities 76 — 1 — — (1) — — 76 Total assets, at fair value $ 12,034,361 $ (3,233) $ (3,337) $ 218,706 $ 856,154 $ (888,564) $ 25,486 $ (1,925) $ 12,237,648 Liabilities: Other secured borrowings, at fair value $ (1,539,881) $ (402) $ — $ (29,680) $ 35,371 $ — $ — $ — $ (1,534,592) Unsecured borrowings, at fair value (191,835) — — 6,510 — — — — (185,325) HMBS-related obligations, at fair value (7,787,155) — — (131,534) 275,618 (332,845) — — (7,975,916) Total liabilities, at fair value $ (9,518,871) $ (402) $ — $ (154,704) $ 310,989 $ (332,845) $ — $ — $ (9,695,833) (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. (3) Change in net unrealized gain (loss) represents the net change in fair value which can include interest income and realized and unrealized gains and losses. All amounts of net realized and change in net unrealized gain (loss) in the table above are reflected in the accompanying Condensed Consolidated Statement of Operations. The table above incorporates changes in net unrealized gain (loss) for both Level 3 financial instruments held by the Company at March 31, 2023, as well as Level 3 financial instruments disposed of by the Company during the three-month period ended March 31, 2023. For Level 3 financial instruments held by the Company at March 31, 2023, change in net unrealized gain (loss) of $(3.6) million, $225.5 million, $(8) thousand, $(0.7) million, $0.2 million, $(1.9) million, $(29.7) million, $6.5 million, and $(131.5) million, for the three-month period ended March 31, 2023 relate to securities, loans, MSRs, servicing asset, loan commitments, investments in unconsolidated entities, other secured borrowings, Unsecured borrowings, and HMBS-related obligations, at fair value, respectively. At March 31, 2023, the Company transferred $1.9 million of assets from Level 3 to Level 2 and $25.5 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 March 31, 2024 and December 31, 2023: As of March 31, 2024 December 31, 2023 (In thousands) Fair Value Carrying Value Fair Value Carrying Value Other financial instruments Assets: Cash and cash equivalents $ 187,467 $ 187,467 $ 228,927 $ 228,927 Restricted cash 6,343 6,343 1,618 1,618 Due from brokers 17,099 17,099 51,884 51,884 Reverse repurchase agreements 183,607 183,607 173,145 173,145 Liabilities: Repurchase agreements 2,517,747 2,517,747 2,967,437 2,967,437 Other secured borrowings 180,918 180,918 245,827 245,827 Due to brokers 62,646 62,646 62,442 62,442 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 following table identify the significant unobservable inputs that affect the valuation of the Company's Level 3 assets and liabilities as of March 31, 2024: March 31, 2024: Fair Value Valuation Unobservable Input Range Weighted Description Min Max (In thousands) Non-Agency RMBS $ 58,644 Market Quotes Non Binding Third-Party Valuation $ 0.80 $ 120.17 $ 68.66 42,133 Discounted Cash Flows 100,777 Yield 0.0 % 99.3 % 12.4 % Projected Collateral Prepayments 0.0 % 100.0 % 41.6 % Projected Collateral Losses 0.0 % 87.8 % 19.7 % Projected Collateral Recoveries 0.0 % 15.7 % 2.4 % Non-Agency CMBS 13,007 Market Quotes Non Binding Third-Party Valuation $ 4.64 $ 75.42 $ 42.37 1,688 Discounted Cash Flows 14,695 Yield 7.4 % 47.8 % 13.0 % Projected Collateral Losses — % 75.3 % 5.3 % Projected Collateral Recoveries 24.7 % 100.0 % 93.3 % CLOs 13,198 Market Quotes Non Binding Third-Party Valuation $ 0.25 $ 99.55 $ 74.23 10,179 Discounted Cash Flows 23,377 Yield — % 154.3 % 20.1 % Agency interest only RMBS 1,289 Market Quotes Non Binding Third-Party Valuation $ 2.75 $ 19.76 $ 6.60 5,433 Option Adjusted Spread ("OAS") 6,722 LIBOR OAS (1) 36 6,663 399 Projected Collateral Prepayments 16.4 % 100.0 % 58.7 % ABS 14,689 Market Quotes $ 3.42 $ 83.59 $ 58.65 71,545 Discounted Cash Flows 86,234 Yield 10.0 % 25.0 % 12.5 % Projected Collateral Prepayments 0.0 % 82.8 % 14.1 % Projected Collateral Losses 0.0 % 34.8 % 25.0 % Corporate debt and equity 23,357 Discounted Cash Flows Yield 6.0 % 33.4 % 13.0 % Performing and re-performing residential mortgage loans 1,517,574 Discounted Cash Flows Yield 1.5 % 57.5 % 8.7 % Securitized residential mortgage loans (2)(3) 1,427,142 Market Quotes Non Binding Third-Party Valuation $ 25.27 $ 98.87 $ 87.08 106,480 Discounted Cash Flows 1,533,622 Yield 2.5 % 16.5 % 4.6 % Non-performing residential mortgage loans 108,980 Discounted Cash Flows Yield 1.3 % 63.2 % 15.0 % Recovery Amount 65.7 % 239.4 % 106.4 % Months to Resolution 7.0 110.4 23.2 Performing commercial mortgage loans 256,661 Discounted Cash Flows Yield 9.7 % 12.9 % 11.5 % Non-performing commercial mortgage loans 37,439 Discounted Cash Flows Yield 14.9 % 24.3 % 20.7 % Recovery Amount 37.5 % 129.0 % 94.8 % Months to Resolution 9.0 14.0 9.7 Fair Value Valuation Unobservable Input Range Weighted Description Min Max (continued) (In thousands) Consumer loans 1,289 Discounted Cash Flows Yield 9.0 % 15.0 % 11.3 % Projected Collateral Prepayments 0.1 % 71.2 % 11.9 % Projected Collateral Losses 0.3 % 71.2 % 19.6 % Corporate loans 6,219 Discounted Cash Flows Yield 6.9 % 28.5 % 12.4 % Reverse Mortgage Loans—HECM 8,803,113 Discounted Cash Flows Yield 2.7 % 6.9 % 4.6 % Conditional Prepayment Rate 6.5 % 33.3 % 7.4 % Reverse Mortgage Loans—HECM buyouts 18,692 Discounted Cash Flows Yield 7.7 % 14.1 % 9.5 % Months to Resolution 0.3 62.0 23.7 Reverse Mortgage Loans—Unsecuritized Proprietary 175,790 Discounted Cash Flows Yield 7.3 % 8.9 % 8.4 % Conditional Prepayment Rate 12.0 % 69.6 % 15.1 % Reverse Mortgage Loans—Securitized Proprietary 184,853 Market Quotes Non Binding Third-Party Valuation $ 73.98 $ 88.76 $ 87.59 Yield 7.3 % 8.9 % 8.4 % Forward MSR-related investments 160,009 Discounted Cash Flows Yield 9.8 % 9.8 % 9.8 % Conditional Prepayment Rate 6.2 % 6.2 % 6.2 % MSRs 29,889 Discounted Cash Flows Yield 17.4 % 17.4 % 17.4 % Conditional Prepayment Rate 11.7 % 18.9 % 14.2 % Servicing Asset 324 Discounted Cash Flows Yield 15.0 % 15.0 % 15.0 % Loan Commitments 3,917 Discounted Cash Flows Pull-through rate 59.6 % 100.0 % 71.7 % Cost to originate 3.1 % 7.9 % 5.6 % Investment in unconsolidated entities—Loan origination entities 30,890 Enterprise Value Equity Price-to-Book (4) 1.0x 1.5x 1.0x Investment in unconsolidated entities—Other 94,476 Enterprise Value Net Asset Value n/a n/a n/a 125,366 Total return swaps 6 Discounted Cash Flows Yield — % — % — % Credit default swaps on asset-backed securities 8 Net Discounted Cash Flows Projected Collateral Prepayments 22.9 % 22.9 % 22.9 % Projected Collateral Losses 8.6 % 8.6 % 8.6 % Projected Collateral Recoveries 12.3 % 12.3 % 12.3 % Other secured borrowings, at fair value (2) (1,569,149) Market Quotes Non Binding Third-Party Valuation $ 25.27 $ 98.87 $ 86.64 Yield 5.9% 9.7% 6.9% Projected Collateral Prepayments 99.5% 100.0% 100.0% HMBS-related obligations, at fair value (8,619,463) Discounted Cash Flows Yield 2.5% 6.8% 4.5% Conditional Prepayment Rate 6.5% 33.4% 7.4% Unsecured borrowings, at fair value (270,936) Market Quotes Non Binding Third-Party Valuation $ 72.63 $ 96.44 $ 91.16 (1) Shown in basis points. (2) Securitized residential mortgage loans, Reverse Mortgage Loans—Securitized Proprietary, and Other secured borrowings, at fair value, represent financial assets and liabilities of the Company's CFEs as discussed in Note 2. (3) Includes $29.2 million of non-performing securitized residential mortgage loans. (4) Represents an estimation of where market participants might value an enterprise on a price-to-book basis. For the range minimum, the range maximum, and the weighted average yield, excludes investments in unconsolidated entities with a total fair value of $2.9 million. Including such investments the weighted average price-to-book ratio was 1.3x. Third-party non-binding valuations are validated by comparing such valuations to internally generated prices based on the Company's or third-party 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 (which are calculated by using an assumed spread over projected SOFR 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.

Investment in Securities

Investment in Securities	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023. March 31, 2024: Gross Unrealized Weighted Average ($ in thousands) Current Principal Unamortized Premium (Discount) Amortized Cost Gains Losses Fair Value Coupon (1)(2) Yield Life (Years) (3) Long: Agency RMBS: 15-year fixed-rate mortgages $ 56,106 $ 220 $ 56,326 $ 5 $ (4,562) $ 51,769 2.57 % 2.41 % 3.42 20-year fixed-rate mortgages 2,324 107 2,431 — (428) 2,003 2.29 % 1.45 % 6.19 30-year fixed-rate mortgages 599,815 (9,708) 590,107 1,453 (35,526) 556,034 4.02 % 4.09 % 6.77 Adjustable rate mortgages 5,171 532 5,703 — (660) 5,043 3.88 % 2.10 % 4.82 Reverse mortgages 35,416 3,211 38,627 233 (1,948) 36,912 5.98 % 3.38 % 4.80 Interest only securities n/a n/a 10,291 1,090 (570) 10,811 1.23 % 11.69 % 5.75 Non-Agency RMBS 336,052 (122,112) 213,940 12,616 (22,760) 203,796 5.18 % 8.77 % 4.92 CMBS 51,171 (20,689) 30,482 667 (11,348) 19,801 3.22 % 9.09 % 6.70 Non-Agency interest only securities n/a n/a 32,038 6,560 (2,074) 36,524 0.17 % 13.57 % 7.85 CLOs n/a n/a 67,872 2,477 (5,649) 64,700 2.86 % 11.40 % 4.69 ABS 58,732 (43,923) 14,809 141 (261) 14,689 4.50 % 24.22 % 3.36 ABS backed by consumer loans 151,568 (70,659) 80,909 1,560 (10,925) 71,544 12.00 % 10.52 % 1.55 Corporate debt 61,323 (49,312) 12,011 1,752 (834) 12,929 — % — % 2.18 Corporate equity n/a n/a 22,120 1,547 (6,412) 17,255 n/a n/a n/a U.S. Treasury securities 223,338 2,947 226,285 522 (1,769) 225,038 4.29 % 4.04 % 7.79 Total Long 1,581,016 (309,386) 1,403,951 30,623 (105,726) 1,328,848 4.89 % 6.05 % 6.01 Short: U.S. Treasury securities (142,128) 645 (141,483) 2,333 (244) (139,394) 3.52 % 3.66 % 2.01 European sovereign bonds (26,575) (1,148) (27,723) 1,999 — (25,724) 0.01 % 0.15 % 0.94 Total Short (168,703) (503) (169,206) 4,332 (244) (165,118) 2.96 % 3.09 % 1.85 Total $ 1,412,313 $ (309,889) $ 1,234,745 $ 34,955 $ (105,970) $ 1,163,730 4.71 % 5.72 % 5.55 (1) Weighted average coupon represents the weighted average coupons of the securities, rather than, in the case of collateralized securities, the coupon rates or loan rates on the underlying collateral. (2) Total long, total short, and total weighted average coupon exclude interest only securities, CLOs, and corporate equity. (3) Expected 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, 2023: Gross Unrealized Weighted Average ($ in thousands) Current Principal Unamortized Premium (Discount) Amortized Cost Gains Losses Fair Value Coupon (1)(2) Yield Life (Years) (3) Long: Agency RMBS: 15-year fixed-rate mortgages $ 57,987 $ 252 $ 58,239 $ 22 $ (4,225) $ 54,036 2.58 % 2.42 % 3.48 20-year fixed-rate mortgages 2,368 114 2,482 — (404) 2,078 2.29 % 1.48 % 6.25 30-year fixed-rate mortgages 783,123 (6,744) 776,379 4,313 (38,595) 742,097 4.04 % 4.04 % 6.61 Adjustable rate mortgages 5,252 568 5,820 — (690) 5,130 3.81 % 2.09 % 4.42 Reverse mortgages 36,196 3,928 40,124 34 (2,987) 37,171 5.37 % 3.55 % 4.76 Interest only securities n/a n/a 11,891 1,320 (499) 12,712 1.08 % 13.18 % 5.36 Non-Agency RMBS 427,431 (139,654) 287,777 11,369 (29,672) 269,474 5.07 % 8.96 % 4.73 CMBS 74,591 (20,389) 54,202 349 (11,780) 42,771 4.87 % 8.93 % 4.72 Non-Agency interest only securities n/a n/a 35,214 6,212 (2,650) 38,776 0.17 % 14.57 % 7.46 CLOs n/a n/a 44,939 1,873 (8,834) 37,978 2.27 % 11.81 % 4.46 ABS 16,416 (8,956) 7,460 256 (20) 7,696 7.16 % 13.85 % 2.49 ABS backed by consumer loans 151,310 (67,159) 84,151 1,577 (11,502) 74,226 12.00 % 11.38 % 1.50 Corporate debt 30,944 (23,191) 7,753 579 (291) 8,041 — % — % 1.93 Corporate equity n/a n/a 23,066 1,851 (3,789) 21,128 n/a n/a n/a U.S. Treasury securities 212,433 (49,289) 163,144 2,415 (496) 165,063 4.25 % 4.01 % 7.43 Total Long 1,798,051 (310,520) 1,602,641 32,170 (116,434) 1,518,377 4.95 % 5.99 % 5.80 Short: U.S. Treasury securities (130,121) 533 (129,588) 2,094 (619) (128,113) 3.47 % 3.61 % 1.88 European sovereign bonds (27,159) (557) (27,716) 1,526 — (26,190) 0.01 % 0.15 % 1.20 Total Short (157,280) (24) (157,304) 3,620 (619) (154,303) 2.87 % 3.00 % 1.77 Total $ 1,640,771 $ (310,544) $ 1,445,337 $ 35,790 $ (117,053) $ 1,364,074 4.78 % 5.71 % 5.42 (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) Total long, total short, and total weighted average coupon excludes interest only securities, CLOs, and corporate equity. (3) Expected 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 March 31, 2024 and December 31, 2023. March 31, 2024: ($ 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 $ 79,510 $ 79,994 5.45 % $ 1,151 $ 1,228 0.81 % Greater than three years and less than seven years 244,763 257,937 4.62 % 5,891 5,641 1.45 % Greater than seven years and less than eleven years 327,488 355,263 3.25 % 3,512 3,131 1.61 % Greater than eleven years — — — % 257 291 0.68 % Total $ 651,761 $ 693,194 3.99 % $ 10,811 $ 10,291 1.23 % (1) Expected 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, 2023: ($ 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 $ 89,649 $ 89,955 5.39 % $ 1,541 $ 1,546 0.57 % Greater than three years and less than seven years 346,074 360,574 4.49 % 8,227 7,601 1.77 % Greater than seven years and less than eleven years 404,789 432,515 3.30 % 2,676 2,448 1.84 % Greater than eleven years — — — % 268 296 0.68 % Total $ 840,512 $ 883,044 3.99 % $ 12,712 $ 11,891 1.08 % (1) Expected 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 March 31, 2024 and December 31, 2023. March 31, 2024: ($ 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 $ 76,678 $ 78,082 4.58 % $ 2,531 $ 3,244 0.16 % $ 107,299 $ 117,291 5.50 % Greater than three years and less than seven years 100,758 101,413 7.00 % 10,367 10,225 0.29 % 129,772 132,122 4.90 % Greater than seven years and less than eleven years 35,690 44,069 4.35 % 23,299 18,314 0.15 % 151,829 152,473 4.16 % Greater than eleven years 10,471 20,858 1.96 % 327 255 1.25 % — — — % Total $ 223,597 $ 244,422 4.92 % $ 36,524 $ 32,038 0.17 % $ 388,900 $ 401,886 5.06 % (1) Expected 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 ABS, 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, 2023: ($ 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 $ 116,076 $ 117,707 4.41 % $ 3,885 $ 4,535 0.10 % $ 99,770 $ 114,709 6.02 % Greater than three years and less than seven years 131,314 135,591 7.05 % 11,014 11,343 0.28 % 106,529 107,727 5.13 % Greater than seven years and less than eleven years 58,741 74,401 5.04 % 23,555 19,072 0.15 % 86,705 85,011 4.12 % Greater than eleven years 6,114 14,280 0.38 % 322 264 1.25 % — — — % Total $ 312,245 $ 341,979 5.04 % $ 38,776 $ 35,214 0.17 % $ 293,004 $ 307,447 5.40 % (1) Expected 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 ABS backed by consumer loans, corporate debt, and U.S. Treasury securities. (3) Weighted average coupon represents the weighted average coupons of the securities, rather than the coupon rates or loan rates on the underlying collateral. The following table details the components of interest income by security type for the three-month periods ended March 31, 2024 and 2023: Three-Month Period Ended (In thousands) March 31, 2024 March 31, 2023 Security Type Coupon Interest Net Amortization Interest Income Coupon Interest Net Amortization Interest Income Agency RMBS $ 9,067 $ (1,998) $ 7,069 $ 9,349 $ (2,228) $ 7,121 Non-Agency RMBS and CMBS 8,687 (849) 7,838 6,431 161 6,592 CLOs 1,885 (376) 1,509 953 187 1,140 Other securities (1) 7,124 (2,658) 4,466 5,843 (1,374) 4,469 Total $ 26,763 $ (5,881) $ 20,882 $ 22,576 $ (3,254) $ 19,322 (1) Other securities includes ABS, corporate debt securities, and U.S. Treasury securities. For the three-month periods ended March 31, 2024 and 2023 the Catch-Up Amortization Adjustment was $(1.3) million and $(0.5) million, respectively. The following tables present proceeds from sales and the resulting realized gains and (losses) of the Company's securities for the three-month periods ended March 31, 2024 and 2023. (In thousands) Three-Month Period Ended March 31, 2024 Security Type Proceeds (1) Gross Realized Gains Gross Realized Losses (2) Net Realized Gain (Loss) Agency RMBS $ 236,602 $ 1,077 $ (13,231) $ (12,154) Non-Agency RMBS and CMBS 112,793 6,814 (865) 5,949 CLOs 2,312 388 (122) 266 Other securities (3) 55,270 1,528 (622) 906 Total $ 406,977 $ 9,807 $ (14,840) $ (5,033) (1) Includes proceeds on sales of securities not yet settled as of period end. (2) Excludes realized losses of $(9.7) million for the three-month period ended March 31, 2024, 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. (3) Other securities includes ABS, corporate debt and equity, exchange-traded equity, and U.S. Treasury securities. (In thousands) Three-Month Period Ended March 31, 2023 Security Type Proceeds (1) Gross Realized Gains Gross Realized Losses (2) Net Realized Gain (Loss) Agency RMBS $ 205,504 $ 796 $ (26,336) $ (25,540) Non-Agency RMBS and CMBS 27,188 1,084 (15) 1,069 CLOs — 89 — 89 Other securities (3) 274,056 320 (1,749) (1,429) Total $ 506,748 $ 2,289 $ (28,100) $ (25,811) (1) Includes proceeds on sales of securities not yet settled as of period end. (2) Excludes realized losses of $(5.7) million for the three-month period ended March 31, 2023, 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. (3) Other securities includes ABS backed by consumer loans, corporate debt and equity, exchange-traded equity, and U.S. Treasury securities. The following tables present 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 basis, by length of time that such securities have been in an unrealized loss position at March 31, 2024 and December 31, 2023. March 31, 2024: (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 $ 180,991 $ (3,896) $ 299,073 $ (39,004) $ 480,064 $ (42,900) Non-Agency RMBS and CMBS 159 (1) 47,168 (9,009) 47,327 (9,010) CLOs 9,274 (179) 3,560 (876) 12,834 (1,055) Other securities (1) 197,110 (6,522) 827 (1,679) 197,937 (8,201) Total $ 387,534 $ (10,598) $ 350,628 $ (50,568) $ 738,162 $ (61,166) (1) Other securities includes ABS and corporate debt and equity securities. December 31, 2023: (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 $ 125,112 $ (730) $ 426,834 $ (45,854) $ 551,946 $ (46,584) Non-Agency RMBS and CMBS 10,301 (200) 14,195 (882) 24,496 (1,082) CLOs 7,152 (69) 5 — 7,157 (69) Other securities (1) 15,930 (2,276) 10,958 (2,029) 26,888 (4,305) Total $ 158,495 $ (3,275) $ 451,992 $ (48,765) $ 610,487 $ (52,040) (1) Other securities includes corporate debt and equity 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 March 31, 2024 and December 31, 2023, the Company had expected future credit losses, which it tracks for purposes of calculating interest income, of $32.8 million and $32.6 million, respectively, related to adverse changes in estimated future cash flows on its securities. 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 March 31, 2024 and December 31, 2023, the estimated credit losses on such securities was $4.4 million and $1.1 million, respectively. The Company has determined for certain securities that a portion of such securities cost basis is not collectible. For the three-month periods ended March 31, 2024 and 2023, the Company recognized realized losses on these securities of $(9.7) million and $(5.7) million, respectively. Such losses are reflected in Net realized gains (losses) on securities and loans, net, on the Condensed Consolidated Statement of Operations.

Investment in Loans

Investment in Loans	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Investment in Loans	Investment in Loans The Company invests in various types of loans, such as residential mortgage, commercial mortgage, consumer, corporate, and reverse mortgage loans. As discussed in Note 2, the Company has elected the FVO for its investments in loans. The following table is a summary of the Company's investments in loans as of March 31, 2024 and December 31, 2023: As of (In thousands) March 31, 2024 December 31, 2023 Loan Type Unpaid Principal Balance Fair Unpaid Principal Balance Fair Residential mortgage loans $ 3,369,139 $ 3,160,176 $ 3,305,757 $ 3,093,912 Commercial mortgage loans 311,578 294,100 281,531 266,595 Consumer loans 1,500 1,289 2,081 1,759 Corporate loans 6,965 6,219 6,379 5,819 Reverse mortgage loans 8,742,962 9,182,448 8,568,271 8,938,551 Total $ 12,432,144 $ 12,644,232 $ 12,164,019 $ 12,306,636 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 the loan portfolio can be amplified by exogenous shocks impacting our borrowers such as man-made or natural disasters, such as the COVID-19 pandemic. The following table provides details, by loan type, for residential and commercial mortgage and consumer loans that are 90 days or more past due as of March 31, 2024 and December 31, 2023: As of March 31, 2024 December 31, 2023 (In thousands) Unpaid Principal Balance Fair Value Unpaid Principal Balance Fair Value 90 days or more past due—non-accrual status Residential mortgage loans $ 148,703 $ 138,001 $ 127,685 $ 120,087 Commercial mortgage loans 54,451 37,439 47,736 33,314 Consumer loans 57 40 94 66 Residential Mortgage Loans The tables below detail certain information regarding the Company's residential mortgage loans as of March 31, 2024 and December 31, 2023. March 31, 2024: 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) $ 3,173,699 $ 31,720 $ 3,205,419 $ 3,580 $ (239,502) $ 2,969,497 7.39 % 6.93 % 4.36 Residential mortgage loans, held-for-sale 195,440 4,076 199,516 1,516 (10,353) 190,679 7.44 6.80 5.56 Total residential mortgage loans $ 3,369,139 $ 35,796 $ 3,404,935 $ 5,096 $ (249,855) $ 3,160,176 7.39 % 6.92 % 4.44 (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 $1.534 billion of non-QM loans that have been securitized and are held in consolidated securitization trusts. Such loans had $(217.6) million of gross unrealized losses. See Residential Mortgage Loan Securitizations in Note 13 for additional information. December 31, 2023: Gross Unrealized Weighted Average ($ in thousands) Unpaid Principal Balance Premium (Discount) Amortized Gains Losses Fair Value Coupon Yield Life (Years) (1) Residential mortgage loans, held-for-investment (2) $ 3,305,757 $ 37,831 $ 3,343,588 $ 5,554 $ (255,230) $ 3,093,912 7.17 % 6.77 % 4.17 (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 $1.555 billion of non-QM loans that have been securitized and are held in consolidated securitization trusts. Such loans had $(228.0) million of gross unrealized losses. See Residential Mortgage Loan Securitizations in Note 13 for additional information. 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 March 31, 2024 and December 31, 2023: Property Location by U.S. State March 31, 2024 December 31, 2023 California 32.1 % 32.2 % Florida 21.7 % 21.4 % Texas 9.3 % 9.5 % Utah 3.2 % 3.2 % Pennsylvania 2.8 % 2.7 % Arizona 2.6 % 2.7 % Georgia 2.3 % 2.6 % New Jersey 2.3 % 2.1 % North Carolina 2.2 % 2.2 % Illinois 1.8 % 1.8 % Washington 1.7 % 1.8 % Massachusetts 1.6 % 1.5 % Colorado 1.6 % 1.5 % Nevada 1.5 % 1.5 % New York 1.3 % 1.2 % Tennessee 1.3 % 1.5 % Oregon 1.3 % 1.2 % Other 9.4 % 9.4 % 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 March 31, 2024 and December 31, 2023. As of March 31, 2024 December 31, 2023 (In thousands) Unpaid Principal Balance Fair Value Unpaid Principal Balance Fair Value Re-performing $ 4,134 $ 3,621 $ 4,252 $ 3,761 Non-performing 148,886 138,198 127,085 119,524 As described in Note 2, the Company evaluates the cost basis of its residential mortgage loans for impairment on at least a quarterly basis. As of March 31, 2024 and December 31, 2023, the Company had expected future credit losses related to adverse changes in estimated future cash flows, which it tracks for purposes of calculating interest income, of $15.0 million and $17.2 million, respectively, related to its residential mortgage loans. As of March 31, 2024 and December 31, 2023, the Company had residential mortgage loans that were in the process of foreclosure with a fair value of $84.6 million and $85.6 million, respectively. Commercial Mortgage Loans The tables below detail certain information regarding the Company's commercial mortgage loans as of March 31, 2024 and December 31, 2023: March 31, 2024: Gross Unrealized Weighted Average ($ 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 $ 311,578 $ (12,304) $ 299,274 $ — $ (5,174) $ 294,100 11.36 % 11.33 % 1.07 (1) Excludes non-performing commercial mortgage loans, in non-accrual status, with a fair value of $37.4 million. (2) Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal. December 31, 2023: Gross Unrealized Weighted Average ($ 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 $ 281,531 $ (13,648) $ 267,883 $ — $ (1,288) $ 266,595 11.44 % 11.45 % 0.79 (1) Excludes non-performing commercial mortgage loans, in non-accrual status, with a fair value of $33.3 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 March 31, 2024 and December 31, 2023: Property Location by U.S. State March 31, 2024 December 31, 2023 Florida 22.0 % 13.9 % Illinois 13.1 % 18.6 % Texas 11.6 % 15.6 % New Jersey 9.2 % 3.8 % New York 8.5 % 8.9 % Arizona 6.7 % 7.5 % Ohio 5.0 % 5.5 % Georgia 4.8 % 5.3 % Michigan 4.0 % 4.5 % Colorado 3.8 % — % Connecticut 2.9 % 3.2 % North Carolina 2.5 % 2.7 % Alabama 2.1 % 2.3 % Louisiana 2.0 % 2.2 % Pennsylvania 1.8 % — % Oklahoma — % 6.0 % 100.0 % 100.0 % As of March 31, 2024, the Company had four non-performing commercial mortgage loans with an unpaid principal balance and fair value of $54.5 million and $37.4 million, respectively. As of December 31, 2023, the Company had three non-performing commercial mortgage loans with an unpaid principal balance and fair value of $47.7 million and $33.3 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. As of March 31, 2024 and December 31, 2023, the expected future credit losses, which the Company tracks for purposes of calculating interest income, of $5.2 million and $1.3 million, related to adverse changes in estimated future cash flows on its commercial mortgage loans. As of December 31, 2023, the Company had two commercial mortgage loans in the process of foreclosure; such loans had an unpaid principal balance and fair value of $25.9 million and $25.1 million, respectively. The Company did not have any commercial mortgage loans in the process of foreclosure as of March 31, 2024. Consumer Loans The tables below detail certain information regarding the Company's consumer loans as of March 31, 2024 and December 31, 2023: March 31, 2024: Gross Unrealized Weighted Average ($ in thousands) Unpaid Principal Balance Premium (Discount) Amortized Cost Gains Losses Fair Value Life (Years) (1) Delinquency (Days) Consumer loans, held-for-investment $ 1,500 $ (31) $ 1,469 $ 134 $ (314) $ 1,289 0.76 16 (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. December 31, 2023: Gross Unrealized Weighted Average ($ in thousands) Unpaid Principal Balance Premium (Discount) Amortized Cost Gains Losses Fair Value Life (Years) (1) Delinquency (Days) Consumer loans, held-for-investment $ 2,081 $ (120) $ 1,961 $ 127 $ (329) $ 1,759 0.75 18 (1) Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal. The table below provides details on the delinquency status 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 March 31, 2024 and December 31, 2023. Days Past Due March 31, 2024 December 31, 2023 Current 85.0 % 81.0 % 30-59 Days 6.6 % 7.9 % 60-89 Days 4.6 % 6.6 % 90-119 Days 3.1 % 4.0 % >120 Days 0.7 % 0.5 % 100.0 % 100.0 % During the three-month periods ended March 31, 2024 and 2023, the Company charged off $0.1 million and $0.2 million, respectively, of unpaid principal balance of consumer loans that were greater than 120 days delinquent. As of March 31, 2024 and December 31, 2023, the Company held charged-off consumer loans with an aggregate fair value of $38 thousand and $35 thousand, respectively, 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. As of both March 31, 2024 and December 31, 2023, the Company had expected future credit losses, which it tracks for purposes of calculating interest income, of $0.3 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 the three-month periods ended March 31, 2024 and 2023, the Company recognized realized losses on these loans of $(0.1) million and $(0.3) million, respectively. Corporate Loans The tables below detail certain information regarding the Company's corporate loans as of March 31, 2024 and December 31, 2023: March 31, 2024: Weighted Average ($ in thousands) Unpaid Fair Value Rate Remaining Term (Years) Corporate loans, held-for-investment (1) $ 6,965 $ 6,219 9.88 % 1.27 (1) See Note 24 for further details on the Company's unfunded commitments related to certain of its corporate loans. December 31, 2023: Weighted Average ($ in thousands) Unpaid Fair Value Rate Remaining Term (Years) Corporate loans, held-for-investment (1) $ 6,379 $ 5,819 10.13 % 1.52 (1) See Note 24 for further details on the Company's unfunded commitments related to certain of its corporate loans. As described in Note 2, the Company evaluates the cost basis of its corporate loans for impairment on at least a quarterly basis. As of March 31, 2024 and December 31, 2023, the Company had expected future credit losses, which it tracks for purposes of calculating interest income, of $0.7 million and $0.6 million, respectively. Reverse Mortgage Loans The table below details certain information regarding the Company's reverse mortgage loans as of March 31, 2024 and December 31, 2023. March 31, 2024: Weighted Average ($ in thousands) Unpaid Principal Balance Fair Value Coupon Life (Years) Reverse mortgage loans, held-for-investment HECM loans HECM loans collateralizing HMBS $ 8,297,381 $ 8,710,188 6.59 % 5.03 Unsecuritized HECM loans (1) 109,824 111,617 6.98 % 6.30 Proprietary reverse mortgage loans Securitized proprietary reverse mortgage loans 172,580 184,853 10.44 % 9.08 Unsecuritized proprietary reverse mortgage loans 37,916 40,040 10.38 % 17.12 Total reverse mortgage loans, held-for-investment 8,617,701 9,046,698 6.69 % 5.18 Reverse mortgage loans, held-for-sale Unsecuritized proprietary reverse mortgage loans 125,261 135,750 10.64 % 17.12 Total reverse mortgage loans $ 8,742,962 $ 9,182,448 6.74 % 5.36 (1) Includes unpoolable HECM loans with an unpaid principal balance of $29.1 million. December 31, 2023: Weighted Average ($ in thousands) Unpaid Principal Balance Fair Value Coupon Life (Years) Reverse mortgage loans, held-for-investment HECM loans collateralizing HMBS $ 8,166,222 $ 8,506,423 6.82 % 5.10 Unsecuritized HECM loans (1) 103,063 102,553 7.15 % 6.12 Total reverse mortgage loans, held-for-investment 8,269,285 8,608,976 6.83 % 5.11 Reverse mortgage loans, held-for-sale 298,986 329,575 10.67 % 16.78 Total reverse mortgage loans $ 8,568,271 $ 8,938,551 6.96 % 5.54 (1) Includes unpoolable HECM loans with an unpaid principal balance of $28.0 million. During the three-month period ended March 31, 2024, the Company transferred proprietary reverse mortgage loans held-for-sale with an unpaid principal balance of $210.5 million to held-for-investment. Unpoolable HECM loans can include unsecuritized inactive HECM loans as well as HECM loans that have reached 98% of their respective maximum claim amount, or the "MCA," and repurchased from the HMBS pool, or "HECM Buyout Loans." The MCA is equal to the lesser of a home's appraised value at the point in time that the conditional commitment is issued or the maximum loan limit that can be insured by FHA. Unpoolable HECM loans are not eligible for securitization into HMBS. HECM loans where the borrower is deceased, no longer occupies the property, or is delinquent on tax and/or insurance payments, are categorized as "inactive." Active HECM loans that have reached 98% of the MCA and have been repurchased from the HMBS pool, or "ABOs," are subsequently assigned to the U.S. Department of Housing and Urban Development, or "HUD," which then reimburses the Company for the outstanding debt on the repurchased loan, up to the MCA. For inactive HECM Buyout Loans, or "NABOs," following resolution of the loan the Company files a claim with HUD for any recoverable remaining principal and advance balances. The timing and amount of the Company obligations with respect to MCA repurchases is uncertain as repurchase is dependent largely on circumstances outside of the Company’s control, including the amount and timing of future draws and the status of the loan. The following table provides details on the Company's unpoolable HECM loans as of March 31, 2024 and December 31, 2023: (In thousands) March 31, 2024 December 31, 2023 Unpoolable HECM Loan Type Unpaid Fair Value Unpaid Fair Value ABOs $ 11,109 $ 9,337 $ 8,508 $ 6,897 NABOs 13,424 9,356 14,562 10,167 Other HECM loans (1) 4,522 4,485 4,883 4,908 Total unpoolable HECM loans $ 29,055 $ 23,178 $ 27,953 $ 21,972 (1) Includes HECM tail loans where the borrower is not in compliance with the terms of the underlying loan. In March 2023, the Company entered into various agreements including a Master Loan Purchase and Servicing Agreement (the "MLPS Agreement") with a third party (the "MLPS Counterparty"), whereby it agreed to purchase and service HECM Buyout Loans with an unpaid principal balance of $80.1 million that had been previously repurchased from various HMBS pools by a third party HMBS issuer, and simultaneously finance such loans with the MLPS Counterparty. As of March 31, 2024 and December 31, 2023, the Company held HECM Buyout Loans purchased under the MLPS Agreement with a fair value of $7.1 million and $8.9 million, respectively, which are included in Loans, at fair value on the Condensed Consolidated Balance Sheet. As of March 31, 2024, the Company had $286.0 million in unpaid principal balance of inactive reverse mortgage loans, of which $272.8 million related to HECM loans and the remainder related to proprietary reverse mortgage loans. As of December 31, 2023, the Company had $290.4 million in unpaid principal balance of inactive reverse mortgage loans, of which $280.6 million related to HECM loans and the remainder related to proprietary reverse mortgage loans. The table below summarizes the geographic distribution of the real estate collateral underlying the Company's reverse mortgage loans as a percentage of total outstanding unpaid principal balance, as of March 31, 2024 and December 31, 2023. Property Location by U.S. State March 31, 2024 December 31, 2023 California 28.8 % 28.7 % Florida 8.8 % 8.8 % Colorado 7.1 % 7.1 % Arizona 6.3 % 6.3 % Washington 5.3 % 5.3 % Utah 5.1 % 5.0 % Texas 4.9 % 4.8 % Oregon 2.9 % 3.0 % Idaho 2.7 % 2.7 % Massachusetts 2.4 % 2.4 % New York 2.2 % 2.2 % Nevada 2.1 % 2.1 % North Carolina 2.1 % 2.1 % Virginia 1.6 % 1.6 % Georgia 1.6 % 1.6 % South Carolina 1.5 % 1.4 % Ohio 1.4 % 1.5 % Tennessee 1.3 % 1.3 % New Jersey 1.2 % 1.3 % Maryland 1.1 % 1.1 % Pennsylvania 1.1 % 1.1 % Other 8.5 % 8.6 % 100.0 % 100.0 %

Mortgage Servicing Rights

Mortgage Servicing Rights	3 Months Ended
	Mar. 31, 2024
Mortgage Servicing Rights [Abstract]
Mortgage Servicing Rights	Mortgage Servicing Rights Certain of the reverse mortgage loans originated by the Company, through Longbridge, are ineligible for inclusion in HMBS, and are not guaranteed by the FHA ("Proprietary reverse mortgage loans"). Longbridge has entered into a Sale and Servicing Agreement (the "Sale and Servicing Agreement) with a third party (the "Proprietary Loan Purchaser") whereby Longbridge originated reverse mortgage loans based on specific proprietary criteria and committed to sell such loans to the Proprietary Loan Purchaser. Upon the sale of such loans to the Proprietary Loan Purchaser, Longbridge retained the rights and obligations of servicing such loans and an MSR asset was recorded. Additionally, on July 1, 2023, Longbridge assumed the role as servicer for various private label securitization trusts collateralized by either proprietary reverse mortgage loans or HECM buyout loans. Longbridge was appointed servicer through the bankruptcy proceedings of the previous servicer, and Longbridge assumed the rights and obligations of servicing such loans. Such MSRs related to underlying reverse mortgage loans with an aggregate unpaid principal balance of $2.1 billion on July 1, 2023. For the three-month period ended March 31, 2024, the Company recognized a change in unrealized gain (loss) of $0.2 million related to the Reverse MSRs Longbridge assumed, which is included in Other, net on the Condensed Consolidated Statement of Operations. As of March 31, 2024, the Company's Reverse MSRs related to underlying reverse mortgage loans with an aggregate unpaid principal balance of $2.8 billion, and the fair value of such Reverse MSRs was $29.9 million. As of December 31, 2023, the Company's Reverse MSRs related to underlying reverse mortgage loans with an aggregate unpaid principal balance of $2.8 billion, and the fair value of such Reverse MSRs was $29.6 million. The fair value of the Company's MSRs is driven by the net cash flows associated with servicing activities, which include contractually specified servicing fees, late fees, and other ancillary servicing revenue. The Company recognized a gain (loss) of $0.3 million and $(8) thousand related to its Reverse MSRs for the three-month periods ended March 31, 2024 and 2023, respectively, which is included in Other (net) on the Condensed Consolidated Statement of Operations.

Forward MSR-Related Investments

Forward MSR-Related Investments	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Mortgage Servicing Right Financing Receivable [Abstract]	7. Forward MSR-related Investments The Company does not hold the requisite licenses to purchase or hold MSRs on forward mortgage loans, or "Forward MSRs," directly. The Company, through certain of its subsidiaries acquired through the Arlington Merger, is party to various agreements (the "Forward MSR Agreements") with a licensed, government-sponsored enterprise ("GSE") approved residential mortgage loan servicer (the "Forward MSR Master Servicer") that enable the Company to participate in the economic returns of a portfolio of Forward MSRs (the "Forward MSR-related investments"). Under the Forward MSR Agreements, MSRs are purchased by the Forward MSR Master Servicer (the "Underlying Forward MSRs") with funding obtained through financing transactions with the Company. Under the terms of the Forward MSR Agreements, for an MSR acquired by the Forward MSR Master Servicer, the Company: (i) purchases the excess servicing spread from the Forward MSR Master Servicer, which entitles the Company to monthly distributions of the servicing fees collected by the Forward MSR Master Servicer in excess of 12.5 basis points per annum (the "Excess Servicing Spread"), and (ii) enters into an agreement with the parent of the Forward MSR Master Servicer (the "Base MSR Counterparty") that references the Underlying Forward MSRs (the "Base MSR Agreement"). Pursuant to the Base MSR Agreement, the Company is entitled to receive an amount generally equivalent to the excess of servicing proceeds (which may include servicing fee revenue, income generated on escrow balances, and reimbursements for previously made servicing advances) over the sum of the Excess Servicing Spread and the actual costs of servicing (including amounts paid for servicing advances, master and subservicing fees, and other costs and expenses). To the extent that servicing proceeds are less than the sum of servicing costs and the Excess Servicing Spread (which would typically result from high levels of servicing advances), the Company is obligated to pay the equivalent of such deficit to the Base MSR Counterparty. Upon a sale of any of the Underlying Forward MSRs, the Forward MSR Agreements also entitle the Company to distributions of the corresponding sale proceeds. Under certain circumstances, the Company can direct the Forward MSR Master Servicer to finance all or some of the Underlying Forward MSRs, alongside other similar MSRs that the Forward MSR Master Servicer oversees on behalf of third parties unrelated to the Company. Proceeds from such financing are distributed to the Company and must be repaid by the Company upon repayment of corresponding financing by the Forward MSR Master Servicer. As of both March 31, 2024 and December 31, 2023, the fair value of the Forward MSR-related investments takes into account the MSR Master Servicer's $13.5 million of outstanding borrowings for the benefit of the Company, which were secured by the Underlying Forward MSRs. The Company has elected the FVO for its investments under the Forward MSR Agreements which are reflected in Forward MSR-related investments, 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 Other, net. As of March 31, 2024 and December 31, 2023, the fair value of the Company's investments in Forward MSR-related investments was $160.0 million and $163.3 million, respectively. The following table presents activity related to Company’s investments in Forward MSR-related investments for the three month-period ended March 31, 2024. The Company did not hold Forward MSR-related investments during the three-month period ended March 31, 2023. (In thousands) Three-Month Period Ended March 31, 2024 Forward MSR-related investments, at fair value, beginning balance $ 163,336 Capital investments — Distributions (8,537) Accretion of interest income 3,597 Change in unrealized gain (loss) 1,613 Forward MSR-related investments, at fair value, ending balance $ 160,009

Investments in Unconsolidated E

Investments in Unconsolidated Entities	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities The 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 March 31, 2024 and December 31, 2023, the Company's investments in unconsolidated entities had an aggregate fair value of $125.4 million and $116.4 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 March 31, 2024 and 2023, the Company recognized $2.2 million and $3.4 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 March 31, 2024 and December 31, 2023, the fair value of the Company's investments in unconsolidated entities that have been deemed to be VIEs was $99.9 million and $87.8 million, respectively. The following table provides details about the Company's investments in unconsolidated entities as of March 31, 2024 and December 31, 2023: Percentage Ownership Investment in Unconsolidated Entity Form of Investment March 31, 2024 December 31, 2023 Loan Originators: LendSure Mortgage Corp. (1)(2) Common shares 63.7% 49.9% Other (1) Various 45.0%–50.0% 45.0%–50.0% Co-investments with Ellington affiliate(s) (1) : Elizon DB 2015-1 LLC (3)(4) Membership Interest 33.5% 30.4% Elizon NM CRE 2020-1 LLC (3)(5) Membership Interest 32.5% 11.5% Elizon CH CRE 2021-1 LLC (3)(6) Membership Interest 30.6% 29.2% Equity investments in securitization-related vehicles, including risk retention vehicles (7) Membership Interest 24.6%–84.5% 24.6%–84.5% Other: Jepson Holdings Limited (1)(3) Membership Interest 7.9% 7.9% Other (1)(3)(8) Various 6.1%–79.0% 6.1%–79.0% (1) See Note 16 for additional details on the Company's related party transactions. (2) As of March 31, 2024, the Company held both voting and non-voting equity interests; its non-voting stake in the entity was 13.8%. As of December 31, 2023, excludes investment in equity interests convertible into non-voting common shares; including such interests the Company's additional non-voting stake in the entity was 13.8%. See Note 16 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 16 Related Party Transactions— Participation in Multi-Borrower Financing Facilities , the Company and the Affiliated Entities (as defined in Note 16) each consolidate their segregated silos of the Joint Entity (as defined in Note 16). The Company's effective percentage ownership before the effects of consolidation of both its and the Affiliated Entities' respective segregated silos of the Joint Entity, was 56.0% and 60.0% as of March 31, 2024 and December 31, 2023, respectively. (5) As discussed in Note 16 Related Party Transactions— Participation in Multi-Borrower Financing Facilities , the Company and the Affiliated Entities (as defined in Note 16) each consolidate their segregated silos of the Joint Entity (as defined in Note 16). The Company's effective percentage ownership before the effects of consolidation of both its and the Affiliated Entities' respective segregated silos of the Joint Entity, was 64.8% and 74.1% as of March 31, 2024 and December 31, 2023, respectively. (6) As discussed in Note 16 Related Party Transactions— Participation in Multi-Borrower Financing Facilities , the Company and the Affiliated Entities (as defined in Note 16) each consolidate their segregated silos of the Joint Entity (as defined in Note 16). The Company's effective percentage ownership before the effects of consolidation of both its and the Affiliated Entities' respective segregated silos of the Joint Entity, was 54.2% and 52.1% as of March 31, 2024 and December 31, 2023, respectively. (7) Includes interests in Consumer Risk Retention Vehicles, as defined in Note 13 —Participation in Multi-Seller Consumer Loan Securitizations, and Participated Risk Retention Vehicle and Residential Loan JV, as defined in Note 13 —Residential Mortgage Loan Securitizations . The Company has evaluated these entities and determined that they do not meet the definition of a VIE. The Company evaluated its interest in the entity under the voting interest model outlined in ASC 810, and has determined that the Company does not control these entities. As a result, the Company has not consolidated the entity. See Note 13 for additional details on the Company's securitization transactions. (8) Includes interest in warehouse facilities; see Note 16— Participation in CLO Transactions , for additional details.

Real Estate Owned

Real Estate Owned	3 Months Ended
	Mar. 31, 2024
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-month periods ended March 31, 2024 and 2023: Three-Month Period Ended March 31, 2024 March 31, 2023 Number of Properties Carrying Value Number of Properties Carrying Value (In thousands) (In thousands) Beginning Balance (December 31, 2023 and 2022, respectively) 81 $ 22,085 97 $ 28,403 Transfers from mortgage loans 36 11,553 12 3,140 Capital expenditures and other adjustments to cost 200 180 Adjustments to record at the lower of cost or fair value (2,323) (69) Dispositions (35) (11,516) (11) (4,937) Ending Balance (March 31, 2024 and 2023, respectively) 82 $ 19,999 98 $ 26,717 During the three-month period ended March 31, 2024, the Company sold 35 REO properties, realizing a net gain (loss) of approximately $(1.4) million. During the three-month period ended March 31, 2023, the Company sold 11 REO properties, realizing a net gain (loss) of approximately $(0.1) million. Such realized gains (losses) are included in Realized gains (losses) on real estate owned, net, on the Company's Condensed Consolidated Statement of Operations. As of both March 31, 2024 and December 31, 2023, all of the Company's REO had been obtained as a result of obtaining physical possession through foreclosure. Of the Company's total REO holdings, $13.7 million and $16.8 million, were measured at fair value on a non-recurring basis as of March 31, 2024 and December 31, 2023, respectively.

