AG Mortgage Investment Trust, I (MITT) 10-Q 5 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	May 03, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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		20,247,245
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
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		Mar. 31, 2023	Dec. 31, 2022
Assets
Real estate securities, at fair value - $322,984 and $41,653 pledged as collateral, respectively		$ 322,984	$ 43,719
Investments in debt and equity of affiliates		69,638	71,064
Cash and cash equivalents		87,876	84,621
Restricted cash		14,546	14,182
Other assets		27,381	27,595
Total Assets		4,621,936	4,369,778
Liabilities
Securitized debt, at fair value	[1]	3,505,529	3,262,352
Financing arrangements		629,458	621,187
Dividend payable		3,684	3,846
Other liabilities	[2]	21,352	19,593
Total Liabilities		4,160,023	3,906,978
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 20,377 and 21,284 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively		204	212
Additional paid-in capital		773,457	778,606
Retained earnings/(deficit)		(532,220)	(536,490)
Total Stockholders’ Equity		461,913	462,800
Total Liabilities & Stockholders’ Equity		4,621,936	4,369,778
Residential Mortgage
Assets
Residential mortgage loans, at fair value		130,741	356,467
Residential mortgage loans held for sale, at fair value - $0 and $64,984 pledged as collateral, respectively		0	64,984
Residential Mortgage | Variable Interest Entity, Primary Beneficiary
Assets
Residential mortgage loans, at fair value	[1]	3,968,770	3,707,146
Real Estate Securities
Assets
Real estate securities, at fair value - $322,984 and $41,653 pledged as collateral, respectively		$ 322,984	$ 43,719
[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	Mar. 31, 2023	Dec. 31, 2022
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)	20,377,000	21,284,000
Common stock, shares outstanding (in shares)	20,377,000	21,284,000
Residential Portfolio Segment
Residential mortgage loans	$ 4,099,511	$ 4,128,597
Residential Mortgage
Residential mortgage loans	130,741	421,451
Loans held-for-sale, fair value	0	64,984
Residential Mortgage | Residential Portfolio Segment
Residential mortgage loans	130,741	421,451
Residential Mortgage | Asset Pledged as Collateral | Residential Portfolio Segment
Residential mortgage loans	126,131	353,039
Loans held-for-sale, fair value	0	64,984
Residential Mortgage | Variable Interest Entity, Primary Beneficiary
Residential mortgage loans	3,968,770	3,707,146
Residential Mortgage | Variable Interest Entity, Primary Beneficiary | Residential Portfolio Segment
Residential mortgage loans	3,968,770	3,707,146
Residential Mortgage | Variable Interest Entity, Primary Beneficiary | Asset Pledged as Collateral | Residential Portfolio Segment
Residential mortgage loans	441,113	423,967
Real Estate Securities
Fair value of investments pledged as collateral under repurchase agreements	$ 322,984	$ 41,653

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Net Interest Income
Interest income		$ 57,803	$ 33,417
Interest expense		46,188	16,122
Total Net Interest Income		11,615	17,295
Other Income/(Loss)
Net interest component of interest rate swaps		1,020	(2,270)
Net realized gain/(loss)		100	8,783
Net unrealized gain/(loss)		8,717	(22,420)
Total Other Income/(Loss)		9,837	(15,907)
Expenses
Management fee to affiliate	[1]	2,075	1,962
Non-investment related expenses	[1]	2,820	2,674
Investment related expenses	[1]	2,326	2,021
Transaction related expenses	[1]	1,707	5,879
Total Expenses		8,928	12,536
Income/(loss) before equity in earnings/(loss) from affiliates		12,524	(11,148)
Equity in earnings/(loss) from affiliates		16	(2,054)
Net Income/(Loss)		12,540	(13,202)
Dividends on preferred stock		(4,586)	(4,586)
Net Income/(Loss) Available to Common Stockholders		$ 7,954	$ (17,788)
Earnings/(Loss) Per Share of Common Stock
Basic (in dollars per share)		$ 0.38	$ (0.74)
Diluted (in dollars per share)		$ 0.38	$ (0.74)
Weighted Average Number of Shares of Common Stock Outstanding
Basic (in shares)		21,066	23,915
Diluted (in shares)		21,066	23,915
[1]Refer to Note 10 for additional details on related party transactions.

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, 2021		23,908
Beginning balance at Dec. 31, 2021	$ 570,380	$ 239	$ 220,472	$ 796,469	$ (446,800)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Grant of restricted stock (in shares)		7
Grant of restricted stock	80			80
Common dividends declared	(5,022)				(5,022)
Preferred dividends declared	(4,586)				(4,586)
Net Income/(Loss)	(13,202)				(13,202)
Ending balance (in shares) at Mar. 31, 2022		23,915
Ending balance at Mar. 31, 2022	$ 547,650	$ 239	220,472	796,549	(469,610)
Beginning balance (in shares) at Dec. 31, 2022	21,284	21,284
Beginning balance at Dec. 31, 2022	$ 462,800	$ 212	220,472	778,606	(536,490)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common stock (in shares)		(923)
Repurchase of common stock	(5,244)	$ (9)		(5,235)
Grant of restricted stock (in shares)		16
Grant of restricted stock	87	$ 1		86
Common dividends declared	(3,684)				(3,684)
Preferred dividends declared	(4,586)				(4,586)
Net Income/(Loss)	$ 12,540				12,540
Ending balance (in shares) at Mar. 31, 2023	20,377	20,377
Ending balance at Mar. 31, 2023	$ 461,913	$ 204	$ 220,472	$ 773,457	$ (532,220)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows from Operating Activities
Net income/(loss)	$ 12,540	$ (13,202)
Adjustments to reconcile net income/(loss) to net cash provided by (used in) operating activities:
Net amortization of premium/(discount)	1,492	1,818
Net realized (gain)/loss	(100)	(8,783)
Net unrealized (gain)/loss	(8,717)	22,420
Equity based compensation expense	87	80
(Income)/loss from investments in debt and equity of affiliates in excess of distributions received	142	2,393
Change in operating assets/liabilities:
Other assets	977	(1,924)
Other liabilities	108	1,726
Net cash provided by (used in) operating activities	6,529	4,528
Cash Flows from Investing Activities
Purchase of residential mortgage loans	(22,834)	(948,966)
Purchase of real estate securities	(276,265)	(79,564)
Investments in debt and equity of affiliates	(700)	(417)
Proceeds from sales of residential mortgage loans	66,551	0
Proceeds from sales of real estate securities	0	197,232
Principal repayments on residential mortgage loans	73,956	146,388
Principal repayments on real estate securities	712	14,596
Distributions received in excess of income from investments in debt and equity of affiliates	1,983	5,318
Net settlement of interest rate swaps and other instruments	(1,175)	30,473
Net settlement of TBAs	179	9,946
Cash flows provided by (used in) other investing activities	371	797
Net cash provided by (used in) investing activities	(157,222)	(624,197)
Cash Flows from Financing Activities
Repurchase of common stock	(5,244)	0
Net borrowings under (repayments of) financing arrangements	8,271	(366,250)
Deferred financing costs paid	(9)	(17)
Proceeds from issuance of securitized debt	235,709	1,078,189
Principal repayments on securitized debt	(66,957)	(116,866)
Net collateral received from (paid to) derivative counterparty	(9,026)	30,162
Dividends paid on common stock	(3,846)	(5,021)
Dividends paid on preferred stock	(4,586)	(4,586)
Net cash provided by (used in) financing activities	154,312	615,611
Net change in cash and cash equivalents and restricted cash	3,619	(4,058)
Cash and cash equivalents and restricted cash, Beginning of Period	98,803	100,229
Cash and cash equivalents and restricted cash, End of Period	102,422	96,171
Supplemental disclosure of cash flow information:
Cash paid for interest on financing arrangements and securitized debt	42,932	13,532
Cash paid for excise and income taxes	0	3
Supplemental disclosure of non-cash financing and investing activities:
Receivable on unsettled trades	0	107,788
Common stock dividends declared but not paid	3,684	5,022
Transfer from residential mortgage loans to other assets	$ 915	$ 707

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 87,876	$ 84,621	$ 50,541
Restricted cash	14,546	14,182	45,630
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows	$ 102,422	$ 98,803	$ 96,171	$ 100,229

Organization

Organization	3 Months Ended
	Mar. 31, 2023
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 newly originated 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. Agency-Eligible Loans (1) • Agency-Eligible Loans are loans that are underwritten in accordance with GSE guidelines and are primarily secured by investment properties, but are not guaranteed by a GSE. Although these loans are underwritten in accordance with GSE guidelines and can be delivered to Fannie Mae and Freddie Mac, the Company includes these loans within its Non-Agency securitizations. 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," "Residential mortgage loans, at fair value," and "Residential mortgage loans held for sale, 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.

Summary of significant accounti

Summary of significant accounting policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of significant accounting policies	Summary of significant accounting policies Consolidation and basis of presentation 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 the three months ended March 31, 2022, the Company reclassified $2.7 million and $1.0 million of other operating expenses into the "Non-investment related expenses" and "Investment related expenses" line items on the consolidated statement of operations, respectively. Furthermore for the three months ended March 31, 2022, the Company reclassified $1.0 million of servicing fees into the "Investment related expenses" line item on the consolidated statement of operations. 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. Significant accounting policies There have been no significant changes to the Company's accounting policies included in Note 2 to the consolidated financial statements of the Company’s Form 10-K for the year ended December 31, 2022 . These unaudited consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes for the year ended December 31, 2022 included in the Company’s Form 10-K. 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. 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 Accounting Standards Codification ("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/Agency-Eligible Loans and re- and non-performing loans (the trusts in which these loans are deposited are referred to as "Non-Agency VIEs" and "RPL/NPL VIEs", respectively, and 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. 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 and may be elected over time as reference rate reform activities occur. This ASU is effective as of March 12, 2020 and was amended by ASU 2022-06 to sunset on December 31, 2024. 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, 2024. 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. The Manager has an established cross-functional team that focuses on evaluating exposure to LIBOR and monitoring regulatory updates to assess the potential impact to the portfolios under management from the cessation set to occur on June 30, 2023 and has established a LIBOR transition plan to facilitate an orderly transition to alternative reference rates. As of March 31, 2023, the Company is continuing to assess the impact of the LIBOR transition and does not expect the transition or the adoption of ASU 2020-04 to have a material impact on the consolidated financial statements. The Company's primary exposure to LIBOR has historically included its financing arrangements and derivative contracts. In addition, the Company's Series C Preferred Stock is set to transition to a floating rate in September of 2024. As of March 31, 2023, the Company no longer has derivative contracts indexed to LIBOR and all LIBOR-based financing arrangements have transitioned to alternative benchmark rates. The Company does not currently intend to amend the Series C Preferred Stock to change the existing LIBOR cessation fallback language.

