Western Asset Mortgage Capital (WMC) 10-K 6 Mar 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Mar. 05, 2019	Jun. 30, 2018
Document and Entity Information
Entity Registrant Name	Western Asset Mortgage Capital Corp
Entity Central Index Key	1,465,885
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 417,274,538
Entity Common Stock, Shares Outstanding		48,116,379
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets:
Cash and cash equivalents	$ 21,987	$ 48,024
Restricted cash	55,808	0
Residential Whole-Loans, at fair value ($1,041,885 and $237,423 pledged as collateral, at fair value, respectively)	1,041,885	237,423
Residential Bridge Loans ($211,999 and $64,526 at fair value and $221,486 and $106,673 pledged as collateral, respectively)	221,719	106,673
Securitized commercial loans, at fair value	1,013,511	24,876
Commercial Loans, at fair value ($196,123 and $0 pledged as collateral, at fair value, respectively)	216,123
Commercial Loan, At Fair Value	196,123	0
Investment related receivable	42,945	7,665
Interest receivable	21,959	13,603
Due from counterparties	39,623	86,930
Derivative assets, at fair value	2,606	728
Other assets	2,488	2,161
Total assets	4,497,395	3,886,906
Liabilities:
Repurchase agreements, net	2,818,837	3,251,686
Convertible senior unsecured notes, net	110,060	108,743
Securitized debt, at fair value (includes $246,802 and $10,945 held by affiliates, respectively)	949,626	10,945
Interest payable (includes $816 and $70 on securitized debt held by affiliates, respectively)	8,532	8,322
Investment related payables	0	17,217
Due to counterparties	17,781	1,490
Derivative liability, at fair value	10,130	4,346
Accounts payable and accrued expenses	3,858	3,118
Payable to affiliate	4,615	2,041
Dividend payable	14,916	12,960
Other liabilities	56,031	0
Total liabilities	3,994,386	3,420,868
Commitments and contingencies
Stockholders' Equity:
Common stock, $0.01 par value, 500,000,000 shares authorized, and 48,116,379 and 41,794,079 outstanding, respectively	481	419
Preferred stock, $0.01 par value, 100,000,000 shares authorized and no shares outstanding	0	0
Treasury stock, at cost 0 and 125,722 shares held, respectively	0	(1,232)
Additional paid-in capital	833,810	768,763
Retained earnings (accumulated deficit)	(331,282)	(301,912)
Total Stockholders' Equity	503,009	466,038
Total Liabilities and Stockholders' Equity	4,497,395	3,886,906
Agency MBS
Assets:
Estimated Fair Value	1,505,979	2,858,600
Non-Agency MBS
Assets:
Estimated Fair Value	250,856	378,158
Other securities
Assets:
Estimated Fair Value	$ 59,906	$ 122,065

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Residential bridge loan. at fair value	$ 211,999	$ 64,526
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	48,116,379	41,794,079
Common stock, shares outstanding	48,116,379	41,794,079
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares outstanding	0	0
Treasury stock, shares held	0	125,722
Cash and cash equivalents	$ 21,987	$ 48,024
Restricted cash	55,808	0
Residential Whole-Loans, at fair value ($1,041,885 and $237,423 pledged as collateral, at fair value, respectively)	1,041,885	237,423
Amount of secured collateral	221,486	106,673
Securitized commercial loans, at fair value	1,013,511	24,876
Commercial Loan, At Fair Value	196,123	0
Investment related receivable	42,945	7,665
Interest receivable	21,959	13,603
Other assets	2,488	2,161
Total assets	4,497,395	3,886,906
Securitized debt, at fair value (includes $246,802 and $10,945 held by affiliates, respectively)	949,626	10,945
Interest payable (includes $816 and $70 on securitized debt held by affiliates, respectively)	8,532	8,322
Accounts payable and accrued expenses	3,858	3,118
Other liabilities	56,031	0
Total liabilities	3,994,386	3,420,868
VIE
Fair value of residential whole-loans pledged as collateral	1,041,885	237,423
Residential bridge loan. at fair value	211,766	64,526
Cash and cash equivalents	674	0
Restricted cash	55,808	0
Residential Whole-Loans, at fair value ($1,041,885 and $237,423 pledged as collateral, at fair value, respectively)	1,041,885	237,423
Amount of secured collateral	221,486	106,673
Securitized commercial loans, at fair value	1,013,511	24,876
Commercial Loan, At Fair Value	196,123	0
Investment related receivable	42,945	7,665
Interest receivable	15,540	3,358
Other assets	178	0
Total assets	2,588,150	379,995
Securitized debt, at fair value (includes $246,802 and $10,945 held by affiliates, respectively)	949,626	10,945
Interest payable (includes $816 and $70 on securitized debt held by affiliates, respectively)	2,419	70
Accounts payable and accrued expenses	708	189
Other liabilities	56,033	0
Total liabilities	1,008,786	11,204
Agency MBS
Fair value of mortgage-backed securities pledged as collateral	1,505,979	2,833,595
Non-Agency MBS
Fair value of mortgage-backed securities pledged as collateral	237,107	266,189
Other securities
Fair value of mortgage-backed securities pledged as collateral	59,780	89,823
Affiliated Entity
Securitized debt, at fair value (includes $246,802 and $10,945 held by affiliates, respectively)	246,802	10,945
Interest payable (includes $816 and $70 on securitized debt held by affiliates, respectively)	816	70
Affiliated Entity | VIE
Securitized debt, at fair value (includes $246,802 and $10,945 held by affiliates, respectively)	246,802	10,945
Interest payable (includes $816 and $70 on securitized debt held by affiliates, respectively)	$ 816	$ 70

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net Interest Income
Interest income	$ 209,362	$ 124,291	$ 123,756
Interest expense (includes $13,739, $981 and $998 on securitized debt held by affiliates, respectively)	138,240	48,373	32,430
Net Interest Income	71,122	75,918	91,326
Other Income (Loss)
Realized gain (loss) on sale of investments, net	(63,257)	20,598	(21,991)
Other than temporary impairment	(11,180)	(22,873)	(32,286)
Unrealized gain (loss), net	(24,671)	28,396	(17,107)
Gain (loss) on derivative instruments, net	77,969	3,292	(20,735)
Other, net	(189)	1,031	180
Other Income (Loss)	(21,328)	30,444	(91,939)
Expenses
Management fee to affiliate	8,673	8,100	10,448
Other operating expenses	6,076	2,419	1,045
General and administrative expenses:
Compensation expense	2,186	2,692	3,022
Professional fees	4,299	3,242	4,814
Other general and administrative expenses	1,442	1,325	1,917
Total general and administrative expenses	7,927	7,259	9,753
Total Expenses	22,676	17,778	21,246
Income (loss) before income taxes	27,118	88,584	(21,859)
Income tax provision (benefit)	709	3,487	3,156
Net income (loss)	$ 26,409	$ 85,097	$ (25,015)
Net income (loss) per common share - basic (in dollars per share)	$ 0.61	$ 2.03	$ (0.61)
Net income (loss) per common share - diluted (in dollars per share)	$ 0.61	$ 2.03	$ (0.61)

Consolidated Statements of Op_2

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Statement [Abstract]
Securitized debt interest expense held by affiliate	$ 13,739	$ 981	$ 998

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock Outstanding	Additional Paid-In Capital	Retained Earnings (Accumulated) Deficit	Treasury Stock
Balance at Dec. 31, 2015	$ 511,648	$ 419	$ 763,283	$ (252,054)
Balance (in shares) at Dec. 31, 2015		41,919,801
Increase (Decrease) in Stockholders' Equity
Vesting of restricted stock	1,699		1,699
Net income (loss)	(25,015)			(25,015)
Dividends on common stock	(57,850)		60	(57,910)
Balance at Dec. 31, 2016	430,482	$ 419	765,042	(334,979)
Balance (in shares) at Dec. 31, 2016		41,919,801
Increase (Decrease) in Stockholders' Equity
Vesting of restricted stock	981		981
Net income (loss)	85,097			85,097
Dividends on common stock	(51,946)		84	(52,030)
Equity component of convertible senior unsecured notes	2,656		2,656
Treasury stock (in shares)		(125,722)
Treasury Stock	(1,232)				$ (1,232)
Balance at Dec. 31, 2017	$ 466,038	$ 419	768,763	(301,912)	(1,232)
Balance (in shares) at Dec. 31, 2017	41,794,079	41,794,079
Increase (Decrease) in Stockholders' Equity
Vesting of restricted stock	$ 265		265
Net income (loss)	26,409			26,409
Dividends on common stock	(55,655)		124	(55,779)
Treasury stock (in shares)		125,722
Treasury Stock	(1,445)		(213)		1,232
Proceeds from public offerings of common stock	64,880	$ 62	64,818
Proceeds from public offerings of common stock (in shares)		6,196,578
Offering costs, public offerings of common stock	(373)		(373)
Balance at Dec. 31, 2018	$ 503,009	$ 481	$ 833,810	$ (331,282)	$ 0
Balance (in shares) at Dec. 31, 2018	48,116,379	48,116,379

Consolidated Statements of Cash

Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Statement of Cash Flows [Abstract]
Net income (loss)	$ 26,409	$ 85,097	$ (25,015)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Premium amortization and (discount accretion) on investments, net	5,374	(2,070)	(548)
Interest income earned added to principal of securities	0	(46)	(413)
Amortization of deferred financing costs	767	192	191
Amortization of discount on convertible senior unsecured notes	550	137	0
Restricted stock amortization	265	981	1,699
Premium amortization for MAC interest rate swaps	0	0	(658)
Interest payments and basis recovered on MAC interest rate swaps	2,465	525	658
Premium on purchase of Residential Whole-Loans	(15,850)	(1,239)	(574)
Premium on purchase of Residential Bridge Loans	(3,889)	(753)	0
Premium on purchase of securitized commercial loans	(3,019)	0	0
Unrealized (gain) loss, net	24,671	(28,396)	17,107
Unrealized loss on derivative instruments, net	10,381	(148,308)	5,135
Other than temporary impairment	11,180	22,873	32,286
Realized (gain) loss on sale of investments, net	63,257	(20,598)	21,991
(Gain) loss on derivatives, net	(10,316)	156,076	(41,516)
Loss (gain) on foreign currency transactions, net	0	1	758
Changes in operating assets and liabilities:
Decrease (increase) in accrued interest receivable	(8,356)	5,209	3,809
Decrease (increase) in other assets	(184)	(1,763)	(16)
Increase (decrease) in accrued interest payable	210	(7,719)	(4,390)
Increase (decrease) in accounts payable and accrued expenses	563	(274)	1,477
Increase (decrease) in payable to related party	2,574	(543)	(435)
Net cash provided by operating activities	107,052	59,382	11,546
Cash flows from investing activities:
Purchase of securities	(1,128,399)	(2,881,276)	(2,172,623)
Proceeds from sale of securities	2,430,054	1,593,914	2,273,922
Principal repayments and basis recovered on securities	123,837	240,785	344,937
Purchase of Residential Whole Loans	(873,911)	(87,640)	(28,825)
Principal repayments on Residential Whole Loans	76,942	42,176	52,473
Purchase of commercial loans	(235,857)	0	0
Principal repayments on commercial loans	20,638	0	0
Purchase of securitized commercial loan	(1,350,000)	0	0
Principal repayments on securitized commercial loan	361,781	154	0
Purchase of Residential Bridge Loans	(418,953)	(142,913)	0
Purchase of Residential Bridge Loans	274,964	31,794	0
Payment of premium for option derivatives	(1,757)	(16,355)	(17,951)
Premium received from option derivatives	1,236	14,553	22,707
Premium for credit default swaps, net	(297)	74	0
Net settlements of TBAs	(800)	4,035	6,140
Proceeds from (Payments on) termination of futures, net	6,112	(9,130)	23,609
Proceeds from sale of interest rate swaptions	0	0	2,075
Premium for MAC interest rate swaps, net	0	0	465
Due from counterparties	0	8,449	(8,449)
Proceeds from termination of foreign currency swaps	0	0	6,771
Payments on total return swaps	0	(552)	38
Interest payments and basis recovered on MAC interest rate swaps	(2,465)	(525)	(658)
Premium for interest rate swaptions, net	0	(115)	0
Net cash provided by (used in) investing activities	(716,875)	(1,202,572)	504,631
Cash flows from financing activities:
Proceeds from issuance of common stock	64,880	0	0
Payment of offering costs	(195)	(94)	0
Repurchase of common stock	(1,733)	(1,094)	0
Proceeds from sale of treasury stock	3,177	0	0
Proceeds from repurchase agreement borrowings	21,472,963	18,438,166	15,977,505
Proceeds from convertible note offering	0	115,000	0
Repayments of repurchase agreement borrowings	(21,905,812)	(17,342,124)	(16,407,929)
Repayment of cash overdraft	0	0	(300)
Proceeds from securitized debt	1,285,219	0	0
Repayments of securitized debt	(344,612)	(68)	0
Proceeds from forward contracts	0	8,246	112,574
Repayments of forward contracts	0	(8,214)	(112,640)
Payments made for deferred financing costs	0	(3,837)	(58)
Due from counterparties, net	47,307	(9,707)	14,427
Due to counterparties, net	16,291	750	(9,210)
Increase in other liabilities	55,808	0	0
Dividends paid on common stock	(53,699)	(51,981)	(69,168)
Net cash provided by (used in) financing activities	639,594	1,145,043	(494,799)
Effect of exchange rate changes on cash and cash equivalents	0	(1)	83
Net increase in cash and cash equivalents	29,771	1,852	21,461
Cash, cash equivalents and restricted cash beginning of period	48,024	46,172	24,711
Cash, cash equivalents and restricted cash end of period	77,795	48,024	46,172
Supplemental disclosure of operating cash flow information:
Interest paid	138,524	43,032	32,041
Income taxes paid	1,635	4,966	2,093
Supplemental disclosure of non-cash financing/investing activities:
Underwriting and offering costs payable	177	0	0
Repurchase of common stock, not settled	0	(137)	0
Securities purchased, not settled	0	(17,217)	(309,086)
Net unsettled TBAs	0	0	(14)
Derivative collateral offset against derivatives	0	(157,913)	0
Dividends and distributions declared, not paid	14,916	12,960	12,995
Principal payments of Residential Whole Loans, not settled	9,230	2,286	1,241
Principal payments of Residential Bridge Loans, not settled	33,717	5,381	0
Other assets	$ 143	$ 0	$ 0

Organization

Organization	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Western Asset Mortgage Capital Corporation, a Delaware corporation, and its subsidiaries (the "Company") commenced operations in May 2012. The Company invests in, finances and manages a diversified portfolio of real estate related securities, Whole Loans and other financial assets. The Company's portfolio is comprised of Agency CMBS, Agency RMBS (including TBAs), Non-Agency RMBS, Non-Agency CMBS, Residential Whole Loans, Residential Bridge Loans and Commercial Loans. In addition, and to a significantly lesser extent, the Company has invested in other securities including certain Agency obligations that are not technically MBS as well as certain Non U.S. CMBS and in asset-backed securities ("ABS") investments secured by a portfolio of private student loans. The Company's investment strategy is based on Western Asset Management Company LLC's (the "Manager") perspective of which mix of portfolio assets it believes provides the Company with the best risk-reward opportunities at any given time. The Manager will vary the allocation among various asset classes subject to maintaining the Company's qualification as a REIT and maintaining its exemption from the Investment Company Act of 1940, as amended (the "1940 Act"). These restrictions limit the Company's ability to invest in non-qualifying MBS, non-real estate assets and/or assets which are not secured by real estate. Accordingly, the Company's portfolio will continue to be principally invested in qualifying MBS, Whole Loans and other real estate related assets. The Company is externally managed by the Manager, an investment advisor registered with the Securities and Exchange Commission ("SEC"). The Manager is a wholly-owned subsidiary of Legg Mason, Inc. The Company operates and has elected to be taxed as a real estate investment trust or "REIT" commencing with its taxable year ended December 31, 2012.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Consolidation The consolidated financial statements of the Company are prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). The consolidated financial statements include accounts of the Company and its wholly -owned subsidiaries and variable interest entities ("VIEs") in which it is considered the primary beneficiary. All intercompany amounts between the Company and its subsidiaries and consolidated VIEs have been eliminated in consolidation. Variable Interest Entities VIEs are defined as entities that by design either lack sufficient equity for the entity to finance its activities without additional subordinated financial support or are unable to direct the entity’s activities or are not exposed to the entity’s losses or entitled to its residual returns. The Company evaluates all of its interests in VIEs for consolidation. When the interests are determined to be variable interests, the Company assesses whether it is deemed the primary beneficiary. The primary beneficiary of a VIE is determined to be the party that has both the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. To assess whether the Company has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, it considers all facts and circumstances, including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes first, identifying the activities that most significantly impact the VIE’s economic performance; and second, identifying which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE or have the right to unilaterally remove those decision makers is deemed to have the power to direct the activities of a VIE. 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. This assessment requires the Company to apply judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Factors considered in assessing significance include: the design of the VIE, including its capitalization structure; subordination of interests; payment priority; relative share of interests held across various classes within the VIE’s capital structure; and the reasons why the interests are held by the Company. In instances where the Company and its related parties have variable interests in a VIE, the Company considers whether there is a single party in the related party group that meets both the power and losses or benefits criteria on its own as though no related party relationship existed. If one party within the related party group meets both these criteria, such reporting entity is the primary beneficiary of the VIE and no further analysis is needed. If no party within the related party group on its own meets both the power and losses or benefits criteria, but the related party group as a whole meets these two criteria, the determination of primary beneficiary within the related party group requires significant judgment. The analysis 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. Ongoing assessments of whether an enterprise is the primary beneficiary of a VIE are required. Use of Estimates The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Earnings (Loss) Per Share GAAP requires use of the two-class method in computing earnings per share for all periods presented for each class of common stock and participating securities as if all earnings for the period had been distributed. Under the two-class method, during periods of net income, the net income is first reduced for dividends declared on all classes of securities to arrive at undistributed earnings. During periods of net losses, the net loss is reduced for dividends declared on participating securities only if the security has the right to participate in the earnings of the entity and an objectively determinable contractual obligation to share in net losses of the entity. The Company’s participating securities are not allocated a share of the net loss, as the participating securities do not have a contractual obligation to share in the net losses of the Company. The remaining earnings are allocated to common stockholders and participating securities, to the extent that each security shares in earnings, as if all of the earnings for the period had been distributed. Each total is then divided by the applicable number of weighted average outstanding common shares to arrive at basic earnings per share. For the diluted earnings, the denominator includes the weighted average outstanding common shares and all potential common shares assumed issued if they are dilutive. The numerator is adjusted for any changes in income or loss that would result from the assumed conversion of these potential common shares. Offering Costs Offering costs borne by the Company in connection with common stock offerings and private placements are reflected as a reduction of additional paid-in-capital. Offering costs borne by the Company in connection with its shelf registration will be deferred and recorded in "Other assets" until such time the Company completes a common stock offering where all or a portion will be reclassified and reflected as a reduction of additional paid-in-capital. The deferred offering costs will be expensed upon the expiration of the shelf if the Company does not complete a equity offering. Cash and Cash Equivalents The Company considers all highly-liquid short term investments with original maturities of 90 days or less when purchased to be cash equivalents. Cash and cash equivalents are exposed to concentrations of credit risk. The Company places its cash and cash equivalents with what it believes to be high credit quality institutions. At times such investments may be in excess of the Federal Deposit Insurance Corporation insurance limit. Restricted Cash Restricted cash represents cash held by the trustee or servicer for mortgage escrows in connection with the Company's securitized loan and commercial loan investments held in two consolidated VIEs. These escrows consist of principal and interest escrows, capital improvement reserves, repair reserves, real estate tax and insurance reserves and tenant reserves. The corresponding liability is recorded in "Other liabilities" in the Consolidated Balance Sheets. The restricted cash is not available for general corporate use. Valuation of Financial Instruments The Company discloses the fair value of its financial instruments according to a fair value hierarchy (Levels I, II, and III, as defined below). ASC 820, "Fair Value Measurement and Disclosures" establishes a framework for measuring fair value and expands financial statement disclosure requirements for fair value measurements. ASC 820 further specifies a hierarchy of valuation techniques, which is based on whether the inputs into the valuation technique are observable or unobservable. The hierarchy is as follows: Level I — Quoted prices in active markets for identical assets or liabilities. Level II — Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level III — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable, for example, when there is little or no market activity for an investment at the end of the period, unobservable inputs may be used. The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Transfers between levels are determined by the Company at the end of the reporting period. Refer to Note 3 - "Fair Value of Financial Instruments". Mortgage-Backed Securities and Other Securities The Company's mortgage-backed securities and other securities portfolio primarily consists of Agency RMBS, Non-Agency RMBS, Agency CMBS, Non-Agency CMBS, ABS and other real estate related assets, these investments are recorded in accordance with ASC 320, “Investments - Debt and Equity Securities” and ASC 325-40, “Beneficial Interests in Securitized Financial Assets.” The Company has chosen to make a fair value election pursuant to ASC 825, “Financial Instruments” for its mortgage-backed securities and other securities portfolio. Electing the fair value option allows the Company to record changes in fair value in the Consolidated Statements of Operations as a component of “Unrealized gain (loss), net”. If the Company purchases securities with evidence of credit deterioration, it will analyze to determine if the guidance found in ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” is applicable. The Company evaluates securities for other-than-temporary impairment (“OTTI”) on at least a quarterly basis. The determination of whether a security is other-than-temporarily impaired involves judgments, estimates and assumptions based on subjective and objective factors. As a result, the timing and amount of an OTTI constitutes an accounting estimate that may change materially over time. When the fair value of an investment security is less than its amortized cost at the balance sheet date, the security is considered impaired, and the impairment is designated as either “temporary” or “other-than-temporary.” When a security is impaired, an OTTI is considered to have occurred if (i) the Company intends to sell the security (i.e., a decision has been made as of the reporting date) or (ii) it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If the Company intends to sell the security or if it is more likely than not that the Company will be required to sell the real estate security before recovery of its amortized cost basis, the entire amount of the impairment loss, if any, is recognized in earnings as OTTI and the cost basis of the security is adjusted to its fair value. Additionally, for securities accounted for under ASC 325-40 an OTTI is deemed to have occurred when there is an adverse change in the expected cash flows to be received and the fair value of the security is less than its carrying amount. In determining whether an adverse change in cash flows occurred, the present value of the remaining cash flows, as estimated at the initial transaction date (or the last date previously revised), is compared to the present value of the expected cash flows at the current reporting date. The estimated cash flows reflect those a “market participant” would use and are discounted at a rate equal to the current yield used to accrete interest income. Any resulting OTTI adjustments are reflected in the “Other than temporary impairment” in the Consolidated Statements of Operations. Increases in interest income may be recognized on a security on which the Company previously recorded an OTTI charge if the cash flow of such security subsequently improves. In addition, unrealized losses on the Company's Agency securities, with explicit guarantee of principal and interest by the governmental sponsored entity ("GSE"), are not credit losses but rather were due to changes in interest rates and prepayment expectations. These securities would not be considered other than temporarily impaired provided we did not intend to sell the security. Residential Whole Loans Investments in Residential Whole Loans are recorded in accordance with ASC 310-20, "Nonrefundable Fees and Other Costs". The Company has chosen to make the fair value election pursuant to ASC 825 for our entire Residential Whole-Loan portfolio. Residential Whole Loans are recorded at fair value with periodic changes in fair market value being recorded in earnings as a component of "Unrealized gain (loss), net". All other costs incurred in connection with acquiring Residential Whole Loans or committing to purchase these loans are charged to expense as incurred. On a quarterly basis, the Company evaluate the collectability of both interest and principal of each loan, if circumstances warrant, to determine whether such loan is impaired. A loan is impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms. When a loan is impaired, the Company does not record an allowance for loan loss as we have elected the fair value option. However, income recognition is suspended for loans at the earlier of the date at which payments become 90-days past due or when, in the opinion of management, a full recovery of income and principal becomes doubtful. When the ultimate collectability of the principal of an impaired loan is in doubt, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the principal of an impaired loan is not in doubt, contractual interest is recorded as interest income when received, under the cash basis method until an accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. A loan is written off when it is no longer realizable and/or legally discharged. Residential Bridge Loans For the Bridge Loans acquired prior to October 25, 2017, the Company did not elect the fair value option pursuant to ASC 825. These loans are recorded at their principal amount outstanding, net of any premium or discount. Commencing with purchases on October 25, 2017, the Company decided to elect the fair value option pursuant to ASC 825 to be consistent with the accounting of its other investments, which are all carried at fair value. These loans are recorded at fair value with periodic changes in fair market value being recorded in earnings as a component of "Unrealized gain (loss), net". All other costs incurred in connection with acquiring the Residential Bridge Loans or committing to purchase these loans are charged to expense as incurred. A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. The Company evaluates each of its Residential Bridge Loans that it did not elect the fair value option on a quarterly basis. These loans are individually specific as they relate to the borrower, collateral type, interest rate, LTV and term as well as geographic location. The Company evaluates the collectability of both principal and interest of each loan. When a loan is impaired, the impairment is then measured based on fair value of the collateral, since these loans are collateral dependent. Upon measurement of impairment, the Company records an allowance to reduce the carrying value of the loan with a corresponding charge to earnings. Significant judgments are required in determining impairment, including assumptions regarding the value of the loan, the value of the underlying collateral and other provisions such as guarantees. The Company will not record an allowance for loan loss for the Residential Bridge Loans that it has elected the fair value option. Income recognition is suspended for loans at the earlier of the date at which payments become 90-days past due or when, in the opinion of management, a full recovery of income and principal becomes doubtful. When the ultimate collectability of the principal of an impaired loan is in doubt, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the principal of an impaired loan is not in doubt, contractual interest is recorded as interest income when received, under the cash basis method until an accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. A loan is written off when it is no longer realizable and/or it is legally discharged. Securitized Commercial Loans Securitized commercial loans are comprised of commercial loans of consolidated variable interest entities which were sponsored by third parties. These loans are recorded in accordance with ASC 310-20, "Nonrefundable Fees and Other Costs". The Company has chosen to make the fair value election pursuant to ASC 825. Accordingly, these loans are recorded at fair value with periodic changes in fair value being recorded in earnings as a component of "Unrealized gain (loss), net". The securitized commercial loans are typically collateralized by commercial real estate. As a result, the Company regularly evaluates the extent and impact of any credit migration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower on a loan by loan basis. On a quarterly basis, the Company evaluates the collectability of both interest and principal of each loan, if circumstances warrant, to determine whether such loan is impaired. A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. When a loan is impaired, the Company does not record an allowance for loan loss as the Company has elected the fair value option. However, income recognition is suspended for loans at the earlier of the date at which payments become 90-days past due or when, in the opinion of management, a full recovery of income and principal becomes doubtful. When the ultimate collectability of the principal of an impaired loan is in doubt, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the principal of an impaired loan is not in doubt, contractual interest is recorded as interest income when received, under the cash basis method until an accrual is resumed. Interest income accrual is resumed when the loan becomes contractually current and performance is demonstrated. A loan is written off when it is no longer realizable and/or legally discharged. Commercial Loans Investments in Commercial Loans, which are comprised of first lien commercial mortgage loans and commercial mezzanine loans, are recorded in accordance with ASC 310-20, "Nonrefundable Fees and Other Costs". The Company has chosen to make the fair value election pursuant to ASC 825 for its Commercial Loan portfolio. Accordingly, these loans are recorded at fair value with periodic changes in fair value being recorded in earnings as a component of "Unrealized gain (loss), net". All other costs incurred in connection with acquiring the Commercial Loans or committing to purchase these loans are charged to expense as incurred. The Company’s loans are typically collateralized by commercial real estate. As a result, the Company regularly evaluates the extent and impact of any credit migration associated with the performance and or value of the underlying collateral property as well as the financial and operating capability of the borrower on a loan by loan basis. On a quarterly basis, the Company evaluates the collectability of both interest and principal of each loan, if circumstances warrant, to determine whether such loan is impaired. A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. When a loan is impaired, the Company does not record an allowance for loan loss as the Company has elected the fair value option. However, income recognition is suspended for loans at the earlier of the date at which payments become 90-days past due or when, in the opinion of management, a full recovery of income and principal becomes doubtful. When the ultimate collectability of the principal of an impaired loan is in doubt, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the principal of an impaired loan is not in doubt, contractual interest is recorded as interest income when received, under the cash basis method until an accrual is resumed. Interest income accrual is resumed when the loan becomes contractually current and performance is demonstrated. A loan is written off when it is no longer realizable and/or legally discharged. Interest Income Recognition Agency MBS, Non-Agency MBS and other securities, excluding Interest-Only Strips, rated AA and higher at the time of purchase Interest income on mortgage-backed and other securities is accrued based on the respective outstanding principal balances and corresponding contractual terms. The Company records interest income in accordance with ASC subtopic 835-30 "Imputation of Interest", using the effective interest method. As such premiums and discounts associated with Agency MBS, Non-Agency MBS and other securities, excluding Interest-Only Strips, are amortized into interest income over the estimated life of such securities. Adjustments to premium and discount amortization are made for actual prepayment activity. The Company estimates prepayments at least quarterly for its securities and, as a result, if the projected prepayment speed increases, the Company will accelerate the rate of amortization on premiums or discounts and make a retrospective adjustment to historical amortization. Alternatively, if projected prepayment speeds decrease, the Company will reduce the rate of amortization on the premiums or discounts and make a retrospective adjustment to historical amortization. Non-Agency MBS and other securities that are rated below AA at the time of purchase and Interest-Only Strips that are not classified as derivatives Interest income on Non-Agency MBS and other securities that are rated below AA at the time of purchase and Interest-Only Strips that are not classified as derivatives are also recognized in accordance with ASC 835, using the effective yield method. The effective yield on these securities is based on the projected cash flows from each security, which is estimated based on the Company’s observation of the then current information and events, where applicable, and will include assumptions related to interest rates, prepayment rates and the timing and amount of credit losses. On at least a quarterly basis, the Company reviews and, if appropriate, makes adjustments to its cash flow projections based on input and analysis received from external sources, internal models, and its judgment about interest rates, prepayment rates, the timing and amount of credit losses, and other factors. Changes in cash flows from those originally projected, or from those estimated at the last evaluation, may result in a prospective change in the yield/interest income recognized on such securities. Actual maturities of the securities are affected by the contractual lives of the underlying collateral, periodic payments of scheduled principal, and prepayments of principal. Therefore, actual maturities of the securities will generally be shorter than stated contractual maturities. Based on the projected cash flow of such securities purchased at a discount to par value, the Company may designate a portion of such purchase discount as credit protection against future credit losses and, therefore, not accrete such amount into interest income. The amount designated as credit discount may be adjusted over time, based on the actual performance of the security, its underlying collateral, actual and projected cash flow from such collateral, economic conditions and other factors. If the performance of a security with a credit discount is more favorable than forecasted, a portion of the amount designated as credit discount may be accreted into interest income prospectively. Loan Portfolio Interest income on the Company's residential loan portfolio and commercial loan portfolio are recorded using the effective interest method based on the contractual payment terms of the loan. Any premium amortization or discount accretion will be reflected as a component of "Interest income" in the Consolidated Statements of Operations. Purchases and Sales of Investments The Company accounts for a contract for the purchase or sale of securities, or other securities that do not yet exist on a trade date basis, which it intends to take possession and thus recognizes the acquisition or disposition of the securities at the inception of the contract. Sales of investments are driven by the Company’s portfolio management process. The Company seeks to mitigate risks including those associated with prepayments and will opportunistically rotate the portfolio into securities and/or other investments the Company’s Manager believes have more favorable attributes. Strategies may also be employed to manage net capital gains, which need to be distributed for tax purposes. Realized gains or losses on sales of investments, including Agency Interest-Only Strips not characterized as derivatives, are a component of "Realized gain (loss) on sale of investments, net" in the Consolidated Statements of Operations, and are recorded at the time of disposition. Realized gains or losses on Interest-Only Strips which are characterized as derivatives are a component of "Gain (loss) on derivative instruments, net" in the Consolidated Statements of Operations. Foreign Currency Transactions The Company has and expects to continue to enter into transactions denominated in foreign currency from time to time. At the date the transaction is recognized, the asset and/or liability will be measured and recorded using the exchange rate in effect at the date of the transaction. At each balance sheet date, such foreign currency assets and liabilities are re-measured using the exchange rate in effect at the date of the balance sheet, resulting in unrealized foreign currency gains or losses, which are recorded in "Other, net" in the Consolidated Statements of Operations. Due From Counterparties / Due To Counterparties "Due from counterparties" represents cash posted by the Company with its counterparties as collateral for the Company’s interest rate and/or currency derivative financial instruments, repurchase agreements, and TBAs. "Due to counterparties" represents cash posted with the Company by its counterparties as collateral under the Company’s interest rate and/or currency derivative financial instruments, repurchase agreements, and TBAs. Included in "Due from counterparties" and/or "Due to counterparties" are daily variation margin settlement amounts with counterparties which are based on the price movement of the Company’s futures contracts. However, commencing in 2017, daily variation margin on only the Company's centrally cleared derivatives was treated as a settlement and classified as either "Derivative assets, at fair value" or "Derivative liability, at fair value" in the Consolidated Balance Sheets. In addition, as provided below, "Due to counterparties" may include non-cash collateral in which the Company has the obligation to return and which the Company has either sold or pledged. To the extent the Company receives collateral other than cash from its counterparties, such assets are not included in the Company’s Consolidated Balance Sheets. Notwithstanding the foregoing, if the Company either rehypothecates such assets or pledges the assets as collateral pursuant to a repurchase agreement, the cash received and the corresponding liability are reflected in the Consolidated Balance Sheets. Derivatives and Hedging Activities Subject to maintaining its qualification as a REIT for U.S. federal income tax purposes, the Company as part of its hedging strategy, we may enter into interest rate swaps, including forward starting swaps, interest rate swaptions, U.S. Treasury options, Eurodollar, Volatility Index and U.S, Treasury futures, TBAs, total return swaps, credit default swaps and foreign current swaps and forwards to hedge the interest rate and currency risk associated with its portfolio and related borrowings. Derivatives, subject to REIT requirements, are used for hedging purposes rather than speculation. The Company has also entered into a total return swap, which transfers the total return of the referenced security to the Company. The Company determines the fair value of its derivative positions and obtains quotations from third parties, including the Chicago Mercantile Exchange or CME, to facilitate the process of determining such fair values. The Company does not necessarily seek to hedge all such risks. In addition, if the Company’s hedging activities do not achieve the desired results, reported earnings may be adversely affected. GAAP requires an entity to recognize all derivatives as either assets or liabilities on the balance sheet and to measure those instruments at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative. The fair value adjustment will affect either other comprehensive income in stockholders’ equity until the hedged item is recognized in earnings or net income depending on whether the derivative instrument is designated and qualifies as a for hedge for accounting purposes and if so, the nature of the hedging activity. The Company elected not to apply hedge accounting for its derivative instruments. Accordingly, the Company records the change in fair value of its derivative instruments, which includes net interest rate swap payments/receipts (including accrued amounts) and net currency payments/receipts (including accrued amounts) related to interest rate swaps and currency swaps, respectively, in "Gain (loss) on derivative instruments, net" in its Consolidated Statements of Operations. In January 2017, the CME amended its rulebooks to legally characterize variation margin payments and receipts for over-the-counter derivatives they clear as settlements of the derivatives' exposure rather than collateral against exposure. As a result of the change in legal characterization, effective January 1, 2017, variation margin is no longer classified as collateral in the Consolidated Balance Sheets in either "Due from counterparties" or "Due to counterparties", but rather a component of the respective "Derivative asset, at fair value" or "Derivative liability, at fair value" in the Consolidated Balance Sheets. The variation margin is now considered partial settlements of the derivative contract and will result in realized gains or losses which prior to January 1, 2017 were classified as unrealized gains or losses on derivatives. Prior to the CME rulebook change variation margin was included in financing activities in the Company's Consolidated Statement of Cash Flows in either "Due from counterparties, net" or "Due to counterparties, net". Commencing in January 2017, cash postings for variation margin are included in operating activities in the Consolidated Statements of Cash Flows. In the Company’s Consolidated Statements of Cash Flows, premiums received or paid on termination of its interest rate swaps are included in cash flows from operating activities. Notwithstanding the foregoing, proceeds and payments on settlement of swaptions, mortgage put options, futures contracts and TBAs are included in cash flows from investing activities. Proceeds and payments on settlement of forward contracts are reflected in cash flows from financing activities in the Company’s Consolidated Statements of Cash Flows. For Agency and Non-Agency Interest-Only Strips accounted for as derivatives, the purchase, sale and recovery of basis

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The following tables present the Company's financial instruments carried at fair value as of December 31, 2018 and December 31, 2017 , based upon the valuation hierarchy (dollars in thousands): December 31, 2018 Fair Value Assets Level I Level II Level III Total Agency RMBS Interest-Only Strips $ — $ — $ 12,135 $ 12,135 Agency RMBS Interest-Only Strips accounted for as derivatives, included in MBS — — 7,702 7,702 Agency CMBS — 1,481,984 — 1,481,984 Agency CMBS Interest-Only Strips accounted for as derivatives, included in MBS — 4,158 — 4,158 Subtotal Agency MBS — 1,486,142 19,837 1,505,979 Non-Agency RMBS — — 39,026 39,026 Non-Agency RMBS Interest-Only Strips — — 11,529 11,529 Non-Agency CMBS — 200,301 — 200,301 Subtotal Non-Agency MBS — 200,301 50,555 250,856 Other securities — 50,955 8,951 59,906 Total mortgage-backed securities and other securities — 1,737,398 79,343 1,816,741 Residential Whole Loans — — 1,041,885 1,041,885 Residential Bridge Loans — — 211,999 211,999 Commercial Loans — — 216,123 216,123 Securitized commercial loans — — 1,013,511 1,013,511 Derivative assets — 2,606 — 2,606 Total Assets $ — $ 1,740,004 $ 2,562,861 $ 4,302,865 Liabilities Derivative liabilities $ 4,657 $ 5,473 $ — $ 10,130 Securitized debt — 947,340 2,286 949,626 Total Liabilities $ 4,657 $ 952,813 $ 2,286 $ 959,756 December 31, 2017 Fair Value Assets Level I Level II Level III Total Agency RMBS: 20-Year mortgage $ — $ 53,783 $ — $ 53,783 30-Year mortgage — 241,642 — 241,642 40-Year mortgage — 376,752 — 376,752 Agency RMBS Interest-Only Strips — 15,437 — 15,437 Agency RMBS Interest-Only Strips accounted for as derivatives, included in MBS — 10,419 — 10,419 Agency CMBS — 2,137,583 17,217 2,154,800 Agency CMBS Interest-Only Strips — 10 — 10 Agency CMBS Interest-Only Strips accounted for as derivatives, included in MBS — 5,757 — 5,757 Subtotal Agency MBS — 2,841,383 17,217 2,858,600 Non-Agency RMBS — 90,819 13 90,832 Non-Agency RMBS Interest-Only Strips — — 8,722 8,722 Non-Agency CMBS — 278,604 — 278,604 Subtotal Non-Agency MBS — 369,423 8,735 378,158 Other securities — 112,826 9,239 122,065 Total mortgage-backed securities and other securities — 3,323,632 35,191 3,358,823 Residential Whole Loans — — 237,423 237,423 Residential Bridge Loans — 64,526 64,526 Securitized commercial loan — — 24,876 24,876 Derivative assets 728 — — 728 Total Assets $ 728 $ 3,323,632 $ 362,016 $ 3,686,376 Liabilities Derivative liabilities $ 50 $ 4,296 $ — $ 4,346 Securitized debt — — 10,945 10,945 Total Liabilities $ 50 $ 4,296 $ 10,945 $ 15,291 When available, the Company uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Company will use independent pricing services and if the independent pricing service cannot price a particular asset or liability, the Company will obtain third party broker quotes. The Manager's pricing group, which functions independently from its portfolio management personnel, reviews the third party broker quotes by comparing the broker quotes for reasonableness to alternate sources when available. If independent pricing service, or third party broker quotes are not available, the Company determines the fair value of the securities using valuation techniques that use, when possible, current market-based or independently-sourced market parameters, such as interest rates and when applicable, estimates of prepayments and credit losses. In instances when the Company is required to consolidate a VIE that is determined to be a qualifying collateralized financing entity ("CFE"), under GAAP, the Company will measure both the financial assets and financial liabilities of the VIE using the fair value of either the VIE’s financial assets or financial liabilities, whichever is more observable. Mortgage-backed securities and other securities In determining the proper fair value hierarchy or level the Company considers the amount of available observable market data for each security. Agency RMBS and Agency CMBS, given the amount of available observable market data, are classified in Level II. For Non-Agency RMBS, CMBS and other securities, to determine whether a security should be a Level II, the securities are grouped by security type and the Manager reviews the internal trade history, for the quarter, for each security type. If there is sufficient trade data above a predetermined threshold of a security type, the Manager determines it has sufficient observable market data and the security will be categorized as a Level II. Values for the Company's securities are based upon prices obtained from independent third party pricing services. The valuation methodology of the third party pricing services incorporates market information and commonly used market pricing methods, which include actual trades and quoted prices for similar or identical instruments, and are designed to produce a pricing process that is responsive to market conditions. Depending on the type of asset and the underlying collateral, the primary inputs to the model include yields for TBAs, Agency RMBS, the U.S. Treasury market and floating rate indices such as LIBOR, the Constant Maturity Treasury rate and the prime rate as a benchmark yield. In addition, the model may incorporate the current weighted average maturity and additional pool level information such as prepayment speeds, default frequencies and default severities, if applicable. When the third party pricing service cannot adequately price a particular security, the Company utilizes a broker's quote which is reviewed for reasonableness by the Manager's pricing group. Residential Whole Loans and Residential Bridge Loans Values for the Company's Residential Whole Loans and Bridge Loans are based upon prices obtained from an independent third party pricing service that specializes in loan valuation, utilizing a discounted cash flow valuation model that is calibrated to recent loan trade execution. Their valuation methodology incorporates commonly used market pricing methods, which include the inputs considered most significant to the determination of fair value of the Company's Residential Whole Loans and Residential Bridge loans. The key loan inputs include loan balance, interest rate, loan to value, FICO score, debt to income ratio and delinquencies. The assumption made by the independent third party pricing service includes the market discount rate, prepayment, default assumption and loss severity. The Company reviews the analysis provided by pricing service as well as the key assumptions made available to the company. Due to the inherent uncertainty of such valuation, the fair values established for residential loans held by the Company may differ from the fair values that would have been established if a readily available market existed for these loans. Accordingly, the Company's loans are classified as Level III. Commercial Loans Values for the Company's Commercial Loans are based upon either prices obtained from an independent third party pricing service that specializes in loan valuation, utilizing a valuation model that is calibrated to recent loan trade execution or a broker quote. Their valuation methodology incorporates commonly used market pricing methods, which include the inputs considered most significant to the determination of fair value of the Company's Commercial Loans. The assumptions made by the independent third party pricing vendor include a market discount rate, default assumption and loss severity. The Company reviews the analysis provided by pricing service as well as the key assumptions. Due to the inherent uncertainty of such valuation, the fair values established for commercial loans held by the Company may differ from the fair values that would have been established if a readily available market existed for these loans. Accordingly, the Company's commercial loans are classified as a Level III. Securitized commercial loans Values for the Company’s securitized commercial loans are based on the CFE valuation methodology. Since there is an extremely limited market for the securitized commercial loans, the Company determined the securitized debt is more actively traded and therefore was more observable. Due to the inherent uncertainty of such valuation, the Company classifies its securitized commercial loans as Level III. Securitized debt Values for the Company's securitized debt are based upon prices obtained from independent third party pricing services. The valuation methodology of the third party pricing services incorporates market information and commonly used market pricing methods, which include actual trades and quoted prices for similar or identical instruments. In determining the proper fair value hierarchy or level, the Company considers the amount of available observable market data for each security. Since the securitized debt represents traded debt securities, the Manager's pricing team reviews the trade activity during the quarter for each security to determine the appropriate level within the fair value hierarchy. If there is sufficient trade data above a predetermined threshold, the Manager determines it has sufficient observable market data and the debt security will be categorized as a Level II. If there is not sufficient observable market data the debt security will be categorized as a Level III. Derivatives Values for the Company's derivatives are based upon prices from third party pricing services, whose pricing is subject to review by the Manager's pricing committee. In valuing its over-the-counter interest rate derivatives, such as swaps and swaptions, its currency derivatives, such as swaps and forwards and credit derivatives such as total return swaps, the Company considers the creditworthiness of both the Company and its counterparties, along with collateral provisions contained in each derivative agreement, from the perspective of both the Company and its counterparties. No credit valuation adjustment was made in determining the fair value of interest rate and/or currency derivatives for the years ended December 31, 2018 and December 31, 2017 . The Company performs quarterly reviews of the independent third party pricing data. These reviews may include a review of the valuation methodology used by third party valuation specialists and review of the daily change in the prices provided by the independent pricing vendor which exceed established tolerances or comparisons to executed transaction prices, utilizing the Manager's pricing group. The Manager's pricing group, which functions independently from its portfolio management personnel, reviews the price differences or changes in price by comparing the vendor price to alternate sources including other independent pricing services or broker quotations. If the price change or difference cannot be corroborated, the Manager's pricing group consults with the portfolio management team for market color in reviewing such pricing data as warranted. To the extent that the Manager has information, typically in the form of broker quotations that would indicate that a price received from the independent pricing service is outside of a tolerance range, the Manager generally challenges the independent pricing service price. The following tables present a summary of quantitative information about the significant unobservable inputs used in the fair value measurement of financial instruments for which the Company has utilized Level III inputs to determine fair value as of December 31, 2018 and December 31, 2017 . Fair Value at Range December 31, 2018 Valuation Technique Unobservable Input Minimum Maximum Weighted Average Residential Whole-Loans 1,041,885 Discounted Cash Flow Yield 3.5 % 7.9 % 5.5 % Weighted Average Life 0.8 10.3 2.8 Residential Bridge Loans 211,999 Discounted Cash Flow Yield 5.6 % 145.3 % 11.3 % Weighted Average Life 0.1 1.6 0.5 Commercial Loans 216,123 Discounted Cash Flow Yield 6.7 % 9.2 % 7.6 % Weighted Average Lie 0.9 2.7 2.1 Spread 4.1 % 6.5 % 5.1 % Fair Value at Range December 31, 2017 Valuation Technique Unobservable Input Minimum Maximum Weighted Average Residential Whole-Loans 237,423 Discounted Cash Flow Yield 3.6 % 6.6 % 5.8 % Weighted Average Life 0.6 6.8 1.5 Residential Bridge Loans 64,526 Discounted Cash Flow Yield 3.8 % 8.8 % 4.3 % Weighted Average Life 0.4 1.6 0.8 The following tables present additional information about the Company's financial instruments which are measured at fair value on a recurring basis for which the Company has utilized Level III inputs to determine fair value: Year ended December 31, 2018 $ in thousands Agency MBS Non-Agency MBS Other Securities Residential Residential Bridge Loans Commercial Loans Securitized Commercial Loan Securitized Debt Beginning balance $ 17,217 $ 8,735 $ 9,239 $ 237,423 $ 64,526 $ — $ 24,876 $ 10,945 Transfers into Level III from Level II 22,795 39,084 9,708 — — — — — Transfers from Level III into Level II (16,805 ) — (8,697 ) — — — — (10,899 ) Purchases 2,093 8,602 — 860,576 207,705 215,322 1,353,020 — Sales and settlements — (4,180 ) — — — — — 12 Principal repayments (53 ) (307 ) (604 ) (55,186 ) (57,528 ) — (361,782 ) (44 ) Total net gains/losses included in net income Realized gains/(losses), net on assets — 258 — — — — — — Realized gains/(losses), net on liabilities — — — — — — — — Other than temporary impairment (735 ) (918 ) (161 ) — — — — — Unrealized gains/(losses), net on assets (1) (630 ) 1,183 (532 ) (415 ) (1,806 ) 631 (16 ) — Unrealized (gains)/losses, net on liabilities (2) — — — — — — — 1,996 Premium and discount amortization, net (4,045 ) (1,902 ) (2 ) (513 ) (898 ) 170 (2,587 ) 276 Ending balance $ 19,837 $ 50,555 $ 8,951 $ 1,041,885 $ 211,999 $ 216,123 $ 1,013,511 $ 2,286 Unrealized gains/(losses), net on assets held at the end of the period (1) $ (272 ) $ 1,184 $ (464 ) $ 351 $ (1,370 ) $ 631 $ (16 ) $ — Unrealized gains/(losses), net on liabilities held at the end of the period (2) $ — $ — $ — $ — $ — $ — $ — $ (1,998 ) Year ended December 31, 2017 $ in thousands Agency MBS Non-Agency MBS Other Securities Residential Residential Bridge Loans Securitized commercial loan Securitized debt Derivative liability Beginning balance $ 73,059 $ 75,576 $ 31,356 $ 192,136 $ — $ 24,225 $ 10,659 $ 1,673 Transfers into Level III from Level II — — 9,470 — — — — — Transfers from Level III into Level II (73,714 ) (7,433 ) (33,080 ) — — — — — Purchases 17,217 8,937 — 86,921 63,969 — — — Sales and settlements — (60,132 ) — — — — — 552 Principal repayments — (378 ) (425 ) (41,312 ) — (154 ) (68 ) — Total net gains / (losses) included in net income Realized gains/(losses), net — 2,623 — — — — — (552 ) Other than temporary impairment — — (1,823 ) — — — — — Unrealized gains/(losses), net on assets (1) 635 (9,415 ) 1,522 724 571 805 — — Unrealized (gains)/losses, net on liabilities (2) — — — — — — 354 (1,673 ) Premium and discount amortization, net 20 (1,043 ) 2,219 (1,046 ) (14 ) — — — Ending balance $ 17,217 $ 8,735 $ 9,239 $ 237,423 $ 64,526 $ 24,876 $ 10,945 $ — Unrealized gains/(losses), net on assets held at the end of the period (1) $ — $ (16 ) $ 43 $ 1,368 $ 571 $ 805 $ — $ — Unrealized gains/(losses), net on liabilities held at the end of the period (2) $ — $ — $ — $ — $ — $ — $ (354 ) $ — (1) Gains and losses are included in "Unrealized gain (loss), net" in the Consolidated Statements of Operations. (2) Gains and losses on securitized debt and derivative liability are included in "Unrealized gain (loss), net" and "Gain (loss) on derivative instruments, net" in the Consolidated Statements of Operations, respectively. Transfers between hierarchy levels during operations for the years ended December 31, 2018 and December 31, 2017 were based on the availability of sufficient observable inputs. Movements from Level II to Level III was based on the back-testing of historical sales transactions performed by the Manager, which did not provide sufficient observable data to meet Level II versus Level III criteria, resulting in the movement from Level II to Level III. Movements form Level III to Level II was based on information received from a third party pricing service which, along with the back-testing of historical sales transactions performed by the Manager, which provided the sufficient observable data for the movement from Level III to Level II. The Company did not have transfers between either Level I and Level II or Level I and Level III for the years ended December 31, 2018 and December 31, 2017 . Other Fair Value Disclosures Certain Residential Bridge Loans, repurchase agreement borrowings and convertible senior unsecured notes are not carried at fair value in the consolidated financial statements. The following table presents the carrying value and estimated fair value of the Company’s financial instruments that are not carried at fair value, as of December 31, 2018 and December 31, 2017 , in the consolidated financial statements (dollars in thousands): Year ended December 31, 2018 December 31, 2017 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Assets Residential Bridge Loans $ 9,720 $ 9,603 $ 42,147 $ 42,881 Total $ 9,720 $ 9,603 $ 42,147 $ 42,881 Liabilities Borrowings under repurchase agreements $ 2,818,837 $ 2,823,615 $ 3,251,686 $ 3,257,956 Convertible senior unsecured notes 110,060 108,531 108,743 114,819 Total $ 2,928,897 $ 2,932,146 $ 3,360,429 $ 3,372,775 "Due from counterparties" and "Due to counterparties" in the Company’s Consolidated Balance Sheets are reflected at cost which approximates fair value. Residential Bridge Loans The fair values of the Residential Bridge Loans are based upon prices obtained from an independent third party pricing service that specializes in loan valuation, utilizing a valuation model that is calibrated to recent loan trade execution. Their valuation methodology uses a discounted cash flow model and incorporates commonly used market pricing methods, including LTV, debt to income, maturity, interest rates, collateral location, and unpaid principal balance, prepayment penalties, FICO scores, lien position and times late. Due to the inherent uncertainty of such valuation, the fair values established for residential bridge loans held by the Company may differ from the fair values that would have been established if a readily available market existed for these loans. Accordingly, the Company's loans are classified as Level III. Borrowings under repurchase agreements The fair values of the borrowings under repurchase agreements are based on a net present value technique. This method discounts future estimated cash flows using rates the Company determined best estimates current market interest rates that would be offered for loans with similar characteristics and credit quality. The use of different market assumptions or estimation methodologies could have a material effect on the fair value amounts. This fair value measurement is based on observable inputs, and as such, are classified as Level II. Convertible senior unsecured notes The fair value of the convertible senior unsecured notes is based on quoted market prices. Accordingly, the Company's convertible senior unsecured notes are classified as Level I.