Financial Derivatives

Financial Derivatives	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Derivatives	Financial Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company manages certain risks associated with its investments and borrowings, including interest rate, credit, liquidity, and foreign exchange rate risk primarily by managing the amount, sources, and duration of its investments and borrowings, and through the use of derivative financial instruments. The Company's derivative financial instruments are used to manage differences in the amount, timing, and duration of its known or expected cash receipts and its known or expected cash payments principally related to its investments and borrowings. The following table details the fair value of the Company's holdings of financial derivatives as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 (In thousands) Financial derivatives–assets, at fair value: TBA securities purchase contracts $ 13 $ 2,182 TBA securities sale contracts 866 — Fixed payer interest rate swaps 126,002 101,881 Fixed receiver interest rate swaps 9,113 27,358 Credit default swaps on asset-backed securities 8 8 Credit default swaps on asset-backed indices 1,948 3,318 Credit default swaps on corporate bonds 107 25 Credit default swaps on corporate bond indices 11,830 7,259 Total return swaps 6 6 Futures 61 245 Forwards 336 12 Warrants 53 1,702 Total financial derivatives–assets, at fair value 150,343 143,996 Financial derivatives–liabilities, at fair value: TBA securities purchase contracts (189) — TBA securities sale contracts (380) (5,820) Fixed payer interest rate swaps (3,360) (17,944) Fixed receiver interest rate swaps (13,293) (13,801) Credit default swaps on asset-backed indices (32) (32) Credit default swaps on corporate bonds (246) (225) Credit default swaps on corporate bond indices (22,037) (15,894) Futures (888) (7,990) Forwards — (70) Total financial derivatives–liabilities, at fair value (40,425) (61,776) Total $ 109,918 $ 82,220 Interest Rate Swaps The following tables provide information about the Company's fixed payer interest rate swaps as of March 31, 2024 and December 31, 2023: March 31, 2024: Weighted Average Maturity Notional Amount Fair Value Pay Rate Receive Rate Remaining Years to Maturity (In thousands) 2024 $ 482,811 $ 6,294 3.97 % 5.35 % 0.53 2025 414,561 8,473 3.69 5.33 1.41 2026 189,287 2,219 4.13 5.33 2.41 2027 228,250 13,283 2.91 5.34 3.15 2028 582,656 15,885 3.51 5.34 4.30 2029 220,788 7,247 3.36 5.33 4.87 2030 199,817 5,477 3.60 5.34 6.32 2031 157,766 25,740 1.51 5.34 7.21 2032 181,867 14,883 2.80 5.34 8.31 2033 465,285 16,540 3.42 5.34 9.20 2034 89,710 429 3.80 5.33 9.89 2035 500 150 0.78 5.33 11.56 2036 1,102 281 1.19 5.34 11.88 2037 45,000 5,498 2.81 5.34 13.41 2038 32,500 (373) 4.01 5.33 14.42 2039 12,292 114 3.77 5.33 14.85 2040 500 186 0.90 5.33 16.57 2050 500 232 0.98 5.33 26.57 2053 1,600 91 3.32 5.33 29.75 2054 400 (7) 3.72 5.33 29.92 Total $ 3,307,192 $ 122,642 3.44 % 5.34 % 4.85 December 31, 2023: Weighted Average Maturity Notional Amount Fair Value Pay Rate Receive Rate Remaining Years to Maturity (In thousands) 2024 $ 629,547 $ 9,097 3.18 % 5.41 % 0.61 2025 412,701 6,304 3.69 5.06 1.66 2026 189,287 (573) 4.13 5.39 2.66 2027 174,841 8,970 4.04 5.04 3.35 2028 650,990 7,516 3.48 5.38 4.54 2029 53,011 4,378 2.19 5.38 5.32 2030 150,817 1,122 3.50 5.39 6.59 2031 157,766 24,131 1.51 5.38 7.46 2032 181,867 11,069 2.80 5.38 8.56 2033 437,619 6,960 3.40 5.38 9.42 2035 500 132 0.78 5.33 11.81 2036 1,102 280 1.19 5.38 12.13 2037 45,000 3,780 2.81 5.38 13.66 2038 32,500 (1,727) 4.01 5.39 14.67 2040 500 165 0.90 5.33 16.82 2049 5,729 845 2.63 5.38 25.02 2050 500 207 0.98 5.33 26.82 2052 5,000 1,281 2.07 5.38 28.27 Total $ 3,129,277 $ 83,937 3.34 % 5.33 % 4.68 The following tables provide information about the Company's fixed receiver interest rate swaps as of March 31, 2024 and December 31, 2023: March 31, 2024: Weighted Average Maturity Notional Amount Fair Value Pay Rate Receive Rate Remaining Years to Maturity (In thousands) 2024 $ 52,236 $ (699) 5.43 % 3.56 % 0.59 2025 143,183 (360) 5.34 4.87 0.98 2026 503,256 (580) 5.33 4.56 1.98 2027 121,157 (1,665) 5.33 3.88 2.98 2028 517,220 4,069 5.33 4.31 4.35 2029 372,044 (1,180) 5.33 3.95 4.91 2030 116,000 (267) 5.34 3.94 6.42 2031 35,000 (659) 5.33 3.64 6.79 2033 225,931 843 5.33 3.94 9.64 2034 69,930 (640) 5.33 3.74 9.90 2035 500 (154) 5.34 0.74 11.56 2038 36,300 (1,362) 5.33 3.54 14.73 2039 13,177 (306) 5.33 3.65 14.83 2040 500 (192) 5.34 0.84 16.57 2050 500 (242) 5.34 0.90 26.57 2053 13,795 (786) 5.33 3.33 29.74 Total $ 2,220,729 $ (4,180) 5.33 % 4.19 % 4.78 December 31, 2023: Weighted Average Maturity Notional Amount Fair Value Pay Rate Receive Rate Remaining Years to Maturity (In thousands) 2024 $ 427,234 $ (578) 5.40 % 5.17 % 0.24 2025 143,183 67 5.38 4.87 1.23 2026 461,658 (8,399) 5.39 3.58 2.28 2027 36,591 30 5.39 3.68 3.90 2028 464,799 13,357 5.39 4.33 4.64 2030 67,000 1,737 5.39 3.97 6.77 2033 198,265 7,701 5.39 3.96 9.88 2035 500 (137) 5.38 0.74 11.81 2038 36,300 131 5.39 3.54 14.98 2040 500 (173) 5.38 0.84 16.82 2050 500 (220) 5.38 0.90 26.82 2053 22,800 41 5.39 3.33 29.99 Total $ 1,859,330 $ 13,557 5.39 % 4.28 % 3.93 Credit Default Swaps The following table provides information about the Company's credit default swaps as of March 31, 2024 and December 31, 2023: As of March 31, 2024 December 31, 2023 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 $ 226 $ 12 13.75 $ 230 $ 12 13.99 Credit default swaps on corporate bonds 2,000 107 1.72 2,000 25 1.97 Credit default swaps on corporate bond indices 284,000 11,830 4.46 149,000 7,259 4.47 Short: Credit default swaps on asset-backed securities (45) 8 11.49 (45) 8 11.74 Credit default swaps on asset-backed indices (42,003) 1,936 34.88 (42,101) 3,306 35.11 Liability: Long: Credit default swaps on asset-backed indices 60 (32) 24.97 60 (32) 25.22 Short: Credit default swaps on corporate bonds (13,000) (246) 3.22 (13,000) (225) 3.47 Credit default swaps on corporate bond indices (674,269) (22,037) 4.90 (537,299) (15,894) 4.84 $ (443,031) $ (8,422) 7.98 $ (441,155) $ (5,541) 7.81 (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 March 31, 2024 and December 31, 2023: As of March 31, 2024 December 31, 2023 Description Notional Amount Fair Value Remaining Months to Expiration Notional Amount Fair Value Remaining Months to Expiration (In thousands) (In thousands) Assets: Long Contracts: U.S. Treasury futures $ 1,900 $ 49 5.67 $ 1,900 $ 245 2.63 Short Contracts: U.S. Treasury futures (49,800) 12 6.00 — — — Liabilities: Short Contracts: U.S. Treasury futures (274,300) (888) 5.67 (313,100) (7,990) 2.21 Total, net $ (322,200) $ (827) 5.72 $ (311,200) $ (7,745) 2.21 Warrants The following table provides information about the Company's warrants contracts to purchase shares as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 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 102 $ 53 n/a 202 $ 1,702 5.66 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 usually take delivery of TBAs; rather, it settles the associated receivable and payable with its trading counterparties on a net basis. Transactions with the same counterparty for the same TBA that result in a reduction of the position are treated as extinguished. As of March 31, 2024 and December 31, 2023, the Company had outstanding TBA purchase and sale contracts as follows: March 31, 2024 December 31, 2023 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 $ 15,930 $ 15,950 $ 15,963 $ 13 $ 375,154 $ 362,129 $ 364,311 $ 2,182 Liabilities 83,817 82,060 81,871 (189) — — — — 99,747 98,010 97,834 (176) 375,154 362,129 364,311 2,182 Sale contracts: Assets (239,478) (226,440) (225,574) 866 — — — — Liabilities (90,153) (79,371) (79,751) (380) (433,098) (392,730) (398,550) (5,820) (329,631) (305,811) (305,325) 486 (433,098) (392,730) (398,550) (5,820) Total TBA securities, net $ (229,884) $ (207,801) $ (207,491) $ 310 $ (57,944) $ (30,601) $ (34,239) $ (3,638) (1) Notional amount represents the principal balance of the underlying Agency RMBS. (2) Cost basis represents the forward price to be paid (received) for the underlying Agency RMBS. (3) Market value represents the current market value of the underlying Agency RMBS (on a forward delivery basis) as of period end. (4) Net carrying value represents the difference between the market value of the TBA contract as of period end and the cost basis, and is reported in Financial derivatives-assets, at fair value and Financial derivatives-liabilities, at fair value on the Condensed Consolidated Balance Sheet. Gains and losses on the Company's derivative contracts for the three-month periods ended March 31, 2024 and 2023 are summarized in the tables below: Three-Month Period Ended March 31, 2024 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 Net Realized Gains (Losses) on Financial Derivatives 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 Change in Net Unrealized Gains (Losses) on Financial Derivatives (In thousands) Interest rate swaps Interest Rate $ 15,438 $ (8,653) $ 6,785 $ (4,427) $ 23,890 $ 19,463 Credit default swaps on asset-backed indices Credit (200) (200) (1,370) (1,370) Credit default swaps on corporate bond indices Credit (4,567) (4,567) 1,676 1,676 Credit default swaps on corporate bonds Credit (7) (7) 62 62 Total return swaps Equity Market/Credit 20 20 (1) (1) TBAs Interest Rate 817 817 3,948 3,948 Futures Interest Rate 434 434 6,918 6,918 Forwards Currency 110 110 395 395 Warrants Credit 86 86 (726) (726) Total $ 15,438 $ (11,960) $ 3,478 $ (4,427) $ 34,792 $ 30,365 Three-Month Period Ended March 31, 2023 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 Net Realized Gains (Losses) on Financial Derivatives 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 (1) Change in Net Unrealized Gains (Losses) on Financial Derivatives (1) (In thousands) Interest rate swaps Interest Rate $ 5,791 $ (31,075) $ (25,284) $ 3,452 $ 13,173 $ 16,625 Credit default swaps on asset-backed securities Credit 1 1 — — Credit default swaps on asset-backed indices Credit (275) (275) 2,158 2,158 Credit default swaps on corporate bond indices Credit (1,348) (1,348) 207 207 Credit default swaps on corporate bonds Credit (41) (41) (19) (19) TBAs Interest Rate 4,292 4,292 (10,077) (10,077) Futures Interest Rate (2,933) (2,933) (5,664) (5,664) Forwards Currency 141 141 (382) (382) Warrants Equity Market/Credit — — (80) (80) Total $ 5,791 $ (31,238) $ (25,447) $ 3,452 $ (684) $ 2,768 (1) Includes foreign currency remeasurement on financial derivatives in the amount of $5 thousand for the three-month period ended March 31, 2023, which is included on the Condensed Consolidated Statement of Operations in Other, net. The table below details the average notional values of the Company's financial derivatives, using absolute value of month end notional values, for the three-month period ended March 31, 2024 and the year ended December 31, 2023: Derivative Type Three-Month Year Ended (In thousands) Interest rate swaps $ 5,369,996 $ 4,309,089 Credit default swaps 811,654 497,857 TBAs 538,338 603,206 Futures 319,250 246,669 Forwards 23,200 15,567 Total return swaps 1,388 875 Warrants 177 1,926 From time to time the Company enters into credit derivative contracts for which the Company sells credit protection ("written credit derivatives"). As of March 31, 2024 and December 31, 2023, all of the Company's open written credit derivatives were credit default swaps on either mortgage/asset-backed indices (ABX and CMBX indices) or corporate bond indices (CDX), collectively referred to as credit indices, or on individual corporate bonds, for which the Company receives periodic payments at fixed rates from credit protection buyers, and is obligated to make payments to the credit protection buyer upon the occurrence of a "credit event" with respect to underlying reference assets. Written credit derivatives held by the Company at March 31, 2024 and December 31, 2023 are summarized below: Credit Derivatives March 31, 2024 December 31, 2023 (In thousands) Fair Value of Written Credit Derivatives, Net $ 11,917 $ 7,264 Notional Value of Written Credit Derivatives (1) 286,286 151,290 (1) 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. As of March 31, 2024, the implied credit spread on the Company's outstanding written credit derivative ranged between 40 and 293 basis points as compared to a range of between 51 and 438 basis points as of December 31, 2023. Total net up-front payments (paid) or received relating to written credit derivatives outstanding as of March 31, 2024 and December 31, 2023 was $(4.6) million and $(1.6) million, respectively.

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets Disclosure	Other Assets The following table provides additional details of the Company's assets included in Other assets on the Condensed Consolidated Balance Sheet at March 31, 2024 and December 31, 2023. Other Assets March 31, 2024 December 31, 2023 (In thousands) Receivables and claims related to reverse mortgage loans repurchased from HMBS (1) $ 40,454 $ 48,468 Prepaid expenses and deferred offering costs 12,605 11,602 Accounts receivable 7,230 3,755 Leases—right of use assets (2) 5,773 3,279 Prepaid scheduled draws on reverse mortgage loans and amounts due from sub-servicer 3,325 2,800 Intangible assets 2,548 2,673 Property and equipment (4) 1,580 1,110 Certificates of deposit, security deposits, and escrow cash 858 1,043 Servicing asset, at fair value (3) 324 1,327 Other 725 1,042 $ 75,422 $ 77,099 (1) Represents receivables from third-parties and claims to HUD related to loans repurchased from HMBS. See Note 13, Issuance of HMBS for discussion on the maximum claim amount related to reverse mortgage loans in HMBS. (2) See Note 24 for additional details on the Company's leases and ROU assets. (3) See Note 13 for details on the Servicing asset. (4) Net of accumulated depreciation. In connection with the Longbridge Transaction, the Company identified and recognized various intangible assets. The following table details the Company's intangible assets as of March 31, 2024 and December 31, 2023. March 31, 2024 December 31, 2023 Gross Carrying Value Accumulated Amortization Net Useful Life Gross Carrying Value Accumulated Amortization Net Useful Life (In thousands) (In months) (In thousands) (In months) Intangible Asset: Internally developed software $ 1,400 $ (700) $ 700 36 $ 1,400 $ (583) $ 817 36 Trademarks/trade names 1,200 — 1,200 Indefinite 1,200 — 1,200 Indefinite Customer relationships 700 (52) 648 240 700 (44) 656 240 Total identified intangible assets $ 3,300 $ (752) $ 2,548 $ 3,300 $ (827) $ 2,673 The following table summarizes changes in the net carrying value of the Company's intangible assets for the three-month periods ended March 31, 2024 and 2023. Three-Month Period Ended March 31, 2024 (In thousands) Internally Developed Software Trademarks/Trade Names Customer Relationships Total Net carrying value of intangible assets—Beginning Balance (December 31, 2023) $ 817 $ 1,200 $ 656 $ 2,673 Accumulated Amortization (117) — (8) (125) Net carrying value of intangible assets—Ending Balance (March 31, 2024) $ 700 $ 1,200 $ 648 $ 2,548 Three-Month Period Ended March 31, 2023 (In thousands) Internally Developed Software Trademarks/Trade Names Customer Relationships Non-Compete Agreements Total Net carrying value of intangible assets—Beginning Balance (December 31, 2022) $ 1,284 $ 1,200 $ 691 $ 100 $ 3,275 Accumulated Amortization (117) — (9) (100) (226) Net carrying value of intangible assets—Ending Balance (March 31, 2023) $ 1,167 $ 1,200 $ 682 $ — $ 3,049 The following table summarizes the Company's estimated future amortization expense on its intangible assets. (In thousands) March 31, 2024 2024 $ 376 2025 385 2026 35 2027 35 2028 35 Thereafter 481 Total $ 1,347

Consolidated VIEs

Consolidated VIEs	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidated VIEs	Consolidated VIEs As discussed in Note 2, the Company has interests in entities that it has determined to be VIEs. The following table summarizes the assets and liabilities of the Company's consolidated VIEs that are included on the Company's Condensed Consolidated Balance Sheet as of March 31, 2024 and December 31, 2023. See Note 13 and Note 16 for additional information on the Company's consolidated VIEs. (In thousands) March 31, 2024 December 31, 2023 Assets Cash and cash equivalents $ 98 $ 178 Restricted cash 4,730 — Securities, at fair value 71,545 74,226 Loans, at fair value 3,619,551 3,342,478 Forward MSR-related investments, at fair value 80,475 82,273 Investments in unconsolidated entities, at fair value 72,220 63,701 Real estate owned 14,414 16,100 Investment related receivables 20,325 19,929 Other assets 733 469 Total Assets $ 3,884,091 $ 3,599,354 Liabilities Repurchase agreements $ 1,305,736 $ 1,244,401 Other secured borrowings 19,662 25,787 Other secured borrowings, at fair value 1,569,149 1,424,668 Interest payable 2,052 1,879 Accrued expenses and other liabilities 283 451 Total Liabilities 2,896,882 2,697,186 Total Stockholders' Equity 981,686 897,303 Non-controlling interests 5,523 4,865 Total Equity 987,209 902,168 Total Liabilities and Equity $ 3,884,091 $ 3,599,354

Securitization Transactions

Securitization Transactions	3 Months Ended
	Mar. 31, 2024
Securitization Transactions [Abstract]
Securitization Transactions	Securitization Transactions Participation in CLO Transactions An affiliate of Ellington 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 March 31, 2024 and December 31, 2023, the fair value of the Company's investment in the notes issued by the CLO Issuers was $4.4 million and $5.1 million, respectively. See Note 16 for further details on the Company's participation in CLO transactions. Residential Mortgage Loan Securitizations The Company has participated in securitizations of non-QM loans (each, a "non-QM securitization"). In each case, the applicable sponsor of such securitization (the "Sponsor") transferred a pool of non-QM loans (each, a "Collateral Pool") to a wholly-owned subsidiary of such Sponsor (each, a "Depositor"), and on the closing date such Collateral Pool was deposited into a newly created securitization trust (such 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. For the non-QM securitizations in which the Company participated between November 2017 and July 2022, the Sponsor and the Depositor are wholly-owned subsidiaries of the Company. The Company has subsequently participated in non-QM securitizations with other entities managed by Ellington (each a "Non-QM Co-Participant"), and in such cases the Sponsor and the Depositor are not subsidiaries of the Company. 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 non-QM securitization for which the applicable Sponsor was a wholly-owned subsidiary of the Company, the Company 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. In the non-QM securitizations for which the Sponsor was not a wholly-owned subsidiary of the Company, the Company and the applicable Non-QM Co-Participants have membership interests in an entity formed for such purpose (the "Participated Risk Retention Vehicle") which purchased, and intends to hold, the requisite amount of each class of Certificate for each applicable non-QM securitization. The Participated Risk Retention Vehicle also purchased the Certificates entitled to excess servicing fees of such Issuing Entities. The remaining Certificates were purchased by the Company, the Non-QM Co-Participants, and/or various unrelated parties. Notwithstanding that the Certificates carry final scheduled distribution dates in November 2059 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. These Optional Redemption rights are held by the applicable Depositor and are deemed to give such Depositor effective control over the loans. In cases where the Depositor was a wholly-owned subsidiary of the Company, the transfers of non-QM loans to each of the Issuing Entities do not qualify as sales under ASC 860-10, and the Company continues to reflect the loans on its Condensed Consolidated Balance Sheet in Loans, at fair value. In cases where the Depositor was not wholly-owned or consolidated by the Company, the transfers of non-QM loans to the Issuing Entities did qualify as sales in accordance with 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. Consolidated Residential Mortgage Loan Securitizations For non-QM securitizations in which the Company owned 100% of the interests in both the Sponsor and Depositor ("Consolidated Residential Mortgage Loan Securitizations"), the Company is deemed to be the primary beneficiary of the Issuing Entities, which are VIEs, and has consolidated the Issuing Entities ("Consolidated Issuing Entities") given the Company's retained interests in each of the securitizations, together with the Optional Redemption rights held by the wholly-owned Depositor and the Company's ability to direct the third-party servicer regarding certain loss mitigation activities. 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. Each of the Consolidated Issuing Entities 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 Consolidated Issuing Entities is included in Other secured borrowings, at fair value, on the Condensed Consolidated Balance Sheet and is shown net of the Certificates held by the Company. The following table details the Company's outstanding consolidated residential mortgage loan securitizations: Issuing Entity Closing Date Principal Balance of Loans Transferred to the Depositor Total Face Amount of Certificates Issued (1) (In thousands) Ellington Financial Mortgage Trust 2019-2 11/19 $ 267,255 $ 267,255 Ellington Financial Mortgage Trust 2020-1 6/20 259,273 259,273 Ellington Financial Mortgage Trust 2020-2 10/20 219,732 219,732 Ellington Financial Mortgage Trust 2021-1 2/21 251,771 251,771 Ellington Financial Mortgage Trust 2021-2 6/21 331,777 331,777 Ellington Financial Mortgage Trust 2021-3 10/21 257,645 257,645 Ellington Financial Mortgage Trust 2022-1 1/22 417,188 417,188 Ellington Financial Mortgage Trust 2022-2 4/22 425,651 425,651 Ellington Financial Mortgage Trust 2022-3 7/22 345,652 345,652 (1) The Sponsor purchased various classes of Certificates issued by each Issuing Entity in order to comply with the Risk Retention Rules. The following table details the assets and liabilities of the Consolidated Issuing Entities included in the Company's Condensed Consolidated Balance Sheet as of March 31, 2024 and December 31, 2023: (In thousands) March 31, 2024 December 31, 2023 Assets: Loans, at fair value $ 1,533,622 $ 1,555,371 Investment related receivables 1,676 1,884 Liabilities: Other secured borrowings, at fair value 1,406,668 1,424,668 Non-Consolidated Residential Mortgage Loan Securitizations As described above, the Company has also participated in non-QM securitizations with various Non-QM Co-Participants. For the non-QM securitization which closed in December 2022, the Company and the Non-QM Co-Participant each sold loans to a jointly held entity (the "Residential Loan JV") which then transferred the loans to the respective series of the applicable Sponsor, which is wholly-owned by the Residential Loan JV, for further transfer to the applicable Depositor. For the non-QM securitization which closed in February 2023, the Company and the Non-QM Co-Participants each sold loans directly to the respective series of the applicable Sponsor, for further transfer to the applicable Depositor. The sales by the Company in each instance were accounted for as sales in accordance with ASC 860-10. The following table provides details on outstanding non-consolidated residential mortgage loan securitizations in which the Company has participated: Issuing Entity Closing Date Principal Balance of Loans Sold By the Company Principal Balance of Loans Sold By the Non-QM Co-Participants Total Face Amount of Certificates Issued (In thousands) EFMT 2022-4 12/22 $ 309,998 $ 55,264 $ 365,262 EFMT 2023-1 2/23 176,218 154,149 330,367 In order to comply with the Risk Retention Rules, the Participated Risk Retention Vehicle purchased a percentage of each of the classes of Certificates issued by the respective Issuing Entities. The aggregate fair value of the Company's ownership interests in the Residential Loan JV, and respective series of both the Participated Risk Retention Vehicle and Sponsor, was $6.2 million and $8.7 million as of March 31, 2024 and December 31, 2023, respectively. Such interests are included on the Condensed Consolidated Balance Sheet in Investments in unconsolidated entities, at fair value. The Company and the non-QM Co-Participants also directly purchased, certain of the Certificates issued by the non-consolidated Issuing Entities; the Company subsequently sold various of these Certificates. As of March 31, 2024 and December 31, 2023, the fair value of the Company's investment in such Certificates was $7.8 million and $33.0 million, respectively, and is included on the Condensed Consolidated Balance Sheet in Securities, at fair value. The Company has evaluated its interests in the Residential Loan JV, the Participated Risk Retention Vehicle, and the Sponsor, which are each VIEs. Because the Company does not control the assets of such entities nor does it have the power to direct the activities that most significantly impact such entities' economic performance, the Company determined that the Company is not the primary beneficiary of these VIEs, and therefore the Company has not consolidated these VIEs. Participation in Multi-Seller Consumer Loan Securitizations The Company has participated in various securitizations whereby the Company, together with certain other entities managed by Ellington (the "Consumer Co-Participants"), sold consumer loans to newly formed securitization trusts (each a "Consumer Securitization Issuer"). The sales were accounted for as sales in accordance with ASC 860-10. The following table provides additional details for each such securitization. Securitization Closing UPB of Loans Sold to Consumer Securitization Issuer % Contributed by the Company Principal Amount of Notes Issued (1) % Ownership of Consumer Risk Retention Vehicle (In thousands) (In thousands) November 2020 $ 205,088 56.3 % $ 193,650 56.3 % March 2022 (2) 193,450 24.7 % 400,000 24.6 % (1) Total principal amount of notes issued by the Consumer Securitization Issuer pursuant to the securitization. (2) UPB of loans sold to the Consumer Securitization Issuer represent the UPB of consumer loans sold by the Company and the Consumer Co-Participants. Such amount excludes $227.6 million of UPB of consumer loans sold to the Consumer Securitization Issuer by a third-party. As shown in the above table, pursuant to each of the securitizations, the respective Consumer Securitization Issuer issued senior and subordinated notes. Trust certificates representing beneficial ownership of each of the Consumer Securitization Issuers were also issued. In connection with each transaction, through a jointly owned newly formed entity (each a "Consumer Risk Retention Vehicle"), the Company and the Consumer Co-Participants acquired certain of the subordinated notes as well as the trust certificates in the respective Consumer Securitization Issuer. As of March 31, 2024 and December 31, 2023, the Company's total interest in the Consumer Risk Retention Vehicles, for which the Company has elected the FVO, was $1.8 million and $2.4 million, respectively. The fair value of the Consumer Risk Retention Vehicles is included on the Condensed Consolidated Balance Sheet in Investments in unconsolidated entities, at fair value. The notes and trust certificates issued by each of the Consumer Securitization Issuers are backed by the cash flows from the underlying consumer loans. If there are breaches of representations and warranties with respect to any underlying consumer loans, the Company could, under certain circumstances, be required to repurchase or replace such loans. Absent such breaches, the Company has no obligation to repurchase or replace any underlying consumer loans that become delinquent or otherwise default. In addition, another affiliate of Ellington acts as the administrator for these securitizations and is paid a monthly fee for its services. The Consumer Securitization Issuers are each deemed to be a VIE. The Company has evaluated its interest in each of the Consumer Securitization Issuers under ASC 810, and while the Company retains credit risk in each of the securitization trusts through its beneficial ownership of most of the subordinated interests of each of the securitization trusts, which are the first to absorb credit losses on the securitized assets, neither the Company nor the Consumer Risk Retention Vehicles retain control of these assets or the power to direct the activities of the Consumer Securitization Issuers that most significantly impact the Consumer Securitization Issuers' economic performance. As a result, the Company determined that neither the Company nor the Consumer Risk Retention Vehicles are the primary beneficiary of the respective Consumer Securitization Issuer, and therefore the Company has not consolidated the Consumer Securitization Issuers. Additionally, the Company evaluated its interest in each of the Consumer Risk Retention Vehicles, which do not meet the criteria to be deemed a VIE, under the voting interest model provided by ASC 810 and determined the Company does not control the Consumer Risk Retention Vehicles. As a result, the Company has not consolidated the Consumer Risk Retention Vehicles. Proprietary Reverse Mortgage Loan Securitizations In March 2024, the Company, through a wholly owned subsidiary (the "RM Sponsor"), sponsored a $208.1 million securitization transaction (the Reverse Mortgage Securitization") collateralized by a pool of proprietary reverse mortgage loans (the "RM Collateral Pool"). The RM Sponsor transferred such RM Collateral Pool, with an unpaid principal balance of $171.4 million, to a wholly-owned subsidiary (the "RM Depositor"), and on the securitization closing date such RM Collateral Pool was deposited into a newly created securitization trust (the "RM Issuing Entity"). Pursuant to the Reverse Mortgage Securitization, the RM Issuing Entity issued various classes of asset-backed notes (the "RM Notes") which are backed by the cash flows from the underlying proprietary reverse mortgage loans. The two most senior classes of RM Notes were purchased by unrelated parties, while the Company retained the remaining classes of RM Notes. The Company intends to hold, at a minimum, the amount of RM Notes it is required to hold under the Risk Retention Rules. The Company is deemed to be the primary beneficiary of the RM Issuing Entity, which is a VIE. The RM Issuing Entity meets the definition of a CFE and as a result, the assets of the RM Issuing Entity have been valued using the fair value of the liabilities of the RM Issuing Entity, as such liabilities have been assessed to be more observable than such assets. The debt of the RM Issuing Entity is included in Other secured borrowings, at fair value, on the Condensed Consolidated Balance Sheet and is shown net of the RM Notes held by the Company. The following table details the assets and liabilities of the RM Issuing Entity included in the Company's Condensed Consolidated Balance Sheet as of March 31, 2024: March 31, 2024 Assets: (In thousands) Loans, at fair value $ 184,853 Restricted cash 4,730 Liabilities: Other secured borrowings, at fair value 162,481 Issuance of HMBS Longbridge is approved as a Title II, non-supervised direct endorsement mortgagee with HUD. Longbridge is also an approved issuer of HMBS whereby it pools HECM loans and issues HMBS securities which are sold to third-parties with only the servicing rights retained. As discussed in Note 5, HMBS are structured whereby the HMBS issuer is required to repurchase loans whenever the outstanding principal balance of such loan reaches 98% of the MCA. In accordance with ASC 860-10, the transfer of the loans to the HMBS securitization vehicle does not qualify as a sale as the Company has not surrendered control over transferred financial assets. As a result, the transfer of the loans is accounted for as secured borrowings for which the Company has elected the FVO. Such secured borrowings are included in HMBS-related obligations, at fair value. The majority of the related collateral is included as a component of Loans, at fair value, on the Condensed Consolidated Balance Sheet. The Company recognizes interest expense on such HMBS-related obligations based on the stated coupon rate of the respective HMBS. Interest expense and changes in fair value are recorded in net change related to HMBS obligations, at fair value on the Condensed Consolidated Statement of Operations. During the three-month periods ended March 31, 2024 and 2023, the Company pooled HECM loans with an unpaid principal balance of $274.4 million and $313.4 million, respectively, into HMBS. As of March 31, 2024, the Company was servicing 1,008 pools of HMBS with an unpaid principal balance of $8.3 billion. As of December 31, 2023, the Company was servicing 974 pools of HMBS with an unpaid principal balance of $8.2 billion. The Company has entered into a Collaboration and Transfer Agreement, or the "HECM CT Agreement" with a third party. Pursuant to the HECM CT Agreement, the Company purchased HECM loans and the associated MSR from the third party and securitized such loans into HMBS. While the Company is the legal owner and servicer of the HMBS, under the HECM CT Agreement, the third party receives a portion of the cash flows generated from the HMBS. The Company retains a base participation fee, along with the right to premiums on subsequent HECM tail securitizations. Additionally, in the event Company is required to repurchase a loan from the HMBS pool, there is a put option repurchase guarantee from the third-party whereby they are required to repurchase such HECM loans from the Company. The Company recognizes the amount due to/from the third party under the HECM CT Agreement as an asset or a liability (the "Servicing Asset" or "Servicing Liability") which is included in Accrued expenses and other liabilities or Other Assets on the Condensed Consolidated Balance Sheet. The Company has elected the FVO on its Servicing Asset/Liability and changes in value are included in Other Income (Loss). As of March 31, 2024 and December 31, 2023, the Company has a servicing asset related to the HECM CT Agreement of $0.3 million and $1.3 million, respectively, which is included in Other Assets on the Condensed Consolidated Balance Sheet. During the three-month period ended March 31, 2024 , the Company repurchased HECM loans from HMBS pools with an unpaid principal balance of $147.8 million largely consisting of loans subject to 98% of the MCA requirement, of which $136.0 million was subsequently transferred to a third party in accordance with the HECM CT Agreement. During the three-month period ended March 31, 2023, the Company repurchased HECM loans from HMBS pools with an unpaid principal balance of $159.3 million largely consisting of loans subject to the MCA requirement, of which $157.5 million was subsequently transferred to a third party in accordance with the HECM CT Agreement.

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Borrowings	Borrowings Secured Borrowings The Company's secured borrowings consist of repurchase agreements, Other secured borrowings, Other secured borrowings, at fair value, and HMBS-related obligations, at fair value. As of March 31, 2024 and December 31, 2023, the Company's total secured borrowings were $12.9 billion and $13.1 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 364 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 25 and 26 counterparties as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024, remaining days to maturity on the Company's open repurchase agreements ranged from 1 day to 422 days. Interest rates on the Company's open repurchase agreements ranged from 4.81% to 8.85% as of March 31, 2024. As of December 31, 2023, remaining days to maturity on the Company's open repurchase agreements ranged from 2 days to 513 days. Interest rates on the Company's open repurchase agreements ranged from 4.81% to 8.68% as of December 31, 2023. The following table details the Company's outstanding borrowings under repurchase agreements for Agency RMBS, credit assets (which can include non-Agency RMBS, CMBS, CLOs, consumer loans, corporate debt, residential mortgage loans, and commercial mortgage loans and REO), reverse mortgage loans, and U.S. Treasury securities by remaining maturity as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 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 $ 497,820 5.46 % 10 $ 1,076,710 5.55 % 17 31-60 Days 1,240 6.08 % 39 15,786 5.81 % 49 61-90 Days 116,567 5.49 % 75 914 6.16 % 72 151-180 Days 1,656 6.12 % 159 1,931 6.23 % 159 Total Agency RMBS 617,283 5.47 % 23 1,095,341 5.55 % 18 Credit Assets: 30 Days or Less 26,065 6.80 % 11 124,617 6.80 % 22 31-60 Days 108,544 6.75 % 44 136,434 7.03 % 41 61-90 Days 104,095 6.76 % 73 82,992 6.85 % 74 91-120 Days 330,090 7.57 % 110 290,215 7.36 % 116 121-150 Days 23,442 7.00 % 134 — — % — 151-180 Days 6,295 6.74 % 159 5,980 6.68 % 161 181-364 Days 938,848 7.52 % 189 867,983 7.61 % 268 > 364 Days 37,459 8.58 % 422 58,631 8.61 % 513 Total Credit Assets 1,574,838 7.43 % 157 1,566,852 7.44 % 199 Reverse Mortgage Loans: 121-150 Days 66,982 8.85 % 128 — — % — 181-364 Days 31,412 8.36 % 188 150,228 7.97 % 282 Total Reverse Mortgage Loans 98,394 8.70 % 148 150,228 7.97 % 282 U.S. Treasury Securities: 30 Days or Less 227,232 5.50 % 1 155,016 5.51 % 2 Total U.S. Treasury Securities 227,232 5.50 % 1 155,016 5.51 % 2 Total $ 2,517,747 6.82 % 109 $ 2,967,437 6.67 % 126 Repurchase agreements involving underlying investments that the Company sold prior to period end, for settlement following period end, are shown using their contractual maturity dates even though such repurchase agreements may be expected to be terminated early upon settlement of the sale of the underlying investment. As of March 31, 2024 and December 31, 2023, the fair value of investments transferred as collateral under outstanding borrowings under repurchase agreements was $3.1 billion and $3.7 billion, respectively. Collateral transferred under outstanding borrowings under repurchase agreements as of March 31, 2024 and December 31, 2023, include investments in the amount of $8.5 million and $346.6 million, respectively, that were sold prior to period end but for which such sale had not yet settled. As of December 31, 2023, such amount included $341.1 million of Agency RMBS that had been acquired as a result of the Arlington merger and then subsequently sold but for which such sale transaction had not yet settled. In addition, as of March 31, 2024 and December 31, 2023, the Company posted (received) net cash collateral of $2.2 million and $(11.2) million, respectively, to its counterparties. In addition, as of March 31, 2024 additional securities with a fair value of $0.4 million were posted by the Company as a result of margin calls from various 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. The following table provides details by counterparty for such counterparties for which the amounts at risk relating to our repurchase agreements was greater than 10% of total equity as of March 31, 2024 and December 31, 2023. March 31, 2024: Counterparty Amount at Risk Weighted Average Remaining Days to Maturity Percentage (In thousands) Nomura Holdings Inc. $ 260,829 164 16.8 % December 31, 2023: Counterparty Amount at Risk Weighted Average Remaining Days to Maturity Percentage (In thousands) Nomura Holdings Inc. $ 216,886 246 14.2 % Other Secured Borrowings The Company has 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 September 2024 (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 September 2026. The facility accrues interest on a floating rate basis. As of March 31, 2024 and December 31, 2023, the Company had outstanding borrowings under this facility in the amount of $19.7 million and $25.8 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, was 9.95% and 9.83% as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024 and December 31, 2023, the fair value of ABS backed by consumer loans collateralizing this borrowing was $67.1 million and $69.8 million, respectively. There are a number of covenants, including several financial covenants, associated with this borrowing; as of both March 31, 2024 and December 31, 2023, the Company was in compliance with all of its covenants. The Company has completed securitization transactions, as discussed in Note 13, whereby it financed portfolios of non-QM loans. As of March 31, 2024 and December 31, 2023, the fair value of the Company's outstanding liabilities associated with the Company's Consolidated Residential Mortgage Loan Securitizations was $1.41 billion and $1.42 billion, 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 3.04% and 3.03% as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024 and December 31, 2023, the fair value of non-QM loans held in the Consolidated Residential Mortgage Loan Securitization trusts was $1.5 billion and $1.6 billion, respectively. The Company has completed a securitization transaction, as discussed in Note 13, whereby it financed a portfolio of reverse mortgage loans. As of March 31, 2024, the fair value of the Company's outstanding liabilities associated with the Company's Reverse Mortgage Securitizations was $162.5 million, representing the fair value of the securitization trust certificates held by third parties as of such date, and is included on the Company's Condensed Consolidated Balance Sheet in Other secured borrowings, at fair value. The weighted average coupon of the certificates held by third parties was 4.50%. Collateral held in the RM Issuing Entity as of March 31, 2024 includes the fair value of reverse mortgage loans of $184.2 million and $4.7 million of cash held in a securitization reserve fund. The Company has various warehouse lines of credit which it uses to finance its portfolio of reverse mortgage loans prior to them being sold or pooled into HMBS. There are a number of covenants, including several financial covenants, associated with these lines of credit; as of March 31, 2024 and December 31, 2023, the Company was in compliance with all of these covenants. As of March 31, 2024 and December 31, 2023, the Company had outstanding borrowings under these financing lines of $108.6 million and $160.1 million, respectively, which is included on the Company's Condensed Consolidated Balance Sheet in Other secured borrowings. The following table provides details for each of the warehouse lines of credit. March 31, 2024 December 31, 2023 Maturity Outstanding Borrowings Fair Value of Underlying Collateral Effective Interest Rate Outstanding Borrowings Fair Value of Underlying Collateral Effective Interest Rate (In thousands) (In thousands) Facility A May 2024 $ 52,407 $ 61,670 8.77 % $ 83,393 $ 99,340 8.95 % Facility B April 2024 56,180 60,820 7.97 % 76,717 88,251 8.21 % $ 108,587 $ 122,490 8.36 % $ 160,110 $ 187,591 8.60 % The Company entered into an agreement to finance a portfolio of HECM tail draws prior to being sold or pooled into HMBS. This facility was extended in January 2024 and matures in May 2024, and accrues interest on a floating-rate basis. As of March 31, 2024 and December 31, 2023, the Company's outstanding borrowings under this facility was $17.5 million and $18.7 million, respectively, which are included on the Company's Condensed Consolidated Balance Sheet in Other secured borrowings. The effective interest rate was 9.00% as of both March 31, 2024 and December 31, 2023. As of March 31, 2024 and December 31, 2023, the fair value of HECM tail draws collateralizing this borrowing was $28.6 million and $29.2 million, respectively, which are included in Loans, at fair value on the Condensed Consolidated Balance Sheet. There are a number of covenants, including several financial covenants, associated with this borrowing; as of both March 31, 2024 and December 31, 2023, the Company was in compliance with all of its covenants. The Company entered into a line of credit agreement to finance its portfolio of HMBS-related MSRs. This facility matures in January 2025 and accrues interest on a floating-rate basis. As of March 31, 2024 and December 31, 2023, the Company's outstanding borrowings under this facility were $20.4 million and $26.6 million, respectively, which are included on the Company's Condensed Consolidated Balance Sheet in Other secured borrowings. The effective interest rate was 10.44% and 10.46% as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024 and December 31, 2023, the fair value of MSRs collateralizing this borrowing was $94.4 million and $88.4 million, respectively. There are a number of covenants, including several financial covenants, associated with this borrowing; as of both March 31, 2024 and December 31, 2023, the Company was in compliance with all of its covenants. As discussed in Note 5, the Company is a party to various agreements with the MLPS Counterparty, which provide for the financing of certain HECM Buyout Loans. This facility was executed in March 2023 with a three-year term and accrues interest on a floating-rate basis. As of March 31, 2024 and December 31, 2023, the Company's outstanding borrowings under this facility were $14.8 million and $14.7 million, which are included on the Company's Condensed Consolidated Balance Sheet in Other secured borrowings. The effective interest rate was 7.68% and 7.59% as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024 and December 31, 2023, and the fair value of HECM Buyout Loans collateralizing this borrowing was $14.9 million and $14.9 million, respectively. There are a number of covenants, including several financial covenants, associated with this borrowing; as of March 31, 2024 and December 31, 2023, the Company was in compliance with all of its covenants. HMBS-related Obligations As discussed in Note 13, the Company issues pools of HMBS which are accounted for as secured borrowings. As of March 31, 2024 and December 31, 2023, the Company had HMBS-related obligations, at fair value of $8.6 billion and $8.4 billion, respectively. As of March 31, 2024 and December 31, 2023, such HMBS-related obligations are secured by $8.7 billion and $8.5 billion, respectively, of HECM loans, REO, and HMBS-related claims or other receivables. The weighted average interest rate on the Company's HMBS-related obligations was 6.23% and 6.46% as of March 31, 2024 and December 31, 2023, respectively. Unsecured Borrowings Senior Notes The Company has issued $210.0 million in aggregate principal amount of unsecured long-term debt, which is structured as a joint and several co-issuance by certain of the Company's consolidated subsidiaries and fully guaranteed by the Company (the "5.875% Senior Notes"). The 5.875% Senior Notes bear interest at a rate of 5.875%, subject to adjustment based on changes, if any, in the ratings of the 5.875% Senior Notes. Interest on the 5.875% Senior Notes is payable semi-annually in arrears on April 1 and October 1 of each year. The 5.875% Senior Notes mature on April 1, 2027. Prior to April 1, 2026, the Company may redeem the 5.875% Senior Notes, at its option, in whole or in part, at a premium as detailed in the indenture dated March 31, 2022. On or after April 1, 2026, the Company may redeem all or a part of the 5.875% Senior Notes at a redemption price of 100%, plus accrued and unpaid interest. Upon the completion of the Arlington Merger, the Company assumed Arlington's liabilities including various unsecured debt. The Company assumed $34.9 million Arlington's 6.75% Senior Notes, which bear interest at a rate of 6.75% and are due March 15, 2025 (the "6.75% Senior Notes"). Interest on the 6.75% Senior Notes is payable quarterly in arrears on February 1, May 1, August 1, and November 1 of each year. The Company may redeem the 6.75% Senior Notes, at its option, in whole or in part, at a redemption price equal to 100% of the outstanding principal amount of the 6.75% Senior Notes being redeemed plus accrued and unpaid interest to, but excluding, the date of redemption. The 6.75% Senior Notes are obligations of a certain subsidiary of the Company and are fully guaranteed by the Company. The Company also assumed $37.8 million of Arlington's 6.00% Senior Notes, which bear interest at a rate of 6.00% and are due August 1, 2026 (the "6.00% Senior Notes"). Interest on the 6.00% Senior Notes is payable quarterly in arrears on March 15, June 15, September 15, and December 15 of each year. The Company may redeem the 6.00% Senior Notes, at its option, in whole or in part, at a redemption price equal to 100% of the outstanding principal amount of the 6.00% Senior Notes being redeemed plus accrued and unpaid interest to the date of redemption. The 6.00% Senior Notes are obligations of a certain subsidiary of the Company and are fully guaranteed by the Company. The Company has elected the FVO for the 5.875% Senior Notes, 6.75% Senior Notes, and 6.00% Senior Notes (collectively the "Senior Notes"), which are included in Unsecured borrowings, at fair value on the Condensed Consolidated Balance Sheet. Change in unrealized gains and losses on the Company's Senior Notes are included in Unrealized gains (losses) on Unsecured borrowings, at fair value, on the Condensed Consolidated Statement of Operations. There are a number of covenants, including several financial covenants, associated with the Senior Notes; as of both March 31, 2024 and December 31, 2023, the Company was in compliance with all of its covenants for its outstanding Senior Notes. 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. Subordinated Notes The Company also assumed $15.0 million of Arlington's unregistered junior subordinated unsecured debt securities (the "Trust Preferred Debt"). The Trust Preferred Debt includes $10.0 million, which bears interest at a rate of three-month term SOFR plus 3.26%, payable quarterly in arrears, and which matures on October 7, 2033; and $5.0 million, which bears interest at a rate of three-month term SOFR plus 2.51%, payable quarterly in arrears, and which matures on July 7, 2035. The Trust Preferred Debt may be redeemed in whole or in part at any time and from time to time at the Company’s option, at a redemption price equal to the principal amount plus accrued and unpaid interest. The Company has elected the FVO for the Trust Preferred Debt, which is included in Unsecured borrowings, at fair value on the Condensed Consolidated Balance Sheet, and change in unrealized gains and losses on the Company's Trust Preferred Debt are included in Unrealized gains (losses) on Unsecured borrowings, at fair value, on the Condensed Consolidated Statement of Operations. The Trust Preferred Debt is an obligation of a certain subsidiary of the Company and is fully guaranteed by the Company. Schedule of Principal Repayments The following table details the Company's principal repayment schedule, over the next 5 years, for outstanding borrowings as of March 31, 2024: Year Repurchase Agreements (1) Other Secured Borrowings (2) HMBS-related Obligations (3) Unsecured Borrowings (1) Total (In thousands) Next Twelve Months $ 2,480,288 $ 377,346 $ 1,231,518 $ 34,931 $ 4,124,083 Year 2 37,459 255,077 949,487 — 1,242,023 Year 3 — 232,158 910,446 37,750 1,180,354 Year 4 — 184,251 838,304 210,000 1,232,555 Year 5 — 150,451 851,779 — 1,002,230 Total $ 2,517,747 $ 1,199,283 $ 4,781,534 $ 282,681 $ 8,781,245 (1) Reflects the Company's contractual principal repayment dates. (2) Includes $896.6 million and $121.8 million of expected principal repayments related to the Company's consolidated non-QM and reverse mortgage loan securitizations, respectively, which are projected based upon the underlying assets' expected repayments and may be prior to the stated contractual maturities. (3) Represents expected principal repayments projected based upon the expected repayments of the underlying HECM loans, which may be prior to the stated contractual maturities of the related HMBS.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The 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. Cash dividends declared by the Company that do not exceed its current or accumulated earnings and profits will be considered ordinary income to stockholders for income tax purposes unless all or a portion of a dividend is designated by the Company as a capital gain dividend. Distributions in excess of the Company's current and accumulated earnings and profits will be characterized as return of capital or capital gains. The Company accounts for income taxes in accordance with ASC 740, Income Taxes , or "ASC 740." Deferred income taxes reflect the net tax effects of temporary differences that may exist between the carrying amounts of assets and liabilities under U.S. GAAP and the carrying amounts used for income tax purposes. For the three-month periods ended March 31, 2024 and 2023, the Company recorded income tax expense (benefit) of $0.1 million and $21 thousand, respectively. The Company evaluates its deferred tax assets for recoverability using a consistent approach which considers the relative impact of negative and positive evidence, including historical profitability and projections of future taxable income. Based upon the available evidence at March 31, 2024, the Company determined that it was more likely than not that the deferred tax assets of its TRS would not be utilized in future periods; a valuation allowance of $72.6 million was recorded to fully reserve against these deferred tax assets.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024, the total base management fee incurred was $5.7 million, consisting of $5.8 million of total gross base management fee incurred, less $0.1 million of management fee rebates. For the three-month period ended March 31, 2023, the total base management fee incurred was $5.0 million, consisting of $5.1 million of total gross base management fee incurred, less $0.2 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 December 31, 2023, there was a Loss Carryforward of $22.1 million; there was no Loss Carryforward as of March 31, 2024. 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, and (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 either of the three-month periods ended March 31, 2024 or 2023, since on a rolling four quarter basis, the Company's income did not exceed the prescribed hurdle amount. Termination Fees The Management Agreement requires the Company to pay a termination fee to the Manager in the event of (1) the Company's termination or non-renewal of the Management Agreement without cause or (2) the Company's termination of the Management Agreement based on unsatisfactory performance by the Manager that is materially detrimental to the Company or (3) the Manager's termination of the Management Agreement upon a default by the Company in the performance of any material term of the Management Agreement. Such termination fee will be equal to the amount of three times the sum of (i) the average annual quarterly base management fee amounts paid or payable with respect to the two 12-month periods ending on the last day of the latest fiscal quarter completed on or prior to the date of the notice of termination or non-renewal and (ii) the average annual quarterly incentive fee amounts paid or payable with respect to the two 12-month periods ending on the last day of the latest fiscal quarter completed on or prior to the date of the notice of termination or non-renewal. Expense Reimbursement Under the terms of the Management Agreement the Company is required to reimburse the Manager for operating expenses related to the Company that are incurred by the Manager, including expenses relating to legal, accounting, due diligence, other services, and all other costs and expenses. The Company's reimbursement obligation is not subject to any dollar limitation. Expenses will be reimbursed in cash within 60 days following delivery of the expense statement by the Manager; provided, however, that such reimbursement may be offset by the Manager against amounts due to the Company from the Manager. The Company will not reimburse the Manager for the salaries and other compensation of the Manager's personnel except that the Company will be responsible for expenses incurred by the Manager in employing certain dedicated or partially dedicated personnel as further described below. The Company reimburses the Manager for the allocable share of the compensation, including, without limitation, wages, salaries, and employee benefits paid or reimbursed, as approved by the Compensation Committee of the Board of Directors to certain dedicated or partially dedicated personnel who spend all or a portion of their time managing the Company's affairs, based upon the percentage of time devoted by such personnel to the Company's affairs. In their capacities as officers or personnel of the Manager or its affiliates, such personnel will devote such portion of their time to the Company's affairs as is necessary to enable the Company to operate its business. For the three-month periods ended March 31, 2024 and 2023, the Company reimbursed the Manager $6.0 million and $4.8 million, respectively, for previously incurred operating expenses. As of March 31, 2024 and December 31, 2023, the outstanding payable to the Manager for operating expenses was $4.3 million and $5.2 million, respectively, which are included in Accrued expenses and other liabilities on the Condensed Consolidated Balance Sheet. Transactions Involving Investments in Unconsolidated Entities—Certain Loan Originators As of March 31, 2024 and December 31, 2023, the loan originators in which the Company holds equity investments represent related parties. Transactions that have been entered into with these related party loan originators are summarized below. The Company is a party to a mortgage loan purchase and sale flow agreement, with a mortgage loan originator in which the Company holds a non-controlling 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 March 31, 2024 and December 31, 2023, there were no advances outstanding. The Company has also entered into agreements whereby it guarantees the performance of such mortgage originator under third-party master repurchase agreements. See Note 24, Commitments and Contingencies, for further information on the Company's guarantees of the third-party borrowing arrangements. Additionally, as of December 31, 2023, the Company held warrants to purchase 8.28 million shares with a fair value of $10.3 million, which were included in Investments in unconsolidated entities on the Condensed Consolidated Balance Sheet. In March 2024, the Company exercised such warrants in exchange for Class B Common Stock of the mortgage loan originator. As of March 31, 2024 and December 31, 2023, the fair value of the Company's investment in this mortgage loan originator was $21.3 million and $23.8 million, respectively. 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 common and 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 $71.5 million and $74.2 million as of March 31, 2024 and December 31, 2023, respectively, which is included in Securities, at fair value on the Condensed Consolidated Balance Sheet. Additionally, in December 2022, the Company extended a two-year revolving line of credit to the consumer loan originator; see table below for additional details. An employee of Ellington has a less-than-10% equity interest in, and serves on the board of, this consumer loan originator. Another employee of Ellington, who serves as an officer of the Company, also serves on the board, as the Company's representative. In November 2023, the Company entered into various agreements with a residential mortgage loan originator (the "RTL Originator") in which it holds a non-controlling equity investment. Under the terms of such agreements, the Company has the option to purchase additional non-controlling equity interests at certain valuation thresholds. The Company also entered into a Commitment Letter Agreement (the "RTL Commitment Agreement") whereby it committed to purchase eligible loans originated by the RTL Originator. Under the RTL Commitment Agreement the Company also guarantees certain warehouse financing provided by a third-party lender to the RTL Originator; see Note 24, Commitments and Contingencies, for further information on the Company's guarantees of the third-party borrowing arrangements. The RTL Originator has been determined to be a VIE. The Company has evaluated the RTL Originator and determined that the Company is not the primary beneficiary of the RTL Originator. As of both March 31, 2024 and December 31, 2023, the fair value of the Company's investment in the RTL Originator was $0.6 million, which is included on the Condensed Consolidated Balance Sheet in Investments in unconsolidated entities, at fair value. Transactions Involving Investments in Unconsolidated Entities—Certain Loan Origination-Related Entities The following table provides details of financing that the Company has provided, in the form of secured promissory notes, to certain loan origination-related entities in which the Company also holds equity investments: Effective Date of Promissory Note Maturity Date of Promissory Note Interest Rate Outstanding Borrowings as of Fair Value (1) as of Maximum Borrowing March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 (In thousands) (In thousands) May 2021 (2) December 31, 2025 $ 6,000 9.0% 9.0% $ 2,335 $ 2,335 $ 2,335 $ 2,335 February 2022 January 31, 2025 750 7.0% 7.0% 575 575 575 575 December 2022 December 16, 2024 3,500 15.0% 15.0% 1,644 1,644 1,233 1,233 (1) Classified as a Corporate loan and is included in Loans, at fair value on the Condensed Consolidated Balance Sheet. (2) Convertible into non-voting equity interests, at the option of the borrower, at any time prior to maturity. Consumer, Residential, and Commercial Loan Transactions with Affiliates The Company purchased certain of its consumer loans through an affiliate, or the "Purchasing Entity," under various purchase agreements. 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 $1.2 million and $1.6 million as of March 31, 2024 and December 31, 2023, 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 $1.6 billion as of both March 31, 2024 and December 31, 2023. The Company is a co-investor in certain 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 March 31, 2024 and December 31, 2023, the aggregate fair value of the Company's investments in the jointly owned limited liability companies was approximately $72.2 million and $63.7 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 is a co-investor, together with other affiliates of Ellington, in Jepson Holdings Limited ("Jepson"), the parent of an entity (the "Jepson Risk Retention Vehicle") that has sponsored various European mortgage loan securitizations. The Jepson Risk Retention Vehicle is expected to hold certain of the notes it issues for each securitization it completes in order to comply with European risk retention rules. As of March 31, 2024 and December 31, 2023, the Company's equity investment in Jepson Holdings Limited had a fair value of $0.7 million and $0.6 million, respectively. See Note 8 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 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 March 31, 2024 and December 31, 2023, the Joint Entities had aggregate outstanding issued debt under the repurchase agreements in the amount of $555.0 million and $560.5 million, respectively. The Company's segregated silo of this debt as of March 31, 2024 and December 31, 2023, was $141.5 million and $165.9 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 both March 31, 2024 and December 31, 2023, 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 silo of assets and liabilities within, each of the Joint Entities. See Note 12 and Note 14 for additional information. Participation in CLO Transactions As discussed in Note 13, 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 March 31, 2024 and 2023, the amount of such management fee rebates was $0.1 million and $0.2 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 March 31, 2024 and December 31, 2023, the Company's investment in such warehouse facilities was $38 thousand and $0.2 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	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Long-Term Incentive Plan Units	Long-Term Incentive Plan Units OP LTIP Units issued under 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 is presented in Compensation and benefits, on the Statement of Operations. Total expense associated with OP LTIP Units issued under the Company's incentive plans for each of the three-month periods ended March 31, 2024 and 2023 was $0.3 million. The below table details unvested OP LTIP Units as of March 31, 2024: Grant Recipient Number of OP LTIP Units Granted Grant Date Vesting Date (1) Directors: 30,628 December 14, 2023 September 13, 2024 Dedicated or partially dedicated personnel: 14,708 December 15, 2022 December 15, 2024 22,135 December 14, 2023 December 14, 2024 17,538 December 14, 2023 December 14, 2025 39,740 March 19, 2024 December 31, 2025 Total unvested OP LTIP Units at March 31, 2024 124,749 (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-month periods ended March 31, 2024 and 2023: Three-Month Period Ended March 31, 2024 March 31, 2023 Manager Director/ Total Manager Director/ Total OP LTIP Units Outstanding (December 31, 2023 and 2022, respectively) 365,518 383,437 748,955 365,518 404,055 769,573 Granted — 39,740 39,740 — — — OP LTIP Units Outstanding (March 31, 2024 and 2023, respectively) 365,518 423,177 788,695 365,518 404,055 769,573 OP LTIP Units Unvested and Outstanding — 124,749 124,749 — 113,615 113,615 OP LTIP Units Vested and Outstanding 365,518 298,428 663,946 365,518 290,440 655,958 There were an aggregate of 1,399,440 and 1,439,180 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 March 31, 2024 and December 31, 2023, respectively.