Loans

Loans	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Loans	Loans Residential mortgage loans The table below details information regarding the Company’s residential mortgage loan portfolio as of March 31, 2023 and December 31, 2022 ($ in thousands). The gross unrealized gains/(losses) in the table below represent inception to date gains/(losses). Unpaid Principal Balance Gross Unrealized Weighted Average March 31, 2023 Premium Amortized Cost Gains Losses Fair Value Coupon Yield Life Securitized residential mortgage loans, at fair value (2) Non-Agency Loans (3) $ 4,049,191 $ 52,650 $ 4,101,841 $ — $ (405,098) $ 3,696,743 4.81 % 4.66 % 9.78 Re- and Non-Performing Loans 319,949 (35,070) 284,879 2,451 (15,303) 272,027 3.76 % 6.57 % 6.37 Total Securitized residential mortgage loans, at fair value $ 4,369,140 $ 17,580 $ 4,386,720 $ 2,451 $ (420,401) $ 3,968,770 4.73 % 4.79 % 9.53 Residential mortgage loans, at fair value Non-Agency Loans $ 121,885 $ (42) $ 121,843 $ 1,877 $ (1,072) $ 122,648 7.23 % 6.86 % 3.56 Agency-Eligible Loans 5,084 84 5,168 16 (281) 4,903 5.44 % 5.01 % 4.75 Re- and Non-Performing Loans 3,291 (1,845) 1,446 1,744 — 3,190 N/A 79.62 % 1.90 Total Residential mortgage loans, at fair value $ 130,260 $ (1,803) $ 128,457 $ 3,637 $ (1,353) $ 130,741 7.16 % 8.57 % 3.57 Total as of March 31, 2023 $ 4,499,400 $ 15,777 $ 4,515,177 $ 6,088 $ (421,754) $ 4,099,511 4.80 % 4.91 % 9.36 Unpaid Principal Balance Gross Unrealized Weighted Average December 31, 2022 Premium Amortized Cost Gains Losses Fair Value Coupon Yield Life Securitized residential mortgage loans, at fair value (2) Non-Agency Loans (3) $ 3,841,265 $ 63,576 $ 3,904,841 $ — $ (468,640) $ 3,436,201 4.82 % 4.65 % 10.20 Re- and Non-Performing Loans 325,120 (36,982) 288,138 1,972 (19,165) 270,945 3.68 % 6.66 % 6.33 Total Securitized residential mortgage loans, at fair value $ 4,166,385 $ 26,594 $ 4,192,979 $ 1,972 $ (487,805) $ 3,707,146 4.73 % 4.80 % 9.90 Residential mortgage loans, at fair value Non-Agency Loans (4) $ 406,294 $ (7,902) $ 398,392 $ 2,775 $ (30,006) $ 371,161 5.36 % 5.54 % 6.14 Agency-Eligible Loans (4) 48,657 18 48,675 94 (1,907) 46,862 6.00 % 5.99 % 4.73 Re- and Non-Performing Loans 3,520 (2,000) 1,520 1,908 — 3,428 N/A 72.78 % 1.87 Total Residential mortgage loans, at fair value $ 458,471 $ (9,884) $ 448,587 $ 4,777 $ (31,913) $ 421,451 5.43 % 6.13 % 5.96 Total as of December 31, 2022 $ 4,624,856 $ 16,710 $ 4,641,566 $ 6,749 $ (519,718) $ 4,128,597 4.80 % 4.93 % 9.51 (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. (3) Securitized Non-Agency Loans include loans that were considered to be Agency-Eligible prior to the Company's securitization. (4) Includes fair value of $46.8 million and $18.2 million of Non-Agency Loans and Agency-Eligible Loans, respectively, classified as held for sale and presented in the "Residential mortgage loans held for sale, at fair value" line item on the consolidated balance sheets as of December 31, 2022. The following tables present information regarding credit quality of the Company's residential mortgage loans ($ in thousands). Unpaid Principal Balance Weighted Average (1)(2) Aging by Unpaid Principal Balance (1)(3) March 31, 2023 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 $ 4,049,191 9,330 68.57 % 737 $ 3,978,280 $ 43,019 $ 11,220 $ 16,672 Re- and Non-Performing Loans 319,949 2,178 79.67 % 644 218,839 37,673 10,230 53,207 Total Securitized residential mortgage loans $ 4,369,140 11,508 69.39 % 730 4,197,119 80,692 21,450 69,879 Residential mortgage loans Non-Agency Loans $ 121,885 216 70.04 % 724 $ 118,670 $ — $ 1,130 $ 2,085 Agency-Eligible Loans 5,084 13 73.70 % 751 5,084 — — — Re- and Non-Performing Loans (1) 3,291 N/A N/A N/A N/A N/A N/A N/A Total Residential mortgage loans 130,260 229 70.18 % 725 123,754 — 1,130 2,085 Total as of March 31, 2023 $ 4,499,400 11,737 69.41 % 730 $ 4,320,873 $ 80,692 $ 22,580 $ 71,964 Unpaid Principal Balance Weighted Average (1)(2) Aging by Unpaid Principal Balance (1)(3) December 31, 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 $ 3,841,265 9,008 68.20 % 739 $ 3,789,748 $ 31,272 $ 8,661 $ 11,584 Re- and Non-Performing Loans 325,120 2,226 79.61 % 643 220,124 34,865 10,937 59,194 Total Securitized residential mortgage loans $ 4,166,385 11,234 69.09 % 731 $ 4,009,872 $ 66,137 $ 19,598 $ 70,778 Residential mortgage loans Non-Agency Loans $ 406,294 655 71.22 % 734 $ 399,036 $ 4,967 $ 1,404 $ 887 Agency-Eligible Loans 48,657 138 70.94 % 749 47,918 739 — — Re- and Non-Performing Loans (1) 3,520 N/A N/A N/A N/A N/A N/A N/A Total Residential mortgage loans $ 458,471 793 71.19 % 735 $ 446,954 $ 5,706 $ 1,404 $ 887 Total as of December 31, 2022 $ 4,624,856 12,027 69.29 % 731 $ 4,456,826 $ 71,843 $ 21,002 $ 71,665 (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 March 31, 2023, the Company had securitized residential mortgage loans and residential mortgage loans that were 90+ days delinquent and loans in the process of foreclosure with a fair value of $26.6 million and $37.6 million, respectively. As of December 31, 2022, the Company had securitized residential mortgage loans and residential mortgage loans that were 90+ days delinquent and loans in the process of foreclosure with a fair value of $31.4 million and $33.7 million, respectively. (4) Weighted average current FICO excludes borrowers where FICO scores were not available. Data is as of February 28, 2023 and November 30, 2022, respectively. During the three months ended March 31, 2023, the Company purchased residential mortgage loans, as detailed below (in thousands). Unpaid Principal Balance Fair Value Non-Agency Loans $ 22,550 $ 22,954 The Company did not sell any residential mortgage loans during the three months ended March 31, 2022. For the three months ended March 31, 2023, the Company sold residential mortgage loans as detailed below ($ in thousands). Number of Loans Proceeds Realized Gains Realized Losses Non-Agency Loans 116 $ 46,909 $ — $ (9,745) Agency-Eligible Loans 47 18,474 69 (85) 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 March 31, 2023 and December 31, 2022 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) March 31, 2023 December 31, 2022 California 34 % 33 % New York 16 % 16 % Florida 10 % 11 % New Jersey 6 % 6 % Texas 5 % 5 % (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 months ended March 31, 2023 and 2022, 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 March 31, 2023 March 31, 2022 Beginning Balance $ 42,237 $ 46,521 Accretion (1,483) (1,650) Reclassifications from/(to) non-accretable difference (1,829) 1,386 Disposals (161) — Ending Balance $ 38,764 $ 46,257 Variable interest entities The following table details certain information related to the assets and liabilities of the Residential Mortgage Loan VIEs as of March 31, 2023 and December 31, 2022 ($ in thousands). March 31, 2023 December 31, 2022 Carrying Value Weighted Average Carrying Value Weighted Average Yield Life (Years) (1) Yield Life (Years) (1) Assets Non-Agency VIEs (2) $ 3,696,743 4.66 % 9.78 $ 3,436,201 4.65 % 10.20 RPL/NPL VIEs 272,027 6.57 % 6.37 270,945 6.66 % 6.33 Securitized residential mortgage loans, at fair value $ 3,968,770 4.79 % 9.53 $ 3,707,146 4.80 % 9.90 Restricted cash 1,175 1,194 Other assets 20,395 19,064 Total Assets $ 3,990,340 $ 3,727,404 Liabilities Non-Agency VIEs (2) $ 3,323,861 4.26 % 7.38 $ 3,078,593 4.18 % 7.49 RPL/NPL VIEs 181,668 3.12 % 3.23 183,759 3.10 % 3.13 Securitized debt, at fair value (3) $ 3,505,529 4.20 % 7.18 $ 3,262,352 4.12 % 7.26 Other liabilities 12,024 11,342 Total Liabilities $ 3,517,553 $ 3,273,694 Total Equity (4) $ 472,787 $ 453,710 (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) Securitized Non-Agency Loans include loans that were considered to be Agency-Eligible prior to the Company's securitization. (3) 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

Real Estate Securities	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022 ($ 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 March 31, 2023 Gains Losses Fair Value Coupon (1) Yield Non-Agency RMBS Non-Agency Securities (2) $ 45,452 $ (9,686) $ 35,766 $ 209 $ (4,806) $ 31,169 3.78 % 6.70 % Non-Agency RMBS Interest Only (2) 105,786 (103,033) 2,753 1,865 — 4,618 0.38 % 32.86 % Total Non-Agency RMBS $ 151,238 $ (112,719) $ 38,519 $ 2,074 $ (4,806) $ 35,787 1.95 % 10.08 % Agency RMBS 30 Year Fixed Rate $ 263,445 $ 1,377 $ 264,822 $ 3,694 $ — $ 268,516 5.74 % 5.62 % Interest Only 125,018 (105,775) 19,243 48 (610) 18,681 2.84 % 7.95 % Total Agency RMBS $ 388,463 $ (104,398) $ 284,065 $ 3,742 $ (610) $ 287,197 4.81 % 5.77 % Total as of March 31, 2023 $ 539,701 $ (217,117) $ 322,584 $ 5,816 $ (5,416) $ 322,984 4.23 % 6.25 % Current Face Premium / (Discount) Amortized Cost Gross Unrealized Weighted Average December 31, 2022 Gains Losses Fair Value Coupon (1) Yield Non-Agency RMBS Non-Agency Securities (2) $ 31,713 $ (6,875) $ 24,838 $ 28 $ (5,329) $ 19,537 3.75 % 6.52 % Non-Agency RMBS Interest Only (2) 108,464 (105,626) 2,838 2,220 — 5,058 0.38 % 34.42 % Total Non-Agency RMBS $ 140,177 $ (112,501) $ 27,676 $ 2,248 $ (5,329) $ 24,595 1.62 % 12.26 % Agency RMBS Interest Only $ 127,356 $ (107,585) $ 19,771 $ 28 $ (675) $ 19,124 2.87 % 7.54 % Total as of December 31, 2022 $ 267,533 $ (220,086) $ 47,447 $ 2,276 $ (6,004) $ 43,719 2.37 % 10.20 % (1) Equity residual investments with a zero coupon rate are excluded from this calculation. (2) Includes Non-Agency Securities and Non-Agency RMBS Interest Only securities collateralized by Non-QM loans and Agency-Eligible loans. The following tables summarize the Company's real estate securities according to their projected weighted average life classifications as of March 31, 2023 and December 31, 2022 ($ in thousands). Non-Agency RMBS Agency RMBS March 31, 2023 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 $ 5,173 $ 3,310 0.46 % $ — $ — — % Greater than five years and less than or equal to ten years 3,123 3,185 4.79 % 287,197 284,065 4.81 % Greater than ten years 27,491 32,024 3.61 % — — — % Total as of March 31, 2023 $ 35,787 $ 38,519 1.95 % $ 287,197 $ 284,065 4.81 % Non-Agency RMBS Agency RMBS December 31, 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 $ 5,058 $ 2,838 0.38 % $ — $ — — % Greater than five years and less than or equal to ten years — — — % 19,124 19,771 2.87 % Greater than ten years 19,537 24,838 3.75 % — — — % Total as of December 31, 2022 $ 24,595 $ 27,676 1.62 % $ 19,124 $ 19,771 2.87 % (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. The Company did not sell any real estate securities during the three months ended March 31, 2023. During the three months ended March 31, 2022, the Company sold real estate securities, as summarized below ($ in thousands). Three months ended Number of Securities Proceeds Realized Gains Realized Losses March 31, 2022 (1) 13 $ 304,665 $ 568 $ (17,408) (1) Includes $107.7 million of proceeds on six security sales which were unsettled as of March 31, 2022. Unconsolidated variable interest entities The Company's Non-Agency RMBS includes certain securities retained from a rated Non-QM Loan securitization the Company participated in alongside a private fund under the management of Angelo Gordon. 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. The Company has a 40.9% interest in the retained subordinate tranches which represents its continuing involvement in the securitization trust. The following table summarizes the Company’s investment in unconsolidated VIEs (in thousands). March 31, 2023 December 31, 2022 Current Face Fair Value Current Face Fair Value Retained interest in unconsolidated VIEs Non-Agency Securities $ 14,894 $ 10,421 $ 14,894 $ 9,859 Non-Agency RMBS Interest Only 105,786 4,618 108,464 5,058 Total retained interest in unconsolidated VIEs (1)(2) $ 120,680 $ 15,039 $ 123,358 $ 14,917 (1) Maximum loss exposure from the Company’s involvement with unconsolidated VIEs pertains to the fair value of the securities retained from these VIEs. The Company has no obligation to provide any other explicit or implicit support to the securitization trust. (2) As of March 31, 2023 and December 31, 2022, the Company held securities exposed to the first loss of the securitization with a fair value of $3.7 million and $4.1 million, respectively. The following table summarizes information regarding the residential mortgage loans transferred to the Company’s unconsolidated VIEs ($ in thousands). Assets transferred to unconsolidated VIEs: March 31, 2023 December 31, 2022 Total unpaid principal balance of loans outstanding (1) $ 129,238 $ 132,509 Weighted average coupon on loans outstanding 5.62 % 5.62 % Percent of unpaid principal balance greater than 90 days delinquent 1.49 % 1.32 %

