AG Mortgage Investment Trust, I (MITT) 10-Q 8 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Nov. 02, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-35151
Entity Registrant Name	AG MORTGAGE INVESTMENT TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-5254382
Entity Address, Address Line One	245 Park Avenue
Entity Address, Address Line Two	26th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10167
City Area Code	212
Local Phone Number	692-2000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		22,062,255
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001514281
Current Fiscal Year End Date	--12-31
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	MITT
Security Exchange Name	NYSE
8.25% Series A Cumulative Redeemable Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	8.25% Series A Cumulative Redeemable Preferred Stock
Trading Symbol	MITT PrA
Security Exchange Name	NYSE
8.00% Series B Cumulative Redeemable Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	8.00% Series B Cumulative Redeemable Preferred Stock
Trading Symbol	MITT PrB
Security Exchange Name	NYSE
8.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	8.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Trading Symbol	MITT PrC
Security Exchange Name	NYSE

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Sep. 30, 2022	Dec. 31, 2021
Assets
Real estate securities, at fair value - $42,741 and $444,481 pledged as collateral, respectively		$ 44,856	$ 514,470
Investments in debt and equity of affiliates		79,030	92,023
Cash and cash equivalents		77,638	68,079
Restricted cash		21,798	32,150
Other assets		25,232	20,900
Total Assets		4,451,733	3,362,728
Liabilities
Securitized debt, at fair value	[1]	3,025,128	999,215
Financing arrangements		935,765	1,777,743
Dividend payable		4,655	5,021
Other liabilities	[2]	21,889	10,369
Total Liabilities		3,987,437	2,792,348
Commitments and Contingencies (Note 12)
Stockholders’ Equity
Preferred stock - $227,991 aggregate liquidation preference		220,472	220,472
Common stock, par value $0.01 per share; 450,000 shares of common stock authorized and 22,117 and 23,908 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively		221	239
Additional paid-in capital		783,355	796,469
Retained earnings/(deficit)		(539,752)	(446,800)
Total Stockholders’ Equity		464,296	570,380
Total Liabilities & Stockholders’ Equity		4,451,733	3,362,728
Residential mortgage loans
Assets
Residential mortgage loans, at fair value		783,771	1,476,972
Residential mortgage loans | Variable Interest Entity, Primary Beneficiary
Assets
Residential mortgage loans, at fair value	[1]	3,419,408	1,158,134
Real Estate Securities
Assets
Real estate securities, at fair value - $42,741 and $444,481 pledged as collateral, respectively		$ 44,856	$ 514,470
[1]These balances relate to certain residential mortgage loans which were securitized resulting in the Company consolidating the variable interest entities that were created to facilitate these securitizations as the Company was determined to be the primary beneficiary. See Note 3 for additional details.[2]Refer to Note 7 and Note 10 for additional details on amounts payable to affiliates.

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Preferred stock, liquidation preference	$ 227,991	$ 227,991
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	22,117,000	23,908,000
Common stock, shares outstanding (in shares)	22,117,000	23,908,000
Residential Portfolio Segment
Residential mortgage loans	$ 4,203,179	$ 2,635,106
Residential mortgage loans
Residential mortgage loans	783,771	1,476,972
Residential mortgage loans | Residential Portfolio Segment
Residential mortgage loans	783,771	1,476,972
Residential mortgage loans | Asset Pledged as Collateral | Residential Portfolio Segment
Residential mortgage loans	779,876	1,469,358
Residential mortgage loans | Variable Interest Entity, Primary Beneficiary
Residential mortgage loans	3,419,408	1,158,134
Residential mortgage loans | Variable Interest Entity, Primary Beneficiary | Residential Portfolio Segment
Residential mortgage loans	3,419,408	1,158,134
Residential mortgage loans | Variable Interest Entity, Primary Beneficiary | Asset Pledged as Collateral | Residential Portfolio Segment
Residential mortgage loans	371,094	119,947
Real Estate Securities
Fair value of investments pledged as collateral under repurchase agreements	$ 42,741	$ 444,481

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net Interest Income
Interest income		$ 50,190	$ 19,629	$ 123,017	$ 45,976
Interest expense		34,699	7,197	73,994	16,552
Total Net Interest Income		15,491	12,432	49,023	29,424
Other Income/(Loss)
Net interest component of interest rate swaps		(996)	(1,184)	(5,849)	(3,498)
Net realized gain/(loss)		50,981	(5,460)	60,072	(5,124)
Net unrealized gain/(loss)		(54,261)	29,461	(123,032)	58,995
Other income/(loss), net		0	0	0	37
Total Other Income/(Loss)		(4,276)	22,817	(68,809)	50,410
Expenses
Management fee to affiliate	[1]	2,064	1,693	5,984	5,014
Other operating expenses	[1]	4,083	2,997	11,594	10,128
Transaction related expenses	[1]	5,325	2,013	14,939	3,731
Servicing fees		986	849	3,005	2,136
Total Expenses		12,458	7,552	35,522	21,009
Income/(loss) before equity in earnings/(loss) from affiliates		(1,243)	27,697	(55,308)	58,825
Equity in earnings/(loss) from affiliates		(1,626)	6,882	(9,486)	34,496
Net Income/(Loss)		(2,869)	34,579	(64,794)	93,321
Gain on Exchange Offers, net (Note 11)		0	0	0	472
Dividends on preferred stock		(4,586)	(4,586)	(13,758)	(14,199)
Net Income/(Loss) Available to Common Stockholders		$ (7,455)	$ 29,993	$ (78,552)	$ 79,594
Earnings/(Loss) Per Share of Common Stock
Basic (in dollars per share)	[2]	$ (0.33)	$ 1.87	$ (3.38)	$ 5.21
Diluted (in dollars per share)	[2]	$ (0.33)	$ 1.87	$ (3.38)	$ 5.21
Weighted Average Number of Shares of Common Stock Outstanding
Basic (in shares)	[2]	22,394	16,077	23,250	15,270
Diluted (in shares)	[2]	22,394	16,077	23,250	15,270
[1]Refer to Note 10 for additional details on related party transactions.[2]Amounts have been adjusted to reflect the one-for-three reverse stock split effected July 22, 2021. See Note 2 and Note 11 for additional details.

Consolidated Statements of Op_2

Consolidated Statements of Operations (Unaudited) (Parenthetical)	Jul. 22, 2021	Jul. 12, 2021
Income Statement [Abstract]
Reverse stock split ratio	0.3333	0.3333

Consolidated Statements of Stoc

Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands		Total	Common Stock		Preferred  Stock	Additional Paid-in Capital		Retained Earnings/(Deficit)
Beginning balance (in shares) at Dec. 31, 2020	[1]		13,811
Beginning balance at Dec. 31, 2020		$ 409,705	$ 138	[1]	$ 238,478	$ 689,147	[1]	$ (518,058)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net proceeds from issuance of common stock (in shares)	[1]		972
Net proceeds from issuance of common stock		13,133	$ 10	[1]		13,123	[1]
Repurchase of common stock (in shares)	[1]		(258)
Repurchase of common stock		(2,847)	$ (3)	[1]		(2,844)	[1]
Grant of restricted stock (in shares)	[1]		19
Grant of restricted stock		240				240	[1]
Common dividends declared		(9,539)						(9,539)
Preferred dividends declared		(14,254)						(14,254)
Exchange offers (in shares)	[1]		1,368
Exchange Offers (Note 11)		(10)	$ 14	[1]	(18,006)	17,510	[1]	472
Net Income/(Loss)		93,321						93,321
Ending balance (in shares) at Sep. 30, 2021	[1]		15,912
Ending balance at Sep. 30, 2021		489,749	$ 159	[1]	220,472	717,176	[1]	(448,058)
Beginning balance (in shares) at Jun. 30, 2021	[1]		16,164
Beginning balance at Jun. 30, 2021		465,877	$ 162	[1]	220,472	719,940	[1]	(474,697)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common stock (in shares)	[1]		(258)
Repurchase of common stock		(2,847)	$ (3)	[1]		(2,844)	[1]
Grant of restricted stock (in shares)	[1]		6
Grant of restricted stock		80				80	[1]
Common dividends declared		(3,354)						(3,354)
Preferred dividends declared		(4,586)						(4,586)
Net Income/(Loss)		34,579						34,579
Ending balance (in shares) at Sep. 30, 2021	[1]		15,912
Ending balance at Sep. 30, 2021		$ 489,749	$ 159	[1]	220,472	717,176	[1]	(448,058)
Beginning balance (in shares) at Dec. 31, 2021		23,908	23,908
Beginning balance at Dec. 31, 2021		$ 570,380	$ 239		220,472	796,469		(446,800)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common stock (in shares)			(1,819)
Repurchase of common stock		(13,372)	$ (18)			(13,354)
Grant of restricted stock (in shares)			28
Grant of restricted stock		240				240
Common dividends declared		(14,400)						(14,400)
Preferred dividends declared		(13,758)						(13,758)
Net Income/(Loss)		$ (64,794)						(64,794)
Ending balance (in shares) at Sep. 30, 2022		22,117	22,117
Ending balance at Sep. 30, 2022		$ 464,296	$ 221		220,472	783,355		(539,752)
Beginning balance (in shares) at Jun. 30, 2022			22,490
Beginning balance at Jun. 30, 2022		478,665	$ 225		220,472	785,610		(527,642)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common stock (in shares)			(385)
Repurchase of common stock		(2,339)	$ (4)			(2,335)
Grant of restricted stock (in shares)			12
Grant of restricted stock		80				80
Common dividends declared		(4,655)						(4,655)
Preferred dividends declared		(4,586)						(4,586)
Net Income/(Loss)		$ (2,869)						(2,869)
Ending balance (in shares) at Sep. 30, 2022		22,117	22,117
Ending balance at Sep. 30, 2022		$ 464,296	$ 221		$ 220,472	$ 783,355		$ (539,752)
[1]Amounts have been adjusted to reflect the one-for-three reverse stock split effected July 22, 2021. See Note 2 and Note 11 for additional details.

Consolidated Statements of St_2

Consolidated Statements of Stockholders’ Equity (Unaudited) (Parenthetical)	Jul. 22, 2021	Jul. 12, 2021
Statement of Stockholders' Equity [Abstract]
Reverse stock split ratio	0.3333	0.3333

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash Flows from Operating Activities
Net Income/(Loss)	$ (64,794)	$ 93,321
Adjustments to reconcile net income/(loss) to net cash provided by (used in) operating activities:
Net amortization of premium/(discount)	3,816	2,993
Net realized (gain)/loss	(60,072)	5,124
Net unrealized (gain)/loss	123,032	(58,995)
Equity based compensation expense	240	240
(Income)/Loss from investments in debt and equity of affiliates in excess of distributions received	10,757	(17,337)
Change in operating assets/liabilities:
Other assets	(5,740)	(4,939)
Other liabilities	9,567	(642)
Net cash provided by (used in) operating activities	16,806	19,765
Cash Flows from Investing Activities
Purchase of residential mortgage loans	(2,440,718)	(1,263,835)
Purchase of real estate securities	(108,558)	(768,794)
Origination of commercial loans	0	(1,881)
Purchase of commercial loans	0	(3,219)
Investments in debt and equity of affiliates	(1,720)	(3,806)
Proceeds from sales of residential mortgage loans	0	47,219
Proceeds from sales of real estate securities	526,813	761,568
Proceeds from sales of commercial loans	0	74,579
Principal repayments on residential mortgage loans	393,170	75,746
Principal repayments on real estate securities	20,342	49,336
Principal repayments on commercial loans	0	70,232
Distributions received in excess of income from investments in debt and equity of affiliates	9,824	66,154
Net settlement of interest rate swaps and other instruments	103,553	13,090
Net settlement of TBAs	2,789	(1,087)
Cash flows provided by (used in) other investing activities	2,865	5,992
Net cash provided by (used in) investing activities	(1,491,640)	(878,706)
Cash Flows from Financing Activities
Net proceeds from issuance of common stock	0	13,133
Repurchase of common stock	(13,372)	(2,847)
Net borrowings under (repayments of) financing arrangements	(841,978)	596,473
Deferred financing costs paid	(310)	(277)
Repayments of secured debt	0	(10,000)
Proceeds from issuance of securitized debt	2,659,283	463,987
Principal repayments on securitized debt	(320,502)	(113,338)
Net collateral received from (paid to) derivative counterparty	19,444	0
Dividends paid on common stock	(14,766)	(7,428)
Dividends paid on preferred stock	(13,758)	(14,254)
Net cash provided by (used in) financing activities	1,474,041	925,449
Net change in cash and cash equivalents and restricted cash	(793)	66,508
Cash and cash equivalents and restricted cash, Beginning of Period	100,229	62,318
Effect of exchange rate changes on cash	0	10
Cash and cash equivalents and restricted cash, End of Period	99,436	128,836
Supplemental disclosure of cash flow information:
Cash paid for interest on financing arrangements	62,645	15,416
Cash paid for excise and income taxes	23	16
Supplemental disclosure of non-cash financing and investing activities:
Common stock dividends declared but not paid	4,655	3,354
Exchange Offers (Note 11)	0	18,006
Holdback on sale of excess MSRs	0	134
Purchase price payable on loans	794	0
Transfer from residential mortgage loans to other assets	$ 1,857	$ 1,338

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 77,638	$ 68,079	$ 101,749
Restricted cash	21,798	32,150	27,087
Total cash and cash equivalents and restricted cash	$ 99,436	$ 100,229	$ 128,836	$ 62,318

Organization

Organization	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization AG Mortgage Investment Trust, Inc. (the "Company") is a residential mortgage REIT with a focus on investing in a diversified risk-adjusted portfolio of residential mortgage-related assets in the U.S. mortgage market. The Company’s investment activities primarily include acquiring and securitizing newly-originated residential mortgage loans within the non-agency segment of the housing market. The Company obtains its assets through Arc Home, LLC ("Arc Home"), a residential mortgage loan originator in which it owns an approximate 44.6% interest, and through other third-party origination partners. The Company’s assets, excluding its ownership in Arc Home, include Residential Investments and Agency RMBS. Currently, its Residential Investments primarily consist of Non-Agency Loans and Agency-Eligible Loans. The Company may invest in other types of residential mortgage loans and other mortgage related assets. The Company also invests in Residential Investments through its unconsolidated ownership interests in affiliates which are included in the "Investments in debt and equity of affiliates" line item on its consolidated balance sheets. The Company's asset classes are primarily comprised of the following: Asset Class Description Residential Investments Non-Agency Loans (1) • Non-Agency Loans are loans that do not conform to the underwriting guidelines of a government-sponsored enterprise ("GSE"). Non-Agency Loans consist of Qualified mortgage loans ("QM Loans") and Non-Qualified mortgage loans ("Non-QM Loans"). QM Loans are residential mortgage loans that comply with the Ability-To-Repay rules and related guidelines of the Consumer Finance Protection Bureau ("CFPB"). Agency-Eligible Loans (1) • Agency-Eligible Loans are loans that are underwritten in accordance with GSE guidelines and are primarily secured by investment properties. Re- and Non-Performing Loans (1) • Performing, re-performing, and non-performing loans are residential mortgage loans collateralized by a first lien mortgaged property. Non-Agency Residential Mortgage-Backed Securities ("RMBS") (2) • Non-Agency RMBS represent fixed- and floating-rate RMBS issued by entities other than U.S. GSEs or agencies of the U.S. government. The mortgage loan collateral consists of either Non-Agency Loans or Agency-Eligible Loans. Agency RMBS (2) • Agency RMBS represent interests in pools of residential mortgage loans guaranteed by a GSE such as Fannie Mae or Freddie Mac, or an agency of the U.S. Government such as Ginnie Mae. (1) These investments are included in the "Securitized residential mortgage loans, at fair value" and "Residential mortgage loans, at fair value" line items on the consolidated balance sheets. (2) These investments are included in the "Real estate securities, at fair value" line item on the consolidated balance sheets. The Company conducts its business through one reportable segment, Loans and Securities, which reflects how the Company manages its business and analyzes and reports its results of operations. The Company was incorporated in the state of Maryland on March 1, 2011 and commenced operations in July 2011. The Company conducts its operations to qualify and be taxed as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"). The Company is externally managed by AG REIT Management, LLC, a Delaware limited liability company (the "Manager"), a wholly-owned subsidiary of Angelo, Gordon & Co., L.P. ("Angelo Gordon"), a privately-held, SEC-registered investment adviser. The Manager has delegated to Angelo Gordon the overall responsibility of its day-to-day duties and obligations arising under the management agreement. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. COVID-19 Impact In March 2020, the global novel coronavirus ("COVID-19") pandemic and the related economic conditions caused financial and mortgage-related asset markets to come under extreme duress, resulting in credit spread widening, a sharp decrease in interest rates and unprecedented illiquidity in repurchase agreement financing and mortgage-backed securities ("MBS") markets. The illiquidity was exacerbated by inadequate demand for MBS among primary dealers due to balance sheet constraints. Although market conditions have improved since 2020, the COVID-19 pandemic is ongoing with new variants emerging despite growing vaccination rates. As a result, the full impact of COVID-19 on the mortgage REIT industry, credit markets, and, consequently, on the Company’s financial condition and results of operations for future periods remains uncertain.

Summary of significant accounti

Summary of significant accounting policies	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Summary of significant accounting policies	Summary of significant accounting policies The accompanying unaudited consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. For all periods presented, all per share amounts and common shares outstanding have been adjusted on a retroactive basis to reflect the Company's one-for-three reverse stock split which was effected following the close of business on July 22, 2021. In the opinion of management, all adjustments considered necessary for a fair statement of the Company’s financial position, results of operations, and cash flows have been included for the interim period and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from those estimates. Valuation of financial instruments The fair value of the financial instruments that the Company records at fair value is determined by the Manager, subject to oversight of the Company’s Board of Directors, and in accordance with the provisions of Accounting Standards Codification ("ASC") 820, "Fair Value Measurements and Disclosures." When possible, the Company determines fair value using third-party data sources. ASC 820 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under ASC 820 are described below: • Level 1 – Quoted prices in active markets for identical assets or liabilities. • Level 2 – Prices determined using other significant observable inputs. These may include quoted prices for similar assets and liabilities in active markets. • Level 3 – Prices 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. Unobservable inputs reflect the Company’s assumptions about the factors that market participants would use in pricing an asset or liability, and would be based on the best information available. Transfers between levels are assumed to occur at the beginning of the reporting period. Accounting for loans Investments in loans are recorded in accordance with ASC 310-10, "Receivables" and are classified as held-for-investment when the Company has the intent and ability to hold such loans for the foreseeable future or to maturity/payoff. Loans are classified as held for sale upon the Company determining that it intends to sell or liquidate the loan in the short-term and certain criteria have been met. Loans held-for-sale are accounted for under ASC 948-310, "Financial services—mortgage banking." Loans meeting all criteria for reclassification are presented separately on the consolidated balance sheets. Transfers between held-for-investment and held-for-sale occur once the Company's intent to sell the loans changes. The Company has chosen to make a fair value election pursuant to ASC 825 for its loan portfolio. Electing the fair value option allows the Company to record changes in fair value in the consolidated statement of operations, which, in management's view, more appropriately reflects the results of operations for a particular reporting period as all loan activities will be recorded in a similar manner. As such, loans are recorded at fair value on the consolidated balance sheets and any periodic change in fair value is recorded in current period earnings on the consolidated statement of operations as a component of "Net unrealized gain/(loss)." The Company recognizes certain upfront costs and fees relating to loans for which the fair value option has been elected in current period earnings as incurred and does not defer those costs, which is in accordance with ASC 825-10-25. Purchases and sales of loans are recorded on the settlement date, concurrent with the completion of due diligence and the removal of any contingencies. At purchase, the Company may aggregate its residential mortgage loans into pools based on common risk characteristics. Once a pool of loans is assembled, its composition is maintained. When the Company purchases mortgage loans with evidence of credit deterioration since origination and it determines that it is probable it will not collect all contractual cash flows on those loans, it will apply the guidance found in ASC 310-30. Mortgage loans that are delinquent 60 or more days are considered non-performing for purposes of this determination. The Company updates its estimate of the cash flows expected to be collected on at least a quarterly basis for loans accounted for under ASC 310-30. In estimating these cash flows, there are a number of assumptions that will be subject to uncertainties and contingencies including both the rate and timing of principal and interest receipts, and assumptions of prepayments, repurchases, defaults and liquidations. If based on the most current information and events it is probable that there is a significant increase in cash flows previously expected to be collected or if actual cash flows are significantly greater than cash flows previously expected, the Company will recognize these changes prospectively through an adjustment of the loan’s yield over its remaining life. The Company will adjust the amount of accretable yield by reclassification from the nonaccretable difference. The Company accrues interest income on its loan portfolio. Loans are typically moved to non-accrual status and income recognition is suspended if the loan becomes 90 days or more delinquent. A loan is written off when it is no longer realizable and/or legally discharged. Accounting for real estate securities Investments in real estate securities are recorded in accordance with ASC 320-10, "Investments – Debt and Equity Securities" or 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 real estate securities portfolio. Electing the fair value option allows the Company to record changes in fair value in the consolidated statement of operations, which, in management’s view, more appropriately reflects the results of operations for a particular reporting period as all securities activities will be recorded in a similar manner. Real estate securities are recorded at fair value on the consolidated balance sheets and the periodic change in fair value is recorded in current period earnings on the consolidated statement of operations as a component of "Net unrealized gain/(loss)." Purchases and sales of real estate securities are recorded on the trade date. Investments in debt and equity of affiliates The Company’s unconsolidated ownership interests in affiliates are accounted for using the equity method in accordance with ASC 323, "Investments – Equity Method and Joint Ventures." Substantially all of the Company’s investments held through affiliated entities are comprised of real estate securities, loans, and its interest in AG Arc LLC. Certain entities have chosen to make a fair value election on their financial instruments and certain financing arrangements pursuant to ASC 825; as such, the Company will treat these financial instruments and financing arrangements consistently with this election. Arc Home On December 9, 2015, the Company, alongside private funds managed by Angelo Gordon, through AG Arc LLC, one of the Company’s indirect affiliates ("AG Arc"), formed Arc Home. The Company has an approximate 44.6% interest in AG Arc. Arc Home originates residential mortgage loans and retains the mortgage servicing rights associated with certain loans it originates. Arc Home is led by an external management team. The Company has chosen to make a fair value election with respect to its investment in AG Arc pursuant to ASC 825. The Company elected to treat its investment in AG Arc as a taxable REIT subsidiary. As a result, income or losses recognized by the Company from its investment in AG Arc are recorded in "Equity in earnings/(loss) from affiliates" line item on the Company's consolidated statement of operations net of income taxes. From time to time, the Company acquires newly originated residential mortgage loans from Arc Home. In connection with the sale of loans from Arc Home to the Company, gains or losses recorded by Arc Home are consolidated into AG Arc. In accordance with ASC 323-10, for loans acquired from Arc Home that remain on the Company's consolidated balance sheet at period end, the Company eliminates any profits or losses typically recognized through the "Equity in earnings/(loss) from affiliates" line item on the Company's consolidated statement of operations and adjusts the cost basis of the underlying loans resulting in unrealized gains or losses. During the three and nine months ended September 30, 2022 and 2021, the Company eliminated intra-entity profits recognized by Arc Home and also decreased the cost basis of the underlying loans by the same amount in connection with loan sales to the Company, as detailed below (in thousands). Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Intra-Entity Profits Eliminated $ 1,755 $ 1,580 $ 5,869 $ 3,467 Additionally, the Company enters into forward purchase commitments with Arc Home whereby the Company commits to purchase residential mortgage loans from Arc Home at a particular price on a best-efforts basis. See the "Accounting for derivative financial instruments - Forward purchase commitments" policy below and Note 10 for additional detail. MATH On August 29, 2017, the Company, alongside private funds managed by Angelo Gordon, formed Mortgage Acquisition Holding I LLC ("MATH") to conduct a residential mortgage investment strategy. The Company has an approximate 44.6% interest in MATH. MATH in turn sponsored the formation of an entity called Mortgage Acquisition Trust I LLC ("MATT") to purchase predominantly Non-QM Loans. MATT made an election to be treated as a real estate investment trust beginning with the 2018 tax year. As of September 30, 2022, MATT primarily holds retained tranches from past securitizations which continue to pay down and the Company does not expect to acquire additional investments within this equity method investment. LOTS On May 15, 2019 and November 14, 2019, the Company, alongside private funds managed by Angelo Gordon, formed LOT SP I LLC and LOT SP II LLC, respectively, (collectively, "LOTS"). The Company has an approximate 47.5% and 50% interest in LOT SP I LLC and LOT SP II LLC, respectively. LOTS were formed to originate first mortgage loans to third-party land developers and home builders for the acquisition and horizontal development of land ("Land Related Financing"). The LOTS investments continue to pay down and the Company does not expect to originate new loans within this equity method investment. Investment consolidation An entity is a variable interest entity ("VIE") if the equity investors (i) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support, (ii) are unable to direct the entity’s activities, or (iii) are not exposed to the entity’s losses or entitled to its residual returns. VIEs within the scope of ASC 810-10, "Consolidation," are required to be consolidated by their 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 from the VIE that could potentially be significant to the VIE. This determination can sometimes involve complex and subjective analyses. Further, ASC 810-10 also requires ongoing assessments of whether an enterprise is the primary beneficiary of a VIE. In accordance with ASC 810-10, all transferees, including variable interest entities, must be evaluated for consolidation. If the Company determines that consolidation is not required, it will then assess whether the transfer of the underlying assets would qualify as a sale, should be accounted for as secured financings under GAAP, or should be accounted for as an equity method investment, depending on the circumstances. A Special Purpose Entity ("SPE") is an entity designed to fulfill a specific limited need of the company that organized it. SPEs are often used to facilitate transactions that involve securitizing financial assets or resecuritizing previously securitized financial assets. The objective of such transactions may include obtaining non-recourse financing, obtaining liquidity, or refinancing the underlying securitized financial assets on improved terms. Securitization involves transferring assets to an SPE to convert all or a portion of those assets into cash before they would have been realized in the normal course of business through the SPE’s issuance of debt or equity instruments. Investors in an SPE usually have recourse only to the assets in the SPE and depending on the overall structure of the transaction, may benefit from various forms of credit enhancement, such as over-collateralization in the form of excess assets in the SPE, priority with respect to receipt of cash flows relative to holders of other debt or equity instruments issued by the SPE, or a line of credit or other form of liquidity agreement that is designed with the objective of ensuring that investors receive principal and/or interest cash flow on the investment in accordance with the terms of their investment agreement. The Company enters into securitization transactions collateralized by its Non-Agency Loans ("Non-Agency VIEs"), Agency-Eligible Loans ("Agency-Eligible VIEs"), and re- and non-performing loans ("RPL/NPL VIEs") (collectively, "Residential Mortgage Loan VIEs"), which may result in the Company consolidating the respective VIEs that are created to facilitate these securitizations. Based on the evaluations of each VIE, the Company may conclude that the VIEs should be consolidated and, as a result, transferred assets of these VIEs would be determined to be secured borrowings. Upon consolidation, the Company elected the fair value option pursuant to ASC 825 for the assets and liabilities of the Residential Mortgage Loan VIEs. Electing the fair value option allows the Company to record changes in fair value in the consolidated statement of operations, which, in management's view, more appropriately reflects the results of operations for a particular reporting period as all activities will be recorded in a similar manner. The Company applied the guidance under ASC 810-10 (Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity) whereby the Company determines whether the fair value of the assets or liabilities of the Residential Mortgage Loan VIEs are more observable as a basis for measuring the less observable financial instruments. The Company has determined that the fair value of the liabilities of the Residential Mortgage Loan VIEs are more observable since the prices for these liabilities are more easily determined as similar instruments trade more frequently on a relative basis than the individual assets of the VIEs. See Note 3 for more detail regarding the Residential Mortgage Loan VIEs and Note 5 for more detail related to the Company's determination of fair value for the assets and liabilities included within these VIEs. Transfers of financial assets The Company may periodically enter into transactions in which it transfers assets to a third party. Upon a transfer of financial assets, the Company will sometimes retain or acquire senior or subordinated interests in the related assets. Pursuant to ASC 860-10, "Transfers and Servicing" a determination must be made as to whether a transferor has surrendered control over transferred financial assets. That determination must consider the transferor’s continuing involvement in the transferred financial asset, including all arrangements or agreements made contemporaneously with, or in contemplation of, the transfer, even if they were not entered into at the time of the transfer. The financial components approach under ASC 860-10 limits the circumstances in which a financial asset, or portion of a financial asset, should be derecognized when the transferor has not transferred the entire original financial asset to an entity that is not consolidated with the transferor in the financial statements being presented and/or when the transferor has continuing involvement with the transferred financial asset. It defines the term "participating interest" to establish specific conditions for reporting a transfer of a portion of a financial asset as a sale. Under ASC 860-10, after a transfer of financial assets that meets the criteria for treatment as a sale—legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint and transferred control—an entity recognizes the financial and servicing assets it acquired or retained and the liabilities it has incurred, derecognizes financial assets it has sold and derecognizes liabilities when extinguished. The transferor would then determine the gain or loss on sale of financial assets by allocating the carrying value of the underlying mortgage between securities or loans sold and the interests retained based on their fair value. The gain or loss on sale is the difference between the cash proceeds from the sale and the amount allocated to the securities or loans sold. When a transfer of financial assets does not qualify for sale accounting, ASC 860-10 requires the transfer to be accounted for as a secured borrowing with a pledge of collateral. From time to time, the Company may securitize mortgage loans it holds if such financing is available. These transactions will be recorded in accordance with ASC 860-10 and will be accounted for as either a "sale" and the loans will be removed from the consolidated balance sheets or as a "financing" and will be classified as "Securitized residential mortgage loans, at fair value" on the consolidated balance sheets, depending upon the structure of the securitization transaction. ASC 860-10 is a standard that may require the Company to exercise significant judgment in determining whether a transaction should be recorded as a "sale" or a "financing." Cash and cash equivalents Cash is comprised of cash on deposit with financial institutions. The Company classifies highly liquid investments with original maturities of three months or less from the date of purchase as cash equivalents. Cash equivalents may include cash invested in money market funds. Cash and cash equivalents are carried at cost, which approximates fair value. The Company places its cash with high credit quality institutions to minimize credit risk exposure. Cash pledged to the Company as collateral is unrestricted in use and, accordingly, is included as a component of "Cash and cash equivalents" on the consolidated balance sheets. Any cash held by the Company as collateral is included in the "Other liabilities" line item on the consolidated balance sheets and in cash flows from financing activities on the consolidated statement of cash flows. "Other liabilities" does not include variation margin received on centrally cleared derivatives. Refer to the "Accounting for derivative financial instruments" policy below for additional detail. Any cash due to the Company in the form of principal payments is included in the "Other assets" line item on the consolidated balance sheets and in cash flows from operating activities on the consolidated statement of cash flows. Restricted cash Restricted cash includes cash pledged as collateral for clearing and executing trades, derivatives, and financing arrangements, as well as restricted cash deposited into accounts held at certain consolidated trusts. Restricted cash is not available to the Company for general corporate purposes. Restricted cash may be returned to the Company when the related collateral requirements are exceeded or at the maturity of the derivative or financing arrangement. Restricted cash is carried at cost, which approximates fair value. Restricted cash also includes variation margin pledged on centrally cleared derivatives. Refer to the "Accounting for derivative financial instruments" policy below for additional detail. Financing arrangements The Company finances the acquisition of certain assets within its portfolio through the use of financing arrangements. Financing arrangements primarily include repurchase agreements, but may also include revolving facilities. Repurchase agreements are treated as collateralized financing transactions and carried at their contractual amounts, including accrued interest, as specified in the respective agreements. The carrying amount of the Company’s repurchase agreements and revolving facilities approximates fair value. The Company pledges certain loans or securities as collateral under financing arrangements with financial institutions, the terms and conditions of which are negotiated on a transaction-by-transaction basis. The amounts available to be borrowed under repurchase agreements and revolving facilities are dependent upon the fair value of the loans or securities pledged as collateral, which can fluctuate with changes in interest rates, type of security and liquidity conditions within the banking, mortgage finance, and real estate industries. If the fair value of pledged assets declines due to changes in market conditions, lenders typically would require 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, referred to as margin calls. The fair value of financial instruments pledged as collateral on the Company’s financing arrangements represents the Company’s fair value of such instruments which may differ from the fair value assigned to the collateral by its counterparties. The Company maintains a level of liquidity in order to meet these obligations. If the fair value of pledged assets increases due to changes in market conditions, counterparties may be required to return collateral to the Company in the form of securities or cash or post additional collateral to the Company. Financings pursuant to repurchase agreements and revolving facilities are generally recourse to the Company. As of September 30, 2022 and December 31, 2021, the Company had met all margin call requirements. Accounting for derivative financial instruments Derivative contracts The Company enters into derivative contracts as a means of mitigating interest rate risk rather than to enhance returns. The Company accounts for derivative financial instruments in accordance with ASC 815-10, "Derivatives and Hedging." ASC 815-10 requires an entity to recognize all derivatives as either assets or liabilities on the balance sheet and to measure those instruments at fair value with corresponding changes in fair value recognized in the consolidated statement of operations. The Company records derivative asset and liability positions on a gross basis with respect to its counterparties. During the period in which the Company unwinds a derivative, it records a realized gain/(loss) in the "Net realized gain/(loss)" line item in the consolidated statement of operations. As of September 30, 2022 and December 31, 2021, the Company did not have any interest rate derivatives designated as hedges for accounting purposes. To-be-announced securities A to-be-announced security ("TBA") is a forward contract for the purchase or sale of Agency RMBS at a predetermined price, face amount, issuer, coupon and stated maturity on an agreed-upon future date. The specific Agency RMBS delivered into or received from the contract upon the settlement date, published each month by the Securities Industry and Financial Markets Association, are not known at the time of the transaction. The Company may also choose, prior to settlement, to move the settlement of these securities out to a later date by entering into an offsetting short or long position (referred to as a pair off), net settling the paired off positions for cash, simultaneously purchasing or selling a similar TBA contract for a later settlement date. This transaction is commonly referred to as a dollar roll. The Agency RMBS purchased or sold for a forward settlement date are typically priced at a discount to Agency RMBS for settlement in the current month. This difference, or discount, is referred to as the price drop. The price drop is the economic equivalent of net interest carry income on the underlying Agency RMBS over the roll period (interest income less implied financing cost) and is commonly referred to as dollar roll income/(loss). Consequently, forward purchases of Agency RMBS and dollar roll transactions represent a form of off-balance sheet financing. Dollar roll income is recognized in the consolidated statement of operations in the line item "Net unrealized gain/(loss)." Variation margin The Company may exchange cash "variation margin" with the counterparties to its derivative instruments on a daily basis based upon changes in the fair value of such derivative instruments as measured by the Chicago Mercantile Exchange ("CME") and the London Clearing House, the central clearinghouses ("CCPs") through which those derivatives are cleared. In addition, the CCPs require market participants to deposit and maintain an "initial margin" amount which is determined by the CCPs and is generally intended to be set at a level sufficient to protect the CCPs from the maximum estimated single-day price movement in that market participant’s contracts. Receivables recognized for the right to reclaim cash initial margin posted in respect of derivative instruments are included in the "Restricted cash" line item in the consolidated balance sheets. The daily exchange of variation margin associated with a CCP instrument is legally characterized as the daily settlement of the derivative instrument itself, as opposed to a pledge of collateral. Accordingly, the Company accounts for the daily receipt or payment of variation margin associated with its centrally cleared derivative instruments as a direct reduction to the carrying value of the derivative asset or liability, respectively. The daily receipt or payment is included as a settlement of the derivative in cash flows from investing activities on the consolidated statement of cash flows. The carrying amount of centrally cleared derivative instruments reflected in the Company’s consolidated balance sheets approximates the unsettled fair value of such instruments. As variation margin is exchanged on a one-day lag, the unsettled fair value of such instruments represents the change in fair value that occurred on the last day of the reporting period. Forward purchase commitments The Company may enter into forward purchase commitments with counterparties whereby the Company commits to purchasing residential mortgage loans at a particular price. Actual loan purchases are contingent upon successful loan closings. The counterparties deliver the committed loans on either a mandatory basis or best-efforts basis. These commitments to purchase mortgage loans are classified as derivatives and are therefore recorded at fair value on the consolidated balance sheets, with corresponding changes in fair value recognized in the consolidated statement of operations. Derivatives with a positive fair value to the Company are reported as assets and derivatives with a negative fair value to the Company are reported as liabilities. Earnings/(Loss) per share In accordance with ASC 260, "Earnings per Share," the Company calculates basic income/(loss) per share by dividing net income/(loss) available to common stockholders for the period by weighted average shares of the Company’s common stock outstanding for that period. Diluted income per share takes into account the effect of dilutive instruments, such as stock options, warrants, unvested restricted stock and unvested restricted stock units using the average share price for the period in determining the number of incremental shares that are to be added to the weighted-average number of shares outstanding. Potential dilutive shares are excluded from the calculation, if they have an anti-dilutive effect in the period. Interest income recognition Interest income on the Company’s loan and securities portfolio is accrued based on the actual coupon rate and the outstanding principal balance of such loans or securities. The Company has elected to record interest in accordance with ASC 835-30-35-2, "Imputation of Interest," using the effective interest method for all loans and securities accounted for under the fair value option in accordance with ASC 825, "Financial Instruments." As such, premiums and discounts are amortized or accreted into interest income over the lives of the loans or securities in accordance with ASC 310-20, "Nonrefundable Fees and Other Costs," ASC 320-10 or ASC 325-40, as applicable. Total interest income is recorded in the "Interest income" line item on the consolidated statement of operations. For Agency RMBS, exclusive of interest-only securities, prepayments of the underlying collateral are estimated on a quarterly basis, which directly affect the speed at which the Company amortizes premiums on its securities. If actual and anticipated cash flows differ from previous estimates, the Company records an adjustment in the current period to the amortization of premiums for the impact of the cumulative change in the effective yield retrospectively through the reporting date. Similarly, the Company also reassesses the cash flows on at least a quarterly basis for loans and securities, including Non-Agency Loans, Agency-Eligible Loans, Non-Agency RMBS, and interest-only securities. In estimating these cash flows, there are a number of assumptions made that are uncertain and subject to judgments and assumptions based on subjective and objective factors and contingencies. These include the rate and timing of principal and interest receipts (including assumptions of prepayments, repurchases, defaults and liquidations), the pass-through or coupon rate and interest rate fluctuations. In addition, interest payment shortfalls due to delinquencies on the underlying mortgage loans have to be estimated. Differences between previously estimated cash flows and current actual and anticipated cash flows are recognized prospectively through an adjustment of the yield over the remaining life of the security based on the current amortized cost of the investment. For loan and security investments purchased with evidence of deterioration of credit quality for which it is probable, at acquisition, that the Company will be unable to collect all contractually required payments receivable, the Company will apply the provisions of ASC 310-30. For purposes of income recognition, the Company aggregates loans that have common risk characteristics into pools and uses a composite interest rate and expectation of cash flows expected to be collected for the pool. ASC 310-30 addresses accounting for differences between contractual cash flows and cash flows expected to be collected from an investor’s initial investment in loans or debt securities acquired in a transfer if those differences are attributable, at least in part, to credit quality. ASC 310-30 limits the yield that may be accreted (the "accretable yield") to the excess of the investor’s estimate of undiscounted expected principal, interest, and other cash flows (cash flows expected at acquisition to be collected) over the inv