Non-controlling Interests

Non-controlling Interests	3 Months Ended
	Mar. 31, 2024
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 in the form of 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. As of March 31, 2024, the Convertible Non-controlling Interests consisted of the outstanding 788,695 OP LTIP Units and 46,360 OP Units, and represented an interest of approximately 0.7% in the Operating Partnership. As of December 31, 2023, the Convertible Non-controlling Interests consisted of the outstanding 748,955 OP LTIP Units and 46,360 OP Units, and represented an interest of approximately 0.7% in the Operating Partnership. As of March 31, 2024 and December 31, 2023, non-controlling interests related to all outstanding Convertible Non-controlling Interests was $11.6 million and $11.1 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 March 31, 2024 and December 31, 2023, the joint venture partners' interests in subsidiaries of the Company were $5.5 million and $4.9 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. Non-Controlling Interests in Longbridge As of both March 31, 2024 and December 31, 2023, the Company owned 99.6%, of Longbridge; the remainder relates to units held by various executives at Longbridge (the "Longbridge Executive Unit Holders") and stock options issued to various Longbridge employees (collectively, the "Longbridge Minority Holders"). Units held by the Longbridge Executive Unit Holders and exercised stock options participate in the income, expense, gains and losses of Longbridge but do not participate in the income, expense, gains and losses of the Operating Partnership. The Longbridge Minority Holders' interests are not convertible into shares of common stock of the Company or OP Units, nor are the Longbridge Minority Holders' entitled to receive distributions that holders of shares of common stock of the Company receive. Total expense associated with such options is presented under Compensation and benefits on the Statement of Operations. As of March 31, 2024 and December 31, 2023, the Longbridge Minority Holders' interests in Longbridge were $2.5 million and $2.4 million, respectively.

Equity

Equity	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	Equity Preferred Stock The Company has authorized 100,000,000 shares of preferred stock, $0.001 par value per share. As of both March 31, 2024 and December 31, 2023, the total amount of cumulative preferred dividends in arrears was $4.0 million. As of both March 31, 2024 and December 31, 2023, 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. As of both March 31, 2024 and December 31, 2023, there were 4,820,421 shares of 6.250% Series B Fixed-Rate Reset Cumulative Redeemable Preferred Stock, $0.001 par value per share ("Series B Preferred Stock") outstanding. As of March 31, 2024 and December 31, 2023, there were 4,000,000 shares of 8.625% Series C Fixed-Rate Reset Cumulative Redeemable Preferred Stock, $0.001 par value per share ("Series C Preferred Stock") outstanding. The 4,000,000 shares of Series C Preferred Stock were issued during the three-month period ended March 31, 2023 and provided $96.5 million of net proceeds after $3.5 million of commissions and offering costs. As of March 31, 2024 and December 31, 2023, there were 379,668 shares of 7.00% Series D Cumulative Perpetual Redeemable Preferred Stock, $0.01 par value per share ("Series D Preferred Stock") outstanding and 957,133 shares of 8.250% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, $0.01 par value per share ("Series E Preferred Stock") outstanding. On January 20, 2022, the Company commenced an "at-the-market" offering for our Series A Preferred Stock and Series B Preferred Stock, or the "Preferred ATM Program," by entering into equity distribution agreements with sales agents under which it is authorized to offer and sell up to $100.0 million of Series A Preferred Stock and/or Series B Preferred Stock from time to time. The Company did not issue any shares of preferred stock under the Preferred ATM Program during either of the three-month periods ended March 31, 2024 or 2023. As of March 31, 2024, the Company had remaining authorization under the Preferred ATM Program of $99.5 million. The Company's Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock, and Series E Preferred Stock (collectively the "Series Preferred Stock") rank senior to its common stock and Convertible Non-controlling Interests. Each Series Preferred Stock ranks on a parity with all other Series Preferred Stock 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. Series A 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. Series B The Company's Series B Preferred Stock has no stated maturity and is not subject to any sinking fund or mandatory redemption. The Series B Preferred Stock is not redeemable by the Company prior to January 30, 2027, 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 B Preferred Stock generally do not have any voting rights. Holders of the Series B Preferred Stock are entitled to receive cumulative cash dividends from and including the original issue date to, but excluding, January 30, 2027 (the "Series B First Reset Date"), at a fixed rate equal to 6.250% per annum of the $25.00 per share liquidation preference. The applicable fixed rate resets on the First Reset Date and again on the fifth anniversary of the preceding reset date (each a "Series B Reset Date"), at a rate equal to the five-year treasury rate as measured three business days prior to the Series B Reset Date plus 4.99% 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. Series C The Company's Series C Preferred Stock has no stated maturity and is not subject to any sinking fund or mandatory redemption. The Series C Preferred Stock is not redeemable by the Company prior to April 30, 2028, 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 C Preferred Stock generally do not have any voting rights. Holders of the Series C Preferred Stock are entitled to receive cumulative cash dividends from and including the original issue date to, but excluding, April 30, 2028 (the "Series C First Reset Date"), at a fixed rate equal to 8.625% per annum of the $25.00 per share liquidation preference. The applicable fixed rate resets on the First Reset Date and again on the fifth anniversary of the preceding reset date (each a "Series C Reset Date"), at a rate equal to the five-year treasury rate as measured three business days prior to the Series C Reset Date plus 5.13% 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. Series D The Company's Series D Preferred Stock has no stated maturity and is not subject to any sinking fund. The Series D Preferred Stock is redeemable by the Company at its discretion upon not less than 30 nor more than 60 days’ notice. Holders of the Company's Series D Preferred Stock generally do not have any voting rights. Holders of the Series D Preferred Stock are entitled to receive cumulative cash dividends from and including, September 30, 2023, at a fixed rate equal to 7.000% per annum of the $25.00 per share liquidation preference. Dividends are payable quarterly in arrears on or about the 30th day of each March, June, September, and December. Series E The Company's Series E Preferred Stock has no stated maturity and is not subject to any sinking fund or mandatory redemption. The Series E Preferred Stock is not redeemable by the Company prior to March 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 E Preferred Stock generally do not have any voting rights. Holders of the Series E Preferred Stock are entitled to receive cumulative cash dividends (i) from and including September 30, 2023 to but not including March 30, 2024, at a fixed rate equal to 8.250% per annum of the $25.00 per share liquidation preference and (ii) from and including March 30, 2024, at a floating rate equal to three-month LIBOR plus a spread of 5.664% per annum of the $25.00 per share liquidation preference. Dividends are payable quarterly in arrears on or about the 30th day of each March, June, September, and December. Common Stock As of both March 31, 2024 and December 31, 2023, the Company has authorized 200,000,000 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. As of March 31, 2024 and December 31, 2023, there were 85,056,648 and 83,000,488 shares of common stock outstanding, respectively. On August 6, 2021, the Company commenced an "at-the-market" offering program for shares of its common stock, or "2021 Common ATM Program," by entering into equity distribution agreements with sales agents under which the Company was authorized to offer and sell up to 10.0 million shares of common stock from time to time. On January 24, 2023, the Company amended the equity distribution agreements (the "EDA Amendments") with each of the sales agents. The EDA Amendments authorize the Company to offer and sell up to $225.0 million of common stock from time to time (the "2023 Common ATM Program"); the 2021 Common ATM Program and 2023 Common ATM Program are collectively referred to as the "Common ATM Programs." On November 13, 2023, the Company entered into two new equity distribution agreements to include two additional sales agents under the 2023 Common ATM Program. During the three-month period ended March 31, 2024, the Company issued 2,103,725 shares of common stock under the 2023 Common ATM Program which provided $26.9 million of net proceeds after $0.3 million of agent commissions and offering costs. During the three-month period ended March 31, 2023, the Company issued 4,433,861 shares of common stock under the Common ATM Programs which provided $60.5 million of net proceeds after $0.9 million of agent commissions and offering costs. The following table summarizes issuance, repurchase, and other activity with respect to the Company's common stock for the three-month periods ended March 31, 2024, and 2023: Three-Month Period Ended March 31, 2024 March 31, 2023 Shares of Common Stock Outstanding (as of December 31, 2023 and 2022, respectively) 83,000,488 63,812,215 Share Activity: Shares of common stock issued 2,103,725 4,433,861 Shares of common stock repurchased (47,565) (1,061,000) Shares of Common Stock Outstanding (as of March 31, 2024 and 2023, respectively) 85,056,648 67,185,076 If all Convertible Non-controlling Interests that have been previously issued were to become fully vested and exchanged for shares of common stock as of March 31, 2024 and December 31, 2023, the Company's issued and outstanding shares of common stock would increase to 85,891,703 and 83,795,803 shares, respectively. On June 13, 2018, the Board of Directors approved the adoption of a share repurchase program under which the Company was authorized to repurchase up to 1.55 million shares of common stock (the "2018 Repurchase Plan"); all shares authorized under the 2018 Repurchase Plan have been repurchased. On March 21, 2023, the Board of Directors approved the adoption of a share repurchase program under which the Company is authorized to repurchase up to $50 million of the Company's common stock (the "2023 Repurchase Plan"), which extended the Company’s ability to repurchase common stock beyond the 1.55 million shares under the 2018 Repurchase Plan. The 2023 Repurchase Plan is open-ended in duration and allow the Company to make repurchases from time to time on the open market or in negotiated transactions, including under Rule 10b5-1 plans. Repurchases under the 2023 Repurchase Plan are at the Company's discretion, subject to applicable law, share availability, price and financial performance, among other considerations. During the three-month period ended March 31, 2024, the Company repurchased 47,565 shares at an average price per share of $11.01 and a total cost of $0.5 million. During the three-month period ended March 31, 2023, the Company repurchased 1,061,000 shares at an average price per share of $11.38 and a total cost of $12.1 million. As of March 31, 2024, the Company has authorization to repurchase an additional $45.3 million of the Company's common stock under the 2023 Repurchase Plan.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The components of the computation of basic and diluted EPS are as follows: Three-Month Period Ended (In thousands except share amounts) March 31, 2024 March 31, 2023 Net income (loss) attributable to common stockholders $ 26,915 $ 38,916 Add: Net income (loss) attributable to Convertible Non-controlling Interests (1) 255 476 Net income (loss) attributable to common stockholders and Convertible Non-controlling Interests 27,170 39,392 Dividends declared: Common stockholders (36,589) (30,297) Convertible Non-controlling Interests (347) (367) Total dividends declared to common stockholders and Convertible Non-controlling Interests (36,936) (30,664) Undistributed (Distributed in excess of) earnings: Common stockholders (9,674) 8,619 Convertible Non-controlling Interests (92) 109 Total undistributed (distributed in excess of) earnings attributable to common stockholders and Convertible Non-controlling Interests $ (9,766) $ 8,728 Weighted average shares outstanding (basic and diluted): Weighted average shares of common stock outstanding 84,467,546 66,672,049 Weighted average Convertible Non-controlling Interest Units outstanding 800,992 815,933 Weighted average shares of common stock and Convertible Non-controlling Interest Units outstanding 85,268,538 67,487,982 Basic earnings per share of common stock and Convertible Non-controlling Interest Unit: Distributed $ 0.43 $ 0.45 Undistributed (Distributed in excess of) (0.11) 0.13 $ 0.32 $ 0.58 Diluted earnings per share of common stock and Convertible Non-controlling Interest Unit: Distributed $ 0.43 $ 0.45 Undistributed (Distributed in excess of) (0.11) 0.13 $ 0.32 $ 0.58 (1) For each of the three-month periods ended March 31, 2024 and 2023, excludes net income (loss) of $0.2 million, attributable to joint venture partners and Longbridge, as applicable, which have non-participating interests as described in Note 18.

Restricted Cash

Restricted Cash	3 Months Ended
	Mar. 31, 2024
Restricted Cash and Investments [Abstract]
Restricted Cash	Restricted CashRestricted cash represents cash that the Company can use only for specific purposes. As of March 31, 2024 and December 31, 2023, the Company had $6.3 million and $1.6 million, respectively, of restricted cash including cash balances that are restricted under a warehouse line of credit agreement and cash held in a securitization reserve fund.

Offsetting of Assets and Liabil

Offsetting of Assets and Liabilities	3 Months Ended
	Mar. 31, 2024
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 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. The following tables present information about certain assets and liabilities representing financial instruments as of March 31, 2024 and December 31, 2023. March 31, 2024: 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 $ 150,343 $ (39,285) $ — $ (60,648) $ 50,410 Reverse repurchase agreements 183,607 (167,125) (16,482) — — Liabilities Financial derivatives–liabilities (40,425) 39,285 — 122 (1,018) Repurchase agreements (2,517,747) 167,125 2,348,374 2,248 — (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 March 31, 2024 was $3.1 billion. As of March 31, 2024, total cash collateral on financial derivative assets and liabilities excludes excess net cash collateral pledged (received) of $1.2 million and $0.3 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, 2023: 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 $ 143,996 $ (50,301) $ — $ (38,812) $ 54,883 Reverse repurchase agreements 173,145 (155,719) (17,426) — — Liabilities Financial derivatives–liabilities (61,776) 50,301 — 3,822 (7,653) Repurchase agreements (2,967,437) 155,719 2,822,912 (11,194) — (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, 2023 was $3.7 billion. As of December 31, 2023, total cash collateral on financial derivative assets and liabilities excludes excess net cash collateral pledged of $(13.9) million and $12.1 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	3 Months Ended
	Mar. 31, 2024
Risks and Uncertainties [Abstract]
Counterparty Risk	Counterparty Risk The Company is exposed to concentrations of counterparty risk. It seeks to mitigate such risk by diversifying its exposure among various counterparties, when appropriate. The following table summarizes the Company's exposure to counterparty risk as of March 31, 2024 and December 31, 2023. March 31, 2024: Amount of Exposure Number of Counterparties with Exposure Maximum Percentage of Exposure to a Single Counterparty (1) (In thousands) Cash and cash equivalents $ 187,467 11 49.6 % Collateral on repurchase agreements held by dealers (2) 3,122,176 27 26.2 % Due from brokers 17,099 23 41.0 % Receivable for securities sold (3) 14,598 6 40.0 % (1) Each counterparty is a financial institution that the Company believes to be creditworthy as of March 31, 2024. (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, 2023: Amount of Exposure Number of Counterparties with Exposure Maximum Percentage of Exposure to a Single Counterparty (In thousands) Cash and cash equivalents $ 228,927 11 28.8 % Collateral on repurchase agreements held by dealers (1) 3,672,278 28 18.6 % Due from brokers 51,884 21 58.5 % Receivable for securities sold (2) 345,429 9 54.3 % (1) Includes securities, loans, and REO as well as cash posted as collateral for repurchase agreements. (2) Included in Investment related receivables on the Condensed Consolidated Balance Sheet.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023, 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 $343.3 million and $288.0 million as of March 31, 2024 and December 31, 2023, respectively. Commitments and Contingencies Related to Investments in Loan Originators In connection with certain of its investments in mortgage and consumer loan originators, the Company has outstanding commitments and contingencies as described below. As described in Note 16, the Company is party to a flow mortgage loan purchase and sale agreement with a mortgage loan originator. The Company has entered into agreements whereby it guarantees the performance of this mortgage loan originator under master repurchase agreements. The Company's maximum guarantees were capped at $15.0 million as of both March 31, 2024 and December 31, 2023 and there were no such borrowings outstanding as of either date. 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 March 31, 2024 and December 31, 2023, the estimated fair value of such guarantee was insignificant. As described in Note 16, the Company entered into various secured promissory notes with certain loan originators in which it also holds an equity interest. As of both March 31, 2024 and December 31, 2023, the Company had unfunded commitments related to such secured promissory notes of $5.5 million. Commitments and Contingencies Related to Investments in Unconsolidated Entities The Company has entered into agreements whereby it guarantees the performance of a securitization-related risk retention vehicle, in which it has an equity investment, under a promissory note. The Company's maximum guarantees were capped at $15.5 million. As of March 31, 2024 and December 31, 2023, the amount of the promissory note outstanding, for which the Company provided a guarantee, was $0.4 million and $1.0 million, respectively. As discussed in Note 16, under the terms of the RTL Commitment Agreement, the Company committed to purchase at least $500 million of eligible loans originated by the RTL Originator. As of March 31, 2024 and December 31, 2023, the Company has unfunded commitments under the RTL Commitment Agreement of $442.7 million and $475.4 million, respectively. The Company also guarantees up to $50 million of warehouse financing provided by a third-party lender to the RTL Originator; as of March 31, 2024 and December 31, 2023, the RTL Originator had $17.5 million and $9.5 million, respectively, of warehouse financing outstanding. 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 March 31, 2024 and December 31, 2023, the Company had unfunded commitments related to such investments in the amount of $2.9 million and $3.0 million, respectively. The Company has extended a line of credit whereby the borrower can draw funds up to $1.0 million. As of both March 31, 2024 and December 31, 2023, the Company had unfunded commitments related to such line of credit in the amount of $0.9 million. Commitments to Extend Credit The Company enters into loan commitment arrangements with borrowers who have applied for reverse mortgage loans that have not yet closed. As of March 31, 2024 and December 31, 2023, the fair value of such commitments was $3.9 million and $2.6 million, respectively, which is reflected in Loan commitments on the Condensed Consolidated Balance Sheet. The Company is required to fund further borrower advances for loans where the borrower has not fully drawn down all of the reverse mortgage loan proceeds available to them. As of March 31, 2024 and December 31, 2023, the Company had unfunded commitments related to such reverse mortgage loans of $2.0 billion and $1.9 billion, respectively. Additionally, the Company has the obligation to advance various other reverse mortgage loan-related amounts such as the borrowers' property taxes and, in the case of HECM reverse mortgage loans, monthly insurance premiums to FHA. Mandatory Repurchase Obligations As detailed in Note 13, the Company is required to purchase from HMBS pools any HECM loan that has reached 98% of the MCA. For active loans, the Company subsequently assigns such loan to HUD, which then reimburses the Company up to the MCA. For inactive loans, following resolution of the loan, the Company files a claim with HUD for any recoverable remaining principal and advance balances. Lease Commitments Longbridge, a consolidated subsidiary of the Company, leases office space and office equipment, under various operating lease arrangements, which expire on various dates through January 2035. Additionally, as a result of the Arlington Merger, the Company assumed the remaining lease for Arlington's principal office space which expires in October 2024. As discussed in Note 2, the Company makes various assumptions and estimates in recognizing the operating lease ROU assets and corresponding lease liabilities, including the e xpected lease term, incremental borrowing rate, and identifying lease and non-lease components. Total expense under all operating leases amounted to $0.4 million and $0.3 million for the three-month periods ended March 31, 2024 and 2023, respectively, and is included in Other expenses on the Condensed Consolidated Statement of Operations. The following table provides details of the Company's outstanding leases as of March 31, 2024 and December 31, 2023. ($ in thousands) March 31, 2024 December 31, 2023 ROU assets $ 5,773 $ 3,279 Lease liabilities 6,089 3,524 Weighted average remaining term (in years) 7.5 5.1 Weighted average discount rate 8.85 % 7.31 % The following table details contractual future minimum lease payments as of March 31, 2024. Minimum Payments (In thousands) Year ended December 31, 2024 $ 802 Year ended December 31, 2025 1,240 Year ended December 31, 2026 1,237 Year ended December 31, 2027 1,140 Year ended December 31, 2028 929 Thereafter 3,467 Total 8,815 Less: implied interest payments (2,726) Lease Liability $ 6,089

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Reporting Disclosure	Segment Reporting On October 3, 2022, the Company completed the acquisition of a controlling interest in Longbridge, a reverse mortgage loan originator and servicer. As a result of the Longbridge Transaction, the Company determined that it has two reportable segments, the Investment Portfolio Segment and the Longbridge Segment, for each of which the chief operating decision maker receives and reviews separate financial information. As discussed in Note 1, the Investment Portfolio Segment includes a diverse array of the Company's financial assets, as well as associated financing, hedging, and various allocable expenses. The Longbridge Segment consists of the stand-alone origination and servicing business of Longbridge, including associated financial assets, financing, hedging, and allocated expenses. The Longbridge segment may also include certain reverse mortgage loans and Reverse MSRs that are owned by subsidiaries of the Company other than Longbridge, along with their related assets, liabilities, and hedging instruments. Income and expense items that are not directly allocated to either segment are included in Corporate/Other as reconciling items to our consolidated financial statements. These unallocated items include: (i) all income and expense items related to the Company's Unsecured borrowings, at fair value and preferred stock outstanding, including any hedges related thereto; (ii) management and incentive fees; (iii) income tax expense (benefit); (iv) certain compensation and benefits expenses, professional fees, administrative and custody fees, non-cash equity compensation; and (v) interest income (expense) on cash margin. The following tables present the Company's results of operations by reportable segment for the three-month periods ended March 31, 2024, and 2023, and various reconciling items to the Company's results of operations overall. Three-Month Period Ended March 31, 2024 (In thousands) Investment Portfolio Segment Longbridge Segment Corporate/ Other Total Interest income $ 91,403 $ 8,240 $ 1,877 $ 101,520 Interest expense (57,310) (8,557) (4,597) (70,464) Total other income (loss) 10,024 38,170 (3,709) 44,485 Total expenses (3,143) (29,099) (11,413) (43,655) Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities 40,974 8,754 (17,842) 31,886 Income tax expense (benefit) — — 61 61 Earnings (losses) from investments in unconsolidated entities 2,226 — — 2,226 Net Income (Loss) 43,200 8,754 (17,903) 34,051 Net income (loss) attributable to non-controlling interests 185 38 259 482 Dividends on preferred stock — — 6,654 6,654 Net Income (Loss) Attributable to Common Stockholders $ 43,015 $ 8,716 $ (24,816) $ 26,915 Non-cash items: Amortization and depreciation expense $ — $ 270 $ — $ 270 Three-Month Period Ended March 31, 2023 (In thousands) Investment Portfolio Longbridge Segment Corporate/ Other Total Interest income $ 82,369 $ 2,893 $ 1,912 $ 87,174 Interest expense (52,136) (4,346) (3,135) (59,617) Total other income (loss) 10,929 33,398 7,348 51,675 Total expenses (3,505) (25,447) (8,950) (37,902) Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities 37,657 6,498 (2,825) 41,330 Income tax expense (benefit) — — 21 21 Earnings (losses) from investments in unconsolidated entities 3,444 — — 3,444 Net Income (Loss) 41,101 6,498 (2,846) 44,753 Net income (loss) attributable to non-controlling interests 238 2 480 720 Dividends on preferred stock — — 5,117 5,117 Net Income (Loss) Attributable to Common Stockholders $ 40,863 $ 6,496 $ (8,443) $ 38,916 Non-cash items Amortization and depreciation expense $ — $ 358 $ — $ 358 The following tables present our balance sheet by reportable segment as of March 31, 2024 and December 31, 2023 which reconciles to the Company's financial position overall. March 31, 2024 (In thousands) Investment Portfolio Longbridge Corporate/ Other Total Total Assets $ 5,620,097 $ 9,338,455 $ 174,048 $ 15,132,600 Total Liabilities 4,097,762 9,115,860 365,822 13,579,444 Total Equity 1,522,335 222,595 (191,774) 1,553,156 December 31, 2023 (In thousands) Investment Portfolio Longbridge Corporate/ Other Total Total Assets $ 5,978,988 $ 9,092,840 $ 244,102 $ 15,315,930 Total Liabilities 4,555,212 8,872,153 352,953 13,780,318 Total Equity 1,423,776 220,687 (108,851) 1,535,612

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 8, 2024, the Board of Directors approved a dividend in the amount of $0.13 per share of common stock payable on May 28, 2024 to stockholders of record as of April 30, 2024. On May 7, 2024, the Board of Directors approved a dividend in the amount of $0.13 per share of common stock payable on June 25, 2024 to stockholders of record as of May 31, 2024.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Assets Sold under Agreements to Repurchase [Line Items]
Basis of Presentation	Basis of Presentation : The Company's unaudited 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. In management's opinion, all material adjustments considered necessary for a fair statement of the Company's 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, 2023.
Valuation	Valuation : The Company applies ASC 820-10, Fair Value Measurement ("ASC 820") to its holdings of financial instruments. ASC 820 establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the observability of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: • Level 1—inputs to the valuation methodology are observable and reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Currently, the types of financial instruments the Company generally includes in this category are listed equities and exchange-traded derivatives; • Level 2—inputs to the valuation methodology other than quoted prices included in Level 1 are observable for the asset or liability, either directly or indirectly. Currently, the types of financial instruments that the Company generally includes in this category are RMBS, for which the principal and interest payments are guaranteed by a U.S. government agency or a U.S. government-sponsored entity, or "Agency RMBS," U.S. Treasury securities and sovereign debt, certain non-Agency RMBS, CMBS, CLOs, corporate debt, and actively traded derivatives such as interest rate swaps, foreign currency forwards, and other over-the-counter derivatives; and • Level 3—inputs to the valuation methodology are unobservable and significant to the fair value measurement. The types of financial instruments that the Company generally includes in this category are certain RMBS, CMBS, CLOs, ABS, 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, reverse mortgage loans, private corporate debt and equity investments, loan commitments, mortgage servicing rights, or "MSRs," Forward MSR-related investments, other secured borrowings, at fair value, HMBS-related obligations, at fair value, and Unsecured borrowings, at fair value. 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," forward settling to-be-announced mortgage-backed-securities, or "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 mortgage loans, reverse mortgage loans, 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 loans 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, and in the case of HECM reverse mortgage loans, projected future tail draws. Many adjustable-rate reverse mortgage loans provide the borrower with a line of credit that can be drawn over time, and a "tail draw" is a principal addition that results when a borrower takes such a draw, which may be securitized. Mortgage and consumer loans are classified as Level 3. The Company has elected the fair value option, or "FVO," for its HMBS-related obligations. It determines fair value by taking into account both external pricing data, which includes third-party valuations, and internal pricing models. The estimated fair value of HMBS-related obligations also includes the consideration that would be required by a market participant to transfer the HECM loan net of the related servicing, including exposure resulting from shortfalls in FHA insurance proceeds. HMBS-related obligations, at fair value are classified as Level 3. The Company has elected the FVO for its MSRs and Forward MSR-related investments. It determines fair value by taking into account both external pricing data, which includes third-party valuations, and internal pricing models. MSRs and Forward MSR-related investments are classified as Level 3. The Company has securitized certain mortgage loans, including residential mortgage loans that are not deemed "qualified mortgage," or "QM," loans under the rules of the Consumer Financial Protection Bureau, or "non-QM loans," and proprietary reverse mortgage 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, Consolidation ("ASC 810") allows the Company to elect to measure both the financial assets and financial liabilities of the CFE using the more observable of the fair value of the financial assets and the fair value of the financial liabilities of the CFE. The Company has elected the 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 13 " Securitization Transactions, — Residential Mortgage Loan Securitizations and — Proprietary Reverse Mortgage Loan Securitizations " for further discussion on the Company's consolidated 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 both external pricing data, which includes third-party valuations, and internal pricing models. The securitized loans, which are assets of the consolidated CFEs, are included in Loans, at fair value, on the Company's Condensed Consolidated Balance Sheet. The debt issued by the consolidated 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 Unrealized gains (losses) on other secured borrowings, at fair value, 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. The Company has elected the FVO for its loan commitments related to reverse mortgage loans, and uses valuation models incorporating market pricing for instruments with similar characteristics in determining fair value. The valuation model uses various inputs, such as an estimate of the fair value of the servicing rights expected to be recorded upon sale of a loan to a third party, estimated cost to originate the loan, and the expected pull-through rate. The Company's loan commitments are 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 directed by the Manager's Valuation Committee (the "Valuation Committee"), and overseen by the Company's audit 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, Investments—Debt and Equity Securities ("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, Financial Instruments ("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, Derivatives and Hedging ("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 SOFR, the Company has determined that such investments do not meet the requirements for treatment as financial derivatives and are classified as securities. The Company applies the principles of ASU 2016-13, Financial Instruments—Credit Losses ("ASU 2016-13") and 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 Condensed Consolidated Statement of Operations.
Accounting for Loans	Accounting for Loans : The Company's loan portfolio primarily consists of residential mortgage, commercial mortgage, consumer, and reverse mortgage 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. Transfers between held-for-investment and held-for-sale occur once the Company's intent to sell the loans changes. 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. Changes in fair value on residential mortgage, commercial mortgage, consumer, corporate loans, and propriety reverse mortgage loans are included as a component of Unrealized gains (losses) on securities and loans, net. Changes in fair value on HECM reverse mortgage loans held-for-investment is included as a component of Net change from HECM reverse mortgage loans, at fair value, on the Condensed Consolidated Statement of Operations. The Company generates income from fees on certain loans, generally reverse mortgage and commercial mortgage loans, that it originates and holds for investment, including origination, servicing, and exit fees. Such fee income is recorded when earned and included in Other, net on the Condensed Consolidated Statement of Operations. 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. Although reverse mortgage loans do not require monthly principal and interest payments, the terms of such loans require the borrower to occupy the property and to stay current on payment of property taxes and homeowners insurance. In the event that the borrower no longer occupies the property due to death or other circumstances or becomes delinquent on their tax or insurance payments, the loan will be classified as inactive. 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. Consistent with 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 Condensed 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 Condensed Consolidated Statement of Operations.
Interest Income	Interest Income : The Company generally 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 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 (including residential, commercial, and proprietary reverse mortgage loans and consumer loans) 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). Interest income on HECM reverse mortgage loans held-for-investment is recognized based on the stated rate of the loan. Such interest income is included on the Condensed Consolidated Statement of Operations as a component of Net change from HECM reverse mortgage loans, at fair value. For Forward MSR-related investments, the Company recognizes interest income based on the effective interest method. For purposes of estimating future expected cash flows, management uses various assumptions about the mortgage loans underlying the MSRs, including but not limited to the timing and amount of prepayments. 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 investments based on the updated expected future cash flows. Interest income on Forward MSR-related investments is included on the Condensed Consolidated Statement of Operations as a component of Interest Income. 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. Consistent with 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. 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.
Transfers and Servicing of Financial Assets, Servicing of Financial Assets, Policy	Mortgage Servicing Rights : MSRs represent contractual rights to perform specific administrative functions for the underlying loans including specified mortgage servicing activities, which include collecting loan payments, remitting principal and interest payments, managing escrow accounts for mortgage-related expenses such as taxes and insurance, and various other administrative tasks required to adequately service the mortgage loan portfolio. MSRs are created when the Company sells originated or purchased reverse mortgage loans but retains the servicing rights; MSRs can also be acquired in the secondary market. The Company has elected the FVO for its MSRs in accordance with ASC 860-50, Transfers and Servicing—Servicing assets and liabilities ("ASC 860-50"). Under this methodology, the Company fair values its MSRs on a recurring basis with changes in fair value recorded through earnings on the Condensed Consolidated Statement of Operations in Other, net. The Company accrues a base servicing fee for each serviced loan, typically based on the remaining outstanding principal balance of the loan and a fixed annual percentage fee, which is included in Other, net on the Condensed Consolidated Statement of Operations. Costs of servicing and ancillary fees are recognized as incurred or earned, and are included in Servicing expense on the Condensed Consolidated Statement of Operations.
Loan Commitment Policy	Loan Commitments : The Company's loan commitments relate to certain reverse mortgage loans extended to borrowers. The Company has elected the FVO for its loan commitments which are included in Loan commitments, at fair value on the Condensed Consolidated Balance Sheet. Changes in the fair value of the Company's loan commitments are included in Other, net on the Condensed Consolidated Statement of Operations.
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, Investments—Equity Method and Joint Ventures
REO	Real Estate Owned "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 maintaining qualification as a REIT. The Company's financial derivatives are predominantly subject to bilateral master trade agreements 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 value of derivative transactions may require the Company or the counterparty to post or receive additional collateral. In the case of cleared derivatives, the clearinghouse becomes the Company's counterparty and a futures commission merchant acts as an intermediary between the Company and the clearinghouse with respect to all facets of the related transaction, including the posting and receipt of required collateral. Cash collateral received by the Company is included in Due to brokers, on the Condensed Consolidated Balance Sheet. Conversely, cash collateral posted by the Company is included in Due from brokers, on the Condensed Consolidated Balance Sheet. The types of derivatives primarily utilized by the Company are swaps, TBAs, futures, options, and forwards. Swaps : The Company may enter into various types of swaps, including interest rate swaps, credit default swaps, and total return swaps. The primary risk associated with the Company's interest rate swap activity is interest rate risk. The primary risk associated with the Company's credit default swaps and total return swaps is credit risk. The Company is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Primarily to help mitigate interest rate risk, the Company enters into interest rate swaps. Interest rate swaps are contractual agreements whereby one party pays a floating interest rate on a notional principal amount and receives a fixed-rate payment on the same notional principal, or vice versa, for a fixed period of time. Interest rate swaps change in value with movements in interest rates. The Company also enters into interest rate swaps whereby the Company pays one floating rate and receives a different floating rate, or "basis swaps." The Company enters into credit default swaps. A credit default swap is a contract under which one party agrees to compensate another party for the financial loss associated with the occurrence of a "credit event" in relation to a "reference amount" or notional value of a "reference asset" (usually a bond, loan, or an index or basket of bonds or loans). The definition of a credit event may vary from contract to contract. A credit event may occur (i) when the reference asset (or underlying asset, in the case of a reference asset that is an index or basket) fails to make scheduled principal or interest payments to its holders, (ii) with respect to credit default swaps referencing mortgage/asset-backed securities and indices, when the reference asset (or underlying asset, in the case of a reference asset that is an index or basket) is downgraded below a certain rating level, or (iii) with respect to credit default swaps referencing corporate entities and indices, upon the bankruptcy of the obligor of the reference asset (or underlying obligor, in the case of a reference asset that is an index). The Company typically writes (sells) protection to take a "long" position with respect to the underlying reference assets, or purchases (buys) protection to take a "short" position with respect to the underlying reference assets or to hedge exposure to other investment holdings. The Company enters into total return swaps in order to take a "long" or "short" position with respect to an underlying reference asset. The Company is subject to market price volatility of the underlying reference asset. A total return swap involves commitments to pay interest in exchange for a market-linked return based on a notional value. To the extent that the total return of the corporate debt, security, group of securities or index underlying the transaction exceeds or falls short of the offsetting interest obligation, the Company will receive a payment from or make a payment to the counterparty. Swaps change in value with movements in interest rates, credit quality, or total return of the reference securities. During the term of swap contracts, changes in value are recognized as unrealized gains or losses on the Condensed Consolidated Statement of Operations. When a contract is terminated, the Company realizes a gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Company's basis in the contract, if any. Periodic payments or receipts required by swap agreements are recorded as unrealized gains or losses when accrued and realized gains or losses when received or paid. Upfront payments paid and/or received by the Company to open swap contracts are recorded as an asset and/or liability on the Condensed Consolidated Balance Sheet and are recorded as a realized gain or loss on the termination date. TBA Securities : The Company transacts in the forward settling TBA market. A TBA position is a forward contract for the purchase ("long position") or sale ("short position") of Agency RMBS at a predetermined price, face amount, issuer, coupon, and maturity on an agreed-upon future delivery date. For each TBA contract and delivery month, a uniform settlement date for all market participants is determined by the Securities Industry and Financial Markets Association. The specific Agency RMBS to be delivered into the contract at the settlement date are not known at the time of the transaction. The Company usually 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.
Goodwill and Intangible Assets, Intangible Assets, Policy	Intangible Assets : In connection with the Longbridge Transaction, the Company acquired intangible assets including internally developed software of Longbridge, trademarks, customer relationships, and non-compete agreements for various Longbridge employees. Intangible assets are amortized over their expected useful lives on a straight-line basis. See Note 11 for additional details on the Company's intangible assets.
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.
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 12 and Note 16 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 13 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.
Lessee, Leases	Leases : The Company accounts for its leases under ASU 842, Leases , "ASC 842," using a right-of-use, or "ROU," model, which recognizes that, at the date of commencement, a lessee has a financial obligation to make lease payments to the lessor for the right to use the underlying asset during the lease term. For each lease with a term greater than one year the Company recognizes a ROU asset as well as a lease liability, which is included in Other assets and Accrued expenses and other liabilities, respectively, on the Condensed Consolidated Balance Sheet. Operating lease liabilities and their corresponding ROU assets are recorded based on the present value of lease payments over the expected remaining lease term. The interest rate implicit in lease contracts is typically not readily determinable, and as a result, the Company utilizes an incremental borrowing rate, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments for a similar term. Lease expense for lease payments is recognized on a straight-line basis over the lease term.
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, loan origination fees, 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, or the "NYSE," 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 interests of joint venture partners in certain of the Company's consolidated subsidiaries. The joint venture partners' interests are not convertible into shares of the Company's common stock. The Company adjusts the Convertible Non-controlling Interests to align their carrying value with their share of total outstanding Operating Partnership units, including both the OP Units held by the Company and the Convertible Non-controlling Interests. Any such adjustments are reflected in Adjustment to non-controlling interests, on the Condensed Consolidated Statement of Changes in Equity. Non-controlling interests also include a minority ownership stake of Longbridge by employees of Longbridge. See Note 18 for further discussion of non-controlling interests.
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 federal and state income tax to the extent it distributes its taxable income 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. 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 deficiency dividends) 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% federal 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 elect to treat other current or future subsidiaries as TRSs. In general, a TRS may hold assets and engage in any real estate or non-real estate-related activities that the Company cannot hold or engage in directly. 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. The Company's foreign subsidiaries may be subject to income taxes in their 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 (2020, 2021, 2022, and 2023). 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 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. The Company recognizes interest and penalties, if any, related to uncertain tax positions, as income tax expense included in Income tax expense (benefit) on the Condensed Consolidated Statement of Operations.
Business Combinations Policy	Business Combinations : In accordance with ASC 805, Business Combinations
Recent Accounting Pronouncements	(AF) Recent Accounting Pronouncements: In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures ("ASU 2023-09") which requires disaggregated information about a reporting entities effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. ASU 2023-09 will be applied on a prospective basis with the option to apply ASU 2023-09 retrospectively. ASU 2023-09 is not expected to have a material impact on the Company's consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures ("ASU 2023-07") which requires incremental disclosures related to an entity's reportable segments, including identifying significant segment expense categories and any multiple measures of segment profit or loss used by the CODM. Additionally, ASU 2023-07 provides further guidance on interim reporting, disclosures required by entities with a single reportable segment, and recasting of previously reported segment information. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024, with early adoption permitted. ASU 2023-07 will be applied on a retrospective basis unless it is impracticable to do so. ASU 2023-07 is not expected to have a material impact on the Company's 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 consolidated financial statements.