Fair value measurements

Fair value measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair value measurements	Fair value measurements The fair value of the Company's financial instruments is determined in accordance with the provisions of 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. Level 1 inputs are observable inputs that reflect quoted prices for identical assets or liabilities in active markets. Level 2 inputs are observable inputs other than quoted prices and may include quoted prices for similar assets and liabilities in active markets. Level 3 inputs are 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 and 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. In certain cases, inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, the level at which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The following tables present the Company’s financial instruments measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 (in thousands). Fair Value at March 31, 2023 Level 1 Level 2 Level 3 Total Assets: Securitized residential mortgage loans $ — $ — $ 3,968,770 $ 3,968,770 Residential mortgage loans — 738 130,003 130,741 Non-Agency RMBS — 20,748 15,039 35,787 Agency RMBS — 287,197 — 287,197 Derivative assets (1) — 3,904 2,475 6,379 Cash equivalents (2) 441 — — 441 AG Arc (3) — — 37,540 37,540 Total Assets Measured at Fair Value $ 441 $ 312,587 $ 4,153,827 $ 4,466,855 Liabilities: Securitized debt $ — $ — $ (3,505,529) $ (3,505,529) Derivative liabilities (1) — (7,170) (75) (7,245) Total Liabilities Measured at Fair Value $ — $ (7,170) $ (3,505,604) $ (3,512,774) Fair value at December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Securitized residential mortgage loans $ — $ — $ 3,707,146 $ 3,707,146 Residential mortgage loans (4) — 754 420,697 421,451 Non-Agency RMBS — 9,678 14,917 24,595 Agency Interest Only — 19,124 — 19,124 Derivative assets (1) — 18,401 98 18,499 Cash equivalents (2) 442 — — 442 AG Arc (3) — — 39,680 39,680 Total Assets Measured at Fair Value $ 442 $ 47,957 $ 4,182,538 $ 4,230,937 Liabilities: Securitized debt $ — $ — $ (3,262,352) $ (3,262,352) Derivative liabilities — — (9) (9) Total Liabilities Measured at Fair Value $ — $ — $ (3,262,361) $ (3,262,361) (1) As of March 31, 2023, the Company applied a reduction in fair value of $3.9 million and $6.6 million to its interest rate swap assets and liabilities, respectively, related to variation margin with a corresponding increase or decrease in restricted cash. As of December 31, 2022, the Company applied a reduction in fair value of $17.3 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. Derivative assets and liabilities are included in the "Other assets" and "Other liabilities" line items on the consolidated balance sheets, respectively. Refer to Note 7 for more information on the Company's derivatives. (2) 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 and are carried at cost, which approximates fair value. (3) 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. (4) Includes Residential mortgage loans held for sale as of December 31, 2022. 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. 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 months ended March 31, 2023 and 2022. The Company did not have any transfers between the Levels 2 and 3 of the fair value hierarchy during the three months ended March 31, 2023 and 2022. 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 March 31, 2023 (in thousands) Residential Non-Agency Derivative assets (2) AG Arc Securitized Derivative liabilities (2) Beginning balance $ 4,127,843 $ 14,917 $ 98 $ 39,680 $ (3,262,352) $ (9) Purchases 22,755 — — — — — Issuances of Securitized Debt — — — — (234,754) — Proceeds from sales (65,383) — — — Principal repayments (73,956) — — — 66,957 — Included in net income: Net premium and discount amortization (3) 1,144 (76) — — (2,738) — Net realized gain/(loss) (9,758) — — — — — Net unrealized gain/(loss) 97,211 198 2,377 — (72,642) (66) Equity in earnings/(loss) from affiliates — — — (2,140) — — Other (4) (1,083) — — — — — Ending Balance $ 4,098,773 $ 15,039 $ 2,475 $ 37,540 $ (3,505,529) $ (75) Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of March 31, 2023 Net premium and discount amortization (3) 1,144 (76) — — (2,738) — Net unrealized gain/(loss) 87,029 198 2,377 — (72,642) (66) Equity in earnings/(loss) from affiliates — — — (2,140) — — (1) The beginning balance includes Securitized residential mortgage loans and Residential mortgage loans held for sale. (2) Derivative assets and derivative liabilities are included in the "Other assets" and "Other liabilities" line items, respectively, on the consolidated balance sheets. (3) Included in the interest income and interest expense line items for assets and liabilities, respectively. (4) Includes transfers of residential mortgage loans to real estate owned as well as activity related to advances. Three Months Ended March 31, 2022 (in thousands) Residential Non-Agency AG Arc Securitized Derivative liabilities (2) Beginning balance $ 2,634,191 $ 18,757 $ 53,435 $ (999,215) $ (79) Purchases 944,630 — — — — Issuances of Securitized Debt — — — (1,074,852) — Principal repayments (146,388) (78) — 116,866 — Included in net income: Net premium and discount amortization (3) (1,717) (161) — 49 — Net realized gain/(loss) (87) — — — — Net unrealized gain/(loss) (158,116) 263 — 97,235 79 Equity in earnings/(loss) from affiliates — — 686 — — Other (4) (727) — — — — Ending Balance $ 3,271,786 $ 18,781 $ 54,121 $ (1,859,917) $ — Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of March 31, 2022 Net premium and discount amortization (3) (2,971) (161) — 49 — Net unrealized gain/(loss) (158,925) 263 — 97,235 — Equity in earnings/(loss) from affiliates — — 686 — — (1) Includes Securitized residential mortgage loans. (2) Derivative liabilities are included in the "Other liabilities" line item on the consolidated balance sheets. (3) Included in the interest income and interest expense line items for assets and liabilities, respectively. (4) Includes transfers of residential mortgage loans to real estate owned as well as activity related to advances. The following table presents 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 ($ in thousands). March 31, 2023 December 31, 2022 Valuation Technique Unobservable Input Fair Value Range Fair Value Range Securitized Residential Mortgage Loans Yield 4.75% - 6.74% (6.00%) 4.75% - 7.32% (6.40%) Discounted Cash Flow Projected Collateral Prepayments $ 3,968,770 5.20% - 10.21% (6.75%) $ 3,707,146 4.81% - 10.19% (6.44%) Projected Collateral Losses 0.05% - 1.42% (0.20%) 0.05% - 1.40% (0.22%) Projected Collateral Severities -2.22% - 26.00% (16.13%) -4.16% - 20.00% (15.40%) Residential Mortgage Loans (2) Yield 6.02% - 8.04% (6.56%) 6.29% - 9.82% (7.16%) Discounted Cash Flow Projected Collateral Prepayments $ 127,551 0.00% - 34.58% (25.05%) $ 418,023 1.38% - 31.28% (16.37%) Projected Collateral Losses 0.00% - 14.74% (0.64%) 0.00% - 14.44% (0.48%) Projected Collateral Severities -23.29% - 10.55% (9.79%) -2.64% - 10.19% (9.99%) Consensus Pricing Offered Quotes $ 2,452 94.68 - 106.52 (101.50) $ 2,674 93.46 - 107.05 (101.11) Non-Agency RMBS Yield 6.61% - 14.00% (10.14%) 7.18% - 14.00% (10.59%) Discounted Cash Flow Projected Collateral Prepayments $ 15,039 8.72% - 8.72% (8.72%) $ 14,917 8.14% - 8.14% (8.14%) Projected Collateral Losses 0.35% - 0.35% (0.35%) 0.18% - 0.18% (0.18%) Projected Collateral Severities 10.00% - 10.00% (10.00%) 10.00% - 10.00% (10.00%) Derivative Assets (3) Yield 6.20% - 7.26% (6.63%) 6.69% - 7.68% (7.54%) Discounted Cash Flow Projected Collateral Prepayments $ 2,475 14.97% - 33.59% (25.18%) $ 98 12.63% - 34.19% (26.71%) Projected Collateral Losses 0.00% - 1.97% (0.58%) 0.01% - 0.96% (0.39%) Projected Collateral Severities 10.00% - 10.96% (10.01%) 10.00% - 10.00% (10.00%) Pull Through Percentages 45.00% - 100.00% (78.13%) 55.00% - 100.00% (72.78%) AG Arc Comparable Multiple Book Value Multiple $ 37,540 0.94x - 0.94x (0.94x) $ 39,680 0.94x - 0.94x (0.94x) Securitized Debt Yield 5.05% - 15.00% (5.65%) 5.25% - 15.00% (6.07%) Discounted Cash Flow Projected Collateral Prepayments $ (3,505,529) 5.20% - 10.21% (6.68%) $ (3,262,352) 4.81% - 10.19% (6.36%) Projected Collateral Losses 0.05% - 1.42% (0.18%) 0.05% - 1.40% (0.19%) Projected Collateral Severities -2.22% - 26.00% (16.53%) -4.16% - 20.00% (15.81%) Derivative Liabilities (3) Yield 6.46% - 6.84% (6.62%) 7.29% - 7.61% (7.36%) Discounted Cash Flow Projected Collateral Prepayments $ (75) 25.77% - 36.00% (31.43%) $ (9) 21.51% - 31.31% (27.92%) Projected Collateral Losses 0.00% - 0.50% (0.06%) 0.01% - 0.46% (0.16%) Projected Collateral Severities 10.00% - 10.00% (10.00%) 10.00% - 10.00% (10.00%) Pull Through Percentages 45.00% - 100.00% (73.75%) 100.00% - 100.00% (100.00%) (1) Amounts are weighted based on fair value. (2) Includes Residential mortgage loans held for sale as of December 31, 2022. (3) Derivative assets and derivative liabilities are included in the "Other assets" and "Other liabilities" line items, respectively, on the consolidated balance sheets.

Financing

Financing	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Financing	Financing The following table presents a summary of the Company's financing as of March 31, 2023 and December 31, 2022 ($ in thousands). March 31, 2023 December 31, 2022 Weighted Average Collateral Fair Value (1)(2) Current Face Carrying Value Stated Maturity Funding Cost Life (Years) Carrying Value Financing Arrangements by Asset Type Securitized Non-Agency Loans (3) $ 192,964 $ 192,964 Apr 2023 - May 2024 6.62 % 0.23 $ 372,882 $ 197,937 Securitized Re- and Non-Performing Loans (3) 39,147 39,147 Apr 2023 7.39 % 0.06 68,231 34,151 Residential mortgage loans (4)(5) 105,768 105,768 June 2023 - Jan 2024 6.78 % 0.40 126,131 360,241 Non-Agency RMBS 22,390 22,390 Apr 2023 - May 2024 6.11 % 0.18 35,787 14,695 Agency RMBS 269,189 269,189 Apr 2023 4.98 % 0.04 287,197 14,163 Total Financing Arrangements $ 629,458 $ 629,458 5.97 % 0.16 $ 890,228 $ 621,187 Securitized debt, at fair value (6) $ 4,052,498 $ 3,505,529 N/A 4.20 % 7.18 N/A $ 3,262,352 Total Financing $ 4,681,956 $ 4,134,987 4.47 % 6.24 $ 890,228 $ 3,883,539 (1) The Company also had $1.1 million and $3.4 million of cash pledged under repurchase agreements as of March 31, 2023 and December 31, 2022, 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 $2.2 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 financing arrangements was 6.49% as of March 31, 2023. (6) 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. The following table presents contractual maturity information about the Company's borrowings under financing arrangements as of March 31, 2023 (in thousands). Securitized debt is excluded from the below table as it does not have a contractual maturity. Financing Arrangements by Asset Type Within 30 Days Over 30 Days to 3 Months Over 3 Months to 12 Months Over 12 Months Total Securitized Non-Agency Loans $ 151,894 $ 7,591 $ — $ 33,479 $ 192,964 Securitized Re- and Non-Performing Loans 39,147 — — — 39,147 Residential mortgage loans — 32,173 73,595 — 105,768 Non-Agency RMBS 19,399 — — 2,991 22,390 Agency RMBS 269,189 — — — 269,189 Total Financing Arrangements $ 479,629 $ 39,764 $ 73,595 $ 36,470 $ 629,458 Counterparties The Company had outstanding financing arrangements with six counterparties as of March 31, 2023 and December 31, 2022. The following table presents information as of March 31, 2023 and December 31, 2022 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). March 31, 2023 December 31, 2022 Counterparty Stockholders' Equity Weighted Average Percentage of Stockholders' Equity Weighted Average Percentage of BofA Securities, Inc. $ 96,738 80 20.9 % $ 36,193 93 7.8 % Barclays Capital Inc. 87,548 71 19.0 % 81,445 113 17.6 % JP Morgan Securities, LLC 28,682 41 6.2 % (2) (2) (2) Credit Suisse AG, Cayman Islands Branch (1) (1) (1) 130,587 71 28.2 % (1) As of March 31, 2023, the Company had less than 5% of its equity at risk under financing arrangements with Credit Suisse AG, Cayman Islands Branch. (2) As of December 31, 2022, the Company had less than 5% 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 addition, some of the financing arrangements contain cross default features, whereby default under an agreement with one lender simultaneously causes default under agreements with other lenders. To the extent that the Company fails to comply with the covenants contained in these financing arrangements or is otherwise found to be in default under the terms of such agreements, the counterparty has the right to accelerate amounts due under the associated agreement. Financings pursuant to repurchase agreements and revolving facilities are generally recourse to the Company. As of March 31, 2023, the Company is in compliance with all of its financial covenants.

Other assets and liabilities

Other assets and liabilities	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022 (in thousands). March 31, 2023 December 31, 2022 Other assets Interest receivable $ 20,274 $ 20,593 Derivative assets, at fair value 2,485 1,218 Other assets 4,358 4,983 Due from broker 264 801 Total Other assets $ 27,381 $ 27,595 Other liabilities Due to affiliates (1) $ 3,661 $ 3,652 Interest payable 14,544 14,114 Derivative liabilities, at fair value 609 9 Accrued expenses 2,222 1,811 Due to broker 316 7 Total Other liabilities $ 21,352 $ 19,593 (1) Refer to Note 10 for more information. Derivatives The following table presents the fair value of the Company's derivatives and other instruments and their balance sheet location as of March 31, 2023 and December 31, 2022 (in thousands). Derivatives and Other Instruments (1) Balance Sheet March 31, 2023 December 31, 2022 Pay Fix/Receive Float Interest Rate Swap Agreements (2) Other assets $ — $ 470 Pay Fix/Receive Float Interest Rate Swap Agreements (2) Other liabilities (280) — Long TBAs Other assets 8 — Long TBAs Other liabilities (3) — Short TBAs Other assets 2 650 Short TBAs Other liabilities (251) — Forward Purchase Commitments Other assets 2,475 98 Forward Purchase Commitments Other liabilities (75) (9) (1) As of March 31, 2023 and December 31, 2022, no derivatives held by the Company were designated as hedges for accounting purposes. (2) As of March 31, 2023, the Company applied a reduction in fair value of $3.9 million and $6.6 million to its interest rate swap assets and liabilities, respectively, related to variation margin with a corresponding increase or decrease in restricted cash. As of December 31, 2022, the Company applied a reduction in fair value of $17.3 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. The following table summarizes information related to derivatives and other instruments (in thousands). Notional amount of non-hedge derivatives and other instruments: Notional Currency March 31, 2023 December 31, 2022 Pay Fix/Receive Float Interest Rate Swap Agreements (1) USD $ 468,000 $ 335,000 Short TBAs USD — 40,000 Forward Purchase Commitments USD 163,773 8,006 (1) As of March 31, 2023, the Company's pay fix/receive float interest rate swaps had a weighted average pay-fixed rate of 3.69%, a weighted average receive-variable rate of 4.87%, and a weighted average years to maturity of 4.37 years. As of December 31, 2022, the Company's pay fix/receive float interest rate swaps had a weighted average pay-fixed rate of 2.77%, a weighted average receive-variable rate of 4.30%, and a weighted average years to maturity of 4.77 years. Derivative and other instruments eligible for offset are presented gross on the consolidated balance sheets as of March 31, 2023 and December 31, 2022, 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 must post collateral. As of March 31, 2023, the Company's restricted cash balance included $12.3 million of collateral related to certain derivatives, of which $15.0 million represents cash collateral posted by the Company and has been reduced by $2.7 million related to variation margin. As of December 31, 2022, the Company's restricted cash balance included $9.6 million of collateral related to certain derivatives, of which $1.3 million represents cash collateral posted by the Company and $8.3 million represents amounts related to variation margin. The following table summarizes gains/(losses) related to derivatives and other instruments (in thousands): Three Months Ended March 31, 2023 March 31, 2022 Included within Net unrealized gain/(loss) Interest Rate Swaps $ (21,386) $ 46,404 Long TBAs 5 (211) Short TBAs (899) 3,645 Forward Purchase Commitments 2,311 79 (19,969) 49,917 Included within Net realized gain/(loss) Interest Rate Swaps 9,823 15,707 Short TBAs 179 9,946 10,002 25,653 Total income/(loss) $ (9,967) $ 75,570 TBAs The following table presents information about the Company’s to-be-announced securities ("TBAs") for the three months ended March 31, 2023 and 2022 (in thousands). Three Months Ended Beginning Notional Amount Buys or Covers Sales or Shorts Ending Notional Fair Value as of Period End Receivable/(Payable) Derivative Derivative Liability March 31, 2023 Long TBAs $ — $ 10,000 $ (10,000) $ — $ — $ 5 $ 8 $ (3) March 31, 2023 Short TBAs (40,000) 100,000 (60,000) — — (249) 2 (251) March 31, 2022 Long TBAs — 150,000 — 150,000 150,270 (150,481) — (211) March 31, 2022 Short TBAs (385,963) 1,320,852 (934,889) — — 3,631 6,733 (3,102)

Earnings per share

Earnings per share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings per share	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 months ended March 31, 2023 and 2022 (in thousands, except per share data). Three Months Ended March 31, 2023 March 31, 2022 Numerator: Net Income/(Loss) $ 12,540 $ (13,202) Dividends on preferred stock (4,586) (4,586) Net income/(loss) available to common stockholders $ 7,954 $ (17,788) Denominator: Basic weighted average common shares outstanding 21,066 23,915 Diluted weighted average common shares outstanding 21,066 23,915 Earnings/(Loss) Per Share Basic $ 0.38 $ (0.74) Diluted $ 0.38 $ (0.74) Dividends The following tables detail the Company's common stock dividends declared during the three months ended March 31, 2023 and 2022. Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Declaration Date Record Date Payment Date Cash Dividend Per Share Declaration Date Record Date Payment Date Cash Dividend Per Share 3/15/2023 3/31/2023 4/28/2023 $ 0.18 3/18/2022 3/31/2022 4/29/2022 $ 0.21 The following tables detail the Company's preferred stock dividends declared and paid during the three months ended March 31, 2023 and 2022. 2023 Cash Dividend Per Share Declaration Date Record Date Payment Date 8.25% Series A 8.00% Series B 8.000% Series C 2/16/2023 2/28/2023 3/17/2023 $ 0.51563 $ 0.50 $ 0.50 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