Loans

Loans	9 Months Ended
	Sep. 30, 2022
Receivables [Abstract]
Loans	Loans Residential mortgage loans The table below details information regarding the Company’s residential mortgage loan portfolio as of September 30, 2022 and December 31, 2021 ($ in thousands). The gross unrealized gains/(losses) in the table below represent inception to date gains/(losses). Unpaid Principal Balance Gross Unrealized Weighted Average September 30, 2022 Premium Amortized Cost Gains Losses Fair Value Coupon Yield Life Securitized residential mortgage loans, at fair value (2) Non-Agency Loans $ 2,171,845 $ 60,890 $ 2,232,735 $ — $ (234,729) $ 1,998,006 5.01 % 4.68 % 10.08 Agency-Eligible Loans 1,263,827 (1,641) 1,262,186 — (120,041) 1,142,145 3.87 % 4.07 % 9.84 Re- and Non-Performing Loans 335,199 (39,602) 295,597 2,053 (18,393) 279,257 3.90 % 7.14 % 5.02 Total Securitized residential mortgage loans, at fair value $ 3,770,871 $ 19,647 $ 3,790,518 $ 2,053 $ (373,163) $ 3,419,408 4.53 % 4.68 % 9.55 Residential mortgage loans, at fair value Non-Agency Loans $ 744,611 $ (7,031) $ 737,580 $ 3,748 $ (54,860) $ 686,468 5.37 % 5.37 % 6.56 Agency-Eligible Loans 96,643 554 97,197 — (3,789) 93,408 5.89 % 5.70 % 5.49 Re- and Non-Performing Loans 3,883 (2,035) 1,848 2,047 — 3,895 N/A 63.09 % 1.83 Total Residential mortgage loans, at fair value $ 845,137 $ (8,512) $ 836,625 $ 5,795 $ (58,649) $ 783,771 5.43 % 5.69 % 6.42 Total as of September 30, 2022 $ 4,616,008 $ 11,135 $ 4,627,143 $ 7,848 $ (431,812) $ 4,203,179 4.70 % 4.87 % 8.98 Unpaid Principal Balance Gross Unrealized Weighted Average December 31, 2021 Premium Amortized Cost Gains Losses Fair Value Coupon Yield Life Securitized residential mortgage loans, at fair value (2) Non-Agency Loans $ 777,828 $ 30,739 $ 808,567 $ 5,821 $ (1,005) $ 813,383 5.13 % 3.96 % 4.50 Re- and Non-Performing Loans 377,923 (44,971) 332,952 14,914 (3,115) 344,751 3.55 % 5.90 % 7.17 Total Securitized residential mortgage loans, at fair value $ 1,155,751 $ (14,232) $ 1,141,519 $ 20,735 $ (4,120) $ 1,158,134 4.61 % 4.53 % 5.37 Residential mortgage loans, at fair value Non-Agency Loans $ 987,290 $ 35,647 $ 1,022,937 $ 9,336 $ (1,458) $ 1,030,815 4.75 % 3.76 % 5.01 Agency-Eligible Loans 429,424 10,039 439,463 1,723 (349) 440,837 3.64 % 3.19 % 6.84 Re- and Non-Performing Loans 6,528 (3,536) 2,992 2,328 — 5,320 N/A 31.18 % 2.24 Total Residential mortgage loans, at fair value $ 1,423,242 $ 42,150 $ 1,465,392 $ 13,387 $ (1,807) $ 1,476,972 4.41 % 3.69 % 5.55 Total as of December 31, 2021 $ 2,578,993 $ 27,918 $ 2,606,911 $ 34,122 $ (5,927) $ 2,635,106 4.50 % 4.06 % 5.47 (1) This is based on projected life. Typically, actual maturities are shorter than stated contractual maturities. Maturities are affected by the lives of the underlying mortgage loans, periodic payments of principal, and prepayments of principal. (2) Refer to the "Variable interest entities" section below for additional details related to the assets and liabilities of VIEs consolidated on the Company's consolidated balance sheets. The following tables present information regarding credit quality of the Company's residential mortgage loans ($ in thousands). Unpaid Principal Balance Weighted Average (1)(2) Aging by Unpaid Principal Balance (1)(3) September 30, 2022 Loan Count (1) Original LTV Ratio Current FICO (4) Current 30-59 Days 60-89 Days 90+ Days Securitized residential mortgage loans Non-Agency Loans $ 2,171,845 4,380 69.35 % 731 $ 2,133,670 $ 26,433 $ 4,419 $ 7,323 Agency-Eligible Loans 1,263,827 3,876 66.28 % 760 1,253,858 9,969 — — Re- and Non-Performing Loans 335,199 2,298 79.62 % 640 237,314 30,534 10,973 56,378 Total Securitized residential mortgage loans 3,770,871 10,554 69.23 % 732 3,624,842 66,936 15,392 63,701 Residential mortgage loans Non-Agency Loans 744,611 1,245 68.91 % 736 729,120 3,872 4,690 6,929 Agency-Eligible Loans 96,643 293 70.28 % 762 96,292 — 351 — Re- and Non-Performing Loans (1) 3,883 N/A N/A N/A N/A N/A N/A N/A Total Residential mortgage loans 845,137 1,538 69.06 % 739 825,412 3,872 5,041 6,929 Total as of September 30, 2022 $ 4,616,008 12,092 69.20 % 734 $ 4,450,254 $ 70,808 $ 20,433 $ 70,630 Unpaid Principal Balance Weighted Average (1)(2) Aging by Unpaid Principal Balance (1)(3) December 31, 2021 Loan Count (1) Original LTV Ratio Current FICO (4) Current 30-59 Days 60-89 Days 90+ Days Securitized residential mortgage loans Non-Agency Loans $ 777,828 1,562 68.03 % 733 $ 767,734 $ 6,495 $ 1,036 $ 2,563 Re- and Non-Performing Loans 377,923 2,540 79.20 % 639 256,094 35,974 12,324 73,531 Total Securitized residential mortgage loans 1,155,751 4,102 71.68 % 697 1,023,828 42,469 13,360 76,094 Residential mortgage loans Non-Agency Loans 987,290 1,886 69.39 % 737 967,910 9,101 1,630 8,649 Agency-Eligible Loans 429,424 1,339 65.44 % 754 425,594 3,830 — — Re- and Non-Performing Loans (1) 6,528 N/A N/A N/A N/A N/A N/A N/A Total Residential mortgage loans 1,423,242 3,225 68.19 % 742 1,393,504 12,931 1,630 8,649 Total as of December 31, 2021 $ 2,578,993 7,327 69.76 % 723 $ 2,417,332 $ 55,400 $ 14,990 $ 84,743 (1) Loan count, weighted average, and aging data excludes the Re- and Non-Performing Loans subcategory of Residential mortgage loans above as there may be limited data available regarding the underlying collateral of these residual positions. (2) Amounts are weighted based on unpaid principal balance. (3) As of September 30, 2022, the Company had residential mortgage loans that were 90+ days delinquent and loans in the process of foreclosure with a fair value of $23.2 million and $39.0 million, respectively. As of December 31, 2021, the Company had residential mortgage loans that were 90+ days delinquent and loans in the process of foreclosure with a fair value of $47.4 million and $29.0 million, respectively. (4) Weighted average current FICO excludes borrowers where FICO scores were not available. During the three and nine months ended September 30, 2022, the Company purchased Non-Agency Loans and Agency-Eligible Loans, as detailed below (in thousands). A portion of these loans were purchased from Arc Home. See Note 10 for more detail. Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Unpaid Principal Balance Fair Value Unpaid Principal Balance Fair Value Non-Agency Loans $ 515,592 $ 510,328 $ 1,441,292 $ 1,450,892 Agency-Eligible Loans 386,003 381,256 993,126 986,734 Total $ 901,595 $ 891,584 $ 2,434,418 $ 2,437,626 The Company did not sell any residential mortgage loans during the three and nine months ended September 30, 2022 or the three months ended September 30, 2021. For the nine months ended September 30, 2021, the Company sold residential mortgage loans as detailed below ($ in thousands). Number of Loans Proceeds Realized Gains Realized Losses Nine months ended September 30, 2021 (1) 368 $ 47,219 $ 8,166 $ (350) (1) Includes $1.6 million of proceeds on one residual position where the Company previously consolidated the securitization. The Company’s residential mortgage loan portfolio consisted of mortgage loans on residential real estate located throughout the United States. The following is a summary of the geographic concentration of credit risk as of September 30, 2022 and December 31, 2021 and includes states where the exposure is greater than 5% of the fair value the Company's residential mortgage loan portfolio. Geographic Concentration of Credit Risk (1) September 30, 2022 December 31, 2021 California 33 % 35 % New York 16 % 15 % Florida 10 % 11 % New Jersey 6 % 6 % (1) Excludes the Re- and Non-Performing Loans subcategory of Residential mortgage loans above as there may be limited data available regarding the underlying collateral of these residual positions. The following is a summary of the changes in the accretable portion of the discount for the Company’s securitized re-performing and non-performing loan portfolios for the three and nine months ended September 30, 2022 and 2021, which is determined by the Company’s estimate of undiscounted principal expected to be collected in excess of the amortized cost of the mortgage loan (in thousands). Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Beginning Balance $ 43,901 $ 51,672 $ 46,521 $ 56,907 Accretion (1,587) (1,318) (5,012) (3,669) Reclassifications from/(to) non-accretable difference 1,579 (3,548) 2,384 (871) Disposals (141) (42) (141) (5,603) Ending Balance $ 43,752 $ 46,764 $ 43,752 $ 46,764 Variable interest entities The following table details certain information related to the assets and liabilities of the Residential Mortgage Loan VIEs as of September 30, 2022 and December 31, 2021 ($ in thousands). September 30, 2022 December 31, 2021 Carrying Value Weighted Average Carrying Value Weighted Average Yield Life (Years) (1) Yield Life (Years) (1) Assets Non-Agency VIEs $ 1,998,006 4.68 % 10.08 $ 813,383 3.96 % 4.50 Agency-Eligible VIEs 1,142,145 4.07 % 9.84 — — % — RPL/NPL VIEs 279,257 7.14 % 5.02 344,751 5.90 % 7.17 Securitized residential mortgage loans, at fair value $ 3,419,408 4.68 % 9.55 $ 1,158,134 4.53 % 5.37 Restricted cash 1,236 1,467 Other assets 15,873 6,457 Total Assets $ 3,436,517 $ 1,166,058 Liabilities Non-Agency VIEs $ 1,786,806 3.72 % 6.35 $ 746,970 1.63 % 2.36 Agency-Eligible VIEs 1,047,059 3.91 % 9.29 — — % — RPL/NPL VIEs 191,263 3.09 % 2.21 252,245 3.06 % 3.75 Securitized debt, at fair value (2) $ 3,025,128 3.75 % 7.20 $ 999,215 2.00 % 2.71 Other liabilities 9,586 1,482 Total Liabilities $ 3,034,714 $ 1,000,697 Total Equity (3) $ 401,803 $ 165,361 (1) This is based on projected life. Typically, actual maturities are shorter than stated contractual maturities. Maturities are affected by the contractual lives of the underlying mortgages, periodic payments of principal, and prepayments of principal. (2) The holders of the securitized debt have no recourse to the general credit of the Company. The Company has no obligation to provide any other explicit or implicit support to the Residential Mortgage Loan VIEs. (3) As of September 30, 2022 and December 31, 2021, the Company had outstanding financing arrangements of $211.5 million and $71.3 million, respectively, collateralized by certain of the Company's retained interests in the Residential Mortgage Loan VIEs. See Note 6 for more detail regarding the Company's financing arrangements. Commercial loans As of September 30, 2022 and December 31, 2021, the Company did not hold any commercial loans.

Real Estate Securities

Real Estate Securities	9 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Real Estate Securities	Real Estate Securities The following tables detail the Company’s real estate securities portfolio as of September 30, 2022 and December 31, 2021 ($ in thousands). The gross unrealized gains/(losses) in the tables below represent inception to date unrealized gains/(losses). Current Face Premium / (Discount) Amortized Cost Gross Unrealized Weighted Average September 30, 2022 Gains Losses Fair Value Coupon (1) Yield Non-Agency RMBS Agency-Eligible Securities $ 16,897 $ (6,762) $ 10,135 $ 169 $ (110) $ 10,194 2.99 % 8.50 % Non-Agency Securities (2) 14,894 (210) 14,684 — (4,486) 10,198 4.35 % 4.58 % Non-Agency RMBS Interest Only (2) 111,990 (109,080) 2,910 2,011 — 4,921 0.38 % 33.04 % Total Non-Agency RMBS 143,781 (116,052) 27,729 2,180 (4,596) 25,313 1.55 % 11.69 % Agency RMBS Interest Only 130,457 (110,124) 20,333 29 (819) 19,543 2.97 % 7.48 % Total as of September 30, 2022 $ 274,238 $ (226,176) $ 48,062 $ 2,209 $ (5,415) $ 44,856 2.40 % 9.86 % Current Face Premium / (Discount) Amortized Cost Gross Unrealized Weighted Average December 31, 2021 Gains Losses Fair Value Coupon (1) Yield Non-Agency RMBS Non-Agency Securities (2) $ 14,894 $ (236) $ 14,658 $ — $ (58) $ 14,600 4.36 % 4.74 % Non-Agency RMBS Interest Only (2) 160,154 (156,647) 3,507 — (112) 3,395 0.38 % 10.12 % Re/Non-Performing Securities 696 (24) 672 90 — 762 5.25 % 29.69 % Total Non-Agency RMBS 175,744 (156,907) 18,837 90 (170) 18,757 1.02 % 6.73 % Agency RMBS 30 Year Fixed Rate 490,435 11,927 502,362 — (6,649) 495,713 2.18 % 1.78 % Total as of December 31, 2021 $ 666,179 $ (144,980) $ 521,199 $ 90 $ (6,819) $ 514,470 1.99 % 1.96 % (1) Equity residual investments with a zero coupon rate are excluded from this calculation. (2) Comprised of Non-QM securities and Non-QM interest-only bonds. The following tables summarize the Company's real estate securities according to their projected weighted average life classifications as of September 30, 2022 and December 31, 2021 ($ in thousands). Non-Agency RMBS Agency RMBS September 30, 2022 Weighted Average Life (1) Fair Value Amortized Cost Weighted Average Coupon (2) Fair Value Amortized Cost Weighted Average Coupon Greater than one year and less than or equal to five years $ 4,921 $ 2,910 0.38 % $ — $ — — % Greater than five years and less than or equal to ten years — — — % 19,543 20,333 2.97 % Greater than ten years 20,392 24,819 3.62 % — — — % Total as of September 30, 2022 $ 25,313 $ 27,729 1.55 % $ 19,543 $ 20,333 2.97 % Non-Agency RMBS Agency RMBS December 31, 2021 Weighted Average Life (1) Fair Value Amortized Cost Weighted Average Coupon (2) Fair Value Amortized Cost Weighted Average Coupon Less than or equal to 1 year $ 543 $ 511 5.25 % $ — $ — — % Greater than one year and less than or equal to five years 18,214 18,326 1.00 % — — — % Greater than five years and less than or equal to ten years — — — % 474,104 480,204 2.19 % Greater than ten years — — — % 21,609 22,158 2.00 % Total as of December 31, 2021 $ 18,757 $ 18,837 1.02 % $ 495,713 $ 502,362 2.18 % (1) This is based on projected life. Typically, actual maturities are shorter than stated contractual maturities. Maturities are affected by the contractual lives of the underlying mortgages, periodic payments of principal and prepayments of principal. (2) Equity residual investments securities with a zero coupon rate are excluded from this calculation. During the three and nine months ended September 30, 2022 and 2021, the Company sold real estate securities, as summarized below ($ in thousands). Three Months Ended Nine Months Ended Number of Securities Proceeds Realized Gains Realized Losses Number of Securities Proceeds Realized Gains Realized Losses September 30, 2022 2 $ 13,017 $ 168 — 18 $ 526,258 $ 736 $ (35,240) September 30, 2021 4 202,819 — (4,795) 73 760,689 12,355 (22,032)

Fair value measurements

Fair value measurements	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair value measurements	Fair value measurements The following tables present the Company’s financial instruments measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 (in thousands). Fair Value at September 30, 2022 Level 1 Level 2 Level 3 Total Assets: Securitized residential mortgage loans $ — $ — $ 3,419,408 $ 3,419,408 Residential mortgage loans — 814 782,957 783,771 Non-Agency RMBS (1) — 10,194 10,198 20,392 Non-Agency RMBS Interest Only — — 4,921 4,921 Agency Interest Only — 19,543 — 19,543 Derivative assets (2) — 38,413 340 38,753 AG Arc (3) — — 46,588 46,588 Total Assets Measured at Fair Value $ — $ 68,964 $ 4,264,412 $ 4,333,376 Liabilities: Securitized debt $ — $ — $ (3,025,128) $ (3,025,128) Derivative liabilities — — (1,543) (1,543) Total Liabilities Measured at Fair Value $ — $ — $ (3,026,671) $ (3,026,671) Fair value at December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Securitized residential mortgage loans $ — $ — $ 1,158,134 $ 1,158,134 Residential mortgage loans — 915 1,476,057 1,476,972 Non-Agency RMBS (1) — — 15,362 15,362 Non-Agency RMBS Interest Only — — 3,395 3,395 30 Year Fixed Rate Agency RMBS — 495,713 — 495,713 Derivative assets (2) — 19,781 — 19,781 AG Arc (3) — — 53,435 53,435 Total Assets Measured at Fair Value $ — $ 516,409 $ 2,706,383 $ 3,222,792 Liabilities: Securitized debt $ — $ — $ (999,215) $ (999,215) Derivative liabilities (2) — (897) (79) (976) Total Liabilities Measured at Fair Value $ — $ (897) $ (999,294) $ (1,000,191) (1) Non-Agency RMBS is comprised of Non-Agency, Agency-Eligible, and Re/Non-Performing Securities. (2) As of September 30, 2022, the Company applied a reduction in fair value of $38.3 million to its interest rate swap assets related to variation margin with a corresponding increase in restricted cash, net of collateral posted by the Company's derivative counterparties. As of December 31, 2021, the Company applied a reduction in fair value of $19.6 million and $0.9 million to its interest rate swap assets and liabilities, respectively, related to variation margin with a corresponding increase or decrease in restricted cash, respectively. Derivative assets and liabilities are included in the "Other assets" and "Other liabilities" line items on the consolidated balance sheets, respectively. Refer to Note 2 and Note 7 for more information on the Company's accounting policies with regard to derivatives. (3) Refer to Note 2 for more information on the Company's accounting policies with regard to AG Arc. The table above includes the Company's investment in AG Arc, which is included in its "Investments in debt and equity of affiliates" line item on the consolidated balance sheets, as the Company has chosen to elect the fair value option with respect to its investment pursuant to ASC 825. The valuation of the Company’s residential mortgage loans, securitized debt relating to the Residential Mortgage Loan VIEs, certain securities, and forward purchase commitments is determined by the Manager using third-party pricing services where available, valuation analyses from third-party pricing service providers, or model-based pricing. Third-party pricing service providers conduct independent valuation analyses based on a review of source documents, available market data, and comparable investments. The analyses provided by valuation service providers are reviewed and considered by the Manager. The evaluation considers the underlying characteristics of each loan, which are observable inputs, including: coupon, maturity date, loan age, reset date, collateral type, periodic and life cap, geography, and prepayment speeds. The Company also considers loan servicing data, as available, forward interest rates, general economic conditions, home price index forecasts, and valuations of the underlying properties. The variables considered most significant to the determination of the fair value of the Company's residential mortgage loans, securitized debt, and forward purchase commitments include market-implied discount rates, projections of default rates, delinquency rates, prepayment rates, loss severity, recovery rates, reperformance rates, timeline to liquidation, and, for forward purchase commitments, pull-through rates. The Company and third-party pricing service providers use loan level data and macro-economic inputs to generate loss adjusted cash flows and other information in determining the fair value. Because of the inherent uncertainty of such valuation, the fair value established for mortgage loans, securitized debt, and forward purchase commitments held by the Company may differ from the fair value that would have been established if a ready market existed for these mortgage loans. Fair values for the Company’s securities and derivatives may be based upon prices obtained from third-party pricing services or broker quotations. The valuation methodology of the Company’s third-party pricing services incorporates commonly used market pricing methods, including a spread measurement to various indices, which are observable inputs. The evaluation also considers the underlying characteristics of each investment, which are also observable inputs, including: coupon, maturity date, loan age, reset date, collateral type, periodic and life cap, geography, and prepayment speeds. The Company collects and considers current market intelligence on all major markets, including benchmark security evaluations and bid-lists from various sources, when available. As part of the Company’s risk management process, the Company reviews and analyzes all prices obtained by comparing prices to recently completed transactions involving the same or similar investments on or near the reporting date. If, in the opinion of the Manager, one or more prices reported to the Company are not reliable or unavailable, the Manager reviews the fair value based on characteristics of the investment it receives from the issuer and available market information. The Company's investment in Arc Home is evaluated on a periodic basis using a market approach. In applying the market approach, fair value is determined by multiplying Arc Home's book value by a relevant valuation multiple observed based on a range of comparable public entities or transactions, adjusted by management as appropriate for differences between the investment and the referenced comparables. The evaluation also considers the underlying financial performance of Arc Home, general economic conditions, and relevant trends within the mortgage banking industry. Changes in the market environment and other events that may occur over the life of these investments may cause the gains or losses ultimately realized to be different than the valuations currently estimated. If applicable, analyses provided by valuation service providers are reviewed and considered by the Manager. The significant unobservable inputs used in the fair value measurement of the Company’s loans and securities are yields, prepayment rates, probability of default, and loss severity in the event of default. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement. Generally, a change in the assumption used for the probability of default is accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for prepayment rates. The significant unobservable input used in the fair value measurement of the Company’s investment in Arc Home is the book value multiple. Significant increases (decreases) in the multiple applied would result in a significantly higher (lower) fair value measurement. The Company did not have any transfers of assets or liabilities between Levels 1 and 2 of the fair value hierarchy during the three and nine months ended September 30, 2022 and 2021. Refer to the tables below for details on transfers between the Level 3 and Level 2 categories under ASC 820. Transfers into the Level 3 category of the fair value hierarchy occur due to instruments exhibiting indications of reduced levels of market transparency. Transfers out of the Level 3 category of the fair value hierarchy occur due to instruments exhibiting indications of increased levels of market transparency. Indications of increases or decreases in levels of market transparency include a change in observable transactions or executable quotes involving these instruments or similar instruments. Changes in these indications could impact price transparency, and thereby cause a change in level designations in future periods. The following tables present additional information about the Company’s assets and liabilities which are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value. Three Months Ended September 30, 2022 (in thousands) Residential Non-Agency Non-Agency Derivative assets AG Arc Securitized Derivative liabilities Beginning balance $ 3,569,557 $ 11,265 $ 4,314 $ 2,211 $ 50,170 $ (2,467,766) $ (7,058) Purchases 883,256 — — — — — — Issuances of Securitized Debt — — — — — (763,294) — Capital distributions — — — — (1,070) — — Proceeds from settlement (95,895) (43) — (1,792) — 82,826 6,709 Total net gains/(losses) (2) Included in net income (154,553) (1,024) 607 (79) (2,512) 123,106 (1,194) Ending Balance $ 4,202,365 $ 10,198 $ 4,921 $ 340 $ 46,588 $ (3,025,128) $ (1,543) Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of September 30, 2022 (3) $ (153,687) $ (1,019) $ 607 $ 340 $ (2,512) $ 123,106 $ (1,543) (1) Includes Securitized residential mortgage loans. (2) Gains/(losses) are recorded in the following line items in the consolidated statement of operations: Net unrealized gain/(loss) $ (28,345) Net realized gain/(loss) (4,792) Equity in earnings/(loss) from affiliates (2,512) Total $ (35,649) (3) Unrealized gains/(losses) are recorded in the following line items in the consolidated statement of operations: Net unrealized gain/(loss) $ (32,082) Equity in earnings/(loss) from affiliates (2,512) Total $ (34,594) Three Months Ended September 30, 2021 (in thousands) Residential Non-Agency Commercial Excess Mortgage Derivative Assets AG Arc Securitized Derivative Liabilities Beginning balance $ 1,028,378 $ 1,183 $ 62,279 $ 2,608 $ — $ 50,862 $ (482,533) $ — Purchases/Transfers 608,771 — — — — — — — Issuances of Securitized Debt — — — — — — (260,086) — Capital distributions — — — — — (893) — — Proceeds from sales of assets — — — (2,364) — — — — Proceeds from settlement (42,095) (396) (70,195) — — — 34,407 — Total net gains/(losses) (2) Included in net income 11,137 (27) 7,916 (174) 841 1,980 (209) (46) Ending Balance $ 1,606,191 $ 760 $ — $ 70 $ 841 $ 51,949 $ (708,421) $ (46) Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of September 30, 2021 (3) $ 10,880 $ (27) $ — $ 523 $ 841 $ 1,980 $ (209) $ (46) (1) Includes Securitized residential mortgage loans. (2) Gains/(losses) are recorded in the following line items in the consolidated statement of operations: Net unrealized gain/(loss) $ 20,389 Net realized gain/(loss) (951) Equity in earnings/(loss) from affiliates 1,980 Total $ 21,418 (3) Unrealized gains/(losses) are recorded in the following line items in the consolidated statement of operations: Net unrealized gain/(loss) $ 11,962 Equity in earnings/(loss) from affiliates 1,980 Total $ 13,942 Nine Months Ended September 30, 2022 (in thousands) Residential Non-Agency Non-Agency Derivative assets AG Arc Securitized Derivative liabilities Beginning balance $ 2,634,191 $ 15,362 $ 3,395 $ — $ 53,435 $ (999,215) $ (79) Purchases 2,416,221 — — — — — — Issuances of Securitized Debt — — — — — (2,650,616) — Capital distributions — — — — (1,070) — — Proceeds from settlement (393,170) (664) — (2,208) — 320,502 14,514 Total net gains/(losses) (2) Included in net income (454,877) (4,500) 1,526 2,548 (5,777) 304,201 (15,978) Ending Balance $ 4,202,365 $ 10,198 $ 4,921 $ 340 $ 46,588 $ (3,025,128) $ (1,543) Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of September 30, 2022 (3) $ (455,293) $ (4,401) $ 1,526 $ 340 $ (5,777) $ 304,201 $ (1,543) (1) Includes Securitized residential mortgage loans. (2) Gains/(losses) are recorded in the following line items in the consolidated statement of operations: Net unrealized gain/(loss) $ (154,843) Net realized gain/(loss) (12,237) Equity in earnings/(loss) from affiliates (5,777) Total $ (172,857) (3) Unrealized gains/(losses) are recorded in the following line items in the consolidated statement of operations: Net unrealized gain/(loss) $ (155,170) Equity in earnings/(loss) from affiliates (5,777) Total $ (160,947) Nine Months Ended September 30, 2021 (in thousands) Residential Non-Agency Commercial Excess Mortgage Derivative assets AG Arc Securitized Derivative liabilities Beginning balance $ 433,307 $ 3,100 $ 125,508 $ 3,158 $ — $ 45,341 $ (355,159) $ — Transfers (2): Transfers out of level 3 — (1,499) — — — — — — Purchases 1,261,568 — 5,100 — — — — — Issuances of Securitized Debt — — — — — — (463,478) — Capital distributions — — — — — (893) — — Proceeds from sales of assets (45,615) — (74,342) (2,364) — — — — Proceeds from settlement (75,746) (897) (70,232) — — — 113,338 — Total net gains/(losses) (3) Included in net income 32,677 56 13,966 (724) 841 7,501 (3,122) (46) Ending Balance $ 1,606,191 $ 760 $ — $ 70 $ 841 $ 51,949 $ (708,421) $ (46) Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of September 30, 2021 (4) $ 25,481 $ 56 $ — $ (27) $ 841 $ 7,501 $ (3,122) $ (46) (1) Includes Securitized residential mortgage loans. (2) Transfers are assumed to occur at the beginning of the period. During the nine months ended September 30, 2021, the Company transferred one Non-Agency RMBS into the Level 2 category from the Level 3 category under the fair value hierarchy of ASC 820. (3) Gains/(losses) are recorded in the following line items in the consolidated statement of operations: Net unrealized gain/(loss) $ 40,472 Net realized gain/(loss) 3,176 Equity in earnings/(loss) from affiliates 7,501 Total $ 51,149 (4) Unrealized gains/(losses) are recorded in the following line items in the consolidated statement of operations: Net unrealized gain/(loss) $ 23,183 Equity in earnings/(loss) from affiliates 7,501 Total $ 30,684 The following tables present a summary of quantitative information about the significant unobservable inputs used in the fair value measurement of investments for which the Company has utilized Level 3 inputs to determine fair value. Asset Class Fair Value at September 30, 2022 Valuation Technique Unobservable Input Range Yield 4.75% - 6.66% (5.89%) Securitized residential mortgage loans $ 3,419,408 Discounted Cash Flow Projected Collateral Prepayments 5.31% - 16.78% (6.76%) Projected Collateral Losses 0.03% - 1.38% (0.19%) Projected Collateral Severities -1.63% - 20.00% (14.88%) Yield 6.19% - 7.88% (6.82%) Residential mortgage loans $ 779,876 Discounted Cash Flow Projected Collateral Prepayments 2.79% - 26.25% (14.89%) Projected Collateral Losses 0.00% - 17.33% (0.28%) Projected Collateral Severities -14.20% - 10.00% (9.77%) $ 3,081 Consensus Pricing Offered Quotes 93.98 - 109.03 (102.53) Yield 6.45% - 11.85% (8.92%) Non-Agency RMBS $ 10,198 Discounted Cash Flow Projected Collateral Prepayments 8.55% - 8.55% (8.55%) Projected Collateral Losses 0.19% - 0.19% (0.19%) Projected Collateral Severities 10.00% - 10.00% (10.00%) Yield 10.00% - 14.00% (13.32%) Non-Agency RMBS Interest Only $ 4,921 Discounted Cash Flow Projected Collateral Prepayments 8.55% - 8.55% (8.55%) Projected Collateral Losses 0.19% - 0.19% (0.19%) Projected Collateral Severities 10.00% - 10.00% (10.00%) Yield 6.55% - 8.53% (7.25%) Derivative assets $ 340 Discounted Cash Flow Projected Collateral Prepayments 10.83% - 34.73% (23.47%) Projected Collateral Losses 0.01% - 1.66% (0.49%) Projected Collateral Severities 10.00% - 10.00% (10.00%) Pull Through Percentages 45.00% - 100.00% (73.63%) AG Arc $ 46,588 Comparable Multiple Book Value Multiple 0.94x - 0.94x (0.94x) Liability Class Fair Value at September 30, 2022 Valuation Technique Unobservable Input Range Yield 4.86% - 15.00% (5.59%) Securitized debt $ (3,025,128) Discounted Cash Flow Projected Collateral Prepayments 5.31% - 16.78% (6.67%) Projected Collateral Losses 0.03% - 6.97% (1.00%) Projected Collateral Severities -1.63% - 20.00% (15.26%) Yield 6.46% - 7.54% (6.86%) Derivative liabilities $ (1,543) Discounted Cash Flow Projected Collateral Prepayments 9.04% - 31.75% (21.86%) Projected Collateral Losses 0.00% - 1.02% (0.13%) Projected Collateral Severities 10.00% - 10.00% (10.00%) Pull Through Percentages 45.00% - 100.00% (89.70%) (1) Amounts are weighted based on fair value. Asset Class Fair Value at December 31, 2021 Valuation Technique Unobservable Input Range Yield 2.26% - 13.00% (3.12%) Securitized residential mortgage loans $ 1,158,134 Discounted Cash Flow Projected Collateral Prepayments 4.75% - 11.05% (9.51%) Projected Collateral Losses 0.38% - 4.40% (0.83%) Projected Collateral Severities -18.08% - 29.11% (10.10%) Yield 2.77% - 7.50% (3.37%) Residential mortgage loans $ 1,465,523 Discounted Cash Flow Projected Collateral Prepayments 0.00% - 25.89% (15.28%) Projected Collateral Losses 0.00% - 15.37% (0.30%) Projected Collateral Severities -14.86% - 10.00% (9.97%) $ 4,405 Consensus Pricing Broker Quotes 88.57 - 112.89 (102.59) $ 6,129 Recent Transaction Cost N/A Yield 3.42% - 15.00% (5.32%) Non-Agency RMBS $ 15,362 Discounted Cash Flow Projected Collateral Prepayments 5.70% - 12.99% (12.63%) Projected Collateral Losses 0.23% - 2.66% (0.35%) Projected Collateral Severities -43.98% - 10.00% (7.32%) Yield 10.00% - 12.50% (12.10%) Non-Agency RMBS Interest Only $ 3,395 Discounted Cash Flow Projected Collateral Prepayments 12.99% - 12.99% (12.99%) Projected Collateral Losses 0.23% - 0.23% (0.23%) Projected Collateral Severities 10.00% - 10.00% (10.00%) AG Arc $ 53,435 Comparable Multiple Book Value Multiple 1.06x - 1.06x (1.06x) Liability Class Fair Value at December 31, 2021 Valuation Technique Unobservable Input Range Yield 1.56% - 4.49% (2.15%) Securitized debt $ (999,215) Discounted Cash Flow Projected Collateral Prepayments 5.86% - 11.05% (9.66%) Projected Collateral Losses 0.38% - 2.93% (0.83%) Projected Collateral Severities 6.36% - 12.89% (10.15%) Yield 3.02% - 3.11% (3.03%) Derivative liabilities $ (79) Discounted Cash Flow Projected Collateral Prepayments 14.08% - 15.14% (14.23%) Projected Collateral Losses 0.15% - 0.20% (0.15%) Projected Collateral Severities 10.00% - 10.00% (10.00%) Pull Through Percentages 90.00% - 95.00% (90.69%) (1) Amounts are weighted based on fair value.