Valuation (Tables)

Valuation (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023: March 31, 2024: Description Level 1 Level 2 Level 3 Total (In thousands) Assets: Securities, at fair value: Agency RMBS $ — $ 655,850 $ 6,722 $ 662,572 Non-Agency RMBS — 136,950 100,778 237,728 CMBS — 7,698 14,695 22,393 CLOs — 41,323 23,377 64,700 Asset-backed securities, backed by consumer loans — — 71,544 71,544 Other ABS — — 14,689 14,689 Corporate debt securities — — 12,929 12,929 Corporate equity securities 6,827 — 10,428 17,255 U.S. Treasury securities — 225,038 — 225,038 Loans, at fair value: Residential mortgage loans — — 3,160,176 3,160,176 Commercial mortgage loans — — 294,100 294,100 Consumer loans — — 1,289 1,289 Corporate loans — — 6,219 6,219 Reverse mortgage loans — — 9,182,448 9,182,448 Forward MSR-related investments, at fair value — — 160,009 160,009 MSRs, at fair value — — 29,889 29,889 Servicing asset, at fair value — — 324 324 Loan commitments, at fair value — — 3,917 3,917 Investment in unconsolidated entities, at fair value — — 125,366 125,366 Financial derivatives–assets, at fair value: Credit default swaps on asset-backed securities — — 8 8 Credit default swaps on asset-backed indices — 1,948 — 1,948 Credit default swaps on corporate bonds — 107 — 107 Credit default swaps on corporate bond indices — 11,830 — 11,830 Interest rate swaps — 135,115 — 135,115 Total return swaps — — 6 6 TBAs — 879 — 879 Warrants — 53 — 53 Futures 61 — — 61 Forwards — 336 — 336 Total assets $ 6,888 $ 1,217,127 $ 13,218,913 $ 14,442,928 Description Level 1 Level 2 Level 3 Total (continued) (In thousands) Liabilities: Securities sold short, at fair value: Government debt $ — $ (165,118) $ — $ (165,118) Financial derivatives–liabilities, at fair value: Credit default swaps on asset-backed indices — (32) — (32) Credit default swaps on corporate bonds — (246) — (246) Credit default swaps on corporate bond indices — (22,037) — (22,037) Interest rate swaps — (16,653) — (16,653) TBAs — (569) — (569) Futures (888) — — (888) Forwards — — — — Other secured borrowings, at fair value — — (1,569,149) (1,569,149) HMBS-related obligations, at fair value — — (8,619,463) (8,619,463) Unsecured borrowings, at fair value — — (270,936) (270,936) Total liabilities $ (888) $ (204,655) $ (10,459,548) $ (10,665,091) December 31, 2023: Description Level 1 Level 2 Level 3 Total (In thousands) Assets: Securities, at fair value: Agency RMBS $ — $ 847,712 $ 5,512 $ 853,224 Non-Agency RMBS — 150,349 155,240 305,589 CMBS — 31,289 14,143 45,432 CLOs — 17,539 20,439 37,978 Asset-backed securities, backed by consumer loans — — 74,226 74,226 Other ABS — — 7,696 7,696 Corporate debt securities — — 8,041 8,041 Corporate equity securities 8,834 — 12,294 21,128 U.S. Treasury securities — 165,063 — 165,063 Loans, at fair value: Residential mortgage loans — — 3,093,912 3,093,912 Commercial mortgage loans — — 266,595 266,595 Consumer loans — — 1,759 1,759 Corporate loans — — 5,819 5,819 Reverse mortgage loans — — 8,938,551 8,938,551 Forward MSR-related investments, at fair value — — 163,336 163,336 MSRs, at fair value — — 29,580 29,580 Servicing asset, at fair value — — 1,327 1,327 Loan commitments, at fair value — — 2,584 2,584 Investment in unconsolidated entities, at fair value — — 116,414 116,414 Description Level 1 Level 2 Level 3 Total (continued) (In thousands) Financial derivatives–assets, at fair value: Credit default swaps on asset-backed securities $ — $ — $ 8 $ 8 Credit default swaps on asset-backed indices — 3,318 — 3,318 Credit default swaps on corporate bonds — 25 — 25 Credit default swaps on corporate bond indices — 7,259 — 7,259 Interest rate swaps — 129,239 — 129,239 Total return swaps — — 6 6 TBAs — 2,182 — 2,182 Warrants — 1,702 — 1,702 Futures 245 — — 245 Forwards — 12 — 12 Total assets $ 9,079 $ 1,355,689 $ 12,917,482 $ 14,282,250 Liabilities: Securities sold short, at fair value: Government debt $ — $ (154,303) $ — $ (154,303) Financial derivatives–liabilities, at fair value: Credit default swaps on asset-backed indices — (32) — (32) Credit default swaps on corporate bonds — (225) — (225) Credit default swaps on corporate bond indices — (15,894) — (15,894) Interest rate swaps — (31,745) — (31,745) TBAs — (5,820) — (5,820) Futures (7,990) — — (7,990) Forwards — (70) — (70) Other secured borrowings, at fair value — — (1,424,668) (1,424,668) HMBS-related obligations, at fair value — — (8,423,235) (8,423,235) Unsecured borrowings, at fair value — — (272,765) (272,765) Total liabilities $ (7,990) $ (208,089) $ (10,120,668) $ (10,336,747)
Schedule of Significant Unobservable Inputs, Qualitative Information	The following table identify the significant unobservable inputs that affect the valuation of the Company's Level 3 assets and liabilities as of March 31, 2024: March 31, 2024: Fair Value Valuation Unobservable Input Range Weighted Description Min Max (In thousands) Non-Agency RMBS $ 58,644 Market Quotes Non Binding Third-Party Valuation $ 0.80 $ 120.17 $ 68.66 42,133 Discounted Cash Flows 100,777 Yield 0.0 % 99.3 % 12.4 % Projected Collateral Prepayments 0.0 % 100.0 % 41.6 % Projected Collateral Losses 0.0 % 87.8 % 19.7 % Projected Collateral Recoveries 0.0 % 15.7 % 2.4 % Non-Agency CMBS 13,007 Market Quotes Non Binding Third-Party Valuation $ 4.64 $ 75.42 $ 42.37 1,688 Discounted Cash Flows 14,695 Yield 7.4 % 47.8 % 13.0 % Projected Collateral Losses — % 75.3 % 5.3 % Projected Collateral Recoveries 24.7 % 100.0 % 93.3 % CLOs 13,198 Market Quotes Non Binding Third-Party Valuation $ 0.25 $ 99.55 $ 74.23 10,179 Discounted Cash Flows 23,377 Yield — % 154.3 % 20.1 % Agency interest only RMBS 1,289 Market Quotes Non Binding Third-Party Valuation $ 2.75 $ 19.76 $ 6.60 5,433 Option Adjusted Spread ("OAS") 6,722 LIBOR OAS (1) 36 6,663 399 Projected Collateral Prepayments 16.4 % 100.0 % 58.7 % ABS 14,689 Market Quotes $ 3.42 $ 83.59 $ 58.65 71,545 Discounted Cash Flows 86,234 Yield 10.0 % 25.0 % 12.5 % Projected Collateral Prepayments 0.0 % 82.8 % 14.1 % Projected Collateral Losses 0.0 % 34.8 % 25.0 % Corporate debt and equity 23,357 Discounted Cash Flows Yield 6.0 % 33.4 % 13.0 % Performing and re-performing residential mortgage loans 1,517,574 Discounted Cash Flows Yield 1.5 % 57.5 % 8.7 % Securitized residential mortgage loans (2)(3) 1,427,142 Market Quotes Non Binding Third-Party Valuation $ 25.27 $ 98.87 $ 87.08 106,480 Discounted Cash Flows 1,533,622 Yield 2.5 % 16.5 % 4.6 % Non-performing residential mortgage loans 108,980 Discounted Cash Flows Yield 1.3 % 63.2 % 15.0 % Recovery Amount 65.7 % 239.4 % 106.4 % Months to Resolution 7.0 110.4 23.2 Performing commercial mortgage loans 256,661 Discounted Cash Flows Yield 9.7 % 12.9 % 11.5 % Non-performing commercial mortgage loans 37,439 Discounted Cash Flows Yield 14.9 % 24.3 % 20.7 % Recovery Amount 37.5 % 129.0 % 94.8 % Months to Resolution 9.0 14.0 9.7 Fair Value Valuation Unobservable Input Range Weighted Description Min Max (continued) (In thousands) Consumer loans 1,289 Discounted Cash Flows Yield 9.0 % 15.0 % 11.3 % Projected Collateral Prepayments 0.1 % 71.2 % 11.9 % Projected Collateral Losses 0.3 % 71.2 % 19.6 % Corporate loans 6,219 Discounted Cash Flows Yield 6.9 % 28.5 % 12.4 % Reverse Mortgage Loans—HECM 8,803,113 Discounted Cash Flows Yield 2.7 % 6.9 % 4.6 % Conditional Prepayment Rate 6.5 % 33.3 % 7.4 % Reverse Mortgage Loans—HECM buyouts 18,692 Discounted Cash Flows Yield 7.7 % 14.1 % 9.5 % Months to Resolution 0.3 62.0 23.7 Reverse Mortgage Loans—Unsecuritized Proprietary 175,790 Discounted Cash Flows Yield 7.3 % 8.9 % 8.4 % Conditional Prepayment Rate 12.0 % 69.6 % 15.1 % Reverse Mortgage Loans—Securitized Proprietary 184,853 Market Quotes Non Binding Third-Party Valuation $ 73.98 $ 88.76 $ 87.59 Yield 7.3 % 8.9 % 8.4 % Forward MSR-related investments 160,009 Discounted Cash Flows Yield 9.8 % 9.8 % 9.8 % Conditional Prepayment Rate 6.2 % 6.2 % 6.2 % MSRs 29,889 Discounted Cash Flows Yield 17.4 % 17.4 % 17.4 % Conditional Prepayment Rate 11.7 % 18.9 % 14.2 % Servicing Asset 324 Discounted Cash Flows Yield 15.0 % 15.0 % 15.0 % Loan Commitments 3,917 Discounted Cash Flows Pull-through rate 59.6 % 100.0 % 71.7 % Cost to originate 3.1 % 7.9 % 5.6 % Investment in unconsolidated entities—Loan origination entities 30,890 Enterprise Value Equity Price-to-Book (4) 1.0x 1.5x 1.0x Investment in unconsolidated entities—Other 94,476 Enterprise Value Net Asset Value n/a n/a n/a 125,366 Total return swaps 6 Discounted Cash Flows Yield — % — % — % Credit default swaps on asset-backed securities 8 Net Discounted Cash Flows Projected Collateral Prepayments 22.9 % 22.9 % 22.9 % Projected Collateral Losses 8.6 % 8.6 % 8.6 % Projected Collateral Recoveries 12.3 % 12.3 % 12.3 % Other secured borrowings, at fair value (2) (1,569,149) Market Quotes Non Binding Third-Party Valuation $ 25.27 $ 98.87 $ 86.64 Yield 5.9% 9.7% 6.9% Projected Collateral Prepayments 99.5% 100.0% 100.0% HMBS-related obligations, at fair value (8,619,463) Discounted Cash Flows Yield 2.5% 6.8% 4.5% Conditional Prepayment Rate 6.5% 33.4% 7.4% Unsecured borrowings, at fair value (270,936) Market Quotes Non Binding Third-Party Valuation $ 72.63 $ 96.44 $ 91.16 (1) Shown in basis points. (2) Securitized residential mortgage loans, Reverse Mortgage Loans—Securitized Proprietary, and Other secured borrowings, at fair value, represent financial assets and liabilities of the Company's CFEs as discussed in Note 2. (3) Includes $29.2 million of non-performing securitized residential mortgage loans. (4)
Fair Value Measurement Using Significant Unobservable Inputs	The tables below include roll-forwards of the Company's financial instruments for the three-month periods ended March 31, 2024 and 2023 (including the change in fair value), for financial instruments classified by the Company within Level 3 of the valuation hierarchy. Three-Month Period Ended March 31, 2024 (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 $ 5,512 $ (257) $ 1 $ (152) $ 315 $ (131) $ 1,434 $ — $ 6,722 Non-Agency RMBS 155,240 (933) 1,374 6,241 3,857 (38,870) 1,404 (27,536) 100,777 CMBS 14,143 188 136 590 336 (1,098) 995 (595) 14,695 CLOs 20,439 (277) (3,629) 3,655 3,916 (2,440) 1,713 — 23,377 Asset-backed securities backed by consumer loans 74,226 (2,069) (1,353) 561 8,291 (8,111) — — 71,545 Other ABS 7,696 368 — (357) 6,993 (11) — — 14,689 Corporate debt securities 8,041 — 33 631 5,156 (932) — — 12,929 Corporate equity securities 12,294 — 739 (458) — (2,147) — — 10,428 Loans, at fair value: Residential mortgage loans 3,093,912 (254) (2,496) 6,085 516,075 (453,146) — — 3,160,176 Commercial mortgage loans 266,595 — — (1,111) 105,956 (77,340) — — 294,100 Consumer loans 1,759 (123) (28) 22 109 (450) — — 1,289 Corporate loans 5,819 — — (100) 585 (85) — — 6,219 Reverse mortgage loans (3) 8,938,551 — — 199,307 317,050 (272,460) — — 9,182,448 Forward MSR-related investments, at fair value 163,336 3,597 — 1,612 — (8,536) — — 160,009 MSRs, at fair value (3) 29,580 — — 309 — — — — 29,889 Servicing asset, at fair value 1,327 — — (1,003) — — — — 324 Loan commitments, at fair value 2,584 — — 1,333 — — — — 3,917 Investments in unconsolidated entities, at fair value 116,414 — 1,173 1,053 34,259 (27,533) — — 125,366 Financial derivatives–assets, at fair value: Credit default swaps on asset-backed securities 8 — — — — — — — 8 Total return swaps 6 — 21 — — (21) — — 6 Total assets, at fair value $ 12,917,482 $ 240 $ (4,029) $ 218,218 $ 1,002,898 $ (893,311) $ 5,546 $ (28,131) $ 13,218,913 Liabilities: Other secured borrowings, at fair value (1,424,668) (652) — (12,524) 31,184 (162,489) — — (1,569,149) Unsecured borrowings, at fair value (272,765) — — 1,829 — — — — (270,936) HMBS-related obligations, at fair value (8,423,235) — — (178,317) 274,457 (292,368) — — (8,619,463) Total liabilities, at fair value $ (10,120,668) $ (652) $ — $ (189,012) $ 305,641 $ (454,857) $ — $ — $ (10,459,548) (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. (3) Change in net unrealized gain (loss) represents the net change in fair value which can include interest income and realized and unrealized gains and losses. All amounts of net realized and change in net unrealized gain (loss) in the table above are reflected in the accompanying Condensed Consolidated Statement of Operations. The table above incorporates changes in net unrealized gain (loss) for both Level 3 financial instruments held by the Company at March 31, 2024, as well as Level 3 financial instruments disposed of by the Company during the three-month period ended March 31, 2024. For Level 3 financial instruments held by the Company at March 31, 2024, change in net unrealized gain (loss) of $8.0 million, $204.1 million, $1.6 million, $0.3 million, $(1.0) million, $1.3 million, $0.5 million, $(1) thousand, $(12.5) million, $1.8 million, and $(178.0) million for the three-month period ended March 31, 2024 relate to securities, loans, Forward MSR-related investments, MSRs, servicing asset, loan commitments, investments in unconsolidated entities, financial derivatives-assets, other secured borrowings, Unsecured borrowings, and HMBS-related obligations, at fair value, respectively. At March 31, 2024, the Company transferred $28.1 million of assets from Level 3 to Level 2 and $5.5 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. Three-Month Period Ended March 31, 2023 (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 $ 7,027 $ (349) $ (13) $ 156 $ 141 $ (872) $ 194 $ (91) $ 6,193 Non-Agency RMBS 132,502 132 891 (4,376) 30,533 (23,422) 21,582 (1,565) 156,277 CMBS 12,649 50 — (1,421) — — 758 (269) 11,767 CLOs 24,598 169 89 (614) 1,481 (1) 2,952 — 28,674 Asset-backed securities backed by consumer loans 73,644 (1,327) 78 (2,072) 12,140 (10,263) — — 72,200 Corporate debt securities 7,533 — (258) 271 2,895 (2,094) — — 8,347 Corporate equity securities 11,111 — — (40) 31 — — — 11,102 Loans, at fair value: Residential mortgage loans 3,115,518 (1,662) (5,588) 53,645 320,212 (457,381) — — 3,024,744 Commercial mortgage loans 404,324 — (2) 340 36,220 (66,649) — — 374,233 Consumer loans 4,843 (246) 96 (254) 300 (770) — — 3,969 Corporate loans 4,086 — (100) 1 936 (3) — — 4,920 Reverse mortgage loans (3) 8,097,237 — (3) 171,567 420,478 (284,578) — — 8,404,701 MSRs, at fair value (3) 8,108 — — (8) — — — — 8,100 Servicing asset, at fair value 999 — — (700) — — — — 299 Loan commitments, at fair value 3,060 — — 239 — — — — 3,299 Investments in unconsolidated entities, at fair value 127,046 — 1,472 1,972 30,787 (42,530) — — 118,747 Financial derivatives–assets, at fair value: Credit default swaps on asset-backed securities 76 — 1 — — (1) — — 76 Total assets, at fair value $ 12,034,361 $ (3,233) $ (3,337) $ 218,706 $ 856,154 $ (888,564) $ 25,486 $ (1,925) $ 12,237,648 Liabilities: Other secured borrowings, at fair value $ (1,539,881) $ (402) $ — $ (29,680) $ 35,371 $ — $ — $ — $ (1,534,592) Unsecured borrowings, at fair value (191,835) — — 6,510 — — — — (185,325) HMBS-related obligations, at fair value (7,787,155) — — (131,534) 275,618 (332,845) — — (7,975,916) Total liabilities, at fair value $ (9,518,871) $ (402) $ — $ (154,704) $ 310,989 $ (332,845) $ — $ — $ (9,695,833) (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. (3) Change in net unrealized gain (loss) represents the net change in fair value which can include interest income and realized and unrealized gains and losses. All amounts of net realized and change in net unrealized gain (loss) in the table above are reflected in the accompanying Condensed Consolidated Statement of Operations. The table above incorporates changes in net unrealized gain (loss) for both Level 3 financial instruments held by the Company at March 31, 2023, as well as Level 3 financial instruments disposed of by the Company during the three-month period ended March 31, 2023. For Level 3 financial instruments held by the Company at March 31, 2023, change in net unrealized gain (loss) of $(3.6) million, $225.5 million, $(8) thousand, $(0.7) million, $0.2 million, $(1.9) million, $(29.7) million, $6.5 million, and $(131.5) million, for the three-month period ended March 31, 2023 relate to securities, loans, MSRs, servicing asset, loan commitments, investments in unconsolidated entities, other secured borrowings, Unsecured borrowings, and HMBS-related obligations, at fair value, respectively. At March 31, 2023, the Company transferred $1.9 million of assets from Level 3 to Level 2 and $25.5 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.
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 March 31, 2024 and December 31, 2023: As of March 31, 2024 December 31, 2023 (In thousands) Fair Value Carrying Value Fair Value Carrying Value Other financial instruments Assets: Cash and cash equivalents $ 187,467 $ 187,467 $ 228,927 $ 228,927 Restricted cash 6,343 6,343 1,618 1,618 Due from brokers 17,099 17,099 51,884 51,884 Reverse repurchase agreements 183,607 183,607 173,145 173,145 Liabilities: Repurchase agreements 2,517,747 2,517,747 2,967,437 2,967,437 Other secured borrowings 180,918 180,918 245,827 245,827 Due to brokers 62,646 62,646 62,442 62,442 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.

Investment in Securities (Table

Investment in Securities (Tables)	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Summary of Investment Holdings	The following tables detail the Company's investment in securities as of March 31, 2024 and December 31, 2023. March 31, 2024: Gross Unrealized Weighted Average ($ in thousands) Current Principal Unamortized Premium (Discount) Amortized Cost Gains Losses Fair Value Coupon (1)(2) Yield Life (Years) (3) Long: Agency RMBS: 15-year fixed-rate mortgages $ 56,106 $ 220 $ 56,326 $ 5 $ (4,562) $ 51,769 2.57 % 2.41 % 3.42 20-year fixed-rate mortgages 2,324 107 2,431 — (428) 2,003 2.29 % 1.45 % 6.19 30-year fixed-rate mortgages 599,815 (9,708) 590,107 1,453 (35,526) 556,034 4.02 % 4.09 % 6.77 Adjustable rate mortgages 5,171 532 5,703 — (660) 5,043 3.88 % 2.10 % 4.82 Reverse mortgages 35,416 3,211 38,627 233 (1,948) 36,912 5.98 % 3.38 % 4.80 Interest only securities n/a n/a 10,291 1,090 (570) 10,811 1.23 % 11.69 % 5.75 Non-Agency RMBS 336,052 (122,112) 213,940 12,616 (22,760) 203,796 5.18 % 8.77 % 4.92 CMBS 51,171 (20,689) 30,482 667 (11,348) 19,801 3.22 % 9.09 % 6.70 Non-Agency interest only securities n/a n/a 32,038 6,560 (2,074) 36,524 0.17 % 13.57 % 7.85 CLOs n/a n/a 67,872 2,477 (5,649) 64,700 2.86 % 11.40 % 4.69 ABS 58,732 (43,923) 14,809 141 (261) 14,689 4.50 % 24.22 % 3.36 ABS backed by consumer loans 151,568 (70,659) 80,909 1,560 (10,925) 71,544 12.00 % 10.52 % 1.55 Corporate debt 61,323 (49,312) 12,011 1,752 (834) 12,929 — % — % 2.18 Corporate equity n/a n/a 22,120 1,547 (6,412) 17,255 n/a n/a n/a U.S. Treasury securities 223,338 2,947 226,285 522 (1,769) 225,038 4.29 % 4.04 % 7.79 Total Long 1,581,016 (309,386) 1,403,951 30,623 (105,726) 1,328,848 4.89 % 6.05 % 6.01 Short: U.S. Treasury securities (142,128) 645 (141,483) 2,333 (244) (139,394) 3.52 % 3.66 % 2.01 European sovereign bonds (26,575) (1,148) (27,723) 1,999 — (25,724) 0.01 % 0.15 % 0.94 Total Short (168,703) (503) (169,206) 4,332 (244) (165,118) 2.96 % 3.09 % 1.85 Total $ 1,412,313 $ (309,889) $ 1,234,745 $ 34,955 $ (105,970) $ 1,163,730 4.71 % 5.72 % 5.55 (1) Weighted average coupon represents the weighted average coupons of the securities, rather than, in the case of collateralized securities, the coupon rates or loan rates on the underlying collateral. (2) Total long, total short, and total weighted average coupon exclude interest only securities, CLOs, and corporate equity. (3) Expected 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, 2023: Gross Unrealized Weighted Average ($ in thousands) Current Principal Unamortized Premium (Discount) Amortized Cost Gains Losses Fair Value Coupon (1)(2) Yield Life (Years) (3) Long: Agency RMBS: 15-year fixed-rate mortgages $ 57,987 $ 252 $ 58,239 $ 22 $ (4,225) $ 54,036 2.58 % 2.42 % 3.48 20-year fixed-rate mortgages 2,368 114 2,482 — (404) 2,078 2.29 % 1.48 % 6.25 30-year fixed-rate mortgages 783,123 (6,744) 776,379 4,313 (38,595) 742,097 4.04 % 4.04 % 6.61 Adjustable rate mortgages 5,252 568 5,820 — (690) 5,130 3.81 % 2.09 % 4.42 Reverse mortgages 36,196 3,928 40,124 34 (2,987) 37,171 5.37 % 3.55 % 4.76 Interest only securities n/a n/a 11,891 1,320 (499) 12,712 1.08 % 13.18 % 5.36 Non-Agency RMBS 427,431 (139,654) 287,777 11,369 (29,672) 269,474 5.07 % 8.96 % 4.73 CMBS 74,591 (20,389) 54,202 349 (11,780) 42,771 4.87 % 8.93 % 4.72 Non-Agency interest only securities n/a n/a 35,214 6,212 (2,650) 38,776 0.17 % 14.57 % 7.46 CLOs n/a n/a 44,939 1,873 (8,834) 37,978 2.27 % 11.81 % 4.46 ABS 16,416 (8,956) 7,460 256 (20) 7,696 7.16 % 13.85 % 2.49 ABS backed by consumer loans 151,310 (67,159) 84,151 1,577 (11,502) 74,226 12.00 % 11.38 % 1.50 Corporate debt 30,944 (23,191) 7,753 579 (291) 8,041 — % — % 1.93 Corporate equity n/a n/a 23,066 1,851 (3,789) 21,128 n/a n/a n/a U.S. Treasury securities 212,433 (49,289) 163,144 2,415 (496) 165,063 4.25 % 4.01 % 7.43 Total Long 1,798,051 (310,520) 1,602,641 32,170 (116,434) 1,518,377 4.95 % 5.99 % 5.80 Short: U.S. Treasury securities (130,121) 533 (129,588) 2,094 (619) (128,113) 3.47 % 3.61 % 1.88 European sovereign bonds (27,159) (557) (27,716) 1,526 — (26,190) 0.01 % 0.15 % 1.20 Total Short (157,280) (24) (157,304) 3,620 (619) (154,303) 2.87 % 3.00 % 1.77 Total $ 1,640,771 $ (310,544) $ 1,445,337 $ 35,790 $ (117,053) $ 1,364,074 4.78 % 5.71 % 5.42 (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) Total long, total short, and total weighted average coupon excludes interest only securities, CLOs, and corporate equity. (3) Expected 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 March 31, 2024 and December 31, 2023. March 31, 2024: ($ 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 $ 79,510 $ 79,994 5.45 % $ 1,151 $ 1,228 0.81 % Greater than three years and less than seven years 244,763 257,937 4.62 % 5,891 5,641 1.45 % Greater than seven years and less than eleven years 327,488 355,263 3.25 % 3,512 3,131 1.61 % Greater than eleven years — — — % 257 291 0.68 % Total $ 651,761 $ 693,194 3.99 % $ 10,811 $ 10,291 1.23 % (1) Expected 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, 2023: ($ 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 $ 89,649 $ 89,955 5.39 % $ 1,541 $ 1,546 0.57 % Greater than three years and less than seven years 346,074 360,574 4.49 % 8,227 7,601 1.77 % Greater than seven years and less than eleven years 404,789 432,515 3.30 % 2,676 2,448 1.84 % Greater than eleven years — — — % 268 296 0.68 % Total $ 840,512 $ 883,044 3.99 % $ 12,712 $ 11,891 1.08 % (1) Expected 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 March 31, 2024 and December 31, 2023. March 31, 2024: ($ 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 $ 76,678 $ 78,082 4.58 % $ 2,531 $ 3,244 0.16 % $ 107,299 $ 117,291 5.50 % Greater than three years and less than seven years 100,758 101,413 7.00 % 10,367 10,225 0.29 % 129,772 132,122 4.90 % Greater than seven years and less than eleven years 35,690 44,069 4.35 % 23,299 18,314 0.15 % 151,829 152,473 4.16 % Greater than eleven years 10,471 20,858 1.96 % 327 255 1.25 % — — — % Total $ 223,597 $ 244,422 4.92 % $ 36,524 $ 32,038 0.17 % $ 388,900 $ 401,886 5.06 % (1) Expected 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 ABS, 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, 2023: ($ 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 $ 116,076 $ 117,707 4.41 % $ 3,885 $ 4,535 0.10 % $ 99,770 $ 114,709 6.02 % Greater than three years and less than seven years 131,314 135,591 7.05 % 11,014 11,343 0.28 % 106,529 107,727 5.13 % Greater than seven years and less than eleven years 58,741 74,401 5.04 % 23,555 19,072 0.15 % 86,705 85,011 4.12 % Greater than eleven years 6,114 14,280 0.38 % 322 264 1.25 % — — — % Total $ 312,245 $ 341,979 5.04 % $ 38,776 $ 35,214 0.17 % $ 293,004 $ 307,447 5.40 % (1) Expected 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 ABS 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 table details the components of interest income by security type for the three-month periods ended March 31, 2024 and 2023: Three-Month Period Ended (In thousands) March 31, 2024 March 31, 2023 Security Type Coupon Interest Net Amortization Interest Income Coupon Interest Net Amortization Interest Income Agency RMBS $ 9,067 $ (1,998) $ 7,069 $ 9,349 $ (2,228) $ 7,121 Non-Agency RMBS and CMBS 8,687 (849) 7,838 6,431 161 6,592 CLOs 1,885 (376) 1,509 953 187 1,140 Other securities (1) 7,124 (2,658) 4,466 5,843 (1,374) 4,469 Total $ 26,763 $ (5,881) $ 20,882 $ 22,576 $ (3,254) $ 19,322 (1) Other securities includes ABS, 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-month periods ended March 31, 2024 and 2023. (In thousands) Three-Month Period Ended March 31, 2024 Security Type Proceeds (1) Gross Realized Gains Gross Realized Losses (2) Net Realized Gain (Loss) Agency RMBS $ 236,602 $ 1,077 $ (13,231) $ (12,154) Non-Agency RMBS and CMBS 112,793 6,814 (865) 5,949 CLOs 2,312 388 (122) 266 Other securities (3) 55,270 1,528 (622) 906 Total $ 406,977 $ 9,807 $ (14,840) $ (5,033) (1) Includes proceeds on sales of securities not yet settled as of period end. (2) Excludes realized losses of $(9.7) million for the three-month period ended March 31, 2024, 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. (3) Other securities includes ABS, corporate debt and equity, exchange-traded equity, and U.S. Treasury securities. (In thousands) Three-Month Period Ended March 31, 2023 Security Type Proceeds (1) Gross Realized Gains Gross Realized Losses (2) Net Realized Gain (Loss) Agency RMBS $ 205,504 $ 796 $ (26,336) $ (25,540) Non-Agency RMBS and CMBS 27,188 1,084 (15) 1,069 CLOs — 89 — 89 Other securities (3) 274,056 320 (1,749) (1,429) Total $ 506,748 $ 2,289 $ (28,100) $ (25,811) (1) Includes proceeds on sales of securities not yet settled as of period end. (2) Excludes realized losses of $(5.7) million for the three-month period ended March 31, 2023, 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. (3) 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 tables present 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 basis, by length of time that such securities have been in an unrealized loss position at March 31, 2024 and December 31, 2023. March 31, 2024: (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 $ 180,991 $ (3,896) $ 299,073 $ (39,004) $ 480,064 $ (42,900) Non-Agency RMBS and CMBS 159 (1) 47,168 (9,009) 47,327 (9,010) CLOs 9,274 (179) 3,560 (876) 12,834 (1,055) Other securities (1) 197,110 (6,522) 827 (1,679) 197,937 (8,201) Total $ 387,534 $ (10,598) $ 350,628 $ (50,568) $ 738,162 $ (61,166) (1) Other securities includes ABS and corporate debt and equity securities. December 31, 2023: (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 $ 125,112 $ (730) $ 426,834 $ (45,854) $ 551,946 $ (46,584) Non-Agency RMBS and CMBS 10,301 (200) 14,195 (882) 24,496 (1,082) CLOs 7,152 (69) 5 — 7,157 (69) Other securities (1) 15,930 (2,276) 10,958 (2,029) 26,888 (4,305) Total $ 158,495 $ (3,275) $ 451,992 $ (48,765) $ 610,487 $ (52,040) (1) Other securities includes corporate debt and equity securities.

Investment in Loans (Tables)

Investment in Loans (Tables)	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Summary of Investments in Loans	The following table is a summary of the Company's investments in loans as of March 31, 2024 and December 31, 2023: As of (In thousands) March 31, 2024 December 31, 2023 Loan Type Unpaid Principal Balance Fair Unpaid Principal Balance Fair Residential mortgage loans $ 3,369,139 $ 3,160,176 $ 3,305,757 $ 3,093,912 Commercial mortgage loans 311,578 294,100 281,531 266,595 Consumer loans 1,500 1,289 2,081 1,759 Corporate loans 6,965 6,219 6,379 5,819 Reverse mortgage loans 8,742,962 9,182,448 8,568,271 8,938,551 Total $ 12,432,144 $ 12,644,232 $ 12,164,019 $ 12,306,636 The tables below detail certain information regarding the Company's residential mortgage loans as of March 31, 2024 and December 31, 2023. March 31, 2024: 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) $ 3,173,699 $ 31,720 $ 3,205,419 $ 3,580 $ (239,502) $ 2,969,497 7.39 % 6.93 % 4.36 Residential mortgage loans, held-for-sale 195,440 4,076 199,516 1,516 (10,353) 190,679 7.44 6.80 5.56 Total residential mortgage loans $ 3,369,139 $ 35,796 $ 3,404,935 $ 5,096 $ (249,855) $ 3,160,176 7.39 % 6.92 % 4.44 (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 $1.534 billion of non-QM loans that have been securitized and are held in consolidated securitization trusts. Such loans had $(217.6) million of gross unrealized losses. See Residential Mortgage Loan Securitizations in Note 13 for additional information. December 31, 2023: Gross Unrealized Weighted Average ($ in thousands) Unpaid Principal Balance Premium (Discount) Amortized Gains Losses Fair Value Coupon Yield Life (Years) (1) Residential mortgage loans, held-for-investment (2) $ 3,305,757 $ 37,831 $ 3,343,588 $ 5,554 $ (255,230) $ 3,093,912 7.17 % 6.77 % 4.17 (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 $1.555 billion of non-QM loans that have been securitized and are held in consolidated securitization trusts. Such loans had $(228.0) million of gross unrealized losses. See Residential Mortgage Loan Securitizations in Note 13 for additional information. The tables below detail certain information regarding the Company's commercial mortgage loans as of March 31, 2024 and December 31, 2023: March 31, 2024: Gross Unrealized Weighted Average ($ 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 $ 311,578 $ (12,304) $ 299,274 $ — $ (5,174) $ 294,100 11.36 % 11.33 % 1.07 (1) Excludes non-performing commercial mortgage loans, in non-accrual status, with a fair value of $37.4 million. (2) Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal. December 31, 2023: Gross Unrealized Weighted Average ($ 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 $ 281,531 $ (13,648) $ 267,883 $ — $ (1,288) $ 266,595 11.44 % 11.45 % 0.79 (1) Excludes non-performing commercial mortgage loans, in non-accrual status, with a fair value of $33.3 million. (2) Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal. The tables below detail certain information regarding the Company's consumer loans as of March 31, 2024 and December 31, 2023: March 31, 2024: Gross Unrealized Weighted Average ($ in thousands) Unpaid Principal Balance Premium (Discount) Amortized Cost Gains Losses Fair Value Life (Years) (1) Delinquency (Days) Consumer loans, held-for-investment $ 1,500 $ (31) $ 1,469 $ 134 $ (314) $ 1,289 0.76 16 (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. December 31, 2023: Gross Unrealized Weighted Average ($ in thousands) Unpaid Principal Balance Premium (Discount) Amortized Cost Gains Losses Fair Value Life (Years) (1) Delinquency (Days) Consumer loans, held-for-investment $ 2,081 $ (120) $ 1,961 $ 127 $ (329) $ 1,759 0.75 18 (1) Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal. The tables below detail certain information regarding the Company's corporate loans as of March 31, 2024 and December 31, 2023: March 31, 2024: Weighted Average ($ in thousands) Unpaid Fair Value Rate Remaining Term (Years) Corporate loans, held-for-investment (1) $ 6,965 $ 6,219 9.88 % 1.27 (1) See Note 24 for further details on the Company's unfunded commitments related to certain of its corporate loans. December 31, 2023: Weighted Average ($ in thousands) Unpaid Fair Value Rate Remaining Term (Years) Corporate loans, held-for-investment (1) $ 6,379 $ 5,819 10.13 % 1.52 (1) See Note 24 for further details on the Company's unfunded commitments related to certain of its corporate loans. As described in Note 2, the Company evaluates the cost basis of its corporate loans for impairment on at least a quarterly basis. As of March 31, 2024 and December 31, 2023, the Company had expected future credit losses, which it tracks for purposes of calculating interest income, of $0.7 million and $0.6 million, respectively. The table below details certain information regarding the Company's reverse mortgage loans as of March 31, 2024 and December 31, 2023. March 31, 2024: Weighted Average ($ in thousands) Unpaid Principal Balance Fair Value Coupon Life (Years) Reverse mortgage loans, held-for-investment HECM loans HECM loans collateralizing HMBS $ 8,297,381 $ 8,710,188 6.59 % 5.03 Unsecuritized HECM loans (1) 109,824 111,617 6.98 % 6.30 Proprietary reverse mortgage loans Securitized proprietary reverse mortgage loans 172,580 184,853 10.44 % 9.08 Unsecuritized proprietary reverse mortgage loans 37,916 40,040 10.38 % 17.12 Total reverse mortgage loans, held-for-investment 8,617,701 9,046,698 6.69 % 5.18 Reverse mortgage loans, held-for-sale Unsecuritized proprietary reverse mortgage loans 125,261 135,750 10.64 % 17.12 Total reverse mortgage loans $ 8,742,962 $ 9,182,448 6.74 % 5.36 (1) Includes unpoolable HECM loans with an unpaid principal balance of $29.1 million. December 31, 2023: Weighted Average ($ in thousands) Unpaid Principal Balance Fair Value Coupon Life (Years) Reverse mortgage loans, held-for-investment HECM loans collateralizing HMBS $ 8,166,222 $ 8,506,423 6.82 % 5.10 Unsecuritized HECM loans (1) 103,063 102,553 7.15 % 6.12 Total reverse mortgage loans, held-for-investment 8,269,285 8,608,976 6.83 % 5.11 Reverse mortgage loans, held-for-sale 298,986 329,575 10.67 % 16.78 Total reverse mortgage loans $ 8,568,271 $ 8,938,551 6.96 % 5.54 (1) Includes unpoolable HECM loans with an unpaid principal balance of $28.0 million.
Financing Receivable, Past Due [Table Text Block]	The following table provides details, by loan type, for residential and commercial mortgage and consumer loans that are 90 days or more past due as of March 31, 2024 and December 31, 2023: As of March 31, 2024 December 31, 2023 (In thousands) Unpaid Principal Balance Fair Value Unpaid Principal Balance Fair Value 90 days or more past due—non-accrual status Residential mortgage loans $ 148,703 $ 138,001 $ 127,685 $ 120,087 Commercial mortgage loans 54,451 37,439 47,736 33,314 Consumer loans 57 40 94 66
Schedules of Exposure to Counterparty Risk	The following table summarizes the Company's exposure to counterparty risk as of March 31, 2024 and December 31, 2023. March 31, 2024: Amount of Exposure Number of Counterparties with Exposure Maximum Percentage of Exposure to a Single Counterparty (1) (In thousands) Cash and cash equivalents $ 187,467 11 49.6 % Collateral on repurchase agreements held by dealers (2) 3,122,176 27 26.2 % Due from brokers 17,099 23 41.0 % Receivable for securities sold (3) 14,598 6 40.0 % (1) Each counterparty is a financial institution that the Company believes to be creditworthy as of March 31, 2024. (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, 2023: Amount of Exposure Number of Counterparties with Exposure Maximum Percentage of Exposure to a Single Counterparty (In thousands) Cash and cash equivalents $ 228,927 11 28.8 % Collateral on repurchase agreements held by dealers (1) 3,672,278 28 18.6 % Due from brokers 51,884 21 58.5 % Receivable for securities sold (2) 345,429 9 54.3 % (1) Includes securities, loans, and REO as well as cash posted as collateral for repurchase agreements. (2) 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 March 31, 2024 and December 31, 2023. As of March 31, 2024 December 31, 2023 (In thousands) Unpaid Principal Balance Fair Value Unpaid Principal Balance Fair Value Re-performing $ 4,134 $ 3,621 $ 4,252 $ 3,761 Non-performing 148,886 138,198 127,085 119,524
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 March 31, 2024 and December 31, 2023. Days Past Due March 31, 2024 December 31, 2023 Current 85.0 % 81.0 % 30-59 Days 6.6 % 7.9 % 60-89 Days 4.6 % 6.6 % 90-119 Days 3.1 % 4.0 % >120 Days 0.7 % 0.5 % 100.0 % 100.0 %
Schedule of Unpoolable HECM Loans	The following table provides details on the Company's unpoolable HECM loans as of March 31, 2024 and December 31, 2023: (In thousands) March 31, 2024 December 31, 2023 Unpoolable HECM Loan Type Unpaid Fair Value Unpaid Fair Value ABOs $ 11,109 $ 9,337 $ 8,508 $ 6,897 NABOs 13,424 9,356 14,562 10,167 Other HECM loans (1) 4,522 4,485 4,883 4,908 Total unpoolable HECM loans $ 29,055 $ 23,178 $ 27,953 $ 21,972 (1) Includes HECM tail loans where the borrower is not in compliance with the terms of the underlying loan.

Forward MSR-Related Investmen_2

Forward MSR-Related Investments (Tables)	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
MSR Financing Receivables	The following table presents activity related to Company’s investments in Forward MSR-related investments for the three month-period ended March 31, 2024. The Company did not hold Forward MSR-related investments during the three-month period ended March 31, 2023. (In thousands) Three-Month Period Ended March 31, 2024 Forward MSR-related investments, at fair value, beginning balance $ 163,336 Capital investments — Distributions (8,537) Accretion of interest income 3,597 Change in unrealized gain (loss) 1,613 Forward MSR-related investments, at fair value, ending balance $ 160,009

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments in Unconsolidated Entities	The following table provides details about the Company's investments in unconsolidated entities as of March 31, 2024 and December 31, 2023: Percentage Ownership Investment in Unconsolidated Entity Form of Investment March 31, 2024 December 31, 2023 Loan Originators: LendSure Mortgage Corp. (1)(2) Common shares 63.7% 49.9% Other (1) Various 45.0%–50.0% 45.0%–50.0% Co-investments with Ellington affiliate(s) (1) : Elizon DB 2015-1 LLC (3)(4) Membership Interest 33.5% 30.4% Elizon NM CRE 2020-1 LLC (3)(5) Membership Interest 32.5% 11.5% Elizon CH CRE 2021-1 LLC (3)(6) Membership Interest 30.6% 29.2% Equity investments in securitization-related vehicles, including risk retention vehicles (7) Membership Interest 24.6%–84.5% 24.6%–84.5% Other: Jepson Holdings Limited (1)(3) Membership Interest 7.9% 7.9% Other (1)(3)(8) Various 6.1%–79.0% 6.1%–79.0% (1) See Note 16 for additional details on the Company's related party transactions. (2) As of March 31, 2024, the Company held both voting and non-voting equity interests; its non-voting stake in the entity was 13.8%. As of December 31, 2023, excludes investment in equity interests convertible into non-voting common shares; including such interests the Company's additional non-voting stake in the entity was 13.8%. See Note 16 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 16 Related Party Transactions— Participation in Multi-Borrower Financing Facilities , the Company and the Affiliated Entities (as defined in Note 16) each consolidate their segregated silos of the Joint Entity (as defined in Note 16). The Company's effective percentage ownership before the effects of consolidation of both its and the Affiliated Entities' respective segregated silos of the Joint Entity, was 56.0% and 60.0% as of March 31, 2024 and December 31, 2023, respectively. (5) As discussed in Note 16 Related Party Transactions— Participation in Multi-Borrower Financing Facilities , the Company and the Affiliated Entities (as defined in Note 16) each consolidate their segregated silos of the Joint Entity (as defined in Note 16). The Company's effective percentage ownership before the effects of consolidation of both its and the Affiliated Entities' respective segregated silos of the Joint Entity, was 64.8% and 74.1% as of March 31, 2024 and December 31, 2023, respectively. (6) As discussed in Note 16 Related Party Transactions— Participation in Multi-Borrower Financing Facilities , the Company and the Affiliated Entities (as defined in Note 16) each consolidate their segregated silos of the Joint Entity (as defined in Note 16). The Company's effective percentage ownership before the effects of consolidation of both its and the Affiliated Entities' respective segregated silos of the Joint Entity, was 54.2% and 52.1% as of March 31, 2024 and December 31, 2023, respectively. (7) Includes interests in Consumer Risk Retention Vehicles, as defined in Note 13 —Participation in Multi-Seller Consumer Loan Securitizations, and Participated Risk Retention Vehicle and Residential Loan JV, as defined in Note 13 —Residential Mortgage Loan Securitizations . The Company has evaluated these entities and determined that they do not meet the definition of a VIE. The Company evaluated its interest in the entity under the voting interest model outlined in ASC 810, and has determined that the Company does not control these entities. As a result, the Company has not consolidated the entity. See Note 13 for additional details on the Company's securitization transactions. (8) Includes interest in warehouse facilities; see Note 16— Participation in CLO Transactions , for additional details.

Real Estate Owned (Tables)

Real Estate Owned (Tables)	3 Months Ended
	Mar. 31, 2024
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-month periods ended March 31, 2024 and 2023: Three-Month Period Ended March 31, 2024 March 31, 2023 Number of Properties Carrying Value Number of Properties Carrying Value (In thousands) (In thousands) Beginning Balance (December 31, 2023 and 2022, respectively) 81 $ 22,085 97 $ 28,403 Transfers from mortgage loans 36 11,553 12 3,140 Capital expenditures and other adjustments to cost 200 180 Adjustments to record at the lower of cost or fair value (2,323) (69) Dispositions (35) (11,516) (11) (4,937) Ending Balance (March 31, 2024 and 2023, respectively) 82 $ 19,999 98 $ 26,717

Financial Derivatives (Tables)

Financial Derivatives (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 (In thousands) Financial derivatives–assets, at fair value: TBA securities purchase contracts $ 13 $ 2,182 TBA securities sale contracts 866 — Fixed payer interest rate swaps 126,002 101,881 Fixed receiver interest rate swaps 9,113 27,358 Credit default swaps on asset-backed securities 8 8 Credit default swaps on asset-backed indices 1,948 3,318 Credit default swaps on corporate bonds 107 25 Credit default swaps on corporate bond indices 11,830 7,259 Total return swaps 6 6 Futures 61 245 Forwards 336 12 Warrants 53 1,702 Total financial derivatives–assets, at fair value 150,343 143,996 Financial derivatives–liabilities, at fair value: TBA securities purchase contracts (189) — TBA securities sale contracts (380) (5,820) Fixed payer interest rate swaps (3,360) (17,944) Fixed receiver interest rate swaps (13,293) (13,801) Credit default swaps on asset-backed indices (32) (32) Credit default swaps on corporate bonds (246) (225) Credit default swaps on corporate bond indices (22,037) (15,894) Futures (888) (7,990) Forwards — (70) Total financial derivatives–liabilities, at fair value (40,425) (61,776) Total $ 109,918 $ 82,220
Schedule of Interest Rate Derivatives [Table Text Block]	The following tables provide information about the Company's fixed payer interest rate swaps as of March 31, 2024 and December 31, 2023: March 31, 2024: Weighted Average Maturity Notional Amount Fair Value Pay Rate Receive Rate Remaining Years to Maturity (In thousands) 2024 $ 482,811 $ 6,294 3.97 % 5.35 % 0.53 2025 414,561 8,473 3.69 5.33 1.41 2026 189,287 2,219 4.13 5.33 2.41 2027 228,250 13,283 2.91 5.34 3.15 2028 582,656 15,885 3.51 5.34 4.30 2029 220,788 7,247 3.36 5.33 4.87 2030 199,817 5,477 3.60 5.34 6.32 2031 157,766 25,740 1.51 5.34 7.21 2032 181,867 14,883 2.80 5.34 8.31 2033 465,285 16,540 3.42 5.34 9.20 2034 89,710 429 3.80 5.33 9.89 2035 500 150 0.78 5.33 11.56 2036 1,102 281 1.19 5.34 11.88 2037 45,000 5,498 2.81 5.34 13.41 2038 32,500 (373) 4.01 5.33 14.42 2039 12,292 114 3.77 5.33 14.85 2040 500 186 0.90 5.33 16.57 2050 500 232 0.98 5.33 26.57 2053 1,600 91 3.32 5.33 29.75 2054 400 (7) 3.72 5.33 29.92 Total $ 3,307,192 $ 122,642 3.44 % 5.34 % 4.85 December 31, 2023: Weighted Average Maturity Notional Amount Fair Value Pay Rate Receive Rate Remaining Years to Maturity (In thousands) 2024 $ 629,547 $ 9,097 3.18 % 5.41 % 0.61 2025 412,701 6,304 3.69 5.06 1.66 2026 189,287 (573) 4.13 5.39 2.66 2027 174,841 8,970 4.04 5.04 3.35 2028 650,990 7,516 3.48 5.38 4.54 2029 53,011 4,378 2.19 5.38 5.32 2030 150,817 1,122 3.50 5.39 6.59 2031 157,766 24,131 1.51 5.38 7.46 2032 181,867 11,069 2.80 5.38 8.56 2033 437,619 6,960 3.40 5.38 9.42 2035 500 132 0.78 5.33 11.81 2036 1,102 280 1.19 5.38 12.13 2037 45,000 3,780 2.81 5.38 13.66 2038 32,500 (1,727) 4.01 5.39 14.67 2040 500 165 0.90 5.33 16.82 2049 5,729 845 2.63 5.38 25.02 2050 500 207 0.98 5.33 26.82 2052 5,000 1,281 2.07 5.38 28.27 Total $ 3,129,277 $ 83,937 3.34 % 5.33 % 4.68 The following tables provide information about the Company's fixed receiver interest rate swaps as of March 31, 2024 and December 31, 2023: March 31, 2024: Weighted Average Maturity Notional Amount Fair Value Pay Rate Receive Rate Remaining Years to Maturity (In thousands) 2024 $ 52,236 $ (699) 5.43 % 3.56 % 0.59 2025 143,183 (360) 5.34 4.87 0.98 2026 503,256 (580) 5.33 4.56 1.98 2027 121,157 (1,665) 5.33 3.88 2.98 2028 517,220 4,069 5.33 4.31 4.35 2029 372,044 (1,180) 5.33 3.95 4.91 2030 116,000 (267) 5.34 3.94 6.42 2031 35,000 (659) 5.33 3.64 6.79 2033 225,931 843 5.33 3.94 9.64 2034 69,930 (640) 5.33 3.74 9.90 2035 500 (154) 5.34 0.74 11.56 2038 36,300 (1,362) 5.33 3.54 14.73 2039 13,177 (306) 5.33 3.65 14.83 2040 500 (192) 5.34 0.84 16.57 2050 500 (242) 5.34 0.90 26.57 2053 13,795 (786) 5.33 3.33 29.74 Total $ 2,220,729 $ (4,180) 5.33 % 4.19 % 4.78 December 31, 2023: Weighted Average Maturity Notional Amount Fair Value Pay Rate Receive Rate Remaining Years to Maturity (In thousands) 2024 $ 427,234 $ (578) 5.40 % 5.17 % 0.24 2025 143,183 67 5.38 4.87 1.23 2026 461,658 (8,399) 5.39 3.58 2.28 2027 36,591 30 5.39 3.68 3.90 2028 464,799 13,357 5.39 4.33 4.64 2030 67,000 1,737 5.39 3.97 6.77 2033 198,265 7,701 5.39 3.96 9.88 2035 500 (137) 5.38 0.74 11.81 2038 36,300 131 5.39 3.54 14.98 2040 500 (173) 5.38 0.84 16.82 2050 500 (220) 5.38 0.90 26.82 2053 22,800 41 5.39 3.33 29.99 Total $ 1,859,330 $ 13,557 5.39 % 4.28 % 3.93
Schedule of Credit Default Swaps [Table Text Block]	The following table provides information about the Company's credit default swaps as of March 31, 2024 and December 31, 2023: As of March 31, 2024 December 31, 2023 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 $ 226 $ 12 13.75 $ 230 $ 12 13.99 Credit default swaps on corporate bonds 2,000 107 1.72 2,000 25 1.97 Credit default swaps on corporate bond indices 284,000 11,830 4.46 149,000 7,259 4.47 Short: Credit default swaps on asset-backed securities (45) 8 11.49 (45) 8 11.74 Credit default swaps on asset-backed indices (42,003) 1,936 34.88 (42,101) 3,306 35.11 Liability: Long: Credit default swaps on asset-backed indices 60 (32) 24.97 60 (32) 25.22 Short: Credit default swaps on corporate bonds (13,000) (246) 3.22 (13,000) (225) 3.47 Credit default swaps on corporate bond indices (674,269) (22,037) 4.90 (537,299) (15,894) 4.84 $ (443,031) $ (8,422) 7.98 $ (441,155) $ (5,541) 7.81 (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 March 31, 2024 and December 31, 2023: As of March 31, 2024 December 31, 2023 Description Notional Amount Fair Value Remaining Months to Expiration Notional Amount Fair Value Remaining Months to Expiration (In thousands) (In thousands) Assets: Long Contracts: U.S. Treasury futures $ 1,900 $ 49 5.67 $ 1,900 $ 245 2.63 Short Contracts: U.S. Treasury futures (49,800) 12 6.00 — — — Liabilities: Short Contracts: U.S. Treasury futures (274,300) (888) 5.67 (313,100) (7,990) 2.21 Total, net $ (322,200) $ (827) 5.72 $ (311,200) $ (7,745) 2.21
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 March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 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 102 $ 53 n/a 202 $ 1,702 5.66
Schedule of TBA securities [Table Text Block]	As of March 31, 2024 and December 31, 2023, the Company had outstanding TBA purchase and sale contracts as follows: March 31, 2024 December 31, 2023 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 $ 15,930 $ 15,950 $ 15,963 $ 13 $ 375,154 $ 362,129 $ 364,311 $ 2,182 Liabilities 83,817 82,060 81,871 (189) — — — — 99,747 98,010 97,834 (176) 375,154 362,129 364,311 2,182 Sale contracts: Assets (239,478) (226,440) (225,574) 866 — — — — Liabilities (90,153) (79,371) (79,751) (380) (433,098) (392,730) (398,550) (5,820) (329,631) (305,811) (305,325) 486 (433,098) (392,730) (398,550) (5,820) Total TBA securities, net $ (229,884) $ (207,801) $ (207,491) $ 310 $ (57,944) $ (30,601) $ (34,239) $ (3,638) (1) Notional amount represents the principal balance of the underlying Agency RMBS. (2) Cost basis represents the forward price to be paid (received) for the underlying Agency RMBS. (3) Market value represents the current market value of the underlying Agency RMBS (on a forward delivery basis) as of period end. (4) Net carrying value represents the difference between the market value of the TBA contract as of period end and the cost basis, and is reported in Financial derivatives-assets, at fair value and Financial derivatives-liabilities, at fair value on the Condensed Consolidated Balance Sheet.
Schedule of Gains and Losses on Derivative Contracts	Gains and losses on the Company's derivative contracts for the three-month periods ended March 31, 2024 and 2023 are summarized in the tables below: Three-Month Period Ended March 31, 2024 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 Net Realized Gains (Losses) on Financial Derivatives 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 Change in Net Unrealized Gains (Losses) on Financial Derivatives (In thousands) Interest rate swaps Interest Rate $ 15,438 $ (8,653) $ 6,785 $ (4,427) $ 23,890 $ 19,463 Credit default swaps on asset-backed indices Credit (200) (200) (1,370) (1,370) Credit default swaps on corporate bond indices Credit (4,567) (4,567) 1,676 1,676 Credit default swaps on corporate bonds Credit (7) (7) 62 62 Total return swaps Equity Market/Credit 20 20 (1) (1) TBAs Interest Rate 817 817 3,948 3,948 Futures Interest Rate 434 434 6,918 6,918 Forwards Currency 110 110 395 395 Warrants Credit 86 86 (726) (726) Total $ 15,438 $ (11,960) $ 3,478 $ (4,427) $ 34,792 $ 30,365 Three-Month Period Ended March 31, 2023 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 Net Realized Gains (Losses) on Financial Derivatives 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 (1) Change in Net Unrealized Gains (Losses) on Financial Derivatives (1) (In thousands) Interest rate swaps Interest Rate $ 5,791 $ (31,075) $ (25,284) $ 3,452 $ 13,173 $ 16,625 Credit default swaps on asset-backed securities Credit 1 1 — — Credit default swaps on asset-backed indices Credit (275) (275) 2,158 2,158 Credit default swaps on corporate bond indices Credit (1,348) (1,348) 207 207 Credit default swaps on corporate bonds Credit (41) (41) (19) (19) TBAs Interest Rate 4,292 4,292 (10,077) (10,077) Futures Interest Rate (2,933) (2,933) (5,664) (5,664) Forwards Currency 141 141 (382) (382) Warrants Equity Market/Credit — — (80) (80) Total $ 5,791 $ (31,238) $ (25,447) $ 3,452 $ (684) $ 2,768 (1) Includes foreign currency remeasurement on financial derivatives in the amount of $5 thousand for the three-month period ended March 31, 2023, 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 three-month period ended March 31, 2024 and the year ended December 31, 2023: Derivative Type Three-Month Year Ended (In thousands) Interest rate swaps $ 5,369,996 $ 4,309,089 Credit default swaps 811,654 497,857 TBAs 538,338 603,206 Futures 319,250 246,669 Forwards 23,200 15,567 Total return swaps 1,388 875 Warrants 177 1,926
Schedule of Credit Derivatives	Written credit derivatives held by the Company at March 31, 2024 and December 31, 2023 are summarized below: Credit Derivatives March 31, 2024 December 31, 2023 (In thousands) Fair Value of Written Credit Derivatives, Net $ 11,917 $ 7,264 Notional Value of Written Credit Derivatives (1) 286,286 151,290 (1) 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.