Income taxes

Income taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income taxes	Income taxes The Company conducts its operations to qualify and be taxed as a REIT. 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. The state and local tax jurisdictions for which the Company is subject to tax-filing obligations recognize the Company’s status as a REIT, and therefore, the Company generally does not pay income tax in such jurisdictions. The Company may, however, be subject to certain minimum state and local tax filing fees as well as certain excise, franchise, or business taxes. Excise tax represents a non-deductible 4% 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 months ended March 31, 2023 and 2022, the Company did not recognize any excise tax. Taxable REIT Subsidiaries The Company elected to treat certain domestic subsidiaries as taxable REIT subsidiaries ("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. Currently, the Company has wholly owned domestic TRSs that are taxable as corporations and subject to U.S. federal, state and local income tax on net income at the applicable corporate rates. The federal statutory rate for the three months ended March 31, 2023 and 2022 was 21%. The Company’s effective tax rate differs from its combined U.S. federal, state and local corporate statutory tax rate primarily due to income earned at the REIT, which is not subject to tax, due to the deduction for qualifying distributions made by the Company, and any change in the valuation allowance as disclosed in further detail below. For the three months ended March 31, 2023 and 2022, the Company recorded $0.2 million and $9.0 thousand of tax expense attributable to its TRSs, respectively, which is recorded in the "Non-investment related expenses" line item on the consolidated statement of operations. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting and tax reporting purposes at the TRS level. As of March 31, 2023 and December 31, 2022 the Company recorded a deferred tax asset of approximately $30.8 million and $30.2 million, respectively relating to net operating loss carryforwards, capital loss carryforwards and basis differences of certain investments held within TRSs. In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during periods in which temporary differences become deductible. The Company concluded it is more likely than not the deferred tax asset will not be realized and established a full valuation allowance of as of March 31, 2023 and December 31, 2022. Uncertain Income Tax Positions 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 March 31, 2023 and December 31, 2022. The Company’s federal income tax returns for the last three tax years are open to examination by the Internal Revenue Service. There are no ongoing U.S. federal, state or local tax examinations related to the Company. 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	3 Months Ended
	Mar. 31, 2023
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 months ended March 31, 2023 and 2022 (in thousands). Three Months Ended Consolidated statements of operations line item: March 31, 2023 March 31, 2022 Management fee to affiliate $ 2,075 $ 1,962 As of March 31, 2023 and December 31, 2022, the Company recorded management fees payable of $2.1 million and $2.1 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 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. During the three months ended March 31, 2023, the Company did not incur any incentive fee expense. 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) $341.5 million and (ii) 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. 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 March 31, 2023 and December 31, 2022, 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 below table details the expense reimbursement incurred during the three months ended March 31, 2023 and 2022 (in thousands). Three Months Ended Consolidated statements of operations line item: March 31, 2023 March 31, 2022 Non-investment related expenses $ 1,400 $ 1,405 Investment related expenses 102 135 Transaction related expenses 63 971 Expense reimbursements to Manager or its affiliates $ 1,565 $ 2,511 As of March 31, 2023 and December 31, 2022, the Company recorded a reimbursement payable to the Manager or its affiliates of $1.4 million and $1.3 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 March 31, 2023, 535,530 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 March 31, 2023, the Company has granted an aggregate of 131,136 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 March 31, 2023, there were no shares or awards issued under the 2021 Manager Plan. Director compensation As of March 31, 2023, the Company's Board of Directors consisted of four independent directors. 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 common 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. In addition to the annual base director's fee, the non-executive chair of the Board receives an annual fee of $60,000, of which $30,000 is payable in cash and $30,000 is payable in shares of restricted common stock, the chair of the Audit Committee receives an annual fee of $25,000, and the chairs of the Compensation and Nominating and Corporate Governance Committees each receive an annual fee of $10,000. 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. 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. 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. 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 50.0% 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"). Summary of investments in debt and equity of affiliates and related earnings The below table summarizes the components of the "Investments in debt and equity of affiliates" line item on the Company's consolidated balance sheets as of March 31, 2023 and December 31, 2022 (in thousands). March 31, 2023 December 31, 2022 Assets Liabilities Equity Assets Liabilities Equity Non-QM Securities (1) $ 31,581 $ (15,210) $ 16,371 $ 31,067 $ (16,409) $ 14,658 Land Related Financing (2) 10,814 — 10,814 10,688 — 10,688 Re/Non-Performing Securities 7,785 (3,521) 4,264 7,854 (4,406) 3,448 Total Residential Investments 50,180 (18,731) 31,449 49,609 (20,815) 28,794 AG Arc, at fair value 37,540 — 37,540 39,680 — 39,680 Cash and Other assets/(liabilities) 1,355 (706) 649 3,290 (700) 2,590 Investments in debt and equity of affiliates $ 89,075 $ (19,437) $ 69,638 $ 92,579 $ (21,515) $ 71,064 (1) As of March 31, 2023 and December 31, 2022, MATT only 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 months ended March 31, 2023 and 2022 (in thousands). Three Months Ended March 31, 2023 March 31, 2022 Non-QM Securities $ 1,625 $ (889) Land Related Financing 339 502 Re/Non-Performing Securities 192 3 AG Arc (1) (2,140) (1,670) Equity in earnings/(loss) from affiliates $ 16 $ (2,054) (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 "Transactions with Arc Home" below 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 asset management fees which are assessed periodically and determined to be commercially reasonable by a third-party valuation firm. The below table details the fees paid by the Company to the Asset Manager during the three months ended March 31, 2023 and 2022 (in thousands). Three Months Ended March 31, 2023 March 31, 2022 Fees paid to Asset Manager $ 683 $ 573 As of March 31, 2023 and December 31, 2022, 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 months ended March 31, 2023 and 2022 (in thousands). Three Months Ended March 31, 2023 March 31, 2022 Residential mortgage loans sold by Arc Home to the Company $ — $ 377,832 Residential mortgage loans sold by Arc Home to private funds under the management of Angelo Gordon 90,584 125,702 In connection with the sale of loans from Arc Home to the Company, the Company eliminates any intra-entity 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. The Company did not purchase any loans from Arc Home during the three months ended March 31, 2023. The table below summarizes intra-entity profits eliminated during the three months ended March 31, 2023 and 2022 (in thousands). Three Months Ended March 31, 2023 March 31, 2022 Intra-Entity Profits Eliminated $ — $ 2,356 As of December 31, 2022, the Company recorded a $0.5 million receivable from Arc Home related to certain loans purchased from Arc Home which was recorded within the "Other assets" line item on the consolidated balance sheets. During the three months ended March 31, 2023, the Company received payment for the full amount from Arc Home. 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.

Equity

Equity	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Equity	Equity Stock repurchase programs On November 3, 2015, the Company’s Board of Directors authorized a stock repurchase program (the "2015 Repurchase Program") to repurchase up to $25.0 million of the Company's outstanding common stock. As of June 30, 2022, the $25.0 million maximum repurchase amount authorized under the 2015 Repurchase Program was fully utilized. No shares were repurchased under the 2015 Repurchase Program during the three months ended March 31, 2022. 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. As of March 31, 2023, approximately $2.6 million of common stock remained authorized for future share repurchases under the 2022 Repurchase Program. The table below details the Company's share repurchases under the 2022 Repurchase Program during the three months ended March 31, 2023: Period (1) Total Number of Shares Purchased Weighted Average Price Paid per Share (2) Total Number of Shares Purchased as Part of Publicly Announced Program Maximum Approximate Dollar Value that May Yet Be Purchased Under the Program (2) Three Months Ended March 31, 2023 January 1, 2023 to January 31, 2023 91,173 $ 5.66 91,173 $ 7,300,982 February 1, 2023 to February 28, 2023 85,438 6.26 85,438 6,766,462 March 1, 2023 to March 31, 2023 746,650 5.62 746,650 2,569,940 Total 923,261 $ 5.68 923,261 $ 2,569,940 (1) Based on trade date. (2) Includes brokerage commissions and clearing fees. Subsequent to March 31, 2023, the Company repurchased 0.1 million shares of common stock for $0.8 million, representing a weighted average cost of $5.85 per share, under the 2022 Repurchase Program, following which $1.7 million remained available for future repurchases under such program. On May 4, 2023, the Company's Board of Directors authorized a stock repurchase program (the "2023 Repurchase Program") to repurchase up to $15 million of the Company’s outstanding common stock on substantially the same terms as the 2022 Repurchase Program. As of the date of this filing, the full $15 million authorized amount remains available for repurchase under the 2023 Repurchase Program. This authorization is in addition to the amount remaining 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 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") 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 The Company has 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. The Company did not issue any shares of common stock under the Equity Distribution Agreements during the three months ended March 31, 2023 and 2022. 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. Preferred stock The Company is authorized to designate and issue up to 50.0 million shares of preferred stock, par value $0.01 per share, in one or more classes or series. As of March 31, 2023 and December 31, 2022, there were 1.7 million, 3.7 million, and 3.7 million of Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock, respectively, issued and outstanding. The following table includes a summary of preferred stock issued and outstanding as of March 31, 2023 ($ 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.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023, the Company was not involved in any material legal proceedings. The below table details the Company's outstanding commitments as of March 31, 2023 (in thousands). Commitment type Date of Commitment Total Commitment Funded Commitment Remaining Commitment Non-Agency and Agency-Eligible Loans (1) Various $ 166,516 $ — $ 166,516 Land Related Financing (2) Various 13,344 10,814 2,530 Total $ 179,860 $ 10,814 $ 169,046 (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 March 31, 2023. Refer to Note 10 "Transactions with affiliates" for more information. (2) Refer to Note 10 "Investments in debt and equity of affiliates" for more information regarding LOTS.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent to March 31, 2023, the Company repurchased 144,772 shares of common stock for $0.8 million, representing a weighted average cost of $5.85 per share. As of the date of this filing, the Company has $1.7 million of capacity remaining under the 2022 Repurchase Program. On May 4, 2023, the Company's Board of Directors authorized the 2023 Repurchase Program to repurchase up to $15 million of the Company’s outstanding common stock on substantially the same terms as the 2022 Repurchase Program. As of the date of this filing, the full $15 million authorized amount remains available for repurchase under the 2023 Repurchase Program. This authorization is in addition to the amount remaining under the 2022 Repurchase Program. The Company announced that on May 4, 2023 its Board of Directors declared second quarter 2023 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 June 20, 2023 to holders of record on May 31, 2023.

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Consolidation and basis of presentation	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.
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.
Investment consolidation	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 Accounting Standards Codification ("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.
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 and may be elected over time as reference rate reform activities occur. This ASU is effective as of March 12, 2020 and was amended by ASU 2022-06 to sunset on December 31, 2024. 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, 2024. 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. The Manager has an established cross-functional team that focuses on evaluating exposure to LIBOR and monitoring regulatory updates to assess the potential impact to the portfolios under management from the cessation set to occur on June 30, 2023 and has established a LIBOR transition plan to facilitate an orderly transition to alternative reference rates. As of March 31, 2023, the Company is continuing to assess the impact of the LIBOR transition and does not expect the transition or the adoption of ASU 2020-04 to have a material impact on the consolidated financial statements. The Company's primary exposure to LIBOR has historically included its financing arrangements and derivative contracts. In addition, the Company's Series C Preferred Stock is set to transition to a floating rate in September of 2024. As of March 31, 2023, the Company no longer has derivative contracts indexed to LIBOR and all LIBOR-based financing arrangements have transitioned to alternative benchmark rates. The Company does not currently intend to amend the Series C Preferred Stock to change the existing LIBOR cessation fallback language.
Fair value measurements	The fair value of the Company's financial instruments is determined in accordance with the provisions of 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. Level 1 inputs are observable inputs that reflect quoted prices for identical assets or liabilities in active markets. Level 2 inputs are observable inputs other than quoted prices and may include quoted prices for similar assets and liabilities in active markets. Level 3 inputs are 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 and 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. In certain cases, inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, the level at which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement.

Organization (Tables)

Organization (Tables)	3 Months Ended
	Mar. 31, 2023
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. Agency-Eligible Loans (1) • Agency-Eligible Loans are loans that are underwritten in accordance with GSE guidelines and are primarily secured by investment properties, but are not guaranteed by a GSE. Although these loans are underwritten in accordance with GSE guidelines and can be delivered to Fannie Mae and Freddie Mac, the Company includes these loans within its Non-Agency securitizations. 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," "Residential mortgage loans, at fair value," and "Residential mortgage loans held for sale, 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.

Loans (Tables)