Mortgage-Backed Securities and

Mortgage-Backed Securities and other securities	12 Months Ended
	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Mortgage-Backed Securities and other securities	10 years and < or equal to 20 years > 20 years and < or equal to 30 years > 30 years Total Agency RMBS Interest-Only Strips $ 3,577 $ 2,402 $ 6,156 $ — $ 12,135 Agency RMBS Interest-Only Strips, accounted for as derivatives 1,089 4,053 2,560 — 7,702 Agency CMBS 1,101,820 380,164 — — 1,481,984 Agency CMBS Interest-Only Strips, accounted for as derivatives — — — 4,158 — 4,158 Subtotal Agency 1,106,486 386,619 8,716 4,158 1,505,979 Non-Agency RMBS — — 8,540 30,486 39,026 Non-Agency RMBS Interest-Only Strips — — 4,310 7,219 11,529 Non-Agency CMBS 28,754 53,653 72,921 44,973 200,301 Subtotal Non-Agency 28,754 53,653 85,771 82,678 250,856 Other securities 7,698 26,020 — 26,188 59,906 Total $ 1,142,938 $ 466,292 $ 94,487 $ 113,024 $ 1,816,741 December 31, 2017 < or equal to 10 years > 10 years and < or equal to 20 years > 20 years and < or equal to 30 years > 30 years Total Agency RMBS $ — $ 56,228 $ 239,197 $ 376,752 $ 672,177 Agency RMBS Interest-Only Strips 3,920 4,591 6,926 — 15,437 Agency RMBS Interest-Only Strips, accounted for as derivatives 1,686 5,139 3,594 — 10,419 Agency CMBS 1,599,620 555,180 — — 2,154,800 Agency CMBS Interest-Only Strips 10 — — — 10 Agency CMBS Interest-Only Strips, accounted for as derivatives — — — 5,757 5,757 Subtotal Agency 1,605,236 621,138 249,717 382,509 2,858,600 Non-Agency RMBS 13 51,092 4,184 35,543 90,832 Non-Agency RMBS Interest-Only Strips — — — 8,722 8,722 Non-Agency CMBS — 60,583 139,209 78,812 278,604 Subtotal Non-Agency 13 111,675 143,393 123,077 378,158 Other securities — 99,062 — 23,003 122,065 Total $ 1,605,249 $ 831,875 $ 393,110 $ 528,589 $ 3,358,823 The following tables present the gross unrealized losses and estimated fair value of the Company's MBS and other securities by length of time that such securities have been in a continuous unrealized loss position at December 31, 2018 and December 31, 2017 (dollars in thousands): December 31, 2018 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Agency RMBS Interest-Only Strips $ 3,277 $ (124 ) 7 $ 3,917 $ (283 ) 9 $ 7,194 $ (407 ) 16 Agency CMBS 29,413 (307 ) 3 879,549 (29,287 ) 72 908,962 (29,594 ) 75 Subtotal Agency 32,690 (431 ) 10 883,466 (29,570 ) 81 916,156 (30,001 ) 91 Non-Agency RMBS — — — 500 — 1 500 — 1 Non-Agency RMBS Interest-Only Strips 957 (7 ) 2 — — — 957 (7 ) 2 Non-Agency CMBS 65,339 (712 ) 7 19,323 (1,933 ) 3 84,662 (2,645 ) 10 Subtotal Non-Agency 66,296 (719 ) 9 19,823 (1,933 ) 4 86,119 (2,652 ) 13 Other securities 15,208 (390 ) 2 — — — 15,208 (390 ) 2 Total $ 114,194 $ (1,540 ) 21 $ 903,289 $ (31,503 ) 85 $ 1,017,483 $ (33,043 ) 106 December 31, 2017 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Agency RMBS $ 330,259 $ (2,179 ) 11 $ 1,632 $ (135 ) 5 $ 331,891 $ (2,314 ) 16 Agency RMBS Interest-Only Strips 3,095 (142 ) 6 1,703 (49 ) 3 4,798 (191 ) 9 Agency CMBS 955,559 (9,394 ) 57 — — — 955,559 (9,394 ) 57 Subtotal Agency 1,288,913 (11,715 ) 74 3,335 (184 ) 8 1,292,248 (11,899 ) 82 Non-Agency RMBS 28,508 (161 ) 3 — — — 28,508 (161 ) 3 Non-Agency RMBS Interest-Only Strips 8,722 (16 ) 3 — — — 8,722 (16 ) 3 Non-Agency CMBS 69,661 (1,753 ) 15 119,729 (13,379 ) 35 189,390 (15,132 ) 50 Subtotal Non-Agency 106,891 (1,930 ) 21 119,729 (13,379 ) 35 226,620 (15,309 ) 56 Other securities 23,800 (187 ) 3 — — — 23,800 (187 ) 3 Total $ 1,419,604 $ (13,832 ) 98 $ 123,064 $ (13,563 ) 43 $ 1,542,668 $ (27,395 ) 141 At December 31, 2018 and December 31, 2017 , the Company did not intend to sell any of its MBS and other securities that were in an unrealized loss position, and it is “more likely than not” that the Company will not be required to sell these MBS and other securities before recovery of their amortized cost basis, which may be at their maturity. Generally, the Company records OTTI when the credit quality of the underlying collateral deteriorates, and or the scheduled payments are faster than previously projected. The credit deterioration could be as a result of, but not limited to, increased projected realized losses, foreclosures, delinquencies and the likelihood of the borrower being able to make payments in the future. Generally, a prepayment occurs when a loan has a higher interest rate relative to current interest rates and lenders are willing to extend credit at the lower current interest rate or the underlying collateral for the loan is sold or transferred. Refer to Note 2 "Summary of Significant Accounting Policies - Mortgage-Backed Securities and Other Securities." The following table presents the OTTI the Company recorded on its securities portfolio (dollars in thousands): For the year ended December 31, 2018 For the year ended December 31, 2017 For the year ended December 31, 2016 Agency RMBS $ 807 $ 5,774 $ 6,090 Non-Agency RMBS 996 — 9,511 Non-Agency CMBS 8,660 15,117 13,025 Other securities 717 1,982 3,660 Total $ 11,180 $ 22,873 $ 32,286 (1) Normally, unrealized losses on Agency securities (excluding Agency IO's) with the explicit guarantee of principal and interest by the governmental sponsored entity are not credit losses but rather due to changes in interest rates and prepayment expectations. These securities would not be considered other than temporarily impaired provided the Company did not intend to sell the security. For the three years ended December 31, 2018 , December 31, 2017 and December 31, 2016 , $0 , $4.7 million and $4.4 million , respectively, of OTTI related to Agency RMBS securities the Company intended to sell. The following table presents components of interest income on the Company's MBS and other securities (dollars in thousands) for the three years ended December 31, 2018 , December 31, 2017 and December 31, 2016 , respectively: For the year ended December 31, 2018 For the year ended December 31, 2017 For the year ended December 31, 2016 Coupon Interest Net (Premium Amortization/ Amortization Basis) Discount Amortization Interest Income Coupon Interest Net (Premium Amortization/ Amortization Basis) Discount Amortization Interest Income Coupon Interest Net (Premium Amortization/ Amortization Basis) Discount Amortization Interest Income Agency RMBS $ 19,507 $ (5,092 ) $ 14,415 $ 38,108 $ (13,058 ) $ 25,050 $ 70,467 $ (24,836 ) $ 45,631 Agency CMBS 60,148 (646 ) 59,502 40,064 507 40,571 2,619 (1,701 ) 918 Non-Agency RMBS 7,120 (1,073 ) 6,047 5,602 525 6,127 35,221 (5,243 ) 29,978 Non-Agency CMBS 20,058 6,366 26,424 19,179 8,276 27,455 24,893 7,431 32,324 Other securities 14,805 (6,371 ) 8,434 8,280 1,559 9,839 2,537 2,977 5,514 Total $ 121,638 $ (6,816 ) $ 114,822 $ 111,233 $ (2,191 ) $ 109,042 $ 135,737 $ (21,372 ) $ 114,365 The following tables present the sales and realized gains (losses) of the Company's MBS and other securities (dollars in thousands) for the three years ended December 31, 2018 , December 31, 2017 and December 31, 2016 , respectively: For the year ended December 31, 2018 Proceeds Gross Gains Gross Losses Net Gain (Loss) Agency RMBS $ 589,854 $ 18 $ (23,997 ) $ (23,979 ) Agency CMBS 1,534,967 — (51,045 ) (51,045 ) Non-Agency RMBS 99,842 7,008 (478 ) 6,530 Non-Agency CMBS 140,292 3,086 (6,201 ) (3,115 ) Other securities 65,099 8,400 — 8,400 Total $ 2,430,054 $ 18,512 $ (81,721 ) $ (63,209 ) For the year ended December 31, 2017 Proceeds Gross Gains Gross Losses Net Gain (Loss) Agency RMBS (1) $ 1,251,985 $ 5,020 $ (7,936 ) $ (2,916 ) Non-Agency RMBS (2) 243,838 24,356 (2,241 ) 22,115 Non-Agency CMBS 54,875 2,543 (1,803 ) 740 Other securities 38,447 713 (54 ) 659 Total $ 1,589,145 $ 32,632 $ (12,034 ) $ 20,598 (1) Excludes proceeds for Agency RMBS Interest-Only Strips, accounted for as derivatives, of approximately $2.6 million and gross realized gains of approximately $432 thousand . (2) Excludes proceeds for Non-Agency RMBS Interest-Only Strips, accounted for as derivatives, of approximately $2.2 million , gross realized gains of $274 thousand and gross realized losses of $180 thousand . For the year ended December 31, 2016 Proceeds Gross Gains Gross Losses Net Gain (Loss) Agency RMBS (1) $ 1,239,350 $ 6,214 $ (25,818 ) $ (19,604 ) Agency CMBS 22,939 54 (66 ) (12 ) Non-Agency RMBS 177,996 6,470 (4,560 ) 1,910 Non-Agency CMBS 50,418 137 (5,810 ) (5,673 ) Other securities 764,711 3,496 (2,108 ) 1,388 Total $ 2,255,414 $ 16,371 $ (38,362 ) $ (21,991 ) (1) Excludes proceeds for Agency RMBS Interest-Only Strips, accounted for as derivatives, of approximately $18.5 million , gross realized gains of $1.9 million and gross realized losses of $595 thousand . Unconsolidated CMBS VIEs The Company’s economic interests held in unconsolidated CMBS VIEs are limited in nature to those of a passive holder of CMBS issued by securitization trusts; the Company was not involved in the design or creation of the securitization trusts. The Company evaluates its CMBS holdings for potential consolidation of the securitized trust, in which it owns the most subordinate tranche or a portion of the controlling class. As of December 31, 2018 and December 31, 2017 , the Company had seven and three investments in CMBS VIEs, respectively, in which it either owned the most subordinate class or a portion of the controlling class. The Company determined it was not the primary beneficiary and accordingly, the CMBS VIEs were not consolidated in the Company’s consolidated financial statements. As of December 31, 2018 and December 31, 2017 , the Company’s maximum exposure to loss from these variable interests did not exceed the carrying value of these investments of the $118.4 million and $62.1 million . These investments are classified in "Non-Agency mortgage-backed securities, at fair value" in the Company’s Consolidated Balance Sheets. Further, as of December 31, 2018 and December 31, 2017 , the Company did not guarantee any obligations of unconsolidated entities or enter into any commitment or intent to provide funding to any such entities." id="sjs-B4">Mortgage-Backed Securities and other securities The following tables present certain information about the Company's investment portfolio at December 31, 2018 and December 31, 2017 (dollars in thousands). December 31, 2018 Principal Balance Unamortized Premium (Discount), net Discount Designated as Credit Reserve and OTTI Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Net Weighted Average Coupon Agency RMBS Interest-Only Strips (1) N/A N/A N/A 11,480 1,062 (407 ) 12,135 2.2 % Agency RMBS Interest-Only Strips, accounted for as derivatives (1)(2) N/A N/A N/A N/A N/A N/A 7,702 2.9 % Subtotal Agency RMBS — — — 11,480 1,062 (407 ) 19,837 2.5 % Agency CMBS 1,493,675 5,820 — 1,499,495 12,083 (29,594 ) 1,481,984 3.3 % Agency CMBS Interest-Only Strips, accounted for as derivatives (1)(2) N/A N/A N/A N/A N/A N/A 4,158 0.4 % Subtotal Agency CMBS 1,493,675 5,820 — 1,499,495 12,083 (29,594 ) 1,486,142 3.0 % Subtotal Agency MBS 1,493,675 5,820 — 1,510,975 13,145 (30,001 ) 1,505,979 2.9 % Non-Agency RMBS 54,887 6,909 (23,731 ) 38,065 961 — 39,026 4.8 % Non-Agency RMBS Interest- Only Strips (1) N/A N/A N/A 11,154 382 (7 ) 11,529 0.6 % Subtotal Non-Agency RMBS 54,887 6,909 (23,731 ) 49,219 1,343 (7 ) 50,555 1.0 % Non-Agency CMBS 240,431 (20,317 ) (22,189 ) 197,925 5,021 (2,645 ) 200,301 5.9 % Subtotal Non-Agency MBS 295,318 (13,408 ) (45,920 ) 247,144 6,364 (2,652 ) 250,856 2.4 % Other securities (3) 47,042 (1,129 ) (7,603 ) 55,284 5,012 (390 ) 59,906 9.0 % Total $ 1,836,035 $ (8,717 ) $ (53,523 ) $ 1,813,403 $ 24,521 $ (33,043 ) $ 1,816,741 2.9 % December 31, 2017 Principal Balance Unamortized Premium (Discount), net Discount Designated as Credit Reserve and OTTI Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Net Weighted Average Coupon Agency RMBS $ 641,044 $ 28,876 $ — $ 669,920 $ 4,571 $ (2,314 ) $ 672,177 3.9 % Agency RMBS Interest-Only Strips (1) N/A N/A N/A 14,750 878 (191 ) 15,437 2.9 % Agency RMBS Interest-Only Strips, accounted for as derivatives (1)(2) N/A N/A N/A N/A N/A N/A 10,419 2.9 % Subtotal Agency RMBS 641,044 28,876 — 684,670 5,449 (2,505 ) 698,033 3.6 % Agency CMBS 2,145,139 2,142 — 2,147,281 16,913 (9,394 ) 2,154,800 2.9 % Agency CMBS Interest-Only Strips (1) N/A N/A N/A — 10 — 10 3.2 % Agency CMBS Interest-Only Strips, accounted for as derivatives (1)(2) N/A N/A N/A N/A N/A N/A 5,757 0.5 % Subtotal Agency CMBS 2,145,139 2,142 — 2,147,281 16,923 (9,394 ) 2,160,567 2.7 % Subtotal Agency MBS 2,786,183 31,018 — 2,831,951 22,372 (11,899 ) 2,858,600 3.0 % Non-Agency RMBS 119,748 5,263 (39,491 ) 85,520 5,473 (161 ) 90,832 3.8 % Non-Agency RMBS Interest- Only Strips (1) N/A N/A N/A 8,738 — (16 ) 8,722 0.9 % Subtotal Non-Agency RMBS 119,748 5,263 (39,491 ) 94,258 5,473 (177 ) 99,554 1.8 % Non-Agency CMBS 379,183 (59,129 ) (28,020 ) 292,034 1,702 (15,132 ) 278,604 4.8 % Subtotal Non-Agency MBS 498,931 (53,866 ) (67,511 ) 386,292 7,175 (15,309 ) 378,158 3.3 % Other securities (3) 86,305 6,300 (5,404 ) 110,091 12,161 (187 ) 122,065 7.8 % Total $ 3,371,419 $ (16,548 ) $ (72,915 ) $ 3,328,334 $ 41,708 $ (27,395 ) $ 3,358,823 3.1 % (1) IOs and IIOs have no principal balances and bear interest based on a notional balance. The notional balance is used solely to determine interest distributions on interest-only class of securities. At December 31, 2018 , the notional balance for Agency RMBS IOs and IIOs, Non-Agency RMBS IOs and IIOs, Agency RMBS IOs and IIOs, accounted for as derivatives, and Agency CMBS IOs and IIOs, accounted for as derivatives was $158.8 million , $519.9 million , $89.8 million and $172.2 million , respectively. At December 31, 2017 , the notional balance for Agency RMBS IOs and IIOs, Non-Agency RMBS IOs and IIOs, Agency RMBS IOs and IIOS, accounted for as derivatives, Agency CMBS IOs and IIOs, accounted for as derivatives and Agency CMBS IOs and IIOs was $165.5 million , $278.4 million , $122.0 million , $192.5 million and $3.3 million , respectively. (2) Interest on these securities is reported as a component of "Gain (loss) on derivative instruments, net" in the Consolidated Statements of Operations. (3) Other securities include residual interests in asset-backed securities which have no principal balance and an amortized cost of approximately $17.0 million and $22.9 million , as of December 31, 2018 and December 31, 2017 , respectively. As of December 31, 2018 and December 31, 2017 , the weighted average expected remaining term of the MBS and other securities investment portfolio was 8.5 years and 8.6 years , respectively. The following table presents the changes in the components of the Company's purchase discount and amortizable premium on its Non-Agency RMBS, Non-Agency CMBS and other securities for the years ended December 31, 2018 , December 31, 2017 and December 31, 2016 (dollars in thousands): Year ended December 31, 2018 Year ended December 31, 2017 Year ended December 31, 2016 Discount Designated as Credit Reserve and OTTI Accretable Discount (1) Amortizable Premium (1) Discount Designated as Accretable Discount (1) Amortizable Premium (1) Discount Designated as Credit Reserve and OTTI Accretable Discount (1) Amortizable Premium (1) Beginning balance $ (72,915 ) $ (68,438 ) $ 20,872 $ (130,484 ) $ (109,822 ) $ 44,527 $ (152,750 ) $ (145,532 ) $ 56,163 Accretion of discount — 7,137 — — 10,715 — — 17,431 — Amortization of premium — — (675 ) — — (843 ) — — (5,470 ) Realized credit losses 5,863 — — 2,391 — — 7,697 — — Purchases (7,182 ) (6,473 ) 435 (19,385 ) (1,205 ) 7,259 (15,792 ) (2,945 ) 5,266 Sales 32,301 40,338 (9,590 ) 89,628 33,166 (31,118 ) 39,117 35,605 (12,156 ) Net impairment losses recognized in earnings (9,733 ) — — (15,310 ) — — (22,413 ) — — Transfers/release of credit reserve (2) (1,857 ) (2,029 ) 3,886 245 (1,292 ) 1,047 13,657 (14,381 ) 724 Ending balance $ (53,523 ) $ (29,465 ) $ 14,928 $ (72,915 ) $ (68,438 ) $ 20,872 $ (130,484 ) $ (109,822 ) $ 44,527 (1) Together with coupon interest, accretable purchase discount and amortizable premium is recognized as interest income over the life of the security. (2) Subsequent reductions of a security's non-accretable discount results in a corresponding reduction in its amortizable premium. The following tables present the fair value and contractual maturities of the Company's investment securities at December 31, 2018 and December 31, 2017 (dollars in thousands): December 31, 2018 < or equal to 10 years > 10 years and < or equal to 20 years > 20 years and < or equal to 30 years > 30 years Total Agency RMBS Interest-Only Strips $ 3,577 $ 2,402 $ 6,156 $ — $ 12,135 Agency RMBS Interest-Only Strips, accounted for as derivatives 1,089 4,053 2,560 — 7,702 Agency CMBS 1,101,820 380,164 — — 1,481,984 Agency CMBS Interest-Only Strips, accounted for as derivatives — — — 4,158 — 4,158 Subtotal Agency 1,106,486 386,619 8,716 4,158 1,505,979 Non-Agency RMBS — — 8,540 30,486 39,026 Non-Agency RMBS Interest-Only Strips — — 4,310 7,219 11,529 Non-Agency CMBS 28,754 53,653 72,921 44,973 200,301 Subtotal Non-Agency 28,754 53,653 85,771 82,678 250,856 Other securities 7,698 26,020 — 26,188 59,906 Total $ 1,142,938 $ 466,292 $ 94,487 $ 113,024 $ 1,816,741 December 31, 2017 < or equal to 10 years > 10 years and < or equal to 20 years > 20 years and < or equal to 30 years > 30 years Total Agency RMBS $ — $ 56,228 $ 239,197 $ 376,752 $ 672,177 Agency RMBS Interest-Only Strips 3,920 4,591 6,926 — 15,437 Agency RMBS Interest-Only Strips, accounted for as derivatives 1,686 5,139 3,594 — 10,419 Agency CMBS 1,599,620 555,180 — — 2,154,800 Agency CMBS Interest-Only Strips 10 — — — 10 Agency CMBS Interest-Only Strips, accounted for as derivatives — — — 5,757 5,757 Subtotal Agency 1,605,236 621,138 249,717 382,509 2,858,600 Non-Agency RMBS 13 51,092 4,184 35,543 90,832 Non-Agency RMBS Interest-Only Strips — — — 8,722 8,722 Non-Agency CMBS — 60,583 139,209 78,812 278,604 Subtotal Non-Agency 13 111,675 143,393 123,077 378,158 Other securities — 99,062 — 23,003 122,065 Total $ 1,605,249 $ 831,875 $ 393,110 $ 528,589 $ 3,358,823 The following tables present the gross unrealized losses and estimated fair value of the Company's MBS and other securities by length of time that such securities have been in a continuous unrealized loss position at December 31, 2018 and December 31, 2017 (dollars in thousands): December 31, 2018 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Agency RMBS Interest-Only Strips $ 3,277 $ (124 ) 7 $ 3,917 $ (283 ) 9 $ 7,194 $ (407 ) 16 Agency CMBS 29,413 (307 ) 3 879,549 (29,287 ) 72 908,962 (29,594 ) 75 Subtotal Agency 32,690 (431 ) 10 883,466 (29,570 ) 81 916,156 (30,001 ) 91 Non-Agency RMBS — — — 500 — 1 500 — 1 Non-Agency RMBS Interest-Only Strips 957 (7 ) 2 — — — 957 (7 ) 2 Non-Agency CMBS 65,339 (712 ) 7 19,323 (1,933 ) 3 84,662 (2,645 ) 10 Subtotal Non-Agency 66,296 (719 ) 9 19,823 (1,933 ) 4 86,119 (2,652 ) 13 Other securities 15,208 (390 ) 2 — — — 15,208 (390 ) 2 Total $ 114,194 $ (1,540 ) 21 $ 903,289 $ (31,503 ) 85 $ 1,017,483 $ (33,043 ) 106 December 31, 2017 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Agency RMBS $ 330,259 $ (2,179 ) 11 $ 1,632 $ (135 ) 5 $ 331,891 $ (2,314 ) 16 Agency RMBS Interest-Only Strips 3,095 (142 ) 6 1,703 (49 ) 3 4,798 (191 ) 9 Agency CMBS 955,559 (9,394 ) 57 — — — 955,559 (9,394 ) 57 Subtotal Agency 1,288,913 (11,715 ) 74 3,335 (184 ) 8 1,292,248 (11,899 ) 82 Non-Agency RMBS 28,508 (161 ) 3 — — — 28,508 (161 ) 3 Non-Agency RMBS Interest-Only Strips 8,722 (16 ) 3 — — — 8,722 (16 ) 3 Non-Agency CMBS 69,661 (1,753 ) 15 119,729 (13,379 ) 35 189,390 (15,132 ) 50 Subtotal Non-Agency 106,891 (1,930 ) 21 119,729 (13,379 ) 35 226,620 (15,309 ) 56 Other securities 23,800 (187 ) 3 — — — 23,800 (187 ) 3 Total $ 1,419,604 $ (13,832 ) 98 $ 123,064 $ (13,563 ) 43 $ 1,542,668 $ (27,395 ) 141 At December 31, 2018 and December 31, 2017 , the Company did not intend to sell any of its MBS and other securities that were in an unrealized loss position, and it is “more likely than not” that the Company will not be required to sell these MBS and other securities before recovery of their amortized cost basis, which may be at their maturity. Generally, the Company records OTTI when the credit quality of the underlying collateral deteriorates, and or the scheduled payments are faster than previously projected. The credit deterioration could be as a result of, but not limited to, increased projected realized losses, foreclosures, delinquencies and the likelihood of the borrower being able to make payments in the future. Generally, a prepayment occurs when a loan has a higher interest rate relative to current interest rates and lenders are willing to extend credit at the lower current interest rate or the underlying collateral for the loan is sold or transferred. Refer to Note 2 "Summary of Significant Accounting Policies - Mortgage-Backed Securities and Other Securities." The following table presents the OTTI the Company recorded on its securities portfolio (dollars in thousands): For the year ended December 31, 2018 For the year ended December 31, 2017 For the year ended December 31, 2016 Agency RMBS $ 807 $ 5,774 $ 6,090 Non-Agency RMBS 996 — 9,511 Non-Agency CMBS 8,660 15,117 13,025 Other securities 717 1,982 3,660 Total $ 11,180 $ 22,873 $ 32,286 (1) Normally, unrealized losses on Agency securities (excluding Agency IO's) with the explicit guarantee of principal and interest by the governmental sponsored entity are not credit losses but rather due to changes in interest rates and prepayment expectations. These securities would not be considered other than temporarily impaired provided the Company did not intend to sell the security. For the three years ended December 31, 2018 , December 31, 2017 and December 31, 2016 , $0 , $4.7 million and $4.4 million , respectively, of OTTI related to Agency RMBS securities the Company intended to sell. The following table presents components of interest income on the Company's MBS and other securities (dollars in thousands) for the three years ended December 31, 2018 , December 31, 2017 and December 31, 2016 , respectively: For the year ended December 31, 2018 For the year ended December 31, 2017 For the year ended December 31, 2016 Coupon Interest Net (Premium Amortization/ Amortization Basis) Discount Amortization Interest Income Coupon Interest Net (Premium Amortization/ Amortization Basis) Discount Amortization Interest Income Coupon Interest Net (Premium Amortization/ Amortization Basis) Discount Amortization Interest Income Agency RMBS $ 19,507 $ (5,092 ) $ 14,415 $ 38,108 $ (13,058 ) $ 25,050 $ 70,467 $ (24,836 ) $ 45,631 Agency CMBS 60,148 (646 ) 59,502 40,064 507 40,571 2,619 (1,701 ) 918 Non-Agency RMBS 7,120 (1,073 ) 6,047 5,602 525 6,127 35,221 (5,243 ) 29,978 Non-Agency CMBS 20,058 6,366 26,424 19,179 8,276 27,455 24,893 7,431 32,324 Other securities 14,805 (6,371 ) 8,434 8,280 1,559 9,839 2,537 2,977 5,514 Total $ 121,638 $ (6,816 ) $ 114,822 $ 111,233 $ (2,191 ) $ 109,042 $ 135,737 $ (21,372 ) $ 114,365 The following tables present the sales and realized gains (losses) of the Company's MBS and other securities (dollars in thousands) for the three years ended December 31, 2018 , December 31, 2017 and December 31, 2016 , respectively: For the year ended December 31, 2018 Proceeds Gross Gains Gross Losses Net Gain (Loss) Agency RMBS $ 589,854 $ 18 $ (23,997 ) $ (23,979 ) Agency CMBS 1,534,967 — (51,045 ) (51,045 ) Non-Agency RMBS 99,842 7,008 (478 ) 6,530 Non-Agency CMBS 140,292 3,086 (6,201 ) (3,115 ) Other securities 65,099 8,400 — 8,400 Total $ 2,430,054 $ 18,512 $ (81,721 ) $ (63,209 ) For the year ended December 31, 2017 Proceeds Gross Gains Gross Losses Net Gain (Loss) Agency RMBS (1) $ 1,251,985 $ 5,020 $ (7,936 ) $ (2,916 ) Non-Agency RMBS (2) 243,838 24,356 (2,241 ) 22,115 Non-Agency CMBS 54,875 2,543 (1,803 ) 740 Other securities 38,447 713 (54 ) 659 Total $ 1,589,145 $ 32,632 $ (12,034 ) $ 20,598 (1) Excludes proceeds for Agency RMBS Interest-Only Strips, accounted for as derivatives, of approximately $2.6 million and gross realized gains of approximately $432 thousand . (2) Excludes proceeds for Non-Agency RMBS Interest-Only Strips, accounted for as derivatives, of approximately $2.2 million , gross realized gains of $274 thousand and gross realized losses of $180 thousand . For the year ended December 31, 2016 Proceeds Gross Gains Gross Losses Net Gain (Loss) Agency RMBS (1) $ 1,239,350 $ 6,214 $ (25,818 ) $ (19,604 ) Agency CMBS 22,939 54 (66 ) (12 ) Non-Agency RMBS 177,996 6,470 (4,560 ) 1,910 Non-Agency CMBS 50,418 137 (5,810 ) (5,673 ) Other securities 764,711 3,496 (2,108 ) 1,388 Total $ 2,255,414 $ 16,371 $ (38,362 ) $ (21,991 ) (1) Excludes proceeds for Agency RMBS Interest-Only Strips, accounted for as derivatives, of approximately $18.5 million , gross realized gains of $1.9 million and gross realized losses of $595 thousand . Unconsolidated CMBS VIEs The Company’s economic interests held in unconsolidated CMBS VIEs are limited in nature to those of a passive holder of CMBS issued by securitization trusts; the Company was not involved in the design or creation of the securitization trusts. The Company evaluates its CMBS holdings for potential consolidation of the securitized trust, in which it owns the most subordinate tranche or a portion of the controlling class. As of December 31, 2018 and December 31, 2017 , the Company had seven and three investments in CMBS VIEs, respectively, in which it either owned the most subordinate class or a portion of the controlling class. The Company determined it was not the primary beneficiary and accordingly, the CMBS VIEs were not consolidated in the Company’s consolidated financial statements. As of December 31, 2018 and December 31, 2017 , the Company’s maximum exposure to loss from these variable interests did not exceed the carrying value of these investments of the $118.4 million and $62.1 million . These investments are classified in "Non-Agency mortgage-backed securities, at fair value" in the Company’s Consolidated Balance Sheets. Further, as of December 31, 2018 and December 31, 2017 , the Company did not guarantee any obligations of unconsolidated entities or enter into any commitment or intent to provide funding to any such entities.

Residential Whole Loans and Bri

Residential Whole Loans and Bridge Loans	12 Months Ended
	Dec. 31, 2018
Variable Interest Entities
Residential Whole Loans and Bridge Loans	Residential Whole Loans and Bridge Loans Residential Whole-Loan Trusts The consolidated financial statements include the consolidation of Revolving Mortgage Investment Trust 2015-1QR2 ("RMI 2015 Trust") since it met the definition of a VIE and the Company determined that it was the primary beneficiary of the trust because it was involved in the design of the trust, has oversight rights on defaulted assets and has other significant decision making powers. In addition, the Company has the obligation to absorb losses to the extent of its ownership interest and the right to receive benefits from the trust that could potentially be significant to the trust. RMI 2015 Trust has issued a trust certificate that is wholly owned by the Company and represents the entire beneficial interest in pools of Non-QM Residential Whole Loans and the Commercial Loan held by the trust. As of December 31, 2018 and 2017 , the Company financed the trust certificate with $618.7 million and $189.3 million , respectively, of repurchase agreement borrowings, which is a liability held outside the trust. The Company classifies the underlying Residential Whole Loans owned by the trust in "Residential Whole Loans, at fair value" and the Commercial Loan in "Commercial Loans, at fair value" in the Consolidated Balance Sheets and has eliminated the intercompany trust certificate in consolidation. Refer to Note 6 - "Commercial Real Estate Investments" for details on the commercial real estate mortgage loan. In August 2018, the Company formed Revolving Mortgage Investment Trust 2018-RCR ("RCR Trust") to acquire conforming Residential Whole Loans. The Company determined that RCR Trust was a VIE and that the Company was the primary beneficiary of the trust because it was involved in the design of the trust of the trust, has oversight rights on defaulted assets and has other significant decision making powers. In addition, the Company has the obligation to absorb losses to the extent of its ownership interest and the right to receive benefits from the trust that could potentially be significant to the trust. As of December 31, 2018 , the Company financed the trust certificate with $250.4 million of repurchase agreement borrowings, which is a liability held outside the trust. The Company classifies the underlying conforming mortgages owned by the trust in "Residential Whole Loans, at fair value" in the Consolidated Balance Sheets. The Company has eliminated the intercompany trust certificate in consolidation. In September 2018, the Company formed Revolving Mortgage Investment Trust 2018-RNR ("RNR Trust") to acquire Non-QM Residential Whole Loans. The Company determined that RNR Trust was a VIE and that the Company was the primary beneficiary because it was involved in the design of the trust, has oversight rights on defaulted assets and has other significant decision making powers. In addition, the Company has the obligation to absorb losses to the extent of its ownership interest and the right to receive benefits from the trust that could potentially be significant to the trust. As of December 31, 2018 , the Company financed the trust certificate with $15.1 million of repurchase agreement borrowings, which is a liability held outside the trust. The Company classifies the underlying Non-QM Residential Whole Loans in "Residential Whole Loans, at fair value" in the Consolidated Balance Sheets. The Company has eliminated the intercompany trust certificate in consolidation. Residential Bridge Loan Trust In February 2017, the Company formed Revolving Mortgage Investment Trust 2017-BRQ1 ("RMI Trust") and acquired the trust certificate, which represents the entire beneficial interest in pools of Residential Bridge Loans and certain Residential Whole Loans held by the trust. Residential Bridge Loans are mortgage loans secured by residences, typically short-term. The Company determined that RMI Trust was a VIE and that the Company was the primary beneficiary because it was involved in the design of the trust, has oversight rights on defaulted assets and has other significant decision making powers. In addition, the Company has the obligation to absorb losses to the extent of its ownership interest and the right to receive benefits from the trust that could potentially be significant to the trust. As of December 31, 2018 and December 31, 2017 , the Company financed the trust certificate with $207.5 million and $100.2 million , respectively, of repurchase agreement borrowings, which is a liability held outside the trust. The Company classifies both the underlying Residential Bridge Loans carried at amortized cost and the Residential Bridge Loans that it elected the fair value option in "Residential Bridge Loans" and the Residential Whole Loans in "Residential Whole Loans, at fair value" in the Consolidated Balance Sheets. The Company has eliminated the intercompany trust certificate in consolidation. Consolidated Residential Whole-Loan and Residential Bridge Loan Trusts The Company assesses modifications to VIEs on an ongoing basis to determine if a significant reconsideration event has occurred that would change the Company’s initial consolidation assessment. The three consolidated Residential Whole-Loan trusts collectively hold 2,769 Residential Whole Loans and one commercial loan and the consolidated Bridge Loan Trust holds 518 Residential Bridge Loans and 13 Residential Whole Loans as of December 31, 2018 . The following table presents a summary of the assets and liabilities of the consolidated residential whole-loan trusts and residential bridge loan trust included in the Consolidated Balance Sheets as of December 31, 2018 and December 31, 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Cash and cash equivalents $ 674 $ — Residential Whole-Loans, at fair value ($1,041,885 and $237,423 pledged as collateral, at fair value, respectively) 1,041,885 237,423 Residential Bridge Loans ($211,766 and $64,526 at fair value and $221,486 and $106,673 pledged as collateral, respectively) 221,486 106,673 Commercial Loan, at fair value 30,000 — Investment related receivable 42,945 7,665 Accrued interest receivable 11,807 3,197 Other assets 178 — Total assets $ 1,348,975 $ 354,958 Accounts payable and accrued expenses 677 188 Other liabilities 225 — Total liabilities $ 902 $ 188 The Company's risk with respect to its investment in each residential loan trust is limited to its direct ownership in the trust. The Residential Whole Loans, Residential Bridge Loans and Commercial Loan held by the consolidated trusts are held solely to satisfy the liabilities of the trust, and creditors of the trust have no recourse to the general credit of the Company. The Company is not contractually required and has not provided any additional financial support to the trusts for the years ended December 31, 2018 and December 31, 2017 . The following table presents the components of the carrying value of Residential Whole Loans and Residential Bridge Loans as of December 31, 2018 and December 31, 2017 (dollars in thousands): Residential Whole Loans, at Fair Value Residential Bridge Loans, at Fair Value (1) Residential Bridge Loans, at Amortized Cost (1) December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Principal balance $ 1,023,524 $ 232,270 $ 212,491 $ 63,802 $ 9,766 $ 42,066 Unamortized premium 17,629 2,021 1,164 293 16 122 Unamortized discount (3,145 ) (1,190 ) (316 ) (128 ) (62 ) (41 ) Amortized cost 1,038,008 233,101 213,339 63,967 9,720 42,147 Gross unrealized gains 7,573 4,463 212 655 N/A N/A Gross unrealized losses (3,696 ) (141 ) (1,552 ) (96 ) N/A N/A Fair value $ 1,041,885 $ 237,423 $ 211,999 $ 64,526 N/A N/A (1) These loans are classified in "Residential Bridge Loans" in the Consolidated Balance Sheets Residential Whole Loans The Residential Whole Loans have low LTV's and are comprised of 1,888 non-qualifying adjustable rate mortgages, 881 conforming fixed rate mortgages and 13 investor fixed rate mortgages. The following tables present certain information about the Company's Residential Whole Loans investment portfolio at December 31, 2018 and December 31, 2017 (dollars in thousands): December 31, 2018 Weighted Average Current Coupon Rate Number of Loans Principal Balance Original LTV Original FICO Score (1) Expected Life (years) Contractual Maturity (years) Coupon Rate 3.01 - 4.00% 66 $ 22,046 61.6 % 738 6.5 29.0 3.9 % 4.01 - 5.00% 1,395 490,073 62.3 % 739 3.0 29.0 4.8 % 5.01 - 6.00% 1,283 496,722 62.7 % 727 2.5 28.5 5.4 % 6.01 - 7.00% 37 14,589 59.5 % 731 1.5 24.8 6.2 % 7.01 - 8.00% 1 94 70.0 % 689 1.8 29.1 8.0 % Total 2,782 $ 1,023,524 62.4 % 733 2.8 28.7 5.1 % (1) The original FICO score is not available for 274 loans with a principal balance of approximately $93.2 million at December 31, 2018 . The Company has excluded these loans from the weighted average computations. December 31, 2017 Weighted Average Current Coupon Rate Number of Loans Principal Balance Original LTV Original FICO Score (1) Expected Life (years) Contractual Maturity (years) Coupon Rate 3.01 - 4.00% 142 $ 55,593 55.5 % 751 1.7 29.1 3.9 % 4.01 - 5.00% 338 125,860 56.9 % 725 1.4 26.5 4.5 % 5.01 - 6.00% 132 48,553 58.2 % 728 1.6 27.0 5.2 % 6.01 - 7.00% 4 2,264 71.1 % 758 1.3 20.5 6.3 % Total 616 $ 232,270 57.0 % 734 1.5 27.1 4.5 % (1) The original FICO score is not available for 141 loans with a principal balance of approximately $56.5 million at December 31, 2017 . The Company has excluded these loans from the weighted average computations. The following table presents the various states across the United States in which the collateral securing the Company's Residential Whole Loans at December 31, 2018 and December 31, 2017 , based on principal balance, is located (dollars in thousands): December 31, 2018 December 31, 2017 State Concentration Principal Balance State Principal California 67.1 % $ 686,275 California 62.2 % $ 144,321 New York 17.1 % 175,390 New York 24.4 % 56,631 Georgia 2.6 % 26,918 Georgia 4.3 % 10,061 Massachusetts 2.1 % 21,197 Washington 4.0 % 9,244 Florida 1.9 % 19,942 Massachusetts 3.9 % 9,114 Other 9.2 % 93,802 Other 1.2 % 2,899 Total 100.0 % $ 1,023,524 Total 100.0 % $ 232,270 Residential Bridge Loans The Residential Bridge Loans are comprised of short-term non-owner occupied fixed rate loans secured by single or multi-unit residential properties, with LTVs generally not to exceed 85% . The following tables present certain information about the Company’s Residential Bridge Loan investment portfolio at December 31, 2018 and December 31, 2017 (dollars i`n thousands): December 31, 2018 Weighted Average Current Coupon Rate Number of Loans Principal Original LTV Contractual Coupon 6.01 - 7.00% 8 3,169 60.4 % 1.1 6.7 % 7.01 – 8.00% 95 53,911 73.1 % 6.3 7.8 % 8.01 – 9.00% 180 86,764 72.3 % 5.6 8.7 % 9.01 – 10.00% 143 53,804 74.0 % 4.5 9.7 % 10.01 – 11.00% 43 10,150 72.7 % 4.0 10.7 % 11.01 - 12.00% 28 8,274 69.8 % 4.5 11.4 % 12.01 - 13.00% 11 2,743 75.8 % 5.2 12.8 % 13.01 - 14.00% 1 88 65.0 % 4.0 14.0 % 17.01 – 18.00% 11 3,354 73.7 % 2.3 18.0 % Total 520 $ 222,257 72.7 % 5.3 9.1 % December 31, 2017 Weighted Average Current Coupon Rate Number of Loans Principal Original LTV Contractual Coupon 5.01 - 6.00% 9 $ 4,016 64.5 % 10.8 5.9 % 6.01 - 7.00% 64 18,420 67.8 % 10.6 6.7 % 7.01 – 8.00% 98 25,608 66.4 % 9.5 7.6 % 8.01 – 9.00% 56 19,728 70.3 % 11.9 8.9 % 9.01 – 10.00% 67 25,001 73.3 % 6.8 9.7 % 10.01 – 11.00% 36 10,656 75.4 % 5.0 10.8 % 11.01 - 12.00% 2 919 89.8 % 8.2 11.4 % 17.01 – 18.00% 8 1,520 73.8 % 5.9 18.0 % Total 340 $ 105,868 70.1 % 9.0 8.6 % The following table presents the various states across the United States in which the collateral securing the Company’s Residential Bridge Loans at December 31, 2018 and December 31, 2017 , based on principal balance, is located (dollars in thousands): December 31, 2018 December 31, 2017 State Concentration Principal Balance State Concentration Principal Balance California 53.9 % $ 119,761 California 48.2 % $ 51,080 New York 9.5 % 21,160 Florida 13.4 % 14,199 Washington 6.6 % 14,711 Washington 6.3 % 6,645 Florida 5.7 % 12,672 New York 4.4 % 4,703 New Jersey 4.7 % 10,419 Texas 4.4 % 4,660 Other 19.6 % 43,534 Other 23.3 % 24,581 Total 100.0 % $ 222,257 Total 100.0 % $ 105,868 Non-performing Loans Residential Whole Loans As of December 31, 2018 , there were no Residential Whole Loans in non-accrual status. As of December 31, 2017 , there was one Residential Whole-Loan in non-accrual status with a current unpaid principal balance of $579 thousand and a fair value of $570 thousand . This nonperforming loan represented approximately 0.2% of the total outstanding principal balance. No allowance allowance and provision for credit losses as of and for the years ended December 31, 2018 and December 31, 2017 was recorded since the Company elected the fair value option. The Company stopped accruing interest income for this loan when it became contractually 90 days delinquent. Residential Bridge Loans As of December 31, 2018 , there were 3 Residential Bridge Loans carried at amortized cost in non-accrual status with an unpaid principal balance of approximately $1.1 million and 9 Residential Bridge Loans carried at fair value in non-accrual status with an unpaid principal balance of approximately $4.0 million . These nonperforming loans represent approximately 2.3% of the total outstanding principal balance. These loans are collateral dependent with a weighted average original LTV of 70% . As of December 31, 2017 , there were 9 Residential Bridge Loans carried at amortized cost in non-accrual status with an unpaid principal balance of approximately $1.8 million . These nonperforming loans represented approximately 1.7% of the total outstanding principal balance. These loans are collateral dependent with a weighted average original LTV of 74% . No allowance and provision for credit losses for loans carried at amortized costs was recorded as of and for the years ended December 31, 2018 and December 31, 2017 since the fair value of the collateral balance less the cost to sell was in excess of the outstanding principal and interest balances. No allowance and provision for credit losses was recorded for loans carried at fair value as of and for the years ended December 31, 2018 and December 31, 2017 since the Company elected the fair value option. The Company stopped accruing interest income for these loans when they became contractually 90 days delinquent. Commercial Real Estate Investments Securitized Commercial Loans Securitized commercial loans is comprised of commercial loans from consolidated third party sponsored CMBS VIE's. At December 31, 2018 , the Company had variable interests in two CMBS VIEs, CMSC Trust 2015 - Longhouse MZ and RETL 2018- RVP, that it determined it was the primary beneficiary and was required to consolidate. The commercial loans that serve as collateral for the securitized debt issued by these VIEs can only be used to settle the securitized debt. Refer to Note 7 - "Financings" for details on the associated securitized debt. The Company assesses modifications to VIEs on an ongoing basis to determine if a significant reconsideration event has occurred that would change the Company’s initial consolidation assessment. CMSC Trust 2015 - Longhouse MZ In November 2015, the Company acquired a $14.0 million interest in the trust certificate issued by CMSC Trust 2015 - Longhouse MZ (“CMSC Trust”), with an outstanding balance of $13.7 million and a fair value of $13.7 million at December 31, 2018 . The Company determined that CMSC Trust was a VIE and that the Company was the primary beneficiary because it was involved in certain aspects of the design of the trust, has certain oversight rights on defaulted assets and has other significant decision making powers. In addition, the Company has the obligation to absorb losses to the extent of its ownership interest and the right to receive benefits from the trust that the Company believes could potentially be significant to the trust. As the primary beneficiary, the Company was required to consolidate CMSC Trust and accordingly its $13.7 million investment in CMSC Trust was eliminated in consolidation. The CMSC Trust holds a $24.5 million mezzanine loan, which bears an interest rate of 9% , collateralized by interests in commercial real estate. The mezzanine loan serves as collateral for the $24.5 million of trust certificates issued. Refer to Note 7 - "Financings" for details on the associated securitized debt. RETL 2018-RVP In March 2018, the Company acquired a $67.8 million interest in the trust certificate issued by RETL 2018-RVP (“RETL Trust”), which represents the 5% eligible horizontal residual interest under the Credit Risk Retention Rules of Section 15G of the Exchange Act. Under the credit risk retention rules, the Company must retain its investment for five years and is limited in its ability to finance and hedge its investment. The trust certificate's pass-through rate is one month LIBOR plus 9.5% . The outstanding balance and the fair value of the Company's interest in the trust were $50.9 million and $50.2 million , respectively, at December 31, 2018 . The Company determined that RETL Trust was a VIE and that the Company was the primary beneficiary because the Manager was involved in certain aspects of the design of the trust and the Company together with other related party entities own more than 50% of the controlling class. The owner of 50% or more of the controlling class has certain oversight rights on defaulted assets and has other significant decision making powers. In addition, the Company has the obligation to absorb losses to the extent of its ownership interest from the trust that the Company believes could potentially be significant to the trust. As the primary beneficiary, the Company was required to consolidate RETL Trust and accordingly its investment in RETL Trust was eliminated in consolidation. The RETL Trust holds a commercial loan collateralized by first mortgages, deeds of trusts and interests in commercial real estate. The outstanding principal balance on this commercial loan is $988.6 million as of December 31, 2018 . The loan's stated maturity date is February 9, 2021 (subject to the borrower's option to extend the initial stated maturity date for two successive one-year terms) and bears an interest rate of one month LIBOR plus 3.15% . The commercial loan serves as collateral for the $988.6 million of securitized debt issued. Refer to Note 7 - "Financings" for details on the associated securitized debt. Commercial Loans In March 2018, the Company acquired a $20.0 million interest-only mezzanine loan secured by a partnership interest in an entity that owns a hotel. The mezzanine loan has a maturity date of December 9, 2019 with three one -year extension options and bears an interest rate of one month LIBOR plus 6.5% . In June 2018, the Company acquired a $30.0 million interest-only commercial loan. The loan is secured by a hotel. The loan has a maturity date of June 9, 2020 with a one -year extension option and bears an interest rate of one month LIBOR plus 4.5% . On August 3, 2018, the loan was transferred into the RMI 2015 Trust. Commercial Loan Trust Revolving Small Balance Commercial Trust 2018-1 In March 2018, the Company formed the Revolving Small Balance Commercial Trust 2018-1 ("RSBC Trust") to acquire commercial real estate mortgage loans. In March 2018, RSBC Trust acquired a $20.6 million interest-only first lien commercial mortgage loan ("SBC-Loan 1") collateralized by three assisted care living facilities. The loan matures on March 6, 2019 and bears an interest rate of one month LIBOR plus 4.75% . In August 2018, SBC-Loan 1 was paid in full. In July 2018, RSBC Trust acquired a $45.2 million interest-only commercial real estate mortgage loan ("SBC-Loan 2") secured by skilled nursing facilities. SBC-Loan 2 matures on July 6, 2020 with two extension options of one year each and bears an interest rate of one month LIBOR plus 4.25% subject to a LIBOR floor of 1.25% . In September 2018, RSBC Trust acquired a $49.6 million loan, which represents the initial advance for the $115.5 million interest-only commercial real estate mortgage loan ("SBC-Loan 3") secured by assisted care living facilities. In October 2018, RSBC funded the remaining $65.9 million of the SBC-Loan-3. SBC-Loan 3 matures on September 6, 2021 with a one extension option of one year and bears an interest rate of one month LIBOR plus 5.30% , subject to a LIBOR floor of 1.90% and a LIBOR cap of 3.50% . In November 2018, RSBC Trust acquired a $5.7 million interest-only commercial real estate mortgage loan ("SBC-Loan 4") secured by skilled nursing facilities. SBC-Loan 4 matures on December 1, 2020 with one extension option of one year and bears an interest rate of one month LIBOR plus 5.25% . The Company determined that the wholly owned RSBC Trust was a VIE and that the Company was the primary beneficiary because it was involved in the design of the trust and holds significant decision making powers. In addition, the Company has the obligation to absorb losses to the extent of its ownership interest and the right to receive benefits from the trust that could potentially be significant to the trust. As of December 31, 2018 , the Company financed the trust certificate with $108.2 million of repurchase agreement borrowings, which is a liability held outside the trust. Consolidated Securitized Commercial Loan Trusts and Commercial Loan Trust The Company assesses modifications to VIEs on an ongoing basis to determine if a significant reconsideration event has occurred that would change the Company’s initial consolidation assessment. The three consolidated trusts, CMSC Trust, RETL Trust and RSBC Trust collectively hold five commercial loans as of December 31, 2018 . The following table presents a summary of the assets and liabilities of the three consolidated trusts included in the Consolidated Balance Sheets as of December 31, 2018 and December 31, 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Restricted cash $ 55,808 $ — Securitized commercial loans, at fair value 1,013,511 24,876 Commercial Loans, at fair value 166,123 — Interest receivable 3,733 161 Total assets $ 1,239,175 $ 25,037 Securitized debt, at fair value $ 949,626 $ 10,945 Interest payable 2,419 70 Accounts payable and accrued expenses 31 1 Other liabilities 55,808 — Total liabilities $ 1,007,884 $ 11,016 The Company’s risk with respect to its investment in each commercial loan trust is limited to its direct ownership in the trust. The commercial loans held by the consolidated trusts are held solely to satisfy the liabilities of the trust, and creditors of the trust have no recourse to the general credit of the Company. The assets of a consolidated trust can only be used to satisfy the obligations of that trust. The Company is not contractually required and has not provided any additional financial support to the trusts for the years ended December 31, 2018 and December 31, 2017 . The following table presents the components of the carrying value of the commercial real estate loans as of December 31, 2018 and December 31, 2017 (dollars in thousands): CMSC Trust Securitized Commercial Loan, at Fair Value RETL Trust Securitized Commercial Loan, at Fair Value RSBC Trust Commercial Loans, at Fair Value Commercial Loans, at Fair Value December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Principal balance $ 24,456 $ 24,846 $ 988,609 $ — $ 166,432 $ — $ 50,000 $ — Unamortized premium — — 431 — — — — — Unamortized discount — — — — (736 ) — (205 ) — Amortized cost 24,456 24,846 989,040 — 165,696 — 49,795 — Gross unrealized gains — 30 29 — 427 — 205 — Gross unrealized losses (14 ) — — — — — — — Fair value $ 24,442 $ 24,876 $ 989,069 $ — $ 166,123 $ — $ 50,000 $ —