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	The following table provides additional details of the Company's assets included in Other assets on the Condensed Consolidated Balance Sheet at March 31, 2024 and December 31, 2023. Other Assets March 31, 2024 December 31, 2023 (In thousands) Receivables and claims related to reverse mortgage loans repurchased from HMBS (1) $ 40,454 $ 48,468 Prepaid expenses and deferred offering costs 12,605 11,602 Accounts receivable 7,230 3,755 Leases—right of use assets (2) 5,773 3,279 Prepaid scheduled draws on reverse mortgage loans and amounts due from sub-servicer 3,325 2,800 Intangible assets 2,548 2,673 Property and equipment (4) 1,580 1,110 Certificates of deposit, security deposits, and escrow cash 858 1,043 Servicing asset, at fair value (3) 324 1,327 Other 725 1,042 $ 75,422 $ 77,099 (1) Represents receivables from third-parties and claims to HUD related to loans repurchased from HMBS. See Note 13, Issuance of HMBS for discussion on the maximum claim amount related to reverse mortgage loans in HMBS. (2) See Note 24 for additional details on the Company's leases and ROU assets. (3) See Note 13 for details on the Servicing asset. (4) Net of accumulated depreciation.
Schedule of Intangible Assets and Goodwill	The following table details the Company's intangible assets as of March 31, 2024 and December 31, 2023. March 31, 2024 December 31, 2023 Gross Carrying Value Accumulated Amortization Net Useful Life Gross Carrying Value Accumulated Amortization Net Useful Life (In thousands) (In months) (In thousands) (In months) Intangible Asset: Internally developed software $ 1,400 $ (700) $ 700 36 $ 1,400 $ (583) $ 817 36 Trademarks/trade names 1,200 — 1,200 Indefinite 1,200 — 1,200 Indefinite Customer relationships 700 (52) 648 240 700 (44) 656 240 Total identified intangible assets $ 3,300 $ (752) $ 2,548 $ 3,300 $ (827) $ 2,673
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination	The following table summarizes changes in the net carrying value of the Company's intangible assets for the three-month periods ended March 31, 2024 and 2023. Three-Month Period Ended March 31, 2024 (In thousands) Internally Developed Software Trademarks/Trade Names Customer Relationships Total Net carrying value of intangible assets—Beginning Balance (December 31, 2023) $ 817 $ 1,200 $ 656 $ 2,673 Accumulated Amortization (117) — (8) (125) Net carrying value of intangible assets—Ending Balance (March 31, 2024) $ 700 $ 1,200 $ 648 $ 2,548 Three-Month Period Ended March 31, 2023 (In thousands) Internally Developed Software Trademarks/Trade Names Customer Relationships Non-Compete Agreements Total Net carrying value of intangible assets—Beginning Balance (December 31, 2022) $ 1,284 $ 1,200 $ 691 $ 100 $ 3,275 Accumulated Amortization (117) — (9) (100) (226) Net carrying value of intangible assets—Ending Balance (March 31, 2023) $ 1,167 $ 1,200 $ 682 $ — $ 3,049
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The following table summarizes the Company's estimated future amortization expense on its intangible assets. (In thousands) March 31, 2024 2024 $ 376 2025 385 2026 35 2027 35 2028 35 Thereafter 481 Total $ 1,347

Consolidated VIEs (Tables)

Consolidated VIEs (Tables)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Consolidated VIEs	The following table summarizes the assets and liabilities of the Company's consolidated VIEs that are included on the Company's Condensed Consolidated Balance Sheet as of March 31, 2024 and December 31, 2023. See Note 13 and Note 16 for additional information on the Company's consolidated VIEs. (In thousands) March 31, 2024 December 31, 2023 Assets Cash and cash equivalents $ 98 $ 178 Restricted cash 4,730 — Securities, at fair value 71,545 74,226 Loans, at fair value 3,619,551 3,342,478 Forward MSR-related investments, at fair value 80,475 82,273 Investments in unconsolidated entities, at fair value 72,220 63,701 Real estate owned 14,414 16,100 Investment related receivables 20,325 19,929 Other assets 733 469 Total Assets $ 3,884,091 $ 3,599,354 Liabilities Repurchase agreements $ 1,305,736 $ 1,244,401 Other secured borrowings 19,662 25,787 Other secured borrowings, at fair value 1,569,149 1,424,668 Interest payable 2,052 1,879 Accrued expenses and other liabilities 283 451 Total Liabilities 2,896,882 2,697,186 Total Stockholders' Equity 981,686 897,303 Non-controlling interests 5,523 4,865 Total Equity 987,209 902,168 Total Liabilities and Equity $ 3,884,091 $ 3,599,354

Securitization Transactions (Ta

Securitization Transactions (Tables)	3 Months Ended
	Mar. 31, 2024
Securitization Transactions [Abstract]
Schedule of Residential Loan Securitizations - Consolidated	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 (1) (In thousands) Ellington Financial Mortgage Trust 2019-2 11/19 $ 267,255 $ 267,255 Ellington Financial Mortgage Trust 2020-1 6/20 259,273 259,273 Ellington Financial Mortgage Trust 2020-2 10/20 219,732 219,732 Ellington Financial Mortgage Trust 2021-1 2/21 251,771 251,771 Ellington Financial Mortgage Trust 2021-2 6/21 331,777 331,777 Ellington Financial Mortgage Trust 2021-3 10/21 257,645 257,645 Ellington Financial Mortgage Trust 2022-1 1/22 417,188 417,188 Ellington Financial Mortgage Trust 2022-2 4/22 425,651 425,651 Ellington Financial Mortgage Trust 2022-3 7/22 345,652 345,652 (1) The Sponsor purchased various classes of Certificates issued by each Issuing Entity in order to comply with the Risk Retention Rules.
Schedule of Residential Loan Securitizations - Non Consolidated	The following table provides details on outstanding non-consolidated residential mortgage loan securitizations in which the Company has participated: Issuing Entity Closing Date Principal Balance of Loans Sold By the Company Principal Balance of Loans Sold By the Non-QM Co-Participants Total Face Amount of Certificates Issued (In thousands) EFMT 2022-4 12/22 $ 309,998 $ 55,264 $ 365,262 EFMT 2023-1 2/23 176,218 154,149 330,367
Schedule of participation in consumer loan securitizations	The following table provides additional details for each such securitization. Securitization Closing UPB of Loans Sold to Consumer Securitization Issuer % Contributed by the Company Principal Amount of Notes Issued (1) % Ownership of Consumer Risk Retention Vehicle (In thousands) (In thousands) November 2020 $ 205,088 56.3 % $ 193,650 56.3 % March 2022 (2) 193,450 24.7 % 400,000 24.6 % (1) Total principal amount of notes issued by the Consumer Securitization Issuer pursuant to the securitization. (2)

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Repurchase Agreements [Table Text Block]	The following table details the Company's outstanding borrowings under repurchase agreements for Agency RMBS, credit assets (which can include non-Agency RMBS, CMBS, CLOs, consumer loans, corporate debt, residential mortgage loans, and commercial mortgage loans and REO), reverse mortgage loans, and U.S. Treasury securities by remaining maturity as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 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 $ 497,820 5.46 % 10 $ 1,076,710 5.55 % 17 31-60 Days 1,240 6.08 % 39 15,786 5.81 % 49 61-90 Days 116,567 5.49 % 75 914 6.16 % 72 151-180 Days 1,656 6.12 % 159 1,931 6.23 % 159 Total Agency RMBS 617,283 5.47 % 23 1,095,341 5.55 % 18 Credit Assets: 30 Days or Less 26,065 6.80 % 11 124,617 6.80 % 22 31-60 Days 108,544 6.75 % 44 136,434 7.03 % 41 61-90 Days 104,095 6.76 % 73 82,992 6.85 % 74 91-120 Days 330,090 7.57 % 110 290,215 7.36 % 116 121-150 Days 23,442 7.00 % 134 — — % — 151-180 Days 6,295 6.74 % 159 5,980 6.68 % 161 181-364 Days 938,848 7.52 % 189 867,983 7.61 % 268 > 364 Days 37,459 8.58 % 422 58,631 8.61 % 513 Total Credit Assets 1,574,838 7.43 % 157 1,566,852 7.44 % 199 Reverse Mortgage Loans: 121-150 Days 66,982 8.85 % 128 — — % — 181-364 Days 31,412 8.36 % 188 150,228 7.97 % 282 Total Reverse Mortgage Loans 98,394 8.70 % 148 150,228 7.97 % 282 U.S. Treasury Securities: 30 Days or Less 227,232 5.50 % 1 155,016 5.51 % 2 Total U.S. Treasury Securities 227,232 5.50 % 1 155,016 5.51 % 2 Total $ 2,517,747 6.82 % 109 $ 2,967,437 6.67 % 126
Schedule of Repurchase Agreement Counterparties with Whom Repurchase Agreements Exceed 10 Percent of Stockholders' Equity	The following table provides details by counterparty for such counterparties for which the amounts at risk relating to our repurchase agreements was greater than 10% of total equity as of March 31, 2024 and December 31, 2023. March 31, 2024: Counterparty Amount at Risk Weighted Average Remaining Days to Maturity Percentage (In thousands) Nomura Holdings Inc. $ 260,829 164 16.8 % December 31, 2023: Counterparty Amount at Risk Weighted Average Remaining Days to Maturity Percentage (In thousands) Nomura Holdings Inc. $ 216,886 246 14.2 %
Schedule of Line of Credit Facilities	The following table provides details for each of the warehouse lines of credit. March 31, 2024 December 31, 2023 Maturity Outstanding Borrowings Fair Value of Underlying Collateral Effective Interest Rate Outstanding Borrowings Fair Value of Underlying Collateral Effective Interest Rate (In thousands) (In thousands) Facility A May 2024 $ 52,407 $ 61,670 8.77 % $ 83,393 $ 99,340 8.95 % Facility B April 2024 56,180 60,820 7.97 % 76,717 88,251 8.21 % $ 108,587 $ 122,490 8.36 % $ 160,110 $ 187,591 8.60 %
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 March 31, 2024: Year Repurchase Agreements (1) Other Secured Borrowings (2) HMBS-related Obligations (3) Unsecured Borrowings (1) Total (In thousands) Next Twelve Months $ 2,480,288 $ 377,346 $ 1,231,518 $ 34,931 $ 4,124,083 Year 2 37,459 255,077 949,487 — 1,242,023 Year 3 — 232,158 910,446 37,750 1,180,354 Year 4 — 184,251 838,304 210,000 1,232,555 Year 5 — 150,451 851,779 — 1,002,230 Total $ 2,517,747 $ 1,199,283 $ 4,781,534 $ 282,681 $ 8,781,245 (1) Reflects the Company's contractual principal repayment dates. (2) Includes $896.6 million and $121.8 million of expected principal repayments related to the Company's consolidated non-QM and reverse mortgage loan securitizations, respectively, which are projected based upon the underlying assets' expected repayments and may be prior to the stated contractual maturities. (3) Represents expected principal repayments projected based upon the expected repayments of the underlying HECM loans, which may be prior to the stated contractual maturities of the related HMBS.

Related Party (Tables)

Related Party (Tables)	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Schedule of promissory notes	The following table provides details of financing that the Company has provided, in the form of secured promissory notes, to certain loan origination-related entities in which the Company also holds equity investments: Effective Date of Promissory Note Maturity Date of Promissory Note Interest Rate Outstanding Borrowings as of Fair Value (1) as of Maximum Borrowing March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 (In thousands) (In thousands) May 2021 (2) December 31, 2025 $ 6,000 9.0% 9.0% $ 2,335 $ 2,335 $ 2,335 $ 2,335 February 2022 January 31, 2025 750 7.0% 7.0% 575 575 575 575 December 2022 December 16, 2024 3,500 15.0% 15.0% 1,644 1,644 1,233 1,233 (1) Classified as a Corporate loan and is included in Loans, at fair value on the Condensed Consolidated Balance Sheet. (2) Convertible into non-voting equity interests, at the option of the borrower, at any time prior to maturity.

Long-Term Incentive Plan Units

Long-Term Incentive Plan Units (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Unvested LTIP Units	The below table details unvested OP LTIP Units as of March 31, 2024: Grant Recipient Number of OP LTIP Units Granted Grant Date Vesting Date (1) Directors: 30,628 December 14, 2023 September 13, 2024 Dedicated or partially dedicated personnel: 14,708 December 15, 2022 December 15, 2024 22,135 December 14, 2023 December 14, 2024 17,538 December 14, 2023 December 14, 2025 39,740 March 19, 2024 December 31, 2025 Total unvested OP LTIP Units at March 31, 2024 124,749 (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-month periods ended March 31, 2024 and 2023: Three-Month Period Ended March 31, 2024 March 31, 2023 Manager Director/ Total Manager Director/ Total OP LTIP Units Outstanding (December 31, 2023 and 2022, respectively) 365,518 383,437 748,955 365,518 404,055 769,573 Granted — 39,740 39,740 — — — OP LTIP Units Outstanding (March 31, 2024 and 2023, respectively) 365,518 423,177 788,695 365,518 404,055 769,573 OP LTIP Units Unvested and Outstanding — 124,749 124,749 — 113,615 113,615 OP LTIP Units Vested and Outstanding 365,518 298,428 663,946 365,518 290,440 655,958

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Summary of Common Shares Outstanding	The following table summarizes issuance, repurchase, and other activity with respect to the Company's common stock for the three-month periods ended March 31, 2024, and 2023: Three-Month Period Ended March 31, 2024 March 31, 2023 Shares of Common Stock Outstanding (as of December 31, 2023 and 2022, respectively) 83,000,488 63,812,215 Share Activity: Shares of common stock issued 2,103,725 4,433,861 Shares of common stock repurchased (47,565) (1,061,000) Shares of Common Stock Outstanding (as of March 31, 2024 and 2023, respectively) 85,056,648 67,185,076

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Computation Of Basic And Diluted EPS	The components of the computation of basic and diluted EPS are as follows: Three-Month Period Ended (In thousands except share amounts) March 31, 2024 March 31, 2023 Net income (loss) attributable to common stockholders $ 26,915 $ 38,916 Add: Net income (loss) attributable to Convertible Non-controlling Interests (1) 255 476 Net income (loss) attributable to common stockholders and Convertible Non-controlling Interests 27,170 39,392 Dividends declared: Common stockholders (36,589) (30,297) Convertible Non-controlling Interests (347) (367) Total dividends declared to common stockholders and Convertible Non-controlling Interests (36,936) (30,664) Undistributed (Distributed in excess of) earnings: Common stockholders (9,674) 8,619 Convertible Non-controlling Interests (92) 109 Total undistributed (distributed in excess of) earnings attributable to common stockholders and Convertible Non-controlling Interests $ (9,766) $ 8,728 Weighted average shares outstanding (basic and diluted): Weighted average shares of common stock outstanding 84,467,546 66,672,049 Weighted average Convertible Non-controlling Interest Units outstanding 800,992 815,933 Weighted average shares of common stock and Convertible Non-controlling Interest Units outstanding 85,268,538 67,487,982 Basic earnings per share of common stock and Convertible Non-controlling Interest Unit: Distributed $ 0.43 $ 0.45 Undistributed (Distributed in excess of) (0.11) 0.13 $ 0.32 $ 0.58 Diluted earnings per share of common stock and Convertible Non-controlling Interest Unit: Distributed $ 0.43 $ 0.45 Undistributed (Distributed in excess of) (0.11) 0.13 $ 0.32 $ 0.58 (1) For each of the three-month periods ended March 31, 2024 and 2023, excludes net income (loss) of $0.2 million, attributable to joint venture partners and Longbridge, as applicable, which have non-participating interests as described in Note 18.

Offsetting of Assets and Liab_2

Offsetting of Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023. March 31, 2024: 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 $ 150,343 $ (39,285) $ — $ (60,648) $ 50,410 Reverse repurchase agreements 183,607 (167,125) (16,482) — — Liabilities Financial derivatives–liabilities (40,425) 39,285 — 122 (1,018) Repurchase agreements (2,517,747) 167,125 2,348,374 2,248 — (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 March 31, 2024 was $3.1 billion. As of March 31, 2024, total cash collateral on financial derivative assets and liabilities excludes excess net cash collateral pledged (received) of $1.2 million and $0.3 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, 2023: 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 $ 143,996 $ (50,301) $ — $ (38,812) $ 54,883 Reverse repurchase agreements 173,145 (155,719) (17,426) — — Liabilities Financial derivatives–liabilities (61,776) 50,301 — 3,822 (7,653) Repurchase agreements (2,967,437) 155,719 2,822,912 (11,194) — (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, 2023 was $3.7 billion. As of December 31, 2023, total cash collateral on financial derivative assets and liabilities excludes excess net cash collateral pledged of $(13.9) million and $12.1 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)	3 Months Ended
	Mar. 31, 2024
Risks and Uncertainties [Abstract]
Schedules of Exposure to Counterparty Risk	The following table summarizes the Company's exposure to counterparty risk as of March 31, 2024 and December 31, 2023. March 31, 2024: Amount of Exposure Number of Counterparties with Exposure Maximum Percentage of Exposure to a Single Counterparty (1) (In thousands) Cash and cash equivalents $ 187,467 11 49.6 % Collateral on repurchase agreements held by dealers (2) 3,122,176 27 26.2 % Due from brokers 17,099 23 41.0 % Receivable for securities sold (3) 14,598 6 40.0 % (1) Each counterparty is a financial institution that the Company believes to be creditworthy as of March 31, 2024. (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, 2023: Amount of Exposure Number of Counterparties with Exposure Maximum Percentage of Exposure to a Single Counterparty (In thousands) Cash and cash equivalents $ 228,927 11 28.8 % Collateral on repurchase agreements held by dealers (1) 3,672,278 28 18.6 % Due from brokers 51,884 21 58.5 % Receivable for securities sold (2) 345,429 9 54.3 % (1) Includes securities, loans, and REO as well as cash posted as collateral for repurchase agreements. (2) Included in Investment related receivables on the Condensed Consolidated Balance Sheet.

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Lessee, Operating Lease, Disclosure	The following table provides details of the Company's outstanding leases as of March 31, 2024 and December 31, 2023. ($ in thousands) March 31, 2024 December 31, 2023 ROU assets $ 5,773 $ 3,279 Lease liabilities 6,089 3,524 Weighted average remaining term (in years) 7.5 5.1 Weighted average discount rate 8.85 % 7.31 %
Schedule of Future Minimum Rental Payments for Operating Leases	The following table details contractual future minimum lease payments as of March 31, 2024. Minimum Payments (In thousands) Year ended December 31, 2024 $ 802 Year ended December 31, 2025 1,240 Year ended December 31, 2026 1,237 Year ended December 31, 2027 1,140 Year ended December 31, 2028 929 Thereafter 3,467 Total 8,815 Less: implied interest payments (2,726) Lease Liability $ 6,089

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	The following tables present the Company's results of operations by reportable segment for the three-month periods ended March 31, 2024, and 2023, and various reconciling items to the Company's results of operations overall. Three-Month Period Ended March 31, 2024 (In thousands) Investment Portfolio Segment Longbridge Segment Corporate/ Other Total Interest income $ 91,403 $ 8,240 $ 1,877 $ 101,520 Interest expense (57,310) (8,557) (4,597) (70,464) Total other income (loss) 10,024 38,170 (3,709) 44,485 Total expenses (3,143) (29,099) (11,413) (43,655) Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities 40,974 8,754 (17,842) 31,886 Income tax expense (benefit) — — 61 61 Earnings (losses) from investments in unconsolidated entities 2,226 — — 2,226 Net Income (Loss) 43,200 8,754 (17,903) 34,051 Net income (loss) attributable to non-controlling interests 185 38 259 482 Dividends on preferred stock — — 6,654 6,654 Net Income (Loss) Attributable to Common Stockholders $ 43,015 $ 8,716 $ (24,816) $ 26,915 Non-cash items: Amortization and depreciation expense $ — $ 270 $ — $ 270 Three-Month Period Ended March 31, 2023 (In thousands) Investment Portfolio Longbridge Segment Corporate/ Other Total Interest income $ 82,369 $ 2,893 $ 1,912 $ 87,174 Interest expense (52,136) (4,346) (3,135) (59,617) Total other income (loss) 10,929 33,398 7,348 51,675 Total expenses (3,505) (25,447) (8,950) (37,902) Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities 37,657 6,498 (2,825) 41,330 Income tax expense (benefit) — — 21 21 Earnings (losses) from investments in unconsolidated entities 3,444 — — 3,444 Net Income (Loss) 41,101 6,498 (2,846) 44,753 Net income (loss) attributable to non-controlling interests 238 2 480 720 Dividends on preferred stock — — 5,117 5,117 Net Income (Loss) Attributable to Common Stockholders $ 40,863 $ 6,496 $ (8,443) $ 38,916 Non-cash items Amortization and depreciation expense $ — $ 358 $ — $ 358
Reconciliation of Assets from Segment to Consolidated	The following tables present our balance sheet by reportable segment as of March 31, 2024 and December 31, 2023 which reconciles to the Company's financial position overall. March 31, 2024 (In thousands) Investment Portfolio Longbridge Corporate/ Other Total Total Assets $ 5,620,097 $ 9,338,455 $ 174,048 $ 15,132,600 Total Liabilities 4,097,762 9,115,860 365,822 13,579,444 Total Equity 1,522,335 222,595 (191,774) 1,553,156 December 31, 2023 (In thousands) Investment Portfolio Longbridge Corporate/ Other Total Total Assets $ 5,978,988 $ 9,092,840 $ 244,102 $ 15,315,930 Total Liabilities 4,555,212 8,872,153 352,953 13,780,318 Total Equity 1,423,776 220,687 (108,851) 1,535,612

Organization and Investment O_2

Organization and Investment Objective (Details)	3 Months Ended
	Mar. 31, 2024 numberOfSegments
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of Reportable Segments	2
Ellington Financial Operating Partnership LLC [Member] | Total Stockholder's Equity
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Ownership Percentage	99.30%

Significant Accounting Polici_3

Significant Accounting Policies (Details)	3 Months Ended
	Mar. 31, 2024
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		Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value(1)(2)	[1],[2]	$ 1,328,848	$ 1,518,377
Forward MSR-related investments, at fair value(1)		160,009	163,336
Mortgage servicing rights, at fair value		29,889	29,580
Loan commitments, at fair value		3,917	2,584
Investments in unconsolidated entities, at fair value	[1]	125,366	116,414
Financial derivatives–assets, at fair value		150,343	143,996
Investments sold short, at fair value-		(165,118)	(154,303)
Financial derivatives–liabilities, at fair value-		(40,425)	(61,776)
Other secured borrowings, at fair value	[1]	(1,569,149)	(1,424,668)
HMBS-related obligations, at fair value		(8,619,463)	(8,423,235)
Unsecured borrowings, at fair value		270,936	272,765
Level 3 | Non-Agency RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets		100,777
Level 3 | CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets		14,695
Level 3 | CLOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets		23,377
Level 3 | Asset-backed securities, backed by consumer loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets		86,234
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets		14,442,928	14,282,250
Total liabilities		(10,665,091)	(10,336,747)
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-		(165,118)	(154,303)
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-		(32)	(32)
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-		(246)	(225)
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-		(22,037)	(15,894)
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-		(16,653)	(31,745)
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-		(569)	(5,820)
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-		(888)	(7,990)
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-		0	(70)
Fair Value, Measurements, Recurring | Other secured borrowings, at fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other secured borrowings, at fair value		(1,569,149)	(1,424,668)
HMBS-related obligations, at fair value		(8,619,463)	(8,423,235)
Fair Value, Measurements, Recurring | Unsecured Borrowings
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unsecured borrowings, at fair value		270,936	272,765
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)(2)		662,572	853,224
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)(2)		237,728	305,589
Fair Value, Measurements, Recurring | Securities | CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value(1)(2)		22,393	45,432
Fair Value, Measurements, Recurring | Securities | CLOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value(1)(2)		64,700	37,978
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)(2)		71,544	74,226
Fair Value, Measurements, Recurring | Securities | Other asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value(1)(2)		14,689	7,696
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)		12,929	8,041
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)(2)		17,255	21,128
Fair Value, Measurements, Recurring | Securities | U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value(1)(2)		225,038	165,063
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		3,160,176	3,093,912
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		294,100	266,595
Fair Value, Measurements, Recurring | Loans | Consumer loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans, at fair value		1,289	1,759
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		6,219	5,819
Fair Value, Measurements, Recurring | Loans | Reverse mortgage loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans, at fair value		9,182,448	8,938,551
Fair Value, Measurements, Recurring | Forward MSR-related Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward MSR-related investments, at fair value(1)		160,009	163,336
Fair Value, Measurements, Recurring | Mortgage servicing rights
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage servicing rights, at fair value		29,889	29,580
Fair Value, Measurements, Recurring | Servicing-related asset
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing related asset		324	1,327
Fair Value, Measurements, Recurring | Loan commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loan commitments, at fair value		3,917	2,584
Fair Value, Measurements, Recurring | Investment in unconsolidated entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated entities, at fair value		125,366	116,414
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		8	8
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		1,948	3,318
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		107	25
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		11,830	7,259
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		135,115	129,239
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		6	6
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		879	2,182
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		53	1,702
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		61	245
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		336	12
Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets		6,888	9,079
Total liabilities		(888)	(7,990)
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 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 | 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 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 | 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-		(888)	(7,990)
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 | Other secured borrowings, at fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other secured borrowings, at fair value		0	0
HMBS-related obligations, at fair value		0	0
Fair Value, Measurements, Recurring | Level 1 | Unsecured Borrowings
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unsecured borrowings, 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)(2)		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)(2)		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)(2)		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)(2)		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)(2)		0	0
Fair Value, Measurements, Recurring | Level 1 | Securities | Other asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value(1)(2)		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)(2)		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)(2)		6,827	8,834
Fair Value, Measurements, Recurring | Level 1 | Securities | U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value(1)(2)		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 | Loans | Reverse 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 | Forward MSR-related Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward MSR-related investments, at fair value(1)		0	0
Fair Value, Measurements, Recurring | Level 1 | Mortgage servicing rights
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage servicing rights, at fair value		0	0
Fair Value, Measurements, Recurring | Level 1 | Servicing-related asset
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing related asset		0	0
Fair Value, Measurements, Recurring | Level 1 | Loan commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loan commitments, at fair value		0	0
Fair Value, Measurements, Recurring | Level 1 | Investment in unconsolidated entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated entities, 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 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 | Credit default swaps on corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value		0	0
Fair Value, Measurements, Recurring | Level 1 | Financial Derivatives - Assets | Credit default swaps on 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 | 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 | 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 | 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 | Warrants
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		61	245
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 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets		1,217,127	1,355,689
Total liabilities		(204,655)	(208,089)
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-		(165,118)	(154,303)
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-		(32)	(32)
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-		(246)	(225)
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-		(22,037)	(15,894)
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-		(16,653)	(31,745)
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-		(569)	(5,820)
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-		0	(70)
Fair Value, Measurements, Recurring | Level 2 | Other secured borrowings, at fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other secured borrowings, at fair value		0	0
HMBS-related obligations, at fair value		0	0
Fair Value, Measurements, Recurring | Level 2 | Unsecured Borrowings
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unsecured borrowings, at fair value		0	0
Fair Value, Measurements, Recurring | Level 2 | Securities | Agency RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value(1)(2)		655,850	847,712
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)(2)		136,950	150,349
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)(2)		7,698	31,289
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)(2)		41,323	17,539
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)(2)		0	0
Fair Value, Measurements, Recurring | Level 2 | Securities | Other asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value(1)(2)		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)(2)		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)(2)		0	0
Fair Value, Measurements, Recurring | Level 2 | Securities | U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value(1)(2)		225,038	165,063
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 | Loans | Reverse 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 | Forward MSR-related Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward MSR-related investments, at fair value(1)		0	0
Fair Value, Measurements, Recurring | Level 2 | Mortgage servicing rights
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage servicing rights, at fair value		0	0
Fair Value, Measurements, Recurring | Level 2 | Servicing-related asset
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing related asset		0	0
Fair Value, Measurements, Recurring | Level 2 | Loan commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loan commitments, at fair value		0	0
Fair Value, Measurements, Recurring | Level 2 | Investment in unconsolidated entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated entities, 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 asset-backed indices
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value		1,948	3,318
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		107	25
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		11,830	7,259
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		135,115	129,239
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 | TBA securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value		879	2,182
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		53	1,702
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		336	12
Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets		13,218,913	12,917,482
Total liabilities		(10,459,548)	(10,120,668)
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 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 | 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 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 | 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 | Other secured borrowings, at fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other secured borrowings, at fair value		(1,569,149)	(1,424,668)
HMBS-related obligations, at fair value		(8,619,463)	(8,423,235)
Fair Value, Measurements, Recurring | Level 3 | Unsecured Borrowings
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unsecured borrowings, at fair value		270,936	272,765
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)(2)		6,722	5,512
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)(2)		100,778	155,240
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)(2)		14,695	14,143
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)(2)		23,377	20,439
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)(2)		71,544	74,226
Fair Value, Measurements, Recurring | Level 3 | Securities | Other asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value(1)(2)		14,689	7,696
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)		12,929	8,041
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)(2)		10,428	12,294
Fair Value, Measurements, Recurring | Level 3 | Securities | U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, at fair value(1)(2)		0	0
Fair Value, Measurements, Recurring | Level 3 | Loans | Residential mortgage loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans, at fair value		3,160,176	3,093,912
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		294,100	266,595
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		1,289	1,759
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		6,219	5,819
Fair Value, Measurements, Recurring | Level 3 | Loans | Reverse mortgage loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans, at fair value		9,182,448	8,938,551
Fair Value, Measurements, Recurring | Level 3 | Forward MSR-related Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward MSR-related investments, at fair value(1)		160,009	163,336
Fair Value, Measurements, Recurring | Level 3 | Mortgage servicing rights
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage servicing rights, at fair value		29,889	29,580
Fair Value, Measurements, Recurring | Level 3 | Servicing-related asset
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing related asset		324	1,327
Fair Value, Measurements, Recurring | Level 3 | Loan commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loan commitments, at fair value		3,917	2,584
Fair Value, Measurements, Recurring | Level 3 | Investment in unconsolidated entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated entities, at fair value		125,366	116,414
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		8	8
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 | Credit default swaps on corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value		0	0
Fair Value, Measurements, Recurring | Level 3 | Financial Derivatives - Assets | Credit default swaps on 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 | 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 | Total return swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives–assets, at fair value		6	6
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 | Warrants
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
[1] Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities. Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

Valuation (Significant Unobserv

Valuation (Significant Unobservable Inputs Rollforward) (Details) - Level 3 - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	$ 12,917,482	$ 12,034,361
Assets, Accreted Discounts/Amortized Premiums	240	(3,233)
Assets, Realized Gain (Loss)	(4,029)	(3,337)
Assets, Change In Net Unrealized Gain/(Loss)	218,218	218,706
Assets, Purchases	1,002,898	856,154
Assets, Sales	(893,311)	(888,564)
Assets, Transfers into Level 3	5,546	25,486
Assets, Transfers out of Level 3	(28,131)	(1,925)
Assets, Ending Balance	13,218,913	12,237,648
Liabilities, Beginning Balance	(10,120,668)	(9,518,871)
Liabilities, Accreted Discounts/Amortized Premiums	(652)	(402)
Liabilities, Realized Gain/(Loss)	0	0
Liabilities, Change In Net Unrealized Gain/(Loss)	(189,012)	(154,704)
Liabilities Purchases/Payments	305,641	310,989
Liabilities, Sales/Issuance	(454,857)	(332,845)
Liabilities, Transfers into Level 3	0	0
Liabilities, Transfers out of Level 3	0	0
Liabilities, Ending Balance	(10,459,548)	(9,695,833)
Non-Agency RMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total assets	100,777
CMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total assets	14,695
CLOs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total assets	23,377
Asset-backed securities, backed by consumer loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total assets	86,234
Other secured borrowings, at fair value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Liabilities, Beginning Balance	(1,424,668)	(1,539,881)
Liabilities, Accreted Discounts/Amortized Premiums	(652)	(402)
Liabilities, Realized Gain/(Loss)	0	0
Liabilities, Change In Net Unrealized Gain/(Loss)	(12,524)	(29,680)
Liabilities Purchases/Payments	31,184	35,371
Liabilities, Sales/Issuance	(162,489)	0
Liabilities, Transfers into Level 3	0	0
Liabilities, Transfers out of Level 3	0	0
Liabilities, Ending Balance	(1,569,149)	(1,534,592)
Change in unrealized gains (losses), liabilities	(12,500)	(29,700)
Unsecured Borrowings
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Liabilities, Beginning Balance	(272,765)	(191,835)
Liabilities, Accreted Discounts/Amortized Premiums	0	0
Liabilities, Realized Gain/(Loss)	0	0
Liabilities, Change In Net Unrealized Gain/(Loss)	1,829	6,510
Liabilities Purchases/Payments	0	0
Liabilities, Sales/Issuance	0	0
Liabilities, Transfers into Level 3	0	0
Liabilities, Transfers out of Level 3	0	0
Liabilities, Ending Balance	(270,936)	(185,325)
Change in unrealized gains (losses), liabilities	1,800	6,500
HMBS-related obligations
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Liabilities, Beginning Balance	(8,423,235)	(7,787,155)
Liabilities, Accreted Discounts/Amortized Premiums	0	0
Liabilities, Realized Gain/(Loss)	0	0
Liabilities, Change In Net Unrealized Gain/(Loss)	(178,317)	(131,534)
Liabilities Purchases/Payments	274,457	275,618
Liabilities, Sales/Issuance	(292,368)	(332,845)
Liabilities, Transfers into Level 3	0	0
Liabilities, Transfers out of Level 3	0	0
Liabilities, Ending Balance	(8,619,463)	(7,975,916)
Change in unrealized gains (losses), liabilities	(178,000)	(131,500)
Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in unrealized gain (loss), assets	8,000	(3,600)
Securities | Agency RMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	5,512	7,027
Assets, Accreted Discounts/Amortized Premiums	(257)	(349)
Assets, Realized Gain (Loss)	1	(13)
Assets, Change In Net Unrealized Gain/(Loss)	(152)	156
Assets, Purchases	315	141
Assets, Sales	(131)	(872)
Assets, Transfers into Level 3	1,434	194
Assets, Transfers out of Level 3	0	(91)
Assets, Ending Balance	6,722	6,193
Securities | Non-Agency RMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	155,240	132,502
Assets, Accreted Discounts/Amortized Premiums	(933)	132
Assets, Realized Gain (Loss)	1,374	891
Assets, Change In Net Unrealized Gain/(Loss)	6,241	(4,376)
Assets, Purchases	3,857	30,533
Assets, Sales	(38,870)	(23,422)
Assets, Transfers into Level 3	1,404	21,582
Assets, Transfers out of Level 3	(27,536)	(1,565)
Assets, Ending Balance	100,777	156,277
Securities | CMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	14,143	12,649
Assets, Accreted Discounts/Amortized Premiums	188	50
Assets, Realized Gain (Loss)	136	0
Assets, Change In Net Unrealized Gain/(Loss)	590	(1,421)
Assets, Purchases	336	0
Assets, Sales	(1,098)	0
Assets, Transfers into Level 3	995	758
Assets, Transfers out of Level 3	595	269
Assets, Ending Balance	14,695	11,767
Securities | CLOs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	20,439	24,598
Assets, Accreted Discounts/Amortized Premiums	(277)	169
Assets, Realized Gain (Loss)	(3,629)	89
Assets, Change In Net Unrealized Gain/(Loss)	3,655	(614)
Assets, Purchases	3,916	1,481
Assets, Sales	(2,440)	(1)
Assets, Transfers into Level 3	1,713	2,952
Assets, Transfers out of Level 3	0	0
Assets, Ending Balance	23,377	28,674
Securities | Asset-backed securities, backed by consumer loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	74,226	73,644
Assets, Accreted Discounts/Amortized Premiums	(2,069)	(1,327)
Assets, Realized Gain (Loss)	(1,353)	78
Assets, Change In Net Unrealized Gain/(Loss)	561	(2,072)
Assets, Purchases	8,291	12,140
Assets, Sales	(8,111)	(10,263)
Assets, Transfers into Level 3	0	0
Assets, Transfers out of Level 3	0	0
Assets, Ending Balance	71,545	72,200
Securities | Other asset-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	7,696
Assets, Accreted Discounts/Amortized Premiums	368
Assets, Realized Gain (Loss)	0
Assets, Change In Net Unrealized Gain/(Loss)	(357)
Assets, Purchases	6,993
Assets, Sales	(11)
Assets, Transfers into Level 3	0
Assets, Transfers out of Level 3	0
Assets, Ending Balance	14,689
Securities | Corporate debt securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	8,041	7,533
Assets, Accreted Discounts/Amortized Premiums	0	0
Assets, Realized Gain (Loss)	33	(258)
Assets, Change In Net Unrealized Gain/(Loss)	631	271
Assets, Purchases	5,156	2,895
Assets, Sales	(932)	(2,094)
Assets, Transfers into Level 3	0	0
Assets, Transfers out of Level 3	0	0
Assets, Ending Balance	12,929	8,347
Securities | Corporate equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	12,294	11,111
Assets, Accreted Discounts/Amortized Premiums	0	0
Assets, Realized Gain (Loss)	739	0
Assets, Change In Net Unrealized Gain/(Loss)	(458)	(40)
Assets, Purchases	0	31
Assets, Sales	(2,147)	0
Assets, Transfers into Level 3	0	0
Assets, Transfers out of Level 3	0	0
Assets, Ending Balance	10,428	11,102
Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in unrealized gain (loss), assets	204,100	225,500
Loans | Residential mortgage loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	3,093,912	3,115,518
Assets, Accreted Discounts/Amortized Premiums	(254)	(1,662)
Assets, Realized Gain (Loss)	(2,496)	(5,588)
Assets, Change In Net Unrealized Gain/(Loss)	6,085	53,645
Assets, Purchases	516,075	320,212
Assets, Sales	(453,146)	(457,381)
Assets, Transfers into Level 3	0	0
Assets, Transfers out of Level 3	0	0
Assets, Ending Balance	3,160,176	3,024,744
Loans | Commercial mortgage loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	266,595	404,324
Assets, Accreted Discounts/Amortized Premiums	0	0
Assets, Realized Gain (Loss)	0	(2)
Assets, Change In Net Unrealized Gain/(Loss)	(1,111)	340
Assets, Purchases	105,956	36,220
Assets, Sales	(77,340)	(66,649)
Assets, Transfers into Level 3	0	0
Assets, Transfers out of Level 3	0	0
Assets, Ending Balance	294,100	374,233
Loans | Consumer loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	1,759	4,843
Assets, Accreted Discounts/Amortized Premiums	(123)	(246)
Assets, Realized Gain (Loss)	(28)	96
Assets, Change In Net Unrealized Gain/(Loss)	22	(254)
Assets, Purchases	109	300
Assets, Sales	(450)	(770)
Assets, Transfers into Level 3	0	0
Assets, Transfers out of Level 3	0	0
Assets, Ending Balance	1,289	3,969
Loans | Corporate loan [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	5,819	4,086
Assets, Accreted Discounts/Amortized Premiums	0	0
Assets, Realized Gain (Loss)	0	(100)
Assets, Change In Net Unrealized Gain/(Loss)	(100)	1
Assets, Purchases	585	936
Assets, Sales	(85)	(3)
Assets, Transfers into Level 3	0	0
Assets, Transfers out of Level 3	0	0
Assets, Ending Balance	6,219	4,920
Loans | Reverse mortgage loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	8,938,551	8,097,237
Assets, Accreted Discounts/Amortized Premiums	0	0
Assets, Realized Gain (Loss)	0	(3)
Assets, Change In Net Unrealized Gain/(Loss)	199,307	171,567
Assets, Purchases	317,050	420,478
Assets, Sales	(272,460)	(284,578)
Assets, Transfers into Level 3	0	0
Assets, Transfers out of Level 3	0	0
Assets, Ending Balance	9,182,448	8,404,701
Forward MSR-related Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	163,336
Assets, Accreted Discounts/Amortized Premiums	3,597
Assets, Realized Gain (Loss)	0
Assets, Change In Net Unrealized Gain/(Loss)	1,612
Assets, Purchases	0
Assets, Sales	(8,536)
Assets, Transfers into Level 3	0
Assets, Transfers out of Level 3	0
Assets, Ending Balance	160,009
Change in unrealized gain (loss), assets	1,600
Mortgage servicing rights
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	29,580	8,108
Assets, Accreted Discounts/Amortized Premiums	0	0
Assets, Realized Gain (Loss)	0	0
Assets, Change In Net Unrealized Gain/(Loss)	309	(8)
Assets, Purchases	0	0
Assets, Sales	0	0
Assets, Transfers into Level 3	0	0
Assets, Transfers out of Level 3	0	0
Assets, Ending Balance	29,889	8,100
Change in unrealized gain (loss), assets	300	(8)
Servicing-related asset
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	1,327	999
Assets, Accreted Discounts/Amortized Premiums	0	0
Assets, Realized Gain (Loss)	0	0
Assets, Change In Net Unrealized Gain/(Loss)	(1,003)	(700)
Assets, Purchases	0	0
Assets, Sales	0	0
Assets, Transfers into Level 3	0	0
Assets, Transfers out of Level 3	0	0
Assets, Ending Balance	324	299
Change in unrealized gain (loss), assets	(1,000)	(700)
Loan commitments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	2,584	3,060
Assets, Accreted Discounts/Amortized Premiums	0	0
Assets, Realized Gain (Loss)	0	0
Assets, Change In Net Unrealized Gain/(Loss)	1,333	239
Assets, Purchases	0	0
Assets, Sales	0	0
Assets, Transfers into Level 3	0	0
Assets, Transfers out of Level 3	0	0
Assets, Ending Balance	3,917	3,299
Change in unrealized gain (loss), assets	1,300	200
Investment in unconsolidated entities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	116,414	127,046
Assets, Accreted Discounts/Amortized Premiums	0	0
Assets, Realized Gain (Loss)	1,173	1,472
Assets, Change In Net Unrealized Gain/(Loss)	1,053	1,972
Assets, Purchases	34,259	30,787
Assets, Sales	(27,533)	(42,530)
Assets, Transfers into Level 3	0	0
Assets, Transfers out of Level 3	0	0
Assets, Ending Balance	125,366	118,747
Change in unrealized gain (loss), assets	500	(1,900)
Financial Derivatives - Assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in unrealized gain (loss), assets	(1)
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	8	76
Assets, Accreted Discounts/Amortized Premiums	0	0
Assets, Realized Gain (Loss)	0	1
Assets, Change In Net Unrealized Gain/(Loss)	0	0
Assets, Purchases	0	0
Assets, Sales	0	(1)
Assets, Transfers into Level 3	0	0
Assets, Transfers out of Level 3	0	0
Assets, Ending Balance	8	$ 76
Financial Derivatives - Assets | Total return swaps
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	6
Assets, Accreted Discounts/Amortized Premiums	0
Assets, Realized Gain (Loss)	21
Assets, Change In Net Unrealized Gain/(Loss)	0
Assets, Purchases	0
Assets, Sales	(21)
Assets, Transfers into Level 3	0
Assets, Transfers out of Level 3	0
Assets, Ending Balance	$ 6