Financing arrangements

Financing arrangements	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Financing arrangements	Financing arrangements The following table presents a summary of the Company's financing arrangements as of September 30, 2022 and December 31, 2021 ($ in thousands). September 30, 2022 December 31, 2021 Weighted Average Collateral (1)(2) Repurchase Agreements Carrying Value Stated Maturity Funding Cost Life (Years) Amortized Cost Basis Fair Value Carrying Value Securitized residential mortgage loans (3) $ 211,483 Oct 2022 to Dec 2022 4.57 % 0.08 $ 419,389 $ 371,094 $ 71,308 Residential mortgage loans (4)(5) 693,835 Oct 2022 to Sept 2023 4.83 % 0.60 834,777 779,876 1,286,287 Non-Agency RMBS 15,891 Oct 2022 4.40 % 0.05 27,729 25,313 10,213 Agency RMBS 14,556 Oct 2022 3.41 % 0.02 18,247 17,428 409,935 Total Financing Arrangements $ 935,765 4.74 % 0.46 $ 1,300,142 $ 1,193,711 $ 1,777,743 (1) The Company also had $1.4 million and $5.0 million of cash pledged under repurchase agreements as of September 30, 2022 and December 31, 2021, respectively. (2) Under the terms of the Company’s financing agreements, the Company's financing counterparties may, in certain cases, sell or re-hypothecate the pledged collateral. (3) Amounts pledged as collateral under Securitized residential mortgage loans include certain of the Company's retained interests in securitizations. Refer to Note 3 for more information on the Residential Mortgage Loan VIEs. (4) The Company's Residential mortgage loan financing arrangements include a maximum uncommitted borrowing capacity of $2.6 billion on facilities used to finance Non-Agency and Agency-Eligible Loans. (5) The funding cost includes deferred financing costs. The weighted average stated rate on the Residential mortgage loans repurchase agreements was 4.82% as of September 30, 2022. The following table presents contractual maturity information about the Company's borrowings under financing arrangements as of September 30, 2022 ($ in thousands). Repurchase Agreements Within 30 Days Over 30 Days to 3 Months Over 3 Months to 12 Months Total Securitized residential mortgage loans $ 162,232 $ 49,251 $ — $ 211,483 Residential mortgage loans 993 — 692,842 693,835 Non-Agency RMBS 15,891 — — 15,891 Agency RMBS 14,556 — — 14,556 Total Financing Arrangements $ 193,672 $ 49,251 $ 692,842 $ 935,765 Counterparties The Company had outstanding financing arrangements with six and five counterparties as of September 30, 2022 and December 31, 2021, respectively. The following table presents information as of September 30, 2022 and December 31, 2021 with respect to each counterparty that provides the Company with financing for which the Company had greater than 5% of its stockholders’ equity at risk, excluding stockholders’ equity at risk under financing through affiliated entities ($ in thousands). September 30, 2022 December 31, 2021 Counterparty Stockholders' Equity Weighted Average Percentage of Stockholders' Equity Weighted Average Percentage of Credit Suisse AG, Cayman Islands Branch $ 131,523 127 28.3 % $ 129,526 101 22.7 % Barclays Capital Inc. 67,514 86 14.5 % 89,230 23 15.6 % BofA Securities, Inc. 35,718 191 7.7 % 33,153 317 5.8 % JP Morgan Securities, LLC 26,989 291 5.8 % (1) (1) (1) (1) As of December 31, 2021, the Company had less than 1% of its equity at risk under financing arrangements with JP Morgan Securities, LLC. Financial Covenants The Company’s financing arrangements generally include customary representations, warranties, and covenants, but may also contain more restrictive supplemental terms and conditions. Although specific to each financing arrangement, typical supplemental terms include requirements of minimum equity and liquidity, leverage ratios, and performance triggers. In

Other assets and liabilities

Other assets and liabilities	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Other assets and liabilities	Other assets and liabilities The following table details certain information related to the Company's "Other assets" and "Other liabilities" line items on its consolidated balance sheet as of September 30, 2022 and December 31, 2021 (in thousands). September 30, 2022 December 31, 2021 Other assets Interest receivable $ 21,079 $ 14,263 Derivative assets, at fair value 472 231 Other assets 3,118 4,519 Due from broker 563 1,887 Total Other assets $ 25,232 $ 20,900 Other liabilities Due to affiliates (1) $ 4,732 $ 4,106 Interest payable 11,363 2,925 Derivative liabilities, at fair value 1,543 92 Purchase price payable on loans (2) 794 87 Accrued expenses 3,365 2,169 Due to broker 92 990 Total Other liabilities $ 21,889 $ 10,369 (1) Refer to Note 10 for more information. (2) Represents the portion of the purchase price on certain Non-Agency and Agency-Eligible Loans that had not yet settled as of September 30, 2022 and December 31, 2021. Derivatives The following table presents the fair value of the Company's derivatives and other instruments and their balance sheet location as of September 30, 2022 and December 31, 2021 (in thousands). Derivatives and Other Instruments (1) Balance Sheet September 30, 2022 December 31, 2021 Pay Fix/Receive Float Interest Rate Swap Agreements (2) Other assets $ 132 $ 231 Short TBAs Other liabilities — (13) Forward Purchase Commitments Other assets 340 — Forward Purchase Commitments Other liabilities (1,543) (79) (1) As of September 30, 2022 and December 31, 2021, all derivatives held by the Company are not designated as hedges for accounting purposes. (2) As of September 30, 2022, the Company applied a reduction in fair value of $38.3 million to its interest rate swap assets related to variation margin with a corresponding increase in restricted cash, net of collateral posted by the Company's derivative counterparties. As of December 31, 2021, the Company applied a reduction in fair value of $19.6 million and $0.9 million to its interest rate swap assets and liabilities, respectively, related to variation margin with a corresponding increase or decrease in restricted cash, respectively. The following table summarizes information related to derivatives and other instruments (in thousands). Notional amount of non-hedge derivatives and other instruments: Notional Currency September 30, 2022 December 31, 2021 Pay Fix/Receive Float Interest Rate Swap Agreements (1) USD $ 684,000 $ 888,500 Short TBAs USD — 385,963 Forward Purchase Commitments USD 118,743 25,292 (1) As of September 30, 2022, the Company's pay fix/receive float interest rate swaps had a weighted average pay-fixed rate of 2.65%, a weighted average receive-variable rate of 2.98%, and a weighted average years to maturity of 4.76 years. As of December 31, 2021, the Company's pay fix/receive float interest rate swaps had a weighted average pay-fixed rate of 0.85%, a weighted average receive-variable rate of 0.15%, and a weighted average years to maturity of 5.51 years. Derivative and other instruments eligible for offset are presented gross on the consolidated balance sheets as of September 30, 2022 and December 31, 2021, if applicable. The Company has not offset or netted any derivatives or other instruments with any financial instruments or cash collateral posted or received. The Company must post cash or securities as collateral on its derivative instruments when their fair value declines. This typically occurs when prevailing market rates change adversely, with the severity of the change also dependent on the term of the derivatives involved. The posting of collateral is generally bilateral, meaning that if the fair value of the Company’s derivatives increases, its counterparty will post collateral to it. As of September 30, 2022, the Company's restricted cash balance included $19.2 million of collateral related to certain derivatives, of which $0.4 million represents cash collateral posted by the Company and $18.8 million represents amounts related to variation margin. As of December 31, 2021, the Company's restricted cash balance included $25.7 million of collateral related to certain derivatives, of which $7.0 million represents cash collateral posted by the Company and $18.7 million represents amounts related to variation margin. The following table summarizes gains/(losses) related to derivatives and other instruments (in thousands). Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Included within Net unrealized gain/(loss) Interest Rate Swaps $ (28,344) $ 10 $ 19,780 $ 12,565 Long TBAs 2,959 — — — Short TBAs — 1,290 13 1,357 Forward Purchase Commitments 3,644 795 (1,124) 795 British Pound Futures — — — 64 (21,741) 2,095 18,669 14,781 Included within Net realized gain/(loss) Interest Rate Swaps 58,165 1,657 103,381 2,554 Long TBAs (3,154) — (10,789) — Short TBAs — (1,087) 13,578 (1,087) Forward Purchase Commitments (4,917) — (12,306) — British Pound Futures — — — (165) 50,094 570 93,864 1,302 Total income/(loss) $ 28,353 $ 2,665 $ 112,533 $ 16,083 TBAs The following table presents information about the Company’s TBAs for the three and nine months ended September 30, 2022 and 2021 (in thousands). Three Months Ended Beginning Notional Amount Buys or Covers Sales or Shorts Ending Notional Fair Value as of Receivable/(Payable) Derivative September 30, 2022 Long TBAs $ 400,000 $ — $ (400,000) $ — $ — $ — $ — September 30, 2021 Short TBAs (130,000) 338,000 (515,500) 307,500 (316,937) 318,295 1,358 Nine Months Ended Beginning Notional Amount Buys or Covers Sales or Shorts Ending Notional Fair Value as of Receivable/(Payable) Derivative September 30, 2022 Long TBAs $ — $ 1,650,000 $ (1,650,000) $ — $ — $ — $ — September 30, 2022 Short TBAs (385,963) 1,320,852 (934,889) — — — — September 30, 2021 Short TBAs — 338,000 (645,500) (307,500) (316,937) 318,295 1,358

Earnings per share

Earnings per share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Earnings per share	Earnings per share Following the close of business on July 22, 2021, the Company effected a one-for-three reverse stock split of its outstanding shares of common stock. All per share amounts and common shares outstanding for all applicable periods presented in the unaudited consolidated financial statements have been adjusted on a retroactive basis to reflect the Company’s one-for-three reverse stock split. Refer to Note 2 and Note 11 for additional information. The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted earnings per share for the three and nine months ended September 30, 2022 and 2021 (in thousands, except per share data). Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Numerator: Net Income/(Loss) $ (2,869) $ 34,579 $ (64,794) $ 93,321 Gain on Exchange Offers, net (Note 11) — — — 472 Dividends on preferred stock (4,586) (4,586) (13,758) (14,199) Net income/(loss) available to common stockholders $ (7,455) $ 29,993 $ (78,552) $ 79,594 Denominator: Basic weighted average common shares outstanding 22,394 16,077 23,250 15,270 Diluted weighted average common shares outstanding 22,394 16,077 23,250 15,270 Earnings/(Loss) Per Share of Common Stock Basic $ (0.33) $ 1.87 $ (3.38) $ 5.21 Diluted $ (0.33) $ 1.87 $ (3.38) $ 5.21 Dividends The following tables detail the Company's common stock dividends declared during the nine months ended September 30, 2022 and 2021. 2022 Declaration Date Record Date Payment Date Cash Dividend Per Share 3/18/2022 3/31/2022 4/29/2022 $ 0.21 6/15/2022 6/30/2022 7/29/2022 0.21 9/15/2022 9/30/2022 10/31/2022 0.21 Total $ 0.63 2021 Declaration Date Record Date Payment Date Cash Dividend Per Share 3/22/2021 4/1/2021 4/30/2021 $ 0.18 6/15/2021 6/30/2021 7/30/2021 0.21 9/15/2021 9/30/2021 10/29/2021 0.21 Total $ 0.60 The following tables detail the Company's preferred stock dividends declared and paid during the nine months ended September 30, 2022 and 2021. 2022 Cash Dividend Per Share Declaration Date Record Date Payment Date 8.25% Series A 8.00% Series B 8.000% Series C 2/18/2022 2/28/2022 3/17/2022 $ 0.51563 $ 0.50 $ 0.50 5/2/2022 5/31/2022 6/17/2022 0.51563 0.50 0.50 8/3/2022 8/31/2022 9/19/2022 0.51563 0.50 0.50 Total $ 1.54689 $ 1.50 $ 1.50 2021 Cash Dividend Per Share Declaration Date Record Date Payment Date 8.25% Series A 8.00% Series B 8.000% Series C 2/16/2021 2/26/2021 3/17/2021 $ 0.51563 $ 0.50 $ 0.50 5/17/2021 5/28/2021 6/17/2021 0.51563 0.50 0.50 7/30/2021 8/31/2021 9/17/2021 0.51563 0.50 0.50 Total $ 1.54689 $ 1.50 $ 1.50

Income taxes

Income taxes	9 Months Ended
	Sep. 30, 2022
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 provided it satisfies on a continuing basis, through actual investment and operating results, the REIT requirements including certain asset, income, distribution and stock ownership tests. Most states follow U.S. federal income tax treatment of REITs. The Company elected to treat certain domestic subsidiaries as TRSs. The Company’s financial results are generally not expected to reflect provisions for current or deferred income taxes, except for any activities conducted through one or more TRSs that are subject to corporate income taxation. During the three and nine months ended September 30, 2022, the Company accrued income tax expense of $0.2 million which is recorded in the "Other operating expenses" line item on the consolidated statement of operations. The Company did not record any income tax expense for the three and nine months ended September 30, 2021. 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. For the three and nine months ended September 30, 2022 and 2021, the Company did not record any excise tax expense. The Company files tax returns in several U.S. jurisdictions. There are no ongoing U.S. federal, state or local tax examinations related to the Company. Based on its analysis of any potential uncertain income tax positions, the Company concluded it did not have any uncertain tax positions that meet the recognition or measurement criteria of ASC 740 as of September 30, 2022. The Company’s federal income tax returns for the last three tax years are open to examination by the Internal Revenue Service. In the event that the Company incurs income tax related interest and penalties, its policy is to classify them as a component of provision for income taxes.

Related party transactions

Related party transactions	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Related party transactions	Related party transactions Manager The Company has entered into a management agreement with the Manager, which provided for an initial term and will be deemed renewed automatically each year for an additional one-year period, subject to certain termination rights. The Company is externally managed and advised by the Manager. Pursuant to the terms of the management agreement, which became effective July 6, 2011 (upon the consummation of the Company’s initial public offering (the "IPO")), the Manager provides the Company with its management team, including its officers, along with appropriate support personnel. Each of the Company’s officers is an employee of Angelo Gordon. The Company does not have any employees. The Manager has delegated to Angelo Gordon the overall responsibility of its day-to-day duties and obligations arising under the Company’s management agreement. Below is a description of the fees and reimbursements provided in the management agreement. Management fee The Manager is entitled to a management fee equal to 1.50% per annum, calculated and paid quarterly, of the Company’s Stockholders’ Equity. For purposes of calculating the management fee, "Stockholders’ Equity" means the sum of the net proceeds from any issuances of equity securities (including preferred securities) since inception (allocated on a pro rata daily basis for such issuances during the fiscal quarter of any such issuance, and excluding any future equity issuance to the Manager), plus the Company’s retained earnings at the end of such quarter (without taking into account any non-cash equity compensation expense or other non-cash items described below incurred in current or prior periods), less any amount that the Company pays for repurchases of its common stock, excluding any unrealized gains, losses or other non-cash items that have impacted stockholders’ equity as reported in the Company’s 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. Stockholders’ Equity, for purposes of calculating the management fee, could be greater or less than the amount of stockholders’ equity shown on the Company’s financial statements. The below table details the management fees incurred during the three and nine months ended September 30, 2022 and 2021 (in thousands). Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Management fee to affiliate $ 2,064 $ 1,693 $ 5,984 $ 5,014 As of September 30, 2022 and December 31, 2021, the Company recorded management fees payable of $2.1 million and $1.8 million, respectively. The management fee payable is included within the "Due to affiliates" item within the "Other liabilities" line item on the consolidated balance sheets. Incentive fee In connection with the common stock offering in November 2021, including the Manager's purchase of 700,000 shares in the offering, on November 22, 2021, the Company and the Manager executed an amendment (the "Third Management Agreement Amendment") to the management agreement, pursuant to which the Company will pay the Manager an annual incentive fee in addition to the base management fee. Pursuant to the Third Amendment, the Manager waived the annual incentive fee with respect to the fiscal years ending December 31, 2021 and December 31, 2022, and the annual incentive fee will first be payable with respect to the fiscal year ending December 31, 2023. The annual incentive fee with respect to each applicable fiscal year will be equal to 15% of the amount by which the Company's cumulative adjusted net income from the date of the Third Amendment exceeds the cumulative hurdle amount, which represents an 8% return (cumulative, but not compounding) on an equity hurdle base consisting of the sum of (i) the Company's adjusted book value (calculated in the manner described in the Company's public filings) as of October 31, 2021, (ii) $80.0 million, and (iii) the gross proceeds of any subsequent public or private common stock offerings by the Company. The annual incentive fee will be payable in cash, or, at the option of the Company's Board of Directors, shares of common stock or a combination of cash and shares. In addition, pursuant to the Third Amendment, the term of the management agreement was extended until June 30, 2023, unless earlier terminated in accordance with its terms. Thereafter, the management agreement will continue to renew automatically each year for an additional one-year period, unless the Company or the Manager exercise its respective termination rights. All other terms and conditions of the management agreement continued without change. Termination fee Upon the occurrence of (i) the Company’s termination of the management agreement without cause or (ii) the Manager’s termination of the management agreement upon a breach by the Company of any material term of the management agreement, the Manager will be entitled to a termination fee equal to three times the average annual management fee during the 24-month period prior to such termination, calculated as of the end of the most recently completed fiscal quarter. As of September 30, 2022 and December 31, 2021, no event of termination of the management agreement had occurred. Expense reimbursement The Company is required to reimburse the Manager or its affiliates for operating expenses which are incurred by the Manager or its affiliates on behalf of the Company, including expenses relating to legal, accounting, due diligence and other services. The Company’s reimbursement obligation is not subject to any dollar limitation; however, the reimbursement is subject to an annual budget process which combines guidelines from the management agreement with oversight by the Company’s Board of Directors. The Company reimburses the Manager or its affiliates for the Company’s allocable share of the compensation, including, without limitation, annual base salary, bonus, any related withholding taxes and employee benefits paid to (i) the Company’s chief financial officer based on the percentage of time spent on Company affairs, (ii) the Company’s general counsel based on the percentage of time spent on the Company’s affairs, and (iii) other corporate finance, tax, accounting, internal audit, legal, risk management, operations, compliance and other non-investment personnel of the Manager and its affiliates who spend all or a portion of their time managing the Company’s affairs based upon the percentage of time devoted by such personnel to the Company’s affairs. In their capacities as officers or personnel of the Manager or its affiliates, they devote such portion of their time to the Company’s affairs as is necessary to enable the Company to operate its business. The Company records its expenses reimbursed to the Manager or its affiliates within the "Other operating expenses" and "Transaction related expenses" line items on the consolidated statements of operations. The below table details the expense reimbursement incurred during the three and nine months ended September 30, 2022 and 2021 (in thousands). Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Operating expenses (1) $ 1,405 $ 1,125 $ 4,215 $ 3,375 Deal related expenses (1) 261 189 637 518 Transaction related expenses (2) 738 251 2,484 331 Expense reimbursements to affiliates $ 2,404 $ 1,565 $ 7,336 $ 4,224 (1) Included in the "Other operating expenses" line item on the consolidated statement of operations. (2) Included in the "Transaction related expenses" line item on the consolidated statement of operations. For the year ended December 31, 2021, the Manager agreed to waive its right to receive expense reimbursements of $0.8 million. For the three and nine months ended September 30, 2021, the Company reduced its expense reimbursement amount by $0.2 million and $0.6 million, respectively. As of September 30, 2022 and December 31, 2021, the Company recorded a reimbursement payable to the Manager or its affiliates of $2.5 million and $2.1 million, respectively. The Reimbursement payable to the Manager or its affiliates is included within the "Due to affiliates" item within the "Other liabilities" line item on the consolidated balance sheets. Restricted stock grants Equity Incentive Plans Effective on April 15, 2020 upon the approval of the Company's stockholders at its 2020 annual meeting of stockholders, the 2020 Equity Incentive Plan provides for a maximum of 666,666 shares of common stock to be issued. The maximum number of shares of common stock granted during a single fiscal year to any non-employee director, taken together with any cash fees paid to such non-employee director during any fiscal year, shall not exceed $300,000 in total value (calculating the value of any such awards based on the grant date fair value). As of September 30, 2022, 570,901 shares of common stock were available to be awarded under the 2020 Equity Incentive Plan. Since inception of the 2020 Equity Incentive Plan and through September 30, 2022, the Company has granted an aggregate of 95,765 shares of restricted common stock to its independent directors under its 2020 Equity Incentive Plan, all of which have vested. Manager Equity Incentive Plans Following approval of the Company's stockholders at its 2021 annual meeting of stockholders, the AG Mortgage Investment Trust, Inc. 2021 Manager Equity Incentive Plan (the "2021 Manager Plan") became effective on April 7, 2021 and provides for a maximum of 573,425 shares of common stock that may be subject to awards thereunder to the Manager. As of September 30, 2022, there were no shares or awards issued under the 2021 Manager Plan. Director compensation The annual base director's fee for each independent director is $150,000, $70,000 of which is payable on a quarterly basis in cash and $80,000 of which is payable on a quarterly basis in shares of restricted common stock. The number of shares of restricted common stock to be issued each quarter to each independent director is determined based on the average of the high and low prices of the Company’s common stock on the New York Stock Exchange on the last trading day of each fiscal quarter. To the extent that any fractional shares would otherwise be issuable and payable to each independent director, a cash payment is made to each independent director in lieu of any fractional shares. All directors’ fees are paid pro rata (and restricted stock grants determined) on a quarterly basis in arrears, and shares issued are fully vested and non-forfeitable. These shares may not be sold or transferred by such director during the time of their service as an independent member of the Company’s board. As of September 30, 2022, the Company's Board of Directors consisted of four independent directors. Investments in debt and equity of affiliates The Company invests in credit sensitive residential assets through affiliated entities which hold an ownership interest in the assets. The Company is one investor, amongst other investors managed by affiliates of Angelo Gordon, in such entities and has applied the equity method of accounting for such investments. The below table reconciles the fair value of investments to the "Investments in debt and equity of affiliates" line item on the Company's consolidated balance sheets as of September 30, 2022 and December 31, 2021 (in thousands). September 30, 2022 December 31, 2021 Assets Liabilities Equity Assets Liabilities Equity MATT Non-QM Loans (1) $ 38,824 $ (24,406) $ 14,418 $ 45,837 $ (30,471) $ 15,366 Land Related Financing (2) 10,946 — 10,946 16,891 — 16,891 Re/Non-Performing Loans 8,212 (4,820) 3,392 9,298 (5,538) 3,760 Total Residential Investments 57,982 (29,226) 28,756 72,026 (36,009) 36,017 AG Arc, at fair value 46,588 — 46,588 53,435 — 53,435 Cash and Other assets/(liabilities) 4,394 (708) 3,686 3,698 (1,127) 2,571 Investments in debt and equity of affiliates $ 108,964 $ (29,934) $ 79,030 $ 129,159 $ (37,136) $ 92,023 (1) As of September 30, 2022 and December 31, 2021, MATT primarily holds retained tranches from past securitizations which continue to pay down and the Company does not expect to acquire additional investments within this equity method investment. (2) Land Related Financing continues to pay down and the Company does not expect to originate new loans within this equity method investment. The below table reconciles the net income/(loss) to the "Equity in earnings/(loss) from affiliates" line item on the Company's consolidated statements of operations for the three and nine months ended September 30, 2022 and 2021 (in thousands). Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 MATT Non-QM Loans $ 1,413 $ (644) $ 154 $ 15,277 Land Related Financing 300 598 1,248 1,848 Re/Non-Performing Loans 927 6,553 758 13,370 AG Arc (1) (4,266) 399 (11,646) 4,033 Other — (24) — (32) Equity in earnings/(loss) from affiliates $ (1,626) $ 6,882 $ (9,486) $ 34,496 (1) Earnings/(loss) recognized by AG Arc do not include the Company's portion of gains recorded by Arc Home in connection with the sale of residential mortgage loans to the Company. Refer to Note 2 for more information on this accounting policy. Transactions with affiliates Transactions with Red Creek Asset Management LLC In connection with the Company’s investments in residential mortgage loans, the Company engages asset managers to provide advisory, consultation, asset management and other services. The Company engaged Red Creek Asset Management LLC ("Asset Manager"), a related party of the Manager and direct subsidiary of Angelo Gordon, as the asset manager for certain of its residential mortgage loans. The Company pays the Asset Manager separate arm’s-length asset management fees as assessed periodically by a third-party valuation firm. The below table details the fees paid by the Company to the Asset Manager during the three and nine months ended September 30, 2022 and 2021 (in thousands). Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Fees paid to Asset Manager $ 825 $ 531 $ 2,007 $ 1,651 As of September 30, 2022 and December 31, 2021, the Company recorded asset management fees payable of $0.2 million and $0.2 million, respectively. Asset management fees payable are included within the "Due to affiliates" item within the "Other liabilities" line item on the consolidated balance sheets. Transactions with Arc Home Arc Home may sell loans to the Company, third-parties, or affiliates of the Manager. The below table details the unpaid principal balance of Non-Agency Loans and Agency-Eligible Loans sold to the Company and private funds under the management of Angelo Gordon during the three and nine months ended September 30, 2022 and 2021 (in thousands). Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Residential mortgage loans sold by Arc Home to the Company $ 350,257 $ 236,627 $ 1,028,339 $ 487,062 Residential mortgage loans sold by Arc Home to private funds under the management of Angelo Gordon 38,792 172,027 170,583 440,595 Arc Home may also enter into agreements with third-parties or affiliates of the Manager to sell rights to receive the excess servicing spread related to MSRs that it either purchases from third-parties or originates. The Company, directly or through its subsidiaries, previously entered into agreements with Arc Home to purchase rights to receive the excess servicing spread related to certain of Arc Home's MSRs, all of which were sold during 2021 as detailed below. In July 2021, the Company, alongside private funds under the management of Angelo Gordon, sold its remaining Agency Excess MSRs to Arc Home for total proceeds of $9.9 million. The portfolio had a total unpaid principal balance of $2.0 billion. The Company's share of the total proceeds was $2.7 million, representing its approximate 45% ownership interest. Arc Home subsequently sold its MSR portfolio to a third party. The Company enters into forward purchase commitments with Arc Home whereby the Company commits to purchase residential mortgage loans from Arc Home at a particular price on a best-efforts basis. Actual loan purchases are contingent upon successful loan closings. These commitments to purchase mortgage loans are classified as derivatives. See Note 7 and Note 12 for more detail. Securitization Transactions In May 2021, the Company, alongside private funds under the management of Angelo Gordon, participated through its unconsolidated ownership interest in MATT in a rated Non-QM Loan securitization, in which Non-QM Loans with a fair value of $171.4 million were securitized. Certain senior tranches in the securitization were sold to third parties with the Company and private funds under the management of Angelo Gordon retaining the subordinate tranches, which had a fair value of $25.7 million as of June 30, 2021. In November 2021, the Company, alongside a private fund under the management of Angelo Gordon, participated in a rated Non-QM Loan securitization, in which Non-QM Loans with a fair value of $225.9 million were securitized. Upon evaluating its investment in the VIE, the Company determined it was not the primary beneficiary and, as a result, did not consolidate the securitization trust. In addition, the Company determined the sale of the residential mortgage loans into the securitization qualified for sale accounting and derecognized the loans from its consolidated balance sheets. Certain senior tranches in the securitization were sold to third-parties with the Company and the private fund under the management of Angelo Gordon retaining the subordinate tranches, which had a fair value of $44.0 million as of December 31, 2021. The Company has a 40.9% interest in the retained subordinate tranches which represents its continuing involvement in the securitization trust. These retained subordinate tranches are included within the "Real estate securities, at fair value" line item on its consolidated balance sheets. Transactions under the Company's Affiliated Transaction Policy The below table details transactions where the Company purchased or sold assets from or to an affiliate of the Manager ($ in millions). The transactions were executed in accordance with the Company's Affiliated Transaction Policy. Refer to the "Transactions with Arc Home" section above for additional information related to transactions with Arc Home, which are excluded from the table below. Date Transaction Fair value (1) Pricing methodology March 2021 Sale of real estate securities $ 6.9 Competitive bidding process (2) April 2021 Sale of real estate securities 16.8 Third party pricing vendors (3) July 2021 Sale of real estate securities 17.6 Competitive bidding process (2) October 2021 Purchase of real estate securities (4) 3.5 Third party pricing vendors (3) November 2021 Purchase of residential mortgage loans (5) 181.8 Third party pricing vendors (3) (1) As of the transaction date. (2) The affiliate submitted an offer to purchase the securities from the Company in a competitive bidding process, which allowed the Company to confirm third-party market pricing and best execution. (3) Pricing was based on valuations prepared by third-party pricing vendors in accordance with the Company's policy. (4) The Company purchased the real estate securities through one of its unconsolidated affiliated entities.