Commercial Real Estate Investme

Commercial Real Estate Investments (Notes)	12 Months Ended
	Dec. 31, 2018
Noncontrolling Interest [Abstract]
Commercial Real Estate Investments	Residential Whole Loans and Bridge Loans Residential Whole-Loan Trusts The consolidated financial statements include the consolidation of Revolving Mortgage Investment Trust 2015-1QR2 ("RMI 2015 Trust") since it met the definition of a VIE and the Company determined that it was the primary beneficiary of the trust because it was involved in the design of the trust, has oversight rights on defaulted assets and has other significant decision making powers. In addition, the Company has the obligation to absorb losses to the extent of its ownership interest and the right to receive benefits from the trust that could potentially be significant to the trust. RMI 2015 Trust has issued a trust certificate that is wholly owned by the Company and represents the entire beneficial interest in pools of Non-QM Residential Whole Loans and the Commercial Loan held by the trust. As of December 31, 2018 and 2017 , the Company financed the trust certificate with $618.7 million and $189.3 million , respectively, of repurchase agreement borrowings, which is a liability held outside the trust. The Company classifies the underlying Residential Whole Loans owned by the trust in "Residential Whole Loans, at fair value" and the Commercial Loan in "Commercial Loans, at fair value" in the Consolidated Balance Sheets and has eliminated the intercompany trust certificate in consolidation. Refer to Note 6 - "Commercial Real Estate Investments" for details on the commercial real estate mortgage loan. In August 2018, the Company formed Revolving Mortgage Investment Trust 2018-RCR ("RCR Trust") to acquire conforming Residential Whole Loans. The Company determined that RCR Trust was a VIE and that the Company was the primary beneficiary of the trust because it was involved in the design of the trust of the trust, has oversight rights on defaulted assets and has other significant decision making powers. In addition, the Company has the obligation to absorb losses to the extent of its ownership interest and the right to receive benefits from the trust that could potentially be significant to the trust. As of December 31, 2018 , the Company financed the trust certificate with $250.4 million of repurchase agreement borrowings, which is a liability held outside the trust. The Company classifies the underlying conforming mortgages owned by the trust in "Residential Whole Loans, at fair value" in the Consolidated Balance Sheets. The Company has eliminated the intercompany trust certificate in consolidation. In September 2018, the Company formed Revolving Mortgage Investment Trust 2018-RNR ("RNR Trust") to acquire Non-QM Residential Whole Loans. The Company determined that RNR Trust was a VIE and that the Company was the primary beneficiary because it was involved in the design of the trust, has oversight rights on defaulted assets and has other significant decision making powers. In addition, the Company has the obligation to absorb losses to the extent of its ownership interest and the right to receive benefits from the trust that could potentially be significant to the trust. As of December 31, 2018 , the Company financed the trust certificate with $15.1 million of repurchase agreement borrowings, which is a liability held outside the trust. The Company classifies the underlying Non-QM Residential Whole Loans in "Residential Whole Loans, at fair value" in the Consolidated Balance Sheets. The Company has eliminated the intercompany trust certificate in consolidation. Residential Bridge Loan Trust In February 2017, the Company formed Revolving Mortgage Investment Trust 2017-BRQ1 ("RMI Trust") and acquired the trust certificate, which represents the entire beneficial interest in pools of Residential Bridge Loans and certain Residential Whole Loans held by the trust. Residential Bridge Loans are mortgage loans secured by residences, typically short-term. The Company determined that RMI Trust was a VIE and that the Company was the primary beneficiary because it was involved in the design of the trust, has oversight rights on defaulted assets and has other significant decision making powers. In addition, the Company has the obligation to absorb losses to the extent of its ownership interest and the right to receive benefits from the trust that could potentially be significant to the trust. As of December 31, 2018 and December 31, 2017 , the Company financed the trust certificate with $207.5 million and $100.2 million , respectively, of repurchase agreement borrowings, which is a liability held outside the trust. The Company classifies both the underlying Residential Bridge Loans carried at amortized cost and the Residential Bridge Loans that it elected the fair value option in "Residential Bridge Loans" and the Residential Whole Loans in "Residential Whole Loans, at fair value" in the Consolidated Balance Sheets. The Company has eliminated the intercompany trust certificate in consolidation. Consolidated Residential Whole-Loan and Residential Bridge Loan Trusts The Company assesses modifications to VIEs on an ongoing basis to determine if a significant reconsideration event has occurred that would change the Company’s initial consolidation assessment. The three consolidated Residential Whole-Loan trusts collectively hold 2,769 Residential Whole Loans and one commercial loan and the consolidated Bridge Loan Trust holds 518 Residential Bridge Loans and 13 Residential Whole Loans as of December 31, 2018 . The following table presents a summary of the assets and liabilities of the consolidated residential whole-loan trusts and residential bridge loan trust included in the Consolidated Balance Sheets as of December 31, 2018 and December 31, 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Cash and cash equivalents $ 674 $ — Residential Whole-Loans, at fair value ($1,041,885 and $237,423 pledged as collateral, at fair value, respectively) 1,041,885 237,423 Residential Bridge Loans ($211,766 and $64,526 at fair value and $221,486 and $106,673 pledged as collateral, respectively) 221,486 106,673 Commercial Loan, at fair value 30,000 — Investment related receivable 42,945 7,665 Accrued interest receivable 11,807 3,197 Other assets 178 — Total assets $ 1,348,975 $ 354,958 Accounts payable and accrued expenses 677 188 Other liabilities 225 — Total liabilities $ 902 $ 188 The Company's risk with respect to its investment in each residential loan trust is limited to its direct ownership in the trust. The Residential Whole Loans, Residential Bridge Loans and Commercial Loan held by the consolidated trusts are held solely to satisfy the liabilities of the trust, and creditors of the trust have no recourse to the general credit of the Company. The Company is not contractually required and has not provided any additional financial support to the trusts for the years ended December 31, 2018 and December 31, 2017 . The following table presents the components of the carrying value of Residential Whole Loans and Residential Bridge Loans as of December 31, 2018 and December 31, 2017 (dollars in thousands): Residential Whole Loans, at Fair Value Residential Bridge Loans, at Fair Value (1) Residential Bridge Loans, at Amortized Cost (1) December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Principal balance $ 1,023,524 $ 232,270 $ 212,491 $ 63,802 $ 9,766 $ 42,066 Unamortized premium 17,629 2,021 1,164 293 16 122 Unamortized discount (3,145 ) (1,190 ) (316 ) (128 ) (62 ) (41 ) Amortized cost 1,038,008 233,101 213,339 63,967 9,720 42,147 Gross unrealized gains 7,573 4,463 212 655 N/A N/A Gross unrealized losses (3,696 ) (141 ) (1,552 ) (96 ) N/A N/A Fair value $ 1,041,885 $ 237,423 $ 211,999 $ 64,526 N/A N/A (1) These loans are classified in "Residential Bridge Loans" in the Consolidated Balance Sheets Residential Whole Loans The Residential Whole Loans have low LTV's and are comprised of 1,888 non-qualifying adjustable rate mortgages, 881 conforming fixed rate mortgages and 13 investor fixed rate mortgages. The following tables present certain information about the Company's Residential Whole Loans investment portfolio at December 31, 2018 and December 31, 2017 (dollars in thousands): December 31, 2018 Weighted Average Current Coupon Rate Number of Loans Principal Balance Original LTV Original FICO Score (1) Expected Life (years) Contractual Maturity (years) Coupon Rate 3.01 - 4.00% 66 $ 22,046 61.6 % 738 6.5 29.0 3.9 % 4.01 - 5.00% 1,395 490,073 62.3 % 739 3.0 29.0 4.8 % 5.01 - 6.00% 1,283 496,722 62.7 % 727 2.5 28.5 5.4 % 6.01 - 7.00% 37 14,589 59.5 % 731 1.5 24.8 6.2 % 7.01 - 8.00% 1 94 70.0 % 689 1.8 29.1 8.0 % Total 2,782 $ 1,023,524 62.4 % 733 2.8 28.7 5.1 % (1) The original FICO score is not available for 274 loans with a principal balance of approximately $93.2 million at December 31, 2018 . The Company has excluded these loans from the weighted average computations. December 31, 2017 Weighted Average Current Coupon Rate Number of Loans Principal Balance Original LTV Original FICO Score (1) Expected Life (years) Contractual Maturity (years) Coupon Rate 3.01 - 4.00% 142 $ 55,593 55.5 % 751 1.7 29.1 3.9 % 4.01 - 5.00% 338 125,860 56.9 % 725 1.4 26.5 4.5 % 5.01 - 6.00% 132 48,553 58.2 % 728 1.6 27.0 5.2 % 6.01 - 7.00% 4 2,264 71.1 % 758 1.3 20.5 6.3 % Total 616 $ 232,270 57.0 % 734 1.5 27.1 4.5 % (1) The original FICO score is not available for 141 loans with a principal balance of approximately $56.5 million at December 31, 2017 . The Company has excluded these loans from the weighted average computations. The following table presents the various states across the United States in which the collateral securing the Company's Residential Whole Loans at December 31, 2018 and December 31, 2017 , based on principal balance, is located (dollars in thousands): December 31, 2018 December 31, 2017 State Concentration Principal Balance State Principal California 67.1 % $ 686,275 California 62.2 % $ 144,321 New York 17.1 % 175,390 New York 24.4 % 56,631 Georgia 2.6 % 26,918 Georgia 4.3 % 10,061 Massachusetts 2.1 % 21,197 Washington 4.0 % 9,244 Florida 1.9 % 19,942 Massachusetts 3.9 % 9,114 Other 9.2 % 93,802 Other 1.2 % 2,899 Total 100.0 % $ 1,023,524 Total 100.0 % $ 232,270 Residential Bridge Loans The Residential Bridge Loans are comprised of short-term non-owner occupied fixed rate loans secured by single or multi-unit residential properties, with LTVs generally not to exceed 85% . The following tables present certain information about the Company’s Residential Bridge Loan investment portfolio at December 31, 2018 and December 31, 2017 (dollars i`n thousands): December 31, 2018 Weighted Average Current Coupon Rate Number of Loans Principal Original LTV Contractual Coupon 6.01 - 7.00% 8 3,169 60.4 % 1.1 6.7 % 7.01 – 8.00% 95 53,911 73.1 % 6.3 7.8 % 8.01 – 9.00% 180 86,764 72.3 % 5.6 8.7 % 9.01 – 10.00% 143 53,804 74.0 % 4.5 9.7 % 10.01 – 11.00% 43 10,150 72.7 % 4.0 10.7 % 11.01 - 12.00% 28 8,274 69.8 % 4.5 11.4 % 12.01 - 13.00% 11 2,743 75.8 % 5.2 12.8 % 13.01 - 14.00% 1 88 65.0 % 4.0 14.0 % 17.01 – 18.00% 11 3,354 73.7 % 2.3 18.0 % Total 520 $ 222,257 72.7 % 5.3 9.1 % December 31, 2017 Weighted Average Current Coupon Rate Number of Loans Principal Original LTV Contractual Coupon 5.01 - 6.00% 9 $ 4,016 64.5 % 10.8 5.9 % 6.01 - 7.00% 64 18,420 67.8 % 10.6 6.7 % 7.01 – 8.00% 98 25,608 66.4 % 9.5 7.6 % 8.01 – 9.00% 56 19,728 70.3 % 11.9 8.9 % 9.01 – 10.00% 67 25,001 73.3 % 6.8 9.7 % 10.01 – 11.00% 36 10,656 75.4 % 5.0 10.8 % 11.01 - 12.00% 2 919 89.8 % 8.2 11.4 % 17.01 – 18.00% 8 1,520 73.8 % 5.9 18.0 % Total 340 $ 105,868 70.1 % 9.0 8.6 % The following table presents the various states across the United States in which the collateral securing the Company’s Residential Bridge Loans at December 31, 2018 and December 31, 2017 , based on principal balance, is located (dollars in thousands): December 31, 2018 December 31, 2017 State Concentration Principal Balance State Concentration Principal Balance California 53.9 % $ 119,761 California 48.2 % $ 51,080 New York 9.5 % 21,160 Florida 13.4 % 14,199 Washington 6.6 % 14,711 Washington 6.3 % 6,645 Florida 5.7 % 12,672 New York 4.4 % 4,703 New Jersey 4.7 % 10,419 Texas 4.4 % 4,660 Other 19.6 % 43,534 Other 23.3 % 24,581 Total 100.0 % $ 222,257 Total 100.0 % $ 105,868 Non-performing Loans Residential Whole Loans As of December 31, 2018 , there were no Residential Whole Loans in non-accrual status. As of December 31, 2017 , there was one Residential Whole-Loan in non-accrual status with a current unpaid principal balance of $579 thousand and a fair value of $570 thousand . This nonperforming loan represented approximately 0.2% of the total outstanding principal balance. No allowance allowance and provision for credit losses as of and for the years ended December 31, 2018 and December 31, 2017 was recorded since the Company elected the fair value option. The Company stopped accruing interest income for this loan when it became contractually 90 days delinquent. Residential Bridge Loans As of December 31, 2018 , there were 3 Residential Bridge Loans carried at amortized cost in non-accrual status with an unpaid principal balance of approximately $1.1 million and 9 Residential Bridge Loans carried at fair value in non-accrual status with an unpaid principal balance of approximately $4.0 million . These nonperforming loans represent approximately 2.3% of the total outstanding principal balance. These loans are collateral dependent with a weighted average original LTV of 70% . As of December 31, 2017 , there were 9 Residential Bridge Loans carried at amortized cost in non-accrual status with an unpaid principal balance of approximately $1.8 million . These nonperforming loans represented approximately 1.7% of the total outstanding principal balance. These loans are collateral dependent with a weighted average original LTV of 74% . No allowance and provision for credit losses for loans carried at amortized costs was recorded as of and for the years ended December 31, 2018 and December 31, 2017 since the fair value of the collateral balance less the cost to sell was in excess of the outstanding principal and interest balances. No allowance and provision for credit losses was recorded for loans carried at fair value as of and for the years ended December 31, 2018 and December 31, 2017 since the Company elected the fair value option. The Company stopped accruing interest income for these loans when they became contractually 90 days delinquent. Commercial Real Estate Investments Securitized Commercial Loans Securitized commercial loans is comprised of commercial loans from consolidated third party sponsored CMBS VIE's. At December 31, 2018 , the Company had variable interests in two CMBS VIEs, CMSC Trust 2015 - Longhouse MZ and RETL 2018- RVP, that it determined it was the primary beneficiary and was required to consolidate. The commercial loans that serve as collateral for the securitized debt issued by these VIEs can only be used to settle the securitized debt. Refer to Note 7 - "Financings" for details on the associated securitized debt. The Company assesses modifications to VIEs on an ongoing basis to determine if a significant reconsideration event has occurred that would change the Company’s initial consolidation assessment. CMSC Trust 2015 - Longhouse MZ In November 2015, the Company acquired a $14.0 million interest in the trust certificate issued by CMSC Trust 2015 - Longhouse MZ (“CMSC Trust”), with an outstanding balance of $13.7 million and a fair value of $13.7 million at December 31, 2018 . The Company determined that CMSC Trust was a VIE and that the Company was the primary beneficiary because it was involved in certain aspects of the design of the trust, has certain oversight rights on defaulted assets and has other significant decision making powers. In addition, the Company has the obligation to absorb losses to the extent of its ownership interest and the right to receive benefits from the trust that the Company believes could potentially be significant to the trust. As the primary beneficiary, the Company was required to consolidate CMSC Trust and accordingly its $13.7 million investment in CMSC Trust was eliminated in consolidation. The CMSC Trust holds a $24.5 million mezzanine loan, which bears an interest rate of 9% , collateralized by interests in commercial real estate. The mezzanine loan serves as collateral for the $24.5 million of trust certificates issued. Refer to Note 7 - "Financings" for details on the associated securitized debt. RETL 2018-RVP In March 2018, the Company acquired a $67.8 million interest in the trust certificate issued by RETL 2018-RVP (“RETL Trust”), which represents the 5% eligible horizontal residual interest under the Credit Risk Retention Rules of Section 15G of the Exchange Act. Under the credit risk retention rules, the Company must retain its investment for five years and is limited in its ability to finance and hedge its investment. The trust certificate's pass-through rate is one month LIBOR plus 9.5% . The outstanding balance and the fair value of the Company's interest in the trust were $50.9 million and $50.2 million , respectively, at December 31, 2018 . The Company determined that RETL Trust was a VIE and that the Company was the primary beneficiary because the Manager was involved in certain aspects of the design of the trust and the Company together with other related party entities own more than 50% of the controlling class. The owner of 50% or more of the controlling class has certain oversight rights on defaulted assets and has other significant decision making powers. In addition, the Company has the obligation to absorb losses to the extent of its ownership interest from the trust that the Company believes could potentially be significant to the trust. As the primary beneficiary, the Company was required to consolidate RETL Trust and accordingly its investment in RETL Trust was eliminated in consolidation. The RETL Trust holds a commercial loan collateralized by first mortgages, deeds of trusts and interests in commercial real estate. The outstanding principal balance on this commercial loan is $988.6 million as of December 31, 2018 . The loan's stated maturity date is February 9, 2021 (subject to the borrower's option to extend the initial stated maturity date for two successive one-year terms) and bears an interest rate of one month LIBOR plus 3.15% . The commercial loan serves as collateral for the $988.6 million of securitized debt issued. Refer to Note 7 - "Financings" for details on the associated securitized debt. Commercial Loans In March 2018, the Company acquired a $20.0 million interest-only mezzanine loan secured by a partnership interest in an entity that owns a hotel. The mezzanine loan has a maturity date of December 9, 2019 with three one -year extension options and bears an interest rate of one month LIBOR plus 6.5% . In June 2018, the Company acquired a $30.0 million interest-only commercial loan. The loan is secured by a hotel. The loan has a maturity date of June 9, 2020 with a one -year extension option and bears an interest rate of one month LIBOR plus 4.5% . On August 3, 2018, the loan was transferred into the RMI 2015 Trust. Commercial Loan Trust Revolving Small Balance Commercial Trust 2018-1 In March 2018, the Company formed the Revolving Small Balance Commercial Trust 2018-1 ("RSBC Trust") to acquire commercial real estate mortgage loans. In March 2018, RSBC Trust acquired a $20.6 million interest-only first lien commercial mortgage loan ("SBC-Loan 1") collateralized by three assisted care living facilities. The loan matures on March 6, 2019 and bears an interest rate of one month LIBOR plus 4.75% . In August 2018, SBC-Loan 1 was paid in full. In July 2018, RSBC Trust acquired a $45.2 million interest-only commercial real estate mortgage loan ("SBC-Loan 2") secured by skilled nursing facilities. SBC-Loan 2 matures on July 6, 2020 with two extension options of one year each and bears an interest rate of one month LIBOR plus 4.25% subject to a LIBOR floor of 1.25% . In September 2018, RSBC Trust acquired a $49.6 million loan, which represents the initial advance for the $115.5 million interest-only commercial real estate mortgage loan ("SBC-Loan 3") secured by assisted care living facilities. In October 2018, RSBC funded the remaining $65.9 million of the SBC-Loan-3. SBC-Loan 3 matures on September 6, 2021 with a one extension option of one year and bears an interest rate of one month LIBOR plus 5.30% , subject to a LIBOR floor of 1.90% and a LIBOR cap of 3.50% . In November 2018, RSBC Trust acquired a $5.7 million interest-only commercial real estate mortgage loan ("SBC-Loan 4") secured by skilled nursing facilities. SBC-Loan 4 matures on December 1, 2020 with one extension option of one year and bears an interest rate of one month LIBOR plus 5.25% . The Company determined that the wholly owned RSBC Trust was a VIE and that the Company was the primary beneficiary because it was involved in the design of the trust and holds significant decision making powers. In addition, the Company has the obligation to absorb losses to the extent of its ownership interest and the right to receive benefits from the trust that could potentially be significant to the trust. As of December 31, 2018 , the Company financed the trust certificate with $108.2 million of repurchase agreement borrowings, which is a liability held outside the trust. Consolidated Securitized Commercial Loan Trusts and Commercial Loan Trust The Company assesses modifications to VIEs on an ongoing basis to determine if a significant reconsideration event has occurred that would change the Company’s initial consolidation assessment. The three consolidated trusts, CMSC Trust, RETL Trust and RSBC Trust collectively hold five commercial loans as of December 31, 2018 . The following table presents a summary of the assets and liabilities of the three consolidated trusts included in the Consolidated Balance Sheets as of December 31, 2018 and December 31, 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Restricted cash $ 55,808 $ — Securitized commercial loans, at fair value 1,013,511 24,876 Commercial Loans, at fair value 166,123 — Interest receivable 3,733 161 Total assets $ 1,239,175 $ 25,037 Securitized debt, at fair value $ 949,626 $ 10,945 Interest payable 2,419 70 Accounts payable and accrued expenses 31 1 Other liabilities 55,808 — Total liabilities $ 1,007,884 $ 11,016 The Company’s risk with respect to its investment in each commercial loan trust is limited to its direct ownership in the trust. The commercial loans held by the consolidated trusts are held solely to satisfy the liabilities of the trust, and creditors of the trust have no recourse to the general credit of the Company. The assets of a consolidated trust can only be used to satisfy the obligations of that trust. The Company is not contractually required and has not provided any additional financial support to the trusts for the years ended December 31, 2018 and December 31, 2017 . The following table presents the components of the carrying value of the commercial real estate loans as of December 31, 2018 and December 31, 2017 (dollars in thousands): CMSC Trust Securitized Commercial Loan, at Fair Value RETL Trust Securitized Commercial Loan, at Fair Value RSBC Trust Commercial Loans, at Fair Value Commercial Loans, at Fair Value December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Principal balance $ 24,456 $ 24,846 $ 988,609 $ — $ 166,432 $ — $ 50,000 $ — Unamortized premium — — 431 — — — — — Unamortized discount — — — — (736 ) — (205 ) — Amortized cost 24,456 24,846 989,040 — 165,696 — 49,795 — Gross unrealized gains — 30 29 — 427 — 205 — Gross unrealized losses (14 ) — — — — — — — Fair value $ 24,442 $ 24,876 $ 989,069 $ — $ 166,123 $ — $ 50,000 $ —

Financings

Financings	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Financings	Financings Repurchase Agreements The Company primarily finances its investment acquisitions with repurchase agreements. The repurchase agreements bear interest at a contractually agreed-upon rate and typically have terms ranging from one month to three months. The Company’s repurchase agreement borrowings are accounted for as secured borrowings when the Company maintains effective control of the financed assets. Under the repurchase agreements, the respective counterparties retain the right to determine the fair value of the underlying collateral. A reduction in the value of pledged assets requires the Company to post additional securities as collateral, pay down borrowings or establish cash margin accounts with the counterparties in order to re-establish the agreed-upon collateral requirements, and is referred to as a margin call. The inability of the Company to post adequate collateral for a margin call by a counterparty, in a time frame as short as the close of the same business day, could result in a condition of default under the Company’s repurchase agreements, thereby enabling the counterparty to liquidate the collateral pledged by the Company, which may have a material adverse effect on the Company’s financial position, results of operations and cash flows. Under the terms of the repurchase agreements the Company may rehypothecate pledged U.S. Treasury securities it receives from its repurchase agreement as incremental collateral in order to increase the Company’s cash position. At December 31, 2018 and December 31, 2017 , the Company did not have any rehypothecated U.S. Treasury securities. Certain of the repurchase agreements provide the counterparty with the right to terminate the agreement if the Company does not maintain certain equity and leverage metrics, the most restrictive of which include a limit on leverage based on the composition of the Company’s portfolio. For all the repurchase agreements with outstanding borrowings, the Company was in compliance with the terms of such financial tests as of December 31, 2018 . As of December 31, 2018 , the Company had master repurchase agreements with 29 counterparties. As of December 31, 2018 , the Company had borrowings under repurchase agreements with 15 counterparties. The following table summarizes certain characteristics of the Company's repurchase agreements at December 31, 2018 and December 31, 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Securities Pledged Repurchase Agreement Borrowings Weighted Average Interest Rate on Borrowings Outstanding at end of period Weighted Average Remaining Maturity (days) Repurchase Agreement Borrowings Weighted Average Interest Rate on Borrowings Outstanding at end of period Weighted Average Remaining Maturity (days) Agency RMBS $ 14,650 3.09 % 21 $ 665,919 1.62 % 61 Agency CMBS 1,392,649 2.71 % 40 2,035,222 1.53 % 53 Non-Agency RMBS 30,922 4.06 % 18 46,530 2.76 % 41 Non-Agency CMBS 134,814 4.05 % 48 154,325 2.98 % 40 Residential Whole Loans (1) 863,356 4.08 % 93 189,270 3.66 % 8 Residential Bridge Loans (1) 204,754 4.50 % 25 100,183 4.05 % 59 Commercial Loans (1) 131,788 4.55 % 26 — — % — Securitized commercial loans (1) 7,543 4.30 % 15 — — % — Other securities 38,361 4.18 % 26 60,237 2.94 % 23 Repurchase agreements borrowings $ 2,818,837 3.45 % 54 $ 3,251,686 1.86 % 51 (1) Repurchase agreement borrowings on loans owned are through trust certificates. The trust certificates are eliminated in consolidation. At December 31, 2018 and December 31, 2017 , repurchase agreements collateralized by investments had the following remaining maturities: (dollars in thousands) December 31, 2018 December 31, 2017 Overnight $ — $ — 1 to 29 days 1,867,957 1,387,599 30 to 59 days 144,778 665,656 60 to 89 days 555,695 871,819 90 to 119 days — — Greater than or equal to 120 days 250,407 326,612 Total $ 2,818,837 $ 3,251,686 At December 31, 2018 , the following table reflects amounts of collateral at risk under its repurchase agreements greater than 10% of the Company's equity with any counterparty (dollars in thousands): December 31, 2018 Counterparty Amount of Collateral at Risk, at fair value Weighted Average Remaining Maturity (days) Percentage of Stockholders' Equity Credit Suisse AG, Cayman Islands Branch $ 172,786 28 34.4 % Nomura Securities International, Inc. 81,882 28 16.3 % Collateral for Borrowings under Repurchase Agreements The following table summarizes the Company's collateral positions, with respect to its borrowings under repurchase agreements at December 31, 2018 and December 31, 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Assets Pledged Accrued Interest Assets Pledged and Accrued Interest Assets Pledged Accrued Interest Assets Pledged and Accrued Interest Assets pledged for borrowings under repurchase agreements: Agency RMBS, at fair value $ 19,837 $ 453 $ 20,290 $ 690,255 $ 2,601 $ 692,856 Agency CMBS, at fair value 1,486,142 4,262 1,490,404 2,143,340 5,454 2,148,794 Non-Agency RMBS, at fair value 50,555 479 51,034 58,127 160 58,287 Non-Agency CMBS, at fair value 186,552 915 187,467 208,062 1,100 209,162 Residential Whole Loans, at fair value (1)(2) 1,041,885 8,145 1,050,030 237,423 1,754 239,177 Residential Bridge Loans (1) 221,486 3,528 225,014 106,673 1,443 108,116 Commercial Loans, at fair value (1) 196,123 1,067 197,190 — — — Securitized commercial loans, at fair value (1) 13,688 88 13,776 — — — Other securities, at fair value 59,780 147 59,927 89,823 105 89,928 Cash (2) 1,226 — 1,226 23,591 — 23,591 Total $ 3,277,274 $ 19,084 $ 3,296,358 $ 3,557,294 $ 12,617 $ 3,569,911 (1) Loans owned through trust certificates are pledged as collateral. The trust certificates are eliminated upon consolidation. (2) Cash posted as collateral is included in "Due from counterparties" in the Company's Consolidated Balance Sheets. A reduction in the value of pledged assets typically results in the repurchase agreement counterparties initiating a margin call. At December 31, 2018 and December 31, 2017 , investments held by counterparties as security for repurchase agreements totaled approximately $3.3 billion and approximately $3.5 billion , respectively. Cash collateral held by repurchase agreement counterparties at December 31, 2018 and December 31, 2017 was approximately $1.2 million and $23.6 million , respectively. Cash posted by repurchase agreement counterparties at December 31, 2018 and December 31, 2017 , was approximately $17.8 million and $1.5 million , respectively. In addition, at December 31, 2018 and December 31, 2017 , the Company held securities with a fair value of $5.2 million and $306 thousand , respectively, received as collateral from its repurchase agreement counterparties to satisfy margin requirements. The Company has the ability to repledge collateral received from its repurchase counterparties. Convertible Senior Unsecured Notes In October 2017, the Company issued $115.0 million aggregate principal amount of 6.75% convertible senior unsecured notes, which included the underwriter’s option to purchase $15.0 million aggregate principal amount of the notes for net proceeds of $111.1 million . The notes mature on October 1, 2022, unless earlier converted, redeemed or repurchased by the holders pursuant to their terms, and are not redeemable by the Company except during the final three months prior to maturity. The notes are convertible into, at the Company's election, cash, shares of the Company's common stock or a combination of both, subject to the satisfaction of certain conditions and during specified periods. The conversion rate is subject to adjustment upon the occurrence of certain specified events and the holders may require the Company to repurchase all or any portion of their notes for cash equal to 100% of the principal amount of the notes, plus accrued and unpaid interest, if the Company undergoes a fundamental change as specified in the agreement. The initial conversion rate was 83.1947 shares of common stock per $1,000 principal amount of notes and represented a conversion price of $12.02 per share of common stock. Securitized Debt CMSC Trust 2015 - Longhouse MZ CMSC Trust issued $25.0 million in commercial pass-through certificates. The outstanding balance of the trust certificates was $24.5 million at December 31, 2018 , with a fair value of $24.4 million . The trust certificates bear a fixed interest rate of 8.9% and mature on July 6, 2020. The Company owns $13.7 million of the trust certificates which was eliminated in consolidation and the remaining $10.8 million is held by related parties and is carried at a fair value of $10.8 million . RETL 2018-RVP The following table summarizes RETL Trust's commercial mortgage pass-through certificates at December 31, 2018 (dollars in thousands): Classes Principal Balance Coupon Fair Value Contractual Maturity Class A $ 369,109 3.6% $ 368,366 2/15/2021 Class B 119,400 4.2% 119,196 2/15/2021 Class C 103,425 4.5% 103,281 2/15/2021 Class D 91,425 5.2% 91,297 2/15/2021 Class E 124,125 7.0% 123,900 2/15/2021 Class F 120,225 8.5% 120,093 2/15/2021 Class G 10,050 10.0% 9,985 2/15/2021 Class HRR 50,850 12.0% 50,198 2/15/2021 Class X-CP (1) N/A 2.6% 468 3/11/2019 Class X-EXT (1) N/A —% 2,286 2/15/2021 $ 988,609 $ 989,070 (1) Class X-CP and Class X-EXT are interest-only classes with a notional balance of $91.4 million each. The Company owns the HRR certificates which are eliminated in consolidation. Of the remaining outstanding principal balance of $937.8 million , excluding the interest-only securities, of trust certificates, $236.0 million is owned by related parties and $701.7 million owned by third parties. The securitized debt of the RETL Trust can only be settled with the commercial loan that serves as collateral for the securitized debt and is non-recourse to the Company.

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments The Company's derivatives may include interest rate swaps, options, futures contracts, TBAs, Agency and Non-Agency Interest-Only Strips that are classified as derivatives, credit default swaps and total return swaps. The following table summarizes the Company's derivative instruments at December 31, 2018 and December 31, 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Derivative Instrument Accounting Designation Consolidated Balance Sheets Location Notional Amount Fair Value Notional Amount Fair Value Interest rate swaps, asset Non-Hedge Derivative assets, at fair value $ 1,128,400 $ 2,057 $ — $ — Options, asset Non-Hedge Derivative assets, at fair value — — 320,000 100 Futures contracts, asset Non-Hedge Derivative assets, at fair value — — 480,000 628 Credit default swaps, asset Non-Hedge Derivative assets, at fair value 50,000 549 — — Total derivative instruments, assets 2,606 728 Interest rate swaps, liability Non-Hedge Derivative liability, at fair value 2,727,800 (5,473 ) 3,252,200 (4,191 ) Options, liability Non-Hedge Derivative liability, at fair value — — 320,000 (50 ) Futures contracts, liability Non-Hedge Derivative liability, at fair value 300,400 (4,657 ) — — Credit default swaps, liability Non-Hedge Derivative liability, at fair value — — 14,815 (95 ) TBA securities, liability Non-Hedge Derivative liability, at fair value — — 125,000 (10 ) Total derivative instruments, liabilities (10,130 ) (4,346 ) Total derivative instruments, net $ (7,524 ) $ (3,618 ) The following tables summarize the effects of the Company's derivative positions, including Interest-Only Strips characterized as derivatives and TBAs, which are reported in "Gain (loss) on derivative instruments, net" in the Consolidated Statements of Operations for the years ended December 31, 2018 , December 31, 2017 and December 31, 2016 (dollars in thousands): Realized Gain (Loss), net Description Other Settlements / Expirations Variation Margin Settlement Return (Recovery) of Basis Mark-to-Market Contractual interest income (expense), net Total Year ended December 31, 2018 Interest rate swaps $ 163 $ 76,979 $ 2,465 $ (5,147 ) $ 3,693 $ 78,153 Interest-Only Strips—accounted for as derivatives — — (3,661 ) (655 ) 4,511 195 Options (871 ) — — 300 — (571 ) Futures contracts 6,112 — — (5,285 ) — 827 Credit default swaps (241 ) — — 396 — 155 TBAs (800 ) — — 10 — (790 ) Total $ 4,363 $ 76,979 $ (1,196 ) $ (10,381 ) $ 8,204 $ 77,969 Year ended December 31, 2017 Interest rate swaps $ (150,607 ) $ 20,258 $ 524 $ 148,947 $ (14,606 ) $ 4,516 Interest rate swaptions (115 ) — — — — (115 ) Interest-Only Strips—accounted for as derivatives 526 — (5,995 ) (902 ) 7,438 1,067 Options (1,453 ) — — (300 ) — (1,753 ) Futures contracts (9,130 ) — — 3,044 — (6,086 ) Foreign currency forwards 32 — — 35 — 67 Total return swap (552 ) — — 1,673 469 1,590 Credit default swaps (11 ) — — (22 ) — (33 ) TBAs 4,049 — — (10 ) — 4,039 Total $ (157,261 ) $ 20,258 $ (5,471 ) $ 152,465 $ (6,699 ) $ 3,292 Year ended December 31, 2016 Interest rate swaps $ (33,999 ) $ — $ 672 $ 11,013 $ (27,903 ) $ (50,217 ) Interest rate swaptions (1,035 ) — — 1,631 — 596 Interest-Only Strips—accounted for as derivatives 1,317 — (11,438 ) (4,726 ) 14,148 (699 ) Options 4,756 — — — — 4,756 Futures contracts 23,609 — — (1,781 ) — 21,828 Foreign currency forwards (66 ) — — (56 ) — (122 ) Foreign currency swaps 6,771 — — (7,168 ) 283 (114 ) Total return swap 38 — — (1,673 ) 1,121 (514 ) TBAs 6,126 — — (2,375 ) — 3,751 Total $ 7,517 $ — $ (10,766 ) $ (5,135 ) $ (12,351 ) $ (20,735 ) At December 31, 2018 and December 31, 2017 , the Company had cash pledged as collateral for its derivatives which represents upfront cash collateral upon the Company entering into the derivative transaction and cash collateral for derivatives not cleared through the Chicago Mercantile Exchange ("CME"), of approximately $38.0 million and approximately $63.3 million respectively, which is reported in "Due from counterparties" in the Consolidated Balance Sheets. Effective in January 2017, variation margin of CME cleared derivatives are treated as settlements of the derivative contract as opposed to cash collateral. Interest rate swaps and interest rate swaptions The Company enters into interest rate swaps and interest rate swaptions to mitigate its exposure to higher short-term interest rates in connection with its repurchase agreements. Interest rate swaps generally involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the interest rate swap without exchange of the underlying notional amount. Notwithstanding the foregoing, in order to manage its hedge position with regard to its liabilities, the Company on occasion will enter into interest rate swaps which involve the receipt of fixed-rate amounts from a counterparty in exchange for the Company making variable-rate payments over the life of the interest rate swap without exchange of the underlying notional amount. The Company also enters into forward starting swaps and interest rate swaptions to help mitigate the effects of changes in interest rates on a portion of its borrowings under repurchase agreements. Interest rate swaptions provide the Company the option to enter into an interest rate swap agreement for a predetermined notional amount, stated term and pay and receive interest rates in the future. The Company generally enters into MAC (Market Agreed Coupon) interest rate swaps in which it may receive or make a payment at the time of entering such interest rate swap to compensate for the out of the market nature of such interest rate swap. Similar to all other interest rate swaps, these interest rate swaps are also subject to margin requirements as previously described. The Company has not elected to account for its interest rate swaps as "hedges" under GAAP, accordingly the change in fair value of the interest rate swaps not designated in hedging relationships are recorded together with periodic net interest settlement amounts in "Gain (loss) on derivatives instruments, net" in the Consolidated Statements of Operations. Interest Rate Swaps The following tables provide additional information on our fixed pay interest rate swaps and the variable pay interest rate swap as of December 31, 2018 and December 31, 2017 (dollars in thousands): December 31, 2018 Fixed Pay Interest Rate Swap Remaining Term Notional Amount Average Fixed Pay Rate Average Floating Receive Rate Average Maturity (Years) 1 year or less $ 400,000 1.5 % 2.8 % 0.5 Greater than 1 year and less than 3 years $ 200,000 1.8 % 2.6 % 1.4 Greater than 3 years and less than 5 years 1,104,700 2.3 % 2.5 % 3.8 Greater than 5 years 1,423,100 2.5 % 2.5 % 9.9 Total $ 3,127,800 2.3 % 2.6 % 6.0 December 31, 2018 Variable Pay Interest Rate Swap Remaining Term Notional Amount Average Variable Pay Rate Average Fixed Receive Rate Average Maturity (Years) Greater than 5 years 728,400 2.5 % 2.4 % 8.3 Total $ 728,400 2.5 % 2.4 % 8.3 December 31, 2017 Fixed Pay Interest Rate Swap Remaining Term Notional Amount Average Fixed Pay Rate Average Floating Receive Rate Average Maturity (Years) Forward Starting (1) Greater than 1 year and less than 3 years 600,000 1.6 % 1.5 % 1.8 — % Greater than 3 years and less than 5 years 960,000 2.0 % 1.4 % 4.3 — % Greater than 5 years 1,692,200 2.5 % 1.4 % 10.5 90.2 % Total $ 3,252,200 2.2 % 1.4 % 7.1 46.9 % (1) Represents the percentage of notional that is forward starting. The Company had no variable pay interest rate swaps as of December 31, 2017 . As of December 31, 2018 , the Company had no fixed pay forward starting swaps. As of December 31, 2017 , the Company has entered into fixed pay forward starting swaps of approximately $1.5 billion , which have weighted average forward starting dates of 4.0 months. Options The Company may enter into options on U.S. Treasuries and Eurodollar instruments. As of December 31, 2018 , the Company had no option contracts. As of December 31, 2017 , the Company had long position options on U.S. Treasuries with a notional amount of $320.0 million and a fair value in an asset position of $100 thousand and short position options on U.S. Treasuries with a notional amount of $320.0 million and a fair value in a liability position of $50 thousand . Futures Contracts The Company may enter into Eurodollar, Volatility Index and U.S. Treasury futures. As of December 31, 2018 , the Company had entered into contracts to sell or short positions for U.S. Treasuries with a notional amount of $300.4 million , a fair value in a liability position of $4.7 million and an expiration date of March 2019 . As of December 31, 2017 , the Company had sale contracts or short positions for U.S. Treasuries with a notional amount of $480 million , a fair value in an asset position of $628 thousand and an expiration date of March 2018 . To-Be-Announced Securities The Company purchased or sold TBAs during the years ended December 31, 2018 and December 31, 2017 . There were no TBA positions as of December 31, 2018 . The following is a summary of the Company's TBA positions as of December 31, 2017 , reported in "Derivative assets, at fair value" and "Derivative liability, at fair value" in the Consolidated Balance Sheets (dollars in thousands): December 31, 2017 Notional Amount Fair Value Purchase contracts, liability $ 125,000 $ (10 ) The following tables present additional information about the Company's contracts to purchase and sell TBAs for the years ended December 31, 2018 and December 31, 2017 (dollars in thousands): Notional Amount Settlement, Termination, Notional Amount December 31, 2017 Additions Expiration or Exercise December 31, 2018 Purchase of TBAs $ 125,000 $ 7,725,000 $ (7,850,000 ) $ — Sale of TBAs $ — $ 7,850,000 $ (7,850,000 ) $ — Notional Amount Settlement, Termination, Notional Amount December 31, 2016 Additions Expiration or Exercise December 31, 2017 Purchase of TBAs $ — $ 5,843,200 $ (5,718,200 ) $ 125,000 Sale of TBAs $ — $ 5,718,200 $ (5,718,200 ) $ — Interest-Only Strips The Company also invests in Interest-Only Strips. In determining the classification of its holdings of Interest-Only Strips, the Company evaluates the securities to determine if the nature of the cash flows has been altered from that of the underlying mortgage collateral. Generally, Interest-Only Strips for which the security represents a strip off of a mortgage pass through security will be considered a hybrid instrument classified as a MBS investment in the Consolidated Balance Sheets utilizing the fair value option. Alternatively, those Interest-Only Strips, for which the underlying mortgage collateral has been included into a structured security that alters the cash flows from the underlying mortgage collateral, are accounted for as derivatives at fair value with changes recognized in "Gain (loss) on derivative instruments, net" in the Consolidated Statements of Operations, along with any interest received. The carrying value of these Interest-Only Strips is included in "Agency mortgage-backed securities, at fair value" in the Consolidated Balance Sheets. Credit Default Swaps As of December 31, 2018 , the Company had entered into credit default swaps with a notional amount of $50.0 million and a fair value in an asset position of $549 thousand . As of December 31, 2017 , the Company had entered into credit default swaps with a notional amount of $14.8 million and a fair value in a liability position of $95 thousand . Under these instruments, the Company makes a monthly premium payment over the term of the contract in exchange for the counterparty making a payment to the Company for losses of the reference securities, upon the occurrence of a specified credit event.

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	12 Months Ended
	Dec. 31, 2018
Offsetting [Abstract]
Offsetting Assets and Liabilities	Offsetting Assets and Liabilities The following tables present information about certain assets and liabilities that are subject to master netting agreements (or similar agreements) and can potentially be offset in the Company's Consolidated Balance Sheets at December 31, 2018 and December 31, 2017 (dollars in thousands): December 31, 2018 Gross Amounts Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Assets presented in the Consolidated Balance Sheets Gross Amounts Not Offset in the Consolidated Balance Sheets Description Financial Instruments (1) Cash Collateral (1) Net Amount Derivative Assets Agency Interest-Only Strips, accounted for as derivatives included in MBS $ 11,860 $ — $ 11,860 $ (11,860 ) $ — $ — Derivative asset, at fair value (2) 2,606 — 2,606 (2,057 ) — 549 Total derivative assets $ 14,466 $ — $ 14,466 $ (13,917 ) $ — $ 549 Derivative Liabilities and Repurchase Agreements Derivative liability, at fair value (2)(3) $ 10,130 $ — $ 10,130 $ (2,057 ) $ (8,073 ) $ — Repurchase Agreements (4) 2,818,837 — 2,818,837 (2,818,837 ) — — Total derivative liability $ 2,828,967 $ — $ 2,828,967 $ (2,820,894 ) $ (8,073 ) $ — (1) Amounts disclosed in the Financial Instruments column of the tables above represent securities, Whole Loans and securitized commercial loan collateral pledged and derivative assets that are available to be offset against liability balances associated with repurchase agreement and derivative liabilities. Amounts disclosed in the Cash Collateral column of the tables above represents amounts pledged or received as collateral against derivative transactions. (2) Derivative asset, at fair value and Derivative liability, at fair value includes interest rate swaps, credit default swaps and futures contracts. (3) Cash collateral pledged against the Company's derivative counterparties was approximately $38.0 million as of December 31, 2018 . (4) The carrying value of investments pledged against the Company's repurchase agreements was approximately $3.3 billion as of December 31, 2018 . December 31, 2017 Gross Amounts Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Assets presented in the Consolidated Balance Sheets Gross Amounts Not Offset in the Consolidated Balance Sheets Description Financial Instruments (1) Cash Collateral (1) Net Amount Derivative Assets Agency Interest-Only Strips, accounted for as derivatives included in MBS $ 16,176 $ — $ 16,176 $ (11,633 ) $ — $ 4,543 Derivative asset, at fair value (2) 728 — 728 (50 ) — 678 Total derivative assets $ 16,904 $ — $ 16,904 $ (11,683 ) $ — $ 5,221 Derivative Liabilities and Repurchase Agreements Derivative liability, at fair value (2)(3) $ 4,346 $ — $ 4,346 $ (50 ) $ (4,270 ) $ 26 Repurchase Agreements (4) 3,251,686 — 3,251,686 (3,251,686 ) — — Total derivative liability $ 3,256,032 $ — $ 3,256,032 $ (3,251,736 ) $ (4,270 ) $ 26 (1) Amounts disclosed in the Financial Instruments column of the tables above represent securities, Whole Loans and securitized commercial loan collateral pledged and derivative assets that are available to be offset against liability balances associated with repurchase agreement and derivative liabilities. Amounts disclosed in the Cash Collateral column of the tables above represents amounts pledged or received as collateral against derivative transactions. (1) Derivative asset, at fair value and Derivative liability, at fair value includes interest rate swaps, mortgage put options, currency forwards, credit default swaps, futures contracts and TBAs. (2) Cash collateral pledged against the Company's derivative counterparties was approximately $63.3 million as of December 31, 2017 . (3) The fair value of investments pledged against the Company's repurchase agreements was approximately $3.5 billion as of December 31, 2017 . Certain of the Company's repurchase agreement and derivative transactions are governed by underlying agreements that generally provide for a right of set-off in the event of default or in the event of a bankruptcy of either party to the transaction.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Management Agreement In connection with the Company's initial public offering ("IPO") in May 2012, the Company entered into a management agreement (the "Management Agreement") with the Manager, which describes the services to be provided by the Manager and compensation for such services. The Manager is responsible for managing the Company's operations, including: (i) performing all of its day-to-day functions; (ii) determining investment criteria in conjunction with the Board of Directors; (iii) sourcing, analyzing and executing investments, asset sales and financings; (iv) performing asset management duties; and (v) performing financial and accounting management, subject to the direction and oversight of the Company's Board of Directors. Pursuant to the terms of the Management Agreement, the Manager is paid a management fee equal to 1.50% per annum of the Company's stockholders' equity (as defined in the Management Agreement), calculated and payable (in cash) quarterly in arrears. For purposes of calculating the management fee, "stockholders' equity" means the sum of the net proceeds from any issuances of the Company's equity securities since inception (allocated on a pro rata daily basis for such issuances during the fiscal quarter of any such issuance), plus retained earnings, calculated in accordance with GAAP, at the end of the most recently completed fiscal quarter (without taking into account any non-cash equity compensation expense incurred in current or prior periods), less any amount paid for repurchases of the Company's shares of common stock, excluding any unrealized gains or losses on our investments and derivatives and other non-cash items, (excluding OTTI) that have impacted stockholders' equity as reported in the Company's consolidated financial statements prepared in accordance with GAAP, regardless of whether such items are included in other comprehensive income or loss, or in net income, and excluding one-time events pursuant to changes in GAAP and certain other non-cash charges after discussions between the Manager and the Company's independent directors and after approval by a majority of the Company's independent directors. However, if the Company's stockholders' equity for any given quarter is negative based on the calculation described above, the Manager will not be entitled to receive any management fee for that quarter. On August 3, 2016, the Company and the Manager entered into an amendment to the Management Agreement that amended the definition of "Equity" in the Management Agreement. Under the new definition, for all periods beginning on January 1, 2016, OTTI will reduce the Company's "Equity" for any completed fiscal quarter that OTTI was recognized, which in turn will reduce the Company's management fee from what would have been payable before the amendment. In addition, the Company may be required to reimburse the Manager for certain expenses as described below, and shall reimburse the Manager for the compensation paid to the Company's CFO, controller and their staff. Expense reimbursements to the Manager are made in cash on a regular basis. The Company's reimbursement obligation is not subject to any dollar limitation. Because the Manager's personnel perform certain legal, accounting, due diligence tasks and other services that outside professionals or outside consultants otherwise would perform, the Manager may be paid or reimbursed for the documented cost of performing such tasks, provided that such costs and reimbursements are in amounts which are no greater than those which would be payable to outside professionals or consultants engaged to perform such services pursuant to agreements negotiated on an arm's-length basis. The Management Agreement may be amended, supplemented or modified by agreement between the Company and the Manager. The Management Agreement expires on May 16, 2020 . It is automatically renewed for one year terms on each May 15th unless previously terminated as described below. The Company's independent directors review the Manager's performance and any fees payable to the Manager annually and, the Management Agreement may be terminated annually upon the affirmative vote of at least two-thirds (2/3) of the Company's independent directors, based upon: (i) the Manager's unsatisfactory performance that is materially detrimental to the Company; or (ii) the Company's determination that any fees payable to the Manager are not fair, subject to the Manager's right to prevent such termination due to unfair fees by accepting a reduction of management fees agreed to by at least two-thirds (2/3) of the Company's independent directors. The Company will provide the Manager 180 days prior notice of any such termination. Unless terminated for cause, the Company will pay the Manager a termination fee equal to three times the average annual management fee earned by the Manager during the prior 24 -month period immediately preceding the date of termination, calculated as of the end of the most recently completed fiscal quarter prior to the date of termination. The Company may also terminate the Management Agreement at any time, without the payment of any termination fee, with 30 days prior written notice from the Company's Board of Directors for cause, which will be determined by at least two-thirds (2/3) of the Company's independent directors, which is defined as: (i) the Manager's continued material breach of any provision of the Management Agreement (including the Manager's failure to comply with the Company's investment guidelines); (ii) the Manager's fraud, misappropriation of funds, or embezzlement against the Company; (iii) the Manager's gross negligence in the performance of its duties under the Management Agreement; (iv) the occurrence of certain events with respect to the bankruptcy or insolvency of the Manager, including an order for relief in an involuntary bankruptcy case or the Manager authorizing or filing a voluntary bankruptcy petition; (v) the Manager is convicted (including a plea of nolo contendere) of a felony; or (vi) the dissolution of the Manager. In September 2018, the Company completed a secondary public offering in which it sold 6,500,000 share of its common stock for net proceeds of approximately $67.7 million after subtracting underwriting commissions and offering expenses. Refer to Note12- "Stockholders' Equity" for details on the secondary public offering. Our Manager will not earn a management fee on the newly issued equity through March 31, 2019, to reduce any impact on earnings as the Company fully deploys the capital into its target assets. For the years ended December 31, 2018 , December 31, 2017 and December 31, 2016 the Company incurred $8.7 million , $8.1 million and $10.4 million in management fees, respectively. In addition to the management fee, the Company is also responsible for reimbursing the Manager for certain expenses paid by the Manager on behalf of the Company, as defined in the Management Agreement. For the years ended December 31, 2018 , December 31, 2017 and December 31, 2016 , the Company recorded expenses included in general and administrative expenses totaling approximately $1.5 million , $1.4 million and $740 thousand , respectively, related to reimbursable employee costs. Any such expenses incurred by the Manager and reimbursed by the Company, including the employee compensation expense, are typically included in the Company's general and administrative expense in the Consolidated Statements of Operations. At December 31, 2018 and December 31, 2017 , approximately $4.2 million and approximately $1.9 million , respectively, for management fees incurred but not yet paid was included in "Payable to affiliate" in the Consolidated Balance Sheets. In addition, at December 31, 2018 and December 31, 2017 , approximately $379 thousand and approximately $99 thousand , respectively of reimbursable costs incurred but not yet paid was included in "Payable to affiliate" in the Consolidated Balance Sheets.