Valuation (Fair Value of Other

Valuation (Fair Value of Other Financial Instruments) (Details) - USD ($) $ in Thousands		Mar. 31, 2024		Dec. 31, 2023		Mar. 31, 2023	[1]	Dec. 31, 2022
Fair Value
Assets:
Cash and cash equivalents		$ 187,467		$ 228,927
Restricted cash		6,343		1,618
Due from brokers		17,099		51,884
Reverse repurchase agreements		183,607		173,145
Liabilities:
Repurchase agreements(1)		2,517,747		2,967,437
Other secured borrowings(1)		180,918		245,827
Due to brokers		62,646		62,442
Carrying Value
Assets:
Cash and cash equivalents		187,467		228,927
Restricted cash		6,343		1,618
Due from brokers		17,099		51,884
Reverse repurchase agreements		183,607		173,145
Liabilities:
Repurchase agreements(1)		2,517,747		2,967,437
Other secured borrowings(1)		180,918		245,827
Due to brokers		62,646		62,442
Cash and cash equivalents		187,467	[1]	228,927	[1]	$ 188,555		$ 217,053
Restricted cash		6,300		1,600
Due from brokers		17,099		51,884
Reverse repurchase agreements		183,607		173,145
Repurchase agreements(1)	[1]	2,517,747		2,967,437
Other secured borrowings(1)	[1]	180,918		245,827
Due to brokers		$ 62,646		$ 62,442
[1] Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 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	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares
Non-Agency RMBS
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 100,777,000
Non-Agency RMBS | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input	0
Non-Agency RMBS | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input	0.993
Non-Agency RMBS | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input	0.124
Non-Agency RMBS | Measurement Input, Prepayment Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input	0
Non-Agency RMBS | Measurement Input, Prepayment Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input	1
Non-Agency RMBS | Measurement Input, Prepayment Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input	0.416
Non-Agency RMBS | Measurement Input, Default Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input	0
Non-Agency RMBS | Measurement Input, Default Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input	0.878
Non-Agency RMBS | Measurement Input, Default Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input	0.197
Non-Agency RMBS | Measurement Input, Projected Collateral Recoveries | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input	0
Non-Agency RMBS | Measurement Input, Projected Collateral Recoveries | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input	0.157
Non-Agency RMBS | Measurement Input, Projected Collateral Recoveries | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input	0.024
CMBS
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 14,695,000
CMBS | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input	0.074
CMBS | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input	0.478
CMBS | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input	0.130
CMBS | Measurement Input, Default Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input	0
CMBS | Measurement Input, Default Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input	0.753
CMBS | Measurement Input, Default Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input	0.053
CMBS | Measurement Input, Projected Collateral Recoveries | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input	0.247
CMBS | Measurement Input, Projected Collateral Recoveries | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input	1
CMBS | Measurement Input, Projected Collateral Recoveries | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input	0.933
CLOs
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 23,377,000
CLOs | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input	0
CLOs | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input	1.543
CLOs | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input	0.201
Agency RMBS | Interest only securities
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 6,722,000
Agency RMBS | Interest only securities | Measurement Input, Prepayment Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input	0.164
Agency RMBS | Interest only securities | Measurement Input, Prepayment Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input	1
Agency RMBS | Interest only securities | Measurement Input, Prepayment Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input	0.587
Asset-backed securities, backed by consumer loans
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 86,234,000
Asset-backed securities, backed by consumer loans | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input	0.100
Asset-backed securities, backed by consumer loans | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input	0.250
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	0.125
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
Asset-backed securities, backed by consumer loans | Measurement Input, Prepayment Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input	0.828
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	0.141
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
Asset-backed securities, backed by consumer loans | Measurement Input, Default Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input	0.348
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	0.250
Investment in unconsolidated entities
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 125,366,000
Valuation, Market Approach | Non-Agency RMBS
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 58,644,000
Valuation, Market Approach | Non-Agency RMBS | Measurement Input, Quoted Price | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input | $ / shares	0.80
Valuation, Market Approach | Non-Agency RMBS | Measurement Input, Quoted Price | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input | $ / shares	120.17
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	68.66
Valuation, Market Approach | CMBS
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 13,007,000
Valuation, Market Approach | CMBS | Measurement Input, Quoted Price | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input | $ / shares	4.64
Valuation, Market Approach | CMBS | Measurement Input, Quoted Price | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input | $ / shares	75.42
Valuation, Market Approach | CMBS | Measurement Input, Quoted Price | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input | $ / shares	42.37
Valuation, Market Approach | CLOs
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 13,198,000
Valuation, Market Approach | CLOs | Measurement Input, Quoted Price | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input | $ / shares	0.25
Valuation, Market Approach | CLOs | Measurement Input, Quoted Price | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input | $ / shares	99.55
Valuation, Market Approach | CLOs | Measurement Input, Quoted Price | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input | $ / shares	74.23
Valuation, Market Approach | Agency RMBS | Interest only securities
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 1,289,000
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	2.75
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	19.76
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	6.60
Valuation, Market Approach | Asset-backed securities, backed by consumer loans
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 14,689,000
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	3.42
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	83.59
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	58.65
Valuation, Market Approach | Other secured borrowings, at fair value
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ (1,569,149,000)
Valuation, Market Approach | Other secured borrowings, at fair value | Measurement Input, Quoted Price | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	25.27
Valuation, Market Approach | Other secured borrowings, at fair value | Measurement Input, Quoted Price | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	98.87
Valuation, Market Approach | Other secured borrowings, at fair value | Measurement Input, Quoted Price | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	86.64
Valuation, Market 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	0.059
Valuation, Market 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	0.097
Valuation, Market 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	0.069
Valuation, Market Approach | Other secured borrowings, at fair value | Measurement Input, Prepayment Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0.995
Valuation, Market Approach | Other secured borrowings, at fair value | Measurement Input, Prepayment Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	1
Valuation, Market Approach | Other secured borrowings, at fair value | Measurement Input, Prepayment Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	1
Valuation, Market Approach | Mortgage servicing rights | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Servicing Asset, Measurement Input	0.174
Valuation, Market Approach | Mortgage servicing rights | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Servicing Asset, Measurement Input	0.174
Valuation, Market Approach | Mortgage servicing rights | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Servicing Asset, Measurement Input	0.174
Valuation, Market Approach | Mortgage servicing rights | Measurement Input, Prepayment Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Servicing Asset, Measurement Input	0.117
Valuation, Market Approach | Mortgage servicing rights | Measurement Input, Prepayment Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Servicing Asset, Measurement Input	0.189
Valuation, Market Approach | Mortgage servicing rights | Measurement Input, Prepayment Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Servicing Asset, Measurement Input	0.142
Valuation, Market Approach | Servicing-related asset | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Servicing Asset, Measurement Input	0.150
Valuation, Market Approach | Servicing-related asset | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Servicing Asset, Measurement Input	0.150
Valuation, Market Approach | Servicing-related asset | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Servicing Asset, Measurement Input	0.150
Valuation, Market Approach | Loan commitments | Measurement Input pullthrough rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Servicing Asset, Measurement Input	0.596
Valuation, Market Approach | Loan commitments | Measurement Input pullthrough rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Servicing Asset, Measurement Input	1
Valuation, Market Approach | Loan commitments | Measurement Input pullthrough rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Servicing Asset, Measurement Input	0.717
Valuation, Market Approach | Loan commitments | measurement input cost to originate loan | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Servicing Asset, Measurement Input	0.031
Valuation, Market Approach | Loan commitments | measurement input cost to originate loan | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Servicing Asset, Measurement Input	0.079
Valuation, Market Approach | Loan commitments | measurement input cost to originate loan | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Servicing Asset, Measurement Input	0.056
Valuation, Market Approach | HMBS-related obligations
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ (8,619,463,000)
Valuation, Market Approach | HMBS-related obligations | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0.025
Valuation, Market Approach | HMBS-related obligations | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0.068
Valuation, Market Approach | HMBS-related obligations | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0.045
Valuation, Market Approach | HMBS-related obligations | Measurement Input, Prepayment Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0.065
Valuation, Market Approach | HMBS-related obligations | Measurement Input, Prepayment Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0.334
Valuation, Market Approach | HMBS-related obligations | Measurement Input, Prepayment Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0.074
Valuation, Market Approach | Unsecured Borrowings
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ (270,936,000)
Valuation, Market Approach | Unsecured Borrowings | Measurement Input, Quoted Price | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	72.63
Valuation, Market Approach | Unsecured Borrowings | Measurement Input, Quoted Price | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	96.44
Valuation, Market Approach | Unsecured Borrowings | Measurement Input, Quoted Price | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	91.16
Valuation, Income Approach | Non-Agency RMBS
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 42,133,000
Valuation, Income Approach | CMBS
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	1,688,000
Valuation, Income Approach | CLOs
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	10,179,000
Valuation, Income Approach | Agency RMBS | Interest only securities
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 5,433,000
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	0.0036
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	0.6663
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	0.0399
Valuation, Income Approach | Asset-backed securities, backed by consumer loans
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 71,545,000
Valuation, Income Approach | Corporate debt and equity
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 23,357,000
Valuation, Income Approach | Corporate debt and equity | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input	0.060
Valuation, Income Approach | Corporate debt and equity | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Securities, measurement input	0.334
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	0.130
Valuation, Income Approach | Consumer loans
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 1,289,000
Valuation, Income Approach | Consumer loans | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input	0.090
Valuation, Income Approach | Consumer loans | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input	0.150
Valuation, Income Approach | Consumer loans | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input	0.113
Valuation, Income Approach | Consumer loans | Measurement Input, Prepayment Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input	0.001
Valuation, Income Approach | Consumer loans | Measurement Input, Prepayment Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input	0.712
Valuation, Income Approach | Consumer loans | Measurement Input, Prepayment Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input	0.119
Valuation, Income Approach | Consumer loans | Measurement Input, Default Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input	0.003
Valuation, Income Approach | Consumer loans | Measurement Input, Default Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input	0.712
Valuation, Income Approach | Consumer loans | Measurement Input, Default Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input	0.196
Valuation, Income Approach | Corporate loan [Member]
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 6,219,000
Valuation, Income Approach | Corporate loan [Member] | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input	0.069
Valuation, Income Approach | Corporate loan [Member] | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input	0.285
Valuation, Income Approach | Corporate loan [Member] | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input	0.124
Valuation, Income Approach | Credit default swaps on asset-backed securities
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 8,000
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	0.229
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	0.229
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	0.229
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	0.086
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	0.086
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	0.086
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	0.123
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	0.123
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	0.123
Valuation, Income Approach | Total return swaps
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 6,000
Valuation, Income Approach | Total return swaps | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0
Valuation, Income Approach | Total return swaps | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0
Valuation, Income Approach | Total return swaps | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0
Valuation, Income Approach | HECM loans
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 8,803,113,000
Valuation, Income Approach | HECM loans | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input	0.027
Valuation, Income Approach | HECM loans | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input	0.069
Valuation, Income Approach | HECM loans | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input	0.046
Valuation, Income Approach | HECM loans | Measurement Input, Prepayment Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input	0.065
Valuation, Income Approach | HECM loans | Measurement Input, Prepayment Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input	0.333
Valuation, Income Approach | HECM loans | Measurement Input, Prepayment Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input	0.074
Valuation, Income Approach | Mortgage servicing rights
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 29,889,000
Valuation, Income Approach | Servicing-related asset
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	324,000
Valuation, Income Approach | Loan commitments
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	3,917,000
Valuation, Income Approach | HECM buyout loans
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 18,692,000
Valuation, Income Approach | HECM buyout loans | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, recovery time	9 days
Valuation, Income Approach | HECM buyout loans | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, recovery time	62 months
Valuation, Income Approach | HECM buyout loans | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, recovery time	23 months 21 days
Valuation, Income Approach | HECM buyout loans | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input	0.077
Valuation, Income Approach | HECM buyout loans | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input	0.141
Valuation, Income Approach | HECM buyout loans | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input	0.095
Valuation, Income Approach | Forward MSR-related Investments
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 160,009,000
Valuation, Income Approach | Forward MSR-related Investments | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Forward MSR-related Investments, Value Input	0.098
Valuation, Income Approach | Forward MSR-related Investments | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Forward MSR-related Investments, Value Input	0.098
Valuation, Income Approach | Forward MSR-related Investments | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Forward MSR-related Investments, Value Input	0.098
Valuation, Income Approach | Forward MSR-related Investments | Measurement Input, Prepayment Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Forward MSR-related Investments, Value Input	0.062
Valuation, Income Approach | Forward MSR-related Investments | Measurement Input, Prepayment Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Forward MSR-related Investments, Value Input	0.062
Valuation, Income Approach | Forward MSR-related Investments | Measurement Input, Prepayment Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Forward MSR-related Investments, Value Input	0.062
Enterprise Value | Investment in unconsolidated entities | Measurement Input, Equity Price-to-Book
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 30,890,000
Value of investments excluded from range calculation	2,900,000
Enterprise Value | Investment in unconsolidated entities | Measurement Input, Net Asset Value
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 94,476,000
measurement input equity multiple | 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
measurement input equity multiple | 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	1.5
measurement input equity multiple | 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
Including amounts excluded from range calculation | 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
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	0.015
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	0.575
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	0.087
Performing and/or Re-performing | Valuation, Income Approach | Commercial mortgage loans
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 256,661,000
Performing and/or Re-performing | Valuation, Income Approach | Commercial mortgage loans | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input	0.097
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	0.129
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	0.115
Performing and/or Re-performing | Valuation, Income Approach | Residential mortgage loans
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 1,517,574,000
Securitized loans [Member] | Residential mortgage loans
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	1,533,622,000
Securitized loans [Member] | Valuation, Market Approach | Residential mortgage loans
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 1,427,142,000
Securitized loans [Member] | Valuation, Market Approach | Residential mortgage loans | Measurement Input, Quoted Price | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input	25.27
Securitized loans [Member] | Valuation, Market Approach | Residential mortgage loans | Measurement Input, Quoted Price | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input	98.87
Securitized loans [Member] | Valuation, Market Approach | Residential mortgage loans | Measurement Input, Quoted Price | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input	87.08
Securitized loans [Member] | Valuation, Market Approach | Proprietary reverse mortgage loans
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 184,853,000
Securitized loans [Member] | Valuation, Market Approach | Proprietary reverse mortgage loans | Measurement Input, Quoted Price | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input	73.98
Securitized loans [Member] | Valuation, Market Approach | Proprietary reverse mortgage loans | Measurement Input, Quoted Price | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input	88.76
Securitized loans [Member] | Valuation, Market Approach | Proprietary reverse mortgage loans | Measurement Input, Quoted Price | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input	87.59
Securitized loans [Member] | Valuation, Market Approach | Proprietary reverse mortgage loans | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input	0.073
Securitized loans [Member] | Valuation, Market Approach | Proprietary reverse mortgage loans | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input	0.089
Securitized loans [Member] | Valuation, Market Approach | Proprietary reverse mortgage loans | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input	0.084
Securitized loans [Member] | Valuation, Income Approach | Residential mortgage loans
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 106,480,000
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	0.025
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	0.165
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	0.046
Non-performing | Residential mortgage loans | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input	0.013
Non-performing | Residential mortgage loans | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input	0.632
Non-performing | Residential mortgage loans | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input	0.150
Non-performing | Residential mortgage loans | Measurement Input recovery amount | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input, Recovery Amount	$ 0.657
Non-performing | Residential mortgage loans | Measurement Input recovery amount | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input, Recovery Amount	2.394
Non-performing | Residential mortgage loans | Measurement Input recovery amount | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input, Recovery Amount	1.064
Non-performing | Valuation, Income Approach | Commercial mortgage loans
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 37,439,000
Non-performing | Valuation, Income Approach | Commercial mortgage loans | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, recovery time	9 months
Non-performing | Valuation, Income Approach | Commercial mortgage loans | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, recovery time	14 months
Non-performing | Valuation, Income Approach | Commercial mortgage loans | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, recovery time	9 months 21 days
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	0.149
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	0.243
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	0.207
Non-performing | Valuation, Income Approach | Commercial mortgage loans | Measurement Input recovery amount | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input, Recovery Amount	$ 0.375
Non-performing | Valuation, Income Approach | Commercial mortgage loans | Measurement Input recovery amount | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input, Recovery Amount	1.290
Non-performing | Valuation, Income Approach | Commercial mortgage loans | Measurement Input recovery amount | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input, Recovery Amount	0.948
Non-performing | Valuation, Income Approach | Residential mortgage loans
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 108,980,000
Non-performing | Valuation, Income Approach | Residential mortgage loans | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, recovery time	7 months
Non-performing | Valuation, Income Approach | Residential mortgage loans | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Investment, measurement input, recovery time	110 months 12 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	23 months 6 days
Non-performing securitized residential mortgage loans [Member] | Valuation, Income Approach | Residential mortgage loans
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 29,200,000
Unsecuritized loans | Valuation, Income Approach | Proprietary reverse mortgage loans
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Fair value	$ 175,790,000
Unsecuritized loans | Valuation, Income Approach | Proprietary reverse mortgage loans | Measurement Input, Discount Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input	0.073
Unsecuritized loans | Valuation, Income Approach | Proprietary reverse mortgage loans | Measurement Input, Discount Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input	0.089
Unsecuritized loans | Valuation, Income Approach | Proprietary reverse mortgage loans | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input	0.084
Unsecuritized loans | Valuation, Income Approach | Proprietary reverse mortgage loans | Measurement Input, Prepayment Rate | Minimum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input	0.120
Unsecuritized loans | Valuation, Income Approach | Proprietary reverse mortgage loans | Measurement Input, Prepayment Rate | Maximum
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input	0.696
Unsecuritized loans | Valuation, Income Approach | Proprietary reverse mortgage loans | Measurement Input, Prepayment Rate | Weighted Average
Fair Value Measurements Inputs and Valuation Techniques [Line Items]
Loans, Measurement Input	0.151

Investment in Securities (Summa

Investment in Securities (Summary of Investment in Securities) (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2024	Dec. 31, 2023
Securities, Available-for-sale [Line Items]
Current Principal		$ 1,412,313	$ 1,640,771
Unamortized Premium (Discount)		(309,889)	(310,544)
Debt Securities, Available-for-Sale, Amortized Cost		1,234,745	1,445,337
Gross Unrealized Gains		34,955	35,790
Gross Unrealized Losses		(105,970)	(117,053)
Investment Owned At Fair Value, Net		1,163,730	1,364,074
Securities, at fair value(1)(2)	[1],[2]	1,328,848	1,518,377
Securities sold short, at fair value		$ (165,118)	$ (154,303)
Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		4.71%	4.78%
Weighted Average Yield		5.72%	5.71%
Weighted average life		5 years 6 months 18 days	5 years 5 months 1 day
Long
Securities, Available-for-sale [Line Items]
Current Principal		$ 1,581,016	$ 1,798,051
Unamortized Premium (Discount)		(309,386)	(310,520)
Debt Securities, Available-for-Sale, Amortized Cost		1,403,951	1,602,641
Gross Unrealized Gains		30,623	32,170
Gross Unrealized Losses		(105,726)	(116,434)
Securities, at fair value(1)(2)		$ 1,328,848	$ 1,518,377
Long | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		4.89%	4.95%
Weighted Average Yield		6.05%	5.99%
Weighted average life		6 years 3 days	5 years 9 months 18 days
Long | 15-year fixed-rate mortgages
Securities, Available-for-sale [Line Items]
Current Principal		$ 56,106	$ 57,987
Unamortized Premium (Discount)		220	252
Debt Securities, Available-for-Sale, Amortized Cost		56,326	58,239
Gross Unrealized Gains		5	22
Gross Unrealized Losses		(4,562)	(4,225)
Securities, at fair value(1)(2)		$ 51,769	$ 54,036
Long | 15-year fixed-rate mortgages | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		2.57%	2.58%
Weighted Average Yield		2.41%	2.42%
Weighted average life		3 years 5 months 1 day	3 years 5 months 23 days
Long | 20-year fixed-rate mortgages
Securities, Available-for-sale [Line Items]
Current Principal		$ 2,324	$ 2,368
Unamortized Premium (Discount)		107	114
Debt Securities, Available-for-Sale, Amortized Cost		2,431	2,482
Gross Unrealized Gains		0	0
Gross Unrealized Losses		(428)	(404)
Securities, at fair value(1)(2)		$ 2,003	$ 2,078
Long | 20-year fixed-rate mortgages | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		2.29%	2.29%
Weighted Average Yield		1.45%	1.48%
Weighted average life		6 years 2 months 8 days	6 years 3 months
Long | 30-year fixed-rate mortgages
Securities, Available-for-sale [Line Items]
Current Principal		$ 599,815	$ 783,123
Unamortized Premium (Discount)		(9,708)	(6,744)
Debt Securities, Available-for-Sale, Amortized Cost		590,107	776,379
Gross Unrealized Gains		1,453	4,313
Gross Unrealized Losses		(35,526)	(38,595)
Securities, at fair value(1)(2)		$ 556,034	$ 742,097
Long | 30-year fixed-rate mortgages | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		4.02%	4.04%
Weighted Average Yield		4.09%	4.04%
Weighted average life		6 years 9 months 7 days	6 years 7 months 9 days
Long | Adjustable rate mortgages
Securities, Available-for-sale [Line Items]
Current Principal		$ 5,171	$ 5,252
Unamortized Premium (Discount)		532	568
Debt Securities, Available-for-Sale, Amortized Cost		5,703	5,820
Gross Unrealized Gains		0	0
Gross Unrealized Losses		(660)	(690)
Securities, at fair value(1)(2)		$ 5,043	$ 5,130
Long | Adjustable rate mortgages | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		3.88%	3.81%
Weighted Average Yield		2.10%	2.09%
Weighted average life		4 years 9 months 25 days	4 years 5 months 1 day
Long | Reverse mortgages
Securities, Available-for-sale [Line Items]
Current Principal		$ 35,416	$ 36,196
Unamortized Premium (Discount)		3,211	3,928
Debt Securities, Available-for-Sale, Amortized Cost		38,627	40,124
Gross Unrealized Gains		233	34
Gross Unrealized Losses		(1,948)	(2,987)
Securities, at fair value(1)(2)		$ 36,912	$ 37,171
Long | Reverse mortgages | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		5.98%	5.37%
Weighted Average Yield		3.38%	3.55%
Weighted average life		4 years 9 months 18 days	4 years 9 months 3 days
Long | Interest only securities
Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-Sale, Amortized Cost		$ 10,291	$ 11,891
Gross Unrealized Gains		1,090	1,320
Gross Unrealized Losses		(570)	(499)
Securities, at fair value(1)(2)		$ 10,811	$ 12,712
Long | Interest only securities | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		1.23%	1.08%
Weighted Average Yield		11.69%	13.18%
Weighted average life		5 years 9 months	5 years 4 months 9 days
Long | Non-Agency RMBS
Securities, Available-for-sale [Line Items]
Current Principal		$ 336,052	$ 427,431
Unamortized Premium (Discount)		(122,112)	(139,654)
Debt Securities, Available-for-Sale, Amortized Cost		213,940	287,777
Gross Unrealized Gains		12,616	11,369
Gross Unrealized Losses		(22,760)	(29,672)
Securities, at fair value(1)(2)		$ 203,796	$ 269,474
Long | Non-Agency RMBS | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		5.18%	5.07%
Weighted Average Yield		8.77%	8.96%
Weighted average life		4 years 11 months 1 day	4 years 8 months 23 days
Long | CMBS
Securities, Available-for-sale [Line Items]
Current Principal		$ 51,171	$ 74,591
Unamortized Premium (Discount)		(20,689)	(20,389)
Debt Securities, Available-for-Sale, Amortized Cost		30,482	54,202
Gross Unrealized Gains		667	349
Gross Unrealized Losses		(11,348)	(11,780)
Securities, at fair value(1)(2)		$ 19,801	$ 42,771
Long | CMBS | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		3.22%	4.87%
Weighted Average Yield		9.09%	8.93%
Weighted average life		6 years 8 months 12 days	4 years 8 months 19 days
Long | Non-Agency IOs
Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-Sale, Amortized Cost		$ 32,038	$ 35,214
Gross Unrealized Gains		6,560	6,212
Gross Unrealized Losses		(2,074)	(2,650)
Securities, at fair value(1)(2)		$ 36,524	$ 38,776
Long | Non-Agency IOs | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		0.17%	0.17%
Weighted Average Yield		13.57%	14.57%
Weighted average life		7 years 10 months 6 days	7 years 5 months 15 days
Long | CLOs
Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-Sale, Amortized Cost		$ 67,872	$ 44,939
Gross Unrealized Gains		2,477	1,873
Gross Unrealized Losses		(5,649)	(8,834)
Securities, at fair value(1)(2)		$ 64,700	$ 37,978
Long | CLOs | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		2.86%	2.27%
Weighted Average Yield		11.40%	11.81%
Weighted average life		4 years 8 months 8 days	4 years 5 months 15 days
Long | Other asset-backed securities
Securities, Available-for-sale [Line Items]
Current Principal		$ 58,732	$ 16,416
Unamortized Premium (Discount)		(43,923)	(8,956)
Debt Securities, Available-for-Sale, Amortized Cost		14,809	7,460
Gross Unrealized Gains		141	256
Gross Unrealized Losses		(261)	(20)
Securities, at fair value(1)(2)		$ 14,689	$ 7,696
Long | Other asset-backed securities | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		4.50%	7.16%
Weighted Average Yield		24.22%	13.85%
Weighted average life		3 years 4 months 9 days	2 years 5 months 26 days
Long | Asset-backed securities, backed by consumer loans
Securities, Available-for-sale [Line Items]
Current Principal		$ 151,568	$ 151,310
Unamortized Premium (Discount)		(70,659)	(67,159)
Debt Securities, Available-for-Sale, Amortized Cost		80,909	84,151
Gross Unrealized Gains		1,560	1,577
Gross Unrealized Losses		(10,925)	(11,502)
Securities, at fair value(1)(2)		$ 71,544	$ 74,226
Long | Asset-backed securities, backed by consumer loans | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		12%	12%
Weighted Average Yield		10.52%	11.38%
Weighted average life		1 year 6 months 18 days	1 year 6 months
Long | Corporate debt securities
Securities, Available-for-sale [Line Items]
Current Principal		$ 61,323	$ 30,944
Unamortized Premium (Discount)		(49,312)	(23,191)
Debt Securities, Available-for-Sale, Amortized Cost		12,011	7,753
Gross Unrealized Gains		1,752	579
Gross Unrealized Losses		(834)	(291)
Securities, at fair value(1)(2)		$ 12,929	$ 8,041
Long | Corporate debt securities | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		0%	0%
Weighted Average Yield		0%	0%
Weighted average life		2 years 2 months 4 days	1 year 11 months 4 days
Long | Corporate equity securities
Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-Sale, Amortized Cost		$ 22,120	$ 23,066
Gross Unrealized Gains		1,547	1,851
Gross Unrealized Losses		(6,412)	(3,789)
Securities, at fair value(1)(2)		17,255	21,128
Long | U.S. Treasury securities
Securities, Available-for-sale [Line Items]
Current Principal		223,338	212,433
Unamortized Premium (Discount)		2,947	(49,289)
Debt Securities, Available-for-Sale, Amortized Cost		226,285	163,144
Gross Unrealized Gains		522	2,415
Gross Unrealized Losses		(1,769)	(496)
Securities, at fair value(1)(2)		$ 225,038	$ 165,063
Long | U.S. Treasury securities | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		4.29%	4.25%
Weighted Average Yield		4.04%	4.01%
Weighted average life		7 years 9 months 14 days	7 years 5 months 4 days
Short
Securities, Available-for-sale [Line Items]
Current Principal		$ (168,703)	$ (157,280)
Unamortized Premium (Discount)		(503)	(24)
Investment Sold, Not yet Purchased, Sale Proceeds		(169,206)	(157,304)
Gross Unrealized Gains		4,332	3,620
Gross Unrealized Losses		(244)	(619)
Securities sold short, at fair value		$ (165,118)	$ (154,303)
Short | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		2.96%	2.87%
Weighted Average Yield		3.09%	3%
Weighted average life		1 year 10 months 6 days	1 year 9 months 7 days
Short | U.S. Treasury securities
Securities, Available-for-sale [Line Items]
Current Principal		$ (142,128)	$ (130,121)
Unamortized Premium (Discount)		645	533
Investment Sold, Not yet Purchased, Sale Proceeds		(141,483)	(129,588)
Gross Unrealized Gains		2,333	2,094
Gross Unrealized Losses		(244)	(619)
Securities sold short, at fair value		$ (139,394)	$ (128,113)
Short | U.S. Treasury securities | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		3.52%	3.47%
Weighted Average Yield		3.66%	3.61%
Weighted average life		2 years 3 days	1 year 10 months 17 days
Short | European sovereign bonds
Securities, Available-for-sale [Line Items]
Current Principal		$ (26,575)	$ (27,159)
Unamortized Premium (Discount)		(1,148)	(557)
Investment Sold, Not yet Purchased, Sale Proceeds		(27,723)	(27,716)
Gross Unrealized Gains		1,999	1,526
Gross Unrealized Losses		0	0
Securities sold short, at fair value		$ (25,724)	$ (26,190)
Short | European sovereign bonds | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		0.01%	0.01%
Weighted Average Yield		0.15%	0.15%
Weighted average life		11 months 8 days	1 year 2 months 12 days
[1] Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities. Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

Investment in Securities (Matur

Investment in Securities (Maturities of Securities) (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)(2)	[1],[2]	$ 1,328,848	$ 1,518,377
Debt Securities, Available-for-Sale, Amortized Cost		$ 1,234,745	$ 1,445,337
Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		4.71%	4.78%
Long
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)(2)		$ 1,328,848	$ 1,518,377
Debt Securities, Available-for-Sale, Amortized Cost		$ 1,403,951	$ 1,602,641
Long | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		4.89%	4.95%
Long | Agency RMBS
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)(2)		$ 651,761	$ 840,512
Debt Securities, Available-for-Sale, Amortized Cost		$ 693,194	$ 883,044
Long | Agency RMBS | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		3.99%	3.99%
Long | Agency RMBS | Less than three years [Member]
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)(2)		$ 79,510	$ 89,649
Debt Securities, Available-for-Sale, Amortized Cost		$ 79,994	$ 89,955
Long | Agency RMBS | Less than three years [Member] | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		5.45%	5.39%
Long | Agency RMBS | Greater than three years less than seven years [Member]
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)(2)		$ 244,763	$ 346,074
Debt Securities, Available-for-Sale, Amortized Cost		$ 257,937	$ 360,574
Long | Agency RMBS | Greater than three years less than seven years [Member] | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		4.62%	4.49%
Long | Agency RMBS | Greater than seven years less than eleven [Member]
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)(2)		$ 327,488	$ 404,789
Debt Securities, Available-for-Sale, Amortized Cost		$ 355,263	$ 432,515
Long | Agency RMBS | Greater than seven years less than eleven [Member] | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		3.25%	3.30%
Long | Agency RMBS | Greater than eleven year [Member]
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)(2)		$ 0	$ 0
Debt Securities, Available-for-Sale, Amortized Cost		$ 0	$ 0
Long | Agency RMBS | Greater than eleven year [Member] | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		0%	0%
Long | Agency RMBS | Interest only securities
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)(2)		$ 10,811	$ 12,712
Debt Securities, Available-for-Sale, Amortized Cost		$ 10,291	$ 11,891
Long | Agency RMBS | Interest only securities | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		1.23%	1.08%
Long | Agency RMBS | Interest only securities | Less than three years [Member]
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)(2)		$ 1,151	$ 1,541
Debt Securities, Available-for-Sale, Amortized Cost		$ 1,228	$ 1,546
Long | Agency RMBS | Interest only securities | Less than three years [Member] | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		0.81%	0.57%
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)(2)		$ 5,891	$ 8,227
Debt Securities, Available-for-Sale, Amortized Cost		$ 5,641	$ 7,601
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		1.45%	1.77%
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)(2)		$ 3,512	$ 2,676
Debt Securities, Available-for-Sale, Amortized Cost		$ 3,131	$ 2,448
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		1.61%	1.84%
Long | Agency RMBS | Interest only securities | Greater than eleven year [Member]
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)(2)		$ 257	$ 268
Debt Securities, Available-for-Sale, Amortized Cost		$ 291	$ 296
Long | Agency RMBS | Interest only securities | Greater than eleven year [Member] | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		0.68%	0.68%
Long | Non-Agency RMBS and CMBS
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)(2)		$ 223,597	$ 312,245
Debt Securities, Available-for-Sale, Amortized Cost		$ 244,422	$ 341,979
Long | Non-Agency RMBS and CMBS | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		4.92%	5.04%
Long | Non-Agency RMBS and CMBS | Less than three years [Member]
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)(2)		$ 76,678	$ 116,076
Debt Securities, Available-for-Sale, Amortized Cost		$ 78,082	$ 117,707
Long | Non-Agency RMBS and CMBS | Less than three years [Member] | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		4.58%	4.41%
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)(2)		$ 100,758	$ 131,314
Debt Securities, Available-for-Sale, Amortized Cost		$ 101,413	$ 135,591
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		7%	7.05%
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)(2)		$ 35,690	$ 58,741
Debt Securities, Available-for-Sale, Amortized Cost		$ 44,069	$ 74,401
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		4.35%	5.04%
Long | Non-Agency RMBS and CMBS | Greater than eleven year [Member]
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)(2)		$ 10,471	$ 6,114
Debt Securities, Available-for-Sale, Amortized Cost		$ 20,858	$ 14,280
Long | Non-Agency RMBS and CMBS | Greater than eleven year [Member] | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		1.96%	0.38%
Long | Non-Agency RMBS
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)(2)		$ 203,796	$ 269,474
Debt Securities, Available-for-Sale, Amortized Cost		$ 213,940	$ 287,777
Long | Non-Agency RMBS | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		5.18%	5.07%
Long | Non-Agency RMBS | Interest only securities
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)(2)		$ 36,524	$ 38,776
Debt Securities, Available-for-Sale, Amortized Cost		$ 32,038	$ 35,214
Long | Non-Agency RMBS | Interest only securities | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		0.17%	0.17%
Long | Non-Agency RMBS | Interest only securities | Less than three years [Member]
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)(2)		$ 2,531	$ 3,885
Debt Securities, Available-for-Sale, Amortized Cost		$ 3,244	$ 4,535
Long | Non-Agency RMBS | Interest only securities | Less than three years [Member] | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		0.16%	0.10%
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)(2)		$ 10,367	$ 11,014
Debt Securities, Available-for-Sale, Amortized Cost		$ 10,225	$ 11,343
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		0.29%	0.28%
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)(2)		$ 23,299	$ 23,555
Debt Securities, Available-for-Sale, Amortized Cost		$ 18,314	$ 19,072
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		0.15%	0.15%
Long | Non-Agency RMBS | Interest only securities | Greater than eleven year [Member]
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)(2)		$ 327	$ 322
Debt Securities, Available-for-Sale, Amortized Cost		$ 255	$ 264
Long | Non-Agency RMBS | Interest only securities | Greater than eleven year [Member] | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		1.25%	1.25%
Long | CLOs And Other Securities [Member]
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)(2)		$ 388,900	$ 293,004
Debt Securities, Available-for-Sale, Amortized Cost		$ 401,886	$ 307,447
Long | CLOs And Other Securities [Member] | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		5.06%	5.40%
Long | CLOs And Other Securities [Member] | Less than three years [Member]
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)(2)		$ 107,299	$ 99,770
Debt Securities, Available-for-Sale, Amortized Cost		$ 117,291	$ 114,709
Long | CLOs And Other Securities [Member] | Less than three years [Member] | Weighted Average
Securities, Available-for-sale [Line Items]
Weighted Average Coupon		5.50%	6.02%
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)(2)		$ 129,772	$ 106,529
Debt Securities, Available-for-Sale, Amortized Cost		$ 132,122	$ 107,727
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		4.90%	5.13%
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)(2)		$ 151,829	$ 86,705
Debt Securities, Available-for-Sale, Amortized Cost		$ 152,473	$ 85,011
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		4.16%	4.12%
Long | CLOs And Other Securities [Member] | Greater than eleven year [Member]
Securities, Available-for-sale [Line Items]
Securities, at fair value(1)(2)		$ 0	$ 0
Debt Securities, Available-for-Sale, 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%	0%
[1] Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities. Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

Investment in Securities (Sum_2

Investment in Securities (Summary of Investment Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Securities, Available-for-sale [Line Items]
Interest Income	$ 101,520	$ 87,174
Agency RMBS
Securities, Available-for-sale [Line Items]
Coupon Interest	9,067	9,349
Net Amortization	(1,998)	(2,228)
Interest Income	7,069	7,121
Non-Agency RMBS and CMBS
Securities, Available-for-sale [Line Items]
Coupon Interest	8,687	6,431
Net Amortization	(849)	161
Interest Income	7,838	6,592
CLOs
Securities, Available-for-sale [Line Items]
Coupon Interest	1,885	953
Net Amortization	(376)	187
Interest Income	1,509	1,140
Other Securities
Securities, Available-for-sale [Line Items]
Coupon Interest	7,124	5,843
Net Amortization	(2,658)	(1,374)
Interest Income	4,466	4,469
Securities Investment [Member]
Securities, Available-for-sale [Line Items]
Coupon Interest	26,763	22,576
Net Amortization	(5,881)	(3,254)
Interest Income	$ 20,882	$ 19,322

Investment in Securities (Proce

Investment in Securities (Proceeds, Realized Gains (Losses) on Sales) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Securities, Available-for-sale [Line Items]
Available-for-sale securities Realizes Losses - adjustments to cost basis of certain securities	$ (9,700,000)	$ (5,700,000)
Agency RMBS
Securities, Available-for-sale [Line Items]
Proceeds from Sale and Maturity of Debt Securities, Available-for-Sale	236,602,000	205,504,000
Debt Securities, Available-for-Sale, Realized Gain	1,077,000	796,000
Debt Securities, Available-for-Sale, Realized Loss	(13,231,000)	(26,336,000)
Debt Securities, Available-for-Sale, Realized Gain (Loss)	(12,154,000)	(25,540,000)
Non-Agency RMBS and CMBS
Securities, Available-for-sale [Line Items]
Proceeds from Sale and Maturity of Debt Securities, Available-for-Sale	112,793,000	27,188,000
Debt Securities, Available-for-Sale, Realized Gain	6,814,000	1,084,000
Debt Securities, Available-for-Sale, Realized Loss	(865,000)	(15,000)
Debt Securities, Available-for-Sale, Realized Gain (Loss)	5,949,000	1,069,000
CLOs
Securities, Available-for-sale [Line Items]
Proceeds from Sale and Maturity of Debt Securities, Available-for-Sale	2,312,000	0
Debt Securities, Available-for-Sale, Realized Gain	388,000	89,000
Debt Securities, Available-for-Sale, Realized Loss	(122,000)	0
Debt Securities, Available-for-Sale, Realized Gain (Loss)	266,000	89,000
Other Securities
Securities, Available-for-sale [Line Items]
Proceeds from Sale and Maturity of Debt Securities, Available-for-Sale	55,270,000	274,056,000
Debt Securities, Available-for-Sale, Realized Gain	1,528,000	320,000
Debt Securities, Available-for-Sale, Realized Loss	(622,000)	(1,749,000)
Debt Securities, Available-for-Sale, Realized Gain (Loss)	906,000	(1,429,000)
Securities Investment [Member]
Securities, Available-for-sale [Line Items]
Proceeds from Sale and Maturity of Debt Securities, Available-for-Sale	406,977,000	506,748,000
Debt Securities, Available-for-Sale, Realized Gain	9,807,000	2,289,000
Debt Securities, Available-for-Sale, Realized Loss	(14,840,000)	(28,100,000)
Debt Securities, Available-for-Sale, Realized Gain (Loss)	$ (5,033,000)	$ (25,811,000)

Investment in Securities (Unrea

Investment in Securities (Unrealized Loss Positions Securities) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months	$ 387,534	$ 158,495
Unrealized Losses, Less than 12 Months	(10,598)	(3,275)
Fair Value, Greater than 12 Months	350,628	451,992
Unrealized Losses, Greater than 12 Months	(50,568)	(48,765)
Fair Value, Total	738,162	610,487
Unrealized Loss, Total	(61,166)	(52,040)
Agency RMBS
Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months	180,991	125,112
Unrealized Losses, Less than 12 Months	(3,896)	(730)
Fair Value, Greater than 12 Months	299,073	426,834
Unrealized Losses, Greater than 12 Months	(39,004)	(45,854)
Fair Value, Total	480,064	551,946
Unrealized Loss, Total	(42,900)	(46,584)
Non-Agency RMBS and CMBS
Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months	159	10,301
Unrealized Losses, Less than 12 Months	(1)	(200)
Fair Value, Greater than 12 Months	47,168	14,195
Unrealized Losses, Greater than 12 Months	(9,009)	(882)
Fair Value, Total	47,327	24,496
Unrealized Loss, Total	(9,010)	(1,082)
CLOs
Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months	9,274	7,152
Unrealized Losses, Less than 12 Months	(179)	(69)
Fair Value, Greater than 12 Months	3,560	5
Unrealized Losses, Greater than 12 Months	(876)	0
Fair Value, Total	12,834	7,157
Unrealized Loss, Total	(1,055)	(69)
Other Securities
Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months	197,110	15,930
Unrealized Losses, Less than 12 Months	(6,522)	(2,276)
Fair Value, Greater than 12 Months	827	10,958
Unrealized Losses, Greater than 12 Months	(1,679)	(2,029)
Fair Value, Total	197,937	26,888
Unrealized Loss, Total	$ (8,201)	$ (4,305)

Investment in Securities (Narra

Investment in Securities (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Allowance for Credit Loss	$ 32,800		$ 32,600
Available-for-sale securities Realizes Losses - Write offs	(9,700)	$ (5,700)
Catch-up premium amortization adjustment	(1,300)	$ (500)
Arlington Asset Investment Corp.
Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Allowance for Credit Loss	$ 4,400		$ 1,100

Investment in Loans (Schedule o

Investment in Loans (Schedule of Investments in Loans) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Principal/Notional Amount		$ 12,432,144	$ 12,164,019
Fair Value	[1],[2]	12,644,232	12,306,636
Residential mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Principal/Notional Amount		3,369,139	3,305,757
Fair Value		3,160,176	3,093,912
Commercial mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Principal/Notional Amount		311,578	281,531
Fair Value		294,100	266,595
Consumer loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Principal/Notional Amount		1,500	2,081
Fair Value		1,289	1,759
Corporate loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Principal/Notional Amount		6,965	6,379
Fair Value		6,219	5,819
Reverse mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Principal/Notional Amount		8,742,962	8,568,271
Fair Value		9,182,448	$ 8,938,551
Proprietary reverse mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Transfer to held-for-investment from held-for-sale - Loan UPB		$ 210,500
[1] Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities. Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

Investment in Loans (Schedule_2

Investment in Loans (Schedule of 90 Days or More Past Due) (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		$ 12,432,144	$ 12,164,019
Loans, at fair value(1)(2)	[1],[2]	12,644,232	12,306,636
Residential mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		3,369,139	3,305,757
Loans, at fair value(1)(2)		3,160,176	3,093,912
Commercial mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		311,578	281,531
Loans, at fair value(1)(2)		294,100	266,595
Consumer loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		1,500	2,081
Loans, at fair value(1)(2)		1,289	1,759
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		148,703	127,685
Loans, at fair value(1)(2)		138,001	120,087
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		54,451	47,736
Loans, at fair value(1)(2)		37,439	33,314
Non-accrual status [Member] | Consumer loans | 90 Days or More Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		57	94
Loans, at fair value(1)(2)		$ 40	$ 66
[1] Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities. Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

Investment in Loans (Schedule_3

Investment in Loans (Schedule of Residential Mortgage Loans) (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
		Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		$ 12,432,144		$ 12,164,019
Unamortized Premium (Discount)		(309,889)		(310,544)
Fair Value	[1],[2]	$ 12,644,232		$ 12,306,636
Weighted Average
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average Coupon		4.71%		4.78%
Weighted Average Yield		5.72%		5.71%
Weighted average life		5 years 6 months 18 days		5 years 5 months 1 day
Residential mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		$ 3,369,139		$ 3,305,757
Unamortized Premium (Discount)		35,796
Amortized Cost		3,404,935
Gains		5,096
Losses		(249,855)
Fair Value		3,160,176		3,093,912
Residential mortgage loans | Non-performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		148,886		127,085
Fair Value		$ 138,198		119,524
Residential mortgage loans | Weighted Average
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average Coupon		7.39%
Weighted Average Yield		6.92%
Weighted average life		4 years 5 months 8 days
Consolidated securitization trusts [Member] | Residential mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Losses		$ 217,600		228,000
Loans held-for-investment [Member] | Residential mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		3,173,699		3,305,757
Unamortized Premium (Discount)		31,720		37,831
Amortized Cost		3,205,419		3,343,588
Gains		3,580		5,554
Losses		(239,502)		(255,230)
Fair Value		$ 2,969,497		$ 3,093,912
Loans held-for-investment [Member] | Residential mortgage loans | Weighted Average
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average Coupon		7.39%		7.17%
Weighted Average Yield		6.93%	6.77%
Weighted average life		4 years 4 months 9 days	4 years 2 months 1 day
Loans held-for-sale | Residential mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		$ 195,440
Unamortized Premium (Discount)		4,076
Amortized Cost		199,516
Gains		1,516
Losses		(10,353)
Fair Value		$ 190,679
Loans held-for-sale | Residential mortgage loans | Weighted Average
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average Coupon		7.44%
Weighted Average Yield		6.80%
Weighted average life		5 years 6 months 21 days
Non-QM loan securitization | Residential mortgage loans | Consolidated Entities [Member] | Securitized loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value		$ 1,533,622		$ 1,555,371
[1] Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities. Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

Investment in Loans (Schedule_4

Investment in Loans (Schedule of Residential Mortgage Loans: Geographic Distribution) (Details) - Financing Receivables, Unpaid Principal Balance [Member] - Residential mortgage loans - Geographic Concentration Risk [Member]	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	100%	100%
CALIFORNIA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	32.10%	32.20%
FLORIDA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	21.70%	21.40%
TEXAS
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	9.30%	9.50%
UTAH
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	3.20%	3.20%
ARIZONA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2.60%	2.70%
COLORADO
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.60%	1.50%
MASSACHUSETTS
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.60%	1.50%
WASHINGTON
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.70%	1.80%
NEVADA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.50%	1.50%
OREGON
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.30%	1.20%
NEW YORK
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.30%	1.20%
NORTH CAROLINA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2.20%	2.20%
NEW JERSEY
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2.30%	2.10%
ILLINOIS
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.80%	1.80%
Other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	9.40%	9.40%
GEORGIA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2.30%	2.60%
TENNESSEE
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.30%	1.50%
NEW JERSEY
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2.80%	2.70%

Investment in Loans Investment

Investment in Loans Investment in Loans (Schedule of Residential Mortgage Loans: Performance) (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		$ 12,432,144	$ 12,164,019
Loans, at fair value(1)(2)	[1],[2]	12,644,232	12,306,636
Residential mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		3,369,139	3,305,757
Loans, at fair value(1)(2)		3,160,176	3,093,912
Residential mortgage loans | Performing Financial Instruments [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		4,134	4,252
Loans, at fair value(1)(2)		3,621	3,761
Residential mortgage loans | Non-performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		148,886	127,085
Loans, at fair value(1)(2)		$ 138,198	$ 119,524
[1] Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities. Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

Investment in Loans (Schedule_5

Investment in Loans (Schedule of Commercial Mortgage Loans) (Details) (Details) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		$ 12,432,144	$ 12,164,019
Unamortized Premium (Discount)		(309,889)	(310,544)
Loans, at fair value(1)(2)	[1],[2]	$ 12,644,232	$ 12,306,636
Weighted Average
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average Coupon		4.71%	4.78%
Weighted Average Yield		5.72%	5.71%
Weighted average life		5 years 6 months 18 days	5 years 5 months 1 day
Commercial mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		$ 311,578	$ 281,531
Unamortized Premium (Discount)		(12,304)	(13,648)
Investments, at fair value, Cost		299,274	267,883
Gains		0	0
Losses		(5,174)	(1,288)
Loans, at fair value(1)(2)		294,100	266,595
Commercial mortgage loans | Non-performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		54,500	47,700
Loans, at fair value(1)(2)		$ 37,400	$ 33,300
Number of loans | loan		4	3
Commercial mortgage loans | Weighted Average
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average Coupon		11.36%	11.44%
Weighted Average Yield		11.33%	11.45%
Weighted average life		1 year 25 days	9 months 14 days
Non-accrual status [Member] | Commercial mortgage loans | Non-performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, at fair value(1)(2)		$ 37,400	$ 33,300
[1] Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities. Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

Investment in Loans (Schedule_6

Investment in Loans (Schedule of Commercial Loans: Geographic Distribution) (Details) - Geographic Concentration Risk [Member] - Commercial mortgage loans - Financing Receivables, Unpaid Principal Balance [Member]	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	100%	100%
FLORIDA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	22%	13.90%
NEW YORK
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	8.50%	8.90%
NEW JERSEY
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.80%	0%
CONNECTICUT
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2.90%	3.20%
MASSACHUSETTS
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	9.20%	3.80%
ARIZONA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	6.70%	7.50%
PENNSYLVANIA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2.50%	2.70%
ILLINOIS
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	13.10%	18.60%
OHIO
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	5%	5.50%
MICHIGAN
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	4%	4.50%
TEXAS
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	11.60%	15.60%
GEORGIA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	4.80%	5.30%
OKLAHOMA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	0%	6%
LOUISIANA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2%	2.20%
ALABAMA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2.10%	2.30%
COLORADO
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	3.80%	0%

Investment in Loans (Schedule_7

Investment in Loans (Schedule of Consumer Loans) (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		$ 12,432,144	$ 12,164,019
Unamortized Premium (Discount)		(309,889)	(310,544)
Loans, at fair value(1)(2)	[1],[2]	$ 12,644,232	$ 12,306,636
Weighted Average
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted average life		5 years 6 months 18 days	5 years 5 months 1 day
Consumer loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		$ 1,500	$ 2,081
Unamortized Premium (Discount)		(31)	(120)
Investments, at fair value, Cost		1,469	1,961
Gains		134	127
Losses		(314)	(329)
Loans, at fair value(1)(2)		1,289	1,759
Fair value of charged-off loans		$ 38	$ 35
Consumer loans | Weighted Average
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted average life		9 months 3 days	9 months
Delinquency (Days)		16 days	18 days
[1] Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities. Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

Investment in Loans (Schedule_8

Investment in Loans (Schedule of Consumer Loans: Delinquency Status) (Details) - Consumer loans	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Percent past due	100%	100%
Financial Asset, 1 to 29 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Percent past due	85%	81%
30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Percent past due	6.60%	7.90%
60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Percent past due	4.60%	6.60%
90-119 Days or More Past Due [Member]
Financing Receivable, Past Due [Line Items]
Percent past due	3.10%	4%
Financing Receivables, Equal to Greater than 120 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Percent past due	0.70%	0.50%

Investment in Loans Investmen_2

Investment in Loans Investment in Loans (Schedule of Corporate Loans) (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		$ 12,432,144	$ 12,164,019
Loans, at fair value(1)(2)	[1],[2]	12,644,232	12,306,636
Corporate loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		6,965	6,379
Loans, at fair value(1)(2)		6,219	5,819
Financing Receivable, Allowance for Credit Loss		$ 700	$ 600
Weighted Average
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average Coupon		4.71%	4.78%
Weighted average life		5 years 6 months 18 days	5 years 5 months 1 day
Weighted Average | Corporate loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average Coupon		9.88%	10.13%
Weighted average life		1 year 3 months 7 days	1 year 6 months 7 days
[1] Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities. Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

Investment in Loans - Reverse M

Investment in Loans - Reverse Mortgage Loans Summary (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		$ 12,432,144	$ 12,164,019
Loans, at fair value(1)(2)	[1],[2]	$ 12,644,232	$ 12,306,636
Weighted Average
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment Interest Rate		4.71%	4.78%
Weighted average life		5 years 6 months 18 days	5 years 5 months 1 day
Reverse mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		$ 8,742,962	$ 8,568,271
Loans, at fair value(1)(2)		9,182,448	8,938,551
Reverse mortgage loans | Reverse mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		8,617,701	8,269,285
Loans, at fair value(1)(2)		9,046,698	8,608,976
Reverse mortgage loans | Loans held-for-sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance			298,986
Loans, at fair value(1)(2)			329,575
Reverse mortgage loans | Securitized loans [Member] | Reverse mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		8,297,381	8,166,222
Loans, at fair value(1)(2)		8,710,188	8,506,423
Reverse mortgage loans | Unsecuritized loans | Reverse mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		109,824	103,063
Loans, at fair value(1)(2)		111,617	$ 102,553
Reverse mortgage loans | Securitized Proprietary Loans | Reverse mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		172,580
Loans, at fair value(1)(2)		184,853
Reverse mortgage loans | Unsecuritized Proprietary Loans | Reverse mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		37,916
Loans, at fair value(1)(2)		40,040
Reverse mortgage loans | Unsecuritized Proprietary Loans | Loans held-for-sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		125,261
Loans, at fair value(1)(2)		$ 135,750
Reverse mortgage loans | Weighted Average
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment Interest Rate		6.74%	6.96%
Weighted average life		5 years 4 months 9 days	5 years 6 months 14 days
Reverse mortgage loans | Weighted Average | Reverse mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment Interest Rate		6.69%	6.83%
Weighted average life		5 years 2 months 4 days	5 years 1 month 9 days
Reverse mortgage loans | Weighted Average | Loans held-for-sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment Interest Rate			10.67%
Weighted average life			16 years 9 months 10 days
Reverse mortgage loans | Weighted Average | Securitized loans [Member] | Reverse mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment Interest Rate		6.59%	6.82%
Weighted average life		5 years 10 days	5 years 1 month 6 days
Reverse mortgage loans | Weighted Average | Unsecuritized loans | Reverse mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment Interest Rate		6.98%	7.15%
Weighted average life		6 years 3 months 18 days	6 years 1 month 13 days
Reverse mortgage loans | Weighted Average | Securitized Proprietary Loans | Reverse mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment Interest Rate		10.44%
Weighted average life		9 years 29 days
Reverse mortgage loans | Weighted Average | Unsecuritized Proprietary Loans | Reverse mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment Interest Rate		10.38%
Weighted average life		17 years 1 month 13 days
Reverse mortgage loans | Weighted Average | Unsecuritized Proprietary Loans | Loans held-for-sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment Interest Rate		10.64%
Weighted average life		17 years 1 month 13 days
[1] Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities. Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

Investment in Loans - Schedule

Investment in Loans - Schedule of Unpoolable HECM Loans (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		$ 12,432,144	$ 12,164,019
Loans, at fair value(1)(2)	[1],[2]	12,644,232	12,306,636
Reverse mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		8,742,962	8,568,271
Loans, at fair value(1)(2)		9,182,448	8,938,551
Reverse mortgage loans | Unpoolable HECM loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		29,055	27,953
Loans, at fair value(1)(2)		23,178	21,972
Reverse mortgage loans | Unpoolable HECM loans | Assignable buyout
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		11,109	8,508
Loans, at fair value(1)(2)		9,337	6,897
Reverse mortgage loans | Unpoolable HECM loans | Non-assignable buyout
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		13,424	14,562
Loans, at fair value(1)(2)		9,356	10,167
Reverse mortgage loans | Unpoolable HECM loans | Inactive HECM tail loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		4,522	4,883
Loans, at fair value(1)(2)		$ 4,485	$ 4,908
[1] Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities. Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

Investment in Loans Schedule of

Investment in Loans Schedule of Geographic concentration - Reverse Mortgage Loans (Details) - Financing Receivables, Unpaid Principal Balance [Member] - Geographic Concentration Risk [Member] - Reverse mortgage loans	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	100%	100%
CALIFORNIA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	28.80%	28.70%
FLORIDA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	8.80%	8.80%
COLORADO
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	7.10%	7.10%
ARIZONA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	6.30%	6.30%
WASHINGTON
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	5.30%	5.30%
UTAH
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	5.10%	5%
TEXAS
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	4.90%	4.80%
OREGON
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2.90%	3%
MASSACHUSETTS
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2.40%	2.40%
IDAHO
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2.70%	2.70%
NEW YORK
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2.20%	2.20%
NEVADA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2.10%	2.10%
NORTH CAROLINA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2.10%	2.10%
VIRGINIA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.60%	1.60%
OHIO
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.40%	1.50%
MARYLAND
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.10%	1.10%
NEW JERSEY
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.20%	1.30%
SOUTH CAROLINA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.50%	1.40%
GEORGIA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.60%	1.60%
NEW JERSEY
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.10%	1.10%
TENNESSEE
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.30%	1.30%
Other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	8.50%	8.60%

Investment in Loans (Narrative)

Investment in Loans (Narrative) (Details) $ in Thousands		3 Months Ended		12 Months Ended
		Mar. 31, 2024 USD ($) loan	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		$ 12,432,144		$ 12,164,019
Loans, at fair value(1)(2)	[1],[2]	12,644,232		12,306,636
Loans purchased in private transaction		80,100
Loans purchased in private transaction - held		7,100		8,900
Unpaid principal balance on unactive loans		272,800		290,400
Accrued expenses and other liabilities(1)	[1]	74,638		90,341
Government Guaranteed Mortgage Loans upon Foreclosure Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance on unactive loans		286,000		280,600
Residential mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage Loans in Process of Foreclosure, Amount		84,600		85,600
Unpaid Principal Balance		3,369,139		3,305,757
Loans, at fair value(1)(2)		3,160,176		3,093,912
Losses		(249,855)
Consumer loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		1,500		2,081
Loans, at fair value(1)(2)		1,289		1,759
Delinquent loans, charged off		100	$ 200
Fair value of charged-off loans		38		35
Financing Receivable, Allowance for Credit Loss		300		300
Losses		(314)		(329)
Commercial mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Allowance for Credit Loss		5,200		1,300
Mortgage Loans in Process of Foreclosure, Amount		25,100
Unpaid Principal Balance		311,578		281,531
Loans, at fair value(1)(2)		$ 294,100		266,595
Number of mortgage loans in process of foreclosure		2
Mortgage Loans In Process Of Foreclosure, Unpaid Principal Balance		$ 25,900
Losses		(5,174)		(1,288)
Non-performing | Residential mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		148,886		127,085
Loans, at fair value(1)(2)		$ 138,198		$ 119,524
Non-performing | Commercial mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan		4		3
Unpaid Principal Balance		$ 54,500		$ 47,700
Loans, at fair value(1)(2)		37,400		33,300
Performing Financial Instruments [Member] | Residential mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		4,134		4,252
Loans, at fair value(1)(2)		3,621		3,761
Loans held-for-investment [Member] | Residential mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Allowance for Credit Loss		15,000		17,200
Unpaid Principal Balance		3,173,699		3,305,757
Loans, at fair value(1)(2)		2,969,497		3,093,912
Losses		(239,502)		$ (255,230)
Loans held-for-investment [Member] | Consumer loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Realized Losses, Write offs on loans		$ (100)	$ (300)
[1] Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities. Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

Mortgage Servicing Rights (Deta

Mortgage Servicing Rights (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Jul. 01, 2023
Mortgage Servicing Rights [Abstract]
Unpaid principal balance of reverse mortgage loans in servicing portfolio	$ 2,800,000		$ 2,800,000	$ 2,100,000
Mortgage servicing rights, at fair value	29,889		29,580
Other, net	7,508	$ 3,504
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unpaid principal balance of reverse mortgage loans in servicing portfolio	2,800,000		2,800,000	$ 2,100,000
Change in unrealized gain (loss) on servicing asset	200
Mortgage servicing rights, at fair value	29,889		$ 29,580
Other, net	7,508	3,504
Mortgage servicing rights
Mortgage Servicing Rights [Abstract]
Other, net	300	(8)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other, net	$ 300	$ (8)

Forward MSR-Related Investmen_3

Forward MSR-Related Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
MSR Financing Receivables [Line Items]
Servicer Advances Receivable		$ 13,500	$ 13,500
Forward MSR-related investments, at fair value(1)	$ 160,009		$ 163,336
Capital Investments	0
Capital Distributions	(8,537)
Accretion of Interest Income	3,597
Changes in Valuation Inputs and Assumptions	$ 1,613
MSR Servicing Fee Basis Points	0.125%

Investments in Unconsolidated_3

Investments in Unconsolidated Entities (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities, at fair value	[1]	$ 125,366		$ 116,414
Earnings (losses) from investments in unconsolidated entities		2,226	$ 3,444
Variable Interest Entity, Not Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities, at fair value		$ 99,900		$ 87,800
[1] Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 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)	Mar. 31, 2024	Dec. 31, 2023
LendSure Mortgage Corp [Member] | Voting ownership
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	63.70%	49.90%
LendSure Mortgage Corp [Member] | Nonvoting Common Stock [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	13.80%	13.80%
Elizon DB 2015-1 LLC [Member]
Schedule of Equity Method Investments [Line Items]
Effective Ownership Percentage	56%	60%
Elizon DB 2015-1 LLC [Member] | Voting ownership
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	33.50%	30.40%
Elizon NM CRE 2020-1 LLC
Schedule of Equity Method Investments [Line Items]
Effective Ownership Percentage	64.80%	74.10%
Elizon NM CRE 2020-1 LLC | Voting ownership
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	32.50%	11.50%
Elizon CH CRE 2020-1 LLC
Schedule of Equity Method Investments [Line Items]
Effective Ownership Percentage	54.20%	52.10%
Elizon CH CRE 2020-1 LLC | Voting ownership
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	30.60%	29.20%
Jepson Holdings Limited | Voting ownership
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	7.90%	7.90%
Minimum | Other Equity Method Investments [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	6.10%	6.10%
Minimum | Loan Originator - Other
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	45%	45%
Minimum | Equity investments in securitization-related risk retention vehicles
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	24.60%	24.60%
Maximum | Other Equity Method Investments [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	79%	79%
Maximum | Loan Originator - Other
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50%	50%
Maximum | Equity investments in securitization-related risk retention vehicles
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	84.50%	84.50%

Investments in Unconsolidated_5

Investments in Unconsolidated Entities (Summarized Financial Information) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Other assets(1)	[1]	$ 75,422		$ 77,099
Total Assets		15,132,600		15,315,930
Liabilities		13,579,444		13,780,318
Stockholders' Equity Attributable to Parent		1,533,459		1,517,071
Total Liabilities and Equity		15,132,600		$ 15,315,930
Interest income		101,520	$ 87,174
Interest expense		(70,464)	(59,617)
Interest Income (Expense), Net		31,056	27,557
Other, net		7,508	3,504
Noninterest Income		44,485	51,675
Operating Expenses		43,655	37,902
Net income (loss) attributable to common stockholders		$ 26,915	$ 38,916
[1] Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.