Equity

Equity	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Equity	Equity Reverse stock split On July 12, 2021, the Company announced that its Board of Directors approved a one-for-three reverse stock split of its outstanding shares of common stock. The reverse stock split was effected following the close of business on July 22, 2021. At the Effective Time, every three issued and outstanding shares of the Company’s common stock were converted into one share of the Company’s common stock. No fractional shares were issued in connection with the reverse stock split. Instead, each stockholder holding fractional shares was entitled to receive, in lieu of such fractional shares, cash in an amount determined based on the closing price of the Company's common stock on the date of the Effective Time. As a result, the number of common shares outstanding was reduced from 48,510,978 immediately prior to the Effective Time to 16,170,312. The reverse stock split applied to all of the Company's outstanding shares of common stock and did not affect any stockholder’s ownership percentage of shares of the Company's common stock, except for immaterial changes resulting from the payment of cash for fractional shares. All per share amounts and common shares outstanding for all applicable periods presented in the unaudited consolidated financial statements have been adjusted on a retroactive basis to reflect the Company's one-for-three reverse stock split. Stock repurchase programs During the nine months ended September 30, 2022, the Company repurchased 1.4 million shares for $11.0 million under the common stock repurchase program authorized by the Company's Board of Directors on November 3, 2015 (the "2015 Repurchase Program"). During the three and nine months ended September 30, 2021, the Company repurchased 0.3 million shares for $2.8 million under the 2015 Repurchase Program. As of June 30, 2022, the $25.0 million maximum repurchase amount authorized under the 2015 Repurchase Program was fully utilized. On August 3, 2022, the Company's Board of Directors authorized a stock repurchase program (the "2022 Repurchase Program") to repurchase up to $15.0 million of the Company’s outstanding common stock on substantially the same terms as the 2015 Repurchase Program. The 2022 Repurchase Program does not have an expiration date and permits the Company to repurchase its shares through various methods, including open market repurchases, privately negotiated block transactions and Rule 10b5-1 plans. The Company may repurchase shares of its common stock from time to time in compliance with SEC regulations and other legal requirements. The extent to which the Company repurchases its shares, and the timing, manner, price, and amount of any such repurchases, will depend upon a variety of factors including market conditions and other corporate considerations as determined by the Company’s management, as well as the limits of the 2022 Repurchase Program and the Company's liquidity and business strategy. The 2022 Repurchase Program does not obligate the Company to acquire any particular amount of shares and may be modified or discontinued at any time. During the three and nine months ended September 30, 2022, the Company repurchased 0.4 million shares for $2.3 million under the 2022 Repurchase Program. As of September 30, 2022, approximately $12.7 million of common stock remained authorized for future share repurchases under the 2022 Repurchase Program. On February 22, 2021, the Company's Board of Directors authorized a stock repurchase program (the "Preferred Repurchase Program") pursuant to which the Company's Board of Directors granted a repurchase authorization to acquire shares of its Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock having an aggregate value of up to $20.0 million. No share repurchases under the Preferred Repurchase Program have been made since its authorization. Shares of stock repurchased by the Company under any repurchase program, if any, will be cancelled and, until reissued by the Company, will be deemed to be authorized but unissued shares of its stock as required by Maryland law. The cost of the acquisition by the Company of shares of its own stock in excess of the aggregate par value of the shares first reduces additional paid-in capital, to the extent available, with any residual cost applied against retained earnings. Equity distribution agreements On May 5, 2017, the Company entered into an equity distribution agreement with each of Credit Suisse Securities (USA) LLC and JMP Securities LLC (collectively, the "Sales Agents"), which the Company refers to as the "Equity Distribution Agreements," pursuant to which the Company may sell up to $100.0 million aggregate offering price of shares of its common stock from time to time through the Sales Agents under the Securities Act of 1933. For the three and nine months ended September 30, 2022, the Company did not issue any shares of common stock under the Equity Distribution Agreements. For the three months ended September 30, 2021, the Company did not issue any shares under the Equity Distribution Agreements. For the nine months ended September 30, 2021, the Company issued 1.0 million shares of common stock under the Equity Distribution Agreements for net proceeds of approximately $13.1 million. Since inception of the program, the Company has issued approximately 2.2 million shares of common stock under the Equity Distribution Agreements for gross proceeds of $48.3 million. Shelf registration statement On May 7, 2021, the Company filed a new shelf registration statement, registering up to $1.0 billion of its securities, including capital stock (the "2021 Registration Statement"). The 2021 Registration Statement became effective on May 26, 2021 and will expire on May 28, 2024. Upon effectiveness of the 2021 Registration Statement, the Company's previous registration statement filed in 2018 was terminated. Common stock offering On November 22, 2021, the Company completed a public offering of 7.0 million shares of its common stock and subsequently issued an additional 1.1 million shares pursuant to the underwriters' exercise of their over-allotment option at a price of $9.98 per share. Net proceeds to the Company from the offering were approximately $80.0 million, after deducting offering expenses. Preferred stock The Company is authorized to designate and issue up to 50.0 million shares of preferred stock, par value $0.01 per share, in one or more classes or series. As of September 30, 2022 and December 31, 2021, there were 1.7 million, 3.7 million, and 3.7 million of Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock, respectively, issued and outstanding. The following table includes a summary of preferred stock issued and outstanding as of September 30, 2022 ($ and shares in thousands). Preferred Stock Series Issuance Date Shares Outstanding Carrying Value Aggregate Liquidation Preference (1) Optional Redemption Rate (3)(4) Series A Preferred Stock August 3, 2012 1,663 $ 40,110 $ 41,580 August 3, 2017 8.25 % Series B Preferred Stock September 27, 2012 3,728 90,187 93,191 September 17, 2017 8.00 % Series C Preferred Stock September 17, 2019 3,729 90,175 93,220 September 17, 2024 8.000 % Total 9,120 $ 220,472 $ 227,991 (1) The Company's Preferred Stock has a liquidation preference of $25.00 per share. (2) Shares have no stated maturity and are not subject to any sinking fund or mandatory redemption. Shares of the Company’s Preferred Stock are redeemable at $25.00 per share plus accumulated and unpaid dividends (whether or not declared) exclusively at the Company’s option. Shares of the Company's Series C Preferred Stock may be redeemable earlier than the optional redemption date under certain circumstances intended to preserve its qualification as a REIT for Federal income tax purposes. (3) The initial dividend rate for the Series C Preferred Stock, from and including the date of original issue to, but not including, September 17, 2024, is 8.000% per annum of the $25.00 per share liquidation preference. On and after September 17, 2024, dividends on the Series C Preferred Stock will accumulate at a percentage of the $25.00 liquidation preference equal to an annual floating rate of the then three-month LIBOR (or as replaced by the existing LIBOR cessation fallback language) plus a spread of 6.476% per annum. (4) Dividends are payable quarterly in arrears on the 17th day of each March, June, September and December and holders are entitled to receive cumulative cash dividends at the respective stated rate per annum before holders of common stock are entitled to receive any cash dividends. The Company's Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock generally do not have any voting rights, subject to an exception in the event the Company fails to pay dividends on such stock for six or more quarterly periods (whether or not consecutive). Under such circumstances, holders of the Company's Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock voting together as a single class with the holders of all other classes or series of its preferred stock upon which like voting rights have been conferred and are exercisable and which are entitled to vote as a class with the Company's Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock will be entitled to vote to elect two additional directors to the Company’s Board of Directors until all unpaid dividends have been paid or declared and set apart for payment. In addition, certain material and adverse changes to the terms of any series of the Company's Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock cannot be made without the affirmative vote of holders of at least two-thirds of the outstanding shares of the series of the Company's Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock whose terms are being changed. Exchange offers The below details privately negotiated exchange agreements with existing holders of the Company's preferred shares exchanged for common shares during 2021. The Company did not complete any exchange offers during the nine months ended September 30, 2022. Subsequent to each transaction, the Preferred Stock exchanged pursuant to the exchange agreement was reclassified as authorized but unissued shares of preferred stock without designation as to class or series ($ in thousands). Preferred Shares Exchanged Date Shares of Series A Preferred Stock Shares of Series B Preferred Stock Shares of Series C Preferred Stock Total Preferred Stock Par Value Common Shares Exchanged March 17, 2021 153,325 350,609 — $ 12,598 937,462 June 14, 2021 — 86,478 154,383 6,022 429,802

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time, the Company may become involved in various claims and legal actions arising in the ordinary course of business. As of September 30, 2022, the Company was not involved in any material legal proceedings. The below table details the Company's outstanding commitments as of September 30, 2022 (in thousands). Commitment type Date of Commitment Total Commitment Funded Commitment Remaining Commitment Non-Agency and Agency-Eligible Loans (1) Various $ 121,009 $ — $ 121,009 Land Related Financing (2) Various 14,290 10,946 3,344 MATT Non-QM Loans (2) January 28, 2022 15,607 — 15,607 Total $ 150,906 $ 10,946 $ 139,960 (1) The Company entered into forward purchase commitments to acquire certain Non-Agency and Agency-Eligible Loans from Arc Home which have not yet settled as of September 30, 2022. Refer to Note 10 "Transactions with affiliates" for more information. (2) Refer to Note 2 and Note 10 "Investments in debt and equity of affiliates" for more information regarding LOTS and MATH.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company announced that on November 3, 2022 its Board of Directors declared fourth quarter 2022 preferred stock dividends on its Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock in the amount of $0.51563, $0.50, and $0.50 per share, respectively. The dividends will be paid on December 19, 2022 to holders of record on November 30, 2022. The Company executed a rated Non-Agency securitization, in which loans with a total unpaid principal balance of $457.4 million were securitized. The securitization converted financing from recourse financing with mark-to-market margin calls to non-recourse financing without mark-to-market margin calls.

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Use of estimates	Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from those estimates.
Valuation of financial instruments	Valuation of financial instruments The fair value of the financial instruments that the Company records at fair value is determined by the Manager, subject to oversight of the Company’s Board of Directors, and in accordance with the provisions of Accounting Standards Codification ("ASC") 820, "Fair Value Measurements and Disclosures." When possible, the Company determines fair value using third-party data sources. ASC 820 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under ASC 820 are described below: • Level 1 – Quoted prices in active markets for identical assets or liabilities. • Level 2 – Prices determined using other significant observable inputs. These may include quoted prices for similar assets and liabilities in active markets. • Level 3 – Prices 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. Unobservable inputs reflect the Company’s assumptions about the factors that market participants would use in pricing an asset or liability, and would be based on the best information available. Transfers between levels are assumed to occur at the beginning of the reporting period.
Accounting for loans	Accounting for loans Investments in loans are recorded in accordance with ASC 310-10, "Receivables" and are classified as held-for-investment when the Company has the intent and ability to hold such loans for the foreseeable future or to maturity/payoff. Loans are classified as held for sale upon the Company determining that it intends to sell or liquidate the loan in the short-term and certain criteria have been met. Loans held-for-sale are accounted for under ASC 948-310, "Financial services—mortgage banking." Loans meeting all criteria for reclassification are presented separately on the consolidated balance sheets. Transfers between held-for-investment and held-for-sale occur once the Company's intent to sell the loans changes. The Company has chosen to make a fair value election pursuant to ASC 825 for its loan portfolio. Electing the fair value option allows the Company to record changes in fair value in the consolidated statement of operations, which, in management's view, more appropriately reflects the results of operations for a particular reporting period as all loan activities will be recorded in a similar manner. As such, loans are recorded at fair value on the consolidated balance sheets and any periodic change in fair value is recorded in current period earnings on the consolidated statement of operations as a component of "Net unrealized gain/(loss)." The Company recognizes certain upfront costs and fees relating to loans for which the fair value option has been elected in current period earnings as incurred and does not defer those costs, which is in accordance with ASC 825-10-25. Purchases and sales of loans are recorded on the settlement date, concurrent with the completion of due diligence and the removal of any contingencies. At purchase, the Company may aggregate its residential mortgage loans into pools based on common risk characteristics. Once a pool of loans is assembled, its composition is maintained. When the Company purchases mortgage loans with evidence of credit deterioration since origination and it determines that it is probable it will not collect all contractual cash flows on those loans, it will apply the guidance found in ASC 310-30. Mortgage loans that are delinquent 60 or more days are considered non-performing for purposes of this determination. The Company updates its estimate of the cash flows expected to be collected on at least a quarterly basis for loans accounted for under ASC 310-30. In estimating these cash flows, there are a number of assumptions that will be subject to uncertainties and contingencies including both the rate and timing of principal and interest receipts, and assumptions of prepayments, repurchases, defaults and liquidations. If based on the most current information and events it is probable that there is a significant increase in cash flows previously expected to be collected or if actual cash flows are significantly greater than cash flows previously expected, the Company will recognize these changes prospectively through an adjustment of the loan’s yield over its remaining life. The Company will adjust the amount of accretable yield by reclassification from the nonaccretable difference. The Company accrues interest income on its loan portfolio. Loans are typically moved to non-accrual status and income recognition is suspended if the loan becomes 90 days or more delinquent. A loan is written off when it is no longer realizable and/or legally discharged.
Accounting for real estate securities	Accounting for real estate securities Investments in real estate securities are recorded in accordance with ASC 320-10, "Investments – Debt and Equity Securities" or 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 real estate securities portfolio. Electing the fair value option allows the Company to record changes in fair value in the consolidated statement of operations, which, in management’s view, more appropriately reflects the results of operations for a particular reporting period as all securities activities will be recorded in a similar manner. Real estate securities are recorded at fair value on the consolidated balance sheets and the periodic change in fair value is recorded in current period earnings on the consolidated statement of operations as a component of "Net unrealized gain/(loss)." Purchases and sales of real estate securities are recorded on the trade date.
Investments in debt and equity of affiliates	Investments in debt and equity of affiliates The Company’s unconsolidated ownership interests in affiliates are accounted for using the equity method in accordance with ASC 323, "Investments – Equity Method and Joint Ventures." Substantially all of the Company’s investments held through affiliated entities are comprised of real estate securities, loans, and its interest in AG Arc LLC. Certain entities have chosen to make a fair value election on their financial instruments and certain financing arrangements pursuant to ASC 825; as such, the Company will treat these financial instruments and financing arrangements consistently with this election. Arc Home On December 9, 2015, the Company, alongside private funds managed by Angelo Gordon, through AG Arc LLC, one of the Company’s indirect affiliates ("AG Arc"), formed Arc Home. The Company has an approximate 44.6% interest in AG Arc. Arc Home originates residential mortgage loans and retains the mortgage servicing rights associated with certain loans it originates. Arc Home is led by an external management team. The Company has chosen to make a fair value election with respect to its investment in AG Arc pursuant to ASC 825. The Company elected to treat its investment in AG Arc as a taxable REIT subsidiary. As a result, income or losses recognized by the Company from its investment in AG Arc are recorded in "Equity in earnings/(loss) from affiliates" line item on the Company's consolidated statement of operations net of income taxes. From time to time, the Company acquires newly originated residential mortgage loans from Arc Home. In connection with the sale of loans from Arc Home to the Company, gains or losses recorded by Arc Home are consolidated into AG Arc. In accordance with ASC 323-10, for loans acquired from Arc Home that remain on the Company's consolidated balance sheet at period end, the Company eliminates any profits or losses typically recognized through the "Equity in earnings/(loss) from affiliates" line item on the Company's consolidated statement of operations and adjusts the cost basis of the underlying loans resulting in unrealized gains or losses. During the three and nine months ended September 30, 2022 and 2021, the Company eliminated intra-entity profits recognized by Arc Home and also decreased the cost basis of the underlying loans by the same amount in connection with loan sales to the Company, as detailed below (in thousands). Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Intra-Entity Profits Eliminated $ 1,755 $ 1,580 $ 5,869 $ 3,467 Additionally, the Company enters into forward purchase commitments with Arc Home whereby the Company commits to purchase residential mortgage loans from Arc Home at a particular price on a best-efforts basis. See the "Accounting for derivative financial instruments - Forward purchase commitments" policy below and Note 10 for additional detail. MATH On August 29, 2017, the Company, alongside private funds managed by Angelo Gordon, formed Mortgage Acquisition Holding I LLC ("MATH") to conduct a residential mortgage investment strategy. The Company has an approximate 44.6% interest in MATH. MATH in turn sponsored the formation of an entity called Mortgage Acquisition Trust I LLC ("MATT") to purchase predominantly Non-QM Loans. MATT made an election to be treated as a real estate investment trust beginning with the 2018 tax year. As of September 30, 2022, MATT primarily holds retained tranches from past securitizations which continue to pay down and the Company does not expect to acquire additional investments within this equity method investment. LOTS On May 15, 2019 and November 14, 2019, the Company, alongside private funds managed by Angelo Gordon, formed LOT SP I LLC and LOT SP II LLC, respectively, (collectively, "LOTS"). The Company has an approximate 47.5% and 50% interest in LOT SP I LLC and LOT SP II LLC, respectively. LOTS were formed to originate first mortgage loans to third-party land developers and home builders for the acquisition and horizontal development of land ("Land Related Financing"). The LOTS investments continue to pay down and the Company does not expect to originate new loans within this equity method investment.
Investment consolidation and transfers of financial assets	Investment consolidation An entity is a variable interest entity ("VIE") if the equity investors (i) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support, (ii) are unable to direct the entity’s activities, or (iii) are not exposed to the entity’s losses or entitled to its residual returns. VIEs within the scope of ASC 810-10, "Consolidation," are required to be consolidated by their 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 from the VIE that could potentially be significant to the VIE. This determination can sometimes involve complex and subjective analyses. Further, ASC 810-10 also requires ongoing assessments of whether an enterprise is the primary beneficiary of a VIE. In accordance with ASC 810-10, all transferees, including variable interest entities, must be evaluated for consolidation. If the Company determines that consolidation is not required, it will then assess whether the transfer of the underlying assets would qualify as a sale, should be accounted for as secured financings under GAAP, or should be accounted for as an equity method investment, depending on the circumstances. A Special Purpose Entity ("SPE") is an entity designed to fulfill a specific limited need of the company that organized it. SPEs are often used to facilitate transactions that involve securitizing financial assets or resecuritizing previously securitized financial assets. The objective of such transactions may include obtaining non-recourse financing, obtaining liquidity, or refinancing the underlying securitized financial assets on improved terms. Securitization involves transferring assets to an SPE to convert all or a portion of those assets into cash before they would have been realized in the normal course of business through the SPE’s issuance of debt or equity instruments. Investors in an SPE usually have recourse only to the assets in the SPE and depending on the overall structure of the transaction, may benefit from various forms of credit enhancement, such as over-collateralization in the form of excess assets in the SPE, priority with respect to receipt of cash flows relative to holders of other debt or equity instruments issued by the SPE, or a line of credit or other form of liquidity agreement that is designed with the objective of ensuring that investors receive principal and/or interest cash flow on the investment in accordance with the terms of their investment agreement. The Company enters into securitization transactions collateralized by its Non-Agency Loans ("Non-Agency VIEs"), Agency-Eligible Loans ("Agency-Eligible VIEs"), and re- and non-performing loans ("RPL/NPL VIEs") (collectively, "Residential Mortgage Loan VIEs"), which may result in the Company consolidating the respective VIEs that are created to facilitate these securitizations. Based on the evaluations of each VIE, the Company may conclude that the VIEs should be consolidated and, as a result, transferred assets of these VIEs would be determined to be secured borrowings. Upon consolidation, the Company elected the fair value option pursuant to ASC 825 for the assets and liabilities of the Residential Mortgage Loan VIEs. Electing the fair value option allows the Company to record changes in fair value in the consolidated statement of operations, which, in management's view, more appropriately reflects the results of operations for a particular reporting period as all activities will be recorded in a similar manner. The Company applied the guidance under ASC 810-10 (Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity) whereby the Company determines whether the fair value of the assets or liabilities of the Residential Mortgage Loan VIEs are more observable as a basis for measuring the less observable financial instruments. The Company has determined that the fair value of the liabilities of the Residential Mortgage Loan VIEs are more observable since the prices for these liabilities are more easily determined as similar instruments trade more frequently on a relative basis than the individual assets of the VIEs. See Note 3 for more detail regarding the Residential Mortgage Loan VIEs and Note 5 for more detail related to the Company's determination of fair value for the assets and liabilities included within these VIEs. Transfers of financial assets The Company may periodically enter into transactions in which it transfers assets to a third party. Upon a transfer of financial assets, the Company will sometimes retain or acquire senior or subordinated interests in the related assets. Pursuant to ASC 860-10, "Transfers and Servicing" a determination must be made as to whether a transferor has surrendered control over transferred financial assets. That determination must consider the transferor’s continuing involvement in the transferred financial asset, including all arrangements or agreements made contemporaneously with, or in contemplation of, the transfer, even if they were not entered into at the time of the transfer. The financial components approach under ASC 860-10 limits the circumstances in which a financial asset, or portion of a financial asset, should be derecognized when the transferor has not transferred the entire original financial asset to an entity that is not consolidated with the transferor in the financial statements being presented and/or when the transferor has continuing involvement with the transferred financial asset. It defines the term "participating interest" to establish specific conditions for reporting a transfer of a portion of a financial asset as a sale. Under ASC 860-10, after a transfer of financial assets that meets the criteria for treatment as a sale—legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint and transferred control—an entity recognizes the financial and servicing assets it acquired or retained and the liabilities it has incurred, derecognizes financial assets it has sold and derecognizes liabilities when extinguished. The transferor would then determine the gain or loss on sale of financial assets by allocating the carrying value of the underlying mortgage between securities or loans sold and the interests retained based on their fair value. The gain or loss on sale is the difference between the cash proceeds from the sale and the amount allocated to the securities or loans sold. When a transfer of financial assets does not qualify for sale accounting, ASC 860-10 requires the transfer to be accounted for as a secured borrowing with a pledge of collateral. From time to time, the Company may securitize mortgage loans it holds if such financing is available. These transactions will be recorded in accordance with ASC 860-10 and will be accounted for as either a "sale" and the loans will be removed from the consolidated balance sheets or as a "financing" and will be classified as "Securitized residential mortgage loans, at fair value" on the consolidated balance sheets, depending upon the structure of the securitization transaction. ASC 860-10 is a standard that may require the Company to exercise significant judgment in determining whether a transaction should be recorded as a "sale" or a "financing."
Cash and cash equivalents	Cash and cash equivalents Cash is comprised of cash on deposit with financial institutions. The Company classifies highly liquid investments with original maturities of three months or less from the date of purchase as cash equivalents. Cash equivalents may include cash invested in money market funds. Cash and cash equivalents are carried at cost, which approximates fair value. The Company places its
Restricted cash	Restricted cash
Financing arrangements	Financing arrangements The Company finances the acquisition of certain assets within its portfolio through the use of financing arrangements. Financing arrangements primarily include repurchase agreements, but may also include revolving facilities. Repurchase agreements are treated as collateralized financing transactions and carried at their contractual amounts, including accrued interest, as specified in the respective agreements. The carrying amount of the Company’s repurchase agreements and revolving facilities approximates fair value.
Accounting for derivative financial instruments	Accounting for derivative financial instruments Derivative contracts The Company enters into derivative contracts as a means of mitigating interest rate risk rather than to enhance returns. The Company accounts for derivative financial instruments in accordance with ASC 815-10, "Derivatives and Hedging." ASC 815-10 requires an entity to recognize all derivatives as either assets or liabilities on the balance sheet and to measure those instruments at fair value with corresponding changes in fair value recognized in the consolidated statement of operations. The Company records derivative asset and liability positions on a gross basis with respect to its counterparties. During the period in which the Company unwinds a derivative, it records a realized gain/(loss) in the "Net realized gain/(loss)" line item in the consolidated statement of operations. As of September 30, 2022 and December 31, 2021, the Company did not have any interest rate derivatives designated as hedges for accounting purposes. To-be-announced securities A to-be-announced security ("TBA") is a forward contract for the purchase or sale of Agency RMBS at a predetermined price, face amount, issuer, coupon and stated maturity on an agreed-upon future date. The specific Agency RMBS delivered into or received from the contract upon the settlement date, published each month by the Securities Industry and Financial Markets Association, are not known at the time of the transaction. The Company may also choose, prior to settlement, to move the settlement of these securities out to a later date by entering into an offsetting short or long position (referred to as a pair off), net settling the paired off positions for cash, simultaneously purchasing or selling a similar TBA contract for a later settlement date. This transaction is commonly referred to as a dollar roll. The Agency RMBS purchased or sold for a forward settlement date are typically priced at a discount to Agency RMBS for settlement in the current month. This difference, or discount, is referred to as the price drop. The price drop is the economic equivalent of net interest carry income on the underlying Agency RMBS over the roll period (interest income less implied financing cost) and is commonly referred to as dollar roll income/(loss). Consequently, forward purchases of Agency RMBS and dollar roll transactions represent a form of off-balance sheet financing. Dollar roll income is recognized in the consolidated statement of operations in the line item "Net unrealized gain/(loss)." Variation margin The Company may exchange cash "variation margin" with the counterparties to its derivative instruments on a daily basis based upon changes in the fair value of such derivative instruments as measured by the Chicago Mercantile Exchange ("CME") and the London Clearing House, the central clearinghouses ("CCPs") through which those derivatives are cleared. In addition, the CCPs require market participants to deposit and maintain an "initial margin" amount which is determined by the CCPs and is generally intended to be set at a level sufficient to protect the CCPs from the maximum estimated single-day price movement in that market participant’s contracts. Receivables recognized for the right to reclaim cash initial margin posted in respect of derivative instruments are included in the "Restricted cash" line item in the consolidated balance sheets. The daily exchange of variation margin associated with a CCP instrument is legally characterized as the daily settlement of the derivative instrument itself, as opposed to a pledge of collateral. Accordingly, the Company accounts for the daily receipt or payment of variation margin associated with its centrally cleared derivative instruments as a direct reduction to the carrying value of the derivative asset or liability, respectively. The daily receipt or payment is included as a settlement of the derivative in cash flows from investing activities on the consolidated statement of cash flows. The carrying amount of centrally cleared derivative instruments reflected in the Company’s consolidated balance sheets approximates the unsettled fair value of such instruments. As variation margin is exchanged on a one-day lag, the unsettled fair value of such instruments represents the change in fair value that occurred on the last day of the reporting period. Forward purchase commitments The Company may enter into forward purchase commitments with counterparties whereby the Company commits to purchasing residential mortgage loans at a particular price. Actual loan purchases are contingent upon successful loan closings. The counterparties deliver the committed loans on either a mandatory basis or best-efforts basis. These commitments to purchase mortgage loans are classified as derivatives and are therefore recorded at fair value on the consolidated balance sheets, with corresponding changes in fair value recognized in the consolidated statement of operations. Derivatives with a positive fair value to the Company are reported as assets and derivatives with a negative fair value to the Company are reported as liabilities.
Earnings/(Loss) per share	Earnings/(Loss) per share In accordance with ASC 260, "Earnings per Share," the Company calculates basic income/(loss) per share by dividing net income/(loss) available to common stockholders for the period by weighted average shares of the Company’s common stock outstanding for that period. Diluted income per share takes into account the effect of dilutive instruments, such as stock options, warrants, unvested restricted stock and unvested restricted stock units using the average share price for the period in determining the number of incremental shares that are to be added to the weighted-average number of shares outstanding. Potential dilutive shares are excluded from the calculation, if they have an anti-dilutive effect in the period.
Interest income recognition	Interest income recognition Interest income on the Company’s loan and securities portfolio is accrued based on the actual coupon rate and the outstanding principal balance of such loans or securities. The Company has elected to record interest in accordance with ASC 835-30-35-2, "Imputation of Interest," using the effective interest method for all loans and securities accounted for under the fair value option in accordance with ASC 825, "Financial Instruments." As such, premiums and discounts are amortized or accreted into interest income over the lives of the loans or securities in accordance with ASC 310-20, "Nonrefundable Fees and Other Costs," ASC 320-10 or ASC 325-40, as applicable. Total interest income is recorded in the "Interest income" line item on the consolidated statement of operations. For Agency RMBS, exclusive of interest-only securities, prepayments of the underlying collateral are estimated on a quarterly basis, which directly affect the speed at which the Company amortizes premiums on its securities. If actual and anticipated cash flows differ from previous estimates, the Company records an adjustment in the current period to the amortization of premiums for the impact of the cumulative change in the effective yield retrospectively through the reporting date. Similarly, the Company also reassesses the cash flows on at least a quarterly basis for loans and securities, including Non-Agency Loans, Agency-Eligible Loans, Non-Agency RMBS, and interest-only securities. In estimating these cash flows, there are a number of assumptions made that are uncertain and subject to judgments and assumptions based on subjective and objective factors and contingencies. These include the rate and timing of principal and interest receipts (including assumptions of prepayments, repurchases, defaults and liquidations), the pass-through or coupon rate and interest rate fluctuations. In addition, interest payment shortfalls due to delinquencies on the underlying mortgage loans have to be estimated. Differences between previously estimated cash flows and current actual and anticipated cash flows are recognized prospectively through an adjustment of the yield over the remaining life of the security based on the current amortized cost of the investment.
Manager compensation	Manager compensation
Transaction related expenses	Transaction related expensesThe Company incurs transaction related expenses associated with purchasing and securitizing residential mortgage loans. In accordance with ASC 825 "Financial Instruments," nonrefundable fees and costs associated with originating or acquiring loans that are carried at fair value shall be recognized in earnings as incurred. Transaction related expenses are accrued and expensed during the period in which they are incurred and are included in the "Transaction related expenses" line item on the consolidated statement of operations.
Income taxes	Income taxes The Company conducts its operations to qualify and be taxed as a REIT. Accordingly, the Company will generally not be subject to federal or state corporate income tax to the extent that the Company makes qualifying distributions to its stockholders, and provided that it 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, it will be subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the four taxable years following the year in which the Company fails to qualify as a REIT. The dividends paid deduction of a REIT for qualifying dividends to its stockholders is computed using the Company’s taxable income/(loss) as opposed to net income/(loss) reported on the Company’s GAAP financial statements. Taxable income/(loss), generally, will differ from net income/(loss) reported on the financial statements because the determination of taxable income/(loss) is based on tax principles and not financial accounting principles. Cash distributions declared by the Company that do not exceed its current or accumulated earnings and profits will be considered ordinary income to stockholders for income tax purposes unless all or a portion of a distribution is designated by the Company as a capital gain dividend. Distributions in excess of the Company’s current and accumulated earnings and profits will be characterized as return of capital or capital gains. The Company elected to treat certain domestic subsidiaries as taxable REIT subsidiaries ("TRSs") and may elect to treat other subsidiaries as TRSs. In general, a TRS may hold assets and engage in activities that the Company cannot hold or engage in directly and generally may engage in any real estate or non-real estate-related business. A domestic TRS may declare dividends to the Company which will be included in the Company’s taxable income/(loss) which may necessitate a distribution to stockholders. Conversely, if the Company retains earnings at the domestic TRS level, no distribution is required and the Company can increase book equity of the consolidated entity. A domestic TRS is subject to U.S. federal, state and local corporate income taxes. The Company’s financial results are generally not expected to reflect provisions for current or deferred income taxes, except for any activities conducted through one or more TRSs that are subject to corporate income taxation. The Company believes that it will operate in a manner that will allow it to qualify for taxation as a REIT. As a result of the Company’s expected REIT qualification, it does not generally expect to pay federal or state corporate income tax. Many of the REIT requirements, however, are highly technical and complex. As a REIT, if the Company fails to distribute in any calendar year (subject to specific timing rules for certain dividends paid in January) at least the sum of (i) 85% of its ordinary income for such year, (ii) 95% of its capital gain net income for such year, and (iii) any undistributed taxable income from the prior year, the Company would be subject to a non-deductible 4% excise tax on the excess of such required distribution over the sum of (i) the amounts actually distributed and (ii) the amounts of income retained and on which the Company has paid corporate income tax.
Dividends on Preferred Stock	Dividends on Preferred Stock Holders of the Company’s 8.25% Series A Cumulative Redeemable Preferred Stock ("Series A Preferred Stock"), 8.00% Series B Cumulative Redeemable Preferred Stock ("Series B Preferred Stock"), and 8.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock ("Series C Preferred Stock") are entitled to receive cumulative cash dividends at a rate of 8.25%, 8.00% and 8.000% per annum, respectively, of the $25.00 per share liquidation preference for each series. On and after September 17, 2024, dividends on the Series C Preferred Stock will accumulate at a percentage of the $25.00 liquidation preference equal to an annual floating rate of the then three-month LIBOR (or as replaced by the existing LIBOR cessation fallback language) plus a spread of 6.476% per annum. If the Company’s Board of Directors does not declare a dividend in a given period, an accrual is not recorded on the balance sheet. However, undeclared preferred stock dividends are reflected in earnings per share as discussed in ASC 260-10-45-11. Preferred stock dividends that are not declared accumulate and are added to the liquidation preference as of the scheduled payment date for the respective series of the preferred stock. The undeclared and unpaid dividends on the Company’s preferred stock accrue without interest, and if dividends on the Company's preferred stock are in arrears, the Company cannot pay cash dividends with respect to its common stock. See Note 11 for further detail on the Company’s Preferred Stock.
Offering costs	Offering costs The Company has incurred offering costs in connection with common stock offerings, registration statements, preferred stock offerings, and exchanges. Where applicable, the offering costs were paid out of the proceeds of the respective offerings. Offering costs in connection with common stock offerings and costs in connection with registration statements have been accounted for as a reduction of additional paid-in capital. Offering costs in connection with preferred stock offerings have been accounted for as a reduction of their respective gross proceeds. Exchange costs in connection with the Company's preferred stock exchanges have been accounted for as a reduction to the Company's retained earnings.
Recent accounting pronouncements	Recent accounting pronouncements In March 2020, FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." This ASU provides temporary optional guidance intended to ease the burden of reference rate reform on financial reporting. This ASU is effective as of March 12, 2020 through December 31, 2022 and may be elected over time as reference rate reform activities occur. The ASU applies to all entities that have contracts, hedging relationships and other transactions that reference LIBOR and certain other reference rates that are expected to be discontinued. However, it cannot be applied to contract modifications that occur after December 31, 2022. With certain exceptions, this ASU also cannot be applied to hedging relationships entered into or evaluated after that date. The guidance provides optional expedients and exceptions for applying existing guidance to contract modifications, hedging relationships and other transactions that are expected to be affected by reference rate reform and meet certain scope guidance.