Share-Based Payments

Share-Based Payments	12 Months Ended
	Dec. 31, 2018
Share-based Compensation [Abstract]
Share-Based Payments	Share-Based Payments In conjunction with the Company's IPO and concurrent private placement, the Company's Board of Directors approved the Western Asset Mortgage Capital Corporation Equity Plan (the "Equity Plan") and the Western Asset Manager Equity Plan (the "Manager Equity Plan" and collectively the "Equity Incentive Plans"). The Equity Incentive Plans include provisions for grants of restricted common stock and other equity-based awards to the Manager, its employees and employees of its affiliates and to the Company's directors, officers and employees. The Company can issue up to 3.0% of the total number of issued and outstanding shares of its common stock (on a fully diluted basis) at the time of each award (other than any shares previously issued or subject to awards made pursuant to one of the Company's Equity Incentive Plans) under these Equity Incentive Plans. Upon the completion of the September 2018 secondary public offering, the number of shares of common stock available under the Equity Incentive Plans increased to 1,423,609 . Approximately 753,973 of shares have been issued under the Equity Plans with 669,636 shares available for issuance as of December 31, 2018 . Under the Equity Plan, the Company made the following grants during the years ended December 31, 2018 and December 31, 2017 : On June 7, 2018, the Company granted a total of 25,904 shares ( 6,476 each) of restricted common stock under the Equity Plan to the Company’s four independent directors. These restricted shares will vest in full on June 1, 2019, the first anniversary of the grant date. Each of the independent directors has elected to defer the shares granted to him under the Company’s Director Deferred Fee Plan (the “Director Deferred Fee Plan”). The Director Deferred Fee Plan permits eligible members of the Company's board of directors to defer certain stock awards made under its director compensation programs. The Director Deferred Fee Plan allows directors to defer issuance of their stock awards and therefore defer payment of any tax liability until the deferral is terminated, pursuant to the election form executed each year by each eligible director. On June 1, 2017, the Company granted a total of 15,536 ( 3,884 each) of restricted common stock under the Equity Plan to the Company’s four independent directors. These restricted shares vested in full on June 1, 2018, the first anniversary of the grant date. Each of the independent directors has elected to defer the shares granted to him under the Company’s Director Deferred Fee Plan (the “Director Deferred Fee Plan”). The Director Deferred Fee Plan permits eligible members of the Company's board of directors to defer certain stock awards made under its director compensation programs. The Director Deferred Fee Plan allows directors to defer issuance of their stock awards and therefore defer payment of any tax liability until the deferral is terminated, pursuant to the election form executed each year by each eligible director. During the years ended December 31, 2018 , December 31, 2017 and December 31, 2016 , 84,203 , 152,630 and 200,983 restricted common shares vested, respectively, including shares whose issuance has been deferred under the Director Deferred Fee Plan. The Company recognized stock-based compensation expense of approximately $265 thousand , approximately $981 thousand and approximately $1.7 million for the years ended December 31, 2018 , December 31, 2017 and December 31, 2016 , respectively. In addition, the Company had unamortized compensation expense of $117 thousand for equity awards and $0 for liability awards and $66 thousand for equity awards and approximately $111 thousand for liability awards at December 31, 2018 and December 31, 2017 , respectively. All restricted common shares granted, other than those whose issuance has been deferred pursuant to the Director Deferred Fee Plan, possess all incidents of ownership, including the right to receive dividends and distributions currently, and the right to vote. Dividend equivalent payments otherwise allocable to restricted common shares under the Deferred Compensation Plan are deemed to purchase additional phantom shares of the Company's common stock that are credited to each participant's deferral account. The award agreements include restrictions whereby the restricted shares cannot be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of prior to the lapse of restrictions under the respective award agreement. The restrictions lapse on the unvested restricted shares awarded when vested, subject to the grantee's continuing to provide services to the Company as of the vesting date. Unvested restricted shares and rights to dividends thereon are forfeited upon termination of the grantee. The following is a summary of restricted common stock vesting dates as of December 31, 2018 and December 31, 2017 , including shares whose issuance has been deferred under the Director Deferred Fee Plan: December 31, 2018 December 31, 2017 Vesting Date Shares Vesting Shares Vesting March 2018 — 66,667 June 2018 — 16,488 June 2019 27,476 — 27,476 83,155 The following table presents information with respect to the Company's restricted stock for the years ended December 31, 2018 and December 31, 2017 , including shares whose issuance has been deferred under the Director Deferred Fee Plan: December 31, 2018 December 31, 2017 Shares of Restricted Stock Weighted Average Grant Date Fair Value (1) Shares of Restricted Stock Weighted Average Grant Date Fair Value (1) Outstanding at beginning of period 725,449 $ 17.00 707,861 $ 17.17 Granted (2) 28,524 10.75 17,588 10.30 Outstanding at end of period 753,973 $ 16.77 725,449 $ 17.00 Unvested at end of period 27,476 $ 10.78 83,155 $ 14.07 (1) The grant date fair value of restricted stock awards is based on the closing market price of the Company's common stock at the grant date. (2) Includes 2,620 shares and 2,052 shares of restricted stock attributed to dividends on restricted stock under the Director Deferred Fee Plan for the years ended December 31, 2018 and December 31, 2017 , respectively.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2018
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders' Equity Warrants On May 9, 2012, the Company entered into agreements with certain institutional investors to sell 2,231,787 warrant units. Each warrant unit consists of one share of the Company's common stock and a warrant to purchase 0.5 of a share of the Company's common stock, subject to adjustment. As of December 31, 2018 , the adjusted exercise price of the warrants was $15.87 per share and there were a total of 1,232,916 warrant shares purchasable. The warrants expire on May 15, 2019. At-The-Market Program In April 2017, the Company entered into an equity distribution agreement with JMP Securities LLC under which the Company may offer and sell up to $100.0 million shares of common stock in an At-The-Market equity offering. The Company has not sold any shares under this agreement. Secondary Public Offering In September 2018, the Company completed a secondary public offering in which it sold 6,500,000 of its common stock, including 303,422 shares of treasury stock, at a price of $10.85 per share, for net proceeds of approximately $67.7 million after subtracting underwriting commissions and offering expenses of approximately $2.8 million . The Company used the net proceeds from the offering to opportunistically invest in its target assets in accordance with its investment guidelines. Stock Repurchase Program On December 21, 2017, the Board of Directors of the Company reauthorized its repurchase program of up to 2,100,000 shares of its common stock through December 31, 2019. The previous reauthorization announced on February 25, 2016 of the Company's repurchase program of up to 2,050,000 shares of its common stock expired on December 31, 2017. Purchases made pursuant to the program will be made in the open market, in privately negotiated transactions, or pursuant to any trading plan that may be adopted in accordance with Rules 10b5-1 and 10b-18 of the Securities and Exchange Act of 1934, as amended. The authorization does not obligate the Company to acquire any particular amount of common shares and the program may be suspended or discontinued at the Company's discretion without prior notice. The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. For the years ended December 31, 2018 and December 31, 2017 , the Company repurchased 177,700 and 125,722 shares, respectively, of common stock accounted for as treasury stock pursuant to the authorization. In September 2018, the Company re-issued all 303,422 shares in treasury stock as part of its secondary public offering. Dividends The following table presents cash dividends declared and paid by the Company on its common stock: Declaration Date Record Date Payment Date Amount per Share Tax Characterization 2018 December 19, 2018 December 31, 2018 January 25, 2019 $ 0.31 Ordinary income September 17, 2018 September 27, 2018 October 26, 2018 $ 0.31 Ordinary income June 21, 2018 July 2, 2018 July 26, 2018 $ 0.31 Ordinary income March 22, 2018 April 2, 2018 April 26, 2018 $ 0.31 Ordinary income 2017 December 21, 2017 January 2, 2018 January 26, 2018 $ 0.31 Return of capital September 21, 2017 October 2, 2017 October 26, 2017 $ 0.31 Return of capital June 20, 2017 June 30, 2017 July 26, 2017 $ 0.31 Return of capital March 23, 2017 April 3, 2017 April 26, 2017 $ 0.31 Ordinary income 2016 December 22, 2016 January 3, 2017 January 26, 2017 $ 0.31 Ordinary income September 22, 2016 October 4, 2016 October 25, 2016 $ 0.31 Ordinary income June 23, 2016 July 5, 2016 July 26, 2016 $ 0.31 Ordinary income March 24, 2016 April 4, 2016 April 26, 2016 $ 0.45 Ordinary income

Net Income (Loss) per Common Sh

Net Income (Loss) per Common Share	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Net Income (Loss) per Common Share	Net Income (Loss) per Common Share The table below presents basic and diluted net income (loss) per share of common stock using the two-class method for the years ended December 31, 2018 , December 31, 2017 and December 31, 2016 (dollars, other than shares and per share amounts, in thousands): For the year ended December 31, 2018 For the year ended December 31, 2017 For the year ended December 31, 2016 Numerator : Net income (loss) attributable to common stockholders and participating securities for basic and diluted earnings per share $ 26,409 $ 85,097 $ (25,015 ) Less: Dividends and undistributed earnings allocated to participating securities 138 312 377 Net income (loss) allocable to common stockholders—basic and diluted $ 26,271 $ 84,785 $ (25,392 ) Denominator : Weighted average common shares outstanding for basic earnings per share 43,388,810 41,817,455 41,688,950 Weighted average common shares outstanding for diluted earnings per share 43,388,810 41,817,455 41,688,950 Basic earnings (loss) per common share $ 0.61 $ 2.03 $ (0.61 ) Diluted earnings (loss) per common share $ 0.61 $ 2.03 $ (0.61 ) For the years ended December 31, 2018 , December 31, 2017 and December 31, 2016 , the Company excluded the effects of the warrants and the convertible senior unsecured notes from the computation of diluted earnings per share since the average market value per share of the Company's common stock was below the exercise price of the warrants and the convertible senior unsecured notes.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes As a REIT, the Company is not subject to federal income tax to the extent that it makes qualifying distributions to its stockholders and satisfies on a continuing basis, through actual investment and operating results, the REIT requirements including certain asset, income and stock ownership tests. Based on the Company's analysis of any potential uncertain income tax positions, the Company concluded that it does not have any uncertain tax positions that meet the recognition or measurement criteria as of December 31, 2018 . The Company files U.S. federal and state income tax returns. As of December 31, 2018 , U.S. federal tax returns filed by the Company for 2017, 2016 and 2015 and state tax returns filed for 2017, 2016, 2015 and 2014 are open for examination pursuant to relevant statutes of limitation. In the event that the Company incurs income tax related interest and penalties, the Company's policy is to classify them as a component of its provision for income taxes. Income Tax Provision Subject to the limitation under the REIT asset test rules, the Company is permitted to own up to 100% of the stock of one or more TRS. Currently, the Company owns one TRS that is taxable as a corporation and is subject to federal, state and local income tax on its net income at the applicable corporate rates. The TRS, which was formed in Delaware on July 28, 2014, is a limited liability company and a wholly-owned subsidiary of the Company. For the years ended December 31, 2018 , December 31, 2017 and December 31, 2016 , the Company recorded a federal and state tax provision of approximately $709 thousand , $3.5 million and $3.2 million , respectively. In addition, on completion and filing of its 2015 federal and state tax returns in September 2016 for the TRS, the Company incurred an additional tax liability of approximately $2.0 million due to changes in the estimated taxable income from certain investments, which is recorded in "Income tax provision (benefit)" in the Consolidated Statements of Operations for the year ended December 31, 2016. The following table summarizes the Company's income tax provision for the years ended December 31, 2018 , December 31, 2017 and December 31, 2016 (dollars in thousands): For the year ended December 31, 2018 For the year ended December 31, 2017 For the year ended December 31, 2016 Current Tax Provision (Benefit) Federal $ 709 $ 4,076 $ 2,365 State — (267 ) 672 Interest and Penalties — — 119 Total Current Provision for Income Taxes, net 709 3,809 3,156 Deferred Provision (Benefit) for Income Taxes Federal — 85 — State — (407 ) — Total Deferred Benefit for Income Taxes, net — (322 ) — Total Income Tax Provision, net $ 709 $ 3,487 $ 3,156 Deferred Tax Asset and Deferred Tax Liability As of December 31, 2018 and December 31, 2017 , the Company recorded a deferred tax asset of approximately $6.0 million and $6.1 million , respectively, relating to capital loss carryforward and temporary differences as a result of the timing of income recognition of certain investments held in the TRS. The capital loss carryforwards may only be recognized to the extent of capital gains. There is uncertainty as to the TRS ability to recognize capital gains in the future. As a result, the Company has concluded it is more likely than not the deferred tax asset will not be realized and has recorded a full valuation allowance. In addition, the REIT generated net operating losses ("NOL's") for the year ended December 31, 2017 related to its swap terminations and for the California return a portion of the NOL's is apportioned to the TRS. The Company recorded a deferred state tax asset of $5.5 million and $8.8 million in the REIT and $993 thousand and $765 thousand in the TRS as of December 31, 2018 and December 31, 2017 , respectively. The TRS can carryback the NOL's to each of the two preceding years and receive a refund for taxes paid. As a result, the Company has concluded it is more likely than not the deferred tax asset will not be realized with the exception of the TRS carryback to 2015 and has recorded a combined valuation allowance of $6.1 million and $9.2 million as of December 31, 2018 and December 31, 2017 , respectively. The Company also recorded a deferred federal tax liability of $85 thousand , as of December 31, 2018 and December 31, 2017 , in anticipation of the receipt of the state tax refund as a result of the carryback of the California NOL. The following tables disclose the components of the Company's deferred tax asset and deferred tax liability at December 31, 2018 and 2017 (dollars in thousands): Deferred Tax Asset December 31, 2018 December 31, 2017 Net operating loss available for carry-back and carry-forward $ 6,503 $ 9,604 Net capital loss carry-forward 4,271 4,158 Investments 1,720 1,948 Deferred tax asset 12,494 15,710 Allowance (12,087 ) (15,303 ) Net deferred tax asset $ 407 $ 407 Deferred Tax Liability December 31, 2018 December 31, 2017 Net operating loss available for carry-back and carry-forward $ 85 $ 85 Net deferred tax liability $ 85 $ 85 Reconciliation of Tax Rate to Effective Tax Rate T he Company's effective tax rate differs from its combined federal and state income tax rate primarily due to the deduction of dividends distributions to be paid under Code Section 857(a). The reconciliation of these rates are as follows: For the year ended December 31, 2018 For the year ended December 31, 2017 Federal statutory rate 21.0 % 34.3 % State statutory rate, net of federal benefit 1.5 % (1.3 )% Other (0.8 )% (1.0 )% Change in valuation allowance (1.3 )% 0.8 % Effect of statutory rate changes — % 2.9 % REIT earnings not subject to corporate taxes (17.8 )% (31.8 )% Effective Tax Rate 2.6 % 3.9 % Excise Tax For the years ended December 31, 2018 , December 31, 2017 and December 31, 2016 , the Company recorded excise tax expense of $0 , $0 and $339 thousand , respectively. Excise tax represents a four percent tax on the required amount of the Company’s ordinary income and net capital gains not distributed during the year. The expense is calculated in accordance with applicable tax regulations. Tax Cuts and Jobs Act On December 22, 2017, the President of the United States signed and enacted comprehensive tax legislation into law H.R. 1, commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act significantly revises the U.S. corporate income tax by, among other things, lowering the corporate income tax rate from 35% to 21%. Shortly after the enactment of the Tax Act, the SEC issued guidance under Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (“SAB 118”), which allows a Company to record provisional amounts during a measurement period not to extend beyond one year of the enactment date. The ultimate impact of the Tax Act may differ from these provisional amounts due to, among other things, additional analysis, changes in interpretations and assumptions the Company has made, additional regulatory guidance that may be issued, and actions the Company may take as a result of the Act. During the fourth quarter of 2018, the Company finalized its accounting for the income tax effects of the Tax Act. No material adjustments were required to the provisional amounts initially recorded.

Contingencies

Contingencies	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies From time to time, the Company may become involved in various claims and legal actions arising in the ordinary course of business. Management is not aware of any material contingencies at December 31, 2018 .

Summarized Quarterly Results (u

Summarized Quarterly Results (unaudited)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Summarized Quarterly Results (unaudited)	Summarized Quarterly Results (unaudited) The following is a presentation of selected unaudited results of operations: Quarter Ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Net Interest Income Interest income $ 39,727 $ 57,154 $ 54,461 $ 58,020 Interest expense 20,697 38,134 38,517 40,892 Net Interest Income 19,030 19,020 15,944 17,128 Other Income (Loss) Realized gain (loss) on sale of investments, net 575 (5,608 ) (24,229 ) (33,995 ) Other than temporary impairment (2,916 ) (2,974 ) (2,533 ) (2,757 ) Unrealized gain (loss), net (68,961 ) (31,693 ) 13,128 62,855 Gain (loss) on derivative instruments, net 79,582 28,490 24,625 (54,728 ) Other, net 47 (145 ) (2 ) (89 ) Other Income (Loss) 8,327 (11,930 ) 10,989 (28,714 ) Expenses Management fee to affiliate 2,180 2,259 2,284 1,950 Other operating expenses 969 1,555 1,609 1,943 General and administrative expenses: Compensation expense 510 572 552 552 Professional fees 1,295 818 1,065 1,121 Other general and administrative expenses 361 397 335 349 Total general and administrative expenses 2,166 1,787 1,952 2,022 Total Expenses 5,315 5,601 5,845 5,915 Income (loss) before income taxes 22,042 1,489 21,088 (17,501 ) Income tax provision (benefit) 313 36 206 154 Net income (loss) $ 21,729 $ 1,453 $ 20,882 $ (17,655 ) Net income (loss) per Common Share—Basic $ 0.52 $ 0.03 $ 0.50 $ (0.37 ) Net income (loss) per Common Share—Diluted $ 0.52 $ 0.03 $ 0.50 $ (0.37 ) Quarter Ended March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 Net Interest Income: Interest income $ 28,430 $ 30,055 $ 30,928 $ 34,878 Interest expense 8,737 10,407 12,363 16,866 Net Interest Income 19,693 19,648 18,565 18,012 Other Income (Loss): Realized gain (loss) on sale of investments, net 21,258 (2,488 ) 1,830 (2 ) Other than temporary impairment (6,097 ) (6,579 ) (7,225 ) (2,972 ) Unrealized gain (loss), net (5,140 ) 35,017 5,249 (6,730 ) Gain (loss) on derivative instruments, net (4,697 ) (18,555 ) 7,217 19,327 Other, net 403 222 216 190 Other Income (Loss) 5,727 7,617 7,287 9,813 Expenses: Management fee to affiliate 2,476 1,830 1,853 1,941 Other operating expenses 417 736 702 564 General and administrative expenses: Compensation expense 740 664 660 628 Professional fees 888 832 781 741 Other general and administrative expenses 345 404 244 332 Total general and administrative expenses 1,973 1,900 1,685 1,701 Total Expenses 4,866 4,466 4,240 4,206 Income (loss) before income taxes 20,554 22,799 21,612 23,619 Income tax provision (benefit) 312 2,115 (1,155 ) 2,215 Net income (loss) $ 20,242 $ 20,684 $ 22,767 $ 21,404 Net income (loss) per Common Share—Basic $ 0.48 $ 0.49 $ 0.54 $ 0.51 Net income (loss) per Common Share—Diluted $ 0.48 $ 0.49 $ 0.54 $ 0.51

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	$ in thousands Asset Type Description Number of Loans Interest Rate Maturity Date Periodic Payment Terms (1) Prior Liens Face Amount of Mortgages Carrying Amount of Mortgages Principal Amount of Loans Subject to Delinquent Principal or Interest Residential Whole-Loans and Bridge Loans Adjustable Rate Residential Mortgage Loan Held in Securitization Trusts Original Loan Balance $0 - $249,999 394 Hybrid ARM 4.5% to 6.0% 11/01/2041 to 11/01/2048 P&I $ — $ 66,916 $ 68,261 $ — Adjustable Rate Residential Mortgage Loan Held in Securitization Trusts Original Loan Balance $250,000 - $499,999 765 Hybrid ARM 4.5% to 6.5% 01/01/2042 to 11/01/2048 P&I — 263,675 268,907 — Adjustable Rate Residential Mortgage Loan Held in Securitization Trusts Original Loan Balance $500,000 - $749,999 236 Hybrid ARM 4.5% to 6.5% 02/01/2042 to 11/01/2048 P&I — 135,510 138,123 — Adjustable Rate Residential Mortgage Loan Held in Securitization Trusts Original Loan Balance $750,000 - $999,999 105 Hybrid ARM 4.5% to 6.0% 05/01/2043 to 11/01/2048 P&I — 86,322 88,042 — Adjustable Rate Residential Mortgage Loan Held in Securitization Trusts Original Loan Balance $1,000,000 - $1,249,999 26 Hybrid ARM 4.0% to 5.9% 05/01/2043 to 11/01/2048 P&I — 28,689 29,343 — Adjustable Rate Residential Mortgage Loan Held in Securitization Trusts Original Loan Balance $1,250,000 - $1,499,999 6 Hybrid ARM 4.8% to 5.8% 12/01/2041 to 10/01/2048 P&I — 7,836 8,028 — Adjustable Rate Residential Mortgage Loan Held in Securitization Trusts Original Loan Balance $1,500,000 and above 21 Hybrid ARM 4.8% to 5.9% 02/01/2042 to 11/01/2048 P&I — 41,428 42,512 — Variable Rate Residential Mortgage Loan Held in Securitization Trusts Original Loan Balance $0 - $249,999 6 Variable 5.4% to 5.8% 02/01/2044 to 06/01/2044 P&I — 941 965 — Variable Rate Residential Mortgage Loan Held in Securitization Trusts Original Loan Balance $250,000 - $499,999 6 Variable 4.0% to 6.3% 04/01/2044 to 11/01/2047 P&I — 2,163 2,230 — Variable Rate Residential Mortgage Loan Held in Securitization Trusts Original Loan Balance $500,000 - $749,999 2 Variable 5.5% to 6.1% 04/01/2044 to 05/01/2046 P&I — 1,086 1,120 — Variable Rate Residential Mortgage Loan Held in Securitization Trusts Original Loan Balance $1,000,000 - $1,249,999 1 Variable 6.5% to 6.5% 5/1/2046 P&I — 467 485 — Variable Rate Residential Mortgage Loan Held in Securitization Trusts Original Loan Balance $1,250,000 - $1,499,999 2 Variable 5.4% to 5.7% 02/01/2044 to 05/01/2044 P&I — 1,369 1,406 — Fixed Rate Residential Mortgage Loan Held in Securitization Trusts Original Loan Balance $0 - $249,999 460 Fixed 3.8% to 8.4% 06/01/2025 to 11/01/2048 P&I — 74,360 75,382 — $ in thousands Asset Type Description Number of Loans Interest Rate Maturity Date Periodic Payment Terms (1) Prior Liens Face Amount of Mortgages Carrying Amount of Mortgages Principal Amount of Loans Subject to Delinquent Principal or Interest Fixed Rate Residential Mortgage Loan Held in Securitization Trusts Original Loan Balance $250,000 - $499,999 623 Fixed 3.8% to 7.2% 09/01/2026 to 11/01/2048 P&I — 216,989 219,521 — Fixed Rate Residential Mortgage Loan Held in Securitization Trusts Original Loan Balance $500,000 - $749,999 97 Fixed 3.9% to 6.1% 10/01/2033 to 11/01/2048 P&I — 55,582 56,374 — Fixed Rate Residential Mortgage Loan Held in Securitization Trusts Original Loan Balance $750,000 - $999,999 12 Fixed 5.1% to 6.4% 04/01/2048 to 11/01/2048 P&I — 10,829 11,039 — Fixed Rate Residential Mortgage Loan Held in Securitization Trusts Original Loan Balance $1,000,000 - $1,249,999 6 Fixed 5.0% to 6.3% 04/01/2040 to 11/01/2048 P&I — 6,193 6,357 — Fixed Rate Residential Mortgage Loan Held in Securitization Trusts Original Loan Balance $1,250,000 - $1,499,999 6 Fixed 5.6% to 6.3% 02/01/2036 to 11/01/2048 P&I — 7,684 7,882 — Fixed Rate Residential Mortgage Loan Held in Securitization Trusts Original Loan Balance $1,500,000 and above 8 Fixed 5.6% to 5.7% 09/01/2048 to 11/01/2048 P&I — 15,487 15,896 — Fixed Rate Residential Bridge Loans Held in Securitization Trusts Original Loan Balance $0 - $249,999 256 Fixed 0.0% to 18.0% 01/01/2019 to 03/01/2021 Interest Only (3) — 41,658 41,373 967 Fixed Rate Residential Bridge Loans Held in Securitization Trusts Original Loan Balance $250,000 - $499,999 122 Fixed 6.3% to 18.0% 01/01/2019 to 02/01/2021 Interest Only (3) — 41,359 41,269 1,362 Fixed Rate Residential Bridge Loans Held in Securitization Trusts Original Loan Balance $500,000 - $749,999 57 Fixed 6.3% to 13.0% 01/01/2019 to 02/01/2021 Interest Only (3) — 34,361 34,385 700 Fixed Rate Residential Bridge Loans Held in Securitization Trusts Original Loan Balance $750,000 - $999,999 43 Fixed 7.3% to 18.0% 01/01/2019 to 12/01/2020 Interest Only (3) — 35,760 35,886 803 Fixed Rate Residential Bridge Loans Held in Securitization Trusts Original Loan Balance $1,000,000 - $1,249,999 18 Fixed 7.3% to 10.0% 01/01/2019 to 09/01/2020 Interest Only (3) — 18,045 18,103 — Fixed Rate Residential Bridge Loans Held in Securitization Trusts Original Loan Balance $1,250,000 - $1,499,999 4 Fixed 9.0% to 10.8% 01/01/2019 to 06/01/2019 Interest Only (3) — 5,420 5,321 1,295 Fixed Rate Residential Bridge Loans Held in Securitization Trusts Original Loan Balance $1,500,000 and above 20 Fixed 7.5% to 10.0% 01/01/2019 to 08/01/2020 Interest Only (3) — 45,652 45,394 — Total Residential Whole-Loans and Bridge Loans $ — $ 1,245,781 $ 1,263,604 $ 5,127 Western Asset Mortgage Capital Corporation and Subsidiaries Schedule IV Commercial Real Estate Loans As of December 31, 2018 $ in thousands Description Number of Interest Maturity Periodic Payment Terms(1) Prior Face Carrying Principal Commercial Loans Commercial Loan Held in Securitization Trust Original Loan Balance $45,187,500 1 LIBOR + 4.25% 7/6/2020 Interest Only (4) $ — $ 45,187 $ 45,187 $ — Commercial Loan Held in Securitization Trust Original Loan Balance $115,500,000 1 LIBOR + 5.30% 9/6/2021 Interest Only (4) — 115,500 115,191 — Commercial Loan Held in Securitization Trust Original Loan Balance $5,744,800 1 LIBOR + 5.25% 12/1/2020 Interest Only (4) $ — $ 5,745 $ 5,745 $ — Commercial Mezzanine Loan Original Loan Balance $20,000,000 1 LIBOR + 6.50% 12/9/2019 Interest Only (4) — 20,000 20,000 — Commercial Loan Held in Securitization Trusts Original Loan Balance $30,000,000 1 LIBOR + 4.50% 6/9/2020 Interest Only (4) — 30,000 30,000 — Total Commercial Loans $ — $ 216,432 $ 216,123 $ — Securitized Commercial Loans Commercial Loan Held in Securitization Trust Original Loan Balance $1,350,000,000 1 LIBOR + 9.50% 2/9/2021 Interest Only (4) — 988,609 989,069 — Commercial Mezzanine Loan Held in Securitization Trust Original Loan Balance $25,000,000 1 Fixed 9.0% 7/6/2020 P&I (2) — 24,456 24,442 — Total Securitized Commercial Loans $ — $ 1,013,065 $ 1,013,511 $ — Total Residential and Commercial Loans $ — $ 2,475,278 $ 2,493,238 $ 5,127 (1) Principal and interest ("P&I") (2) Interest only payments for initial 2 years . After 2 years , monthly P&I payments are based on a 2 amortization schedule and a balloon payment is due on the maturity date. (3) Residential Bridge Loans are mainly interest only loans with a balloon payment at maturity. (4) The borrower may prepay the commercial loan in whole or in part at any time in accordance with the terms of the loan agreement. Reconciliation of Carrying Value of Mortgage Loans on Real Estate: 2018 2017 2016 Beginning balance $ 368,972 $ 216,361 $ 243,538 Additions during period: New mortgage loans 2,901,479 232,545 29,399 Unrealized gains 631 3,167 1,187 Deductions during period: Collections of principal 769,748 80,550 53,714 Amortization of premium and (discounts) 5,692 1,470 2,044 Unrealized losses 2,356 1,081 2,005 Realized losses 48 — — Balance at end of period $ 2,493,238 $ 368,972 $ 216,361

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The consolidated financial statements of the Company are prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). The consolidated financial statements include accounts of the Company and its wholly -owned subsidiaries and variable interest entities ("VIEs") in which it is considered the primary beneficiary. All intercompany amounts between the Company and its subsidiaries and consolidated VIEs have been eliminated in consolidation.
Variable Interest Entity	Variable Interest Entities VIEs are defined as entities that by design either lack sufficient equity for the entity to finance its activities without additional subordinated financial support or are unable to direct the entity’s activities or are not exposed to the entity’s losses or entitled to its residual returns. The Company evaluates all of its interests in VIEs for consolidation. When the interests are determined to be variable interests, the Company assesses whether it is deemed the primary beneficiary. The primary beneficiary of a VIE is determined to be the party that has both the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. To assess whether the Company has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, it considers all facts and circumstances, including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes first, identifying the activities that most significantly impact the VIE’s economic performance; and second, identifying which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE or have the right to unilaterally remove those decision makers is deemed to have the power to direct the activities of a VIE. 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. This assessment requires the Company to apply judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Factors considered in assessing significance include: the design of the VIE, including its capitalization structure; subordination of interests; payment priority; relative share of interests held across various classes within the VIE’s capital structure; and the reasons why the interests are held by the Company. In instances where the Company and its related parties have variable interests in a VIE, the Company considers whether there is a single party in the related party group that meets both the power and losses or benefits criteria on its own as though no related party relationship existed. If one party within the related party group meets both these criteria, such reporting entity is the primary beneficiary of the VIE and no further analysis is needed. If no party within the related party group on its own meets both the power and losses or benefits criteria, but the related party group as a whole meets these two criteria, the determination of primary beneficiary within the related party group requires significant judgment. The analysis 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. Ongoing assessments of whether an enterprise is the primary beneficiary of a VIE are required.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
Earnings (Loss) per share	Earnings (Loss) Per Share GAAP requires use of the two-class method in computing earnings per share for all periods presented for each class of common stock and participating securities as if all earnings for the period had been distributed. Under the two-class method, during periods of net income, the net income is first reduced for dividends declared on all classes of securities to arrive at undistributed earnings. During periods of net losses, the net loss is reduced for dividends declared on participating securities only if the security has the right to participate in the earnings of the entity and an objectively determinable contractual obligation to share in net losses of the entity. The Company’s participating securities are not allocated a share of the net loss, as the participating securities do not have a contractual obligation to share in the net losses of the Company. The remaining earnings are allocated to common stockholders and participating securities, to the extent that each security shares in earnings, as if all of the earnings for the period had been distributed. Each total is then divided by the applicable number of weighted average outstanding common shares to arrive at basic earnings per share. For the diluted earnings, the denominator includes the weighted average outstanding common shares and all potential common shares assumed issued if they are dilutive. The numerator is adjusted for any changes in income or loss that would result from the assumed conversion of these potential common shares.
Offering Costs	Offering Costs Offering costs borne by the Company in connection with common stock offerings and private placements are reflected as a reduction of additional paid-in-capital. Offering costs borne by the Company in connection with its shelf registration will be deferred and recorded in "Other assets" until such time the Company completes a common stock offering where all or a portion will be reclassified and reflected as a reduction of additional paid-in-capital. The deferred offering costs will be expensed upon the expiration of the shelf if the Company does not complete a equity offering.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly-liquid short term investments with original maturities of 90 days or less when purchased to be cash equivalents. Cash and cash equivalents are exposed to concentrations of credit risk. The Company places its cash and cash equivalents with what it believes to be high credit quality institutions. At times such investments may be in excess of the Federal Deposit Insurance Corporation insurance limit.
Valuation of financial instruments	Valuation of Financial Instruments The Company discloses the fair value of its financial instruments according to a fair value hierarchy (Levels I, II, and III, as defined below). ASC 820, "Fair Value Measurement and Disclosures" establishes a framework for measuring fair value and expands financial statement disclosure requirements for fair value measurements. ASC 820 further specifies a hierarchy of valuation techniques, which is based on whether the inputs into the valuation technique are observable or unobservable. The hierarchy is as follows: Level I — Quoted prices in active markets for identical assets or liabilities. Level II — Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level III — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable, for example, when there is little or no market activity for an investment at the end of the period, unobservable inputs may be used. The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Transfers between levels are determined by the Company at the end of the reporting period. Refer to Note 3 - "Fair Value of Financial Instruments".
Mortgage-Backed Securities and Other Securities	Mortgage-Backed Securities and Other Securities The Company's mortgage-backed securities and other securities portfolio primarily consists of Agency RMBS, Non-Agency RMBS, Agency CMBS, Non-Agency CMBS, ABS and other real estate related assets, these investments are recorded in accordance with ASC 320, “Investments - Debt and Equity Securities” and ASC 325-40, “Beneficial Interests in Securitized Financial Assets.” The Company has chosen to make a fair value election pursuant to ASC 825, “Financial Instruments” for its mortgage-backed securities and other securities portfolio. Electing the fair value option allows the Company to record changes in fair value in the Consolidated Statements of Operations as a component of “Unrealized gain (loss), net”. If the Company purchases securities with evidence of credit deterioration, it will analyze to determine if the guidance found in ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” is applicable. The Company evaluates securities for other-than-temporary impairment (“OTTI”) on at least a quarterly basis. The determination of whether a security is other-than-temporarily impaired involves judgments, estimates and assumptions based on subjective and objective factors. As a result, the timing and amount of an OTTI constitutes an accounting estimate that may change materially over time. When the fair value of an investment security is less than its amortized cost at the balance sheet date, the security is considered impaired, and the impairment is designated as either “temporary” or “other-than-temporary.” When a security is impaired, an OTTI is considered to have occurred if (i) the Company intends to sell the security (i.e., a decision has been made as of the reporting date) or (ii) it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If the Company intends to sell the security or if it is more likely than not that the Company will be required to sell the real estate security before recovery of its amortized cost basis, the entire amount of the impairment loss, if any, is recognized in earnings as OTTI and the cost basis of the security is adjusted to its fair value. Additionally, for securities accounted for under ASC 325-40 an OTTI is deemed to have occurred when there is an adverse change in the expected cash flows to be received and the fair value of the security is less than its carrying amount. In determining whether an adverse change in cash flows occurred, the present value of the remaining cash flows, as estimated at the initial transaction date (or the last date previously revised), is compared to the present value of the expected cash flows at the current reporting date. The estimated cash flows reflect those a “market participant” would use and are discounted at a rate equal to the current yield used to accrete interest income. Any resulting OTTI adjustments are reflected in the “Other than temporary impairment” in the Consolidated Statements of Operations. Increases in interest income may be recognized on a security on which the Company previously recorded an OTTI charge if the cash flow of such security subsequently improves. In addition, unrealized losses on the Company's Agency securities, with explicit guarantee of principal and interest by the governmental sponsored entity ("GSE"), are not credit losses but rather were due to changes in interest rates and prepayment expectations. These securities would not be considered other than temporarily impaired provided we did not intend to sell the security.
Residential Whole-Loans / Residential Bridge Loans	Residential Whole Loans Investments in Residential Whole Loans are recorded in accordance with ASC 310-20, "Nonrefundable Fees and Other Costs". The Company has chosen to make the fair value election pursuant to ASC 825 for our entire Residential Whole-Loan portfolio. Residential Whole Loans are recorded at fair value with periodic changes in fair market value being recorded in earnings as a component of "Unrealized gain (loss), net". All other costs incurred in connection with acquiring Residential Whole Loans or committing to purchase these loans are charged to expense as incurred. On a quarterly basis, the Company evaluate the collectability of both interest and principal of each loan, if circumstances warrant, to determine whether such loan is impaired. A loan is impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms. When a loan is impaired, the Company does not record an allowance for loan loss as we have elected the fair value option. However, income recognition is suspended for loans at the earlier of the date at which payments become 90-days past due or when, in the opinion of management, a full recovery of income and principal becomes doubtful. When the ultimate collectability of the principal of an impaired loan is in doubt, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the principal of an impaired loan is not in doubt, contractual interest is recorded as interest income when received, under the cash basis method until an accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. A loan is written off when it is no longer realizable and/or legally discharged. Residential Bridge Loans For the Bridge Loans acquired prior to October 25, 2017, the Company did not elect the fair value option pursuant to ASC 825. These loans are recorded at their principal amount outstanding, net of any premium or discount. Commencing with purchases on October 25, 2017, the Company decided to elect the fair value option pursuant to ASC 825 to be consistent with the accounting of its other investments, which are all carried at fair value. These loans are recorded at fair value with periodic changes in fair market value being recorded in earnings as a component of "Unrealized gain (loss), net". All other costs incurred in connection with acquiring the Residential Bridge Loans or committing to purchase these loans are charged to expense as incurred. A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. The Company evaluates each of its Residential Bridge Loans that it did not elect the fair value option on a quarterly basis. These loans are individually specific as they relate to the borrower, collateral type, interest rate, LTV and term as well as geographic location. The Company evaluates the collectability of both principal and interest of each loan. When a loan is impaired, the impairment is then measured based on fair value of the collateral, since these loans are collateral dependent. Upon measurement of impairment, the Company records an allowance to reduce the carrying value of the loan with a corresponding charge to earnings. Significant judgments are required in determining impairment, including assumptions regarding the value of the loan, the value of the underlying collateral and other provisions such as guarantees. The Company will not record an allowance for loan loss for the Residential Bridge Loans that it has elected the fair value option. Income recognition is suspended for loans at the earlier of the date at which payments become 90-days past due or when, in the opinion of management, a full recovery of income and principal becomes doubtful. When the ultimate collectability of the principal of an impaired loan is in doubt, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the principal of an impaired loan is not in doubt, contractual interest is recorded as interest income when received, under the cash basis method until an accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. A loan is written off when it is no longer realizable and/or it is legally discharged.
Interest income recognition	Interest Income Recognition Agency MBS, Non-Agency MBS and other securities, excluding Interest-Only Strips, rated AA and higher at the time of purchase Interest income on mortgage-backed and other securities is accrued based on the respective outstanding principal balances and corresponding contractual terms. The Company records interest income in accordance with ASC subtopic 835-30 "Imputation of Interest", using the effective interest method. As such premiums and discounts associated with Agency MBS, Non-Agency MBS and other securities, excluding Interest-Only Strips, are amortized into interest income over the estimated life of such securities. Adjustments to premium and discount amortization are made for actual prepayment activity. The Company estimates prepayments at least quarterly for its securities and, as a result, if the projected prepayment speed increases, the Company will accelerate the rate of amortization on premiums or discounts and make a retrospective adjustment to historical amortization. Alternatively, if projected prepayment speeds decrease, the Company will reduce the rate of amortization on the premiums or discounts and make a retrospective adjustment to historical amortization. Non-Agency MBS and other securities that are rated below AA at the time of purchase and Interest-Only Strips that are not classified as derivatives Interest income on Non-Agency MBS and other securities that are rated below AA at the time of purchase and Interest-Only Strips that are not classified as derivatives are also recognized in accordance with ASC 835, using the effective yield method. The effective yield on these securities is based on the projected cash flows from each security, which is estimated based on the Company’s observation of the then current information and events, where applicable, and will include assumptions related to interest rates, prepayment rates and the timing and amount of credit losses. On at least a quarterly basis, the Company reviews and, if appropriate, makes adjustments to its cash flow projections based on input and analysis received from external sources, internal models, and its judgment about interest rates, prepayment rates, the timing and amount of credit losses, and other factors. Changes in cash flows from those originally projected, or from those estimated at the last evaluation, may result in a prospective change in the yield/interest income recognized on such securities. Actual maturities of the securities are affected by the contractual lives of the underlying collateral, periodic payments of scheduled principal, and prepayments of principal. Therefore, actual maturities of the securities will generally be shorter than stated contractual maturities. Based on the projected cash flow of such securities purchased at a discount to par value, the Company may designate a portion of such purchase discount as credit protection against future credit losses and, therefore, not accrete such amount into interest income. The amount designated as credit discount may be adjusted over time, based on the actual performance of the security, its underlying collateral, actual and projected cash flow from such collateral, economic conditions and other factors. If the performance of a security with a credit discount is more favorable than forecasted, a portion of the amount designated as credit discount may be accreted into interest income prospectively. Loan Portfolio Interest income on the Company's residential loan portfolio and commercial loan portfolio are recorded using the effective interest method based on the contractual payment terms of the loan. Any premium amortization or discount accretion will be reflected as a component of "Interest income" in the Consolidated Statements of Operations.
Purchases and Sales of Investments	Purchases and Sales of Investments The Company accounts for a contract for the purchase or sale of securities, or other securities that do not yet exist on a trade date basis, which it intends to take possession and thus recognizes the acquisition or disposition of the securities at the inception of the contract. Sales of investments are driven by the Company’s portfolio management process. The Company seeks to mitigate risks including those associated with prepayments and will opportunistically rotate the portfolio into securities and/or other investments the Company’s Manager believes have more favorable attributes. Strategies may also be employed to manage net capital gains, which need to be distributed for tax purposes. Realized gains or losses on sales of investments, including Agency Interest-Only Strips not characterized as derivatives, are a component of "Realized gain (loss) on sale of investments, net" in the Consolidated Statements of Operations, and are recorded at the time of disposition. Realized gains or losses on Interest-Only Strips which are characterized as derivatives are a component of "Gain (loss) on derivative instruments, net" in the Consolidated Statements of Operations.
Foreign Currency Transactions	Foreign Currency Transactions The Company has and expects to continue to enter into transactions denominated in foreign currency from time to time. At the date the transaction is recognized, the asset and/or liability will be measured and recorded using the exchange rate in effect at the date of the transaction. At each balance sheet date, such foreign currency assets and liabilities are re-measured using the exchange rate in effect at the date of the balance sheet, resulting in unrealized foreign currency gains or losses, which are recorded in "Other, net" in the Consolidated Statements of Operations.
Due From Counterparties/Due To Counterparties	Due From Counterparties / Due To Counterparties "Due from counterparties" represents cash posted by the Company with its counterparties as collateral for the Company’s interest rate and/or currency derivative financial instruments, repurchase agreements, and TBAs. "Due to counterparties" represents cash posted with the Company by its counterparties as collateral under the Company’s interest rate and/or currency derivative financial instruments, repurchase agreements, and TBAs. Included in "Due from counterparties" and/or "Due to counterparties" are daily variation margin settlement amounts with counterparties which are based on the price movement of the Company’s futures contracts. However, commencing in 2017, daily variation margin on only the Company's centrally cleared derivatives was treated as a settlement and classified as either "Derivative assets, at fair value" or "Derivative liability, at fair value" in the Consolidated Balance Sheets. In addition, as provided below, "Due to counterparties" may include non-cash collateral in which the Company has the obligation to return and which the Company has either sold or pledged. To the extent the Company receives collateral other than cash from its counterparties, such assets are not included in the Company’s Consolidated Balance Sheets. Notwithstanding the foregoing, if the Company either rehypothecates such assets or pledges the assets as collateral pursuant to a repurchase agreement, the cash received and the corresponding liability are reflected in the Consolidated Balance Sheets.
Derivatives and Hedging Activities	Derivatives and Hedging Activities Subject to maintaining its qualification as a REIT for U.S. federal income tax purposes, the Company as part of its hedging strategy, we may enter into interest rate swaps, including forward starting swaps, interest rate swaptions, U.S. Treasury options, Eurodollar, Volatility Index and U.S, Treasury futures, TBAs, total return swaps, credit default swaps and foreign current swaps and forwards to hedge the interest rate and currency risk associated with its portfolio and related borrowings. Derivatives, subject to REIT requirements, are used for hedging purposes rather than speculation. The Company has also entered into a total return swap, which transfers the total return of the referenced security to the Company. The Company determines the fair value of its derivative positions and obtains quotations from third parties, including the Chicago Mercantile Exchange or CME, to facilitate the process of determining such fair values. The Company does not necessarily seek to hedge all such risks. In addition, if the Company’s hedging activities do not achieve the desired results, reported earnings may be adversely affected. GAAP requires an entity to recognize all derivatives as either assets or liabilities on the balance sheet and to measure those instruments at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative. The fair value adjustment will affect either other comprehensive income in stockholders’ equity until the hedged item is recognized in earnings or net income depending on whether the derivative instrument is designated and qualifies as a for hedge for accounting purposes and if so, the nature of the hedging activity. The Company elected not to apply hedge accounting for its derivative instruments. Accordingly, the Company records the change in fair value of its derivative instruments, which includes net interest rate swap payments/receipts (including accrued amounts) and net currency payments/receipts (including accrued amounts) related to interest rate swaps and currency swaps, respectively, in "Gain (loss) on derivative instruments, net" in its Consolidated Statements of Operations. In January 2017, the CME amended its rulebooks to legally characterize variation margin payments and receipts for over-the-counter derivatives they clear as settlements of the derivatives' exposure rather than collateral against exposure. As a result of the change in legal characterization, effective January 1, 2017, variation margin is no longer classified as collateral in the Consolidated Balance Sheets in either "Due from counterparties" or "Due to counterparties", but rather a component of the respective "Derivative asset, at fair value" or "Derivative liability, at fair value" in the Consolidated Balance Sheets. The variation margin is now considered partial settlements of the derivative contract and will result in realized gains or losses which prior to January 1, 2017 were classified as unrealized gains or losses on derivatives. Prior to the CME rulebook change variation margin was included in financing activities in the Company's Consolidated Statement of Cash Flows in either "Due from counterparties, net" or "Due to counterparties, net". Commencing in January 2017, cash postings for variation margin are included in operating activities in the Consolidated Statements of Cash Flows. In the Company’s Consolidated Statements of Cash Flows, premiums received or paid on termination of its interest rate swaps are included in cash flows from operating activities. Notwithstanding the foregoing, proceeds and payments on settlement of swaptions, mortgage put options, futures contracts and TBAs are included in cash flows from investing activities. Proceeds and payments on settlement of forward contracts are reflected in cash flows from financing activities in the Company’s Consolidated Statements of Cash Flows. For Agency and Non-Agency Interest-Only Strips accounted for as derivatives, the purchase, sale and recovery of basis activity is included with MBS and other securities under cash flows from investing activities in the Company’s Consolidated Statements of Cash Flows. The Company evaluates the terms and conditions of its holdings of Agency and Non-Agency Interest-Only Strips, interest rate swaptions, currency forwards, futures contracts and TBAs to determine if these instruments have the characteristics of an investment or should be considered a derivative under GAAP. In determining the classification of its holdings of Interest-Only Strips, the Company evaluates the securities to determine if the nature of the cash flows have been altered from that of the underlying mortgage collateral. Interest-Only Strips, for which the underlying mortgage collateral has been included into a structured security that alters the cash flows from the underlying mortgage collateral, are accounted for as derivatives. The carrying value of the Agency and Non-Agency Interest-Only Strips, accounted for as derivatives, is included in "Mortgage-backed securities and other securities, at fair value" in the Consolidated Balance Sheets. The carrying value of interest rate swaptions, currency forwards, futures contracts and TBAs is included in "Derivative assets, at fair value" or "Derivative liability, at fair value" in the Consolidated Balance Sheets. Interest earned or paid along with the change in fair value of these instruments accounted for as derivatives is recorded in "Gain (loss) on derivative instruments, net" in its Consolidated Statements of Operations. The Company evaluates all of its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. An embedded derivative is separated from the host contact and accounted for separately when all of the guidance criteria are met. Hybrid instruments that are remeasured at fair value through earnings, including the fair value option are not bifurcated. Derivative instruments, including derivative instruments accounted for as liabilities, are recorded at fair value and are re-valued at each reporting date, with changes in the fair value together with interest earned or paid (including accrued amounts) reported in "Gain (loss) on derivative instruments, net" in the Consolidated Statements of Operations.
Repurchase Agreements and Reverse Repurchase Agreements	Repurchase Agreements and Reverse Repurchase Agreements Investments sold under repurchase agreements are treated as collateralized financing transactions, unless they meet all the criteria for sales treatment. Securities financed through a repurchase agreement remain in the Company's Consolidated Balance Sheets as assets and cash received from the lender is recorded in the Company's Consolidated Balance Sheets as a liability. Interest payable in accordance with repurchase agreements is recorded as "Accrued interest payable" in the Consolidated Balance Sheets. Interest paid (including accrued amounts) in accordance with repurchase agreements is recorded as interest expense. The Company may borrow securities under reverse repurchase agreements to deliver a security owned and sold by the Company but pledged to a different counterparty under a separate repurchase agreement when in the Manager’s view terminating the outstanding repurchase agreement is not in the Company’s best interest. Cash paid to the borrower is recorded in the Company’s Consolidated Balance Sheets as an asset. Interest receivable in accordance with reverse repurchase agreements is recorded as accrued interest receivable in the Consolidated Balance Sheets. The Company reflects all proceeds on reverse repurchase agreement and repayment of reverse repurchase agreement, on a net basis in the Consolidated Statements of Cash Flows. Upon sale of a pledged security, the Company recognizes an obligation to return the borrowed security in the Consolidated Balance Sheet in "Due to counterparties". The Company establishes haircuts to ensure the market value of the underlying asset remains sufficient to protect the Company in the event of default by the counterparty. Realized gains and losses associated with the sale of the security are recognized in "Realized gain (loss) on sale of investments, net" in the Consolidated Statements of Cash Flows.
Securitized Debt	Convertible Senior Unsecured Notes Convertible senior unsecured notes include unsecured convertible debt that is carried at its unpaid principal balance, net of any unamortized deferred issuance costs, in the Company’s Consolidated Balance Sheets. Interest on the notes is payable semiannually until such time the notes mature or are converted into shares of the Company’s common stock. ASC 470-20 "Debt-Debt with Conversion and Other Options" requires that convertible debt instruments with cash settlement features, including partial cash settlement, account for the liability component and equity component (conversion feature) of the instrument separately. The initial value of the liability component will reflect the present value of the discounted cash flows using the nonconvertible debt borrowing rate at the time of issuance. The debt discount represents the difference between the proceeds received from the issuance and the initial carrying value of the liability component, which is accreted back to the notes principal amount through interest expense over the life of the notes. Securitized Debt Securitized debt was issued by consolidating securitization trusts. The Company has chosen to make the fair value election pursuant to ASC 825 for the debt. The debt is recorded at fair value in the Consolidated Balance Sheets with the periodic change in fair value recorded in current period earnings in the Consolidated Statements of Operations as a component of "Unrealized gain (loss), net".
Share-based compensation	Share-based Compensation The Company accounts for share-based compensation to its independent directors, its Manager and to employees of its Manager and its affiliates using the fair value based methodology prescribed by GAAP. Compensation cost related to restricted common stock issued to the Company’s independent directors and any employee of the Company including any such restricted stock which is subject to a deferred compensation program is measured at its fair value at the grant date and amortized into expense over the service period on a straight-line basis. Compensation cost related to restricted common stock issued to the Manager and to employees of the Manager, including officers and certain directors, of the Company who are employees of the Manager and its affiliates, is initially measured at fair value at the grant date, and amortized into expense over the vesting period on a straight-line basis and re-measured on subsequent dates to the extent the awards are unvested.
Warrants	Warrants For the Company’s warrants, the Company uses a variation of the adjusted Black-Scholes option valuation model to record the financial instruments at their relative fair values at issuance. The warrants issued with the Company’s common stock in the private placement to certain accredited institutional investors on May 15, 2012, were evaluated by the Company and were recorded at their relative fair value as a component of equity at the date of issuance.
Income taxes	Income Taxes The Company operates and has elected to be taxed as a REIT commencing with its taxable year ended December 31, 2012. Accordingly, the Company will generally not be subject to corporate U.S. federal or state income tax to the extent that the Company makes qualifying distributions to stockholders, and provided that the Company satisfies, on a continuing basis, through actual investment and operating results, the REIT requirements including certain asset, income, distribution and stock ownership tests. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, the Company will be subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which the Company lost its REIT qualification. Accordingly, the failure to qualify as a REIT could have a material adverse impact in the Company’s results of operations and amounts available for distribution to stockholders. As a REIT, if the Company fails to distribute in any calendar year (subject to specific timing rules for certain dividends paid in January) at least the sum of (i) 85% of its ordinary income for such year, (ii) 95% of its capital gain net income for such year, and (iii) any undistributed taxable income from the prior year, the Company would be subject to a non-deductible 4% excise tax on the excess of such required distribution over the sum of (i) the amounts actually distributed and (ii) the amounts of income retained and on which the Company has paid corporate income tax. The dividends paid deduction for qualifying dividends paid to stockholders is computed using the Company’s taxable income as opposed to net income reported in the Consolidated Statements of Operations. Taxable income, generally, will differ from net income reported in the Consolidated Statements of Operations because the determination of taxable income is based on tax regulations and not GAAP. From time time to time the Company may create and elect to treat certain subsidiaries as Taxable REIT Subsidiaries ("TRS"). In general, a TRS may hold assets and engage in activities that the Company cannot hold or engage in directly and generally may engage in any real estate or non-real estate-related business. A domestic TRS is subject to U.S. federal, state and local corporate income taxes, and its value, along with all other TRS's, may not exceed 20% of the value of the Company. If the TRS generates net income it may declare dividends to the Company, which will be included in the Company’s taxable income and necessitate a distribution to its stockholders. Conversely, if the Company retains earnings at the TRS level, no distribution is required and it can increase book equity of the consolidated entity. As of December 31, 2018 , the Company has a single wholly-owned subsidiary which it has elected to treat as a domestic TRS. Current and deferred taxes are recorded on earnings (losses) recognized by the Company's TRS. Deferred income tax assets and liabilities are calculated based upon temporary differences between the Company's U.S. GAAP consolidated financial statements and the federal and state basis of assets and liabilities as of the Consolidated Balance Sheet date. The Company evaluates the realizability of its deferred tax assets and recognizes a valuation allowance if, based on available evidence, it is more likely than not that some or all of its deferred tax assets will not be realized. In evaluating the realizability of the deferred tax asset, the Company will consider the expected future taxable income, existing and projected book to tax differences as well as tax planning strategies. This analysis is inherently subjective, as it is based on forecasted earning and business and economic activity. Changes in estimates of deferred tax asset realizability, if any, are included in "Income tax provision (benefit)" in the Consolidated Statements of Operations.
Comprehensive Income (Loss)	Comprehensive Income (Loss) The Company has none of the components of comprehensive income (loss) and therefore comprehensive income (loss) is not presented.
Recently adopted accounting pronouncements	Recently adopted accounting pronouncements Description Adoption Date Effect on Financial Statements In May 2014, the FASB issued ASU 2014-9, “Revenue from Contracts with Customers (Topic 606).” The guidance changes an entity’s recognition of revenue from contracts with customers. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new guidance requires improved disclosures to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. In March 2016, the FASB issued implementation guidance which clarifies principal versus agent considerations in reporting revenue gross versus net (ASU 2016-8). In April 2016, the FASB issued implementation guidance which clarifies the identification of performance obligations (ASU 2016-10). In May 2016, the FASB issued amendments that affect only the narrow aspects of Topic 606 (ASU2016-12). First quarter 2018. The Company's revenue is mainly derived from interest income on our investments and to a lesser extent gains on sales of investments, which are not impacted by this standard. Therefore, the adoption of this standard did not have a material impact on the Company's consolidated financial statements. In January 2016, the FASB issued ASU 2016-1, “Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” The guidance improves certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. In February 2018, the FASB issued a separate Update for technical corrections and improvements related to the ASU 2016-01 to increase stakeholders' awareness of the amendments and to expedite the improvements (ASU 2018-3). First quarter 2018. The standard does not change the guidance for classifying and measuring investments in debt securities and loans as well nonrecourse liabilities of consolidated collateralized financing entities. Therefore, the adoption of this standard did not have a material impact on the Company's consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments (Topic 230)." The guidance is intended to reduce diversity in practice in how certain transactions are classified on the statement of cash flows. First quarter 2018 and requires retrospective adoption. The adoption of this standard did not have a material impact on its Consolidated Statements of Cash Flows. In November 2016, the FASB issued ASU 2016-18 "Statement of Cash Flows (Topic 230): Restricted Cash, a consensus of the FASB's Emerging Issues Task Force." The guidance requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents as well as disclose information about the nature of the restrictions on its cash and cash equivalents. First quarter 2018 and requires retrospective adoption. The adoption of this standard did not have a material impact on its Consolidated Statements of Cash Flows. In January 2017, the FASB issued ASU 2017-01 "Business Combinations (Topic 805): Clarifying the Definition of a Business." This ASU provides a more robust framework to use in determining when a set of assets and activities constitutes a business. First quarter 2018. The guidance should be applied prospectively on or after the effective date. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. In May 2017, the FASB issued ASU 2017-09 "Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting." The amendments in this update provide guidance about which changes to the terms or conditions of a shared-based payment award require an entity to apply modification accounting in Topic 718. First quarter 2018. There are no changes to the terms and conditions of the Company's share-based compensation. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. Recently issued accounting pronouncements Description Effective Date Effect on Financial Statements In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” This standard significantly changes how an entity will measure credit losses for most financial assets and certain other instruments that aren't measured at fair value through the income statement. The standard will replace the current "incurred loss" approach with an "expected loss" model for instruments measured at amortized cost. For available for sale debt securities, entities will be required to record an allowance rather than reduce the carrying amount, as is currently done under the other than temporary impairment model. It also simplifies the accounting model for purchased credit impaired debt securities and loans. First quarter 2020. The Company is currently evaluating the impact the standard may have on its consolidated financial statements when adopted. In July 2017, the FASB issued ASU 2017-11, "Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), Derivative and Hedges (Topic 815): Part I - Accounting for Certain Financial Instruments with Down Round Features and Part II - Replacement of the Indefinite Deferral for Mandatory Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatory Redeemable Noncontrolling Interest with a Scope Exception". Part I of this update changes the classification analysis of certain financial instruments (such as warrants and convertible instruments) with down round features. Down round features are features of certain equity-linked financial instruments (or embedded features) that result in the strike price being reduced on the basis of the pricing of future equity offerings. When determining whether certain financial instruments should be classified as liabilities or equity instruments, a down round feature no longer precludes equity classification when assessing whether the instrument is indexed to an entity’s own stock. Entities that present earnings per share are required to recognize the effect of the down round feature when it is triggered. The amendments in Part II of this update recharacterize the indefinite deferral of certain provisions of Topic 480 that now are presented as pending content in the Codification, to a scope exception. Those amendments do not have an accounting effect. First quarter 2019. The Company does not believe the adoption of this standard will have a material impact its consolidated financial statements. In June 2018, the FASB issued ASU 2018-07, "Compensation-Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting." The amendments in this update expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. First quarter 2019. The Company does not believe the adoption of this standard will have a material impact its consolidated financial statements. In July 2018, the FASB issued ASU 2018-09, "Codification Improvements." The amendments in this update affect a wide variety of Topics in the Codification including derivatives and hedging, stock compensation-income taxes, distinguishing liabilities from equity, debt modification and extinguishment, reporting comprehensive income, business combinations-income taxes, financial services and Plan accounting. First quarter 2019. The Company does not believe the adoption of this standard will have a material impact its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurement (Topic 820), Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement." The amendments in this update modify the disclosure requirements on fair value measurements including the consideration of costs and benefits. First quarter 2020. The Company is evaluating the impact this standard may have on its consolidated financial statements. In November 2018, the FASB issued ASU 2018-19, "Codification Improvements to Topic 326, Financial Instruments-Credit Losses." This update was issued related to ASU 2016-13 to increase the stakeholders' awareness of the amendments to scope and transition and effective date requirements and to expedite the improvements. First quarter 2020. The Company is evaluating the impact this standard may have on its consolidated financial statements.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Schedule of the entity's financial instruments carried at fair value based upon the balance sheet by the valuation hierarchy	The following tables present the Company's financial instruments carried at fair value as of December 31, 2018 and December 31, 2017 , based upon the valuation hierarchy (dollars in thousands): December 31, 2018 Fair Value Assets Level I Level II Level III Total Agency RMBS Interest-Only Strips $ — $ — $ 12,135 $ 12,135 Agency RMBS Interest-Only Strips accounted for as derivatives, included in MBS — — 7,702 7,702 Agency CMBS — 1,481,984 — 1,481,984 Agency CMBS Interest-Only Strips accounted for as derivatives, included in MBS — 4,158 — 4,158 Subtotal Agency MBS — 1,486,142 19,837 1,505,979 Non-Agency RMBS — — 39,026 39,026 Non-Agency RMBS Interest-Only Strips — — 11,529 11,529 Non-Agency CMBS — 200,301 — 200,301 Subtotal Non-Agency MBS — 200,301 50,555 250,856 Other securities — 50,955 8,951 59,906 Total mortgage-backed securities and other securities — 1,737,398 79,343 1,816,741 Residential Whole Loans — — 1,041,885 1,041,885 Residential Bridge Loans — — 211,999 211,999 Commercial Loans — — 216,123 216,123 Securitized commercial loans — — 1,013,511 1,013,511 Derivative assets — 2,606 — 2,606 Total Assets $ — $ 1,740,004 $ 2,562,861 $ 4,302,865 Liabilities Derivative liabilities $ 4,657 $ 5,473 $ — $ 10,130 Securitized debt — 947,340 2,286 949,626 Total Liabilities $ 4,657 $ 952,813 $ 2,286 $ 959,756 December 31, 2017 Fair Value Assets Level I Level II Level III Total Agency RMBS: 20-Year mortgage $ — $ 53,783 $ — $ 53,783 30-Year mortgage — 241,642 — 241,642 40-Year mortgage — 376,752 — 376,752 Agency RMBS Interest-Only Strips — 15,437 — 15,437 Agency RMBS Interest-Only Strips accounted for as derivatives, included in MBS — 10,419 — 10,419 Agency CMBS — 2,137,583 17,217 2,154,800 Agency CMBS Interest-Only Strips — 10 — 10 Agency CMBS Interest-Only Strips accounted for as derivatives, included in MBS — 5,757 — 5,757 Subtotal Agency MBS — 2,841,383 17,217 2,858,600 Non-Agency RMBS — 90,819 13 90,832 Non-Agency RMBS Interest-Only Strips — — 8,722 8,722 Non-Agency CMBS — 278,604 — 278,604 Subtotal Non-Agency MBS — 369,423 8,735 378,158 Other securities — 112,826 9,239 122,065 Total mortgage-backed securities and other securities — 3,323,632 35,191 3,358,823 Residential Whole Loans — — 237,423 237,423 Residential Bridge Loans — 64,526 64,526 Securitized commercial loan — — 24,876 24,876 Derivative assets 728 — — 728 Total Assets $ 728 $ 3,323,632 $ 362,016 $ 3,686,376 Liabilities Derivative liabilities $ 50 $ 4,296 $ — $ 4,346 Securitized debt — — 10,945 10,945 Total Liabilities $ 50 $ 4,296 $ 10,945 $ 15,291
Summary of quantitative information about the significant unobservable inputs used in the fair value measurement of financial instruments	The following tables present a summary of quantitative information about the significant unobservable inputs used in the fair value measurement of financial instruments for which the Company has utilized Level III inputs to determine fair value as of December 31, 2018 and December 31, 2017 . Fair Value at Range December 31, 2018 Valuation Technique Unobservable Input Minimum Maximum Weighted Average Residential Whole-Loans 1,041,885 Discounted Cash Flow Yield 3.5 % 7.9 % 5.5 % Weighted Average Life 0.8 10.3 2.8 Residential Bridge Loans 211,999 Discounted Cash Flow Yield 5.6 % 145.3 % 11.3 % Weighted Average Life 0.1 1.6 0.5 Commercial Loans 216,123 Discounted Cash Flow Yield 6.7 % 9.2 % 7.6 % Weighted Average Lie 0.9 2.7 2.1 Spread 4.1 % 6.5 % 5.1 % Fair Value at Range December 31, 2017 Valuation Technique Unobservable Input Minimum Maximum Weighted Average Residential Whole-Loans 237,423 Discounted Cash Flow Yield 3.6 % 6.6 % 5.8 % Weighted Average Life 0.6 6.8 1.5 Residential Bridge Loans 64,526 Discounted Cash Flow Yield 3.8 % 8.8 % 4.3 % Weighted Average Life 0.4 1.6 0.8
Schedule of additional information about the entity's financial instruments, which are measured at fair value on a recurring basis for which the entity has utilized Level III inputs to determine fair value	The following tables present additional information about the Company's financial instruments which are measured at fair value on a recurring basis for which the Company has utilized Level III inputs to determine fair value: Year ended December 31, 2018 $ in thousands Agency MBS Non-Agency MBS Other Securities Residential Residential Bridge Loans Commercial Loans Securitized Commercial Loan Securitized Debt Beginning balance $ 17,217 $ 8,735 $ 9,239 $ 237,423 $ 64,526 $ — $ 24,876 $ 10,945 Transfers into Level III from Level II 22,795 39,084 9,708 — — — — — Transfers from Level III into Level II (16,805 ) — (8,697 ) — — — — (10,899 ) Purchases 2,093 8,602 — 860,576 207,705 215,322 1,353,020 — Sales and settlements — (4,180 ) — — — — — 12 Principal repayments (53 ) (307 ) (604 ) (55,186 ) (57,528 ) — (361,782 ) (44 ) Total net gains/losses included in net income Realized gains/(losses), net on assets — 258 — — — — — — Realized gains/(losses), net on liabilities — — — — — — — — Other than temporary impairment (735 ) (918 ) (161 ) — — — — — Unrealized gains/(losses), net on assets (1) (630 ) 1,183 (532 ) (415 ) (1,806 ) 631 (16 ) — Unrealized (gains)/losses, net on liabilities (2) — — — — — — — 1,996 Premium and discount amortization, net (4,045 ) (1,902 ) (2 ) (513 ) (898 ) 170 (2,587 ) 276 Ending balance $ 19,837 $ 50,555 $ 8,951 $ 1,041,885 $ 211,999 $ 216,123 $ 1,013,511 $ 2,286 Unrealized gains/(losses), net on assets held at the end of the period (1) $ (272 ) $ 1,184 $ (464 ) $ 351 $ (1,370 ) $ 631 $ (16 ) $ — Unrealized gains/(losses), net on liabilities held at the end of the period (2) $ — $ — $ — $ — $ — $ — $ — $ (1,998 ) Year ended December 31, 2017 $ in thousands Agency MBS Non-Agency MBS Other Securities Residential Residential Bridge Loans Securitized commercial loan Securitized debt Derivative liability Beginning balance $ 73,059 $ 75,576 $ 31,356 $ 192,136 $ — $ 24,225 $ 10,659 $ 1,673 Transfers into Level III from Level II — — 9,470 — — — — — Transfers from Level III into Level II (73,714 ) (7,433 ) (33,080 ) — — — — — Purchases 17,217 8,937 — 86,921 63,969 — — — Sales and settlements — (60,132 ) — — — — — 552 Principal repayments — (378 ) (425 ) (41,312 ) — (154 ) (68 ) — Total net gains / (losses) included in net income Realized gains/(losses), net — 2,623 — — — — — (552 ) Other than temporary impairment — — (1,823 ) — — — — — Unrealized gains/(losses), net on assets (1) 635 (9,415 ) 1,522 724 571 805 — — Unrealized (gains)/losses, net on liabilities (2) — — — — — — 354 (1,673 ) Premium and discount amortization, net 20 (1,043 ) 2,219 (1,046 ) (14 ) — — — Ending balance $ 17,217 $ 8,735 $ 9,239 $ 237,423 $ 64,526 $ 24,876 $ 10,945 $ — Unrealized gains/(losses), net on assets held at the end of the period (1) $ — $ (16 ) $ 43 $ 1,368 $ 571 $ 805 $ — $ — Unrealized gains/(losses), net on liabilities held at the end of the period (2) $ — $ — $ — $ — $ — $ — $ (354 ) $ — (1) Gains and losses are included in "Unrealized gain (loss), net" in the Consolidated Statements of Operations. (2) Gains and losses on securitized debt and derivative liability are included in "Unrealized gain (loss), net" and "Gain (loss) on derivative instruments, net" in the Consolidated Statements of Operations, respectively.
Schedule of Other Fair Value Disclosures	The following table presents the carrying value and estimated fair value of the Company’s financial instruments that are not carried at fair value, as of December 31, 2018 and December 31, 2017 , in the consolidated financial statements (dollars in thousands): Year ended December 31, 2018 December 31, 2017 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Assets Residential Bridge Loans $ 9,720 $ 9,603 $ 42,147 $ 42,881 Total $ 9,720 $ 9,603 $ 42,147 $ 42,881 Liabilities Borrowings under repurchase agreements $ 2,818,837 $ 2,823,615 $ 3,251,686 $ 3,257,956 Convertible senior unsecured notes 110,060 108,531 108,743 114,819 Total $ 2,928,897 $ 2,932,146 $ 3,360,429 $ 3,372,775