Loans (Tables)	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Schedule of Company's Residential Mortgage Loan Portfolio and Commercial Loan Portfolio	The table below details information regarding the Company’s residential mortgage loan portfolio as of March 31, 2023 and December 31, 2022 ($ in thousands). The gross unrealized gains/(losses) in the table below represent inception to date gains/(losses). Unpaid Principal Balance Gross Unrealized Weighted Average March 31, 2023 Premium Amortized Cost Gains Losses Fair Value Coupon Yield Life Securitized residential mortgage loans, at fair value (2) Non-Agency Loans (3) $ 4,049,191 $ 52,650 $ 4,101,841 $ — $ (405,098) $ 3,696,743 4.81 % 4.66 % 9.78 Re- and Non-Performing Loans 319,949 (35,070) 284,879 2,451 (15,303) 272,027 3.76 % 6.57 % 6.37 Total Securitized residential mortgage loans, at fair value $ 4,369,140 $ 17,580 $ 4,386,720 $ 2,451 $ (420,401) $ 3,968,770 4.73 % 4.79 % 9.53 Residential mortgage loans, at fair value Non-Agency Loans $ 121,885 $ (42) $ 121,843 $ 1,877 $ (1,072) $ 122,648 7.23 % 6.86 % 3.56 Agency-Eligible Loans 5,084 84 5,168 16 (281) 4,903 5.44 % 5.01 % 4.75 Re- and Non-Performing Loans 3,291 (1,845) 1,446 1,744 — 3,190 N/A 79.62 % 1.90 Total Residential mortgage loans, at fair value $ 130,260 $ (1,803) $ 128,457 $ 3,637 $ (1,353) $ 130,741 7.16 % 8.57 % 3.57 Total as of March 31, 2023 $ 4,499,400 $ 15,777 $ 4,515,177 $ 6,088 $ (421,754) $ 4,099,511 4.80 % 4.91 % 9.36 Unpaid Principal Balance Gross Unrealized Weighted Average December 31, 2022 Premium Amortized Cost Gains Losses Fair Value Coupon Yield Life Securitized residential mortgage loans, at fair value (2) Non-Agency Loans (3) $ 3,841,265 $ 63,576 $ 3,904,841 $ — $ (468,640) $ 3,436,201 4.82 % 4.65 % 10.20 Re- and Non-Performing Loans 325,120 (36,982) 288,138 1,972 (19,165) 270,945 3.68 % 6.66 % 6.33 Total Securitized residential mortgage loans, at fair value $ 4,166,385 $ 26,594 $ 4,192,979 $ 1,972 $ (487,805) $ 3,707,146 4.73 % 4.80 % 9.90 Residential mortgage loans, at fair value Non-Agency Loans (4) $ 406,294 $ (7,902) $ 398,392 $ 2,775 $ (30,006) $ 371,161 5.36 % 5.54 % 6.14 Agency-Eligible Loans (4) 48,657 18 48,675 94 (1,907) 46,862 6.00 % 5.99 % 4.73 Re- and Non-Performing Loans 3,520 (2,000) 1,520 1,908 — 3,428 N/A 72.78 % 1.87 Total Residential mortgage loans, at fair value $ 458,471 $ (9,884) $ 448,587 $ 4,777 $ (31,913) $ 421,451 5.43 % 6.13 % 5.96 Total as of December 31, 2022 $ 4,624,856 $ 16,710 $ 4,641,566 $ 6,749 $ (519,718) $ 4,128,597 4.80 % 4.93 % 9.51 (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. (3) Securitized Non-Agency Loans include loans that were considered to be Agency-Eligible prior to the Company's securitization. (4) Includes fair value of $46.8 million and $18.2 million of Non-Agency Loans and Agency-Eligible Loans, respectively, classified as held for sale and presented in the "Residential mortgage loans held for sale, at fair value" line item on the consolidated balance sheets as of December 31, 2022. During the three months ended March 31, 2023, the Company purchased residential mortgage loans, as detailed below (in thousands). Unpaid Principal Balance Fair Value Non-Agency Loans $ 22,550 $ 22,954 Number of Loans Proceeds Realized Gains Realized Losses Non-Agency Loans 116 $ 46,909 $ — $ (9,745) Agency-Eligible Loans 47 18,474 69 (85)
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) March 31, 2023 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 $ 4,049,191 9,330 68.57 % 737 $ 3,978,280 $ 43,019 $ 11,220 $ 16,672 Re- and Non-Performing Loans 319,949 2,178 79.67 % 644 218,839 37,673 10,230 53,207 Total Securitized residential mortgage loans $ 4,369,140 11,508 69.39 % 730 4,197,119 80,692 21,450 69,879 Residential mortgage loans Non-Agency Loans $ 121,885 216 70.04 % 724 $ 118,670 $ — $ 1,130 $ 2,085 Agency-Eligible Loans 5,084 13 73.70 % 751 5,084 — — — Re- and Non-Performing Loans (1) 3,291 N/A N/A N/A N/A N/A N/A N/A Total Residential mortgage loans 130,260 229 70.18 % 725 123,754 — 1,130 2,085 Total as of March 31, 2023 $ 4,499,400 11,737 69.41 % 730 $ 4,320,873 $ 80,692 $ 22,580 $ 71,964 Unpaid Principal Balance Weighted Average (1)(2) Aging by Unpaid Principal Balance (1)(3) December 31, 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 $ 3,841,265 9,008 68.20 % 739 $ 3,789,748 $ 31,272 $ 8,661 $ 11,584 Re- and Non-Performing Loans 325,120 2,226 79.61 % 643 220,124 34,865 10,937 59,194 Total Securitized residential mortgage loans $ 4,166,385 11,234 69.09 % 731 $ 4,009,872 $ 66,137 $ 19,598 $ 70,778 Residential mortgage loans Non-Agency Loans $ 406,294 655 71.22 % 734 $ 399,036 $ 4,967 $ 1,404 $ 887 Agency-Eligible Loans 48,657 138 70.94 % 749 47,918 739 — — Re- and Non-Performing Loans (1) 3,520 N/A N/A N/A N/A N/A N/A N/A Total Residential mortgage loans $ 458,471 793 71.19 % 735 $ 446,954 $ 5,706 $ 1,404 $ 887 Total as of December 31, 2022 $ 4,624,856 12,027 69.29 % 731 $ 4,456,826 $ 71,843 $ 21,002 $ 71,665 (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 March 31, 2023, the Company had securitized residential mortgage loans and residential mortgage loans that were 90+ days delinquent and loans in the process of foreclosure with a fair value of $26.6 million and $37.6 million, respectively. As of December 31, 2022, the Company had securitized residential mortgage loans and residential mortgage loans that were 90+ days delinquent and loans in the process of foreclosure with a fair value of $31.4 million and $33.7 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 March 31, 2023 and December 31, 2022 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) March 31, 2023 December 31, 2022 California 34 % 33 % New York 16 % 16 % Florida 10 % 11 % New Jersey 6 % 6 % Texas 5 % 5 % (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 months ended March 31, 2023 and 2022, 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 March 31, 2023 March 31, 2022 Beginning Balance $ 42,237 $ 46,521 Accretion (1,483) (1,650) Reclassifications from/(to) non-accretable difference (1,829) 1,386 Disposals (161) — Ending Balance $ 38,764 $ 46,257
Schedule of Variable Interest Entities	The following table details certain information related to the assets and liabilities of the Residential Mortgage Loan VIEs as of March 31, 2023 and December 31, 2022 ($ in thousands). March 31, 2023 December 31, 2022 Carrying Value Weighted Average Carrying Value Weighted Average Yield Life (Years) (1) Yield Life (Years) (1) Assets Non-Agency VIEs (2) $ 3,696,743 4.66 % 9.78 $ 3,436,201 4.65 % 10.20 RPL/NPL VIEs 272,027 6.57 % 6.37 270,945 6.66 % 6.33 Securitized residential mortgage loans, at fair value $ 3,968,770 4.79 % 9.53 $ 3,707,146 4.80 % 9.90 Restricted cash 1,175 1,194 Other assets 20,395 19,064 Total Assets $ 3,990,340 $ 3,727,404 Liabilities Non-Agency VIEs (2) $ 3,323,861 4.26 % 7.38 $ 3,078,593 4.18 % 7.49 RPL/NPL VIEs 181,668 3.12 % 3.23 183,759 3.10 % 3.13 Securitized debt, at fair value (3) $ 3,505,529 4.20 % 7.18 $ 3,262,352 4.12 % 7.26 Other liabilities 12,024 11,342 Total Liabilities $ 3,517,553 $ 3,273,694 Total Equity (4) $ 472,787 $ 453,710 (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) Securitized Non-Agency Loans include loans that were considered to be Agency-Eligible prior to the Company's securitization. (3) 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. (4) As of March 31, 2023 and December 31, 2022, the Company had outstanding financing arrangements of $232.1 million and $232.1 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. The following table summarizes the Company’s investment in unconsolidated VIEs (in thousands). March 31, 2023 December 31, 2022 Current Face Fair Value Current Face Fair Value Retained interest in unconsolidated VIEs Non-Agency Securities $ 14,894 $ 10,421 $ 14,894 $ 9,859 Non-Agency RMBS Interest Only 105,786 4,618 108,464 5,058 Total retained interest in unconsolidated VIEs (1)(2) $ 120,680 $ 15,039 $ 123,358 $ 14,917 (1) Maximum loss exposure from the Company’s involvement with unconsolidated VIEs pertains to the fair value of the securities retained from these VIEs. The Company has no obligation to provide any other explicit or implicit support to the securitization trust. The following table summarizes information regarding the residential mortgage loans transferred to the Company’s unconsolidated VIEs ($ in thousands). Assets transferred to unconsolidated VIEs: March 31, 2023 December 31, 2022 Total unpaid principal balance of loans outstanding (1) $ 129,238 $ 132,509 Weighted average coupon on loans outstanding 5.62 % 5.62 % Percent of unpaid principal balance greater than 90 days delinquent 1.49 % 1.32 %

Real Estate Securities (Tables)

Real Estate Securities (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022 ($ 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 March 31, 2023 Gains Losses Fair Value Coupon (1) Yield Non-Agency RMBS Non-Agency Securities (2) $ 45,452 $ (9,686) $ 35,766 $ 209 $ (4,806) $ 31,169 3.78 % 6.70 % Non-Agency RMBS Interest Only (2) 105,786 (103,033) 2,753 1,865 — 4,618 0.38 % 32.86 % Total Non-Agency RMBS $ 151,238 $ (112,719) $ 38,519 $ 2,074 $ (4,806) $ 35,787 1.95 % 10.08 % Agency RMBS 30 Year Fixed Rate $ 263,445 $ 1,377 $ 264,822 $ 3,694 $ — $ 268,516 5.74 % 5.62 % Interest Only 125,018 (105,775) 19,243 48 (610) 18,681 2.84 % 7.95 % Total Agency RMBS $ 388,463 $ (104,398) $ 284,065 $ 3,742 $ (610) $ 287,197 4.81 % 5.77 % Total as of March 31, 2023 $ 539,701 $ (217,117) $ 322,584 $ 5,816 $ (5,416) $ 322,984 4.23 % 6.25 % Current Face Premium / (Discount) Amortized Cost Gross Unrealized Weighted Average December 31, 2022 Gains Losses Fair Value Coupon (1) Yield Non-Agency RMBS Non-Agency Securities (2) $ 31,713 $ (6,875) $ 24,838 $ 28 $ (5,329) $ 19,537 3.75 % 6.52 % Non-Agency RMBS Interest Only (2) 108,464 (105,626) 2,838 2,220 — 5,058 0.38 % 34.42 % Total Non-Agency RMBS $ 140,177 $ (112,501) $ 27,676 $ 2,248 $ (5,329) $ 24,595 1.62 % 12.26 % Agency RMBS Interest Only $ 127,356 $ (107,585) $ 19,771 $ 28 $ (675) $ 19,124 2.87 % 7.54 % Total as of December 31, 2022 $ 267,533 $ (220,086) $ 47,447 $ 2,276 $ (6,004) $ 43,719 2.37 % 10.20 % (1) Equity residual investments with a zero coupon rate are excluded from this calculation. (2) Includes Non-Agency Securities and Non-Agency RMBS Interest Only securities collateralized by Non-QM loans and Agency-Eligible loans. The Company did not sell any real estate securities during the three months ended March 31, 2023. During the three months ended March 31, 2022, the Company sold real estate securities, as summarized below ($ in thousands). Three months ended Number of Securities Proceeds Realized Gains Realized Losses March 31, 2022 (1) 13 $ 304,665 $ 568 $ (17,408) (1) Includes $107.7 million of proceeds on six security sales which were unsettled as of March 31, 2022.
Schedule of Weighted Average Life of Real Estate Securities	The following tables summarize the Company's real estate securities according to their projected weighted average life classifications as of March 31, 2023 and December 31, 2022 ($ in thousands). Non-Agency RMBS Agency RMBS March 31, 2023 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 $ 5,173 $ 3,310 0.46 % $ — $ — — % Greater than five years and less than or equal to ten years 3,123 3,185 4.79 % 287,197 284,065 4.81 % Greater than ten years 27,491 32,024 3.61 % — — — % Total as of March 31, 2023 $ 35,787 $ 38,519 1.95 % $ 287,197 $ 284,065 4.81 % Non-Agency RMBS Agency RMBS December 31, 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 $ 5,058 $ 2,838 0.38 % $ — $ — — % Greater than five years and less than or equal to ten years — — — % 19,124 19,771 2.87 % Greater than ten years 19,537 24,838 3.75 % — — — % Total as of December 31, 2022 $ 24,595 $ 27,676 1.62 % $ 19,124 $ 19,771 2.87 % (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.
Schedule of Variable Interest Entities	The following table details certain information related to the assets and liabilities of the Residential Mortgage Loan VIEs as of March 31, 2023 and December 31, 2022 ($ in thousands). March 31, 2023 December 31, 2022 Carrying Value Weighted Average Carrying Value Weighted Average Yield Life (Years) (1) Yield Life (Years) (1) Assets Non-Agency VIEs (2) $ 3,696,743 4.66 % 9.78 $ 3,436,201 4.65 % 10.20 RPL/NPL VIEs 272,027 6.57 % 6.37 270,945 6.66 % 6.33 Securitized residential mortgage loans, at fair value $ 3,968,770 4.79 % 9.53 $ 3,707,146 4.80 % 9.90 Restricted cash 1,175 1,194 Other assets 20,395 19,064 Total Assets $ 3,990,340 $ 3,727,404 Liabilities Non-Agency VIEs (2) $ 3,323,861 4.26 % 7.38 $ 3,078,593 4.18 % 7.49 RPL/NPL VIEs 181,668 3.12 % 3.23 183,759 3.10 % 3.13 Securitized debt, at fair value (3) $ 3,505,529 4.20 % 7.18 $ 3,262,352 4.12 % 7.26 Other liabilities 12,024 11,342 Total Liabilities $ 3,517,553 $ 3,273,694 Total Equity (4) $ 472,787 $ 453,710 (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) Securitized Non-Agency Loans include loans that were considered to be Agency-Eligible prior to the Company's securitization. (3) 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. (4) As of March 31, 2023 and December 31, 2022, the Company had outstanding financing arrangements of $232.1 million and $232.1 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. The following table summarizes the Company’s investment in unconsolidated VIEs (in thousands). March 31, 2023 December 31, 2022 Current Face Fair Value Current Face Fair Value Retained interest in unconsolidated VIEs Non-Agency Securities $ 14,894 $ 10,421 $ 14,894 $ 9,859 Non-Agency RMBS Interest Only 105,786 4,618 108,464 5,058 Total retained interest in unconsolidated VIEs (1)(2) $ 120,680 $ 15,039 $ 123,358 $ 14,917 (1) Maximum loss exposure from the Company’s involvement with unconsolidated VIEs pertains to the fair value of the securities retained from these VIEs. The Company has no obligation to provide any other explicit or implicit support to the securitization trust. The following table summarizes information regarding the residential mortgage loans transferred to the Company’s unconsolidated VIEs ($ in thousands). Assets transferred to unconsolidated VIEs: March 31, 2023 December 31, 2022 Total unpaid principal balance of loans outstanding (1) $ 129,238 $ 132,509 Weighted average coupon on loans outstanding 5.62 % 5.62 % Percent of unpaid principal balance greater than 90 days delinquent 1.49 % 1.32 %