Organization (Tables)

Organization (Tables)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Investment Groups	The Company's asset classes are primarily comprised of the following: Asset Class Description Residential Investments Non-Agency Loans (1) • Non-Agency Loans are loans that do not conform to the underwriting guidelines of a government-sponsored enterprise ("GSE"). Non-Agency Loans consist of Qualified mortgage loans ("QM Loans") and Non-Qualified mortgage loans ("Non-QM Loans"). QM Loans are residential mortgage loans that comply with the Ability-To-Repay rules and related guidelines of the Consumer Finance Protection Bureau ("CFPB"). Agency-Eligible Loans (1) • Agency-Eligible Loans are loans that are underwritten in accordance with GSE guidelines and are primarily secured by investment properties. Re- and Non-Performing Loans (1) • Performing, re-performing, and non-performing loans are residential mortgage loans collateralized by a first lien mortgaged property. Non-Agency Residential Mortgage-Backed Securities ("RMBS") (2) • Non-Agency RMBS represent fixed- and floating-rate RMBS issued by entities other than U.S. GSEs or agencies of the U.S. government. The mortgage loan collateral consists of either Non-Agency Loans or Agency-Eligible Loans. Agency RMBS (2) • Agency RMBS represent interests in pools of residential mortgage loans guaranteed by a GSE such as Fannie Mae or Freddie Mac, or an agency of the U.S. Government such as Ginnie Mae. (1) These investments are included in the "Securitized residential mortgage loans, at fair value" and "Residential mortgage loans, at fair value" line items on the consolidated balance sheets. (2) These investments are included in the "Real estate securities, at fair value" line item on the consolidated balance sheets.

Summary of significant accoun_3

Summary of significant accounting policies (Tables)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Schedule of Investments in Debt and Equity of Affiliates	During the three and nine months ended September 30, 2022 and 2021, the Company eliminated intra-entity profits recognized by Arc Home and also decreased the cost basis of the underlying loans by the same amount in connection with loan sales to the Company, as detailed below (in thousands). Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Intra-Entity Profits Eliminated $ 1,755 $ 1,580 $ 5,869 $ 3,467 The below table reconciles the fair value of investments to the "Investments in debt and equity of affiliates" line item on the Company's consolidated balance sheets as of September 30, 2022 and December 31, 2021 (in thousands). September 30, 2022 December 31, 2021 Assets Liabilities Equity Assets Liabilities Equity MATT Non-QM Loans (1) $ 38,824 $ (24,406) $ 14,418 $ 45,837 $ (30,471) $ 15,366 Land Related Financing (2) 10,946 — 10,946 16,891 — 16,891 Re/Non-Performing Loans 8,212 (4,820) 3,392 9,298 (5,538) 3,760 Total Residential Investments 57,982 (29,226) 28,756 72,026 (36,009) 36,017 AG Arc, at fair value 46,588 — 46,588 53,435 — 53,435 Cash and Other assets/(liabilities) 4,394 (708) 3,686 3,698 (1,127) 2,571 Investments in debt and equity of affiliates $ 108,964 $ (29,934) $ 79,030 $ 129,159 $ (37,136) $ 92,023 (1) As of September 30, 2022 and December 31, 2021, MATT primarily holds retained tranches from past securitizations which continue to pay down and the Company does not expect to acquire additional investments within this equity method investment. (2) Land Related Financing continues to pay down and the Company does not expect to originate new loans within this equity method investment. The below table reconciles the net income/(loss) to the "Equity in earnings/(loss) from affiliates" line item on the Company's consolidated statements of operations for the three and nine months ended September 30, 2022 and 2021 (in thousands). Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 MATT Non-QM Loans $ 1,413 $ (644) $ 154 $ 15,277 Land Related Financing 300 598 1,248 1,848 Re/Non-Performing Loans 927 6,553 758 13,370 AG Arc (1) (4,266) 399 (11,646) 4,033 Other — (24) — (32) Equity in earnings/(loss) from affiliates $ (1,626) $ 6,882 $ (9,486) $ 34,496

Loans (Tables)

Loans (Tables)	9 Months Ended
	Sep. 30, 2022
Receivables [Abstract]
Schedule of Company's Residential Mortgage Loan Portfolio and Commercial Loan Portfolio	September 30, 2022 and December 31, 2021 ($ in thousands). The gross unrealized gains/(losses) in the table below represent inception to date gains/(losses). Unpaid Principal Balance Gross Unrealized Weighted Average September 30, 2022 Premium Amortized Cost Gains Losses Fair Value Coupon Yield Life Securitized residential mortgage loans, at fair value (2) Non-Agency Loans $ 2,171,845 $ 60,890 $ 2,232,735 $ — $ (234,729) $ 1,998,006 5.01 % 4.68 % 10.08 Agency-Eligible Loans 1,263,827 (1,641) 1,262,186 — (120,041) 1,142,145 3.87 % 4.07 % 9.84 Re- and Non-Performing Loans 335,199 (39,602) 295,597 2,053 (18,393) 279,257 3.90 % 7.14 % 5.02 Total Securitized residential mortgage loans, at fair value $ 3,770,871 $ 19,647 $ 3,790,518 $ 2,053 $ (373,163) $ 3,419,408 4.53 % 4.68 % 9.55 Residential mortgage loans, at fair value Non-Agency Loans $ 744,611 $ (7,031) $ 737,580 $ 3,748 $ (54,860) $ 686,468 5.37 % 5.37 % 6.56 Agency-Eligible Loans 96,643 554 97,197 — (3,789) 93,408 5.89 % 5.70 % 5.49 Re- and Non-Performing Loans 3,883 (2,035) 1,848 2,047 — 3,895 N/A 63.09 % 1.83 Total Residential mortgage loans, at fair value $ 845,137 $ (8,512) $ 836,625 $ 5,795 $ (58,649) $ 783,771 5.43 % 5.69 % 6.42 Total as of September 30, 2022 $ 4,616,008 $ 11,135 $ 4,627,143 $ 7,848 $ (431,812) $ 4,203,179 4.70 % 4.87 % 8.98 Unpaid Principal Balance Gross Unrealized Weighted Average December 31, 2021 Premium Amortized Cost Gains Losses Fair Value Coupon Yield Life Securitized residential mortgage loans, at fair value (2) Non-Agency Loans $ 777,828 $ 30,739 $ 808,567 $ 5,821 $ (1,005) $ 813,383 5.13 % 3.96 % 4.50 Re- and Non-Performing Loans 377,923 (44,971) 332,952 14,914 (3,115) 344,751 3.55 % 5.90 % 7.17 Total Securitized residential mortgage loans, at fair value $ 1,155,751 $ (14,232) $ 1,141,519 $ 20,735 $ (4,120) $ 1,158,134 4.61 % 4.53 % 5.37 Residential mortgage loans, at fair value Non-Agency Loans $ 987,290 $ 35,647 $ 1,022,937 $ 9,336 $ (1,458) $ 1,030,815 4.75 % 3.76 % 5.01 Agency-Eligible Loans 429,424 10,039 439,463 1,723 (349) 440,837 3.64 % 3.19 % 6.84 Re- and Non-Performing Loans 6,528 (3,536) 2,992 2,328 — 5,320 N/A 31.18 % 2.24 Total Residential mortgage loans, at fair value $ 1,423,242 $ 42,150 $ 1,465,392 $ 13,387 $ (1,807) $ 1,476,972 4.41 % 3.69 % 5.55 Total as of December 31, 2021 $ 2,578,993 $ 27,918 $ 2,606,911 $ 34,122 $ (5,927) $ 2,635,106 4.50 % 4.06 % 5.47 (1) This is based on projected life. Typically, actual maturities are shorter than stated contractual maturities. Maturities are affected by the lives of the underlying mortgage loans, periodic payments of principal, and prepayments of principal. (2) Refer to the "Variable interest entities" section below for additional details related to the assets and liabilities of VIEs consolidated on the Company's consolidated balance sheets. During the three and nine months ended September 30, 2022, the Company purchased Non-Agency Loans and Agency-Eligible Loans, as detailed below (in thousands). A portion of these loans were purchased from Arc Home. See Note 10 for more detail. Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Unpaid Principal Balance Fair Value Unpaid Principal Balance Fair Value Non-Agency Loans $ 515,592 $ 510,328 $ 1,441,292 $ 1,450,892 Agency-Eligible Loans 386,003 381,256 993,126 986,734 Total $ 901,595 $ 891,584 $ 2,434,418 $ 2,437,626 Number of Loans Proceeds Realized Gains Realized Losses Nine months ended September 30, 2021 (1) 368 $ 47,219 $ 8,166 $ (350) (1) Includes $1.6 million of proceeds on one residual position where the Company previously consolidated the securitization.
Summary of Credit Quality Information on Residential Mortgage Loans	The following tables present information regarding credit quality of the Company's residential mortgage loans ($ in thousands). Unpaid Principal Balance Weighted Average (1)(2) Aging by Unpaid Principal Balance (1)(3) September 30, 2022 Loan Count (1) Original LTV Ratio Current FICO (4) Current 30-59 Days 60-89 Days 90+ Days Securitized residential mortgage loans Non-Agency Loans $ 2,171,845 4,380 69.35 % 731 $ 2,133,670 $ 26,433 $ 4,419 $ 7,323 Agency-Eligible Loans 1,263,827 3,876 66.28 % 760 1,253,858 9,969 — — Re- and Non-Performing Loans 335,199 2,298 79.62 % 640 237,314 30,534 10,973 56,378 Total Securitized residential mortgage loans 3,770,871 10,554 69.23 % 732 3,624,842 66,936 15,392 63,701 Residential mortgage loans Non-Agency Loans 744,611 1,245 68.91 % 736 729,120 3,872 4,690 6,929 Agency-Eligible Loans 96,643 293 70.28 % 762 96,292 — 351 — Re- and Non-Performing Loans (1) 3,883 N/A N/A N/A N/A N/A N/A N/A Total Residential mortgage loans 845,137 1,538 69.06 % 739 825,412 3,872 5,041 6,929 Total as of September 30, 2022 $ 4,616,008 12,092 69.20 % 734 $ 4,450,254 $ 70,808 $ 20,433 $ 70,630 Unpaid Principal Balance Weighted Average (1)(2) Aging by Unpaid Principal Balance (1)(3) December 31, 2021 Loan Count (1) Original LTV Ratio Current FICO (4) Current 30-59 Days 60-89 Days 90+ Days Securitized residential mortgage loans Non-Agency Loans $ 777,828 1,562 68.03 % 733 $ 767,734 $ 6,495 $ 1,036 $ 2,563 Re- and Non-Performing Loans 377,923 2,540 79.20 % 639 256,094 35,974 12,324 73,531 Total Securitized residential mortgage loans 1,155,751 4,102 71.68 % 697 1,023,828 42,469 13,360 76,094 Residential mortgage loans Non-Agency Loans 987,290 1,886 69.39 % 737 967,910 9,101 1,630 8,649 Agency-Eligible Loans 429,424 1,339 65.44 % 754 425,594 3,830 — — Re- and Non-Performing Loans (1) 6,528 N/A N/A N/A N/A N/A N/A N/A Total Residential mortgage loans 1,423,242 3,225 68.19 % 742 1,393,504 12,931 1,630 8,649 Total as of December 31, 2021 $ 2,578,993 7,327 69.76 % 723 $ 2,417,332 $ 55,400 $ 14,990 $ 84,743 (1) Loan count, weighted average, and aging data excludes the Re- and Non-Performing Loans subcategory of Residential mortgage loans above as there may be limited data available regarding the underlying collateral of these residual positions. (2) Amounts are weighted based on unpaid principal balance. (3) As of September 30, 2022, the Company had residential mortgage loans that were 90+ days delinquent and loans in the process of foreclosure with a fair value of $23.2 million and $39.0 million, respectively. As of December 31, 2021, the Company had residential mortgage loans that were 90+ days delinquent and loans in the process of foreclosure with a fair value of $47.4 million and $29.0 million, respectively.
Schedule of Certain Concentrations of Credit Risk Within the Company's Mortgage Loan Portfolio	The following is a summary of the geographic concentration of credit risk as of September 30, 2022 and December 31, 2021 and includes states where the exposure is greater than 5% of the fair value the Company's residential mortgage loan portfolio. Geographic Concentration of Credit Risk (1) September 30, 2022 December 31, 2021 California 33 % 35 % New York 16 % 15 % Florida 10 % 11 % New Jersey 6 % 6 % (1) Excludes the Re- and Non-Performing Loans subcategory of Residential mortgage loans above as there may be limited data available regarding the underlying collateral of these residual positions.
Schedule of Changes in the Accretable Portion of Discounts	The following is a summary of the changes in the accretable portion of the discount for the Company’s securitized re-performing and non-performing loan portfolios for the three and nine months ended September 30, 2022 and 2021, which is determined by the Company’s estimate of undiscounted principal expected to be collected in excess of the amortized cost of the mortgage loan (in thousands). Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Beginning Balance $ 43,901 $ 51,672 $ 46,521 $ 56,907 Accretion (1,587) (1,318) (5,012) (3,669) Reclassifications from/(to) non-accretable difference 1,579 (3,548) 2,384 (871) Disposals (141) (42) (141) (5,603) Ending Balance $ 43,752 $ 46,764 $ 43,752 $ 46,764
Schedule of Variable Interest Entities	September 30, 2022 and December 31, 2021 ($ in thousands). September 30, 2022 December 31, 2021 Carrying Value Weighted Average Carrying Value Weighted Average Yield Life (Years) (1) Yield Life (Years) (1) Assets Non-Agency VIEs $ 1,998,006 4.68 % 10.08 $ 813,383 3.96 % 4.50 Agency-Eligible VIEs 1,142,145 4.07 % 9.84 — — % — RPL/NPL VIEs 279,257 7.14 % 5.02 344,751 5.90 % 7.17 Securitized residential mortgage loans, at fair value $ 3,419,408 4.68 % 9.55 $ 1,158,134 4.53 % 5.37 Restricted cash 1,236 1,467 Other assets 15,873 6,457 Total Assets $ 3,436,517 $ 1,166,058 Liabilities Non-Agency VIEs $ 1,786,806 3.72 % 6.35 $ 746,970 1.63 % 2.36 Agency-Eligible VIEs 1,047,059 3.91 % 9.29 — — % — RPL/NPL VIEs 191,263 3.09 % 2.21 252,245 3.06 % 3.75 Securitized debt, at fair value (2) $ 3,025,128 3.75 % 7.20 $ 999,215 2.00 % 2.71 Other liabilities 9,586 1,482 Total Liabilities $ 3,034,714 $ 1,000,697 Total Equity (3) $ 401,803 $ 165,361 (1) This is based on projected life. Typically, actual maturities are shorter than stated contractual maturities. Maturities are affected by the contractual lives of the underlying mortgages, periodic payments of principal, and prepayments of principal. (2) The holders of the securitized debt have no recourse to the general credit of the Company. The Company has no obligation to provide any other explicit or implicit support to the Residential Mortgage Loan VIEs.

Real Estate Securities (Tables)

Real Estate Securities (Tables)	9 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Schedule of Real Estate Securities Portfolio	The following tables detail the Company’s real estate securities portfolio as of September 30, 2022 and December 31, 2021 ($ in thousands). The gross unrealized gains/(losses) in the tables below represent inception to date unrealized gains/(losses). Current Face Premium / (Discount) Amortized Cost Gross Unrealized Weighted Average September 30, 2022 Gains Losses Fair Value Coupon (1) Yield Non-Agency RMBS Agency-Eligible Securities $ 16,897 $ (6,762) $ 10,135 $ 169 $ (110) $ 10,194 2.99 % 8.50 % Non-Agency Securities (2) 14,894 (210) 14,684 — (4,486) 10,198 4.35 % 4.58 % Non-Agency RMBS Interest Only (2) 111,990 (109,080) 2,910 2,011 — 4,921 0.38 % 33.04 % Total Non-Agency RMBS 143,781 (116,052) 27,729 2,180 (4,596) 25,313 1.55 % 11.69 % Agency RMBS Interest Only 130,457 (110,124) 20,333 29 (819) 19,543 2.97 % 7.48 % Total as of September 30, 2022 $ 274,238 $ (226,176) $ 48,062 $ 2,209 $ (5,415) $ 44,856 2.40 % 9.86 % Current Face Premium / (Discount) Amortized Cost Gross Unrealized Weighted Average December 31, 2021 Gains Losses Fair Value Coupon (1) Yield Non-Agency RMBS Non-Agency Securities (2) $ 14,894 $ (236) $ 14,658 $ — $ (58) $ 14,600 4.36 % 4.74 % Non-Agency RMBS Interest Only (2) 160,154 (156,647) 3,507 — (112) 3,395 0.38 % 10.12 % Re/Non-Performing Securities 696 (24) 672 90 — 762 5.25 % 29.69 % Total Non-Agency RMBS 175,744 (156,907) 18,837 90 (170) 18,757 1.02 % 6.73 % Agency RMBS 30 Year Fixed Rate 490,435 11,927 502,362 — (6,649) 495,713 2.18 % 1.78 % Total as of December 31, 2021 $ 666,179 $ (144,980) $ 521,199 $ 90 $ (6,819) $ 514,470 1.99 % 1.96 % (1) Equity residual investments with a zero coupon rate are excluded from this calculation. (2) Comprised of Non-QM securities and Non-QM interest-only bonds. During the three and nine months ended September 30, 2022 and 2021, the Company sold real estate securities, as summarized below ($ in thousands). Three Months Ended Nine Months Ended Number of Securities Proceeds Realized Gains Realized Losses Number of Securities Proceeds Realized Gains Realized Losses September 30, 2022 2 $ 13,017 $ 168 — 18 $ 526,258 $ 736 $ (35,240) September 30, 2021 4 202,819 — (4,795) 73 760,689 12,355 (22,032)
Schedule of Weighted Average Life of Real Estate Securities	The following tables summarize the Company's real estate securities according to their projected weighted average life classifications as of September 30, 2022 and December 31, 2021 ($ in thousands). Non-Agency RMBS Agency RMBS September 30, 2022 Weighted Average Life (1) Fair Value Amortized Cost Weighted Average Coupon (2) Fair Value Amortized Cost Weighted Average Coupon Greater than one year and less than or equal to five years $ 4,921 $ 2,910 0.38 % $ — $ — — % Greater than five years and less than or equal to ten years — — — % 19,543 20,333 2.97 % Greater than ten years 20,392 24,819 3.62 % — — — % Total as of September 30, 2022 $ 25,313 $ 27,729 1.55 % $ 19,543 $ 20,333 2.97 % Non-Agency RMBS Agency RMBS December 31, 2021 Weighted Average Life (1) Fair Value Amortized Cost Weighted Average Coupon (2) Fair Value Amortized Cost Weighted Average Coupon Less than or equal to 1 year $ 543 $ 511 5.25 % $ — $ — — % Greater than one year and less than or equal to five years 18,214 18,326 1.00 % — — — % Greater than five years and less than or equal to ten years — — — % 474,104 480,204 2.19 % Greater than ten years — — — % 21,609 22,158 2.00 % Total as of December 31, 2021 $ 18,757 $ 18,837 1.02 % $ 495,713 $ 502,362 2.18 % (1) This is based on projected life. Typically, actual maturities are shorter than stated contractual maturities. Maturities are affected by the contractual lives of the underlying mortgages, periodic payments of principal and prepayments of principal. (2) Equity residual investments securities with a zero coupon rate are excluded from this calculation.

Fair value measurements (Tables

Fair value measurements (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Financial Instruments Measured at Fair Value	The following tables present the Company’s financial instruments measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 (in thousands). Fair Value at September 30, 2022 Level 1 Level 2 Level 3 Total Assets: Securitized residential mortgage loans $ — $ — $ 3,419,408 $ 3,419,408 Residential mortgage loans — 814 782,957 783,771 Non-Agency RMBS (1) — 10,194 10,198 20,392 Non-Agency RMBS Interest Only — — 4,921 4,921 Agency Interest Only — 19,543 — 19,543 Derivative assets (2) — 38,413 340 38,753 AG Arc (3) — — 46,588 46,588 Total Assets Measured at Fair Value $ — $ 68,964 $ 4,264,412 $ 4,333,376 Liabilities: Securitized debt $ — $ — $ (3,025,128) $ (3,025,128) Derivative liabilities — — (1,543) (1,543) Total Liabilities Measured at Fair Value $ — $ — $ (3,026,671) $ (3,026,671) Fair value at December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Securitized residential mortgage loans $ — $ — $ 1,158,134 $ 1,158,134 Residential mortgage loans — 915 1,476,057 1,476,972 Non-Agency RMBS (1) — — 15,362 15,362 Non-Agency RMBS Interest Only — — 3,395 3,395 30 Year Fixed Rate Agency RMBS — 495,713 — 495,713 Derivative assets (2) — 19,781 — 19,781 AG Arc (3) — — 53,435 53,435 Total Assets Measured at Fair Value $ — $ 516,409 $ 2,706,383 $ 3,222,792 Liabilities: Securitized debt $ — $ — $ (999,215) $ (999,215) Derivative liabilities (2) — (897) (79) (976) Total Liabilities Measured at Fair Value $ — $ (897) $ (999,294) $ (1,000,191) (1) Non-Agency RMBS is comprised of Non-Agency, Agency-Eligible, and Re/Non-Performing Securities. (2) As of September 30, 2022, the Company applied a reduction in fair value of $38.3 million to its interest rate swap assets related to variation margin with a corresponding increase in restricted cash, net of collateral posted by the Company's derivative counterparties. As of December 31, 2021, the Company applied a reduction in fair value of $19.6 million and $0.9 million to its interest rate swap assets and liabilities, respectively, related to variation margin with a corresponding increase or decrease in restricted cash, respectively. Derivative assets and liabilities are included in the "Other assets" and "Other liabilities" line items on the consolidated balance sheets, respectively. Refer to Note 2 and Note 7 for more information on the Company's accounting policies with regard to derivatives. (3) Refer to Note 2 for more information on the Company's accounting policies with regard to AG Arc. The table above includes the Company's investment in AG Arc, which is included in its "Investments in debt and equity of affiliates" line item on the consolidated balance sheets, as the Company has chosen to elect the fair value option with respect to its investment pursuant to ASC 825.
Schedule of Assets Measured on a Recurring Basis	The following tables present additional information about the Company’s assets and liabilities which are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value. Three Months Ended September 30, 2022 (in thousands) Residential Non-Agency Non-Agency Derivative assets AG Arc Securitized Derivative liabilities Beginning balance $ 3,569,557 $ 11,265 $ 4,314 $ 2,211 $ 50,170 $ (2,467,766) $ (7,058) Purchases 883,256 — — — — — — Issuances of Securitized Debt — — — — — (763,294) — Capital distributions — — — — (1,070) — — Proceeds from settlement (95,895) (43) — (1,792) — 82,826 6,709 Total net gains/(losses) (2) Included in net income (154,553) (1,024) 607 (79) (2,512) 123,106 (1,194) Ending Balance $ 4,202,365 $ 10,198 $ 4,921 $ 340 $ 46,588 $ (3,025,128) $ (1,543) Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of September 30, 2022 (3) $ (153,687) $ (1,019) $ 607 $ 340 $ (2,512) $ 123,106 $ (1,543) (1) Includes Securitized residential mortgage loans. (2) Gains/(losses) are recorded in the following line items in the consolidated statement of operations: Net unrealized gain/(loss) $ (28,345) Net realized gain/(loss) (4,792) Equity in earnings/(loss) from affiliates (2,512) Total $ (35,649) (3) Unrealized gains/(losses) are recorded in the following line items in the consolidated statement of operations: Net unrealized gain/(loss) $ (32,082) Equity in earnings/(loss) from affiliates (2,512) Total $ (34,594) Three Months Ended September 30, 2021 (in thousands) Residential Non-Agency Commercial Excess Mortgage Derivative Assets AG Arc Securitized Derivative Liabilities Beginning balance $ 1,028,378 $ 1,183 $ 62,279 $ 2,608 $ — $ 50,862 $ (482,533) $ — Purchases/Transfers 608,771 — — — — — — — Issuances of Securitized Debt — — — — — — (260,086) — Capital distributions — — — — — (893) — — Proceeds from sales of assets — — — (2,364) — — — — Proceeds from settlement (42,095) (396) (70,195) — — — 34,407 — Total net gains/(losses) (2) Included in net income 11,137 (27) 7,916 (174) 841 1,980 (209) (46) Ending Balance $ 1,606,191 $ 760 $ — $ 70 $ 841 $ 51,949 $ (708,421) $ (46) Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of September 30, 2021 (3) $ 10,880 $ (27) $ — $ 523 $ 841 $ 1,980 $ (209) $ (46) (1) Includes Securitized residential mortgage loans. (2) Gains/(losses) are recorded in the following line items in the consolidated statement of operations: Net unrealized gain/(loss) $ 20,389 Net realized gain/(loss) (951) Equity in earnings/(loss) from affiliates 1,980 Total $ 21,418 (3) Unrealized gains/(losses) are recorded in the following line items in the consolidated statement of operations: Net unrealized gain/(loss) $ 11,962 Equity in earnings/(loss) from affiliates 1,980 Total $ 13,942 Nine Months Ended September 30, 2022 (in thousands) Residential Non-Agency Non-Agency Derivative assets AG Arc Securitized Derivative liabilities Beginning balance $ 2,634,191 $ 15,362 $ 3,395 $ — $ 53,435 $ (999,215) $ (79) Purchases 2,416,221 — — — — — — Issuances of Securitized Debt — — — — — (2,650,616) — Capital distributions — — — — (1,070) — — Proceeds from settlement (393,170) (664) — (2,208) — 320,502 14,514 Total net gains/(losses) (2) Included in net income (454,877) (4,500) 1,526 2,548 (5,777) 304,201 (15,978) Ending Balance $ 4,202,365 $ 10,198 $ 4,921 $ 340 $ 46,588 $ (3,025,128) $ (1,543) Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of September 30, 2022 (3) $ (455,293) $ (4,401) $ 1,526 $ 340 $ (5,777) $ 304,201 $ (1,543) (1) Includes Securitized residential mortgage loans. (2) Gains/(losses) are recorded in the following line items in the consolidated statement of operations: Net unrealized gain/(loss) $ (154,843) Net realized gain/(loss) (12,237) Equity in earnings/(loss) from affiliates (5,777) Total $ (172,857) (3) Unrealized gains/(losses) are recorded in the following line items in the consolidated statement of operations: Net unrealized gain/(loss) $ (155,170) Equity in earnings/(loss) from affiliates (5,777) Total $ (160,947) Nine Months Ended September 30, 2021 (in thousands) Residential Non-Agency Commercial Excess Mortgage Derivative assets AG Arc Securitized Derivative liabilities Beginning balance $ 433,307 $ 3,100 $ 125,508 $ 3,158 $ — $ 45,341 $ (355,159) $ — Transfers (2): Transfers out of level 3 — (1,499) — — — — — — Purchases 1,261,568 — 5,100 — — — — — Issuances of Securitized Debt — — — — — — (463,478) — Capital distributions — — — — — (893) — — Proceeds from sales of assets (45,615) — (74,342) (2,364) — — — — Proceeds from settlement (75,746) (897) (70,232) — — — 113,338 — Total net gains/(losses) (3) Included in net income 32,677 56 13,966 (724) 841 7,501 (3,122) (46) Ending Balance $ 1,606,191 $ 760 $ — $ 70 $ 841 $ 51,949 $ (708,421) $ (46) Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of September 30, 2021 (4) $ 25,481 $ 56 $ — $ (27) $ 841 $ 7,501 $ (3,122) $ (46) (1) Includes Securitized residential mortgage loans. (2) Transfers are assumed to occur at the beginning of the period. During the nine months ended September 30, 2021, the Company transferred one Non-Agency RMBS into the Level 2 category from the Level 3 category under the fair value hierarchy of ASC 820. (3) Gains/(losses) are recorded in the following line items in the consolidated statement of operations: Net unrealized gain/(loss) $ 40,472 Net realized gain/(loss) 3,176 Equity in earnings/(loss) from affiliates 7,501 Total $ 51,149 (4) Unrealized gains/(losses) are recorded in the following line items in the consolidated statement of operations: Net unrealized gain/(loss) $ 23,183 Equity in earnings/(loss) from affiliates 7,501 Total $ 30,684
Schedule of Valuation Techniques	The following tables present a summary of quantitative information about the significant unobservable inputs used in the fair value measurement of investments for which the Company has utilized Level 3 inputs to determine fair value. Asset Class Fair Value at September 30, 2022 Valuation Technique Unobservable Input Range Yield 4.75% - 6.66% (5.89%) Securitized residential mortgage loans $ 3,419,408 Discounted Cash Flow Projected Collateral Prepayments 5.31% - 16.78% (6.76%) Projected Collateral Losses 0.03% - 1.38% (0.19%) Projected Collateral Severities -1.63% - 20.00% (14.88%) Yield 6.19% - 7.88% (6.82%) Residential mortgage loans $ 779,876 Discounted Cash Flow Projected Collateral Prepayments 2.79% - 26.25% (14.89%) Projected Collateral Losses 0.00% - 17.33% (0.28%) Projected Collateral Severities -14.20% - 10.00% (9.77%) $ 3,081 Consensus Pricing Offered Quotes 93.98 - 109.03 (102.53) Yield 6.45% - 11.85% (8.92%) Non-Agency RMBS $ 10,198 Discounted Cash Flow Projected Collateral Prepayments 8.55% - 8.55% (8.55%) Projected Collateral Losses 0.19% - 0.19% (0.19%) Projected Collateral Severities 10.00% - 10.00% (10.00%) Yield 10.00% - 14.00% (13.32%) Non-Agency RMBS Interest Only $ 4,921 Discounted Cash Flow Projected Collateral Prepayments 8.55% - 8.55% (8.55%) Projected Collateral Losses 0.19% - 0.19% (0.19%) Projected Collateral Severities 10.00% - 10.00% (10.00%) Yield 6.55% - 8.53% (7.25%) Derivative assets $ 340 Discounted Cash Flow Projected Collateral Prepayments 10.83% - 34.73% (23.47%) Projected Collateral Losses 0.01% - 1.66% (0.49%) Projected Collateral Severities 10.00% - 10.00% (10.00%) Pull Through Percentages 45.00% - 100.00% (73.63%) AG Arc $ 46,588 Comparable Multiple Book Value Multiple 0.94x - 0.94x (0.94x) Liability Class Fair Value at September 30, 2022 Valuation Technique Unobservable Input Range Yield 4.86% - 15.00% (5.59%) Securitized debt $ (3,025,128) Discounted Cash Flow Projected Collateral Prepayments 5.31% - 16.78% (6.67%) Projected Collateral Losses 0.03% - 6.97% (1.00%) Projected Collateral Severities -1.63% - 20.00% (15.26%) Yield 6.46% - 7.54% (6.86%) Derivative liabilities $ (1,543) Discounted Cash Flow Projected Collateral Prepayments 9.04% - 31.75% (21.86%) Projected Collateral Losses 0.00% - 1.02% (0.13%) Projected Collateral Severities 10.00% - 10.00% (10.00%) Pull Through Percentages 45.00% - 100.00% (89.70%) (1) Amounts are weighted based on fair value. Asset Class Fair Value at December 31, 2021 Valuation Technique Unobservable Input Range Yield 2.26% - 13.00% (3.12%) Securitized residential mortgage loans $ 1,158,134 Discounted Cash Flow Projected Collateral Prepayments 4.75% - 11.05% (9.51%) Projected Collateral Losses 0.38% - 4.40% (0.83%) Projected Collateral Severities -18.08% - 29.11% (10.10%) Yield 2.77% - 7.50% (3.37%) Residential mortgage loans $ 1,465,523 Discounted Cash Flow Projected Collateral Prepayments 0.00% - 25.89% (15.28%) Projected Collateral Losses 0.00% - 15.37% (0.30%) Projected Collateral Severities -14.86% - 10.00% (9.97%) $ 4,405 Consensus Pricing Broker Quotes 88.57 - 112.89 (102.59) $ 6,129 Recent Transaction Cost N/A Yield 3.42% - 15.00% (5.32%) Non-Agency RMBS $ 15,362 Discounted Cash Flow Projected Collateral Prepayments 5.70% - 12.99% (12.63%) Projected Collateral Losses 0.23% - 2.66% (0.35%) Projected Collateral Severities -43.98% - 10.00% (7.32%) Yield 10.00% - 12.50% (12.10%) Non-Agency RMBS Interest Only $ 3,395 Discounted Cash Flow Projected Collateral Prepayments 12.99% - 12.99% (12.99%) Projected Collateral Losses 0.23% - 0.23% (0.23%) Projected Collateral Severities 10.00% - 10.00% (10.00%) AG Arc $ 53,435 Comparable Multiple Book Value Multiple 1.06x - 1.06x (1.06x) Liability Class Fair Value at December 31, 2021 Valuation Technique Unobservable Input Range Yield 1.56% - 4.49% (2.15%) Securitized debt $ (999,215) Discounted Cash Flow Projected Collateral Prepayments 5.86% - 11.05% (9.66%) Projected Collateral Losses 0.38% - 2.93% (0.83%) Projected Collateral Severities 6.36% - 12.89% (10.15%) Yield 3.02% - 3.11% (3.03%) Derivative liabilities $ (79) Discounted Cash Flow Projected Collateral Prepayments 14.08% - 15.14% (14.23%) Projected Collateral Losses 0.15% - 0.20% (0.15%) Projected Collateral Severities 10.00% - 10.00% (10.00%) Pull Through Percentages 90.00% - 95.00% (90.69%) (1) Amounts are weighted based on fair value.