Mortgage-Backed Securities an_2

Mortgage-Backed Securities and other securities (Tables)	12 Months Ended
	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Summary of certain information about the Company's investment portfolio	The following tables present certain information about the Company's investment portfolio at December 31, 2018 and December 31, 2017 (dollars in thousands). December 31, 2018 Principal Balance Unamortized Premium (Discount), net Discount Designated as Credit Reserve and OTTI Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Net Weighted Average Coupon Agency RMBS Interest-Only Strips (1) N/A N/A N/A 11,480 1,062 (407 ) 12,135 2.2 % Agency RMBS Interest-Only Strips, accounted for as derivatives (1)(2) N/A N/A N/A N/A N/A N/A 7,702 2.9 % Subtotal Agency RMBS — — — 11,480 1,062 (407 ) 19,837 2.5 % Agency CMBS 1,493,675 5,820 — 1,499,495 12,083 (29,594 ) 1,481,984 3.3 % Agency CMBS Interest-Only Strips, accounted for as derivatives (1)(2) N/A N/A N/A N/A N/A N/A 4,158 0.4 % Subtotal Agency CMBS 1,493,675 5,820 — 1,499,495 12,083 (29,594 ) 1,486,142 3.0 % Subtotal Agency MBS 1,493,675 5,820 — 1,510,975 13,145 (30,001 ) 1,505,979 2.9 % Non-Agency RMBS 54,887 6,909 (23,731 ) 38,065 961 — 39,026 4.8 % Non-Agency RMBS Interest- Only Strips (1) N/A N/A N/A 11,154 382 (7 ) 11,529 0.6 % Subtotal Non-Agency RMBS 54,887 6,909 (23,731 ) 49,219 1,343 (7 ) 50,555 1.0 % Non-Agency CMBS 240,431 (20,317 ) (22,189 ) 197,925 5,021 (2,645 ) 200,301 5.9 % Subtotal Non-Agency MBS 295,318 (13,408 ) (45,920 ) 247,144 6,364 (2,652 ) 250,856 2.4 % Other securities (3) 47,042 (1,129 ) (7,603 ) 55,284 5,012 (390 ) 59,906 9.0 % Total $ 1,836,035 $ (8,717 ) $ (53,523 ) $ 1,813,403 $ 24,521 $ (33,043 ) $ 1,816,741 2.9 % December 31, 2017 Principal Balance Unamortized Premium (Discount), net Discount Designated as Credit Reserve and OTTI Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Net Weighted Average Coupon Agency RMBS $ 641,044 $ 28,876 $ — $ 669,920 $ 4,571 $ (2,314 ) $ 672,177 3.9 % Agency RMBS Interest-Only Strips (1) N/A N/A N/A 14,750 878 (191 ) 15,437 2.9 % Agency RMBS Interest-Only Strips, accounted for as derivatives (1)(2) N/A N/A N/A N/A N/A N/A 10,419 2.9 % Subtotal Agency RMBS 641,044 28,876 — 684,670 5,449 (2,505 ) 698,033 3.6 % Agency CMBS 2,145,139 2,142 — 2,147,281 16,913 (9,394 ) 2,154,800 2.9 % Agency CMBS Interest-Only Strips (1) N/A N/A N/A — 10 — 10 3.2 % Agency CMBS Interest-Only Strips, accounted for as derivatives (1)(2) N/A N/A N/A N/A N/A N/A 5,757 0.5 % Subtotal Agency CMBS 2,145,139 2,142 — 2,147,281 16,923 (9,394 ) 2,160,567 2.7 % Subtotal Agency MBS 2,786,183 31,018 — 2,831,951 22,372 (11,899 ) 2,858,600 3.0 % Non-Agency RMBS 119,748 5,263 (39,491 ) 85,520 5,473 (161 ) 90,832 3.8 % Non-Agency RMBS Interest- Only Strips (1) N/A N/A N/A 8,738 — (16 ) 8,722 0.9 % Subtotal Non-Agency RMBS 119,748 5,263 (39,491 ) 94,258 5,473 (177 ) 99,554 1.8 % Non-Agency CMBS 379,183 (59,129 ) (28,020 ) 292,034 1,702 (15,132 ) 278,604 4.8 % Subtotal Non-Agency MBS 498,931 (53,866 ) (67,511 ) 386,292 7,175 (15,309 ) 378,158 3.3 % Other securities (3) 86,305 6,300 (5,404 ) 110,091 12,161 (187 ) 122,065 7.8 % Total $ 3,371,419 $ (16,548 ) $ (72,915 ) $ 3,328,334 $ 41,708 $ (27,395 ) $ 3,358,823 3.1 % (1) IOs and IIOs have no principal balances and bear interest based on a notional balance. The notional balance is used solely to determine interest distributions on interest-only class of securities. At December 31, 2018 , the notional balance for Agency RMBS IOs and IIOs, Non-Agency RMBS IOs and IIOs, Agency RMBS IOs and IIOs, accounted for as derivatives, and Agency CMBS IOs and IIOs, accounted for as derivatives was $158.8 million , $519.9 million , $89.8 million and $172.2 million , respectively. At December 31, 2017 , the notional balance for Agency RMBS IOs and IIOs, Non-Agency RMBS IOs and IIOs, Agency RMBS IOs and IIOS, accounted for as derivatives, Agency CMBS IOs and IIOs, accounted for as derivatives and Agency CMBS IOs and IIOs was $165.5 million , $278.4 million , $122.0 million , $192.5 million and $3.3 million , respectively. (2) Interest on these securities is reported as a component of "Gain (loss) on derivative instruments, net" in the Consolidated Statements of Operations. (3) Other securities include residual interests in asset-backed securities which have no principal balance and an amortized cost of approximately $17.0 million and $22.9 million , as of December 31, 2018 and December 31, 2017 , respectively.
Schedule of changes in the components of purchase discount and amortizable premium on Non-Agency RMBS, Non-Agency CMBS and other securities	The following table presents the changes in the components of the Company's purchase discount and amortizable premium on its Non-Agency RMBS, Non-Agency CMBS and other securities for the years ended December 31, 2018 , December 31, 2017 and December 31, 2016 (dollars in thousands): Year ended December 31, 2018 Year ended December 31, 2017 Year ended December 31, 2016 Discount Designated as Credit Reserve and OTTI Accretable Discount (1) Amortizable Premium (1) Discount Designated as Accretable Discount (1) Amortizable Premium (1) Discount Designated as Credit Reserve and OTTI Accretable Discount (1) Amortizable Premium (1) Beginning balance $ (72,915 ) $ (68,438 ) $ 20,872 $ (130,484 ) $ (109,822 ) $ 44,527 $ (152,750 ) $ (145,532 ) $ 56,163 Accretion of discount — 7,137 — — 10,715 — — 17,431 — Amortization of premium — — (675 ) — — (843 ) — — (5,470 ) Realized credit losses 5,863 — — 2,391 — — 7,697 — — Purchases (7,182 ) (6,473 ) 435 (19,385 ) (1,205 ) 7,259 (15,792 ) (2,945 ) 5,266 Sales 32,301 40,338 (9,590 ) 89,628 33,166 (31,118 ) 39,117 35,605 (12,156 ) Net impairment losses recognized in earnings (9,733 ) — — (15,310 ) — — (22,413 ) — — Transfers/release of credit reserve (2) (1,857 ) (2,029 ) 3,886 245 (1,292 ) 1,047 13,657 (14,381 ) 724 Ending balance $ (53,523 ) $ (29,465 ) $ 14,928 $ (72,915 ) $ (68,438 ) $ 20,872 $ (130,484 ) $ (109,822 ) $ 44,527 (1) Together with coupon interest, accretable purchase discount and amortizable premium is recognized as interest income over the life of the security. (2) Subsequent reductions of a security's non-accretable discount results in a corresponding reduction in its amortizable premium.
Schedule of the fair value and contractual maturities of the Company's investment securities	The following tables present the fair value and contractual maturities of the Company's investment securities at December 31, 2018 and December 31, 2017 (dollars in thousands): December 31, 2018 < or equal to 10 years > 10 years and < or equal to 20 years > 20 years and < or equal to 30 years > 30 years Total Agency RMBS Interest-Only Strips $ 3,577 $ 2,402 $ 6,156 $ — $ 12,135 Agency RMBS Interest-Only Strips, accounted for as derivatives 1,089 4,053 2,560 — 7,702 Agency CMBS 1,101,820 380,164 — — 1,481,984 Agency CMBS Interest-Only Strips, accounted for as derivatives — — — 4,158 — 4,158 Subtotal Agency 1,106,486 386,619 8,716 4,158 1,505,979 Non-Agency RMBS — — 8,540 30,486 39,026 Non-Agency RMBS Interest-Only Strips — — 4,310 7,219 11,529 Non-Agency CMBS 28,754 53,653 72,921 44,973 200,301 Subtotal Non-Agency 28,754 53,653 85,771 82,678 250,856 Other securities 7,698 26,020 — 26,188 59,906 Total $ 1,142,938 $ 466,292 $ 94,487 $ 113,024 $ 1,816,741 December 31, 2017 < or equal to 10 years > 10 years and < or equal to 20 years > 20 years and < or equal to 30 years > 30 years Total Agency RMBS $ — $ 56,228 $ 239,197 $ 376,752 $ 672,177 Agency RMBS Interest-Only Strips 3,920 4,591 6,926 — 15,437 Agency RMBS Interest-Only Strips, accounted for as derivatives 1,686 5,139 3,594 — 10,419 Agency CMBS 1,599,620 555,180 — — 2,154,800 Agency CMBS Interest-Only Strips 10 — — — 10 Agency CMBS Interest-Only Strips, accounted for as derivatives — — — 5,757 5,757 Subtotal Agency 1,605,236 621,138 249,717 382,509 2,858,600 Non-Agency RMBS 13 51,092 4,184 35,543 90,832 Non-Agency RMBS Interest-Only Strips — — — 8,722 8,722 Non-Agency CMBS — 60,583 139,209 78,812 278,604 Subtotal Non-Agency 13 111,675 143,393 123,077 378,158 Other securities — 99,062 — 23,003 122,065 Total $ 1,605,249 $ 831,875 $ 393,110 $ 528,589 $ 3,358,823
Schedule of gross unrealized losses and estimated fair value of the Company's MBS and other securities by length of time that such securities have been in a continuous unrealized loss position	The following tables present the gross unrealized losses and estimated fair value of the Company's MBS and other securities by length of time that such securities have been in a continuous unrealized loss position at December 31, 2018 and December 31, 2017 (dollars in thousands): December 31, 2018 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Agency RMBS Interest-Only Strips $ 3,277 $ (124 ) 7 $ 3,917 $ (283 ) 9 $ 7,194 $ (407 ) 16 Agency CMBS 29,413 (307 ) 3 879,549 (29,287 ) 72 908,962 (29,594 ) 75 Subtotal Agency 32,690 (431 ) 10 883,466 (29,570 ) 81 916,156 (30,001 ) 91 Non-Agency RMBS — — — 500 — 1 500 — 1 Non-Agency RMBS Interest-Only Strips 957 (7 ) 2 — — — 957 (7 ) 2 Non-Agency CMBS 65,339 (712 ) 7 19,323 (1,933 ) 3 84,662 (2,645 ) 10 Subtotal Non-Agency 66,296 (719 ) 9 19,823 (1,933 ) 4 86,119 (2,652 ) 13 Other securities 15,208 (390 ) 2 — — — 15,208 (390 ) 2 Total $ 114,194 $ (1,540 ) 21 $ 903,289 $ (31,503 ) 85 $ 1,017,483 $ (33,043 ) 106 December 31, 2017 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Agency RMBS $ 330,259 $ (2,179 ) 11 $ 1,632 $ (135 ) 5 $ 331,891 $ (2,314 ) 16 Agency RMBS Interest-Only Strips 3,095 (142 ) 6 1,703 (49 ) 3 4,798 (191 ) 9 Agency CMBS 955,559 (9,394 ) 57 — — — 955,559 (9,394 ) 57 Subtotal Agency 1,288,913 (11,715 ) 74 3,335 (184 ) 8 1,292,248 (11,899 ) 82 Non-Agency RMBS 28,508 (161 ) 3 — — — 28,508 (161 ) 3 Non-Agency RMBS Interest-Only Strips 8,722 (16 ) 3 — — — 8,722 (16 ) 3 Non-Agency CMBS 69,661 (1,753 ) 15 119,729 (13,379 ) 35 189,390 (15,132 ) 50 Subtotal Non-Agency 106,891 (1,930 ) 21 119,729 (13,379 ) 35 226,620 (15,309 ) 56 Other securities 23,800 (187 ) 3 — — — 23,800 (187 ) 3 Total $ 1,419,604 $ (13,832 ) 98 $ 123,064 $ (13,563 ) 43 $ 1,542,668 $ (27,395 ) 141
Schedule of other-than-temporary impairments the Company recorded on its securities portfolio	The following table presents the OTTI the Company recorded on its securities portfolio (dollars in thousands): For the year ended December 31, 2018 For the year ended December 31, 2017 For the year ended December 31, 2016 Agency RMBS $ 807 $ 5,774 $ 6,090 Non-Agency RMBS 996 — 9,511 Non-Agency CMBS 8,660 15,117 13,025 Other securities 717 1,982 3,660 Total $ 11,180 $ 22,873 $ 32,286
Summary of the components of interest income on the Company's MBS and other securities	The following table presents components of interest income on the Company's MBS and other securities (dollars in thousands) for the three years ended December 31, 2018 , December 31, 2017 and December 31, 2016 , respectively: For the year ended December 31, 2018 For the year ended December 31, 2017 For the year ended December 31, 2016 Coupon Interest Net (Premium Amortization/ Amortization Basis) Discount Amortization Interest Income Coupon Interest Net (Premium Amortization/ Amortization Basis) Discount Amortization Interest Income Coupon Interest Net (Premium Amortization/ Amortization Basis) Discount Amortization Interest Income Agency RMBS $ 19,507 $ (5,092 ) $ 14,415 $ 38,108 $ (13,058 ) $ 25,050 $ 70,467 $ (24,836 ) $ 45,631 Agency CMBS 60,148 (646 ) 59,502 40,064 507 40,571 2,619 (1,701 ) 918 Non-Agency RMBS 7,120 (1,073 ) 6,047 5,602 525 6,127 35,221 (5,243 ) 29,978 Non-Agency CMBS 20,058 6,366 26,424 19,179 8,276 27,455 24,893 7,431 32,324 Other securities 14,805 (6,371 ) 8,434 8,280 1,559 9,839 2,537 2,977 5,514 Total $ 121,638 $ (6,816 ) $ 114,822 $ 111,233 $ (2,191 ) $ 109,042 $ 135,737 $ (21,372 ) $ 114,365
Schedule of sales and realized gains (loss) of the Company's MBS and other securities	The following tables present the sales and realized gains (losses) of the Company's MBS and other securities (dollars in thousands) for the three years ended December 31, 2018 , December 31, 2017 and December 31, 2016 , respectively: For the year ended December 31, 2018 Proceeds Gross Gains Gross Losses Net Gain (Loss) Agency RMBS $ 589,854 $ 18 $ (23,997 ) $ (23,979 ) Agency CMBS 1,534,967 — (51,045 ) (51,045 ) Non-Agency RMBS 99,842 7,008 (478 ) 6,530 Non-Agency CMBS 140,292 3,086 (6,201 ) (3,115 ) Other securities 65,099 8,400 — 8,400 Total $ 2,430,054 $ 18,512 $ (81,721 ) $ (63,209 ) For the year ended December 31, 2017 Proceeds Gross Gains Gross Losses Net Gain (Loss) Agency RMBS (1) $ 1,251,985 $ 5,020 $ (7,936 ) $ (2,916 ) Non-Agency RMBS (2) 243,838 24,356 (2,241 ) 22,115 Non-Agency CMBS 54,875 2,543 (1,803 ) 740 Other securities 38,447 713 (54 ) 659 Total $ 1,589,145 $ 32,632 $ (12,034 ) $ 20,598 (1) Excludes proceeds for Agency RMBS Interest-Only Strips, accounted for as derivatives, of approximately $2.6 million and gross realized gains of approximately $432 thousand . (2) Excludes proceeds for Non-Agency RMBS Interest-Only Strips, accounted for as derivatives, of approximately $2.2 million , gross realized gains of $274 thousand and gross realized losses of $180 thousand . For the year ended December 31, 2016 Proceeds Gross Gains Gross Losses Net Gain (Loss) Agency RMBS (1) $ 1,239,350 $ 6,214 $ (25,818 ) $ (19,604 ) Agency CMBS 22,939 54 (66 ) (12 ) Non-Agency RMBS 177,996 6,470 (4,560 ) 1,910 Non-Agency CMBS 50,418 137 (5,810 ) (5,673 ) Other securities 764,711 3,496 (2,108 ) 1,388 Total $ 2,255,414 $ 16,371 $ (38,362 ) $ (21,991 ) (1) Excludes proceeds for Agency RMBS Interest-Only Strips, accounted for as derivatives, of approximately $18.5 million , gross realized gains of $1.9 million and gross realized losses of $595 thousand . Unconsolidated CMBS VIEs The Company’s economic interests held in unconsolidated CMBS VIEs are limited in nature to those of a passive holder of CMBS issued by securitization trusts; the Company was not involved in the design or creation of the securitization trusts. The Company evaluates its CMBS holdings for potential consolidation of the securitized trust, in which it owns the most subordinate tranche or a portion of the controlling class. As of December 31, 2018 and December 31, 2017 , the Company had seven and three investments in CMBS VIEs, respectively, in which it either owned the most subordinate class or a portion of the controlling class. The Company determined it was not the primary beneficiary and accordingly, the CMBS VIEs were not consolidated in the Company’s consolidated financial statements. As of December 31, 2018 and December 31, 2017 , the Company’s maximum exposure to loss from these variable interests did not exceed the carrying value of these investments of the $118.4 million and $62.1 million . These investments are classified in "Non-Agency mortgage-backed securities, at fair value" in the Company’s Consolidated Balance Sheets. Further, as of December 31, 2018 and December 31, 2017 , the Company did not guarantee any obligations of unconsolidated entities or enter into any commitment or intent to provide funding to any such entities.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2018
Variable Interest Entities
Schedule of the assets and liabilities of the VIE included in the Consolidated Balance Sheets	The following table presents a summary of the assets and liabilities of the consolidated residential whole-loan trusts and residential bridge loan trust included in the Consolidated Balance Sheets as of December 31, 2018 and December 31, 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Cash and cash equivalents $ 674 $ — Residential Whole-Loans, at fair value ($1,041,885 and $237,423 pledged as collateral, at fair value, respectively) 1,041,885 237,423 Residential Bridge Loans ($211,766 and $64,526 at fair value and $221,486 and $106,673 pledged as collateral, respectively) 221,486 106,673 Commercial Loan, at fair value 30,000 — Investment related receivable 42,945 7,665 Accrued interest receivable 11,807 3,197 Other assets 178 — Total assets $ 1,348,975 $ 354,958 Accounts payable and accrued expenses 677 188 Other liabilities 225 — Total liabilities $ 902 $ 188 The following table presents a summary of the assets and liabilities of the three consolidated trusts included in the Consolidated Balance Sheets as of December 31, 2018 and December 31, 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Restricted cash $ 55,808 $ — Securitized commercial loans, at fair value 1,013,511 24,876 Commercial Loans, at fair value 166,123 — Interest receivable 3,733 161 Total assets $ 1,239,175 $ 25,037 Securitized debt, at fair value $ 949,626 $ 10,945 Interest payable 2,419 70 Accounts payable and accrued expenses 31 1 Other liabilities 55,808 — Total liabilities $ 1,007,884 $ 11,016
Schedule of components of the carrying value of Residential Whole-Loans and Securitized commercial loan	The following table presents the components of the carrying value of Residential Whole Loans and Residential Bridge Loans as of December 31, 2018 and December 31, 2017 (dollars in thousands): Residential Whole Loans, at Fair Value Residential Bridge Loans, at Fair Value (1) Residential Bridge Loans, at Amortized Cost (1) December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Principal balance $ 1,023,524 $ 232,270 $ 212,491 $ 63,802 $ 9,766 $ 42,066 Unamortized premium 17,629 2,021 1,164 293 16 122 Unamortized discount (3,145 ) (1,190 ) (316 ) (128 ) (62 ) (41 ) Amortized cost 1,038,008 233,101 213,339 63,967 9,720 42,147 Gross unrealized gains 7,573 4,463 212 655 N/A N/A Gross unrealized losses (3,696 ) (141 ) (1,552 ) (96 ) N/A N/A Fair value $ 1,041,885 $ 237,423 $ 211,999 $ 64,526 N/A N/A (1) These loans are classified in "Residential Bridge Loans" in the Consolidated Balance Sheets
Schedule of certain information about the Residential Whole-Loans investment portfolio	The following tables present certain information about the Company's Residential Whole Loans investment portfolio at December 31, 2018 and December 31, 2017 (dollars in thousands): December 31, 2018 Weighted Average Current Coupon Rate Number of Loans Principal Balance Original LTV Original FICO Score (1) Expected Life (years) Contractual Maturity (years) Coupon Rate 3.01 - 4.00% 66 $ 22,046 61.6 % 738 6.5 29.0 3.9 % 4.01 - 5.00% 1,395 490,073 62.3 % 739 3.0 29.0 4.8 % 5.01 - 6.00% 1,283 496,722 62.7 % 727 2.5 28.5 5.4 % 6.01 - 7.00% 37 14,589 59.5 % 731 1.5 24.8 6.2 % 7.01 - 8.00% 1 94 70.0 % 689 1.8 29.1 8.0 % Total 2,782 $ 1,023,524 62.4 % 733 2.8 28.7 5.1 % (1) The original FICO score is not available for 274 loans with a principal balance of approximately $93.2 million at December 31, 2018 . The Company has excluded these loans from the weighted average computations. December 31, 2017 Weighted Average Current Coupon Rate Number of Loans Principal Balance Original LTV Original FICO Score (1) Expected Life (years) Contractual Maturity (years) Coupon Rate 3.01 - 4.00% 142 $ 55,593 55.5 % 751 1.7 29.1 3.9 % 4.01 - 5.00% 338 125,860 56.9 % 725 1.4 26.5 4.5 % 5.01 - 6.00% 132 48,553 58.2 % 728 1.6 27.0 5.2 % 6.01 - 7.00% 4 2,264 71.1 % 758 1.3 20.5 6.3 % Total 616 $ 232,270 57.0 % 734 1.5 27.1 4.5 % (1) The original FICO score is not available for 141 loans with a principal balance of approximately $56.5 million at December 31, 2017 . The Company has excluded these loans from the weighted average computations.
Schedule of the US states represented in Residential Whole-Loans based on principal balance	The following table presents the various states across the United States in which the collateral securing the Company's Residential Whole Loans at December 31, 2018 and December 31, 2017 , based on principal balance, is located (dollars in thousands): December 31, 2018 December 31, 2017 State Concentration Principal Balance State Principal California 67.1 % $ 686,275 California 62.2 % $ 144,321 New York 17.1 % 175,390 New York 24.4 % 56,631 Georgia 2.6 % 26,918 Georgia 4.3 % 10,061 Massachusetts 2.1 % 21,197 Washington 4.0 % 9,244 Florida 1.9 % 19,942 Massachusetts 3.9 % 9,114 Other 9.2 % 93,802 Other 1.2 % 2,899 Total 100.0 % $ 1,023,524 Total 100.0 % $ 232,270
Schedule of the U.S. states concentration and principal balance of collateral securing residential bridge loans	The following tables present certain information about the Company’s Residential Bridge Loan investment portfolio at December 31, 2018 and December 31, 2017 (dollars i`n thousands): December 31, 2018 Weighted Average Current Coupon Rate Number of Loans Principal Original LTV Contractual Coupon 6.01 - 7.00% 8 3,169 60.4 % 1.1 6.7 % 7.01 – 8.00% 95 53,911 73.1 % 6.3 7.8 % 8.01 – 9.00% 180 86,764 72.3 % 5.6 8.7 % 9.01 – 10.00% 143 53,804 74.0 % 4.5 9.7 % 10.01 – 11.00% 43 10,150 72.7 % 4.0 10.7 % 11.01 - 12.00% 28 8,274 69.8 % 4.5 11.4 % 12.01 - 13.00% 11 2,743 75.8 % 5.2 12.8 % 13.01 - 14.00% 1 88 65.0 % 4.0 14.0 % 17.01 – 18.00% 11 3,354 73.7 % 2.3 18.0 % Total 520 $ 222,257 72.7 % 5.3 9.1 % December 31, 2017 Weighted Average Current Coupon Rate Number of Loans Principal Original LTV Contractual Coupon 5.01 - 6.00% 9 $ 4,016 64.5 % 10.8 5.9 % 6.01 - 7.00% 64 18,420 67.8 % 10.6 6.7 % 7.01 – 8.00% 98 25,608 66.4 % 9.5 7.6 % 8.01 – 9.00% 56 19,728 70.3 % 11.9 8.9 % 9.01 – 10.00% 67 25,001 73.3 % 6.8 9.7 % 10.01 – 11.00% 36 10,656 75.4 % 5.0 10.8 % 11.01 - 12.00% 2 919 89.8 % 8.2 11.4 % 17.01 – 18.00% 8 1,520 73.8 % 5.9 18.0 % Total 340 $ 105,868 70.1 % 9.0 8.6 %
Schedule of the U.S. states concentration and principal balance of collateral securing residential bridge-loans	The following table presents the various states across the United States in which the collateral securing the Company’s Residential Bridge Loans at December 31, 2018 and December 31, 2017 , based on principal balance, is located (dollars in thousands): December 31, 2018 December 31, 2017 State Concentration Principal Balance State Concentration Principal Balance California 53.9 % $ 119,761 California 48.2 % $ 51,080 New York 9.5 % 21,160 Florida 13.4 % 14,199 Washington 6.6 % 14,711 Washington 6.3 % 6,645 Florida 5.7 % 12,672 New York 4.4 % 4,703 New Jersey 4.7 % 10,419 Texas 4.4 % 4,660 Other 19.6 % 43,534 Other 23.3 % 24,581 Total 100.0 % $ 222,257 Total 100.0 % $ 105,868

Commercial Real Estate Invest_2

Commercial Real Estate Investments (Tables)	12 Months Ended
	Dec. 31, 2018
Noncontrolling Interest [Abstract]
Schedule of the assets and liabilities of the VIE included in the Consolidated Balance Sheets	The following table presents a summary of the assets and liabilities of the consolidated residential whole-loan trusts and residential bridge loan trust included in the Consolidated Balance Sheets as of December 31, 2018 and December 31, 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Cash and cash equivalents $ 674 $ — Residential Whole-Loans, at fair value ($1,041,885 and $237,423 pledged as collateral, at fair value, respectively) 1,041,885 237,423 Residential Bridge Loans ($211,766 and $64,526 at fair value and $221,486 and $106,673 pledged as collateral, respectively) 221,486 106,673 Commercial Loan, at fair value 30,000 — Investment related receivable 42,945 7,665 Accrued interest receivable 11,807 3,197 Other assets 178 — Total assets $ 1,348,975 $ 354,958 Accounts payable and accrued expenses 677 188 Other liabilities 225 — Total liabilities $ 902 $ 188 The following table presents a summary of the assets and liabilities of the three consolidated trusts included in the Consolidated Balance Sheets as of December 31, 2018 and December 31, 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Restricted cash $ 55,808 $ — Securitized commercial loans, at fair value 1,013,511 24,876 Commercial Loans, at fair value 166,123 — Interest receivable 3,733 161 Total assets $ 1,239,175 $ 25,037 Securitized debt, at fair value $ 949,626 $ 10,945 Interest payable 2,419 70 Accounts payable and accrued expenses 31 1 Other liabilities 55,808 — Total liabilities $ 1,007,884 $ 11,016
Schedule of Carrying Value of the Commercial Real Estate Loans	The following table presents the components of the carrying value of the commercial real estate loans as of December 31, 2018 and December 31, 2017 (dollars in thousands): CMSC Trust Securitized Commercial Loan, at Fair Value RETL Trust Securitized Commercial Loan, at Fair Value RSBC Trust Commercial Loans, at Fair Value Commercial Loans, at Fair Value December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Principal balance $ 24,456 $ 24,846 $ 988,609 $ — $ 166,432 $ — $ 50,000 $ — Unamortized premium — — 431 — — — — — Unamortized discount — — — — (736 ) — (205 ) — Amortized cost 24,456 24,846 989,040 — 165,696 — 49,795 — Gross unrealized gains — 30 29 — 427 — 205 — Gross unrealized losses (14 ) — — — — — — — Fair value $ 24,442 $ 24,876 $ 989,069 $ — $ 166,123 $ — $ 50,000 $ —

Financings (Tables)

Financings (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Summary of certain characteristics of the Company's repurchase agreements	The following table summarizes certain characteristics of the Company's repurchase agreements at December 31, 2018 and December 31, 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Securities Pledged Repurchase Agreement Borrowings Weighted Average Interest Rate on Borrowings Outstanding at end of period Weighted Average Remaining Maturity (days) Repurchase Agreement Borrowings Weighted Average Interest Rate on Borrowings Outstanding at end of period Weighted Average Remaining Maturity (days) Agency RMBS $ 14,650 3.09 % 21 $ 665,919 1.62 % 61 Agency CMBS 1,392,649 2.71 % 40 2,035,222 1.53 % 53 Non-Agency RMBS 30,922 4.06 % 18 46,530 2.76 % 41 Non-Agency CMBS 134,814 4.05 % 48 154,325 2.98 % 40 Residential Whole Loans (1) 863,356 4.08 % 93 189,270 3.66 % 8 Residential Bridge Loans (1) 204,754 4.50 % 25 100,183 4.05 % 59 Commercial Loans (1) 131,788 4.55 % 26 — — % — Securitized commercial loans (1) 7,543 4.30 % 15 — — % — Other securities 38,361 4.18 % 26 60,237 2.94 % 23 Repurchase agreements borrowings $ 2,818,837 3.45 % 54 $ 3,251,686 1.86 % 51 (1) Repurchase agreement borrowings on loans owned are through trust certificates. The trust certificates are eliminated in consolidation.
Schedule of repurchase agreements collateralized by investments	At December 31, 2018 and December 31, 2017 , repurchase agreements collateralized by investments had the following remaining maturities: (dollars in thousands) December 31, 2018 December 31, 2017 Overnight $ — $ — 1 to 29 days 1,867,957 1,387,599 30 to 59 days 144,778 665,656 60 to 89 days 555,695 871,819 90 to 119 days — — Greater than or equal to 120 days 250,407 326,612 Total $ 2,818,837 $ 3,251,686
Schedule of amounts of collateral at risk under its repurchase agreements greater than 10% of the Company's equity with any counterparty	At December 31, 2018 , the following table reflects amounts of collateral at risk under its repurchase agreements greater than 10% of the Company's equity with any counterparty (dollars in thousands): December 31, 2018 Counterparty Amount of Collateral at Risk, at fair value Weighted Average Remaining Maturity (days) Percentage of Stockholders' Equity Credit Suisse AG, Cayman Islands Branch $ 172,786 28 34.4 % Nomura Securities International, Inc. 81,882 28 16.3 %
Summary of collateral positions, with respect to borrowings under repurchase agreements, securitized debt, derivatives and clearing margin account	The following table summarizes the Company's collateral positions, with respect to its borrowings under repurchase agreements at December 31, 2018 and December 31, 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Assets Pledged Accrued Interest Assets Pledged and Accrued Interest Assets Pledged Accrued Interest Assets Pledged and Accrued Interest Assets pledged for borrowings under repurchase agreements: Agency RMBS, at fair value $ 19,837 $ 453 $ 20,290 $ 690,255 $ 2,601 $ 692,856 Agency CMBS, at fair value 1,486,142 4,262 1,490,404 2,143,340 5,454 2,148,794 Non-Agency RMBS, at fair value 50,555 479 51,034 58,127 160 58,287 Non-Agency CMBS, at fair value 186,552 915 187,467 208,062 1,100 209,162 Residential Whole Loans, at fair value (1)(2) 1,041,885 8,145 1,050,030 237,423 1,754 239,177 Residential Bridge Loans (1) 221,486 3,528 225,014 106,673 1,443 108,116 Commercial Loans, at fair value (1) 196,123 1,067 197,190 — — — Securitized commercial loans, at fair value (1) 13,688 88 13,776 — — — Other securities, at fair value 59,780 147 59,927 89,823 105 89,928 Cash (2) 1,226 — 1,226 23,591 — 23,591 Total $ 3,277,274 $ 19,084 $ 3,296,358 $ 3,557,294 $ 12,617 $ 3,569,911 (1) Loans owned through trust certificates are pledged as collateral. The trust certificates are eliminated upon consolidation. (2) Cash posted as collateral is included in "Due from counterparties" in the Company's Consolidated Balance Sheets.
Schedule Of Commercial Mortgage Pass-Through Certificates	The following table summarizes RETL Trust's commercial mortgage pass-through certificates at December 31, 2018 (dollars in thousands): Classes Principal Balance Coupon Fair Value Contractual Maturity Class A $ 369,109 3.6% $ 368,366 2/15/2021 Class B 119,400 4.2% 119,196 2/15/2021 Class C 103,425 4.5% 103,281 2/15/2021 Class D 91,425 5.2% 91,297 2/15/2021 Class E 124,125 7.0% 123,900 2/15/2021 Class F 120,225 8.5% 120,093 2/15/2021 Class G 10,050 10.0% 9,985 2/15/2021 Class HRR 50,850 12.0% 50,198 2/15/2021 Class X-CP (1) N/A 2.6% 468 3/11/2019 Class X-EXT (1) N/A —% 2,286 2/15/2021 $ 988,609 $ 989,070 (1) Class X-CP and Class X-EXT are interest-only classes with a notional balance of $91.4 million each.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2018
Derivative instruments
Schedule of interest rate swaps, interest rate swaptions, currency swaps and forwards, futures contracts and TBA derivative instruments, options and linked transactions	The following table summarizes the Company's derivative instruments at December 31, 2018 and December 31, 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Derivative Instrument Accounting Designation Consolidated Balance Sheets Location Notional Amount Fair Value Notional Amount Fair Value Interest rate swaps, asset Non-Hedge Derivative assets, at fair value $ 1,128,400 $ 2,057 $ — $ — Options, asset Non-Hedge Derivative assets, at fair value — — 320,000 100 Futures contracts, asset Non-Hedge Derivative assets, at fair value — — 480,000 628 Credit default swaps, asset Non-Hedge Derivative assets, at fair value 50,000 549 — — Total derivative instruments, assets 2,606 728 Interest rate swaps, liability Non-Hedge Derivative liability, at fair value 2,727,800 (5,473 ) 3,252,200 (4,191 ) Options, liability Non-Hedge Derivative liability, at fair value — — 320,000 (50 ) Futures contracts, liability Non-Hedge Derivative liability, at fair value 300,400 (4,657 ) — — Credit default swaps, liability Non-Hedge Derivative liability, at fair value — — 14,815 (95 ) TBA securities, liability Non-Hedge Derivative liability, at fair value — — 125,000 (10 ) Total derivative instruments, liabilities (10,130 ) (4,346 ) Total derivative instruments, net $ (7,524 ) $ (3,618 )
Summary of the effect of interest rate swaps, swaptions, foreign currency swaps, foreign currency forwards, options, futures contracts, Agency and Non-Agency Interest-Only Strips as derivatives and TBAs reported in Gain (loss) on derivative instruments, net on the Statements of Operations	The following tables summarize the effects of the Company's derivative positions, including Interest-Only Strips characterized as derivatives and TBAs, which are reported in "Gain (loss) on derivative instruments, net" in the Consolidated Statements of Operations for the years ended December 31, 2018 , December 31, 2017 and December 31, 2016 (dollars in thousands): Realized Gain (Loss), net Description Other Settlements / Expirations Variation Margin Settlement Return (Recovery) of Basis Mark-to-Market Contractual interest income (expense), net Total Year ended December 31, 2018 Interest rate swaps $ 163 $ 76,979 $ 2,465 $ (5,147 ) $ 3,693 $ 78,153 Interest-Only Strips—accounted for as derivatives — — (3,661 ) (655 ) 4,511 195 Options (871 ) — — 300 — (571 ) Futures contracts 6,112 — — (5,285 ) — 827 Credit default swaps (241 ) — — 396 — 155 TBAs (800 ) — — 10 — (790 ) Total $ 4,363 $ 76,979 $ (1,196 ) $ (10,381 ) $ 8,204 $ 77,969 Year ended December 31, 2017 Interest rate swaps $ (150,607 ) $ 20,258 $ 524 $ 148,947 $ (14,606 ) $ 4,516 Interest rate swaptions (115 ) — — — — (115 ) Interest-Only Strips—accounted for as derivatives 526 — (5,995 ) (902 ) 7,438 1,067 Options (1,453 ) — — (300 ) — (1,753 ) Futures contracts (9,130 ) — — 3,044 — (6,086 ) Foreign currency forwards 32 — — 35 — 67 Total return swap (552 ) — — 1,673 469 1,590 Credit default swaps (11 ) — — (22 ) — (33 ) TBAs 4,049 — — (10 ) — 4,039 Total $ (157,261 ) $ 20,258 $ (5,471 ) $ 152,465 $ (6,699 ) $ 3,292 Year ended December 31, 2016 Interest rate swaps $ (33,999 ) $ — $ 672 $ 11,013 $ (27,903 ) $ (50,217 ) Interest rate swaptions (1,035 ) — — 1,631 — 596 Interest-Only Strips—accounted for as derivatives 1,317 — (11,438 ) (4,726 ) 14,148 (699 ) Options 4,756 — — — — 4,756 Futures contracts 23,609 — — (1,781 ) — 21,828 Foreign currency forwards (66 ) — — (56 ) — (122 ) Foreign currency swaps 6,771 — — (7,168 ) 283 (114 ) Total return swap 38 — — (1,673 ) 1,121 (514 ) TBAs 6,126 — — (2,375 ) — 3,751 Total $ 7,517 $ — $ (10,766 ) $ (5,135 ) $ (12,351 ) $ (20,735 )
Summary of long and short TBA positions reported in Derivative assets, at fair value on the Balance Sheets	The following is a summary of the Company's TBA positions as of December 31, 2017 , reported in "Derivative assets, at fair value" and "Derivative liability, at fair value" in the Consolidated Balance Sheets (dollars in thousands): December 31, 2017 Notional Amount Fair Value Purchase contracts, liability $ 125,000 $ (10 )
Schedule of additional information about the contracts to purchase and sell TBAs	The following tables present additional information about the Company's contracts to purchase and sell TBAs for the years ended December 31, 2018 and December 31, 2017 (dollars in thousands): Notional Amount Settlement, Termination, Notional Amount December 31, 2017 Additions Expiration or Exercise December 31, 2018 Purchase of TBAs $ 125,000 $ 7,725,000 $ (7,850,000 ) $ — Sale of TBAs $ — $ 7,850,000 $ (7,850,000 ) $ — Notional Amount Settlement, Termination, Notional Amount December 31, 2016 Additions Expiration or Exercise December 31, 2017 Purchase of TBAs $ — $ 5,843,200 $ (5,718,200 ) $ 125,000 Sale of TBAs $ — $ 5,718,200 $ (5,718,200 ) $ —
Fixed Pay Rate | Interest rate swaps
Derivative instruments
Summary of interest rate swaps or interest rate swaptions	The following tables provide additional information on our fixed pay interest rate swaps and the variable pay interest rate swap as of December 31, 2018 and December 31, 2017 (dollars in thousands): December 31, 2018 Fixed Pay Interest Rate Swap Remaining Term Notional Amount Average Fixed Pay Rate Average Floating Receive Rate Average Maturity (Years) 1 year or less $ 400,000 1.5 % 2.8 % 0.5 Greater than 1 year and less than 3 years $ 200,000 1.8 % 2.6 % 1.4 Greater than 3 years and less than 5 years 1,104,700 2.3 % 2.5 % 3.8 Greater than 5 years 1,423,100 2.5 % 2.5 % 9.9 Total $ 3,127,800 2.3 % 2.6 % 6.0 December 31, 2018 Variable Pay Interest Rate Swap Remaining Term Notional Amount Average Variable Pay Rate Average Fixed Receive Rate Average Maturity (Years) Greater than 5 years 728,400 2.5 % 2.4 % 8.3 Total $ 728,400 2.5 % 2.4 % 8.3 December 31, 2017 Fixed Pay Interest Rate Swap Remaining Term Notional Amount Average Fixed Pay Rate Average Floating Receive Rate Average Maturity (Years) Forward Starting (1) Greater than 1 year and less than 3 years 600,000 1.6 % 1.5 % 1.8 — % Greater than 3 years and less than 5 years 960,000 2.0 % 1.4 % 4.3 — % Greater than 5 years 1,692,200 2.5 % 1.4 % 10.5 90.2 % Total $ 3,252,200 2.2 % 1.4 % 7.1 46.9 % (1) Represents the percentage of notional that is forward starting. The Company had no variable pay interest rate swaps as of December 31, 2017 .