Fair value measurements (Tables

Fair value measurements (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022 (in thousands). Fair Value at March 31, 2023 Level 1 Level 2 Level 3 Total Assets: Securitized residential mortgage loans $ — $ — $ 3,968,770 $ 3,968,770 Residential mortgage loans — 738 130,003 130,741 Non-Agency RMBS — 20,748 15,039 35,787 Agency RMBS — 287,197 — 287,197 Derivative assets (1) — 3,904 2,475 6,379 Cash equivalents (2) 441 — — 441 AG Arc (3) — — 37,540 37,540 Total Assets Measured at Fair Value $ 441 $ 312,587 $ 4,153,827 $ 4,466,855 Liabilities: Securitized debt $ — $ — $ (3,505,529) $ (3,505,529) Derivative liabilities (1) — (7,170) (75) (7,245) Total Liabilities Measured at Fair Value $ — $ (7,170) $ (3,505,604) $ (3,512,774) Fair value at December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Securitized residential mortgage loans $ — $ — $ 3,707,146 $ 3,707,146 Residential mortgage loans (4) — 754 420,697 421,451 Non-Agency RMBS — 9,678 14,917 24,595 Agency Interest Only — 19,124 — 19,124 Derivative assets (1) — 18,401 98 18,499 Cash equivalents (2) 442 — — 442 AG Arc (3) — — 39,680 39,680 Total Assets Measured at Fair Value $ 442 $ 47,957 $ 4,182,538 $ 4,230,937 Liabilities: Securitized debt $ — $ — $ (3,262,352) $ (3,262,352) Derivative liabilities — — (9) (9) Total Liabilities Measured at Fair Value $ — $ — $ (3,262,361) $ (3,262,361) (1) As of March 31, 2023, the Company applied a reduction in fair value of $3.9 million and $6.6 million to its interest rate swap assets and liabilities, respectively, related to variation margin with a corresponding increase or decrease in restricted cash. As of December 31, 2022, the Company applied a reduction in fair value of $17.3 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. Derivative assets and liabilities are included in the "Other assets" and "Other liabilities" line items on the consolidated balance sheets, respectively. Refer to Note 7 for more information on the Company's derivatives. (2) 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 and are carried at cost, which approximates fair value. (3) 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. (4) Includes Residential mortgage loans held for sale as of December 31, 2022.
Schedule of Assets Measured on a Recurring Basis	Three Months Ended March 31, 2023 (in thousands) Residential Non-Agency Derivative assets (2) AG Arc Securitized Derivative liabilities (2) Beginning balance $ 4,127,843 $ 14,917 $ 98 $ 39,680 $ (3,262,352) $ (9) Purchases 22,755 — — — — — Issuances of Securitized Debt — — — — (234,754) — Proceeds from sales (65,383) — — — Principal repayments (73,956) — — — 66,957 — Included in net income: Net premium and discount amortization (3) 1,144 (76) — — (2,738) — Net realized gain/(loss) (9,758) — — — — — Net unrealized gain/(loss) 97,211 198 2,377 — (72,642) (66) Equity in earnings/(loss) from affiliates — — — (2,140) — — Other (4) (1,083) — — — — — Ending Balance $ 4,098,773 $ 15,039 $ 2,475 $ 37,540 $ (3,505,529) $ (75) Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of March 31, 2023 Net premium and discount amortization (3) 1,144 (76) — — (2,738) — Net unrealized gain/(loss) 87,029 198 2,377 — (72,642) (66) Equity in earnings/(loss) from affiliates — — — (2,140) — — (1) The beginning balance includes Securitized residential mortgage loans and Residential mortgage loans held for sale. (2) Derivative assets and derivative liabilities are included in the "Other assets" and "Other liabilities" line items, respectively, on the consolidated balance sheets. (3) Included in the interest income and interest expense line items for assets and liabilities, respectively. (4) Includes transfers of residential mortgage loans to real estate owned as well as activity related to advances. Three Months Ended March 31, 2022 (in thousands) Residential Non-Agency AG Arc Securitized Derivative liabilities (2) Beginning balance $ 2,634,191 $ 18,757 $ 53,435 $ (999,215) $ (79) Purchases 944,630 — — — — Issuances of Securitized Debt — — — (1,074,852) — Principal repayments (146,388) (78) — 116,866 — Included in net income: Net premium and discount amortization (3) (1,717) (161) — 49 — Net realized gain/(loss) (87) — — — — Net unrealized gain/(loss) (158,116) 263 — 97,235 79 Equity in earnings/(loss) from affiliates — — 686 — — Other (4) (727) — — — — Ending Balance $ 3,271,786 $ 18,781 $ 54,121 $ (1,859,917) $ — Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of March 31, 2022 Net premium and discount amortization (3) (2,971) (161) — 49 — Net unrealized gain/(loss) (158,925) 263 — 97,235 — Equity in earnings/(loss) from affiliates — — 686 — — (1) Includes Securitized residential mortgage loans. (2) Derivative liabilities are included in the "Other liabilities" line item on the consolidated balance sheets. (3) Included in the interest income and interest expense line items for assets and liabilities, respectively. (4) Includes transfers of residential mortgage loans to real estate owned as well as activity related to advances.
Schedule of Valuation Techniques	The following table presents 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 ($ in thousands). March 31, 2023 December 31, 2022 Valuation Technique Unobservable Input Fair Value Range Fair Value Range Securitized Residential Mortgage Loans Yield 4.75% - 6.74% (6.00%) 4.75% - 7.32% (6.40%) Discounted Cash Flow Projected Collateral Prepayments $ 3,968,770 5.20% - 10.21% (6.75%) $ 3,707,146 4.81% - 10.19% (6.44%) Projected Collateral Losses 0.05% - 1.42% (0.20%) 0.05% - 1.40% (0.22%) Projected Collateral Severities -2.22% - 26.00% (16.13%) -4.16% - 20.00% (15.40%) Residential Mortgage Loans (2) Yield 6.02% - 8.04% (6.56%) 6.29% - 9.82% (7.16%) Discounted Cash Flow Projected Collateral Prepayments $ 127,551 0.00% - 34.58% (25.05%) $ 418,023 1.38% - 31.28% (16.37%) Projected Collateral Losses 0.00% - 14.74% (0.64%) 0.00% - 14.44% (0.48%) Projected Collateral Severities -23.29% - 10.55% (9.79%) -2.64% - 10.19% (9.99%) Consensus Pricing Offered Quotes $ 2,452 94.68 - 106.52 (101.50) $ 2,674 93.46 - 107.05 (101.11) Non-Agency RMBS Yield 6.61% - 14.00% (10.14%) 7.18% - 14.00% (10.59%) Discounted Cash Flow Projected Collateral Prepayments $ 15,039 8.72% - 8.72% (8.72%) $ 14,917 8.14% - 8.14% (8.14%) Projected Collateral Losses 0.35% - 0.35% (0.35%) 0.18% - 0.18% (0.18%) Projected Collateral Severities 10.00% - 10.00% (10.00%) 10.00% - 10.00% (10.00%) Derivative Assets (3) Yield 6.20% - 7.26% (6.63%) 6.69% - 7.68% (7.54%) Discounted Cash Flow Projected Collateral Prepayments $ 2,475 14.97% - 33.59% (25.18%) $ 98 12.63% - 34.19% (26.71%) Projected Collateral Losses 0.00% - 1.97% (0.58%) 0.01% - 0.96% (0.39%) Projected Collateral Severities 10.00% - 10.96% (10.01%) 10.00% - 10.00% (10.00%) Pull Through Percentages 45.00% - 100.00% (78.13%) 55.00% - 100.00% (72.78%) AG Arc Comparable Multiple Book Value Multiple $ 37,540 0.94x - 0.94x (0.94x) $ 39,680 0.94x - 0.94x (0.94x) Securitized Debt Yield 5.05% - 15.00% (5.65%) 5.25% - 15.00% (6.07%) Discounted Cash Flow Projected Collateral Prepayments $ (3,505,529) 5.20% - 10.21% (6.68%) $ (3,262,352) 4.81% - 10.19% (6.36%) Projected Collateral Losses 0.05% - 1.42% (0.18%) 0.05% - 1.40% (0.19%) Projected Collateral Severities -2.22% - 26.00% (16.53%) -4.16% - 20.00% (15.81%) Derivative Liabilities (3) Yield 6.46% - 6.84% (6.62%) 7.29% - 7.61% (7.36%) Discounted Cash Flow Projected Collateral Prepayments $ (75) 25.77% - 36.00% (31.43%) $ (9) 21.51% - 31.31% (27.92%) Projected Collateral Losses 0.00% - 0.50% (0.06%) 0.01% - 0.46% (0.16%) Projected Collateral Severities 10.00% - 10.00% (10.00%) 10.00% - 10.00% (10.00%) Pull Through Percentages 45.00% - 100.00% (73.75%) 100.00% - 100.00% (100.00%) (1) Amounts are weighted based on fair value. (2) Includes Residential mortgage loans held for sale as of December 31, 2022. (3) Derivative assets and derivative liabilities are included in the "Other assets" and "Other liabilities" line items, respectively, on the consolidated balance sheets.

Financing (Tables)

Financing (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Repurchase Agreements	The following table presents a summary of the Company's financing as of March 31, 2023 and December 31, 2022 ($ in thousands). March 31, 2023 December 31, 2022 Weighted Average Collateral Fair Value (1)(2) Current Face Carrying Value Stated Maturity Funding Cost Life (Years) Carrying Value Financing Arrangements by Asset Type Securitized Non-Agency Loans (3) $ 192,964 $ 192,964 Apr 2023 - May 2024 6.62 % 0.23 $ 372,882 $ 197,937 Securitized Re- and Non-Performing Loans (3) 39,147 39,147 Apr 2023 7.39 % 0.06 68,231 34,151 Residential mortgage loans (4)(5) 105,768 105,768 June 2023 - Jan 2024 6.78 % 0.40 126,131 360,241 Non-Agency RMBS 22,390 22,390 Apr 2023 - May 2024 6.11 % 0.18 35,787 14,695 Agency RMBS 269,189 269,189 Apr 2023 4.98 % 0.04 287,197 14,163 Total Financing Arrangements $ 629,458 $ 629,458 5.97 % 0.16 $ 890,228 $ 621,187 Securitized debt, at fair value (6) $ 4,052,498 $ 3,505,529 N/A 4.20 % 7.18 N/A $ 3,262,352 Total Financing $ 4,681,956 $ 4,134,987 4.47 % 6.24 $ 890,228 $ 3,883,539 (1) The Company also had $1.1 million and $3.4 million of cash pledged under repurchase agreements as of March 31, 2023 and December 31, 2022, 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 $2.2 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 financing arrangements was 6.49% as of March 31, 2023. (6) 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.
Schedule of Total Borrowings Under Repurchase Agreements	The following table presents contractual maturity information about the Company's borrowings under financing arrangements as of March 31, 2023 (in thousands). Securitized debt is excluded from the below table as it does not have a contractual maturity. Financing Arrangements by Asset Type Within 30 Days Over 30 Days to 3 Months Over 3 Months to 12 Months Over 12 Months Total Securitized Non-Agency Loans $ 151,894 $ 7,591 $ — $ 33,479 $ 192,964 Securitized Re- and Non-Performing Loans 39,147 — — — 39,147 Residential mortgage loans — 32,173 73,595 — 105,768 Non-Agency RMBS 19,399 — — 2,991 22,390 Agency RMBS 269,189 — — — 269,189 Total Financing Arrangements $ 479,629 $ 39,764 $ 73,595 $ 36,470 $ 629,458
Schedule of Repurchase Agreement Counterparty	The following table presents information as of March 31, 2023 and December 31, 2022 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). March 31, 2023 December 31, 2022 Counterparty Stockholders' Equity Weighted Average Percentage of Stockholders' Equity Weighted Average Percentage of BofA Securities, Inc. $ 96,738 80 20.9 % $ 36,193 93 7.8 % Barclays Capital Inc. 87,548 71 19.0 % 81,445 113 17.6 % JP Morgan Securities, LLC 28,682 41 6.2 % (2) (2) (2) Credit Suisse AG, Cayman Islands Branch (1) (1) (1) 130,587 71 28.2 % (1) As of March 31, 2023, the Company had less than 5% of its equity at risk under financing arrangements with Credit Suisse AG, Cayman Islands Branch. (2) As of December 31, 2022, the Company had less than 5% of its equity at risk under financing arrangements with JP Morgan Securities, LLC.

Other assets and liabilities (T

Other assets and liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022 (in thousands). March 31, 2023 December 31, 2022 Other assets Interest receivable $ 20,274 $ 20,593 Derivative assets, at fair value 2,485 1,218 Other assets 4,358 4,983 Due from broker 264 801 Total Other assets $ 27,381 $ 27,595 Other liabilities Due to affiliates (1) $ 3,661 $ 3,652 Interest payable 14,544 14,114 Derivative liabilities, at fair value 609 9 Accrued expenses 2,222 1,811 Due to broker 316 7 Total Other liabilities $ 21,352 $ 19,593 (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 March 31, 2023 and December 31, 2022 (in thousands). Derivatives and Other Instruments (1) Balance Sheet March 31, 2023 December 31, 2022 Pay Fix/Receive Float Interest Rate Swap Agreements (2) Other assets $ — $ 470 Pay Fix/Receive Float Interest Rate Swap Agreements (2) Other liabilities (280) — Long TBAs Other assets 8 — Long TBAs Other liabilities (3) — Short TBAs Other assets 2 650 Short TBAs Other liabilities (251) — Forward Purchase Commitments Other assets 2,475 98 Forward Purchase Commitments Other liabilities (75) (9) (1) As of March 31, 2023 and December 31, 2022, no derivatives held by the Company were designated as hedges for accounting purposes. (2) As of March 31, 2023, the Company applied a reduction in fair value of $3.9 million and $6.6 million to its interest rate swap assets and liabilities, respectively, related to variation margin with a corresponding increase or decrease in restricted cash. As of December 31, 2022, the Company applied a reduction in fair value of $17.3 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.
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 March 31, 2023 December 31, 2022 Pay Fix/Receive Float Interest Rate Swap Agreements (1) USD $ 468,000 $ 335,000 Short TBAs USD — 40,000 Forward Purchase Commitments USD 163,773 8,006
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 March 31, 2023 March 31, 2022 Included within Net unrealized gain/(loss) Interest Rate Swaps $ (21,386) $ 46,404 Long TBAs 5 (211) Short TBAs (899) 3,645 Forward Purchase Commitments 2,311 79 (19,969) 49,917 Included within Net realized gain/(loss) Interest Rate Swaps 9,823 15,707 Short TBAs 179 9,946 10,002 25,653 Total income/(loss) $ (9,967) $ 75,570
Schedule of To Be Announced Securities Activity	The following table presents information about the Company’s to-be-announced securities ("TBAs") for the three months ended March 31, 2023 and 2022 (in thousands). Three Months Ended Beginning Notional Amount Buys or Covers Sales or Shorts Ending Notional Fair Value as of Period End Receivable/(Payable) Derivative Derivative Liability March 31, 2023 Long TBAs $ — $ 10,000 $ (10,000) $ — $ — $ 5 $ 8 $ (3) March 31, 2023 Short TBAs (40,000) 100,000 (60,000) — — (249) 2 (251) March 31, 2022 Long TBAs — 150,000 — 150,000 150,270 (150,481) — (211) March 31, 2022 Short TBAs (385,963) 1,320,852 (934,889) — — 3,631 6,733 (3,102)

Earnings per share (Tables)