Financing arrangements (Tables)

Financing arrangements (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Repurchase Agreements	The following table presents a summary of the Company's financing arrangements as of September 30, 2022 and December 31, 2021 ($ in thousands). September 30, 2022 December 31, 2021 Weighted Average Collateral (1)(2) Repurchase Agreements Carrying Value Stated Maturity Funding Cost Life (Years) Amortized Cost Basis Fair Value Carrying Value Securitized residential mortgage loans (3) $ 211,483 Oct 2022 to Dec 2022 4.57 % 0.08 $ 419,389 $ 371,094 $ 71,308 Residential mortgage loans (4)(5) 693,835 Oct 2022 to Sept 2023 4.83 % 0.60 834,777 779,876 1,286,287 Non-Agency RMBS 15,891 Oct 2022 4.40 % 0.05 27,729 25,313 10,213 Agency RMBS 14,556 Oct 2022 3.41 % 0.02 18,247 17,428 409,935 Total Financing Arrangements $ 935,765 4.74 % 0.46 $ 1,300,142 $ 1,193,711 $ 1,777,743 (1) The Company also had $1.4 million and $5.0 million of cash pledged under repurchase agreements as of September 30, 2022 and December 31, 2021, respectively. (2) Under the terms of the Company’s financing agreements, the Company's financing counterparties may, in certain cases, sell or re-hypothecate the pledged collateral. (3) Amounts pledged as collateral under Securitized residential mortgage loans include certain of the Company's retained interests in securitizations. Refer to Note 3 for more information on the Residential Mortgage Loan VIEs. (4) The Company's Residential mortgage loan financing arrangements include a maximum uncommitted borrowing capacity of $2.6 billion on facilities used to finance Non-Agency and Agency-Eligible Loans.
Schedule of Total Borrowings Under Repurchase Agreements	The following table presents contractual maturity information about the Company's borrowings under financing arrangements as of September 30, 2022 ($ in thousands). Repurchase Agreements Within 30 Days Over 30 Days to 3 Months Over 3 Months to 12 Months Total Securitized residential mortgage loans $ 162,232 $ 49,251 $ — $ 211,483 Residential mortgage loans 993 — 692,842 693,835 Non-Agency RMBS 15,891 — — 15,891 Agency RMBS 14,556 — — 14,556 Total Financing Arrangements $ 193,672 $ 49,251 $ 692,842 $ 935,765
Schedule of Repurchase Agreement Counterparty	The following table presents information as of September 30, 2022 and December 31, 2021 with respect to each counterparty that provides the Company with financing for which the Company had greater than 5% of its stockholders’ equity at risk, excluding stockholders’ equity at risk under financing through affiliated entities ($ in thousands). September 30, 2022 December 31, 2021 Counterparty Stockholders' Equity Weighted Average Percentage of Stockholders' Equity Weighted Average Percentage of Credit Suisse AG, Cayman Islands Branch $ 131,523 127 28.3 % $ 129,526 101 22.7 % Barclays Capital Inc. 67,514 86 14.5 % 89,230 23 15.6 % BofA Securities, Inc. 35,718 191 7.7 % 33,153 317 5.8 % JP Morgan Securities, LLC 26,989 291 5.8 % (1) (1) (1) (1) As of December 31, 2021, the Company had less than 1% of its equity at risk under financing arrangements with JP Morgan Securities, LLC.

Other assets and liabilities (T

Other assets and liabilities (Tables)	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Other Assets and Other Liabilities	The following table details certain information related to the Company's "Other assets" and "Other liabilities" line items on its consolidated balance sheet as of September 30, 2022 and December 31, 2021 (in thousands). September 30, 2022 December 31, 2021 Other assets Interest receivable $ 21,079 $ 14,263 Derivative assets, at fair value 472 231 Other assets 3,118 4,519 Due from broker 563 1,887 Total Other assets $ 25,232 $ 20,900 Other liabilities Due to affiliates (1) $ 4,732 $ 4,106 Interest payable 11,363 2,925 Derivative liabilities, at fair value 1,543 92 Purchase price payable on loans (2) 794 87 Accrued expenses 3,365 2,169 Due to broker 92 990 Total Other liabilities $ 21,889 $ 10,369 (1) Refer to Note 10 for more information.
Schedule of Company's Derivative and Other Instruments and their Balance Sheet Location	The following table presents the fair value of the Company's derivatives and other instruments and their balance sheet location as of September 30, 2022 and December 31, 2021 (in thousands). Derivatives and Other Instruments (1) Balance Sheet September 30, 2022 December 31, 2021 Pay Fix/Receive Float Interest Rate Swap Agreements (2) Other assets $ 132 $ 231 Short TBAs Other liabilities — (13) Forward Purchase Commitments Other assets 340 — Forward Purchase Commitments Other liabilities (1,543) (79) (1) As of September 30, 2022 and December 31, 2021, all derivatives held by the Company are not designated as hedges for accounting purposes. (2) As of September 30, 2022, the Company applied a reduction in fair value of $38.3 million to its interest rate swap assets related to variation margin with a corresponding increase in restricted cash, net of collateral posted by the Company's derivative counterparties. As of December 31, 2021, the Company applied a reduction in fair value of $19.6 million and $0.9 million to its interest rate swap assets and liabilities, respectively, related to variation margin with a corresponding increase or decrease in restricted cash, respectively.
Schedule of Derivatives and Other Instruments	The following table summarizes information related to derivatives and other instruments (in thousands). Notional amount of non-hedge derivatives and other instruments: Notional Currency September 30, 2022 December 31, 2021 Pay Fix/Receive Float Interest Rate Swap Agreements (1) USD $ 684,000 $ 888,500 Short TBAs USD — 385,963 Forward Purchase Commitments USD 118,743 25,292
Schedule of Gains/(Losses) Related to Derivatives and Other Instruments	The following table summarizes gains/(losses) related to derivatives and other instruments (in thousands). Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Included within Net unrealized gain/(loss) Interest Rate Swaps $ (28,344) $ 10 $ 19,780 $ 12,565 Long TBAs 2,959 — — — Short TBAs — 1,290 13 1,357 Forward Purchase Commitments 3,644 795 (1,124) 795 British Pound Futures — — — 64 (21,741) 2,095 18,669 14,781 Included within Net realized gain/(loss) Interest Rate Swaps 58,165 1,657 103,381 2,554 Long TBAs (3,154) — (10,789) — Short TBAs — (1,087) 13,578 (1,087) Forward Purchase Commitments (4,917) — (12,306) — British Pound Futures — — — (165) 50,094 570 93,864 1,302 Total income/(loss) $ 28,353 $ 2,665 $ 112,533 $ 16,083
Schedule of To Be Announced Securities Activity	The following table presents information about the Company’s TBAs for the three and nine months ended September 30, 2022 and 2021 (in thousands). Three Months Ended Beginning Notional Amount Buys or Covers Sales or Shorts Ending Notional Fair Value as of Receivable/(Payable) Derivative September 30, 2022 Long TBAs $ 400,000 $ — $ (400,000) $ — $ — $ — $ — September 30, 2021 Short TBAs (130,000) 338,000 (515,500) 307,500 (316,937) 318,295 1,358 Nine Months Ended Beginning Notional Amount Buys or Covers Sales or Shorts Ending Notional Fair Value as of Receivable/(Payable) Derivative September 30, 2022 Long TBAs $ — $ 1,650,000 $ (1,650,000) $ — $ — $ — $ — September 30, 2022 Short TBAs (385,963) 1,320,852 (934,889) — — — — September 30, 2021 Short TBAs — 338,000 (645,500) (307,500) (316,937) 318,295 1,358

Earnings per share (Tables)

Earnings per share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted earnings per share for the three and nine months ended September 30, 2022 and 2021 (in thousands, except per share data). Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Numerator: Net Income/(Loss) $ (2,869) $ 34,579 $ (64,794) $ 93,321 Gain on Exchange Offers, net (Note 11) — — — 472 Dividends on preferred stock (4,586) (4,586) (13,758) (14,199) Net income/(loss) available to common stockholders $ (7,455) $ 29,993 $ (78,552) $ 79,594 Denominator: Basic weighted average common shares outstanding 22,394 16,077 23,250 15,270 Diluted weighted average common shares outstanding 22,394 16,077 23,250 15,270 Earnings/(Loss) Per Share of Common Stock Basic $ (0.33) $ 1.87 $ (3.38) $ 5.21 Diluted $ (0.33) $ 1.87 $ (3.38) $ 5.21
Schedule of Dividends Declared and Paid	The following tables detail the Company's common stock dividends declared during the nine months ended September 30, 2022 and 2021. 2022 Declaration Date Record Date Payment Date Cash Dividend Per Share 3/18/2022 3/31/2022 4/29/2022 $ 0.21 6/15/2022 6/30/2022 7/29/2022 0.21 9/15/2022 9/30/2022 10/31/2022 0.21 Total $ 0.63 2021 Declaration Date Record Date Payment Date Cash Dividend Per Share 3/22/2021 4/1/2021 4/30/2021 $ 0.18 6/15/2021 6/30/2021 7/30/2021 0.21 9/15/2021 9/30/2021 10/29/2021 0.21 Total $ 0.60 The following tables detail the Company's preferred stock dividends declared and paid during the nine months ended September 30, 2022 and 2021. 2022 Cash Dividend Per Share Declaration Date Record Date Payment Date 8.25% Series A 8.00% Series B 8.000% Series C 2/18/2022 2/28/2022 3/17/2022 $ 0.51563 $ 0.50 $ 0.50 5/2/2022 5/31/2022 6/17/2022 0.51563 0.50 0.50 8/3/2022 8/31/2022 9/19/2022 0.51563 0.50 0.50 Total $ 1.54689 $ 1.50 $ 1.50 2021 Cash Dividend Per Share Declaration Date Record Date Payment Date 8.25% Series A 8.00% Series B 8.000% Series C 2/16/2021 2/26/2021 3/17/2021 $ 0.51563 $ 0.50 $ 0.50 5/17/2021 5/28/2021 6/17/2021 0.51563 0.50 0.50 7/30/2021 8/31/2021 9/17/2021 0.51563 0.50 0.50 Total $ 1.54689 $ 1.50 $ 1.50

Related party transactions (Tab

Related party transactions (Tables)	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Summary of Transactions With Related Parties	The below table details the management fees incurred during the three and nine months ended September 30, 2022 and 2021 (in thousands). Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Management fee to affiliate $ 2,064 $ 1,693 $ 5,984 $ 5,014 Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Operating expenses (1) $ 1,405 $ 1,125 $ 4,215 $ 3,375 Deal related expenses (1) 261 189 637 518 Transaction related expenses (2) 738 251 2,484 331 Expense reimbursements to affiliates $ 2,404 $ 1,565 $ 7,336 $ 4,224 (1) Included in the "Other operating expenses" line item on the consolidated statement of operations. (2) Included in the "Transaction related expenses" line item on the consolidated statement of operations. Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Fees paid to Asset Manager $ 825 $ 531 $ 2,007 $ 1,651 Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Residential mortgage loans sold by Arc Home to the Company $ 350,257 $ 236,627 $ 1,028,339 $ 487,062 Residential mortgage loans sold by Arc Home to private funds under the management of Angelo Gordon 38,792 172,027 170,583 440,595 The below table details transactions where the Company purchased or sold assets from or to an affiliate of the Manager ($ in millions). The transactions were executed in accordance with the Company's Affiliated Transaction Policy. Refer to the "Transactions with Arc Home" section above for additional information related to transactions with Arc Home, which are excluded from the table below. Date Transaction Fair value (1) Pricing methodology March 2021 Sale of real estate securities $ 6.9 Competitive bidding process (2) April 2021 Sale of real estate securities 16.8 Third party pricing vendors (3) July 2021 Sale of real estate securities 17.6 Competitive bidding process (2) October 2021 Purchase of real estate securities (4) 3.5 Third party pricing vendors (3) November 2021 Purchase of residential mortgage loans (5) 181.8 Third party pricing vendors (3) (1) As of the transaction date. (2) The affiliate submitted an offer to purchase the securities from the Company in a competitive bidding process, which allowed the Company to confirm third-party market pricing and best execution. (3) Pricing was based on valuations prepared by third-party pricing vendors in accordance with the Company's policy. (4) The Company purchased the real estate securities through one of its unconsolidated affiliated entities.
Schedule of Investments in Debt and Equity of Affiliates	During the three and nine months ended September 30, 2022 and 2021, the Company eliminated intra-entity profits recognized by Arc Home and also decreased the cost basis of the underlying loans by the same amount in connection with loan sales to the Company, as detailed below (in thousands). Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Intra-Entity Profits Eliminated $ 1,755 $ 1,580 $ 5,869 $ 3,467 The below table reconciles the fair value of investments to the "Investments in debt and equity of affiliates" line item on the Company's consolidated balance sheets as of September 30, 2022 and December 31, 2021 (in thousands). September 30, 2022 December 31, 2021 Assets Liabilities Equity Assets Liabilities Equity MATT Non-QM Loans (1) $ 38,824 $ (24,406) $ 14,418 $ 45,837 $ (30,471) $ 15,366 Land Related Financing (2) 10,946 — 10,946 16,891 — 16,891 Re/Non-Performing Loans 8,212 (4,820) 3,392 9,298 (5,538) 3,760 Total Residential Investments 57,982 (29,226) 28,756 72,026 (36,009) 36,017 AG Arc, at fair value 46,588 — 46,588 53,435 — 53,435 Cash and Other assets/(liabilities) 4,394 (708) 3,686 3,698 (1,127) 2,571 Investments in debt and equity of affiliates $ 108,964 $ (29,934) $ 79,030 $ 129,159 $ (37,136) $ 92,023 (1) As of September 30, 2022 and December 31, 2021, MATT primarily holds retained tranches from past securitizations which continue to pay down and the Company does not expect to acquire additional investments within this equity method investment. (2) Land Related Financing continues to pay down and the Company does not expect to originate new loans within this equity method investment. The below table reconciles the net income/(loss) to the "Equity in earnings/(loss) from affiliates" line item on the Company's consolidated statements of operations for the three and nine months ended September 30, 2022 and 2021 (in thousands). Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 MATT Non-QM Loans $ 1,413 $ (644) $ 154 $ 15,277 Land Related Financing 300 598 1,248 1,848 Re/Non-Performing Loans 927 6,553 758 13,370 AG Arc (1) (4,266) 399 (11,646) 4,033 Other — (24) — (32) Equity in earnings/(loss) from affiliates $ (1,626) $ 6,882 $ (9,486) $ 34,496

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Schedule of Preferred Stock	The following table includes a summary of preferred stock issued and outstanding as of September 30, 2022 ($ and shares in thousands). Preferred Stock Series Issuance Date Shares Outstanding Carrying Value Aggregate Liquidation Preference (1) Optional Redemption Rate (3)(4) Series A Preferred Stock August 3, 2012 1,663 $ 40,110 $ 41,580 August 3, 2017 8.25 % Series B Preferred Stock September 27, 2012 3,728 90,187 93,191 September 17, 2017 8.00 % Series C Preferred Stock September 17, 2019 3,729 90,175 93,220 September 17, 2024 8.000 % Total 9,120 $ 220,472 $ 227,991 (1) The Company's Preferred Stock has a liquidation preference of $25.00 per share. (2) Shares have no stated maturity and are not subject to any sinking fund or mandatory redemption. Shares of the Company’s Preferred Stock are redeemable at $25.00 per share plus accumulated and unpaid dividends (whether or not declared) exclusively at the Company’s option. Shares of the Company's Series C Preferred Stock may be redeemable earlier than the optional redemption date under certain circumstances intended to preserve its qualification as a REIT for Federal income tax purposes. (3) The initial dividend rate for the Series C Preferred Stock, from and including the date of original issue to, but not including, September 17, 2024, is 8.000% per annum of the $25.00 per share liquidation preference. On and after September 17, 2024, dividends on the Series C Preferred Stock will accumulate at a percentage of the $25.00 liquidation preference equal to an annual floating rate of the then three-month LIBOR (or as replaced by the existing LIBOR cessation fallback language) plus a spread of 6.476% per annum. (4) Dividends are payable quarterly in arrears on the 17th day of each March, June, September and December and holders are entitled to receive cumulative cash dividends at the respective stated rate per annum before holders of common stock are entitled to receive any cash dividends. The below details privately negotiated exchange agreements with existing holders of the Company's preferred shares exchanged for common shares during 2021. The Company did not complete any exchange offers during the nine months ended September 30, 2022. Subsequent to each transaction, the Preferred Stock exchanged pursuant to the exchange agreement was reclassified as authorized but unissued shares of preferred stock without designation as to class or series ($ in thousands). Preferred Shares Exchanged Date Shares of Series A Preferred Stock Shares of Series B Preferred Stock Shares of Series C Preferred Stock Total Preferred Stock Par Value Common Shares Exchanged March 17, 2021 153,325 350,609 — $ 12,598 937,462 June 14, 2021 — 86,478 154,383 6,022 429,802

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Outstanding Commitments	The below table details the Company's outstanding commitments as of September 30, 2022 (in thousands). Commitment type Date of Commitment Total Commitment Funded Commitment Remaining Commitment Non-Agency and Agency-Eligible Loans (1) Various $ 121,009 $ — $ 121,009 Land Related Financing (2) Various 14,290 10,946 3,344 MATT Non-QM Loans (2) January 28, 2022 15,607 — 15,607 Total $ 150,906 $ 10,946 $ 139,960 (1) The Company entered into forward purchase commitments to acquire certain Non-Agency and Agency-Eligible Loans from Arc Home which have not yet settled as of September 30, 2022. Refer to Note 10 "Transactions with affiliates" for more information. (2) Refer to Note 2 and Note 10 "Investments in debt and equity of affiliates" for more information regarding LOTS and MATH.

Organization - Narrative (Detai

Organization - Narrative (Details) - segment	9 Months Ended
	Sep. 30, 2022	Nov. 30, 2021	Jul. 30, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Loan securitization, ownership interest		40.90%	45%
Number of reportable segments	1
Arc Home
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Loan securitization, ownership interest	44.60%

Summary of significant accoun_4

Summary of significant accounting policies - Narrative (Details)			9 Months Ended
	Jul. 22, 2021	Jul. 12, 2021	Sep. 30, 2022 $ / shares	Nov. 30, 2021	Jul. 30, 2021
Investments in and Advances to Affiliates [Line Items]
Reverse stock split ratio	0.3333	0.3333
Loan securitization, ownership interest				40.90%	45%
Preferred stock dividend percentage			8%
8.25% Series A Cumulative Redeemable Preferred Stock
Investments in and Advances to Affiliates [Line Items]
Preferred stock dividend percentage			8.25%
8.00% Series B Cumulative Redeemable Preferred Stock
Investments in and Advances to Affiliates [Line Items]
Preferred stock dividend percentage			8%
8.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Investments in and Advances to Affiliates [Line Items]
Preferred stock dividend percentage			8%
Liquidation preference (in dollars per share)			$ 25
8.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock | LIBOR Floating Rate
Investments in and Advances to Affiliates [Line Items]
Preferred stock dividend percentage			6.476%
LOTS I
Investments in and Advances to Affiliates [Line Items]
Loan securitization, ownership interest			47.50%
LOTS II
Investments in and Advances to Affiliates [Line Items]
Loan securitization, ownership interest			50%
Arc Home
Investments in and Advances to Affiliates [Line Items]
Loan securitization, ownership interest			44.60%
MATH
Investments in and Advances to Affiliates [Line Items]
Loan securitization, ownership interest			44.60%

Summary of significant accoun_5

Summary of significant accounting policies - Schedule of investments in debt and equity of affiliates (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Intra-Entity Profits Eliminated | Arc Home
Investments in and Advances to Affiliates [Line Items]
Gross profit	$ 1,755	$ 1,580	$ 5,869	$ 3,467

Loans - Summary of company's re

Loans - Summary of company's residential mortgage loan portfolio (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Residential mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value	$ 783,771	$ 1,476,972
Residential mortgage loans | Variable Interest Entity, Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value	3,419,408	1,158,134
Residential Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	4,616,008	2,578,993
Premium (Discount)	11,135	27,918
Amortized Cost	4,627,143	2,606,911
Gross Unrealized Gains	7,848	34,122
Gross Unrealized Losses	(431,812)	(5,927)
Fair Value	$ 4,203,179	$ 2,635,106
Weighted Average Coupon	4.70%	4.50%
Weighted Average Yield	4.87%	4.06%
Weighted Average Life (Years)	8 years 11 months 23 days	5 years 5 months 19 days
Residential Portfolio Segment | Residential mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 845,137	$ 1,423,242
Premium (Discount)	(8,512)	42,150
Amortized Cost	836,625	1,465,392
Gross Unrealized Gains	5,795	13,387
Gross Unrealized Losses	(58,649)	(1,807)
Fair Value	$ 783,771	$ 1,476,972
Weighted Average Coupon	5.43%	4.41%
Weighted Average Yield	5.69%	3.69%
Weighted Average Life (Years)	6 years 5 months 1 day	5 years 6 months 18 days
Residential Portfolio Segment | Residential mortgage loans | Variable Interest Entity, Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 3,770,871	$ 1,155,751
Premium (Discount)	19,647	(14,232)
Amortized Cost	3,790,518	1,141,519
Gross Unrealized Gains	2,053	20,735
Gross Unrealized Losses	(373,163)	(4,120)
Fair Value	$ 3,419,408	$ 1,158,134
Weighted Average Coupon	4.53%	4.61%
Weighted Average Yield	4.68%	4.53%
Weighted Average Life (Years)	9 years 6 months 18 days	5 years 4 months 13 days
Residential Portfolio Segment | Non-Agency Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 744,611	$ 987,290
Premium (Discount)	(7,031)	35,647
Amortized Cost	737,580	1,022,937
Gross Unrealized Gains	3,748	9,336
Gross Unrealized Losses	(54,860)	(1,458)
Fair Value	$ 686,468	$ 1,030,815
Weighted Average Coupon	5.37%	4.75%
Weighted Average Yield	5.37%	3.76%
Weighted Average Life (Years)	6 years 6 months 21 days	5 years 3 days
Residential Portfolio Segment | Non-Agency Loans | Variable Interest Entity, Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 2,171,845	$ 777,828
Premium (Discount)	60,890	30,739
Amortized Cost	2,232,735	808,567
Gross Unrealized Gains	0	5,821
Gross Unrealized Losses	(234,729)	(1,005)
Fair Value	$ 1,998,006	$ 813,383
Weighted Average Coupon	5.01%	5.13%
Weighted Average Yield	4.68%	3.96%
Weighted Average Life (Years)	10 years 29 days	4 years 6 months
Residential Portfolio Segment | Agency-Eligible Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 96,643	$ 429,424
Premium (Discount)	554	10,039
Amortized Cost	97,197	439,463
Gross Unrealized Gains	0	1,723
Gross Unrealized Losses	(3,789)	(349)
Fair Value	$ 93,408	$ 440,837
Weighted Average Coupon	5.89%	3.64%
Weighted Average Yield	5.70%	3.19%
Weighted Average Life (Years)	5 years 5 months 26 days	6 years 10 months 2 days
Residential Portfolio Segment | Agency-Eligible Loans | Variable Interest Entity, Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 1,263,827
Premium (Discount)	(1,641)
Amortized Cost	1,262,186
Gross Unrealized Gains	0
Gross Unrealized Losses	(120,041)
Fair Value	$ 1,142,145
Weighted Average Coupon	3.87%
Weighted Average Yield	4.07%
Weighted Average Life (Years)	9 years 10 months 2 days
Residential Portfolio Segment | Re- and Non-Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 3,883	$ 6,528
Premium (Discount)	(2,035)	(3,536)
Amortized Cost	1,848	2,992
Gross Unrealized Gains	2,047	2,328
Gross Unrealized Losses	0	0
Fair Value	$ 3,895	$ 5,320
Weighted Average Yield	63.09%	31.18%
Weighted Average Life (Years)	1 year 9 months 29 days	2 years 2 months 26 days
Residential Portfolio Segment | Re- and Non-Performing Loans | Variable Interest Entity, Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 335,199	$ 377,923
Premium (Discount)	(39,602)	(44,971)
Amortized Cost	295,597	332,952
Gross Unrealized Gains	2,053	14,914
Gross Unrealized Losses	(18,393)	(3,115)
Fair Value	$ 279,257	$ 344,751
Weighted Average Coupon	3.90%	3.55%
Weighted Average Yield	7.14%	5.90%
Weighted Average Life (Years)	5 years 7 days	7 years 2 months 1 day

Loans - Summary of credit quali

Loans - Summary of credit quality information on residential mortgage loans (Details) - Residential Portfolio Segment $ in Thousands	Sep. 30, 2022 USD ($) loan	Dec. 31, 2021 USD ($) loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 4,616,008	$ 2,578,993
Loan count | loan	12,092	7,327
Weighted Average, Original LTV Ratio	69.20%	69.76%
Weighted Average, Current FICO	734	723
Mortgage loans 90+ days delinquent	$ 23,200	$ 47,400
Mortgage loans in process of foreclosure	39,000	29,000
Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	4,450,254	2,417,332
30-59 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	70,808	55,400
60-89 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	20,433	14,990
90+ Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	70,630	84,743
Residential mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 845,137	$ 1,423,242
Loan count | loan	1,538	3,225
Weighted Average, Original LTV Ratio	69.06%	68.19%
Weighted Average, Current FICO	739	742
Residential mortgage loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 825,412	$ 1,393,504
Residential mortgage loans | 30-59 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	3,872	12,931
Residential mortgage loans | 60-89 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	5,041	1,630
Residential mortgage loans | 90+ Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	6,929	8,649
Residential mortgage loans | Variable Interest Entity, Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 3,770,871	$ 1,155,751
Loan count | loan	10,554	4,102
Weighted Average, Original LTV Ratio	69.23%	71.68%
Weighted Average, Current FICO	732	697
Residential mortgage loans | Variable Interest Entity, Primary Beneficiary | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 3,624,842	$ 1,023,828
Residential mortgage loans | Variable Interest Entity, Primary Beneficiary | 30-59 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	66,936	42,469
Residential mortgage loans | Variable Interest Entity, Primary Beneficiary | 60-89 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	15,392	13,360
Residential mortgage loans | Variable Interest Entity, Primary Beneficiary | 90+ Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	63,701	76,094
Non-Agency Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 744,611	$ 987,290
Loan count | loan	1,245	1,886
Weighted Average, Original LTV Ratio	68.91%	69.39%
Weighted Average, Current FICO	736	737
Non-Agency Loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 729,120	$ 967,910
Non-Agency Loans | 30-59 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	3,872	9,101
Non-Agency Loans | 60-89 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	4,690	1,630
Non-Agency Loans | 90+ Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	6,929	8,649
Non-Agency Loans | Variable Interest Entity, Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 2,171,845	$ 777,828
Loan count | loan	4,380	1,562
Weighted Average, Original LTV Ratio	69.35%	68.03%
Weighted Average, Current FICO	731	733
Non-Agency Loans | Variable Interest Entity, Primary Beneficiary | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 2,133,670	$ 767,734
Non-Agency Loans | Variable Interest Entity, Primary Beneficiary | 30-59 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	26,433	6,495
Non-Agency Loans | Variable Interest Entity, Primary Beneficiary | 60-89 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	4,419	1,036
Non-Agency Loans | Variable Interest Entity, Primary Beneficiary | 90+ Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	7,323	2,563
Agency-Eligible Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 96,643	$ 429,424
Loan count | loan	293	1,339
Weighted Average, Original LTV Ratio	70.28%	65.44%
Weighted Average, Current FICO	762	754
Agency-Eligible Loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 96,292	$ 425,594
Agency-Eligible Loans | 30-59 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	0	3,830
Agency-Eligible Loans | 60-89 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	351	0
Agency-Eligible Loans | 90+ Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	0	0
Agency-Eligible Loans | Variable Interest Entity, Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 1,263,827
Loan count | loan	3,876
Weighted Average, Original LTV Ratio	66.28%
Weighted Average, Current FICO	760
Agency-Eligible Loans | Variable Interest Entity, Primary Beneficiary | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 1,253,858
Agency-Eligible Loans | Variable Interest Entity, Primary Beneficiary | 30-59 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	9,969
Agency-Eligible Loans | Variable Interest Entity, Primary Beneficiary | 60-89 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	0
Agency-Eligible Loans | Variable Interest Entity, Primary Beneficiary | 90+ Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	0
Re- and Non-Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	3,883	6,528
Re- and Non-Performing Loans | Variable Interest Entity, Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 335,199	$ 377,923
Loan count | loan	2,298	2,540
Weighted Average, Original LTV Ratio	79.62%	79.20%
Weighted Average, Current FICO	640	639
Re- and Non-Performing Loans | Variable Interest Entity, Primary Beneficiary | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 237,314	$ 256,094
Re- and Non-Performing Loans | Variable Interest Entity, Primary Beneficiary | 30-59 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	30,534	35,974
Re- and Non-Performing Loans | Variable Interest Entity, Primary Beneficiary | 60-89 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	10,973	12,324
Re- and Non-Performing Loans | Variable Interest Entity, Primary Beneficiary | 90+ Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 56,378	$ 73,531