Offsetting Assets and Liabili_2

Offsetting Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2018
Offsetting [Abstract]
Schedule of gross and net information about the Company's assets and liabilities subject to master netting arrangements	The following tables present information about certain assets and liabilities that are subject to master netting agreements (or similar agreements) and can potentially be offset in the Company's Consolidated Balance Sheets at December 31, 2018 and December 31, 2017 (dollars in thousands): December 31, 2018 Gross Amounts Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Assets presented in the Consolidated Balance Sheets Gross Amounts Not Offset in the Consolidated Balance Sheets Description Financial Instruments (1) Cash Collateral (1) Net Amount Derivative Assets Agency Interest-Only Strips, accounted for as derivatives included in MBS $ 11,860 $ — $ 11,860 $ (11,860 ) $ — $ — Derivative asset, at fair value (2) 2,606 — 2,606 (2,057 ) — 549 Total derivative assets $ 14,466 $ — $ 14,466 $ (13,917 ) $ — $ 549 Derivative Liabilities and Repurchase Agreements Derivative liability, at fair value (2)(3) $ 10,130 $ — $ 10,130 $ (2,057 ) $ (8,073 ) $ — Repurchase Agreements (4) 2,818,837 — 2,818,837 (2,818,837 ) — — Total derivative liability $ 2,828,967 $ — $ 2,828,967 $ (2,820,894 ) $ (8,073 ) $ — (1) Amounts disclosed in the Financial Instruments column of the tables above represent securities, Whole Loans and securitized commercial loan collateral pledged and derivative assets that are available to be offset against liability balances associated with repurchase agreement and derivative liabilities. Amounts disclosed in the Cash Collateral column of the tables above represents amounts pledged or received as collateral against derivative transactions. (2) Derivative asset, at fair value and Derivative liability, at fair value includes interest rate swaps, credit default swaps and futures contracts. (3) Cash collateral pledged against the Company's derivative counterparties was approximately $38.0 million as of December 31, 2018 . (4) The carrying value of investments pledged against the Company's repurchase agreements was approximately $3.3 billion as of December 31, 2018 . December 31, 2017 Gross Amounts Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Assets presented in the Consolidated Balance Sheets Gross Amounts Not Offset in the Consolidated Balance Sheets Description Financial Instruments (1) Cash Collateral (1) Net Amount Derivative Assets Agency Interest-Only Strips, accounted for as derivatives included in MBS $ 16,176 $ — $ 16,176 $ (11,633 ) $ — $ 4,543 Derivative asset, at fair value (2) 728 — 728 (50 ) — 678 Total derivative assets $ 16,904 $ — $ 16,904 $ (11,683 ) $ — $ 5,221 Derivative Liabilities and Repurchase Agreements Derivative liability, at fair value (2)(3) $ 4,346 $ — $ 4,346 $ (50 ) $ (4,270 ) $ 26 Repurchase Agreements (4) 3,251,686 — 3,251,686 (3,251,686 ) — — Total derivative liability $ 3,256,032 $ — $ 3,256,032 $ (3,251,736 ) $ (4,270 ) $ 26 (1) Amounts disclosed in the Financial Instruments column of the tables above represent securities, Whole Loans and securitized commercial loan collateral pledged and derivative assets that are available to be offset against liability balances associated with repurchase agreement and derivative liabilities. Amounts disclosed in the Cash Collateral column of the tables above represents amounts pledged or received as collateral against derivative transactions. (1) Derivative asset, at fair value and Derivative liability, at fair value includes interest rate swaps, mortgage put options, currency forwards, credit default swaps, futures contracts and TBAs. (2) Cash collateral pledged against the Company's derivative counterparties was approximately $63.3 million as of December 31, 2017 . (3) The fair value of investments pledged against the Company's repurchase agreements was approximately $3.5 billion as of December 31, 2017 .

Share-Based Payments (Tables)

Share-Based Payments (Tables)	12 Months Ended
	Dec. 31, 2018
Share-based Compensation [Abstract]
Summary of restricted common stock vesting dates	The following is a summary of restricted common stock vesting dates as of December 31, 2018 and December 31, 2017 , including shares whose issuance has been deferred under the Director Deferred Fee Plan: December 31, 2018 December 31, 2017 Vesting Date Shares Vesting Shares Vesting March 2018 — 66,667 June 2018 — 16,488 June 2019 27,476 — 27,476 83,155
Schedule of restricted stock activity	The following table presents information with respect to the Company's restricted stock for the years ended December 31, 2018 and December 31, 2017 , including shares whose issuance has been deferred under the Director Deferred Fee Plan: December 31, 2018 December 31, 2017 Shares of Restricted Stock Weighted Average Grant Date Fair Value (1) Shares of Restricted Stock Weighted Average Grant Date Fair Value (1) Outstanding at beginning of period 725,449 $ 17.00 707,861 $ 17.17 Granted (2) 28,524 10.75 17,588 10.30 Outstanding at end of period 753,973 $ 16.77 725,449 $ 17.00 Unvested at end of period 27,476 $ 10.78 83,155 $ 14.07 (1) The grant date fair value of restricted stock awards is based on the closing market price of the Company's common stock at the grant date. (2) Includes 2,620 shares and 2,052 shares of restricted stock attributed to dividends on restricted stock under the Director Deferred Fee Plan for the years ended December 31, 2018 and December 31, 2017 , respectively.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2018
Stockholders' Equity Note [Abstract]
Schedule of cash dividends declared and paid on common stock	The following table presents cash dividends declared and paid by the Company on its common stock: Declaration Date Record Date Payment Date Amount per Share Tax Characterization 2018 December 19, 2018 December 31, 2018 January 25, 2019 $ 0.31 Ordinary income September 17, 2018 September 27, 2018 October 26, 2018 $ 0.31 Ordinary income June 21, 2018 July 2, 2018 July 26, 2018 $ 0.31 Ordinary income March 22, 2018 April 2, 2018 April 26, 2018 $ 0.31 Ordinary income 2017 December 21, 2017 January 2, 2018 January 26, 2018 $ 0.31 Return of capital September 21, 2017 October 2, 2017 October 26, 2017 $ 0.31 Return of capital June 20, 2017 June 30, 2017 July 26, 2017 $ 0.31 Return of capital March 23, 2017 April 3, 2017 April 26, 2017 $ 0.31 Ordinary income 2016 December 22, 2016 January 3, 2017 January 26, 2017 $ 0.31 Ordinary income September 22, 2016 October 4, 2016 October 25, 2016 $ 0.31 Ordinary income June 23, 2016 July 5, 2016 July 26, 2016 $ 0.31 Ordinary income March 24, 2016 April 4, 2016 April 26, 2016 $ 0.45 Ordinary income

Net Income (Loss) per Common _2

Net Income (Loss) per Common Share (Tables)	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Schedule of basic and diluted net income (loss) per share of common stock	The table below presents basic and diluted net income (loss) per share of common stock using the two-class method for the years ended December 31, 2018 , December 31, 2017 and December 31, 2016 (dollars, other than shares and per share amounts, in thousands): For the year ended December 31, 2018 For the year ended December 31, 2017 For the year ended December 31, 2016 Numerator : Net income (loss) attributable to common stockholders and participating securities for basic and diluted earnings per share $ 26,409 $ 85,097 $ (25,015 ) Less: Dividends and undistributed earnings allocated to participating securities 138 312 377 Net income (loss) allocable to common stockholders—basic and diluted $ 26,271 $ 84,785 $ (25,392 ) Denominator : Weighted average common shares outstanding for basic earnings per share 43,388,810 41,817,455 41,688,950 Weighted average common shares outstanding for diluted earnings per share 43,388,810 41,817,455 41,688,950 Basic earnings (loss) per common share $ 0.61 $ 2.03 $ (0.61 ) Diluted earnings (loss) per common share $ 0.61 $ 2.03 $ (0.61 )

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The following table summarizes the Company's income tax provision for the years ended December 31, 2018 , December 31, 2017 and December 31, 2016 (dollars in thousands): For the year ended December 31, 2018 For the year ended December 31, 2017 For the year ended December 31, 2016 Current Tax Provision (Benefit) Federal $ 709 $ 4,076 $ 2,365 State — (267 ) 672 Interest and Penalties — — 119 Total Current Provision for Income Taxes, net 709 3,809 3,156 Deferred Provision (Benefit) for Income Taxes Federal — 85 — State — (407 ) — Total Deferred Benefit for Income Taxes, net — (322 ) — Total Income Tax Provision, net $ 709 $ 3,487 $ 3,156
Schedule of Deferred Tax Assets and Liabilities	The following tables disclose the components of the Company's deferred tax asset and deferred tax liability at December 31, 2018 and 2017 (dollars in thousands): Deferred Tax Asset December 31, 2018 December 31, 2017 Net operating loss available for carry-back and carry-forward $ 6,503 $ 9,604 Net capital loss carry-forward 4,271 4,158 Investments 1,720 1,948 Deferred tax asset 12,494 15,710 Allowance (12,087 ) (15,303 ) Net deferred tax asset $ 407 $ 407
Summary of Operating Loss Carryforwards	Deferred Tax Liability December 31, 2018 December 31, 2017 Net operating loss available for carry-back and carry-forward $ 85 $ 85 Net deferred tax liability $ 85 $ 85
Schedule of Effective Income Tax Rate Reconciliation	T he Company's effective tax rate differs from its combined federal and state income tax rate primarily due to the deduction of dividends distributions to be paid under Code Section 857(a). The reconciliation of these rates are as follows: For the year ended December 31, 2018 For the year ended December 31, 2017 Federal statutory rate 21.0 % 34.3 % State statutory rate, net of federal benefit 1.5 % (1.3 )% Other (0.8 )% (1.0 )% Change in valuation allowance (1.3 )% 0.8 % Effect of statutory rate changes — % 2.9 % REIT earnings not subject to corporate taxes (17.8 )% (31.8 )% Effective Tax Rate 2.6 % 3.9 %

Summarized Quarterly Results _2

Summarized Quarterly Results (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Schedule of presentation of selected unaudited results of operations	The following is a presentation of selected unaudited results of operations: Quarter Ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Net Interest Income Interest income $ 39,727 $ 57,154 $ 54,461 $ 58,020 Interest expense 20,697 38,134 38,517 40,892 Net Interest Income 19,030 19,020 15,944 17,128 Other Income (Loss) Realized gain (loss) on sale of investments, net 575 (5,608 ) (24,229 ) (33,995 ) Other than temporary impairment (2,916 ) (2,974 ) (2,533 ) (2,757 ) Unrealized gain (loss), net (68,961 ) (31,693 ) 13,128 62,855 Gain (loss) on derivative instruments, net 79,582 28,490 24,625 (54,728 ) Other, net 47 (145 ) (2 ) (89 ) Other Income (Loss) 8,327 (11,930 ) 10,989 (28,714 ) Expenses Management fee to affiliate 2,180 2,259 2,284 1,950 Other operating expenses 969 1,555 1,609 1,943 General and administrative expenses: Compensation expense 510 572 552 552 Professional fees 1,295 818 1,065 1,121 Other general and administrative expenses 361 397 335 349 Total general and administrative expenses 2,166 1,787 1,952 2,022 Total Expenses 5,315 5,601 5,845 5,915 Income (loss) before income taxes 22,042 1,489 21,088 (17,501 ) Income tax provision (benefit) 313 36 206 154 Net income (loss) $ 21,729 $ 1,453 $ 20,882 $ (17,655 ) Net income (loss) per Common Share—Basic $ 0.52 $ 0.03 $ 0.50 $ (0.37 ) Net income (loss) per Common Share—Diluted $ 0.52 $ 0.03 $ 0.50 $ (0.37 ) Quarter Ended March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 Net Interest Income: Interest income $ 28,430 $ 30,055 $ 30,928 $ 34,878 Interest expense 8,737 10,407 12,363 16,866 Net Interest Income 19,693 19,648 18,565 18,012 Other Income (Loss): Realized gain (loss) on sale of investments, net 21,258 (2,488 ) 1,830 (2 ) Other than temporary impairment (6,097 ) (6,579 ) (7,225 ) (2,972 ) Unrealized gain (loss), net (5,140 ) 35,017 5,249 (6,730 ) Gain (loss) on derivative instruments, net (4,697 ) (18,555 ) 7,217 19,327 Other, net 403 222 216 190 Other Income (Loss) 5,727 7,617 7,287 9,813 Expenses: Management fee to affiliate 2,476 1,830 1,853 1,941 Other operating expenses 417 736 702 564 General and administrative expenses: Compensation expense 740 664 660 628 Professional fees 888 832 781 741 Other general and administrative expenses 345 404 244 332 Total general and administrative expenses 1,973 1,900 1,685 1,701 Total Expenses 4,866 4,466 4,240 4,206 Income (loss) before income taxes 20,554 22,799 21,612 23,619 Income tax provision (benefit) 312 2,115 (1,155 ) 2,215 Net income (loss) $ 20,242 $ 20,684 $ 22,767 $ 21,404 Net income (loss) per Common Share—Basic $ 0.48 $ 0.49 $ 0.54 $ 0.51 Net income (loss) per Common Share—Diluted $ 0.48 $ 0.49 $ 0.54 $ 0.51

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Fair Value of Financial Instruments
Derivative credit risk valuation adjustment, derivative assets					$ 0					$ 0
Assets
Derivative assets	$ 2,606				728				$ 2,606	728
Liabilities
Derivative liabilities	10,130				4,346				10,130	4,346
Investments measured at fair value on recurring basis for which the entity has utilized Level III inputs to determine fair value
Other than temporary impairment	2,757	$ 2,533	$ 2,974	$ 2,916	2,972	$ 7,225	$ 6,579	$ 6,097	11,180	22,873	$ 32,286
Other than temporary impairment										(22,873)	(32,286)
Premium and discount amortization, net									(5,374)	2,070	548
Unrealized gains/(losses), net on assets held at the end of the period	62,855	$ 13,128	$ (31,693)	(68,961)
Unrealized gains/(losses), net on assets held at the end of the period					(6,730)	$ 5,249	$ 35,017	(5,140)
Residential Whole-Loans
Assets
Fair value	1,041,885				237,423				1,041,885	237,423
Agency RMBS Interest Only Strips
Assets
Estimated Fair Value	12,135				15,437				12,135	15,437
Agency RMBS Interest-Only Strips accounted for as derivatives, included in MBS
Assets
Estimated Fair Value	7,702				10,419				7,702	10,419
Agency CMBS
Assets
Estimated Fair Value	1,481,984				2,154,800				1,481,984	2,154,800
Investments measured at fair value on recurring basis for which the entity has utilized Level III inputs to determine fair value
Premium and discount amortization, net									(646)	507	(1,701)
Agency CMBS Interest-Only Strips
Assets
Estimated Fair Value					10					10
Agency CMBS Interest-Only Strips accounted for as derivatives, included in MBS
Assets
Estimated Fair Value	4,158				5,757				4,158	5,757
Agency MBS
Assets
Estimated Fair Value	1,505,979				2,858,600				1,505,979	2,858,600
Non-Agency MBS
Assets
Estimated Fair Value	250,856				378,158				250,856	378,158
Non-Agency RMBS
Assets
Estimated Fair Value	39,026				90,832				39,026	90,832
Investments measured at fair value on recurring basis for which the entity has utilized Level III inputs to determine fair value
Other than temporary impairment									996
Other than temporary impairment										0	(9,511)
Premium and discount amortization, net									(1,073)	525	(5,243)
Non-Agency RMBS Interest-Only Strips
Assets
Estimated Fair Value	11,529				8,722				11,529	8,722
Non-Agency CMBS
Assets
Estimated Fair Value	200,301				278,604				200,301	278,604
Investments measured at fair value on recurring basis for which the entity has utilized Level III inputs to determine fair value
Other than temporary impairment									8,660
Other than temporary impairment										(15,117)	(13,025)
Premium and discount amortization, net									6,366	8,276	7,431
Subtotal Non-Agency MBS
Assets
Estimated Fair Value	250,856				378,158				250,856	378,158
Other securities
Assets
Estimated Fair Value	59,906				122,065				59,906	122,065
Investments measured at fair value on recurring basis for which the entity has utilized Level III inputs to determine fair value
Other than temporary impairment									717
Other than temporary impairment										(1,982)	(3,660)
Premium and discount amortization, net									(6,371)	1,559	2,977
Mortgage-backed securities and other securities
Assets
Estimated Fair Value	1,816,741				3,358,823				1,816,741	3,358,823
Investments measured at fair value on recurring basis for which the entity has utilized Level III inputs to determine fair value
Premium and discount amortization, net									(6,816)	(2,191)	(21,372)
Level I
Assets
Derivative assets	0				728				0	728
Total	0				728				0	728
Liabilities
Derivative liabilities	4,657				50				4,657	50
Securitized debt	0								0
Total Liabilities	4,657				50				4,657	50
Level II
Assets
Derivative assets	2,606				0				2,606	0
Total	1,740,004				3,323,632				1,740,004	3,323,632
Liabilities
Derivative liabilities	5,473				4,296				5,473	4,296
Securitized debt	947,340								947,340
Total Liabilities	952,813				4,296				952,813	4,296
Level II | 20 Year Mortgage
Assets
Estimated Fair Value					53,783					53,783
Level II | 30 Year Mortgage
Assets
Estimated Fair Value					241,642					241,642
Level II | 40 Years Mortgage
Assets
Estimated Fair Value					376,752					376,752
Level II | Agency RMBS Interest Only Strips
Assets
Estimated Fair Value	0				15,437				0	15,437
Level II | Agency RMBS Interest-Only Strips accounted for as derivatives, included in MBS
Assets
Estimated Fair Value	0				10,419				0	10,419
Level II | Agency CMBS
Assets
Estimated Fair Value	1,481,984				2,137,583				1,481,984	2,137,583
Level II | Agency CMBS Interest-Only Strips
Assets
Estimated Fair Value					10					10
Level II | Agency CMBS Interest-Only Strips accounted for as derivatives, included in MBS
Assets
Estimated Fair Value	4,158				5,757				4,158	5,757
Level II | Agency MBS
Assets
Estimated Fair Value	1,486,142				2,841,383				1,486,142	2,841,383
Level II | Non-Agency RMBS
Assets
Estimated Fair Value	0				90,819				0	90,819
Level II | Non-Agency RMBS Interest-Only Strips
Assets
Estimated Fair Value	0								0
Level II | Non-Agency CMBS
Assets
Estimated Fair Value	200,301				278,604				200,301	278,604
Level II | Subtotal Non-Agency MBS
Assets
Estimated Fair Value	200,301				369,423				200,301	369,423
Level II | Other securities
Assets
Estimated Fair Value	50,955				112,826				50,955	112,826
Level II | Mortgage-backed securities and other securities
Assets
Estimated Fair Value	1,737,398				3,323,632				1,737,398	3,323,632
Level III
Assets
Derivative assets	0				0				0	0
Total	2,562,861				362,016				2,562,861	362,016
Liabilities
Derivative liabilities	0				0				0	0
Securitized debt	2,286				10,945				2,286	10,945
Total Liabilities	2,286				10,945				2,286	10,945
Level III | Residential Whole-Loans
Assets
Fair value	1,041,885				237,423				1,041,885	237,423
Level III | Residential Bridge Loans
Assets
Fair value	211,999				64,526				211,999	64,526
Level III | Commercial Loans
Assets
Fair value	216,123								216,123
Level III | Securitized commercial loan
Assets
Fair value	1,013,511				24,876				1,013,511	24,876
Level III | Agency RMBS Interest Only Strips
Assets
Estimated Fair Value	12,135								12,135
Level III | Agency RMBS Interest-Only Strips accounted for as derivatives, included in MBS
Assets
Estimated Fair Value	7,702								7,702
Level III | Agency CMBS
Assets
Estimated Fair Value	0				17,217				0	17,217
Level III | Agency MBS
Assets
Estimated Fair Value	19,837				17,217				19,837	17,217
Investments measured at fair value on recurring basis for which the entity has utilized Level III inputs to determine fair value
Beginning balance				17,217					17,217
Ending balance	19,837				17,217				19,837	17,217
Level III | Non-Agency MBS
Investments measured at fair value on recurring basis for which the entity has utilized Level III inputs to determine fair value
Beginning balance				8,735				75,576	8,735	75,576
Ending balance	50,555				8,735				50,555	8,735	75,576
Level III | Non-Agency RMBS
Assets
Estimated Fair Value	39,026				13				39,026	13
Level III | Non-Agency RMBS Interest-Only Strips
Assets
Estimated Fair Value	11,529				8,722				11,529	8,722
Level III | Non-Agency CMBS
Assets
Estimated Fair Value	0				0				0	0
Level III | Subtotal Non-Agency MBS
Assets
Estimated Fair Value	50,555				8,735				50,555	8,735
Level III | Other securities
Assets
Estimated Fair Value	8,951				9,239				8,951	9,239
Investments measured at fair value on recurring basis for which the entity has utilized Level III inputs to determine fair value
Beginning balance				9,239				31,356	9,239	31,356
Ending balance	8,951				9,239				8,951	9,239	31,356
Level III | Mortgage-backed securities and other securities
Assets
Estimated Fair Value	79,343				35,191				79,343	35,191
Level III | Recurring basis | Securitized debt
Investments measured at fair value on recurring basis for which the entity has utilized Level III inputs to determine fair value
Beginning balance				10,945				10,659	10,945	10,659
Principal repayments									(44)	(68)
Unrealized gains (losses), net									1,996	354
Premium and discount amortization, net									276
Ending balance	2,286				10,945				2,286	10,945	10,659
Unrealized gains/(losses), net on assets held at the end of the period									(1,998)
Unrealized gains/(losses), net on assets held at the end of the period										(354)
Level III | Recurring basis | Derivative Liability
Investments measured at fair value on recurring basis for which the entity has utilized Level III inputs to determine fair value
Beginning balance				0				1,673	0	1,673
Sales and settlements										552
Realized gains/(losses), net										(552)
Unrealized gains (losses), net										(1,673)
Ending balance					0					0	1,673
Level III | Recurring basis | Residential Whole-Loans
Investments measured at fair value on recurring basis for which the entity has utilized Level III inputs to determine fair value
Beginning balance				237,423				192,136	237,423	192,136
Purchases									860,576	86,921
Principal repayments									(55,186)	(41,312)
Unrealized gains/(losses), net									(415)	724
Premium and discount amortization, net									(513)	(1,046)
Ending balance	1,041,885				237,423				1,041,885	237,423	192,136
Unrealized gains/(losses), net on assets held at the end of the period									351
Level III | Recurring basis | Residential Bridge Loans
Investments measured at fair value on recurring basis for which the entity has utilized Level III inputs to determine fair value
Beginning balance				64,526				0	64,526	0
Purchases									207,705	63,969
Principal repayments									(57,528)
Unrealized gains/(losses), net									(1,806)	571
Premium and discount amortization, net									(898)	(14)
Ending balance	211,999				64,526				211,999	64,526	0
Unrealized gains/(losses), net on assets held at the end of the period									(1,370)
Level III | Recurring basis | Commercial Loans
Investments measured at fair value on recurring basis for which the entity has utilized Level III inputs to determine fair value
Purchases									215,322
Unrealized gains/(losses), net									631
Premium and discount amortization, net									170
Ending balance	216,123								216,123
Unrealized gains/(losses), net on assets held at the end of the period									631
Level III | Recurring basis | Securitized commercial loan
Investments measured at fair value on recurring basis for which the entity has utilized Level III inputs to determine fair value
Beginning balance				24,876				24,225	24,876	24,225
Purchases									1,353,020
Principal repayments									(361,782)	(154)
Unrealized gains/(losses), net									(16)	805
Premium and discount amortization, net									(2,587)
Ending balance	1,013,511				24,876				1,013,511	24,876	24,225
Level III | Recurring basis | Agency MBS
Investments measured at fair value on recurring basis for which the entity has utilized Level III inputs to determine fair value
Beginning balance				$ 17,217				$ 73,059	17,217	73,059
Transfers into Level III from Level II									22,795
Transfers out level III into Level II									(16,805)	(73,714)
Purchases									2,093	17,217
Sales and settlements										0
Principal repayments									(53)	0
Realized gains/(losses), net										0
Other than temporary impairment									735
Unrealized gains/(losses), net									(630)	635
Premium and discount amortization, net									(4,045)	20
Ending balance					17,217					17,217	$ 73,059
Unrealized gains/(losses), net on assets held at the end of the period									(272)
Level III | Recurring basis | Non-Agency MBS
Investments measured at fair value on recurring basis for which the entity has utilized Level III inputs to determine fair value
Transfers into Level III from Level II									39,084
Transfers out level III into Level II									0	(7,433)
Purchases									8,602	8,937
Sales and settlements									(4,180)	(60,132)
Principal repayments									(307)	(378)
Realized gains/(losses), net									258	2,623
Other than temporary impairment									918
Other than temporary impairment										0
Unrealized gains/(losses), net									1,183	(9,415)
Premium and discount amortization, net									(1,902)	(1,043)
Unrealized gains/(losses), net on assets held at the end of the period									1,184
Level III | Recurring basis | Other securities
Investments measured at fair value on recurring basis for which the entity has utilized Level III inputs to determine fair value
Transfers into Level III from Level II									9,708	9,470
Transfers out level III into Level II									(8,697)	(33,080)
Sales and settlements										0
Principal repayments									(604)	(425)
Realized gains/(losses), net										0
Other than temporary impairment									161
Other than temporary impairment										1,823
Unrealized gains/(losses), net									(532)	1,522
Premium and discount amortization, net									(2)	2,219
Unrealized gains/(losses), net on assets held at the end of the period									(464)
Level III | Recurring basis | Securitized debt
Investments measured at fair value on recurring basis for which the entity has utilized Level III inputs to determine fair value
Transfers out level III into Level II									(10,899)
Sales and settlements									12
Level III | Recurring basis | Assets | Residential Whole-Loans
Investments measured at fair value on recurring basis for which the entity has utilized Level III inputs to determine fair value
Unrealized gains/(losses), net on assets held at the end of the period										1,368
Level III | Recurring basis | Assets | Residential Bridge Loans
Investments measured at fair value on recurring basis for which the entity has utilized Level III inputs to determine fair value
Unrealized gains/(losses), net on assets held at the end of the period										571
Level III | Recurring basis | Assets | Securitized commercial loan
Investments measured at fair value on recurring basis for which the entity has utilized Level III inputs to determine fair value
Unrealized gains/(losses), net on assets held at the end of the period									(16)
Unrealized gains/(losses), net on assets held at the end of the period										805
Level III | Recurring basis | Assets | Non-Agency MBS
Investments measured at fair value on recurring basis for which the entity has utilized Level III inputs to determine fair value
Unrealized gains/(losses), net on assets held at the end of the period										(16)
Level III | Recurring basis | Assets | Other securities
Investments measured at fair value on recurring basis for which the entity has utilized Level III inputs to determine fair value
Unrealized gains/(losses), net on assets held at the end of the period										43
Estimated Fair Value
Assets
Derivative assets	2,606				728				2,606	728
Total	4,302,865				3,686,376				4,302,865	3,686,376
Liabilities
Derivative liabilities	10,130				4,346				10,130	4,346
Securitized debt	949,626				10,945				949,626	10,945
Total Liabilities	959,756				15,291				959,756	15,291
Estimated Fair Value | Residential Whole-Loans
Assets
Fair value	1,041,885				237,423				1,041,885	237,423
Estimated Fair Value | Residential Bridge Loans
Assets
Fair value	211,999				64,526				211,999	64,526
Estimated Fair Value | Commercial Loans
Assets
Fair value	216,123								216,123
Estimated Fair Value | Securitized commercial loan
Assets
Fair value	1,013,511				24,876				1,013,511	24,876
Estimated Fair Value | 20 Year Mortgage
Assets
Estimated Fair Value					53,783					53,783
Estimated Fair Value | 30 Year Mortgage
Assets
Estimated Fair Value					241,642					241,642
Estimated Fair Value | 40 Years Mortgage
Assets
Estimated Fair Value					376,752					376,752
Estimated Fair Value | Agency RMBS Interest Only Strips
Assets
Estimated Fair Value	12,135				15,437				12,135	15,437
Estimated Fair Value | Agency RMBS Interest-Only Strips accounted for as derivatives, included in MBS
Assets
Estimated Fair Value	7,702				10,419				7,702	10,419
Estimated Fair Value | Agency CMBS
Assets
Estimated Fair Value	1,481,984				2,154,800				1,481,984	2,154,800
Estimated Fair Value | Agency CMBS Interest-Only Strips
Assets
Estimated Fair Value					10					10
Estimated Fair Value | Agency CMBS Interest-Only Strips accounted for as derivatives, included in MBS
Assets
Estimated Fair Value	4,158				5,757				4,158	5,757
Estimated Fair Value | Agency MBS
Assets
Estimated Fair Value	1,505,979				2,858,600				1,505,979	2,858,600
Estimated Fair Value | Non-Agency RMBS
Assets
Estimated Fair Value	39,026				90,832				39,026	90,832
Estimated Fair Value | Non-Agency RMBS Interest-Only Strips
Assets
Estimated Fair Value	11,529				8,722				11,529	8,722
Estimated Fair Value | Non-Agency CMBS
Assets
Estimated Fair Value	200,301				278,604				200,301	278,604
Estimated Fair Value | Subtotal Non-Agency MBS
Assets
Estimated Fair Value	250,856				378,158				250,856	378,158
Estimated Fair Value | Other securities
Assets
Estimated Fair Value	59,906				122,065				59,906	122,065
Estimated Fair Value | Mortgage-backed securities and other securities
Assets
Estimated Fair Value	1,816,741				3,358,823				1,816,741	3,358,823
Estimated Fair Value | Recurring basis
Liabilities
Total Liabilities	$ 2,932,146				$ 3,372,775				$ 2,932,146	$ 3,372,775

Fair Value of Financial Instr_4

Fair Value of Financial Instruments Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	$ 959,756	$ 15,291
Recurring basis | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	9,720	42,147
Borrowings under repurchase agreements	2,818,837	3,251,686
Convertible senior unsecured notes	110,060	108,743
Total	2,928,897	3,360,429
Recurring basis | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	9,603	42,881
Borrowings under repurchase agreements	2,823,615	3,257,956
Convertible senior unsecured notes	108,531	114,819
Total	2,932,146	3,372,775
Recurring basis | Residential Bridge Loans | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	9,720	42,147
Recurring basis | Residential Bridge Loans | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 9,603	$ 42,881

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Summary of quantitative information (Details) $ in Thousands	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Residential Whole-Loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value	$ 1,041,885	$ 237,423
Residential Whole-Loans | Level III
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value	$ 1,041,885	$ 237,423
Residential Whole-Loans | Level III | Discounted Cash Flow | Measurement Input, Discount Rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.035	0.036
Residential Whole-Loans | Level III | Discounted Cash Flow | Measurement Input, Discount Rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.079	0.066
Residential Whole-Loans | Level III | Discounted Cash Flow | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.055	0.058
Residential Whole-Loans | Level III | Discounted Cash Flow | Measurement Input, Expected Term | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, term	9 months 1 day	7 months 1 day
Residential Whole-Loans | Level III | Discounted Cash Flow | Measurement Input, Expected Term | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, term	10 years 3 months 1 day	6 years 9 months 1 day
Residential Whole-Loans | Level III | Discounted Cash Flow | Measurement Input, Expected Term | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, term	2 years 9 months 18 days	1 year 6 months 1 day
Residential Bridge Loans | Level III
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value	$ 211,999	$ 64,526
Residential Bridge Loans | Level III | Discounted Cash Flow | Measurement Input, Discount Rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.056	0.038
Residential Bridge Loans | Level III | Discounted Cash Flow | Measurement Input, Discount Rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	1.453	0.088
Residential Bridge Loans | Level III | Discounted Cash Flow | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.113	0.043
Residential Bridge Loans | Level III | Discounted Cash Flow | Measurement Input, Expected Term | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, term	1 month 1 day	5 months 1 day
Residential Bridge Loans | Level III | Discounted Cash Flow | Measurement Input, Expected Term | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, term	1 year 7 months 1 day	1 year 7 months 1 day
Residential Bridge Loans | Level III | Discounted Cash Flow | Measurement Input, Expected Term | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, term	6 months 1 day	9 months 1 day
Commercial Loans | Level III
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value	$ 216,123
Commercial Loans | Level III | Discounted Cash Flow | Measurement Input, Discount Rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.067
Commercial Loans | Level III | Discounted Cash Flow | Measurement Input, Discount Rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.092
Commercial Loans | Level III | Discounted Cash Flow | Measurement Input, Discount Rate | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.076
Commercial Loans | Level III | Discounted Cash Flow | Measurement Input, Expected Term | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, term	11 months 1 day
Commercial Loans | Level III | Discounted Cash Flow | Measurement Input, Expected Term | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, term	2 years 8 months 1 day
Commercial Loans | Level III | Discounted Cash Flow | Measurement Input, Expected Term | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, term	2 years 1 month 1 day
Commercial Loans | Level III | Discounted Cash Flow | Measurement Input, Basis Spread | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0414
Commercial Loans | Level III | Discounted Cash Flow | Measurement Input, Basis Spread | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0650
Commercial Loans | Level III | Discounted Cash Flow | Measurement Input, Basis Spread | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0505

Mortgage-Backed Securities an_3

Mortgage-Backed Securities and other securities - Company's investment portfolio (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Principal Balance		$ 641,044
Unamortized Premium (Discount), net		28,876
Amortized Cost		669,920
Unrealized Gain		4,571
Unrealized Loss		$ (2,314)
Net Weighted Average Coupon (as a percent)		3.90%
Mortgage-backed securities and other securities
Debt Securities, Available-for-sale [Line Items]
Principal Balance	$ 1,836,035	$ 3,371,419
Unamortized Premium (Discount), net	(8,717)	(16,548)
Discount Designated as Credit Reserve and OTTI	(53,523)	(72,915)
Amortized Cost		3,328,334
Amortized Cost	1,813,403
Unrealized Gain	24,521
Unrealized Gain		41,708
Unrealized Loss	33,043
Unrealized Loss		(27,395)
Estimated Fair Value	$ 1,816,741	$ 3,358,823
Net Weighted Average Coupon (as a percent)	2.90%	3.10%
Weighted average expected remaining term to the expected maturity of investment portfolio	8 years 6 months	8 years 7 months 6 days
Agency RMBS Interest Only Strips
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		$ 14,750
Amortized Cost	$ 11,480
Unrealized Gain	1,062
Unrealized Gain		878
Unrealized Loss	407
Unrealized Loss		(191)
Estimated Fair Value	$ 12,135	$ 15,437
Net Weighted Average Coupon (as a percent)	2.20%	2.90%
Notional balance	$ 158,800	$ 165,500
Agency RMBS Interest-Only Strips accounted for as derivatives, included in MBS
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	$ 7,702	$ 10,419
Net Weighted Average Coupon (as a percent)	2.90%	2.90%
Notional balance	$ 89,800	$ 122,000
Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Principal Balance		641,044
Unamortized Premium (Discount), net		28,876
Amortized Cost		684,670
Amortized Cost	11,480
Unrealized Gain	1,062
Unrealized Gain		5,449
Unrealized Loss	407
Unrealized Loss		(2,505)
Estimated Fair Value	$ 19,837	$ 672,177
Net Weighted Average Coupon (as a percent)	2.50%	3.60%
Agency CMBS
Debt Securities, Available-for-sale [Line Items]
Principal Balance	$ 1,493,675	$ 2,145,139
Unamortized Premium (Discount), net	5,820	2,142
Amortized Cost		2,147,281
Amortized Cost	1,499,495
Unrealized Gain	12,083
Unrealized Gain		16,913
Unrealized Loss	29,594
Unrealized Loss		(9,394)
Estimated Fair Value	$ 1,481,984	$ 2,154,800
Net Weighted Average Coupon (as a percent)	3.30%	2.90%
Agency CMBS Interest-Only Strips accounted for as derivatives, included in MBS
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	$ 4,158	$ 5,757
Net Weighted Average Coupon (as a percent)	0.40%	0.50%
Notional balance	$ 172,200	$ 192,500
Subtotal Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprises [Member]
Debt Securities, Available-for-sale [Line Items]
Principal Balance	1,493,675	2,145,139
Unamortized Premium (Discount), net	5,820	2,142
Amortized Cost		2,147,281
Amortized Cost	1,499,495
Unrealized Gain	12,083
Unrealized Gain		16,923
Unrealized Loss	29,594
Unrealized Loss		$ (9,394)
Estimated Fair Value	$ 1,486,142
Net Weighted Average Coupon (as a percent)	3.00%	2.70%
Agency MBS
Debt Securities, Available-for-sale [Line Items]
Principal Balance	$ 1,493,675	$ 2,786,183
Unamortized Premium (Discount), net	5,820	31,018
Amortized Cost		2,831,951
Amortized Cost	1,510,975
Unrealized Gain	13,145
Unrealized Gain		22,372
Unrealized Loss	30,001
Unrealized Loss		(11,899)
Estimated Fair Value	$ 1,505,979	$ 2,858,600
Net Weighted Average Coupon (as a percent)	2.90%	3.00%
Non-Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Principal Balance	$ 54,887	$ 119,748
Unamortized Premium (Discount), net	6,909	5,263
Discount Designated as Credit Reserve and OTTI	(23,731)	(39,491)
Amortized Cost		85,520
Amortized Cost	38,065
Unrealized Gain	961
Unrealized Gain		5,473
Unrealized Loss	0
Unrealized Loss		(161)
Estimated Fair Value	$ 39,026	$ 90,832
Net Weighted Average Coupon (as a percent)	4.80%	3.80%
Non-Agency RMBS Interest-Only Strips
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		$ 8,738
Amortized Cost	$ 11,154
Unrealized Gain	382
Unrealized Gain		0
Unrealized Loss	7
Unrealized Loss		(16)
Estimated Fair Value	$ 11,529	$ 8,722
Net Weighted Average Coupon (as a percent)	0.60%	0.90%
Notional balance	$ 519,900	$ 278,400
Subtotal Non-Agency Residential Mortgage Backed Securities Issued By Private Enterprises [Member]
Debt Securities, Available-for-sale [Line Items]
Principal Balance	54,887	119,748
Unamortized Premium (Discount), net	6,909	5,263
Discount Designated as Credit Reserve and OTTI	(23,731)	(39,491)
Amortized Cost		94,258
Amortized Cost	49,219
Unrealized Gain	1,343
Unrealized Gain		5,473
Unrealized Loss	7
Unrealized Loss		$ (177)
Estimated Fair Value	$ 50,555
Net Weighted Average Coupon (as a percent)	1.00%	1.80%
Non-Agency CMBS
Debt Securities, Available-for-sale [Line Items]
Principal Balance	$ 240,431	$ 379,183
Unamortized Premium (Discount), net	(20,317)	(59,129)
Discount Designated as Credit Reserve and OTTI	(22,189)	(28,020)
Amortized Cost		292,034
Amortized Cost	197,925
Unrealized Gain	5,021
Unrealized Gain		1,702
Unrealized Loss	2,645
Unrealized Loss		(15,132)
Estimated Fair Value	$ 200,301	$ 278,604
Net Weighted Average Coupon (as a percent)	5.90%	4.80%
Subtotal Non-Agency MBS
Debt Securities, Available-for-sale [Line Items]
Principal Balance	$ 295,318	$ 498,931
Unamortized Premium (Discount), net	(13,408)	(53,866)
Discount Designated as Credit Reserve and OTTI	(45,920)	(67,511)
Amortized Cost		386,292
Amortized Cost	247,144
Unrealized Gain	6,364
Unrealized Gain		7,175
Unrealized Loss	2,652
Unrealized Loss		(15,309)
Estimated Fair Value	$ 250,856	$ 378,158
Net Weighted Average Coupon (as a percent)	2.40%	3.30%
Agency CMBS Interest-Only Strips
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		$ 0
Unrealized Gain		10
Estimated Fair Value		$ 10
Net Weighted Average Coupon (as a percent)		3.20%
Notional balance		$ 3,300
Other securities
Debt Securities, Available-for-sale [Line Items]
Principal Balance	$ 47,042	86,305
Unamortized Premium (Discount), net	(1,129)	6,300
Discount Designated as Credit Reserve and OTTI	(7,603)	(5,404)
Amortized Cost		110,091
Amortized Cost	55,284
Unrealized Gain	5,012
Unrealized Gain		12,161
Unrealized Loss	390
Unrealized Loss		(187)
Estimated Fair Value	$ 59,906	$ 122,065
Net Weighted Average Coupon (as a percent)	9.00%	7.80%
Residual interests in asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Principal Balance		$ 0
Amortized Cost		22,900
Amortized Cost	$ 17,000
Estimated Fair Value | Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value		672,177
Estimated Fair Value | Mortgage-backed securities and other securities
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	1,816,741	3,358,823
Estimated Fair Value | Agency RMBS Interest Only Strips
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	12,135	15,437
Estimated Fair Value | Agency RMBS Interest-Only Strips accounted for as derivatives, included in MBS
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	7,702	10,419
Estimated Fair Value | Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value		698,033
Estimated Fair Value | Agency CMBS
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	1,481,984	2,154,800
Estimated Fair Value | Agency CMBS Interest-Only Strips accounted for as derivatives, included in MBS
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	4,158	5,757
Estimated Fair Value | Subtotal Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprises [Member]
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value		2,160,567
Estimated Fair Value | Agency MBS
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	1,505,979	2,858,600
Estimated Fair Value | Non-Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	39,026	90,832
Estimated Fair Value | Non-Agency RMBS Interest-Only Strips
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	11,529	8,722
Estimated Fair Value | Subtotal Non-Agency Residential Mortgage Backed Securities Issued By Private Enterprises [Member]
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value		99,554
Estimated Fair Value | Non-Agency CMBS
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	200,301	278,604
Estimated Fair Value | Subtotal Non-Agency MBS
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	250,856	378,158
Estimated Fair Value | Agency CMBS Interest-Only Strips
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value		10
Estimated Fair Value | Other securities
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	$ 59,906	$ 122,065

Mortgage-Backed Securities an_4

Mortgage-Backed Securities and other securities - Changes in the components of purchase discount and amortizable premium (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Discount Designated as Credit Reserve and OTTI
Other than temporary impairment	$ (2,757)	$ (2,533)	$ (2,974)	$ (2,916)	$ (2,972)	$ (7,225)	$ (6,579)	$ (6,097)	$ (11,180)	$ (22,873)	$ (32,286)
Other than temporary impairment										(22,873)	(32,286)
Non-Agency RMBS and Non-Agency CMBS and other securities
Discount Designated as Credit Reserve and OTTI
Balance at beginning of period				(72,915)				(130,484)	(72,915)	(130,484)	(152,750)
Realized credit losses									5,863	2,391	7,697
Purchases									(7,182)	(19,385)	(15,792)
Sales									32,301	89,628	39,117
Other than temporary impairment									(9,733)
Other than temporary impairment										(15,310)	(22,413)
Transfers/release of credit reserve									(1,857)	245	13,657
Balance at end of period	(53,523)				(72,915)				(53,523)	(72,915)	(130,484)
Accretable Discount
Balance at beginning of period				(68,438)				(109,822)	(68,438)	(109,822)	(145,532)
Accretion of discount									7,137	10,715	17,431
Purchases									(6,473)	(1,205)	(2,945)
Sales									40,338	33,166	35,605
Transfers/release of credit reserve									(2,029)	(1,292)	(14,381)
Balance at end of period	(29,465)				(68,438)				(29,465)	(68,438)	(109,822)
Amortizable Premium
Beginning balance				$ 20,872				$ 44,527	20,872	44,527	56,163
Amortization of premium									(675)	(843)	(5,470)
Purchases									435	7,259	5,266
Sales									(9,590)	(31,118)	(12,156)
Transfers/release of credit reserve									3,886	1,047	724
Ending balance	$ 14,928				$ 20,872				$ 14,928	$ 20,872	$ 44,527

- Fair value and contractual ma

- Fair value and contractual maturities of the Company's investment securities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Mortgage-backed securities and other securities
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	$ 1,816,741	$ 3,358,823
Mortgage-backed securities and other securities | Less than or equal to 10 years
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	1,142,938	1,605,249
Mortgage-backed securities and other securities | More than 10 years and less than or equal to 20 years
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	466,292	831,875
Mortgage-backed securities and other securities | More than 20 years and less than or equal to 30 years
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	94,487	393,110
Mortgage-backed securities and other securities | More than 30 years
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	113,024	528,589
Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	19,837	672,177
Agency RMBS | Less than or equal to 10 years
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value		0
Agency RMBS | More than 10 years and less than or equal to 20 years
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value		56,228
Agency RMBS | More than 20 years and less than or equal to 30 years
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value		239,197
Agency RMBS | More than 30 years
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value		376,752
Agency RMBS Interest Only Strips
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	12,135	15,437
Agency RMBS Interest Only Strips | Less than or equal to 10 years
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	3,577	3,920
Agency RMBS Interest Only Strips | More than 10 years and less than or equal to 20 years
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	2,402	4,591
Agency RMBS Interest Only Strips | More than 20 years and less than or equal to 30 years
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	6,156	6,926
Agency RMBS Interest-Only Strips accounted for as derivatives, included in MBS
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	7,702	10,419
Agency RMBS Interest-Only Strips accounted for as derivatives, included in MBS | Less than or equal to 10 years
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	1,089	1,686
Agency RMBS Interest-Only Strips accounted for as derivatives, included in MBS | More than 10 years and less than or equal to 20 years
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	4,053	5,139
Agency RMBS Interest-Only Strips accounted for as derivatives, included in MBS | More than 20 years and less than or equal to 30 years
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	2,560	3,594
Agency CMBS
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	1,481,984	2,154,800
Agency CMBS | Less than or equal to 10 years
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	1,101,820	1,599,620
Agency CMBS | More than 10 years and less than or equal to 20 years
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	380,164	555,180
Agency CMBS Interest-Only Strips
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value		10
Agency CMBS Interest-Only Strips | Less than or equal to 10 years
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value		10
Agency CMBS Interest-Only Strips accounted for as derivatives, included in MBS
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	4,158	5,757
Agency CMBS Interest-Only Strips accounted for as derivatives, included in MBS | More than 30 years
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	4,158	5,757
Agency MBS
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	1,505,979	2,858,600
Agency MBS | Less than or equal to 10 years
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	1,106,486	1,605,236
Agency MBS | More than 10 years and less than or equal to 20 years
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	386,619	621,138
Agency MBS | More than 20 years and less than or equal to 30 years
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	8,716	249,717
Agency MBS | More than 30 years
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	4,158	382,509
Non-Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	39,026	90,832
Non-Agency RMBS | Less than or equal to 10 years
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	13
Non-Agency RMBS | More than 10 years and less than or equal to 20 years
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	51,092
Non-Agency RMBS | More than 20 years and less than or equal to 30 years
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	8,540	4,184
Non-Agency RMBS | More than 30 years
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	30,486	35,543
Non-Agency RMBS Interest-Only Strips
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	11,529	8,722
Non-Agency RMBS Interest-Only Strips | More than 10 years and less than or equal to 20 years
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
Non-Agency RMBS Interest-Only Strips | More than 20 years and less than or equal to 30 years
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	4,310	0
Non-Agency RMBS Interest-Only Strips | More than 30 years
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	7,219	8,722
Non-Agency CMBS
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	200,301	278,604
Non-Agency CMBS | Less than or equal to 10 years
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	28,754	0
Non-Agency CMBS | More than 10 years and less than or equal to 20 years
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	53,653	60,583
Non-Agency CMBS | More than 20 years and less than or equal to 30 years
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	72,921	139,209
Non-Agency CMBS | More than 30 years
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	44,973	78,812
Subtotal Non-Agency MBS
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	250,856	378,158
Subtotal Non-Agency MBS | Less than or equal to 10 years
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	28,754	13
Subtotal Non-Agency MBS | More than 10 years and less than or equal to 20 years
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	53,653	111,675
Subtotal Non-Agency MBS | More than 20 years and less than or equal to 30 years
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	85,771	143,393
Subtotal Non-Agency MBS | More than 30 years
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	82,678	123,077
Other securities
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	59,906	122,065
Other securities | Less than or equal to 10 years
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	7,698	0
Other securities | More than 10 years and less than or equal to 20 years
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	26,020	99,062
Other securities | More than 20 years and less than or equal to 30 years
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
Other securities | More than 30 years
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	$ 26,188	$ 23,003