Real Estate Owned Schedule of R

Real Estate Owned Schedule of Real Estate Owned Activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) property	Mar. 31, 2023 USD ($) property
Number of Properties
Beginning Balance | property	81	97
Transfers from mortgage loans | property	36	12
Disposals | property	(35)	(11)
Ending Balance | property	82	98
Carrying Value
Beginning Balance	$ 22,085	$ 28,403
Transfers from mortgage loans	11,553	3,140
Capital expenditures and other adjustments to cost	200	180
Adjustments to record at the lower of cost or fair value	(2,323)	(69)
Disposals	(11,516)	(4,937)
Ending Balance	$ 19,999	$ 26,717

Real Estate Owned (Details)

Real Estate Owned (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) property	Mar. 31, 2023 USD ($) property	Dec. 31, 2023 USD ($)
Real Estate Owned, Disclosure of Detailed Components [Abstract]
Real Estate Acquired Through Foreclosure, Disposals, Number Of Properties | property	35	11
Realized Gain (Loss) on Sale of Properties	$ (1.4)	$ (0.1)
REO, fair value	$ 13.7		$ 16.8

Financial Derivatives (Schedule

Financial Derivatives (Schedule of Financial Derivatives) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value	$ 150,343	$ 143,996
Financial derivatives–liabilities, at fair value-	(40,425)	(61,776)
Total	109,918	82,220
TBA Securities, Purchase Contracts [Member]
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value	13	2,182
Financial derivatives–liabilities, at fair value-	(189)	0
TBA Securities, Sale Contracts [Member]
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value	866	0
Financial derivatives–liabilities, at fair value-	(380)	(5,820)
Interest rate swaps | Short
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value	126,002	101,881
Financial derivatives–liabilities, at fair value-	(3,360)	(17,944)
Interest rate swaps | Long
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value	9,113	27,358
Financial derivatives–liabilities, at fair value-	(13,293)	(13,801)
Credit default swaps on asset-backed securities
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value	8	8
Credit default swaps on asset-backed indices
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value	1,948	3,318
Financial derivatives–liabilities, at fair value-	(32)	(32)
Credit default swaps on corporate bonds
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value	107	25
Financial derivatives–liabilities, at fair value-	(246)	(225)
Credit default swaps on corporate bond indices
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value	11,830	7,259
Financial derivatives–liabilities, at fair value-	(22,037)	(15,894)
Total return swaps
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value	6	6
Futures
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value	61	245
Financial derivatives–liabilities, at fair value-	(888)	(7,990)
Futures | Short
Derivatives, Fair Value [Line Items]
Total	(827)	(7,745)
Forwards
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value	336	12
Financial derivatives–liabilities, at fair value-	0	70
Warrants
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value	$ 53	$ 1,702

Financial Derivatives (Interest

Financial Derivatives (Interest Rate Swaps) (Details) - Interest rate swaps - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Long
Derivative [Line Items]
Notional Amount	$ 2,220,729	$ 1,859,330
Fair Value	(4,180)	13,557
Long | 2024
Derivative [Line Items]
Notional Amount	52,236	427,234
Fair Value	(699)	(578)
Long | 2025
Derivative [Line Items]
Notional Amount	143,183	143,183
Fair Value	(360)	67
Long | 2026
Derivative [Line Items]
Notional Amount	503,256	461,658
Fair Value	(580)	(8,399)
Long | 2027
Derivative [Line Items]
Notional Amount	121,157	36,591
Fair Value	(1,665)	30
Long | 2028
Derivative [Line Items]
Notional Amount	517,220	464,799
Fair Value	4,069	13,357
Long | 2029
Derivative [Line Items]
Notional Amount	372,044
Fair Value	(1,180)
Long | 2030
Derivative [Line Items]
Notional Amount	116,000	67,000
Fair Value	(267)	1,737
Long | 2031
Derivative [Line Items]
Notional Amount	35,000
Fair Value	(659)
Long | 2033
Derivative [Line Items]
Notional Amount	225,931	198,265
Fair Value	843	7,701
Long | 2035
Derivative [Line Items]
Notional Amount	500	500
Fair Value	(154)	(137)
Long | 2038
Derivative [Line Items]
Notional Amount	36,300	36,300
Fair Value	(1,362)	131
Long | 2040
Derivative [Line Items]
Notional Amount	500	500
Fair Value	(192)	(173)
Long | 2050
Derivative [Line Items]
Notional Amount	500	500
Fair Value	(242)	(220)
Long | 2053
Derivative [Line Items]
Notional Amount	13,795	22,800
Fair Value	(786)	$ 41
Long | 2034
Derivative [Line Items]
Notional Amount	69,930
Fair Value	(640)
Long | 2039
Derivative [Line Items]
Notional Amount	13,177
Fair Value	$ (306)
Long | Weighted Average
Derivative [Line Items]
Pay Rate	4.19%	4.28%
Receive Rate	5.33%	5.39%
Remaining Years to Maturity	4 years 9 months 10 days	3 years 11 months 4 days
Long | Weighted Average | 2024
Derivative [Line Items]
Pay Rate	3.56%	5.17%
Receive Rate	5.43%	5.40%
Remaining Years to Maturity	7 months 2 days	2 months 26 days
Long | Weighted Average | 2025
Derivative [Line Items]
Pay Rate	4.87%	4.87%
Receive Rate	5.34%	5.38%
Remaining Years to Maturity	11 months 23 days	1 year 2 months 23 days
Long | Weighted Average | 2026
Derivative [Line Items]
Pay Rate	4.56%	3.58%
Receive Rate	5.33%	5.39%
Remaining Years to Maturity	1 year 11 months 23 days	2 years 3 months 10 days
Long | Weighted Average | 2027
Derivative [Line Items]
Pay Rate	3.88%	3.68%
Receive Rate	5.33%	5.39%
Remaining Years to Maturity	2 years 11 months 23 days	3 years 10 months 24 days
Long | Weighted Average | 2028
Derivative [Line Items]
Pay Rate	4.31%	4.33%
Receive Rate	5.33%	5.39%
Remaining Years to Maturity	4 years 4 months 6 days	4 years 7 months 20 days
Long | Weighted Average | 2029
Derivative [Line Items]
Pay Rate	3.95%
Receive Rate	5.33%
Remaining Years to Maturity	4 years 10 months 28 days
Long | Weighted Average | 2030
Derivative [Line Items]
Pay Rate	3.94%	3.97%
Receive Rate	5.34%	5.39%
Remaining Years to Maturity	6 years 5 months 1 day	6 years 9 months 7 days
Long | Weighted Average | 2031
Derivative [Line Items]
Pay Rate	3.64%
Receive Rate	5.33%
Remaining Years to Maturity	6 years 9 months 14 days
Long | Weighted Average | 2033
Derivative [Line Items]
Pay Rate	3.94%	3.96%
Receive Rate	5.33%	5.39%
Remaining Years to Maturity	9 years 7 months 20 days	9 years 10 months 17 days
Long | Weighted Average | 2035
Derivative [Line Items]
Pay Rate	0.74%	0.74%
Receive Rate	5.34%	5.38%
Remaining Years to Maturity	11 years 6 months 21 days	11 years 9 months 21 days
Long | Weighted Average | 2038
Derivative [Line Items]
Pay Rate	3.54%	3.54%
Receive Rate	5.33%	5.39%
Remaining Years to Maturity	14 years 8 months 23 days	14 years 11 months 23 days
Long | Weighted Average | 2040
Derivative [Line Items]
Pay Rate	0.84%	0.84%
Receive Rate	5.34%	5.38%
Remaining Years to Maturity	16 years 6 months 25 days	16 years 9 months 25 days
Long | Weighted Average | 2050
Derivative [Line Items]
Pay Rate	0.90%	0.90%
Receive Rate	5.34%	5.38%
Remaining Years to Maturity	26 years 6 months 25 days	26 years 9 months 25 days
Long | Weighted Average | 2053
Derivative [Line Items]
Pay Rate	3.33%	3.33%
Receive Rate	5.33%	5.39%
Remaining Years to Maturity	29 years 8 months 26 days	29 years 11 months 26 days
Long | Weighted Average | 2034
Derivative [Line Items]
Pay Rate	3.74%
Receive Rate	5.33%
Remaining Years to Maturity	9 years 10 months 24 days
Long | Weighted Average | 2039
Derivative [Line Items]
Pay Rate	3.65%
Receive Rate	5.33%
Remaining Years to Maturity	14 years 9 months 29 days
Short
Derivative [Line Items]
Notional Amount	$ 3,307,192	$ 3,129,277
Fair Value	122,642	83,937
Short | 2024
Derivative [Line Items]
Notional Amount	482,811	629,547
Fair Value	6,294	9,097
Short | 2025
Derivative [Line Items]
Notional Amount	414,561	412,701
Fair Value	8,473	6,304
Short | 2026
Derivative [Line Items]
Notional Amount	189,287	189,287
Fair Value	2,219	(573)
Short | 2027
Derivative [Line Items]
Notional Amount	228,250	174,841
Fair Value	13,283	8,970
Short | 2028
Derivative [Line Items]
Notional Amount	582,656	650,990
Fair Value	15,885	7,516
Short | 2029
Derivative [Line Items]
Notional Amount	220,788	53,011
Fair Value	7,247	4,378
Short | 2030
Derivative [Line Items]
Notional Amount	199,817	150,817
Fair Value	5,477	1,122
Short | 2031
Derivative [Line Items]
Notional Amount	157,766	157,766
Fair Value	25,740	24,131
Short | 2032
Derivative [Line Items]
Notional Amount	181,867	181,867
Fair Value	14,883	11,069
Short | 2033
Derivative [Line Items]
Notional Amount	465,285	437,619
Fair Value	16,540	6,960
Short | 2035
Derivative [Line Items]
Notional Amount	500	500
Fair Value	150	132
Short | 2036
Derivative [Line Items]
Notional Amount	1,102	1,102
Fair Value	281	280
Short | 2037
Derivative [Line Items]
Notional Amount	45,000	45,000
Fair Value	5,498	3,780
Short | 2038
Derivative [Line Items]
Notional Amount	32,500	32,500
Fair Value	(373)	(1,727)
Short | 2040
Derivative [Line Items]
Notional Amount	500	500
Fair Value	186	165
Short | 2049
Derivative [Line Items]
Notional Amount		5,729
Fair Value		845
Short | 2050
Derivative [Line Items]
Notional Amount	500	500
Fair Value	232	207
Short | 2052
Derivative [Line Items]
Notional Amount		5,000
Fair Value		$ 1,281
Short | 2053
Derivative [Line Items]
Notional Amount	1,600
Fair Value	91
Short | 2034
Derivative [Line Items]
Notional Amount	89,710
Fair Value	429
Short | 2039
Derivative [Line Items]
Notional Amount	12,292
Fair Value	114
Short | 2054
Derivative [Line Items]
Notional Amount	400
Fair Value	$ (7)
Short | Weighted Average
Derivative [Line Items]
Pay Rate	3.44%	3.34%
Receive Rate	5.34%	5.33%
Remaining Years to Maturity	4 years 10 months 6 days	4 years 8 months 4 days
Short | Weighted Average | 2024
Derivative [Line Items]
Pay Rate	3.97%	3.18%
Receive Rate	5.35%	5.41%
Remaining Years to Maturity	6 months 10 days	7 months 9 days
Short | Weighted Average | 2025
Derivative [Line Items]
Pay Rate	3.69%	3.69%
Receive Rate	5.33%	5.06%
Remaining Years to Maturity	1 year 4 months 28 days	1 year 7 months 28 days
Short | Weighted Average | 2026
Derivative [Line Items]
Pay Rate	4.13%	4.13%
Receive Rate	5.33%	5.39%
Remaining Years to Maturity	2 years 4 months 28 days	2 years 7 months 28 days
Short | Weighted Average | 2027
Derivative [Line Items]
Pay Rate	2.91%	4.04%
Receive Rate	5.34%	5.04%
Remaining Years to Maturity	3 years 1 month 24 days	3 years 4 months 6 days
Short | Weighted Average | 2028
Derivative [Line Items]
Pay Rate	3.51%	3.48%
Receive Rate	5.34%	5.38%
Remaining Years to Maturity	4 years 3 months 18 days	4 years 6 months 14 days
Short | Weighted Average | 2029
Derivative [Line Items]
Pay Rate	3.36%	2.19%
Receive Rate	5.33%	5.38%
Remaining Years to Maturity	4 years 10 months 13 days	5 years 3 months 25 days
Short | Weighted Average | 2030
Derivative [Line Items]
Pay Rate	3.60%	3.50%
Receive Rate	5.34%	5.39%
Remaining Years to Maturity	6 years 3 months 25 days	6 years 7 months 2 days
Short | Weighted Average | 2031
Derivative [Line Items]
Pay Rate	1.51%	1.51%
Receive Rate	5.34%	5.38%
Remaining Years to Maturity	7 years 2 months 15 days	7 years 5 months 15 days
Short | Weighted Average | 2032
Derivative [Line Items]
Pay Rate	2.80%	2.80%
Receive Rate	5.34%	5.38%
Remaining Years to Maturity	8 years 3 months 21 days	8 years 6 months 21 days
Short | Weighted Average | 2033
Derivative [Line Items]
Pay Rate	3.42%	3.40%
Receive Rate	5.34%	5.38%
Remaining Years to Maturity	9 years 2 months 12 days	9 years 5 months 1 day
Short | Weighted Average | 2035
Derivative [Line Items]
Pay Rate	0.78%	0.78%
Receive Rate	5.33%	5.33%
Remaining Years to Maturity	11 years 6 months 21 days	11 years 9 months 21 days
Short | Weighted Average | 2036
Derivative [Line Items]
Pay Rate	1.19%	1.19%
Receive Rate	5.34%	5.38%
Remaining Years to Maturity	11 years 10 months 17 days	12 years 1 month 17 days
Short | Weighted Average | 2037
Derivative [Line Items]
Pay Rate	2.81%	2.81%
Receive Rate	5.34%	5.38%
Remaining Years to Maturity	13 years 4 months 28 days	13 years 7 months 28 days
Short | Weighted Average | 2038
Derivative [Line Items]
Pay Rate	4.01%	4.01%
Receive Rate	5.33%	5.39%
Remaining Years to Maturity	14 years 5 months 1 day	14 years 8 months 1 day
Short | Weighted Average | 2040
Derivative [Line Items]
Pay Rate	0.90%	0.90%
Receive Rate	5.33%	5.33%
Remaining Years to Maturity	16 years 6 months 25 days	16 years 9 months 25 days
Short | Weighted Average | 2049
Derivative [Line Items]
Pay Rate		2.63%
Receive Rate		5.38%
Remaining Years to Maturity		25 years 7 days
Short | Weighted Average | 2050
Derivative [Line Items]
Pay Rate	0.98%	0.98%
Receive Rate	5.33%	5.33%
Remaining Years to Maturity	26 years 6 months 25 days	26 years 9 months 25 days
Short | Weighted Average | 2052
Derivative [Line Items]
Pay Rate		2.07%
Receive Rate		5.38%
Remaining Years to Maturity		28 years 3 months 7 days
Short | Weighted Average | 2053
Derivative [Line Items]
Pay Rate	3.32%
Receive Rate	5.33%
Remaining Years to Maturity	29 years 9 months
Short | Weighted Average | 2034
Derivative [Line Items]
Pay Rate	3.80%
Receive Rate	5.33%
Remaining Years to Maturity	9 years 10 months 20 days
Short | Weighted Average | 2039
Derivative [Line Items]
Pay Rate	3.77%
Receive Rate	5.33%
Remaining Years to Maturity	14 years 10 months 6 days
Short | Weighted Average | 2054
Derivative [Line Items]
Pay Rate	3.72%
Receive Rate	5.33%
Remaining Years to Maturity	29 years 11 months 1 day

Financial Derivatives (Credit D

Financial Derivatives (Credit Default Swaps) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Financial derivatives–assets, at fair value	$ 150,343	$ 143,996
Financial derivatives–liabilities, at fair value-	(40,425)	(61,776)
Fair Value	(109,918)	(82,220)
Credit default swaps on asset-backed indices
Derivative [Line Items]
Financial derivatives–assets, at fair value	1,948	3,318
Financial derivatives–liabilities, at fair value-	(32)	(32)
Credit default swaps on asset-backed indices | Financial Derivatives - Assets | Long
Derivative [Line Items]
Notional Amount	(226)	(230)
Financial derivatives–assets, at fair value	$ 12	$ 12
Credit default swaps on asset-backed indices | Financial Derivatives - Assets | Long | Weighted Average
Derivative [Line Items]
Remaining Years to Maturity	13 years 9 months	13 years 11 months 26 days
Credit default swaps on asset-backed indices | Financial Derivatives - Assets | Short
Derivative [Line Items]
Notional Amount	$ (42,003)	$ (42,101)
Financial derivatives–assets, at fair value	$ 1,936	$ 3,306
Credit default swaps on asset-backed indices | Financial Derivatives - Assets | Short | Weighted Average
Derivative [Line Items]
Remaining Years to Maturity	34 years 10 months 17 days	35 years 1 month 9 days
Credit default swaps on corporate bonds
Derivative [Line Items]
Financial derivatives–assets, at fair value	$ 107	$ 25
Financial derivatives–liabilities, at fair value-	(246)	(225)
Credit default swaps on corporate bonds | Financial Derivatives - Assets | Long
Derivative [Line Items]
Notional Amount	(2,000)	(2,000)
Financial derivatives–assets, at fair value	$ 107	$ 25
Credit default swaps on corporate bonds | Financial Derivatives - Assets | Long | Weighted Average
Derivative [Line Items]
Remaining Years to Maturity	1 year 8 months 19 days	1 year 11 months 19 days
Credit default swaps on corporate bond indices
Derivative [Line Items]
Financial derivatives–assets, at fair value	$ 11,830	$ 7,259
Financial derivatives–liabilities, at fair value-	(22,037)	(15,894)
Credit default swaps on corporate bond indices | Financial Derivatives - Assets | Long
Derivative [Line Items]
Notional Amount	(284,000)	(149,000)
Financial derivatives–assets, at fair value	$ 11,830	$ 7,259
Credit default swaps on corporate bond indices | Financial Derivatives - Assets | Long | Weighted Average
Derivative [Line Items]
Remaining Years to Maturity	4 years 5 months 15 days	4 years 5 months 19 days
Credit default swaps on corporate bond indices | Financial Derivatives - Assets | Short
Derivative [Line Items]
Remaining Years to Maturity	0 days	0 days
Credit default swaps on asset-backed securities
Derivative [Line Items]
Financial derivatives–assets, at fair value	$ 8	$ 8
Credit default swaps on asset-backed securities | Financial Derivatives - Assets | Short
Derivative [Line Items]
Notional Amount	(45)	(45)
Financial derivatives–assets, at fair value	$ 8	$ 8
Credit default swaps on asset-backed securities | Financial Derivatives - Assets | Short | Weighted Average
Derivative [Line Items]
Remaining Years to Maturity	11 years 5 months 26 days	11 years 8 months 26 days
Credit default swaps
Derivative [Line Items]
Notional Amount	$ (443,031)	$ (441,155)
Fair Value	$ 8,422	$ 5,541
Credit default swaps | Weighted Average
Derivative [Line Items]
Remaining Years to Maturity	7 years 11 months 23 days	7 years 9 months 21 days

Financial Derivatives (Futures)

Financial Derivatives (Futures) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Fair Value	$ 109,918	$ 82,220
Financial derivatives–assets, at fair value	150,343	143,996
Derivative Liability	$ 40,425	61,776
Futures
Derivative [Line Items]
Derivative, Remaining Maturity	5 months 23 days
Financial derivatives–assets, at fair value	$ 61	245
Derivative Liability	888	7,990
Short | Futures
Derivative [Line Items]
Notional Amount	322,200	311,200
Fair Value	(827)	$ (7,745)
Derivative, Remaining Maturity		2 months 4 days
Financial Derivatives - Assets | Long | U.S. Treasury futures
Derivative [Line Items]
Notional Amount	$ (1,900)	$ (1,900)
Derivative, Remaining Maturity	5 months 19 days	2 months 19 days
Financial derivatives–assets, at fair value	$ 49	$ 245
Financial Derivatives - Assets | Short | U.S. Treasury futures
Derivative [Line Items]
Notional Amount	$ 49,800	$ 0
Derivative, Remaining Maturity	6 months	0 years
Financial derivatives–assets, at fair value	$ 12	$ 0
Financial Derivatives - Liabilities | Short | U.S. Treasury futures
Derivative [Line Items]
Notional Amount	$ 274,300	$ 313,100
Derivative, Remaining Maturity	5 months 19 days	2 months 4 days
Derivative Liability	$ (888)	$ (7,990)

Financial Derivatives Schedule

Financial Derivatives Schedule of Warrant Contracts (Details) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Financial derivatives–assets, at fair value	$ 150,343	$ 143,996
Warrants
Derivative [Line Items]
Number of Shares Underlying Warrant Contracts	102	202
Financial derivatives–assets, at fair value	$ 53	$ 1,702
Remaining Years to Maturity		5 years 7 months 28 days

Financial Derivatives (TBAs) (D

Financial Derivatives (TBAs) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Financial derivatives–assets, at fair value	$ 150,343	$ 143,996
Derivative Liability	40,425	61,776
Derivative Assets (Liabilities), at Fair Value, Net	109,918	82,220
TBA securities
Derivative [Line Items]
Notional Amount	229,884	57,944
Derivative, Cost Basis	(207,801)	(30,601)
Market Value Underlying	(207,491)	(34,239)
Derivative Assets (Liabilities), at Fair Value, Net	310	(3,638)
TBA securities | Long
Derivative [Line Items]
Notional Amount	(99,747)	(375,154)
Derivative, Cost Basis	98,010	362,129
Market Value Underlying	97,834	364,311
Derivative Assets (Liabilities), at Fair Value, Net	(176)	2,182
TBA securities | Short
Derivative [Line Items]
Notional Amount	329,631	433,098
Derivative, Cost Basis	(305,811)	(392,730)
Market Value Underlying	(305,325)	(398,550)
Derivative Assets (Liabilities), at Fair Value, Net	486	(5,820)
Financial Derivatives - Assets | TBA securities | Long
Derivative [Line Items]
Notional Amount	15,930	375,154
Derivative, Cost Basis	15,950	362,129
Market Value Underlying	15,963	364,311
Financial derivatives–assets, at fair value	13	2,182
Financial Derivatives - Assets | TBA securities | Short
Derivative [Line Items]
Notional Amount	239,478	0
Derivative, Cost Basis	(226,440)	0
Market Value Underlying	(225,574)	0
Financial derivatives–assets, at fair value	866	0
Financial Derivatives - Liabilities | TBA securities | Long
Derivative [Line Items]
Notional Amount	83,817	0
Derivative, Cost Basis	82,060	0
Market Value Underlying	81,871	0
Derivative Liability	(189)	0
Financial Derivatives - Liabilities | TBA securities | Short
Derivative [Line Items]
Notional Amount	90,153	433,098
Derivative, Cost Basis	(79,371)	(392,730)
Market Value Underlying	(79,751)	(398,550)
Derivative Liability	$ (380)	$ (5,820)

Financial Derivatives (Schedu_2

Financial Derivatives (Schedule of Gains and Losses on Derivative Contracts) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative [Line Items]
Net Realized Gains (Losses) on Periodic Settlements of Interest Rate Swaps	$ 15,438	$ 5,791
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps	(11,960)	(31,238)
Realized gains (losses) on financial derivatives, net	3,478	(25,447)
Change in Net Unrealized Gains (Losses) on Accrued Periodic Settlements of Interest Rate Swaps	(4,427)	3,452
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	34,792	(684)
Unrealized gains (losses) on financial derivatives, net	30,365	2,768
Derivative [Member]
Derivative [Line Items]
Foreign currency translation		5
Interest rate swaps | Interest Rate Risk [Member]
Derivative [Line Items]
Net Realized Gains (Losses) on Periodic Settlements of Interest Rate Swaps	15,438	5,791
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps	(8,653)	(31,075)
Realized gains (losses) on financial derivatives, net	6,785	(25,284)
Change in Net Unrealized Gains (Losses) on Accrued Periodic Settlements of Interest Rate Swaps	(4,427)	3,452
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	23,890	13,173
Unrealized gains (losses) on financial derivatives, net	19,463	16,625
Credit default swaps on asset-backed indices | Credit Risk [Member]
Derivative [Line Items]
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps	(200)	(275)
Realized gains (losses) on financial derivatives, net	(200)	(275)
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	(1,370)	2,158
Unrealized gains (losses) on financial derivatives, net	(1,370)	2,158
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	(4,567)	(1,348)
Realized gains (losses) on financial derivatives, net	(4,567)	(1,348)
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	1,676	207
Unrealized gains (losses) on financial derivatives, net	1,676	207
Credit default swaps on corporate bonds | Credit Risk [Member]
Derivative [Line Items]
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps	(7)	(41)
Realized gains (losses) on financial derivatives, net	(7)	(41)
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	62	(19)
Unrealized gains (losses) on financial derivatives, net	62	(19)
Total return swaps | Equity Market/Credit Risk [Member]
Derivative [Line Items]
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps	20
Realized gains (losses) on financial derivatives, net	20
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)
TBA securities | Interest Rate Risk [Member]
Derivative [Line Items]
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps	817	4,292
Realized gains (losses) on financial derivatives, net	817	4,292
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	3,948	(10,077)
Unrealized gains (losses) on financial derivatives, net	3,948	(10,077)
Futures | Interest Rate Risk [Member]
Derivative [Line Items]
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps		(2,933)
Realized gains (losses) on financial derivatives, net		(2,933)
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps		(5,664)
Unrealized gains (losses) on financial derivatives, net		(5,664)
Futures | Interest Rate Risk
Derivative [Line Items]
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps	434
Realized gains (losses) on financial derivatives, net	434
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	6,918
Unrealized gains (losses) on financial derivatives, net	6,918
Forwards | Currency risk [Member]
Derivative [Line Items]
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps	110	141
Realized gains (losses) on financial derivatives, net	110	141
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	395	(382)
Unrealized gains (losses) on financial derivatives, net	395	(382)
Warrants | Credit Risk [Member]
Derivative [Line Items]
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps	86
Realized gains (losses) on financial derivatives, net	86
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	(726)
Unrealized gains (losses) on financial derivatives, net	$ (726)
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		(80)
Unrealized gains (losses) on financial derivatives, net		(80)
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
Realized gains (losses) on financial derivatives, net		1
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	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Interest rate swaps
Derivative [Line Items]
Average Monthly Notional	$ 5,369,996	$ 4,309,089
TBA securities
Derivative [Line Items]
Average Monthly Notional	538,338	603,206
Credit default swaps
Derivative [Line Items]
Average Monthly Notional	811,654	497,857
Futures
Derivative [Line Items]
Average Monthly Notional	319,250	246,669
Forwards
Derivative [Line Items]
Average Monthly Notional	23,200	15,567
Warrants
Derivative [Line Items]
Average Monthly Notional	177	1,926
Total return swaps
Derivative [Line Items]
Average Monthly Notional	$ 1,388	$ 875

Financial Derivatives (Schedu_4

Financial Derivatives (Schedule of Credit Derivatives) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Credit Derivatives [Line Items]
Financial derivatives–assets, at fair value	$ 150,343	$ 143,996
Derivative Liability	(40,425)	(61,776)
Derivative Assets (Liabilities), at Fair Value, Net	109,918	82,220
Credit default swaps on asset-backed indices
Credit Derivatives [Line Items]
Financial derivatives–assets, at fair value	1,948	3,318
Derivative Liability	(32)	(32)
Credit default swaps on asset-backed indices | Financial Derivatives - Assets | Long
Credit Derivatives [Line Items]
Notional value	226	230
Financial derivatives–assets, at fair value	$ 12	$ 12
Credit default swaps on asset-backed indices | Financial Derivatives - Assets | Long | Weighted Average
Credit Derivatives [Line Items]
Remaining Years to Maturity	13 years 9 months	13 years 11 months 26 days
Credit default swaps on asset-backed indices | Financial Derivatives - Assets | Short
Credit Derivatives [Line Items]
Notional value	$ 42,003	$ 42,101
Financial derivatives–assets, at fair value	$ 1,936	$ 3,306
Credit default swaps on asset-backed indices | Financial Derivatives - Assets | Short | Weighted Average
Credit Derivatives [Line Items]
Remaining Years to Maturity	34 years 10 months 17 days	35 years 1 month 9 days
Credit default swaps on asset-backed indices | Financial Derivatives - Liabilities | Long
Credit Derivatives [Line Items]
Notional value	$ 60	$ 60
Derivative Liability	$ (32)	$ (32)
Credit default swaps on asset-backed indices | Financial Derivatives - Liabilities | Long | Weighted Average
Credit Derivatives [Line Items]
Remaining Years to Maturity	24 years 11 months 19 days	25 years 2 months 19 days
Credit default swaps on corporate bond indices
Credit Derivatives [Line Items]
Financial derivatives–assets, at fair value	$ 11,830	$ 7,259
Derivative Liability	(22,037)	(15,894)
Credit default swaps on corporate bond indices | Financial Derivatives - Assets | Long
Credit Derivatives [Line Items]
Notional value	284,000	149,000
Financial derivatives–assets, at fair value	$ 11,830	$ 7,259
Credit default swaps on corporate bond indices | Financial Derivatives - Assets | Long | Weighted Average
Credit Derivatives [Line Items]
Remaining Years to Maturity	4 years 5 months 15 days	4 years 5 months 19 days
Credit default swaps on corporate bond indices | Financial Derivatives - Assets | Short
Credit Derivatives [Line Items]
Remaining Years to Maturity	0 days	0 days
Credit default swaps on corporate bond indices | Financial Derivatives - Liabilities | Short
Credit Derivatives [Line Items]
Notional value	$ 674,269	$ 537,299
Remaining Years to Maturity	4 years 10 months 24 days	4 years 10 months 2 days
Derivative Liability	$ (22,037)	$ (15,894)
Credit default swaps on asset-backed securities
Credit Derivatives [Line Items]
Financial derivatives–assets, at fair value	8	8
Credit default swaps on asset-backed securities | Financial Derivatives - Assets | Short
Credit Derivatives [Line Items]
Notional value	45	45
Financial derivatives–assets, at fair value	$ 8	$ 8
Credit default swaps on asset-backed securities | Financial Derivatives - Assets | Short | Weighted Average
Credit Derivatives [Line Items]
Remaining Years to Maturity	11 years 5 months 26 days	11 years 8 months 26 days
Credit default swaps on corporate bonds
Credit Derivatives [Line Items]
Financial derivatives–assets, at fair value	$ 107	$ 25
Derivative Liability	(246)	(225)
Credit default swaps on corporate bonds | Financial Derivatives - Assets | Long
Credit Derivatives [Line Items]
Notional value	2,000	2,000
Financial derivatives–assets, at fair value	$ 107	$ 25
Credit default swaps on corporate bonds | Financial Derivatives - Assets | Long | Weighted Average
Credit Derivatives [Line Items]
Remaining Years to Maturity	1 year 8 months 19 days	1 year 11 months 19 days
Credit default swaps on corporate bonds | Financial Derivatives - Liabilities | Short
Credit Derivatives [Line Items]
Notional value	$ 13,000	$ 13,000
Derivative Liability	$ (246)	$ (225)
Credit default swaps on corporate bonds | Financial Derivatives - Liabilities | Short | Weighted Average
Credit Derivatives [Line Items]
Remaining Years to Maturity	3 years 2 months 19 days	3 years 5 months 19 days
Credit default swaps
Credit Derivatives [Line Items]
Notional value	$ 443,031	$ 441,155
Derivative Assets (Liabilities), at Fair Value, Net	$ (8,422)	$ (5,541)
Credit default swaps | Weighted Average
Credit Derivatives [Line Items]
Remaining Years to Maturity	7 years 11 months 23 days	7 years 9 months 21 days
Credit Default Swap, Selling Protection [Member]
Credit Derivatives [Line Items]
Fair Value	$ 11,917	$ 7,264
Notional value	$ 286,286	$ 151,290

Financial Derivatives (Narrativ

Financial Derivatives (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Spread on written credit derivatives		3.10%
Written credit derivative spread threshold	20%	20%
Credit Default Swap, Selling Protection [Member]
Derivative [Line Items]
Total net up-front payments received	$ (4,600)	$ (1,600)
Minimum
Derivative [Line Items]
Spread on written credit derivatives	0.50%
Upfront points on written credit derivative in excess of threshold	46.3	46.3
Maximum
Derivative [Line Items]
Spread on written credit derivatives	4.38%
Upfront points on written credit derivative in excess of threshold	46.3	88.8

Financial Derivatives (Options)

Financial Derivatives (Options) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial derivatives–assets, at fair value	$ 150,343	$ 143,996
Derivative [Line Items]
Financial derivatives–assets, at fair value	$ 150,343	$ 143,996

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Receivables and claims related to reverse mortgage loans repurchased from HMBS		$ 40,454	$ 48,468
Prepaid expenses and deferred offering costs		12,605	11,602
Accrued Fees and Other Revenue Receivable		7,230	3,755
Operating Lease, Right-of-Use Asset		5,773	3,279
Prepaid scheduled draws on reverse mortgage loans		3,325	2,800
Intangible Assets, Net (Excluding Goodwill)		2,548	2,673	$ 3,049	$ 3,275
Servicing Asset		324	1,327
Property, Plant and Equipment, Net		1,580	1,110
Servicing Agreement Asset		300	1,300
Certificates of deposit, security deposits, and escrow cash		858	1,043
Other Assets, Miscellaneous		725	1,042
Other assets(1)	[1]	$ 75,422	$ 77,099
[1] Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.

Other Assets - Schedule of Inta

Other Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	$ 3,300	$ 3,300
Finite-Lived Intangible Assets, Accumulated Amortization	(752)	(827)
Intangible Assets, Net (Excluding Goodwill)	2,548	2,673	$ 3,049	$ 3,275
Software and Software Development Costs
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	1,400	1,400
Finite-Lived Intangible Assets, Accumulated Amortization	(700)	(583)
Intangible Assets, Net (Excluding Goodwill)	$ 700	$ 817
Finite-Lived Intangible Asset, Useful Life	36 months	36 months
Trademarks and Trade Names
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	$ 1,200	$ 1,200
Finite-Lived Intangible Assets, Accumulated Amortization	0	0
Intangible Assets, Net (Excluding Goodwill)	1,200	1,200
Customer Relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	700	700
Finite-Lived Intangible Assets, Accumulated Amortization	(52)	(44)
Intangible Assets, Net (Excluding Goodwill)	$ 648	$ 656
Finite-Lived Intangible Asset, Useful Life	240 months	240 months

Other Assets Schedule of Change

Other Assets Schedule of Change in Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Net (Excluding Goodwill)	$ 2,548	$ 3,049	$ 2,673	$ 3,275
Amortization of Intangible Assets	125	226
Software and Software Development Costs
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Net (Excluding Goodwill)	700	1,167	817	1,284
Amortization of Intangible Assets	117	117
Trademarks and Trade Names
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Net (Excluding Goodwill)	1,200	1,200	1,200	1,200
Amortization of Intangible Assets	0	0
Customer Relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Net (Excluding Goodwill)	648	682	$ 656	691
Amortization of Intangible Assets	$ 8	9
Noncompete Agreements
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Net (Excluding Goodwill)		0		$ 100
Amortization of Intangible Assets		$ 100

Other Assets - Schedule Amortiz

Other Assets - Schedule Amortization, Intangible Assets (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Expected Amortization, Year One	$ 376
Finite-Lived Intangible Asset, Expected Amortization, Year Two	385
Finite-Lived Intangible Asset, Expected Amortization, Year Three	35
Finite-Lived Intangible Asset, Expected Amortization, Year Four	35
Finite-Lived Intangible Asset, Expected Amortization, Year Five	35
Finite-Lived Intangible Asset, Expected Amortization, after Year Five	481
Finite-Lived Intangible Assets, Net	$ 1,347

Consolidated VIEs (Details)

Consolidated VIEs (Details) - USD ($) $ in Thousands		Mar. 31, 2024		Dec. 31, 2023		Mar. 31, 2023		Dec. 31, 2022
Assets
Cash and cash equivalents		$ 187,467	[1]	$ 228,927	[1]	$ 188,555	[1]	$ 217,053
Restricted cash		6,343	[1]	1,618	[1]	1,601	[1]	4,816
Securities, at fair value(1)(2)	[1],[2]	1,328,848		1,518,377
Loans, at fair value(1)(2)	[1],[2]	12,644,232		12,306,636
Forward MSR-related investments, at fair value(1)		160,009		163,336
Investments in unconsolidated entities, at fair value	[1]	125,366		116,414
Real estate owned(1)(2)	[1],[2]	19,999		22,085
Investment related receivables(1)	[1]	200,059		480,249
Other assets(1)	[1]	75,422		77,099
Total Assets		15,132,600		15,315,930
Liabilities
Repurchase agreements(1)	[1]	2,517,747		2,967,437
Investment related payables		32,329		37,403
Other secured borrowings(1)	[1]	180,918		245,827
Other secured borrowings, at fair value(1)	[1]	1,569,149		1,424,668
Interest payable(1)	[1]	25,177		22,933
Accrued expenses and other liabilities(1)	[1]	74,638		90,341
Liabilities		13,579,444		13,780,318
Total Stockholders' Equity		1,533,459		1,517,071
Non-controlling interests(1)	[1]	19,697		18,541
Total Equity		1,553,156		1,535,612		$ 1,374,763		$ 1,220,886
Total Liabilities and Equity		15,132,600		15,315,930
Primary Beneficiary
Assets
Cash and cash equivalents		98		178
Restricted cash		4,730		0
Securities, at fair value(1)(2)		71,545		74,226
Loans, at fair value(1)(2)		3,619,551		3,342,478
Forward MSR-related investments, at fair value(1)		80,475		82,273
Investments in unconsolidated entities, at fair value		72,220		63,701
Real estate owned(1)(2)		14,414		16,100
Investment related receivables(1)		20,325		19,929
Other assets(1)		733		469
Total Assets		3,884,091		3,599,354
Liabilities
Repurchase agreements(1)		1,305,736		1,244,401
Other secured borrowings(1)		19,662		25,787
Other secured borrowings, at fair value(1)		1,569,149		1,424,668
Interest payable(1)		2,052		1,879
Accrued expenses and other liabilities(1)		283		451
Liabilities		2,896,882		2,697,186
Total Stockholders' Equity		981,686		897,303
Non-controlling interests(1)		5,523		4,865
Total Equity		987,209		902,168
Total Liabilities and Equity		$ 3,884,091		$ 3,599,354
[1] Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities. Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

Securitization Transactions Nar

Securitization Transactions Narrative (Details) $ in Thousands		3 Months Ended
		Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Securitization Transactions [Line Items]
Securities, at fair value(1)(2)	[1],[2]	$ 1,328,848		$ 1,518,377
Investments in unconsolidated entities, at fair value	[1]	125,366		$ 116,414
Unpaid principal balance of HECM loans pooled into HMBS		$ 274,400	$ 313,400
Number of HMBS pools being serviced		1,008		974
Unpaid principal balance of loans in HMBS - Servicing		$ 8,300,000		$ 8,200,000
Servicing Agreement Asset		300		1,300
HMBS buyouts		147,800	159,300
HMBS buyouts transferred to third party		136,000	$ 157,500
Participation in Multi-Seller Consumer Loan Securitization [Member]
Securitization Transactions [Line Items]
Investments in unconsolidated entities, at fair value		$ 1,800		2,400
Non-QM loan securitization
Securitization Transactions [Line Items]
Threshold for exercising Optional Redemption		30%
Percentage used to calculate servicing administrator fee		0.03%
Non-QM loan securitization | November 2019
Securitization Transactions [Line Items]
Total Face Amount of Certificates Issued		$ 267,255
Non-QM loan securitization, not consolidated
Securitization Transactions [Line Items]
Securities, at fair value(1)(2)		7,800		33,000
Non-QM loan securitization, not consolidated | December 2022
Securitization Transactions [Line Items]
Total Face Amount of Certificates Issued		365,262
Non-QM loan securitization, not consolidated | December 2022 | Participated Risk Retention Vehicle
Securitization Transactions [Line Items]
Investments in unconsolidated entities, at fair value		6,200		$ 8,700
Proprietary Reverse Mortgage Loan Securitization
Securitization Transactions [Line Items]
Notes Issued by Proprietary Reverse Mortgage Loan Securitization Trust		208,100
Proprietary Reverse Mortgage Loan Securitization | The Company [Member]
Securitization Transactions [Line Items]
Proprietary Reverse Mortgage Loans Transferred into Securitization Trust		$ 171,400
[1] Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities. Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

Securitization Transactions (Sc

Securitization Transactions (Schedule of Residential Loan Securitizations) (Details) - Non-QM loan securitization $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
November 2019
Securitization Transactions [Line Items]
Total Face Amount of Certificates Issued	$ 267,255
June 2020
Securitization Transactions [Line Items]
Total Face Amount of Certificates Issued	259,273
October 2020
Securitization Transactions [Line Items]
Total Face Amount of Certificates Issued	219,732
February 2021
Securitization Transactions [Line Items]
Total Face Amount of Certificates Issued	251,771
June 2021
Securitization Transactions [Line Items]
Total Face Amount of Certificates Issued	331,777
October 2021
Securitization Transactions [Line Items]
Total Face Amount of Certificates Issued	257,645
January 2022
Securitization Transactions [Line Items]
Total Face Amount of Certificates Issued	417,188
April 2022
Securitization Transactions [Line Items]
Total Face Amount of Certificates Issued	425,651
July 2022
Securitization Transactions [Line Items]
Total Face Amount of Certificates Issued	345,652
The Company [Member] | November 2019
Securitization Transactions [Line Items]
Principal Balance of Loans Transferred to the Depositor	267,255
The Company [Member] | June 2020
Securitization Transactions [Line Items]
Principal Balance of Loans Transferred to the Depositor	259,273
The Company [Member] | October 2020
Securitization Transactions [Line Items]
Principal Balance of Loans Transferred to the Depositor	219,732
The Company [Member] | February 2021
Securitization Transactions [Line Items]
Principal Balance of Loans Transferred to the Depositor	251,771
The Company [Member] | June 2021
Securitization Transactions [Line Items]
Principal Balance of Loans Transferred to the Depositor	331,777
The Company [Member] | October 2021
Securitization Transactions [Line Items]
Principal Balance of Loans Transferred to the Depositor	257,645
The Company [Member] | January 2022
Securitization Transactions [Line Items]
Principal Balance of Loans Transferred to the Depositor	417,188
The Company [Member] | April 2022
Securitization Transactions [Line Items]
Principal Balance of Loans Transferred to the Depositor	425,651
The Company [Member] | July 2022
Securitization Transactions [Line Items]
Principal Balance of Loans Transferred to the Depositor	$ 345,652