Loans - Summary of loans purcha

Loans - Summary of loans purchased (Details) - Residential Portfolio Segment - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 901,595	$ 2,434,418
Fair Value	891,584	2,437,626
Non-Agency Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	515,592	1,441,292
Fair Value	510,328	1,450,892
Agency-Eligible Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	386,003	993,126
Fair Value	$ 381,256	$ 986,734

Loans - Narrative (Details)

Loans - Narrative (Details) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2022 loan	Sep. 30, 2021 USD ($) loan	Mar. 31, 2021 USD ($) loan	Dec. 31, 2020 USD ($)	Sep. 30, 2022 loan	Sep. 30, 2021 USD ($) loan
Residential Portfolio Segment
Gain (Loss) on Securities [Line Items]
Number of loans sold | loan	0				0	368
Proceeds from sale of loans						$ 47,219
Realized loss on sale of loan						350
Realized gain on sale of loan						$ 8,166
Commercial Portfolio Segment
Gain (Loss) on Securities [Line Items]
Number of loans sold | loan			2
Proceeds from sale of loans		$ 74,100	$ 74,300
Realized loss on sale of loan			$ 2,900
Number of loans repaid | loan		2
Realized gain on sale of loan		$ 400
Proceeds from interest				$ 3,000

Loans - Summery of sold residen

Loans - Summery of sold residential mortgage loans (Details) - Residential Portfolio Segment $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022 loan	Sep. 30, 2022 loan	Sep. 30, 2021 USD ($) loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans sold | loan	0	0	368
Proceeds from sale of loans			$ 47,219
Realized gain on sale of loan			8,166
Realized loss on sale of loan			(350)
Unsettled Securities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from sale of loans			$ 1,600
Number of residual loans sold | loan			1

Loans - Summary of concentratio

Loans - Summary of concentrations of credit risk (Details) - Residential Portfolio Segment - Geographic Concentration Risk - Accounts Receivable	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
California
Accounts, Notes, Loans and Financing Receivable [Line Items]
Geographic concentration of credit risk	33%	35%
New York
Accounts, Notes, Loans and Financing Receivable [Line Items]
Geographic concentration of credit risk	16%	15%
Florida
Accounts, Notes, Loans and Financing Receivable [Line Items]
Geographic concentration of credit risk	10%	11%
New Jersey
Accounts, Notes, Loans and Financing Receivable [Line Items]
Geographic concentration of credit risk	6%	6%

Loans - Summary of changes in t

Loans - Summary of changes in the accretable portion of discounts (Details) - Residential Portfolio Segment - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Changes in the accretable portion
Beginning Balance	$ 43,901	$ 51,672	$ 46,521	$ 56,907
Accretion	(1,587)	(1,318)	(5,012)	(3,669)
Reclassifications from/(to) non-accretable difference	1,579	(3,548)	2,384	(871)
Disposals	(141)	(42)	(141)	(5,603)
Ending Balance	$ 43,752	$ 46,764	$ 43,752	$ 46,764

Loans - Summary of assets and l

Loans - Summary of assets and liabilities related to VIEs (Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2022	Dec. 31, 2021	Jun. 30, 2022	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Assets
Other assets		$ 25,232	$ 20,900
Total Assets		4,451,733	3,362,728
Liabilities
Securitized debt, at fair value	[1]	3,025,128	999,215
Other liabilities	[2]	21,889	10,369
Total Liabilities		3,987,437	2,792,348
Total Equity		464,296	570,380	$ 478,665	$ 489,749	$ 465,877	$ 409,705
Financing arrangements		$ 935,765	$ 1,777,743
Variable Interest Entity, Primary Beneficiary
Liabilities
Yield		3.75%	2%
Weighted Average Life (Years)		7 years 2 months 12 days	2 years 8 months 15 days
Variable Interest Entity, Primary Beneficiary | Residential Portfolio Segment
Assets
Securitized residential mortgage loans, at fair value		$ 3,419,408	$ 1,158,134
Restricted cash		1,236	1,467
Other assets		15,873	6,457
Total Assets		3,436,517	1,166,058
Liabilities
Securitized debt, at fair value		3,025,128	999,215
Other liabilities		9,586	1,482
Total Liabilities		3,034,714	1,000,697
Total Equity		$ 401,803	$ 165,361
Yield		4.68%	4.53%
Weighted Average Life (Years)		9 years 6 months 18 days	5 years 4 months 13 days
Financing arrangements		$ 211,500	$ 71,300
Variable Interest Entity, Primary Beneficiary | Non-Agency Loans
Liabilities
Yield		3.72%	1.63%
Weighted Average Life (Years)		6 years 4 months 6 days	2 years 4 months 9 days
Variable Interest Entity, Primary Beneficiary | Non-Agency Loans | Residential Portfolio Segment
Assets
Securitized residential mortgage loans, at fair value		$ 1,998,006	$ 813,383
Liabilities
Securitized debt, at fair value		$ 1,786,806	$ 746,970
Yield		4.68%	3.96%
Weighted Average Life (Years)		10 years 29 days	4 years 6 months
Variable Interest Entity, Primary Beneficiary | Agency-Eligible Loans
Liabilities
Yield		3.91%	0%
Weighted Average Life (Years)		9 years 3 months 14 days
Variable Interest Entity, Primary Beneficiary | Agency-Eligible Loans | Residential Portfolio Segment
Assets
Securitized residential mortgage loans, at fair value		$ 1,142,145	$ 0
Liabilities
Securitized debt, at fair value		$ 1,047,059	$ 0
Yield		4.07%	0%
Weighted Average Life (Years)		9 years 10 months 2 days
Variable Interest Entity, Primary Beneficiary | Re- and Non-Performing Loans
Liabilities
Yield		3.09%	3.06%
Weighted Average Life (Years)		2 years 2 months 15 days	3 years 9 months
Variable Interest Entity, Primary Beneficiary | Re- and Non-Performing Loans | Residential Portfolio Segment
Assets
Securitized residential mortgage loans, at fair value		$ 279,257	$ 344,751
Liabilities
Securitized debt, at fair value		$ 191,263	$ 252,245
Yield		7.14%	5.90%
Weighted Average Life (Years)		5 years 7 days	7 years 2 months 1 day
[1]These balances relate to certain residential mortgage loans which were securitized resulting in the Company consolidating the variable interest entities that were created to facilitate these securitizations as the Company was determined to be the primary beneficiary. See Note 3 for additional details.[2]Refer to Note 7 and Note 10 for additional details on amounts payable to affiliates.

Real Estate Securities - Summar

Real Estate Securities - Summary of real estate securities portfolio (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Current Face	$ 274,238	$ 666,179
Premium / (Discount)	(226,176)	(144,980)
Amortized Cost	48,062	521,199
Gross Unrealized Gains	2,209	90
Gross Unrealized Losses	(5,415)	(6,819)
Fair Value	$ 44,856	$ 514,470
Weighted Average Coupon	2.40%	1.99%
Weighted Average Yield	9.86%	1.96%
Residential Portfolio Segment
Debt Securities, Available-for-sale [Line Items]
Current Face	$ 143,781	$ 175,744
Premium / (Discount)	(116,052)	(156,907)
Amortized Cost	27,729	18,837
Gross Unrealized Gains	2,180	90
Gross Unrealized Losses	(4,596)	(170)
Fair Value	$ 25,313	$ 18,757
Weighted Average Coupon	1.55%	1.02%
Weighted Average Yield	11.69%	6.73%
Agency-Eligible Securities | Residential Portfolio Segment
Debt Securities, Available-for-sale [Line Items]
Current Face	$ 16,897
Premium / (Discount)	(6,762)
Amortized Cost	10,135
Gross Unrealized Gains	169
Gross Unrealized Losses	(110)
Fair Value	$ 10,194
Weighted Average Coupon	2.99%
Weighted Average Yield	8.50%
Non-Agency Securities | Residential Portfolio Segment
Debt Securities, Available-for-sale [Line Items]
Current Face	$ 14,894	$ 14,894
Premium / (Discount)	(210)	(236)
Amortized Cost	14,684	14,658
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(4,486)	(58)
Fair Value	$ 10,198	$ 14,600
Weighted Average Coupon	4.35%	4.36%
Weighted Average Yield	4.58%	4.74%
Non-Agency RMBS Interest Only | Residential Portfolio Segment
Debt Securities, Available-for-sale [Line Items]
Current Face	$ 111,990	$ 160,154
Premium / (Discount)	(109,080)	(156,647)
Amortized Cost	2,910	3,507
Gross Unrealized Gains	2,011	0
Gross Unrealized Losses	0	(112)
Fair Value	$ 4,921	$ 3,395
Weighted Average Coupon	0.38%	0.38%
Weighted Average Yield	33.04%	10.12%
Re/Non-Performing Securities | Residential Portfolio Segment
Debt Securities, Available-for-sale [Line Items]
Current Face		$ 696
Premium / (Discount)		(24)
Amortized Cost		672
Gross Unrealized Gains		90
Gross Unrealized Losses		0
Fair Value		$ 762
Weighted Average Coupon		5.25%
Weighted Average Yield		29.69%
Agency RMBS: Interest Only
Debt Securities, Available-for-sale [Line Items]
Current Face	$ 130,457
Premium / (Discount)	(110,124)
Amortized Cost	20,333
Gross Unrealized Gains	29
Gross Unrealized Losses	(819)
Fair Value	$ 19,543
Weighted Average Coupon	2.97%
Weighted Average Yield	7.48%
Agency RMBS: 30 Year Fixed Rate
Debt Securities, Available-for-sale [Line Items]
Current Face		$ 490,435
Premium / (Discount)		11,927
Amortized Cost		502,362
Gross Unrealized Gains		0
Gross Unrealized Losses		(6,649)
Fair Value		$ 495,713
Weighted Average Coupon		2.18%
Weighted Average Yield		1.78%

Real Estate Securities - Summ_2

Real Estate Securities - Summary of weighted average life of real estate securities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Non-Agency RMBS
Fair Value
Less than or equal to 1 year		$ 543
Greater than one year and less than or equal to five years	$ 4,921	18,214
Greater than five years and less than or equal to ten years	0	0
Greater than ten years	20,392	0
Total	25,313	18,757
Amortized Cost
Less than or equal to 1 year		511
Greater than one year and less than or equal to five years	2,910	18,326
Greater than five years and less than or equal to ten years	0	0
Greater than ten years	24,819	0
Total	$ 27,729	$ 18,837
Weighted Average Coupon
Less than or equal to 1 year		5.25%
Greater than one year and less than or equal to five years	0.38%	1%
Greater than five years and less than or equal to ten years	0%	0%
Greater than ten years	3.62%	0%
Total as of September 30, 2022	1.55%	1.02%
Agency RMBS
Fair Value
Less than or equal to 1 year		$ 0
Greater than one year and less than or equal to five years	$ 0	0
Greater than five years and less than or equal to ten years	19,543	474,104
Greater than ten years	0	21,609
Total	19,543	495,713
Amortized Cost
Less than or equal to 1 year		0
Greater than one year and less than or equal to five years	0	0
Greater than five years and less than or equal to ten years	20,333	480,204
Greater than ten years	0	22,158
Total	$ 20,333	$ 502,362
Weighted Average Coupon
Less than or equal to 1 year		0%
Greater than one year and less than or equal to five years	0%	0%
Greater than five years and less than or equal to ten years	2.97%	2.19%
Greater than ten years	0%	2%
Total as of September 30, 2022	2.97%	2.18%

Real Estate Securities - Sale o

Real Estate Securities - Sale of Real Estate Securities (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) security	Sep. 30, 2021 USD ($) security	Sep. 30, 2022 USD ($) security	Sep. 30, 2021 USD ($) security
Debt Securities, Available-for-sale [Line Items]
Proceeds from sales of real estate securities			$ 526,813	$ 761,568
Settled Securities
Debt Securities, Available-for-sale [Line Items]
Number of securities sold | security	2	4	18	73
Proceeds from sales of real estate securities	$ 13,017	$ 202,819	$ 526,258	$ 760,689
Securities, gross realized gains	168	0	736	12,355
Securities, gross realized losses	$ 0	$ (4,795)	$ (35,240)	$ (22,032)

Fair value measurements - Summa

Fair value measurements - Summary of financial instruments measured at fair value (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Assets:
Derivative assets	$ 38,753	$ 19,781
AG Arc	46,588	53,435
Total Assets Measured at Fair Value	4,333,376	3,222,792
Liabilities:
Securitized debt	(3,025,128)	(999,215)
Derivative liabilities	(1,543)	(976)
Total Liabilities Measured at Fair Value	(3,026,671)	(1,000,191)
Residential mortgage loans
Assets:
Residential mortgage loans	783,771	1,476,972
Residential mortgage loans | Variable Interest Entity, Primary Beneficiary
Assets:
Residential mortgage loans	3,419,408	1,158,134
Non-Agency RMBS
Assets:
Debt securities, available for sale	20,392	15,362
Non-Agency RMBS Interest Only
Assets:
Debt securities, available for sale	4,921	3,395
Agency RMBS: Interest Only
Assets:
Debt securities, available for sale	19,543
Agency RMBS: 30 Year Fixed Rate
Assets:
Debt securities, available for sale		495,713
Interest Rate Swap
Liabilities:
Derivative asset, reduction in fair value related to variation margin	38,300	19,600
Derivative liability, reduction in fair value related to variation margin		900
Level 1
Assets:
Derivative assets	0	0
AG Arc	0	0
Total Assets Measured at Fair Value	0	0
Liabilities:
Securitized debt	0	0
Derivative liabilities	0	0
Total Liabilities Measured at Fair Value	0	0
Level 1 | Residential mortgage loans
Assets:
Residential mortgage loans	0	0
Level 1 | Residential mortgage loans | Variable Interest Entity, Primary Beneficiary
Assets:
Residential mortgage loans	0	0
Level 1 | Non-Agency RMBS
Assets:
Debt securities, available for sale	0	0
Level 1 | Non-Agency RMBS Interest Only
Assets:
Debt securities, available for sale	0	0
Level 1 | Agency RMBS: Interest Only
Assets:
Debt securities, available for sale	0
Level 1 | Agency RMBS: 30 Year Fixed Rate
Assets:
Debt securities, available for sale		0
Level 2
Assets:
Derivative assets	38,413	19,781
AG Arc	0	0
Total Assets Measured at Fair Value	68,964	516,409
Liabilities:
Securitized debt	0	0
Derivative liabilities	0	(897)
Total Liabilities Measured at Fair Value	0	(897)
Level 2 | Residential mortgage loans
Assets:
Residential mortgage loans	814	915
Level 2 | Residential mortgage loans | Variable Interest Entity, Primary Beneficiary
Assets:
Residential mortgage loans	0	0
Level 2 | Non-Agency RMBS
Assets:
Debt securities, available for sale	10,194	0
Level 2 | Non-Agency RMBS Interest Only
Assets:
Debt securities, available for sale	0	0
Level 2 | Agency RMBS: Interest Only
Assets:
Debt securities, available for sale	19,543
Level 2 | Agency RMBS: 30 Year Fixed Rate
Assets:
Debt securities, available for sale		495,713
Level 3
Assets:
Derivative assets	340	0
AG Arc	46,588	53,435
Total Assets Measured at Fair Value	4,264,412	2,706,383
Liabilities:
Securitized debt	(3,025,128)	(999,215)
Derivative liabilities	(1,543)	(79)
Total Liabilities Measured at Fair Value	(3,026,671)	(999,294)
Level 3 | Residential mortgage loans
Assets:
Residential mortgage loans	782,957	1,476,057
Level 3 | Residential mortgage loans | Variable Interest Entity, Primary Beneficiary
Assets:
Residential mortgage loans	3,419,408	1,158,134
Level 3 | Non-Agency RMBS
Assets:
Debt securities, available for sale	10,198	15,362
Level 3 | Non-Agency RMBS Interest Only
Assets:
Debt securities, available for sale	4,921	3,395
Level 3 | Agency RMBS: Interest Only
Assets:
Debt securities, available for sale	$ 0
Level 3 | Agency RMBS: 30 Year Fixed Rate
Assets:
Debt securities, available for sale		$ 0

Fair value measurements - Sum_2

Fair value measurements - Summary of assets measured on a recurring basis (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Total net gains/(losses)
Included in net income	$ (35,649)	$ 21,418	$ (172,857)	$ 51,149
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	(34,594)	13,942	(160,947)	30,684
Securitized debt
Transfers:
Capital distributions			0
Derivative liabilities
Transfers:
Capital distributions			0
Level 3 | Securitized debt
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(2,467,766)	(482,533)	(999,215)	(355,159)
Transfers:
Transfers out of level 3				0
Purchases	0	0	0	0
Issuances of Securitized Debt	(763,294)	(260,086)	(2,650,616)	(463,478)
Capital distributions	0	0		0
Proceeds from sales of assets		0		0
Proceeds from settlement	82,826	34,407	320,502	113,338
Total net gains/(losses)
Included in net income	123,106	(209)	304,201	(3,122)
Ending Balance	(3,025,128)	(708,421)	(3,025,128)	(708,421)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	123,106	(209)	304,201	(3,122)
Level 3 | Derivative liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(7,058)	0	(79)	0
Transfers:
Transfers out of level 3				0
Purchases	0	0	0	0
Issuances of Securitized Debt	0	0	0	0
Capital distributions	0	0		0
Proceeds from sales of assets		0		0
Proceeds from settlement	6,709	0	14,514	0
Total net gains/(losses)
Included in net income	(1,194)	(46)	(15,978)	(46)
Ending Balance	(1,543)	(46)	(1,543)	(46)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	(1,543)	(46)	(1,543)	(46)
Residential Mortgage Loans
Transfers
Capital distributions			0
Residential Mortgage Loans | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	3,569,557	1,028,378	2,634,191	433,307
Transfers
Transfers out of level 3				0
Purchases	883,256	608,771	2,416,221	1,261,568
Issuances of Securitized Debt	0	0	0	0
Capital distributions	0	0		0
Proceeds from sales of assets		0		(45,615)
Proceeds from settlement	(95,895)	(42,095)	(393,170)	(75,746)
Total net gains/(losses)
Included in net income	(154,553)	11,137	(454,877)	32,677
Ending Balance	4,202,365	1,606,191	4,202,365	1,606,191
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	(153,687)	10,880	(455,293)	25,481
Non-Agency RMBS
Transfers
Capital distributions			0
Non-Agency RMBS | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	11,265	1,183	15,362	3,100
Transfers
Transfers out of level 3				(1,499)
Purchases	0	0	0	0
Issuances of Securitized Debt	0	0	0	0
Capital distributions	0	0		0
Proceeds from sales of assets		0		0
Proceeds from settlement	(43)	(396)	(664)	(897)
Total net gains/(losses)
Included in net income	(1,024)	(27)	(4,500)	56
Ending Balance	10,198	760	10,198	760
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	(1,019)	(27)	(4,401)	56
Non-Agency RMBS Interest Only
Transfers
Capital distributions			0
Non-Agency RMBS Interest Only | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	4,314		3,395
Transfers
Purchases	0		0
Issuances of Securitized Debt	0		0
Capital distributions	0
Proceeds from settlement	0		0
Total net gains/(losses)
Included in net income	607		1,526
Ending Balance	4,921		4,921
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	607		1,526
Commercial Loans | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		62,279		125,508
Transfers
Transfers out of level 3				0
Purchases		0		5,100
Issuances of Securitized Debt		0		0
Capital distributions		0		0
Proceeds from sales of assets		0		(74,342)
Proceeds from settlement		(70,195)		(70,232)
Total net gains/(losses)
Included in net income		7,916		13,966
Ending Balance		0		0
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held		0		0
Excess Mortgage Servicing Rights | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		2,608		3,158
Transfers
Transfers out of level 3				0
Purchases		0		0
Issuances of Securitized Debt		0		0
Capital distributions		0		0
Proceeds from sales of assets		(2,364)		(2,364)
Proceeds from settlement		0		0
Total net gains/(losses)
Included in net income		(174)		(724)
Ending Balance		70		70
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held		523		(27)
Derivative assets
Transfers
Capital distributions			0
Derivative assets | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	2,211	0	0	0
Transfers
Transfers out of level 3				0
Purchases	0	0	0	0
Issuances of Securitized Debt	0	0	0	0
Capital distributions	0	0		0
Proceeds from sales of assets		0		0
Proceeds from settlement	(1,792)	0	(2,208)	0
Total net gains/(losses)
Included in net income	(79)	841	2,548	841
Ending Balance	340	841	340	841
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	340	841	340	841
AG Arc
Transfers
Capital distributions			(1,070)
AG Arc | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	50,170	50,862	53,435	45,341
Transfers
Transfers out of level 3				0
Purchases	0	0	0	0
Issuances of Securitized Debt	0	0	0	0
Capital distributions	(1,070)	(893)		(893)
Proceeds from sales of assets		0		0
Proceeds from settlement	0	0	0	0
Total net gains/(losses)
Included in net income	(2,512)	1,980	(5,777)	7,501
Ending Balance	46,588	51,949	46,588	51,949
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	$ (2,512)	$ 1,980	$ (5,777)	$ 7,501

Fair value measurements - Sum_3

Fair value measurements - Summary of gains/(losses) recorded in the statement of operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Included in net income	$ (35,649)	$ 21,418	$ (172,857)	$ 51,149
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	(34,594)	13,942	(160,947)	30,684
Net unrealized gain/(loss)
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Included in net income	(28,345)	20,389	(154,843)	40,472
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	(32,082)	11,962	(155,170)	23,183
Net realized gain/(loss)
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Included in net income	(4,792)	(951)	(12,237)	3,176
Equity in earnings/(loss) from affiliates
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Included in net income	(2,512)	1,980	(5,777)	7,501
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	$ (2,512)	$ 1,980	$ (5,777)	$ 7,501

Fair value measurements - Sum_4

Fair value measurements - Summary of valuation techniques (Details) $ in Thousands	Sep. 30, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($) $ / shares
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 44,856	$ 514,470
Derivative assets, at fair value	38,753	19,781
Derivative liabilities, at fair value	(1,543)	(92)
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative assets, at fair value	340	0
Level 3 | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative assets, at fair value	340
Derivative liabilities, at fair value	$ (1,543)	$ 79
Level 3 | Yield | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.0655
Derivative liability, measurement input	0.0646	0.0302
Level 3 | Yield | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.0853
Derivative liability, measurement input	0.0754	0.0311
Level 3 | Yield | Weighted Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.0725
Derivative liability, measurement input	0.0686	0.0303
Level 3 | Projected Collateral Prepayments | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.1083
Derivative liability, measurement input	0.0904	0.1408
Level 3 | Projected Collateral Prepayments | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.3473
Derivative liability, measurement input	0.3175	0.1514
Level 3 | Projected Collateral Prepayments | Weighted Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.2347
Derivative liability, measurement input	0.2186	0.1423
Level 3 | Projected Collateral Losses | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.0001
Derivative liability, measurement input	0	0.0015
Level 3 | Projected Collateral Losses | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.0166
Derivative liability, measurement input	0.0102	0.0020
Level 3 | Projected Collateral Losses | Weighted Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.0049
Derivative liability, measurement input	0.0013	0.0015
Level 3 | Projected Collateral Severities | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.1000
Derivative liability, measurement input	0.1000	0.1000
Level 3 | Projected Collateral Severities | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.1000
Derivative liability, measurement input	0.1000	0.1000
Level 3 | Projected Collateral Severities | Weighted Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.1000
Derivative liability, measurement input	0.1000	0.1000
Level 3 | Pull Through Percentages | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.4500
Derivative liability, measurement input	0.4500	0.9000
Level 3 | Pull Through Percentages | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	1
Derivative liability, measurement input	1	0.9500
Level 3 | Pull Through Percentages | Weighted Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.7363
Derivative liability, measurement input	0.8970	0.9069
Level 3 | Securitized residential mortgage loans | Discounted Cash Flow | Variable Interest Entity, Primary Beneficiary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, fair value	$ 3,419,408	$ 1,158,134
Level 3 | Securitized residential mortgage loans | Yield | Minimum | Discounted Cash Flow | Variable Interest Entity, Primary Beneficiary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0475	0.0226
Level 3 | Securitized residential mortgage loans | Yield | Maximum | Discounted Cash Flow | Variable Interest Entity, Primary Beneficiary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0666	0.1300
Level 3 | Securitized residential mortgage loans | Yield | Weighted Average | Discounted Cash Flow | Variable Interest Entity, Primary Beneficiary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0589	0.0312
Level 3 | Securitized residential mortgage loans | Projected Collateral Prepayments | Minimum | Discounted Cash Flow | Variable Interest Entity, Primary Beneficiary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0531	0.0475
Level 3 | Securitized residential mortgage loans | Projected Collateral Prepayments | Maximum | Discounted Cash Flow | Variable Interest Entity, Primary Beneficiary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.1678	0.1105
Level 3 | Securitized residential mortgage loans | Projected Collateral Prepayments | Weighted Average | Discounted Cash Flow | Variable Interest Entity, Primary Beneficiary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0676	0.0951
Level 3 | Securitized residential mortgage loans | Projected Collateral Losses | Minimum | Discounted Cash Flow | Variable Interest Entity, Primary Beneficiary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0003	0.0038
Level 3 | Securitized residential mortgage loans | Projected Collateral Losses | Maximum | Discounted Cash Flow | Variable Interest Entity, Primary Beneficiary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0138	0.0440
Level 3 | Securitized residential mortgage loans | Projected Collateral Losses | Weighted Average | Discounted Cash Flow | Variable Interest Entity, Primary Beneficiary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0019	0.0083
Level 3 | Securitized residential mortgage loans | Projected Collateral Severities | Minimum | Discounted Cash Flow | Variable Interest Entity, Primary Beneficiary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	(0.0163)	(0.1808)
Level 3 | Securitized residential mortgage loans | Projected Collateral Severities | Maximum | Discounted Cash Flow | Variable Interest Entity, Primary Beneficiary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.2000	0.2911
Level 3 | Securitized residential mortgage loans | Projected Collateral Severities | Weighted Average | Discounted Cash Flow | Variable Interest Entity, Primary Beneficiary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.1488	0.1010
Level 3 | Residential mortgage loans | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, fair value	$ 779,876	$ 1,465,523
Level 3 | Residential mortgage loans | Consensus Pricing
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, fair value	$ 3,081	4,405
Level 3 | Residential mortgage loans | Recent Transaction
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, fair value		$ 6,129
Level 3 | Residential mortgage loans | Yield | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0619	0.0277
Level 3 | Residential mortgage loans | Yield | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0788	0.0750
Level 3 | Residential mortgage loans | Yield | Weighted Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0682	0.0337
Level 3 | Residential mortgage loans | Projected Collateral Prepayments | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0279	0
Level 3 | Residential mortgage loans | Projected Collateral Prepayments | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.2625	0.2589
Level 3 | Residential mortgage loans | Projected Collateral Prepayments | Weighted Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.1489	0.1528
Level 3 | Residential mortgage loans | Projected Collateral Losses | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0	0
Level 3 | Residential mortgage loans | Projected Collateral Losses | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.1733	0.1537
Level 3 | Residential mortgage loans | Projected Collateral Losses | Weighted Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0028	0.0030
Level 3 | Residential mortgage loans | Projected Collateral Severities | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	(0.1420)	(0.1486)
Level 3 | Residential mortgage loans | Projected Collateral Severities | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.1000	0.1000
Level 3 | Residential mortgage loans | Projected Collateral Severities | Weighted Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0977	0.0997
Level 3 | Residential mortgage loans | Offered Quotes | Minimum | Consensus Pricing
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input | $ / shares	93.98	88.57
Level 3 | Residential mortgage loans | Offered Quotes | Maximum | Consensus Pricing
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input | $ / shares	109.03	112.89
Level 3 | Residential mortgage loans | Offered Quotes | Weighted Average | Consensus Pricing
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input | $ / shares	102.53	102.59
Level 3 | Non-Agency RMBS | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 10,198	$ 15,362
Level 3 | Non-Agency RMBS | Yield | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, measurement input	0.0645	0.0342
Level 3 | Non-Agency RMBS | Yield | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, measurement input	0.1185	0.1500
Level 3 | Non-Agency RMBS | Yield | Weighted Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, measurement input	0.0892	0.0532
Level 3 | Non-Agency RMBS | Projected Collateral Prepayments | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, measurement input	0.0855	0.0570
Level 3 | Non-Agency RMBS | Projected Collateral Prepayments | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, measurement input	0.0855	0.1299
Level 3 | Non-Agency RMBS | Projected Collateral Prepayments | Weighted Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, measurement input	0.0855	0.1263
Level 3 | Non-Agency RMBS | Projected Collateral Losses | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, measurement input	0.0019	0.0023
Level 3 | Non-Agency RMBS | Projected Collateral Losses | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, measurement input	0.0019	0.0266
Level 3 | Non-Agency RMBS | Projected Collateral Losses | Weighted Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, measurement input	0.0019	0.0035
Level 3 | Non-Agency RMBS | Projected Collateral Severities | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, measurement input	0.1000	(0.4398)
Level 3 | Non-Agency RMBS | Projected Collateral Severities | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, measurement input	0.1000	0.1000
Level 3 | Non-Agency RMBS | Projected Collateral Severities | Weighted Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, measurement input	0.1000	0.0732
Level 3 | Non-Agency RMBS Interest Only | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, interest only, fair value	$ 4,921	$ 3,395
Level 3 | Non-Agency RMBS Interest Only | Yield | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, interest only, measurement input	0.1000	0.1000
Level 3 | Non-Agency RMBS Interest Only | Yield | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, interest only, measurement input	0.1400	0.1250
Level 3 | Non-Agency RMBS Interest Only | Yield | Weighted Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, interest only, measurement input	0.1332	0.1210
Level 3 | Non-Agency RMBS Interest Only | Projected Collateral Prepayments | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, interest only, measurement input	0.0855	0.1299
Level 3 | Non-Agency RMBS Interest Only | Projected Collateral Prepayments | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, interest only, measurement input	0.0855	0.1299
Level 3 | Non-Agency RMBS Interest Only | Projected Collateral Prepayments | Weighted Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, interest only, measurement input	0.0855	0.1299
Level 3 | Non-Agency RMBS Interest Only | Projected Collateral Losses | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, interest only, measurement input	0.0019	0.0023
Level 3 | Non-Agency RMBS Interest Only | Projected Collateral Losses | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, interest only, measurement input	0.0019	0.0023
Level 3 | Non-Agency RMBS Interest Only | Projected Collateral Losses | Weighted Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, interest only, measurement input	0.0019	0.0023
Level 3 | Non-Agency RMBS Interest Only | Projected Collateral Severities | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, interest only, measurement input	0.1000	0.1000
Level 3 | Non-Agency RMBS Interest Only | Projected Collateral Severities | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, interest only, measurement input	0.1000	0.1000
Level 3 | Non-Agency RMBS Interest Only | Projected Collateral Severities | Weighted Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, interest only, measurement input	0.1000	0.1000
Level 3 | AG Arc | Comparable Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, fair value	$ 46,588	$ 53,435
Level 3 | AG Arc | Book Value Multiple | Minimum | Comparable Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.94	1.06
Level 3 | AG Arc | Book Value Multiple | Maximum | Comparable Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.94	1.06
Level 3 | AG Arc | Book Value Multiple | Weighted Average | Comparable Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.94	1.06
Level 3 | Securitized debt | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, fair value	$ (3,025,128)	$ (999,215)
Level 3 | Securitized debt | Yield | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, measurement input	0.0486	0.0156
Level 3 | Securitized debt | Yield | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, measurement input	0.1500	0.0449
Level 3 | Securitized debt | Yield | Weighted Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, measurement input	0.0559	0.0215
Level 3 | Securitized debt | Projected Collateral Prepayments | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, measurement input	0.0531	0.0586
Level 3 | Securitized debt | Projected Collateral Prepayments | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, measurement input	0.1678	0.1105
Level 3 | Securitized debt | Projected Collateral Prepayments | Weighted Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, measurement input	0.0667	0.0966
Level 3 | Securitized debt | Projected Collateral Losses | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, measurement input	0.0003	0.0038
Level 3 | Securitized debt | Projected Collateral Losses | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, measurement input	0.0697	0.0293
Level 3 | Securitized debt | Projected Collateral Losses | Weighted Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, measurement input	0.0100	0.0083
Level 3 | Securitized debt | Projected Collateral Severities | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, measurement input	(0.0163)	0.0636
Level 3 | Securitized debt | Projected Collateral Severities | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, measurement input	0.2000	0.1289
Level 3 | Securitized debt | Projected Collateral Severities | Weighted Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, measurement input	0.1526	0.1015

Financing arrangements - Summar

Financing arrangements - Summary of financing arrangements (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2022	Dec. 31, 2021
Repurchase Agreements
Carrying Value		$ 935,765	$ 1,777,743
Weighted Average Funding Cost		4.74%
Weighted Average Life		5 months 15 days
Collateral, Amortized Cost Basis		$ 1,300,142
Cash pledged under repurchase agreement		1,400	5,000
Asset Pledged as Collateral
Repurchase Agreements
Securitized residential mortgage loans, at fair value		1,193,711
Residential mortgage loans
Repurchase Agreements
Carrying Value		$ 693,835	1,286,287
Weighted Average Funding Cost		4.83%
Weighted Average Life		7 months 6 days
Collateral, Amortized Cost Basis		$ 834,777
Securitized residential mortgage loans, at fair value		$ 783,771	1,476,972
Debt interest rate		4.82%
Residential mortgage loans | Asset Pledged as Collateral
Repurchase Agreements
Securitized residential mortgage loans, at fair value		$ 779,876
Residential mortgage loans | Variable Interest Entity, Primary Beneficiary
Repurchase Agreements
Carrying Value		$ 211,483	71,308
Weighted Average Funding Cost		4.57%
Weighted Average Life		29 days
Collateral, Amortized Cost Basis		$ 419,389
Securitized residential mortgage loans, at fair value	[1]	3,419,408	1,158,134
Residential mortgage loans | Variable Interest Entity, Primary Beneficiary | Asset Pledged as Collateral
Repurchase Agreements
Securitized residential mortgage loans, at fair value		371,094
Non-Agency RMBS
Repurchase Agreements
Carrying Value		$ 15,891	10,213
Weighted Average Funding Cost		4.40%
Weighted Average Life		18 days
Collateral, Amortized Cost Basis		$ 27,729
Non-Agency RMBS | Asset Pledged as Collateral
Repurchase Agreements
Securitized residential mortgage loans, at fair value		25,313
Agency RMBS
Repurchase Agreements
Carrying Value		$ 14,556	$ 409,935
Weighted Average Funding Cost		3.41%
Weighted Average Life		7 days
Collateral, Amortized Cost Basis		$ 18,247
Agency RMBS | Asset Pledged as Collateral
Repurchase Agreements
Securitized residential mortgage loans, at fair value		17,428
Non-Qualified Mortgage Loans | Counterparty One and Two
Repurchase Agreements
Line of credit facility, maximum borrowing capacity		$ 2,600,000
[1]These balances relate to certain residential mortgage loans which were securitized resulting in the Company consolidating the variable interest entities that were created to facilitate these securitizations as the Company was determined to be the primary beneficiary. See Note 3 for additional details.