Mortgage-Backed Securities an_5

Mortgage-Backed Securities and other securities - Gross unrealized losses and estimated fair value (Details) $ in Thousands	Dec. 31, 2018USD ($)item	Dec. 31, 2017USD ($)item
Fair Value
Fair value, less than 12 months		$ 1,419,604
Fair value, 12 months or longer		123,064
Fair value		1,542,668
Fair value, less than 12 Months	$ 114,194
Fair value, 12 months or longer	903,289
Fair Value	1,017,483
Unrealized Losses
Unrealized loss position, less than 12 Months, accumulated loss		13,832
Unrealized loss position, 12 months or longer, accumulated loss		13,563
Unrealized Losses		$ 27,395
Unrealized loss position, less than 12 Months, accumulated loss	1,540
12 Months or Longer, Accumulated Loss	31,503
Unrealized Losses	$ 33,043
Number of Securities
Number of positions, less than one year | item		98
Number of positions, greater than or equal to one year | item		43
Number of Securities | item		141
Number of positions, less than 12 Months | item	21
Number of positions, 12 months or longer | item	85
Number of Securities | item	106
20 Year Mortgage
Fair Value
Fair value, less than 12 months		$ 330,259
Fair value, 12 months or longer		1,632
Fair value		331,891
Unrealized Losses
Unrealized loss position, less than 12 Months, accumulated loss		2,179
Unrealized loss position, 12 months or longer, accumulated loss		135
Unrealized Losses		$ 2,314
Number of Securities
Number of positions, less than one year | item		11
Number of positions, greater than or equal to one year | item		5
Number of Securities | item		16
Agency RMBS Interest Only Strips
Fair Value
Fair value, less than 12 months		$ 3,095
Fair value, 12 months or longer		1,703
Fair value		4,798
Fair value, less than 12 Months	$ 3,277
Fair value, 12 months or longer	3,917
Fair Value	7,194
Unrealized Losses
Unrealized loss position, less than 12 Months, accumulated loss		142
Unrealized loss position, 12 months or longer, accumulated loss		49
Unrealized Losses		$ 191
Unrealized loss position, less than 12 Months, accumulated loss	124
12 Months or Longer, Accumulated Loss	283
Unrealized Losses	$ 407
Number of Securities
Number of positions, less than one year | item		6
Number of positions, greater than or equal to one year | item		3
Number of Securities | item		9
Number of positions, less than 12 Months | item	7
Number of positions, 12 months or longer | item	9
Number of Securities | item	16
Agency CMBS
Fair Value
Fair value, less than 12 months		$ 955,559
Fair value		955,559
Fair value, less than 12 Months	$ 29,413
Fair value, 12 months or longer	879,549
Fair Value	908,962
Unrealized Losses
Unrealized loss position, less than 12 Months, accumulated loss		9,394
Unrealized Losses		$ 9,394
Unrealized loss position, less than 12 Months, accumulated loss	307
12 Months or Longer, Accumulated Loss	29,287
Unrealized Losses	$ 29,594
Number of Securities
Number of positions, less than one year | item		57
Number of Securities | item		57
Number of positions, less than 12 Months | item	3
Number of positions, 12 months or longer | item	72
Number of Securities | item	75
Agency MBS
Fair Value
Fair value, less than 12 months		$ 1,288,913
Fair value, 12 months or longer		3,335
Fair value		1,292,248
Fair value, less than 12 Months	$ 32,690
Fair value, 12 months or longer	883,466
Fair Value	916,156
Unrealized Losses
Unrealized loss position, less than 12 Months, accumulated loss		11,715
Unrealized loss position, 12 months or longer, accumulated loss		184
Unrealized Losses		$ 11,899
Unrealized loss position, less than 12 Months, accumulated loss	431
12 Months or Longer, Accumulated Loss	29,570
Unrealized Losses	$ 30,001
Number of Securities
Number of positions, less than one year | item		74
Number of positions, greater than or equal to one year | item		8
Number of Securities | item		82
Number of positions, less than 12 Months | item	10
Number of positions, 12 months or longer | item	81
Number of Securities | item	91
Non-Agency RMBS
Fair Value
Fair value, less than 12 months		$ 28,508
Fair value, 12 months or longer		0
Fair value		28,508
Fair value, less than 12 Months	$ 0
Fair value, 12 months or longer	500
Fair Value	500
Unrealized Losses
Unrealized loss position, less than 12 Months, accumulated loss		161
Unrealized loss position, 12 months or longer, accumulated loss		0
Unrealized Losses		$ 161
Unrealized loss position, less than 12 Months, accumulated loss	0
12 Months or Longer, Accumulated Loss	0
Unrealized Losses	$ 0
Number of Securities
Number of positions, less than one year | item		3
Number of positions, greater than or equal to one year | item		0
Number of Securities | item		3
Number of positions, less than 12 Months | item	0
Number of positions, 12 months or longer | item	1
Number of Securities | item	1
Non-Agency RMBS Interest-Only Strips
Fair Value
Fair value, less than 12 months		$ 8,722
Fair value, 12 months or longer		0
Fair value		8,722
Fair value, less than 12 Months	$ 957
Fair value, 12 months or longer	0
Fair Value	957
Unrealized Losses
Unrealized loss position, less than 12 Months, accumulated loss		16
Unrealized loss position, 12 months or longer, accumulated loss		0
Unrealized Losses		$ 16
Unrealized loss position, less than 12 Months, accumulated loss	7
12 Months or Longer, Accumulated Loss	0
Unrealized Losses	$ 7
Number of Securities
Number of positions, less than one year | item		3
Number of positions, greater than or equal to one year | item		0
Number of Securities | item		3
Number of positions, less than 12 Months | item	2
Number of positions, 12 months or longer | item	0
Number of Securities | item	2
Non-Agency CMBS
Fair Value
Fair value, less than 12 months		$ 69,661
Fair value, 12 months or longer		119,729
Fair value		189,390
Fair value, less than 12 Months	$ 65,339
Fair value, 12 months or longer	19,323
Fair Value	84,662
Unrealized Losses
Unrealized loss position, less than 12 Months, accumulated loss		1,753
Unrealized loss position, 12 months or longer, accumulated loss		13,379
Unrealized Losses		$ 15,132
Unrealized loss position, less than 12 Months, accumulated loss	712
12 Months or Longer, Accumulated Loss	1,933
Unrealized Losses	$ 2,645
Number of Securities
Number of positions, less than one year | item		15
Number of positions, greater than or equal to one year | item		35
Number of Securities | item		50
Number of positions, less than 12 Months | item	7
Number of positions, 12 months or longer | item	3
Number of Securities | item	10
Subtotal Non-Agency MBS
Fair Value
Fair value, less than 12 months		$ 106,891
Fair value, 12 months or longer		119,729
Fair value		226,620
Fair value, less than 12 Months	$ 66,296
Fair value, 12 months or longer	19,823
Fair Value	86,119
Unrealized Losses
Unrealized loss position, less than 12 Months, accumulated loss		1,930
Unrealized loss position, 12 months or longer, accumulated loss		13,379
Unrealized Losses		$ 15,309
Unrealized loss position, less than 12 Months, accumulated loss	719
12 Months or Longer, Accumulated Loss	1,933
Unrealized Losses	$ 2,652
Number of Securities
Number of positions, less than one year | item		21
Number of positions, greater than or equal to one year | item		35
Number of Securities | item		56
Number of positions, less than 12 Months | item	9
Number of positions, 12 months or longer | item	4
Number of Securities | item	13
Other securities
Fair Value
Fair value, less than 12 months		$ 23,800
Fair value, 12 months or longer		0
Fair value		23,800
Fair value, less than 12 Months	$ 15,208
Fair value, 12 months or longer	0
Fair Value	15,208
Unrealized Losses
Unrealized loss position, less than 12 Months, accumulated loss		187
Unrealized loss position, 12 months or longer, accumulated loss		0
Unrealized Losses		$ 187
Unrealized loss position, less than 12 Months, accumulated loss	390
12 Months or Longer, Accumulated Loss	0
Unrealized Losses	$ 390
Number of Securities
Number of positions, less than one year | item		3
Number of positions, greater than or equal to one year | item		0
Number of Securities | item		3
Number of positions, less than 12 Months | item	2
Number of positions, 12 months or longer | item	0
Number of Securities | item	2

Mortgage-Backed Securities an_6

Mortgage-Backed Securities and other securities - OTTI and Interest Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Debt Securities, Available-for-sale [Line Items]
Other than temporary impairment	$ 2,757	$ 2,533	$ 2,974	$ 2,916	$ 2,972	$ 7,225	$ 6,579	$ 6,097	$ 11,180	$ 22,873	$ 32,286
Other than temporary impairment										22,873	32,286
Depreciation, Amortization and Accretion, Net [Abstract]
Net (Premium Amortization/Amortization Basis) Discount Amortization									(5,374)	2,070	548
Interest income	$ 58,020	$ 54,461	$ 57,154	$ 39,727	$ 34,878	$ 30,928	$ 30,055	$ 28,430	209,362	124,291	123,756
Mortgage-backed securities and other securities
Depreciation, Amortization and Accretion, Net [Abstract]
Coupon Interest									121,638	111,233	135,737
Net (Premium Amortization/Amortization Basis) Discount Amortization									(6,816)	(2,191)	(21,372)
Interest income									114,822	109,042	114,365
Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Other than temporary impairment									807
Other than temporary impairment										5,774	6,090
Depreciation, Amortization and Accretion, Net [Abstract]
Coupon Interest									19,507	38,108	70,467
Net (Premium Amortization/Amortization Basis) Discount Amortization									(5,092)	(13,058)	(24,836)
Interest income									14,415	25,050	45,631
Agency CMBS
Depreciation, Amortization and Accretion, Net [Abstract]
Coupon Interest									60,148	40,064	2,619
Net (Premium Amortization/Amortization Basis) Discount Amortization									(646)	507	(1,701)
Interest income									59,502	40,571	918
Non-Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Other than temporary impairment									996
Other than temporary impairment										0	9,511
Depreciation, Amortization and Accretion, Net [Abstract]
Coupon Interest									7,120	5,602	35,221
Net (Premium Amortization/Amortization Basis) Discount Amortization									(1,073)	525	(5,243)
Interest income									6,047	6,127	29,978
Non-Agency CMBS
Debt Securities, Available-for-sale [Line Items]
Other than temporary impairment									8,660
Other than temporary impairment										15,117	13,025
Depreciation, Amortization and Accretion, Net [Abstract]
Coupon Interest									20,058	19,179	24,893
Net (Premium Amortization/Amortization Basis) Discount Amortization									6,366	8,276	7,431
Interest income									26,424	27,455	32,324
Other securities
Debt Securities, Available-for-sale [Line Items]
Other than temporary impairment									717
Other than temporary impairment										1,982	3,660
Depreciation, Amortization and Accretion, Net [Abstract]
Coupon Interest									14,805	8,280	2,537
Net (Premium Amortization/Amortization Basis) Discount Amortization									(6,371)	1,559	2,977
Interest income									$ 8,434	$ 9,839	$ 5,514

Mortgage-Backed Securities an_7

Mortgage-Backed Securities and other securities - Sales and realized gains (losses) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
ASU 2016-01 Transition [Abstract]
Net Gain (Loss)	$ (33,995)	$ (24,229)	$ (5,608)	$ 575	$ (2)	$ 1,830	$ (2,488)	$ 21,258	$ (63,257)	$ 20,598	$ (21,991)
Mortgage-backed securities and other securities
Debt Securities, Available-for-sale, Gain (Loss) [Abstract]
Proceeds									2,430,054		2,255,414
Gross Gains									18,512
Gross Losses									(81,721)
Net Gain (Loss)									(63,209)
ASU 2016-01 Transition [Abstract]
Proceeds										1,589,145
Gross Gains										32,632	16,371
Gross Losses										(12,034)	(38,362)
Net Gain (Loss)										20,598	(21,991)
Agency RMBS
Debt Securities, Available-for-sale, Gain (Loss) [Abstract]
Proceeds									589,854		1,239,350
Gross Gains									18
Gross Losses									(23,997)
Net Gain (Loss)									(23,979)
ASU 2016-01 Transition [Abstract]
Proceeds										1,251,985
Gross Gains										5,020	6,214
Gross Losses										(7,936)	(25,818)
Net Gain (Loss)										(2,916)	(19,604)
Agency RMBS | Agency interest only strips accounted for as derivatives
Debt Securities, Available-for-sale, Gain (Loss) [Abstract]
Proceeds										2,600	18,500
ASU 2016-01 Transition [Abstract]
Gross Gains										432	1,900
Gross Losses											(595)
Agency RMBS | Non Agency RMBS Interest Only Strips Accounted For As Derivatives
Debt Securities, Available-for-sale, Gain (Loss) [Abstract]
Proceeds										2,200
ASU 2016-01 Transition [Abstract]
Gross Gains										274
Gross Losses										(180)
Agency CMBS
Debt Securities, Available-for-sale, Gain (Loss) [Abstract]
Proceeds									1,534,967		22,939
Gross Gains									0
Gross Losses									(51,045)
Net Gain (Loss)									(51,045)
ASU 2016-01 Transition [Abstract]
Gross Gains											54
Gross Losses											(66)
Net Gain (Loss)											(12)
Non-Agency RMBS
Debt Securities, Available-for-sale, Gain (Loss) [Abstract]
Proceeds									99,842		177,996
Gross Gains									7,008
Gross Losses									(478)
Net Gain (Loss)									6,530
ASU 2016-01 Transition [Abstract]
Proceeds										243,838
Gross Gains										24,356	6,470
Gross Losses										(2,241)	(4,560)
Net Gain (Loss)										22,115	1,910
Non-Agency CMBS
Debt Securities, Available-for-sale, Gain (Loss) [Abstract]
Proceeds									140,292		50,418
Gross Gains									3,086
Gross Losses									(6,201)
Net Gain (Loss)									(3,115)
ASU 2016-01 Transition [Abstract]
Proceeds										54,875
Gross Gains										2,543	137
Gross Losses										(1,803)	(5,810)
Net Gain (Loss)										740	(5,673)
Other securities
Debt Securities, Available-for-sale, Gain (Loss) [Abstract]
Proceeds									65,099		764,711
Gross Gains									8,400
Gross Losses									0
Net Gain (Loss)									$ 8,400
ASU 2016-01 Transition [Abstract]
Proceeds										38,447
Gross Gains										713	3,496
Gross Losses										(54)	(2,108)
Net Gain (Loss)										$ 659	$ 1,388

Mortgage-Backed Securities an_8

Mortgage-Backed Securities and other securities - Unconsolidated CMBS VIEs (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Variable interest entity, reporting entity involvement, maximum loss exposure, amount	$ 118.4	$ 62.1

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)loan	Dec. 31, 2017USD ($)loan
Variable Interest Entity [Line Items]
Repurchase agreements	$ 2,818,837	$ 3,251,686
Principal amount of delinquent loans	$ 5,127
Residential Whole-Loans
Variable Interest Entity [Line Items]
Number of Loans | loan	2,782	616
RCR Trust | Residential Whole-Loans
Variable Interest Entity [Line Items]
Repurchase agreements	$ 250,400
VIE | Residential Whole-Loans
Variable Interest Entity [Line Items]
Repurchase agreements	$ 618,700	$ 189,300
Mortgage loans on real estate, number of loans | loan	0	1
Principal amount of delinquent loans		$ 579
Mortgage loans on real estate, fair value amount of delinquent loans		570
Mortgage loans on real estate, number of loans, nonperforming, percentage	0.20%
VIE | Residential Bridge Loans
Variable Interest Entity [Line Items]
Repurchase agreements	$ 207,500	$ 100,200
Mortgage loans on real estate, number of loans | loan	3	9
Number of Loans | loan	520	340
Principal amount of delinquent loans	$ 1,100	$ 1,800
Principal amount at fair value of delinquent loans	$ 4,000
Mortgage loans on real estate, number of loans, nonperforming, percentage	2.30%	1.70%
Original LTV, collateral dependent	70.00%	74.00%
RNR Trust [Member] | Residential Whole-Loans
Variable Interest Entity [Line Items]
Repurchase agreements	$ 15,100
Estimated Fair Value | VIE | Residential Bridge Loans
Variable Interest Entity [Line Items]
Mortgage loans on real estate, number of loans | loan	9
Consolidated Residential Whole-Loan Trusts | Residential Whole-Loans
Variable Interest Entity [Line Items]
Number of Loans | loan	2,769
Consolidated Residential Whole-Loan Trusts | Commercial Loans
Variable Interest Entity [Line Items]
Number of Loans | loan	1
Consolidated Bridge Loan Trust | VIE | Residential Whole-Loans
Variable Interest Entity [Line Items]
Number of Loans | loan	13
Consolidated Bridge Loan Trust | VIE | Residential Bridge Loans
Variable Interest Entity [Line Items]
Number of Loans | loan	518

Residential Whole Loans and B_2

Residential Whole Loans and Bridge Loans Summary of the Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 21,987	$ 48,024
Residential Whole-Loans, at fair value ($1,041,885 and $237,423 pledged as collateral, at fair value, respectively)	1,041,885	237,423
Residential Bridge Loans ($211,766 and $64,526 at fair value and $221,486 and $106,673 pledged as collateral, respectively)	221,486	106,673
Commercial Loan, at fair value	216,123
Investment related receivable	42,945	7,665
Interest receivable	21,959	13,603
Other assets	2,488	2,161
Total assets	4,497,395	3,886,906
Interest payable	8,532	8,322
Accounts payable and accrued expenses	3,858	3,118
Other liabilities	56,031	0
Total liabilities	3,994,386	3,420,868
Residential bridge loan. at fair value	211,999	64,526
VIE
Variable Interest Entity [Line Items]
Cash and cash equivalents	674	0
Residential Whole-Loans, at fair value ($1,041,885 and $237,423 pledged as collateral, at fair value, respectively)	1,041,885	237,423
Residential Bridge Loans ($211,766 and $64,526 at fair value and $221,486 and $106,673 pledged as collateral, respectively)	221,486	106,673
Investment related receivable	42,945	7,665
Interest receivable	15,540	3,358
Other assets	178	0
Total assets	2,588,150	379,995
Interest payable	2,419	70
Accounts payable and accrued expenses	708	189
Other liabilities	56,033	0
Total liabilities	1,008,786	11,204
Fair value of residential whole-loans pledged as collateral	1,041,885	237,423
Residential bridge loan. at fair value	211,766	64,526
Residential Whole-Loan And Residential Bridge Loan
Variable Interest Entity [Line Items]
Commercial Loan, at fair value	30,000	0
Residential Whole-Loan And Residential Bridge Loan | VIE
Variable Interest Entity [Line Items]
Cash and cash equivalents	674	0
Residential Whole-Loans, at fair value ($1,041,885 and $237,423 pledged as collateral, at fair value, respectively)	1,041,885	237,423
Residential Bridge Loans ($211,766 and $64,526 at fair value and $221,486 and $106,673 pledged as collateral, respectively)	221,486	106,673
Investment related receivable	42,945	7,665
Interest receivable	11,807	3,197
Other assets	178	0
Total assets	1,348,975	354,958
Interest payable	0	0
Accounts payable and accrued expenses	677	188
Other liabilities	225	0
Total liabilities	902	188
Fair value of residential whole-loans pledged as collateral	1,041,885	237,423
Residential bridge loan. at fair value	$ 211,766	$ 64,526

Residential Whole Loans and B_3

Residential Whole Loans and Bridge Loans Carrying Value Components (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Principal balance	$ 2,475,278
Residential Whole-Loans
Variable Interest Entity [Line Items]
Principal balance	1,023,524	$ 232,270
Unamortized premium	17,629	2,021
Unamortized discount	(3,145)	(1,190)
Amortized cost	1,038,008	233,101
Gross unrealized gains	7,573	4,463
Gross unrealized losses	(3,696)	(141)
Fair value	1,041,885	237,423
Residential Bridge Loans, at Fair Value
Variable Interest Entity [Line Items]
Principal balance	212,491	63,802
Unamortized premium	1,164	293
Unamortized discount	(316)	(128)
Amortized cost	213,339	63,967
Gross unrealized gains	212	655
Gross unrealized losses	(1,552)	(96)
Fair value	211,999	64,526
Residential Bridge Loans, at Amortized Cost
Variable Interest Entity [Line Items]
Principal balance	9,766	42,066
Unamortized premium	16	122
Unamortized discount	(62)	(41)
Amortized cost	$ 9,720	$ 42,147

Residential Whole Loans and B_4

Residential Whole Loans and Bridge Loans Investment Portfolio (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)scoreloanitem	Dec. 31, 2017USD ($)loanitem
Variable Interest Entity [Line Items]
Principal balance | $	$ 2,475,278
Residential Portfolio Segment Current Coupon Rate One
Variable Interest Entity [Line Items]
Number of Loans	66	142
Principal balance | $	$ 22,046	$ 55,593
Original LTV	61.60%	55.50%
Original FICO Score | item	738	751
Expected Life (in years)	6 years 6 months	1 year 8 months 12 days
Contractual maturity (in years)	29 years	29 years 1 month 6 days
Interest Rate	3.90%	3.90%
Residential Portfolio Segment Current Coupon Rate Two
Variable Interest Entity [Line Items]
Number of Loans	1,395	338
Principal balance | $	$ 490,073	$ 125,860
Original LTV	62.30%	56.90%
Original FICO Score | item	739	725
Expected Life (in years)	3 years	1 year 4 months 24 days
Contractual maturity (in years)	29 years	26 years 6 months
Interest Rate	4.80%	4.50%
Residential Portfolio Segment Current Coupon Rate Three
Variable Interest Entity [Line Items]
Number of Loans	1,283	132
Principal balance | $	$ 496,722	$ 48,553
Original LTV	62.70%	58.20%
Original FICO Score | item	727	728
Expected Life (in years)	2 years 6 months	1 year 7 months 6 days
Contractual maturity (in years)	28 years 6 months	27 years
Interest Rate	5.40%	5.20%
Residential Portfolio Segment Current Coupon Rate Four
Variable Interest Entity [Line Items]
Number of Loans	37	4
Principal balance | $	$ 14,589	$ 2,264
Original LTV	59.50%	71.10%
Original FICO Score | item	731	758
Expected Life (in years)	1 year 6 months	1 year 3 months 18 days
Contractual maturity (in years)	24 years 9 months 18 days	20 years 6 months
Interest Rate	6.20%	6.30%
Residential Portfolio Segment Current Coupon Rate Five [Member]
Variable Interest Entity [Line Items]
Number of Loans	1
Principal balance | $	$ 94
Original LTV	70.00%
Original FICO Score | score	689
Expected Life (in years)	1 year 9 months 18 days
Contractual maturity (in years)	29 years 1 month 6 days
Interest Rate	8.00%
Residential Bridge Loan Current Coupon Rate One
Variable Interest Entity [Line Items]
Number of Loans		9
Principal balance | $		$ 4,016
Original LTV		64.50%
Contractual maturity (in years)		10 months 24 days
Interest Rate		5.90%
Residential Bridge Loan Current Coupon Rate Two
Variable Interest Entity [Line Items]
Number of Loans	8	64
Principal balance | $	$ 3,169	$ 18,420
Original LTV	60.40%	67.80%
Contractual maturity (in years)	1 month 4 days	10 months 17 days
Interest Rate	6.70%	6.70%
Residential Bridge Loan Current Coupon Rate Three
Variable Interest Entity [Line Items]
Number of Loans	95	98
Principal balance | $	$ 53,911	$ 25,608
Original LTV	73.10%	66.40%
Contractual maturity (in years)	6 months 10 days	9 months 15 days
Interest Rate	7.80%	7.60%
Residential Bridge Loan Current Coupon Rate Four
Variable Interest Entity [Line Items]
Number of Loans	180	56
Principal balance | $	$ 86,764	$ 19,728
Original LTV	72.30%	70.30%
Contractual maturity (in years)	5 months 16 days	11 months 27 days
Interest Rate	8.70%	8.90%
Residential Bridge Loan Current Coupon Rate Five
Variable Interest Entity [Line Items]
Number of Loans	143	67
Principal balance | $	$ 53,804	$ 25,001
Original LTV	74.00%	73.30%
Contractual maturity (in years)	4 months 16 days	6 months 24 days
Interest Rate	9.70%	9.70%
Residential Bridge Loan Current Coupon Rate Six
Variable Interest Entity [Line Items]
Number of Loans	43	36
Principal balance | $	$ 10,150	$ 10,656
Original LTV	72.70%	75.40%
Contractual maturity (in years)	4 months	5 months
Interest Rate	10.70%	10.80%
Residential Bridge Loan Current Coupon Rate Seven
Variable Interest Entity [Line Items]
Number of Loans	28	2
Principal balance | $	$ 8,274	$ 919
Original LTV	69.80%	89.80%
Contractual maturity (in years)	4 months 16 days	8 months 6 days
Interest Rate	11.40%	11.40%
Residential Bridge Loan Current Coupon Rate Nine [Member]
Variable Interest Entity [Line Items]
Number of Loans	11
Principal balance | $	$ 2,743
Original LTV	75.80%
Contractual maturity (in years)	5 months 7 days
Interest Rate	12.80%
Residential Bridge Loan Current Coupon Rate Ten [Member]
Variable Interest Entity [Line Items]
Number of Loans	1
Principal balance | $	$ 88
Original LTV	65.00%
Contractual maturity (in years)	4 months
Interest Rate	14.00%
Residential Bridge Loan Current Coupon Rate Eight
Variable Interest Entity [Line Items]
Number of Loans	11	8
Principal balance | $	$ 3,354	$ 1,520
Original LTV	73.70%	73.80%
Contractual maturity (in years)	2 months 10 days	5 months 27 days
Interest Rate	18.00%	18.00%
Residential Whole-Loans
Variable Interest Entity [Line Items]
Number of Loans	2,782	616
Principal balance | $	$ 1,023,524	$ 232,270
Original LTV	62.40%	57.00%
Original FICO Score | item	733	734
Expected Life (in years)	2 years 9 months 18 days	1 year 6 months
Contractual maturity (in years)	28 years 8 months 12 days	27 years 1 month 6 days
Interest Rate	5.10%	4.50%
Residential Portfolio Segment With No Fico Score
Variable Interest Entity [Line Items]
Number of Loans	274	141
Principal balance | $	$ 93,200	$ 56,500
VIE | Residential Bridge Loans
Variable Interest Entity [Line Items]
Number of Loans	520	340
Principal balance | $	$ 222,257	$ 105,868
Original LTV	72.70%	70.10%
Contractual maturity (in years)	5 months 10 days	9 months
Interest Rate	9.10%	8.60%
Maximum | Residential Portfolio Segment Current Coupon Rate One
Variable Interest Entity [Line Items]
Interest Rate	4.00%	4.00%
Maximum | Residential Portfolio Segment Current Coupon Rate Two
Variable Interest Entity [Line Items]
Interest Rate	5.00%	5.00%
Maximum | Residential Portfolio Segment Current Coupon Rate Three
Variable Interest Entity [Line Items]
Interest Rate	6.00%	6.00%
Maximum | Residential Portfolio Segment Current Coupon Rate Four
Variable Interest Entity [Line Items]
Interest Rate	7.00%	7.00%
Maximum | Residential Portfolio Segment Current Coupon Rate Five [Member]
Variable Interest Entity [Line Items]
Interest Rate	8.00%
Maximum | Residential Bridge Loan Current Coupon Rate One
Variable Interest Entity [Line Items]
Interest Rate		6.00%
Maximum | Residential Bridge Loan Current Coupon Rate Two
Variable Interest Entity [Line Items]
Interest Rate	7.00%	7.00%
Maximum | Residential Bridge Loan Current Coupon Rate Three
Variable Interest Entity [Line Items]
Interest Rate	8.00%	8.00%
Maximum | Residential Bridge Loan Current Coupon Rate Four
Variable Interest Entity [Line Items]
Interest Rate	9.00%	9.00%
Maximum | Residential Bridge Loan Current Coupon Rate Five
Variable Interest Entity [Line Items]
Interest Rate	10.00%	10.00%
Maximum | Residential Bridge Loan Current Coupon Rate Six
Variable Interest Entity [Line Items]
Interest Rate	11.00%	11.00%
Maximum | Residential Bridge Loan Current Coupon Rate Seven
Variable Interest Entity [Line Items]
Interest Rate	12.00%	12.00%
Maximum | Residential Bridge Loan Current Coupon Rate Nine [Member]
Variable Interest Entity [Line Items]
Interest Rate	13.00%
Maximum | Residential Bridge Loan Current Coupon Rate Ten [Member]
Variable Interest Entity [Line Items]
Interest Rate	14.00%
Maximum | Residential Bridge Loan Current Coupon Rate Eight
Variable Interest Entity [Line Items]
Interest Rate	18.00%	18.00%
Minimum | Residential Portfolio Segment Current Coupon Rate One
Variable Interest Entity [Line Items]
Interest Rate	3.01%	3.01%
Minimum | Residential Portfolio Segment Current Coupon Rate Two
Variable Interest Entity [Line Items]
Interest Rate	4.01%	4.01%
Minimum | Residential Portfolio Segment Current Coupon Rate Three
Variable Interest Entity [Line Items]
Interest Rate	5.01%	5.01%
Minimum | Residential Portfolio Segment Current Coupon Rate Four
Variable Interest Entity [Line Items]
Interest Rate	6.01%	6.01%
Minimum | Residential Portfolio Segment Current Coupon Rate Five [Member]
Variable Interest Entity [Line Items]
Interest Rate	7.01%
Minimum | Residential Bridge Loan Current Coupon Rate One
Variable Interest Entity [Line Items]
Interest Rate		5.01%
Minimum | Residential Bridge Loan Current Coupon Rate Two
Variable Interest Entity [Line Items]
Interest Rate	6.01%	6.01%
Minimum | Residential Bridge Loan Current Coupon Rate Three
Variable Interest Entity [Line Items]
Interest Rate	7.01%	7.01%
Minimum | Residential Bridge Loan Current Coupon Rate Four
Variable Interest Entity [Line Items]
Interest Rate	8.01%	8.01%
Minimum | Residential Bridge Loan Current Coupon Rate Five
Variable Interest Entity [Line Items]
Interest Rate	9.01%	9.01%
Minimum | Residential Bridge Loan Current Coupon Rate Six
Variable Interest Entity [Line Items]
Interest Rate	10.01%	10.01%
Minimum | Residential Bridge Loan Current Coupon Rate Seven
Variable Interest Entity [Line Items]
Interest Rate	11.01%	11.01%
Minimum | Residential Bridge Loan Current Coupon Rate Nine [Member]
Variable Interest Entity [Line Items]
Interest Rate	12.01%
Minimum | Residential Bridge Loan Current Coupon Rate Ten [Member]
Variable Interest Entity [Line Items]
Interest Rate	13.01%
Minimum | Residential Bridge Loan Current Coupon Rate Eight
Variable Interest Entity [Line Items]
Interest Rate	17.01%	17.01%
Non-Qualifying Adjustable Rate Mortgage [Member] | Residential Whole-Loans
Variable Interest Entity [Line Items]
Number of Loans	1,888
Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Residential Whole-Loans
Variable Interest Entity [Line Items]
Number of Loans	881
Investor Fixed Rate Mortgage [Member] | Residential Whole-Loans
Variable Interest Entity [Line Items]
Number of Loans	13

Residential Whole Loans and B_5

Residential Whole Loans and Bridge Loans Geographic Concentration (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Principal balance	$ 2,475,278
Residential Whole-Loans
Variable Interest Entity [Line Items]
Principal balance	$ 1,023,524	$ 232,270
Geographic Concentration Risk | Residential Whole-Loans | Financing Receivables Total
Variable Interest Entity [Line Items]
Concentration	100.00%	100.00%
Principal balance	$ 1,023,524	$ 232,270
Geographic Concentration Risk | Residential Bridge Loans | Financing Receivables Total
Variable Interest Entity [Line Items]
Concentration	100.00%	100.00%
Principal balance	$ 222,257	$ 105,868
Geographic Concentration Risk | California | Residential Whole-Loans | Financing Receivables Total
Variable Interest Entity [Line Items]
Concentration	67.10%	62.20%
Principal balance	$ 686,275	$ 144,321
Geographic Concentration Risk | California | Residential Bridge Loans | Financing Receivables Total
Variable Interest Entity [Line Items]
Concentration	53.90%	48.20%
Principal balance	$ 119,761	$ 51,080
Geographic Concentration Risk | New York | Residential Whole-Loans | Financing Receivables Total
Variable Interest Entity [Line Items]
Concentration	17.10%	24.40%
Principal balance	$ 175,390	$ 56,631
Geographic Concentration Risk | New York | Residential Bridge Loans | Financing Receivables Total
Variable Interest Entity [Line Items]
Concentration	9.50%	4.40%
Principal balance	$ 21,160	$ 4,703
Geographic Concentration Risk | Georgia | Residential Whole-Loans | Financing Receivables Total
Variable Interest Entity [Line Items]
Concentration	2.60%	4.30%
Principal balance	$ 26,918	$ 10,061
Geographic Concentration Risk | Massachusetts | Residential Whole-Loans | Financing Receivables Total
Variable Interest Entity [Line Items]
Concentration	2.10%	3.90%
Principal balance	$ 21,197	$ 9,114
Geographic Concentration Risk | Florida | Residential Whole-Loans | Financing Receivables Total
Variable Interest Entity [Line Items]
Concentration	1.90%
Principal balance	$ 19,942
Geographic Concentration Risk | Florida | Residential Bridge Loans | Financing Receivables Total
Variable Interest Entity [Line Items]
Concentration	5.70%	13.40%
Principal balance	$ 12,672	$ 14,199
Geographic Concentration Risk | Other | Residential Whole-Loans | Financing Receivables Total
Variable Interest Entity [Line Items]
Concentration	9.20%	1.20%
Principal balance	$ 93,802	$ 2,899
Geographic Concentration Risk | Other | Residential Bridge Loans | Financing Receivables Total
Variable Interest Entity [Line Items]
Concentration	19.60%	23.30%
Principal balance	$ 43,534	$ 24,581
Geographic Concentration Risk | Washington | Residential Whole-Loans | Financing Receivables Total
Variable Interest Entity [Line Items]
Concentration		4.00%
Principal balance		$ 9,244
Geographic Concentration Risk | Washington | Residential Bridge Loans | Financing Receivables Total
Variable Interest Entity [Line Items]
Concentration	6.60%	6.30%
Principal balance	$ 14,711	$ 6,645
Geographic Concentration Risk | Texas | Residential Bridge Loans | Financing Receivables Total
Variable Interest Entity [Line Items]
Concentration		4.40%
Principal balance		$ 4,660
Geographic Concentration Risk | New Jersey | Residential Bridge Loans | Financing Receivables Total
Variable Interest Entity [Line Items]
Concentration	4.70%
Principal balance	$ 10,419

Commercial Real Estate Invest_3

Commercial Real Estate Investments (Details) $ in Thousands	1 Months Ended			3 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Nov. 30, 2015USD ($)	Mar. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)entity	Nov. 30, 2018USD ($)	Jul. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Variable Interest Entity [Line Items]
Number of VIEs, as primary beneficiary | entity						2
Securitized commercial loans, at fair value						$ 1,013,511			$ 24,876
Securitized debt, at fair value						949,626			10,945
Debt instrument, repurchase amount						$ 108,200
VIE, consolidated, number of commercial loan trusts | entity						3
Securitized commercial loan
Variable Interest Entity [Line Items]
Loans receivable, gross, commercial, mortgage	$ 30,000	$ 20,000		$ 20,000
Commercial Loans
Variable Interest Entity [Line Items]
VIE, consolidated, number of commercial loan trusts | entity						5
RETL Trust
Variable Interest Entity [Line Items]
Trust certificates issued						$ 937,800
Loans receivable, gross, commercial, mortgage						988,609			0
RETL Trust | Securitized commercial loan
Variable Interest Entity [Line Items]
Amount acquired, eliminated in consolidation		67,800
VIE, consolidated, carrying amount, assets						50,900
Variable interest entity, fair value						50,200
CMSC Trust
Variable Interest Entity [Line Items]
Trust certificates issued						24,500
Loans receivable, gross, commercial, mortgage						24,456			24,846
CMSC Trust | Securitized commercial loan
Variable Interest Entity [Line Items]
Amount acquired, eliminated in consolidation			$ 14,000			13,700
VIE, consolidated, carrying amount, assets						13,700
Variable interest entity, fair value						13,700
Securitized debt, at fair value						10,800
RSBC Trust
Variable Interest Entity [Line Items]
Loans receivable, gross, commercial, mortgage						$ 166,432			$ 0
RSBC Trust | Securitized commercial loan
Variable Interest Entity [Line Items]
Loans receivable, basis spread on variable rate						5.25%
Loans receivable, gross, commercial, mortgage					$ 49,600		$ 5,700
Securitized debt, at fair value		$ 20,600		$ 20,600				$ 45,200
Securitized debt						$ 65,900
SBC Loan 3 [Member] | Securitized commercial loan
Variable Interest Entity [Line Items]
Securitized debt, at fair value						115,500
RETL Trust
Variable Interest Entity [Line Items]
Trust certificates issued						988,600
CMSC Trust
Variable Interest Entity [Line Items]
Securitized commercial loans, at fair value						$ 24,500
Loans receivable, basis spread on variable rate						9.00%
London Interbank Offered Rate (LIBOR) | Commercial Mezzanine Loan | Securitized commercial loan
Variable Interest Entity [Line Items]
Loans receivable, basis spread on variable rate	4.50%	6.50%
Loans receivable, extension period	1 year	1 year
London Interbank Offered Rate (LIBOR) | RSBC Trust
Variable Interest Entity [Line Items]
Loans receivable, basis spread on variable rate		4.25%
London Interbank Offered Rate (LIBOR) | RSBC Trust | Securitized commercial loan
Variable Interest Entity [Line Items]
Loans receivable, basis spread on variable rate						5.30%
Debt instrument, basis spread on variable rate				4.75%
Loans receivable, extension period					1 year
London Interbank Offered Rate (LIBOR) | RETL Trust
Variable Interest Entity [Line Items]
Debt instrument, basis spread on variable rate						3.15%
London Interbank Offered Rate (LIBOR) | Trust Certificate | RETL Trust | Securitized commercial loan
Variable Interest Entity [Line Items]
Loans receivable, basis spread on variable rate		9.50%
London Interbank Offered Rate (LIBOR) Floor | RSBC Trust
Variable Interest Entity [Line Items]
Loans receivable, basis spread on variable rate		1.25%
London Interbank Offered Rate (LIBOR) Floor | RSBC Trust | Securitized commercial loan
Variable Interest Entity [Line Items]
Loans receivable, basis spread on variable rate						1.90%
London Interbank Offered Rate (LIBOR) Cap | RSBC Trust | Securitized commercial loan
Variable Interest Entity [Line Items]
Loans receivable, basis spread on variable rate						3.50%

Commercial Real Estate Invest_4

Commercial Real Estate Investments - Consolidated trusts included in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Noncontrolling Interest [Line Items]
Restricted cash	$ 55,808	$ 0
Securitized commercial loans, at fair value	1,013,511	24,876
Commercial Loan, At Fair Value	196,123	0
Interest receivable	21,959	13,603
Total assets	4,497,395	3,886,906
Interest payable (includes $816 and $70 on securitized debt held by affiliates, respectively)	8,532	8,322
Accounts payable and accrued expenses	3,858	3,118
Other liabilities	56,031	0
Total liabilities	3,994,386	3,420,868
VIE
Noncontrolling Interest [Line Items]
Restricted cash	55,808	0
Securitized commercial loans, at fair value	1,013,511	24,876
Commercial Loan, At Fair Value	196,123	0
Interest receivable	15,540	3,358
Total assets	2,588,150	379,995
Interest payable (includes $816 and $70 on securitized debt held by affiliates, respectively)	2,419	70
Accounts payable and accrued expenses	708	189
Other liabilities	56,033	0
Total liabilities	1,008,786	11,204
VIE | Securitized commercial loan
Noncontrolling Interest [Line Items]
Restricted cash	55,808	0
Commercial Loan, At Fair Value	166,123	0
Interest receivable	3,733	161
Total assets	1,239,175	25,037
Securitized debt	949,626	10,945
Interest payable (includes $816 and $70 on securitized debt held by affiliates, respectively)	2,419	70
Accounts payable and accrued expenses	31	1
Other liabilities	55,808	0
Total liabilities	$ 1,007,884	$ 11,016

Commercial Real Estate Invest_5

Commercial Real Estate Investments - Components of the carrying value of the commercial real estate loans (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Commercial Mezzanine Loan
Variable Interest Entity [Line Items]
Loans receivable, gross, commercial, mortgage	$ 50,000	$ 0
Unamortized premium	0	0
Financing Receivables Unamortized Discount	(205)	0
Amortized cost	49,795	0
Gross unrealized gains	205	0
Gross unrealized losses	0	0
Fair value	50,000	0
CMSC Trust
Variable Interest Entity [Line Items]
Loans receivable, gross, commercial, mortgage	24,456	24,846
Unamortized premium	0	0
Financing Receivables Unamortized Discount	0	0
Amortized cost	24,456	24,846
Gross unrealized gains	0	30
Gross unrealized losses	(14)	0
Fair value	24,442	24,876
RETL Trust
Variable Interest Entity [Line Items]
Loans receivable, gross, commercial, mortgage	988,609	0
Unamortized premium	431	0
Financing Receivables Unamortized Discount	0	0
Amortized cost	989,040	0
Gross unrealized gains	29	0
Gross unrealized losses	0	0
Fair value	989,069	0
RSBC Trust
Variable Interest Entity [Line Items]
Loans receivable, gross, commercial, mortgage	166,432	0
Unamortized premium	0	0
Financing Receivables Unamortized Discount	(736)	0
Amortized cost	165,696	0
Gross unrealized gains	427	0
Gross unrealized losses	0	0
Fair value	$ 166,123	$ 0

Financings - Repurchase Agreeme

Financings - Repurchase Agreements (Details) $ in Thousands	1 Months Ended		9 Months Ended	12 Months Ended
	Mar. 31, 2018USD ($)	Nov. 30, 2015USD ($)	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)item	Dec. 31, 2017USD ($)
Borrowings Under Repurchase Agreements
Number of counterparties to master repurchase agreement | item				29
Number of counterparties from whom the Company had borrowings | item				15
Certain characteristics of the Company's repurchase agreements
Borrowings under repurchase agreements				$ 2,818,837	$ 3,251,686
Repurchase agreements borrowings				$ 2,818,837	$ 3,251,686
Weighted Average Interest Rate on Borrowings Outstanding at end of period (as a percent)				3.45%	1.86%
Weighted Average Remaining Maturity (days)				54 days	51 days
Securitized debt, at fair value				$ 949,626	$ 10,945
CMSC Trust
Borrowings Under Repurchase Agreements
Commercial Pass-Through Certificates, Amount			$ 25,000
Trust certificates issued				24,500
Trust certificates, at fair value				$ 24,400
Certain characteristics of the Company's repurchase agreements
Debt Instrument, Interest Rate, Effective Percentage				8.90%
VIE
Certain characteristics of the Company's repurchase agreements
Securitized debt, at fair value				$ 949,626	10,945
RETL Trust
Borrowings Under Repurchase Agreements
Trust certificates issued				937,800
Repurchase agreements | Agency RMBS
Certain characteristics of the Company's repurchase agreements
Borrowings under repurchase agreements				$ 14,650	$ 665,919
Weighted Average Interest Rate on Borrowings Outstanding at end of period (as a percent)				3.09%	1.62%
Weighted Average Remaining Maturity (days)				21 days	61 days
Repurchase agreements | Agency CMBS
Certain characteristics of the Company's repurchase agreements
Borrowings under repurchase agreements				$ 1,392,649	$ 2,035,222
Weighted Average Interest Rate on Borrowings Outstanding at end of period (as a percent)				2.71%	1.53%
Weighted Average Remaining Maturity (days)				40 days	53 days
Repurchase agreements | Non-Agency RMBS
Certain characteristics of the Company's repurchase agreements
Borrowings under repurchase agreements				$ 30,922	$ 46,530
Weighted Average Interest Rate on Borrowings Outstanding at end of period (as a percent)				4.06%	2.76%
Weighted Average Remaining Maturity (days)				18 days	41 days
Repurchase agreements | Agency and Non-Agency CMBS
Certain characteristics of the Company's repurchase agreements
Borrowings under repurchase agreements				$ 134,814	$ 154,325
Weighted Average Interest Rate on Borrowings Outstanding at end of period (as a percent)				4.05%	2.98%
Weighted Average Remaining Maturity (days)				48 days	40 days
Repurchase agreements | Whole-Loans and securitized commercial loan
Certain characteristics of the Company's repurchase agreements
Borrowings under repurchase agreements				$ 863,356	$ 189,270
Weighted Average Interest Rate on Borrowings Outstanding at end of period (as a percent)				4.08%	3.66%
Weighted Average Remaining Maturity (days)				93 days	8 days
Repurchase agreements | Residential Bridge Loans
Certain characteristics of the Company's repurchase agreements
Repurchase agreements borrowings				$ 204,754	$ 100,183
Weighted Average Interest Rate on Borrowings Outstanding at end of period (as a percent)				4.50%	4.05%
Weighted Average Remaining Maturity (days)				25 days	59 days
Repurchase agreements | Commercial Loans
Certain characteristics of the Company's repurchase agreements
Repurchase agreements borrowings				$ 131,788
Weighted Average Interest Rate on Borrowings Outstanding at end of period (as a percent)				4.55%
Weighted Average Remaining Maturity (days)				26 days
Repurchase agreements | Securitized commercial loan
Certain characteristics of the Company's repurchase agreements
Repurchase agreements borrowings				$ 7,543
Weighted Average Interest Rate on Borrowings Outstanding at end of period (as a percent)				4.30%
Weighted Average Remaining Maturity (days)				15 days
Repurchase agreements | Other securities
Certain characteristics of the Company's repurchase agreements
Borrowings under repurchase agreements				$ 38,361	$ 60,237
Weighted Average Interest Rate on Borrowings Outstanding at end of period (as a percent)				4.18%	2.94%
Weighted Average Remaining Maturity (days)				26 days	23 days
Securitized commercial loan | CMSC Trust
Certain characteristics of the Company's repurchase agreements
Amount acquired, eliminated in consolidation		$ 14,000		$ 13,700
Securitized debt, at fair value				10,800
Securitized commercial loan | RETL Trust
Certain characteristics of the Company's repurchase agreements
Amount acquired, eliminated in consolidation	$ 67,800
Securitized debt | Securitized commercial loan | CMSC Trust
Certain characteristics of the Company's repurchase agreements
Securitized debt, at fair value				10,800
Affiliated Entity | RETL Trust
Borrowings Under Repurchase Agreements
Trust certificates issued				236,000
Third Party | RETL Trust
Borrowings Under Repurchase Agreements
Trust certificates issued				$ 701,700

Financings - Repurchase Agree_2

Financings - Repurchase Agreements Remaining Maturities (Details 2) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Certain characteristics of the Company's repurchase agreements
Repurchase agreements	$ 2,818,837	$ 3,251,686
Repurchase agreements borrowings	2,818,837	3,251,686
Overnight
Certain characteristics of the Company's repurchase agreements
Repurchase agreements	0	0
1 to 29 days
Certain characteristics of the Company's repurchase agreements
Repurchase agreements	1,867,957	1,387,599
30 to 59 days
Certain characteristics of the Company's repurchase agreements
Repurchase agreements	144,778	665,656
60 to 89 days
Certain characteristics of the Company's repurchase agreements
Repurchase agreements	555,695	871,819
90 to 119 days
Certain characteristics of the Company's repurchase agreements
Repurchase agreements	0	0
Greater than or equal to 120 days
Certain characteristics of the Company's repurchase agreements
Repurchase agreements	$ 250,407	$ 326,612

Financings - Collateral at Risk

Financings - Collateral at Risk Under its Repurchase Agreements Greater than 10% (Details 3) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Credit Suisse AG, Cayman Islands Branch
Amounts of collateral at risk under its repurchase agreements greater than 10% of the Company's equity with any counterparty
Amount Collateral at Risk, at fair value	$ 172,786
Weighted Average Remaining Maturity	28 days
Percentage of Stockholders' Equity (as a percent)	34.40%
Nomura Securities International, Inc.
Amounts of collateral at risk under its repurchase agreements greater than 10% of the Company's equity with any counterparty
Amount Collateral at Risk, at fair value	$ 81,882
Weighted Average Remaining Maturity	28 days
Percentage of Stockholders' Equity (as a percent)	16.30%

Financings - Collateral Positio

Financings - Collateral Positions (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Collateral Positions
Amount of secured collateral	$ 221,486	$ 106,673
Accrued interest	19,084	12,617
Pledged Assets Including Accrued Interest	3,296,358	3,569,911
Assets Pledged- Fair Value	3,277,274	3,557,294
Due from counterparties	1,200	23,600
Due to counterparties	17,800	1,500
Securities received as collateral	5,200	306
VIE
Collateral Positions
Amount of secured collateral	221,486	106,673
VIE | Agency CMBS
Collateral Positions
Amount of secured collateral	1,486,142	2,143,340
Accrued interest	4,262	5,454
Pledged Assets Including Accrued Interest	1,490,404	2,148,794
Repurchase agreements
Collateral Positions
Amount of secured collateral	3,300,000	3,500,000
Repurchase agreements | Agency RMBS
Collateral Positions
Amount of secured collateral	19,837	690,255
Accrued interest	453	2,601
Pledged Assets Including Accrued Interest	20,290	692,856
Repurchase agreements | Non-Agency RMBS
Collateral Positions
Amount of secured collateral	50,555	58,127
Accrued interest	479	160
Pledged Assets Including Accrued Interest	51,034	58,287
Repurchase agreements | Non-Agency CMBS
Collateral Positions
Amount of secured collateral	186,552	208,062
Accrued interest	915	1,100
Pledged Assets Including Accrued Interest	187,467	209,162
Repurchase agreements | Whole-Loans and securitized commercial loan
Collateral Positions
Amount of secured collateral	1,041,885	237,423
Accrued interest	8,145	1,754
Pledged Assets Including Accrued Interest	1,050,030	239,177
Repurchase agreements | Residential Bridge Loans
Collateral Positions
Amount of secured collateral	221,486	106,673
Accrued interest	3,528	1,443
Pledged Assets Including Accrued Interest	225,014	108,116
Repurchase agreements | Commercial Loans
Collateral Positions
Amount of secured collateral	196,123
Accrued interest	1,067
Pledged Assets Including Accrued Interest	197,190
Repurchase agreements | Securitized commercial loan
Collateral Positions
Amount of secured collateral	13,688
Accrued interest	88
Pledged Assets Including Accrued Interest	13,776
Repurchase agreements | Other securities
Collateral Positions
Amount of secured collateral	59,780	89,823
Accrued interest	147	105
Pledged Assets Including Accrued Interest	59,927	89,928
Repurchase agreements | Cash
Collateral Positions
Pledged Assets Including Accrued Interest	1,226	23,591
Assets Pledged- Fair Value	$ 1,226	$ 23,591

Financings - Convertible Senior

Financings - Convertible Senior Unsecured Notes (Details) - Convertible Debt - 6.75% Convertible Senior Unsecured Notes	1 Months Ended
	Oct. 31, 2017USD ($)$ / shares
Debt Instrument [Line Items]
Aggregate principal amount of 6.75% convertible senior unsecured notes	$ 115,000,000
Interest rate, stated percentage	6.75%
Convertible notes, carrying amount of equity component	$ 15,000,000
Proceeds from issuance of long-term debt	$ 111,100,000
Convertible senior unsecured notes, earliest redemption period by company	3 months
Redemption price, percentage	100.00%
Convertible senior unsecured notes, conversion ratio	0.0831947
Convertible senior unsecured notes, conversion price (in dollars per share) | $ / shares	$ 12.02

Financings - Commercial Mortgag

Financings - Commercial Mortgage Pass-Through Certificates (Details) - RETL Trust - Secured Debt [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Principal Balance	$ 988,609
Fair Value	989,070
Class A
Debt Instrument [Line Items]
Principal Balance	$ 369,109
Coupon	3.60%
Fair Value	$ 368,366
Class B
Debt Instrument [Line Items]
Principal Balance	$ 119,400
Coupon	4.20%
Fair Value	$ 119,196
Class C
Debt Instrument [Line Items]
Principal Balance	$ 103,425
Coupon	4.50%
Fair Value	$ 103,281
Class D
Debt Instrument [Line Items]
Principal Balance	$ 91,425
Coupon	5.20%
Fair Value	$ 91,297
Class E
Debt Instrument [Line Items]
Principal Balance	$ 124,125
Coupon	7.00%
Fair Value	$ 123,900
Class F
Debt Instrument [Line Items]
Principal Balance	$ 120,225
Coupon	8.50%
Fair Value	$ 120,093
Class G
Debt Instrument [Line Items]
Principal Balance	$ 10,050
Coupon	10.00%
Fair Value	$ 9,985
Class HRR
Debt Instrument [Line Items]
Principal Balance	$ 50,850
Coupon	12.00%
Fair Value	$ 50,198
Class X-CP
Debt Instrument [Line Items]
Coupon	2.60%
Fair Value	$ 468
Notional amount of nonderivative instruments	$ 91,400
Class X-EXT
Debt Instrument [Line Items]
Coupon	0.00%
Fair Value	$ 2,286
Notional amount of nonderivative instruments	$ 91,400