Earnings per share (Tables)	3 Months Ended
	Mar. 31, 2023
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 months ended March 31, 2023 and 2022 (in thousands, except per share data). Three Months Ended March 31, 2023 March 31, 2022 Numerator: Net Income/(Loss) $ 12,540 $ (13,202) Dividends on preferred stock (4,586) (4,586) Net income/(loss) available to common stockholders $ 7,954 $ (17,788) Denominator: Basic weighted average common shares outstanding 21,066 23,915 Diluted weighted average common shares outstanding 21,066 23,915 Earnings/(Loss) Per Share Basic $ 0.38 $ (0.74) Diluted $ 0.38 $ (0.74)
Schedule of Dividends Declared and Paid	The following tables detail the Company's common stock dividends declared during the three months ended March 31, 2023 and 2022. Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Declaration Date Record Date Payment Date Cash Dividend Per Share Declaration Date Record Date Payment Date Cash Dividend Per Share 3/15/2023 3/31/2023 4/28/2023 $ 0.18 3/18/2022 3/31/2022 4/29/2022 $ 0.21 The following tables detail the Company's preferred stock dividends declared and paid during the three months ended March 31, 2023 and 2022. 2023 Cash Dividend Per Share Declaration Date Record Date Payment Date 8.25% Series A 8.00% Series B 8.000% Series C 2/16/2023 2/28/2023 3/17/2023 $ 0.51563 $ 0.50 $ 0.50 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

Related party transactions (Tab

Related party transactions (Tables)	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Summary of Transactions With Related Parties	The below table details the management fees incurred during the three months ended March 31, 2023 and 2022 (in thousands). Three Months Ended Consolidated statements of operations line item: March 31, 2023 March 31, 2022 Management fee to affiliate $ 2,075 $ 1,962 The below table details the expense reimbursement incurred during the three months ended March 31, 2023 and 2022 (in thousands). Three Months Ended Consolidated statements of operations line item: March 31, 2023 March 31, 2022 Non-investment related expenses $ 1,400 $ 1,405 Investment related expenses 102 135 Transaction related expenses 63 971 Expense reimbursements to Manager or its affiliates $ 1,565 $ 2,511 Three Months Ended March 31, 2023 March 31, 2022 Fees paid to Asset Manager $ 683 $ 573 Three Months Ended March 31, 2023 March 31, 2022 Residential mortgage loans sold by Arc Home to the Company $ — $ 377,832 Residential mortgage loans sold by Arc Home to private funds under the management of Angelo Gordon 90,584 125,702
Schedule of Investments in Debt and Equity of Affiliates	The below table summarizes the components of the "Investments in debt and equity of affiliates" line item on the Company's consolidated balance sheets as of March 31, 2023 and December 31, 2022 (in thousands). March 31, 2023 December 31, 2022 Assets Liabilities Equity Assets Liabilities Equity Non-QM Securities (1) $ 31,581 $ (15,210) $ 16,371 $ 31,067 $ (16,409) $ 14,658 Land Related Financing (2) 10,814 — 10,814 10,688 — 10,688 Re/Non-Performing Securities 7,785 (3,521) 4,264 7,854 (4,406) 3,448 Total Residential Investments 50,180 (18,731) 31,449 49,609 (20,815) 28,794 AG Arc, at fair value 37,540 — 37,540 39,680 — 39,680 Cash and Other assets/(liabilities) 1,355 (706) 649 3,290 (700) 2,590 Investments in debt and equity of affiliates $ 89,075 $ (19,437) $ 69,638 $ 92,579 $ (21,515) $ 71,064 (1) As of March 31, 2023 and December 31, 2022, MATT only 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 months ended March 31, 2023 and 2022 (in thousands). Three Months Ended March 31, 2023 March 31, 2022 Non-QM Securities $ 1,625 $ (889) Land Related Financing 339 502 Re/Non-Performing Securities 192 3 AG Arc (1) (2,140) (1,670) Equity in earnings/(loss) from affiliates $ 16 $ (2,054) (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 "Transactions with Arc Home" below for more information on this accounting policy. Three Months Ended March 31, 2023 March 31, 2022 Intra-Entity Profits Eliminated $ — $ 2,356

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Summary of Stock	The table below details the Company's share repurchases under the 2022 Repurchase Program during the three months ended March 31, 2023: Period (1) Total Number of Shares Purchased Weighted Average Price Paid per Share (2) Total Number of Shares Purchased as Part of Publicly Announced Program Maximum Approximate Dollar Value that May Yet Be Purchased Under the Program (2) Three Months Ended March 31, 2023 January 1, 2023 to January 31, 2023 91,173 $ 5.66 91,173 $ 7,300,982 February 1, 2023 to February 28, 2023 85,438 6.26 85,438 6,766,462 March 1, 2023 to March 31, 2023 746,650 5.62 746,650 2,569,940 Total 923,261 $ 5.68 923,261 $ 2,569,940 (1) Based on trade date. (2) Includes brokerage commissions and clearing fees. The following table includes a summary of preferred stock issued and outstanding as of March 31, 2023 ($ 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.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Outstanding Commitments	The below table details the Company's outstanding commitments as of March 31, 2023 (in thousands). Commitment type Date of Commitment Total Commitment Funded Commitment Remaining Commitment Non-Agency and Agency-Eligible Loans (1) Various $ 166,516 $ — $ 166,516 Land Related Financing (2) Various 13,344 10,814 2,530 Total $ 179,860 $ 10,814 $ 169,046 (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 March 31, 2023. Refer to Note 10 "Transactions with affiliates" for more information. (2) Refer to Note 10 "Investments in debt and equity of affiliates" for more information regarding LOTS.

Organization - Narrative (Detai

Organization - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 segment
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
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_3

Summary of significant accounting policies - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Investments in and Advances to Affiliates [Line Items]
Non-investment related expenses	[1]	$ 2,820	$ 2,674
Investment related expenses	[1]	$ 2,326	2,021
Reclassification of Other Operating Expenses into Non-Investment Related Expenses
Investments in and Advances to Affiliates [Line Items]
Non-investment related expenses			2,700
Other operating expenses reclassification			2,700
Reclassification of Other Operating Expenses into Investment Related Expenses
Investments in and Advances to Affiliates [Line Items]
Other operating expenses reclassification			1,000
Investment related expenses			1,000
Reclassification of Servicing Fees into Investment Related Expenses
Investments in and Advances to Affiliates [Line Items]
Investment related expenses			1,000
Servicing fees reclassification			$ 1,000
[1]Refer to Note 10 for additional details on related party transactions.

Loans - Summary of company's re

Loans - Summary of company's residential mortgage loan portfolio (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Residential Mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value	$ 130,741	$ 421,451
Loans held-for-sale, fair value	0	64,984
Residential Mortgage | Variable Interest Entity, Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value	3,968,770	3,707,146
Residential Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	4,499,400	4,624,856
Premium (Discount)	15,777	16,710
Amortized Cost	4,515,177	4,641,566
Gross Unrealized Gains	6,088	6,749
Gross Unrealized Losses	(421,754)	(519,718)
Fair Value	$ 4,099,511	$ 4,128,597
Weighted average coupon on loans outstanding	4.80%	4.80%
Weighted Average Yield	4.91%	4.93%
Weighted Average Life (Years)	9 years 4 months 9 days	9 years 6 months 3 days
Residential Portfolio Segment | Residential Mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 130,260	$ 458,471
Premium (Discount)	(1,803)	(9,884)
Amortized Cost	128,457	448,587
Gross Unrealized Gains	3,637	4,777
Gross Unrealized Losses	(1,353)	(31,913)
Fair Value	$ 130,741	$ 421,451
Weighted average coupon on loans outstanding	7.16%	5.43%
Weighted Average Yield	8.57%	6.13%
Weighted Average Life (Years)	3 years 6 months 25 days	5 years 11 months 15 days
Residential Portfolio Segment | Residential Mortgage | Variable Interest Entity, Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 4,369,140	$ 4,166,385
Premium (Discount)	17,580	26,594
Amortized Cost	4,386,720	4,192,979
Gross Unrealized Gains	2,451	1,972
Gross Unrealized Losses	(420,401)	(487,805)
Fair Value	$ 3,968,770	$ 3,707,146
Weighted average coupon on loans outstanding	4.73%	4.73%
Weighted Average Yield	4.79%	4.80%
Weighted Average Life (Years)	9 years 6 months 10 days	9 years 10 months 24 days
Residential Portfolio Segment | Non-Agency Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 121,885	$ 406,294
Premium (Discount)	(42)	(7,902)
Amortized Cost	121,843	398,392
Gross Unrealized Gains	1,877	2,775
Gross Unrealized Losses	(1,072)	(30,006)
Fair Value	$ 122,648	$ 371,161
Weighted average coupon on loans outstanding	7.23%	5.36%
Weighted Average Yield	6.86%	5.54%
Weighted Average Life (Years)	3 years 6 months 21 days	6 years 1 month 20 days
Loans held-for-sale, fair value		$ 46,800
Residential Portfolio Segment | Non-Agency Loans | Variable Interest Entity, Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 4,049,191	3,841,265
Premium (Discount)	52,650	63,576
Amortized Cost	4,101,841	3,904,841
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(405,098)	(468,640)
Fair Value	$ 3,696,743	$ 3,436,201
Weighted average coupon on loans outstanding	4.81%	4.82%
Weighted Average Yield	4.66%	4.65%
Weighted Average Life (Years)	9 years 9 months 10 days	10 years 2 months 12 days
Residential Portfolio Segment | Agency-Eligible Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 5,084	$ 48,657
Premium (Discount)	84	18
Amortized Cost	5,168	48,675
Gross Unrealized Gains	16	94
Gross Unrealized Losses	(281)	(1,907)
Fair Value	$ 4,903	$ 46,862
Weighted average coupon on loans outstanding	5.44%	6%
Weighted Average Yield	5.01%	5.99%
Weighted Average Life (Years)	4 years 9 months	4 years 8 months 23 days
Loans held-for-sale, fair value		$ 18,200
Residential Portfolio Segment | Re- and Non-Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 3,291	3,520
Premium (Discount)	(1,845)	(2,000)
Amortized Cost	1,446	1,520
Gross Unrealized Gains	1,744	1,908
Gross Unrealized Losses	0	0
Fair Value	$ 3,190	$ 3,428
Weighted Average Yield	79.62%	72.78%
Weighted Average Life (Years)	1 year 10 months 24 days	1 year 10 months 13 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	$ 319,949	$ 325,120
Premium (Discount)	(35,070)	(36,982)
Amortized Cost	284,879	288,138
Gross Unrealized Gains	2,451	1,972
Gross Unrealized Losses	(15,303)	(19,165)
Fair Value	$ 272,027	$ 270,945
Weighted average coupon on loans outstanding	3.76%	3.68%
Weighted Average Yield	6.57%	6.66%
Weighted Average Life (Years)	6 years 4 months 13 days	6 years 3 months 29 days

Loans - Summary of credit quali

Loans - Summary of credit quality information on residential mortgage loans (Details) - Residential Portfolio Segment $ in Thousands	Mar. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 4,499,400	$ 4,624,856
Loan Count | loan	11,737	12,027
Weighted Average, Original LTV Ratio	69.41%	69.29%
Weighted Average, Current FICO	730	731
Percent of unpaid principal balance greater than 90 days delinquent	$ 26,600	$ 31,400
Mortgage loans in process of foreclosure	37,600	33,700
Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	4,320,873	4,456,826
30-59 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	80,692	71,843
60-89 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	22,580	21,002
90+ Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	71,964	71,665
Residential Mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 130,260	$ 458,471
Loan Count | loan	229	793
Weighted Average, Original LTV Ratio	70.18%	71.19%
Weighted Average, Current FICO	725	735
Residential Mortgage | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 123,754	$ 446,954
Residential Mortgage | 30-59 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	0	5,706
Residential Mortgage | 60-89 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	1,130	1,404
Residential Mortgage | 90+ Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	2,085	887
Residential Mortgage | Variable Interest Entity, Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 4,369,140	$ 4,166,385
Loan Count | loan	11,508	11,234
Weighted Average, Original LTV Ratio	69.39%	69.09%
Weighted Average, Current FICO	730	731
Residential Mortgage | Variable Interest Entity, Primary Beneficiary | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 4,197,119	$ 4,009,872
Residential Mortgage | Variable Interest Entity, Primary Beneficiary | 30-59 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	80,692	66,137
Residential Mortgage | Variable Interest Entity, Primary Beneficiary | 60-89 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	21,450	19,598
Residential Mortgage | Variable Interest Entity, Primary Beneficiary | 90+ Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	69,879	70,778
Non-Agency Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 121,885	$ 406,294
Loan Count | loan	216	655
Weighted Average, Original LTV Ratio	70.04%	71.22%
Weighted Average, Current FICO	724	734
Non-Agency Loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 118,670	$ 399,036
Non-Agency Loans | 30-59 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	0	4,967
Non-Agency Loans | 60-89 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	1,130	1,404
Non-Agency Loans | 90+ Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	2,085	887
Non-Agency Loans | Variable Interest Entity, Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 4,049,191	$ 3,841,265
Loan Count | loan	9,330	9,008
Weighted Average, Original LTV Ratio	68.57%	68.20%
Weighted Average, Current FICO	737	739
Non-Agency Loans | Variable Interest Entity, Primary Beneficiary | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 3,978,280	$ 3,789,748
Non-Agency Loans | Variable Interest Entity, Primary Beneficiary | 30-59 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	43,019	31,272
Non-Agency Loans | Variable Interest Entity, Primary Beneficiary | 60-89 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	11,220	8,661
Non-Agency Loans | Variable Interest Entity, Primary Beneficiary | 90+ Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	16,672	11,584
Agency-Eligible Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 5,084	$ 48,657
Loan Count | loan	13	138
Weighted Average, Original LTV Ratio	73.70%	70.94%
Weighted Average, Current FICO	751	749
Agency-Eligible Loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 5,084	$ 47,918
Agency-Eligible Loans | 30-59 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	0	739
Agency-Eligible Loans | 60-89 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	0	0
Agency-Eligible Loans | 90+ Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	0	0
Re- and Non-Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	3,291	3,520
Re- and Non-Performing Loans | Variable Interest Entity, Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 319,949	$ 325,120
Loan Count | loan	2,178	2,226
Weighted Average, Original LTV Ratio	79.67%	79.61%
Weighted Average, Current FICO	644	643
Re- and Non-Performing Loans | Variable Interest Entity, Primary Beneficiary | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 218,839	$ 220,124
Re- and Non-Performing Loans | Variable Interest Entity, Primary Beneficiary | 30-59 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	37,673	34,865
Re- and Non-Performing Loans | Variable Interest Entity, Primary Beneficiary | 60-89 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	10,230	10,937
Re- and Non-Performing Loans | Variable Interest Entity, Primary Beneficiary | 90+ Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 53,207	$ 59,194

Loans - Summary of loans purcha

Loans - Summary of loans purchased (Details) - Residential Portfolio Segment - Non-Agency Loans $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 22,550
Fair Value	$ 22,954