Securitization Transactions (_2

Securitization Transactions (Schedule of Assets and Liabilities Attributable to Consolidated VIEs) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Loans, at fair value(1)(2)	[1],[2]	$ 12,644,232	$ 12,306,636
Investment related receivables(1)	[1]	200,059	480,249
Other secured borrowings, at fair value(1)	[1]	$ 1,569,149	1,424,668
Non-QM loan securitization
Variable Interest Entity [Line Items]
Schedule of Assets and Liabilities of Consolidated Securitization Trusts		The following table details the assets and liabilities of the Consolidated Issuing Entities included in the Company's Condensed Consolidated Balance Sheet as of March 31, 2024 and December 31, 2023: (In thousands) March 31, 2024 December 31, 2023 Assets: Loans, at fair value $ 1,533,622 $ 1,555,371 Investment related receivables 1,676 1,884 Liabilities: Other secured borrowings, at fair value 1,406,668 1,424,668
Residential mortgage loans
Variable Interest Entity [Line Items]
Loans, at fair value(1)(2)		$ 3,160,176	3,093,912
Consolidated Entities [Member] | Non-QM loan securitization
Variable Interest Entity [Line Items]
Investment related receivables(1)		1,676	1,884
Other secured borrowings, at fair value(1)		$ 1,406,668	$ 1,424,668
[1] Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities. Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

Securitization Transactions (_3

Securitization Transactions (Schedule of Non-Consolidated Non-QM Securitizations (Details) - Non-QM loan securitization, not consolidated $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
December 2022
Securitization Transactions [Line Items]
Total Face Amount of Certificates Issued	$ 365,262
December 2022 | The Company [Member]
Securitization Transactions [Line Items]
Principal Balance of Loans Transferred to the Depositor	309,998
December 2022 | non-QM co-participant
Securitization Transactions [Line Items]
Principal Balance of Loans Transferred to the Depositor	55,264
February 2023
Securitization Transactions [Line Items]
Total Face Amount of Certificates Issued	330,367
February 2023 | The Company [Member]
Securitization Transactions [Line Items]
Principal Balance of Loans Transferred to the Depositor	176,218
February 2023 | non-QM co-participant
Securitization Transactions [Line Items]
Principal Balance of Loans Transferred to the Depositor	$ 154,149

Securitization Transactions - P

Securitization Transactions - Participation in Consumer Loan Securitization (Details) - Participation in Multi-Seller Consumer Loan Securitization [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Consumer Loan Securitization - November 2020
Securitization Transactions [Line Items]
Aggregate unpaid principal balance of loans sold	$ 205,088
Company's share of loans sold	56.30%
Principal amount of notes issued	$ 193,650
Company's current percentage ownership of jointly owned entity	56.30%
Consumer Loan Securitization - March 2022
Securitization Transactions [Line Items]
Aggregate unpaid principal balance of loans sold	$ 193,450
Company's share of loans sold	24.70%
Principal amount of notes issued	$ 400,000
Company's current percentage ownership of jointly owned entity	24.60%
Consumer Loan Securitization - March 2022 | Transferred by third party
Securitization Transactions [Line Items]
Aggregate unpaid principal balance of loans sold	$ 227,600

Securitization Transactions (_4

Securitization Transactions (Schedule of CLO Securitization Transactions) (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Securitization Transactions [Line Items]
Securities, at fair value(1)(2)	[1],[2]	$ 1,328,848	$ 1,518,377
CLOs | Related Party CLO securitization [Member]
Securitization Transactions [Line Items]
Securities, at fair value(1)(2)		$ 4,400	$ 5,100
[1] Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities. Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

Securitization Transactions (RM

Securitization Transactions (RM BS Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024		Dec. 31, 2023		Mar. 31, 2023	[1]	Dec. 31, 2022
Securitization Transactions [Line Items]
Loans, at fair value(1)(2)	[1],[2]	$ 12,644,232		$ 12,306,636
Restricted cash		6,343	[1]	1,618	[1]	$ 1,601		$ 4,816
Other secured borrowings, at fair value(1)	[1]	$ 1,569,149		1,424,668
Non-QM loan securitization
Text Block [Abstract]
Schedule of Assets and Liabilities of Consolidated Securitization Trusts		The following table details the assets and liabilities of the Consolidated Issuing Entities included in the Company's Condensed Consolidated Balance Sheet as of March 31, 2024 and December 31, 2023: (In thousands) March 31, 2024 December 31, 2023 Assets: Loans, at fair value $ 1,533,622 $ 1,555,371 Investment related receivables 1,676 1,884 Liabilities: Other secured borrowings, at fair value 1,406,668 1,424,668
Proprietary Reverse Mortgage Loan Securitization
Text Block [Abstract]
Schedule of Assets and Liabilities of Consolidated Securitization Trusts		The following table details the assets and liabilities of the RM Issuing Entity included in the Company's Condensed Consolidated Balance Sheet as of March 31, 2024: March 31, 2024 Assets: (In thousands) Loans, at fair value $ 184,853 Restricted cash 4,730 Liabilities: Other secured borrowings, at fair value 162,481
Residential mortgage loans
Securitization Transactions [Line Items]
Loans, at fair value(1)(2)		$ 3,160,176		3,093,912
Consolidated Entities [Member] | Non-QM loan securitization
Securitization Transactions [Line Items]
Other secured borrowings, at fair value(1)		1,406,668		1,424,668
Consolidated Entities [Member] | Proprietary Reverse Mortgage Loan Securitization
Securitization Transactions [Line Items]
Other secured borrowings, at fair value(1)		162,481
Consolidated Entities [Member] | Residential mortgage loans | Securitized loans [Member] | Non-QM loan securitization
Securitization Transactions [Line Items]
Loans, at fair value(1)(2)		1,533,622		$ 1,555,371
Consolidated Entities [Member] | Proprietary reverse mortgage loans | Securitized loans [Member] | Proprietary Reverse Mortgage Loan Securitization
Securitization Transactions [Line Items]
Loans, at fair value(1)(2)		184,853
Restricted cash		$ 4,730
[1] Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities. Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

(Schedule of Reverse Repurchase

(Schedule of Reverse Repurchase Agreements by Maturity) (Details) $ in Thousands		3 Months Ended		12 Months Ended
		Mar. 31, 2024 USD ($) counterparty	Mar. 31, 2023	Dec. 31, 2023 USD ($) counterparty
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase agreements(1)	[1]	$ 2,517,747		$ 2,967,437
Number of Counterparties with Outstanding Reverse Repurchase Agreements | counterparty		25		26
Total secured borrowings		$ 12,900,000		$ 13,100,000
Agency RMBS
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase agreements(1)		617,283		1,095,341
Agency RMBS | 30 Days or Less
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase agreements(1)		497,820		1,076,710
Agency RMBS | 31-60 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase agreements(1)		1,240		15,786
Agency RMBS | 61-90 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase agreements(1)		116,567		914
Agency RMBS | 151 to 180 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase agreements(1)		1,656		1,931
Credit
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase agreements(1)		1,574,838		1,566,852
Credit | 30 Days or Less
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase agreements(1)		26,065		124,617
Credit | 31-60 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase agreements(1)		108,544		136,434
Credit | 61-90 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase agreements(1)		104,095		82,992
Credit | 91-120 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase agreements(1)		330,090		290,215
Credit | 121-150 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase agreements(1)		23,442		0
Credit | 151 to 180 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase agreements(1)		6,295		5,980
Credit | 181 to 364 days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase agreements(1)		938,848		867,983
Credit | Greater than 364 days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase agreements(1)		37,459		58,631
Reverse mortgage loans
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase agreements(1)		98,394		150,228
Reverse mortgage loans | 121-150 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase agreements(1)		66,982		0
Reverse mortgage loans | 181 to 364 days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase agreements(1)		31,412		150,228
U.S. Treasury securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase agreements(1)		227,232		155,016
U.S. Treasury securities | 30 Days or Less
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase agreements(1)		$ 227,232		$ 155,016
Minimum
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Interest Rate		4.81%		4.81%
Repurchase agreements, remaining days to maturity		1 day	2 days
Maximum
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Interest Rate		8.85%		8.68%
Repurchase agreements, remaining days to maturity		422 days	513 days
Weighted Average
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Interest Rate		6.82%		6.67%
Repurchase agreements, remaining days to maturity		109 days		126 days
Weighted Average | Agency RMBS
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Interest Rate		5.47%		5.55%
Repurchase agreements, remaining days to maturity		23 days		18 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		5.46%		5.55%
Repurchase agreements, remaining days to maturity		10 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		6.08%		5.81%
Repurchase agreements, remaining days to maturity		39 days		49 days
Weighted Average | Agency RMBS | 61-90 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Interest Rate		5.49%		6.16%
Repurchase agreements, remaining days to maturity		75 days		72 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		6.12%		6.23%
Repurchase agreements, remaining days to maturity		159 days		159 days
Weighted Average | Credit
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Interest Rate		7.43%		7.44%
Repurchase agreements, remaining days to maturity		157 days		199 days
Weighted Average | Credit | 30 Days or Less
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Interest Rate		6.80%		6.80%
Repurchase agreements, remaining days to maturity		11 days		22 days
Weighted Average | Credit | 31-60 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Interest Rate		6.75%		7.03%
Repurchase agreements, remaining days to maturity		44 days		41 days
Weighted Average | Credit | 61-90 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Interest Rate		6.76%		6.85%
Repurchase agreements, remaining days to maturity		73 days		74 days
Weighted Average | Credit | 91-120 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Interest Rate		7.57%		7.36%
Repurchase agreements, remaining days to maturity		110 days		116 days
Weighted Average | Credit | 121-150 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Interest Rate		7%		0%
Repurchase agreements, remaining days to maturity		134 days		0 days
Weighted Average | Credit | 151 to 180 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Interest Rate		6.74%		6.68%
Repurchase agreements, remaining days to maturity		159 days		161 days
Weighted Average | Credit | 181 to 364 days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Interest Rate		7.52%		7.61%
Repurchase agreements, remaining days to maturity		189 days		268 days
Weighted Average | Credit | Greater than 364 days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Interest Rate		8.58%		8.61%
Repurchase agreements, remaining days to maturity		422 days		513 days
Weighted Average | Reverse mortgage loans
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Interest Rate		8.70%		7.97%
Repurchase agreements, remaining days to maturity		148 days		282 days
Weighted Average | Reverse mortgage loans | 121-150 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Interest Rate		8.85%		0%
Repurchase agreements, remaining days to maturity		128 days		0 days
Weighted Average | Reverse mortgage loans | 181 to 364 days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Interest Rate		8.36%		7.97%
Repurchase agreements, remaining days to maturity		188 days		282 days
Weighted Average | U.S. Treasury securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Interest Rate		5.50%		5.51%
Repurchase agreements, remaining days to maturity		1 day		2 days
Weighted Average | U.S. Treasury securities | 30 Days or Less
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Interest Rate		5.50%		5.51%
Repurchase agreements, remaining days to maturity		1 day		2 days
[1] Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.

Borrowings (Amounts at Risk) (D

Borrowings (Amounts at Risk) (Details) - Nomura Holdings Inc. - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Borrowings [Line Items]
Repurchase Agreement Counterparty, Amount at Risk	$ 260,829	$ 216,886
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements	164 days	246 days
Fair Value, Concentration of Risk, Maximum Amount of Loss
Borrowings [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	16.80%	14.20%

Borrowings- Warehouse lines of

Borrowings- Warehouse lines of credit (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Other secured borrowings(1)	[1]	$ 180,918	$ 245,827
Warehouse facility A
Line of Credit Facility [Line Items]
Other secured borrowings(1)		52,407	83,393
Fair Value of Assets Transfered and Accounted for as Secured Borrowings		$ 61,670	$ 99,340
Debt Instrument, Interest Rate, Effective Rate		8.77%	8.95%
Warehouse facility B
Line of Credit Facility [Line Items]
Other secured borrowings(1)		$ 56,180	$ 76,717
Fair Value of Assets Transfered and Accounted for as Secured Borrowings		$ 60,820	$ 88,251
Debt Instrument, Interest Rate, Effective Rate		7.97%	8.21%
Warehouse LOC | Reverse mortgage loans
Line of Credit Facility [Line Items]
Other secured borrowings(1)		$ 108,587	$ 160,110
Fair Value of Assets Transfered and Accounted for as Secured Borrowings		$ 122,490	$ 187,591
Debt Instrument, Interest Rate, Effective Rate		8.36%	8.60%
[1] Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.

Borrowings (Details)

Borrowings (Details) $ in Thousands		3 Months Ended
		Mar. 31, 2024 USD ($) counterparty Rate	Mar. 31, 2023	Dec. 31, 2023 USD ($) counterparty Rate
Borrowings [Line Items]
Total secured borrowings		$ 12,900,000		$ 13,100,000
Number of Counterparties with Outstanding Reverse Repurchase Agreements | counterparty		25		26
Securities Collateral relating to Reverse Repurchase Agreements		$ 3,100,000		$ 3,700,000
Collateral on repurchase agreements, unsettled sales		$ 8,500		346,600
Repurchase Agreements amount at risk threshold		10%
Other secured borrowings(1)	[1]	$ 180,918		245,827
Other secured borrowings, at fair value(1)	[1]	1,569,149		1,424,668
HMBS-related obligations, at fair value		8,619,463		8,423,235
Arlington Asset Investment Corp.
Borrowings [Line Items]
Collateral on repurchase agreements, unsettled sales				341,100
Secured borrowing facility collateralized by ABS backed by consumer loans [Member]
Borrowings [Line Items]
Other secured borrowings(1)		$ 19,700		$ 25,800
Debt Instrument, Interest Rate, Effective Rate		9.95%		9.83%
Fair Value of Assets Transfered and Accounted for as Secured Borrowings		$ 67,100		$ 69,800
Non-QM loan securitization
Borrowings [Line Items]
Other secured borrowings, at fair value(1)		$ 1,410,000		$ 1,420,000
Debt Instrument, Interest Rate, Effective Rate		3.04%		3.03%
Warehouse facility A
Borrowings [Line Items]
Other secured borrowings(1)		$ 52,407		$ 83,393
Debt Instrument, Interest Rate, Effective Rate | Rate		8.77%		8.95%
Fair Value of Assets Transfered and Accounted for as Secured Borrowings		$ 61,670		$ 99,340
Secured borrowing facility collateralized by HECM tail draws
Borrowings [Line Items]
Other secured borrowings(1)		$ 17,500		$ 18,700
Debt Instrument, Interest Rate, Effective Rate		9%		9%
Fair Value of Assets Transfered and Accounted for as Secured Borrowings		$ 28,600		$ 29,200
Secured borrowing facility collateralized by MSRs
Borrowings [Line Items]
Other secured borrowings(1)		$ 20,400		$ 26,600
Debt Instrument, Interest Rate, Effective Rate		10.44%		10.46%
Fair Value of Assets Transfered and Accounted for as Secured Borrowings		$ 94,400		$ 88,400
GNMA HMBS
Borrowings [Line Items]
Debt Instrument, Interest Rate, Effective Rate		6.23%		6.46%
HMBS-related obligations, at fair value		$ 8,600,000		$ 8,400,000
MLPS Counterparty
Borrowings [Line Items]
Other secured borrowings(1)		$ 14,800		$ 14,700
Debt Instrument, Interest Rate, Effective Rate		7.68%		7.59%
Fair Value of Assets Transfered and Accounted for as Secured Borrowings		$ 14,900		$ 14,900
Reverse Loan Securitization
Borrowings [Line Items]
Other secured borrowings, at fair value(1)		$ 162,500
Debt Instrument, Interest Rate, Effective Rate		4.50%
Minimum
Borrowings [Line Items]
Reverse Repurchase Agreements Maturity		30 days
Repurchase agreements, remaining days to maturity		1 day	2 days
Repurchase Agreements Interest Rate		4.81%		4.81%
Maximum
Borrowings [Line Items]
Reverse Repurchase Agreements Maturity		364 days
Repurchase agreements, remaining days to maturity		422 days	513 days
Repurchase Agreements Interest Rate		8.85%		8.68%
Repurchase Agreements
Borrowings [Line Items]
Securities Collateral relating to Reverse Repurchase Agreements		$ 2,348,374		$ 2,822,912
Cash collateral posted for securities sold under agreements to repurchase		2,200		(11,200)
Securities Collateral Posted for Securities Sold Under Agreements to Repurchase		400
Securitized residential mortgage loans
Borrowings [Line Items]
Fair Value of Assets Transfered and Accounted for as Secured Borrowings		1,500,000		1,600,000
HECM loans | GNMA HMBS
Borrowings [Line Items]
Fair Value of Assets Transfered and Accounted for as Secured Borrowings		8,700,000		8,500,000
Securitized Reverse Mortgage Loans
Borrowings [Line Items]
Fair Value of Assets Transfered and Accounted for as Secured Borrowings		184,200		$ 4,700
5.875% Senior Notes | Unsecured Borrowings
Borrowings [Line Items]
Debt Instrument, Face Amount		$ 210,000
Debt Instrument, Interest Rate, Stated Percentage		5.875%
Redemption percentage		100%
Debt Instrument, Maturity Date		Apr. 01, 2027
6.75% Senior Notes | Unsecured Borrowings
Borrowings [Line Items]
Debt Instrument, Face Amount		$ 34,900
Debt Instrument, Interest Rate, Stated Percentage		6.75%
Debt Instrument, Maturity Date		Mar. 15, 2025
6.00% Senior Notes | Unsecured Borrowings
Borrowings [Line Items]
Debt Instrument, Face Amount		$ 37,800
Debt Instrument, Interest Rate, Stated Percentage		6%
Debt Instrument, Maturity Date		Aug. 01, 2026
Trusted Preferred Debt | Unsecured Borrowings
Borrowings [Line Items]
Debt Instrument, Face Amount		$ 15,000
Trusted Preferred Debt | Unsecured Borrowings | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | October 7, 2033
Borrowings [Line Items]
Debt Instrument, Face Amount		$ 10,000
Debt Instrument, Maturity Date		Oct. 07, 2033
Debt Instrument, Basis Spread on Variable Rate		3.26%
Trusted Preferred Debt | Unsecured Borrowings | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | July 5, 2035
Borrowings [Line Items]
Debt Instrument, Face Amount		$ 5,000
Debt Instrument, Maturity Date		Jul. 07, 2035
Debt Instrument, Basis Spread on Variable Rate		2.51%
[1] Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 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	Mar. 31, 2024 USD ($)
Debt Instrument [Line Items]
Expected principal repayments related to consolidated residential mortgage loan securitizations	$ 896,600
Expected Principal Repayments Related to Consolidated Reverse Mortgage Loan Securitizations	121,800
Repurchase Agreements
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months	2,480,288
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two	37,459
Long-Term Debt, Maturities, Repayments of Principal in Rolling Year Three	0
Long-Term Debt, Maturities, Repayments of Principal in Rolling Year Four	0
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five	0
Total Scheduled Repayment of Principal	2,517,747
Other Secured Borrowings
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months	377,346
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two	255,077
Long-Term Debt, Maturities, Repayments of Principal in Rolling Year Three	232,158
Long-Term Debt, Maturities, Repayments of Principal in Rolling Year Four	184,251
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five	150,451
Total Scheduled Repayment of Principal	1,199,283
HMBS-related obligations
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months	1,231,518
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two	949,487
Long-Term Debt, Maturities, Repayments of Principal in Rolling Year Three	910,446
Long-Term Debt, Maturities, Repayments of Principal in Rolling Year Four	838,304
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five	851,779
Total Scheduled Repayment of Principal	4,781,534
Unsecured Borrowings
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months	34,931
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two	0
Long-Term Debt, Maturities, Repayments of Principal in Rolling Year Three	37,750
Long-Term Debt, Maturities, Repayments of Principal in Rolling Year Four	210,000
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five	0
Total Scheduled Repayment of Principal	282,681
Total
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months	4,124,083
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two	1,242,023
Long-Term Debt, Maturities, Repayments of Principal in Rolling Year Three	1,180,354
Long-Term Debt, Maturities, Repayments of Principal in Rolling Year Four	1,232,555
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five	1,002,230
Total Scheduled Repayment of Principal	$ 8,781,245

Income Taxes Income Taxes (Deta

Income Taxes Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 61	$ 21
Deferred Tax Assets, Gross	$ 72,600

Income Taxes - Tax Provision (D

Income Taxes - Tax Provision (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Examination [Line Items]
Income tax expense (benefit)	$ 61	$ 21

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands		3 Months Ended
		Mar. 31, 2024 USD ($) period numberOfWarrants	Mar. 31, 2023 USD ($)		Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Annual base management fee percentage		1.50%
Base management fee to affiliate	[1]	$ 5,730	$ 4,956
Base management fee, gross		5,800	5,100
Base management fee to affiliate (Net of fee rebates of $86 and $172, respectively)(2)		$ 86	172	[1]
Incentive fee rate		25%
Incentive Fee, Loss Carryforward					$ 22,100
Incentive fee hurdle rate fixed		9%
Incentive fee hurdle rate floating		3%
Minimum percentage of incentive fee to be paid in share		10%
Termination Fee, Number Of Periods | period		2
Termination Fee, Period		12 months
Expense Reimbursement Period		60 days
Expense Reimbursement - Manager		$ 6,000	4,800
Investments in unconsolidated entities, at fair value	[2]	125,366			116,414
Non-controlling interests(1)	[2]	19,697			18,541
Reverse repurchase agreements		2,517,747			2,967,437
Real estate owned(1)(2)	[2],[3]	19,999			22,085
Securities, at fair value(1)(2)	[2],[3]	1,328,848			1,518,377
Accrued expenses and other liabilities(1)	[2]	74,638			90,341
Other assets(1)	[2]	75,422			77,099
Unpaid Principal Balance		12,432,144			12,164,019
Related Party Transaction, Purchases from Related Party		1,200
Securities Collateral relating to Reverse Repurchase Agreements		3,100,000			3,700,000
Income tax expense (benefit)		61	21
Loans, at fair value(1)(2)	[2],[3]	12,644,232			12,306,636
Earnings (losses) from investments in unconsolidated entities		2,226	3,444
Payments to Acquire Equity Method Investments		15,659	5,654
Realized gains (losses) on securities and loans, net		(17,208)	$ (36,767)
Corporate loan [Member]
Related Party Transaction [Line Items]
Unpaid Principal Balance		6,965			6,379
Loans, at fair value(1)(2)		6,219			5,819
Related Party-Consumer Loans Titled in Name of Related Party
Related Party Transaction [Line Items]
Fair value of loans held in related party trust		71,500			74,200
Affiliated Entity [Member]
Related Party Transaction [Line Items]
Accounts payable and accrued expenses	[2]	4,300			5,200
Mortgage Originator
Related Party Transaction [Line Items]
Advances made under warehouse facility					0
Investments in unconsolidated entities, at fair value		600			600
Purchasing Entity
Related Party Transaction [Line Items]
Fair value of loans held in related party trust		1,200			1,600
Related party trust - Residential Mortgage Loans and REO
Related Party Transaction [Line Items]
Fair value of loans held in related party trust		1,600,000			1,500,000
Mortgage Originator
Related Party Transaction [Line Items]
Warehouse facility, monetary amount		$ 5,000
Interest rate		15%
Advances made under warehouse facility		$ 0
Investments in unconsolidated entities, at fair value		21,300			23,800
Jepson Holdings Limited
Related Party Transaction [Line Items]
Investments in unconsolidated entities, at fair value		700			600
Commercial mortgage loans and REO
Related Party Transaction [Line Items]
Reverse repurchase agreements		$ 141,500			165,900
Warrants | Mortgage Originator
Related Party Transaction [Line Items]
Derivative, Number of Instruments Held | numberOfWarrants		8,280,000
Long
Related Party Transaction [Line Items]
Securities, at fair value(1)(2)		$ 1,328,848			1,518,377
Warrants | Mortgage Originator
Related Party Transaction [Line Items]
Investments in unconsolidated entities, at fair value		10,300
Mortgage-related Commercial | Corporate equity securities
Related Party Transaction [Line Items]
Fair Value		72,200			63,700
Participation in multi-borrower financing facility
Related Party Transaction [Line Items]
Outstanding debt of related party		555,000			560,500
Warehouse facilities - CLO securitizations
Related Party Transaction [Line Items]
Investments in unconsolidated entities, at fair value		$ 38			$ 200
[1] See Note 16 for further details on management fee rebates. Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities. Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

Related Party Transactions (Pro

Related Party Transactions (Promissory Note to Related Party) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Unpaid Principal Balance		$ 12,432,144		$ 12,164,019
Loans, at fair value(1)(2)	[1],[2]	12,644,232		12,306,636
Realized gains (losses) on securities and loans, net		(17,208)	$ (36,767)
Earnings (losses) from investments in unconsolidated entities		2,226	$ 3,444
Corporate loan [Member]
Related Party Transaction [Line Items]
Unpaid Principal Balance		6,965		6,379
Loans, at fair value(1)(2)		$ 6,219		$ 5,819
Corporate loan [Member] | Equity Method Investee | Promissory note to equity method investee, effective date May 2021
Related Party Transaction [Line Items]
Investment Maturity Date		Dec. 31, 2025
Line of Credit Facility, Maximum Borrowing Capacity		$ 6,000
Investment Interest Rate		9%		9%
Unpaid Principal Balance		$ 2,335		$ 2,335
Loans, at fair value(1)(2)		$ 2,335		$ 2,335
Corporate loan [Member] | Equity Method Investee | Promissory Note to Equity Method Investee, Effective Date February 2022
Related Party Transaction [Line Items]
Investment Maturity Date		Jan. 31, 2025
Line of Credit Facility, Maximum Borrowing Capacity		$ 750
Investment Interest Rate		7%		7%
Unpaid Principal Balance		$ 575		$ 575
Loans, at fair value(1)(2)		$ 575		$ 575
Corporate loan [Member] | Equity Method Investee | Promissory note to equity method investee, effective date December 2022
Related Party Transaction [Line Items]
Investment Maturity Date		Dec. 16, 2024
Line of Credit Facility, Maximum Borrowing Capacity		$ 3,500
Investment Interest Rate		15%		15%
Unpaid Principal Balance		$ 1,644		$ 1,644
Loans, at fair value(1)(2)		$ 1,233		$ 1,233
[1] Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities. Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

Long-Term Incentive Plan Unit_2

Long-Term Incentive Plan Units (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based long term incentive plan unit expense	$ 0.3	$ 0.3
Capital shares reserved for future issuance (in shares)	1,399,440		1,439,180

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]	3 Months Ended
	Mar. 31, 2024 shares
Schedule of Unvested LTIP Units [Line Items]
Number of OP LTIP Units (in units)	124,749
Vest September 13, 2024 | Director [Member] | Grant Date December 14, 2023
Schedule of Unvested LTIP Units [Line Items]
Number of OP LTIP Units (in units)	30,628
Grant Date	Dec. 14, 2023
Vesting Date(1)	Sep. 13, 2024
Vest December 15, 2024 | Dedicated or partially dedicated personnel [Member] | Grant Date December 15, 2022
Schedule of Unvested LTIP Units [Line Items]
Number of OP LTIP Units (in units)	14,708
Grant Date	Dec. 15, 2022
Vesting Date(1)	Dec. 15, 2024
Vest December 14, 2024 | Dedicated or partially dedicated personnel [Member] | Grant Date December 14, 2023
Schedule of Unvested LTIP Units [Line Items]
Number of OP LTIP Units (in units)	22,135
Grant Date	Dec. 14, 2023
Vesting Date(1)	Dec. 14, 2024
Vest December 14, 2025 | Dedicated or partially dedicated personnel [Member] | Grant Date December 14, 2023
Schedule of Unvested LTIP Units [Line Items]
Number of OP LTIP Units (in units)	17,538
Grant Date	Dec. 14, 2023
Vesting Date(1)	Dec. 14, 2025
Vest December 31, 2025 | Dedicated or partially dedicated personnel [Member] | Grant Date March 19, 2024
Schedule of Unvested LTIP Units [Line Items]
Number of OP LTIP Units (in units)	39,740
Grant Date	Mar. 19, 2024
Vesting Date(1)	Dec. 31, 2025

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
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
LTIP Units Outstanding, beginning of period	748,955	769,573
Granted	39,740	0
LTIP Units Outstanding, end of period	788,695	769,573
OP LTIP Units Unvested and Outstanding end of period	124,749	113,615
OP LTIP Units Vested and Outstanding end of period	663,946	655,958
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	365,518
Granted	0	0
LTIP Units Outstanding, end of period	365,518	365,518
OP LTIP Units Unvested and Outstanding end of period	0	0
OP LTIP Units Vested and Outstanding end of period	365,518	365,518
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	383,437	404,055
Granted	39,740	0
LTIP Units Outstanding, end of period	423,177	404,055
OP LTIP Units Unvested and Outstanding end of period	124,749	113,615
OP LTIP Units Vested and Outstanding end of period	298,428	290,440

Non-controlling Interests (Deta

Non-controlling Interests (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2024	Dec. 31, 2023
Noncontrolling Interest [Line Items]
Non-controlling interests(1)	[1]	$ 19,697	$ 18,541
Longbridge Financial LLC [Member]
Noncontrolling Interest [Line Items]
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage			99.60%
Ownership Percentage		99.60%
Non-controlling interest of joint venture partner | Non-controlling Interest
Noncontrolling Interest [Line Items]
Non-controlling interests(1)		$ 5,500	$ 4,900
Operating Partnership | Non-controlling Interest
Noncontrolling Interest [Line Items]
Operating Partnership LTIP Units (in units)		788,695	748,955
Operating Partnership Units (in units)		46,360	46,360
Ownership Percentage		0.70%	0.70%
Noncontrolling Interest in Operating Partnerships		$ 11,600	$ 11,100
Longbridge Financial LLC [Member] | Non-controlling Interest
Noncontrolling Interest [Line Items]
Non-controlling interests(1)		$ 2,500	$ 2,400
[1] Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.

Equity (Narrative) (Details)

Equity (Narrative) (Details) - USD ($)		3 Months Ended		12 Months Ended
		Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2024	Mar. 21, 2023	Dec. 31, 2022	Jun. 13, 2018
Subsidiary, Sale of Stock [Line Items]
Preferred Stock, Shares Authorized		100,000,000		100,000,000
Preferred Stock, Par or Stated Value Per Share		$ 0.001		$ 0.001
Preferred Stock, Shares Outstanding		14,757,222		14,757,222
Proceeds from Issuance of Preferred Stock and Preference Stock	[1]	$ 0	$ 96,850,000
Common stock, shares authorized (in shares)		200,000,000		200,000,000
Common Stock, Par or Stated Value Per Share		$ 0.001		$ 0.001
Common stock, shares outstanding		85,056,648	67,185,076	83,000,488			63,812,215
Stock Issued During Period, Shares, New Issues		2,103,725	4,433,861
Common shares issued and outstanding upon conversion of all convertible securities (in shares)		85,891,703		83,795,803
Number of shares authorized to be repurchased (in shares)								1,550,000
Stock Repurchase Program, Authorized Amount		$ 45,300,000				$ 50,000,000
Shares repurchased		(47,565)	(1,061,000)
Average price per share (USD per share)		$ 11.01	$ 11.38
Total cost		$ (524,000)	$ (12,072,000)
Preferred ATM Program
Subsidiary, Sale of Stock [Line Items]
Maximum shares available to be issued under at the market program		100,000,000
At The Market Program, Remaining Authorized Amount			99,500,000
2021 Common ATM Program
Subsidiary, Sale of Stock [Line Items]
Maximum shares available to be issued under at the market program		10,000,000
2023 Common ATM Program
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of shares, net		$ 26,900,000
Maximum shares available to be issued under at the market program		225,000,000
Stock Issued During Period, Shares, New Issues		2,103,725
Commissions and offering costs		$ 300,000
Common ATM Programs
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of shares, net			$ 60,500,000
Stock Issued During Period, Shares, New Issues			4,433,861
Commissions and offering costs			$ 900,000
Series C Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of shares, net			96,500,000
Commissions and offering costs			$ 3,500,000
Series A Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Preferred Stock, Par or Stated Value Per Share		$ 0.001
Preferred Stock, Amount of Preferred Dividends in Arrears		$ 4,000,000		$ 4,000,000
Preferred Stock, Shares Outstanding		4,600,000		4,600,000
Preferred Stock, Dividend Rate, Percentage		6.75%
Preferred Stock, Liquidation Preference Per Share		$ 25
Preferred Stock Dividend Rate Variable Rate Spread		5.196%
Series B Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Preferred Stock, Par or Stated Value Per Share		$ 0.001
Preferred Stock, Shares Outstanding		4,820,421		4,820,421
Preferred Stock, Dividend Rate, Percentage		6.25%
Preferred Stock, Liquidation Preference Per Share		$ 25
Preferred Stock Dividend Rate Variable Rate Spread		4.99%
Series C Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Preferred Stock, Par or Stated Value Per Share					$ 0.001
Preferred Stock, Shares Outstanding		4,000,000
Preferred Stock, Dividend Rate, Percentage		8.625%
Preferred Stock, Liquidation Preference Per Share		$ 25
Preferred Stock Dividend Rate Variable Rate Spread		5.13%
Series D Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Preferred Stock, Par or Stated Value Per Share		$ 0.01
Preferred Stock, Shares Outstanding		379,668
Preferred Stock, Dividend Rate, Percentage		7%
Preferred Stock, Liquidation Preference Per Share		$ 25
Series E Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Preferred Stock, Par or Stated Value Per Share		$ 0.01
Preferred Stock, Shares Outstanding		957,133
Preferred Stock, Dividend Rate, Percentage		8.25%
Preferred Stock, Liquidation Preference Per Share		$ 25			$ 25
Preferred Stock Dividend Rate Variable Rate Spread		5.664%
[1] Net of discounts and commissions.

Equity (Summary of Common Stock

Equity (Summary of Common Stock Outstanding) (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Noncontrolling Interest [Line Items]
Common stock, shares outstanding	85,056,648	67,185,076
Shares repurchased (in shares)	47,565	1,061,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	83,000,488	63,812,215
Stock Issued During Period, Shares, New Issues	2,103,725	4,433,861
Shares repurchased	(47,565)	(1,061,000)
Ending balance (in shares)	85,056,648	67,185,076

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net increase (decrease) in shareholders' equity resulting from operations
Net income (loss) attributable to common stockholders	$ 26,915	$ 38,916
Add: Net income (loss) attributable to Convertible Non-controlling Interests	255	476
Net income (loss) related to common stockholders and Convertible Non-controlling Interests	27,170	39,392
Dividends Paid:
Dividends	(36,936)	(30,664)
Undistributed (Distributed in excess of) earnings:
Total undistributed (distributed in excess of) earnings	$ (9,766)	$ 8,728
Weighted average shares outstanding (basic and diluted):
Weighted average shares outstanding (basic and diluted) (in shares)	85,268,538	67,487,982
Basic earnings per share of common stock:
Distributed (in usd per share)	$ 0.43	$ 0.45
Undistributed (Distributed in excess of) (in usd per share)	(0.11)	0.13
Basic earnings per common share (in usd per share)	0.32	0.58
Diluted earnings per share of common stock:
Distributed (in usd per share)	0.43	0.45
Undistributed (Distributed in excess of) (usd per share)	(0.11)	0.13
Diluted earnings per common share (in usd per share)	$ 0.32	$ 0.58
Net increase (decrease) in equity resulting from operations	$ 200	$ 200
Net increase (decrease) in equity resulting from operations	200	200
Common Stock
Dividends Paid:
Dividends	(36,589)	(30,297)
Undistributed (Distributed in excess of) earnings:
Total undistributed (distributed in excess of) earnings	$ (9,674)	$ 8,619
Weighted average shares outstanding (basic and diluted):
Weighted average shares outstanding (basic and diluted) (in shares)	84,467,546	66,672,049
Non-controlling Interest
Dividends Paid:
Dividends	$ (347)	$ (367)
Undistributed (Distributed in excess of) earnings:
Total undistributed (distributed in excess of) earnings	$ (92)	$ 109
Weighted average shares outstanding (basic and diluted):
Weighted average shares outstanding (basic and diluted) (in shares)	800,992	815,933

(Schedule of Restricted Cash) (

(Schedule of Restricted Cash) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Restricted Cash [Line Items]
Restricted cash	$ 6.3	$ 1.6

Offsetting of Assets and Liab_3

Offsetting of Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financial derivatives–assets
Financial derivatives–assets, at fair value	$ 150,343	$ 143,996
Financial Instruments Available for Offset	(39,285)	(50,301)
Cash Collateral (Received) Pledged	(60,648)	(38,812)
Net Amount	50,410	54,883
Reverse repurchase agreements
Reverse repurchase agreements	183,607	173,145
Financial Instruments Available for Offset	(167,125)	(155,719)
Cash Collateral (Received) Pledged	0	0
Net Amount	0	0
Financial derivatives–liabilities
Financial derivatives–liabilities, at fair value-	(40,425)	(61,776)
Financial Instruments Available for Offset	39,285	50,301
Cash Collateral (Received) Pledged	122	3,822
Net Amount	(1,018)	(7,653)
Repurchase agreements
Reverse repurchase agreements	(2,517,747)	(2,967,437)
Financial Instruments Available for Offset	167,125	155,719
Securities Collateral relating to Reverse Repurchase Agreements	3,100,000	3,700,000
Cash Collateral (Received) Pledged	2,248	(11,194)
Net Amount	0	0
Financial Derivatives - Assets
Financial derivatives–assets
Derivative Asset, Fair Value of Collateral	0	0
Repurchase agreements
Excess cash collateral	1,200	(13,900)
Securities Purchased under Agreements to Resell [Member]
Reverse repurchase agreements
Securities Purchased under Agreements to Resell, Fair Value of Collateral	(16,482)	(17,426)
Financial Derivatives - Liabilities
Financial derivatives–liabilities
Derivative Liability, Fair Value of Collateral	0	0
Repurchase agreements
Excess cash collateral	300	12,100
Reverse repurchase agreements
Repurchase agreements
Securities Collateral relating to Reverse Repurchase Agreements	$ 2,348,374	$ 2,822,912

Counterparty Risk (Exposure to

Counterparty Risk (Exposure to Counterparty Risk) (Details) - Counterparty Risk [Member] $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) counterparty	Dec. 31, 2023 USD ($) counterparty
Cash and Cash Equivalents
Concentration Risk [Line Items]
Amount of Exposure | $	$ 187,467	$ 228,927
Number of Counterparties with Exposure | counterparty	11	11
Percentage of Total Outstanding Unpaid Principal Balance	49.60%	28.80%
Collateral On Repurchase Agreements Held By Dealers
Concentration Risk [Line Items]
Amount of Exposure | $	$ 3,122,176	$ 3,672,278
Number of Counterparties with Exposure | counterparty	27	28
Percentage of Total Outstanding Unpaid Principal Balance	26.20%	18.60%
Due From Broker
Concentration Risk [Line Items]
Amount of Exposure | $	$ 17,099	$ 51,884
Number of Counterparties with Exposure | counterparty	23	21
Percentage of Total Outstanding Unpaid Principal Balance	41%	58.50%
Receivable For Securities Sold
Concentration Risk [Line Items]
Amount of Exposure | $	$ 14,598	$ 345,429
Number of Counterparties with Exposure | counterparty	6	9
Percentage of Total Outstanding Unpaid Principal Balance	40%	54.30%

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Other Commitments [Line Items]
Loan commitments, at fair value	$ 3,917			$ 2,584
Operating Lease, Expense	400	$ 300
Operating Lease, Right-of-Use Asset	5,773			3,279
Operating Lease, Liability	$ 6,089			$ 3,524
Operating Lease, Weighted Average Remaining Lease Term	7 years 6 months			5 years 1 month 6 days
Operating Lease, Weighted Average Discount Rate, Percent	8.85%			7.31%
Operating Leases, Future Minimum Payments Due, Next Twelve Months	$ 802
Operating Leases, Future Minimum Payments, Due in Two Years	1,240
Operating Leases, Future Minimum Payments, Due in Three Years	1,237
Operating Leases, Future Minimum Payments, Due in Four Years	1,140
Operating Leases, Future Minimum Payments, Due in Five Years	929
Operating Leases, Future Minimum Payments, Due Thereafter	3,467
Operating Leases, Future Minimum Payments Due	8,815
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(2,726)
Investment in Other Loan Originator
Other Commitments [Line Items]
Unfunded commitment	5,500			$ 5,500
Mortgage Originator
Other Commitments [Line Items]
Unfunded commitment			$ 442,700	475,400
Maximum guarantees	50,000
Total Purchase Commitment	500,000
Amount outstanding under guarantee			$ 17,500	9,500
Non-Exchange Traded Equity Investment in Mortgage Originators [Member] | Related party mortgage originator (with flow mortgage loan purchase and sale agreement)
Other Commitments [Line Items]
Maximum guarantees	15,000			15,000
Equity investments in securitization-related risk retention vehicle
Other Commitments [Line Items]
Maximum guarantees	15,500
Drawn down amount being guaranteed	400			1,000
Reverse mortgage loans
Other Commitments [Line Items]
Contractual Obligation	2,000,000			1,900,000
Residential mortgage loans
Other Commitments [Line Items]
Unfunded commitment	343,300			288,000
Corporate loan [Member]
Other Commitments [Line Items]
Unfunded commitment	2,900			3,000
Corporate loan [Member] | Line of Credit
Other Commitments [Line Items]
Unfunded commitment	900			$ 900
Lending Commitment	$ 1,000

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Interest income	$ 101,520	$ 87,174
Interest expense	(70,464)	(59,617)
Noninterest Income	44,485	51,675
Operating Expenses	43,655	37,902
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	31,886	41,330
Income tax expense (benefit)	61	21
Earnings (losses) from investments in unconsolidated entities	2,226	3,444
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	34,051	44,753
Net income (loss) attributable to non-controlling interests	482	720
Dividends on preferred stock	6,654	5,117
Net income (loss) attributable to common stockholders	26,915	38,916
Depreciation	270	358
Total Assets	15,132,600		$ 15,315,930
Liabilities	13,579,444		13,780,318
Total Equity	1,553,156	1,374,763	1,535,612	$ 1,220,886
Investment Portfolio Segment
Segment Reporting Information [Line Items]
Interest income	91,403	82,369
Interest expense	(57,310)	(52,136)
Noninterest Income	10,024	10,929
Operating Expenses	3,143	3,505
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	40,974	37,657
Income tax expense (benefit)	0	0
Earnings (losses) from investments in unconsolidated entities	2,226	3,444
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	43,200	41,101
Net income (loss) attributable to non-controlling interests	185	238
Dividends on preferred stock	0	0
Net income (loss) attributable to common stockholders	43,015	40,863
Depreciation	0	0
Total Assets	5,620,097		5,978,988
Liabilities	4,097,762		4,555,212
Total Equity	1,522,335		1,423,776
Longbridge Segment
Segment Reporting Information [Line Items]
Interest income	8,240	2,893
Interest expense	(8,557)	(4,346)
Noninterest Income	38,170	33,398
Operating Expenses	29,099	25,447
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	8,754	6,498
Income tax expense (benefit)	0	0
Earnings (losses) from investments in unconsolidated entities	0	0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	8,754	6,498
Net income (loss) attributable to non-controlling interests	38	2
Dividends on preferred stock	0	0
Net income (loss) attributable to common stockholders	8,716	6,496
Depreciation	270	358
Total Assets	9,338,455		9,092,840
Liabilities	9,115,860		8,872,153
Total Equity	222,595		220,687
Corporate and Other
Segment Reporting Information [Line Items]
Interest income	1,877	1,912
Interest expense	(4,597)	(3,135)
Noninterest Income	(3,709)	7,348
Operating Expenses	11,413	8,950
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	(17,842)	(2,825)
Income tax expense (benefit)	61	21
Earnings (losses) from investments in unconsolidated entities	0	0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(17,903)	(2,846)
Net income (loss) attributable to non-controlling interests	259	480
Dividends on preferred stock	6,654	5,117
Net income (loss) attributable to common stockholders	(24,816)	(8,443)
Depreciation	0	$ 0
Total Assets	174,048		244,102
Liabilities	365,822		352,953
Total Equity	$ (191,774)		$ (108,851)

Segment Reporting Operating Pro

Segment Reporting Operating Profit and Loss by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Interest income	$ 101,520	$ 87,174
Interest expense	(70,464)	(59,617)
Noninterest Income	44,485	51,675
Operating Expenses	(43,655)	(37,902)
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	31,886	41,330
Income tax expense (benefit)	61	21
Earnings (losses) from investments in unconsolidated entities	2,226	3,444
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	34,051	44,753
Net income (loss) attributable to non-controlling interests	482	720
Dividends on preferred stock	6,654	5,117
Net income (loss) attributable to common stockholders	26,915	38,916
Depreciation	270	358
Investment Portfolio Segment
Segment Reporting Information [Line Items]
Interest income	91,403	82,369
Interest expense	(57,310)	(52,136)
Noninterest Income	10,024	10,929
Operating Expenses	(3,143)	(3,505)
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	40,974	37,657
Income tax expense (benefit)	0	0
Earnings (losses) from investments in unconsolidated entities	2,226	3,444
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	43,200	41,101
Net income (loss) attributable to non-controlling interests	185	238
Dividends on preferred stock	0	0
Net income (loss) attributable to common stockholders	43,015	40,863
Depreciation	0	0
Longbridge Segment
Segment Reporting Information [Line Items]
Interest income	8,240	2,893
Interest expense	(8,557)	(4,346)
Noninterest Income	38,170	33,398
Operating Expenses	(29,099)	(25,447)
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	8,754	6,498
Income tax expense (benefit)	0	0
Earnings (losses) from investments in unconsolidated entities	0	0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	8,754	6,498
Net income (loss) attributable to non-controlling interests	38	2
Dividends on preferred stock	0	0
Net income (loss) attributable to common stockholders	8,716	6,496
Depreciation	270	358
Corporate and Other
Segment Reporting Information [Line Items]
Interest income	1,877	1,912
Interest expense	(4,597)	(3,135)
Noninterest Income	(3,709)	7,348
Operating Expenses	(11,413)	(8,950)
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	(17,842)	(2,825)
Income tax expense (benefit)	61	21
Earnings (losses) from investments in unconsolidated entities	0	0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(17,903)	(2,846)
Net income (loss) attributable to non-controlling interests	259	480
Dividends on preferred stock	6,654	5,117
Net income (loss) attributable to common stockholders	(24,816)	(8,443)
Depreciation	$ 0	$ 0

Segment Reporting Assets and Li

Segment Reporting Assets and Liabilities by Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total Assets	$ 15,132,600	$ 15,315,930
Liabilities	13,579,444	13,780,318
Total Equity	1,553,156	1,535,612	$ 1,374,763	$ 1,220,886
Investment Portfolio Segment
Segment Reporting Information [Line Items]
Total Assets	5,620,097	5,978,988
Liabilities	4,097,762	4,555,212
Total Equity	1,522,335	1,423,776
Longbridge Segment
Segment Reporting Information [Line Items]
Total Assets	9,338,455	9,092,840
Liabilities	9,115,860	8,872,153
Total Equity	222,595	220,687
Corporate and Other
Segment Reporting Information [Line Items]
Total Assets	174,048	244,102
Liabilities	365,822	352,953
Total Equity	$ (191,774)	$ (108,851)

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member] - Common Stock - $ / shares	May 07, 2024	Apr. 08, 2024
Subsequent Event [Line Items]
Declared date	May 07, 2024	Apr. 08, 2024
Dividend Per Share (USD per share)	$ 0.13	$ 0.13
Payment Date	Jun. 25, 2024	May 28, 2024
Record Date	May 31, 2024	Apr. 30, 2024

Uncategorized Items - efc-20240

Label	Element	Value
Commercial Mortgage Loans [Member]
Schedule of Geographic Distribution [Table Text Block]	efc_ScheduleOfGeographicDistributionTableTextBlock	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 March 31, 2024 and December 31, 2023: Property Location by U.S. State March 31, 2024 December 31, 2023 Florida 22.0 % 13.9 % Illinois 13.1 % 18.6 % Texas 11.6 % 15.6 % New Jersey 9.2 % 3.8 % New York 8.5 % 8.9 % Arizona 6.7 % 7.5 % Ohio 5.0 % 5.5 % Georgia 4.8 % 5.3 % Michigan 4.0 % 4.5 % Colorado 3.8 % — % Connecticut 2.9 % 3.2 % North Carolina 2.5 % 2.7 % Alabama 2.1 % 2.3 % Louisiana 2.0 % 2.2 % Pennsylvania 1.8 % — % Oklahoma — % 6.0 % 100.0 % 100.0 %
Reverse Mortgage Loans [Member]
Schedule of Geographic Distribution [Table Text Block]	efc_ScheduleOfGeographicDistributionTableTextBlock	The table below summarizes the geographic distribution of the real estate collateral underlying the Company's reverse mortgage loans as a percentage of total outstanding unpaid principal balance, as of March 31, 2024 and December 31, 2023. Property Location by U.S. State March 31, 2024 December 31, 2023 California 28.8 % 28.7 % Florida 8.8 % 8.8 % Colorado 7.1 % 7.1 % Arizona 6.3 % 6.3 % Washington 5.3 % 5.3 % Utah 5.1 % 5.0 % Texas 4.9 % 4.8 % Oregon 2.9 % 3.0 % Idaho 2.7 % 2.7 % Massachusetts 2.4 % 2.4 % New York 2.2 % 2.2 % Nevada 2.1 % 2.1 % North Carolina 2.1 % 2.1 % Virginia 1.6 % 1.6 % Georgia 1.6 % 1.6 % South Carolina 1.5 % 1.4 % Ohio 1.4 % 1.5 % Tennessee 1.3 % 1.3 % New Jersey 1.2 % 1.3 % Maryland 1.1 % 1.1 % Pennsylvania 1.1 % 1.1 % Other 8.5 % 8.6 % 100.0 % 100.0 %
Residential Mortgage [Member]
Schedule of Geographic Distribution [Table Text Block]	efc_ScheduleOfGeographicDistributionTableTextBlock	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 March 31, 2024 and December 31, 2023: Property Location by U.S. State March 31, 2024 December 31, 2023 California 32.1 % 32.2 % Florida 21.7 % 21.4 % Texas 9.3 % 9.5 % Utah 3.2 % 3.2 % Pennsylvania 2.8 % 2.7 % Arizona 2.6 % 2.7 % Georgia 2.3 % 2.6 % New Jersey 2.3 % 2.1 % North Carolina 2.2 % 2.2 % Illinois 1.8 % 1.8 % Washington 1.7 % 1.8 % Massachusetts 1.6 % 1.5 % Colorado 1.6 % 1.5 % Nevada 1.5 % 1.5 % New York 1.3 % 1.2 % Tennessee 1.3 % 1.5 % Oregon 1.3 % 1.2 % Other 9.4 % 9.4 % 100.0 % 100.0 %