Derivative Instruments- Summary

Derivative Instruments- Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Estimated Fair Value
Estimated Fair value, assets	$ 2,606	$ 728
Derivative liabilities	(10,130)	(4,346)
Derivative instruments not accounted as hedges under GAAP
Estimated Fair Value
Estimated Fair value, assets	2,606	728
Derivative liabilities	(10,130)	(4,346)
Total derivative instruments	(7,524)	(3,618)
Interest rate swaps | Derivative instruments not accounted as hedges under GAAP
Notional Amount
Notional amount, assets	1,128,400
Notional amount, liabilities	2,727,800	3,252,200
Estimated Fair Value
Estimated Fair value, assets	2,057
Derivative liabilities	(5,473)	(4,191)
Equity Option | Derivative instruments not accounted as hedges under GAAP
Notional Amount
Notional amount, assets		320,000
Notional amount, liabilities		320,000
Estimated Fair Value
Estimated Fair value, assets		100
Derivative liabilities		(50)
Futures contracts | Derivative instruments not accounted as hedges under GAAP
Notional Amount
Notional amount, assets		480,000
Notional amount, liabilities	300,400
Estimated Fair Value
Estimated Fair value, assets		628
Derivative liabilities	(4,657)
Credit Default Swap | Derivative instruments not accounted as hedges under GAAP
Notional Amount
Notional amount, assets	50,000	14,800
Notional amount, liabilities		14,815
Estimated Fair Value
Estimated Fair value, assets	549
Derivative liabilities	$ 549	(95)
TBAs | Derivative instruments not accounted as hedges under GAAP
Notional Amount
Notional amount, liabilities		125,000
Estimated Fair Value
Derivative liabilities		$ (10)

Derivative Instruments - Gains

Derivative Instruments - Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Amounts recognized on the statements of operations related to the Company's derivatives
Other Settlements / Expirations											$ 7,517
Variation Margin Settlement											0
Return (Recovery) of Basis											(10,766)
Mark-to-Market									$ (10,381)	$ 148,308	(5,135)
Contractual interest income (expense), net											(12,351)
Total	$ (54,728)	$ 24,625	$ 28,490	$ 79,582	$ 19,327	$ 7,217	$ (18,555)	$ (4,697)	77,969	3,292	(20,735)
Collateral already posted, aggregate fair value	$ 38,000				$ 63,300				38,000	63,300
Derivative instruments not accounted as hedges under GAAP
Amounts recognized on the statements of operations related to the Company's derivatives
Other Settlements / Expirations									4,363	(157,261)
Variation Margin Settlement									76,979	20,258
Return (Recovery) of Basis									(1,196)	(5,471)
Mark-to-Market									(10,381)	152,465
Contractual interest income (expense), net									8,204	(6,699)
Total									77,969	3,292
Interest rate swaps | Derivative instruments not accounted as hedges under GAAP
Amounts recognized on the statements of operations related to the Company's derivatives
Other Settlements / Expirations									163	(150,607)	(33,999)
Variation Margin Settlement									76,979	20,258	0
Return (Recovery) of Basis									2,465	524	672
Mark-to-Market									(5,147)	148,947	11,013
Contractual interest income (expense), net									3,693	(14,606)	(27,903)
Total									78,153	4,516	(50,217)
Interest rate swaption | Derivative instruments not accounted as hedges under GAAP
Amounts recognized on the statements of operations related to the Company's derivatives
Other Settlements / Expirations										(115)	(1,035)
Variation Margin Settlement										0	0
Return (Recovery) of Basis										0	0
Mark-to-Market										0	1,631
Contractual interest income (expense), net										0	0
Total										(115)	596
Agency RMBS Interest-Only Strips accounted for as derivatives, included in MBS | Derivative instruments not accounted as hedges under GAAP
Amounts recognized on the statements of operations related to the Company's derivatives
Other Settlements / Expirations									0	526	1,317
Variation Margin Settlement									0	0	0
Return (Recovery) of Basis									(3,661)	(5,995)	(11,438)
Mark-to-Market									(655)	(902)	(4,726)
Contractual interest income (expense), net									4,511	7,438	14,148
Total									195	1,067	(699)
Option | Derivative instruments not accounted as hedges under GAAP
Amounts recognized on the statements of operations related to the Company's derivatives
Other Settlements / Expirations									(871)	(1,453)	4,756
Variation Margin Settlement									0	0	0
Return (Recovery) of Basis									0	0	0
Mark-to-Market									300	(300)	0
Contractual interest income (expense), net									0	0	0
Total									(571)	(1,753)	4,756
Futures contracts | Derivative instruments not accounted as hedges under GAAP
Amounts recognized on the statements of operations related to the Company's derivatives
Other Settlements / Expirations									6,112	(9,130)	23,609
Variation Margin Settlement									0	0	0
Return (Recovery) of Basis									0	0	0
Mark-to-Market									(5,285)	3,044	(1,781)
Contractual interest income (expense), net									0	0	0
Total									827	(6,086)	21,828
Foreign currency forwards | Derivative instruments not accounted as hedges under GAAP
Amounts recognized on the statements of operations related to the Company's derivatives
Other Settlements / Expirations										32	(66)
Variation Margin Settlement										0	0
Return (Recovery) of Basis										0	0
Mark-to-Market										35	(56)
Contractual interest income (expense), net										0	0
Total										67	(122)
Foreign currency swaps | Derivative instruments not accounted as hedges under GAAP
Amounts recognized on the statements of operations related to the Company's derivatives
Other Settlements / Expirations											6,771
Variation Margin Settlement											0
Return (Recovery) of Basis											0
Mark-to-Market											(7,168)
Contractual interest income (expense), net											283
Total											(114)
Total Return Swap | Derivative instruments not accounted as hedges under GAAP
Amounts recognized on the statements of operations related to the Company's derivatives
Other Settlements / Expirations										(552)	38
Variation Margin Settlement										0	0
Return (Recovery) of Basis										0	(1,673)
Mark-to-Market										1,673	0
Contractual interest income (expense), net										469	1,121
Total										1,590	(514)
Credit Default Swap | Derivative instruments not accounted as hedges under GAAP
Amounts recognized on the statements of operations related to the Company's derivatives
Other Settlements / Expirations									(241)	(11)
Variation Margin Settlement									0	0
Return (Recovery) of Basis									0	(22)
Mark-to-Market									396	0
Contractual interest income (expense), net									0	0
Total									155	(33)
TBAs | Derivative instruments not accounted as hedges under GAAP
Amounts recognized on the statements of operations related to the Company's derivatives
Other Settlements / Expirations									(800)	4,049	6,126
Variation Margin Settlement									0	0	0
Return (Recovery) of Basis									0	0	0
Mark-to-Market									10	(10)	(2,375)
Contractual interest income (expense), net									0	0	0
Total									$ (790)	$ 4,039	$ 3,751

Derivative Instruments - Intere

Derivative Instruments - Interest Rate Swaps (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Derivative instruments not accounted as hedges under GAAP
Currency swaps and forwards
Fair Value—Asset (Liability), net	$ (7,524)	$ (3,618)
Interest rate swaps | Derivative instruments not accounted as hedges under GAAP | Fixed Pay Rate
Currency swaps and forwards
Notional Amount	$ 3,127,800	$ 3,252,200
Average Fixed Pay Rate	2.30%	2.20%
Average Floating Receive Rate	2.60%	1.40%
Average Maturity (Years)	6 years	7 years 1 month
Forward starting (as a percent)		46.90%
Interest rate swaps | Derivative instruments not accounted as hedges under GAAP | Variable Pay Rate
Currency swaps and forwards
Notional Amount	$ 728,400
Average Fixed Pay Rate	2.50%
Average Floating Receive Rate	2.40%
Average Maturity (Years)	8 years 3 months 18 days
Interest rate swaps | Derivative instruments not accounted as hedges under GAAP | 1 Year or Less | Fixed Pay Rate
Currency swaps and forwards
Notional Amount		$ 400,000
Average Fixed Pay Rate		1.50%
Average Floating Receive Rate	2.80%
Average Maturity (Years)	6 months
Interest rate swaps | Derivative instruments not accounted as hedges under GAAP | Greater than 1 Year and less than 3 years | Fixed Pay Rate
Currency swaps and forwards
Notional Amount	$ 200,000	$ 600,000
Average Fixed Pay Rate	1.80%	1.60%
Average Floating Receive Rate	2.60%	1.50%
Average Maturity (Years)	1 year 4 months 24 days	1 year 9 months 18 days
Forward starting (as a percent)		0.00%
Interest rate swaps | Derivative instruments not accounted as hedges under GAAP | Greater than 3 years and less than 5 years | Fixed Pay Rate
Currency swaps and forwards
Notional Amount	$ 1,104,700	$ 960,000
Average Fixed Pay Rate	2.30%	2.00%
Average Floating Receive Rate	2.50%	1.40%
Average Maturity (Years)	3 years 9 months 18 days	4 years 3 months 18 days
Forward starting (as a percent)		0.00%
Interest rate swaps | Derivative instruments not accounted as hedges under GAAP | Greater than 5 years | Fixed Pay Rate
Currency swaps and forwards
Notional Amount	$ 1,423,100	$ 1,692,200
Average Fixed Pay Rate	2.50%	2.50%
Average Floating Receive Rate	2.50%	1.40%
Average Maturity (Years)	9 years 10 months 24 days	10 years 6 months
Forward starting (as a percent)		90.20%
Interest rate swaps | Derivative instruments not accounted as hedges under GAAP | Greater than 5 years | Variable Pay Rate
Currency swaps and forwards
Notional Amount	$ 728,400
Average Fixed Pay Rate	2.50%
Average Floating Receive Rate	2.40%
Average Maturity (Years)	8 years 3 months 18 days
Forward starting interest rate swap
Currency swaps and forwards
Notional Amount		$ 1,500,000
Derivative instrument, weighted average forward starting date		4 months 16 days

Derivative Instruments- Currenc

Derivative Instruments- Currency Swaps and Forwards (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Derivative [Line Items]
Derivative assets	$ 2,606	$ 728
Derivative liability, at fair value	(10,130)	(4,346)
Derivative instruments not accounted as hedges under GAAP
Derivative [Line Items]
Derivative assets	2,606	728
Derivative liability, at fair value	(10,130)	(4,346)
Total derivative instruments	(7,524)	(3,618)
Equity Option | Derivative instruments not accounted as hedges under GAAP
Derivative [Line Items]
Notional amount, assets		320,000
Notional amount, liabilities		(320,000)
Derivative assets		100
Derivative liability, at fair value		(50)
Long | Equity Option
Derivative [Line Items]
Notional amount, assets	320,000
Derivative assets	100
Long | Us Treasury Futures
Derivative [Line Items]
Derivative assets	(4,700)
Derivative liability, at fair value		(628)
Notional Amount	300,400
Short | Equity Option
Derivative [Line Items]
Notional amount, liabilities	(320,000)
Derivative liability, at fair value	$ (50)
Short | Us Treasury Futures
Derivative [Line Items]
Notional Amount		$ 480,000

Derivative Instruments - TBAs (

Derivative Instruments - TBAs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Currency swaps and forwards
Derivative assets	$ 2,606	$ 728
Derivative liability, at fair value	(10,130)	(4,346)
Derivative instruments not accounted as hedges under GAAP
Currency swaps and forwards
Derivative assets	2,606	728
Derivative liability, at fair value	(10,130)	(4,346)
Derivative, fair value, net	(7,524)	(3,618)
TBAs | Derivative instruments not accounted as hedges under GAAP
Currency swaps and forwards
Notional amount, liabilities		125,000
Derivative liability, at fair value		(10)
TBAs | Derivative instruments not accounted as hedges under GAAP | Long
Changes in notional amount
Notional Amount at the beginning of the period	125,000	0
Additions	7,725,000	5,843,200
Settlement, Termination, Expiration or Exercise	(7,850,000)	(5,718,200)
Notional Amount at the end of the period	0	125,000
TBAs | Derivative instruments not accounted as hedges under GAAP | Short
Changes in notional amount
Notional Amount at the beginning of the period	0	0
Additions	7,850,000	5,718,200
Settlement, Termination, Expiration or Exercise	(7,850,000)	(5,718,200)
Notional Amount at the end of the period	$ 0	0
To Be Announced Purchase Contracts | Derivative instruments not accounted as hedges under GAAP
Currency swaps and forwards
Derivative liability, notional amount, net		125,000
Derivative liability, at fair value		$ (10)

Derivative Instruments Derivati

Derivative Instruments Derivative Instruments - Credit Default Swaps (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Derivative [Line Items]
Derivative liabilities	$ (10,130)	$ (4,346)
Derivative instruments not accounted as hedges under GAAP
Derivative [Line Items]
Derivative liabilities	(10,130)	(4,346)
Derivative instruments not accounted as hedges under GAAP | Credit Default Swap
Derivative [Line Items]
Notional amount, assets	50,000	14,800
Derivative liabilities	$ 549	$ (95)

Offsetting Assets and Liabili_3

Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Offsetting of Derivative Assets
Gross Amounts	$ 14,466	$ 16,904
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Assets presented in the Consolidated Balance Sheets	14,466	16,904
Gross Amounts Not Offset in the Consolidated Balance Sheets
Financial Instruments	(13,917)	(11,683)
Cash Collateral	0	0
Net Amount	549	5,221
Gross amounts of derivative liability, fair value, gross liability	10,130	4,346
Derivative liabilities, net amounts of assets presented in consolidated balance sheets	10,130	4,346
Financial instruments, derivative liability, at fair value	(2,057)	(50)
Cash collateral, derivative liability, at fair value	(8,073)	(4,270)
Net Amount	0	26
Gross amounts of repurchase agreements	2,818,837	3,251,686
Repurchase agreement, net amounts of assets presented in consolidated balance sheets	2,818,837	3,251,686
Financial instruments, repurchase agreements	(2,818,837)	(3,251,686)
Gross amounts of derivative liability	2,828,967	3,256,032
Derivative liability, net amounts of assets presented in consolidated balance sheets	2,828,967	3,256,032
Derivative liability, financial instruments	(2,820,894)	(3,251,736)
Derivative liability, net amount	0	26
Derivative liability, cash collateral pledged	38,000	63,300
Fair value of investments pledged against repurchase agreements	3,300,000	3,500,000
Agency RMBS Interest-Only Strips accounted for as derivatives, included in MBS
Offsetting of Derivative Assets
Gross Amounts	11,860	16,176
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Assets presented in the Consolidated Balance Sheets	11,860	16,176
Financial Instruments	(11,860)	(11,633)
Gross Amounts Not Offset in the Consolidated Balance Sheets
Net Amount	0	4,543
Derivative asset
Offsetting of Derivative Assets
Gross Amounts	2,606	728
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Assets presented in the Consolidated Balance Sheets	2,606	728
Gross Amounts Not Offset in the Consolidated Balance Sheets
Financial Instruments	(2,057)	(50)
Cash Collateral	0	0
Net Amount	$ 549	$ 678

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended								9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transactions
Proceeds from issuance of common stock											$ 64,880	$ 0	$ 0
Management fees		$ 1,950	$ 2,284	$ 2,259	$ 2,180	$ 1,941	$ 1,853	$ 1,830	$ 2,476
Western Asset Management Company
Related Party Transactions
Management fees (as a percent)											1.50%
Renewal term of management agreement											1 year
Notice period to terminate the Management Agreement following initial term											180 days
Prior period over which management fees were incurred used to calculate the termination fee under the Management Agreement											24 months
Notice period to terminate the Management Agreement for cause											30 days
Management fees											$ 8,700	8,100	10,400
Reimbursable employee costs											1,500	1,400	$ 740
Management fees incurred but not yet paid		4,200				1,900					4,200	1,900
Accounts payable, related parties		$ 379				$ 99					$ 379	$ 99
Western Asset Management Company | Minimum
Related Party Transactions
Proportion of affirmative votes by the entity's independent directors to terminate the Management Agreement (as a percent)											67.00%
Proportion of votes required by the entity's independent directors for acceptance of reduction in management fees (as a percent)											67.00%
Secondary Offering [Member]
Related Party Transactions
Sale of stock, number of shares issued in transaction	6,500,000									6,500,000
Proceeds from issuance of common stock	$ 67,700

Share-Based Payments (Details)

Share-Based Payments (Details) $ / shares in Units, $ in Thousands	Jun. 07, 2018directorshares	Jun. 01, 2017shares	Jun. 04, 2015director	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Jun. 30, 2016shares
Share-Based Payments
Shares authorized (as a percent)					3.00%
Shares reserved for issuance under the Equity plan (in shares)					1,423,609
Number of shares remained available for issuance (in shares)					669,636
Stock-based compensation expense recognized | $				$ 265	$ 981	$ 1,700
Restricted common stock
Share-Based Payments
Vested (in shares)				84,203	152,630	200,983
Shares of Restricted Stock
Restricted Stock Shares Outstanding, beginning of period				725,449	707,861
Granted (in shares)				28,524	17,588		753,973
Restricted Stock Shares Outstanding, end of period				753,973	725,449	707,861
Unvested at end of year (in shares)				27,476	83,155
Weighted Average Grant Date Fair Value
Outstanding at beginning of period (in dollars per share) | $ / shares				$ 17	$ 17.17
Granted (in dollars per share) | $ / shares				10.75	10.30
Outstanding at end of year (in dollars per share) | $ / shares				16.77	17	$ 17.17
Unvested at end of year (in dollars per share) | $ / shares				$ 10.78	$ 14.07
Restricted common stock | Director Deferred Fee Plan
Shares of Restricted Stock
Granted (in shares)				2,620	2,052
Restricted common stock | March 2018
Shares of Restricted Stock
Unvested at end of year (in shares)				0	66,667
Restricted common stock | June 2018
Shares of Restricted Stock
Unvested at end of year (in shares)				0	16,488
Restricted common stock | June 2019
Shares of Restricted Stock
Unvested at end of year (in shares)				27,476	0
Restricted common stock | Director
Share-Based Payments
Awards granted to each of the entity's independent directors (in shares)	6,476	3,884
Number of independent directors to whom awards were granted | director	4		4
Shares of Restricted Stock
Granted (in shares)	25,904	15,536
Equity awards
Share-Based Payments
Unamortized compensation expense | $				$ 117	$ 66
Liability awards
Share-Based Payments
Unamortized compensation expense | $				$ 0	$ 111

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 25, 2019	Dec. 19, 2018	Oct. 26, 2018	Sep. 17, 2018	Jul. 26, 2018	Jun. 21, 2018	Apr. 26, 2018	Mar. 22, 2018	Jan. 26, 2018	Dec. 21, 2017	Oct. 26, 2017	Sep. 21, 2017	Jul. 26, 2017	Jun. 30, 2017	Apr. 26, 2017	Mar. 23, 2017	Jan. 26, 2017	Dec. 22, 2016	Oct. 25, 2016	Sep. 22, 2016	Jul. 26, 2016	Jun. 23, 2016	Apr. 26, 2016	Mar. 24, 2016	Sep. 30, 2018	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Apr. 30, 2017	Feb. 25, 2016	May 09, 2012
Shareholders equity
Number of shares of common stock for each warrant unit																																1
Number of common shares that can be acquired upon exercise of each warrant unit																																0.5
Exercise price of outstanding warrants (in dollars per share)																											$ 15.87
Number of warrant shares purchasable (in shares)																											1,232,916
Shares authorized to be repurchased																											2,100,000				2,050,000
Proceeds from issuance of common stock																											$ 64,880	$ 0	$ 0
Payments of stock issuance costs																											$ 195	$ 94	$ 0
Dividends declared per Share of Common Stock (in dollars per share)		$ 0.31		$ 0.31		$ 0.31		$ 0.31		$ 0.31		$ 0.31		$ 0.31		$ 0.31		$ 0.31		$ 0.31		$ 0.31		$ 0.45
Dividends paid per Share of Common Stock (in dollars per share)			$ 0.31		$ 0.31		$ 0.31		$ 0.31		$ 0.31		$ 0.31		$ 0.31		$ 0.31		$ 0.31		$ 0.31		$ 0.45
Institutional investors
Shareholders equity
Number of warrant units authorized to be sold																																2,231,787
Common Stock
Shareholders equity
Treasury stock (in shares)																											177,700	125,722
Common Stock
Shareholders equity
Equity distribution agreement, maximum value																														$ 100,000
Treasury stock (in shares)																											(125,722)	125,722
Secondary Offering [Member]
Shareholders equity
Sale of stock, number of shares issued in transaction																									6,500,000	6,500,000
Treasury stock reissued																										303,422
Sale of stock, price per share (in dollars per share)																									$ 10.85	$ 10.85
Proceeds from issuance of common stock																									$ 67,700
Payments of stock issuance costs																										$ 2,800
Subsequent Event
Shareholders equity
Dividends paid per Share of Common Stock (in dollars per share)	$ 0.31

Net Income (Loss) per Common _3

Net Income (Loss) per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Numerator:
Net income (loss) attributable to common stockholders and participating securities for basic and diluted earnings per share	$ (17,655)	$ 20,882	$ 1,453	$ 21,729	$ 21,404	$ 22,767	$ 20,684	$ 20,242	$ 26,409	$ 85,097	$ (25,015)
Less: Dividends and undistributed earnings allocated to participating securities									138	312	377
Net income (loss) allocable to common stockholders - basic and diluted									$ 26,271	$ 84,785	$ (25,392)
Denominator:
Weighted average common shares outstanding for basic earnings per share									43,388,810	41,817,455	41,688,950
Weighted average common shares outstanding for diluted earnings per share									43,388,810	41,817,455	41,688,950
Net income (loss) per common share - basic (in dollars per share)	$ (0.37)	$ 0.50	$ 0.03	$ 0.52	$ 0.51	$ 0.54	$ 0.49	$ 0.48	$ 0.61	$ 2.03	$ (0.61)
Net income (loss) per common share - diluted (in dollars per share)	$ (0.37)	$ 0.50	$ 0.03	$ 0.52	$ 0.51	$ 0.54	$ 0.49	$ 0.48	$ 0.61	$ 2.03	$ (0.61)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Current income tax expense (benefit)									$ 709	$ 3,809	$ 3,156
Excise tax expense									0	0	339
Income Tax Contingency [Line Items]
Income tax provision (benefit)	$ 154	$ 206	$ 36	$ 313	$ 2,215	$ (1,155)	$ 2,115	$ 312	709	3,487	$ 3,156
Net capital loss carry-forward	4,271				4,158				4,271	4,158
Net operating loss available for carry-back and carry-forward	6,503				9,604				6,503	9,604
Deferred Tax Assets, Valuation Allowance	12,087				15,303				12,087	15,303
Net deferred tax liability	85				85				85	85
Tax Year 2015 [Member]
Income Tax Contingency [Line Items]
Income tax provision (benefit)										2,000
State and Local Jurisdiction [Member]
Income Tax Contingency [Line Items]
Net operating loss available for carry-back and carry-forward	8,800								8,800
Domestic Tax Authority [Member]
Income Tax Contingency [Line Items]
Net deferred tax liability	85								85
Taxable REIT Subsidiary [Member]
Income Tax Contingency [Line Items]
Net capital loss carry-forward	6,000								6,000
Taxable REIT Subsidiary [Member] | State and Local Jurisdiction [Member]
Income Tax Contingency [Line Items]
Net operating loss available for carry-back and carry-forward	993				765				993	765
Operating Loss Carryforwards [Member]
Income Tax Contingency [Line Items]
Deferred Tax Assets, Valuation Allowance	$ 6,100				$ 9,200				$ 6,100	$ 9,200

Income Taxes Components of Inco

Income Taxes Components of Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current Tax Provision (Benefit)
Federal									$ 709	$ 4,076	$ 2,365
State									0	(267)	672
Interest and Penalties									0	0	119
Total Current Provision for Income Taxes, net									709	3,809	3,156
Deferred Provision (Benefit) for Income Taxes
Federal									0	85	0
State									0	(407)	0
Total Deferred Benefit for Income Taxes, net									0	(322)	0
Income Tax Expense (Benefit)	$ 154	$ 206	$ 36	$ 313	$ 2,215	$ (1,155)	$ 2,115	$ 312	$ 709	$ 3,487	$ 3,156

Income Taxes Deferred Tax Asset

Income Taxes Deferred Tax Asset/Liability (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Deferred Tax Assets, Net [Abstract]
Net operating loss available for carry-back and carry-forward	$ 6,503	$ 9,604
Net capital loss carry-forward	4,271	4,158
Investments	1,720	1,948
Deferred tax asset	12,494	15,710
Allowance	(12,087)	(15,303)
Net deferred tax asset	407	407
Deferred Tax Liabilities, Net [Abstract]
Net operating loss available for carry-back and carry-forward	85	85
Net deferred tax liability	$ 85	$ 85

Income Taxes Effective Income T

Income Taxes Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Federal statutory rate	21.00%	34.30%
State statutory rate, net of federal benefit	1.50%	(1.30%)
Other	(0.80%)	(1.00%)
Change in valuation allowance	(1.30%)	0.80%
Effect of statutory rate changes	0.00%	2.90%
REIT earnings not subject to corporate taxes	(17.80%)	(31.80%)
Effective Tax Rate	2.60%	3.90%

Summarized Quarterly Results _3

Summarized Quarterly Results (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net Interest Income
Interest income	$ 58,020	$ 54,461	$ 57,154	$ 39,727	$ 34,878	$ 30,928	$ 30,055	$ 28,430	$ 209,362	$ 124,291	$ 123,756
Interest expense (includes $13,739, $981 and $998 on securitized debt held by affiliates, respectively)	40,892	38,517	38,134	20,697	16,866	12,363	10,407	8,737	138,240	48,373	32,430
Net Interest Income	17,128	15,944	19,020	19,030	18,012	18,565	19,648	19,693	71,122	75,918	91,326
Other Income (Loss)
Realized gain (loss) on sale of investments, net	(33,995)	(24,229)	(5,608)	575	(2)	1,830	(2,488)	21,258	(63,257)	20,598	(21,991)
Other than temporary impairment	(2,757)	(2,533)	(2,974)	(2,916)	(2,972)	(7,225)	(6,579)	(6,097)	(11,180)	(22,873)	(32,286)
Unrealized gain (loss), net					(6,730)	5,249	35,017	(5,140)
Unrealized gain (loss), net	62,855	13,128	(31,693)	(68,961)
Gain (loss) on derivative instruments, net	(54,728)	24,625	28,490	79,582	19,327	7,217	(18,555)	(4,697)	77,969	3,292	(20,735)
Other, net	(89)	(2)	(145)	47	190	216	222	403
Other Income (Loss)	(28,714)	10,989	(11,930)	8,327	9,813	7,287	7,617	5,727	(189)	1,031	180
Expenses
Management fee to affiliate	1,950	2,284	2,259	2,180	1,941	1,853	1,830	2,476
Other operating expenses	1,943	1,609	1,555	969	564	702	736	417	6,076	2,419	1,045
Compensation expense	552	552	572	510	628	660	664	740	2,186	2,692	3,022
Professional fees	1,121	1,065	818	1,295	741	781	832	888	4,299	3,242	4,814
Other general and administrative expenses	349	335	397	361	332	244	404	345	1,442	1,325	1,917
Total general and administrative expenses	2,022	1,952	1,787	2,166	1,701	1,685	1,900	1,973	7,927	7,259	9,753
Total Expenses	5,915	5,845	5,601	5,315	4,206	4,240	4,466	4,866	22,676	17,778	21,246
Income (loss) before income taxes	(17,501)	21,088	1,489	22,042	23,619	21,612	22,799	20,554	27,118	88,584	(21,859)
Income tax provision (benefit)	154	206	36	313	2,215	(1,155)	2,115	312	709	3,487	3,156
Net income (loss)	$ (17,655)	$ 20,882	$ 1,453	$ 21,729	$ 21,404	$ 22,767	$ 20,684	$ 20,242	$ 26,409	$ 85,097	$ (25,015)
Net income (loss) per common share - basic (in dollars per share)	$ (0.37)	$ 0.50	$ 0.03	$ 0.52	$ 0.51	$ 0.54	$ 0.49	$ 0.48	$ 0.61	$ 2.03	$ (0.61)
Net income (loss) per common share - diluted (in dollars per share)	$ (0.37)	$ 0.50	$ 0.03	$ 0.52	$ 0.51	$ 0.54	$ 0.49	$ 0.48	$ 0.61	$ 2.03	$ (0.61)

Schedule IV Mortgage Loans on R

Schedule IV Mortgage Loans on Real Estate (Details)	12 Months Ended
	Dec. 31, 2018USD ($)loan	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2018USD ($)
Mortgage Loans on Real Estate
Principal balance				$ 2,475,278,000
Carrying Amount of Mortgages	$ 368,972,000	$ 216,361,000	$ 243,538,000	2,493,238,000
Principal Amount of Loans Subject to Delinquent Principal or Interest				5,127,000
Reconciliation of Carrying Value of Mortgage Loans on Real Estate:
Beginning balance	368,972,000	216,361,000	243,538,000
New mortgage loans	2,901,479,000	232,545,000	29,399,000
Unrealized gains	631,000	3,167,000	1,187,000
Collections of principal	769,748,000	80,550,000	53,714,000
Amortization of premium and (discounts)	5,692,000	1,470,000	2,044,000
Unrealized losses	2,356,000	1,081,000	2,005,000
Realized losses	48,000	0	0
Balance at end of period	$ 2,493,238,000	$ 368,972,000	$ 216,361,000
Original Loan Amount 25,000,000
Mortgage Loans on Real Estate
Interest Rate	9.00%
Principal balance				25,000,000
Adjustable Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $0 - $249,999 | Minimum
Mortgage Loans on Real Estate
Interest Rate	4.50%
Principal balance				0
Adjustable Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $0 - $249,999 | Maximum
Mortgage Loans on Real Estate
Interest Rate	6.00%
Principal balance				249,999
Adjustable Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $250,000 - $499,999 | Minimum
Mortgage Loans on Real Estate
Interest Rate	4.50%
Principal balance				250,000
Adjustable Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $250,000 - $499,999 | Maximum
Mortgage Loans on Real Estate
Interest Rate	6.50%
Principal balance				499,999
Adjustable Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $500,000- $749,999 | Minimum
Mortgage Loans on Real Estate
Interest Rate	4.50%
Principal balance				500,000
Adjustable Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $500,000- $749,999 | Maximum
Mortgage Loans on Real Estate
Interest Rate	6.00%
Principal balance				749,999
Adjustable Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $750,000 - $999,999 | Minimum
Mortgage Loans on Real Estate
Interest Rate	4.50%
Principal balance				750,000
Adjustable Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $750,000 - $999,999 | Maximum
Mortgage Loans on Real Estate
Interest Rate	6.00%
Principal balance				999,999
Adjustable Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $1,000,000 - $1,249,999 | Minimum
Mortgage Loans on Real Estate
Interest Rate	4.00%
Principal balance				1,000,000
Adjustable Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $1,000,000 - $1,249,999 | Maximum
Mortgage Loans on Real Estate
Interest Rate	5.90%
Principal balance				1,249,999
Adjustable Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $1,250,000 - $1,499,999 | Minimum
Mortgage Loans on Real Estate
Interest Rate	4.80%
Principal balance				1,250,000
Adjustable Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $1,250,000 - $1,499,999 | Maximum
Mortgage Loans on Real Estate
Interest Rate	5.80%
Principal balance				1,499,999
Adjustable Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $1,500,000 and above | Minimum
Mortgage Loans on Real Estate
Interest Rate	4.80%
Principal balance				1,500,000
Adjustable Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $1,500,000 and above | Maximum
Mortgage Loans on Real Estate
Interest Rate	5.90%
Variable Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $0 - $249,999 | Minimum
Mortgage Loans on Real Estate
Interest Rate	5.40%
Principal balance				0
Variable Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $0 - $249,999 | Maximum
Mortgage Loans on Real Estate
Interest Rate	5.80%
Principal balance				249,999
Variable Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $250,000 - $499,999 | Minimum
Mortgage Loans on Real Estate
Interest Rate	4.00%
Principal balance				250,000
Variable Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $250,000 - $499,999 | Maximum
Mortgage Loans on Real Estate
Interest Rate	6.30%
Principal balance				499,999
Variable Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $500,000- $749,999 | Minimum
Mortgage Loans on Real Estate
Interest Rate	5.50%
Principal balance				500,000
Variable Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $500,000- $749,999 | Maximum
Mortgage Loans on Real Estate
Interest Rate	6.10%
Principal balance				749,999
Variable Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $1,000,000 - $1,249,999 | Minimum
Mortgage Loans on Real Estate
Interest Rate	6.50%
Principal balance				1,000,000
Variable Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $1,000,000 - $1,249,999 | Maximum
Mortgage Loans on Real Estate
Interest Rate	6.50%
Principal balance				1,249,999
Variable Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $1,250,000 - $1,499,999 | Minimum
Mortgage Loans on Real Estate
Interest Rate	5.40%
Principal balance				1,250,000
Variable Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $1,250,000 - $1,499,999 | Maximum
Mortgage Loans on Real Estate
Interest Rate	5.70%
Principal balance				1,499,999
Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $0 - $249,999 | Minimum
Mortgage Loans on Real Estate
Interest Rate	3.80%
Principal balance				0
Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $0 - $249,999 | Maximum
Mortgage Loans on Real Estate
Interest Rate	8.40%
Principal balance				249,999
Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $250,000 - $499,999 | Minimum
Mortgage Loans on Real Estate
Interest Rate	3.80%
Principal balance				250,000
Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $250,000 - $499,999 | Maximum
Mortgage Loans on Real Estate
Interest Rate	7.20%
Principal balance				499,999
Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $500,000- $749,999 | Minimum
Mortgage Loans on Real Estate
Interest Rate	3.90%
Principal balance				500,000
Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $500,000- $749,999 | Maximum
Mortgage Loans on Real Estate
Interest Rate	6.10%
Principal balance				749,999
Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $1,000,000 - $1,249,999 | Minimum
Mortgage Loans on Real Estate
Interest Rate	5.00%
Principal balance				1,000,000
Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $1,000,000 - $1,249,999 | Maximum
Mortgage Loans on Real Estate
Interest Rate	6.30%
Principal balance				1,249,999
Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $1,250,000 - $1,499,999 | Minimum
Mortgage Loans on Real Estate
Interest Rate	5.60%
Principal balance				1,250,000
Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $1,250,000 - $1,499,999 | Maximum
Mortgage Loans on Real Estate
Interest Rate	6.30%
Principal balance				1,499,999
Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $1,500,000 and above
Mortgage Loans on Real Estate
Principal balance				1,500,000
Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $1,500,000 and above | Minimum
Mortgage Loans on Real Estate
Interest Rate	8.00%
Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $1,500,000 and above | Maximum
Mortgage Loans on Real Estate
Interest Rate	10.00%
Commercial Mezzanine Loan Held in Securitization Trust | Original Loan Balance $25,000,000
Mortgage Loans on Real Estate
Period for interest only payments	2 years
Amortization schedule	2 years
Commercial Mezzanine Loan Held in Securitization Trust | Original Loan Balance 45,185,500
Mortgage Loans on Real Estate
Principal balance				45,187,500
Commercial Mezzanine Loan Held in Securitization Trust | Original Loan Amount 115,500,000
Mortgage Loans on Real Estate
Principal balance				115,500,000
Commercial Mezzanine Loan Held in Securitization Trust | Original Loan Amount 5,744,800
Mortgage Loans on Real Estate
Principal balance				5,744,800
Commercial Mezzanine Loan Held in Securitization Trust | Original Loan Amount 20,000,000
Mortgage Loans on Real Estate
Principal balance				20,000,000
Commercial Mezzanine Loan Held in Securitization Trust | Original Loan Amount 30,000,000
Mortgage Loans on Real Estate
Principal balance				30,000,000
Commercial Mezzanine Loan Held in Securitization Trust | Original Loan Amount 1,350,000,000
Mortgage Loans on Real Estate
Principal balance				1,350,000,000
Residential Whole-Loan And Residential Bridge Loan | Adjustable Rate Residential Mortgage Loan Held in Securitization Trusts
Mortgage Loans on Real Estate
Principal balance				1,245,781,000
Carrying Amount of Mortgages	$ 1,263,604,000			1,263,604,000
Reconciliation of Carrying Value of Mortgage Loans on Real Estate:
Balance at end of period	$ 1,263,604,000
Residential Whole-Loan And Residential Bridge Loan | Adjustable Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $0 - $249,999
Mortgage Loans on Real Estate
Number of Loans | loan	394
Principal balance				66,916,000
Carrying Amount of Mortgages	$ 68,261,000			68,261,000
Reconciliation of Carrying Value of Mortgage Loans on Real Estate:
Balance at end of period	$ 68,261,000
Residential Whole-Loan And Residential Bridge Loan | Adjustable Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $250,000 - $499,999
Mortgage Loans on Real Estate
Number of Loans | loan	765
Principal balance				263,675,000
Carrying Amount of Mortgages	$ 268,907,000			268,907,000
Reconciliation of Carrying Value of Mortgage Loans on Real Estate:
Balance at end of period	$ 268,907,000
Residential Whole-Loan And Residential Bridge Loan | Adjustable Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $500,000- $749,999
Mortgage Loans on Real Estate
Number of Loans | loan	236
Principal balance				135,510,000
Carrying Amount of Mortgages	$ 138,123,000			138,123,000
Reconciliation of Carrying Value of Mortgage Loans on Real Estate:
Balance at end of period	$ 138,123,000
Residential Whole-Loan And Residential Bridge Loan | Adjustable Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $750,000 - $999,999
Mortgage Loans on Real Estate
Number of Loans | loan	105
Principal balance				86,322,000
Carrying Amount of Mortgages	$ 88,042,000			88,042,000
Reconciliation of Carrying Value of Mortgage Loans on Real Estate:
Balance at end of period	$ 88,042,000
Residential Whole-Loan And Residential Bridge Loan | Adjustable Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $1,000,000 - $1,249,999
Mortgage Loans on Real Estate
Number of Loans | loan	26
Principal balance				28,689,000
Carrying Amount of Mortgages	$ 29,343,000			29,343,000
Reconciliation of Carrying Value of Mortgage Loans on Real Estate:
Balance at end of period	$ 29,343,000
Residential Whole-Loan And Residential Bridge Loan | Adjustable Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $1,250,000 - $1,499,999
Mortgage Loans on Real Estate
Number of Loans | loan	6
Principal balance				7,836,000
Carrying Amount of Mortgages	$ 8,028,000			8,028,000
Reconciliation of Carrying Value of Mortgage Loans on Real Estate:
Balance at end of period	$ 8,028,000
Residential Whole-Loan And Residential Bridge Loan | Adjustable Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $1,500,000 and above
Mortgage Loans on Real Estate
Number of Loans | loan	21
Principal balance				41,428,000
Carrying Amount of Mortgages	$ 42,512,000			42,512,000
Reconciliation of Carrying Value of Mortgage Loans on Real Estate:
Balance at end of period	$ 42,512,000
Residential Whole-Loan And Residential Bridge Loan | Variable Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $0 - $249,999
Mortgage Loans on Real Estate
Number of Loans | loan	6
Principal balance				941,000
Carrying Amount of Mortgages	$ 965,000			965,000
Reconciliation of Carrying Value of Mortgage Loans on Real Estate:
Balance at end of period	$ 965,000
Residential Whole-Loan And Residential Bridge Loan | Variable Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $250,000 - $499,999
Mortgage Loans on Real Estate
Number of Loans | loan	6
Principal balance				2,163,000
Carrying Amount of Mortgages	$ 2,230,000			2,230,000
Reconciliation of Carrying Value of Mortgage Loans on Real Estate:
Balance at end of period	$ 2,230,000
Residential Whole-Loan And Residential Bridge Loan | Variable Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $500,000- $749,999
Mortgage Loans on Real Estate
Number of Loans | loan	2
Principal balance				1,086,000
Carrying Amount of Mortgages	$ 1,120,000			1,120,000
Reconciliation of Carrying Value of Mortgage Loans on Real Estate:
Balance at end of period	$ 1,120,000
Residential Whole-Loan And Residential Bridge Loan | Variable Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $1,000,000 - $1,249,999
Mortgage Loans on Real Estate
Number of Loans | loan	1
Principal balance				467,000
Carrying Amount of Mortgages	$ 485,000			485,000
Reconciliation of Carrying Value of Mortgage Loans on Real Estate:
Balance at end of period	$ 485,000
Residential Whole-Loan And Residential Bridge Loan | Variable Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $1,250,000 - $1,499,999
Mortgage Loans on Real Estate
Number of Loans | loan	2
Principal balance				1,369,000
Carrying Amount of Mortgages	$ 1,406,000			1,406,000
Reconciliation of Carrying Value of Mortgage Loans on Real Estate:
Balance at end of period	$ 1,406,000
Residential Whole-Loan And Residential Bridge Loan | Fixed Rate Residential Mortgage Loan Held in Securitization Trusts
Mortgage Loans on Real Estate
Principal Amount of Loans Subject to Delinquent Principal or Interest				5,127,000
Residential Whole-Loan And Residential Bridge Loan | Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $0 - $249,999
Mortgage Loans on Real Estate
Number of Loans | loan	460
Principal balance				74,360,000
Carrying Amount of Mortgages	$ 75,382,000			75,382,000
Reconciliation of Carrying Value of Mortgage Loans on Real Estate:
Balance at end of period	$ 75,382,000
Residential Whole-Loan And Residential Bridge Loan | Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $250,000 - $499,999
Mortgage Loans on Real Estate
Number of Loans | loan	623
Principal balance				216,989,000
Carrying Amount of Mortgages	$ 219,521,000			219,521,000
Reconciliation of Carrying Value of Mortgage Loans on Real Estate:
Balance at end of period	$ 219,521,000
Residential Whole-Loan And Residential Bridge Loan | Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $500,000- $749,999
Mortgage Loans on Real Estate
Number of Loans | loan	97
Principal balance				55,582,000
Carrying Amount of Mortgages	$ 56,374,000			56,374,000
Reconciliation of Carrying Value of Mortgage Loans on Real Estate:
Balance at end of period	$ 56,374,000
Residential Whole-Loan And Residential Bridge Loan | Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $750,000 - $999,999
Mortgage Loans on Real Estate
Number of Loans | loan	12
Principal balance				10,829,000
Carrying Amount of Mortgages	$ 11,039,000			11,039,000
Reconciliation of Carrying Value of Mortgage Loans on Real Estate:
Balance at end of period	$ 11,039,000
Residential Whole-Loan And Residential Bridge Loan | Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $1,000,000 - $1,249,999
Mortgage Loans on Real Estate
Number of Loans | loan	6
Principal balance				6,193,000
Carrying Amount of Mortgages	$ 6,357,000			6,357,000
Reconciliation of Carrying Value of Mortgage Loans on Real Estate:
Balance at end of period	$ 6,357,000
Residential Whole-Loan And Residential Bridge Loan | Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $1,250,000 - $1,499,999
Mortgage Loans on Real Estate
Number of Loans | loan	6
Principal balance				7,684,000
Carrying Amount of Mortgages	$ 7,882,000			7,882,000
Reconciliation of Carrying Value of Mortgage Loans on Real Estate:
Balance at end of period	$ 7,882,000
Residential Whole-Loan And Residential Bridge Loan | Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $1,500,000 and above
Mortgage Loans on Real Estate
Number of Loans | loan	8
Principal balance				15,487,000
Carrying Amount of Mortgages	$ 15,896,000			15,896,000
Reconciliation of Carrying Value of Mortgage Loans on Real Estate:
Balance at end of period	$ 15,896,000
Residential Bridge Loans | Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $0 - $249,999
Mortgage Loans on Real Estate
Number of Loans | loan	256
Principal balance				41,658,000
Carrying Amount of Mortgages	$ 41,373,000			41,373,000
Principal Amount of Loans Subject to Delinquent Principal or Interest				967,000
Reconciliation of Carrying Value of Mortgage Loans on Real Estate:
Balance at end of period	$ 41,373,000
Residential Bridge Loans | Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $0 - $249,999 | Minimum
Mortgage Loans on Real Estate
Interest Rate	0.00%
Principal balance				0
Residential Bridge Loans | Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $0 - $249,999 | Maximum
Mortgage Loans on Real Estate
Interest Rate	18.00%
Principal balance				249,999
Residential Bridge Loans | Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $250,000 - $499,999
Mortgage Loans on Real Estate
Number of Loans | loan	122
Principal balance				41,359,000
Carrying Amount of Mortgages	$ 41,269,000			41,269,000
Principal Amount of Loans Subject to Delinquent Principal or Interest				1,362,000
Reconciliation of Carrying Value of Mortgage Loans on Real Estate:
Balance at end of period	$ 41,269,000
Residential Bridge Loans | Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $250,000 - $499,999 | Minimum
Mortgage Loans on Real Estate
Interest Rate	6.30%
Principal balance				250,000
Residential Bridge Loans | Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $250,000 - $499,999 | Maximum
Mortgage Loans on Real Estate
Interest Rate	18.00%
Principal balance				499,999
Residential Bridge Loans | Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $500,000- $749,999
Mortgage Loans on Real Estate
Number of Loans | loan	57
Principal balance				34,361,000
Carrying Amount of Mortgages	$ 34,385,000			34,385,000
Principal Amount of Loans Subject to Delinquent Principal or Interest				700,000
Reconciliation of Carrying Value of Mortgage Loans on Real Estate:
Balance at end of period	$ 34,385,000
Residential Bridge Loans | Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $500,000- $749,999 | Minimum
Mortgage Loans on Real Estate
Interest Rate	6.30%
Principal balance				500,000
Residential Bridge Loans | Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $500,000- $749,999 | Maximum
Mortgage Loans on Real Estate
Interest Rate	13.00%
Principal balance				749,999
Residential Bridge Loans | Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $750,000 - $999,999
Mortgage Loans on Real Estate
Number of Loans | loan	43
Principal balance				35,760,000
Carrying Amount of Mortgages	$ 35,886,000			35,886,000
Principal Amount of Loans Subject to Delinquent Principal or Interest				803,000
Reconciliation of Carrying Value of Mortgage Loans on Real Estate:
Balance at end of period	$ 35,886,000
Residential Bridge Loans | Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $750,000 - $999,999 | Minimum
Mortgage Loans on Real Estate
Interest Rate	7.30%
Principal balance				750,000
Residential Bridge Loans | Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $750,000 - $999,999 | Maximum
Mortgage Loans on Real Estate
Interest Rate	18.00%
Principal balance				999,999
Residential Bridge Loans | Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $1,000,000 - $1,249,999
Mortgage Loans on Real Estate
Number of Loans | loan	18
Principal balance				18,045,000
Carrying Amount of Mortgages	$ 18,103,000			18,103,000
Reconciliation of Carrying Value of Mortgage Loans on Real Estate:
Balance at end of period	$ 18,103,000
Residential Bridge Loans | Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $1,000,000 - $1,249,999 | Minimum
Mortgage Loans on Real Estate
Interest Rate	7.30%
Principal balance				1,000,000
Residential Bridge Loans | Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $1,000,000 - $1,249,999 | Maximum
Mortgage Loans on Real Estate
Interest Rate	10.00%
Principal balance				1,249,999
Residential Bridge Loans | Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $1,250,000 - $1,499,999
Mortgage Loans on Real Estate
Number of Loans | loan	4
Principal balance				5,420,000
Carrying Amount of Mortgages	$ 5,321,000			5,321,000
Principal Amount of Loans Subject to Delinquent Principal or Interest				1,295,000
Reconciliation of Carrying Value of Mortgage Loans on Real Estate:
Balance at end of period	$ 5,321,000
Residential Bridge Loans | Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $1,250,000 - $1,499,999 | Minimum
Mortgage Loans on Real Estate
Interest Rate	9.00%
Principal balance				1,250,000
Residential Bridge Loans | Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $1,250,000 - $1,499,999 | Maximum
Mortgage Loans on Real Estate
Interest Rate	10.80%
Principal balance				1,499,999
Residential Bridge Loans | Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $1,500,000 and above
Mortgage Loans on Real Estate
Number of Loans | loan	20
Principal balance				45,652,000
Carrying Amount of Mortgages	$ 45,394,000			45,394,000
Reconciliation of Carrying Value of Mortgage Loans on Real Estate:
Balance at end of period	$ 45,394,000
Residential Bridge Loans | Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $1,500,000 and above | Minimum
Mortgage Loans on Real Estate
Interest Rate	7.50%
Principal balance				1,500,000
Residential Bridge Loans | Fixed Rate Residential Mortgage Loan Held in Securitization Trusts | Original Loan Balance $1,500,000 and above | Maximum
Mortgage Loans on Real Estate
Interest Rate	10.00%
Commercial Loans | Commercial Mezzanine Loan Held in Securitization Trust
Mortgage Loans on Real Estate
Principal balance				216,432,000
Carrying Amount of Mortgages	$ 216,123,000			216,123,000
Principal Amount of Loans Subject to Delinquent Principal or Interest				0
Reconciliation of Carrying Value of Mortgage Loans on Real Estate:
Balance at end of period	$ 216,123,000
Commercial Loans | Commercial Mezzanine Loan Held in Securitization Trust | Original Loan Balance 45,185,500
Mortgage Loans on Real Estate
Number of Loans | loan	1
Principal balance				45,187,000
Carrying Amount of Mortgages	$ 45,187,000			45,187,000
Reconciliation of Carrying Value of Mortgage Loans on Real Estate:
Balance at end of period	$ 45,187,000
Commercial Loans | Commercial Mezzanine Loan Held in Securitization Trust | Original Loan Amount 115,500,000
Mortgage Loans on Real Estate
Number of Loans | loan	1
Principal balance				115,500,000
Carrying Amount of Mortgages	$ 115,191,000			115,191,000
Reconciliation of Carrying Value of Mortgage Loans on Real Estate:
Balance at end of period	$ 115,191,000
Commercial Loans | Commercial Mezzanine Loan Held in Securitization Trust | Original Loan Amount 5,744,800
Mortgage Loans on Real Estate
Number of Loans | loan	1
Principal balance				5,745,000
Carrying Amount of Mortgages	$ 5,745,000			5,745,000
Reconciliation of Carrying Value of Mortgage Loans on Real Estate:
Balance at end of period	$ 5,745,000
Commercial Loans | Commercial Mezzanine Loan Held in Securitization Trust | Original Loan Amount 20,000,000
Mortgage Loans on Real Estate
Number of Loans | loan	1
Principal balance				20,000,000
Carrying Amount of Mortgages	$ 20,000,000			20,000,000
Reconciliation of Carrying Value of Mortgage Loans on Real Estate:
Balance at end of period	$ 20,000,000
Commercial Loans | Commercial Mezzanine Loan Held in Securitization Trust | Original Loan Amount 30,000,000
Mortgage Loans on Real Estate
Number of Loans | loan	1
Principal balance				30,000,000
Carrying Amount of Mortgages	$ 30,000,000			30,000,000
Reconciliation of Carrying Value of Mortgage Loans on Real Estate:
Balance at end of period	30,000,000
Securitized commercial loan | Commercial Mezzanine Loan Held in Securitization Trust
Mortgage Loans on Real Estate
Principal balance				1,013,065,000
Carrying Amount of Mortgages	1,013,511,000			1,013,511,000
Principal Amount of Loans Subject to Delinquent Principal or Interest				0
Reconciliation of Carrying Value of Mortgage Loans on Real Estate:
Balance at end of period	$ 1,013,511,000
Securitized commercial loan | Commercial Mezzanine Loan Held in Securitization Trust | Original Loan Amount 1,350,000,000
Mortgage Loans on Real Estate
Number of Loans | loan	1
Principal balance				988,609,000
Carrying Amount of Mortgages	$ 989,069,000			989,069,000
Reconciliation of Carrying Value of Mortgage Loans on Real Estate:
Balance at end of period	$ 989,069,000
Securitized commercial loan | Commercial Mezzanine Loan Held in Securitization Trust | Original Loan Amount 25,000,000
Mortgage Loans on Real Estate
Number of Loans | loan	1
Principal balance				24,456,000
Carrying Amount of Mortgages	$ 24,442,000			$ 24,442,000
Reconciliation of Carrying Value of Mortgage Loans on Real Estate:
Balance at end of period	$ 24,442,000
London Interbank Offered Rate (LIBOR) | Commercial Mezzanine Loan Held in Securitization Trust | Original Loan Balance 45,185,500
Mortgage Loans on Real Estate
Interest Rate	4.25%
London Interbank Offered Rate (LIBOR) | Commercial Mezzanine Loan Held in Securitization Trust | Original Loan Amount 115,500,000
Mortgage Loans on Real Estate
Interest Rate	5.30%
London Interbank Offered Rate (LIBOR) | Commercial Mezzanine Loan Held in Securitization Trust | Original Loan Amount 5,744,800
Mortgage Loans on Real Estate
Interest Rate	5.25%
London Interbank Offered Rate (LIBOR) | Commercial Mezzanine Loan Held in Securitization Trust | Original Loan Amount 20,000,000
Mortgage Loans on Real Estate
Interest Rate	6.50%
London Interbank Offered Rate (LIBOR) | Commercial Mezzanine Loan Held in Securitization Trust | Original Loan Amount 30,000,000
Mortgage Loans on Real Estate
Interest Rate	4.50%
London Interbank Offered Rate (LIBOR) | Commercial Mezzanine Loan Held in Securitization Trust | Original Loan Amount 1,350,000,000
Mortgage Loans on Real Estate
Interest Rate	9.50%