Financing arrangements - Summ_2

Financing arrangements - Summary of repurchase agreements (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	$ 935,765	$ 1,777,743
Within 30 Days
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	193,672
Over 30 Days to 3 Months
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	49,251
Over 3 Months to 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	692,842
Residential mortgage loans
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	693,835	1,286,287
Residential mortgage loans | Variable Interest Entity, Primary Beneficiary
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	211,483	71,308
Residential mortgage loans | Within 30 Days
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	993
Residential mortgage loans | Within 30 Days | Variable Interest Entity, Primary Beneficiary
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	162,232
Residential mortgage loans | Over 30 Days to 3 Months
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	0
Residential mortgage loans | Over 30 Days to 3 Months | Variable Interest Entity, Primary Beneficiary
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	49,251
Residential mortgage loans | Over 3 Months to 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	692,842
Residential mortgage loans | Over 3 Months to 12 Months | Variable Interest Entity, Primary Beneficiary
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	0
Non-Agency RMBS
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	15,891	10,213
Non-Agency RMBS | Within 30 Days
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	15,891
Non-Agency RMBS | Over 30 Days to 3 Months
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	0
Non-Agency RMBS | Over 3 Months to 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	0
Agency RMBS
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	14,556	$ 409,935
Agency RMBS | Within 30 Days
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	14,556
Agency RMBS | Over 30 Days to 3 Months
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	0
Agency RMBS | Over 3 Months to 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	$ 0

Financing arrangements - Narrat

Financing arrangements - Narrative (Details) - counterparty	Sep. 30, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Number of counterparties with outstanding debt	6	5

Financing arrangements - Summ_3

Financing arrangements - Summary of repurchase agreement counterparty (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Credit Suisse AG, Cayman Islands Branch
Repurchase Agreement Counterparty [Line Items]
Stockholders' Equity at Risk	$ 131,523	$ 129,526
Weighted Average Maturity (days)	127 days	101 days
Percentage of Stockholders' Equity	28.30%	22.70%
Barclays Capital Inc.
Repurchase Agreement Counterparty [Line Items]
Stockholders' Equity at Risk	$ 67,514	$ 89,230
Weighted Average Maturity (days)	86 days	23 days
Percentage of Stockholders' Equity	14.50%	15.60%
BofA Securities, Inc.
Repurchase Agreement Counterparty [Line Items]
Stockholders' Equity at Risk	$ 35,718	$ 33,153
Weighted Average Maturity (days)	191 days	317 days
Percentage of Stockholders' Equity	7.70%	5.80%
JP Morgan Securities, LLC
Repurchase Agreement Counterparty [Line Items]
Stockholders' Equity at Risk	$ 26,989
Weighted Average Maturity (days)	291 days	0 days
Percentage of Stockholders' Equity	5.80%
JP Morgan Securities, LLC | Maximum
Repurchase Agreement Counterparty [Line Items]
Percentage of Stockholders' Equity		1%

Other assets and liabilities -

Other assets and liabilities - Summary of other assets and liabilities (Details) - USD ($) $ in Thousands		Sep. 30, 2022	Dec. 31, 2021
Other assets
Interest receivable		$ 21,079	$ 14,263
Derivative assets, at fair value		472	231
Other assets		3,118	4,519
Due from broker		563	1,887
Total Other assets		25,232	20,900
Other liabilities
Due to affiliates		4,732	4,106
Interest payable		11,363	2,925
Derivative liabilities, at fair value		1,543	92
Purchase price payable on loans		794	87
Accrued expenses		3,365	2,169
Due to broker		92	990
Total Other liabilities	[1]	$ 21,889	$ 10,369
[1]Refer to Note 7 and Note 10 for additional details on amounts payable to affiliates.

Other assets and liabilities _2

Other assets and liabilities - Summary of Company's derivatives and other instruments and their balance sheet location (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Interest Rate Swap
Derivatives, Fair Value [Line Items]
Derivative assets, at fair value	$ 132	$ 231
Derivative asset, reduction in fair value related to variation margin	38,300	19,600
Derivative liability, reduction in fair value related to variation margin		900
TBAs | Short
Derivatives, Fair Value [Line Items]
Derivative liabilities, at fair value	0	(13)
Forward Purchase Commitments
Derivatives, Fair Value [Line Items]
Derivative assets, at fair value	340	0
Derivative liabilities, at fair value	$ (1,543)	$ (79)

Other assets and liabilities _3

Other assets and liabilities - Summary of information related to derivatives and other instruments (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Derivative pay interest rate	2.65%	0.85%
Derivative receivable interest rate	2.98%	0.15%
Derivative, remaining maturity	4 years 9 months 3 days	5 years 6 months 3 days
Long | Interest Rate Swap | United States of America, Dollars
Derivative [Line Items]
Notional amount	$ 684,000	$ 888,500
Long | Forward Purchase Commitments | United States of America, Dollars
Derivative [Line Items]
Notional amount	118,743	25,292
Short | TBAs | United States of America, Dollars
Derivative [Line Items]
Notional amount	$ 0	$ 385,963

Other assets and liabilities _4

Other assets and liabilities - Narrative (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash as collateral for certain derivatives	$ 19.2	$ 25.7
Cash collateral posted by company	0.4	7
Cash pledged as collateral against derivatives related to variation margin	$ 18.8	$ 18.7

Other assets and liabilities _5

Other assets and liabilities - Summary of gains/(losses) related to derivatives and other instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Included within Net unrealized gain/(loss)	$ (21,741)	$ 2,095	$ 18,669	$ 14,781
Included within Net realized gain/(loss)	50,094	570	93,864	1,302
Total income/(loss)	28,353	2,665	112,533	16,083
TBAs | Long
Derivative Instruments, Gain (Loss) [Line Items]
Included within Net unrealized gain/(loss)	2,959	0	0	0
Included within Net realized gain/(loss)	(3,154)	0	(10,789)	0
TBAs | Short
Derivative Instruments, Gain (Loss) [Line Items]
Included within Net unrealized gain/(loss)	0	1,290	13	1,357
Included within Net realized gain/(loss)	0	(1,087)	13,578	(1,087)
Forward Purchase Commitments
Derivative Instruments, Gain (Loss) [Line Items]
Included within Net unrealized gain/(loss)	3,644	795	(1,124)	795
Included within Net realized gain/(loss)	(4,917)	0	(12,306)	0
British Pound Futures
Derivative Instruments, Gain (Loss) [Line Items]
Included within Net unrealized gain/(loss)	0	0	0	64
Included within Net realized gain/(loss)	0	0	0	(165)
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Included within Net unrealized gain/(loss)	(28,344)	10	19,780	12,565
Included within Net realized gain/(loss)	$ 58,165	$ 1,657	$ 103,381	$ 2,554

Other assets and liabilities _6

Other assets and liabilities - Summary of TBAs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
To Be Announced Securities [Roll Forward]
Receivable/(Payable) from/to Broker	$ (92)		$ (92)		$ (990)
Receivable/(Payable) from/to Broker	563		563		1,887
Derivative Asset	38,753		38,753		$ 19,781
TBAs | Long
To Be Announced Securities [Roll Forward]
Beginning Notional Amount	400,000		0
Buys or Covers	0		1,650,000
Sales or Shorts	(400,000)		(1,650,000)
Ending Notional Amount	0		0
Fair Value as of Period End	0		0
Receivable/(Payable) from/to Broker	0		0
Derivative Asset	0		0
TBAs | Short
To Be Announced Securities [Roll Forward]
Beginning Notional Amount		$ 130,000	385,963	$ 0
Buys or Covers		338,000	1,320,852	338,000
Sales or Shorts		(515,500)	(934,889)	(645,500)
Ending Notional Amount	0	307,500	0	307,500
Fair Value as of Period End	0	(316,937)	0	(316,937)
Receivable/(Payable) from/to Broker	0	318,295	0	318,295
Derivative Asset	$ 0	$ 1,358	$ 0	$ 1,358

Earnings per share - Narrative

Earnings per share - Narrative (Details)	Jul. 22, 2021	Jul. 12, 2021
Earnings Per Share [Abstract]
Reverse stock split ratio	0.3333	0.3333

Earnings per share - Summary of

Earnings per share - Summary of earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net Income/(Loss)		$ (2,869)	$ 34,579	$ (64,794)	$ 93,321
Gain on Exchange Offers, net (Note 11)		0	0	0	472
Dividends on preferred stock		(4,586)	(4,586)	(13,758)	(14,199)
Net income/(loss) available to common stockholders		$ (7,455)	$ 29,993	$ (78,552)	$ 79,594
Denominator:
Basic weighted average common shares outstanding (in shares)	[1]	22,394	16,077	23,250	15,270
Diluted weighted average common shares outstanding (in shares)	[1]	22,394	16,077	23,250	15,270
Earnings/(Loss) Per Share of Common Stock
Basic (in dollars per share)	[1]	$ (0.33)	$ 1.87	$ (3.38)	$ 5.21
Diluted (in dollars per share)	[1]	$ (0.33)	$ 1.87	$ (3.38)	$ 5.21
[1]Amounts have been adjusted to reflect the one-for-three reverse stock split effected July 22, 2021. See Note 2 and Note 11 for additional details.

Earnings per share - Summary _2

Earnings per share - Summary of common stock dividends (Details) - $ / shares							6 Months Ended
	Sep. 15, 2022	Jun. 15, 2022	Mar. 18, 2022	Sep. 15, 2021	Jun. 15, 2021	Mar. 22, 2021	Sep. 15, 2022	Sep. 15, 2021
Earnings Per Share [Abstract]
Dividends declared per share (in dollars per share)	$ 0.21	$ 0.21	$ 0.21	$ 0.21	$ 0.21	$ 0.18	$ 0.63	$ 0.60

Earnings per share - Summary _3

Earnings per share - Summary of preferred stock dividends (Details) - $ / shares	9 Months Ended
	Sep. 30, 2022	Aug. 03, 2022	May 02, 2022	Feb. 18, 2022	Sep. 30, 2021	Jul. 30, 2021	May 17, 2021	Feb. 16, 2021
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Dividend percentage	8%
8.25% Series A
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Dividend percentage	8.25%
Dividends payable (in dollars per share)	$ 1.54689	$ 0.51563	$ 0.51563	$ 0.51563	$ 1.54689	$ 0.51563	$ 0.51563	$ 0.51563
8.00% Series B
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Dividend percentage	8%
Dividends payable (in dollars per share)	$ 1.50	0.50	0.50	0.50	1.50	0.50	0.50	0.50
8.000% Series C
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Dividend percentage	8%
Dividends payable (in dollars per share)	$ 1.50	$ 0.50	$ 0.50	$ 0.50	$ 1.50	$ 0.50	$ 0.50	$ 0.50

Income taxes (Details)

Income taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Accrued income tax expense	$ 200,000	$ 0	$ 200,000	$ 0
Excise tax expense	$ 0	$ 0	$ 0	$ 0

Related party transactions - Ad

Related party transactions - Additional Information (Details)

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

30 Months Ended

Nov. 22, 2021 USD ($) shares

Apr. 07, 2021 shares

Apr. 15, 2020 shares

Jul. 30, 2021 USD ($)

Sep. 30, 2021 USD ($)

Sep. 30, 2022 USD ($) director shares

Sep. 30, 2021 USD ($)

Dec. 31, 2021 USD ($)

Sep. 30, 2022 USD ($) director shares

Nov. 30, 2021 USD ($)

Jun. 30, 2021 USD ($)

May 05, 2021 USD ($)

Related Party Transaction [Line Items]

Renewal term

1 year

Management fee percentage

1.50%

1.50%

Management fee payable

$ 2,100,000

$ 1,800,000

$ 2,100,000

Common stock sold in public offering (in shares) | shares

7,000,000

Director's fee

150,000

Directors fees paid in cash

70,000

70,000

Director fees paid in stock

$ 80,000

$ 80,000

Number of independent directors | director

4

4

Loan securitization, ownership interest

45%

40.90%

Agency Excess MSRs

Related Party Transaction [Line Items]

Proceeds from sale of excess MSR

$ 9,900,000

Unpaid principal balance

2,000,000,000

AG Mortgage Investment Trust, Inc. | Agency Excess MSRs

Related Party Transaction [Line Items]

Proceeds from sale of excess MSR

$ 2,700,000

Non-Qualified Mortgage Loans

Related Party Transaction [Line Items]

Loan securitization, fair value

$ 225,900,000

$ 25,700,000

$ 171,400,000

Senior Tranches

Related Party Transaction [Line Items]

Loan securitization, fair value

44,000,000

Manager Equity Incentive Plan

Related Party Transaction [Line Items]

Shares of common stock company can award (in shares) | shares

666,666

Shares available to be awarded under equity incentive plans (in shares) | shares

570,901

570,901

Manager Equity Incentive Plan | Maximum

Related Party Transaction [Line Items]

Value of shares granted in fiscal year

$ 300,000

2021 Equity Incentive Plan

Related Party Transaction [Line Items]

Shares of common stock company can award (in shares) | shares

573,425

Shares of restricted common stock under equity incentive plans (in shares) | shares

0

Incentive Fee To Manager

Related Party Transaction [Line Items]

Renewal period

1 year

Termination Fee With Manager

Related Party Transaction [Line Items]

Termination fee multiplier

3

Termination fee period in effect

24 months

Reimbursement To Manager

Related Party Transaction [Line Items]

Amount of expense reimbursements

$ 200,000

$ 600,000

Due to related parties

$ 2,500,000

2,100,000

$ 2,500,000

Reimbursement To Manager Waived

Related Party Transaction [Line Items]

Amount of expense reimbursements

800,000

Limited Liability Company | Incentive Fee To Manager

Related Party Transaction [Line Items]

Annual incentive fee

15%

Cumulative hurdle percentage

8%

Equity hurdle base amount

$ 80,000,000

Affiliated Entity | Transactions with Red Creek Asset Management LLC

Related Party Transaction [Line Items]

Management fee payable

$ 200,000

$ 200,000

$ 200,000

Manager | Incentive Fee To Manager

Related Party Transaction [Line Items]

Common stock sold in public offering (in shares) | shares

700,000

Director | 2020 Equity Incentive Plan | Restricted Stock

Related Party Transaction [Line Items]

Shares of restricted common stock under equity incentive plans (in shares) | shares

95,765

Related party transactions - Ma

Related party transactions - Management Fee to Affiliate (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Related Party Transactions [Abstract]
Management fee to affiliate	[1]	$ 2,064	$ 1,693	$ 5,984	$ 5,014
[1]Refer to Note 10 for additional details on related party transactions.

Related party transactions - Ex

Related party transactions - Expense Reimbursement to Manager or Its Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Expense Reimbursements To Affiliates
Related Party Transaction [Line Items]
Expense reimbursements to affiliates	$ 2,404	$ 1,565	$ 7,336	$ 4,224
Operating Expenses
Related Party Transaction [Line Items]
Expense reimbursements to affiliates	1,405	1,125	4,215	3,375
Deal Related Expenses
Related Party Transaction [Line Items]
Expense reimbursements to affiliates	261	189	637	518
Transaction Related Expenses
Related Party Transaction [Line Items]
Expense reimbursements to affiliates	$ 738	$ 251	$ 2,484	$ 331

Related party transactions - Sc

Related party transactions - Schedule of Investments in Debt and Equity of Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Equity in earnings/(loss) from affiliates	$ (1,626)	$ 6,882	$ (9,486)	$ 34,496
Arc Home
Related Party Transaction [Line Items]
Equity in earnings/(loss) from affiliates	(4,266)	399	(11,646)	4,033
MATT Non-QM Loans
Related Party Transaction [Line Items]
Equity in earnings/(loss) from affiliates	1,413	(644)	154	15,277
Non-Agency, Land Related Financing
Related Party Transaction [Line Items]
Equity in earnings/(loss) from affiliates	300	598	1,248	1,848
Re- and Non-Performing Loans
Related Party Transaction [Line Items]
Equity in earnings/(loss) from affiliates	927	6,553	758	13,370
Other
Related Party Transaction [Line Items]
Equity in earnings/(loss) from affiliates	0	$ (24)	0	$ (32)
Assets
Related Party Transaction [Line Items]
Investments, assets	108,964		108,964		$ 129,159
Cash and Other assets/(liabilities)	4,394		4,394		3,698
Assets | Arc Home
Related Party Transaction [Line Items]
Investments, assets	46,588		46,588		53,435
Assets | Real Estate Securities
Related Party Transaction [Line Items]
Real Estate Securities, Excess MSRs and Loans, at fair value	57,982		57,982		72,026
Assets | MATT Non-QM Loans
Related Party Transaction [Line Items]
Real Estate Securities, Excess MSRs and Loans, at fair value	38,824		38,824		45,837
Assets | Non-Agency, Land Related Financing
Related Party Transaction [Line Items]
Real Estate Securities, Excess MSRs and Loans, at fair value	10,946		10,946		16,891
Assets | Re- and Non-Performing Loans
Related Party Transaction [Line Items]
Real Estate Securities, Excess MSRs and Loans, at fair value	8,212		8,212		9,298
Liabilities
Related Party Transaction [Line Items]
Investments, liabilities	(29,934)		(29,934)		(37,136)
Cash and Other assets/(liabilities)	(708)		(708)		(1,127)
Liabilities | Arc Home
Related Party Transaction [Line Items]
Investments, liabilities	0		0		0
Liabilities | Real Estate Securities
Related Party Transaction [Line Items]
Real Estate Securities, Excess MSRs and Loans, at fair value	(29,226)		(29,226)		(36,009)
Liabilities | MATT Non-QM Loans
Related Party Transaction [Line Items]
Real Estate Securities, Excess MSRs and Loans, at fair value	(24,406)		(24,406)		(30,471)
Liabilities | Non-Agency, Land Related Financing
Related Party Transaction [Line Items]
Real Estate Securities, Excess MSRs and Loans, at fair value	0		0		0
Liabilities | Re- and Non-Performing Loans
Related Party Transaction [Line Items]
Real Estate Securities, Excess MSRs and Loans, at fair value	(4,820)		(4,820)		(5,538)
Equity
Related Party Transaction [Line Items]
Investments, equity	79,030		79,030		92,023
Cash and Other assets/(liabilities)	(3,686)		(3,686)		(2,571)
Equity | Arc Home
Related Party Transaction [Line Items]
Investments, equity	46,588		46,588		53,435
Equity | Real Estate Securities
Related Party Transaction [Line Items]
Real Estate Securities, Excess MSRs and Loans, at fair value	(28,756)		(28,756)		(36,017)
Equity | MATT Non-QM Loans
Related Party Transaction [Line Items]
Real Estate Securities, Excess MSRs and Loans, at fair value	(14,418)		(14,418)		(15,366)
Equity | Non-Agency, Land Related Financing
Related Party Transaction [Line Items]
Real Estate Securities, Excess MSRs and Loans, at fair value	(10,946)		(10,946)		(16,891)
Equity | Re- and Non-Performing Loans
Related Party Transaction [Line Items]
Real Estate Securities, Excess MSRs and Loans, at fair value	$ (3,392)		$ (3,392)		$ (3,760)

Related party transactions - As

Related party transactions - Asset Management Fees Paid (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Transactions with Red Creek Asset Management LLC
Related Party Transaction [Line Items]
Fees paid to Asset Manager	$ 825	$ 531	$ 2,007	$ 1,651

Related party transactions - Su

Related party transactions - Summary of loans sold (Details) - Residential mortgage loans - AG Arc LLC - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Residential mortgage loans sold by Arc Home to the Company
Related Party Transaction [Line Items]
Balance of loans sold during period	$ 350,257	$ 236,627	$ 1,028,339	$ 487,062
Residential mortgage loans sold by Arc Home to private funds under the management of Angelo Gordon
Related Party Transaction [Line Items]
Balance of loans sold during period	$ 38,792	$ 172,027	$ 170,583	$ 440,595

Related party transactions - _2

Related party transactions - Summary of affiliated transactions (Details) $ in Thousands	1 Months Ended
	Nov. 30, 2021 USD ($) trust	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Oct. 31, 2021 USD ($)	Jul. 30, 2021 USD ($)	Apr. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)
Related Party Transaction [Line Items]
Investments in debt and equity of affiliates		$ 79,030	$ 92,023
March 2021 Selling Affiliate
Related Party Transaction [Line Items]
Investments in debt and equity of affiliates							$ 6,900
April 2021 Selling Affiliates
Related Party Transaction [Line Items]
Investments in debt and equity of affiliates						$ 16,800
July 2021 Selling Affiliate
Related Party Transaction [Line Items]
Investments in debt and equity of affiliates					$ 17,600
October 2021 Acquiring Affiliate
Related Party Transaction [Line Items]
Investments in debt and equity of affiliates				$ 3,500
November 2021 Acquiring Affiliate
Related Party Transaction [Line Items]
Investments in debt and equity of affiliates	$ 181,800
Number of securitization trusts | trust	2
November 2021 Acquiring Affiliate | Private Fund
Related Party Transaction [Line Items]
Proceeds from sale of loans	$ 183,600

Equity - Narrative (Details)

Equity - Narrative (Details)					3 Months Ended		9 Months Ended		19 Months Ended	65 Months Ended
	Nov. 22, 2021 USD ($) $ / shares shares	Jul. 22, 2021 shares	Jul. 12, 2021	May 05, 2017 USD ($)	Sep. 30, 2022 USD ($) period $ / shares shares	Sep. 30, 2021 USD ($) shares	Sep. 30, 2022 USD ($) director period $ / shares shares	Sep. 30, 2021 USD ($) shares	Sep. 30, 2022 USD ($) period $ / shares shares	Sep. 30, 2022 USD ($) period $ / shares shares	Aug. 03, 2022 USD ($)	Dec. 31, 2021 shares	Nov. 03, 2021 USD ($)	Jul. 28, 2021 shares	May 07, 2021 USD ($)	Feb. 22, 2021 USD ($)
Class of Stock [Line Items]
Reverse stock split ratio		0.3333	0.3333
Unvested restricted stock units previously granted to the Manager (in shares)		48,510,978			22,117,000		22,117,000		22,117,000	22,117,000		23,908,000		16,170,312
Net proceeds from issuance of common stock | $								$ 13,133,000
Securities and capital available for issuance | $															$ 1,000,000,000
Common stock sold in public offering (in shares)	7,000,000
Common stock, shares issued (in shares)	1,100,000
Share price (in dollars per share) | $ / shares	$ 9.98
Proceeds from offering | $	$ 80,000,000
Preferred shares authorized (in shares)					50,000,000		50,000,000		50,000,000	50,000,000
Preferred stock, par value (in dollars per share) | $ / shares					$ 0.01		$ 0.01		$ 0.01	$ 0.01
Preferred stock, shares outstanding (in shares)					9,120,000		9,120,000		9,120,000	9,120,000
Quarterly periods required to grant preferred stock voting rights | period					6		6		6	6
Number of directors | director							2
Percent of votes needed to pass					66.67%		66.67%		66.67%	66.67%
Sale Agents
Class of Stock [Line Items]
Net proceeds from issuance of common stock | $				$ 100,000,000				$ 13,100,000		$ 48,300,000
Net proceeds from issuance of stock (in shares)					0	0	0	1,000,000		2,200,000
2015 Repurchase Program
Class of Stock [Line Items]
Shares repurchased (in shares)						300,000	1,400,000	300,000
Stock repurchased value | $						$ 2,800,000	$ 11,000,000	$ 2,800,000
Authorized amount for stock repurchase | $													$ 25,000,000
2022 Repurchase Program
Class of Stock [Line Items]
Shares repurchased (in shares)					400,000		400,000
Stock repurchased value | $					$ 2,300,000		$ 2,300,000
Authorized amount for stock repurchase | $											$ 15,000,000
Value of common stock remained authorized for future share repurchases | $					$ 12,700,000		$ 12,700,000		$ 12,700,000	$ 12,700,000
Preferred Repurchase Program
Class of Stock [Line Items]
Shares repurchased (in shares)									0
Authorized amount for stock repurchase | $																$ 20,000,000
8.25% Series A Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)					1,700,000		1,700,000		1,700,000	1,700,000		1,700,000
Preferred stock, shares outstanding (in shares)					1,663,000		1,663,000		1,663,000	1,663,000		1,700,000
Series B Cumulative Reedmable Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)					3,700,000		3,700,000		3,700,000	3,700,000		3,700,000
Preferred stock, shares outstanding (in shares)					3,728,000		3,728,000		3,728,000	3,728,000		3,700,000
8.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)					3,700,000		3,700,000		3,700,000	3,700,000		3,700,000
Preferred stock, shares outstanding (in shares)					3,729,000		3,729,000		3,729,000	3,729,000		3,700,000

Equity - Schedule of preferred

Equity - Schedule of preferred stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)	9,120
Carrying Value	$ 220,472	$ 220,472
Aggregate Liquidation Preference	$ 227,991	$ 227,991
Preferred stock dividend percentage	8%
8.25% Series A Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)	1,663	1,700
Carrying Value	$ 40,110
Aggregate Liquidation Preference	$ 41,580
Preferred stock dividend percentage	8.25%
8.00% Series B Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)	3,728	3,700
Carrying Value	$ 90,187
Aggregate Liquidation Preference	$ 93,191
Preferred stock dividend percentage	8%
Redemption price (in dollars per share)	$ 25
8.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)	3,729	3,700
Carrying Value	$ 90,175
Aggregate Liquidation Preference	$ 93,220
Preferred stock dividend percentage	8%
Liquidation preference (in dollars per share)	$ 25
8.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock | LIBOR Floating Rate
Class of Stock [Line Items]
Preferred stock dividend percentage	6.476%

Equity - Summary of exchange of

Equity - Summary of exchange offers (Details) - USD ($) $ in Thousands				9 Months Ended
		Jun. 14, 2021	Mar. 17, 2021	Sep. 30, 2021
Class of Stock [Line Items]
Total Preferred Stock Par Value				$ (10)
Preferred  Stock
Class of Stock [Line Items]
Total Preferred Stock Par Value		$ 6,022	$ 12,598	$ (18,006)
Common Stock
Class of Stock [Line Items]
Exchange offers (in shares)		429,802	937,462	1,368,000	[1]
Total Preferred Stock Par Value	[1]			$ 14
8.25% Series A Cumulative Redeemable Preferred Stock | Preferred  Stock
Class of Stock [Line Items]
Exchange offers (in shares)		0	153,325
Series B Cumulative Reedmable Preferred Stock | Preferred  Stock
Class of Stock [Line Items]
Exchange offers (in shares)		86,478	350,609
8.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock | Preferred  Stock
Class of Stock [Line Items]
Exchange offers (in shares)		154,383	0
[1]Amounts have been adjusted to reflect the one-for-three reverse stock split effected July 22, 2021. See Note 2 and Note 11 for additional details.

Commitments and Contingencies -

Commitments and Contingencies - Schedule of outstanding commitments (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Long-term Purchase Commitment [Line Items]
Total Commitment	$ 150,906
Funded Commitment	10,946
Remaining Commitment	139,960
MATT Non-QM Loans
Long-term Purchase Commitment [Line Items]
Total Commitment	15,607
Funded Commitment	0
Remaining Commitment	15,607
Non-Agency and Agency-Eligible Loans
Long-term Purchase Commitment [Line Items]
Total Commitment	121,009
Funded Commitment	0
Remaining Commitment	121,009
Land Related Financing
Long-term Purchase Commitment [Line Items]
Total Commitment	14,290
Funded Commitment	10,946
Remaining Commitment	$ 3,344

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Nov. 03, 2022	Sep. 30, 2022	Sep. 30, 2022	Aug. 03, 2022	May 02, 2022	Feb. 18, 2022	Dec. 31, 2021	Sep. 30, 2021	Jul. 30, 2021	May 17, 2021	Feb. 16, 2021
2022 Repurchase Program
Subsequent Event [Line Items]
Shares repurchased (in shares)		0.4	0.4
Stock repurchased value		$ 2,300	$ 2,300
Residential Portfolio Segment
Subsequent Event [Line Items]
Unpaid Principal Balance		4,616,008	4,616,008				$ 2,578,993
Non-Qualified Mortgage Loans | Residential Portfolio Segment
Subsequent Event [Line Items]
Unpaid Principal Balance		744,611	744,611				987,290
Non-Qualified Mortgage Loans | Residential Portfolio Segment | Variable Interest Entity, Primary Beneficiary
Subsequent Event [Line Items]
Unpaid Principal Balance		$ 2,171,845	$ 2,171,845				$ 777,828
Subsequent Event | 2022 Repurchase Program
Subsequent Event [Line Items]
Shares repurchased (in shares)	0.1
Stock repurchased value	$ 300
Subsequent Event | Non-Qualified Mortgage Loans | Residential Portfolio Segment | Variable Interest Entity, Primary Beneficiary
Subsequent Event [Line Items]
Unpaid Principal Balance	$ 457,400
8.25% Series A Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Dividends payable (in dollars per share)		$ 1.54689	$ 1.54689	$ 0.51563	$ 0.51563	$ 0.51563		$ 1.54689	$ 0.51563	$ 0.51563	$ 0.51563
8.25% Series A Cumulative Redeemable Preferred Stock | Subsequent Event
Subsequent Event [Line Items]
Dividends payable (in dollars per share)	$ 0.51563
8.00% Series B Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Dividends payable (in dollars per share)		1.50	1.50	0.50	0.50	0.50		1.50	0.50	0.50	0.50
8.00% Series B Cumulative Redeemable Preferred Stock | Subsequent Event
Subsequent Event [Line Items]
Dividends payable (in dollars per share)	0.50
8.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Dividends payable (in dollars per share)		$ 1.50	$ 1.50	$ 0.50	$ 0.50	$ 0.50		$ 1.50	$ 0.50	$ 0.50	$ 0.50
8.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock | Subsequent Event
Subsequent Event [Line Items]
Dividends payable (in dollars per share)	$ 0.50