Loans - Summery of sold residen

Loans - Summery of sold residential mortgage loans (Details) - Residential Portfolio Segment $ in Thousands	3 Months Ended
	Mar. 31, 2023 loan	Mar. 31, 2022 USD ($) loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans sold | loan	0
Non-Agency Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans sold | loan		116
Proceeds from sale of loans		$ 46,909
Realized gain on sale of loan		0
Realized loss on sale of loan		$ (9,745)
Agency-Eligible Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans sold | loan		47
Proceeds from sale of loans		$ 18,474
Realized gain on sale of loan		69
Realized loss on sale of loan		$ (85)

Loans - Summary of concentratio

Loans - Summary of concentrations of credit risk (Details) - Residential Portfolio Segment - Geographic Concentration Risk - Accounts Receivable	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
California
Accounts, Notes, Loans and Financing Receivable [Line Items]
Geographic concentration of credit risk	34%	33%
New York
Accounts, Notes, Loans and Financing Receivable [Line Items]
Geographic concentration of credit risk	16%	16%
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%
Texas
Accounts, Notes, Loans and Financing Receivable [Line Items]
Geographic concentration of credit risk	5%	5%

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
	Mar. 31, 2023	Mar. 31, 2022
Changes in the accretable portion
Beginning Balance	$ 42,237	$ 46,521
Accretion	(1,483)	(1,650)
Reclassifications from/(to) non-accretable difference	(1,829)	1,386
Disposals	(161)	0
Ending Balance	$ 38,764	$ 46,257

Loans - Summary of assets and l

Loans - Summary of assets and liabilities related to VIEs (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Assets
Other assets		$ 27,381	$ 27,595
Total Assets		4,621,936	4,369,778
Liabilities
Securitized debt, at fair value	[1]	3,505,529	3,262,352
Other liabilities	[2]	21,352	19,593
Total Liabilities		4,160,023	3,906,978
Total Equity		461,913	462,800	$ 547,650	$ 570,380
Financing arrangements		$ 629,458	$ 621,187
Variable Interest Entity, Primary Beneficiary
Liabilities
Yield		4.20%	4.12%
Weighted Average Life (Years)		7 years 2 months 4 days	7 years 3 months 3 days
Variable Interest Entity, Primary Beneficiary | Residential Portfolio Segment
Assets
Securitized residential mortgage loans, at fair value		$ 3,968,770	$ 3,707,146
Restricted cash		1,175	1,194
Other assets		20,395	19,064
Total Assets		3,990,340	3,727,404
Liabilities
Securitized debt, at fair value		3,505,529	3,262,352
Other liabilities		12,024	11,342
Total Liabilities		3,517,553	3,273,694
Total Equity		$ 472,787	$ 453,710
Yield		4.79%	4.80%
Weighted Average Life (Years)		9 years 6 months 10 days	9 years 10 months 24 days
Financing arrangements		$ 232,100	$ 232,100
Variable Interest Entity, Primary Beneficiary | Non-Agency Loans
Liabilities
Yield		4.26%	4.18%
Weighted Average Life (Years)		7 years 4 months 17 days	7 years 5 months 26 days
Variable Interest Entity, Primary Beneficiary | Non-Agency Loans | Residential Portfolio Segment
Assets
Securitized residential mortgage loans, at fair value		$ 3,696,743	$ 3,436,201
Liabilities
Securitized debt, at fair value		$ 3,323,861	$ 3,078,593
Yield		4.66%	4.65%
Weighted Average Life (Years)		9 years 9 months 10 days	10 years 2 months 12 days
Variable Interest Entity, Primary Beneficiary | Re- and Non-Performing Loans
Liabilities
Yield		3.12%	3.10%
Weighted Average Life (Years)		3 years 2 months 23 days	3 years 1 month 17 days
Variable Interest Entity, Primary Beneficiary | Re- and Non-Performing Loans | Residential Portfolio Segment
Assets
Securitized residential mortgage loans, at fair value		$ 272,027	$ 270,945
Liabilities
Securitized debt, at fair value		$ 181,668	$ 183,759
Yield		6.57%	6.66%
Weighted Average Life (Years)		6 years 4 months 13 days	6 years 3 months 29 days
[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	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Current Face	$ 539,701	$ 267,533
Premium / (Discount)	(217,117)	(220,086)
Amortized Cost	322,584	47,447
Gross Unrealized Gains	5,816	2,276
Gross Unrealized Losses	(5,416)	(6,004)
Fair Value	$ 322,984	$ 43,719
Weighted Average Coupon	4.23%	2.37%
Weighted Average Yield	6.25%	10.20%
Residential Portfolio Segment
Debt Securities, Available-for-sale [Line Items]
Current Face	$ 151,238	$ 140,177
Premium / (Discount)	(112,719)	(112,501)
Amortized Cost	38,519	27,676
Gross Unrealized Gains	2,074	2,248
Gross Unrealized Losses	(4,806)	(5,329)
Fair Value	$ 35,787	$ 24,595
Weighted Average Coupon	1.95%	1.62%
Weighted Average Yield	10.08%	12.26%
Non-Agency Securities | Residential Portfolio Segment
Debt Securities, Available-for-sale [Line Items]
Current Face	$ 45,452	$ 31,713
Premium / (Discount)	(9,686)	(6,875)
Amortized Cost	35,766	24,838
Gross Unrealized Gains	209	28
Gross Unrealized Losses	(4,806)	(5,329)
Fair Value	$ 31,169	$ 19,537
Weighted Average Coupon	3.78%	3.75%
Weighted Average Yield	6.70%	6.52%
Non-Agency RMBS Interest Only | Residential Portfolio Segment
Debt Securities, Available-for-sale [Line Items]
Current Face	$ 105,786	$ 108,464
Premium / (Discount)	(103,033)	(105,626)
Amortized Cost	2,753	2,838
Gross Unrealized Gains	1,865	2,220
Gross Unrealized Losses	0	0
Fair Value	$ 4,618	$ 5,058
Weighted Average Coupon	0.38%	0.38%
Weighted Average Yield	32.86%	34.42%
30 Year Fixed Rate
Debt Securities, Available-for-sale [Line Items]
Current Face	$ 263,445
Premium / (Discount)	1,377
Amortized Cost	264,822
Gross Unrealized Gains	3,694
Gross Unrealized Losses	0
Fair Value	$ 268,516
Weighted Average Coupon	5.74%
Weighted Average Yield	5.62%
Interest Only
Debt Securities, Available-for-sale [Line Items]
Current Face	$ 125,018	$ 127,356
Premium / (Discount)	(105,775)	(107,585)
Amortized Cost	19,243	19,771
Gross Unrealized Gains	48	28
Gross Unrealized Losses	(610)	(675)
Fair Value	$ 18,681	$ 19,124
Weighted Average Coupon	2.84%	2.87%
Weighted Average Yield	7.95%	7.54%
Total Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Current Face	$ 388,463
Premium / (Discount)	(104,398)
Amortized Cost	284,065
Gross Unrealized Gains	3,742
Gross Unrealized Losses	(610)
Fair Value	$ 287,197
Weighted Average Coupon	4.81%
Weighted Average Yield	5.77%

Real Estate Securities - Summ_2

Real Estate Securities - Summary of weighted average life of real estate securities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Non-Agency RMBS
Fair Value
Greater than one year and less than or equal to five years	$ 5,173	$ 5,058
Greater than five years and less than or equal to ten years	3,123	0
Greater than ten years	27,491	19,537
Total	35,787	24,595
Amortized Cost
Greater than one year and less than or equal to five years	3,310	2,838
Greater than five years and less than or equal to ten years	3,185	0
Greater than ten years	32,024	24,838
Total	$ 38,519	$ 27,676
Weighted Average Coupon
Greater than one year and less than or equal to five years	0.46%	0.38%
Greater than five years and less than or equal to ten years	4.79%	0%
Greater than ten years	3.61%	3.75%
Total	1.95%	1.62%
Agency RMBS
Fair Value
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	287,197	19,124
Greater than ten years	0	0
Total	287,197	19,124
Amortized Cost
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	284,065	19,771
Greater than ten years	0	0
Total	$ 284,065	$ 19,771
Weighted Average Coupon
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	4.81%	2.87%
Greater than ten years	0%	0%
Total	4.81%	2.87%

Real Estate Securities - Sale o

Real Estate Securities - Sale of Real Estate Securities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($) security
Debt Securities, Available-for-sale [Line Items]
Proceeds	$ 0	$ 197,232
Settled Securities
Debt Securities, Available-for-sale [Line Items]
Number of Securities | security		13
Proceeds		$ 304,665
Realized Gains		568
Realized Losses		$ (17,408)
Unsettled Securities
Debt Securities, Available-for-sale [Line Items]
Number of Securities | security		6
Proceeds		$ 107,700

Real Estate Securities - Uncons

Real Estate Securities - Unconsolidated Variable Interest Entities (Details)	Mar. 31, 2023
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Ownership interest in subordinate tranches	40.90%

Real Estate Securities - Variab

Real Estate Securities - Variable Interest Entities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Current Face	$ 539,701	$ 267,533
Fair Value	322,984	43,719
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Current Face	120,680	123,358
Fair Value	15,039	14,917
First loss exposure, fair value	3,700	4,100
Variable Interest Entity, Not Primary Beneficiary | Non-Agency Securities
Variable Interest Entity [Line Items]
Current Face	14,894	14,894
Fair Value	10,421	9,859
Variable Interest Entity, Not Primary Beneficiary | Non-Agency RMBS Interest Only
Variable Interest Entity [Line Items]
Current Face	105,786	108,464
Fair Value	$ 4,618	$ 5,058

Real Estate Securities - Assets

Real Estate Securities - Assets Transferred to Unconsolidated VIE (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Weighted average coupon on loans outstanding	4.23%	2.37%
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Total unpaid principal balance of loans outstanding	$ 129,238	$ 132,509
Weighted average coupon on loans outstanding	5.62%	5.62%
Percent of unpaid principal balance greater than 90 days delinquent	1.49%	1.32%
Ownership interest in subordinate tranches	40.90%

Fair value measurements - Summa

Fair value measurements - Summary of financial instruments measured at fair value (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Assets:
Derivative assets	$ 6,379	$ 18,499
Cash equivalents	441	442
AG Arc	37,540	39,680
Total Assets Measured at Fair Value	4,466,855	4,230,937
Liabilities:
Securitized debt	(3,505,529)	(3,262,352)
Derivative liabilities	(7,245)	(9)
Total Liabilities Measured at Fair Value	(3,512,774)	(3,262,361)
Residential Mortgage
Assets:
Residential mortgage loans	130,741	421,451
Residential Mortgage | Variable Interest Entity, Primary Beneficiary
Assets:
Residential mortgage loans	3,968,770	3,707,146
Non-Agency RMBS
Assets:
Debt securities, available for sale	35,787	24,595
Agency RMBS
Assets:
Debt securities, available for sale	287,197
Interest Only
Assets:
Debt securities, available for sale		19,124
Interest Rate Swap
Liabilities:
Derivative asset, reduction in fair value related to variation margin	3,900	17,300
Derivative liability, reduction in fair value related to variation margin	6,600
Level 1
Assets:
Derivative assets	0	0
Cash equivalents	441	442
AG Arc	0	0
Total Assets Measured at Fair Value	441	442
Liabilities:
Securitized debt	0	0
Derivative liabilities	0	0
Total Liabilities Measured at Fair Value	0	0
Level 1 | Residential Mortgage
Assets:
Residential mortgage loans	0	0
Level 1 | Residential Mortgage | 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 | Agency RMBS
Assets:
Debt securities, available for sale	0
Level 1 | Interest Only
Assets:
Debt securities, available for sale		0
Level 2
Assets:
Derivative assets	3,904	18,401
Cash equivalents	0	0
AG Arc	0	0
Total Assets Measured at Fair Value	312,587	47,957
Liabilities:
Securitized debt	0	0
Derivative liabilities	(7,170)	0
Total Liabilities Measured at Fair Value	(7,170)	0
Level 2 | Residential Mortgage
Assets:
Residential mortgage loans	738	754
Level 2 | Residential Mortgage | Variable Interest Entity, Primary Beneficiary
Assets:
Residential mortgage loans	0	0
Level 2 | Non-Agency RMBS
Assets:
Debt securities, available for sale	20,748	9,678
Level 2 | Agency RMBS
Assets:
Debt securities, available for sale	287,197
Level 2 | Interest Only
Assets:
Debt securities, available for sale		19,124
Level 3
Assets:
Derivative assets	2,475	98
Cash equivalents	0	0
AG Arc	37,540	39,680
Total Assets Measured at Fair Value	4,153,827	4,182,538
Liabilities:
Securitized debt	(3,505,529)	(3,262,352)
Derivative liabilities	(75)	(9)
Total Liabilities Measured at Fair Value	(3,505,604)	(3,262,361)
Level 3 | Residential Mortgage
Assets:
Residential mortgage loans	130,003	420,697
Level 3 | Residential Mortgage | Variable Interest Entity, Primary Beneficiary
Assets:
Residential mortgage loans	3,968,770	3,707,146
Level 3 | Non-Agency RMBS
Assets:
Debt securities, available for sale	15,039	14,917
Level 3 | Agency RMBS
Assets:
Debt securities, available for sale	$ 0
Level 3 | Interest Only
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
	Mar. 31, 2023	Mar. 31, 2022
Securitized debt
Total net gains/(losses)
Other	$ 0	$ 0
Derivative liabilities
Total net gains/(losses)
Other	0	0
Level 3 | Securitized debt
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(3,262,352)	(999,215)
Purchases	0	0
Issuances of Securitized Debt	(234,754)	(1,074,852)
Proceeds from sales	0
Principal repayments	66,957	116,866
Total net gains/(losses)
Ending Balance	(3,505,529)	(1,859,917)
Level 3 | Securitized debt | Net premium and discount amortization
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	(2,738)	49
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	(2,738)	49
Level 3 | Securitized debt | Net realized gain/(loss)
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0
Level 3 | Securitized debt | Net unrealized gain/(loss)
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	(72,642)	97,235
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	(72,642)	97,235
Level 3 | Securitized debt | Equity in earnings/(loss) from affiliates
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0
Level 3 | Derivative liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(9)	(79)
Purchases	0	0
Issuances of Securitized Debt	0	0
Proceeds from sales
Principal repayments	0	0
Total net gains/(losses)
Ending Balance	(75)	0
Level 3 | Derivative liabilities | Net premium and discount amortization
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0
Level 3 | Derivative liabilities | Net realized gain/(loss)
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0
Level 3 | Derivative liabilities | Net unrealized gain/(loss)
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	(66)	79
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	(66)	0
Level 3 | Derivative liabilities | Equity in earnings/(loss) from affiliates
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0
Residential Mortgage Loans
Total net gains/(losses)
Other	(1,083)	(727)
Residential Mortgage Loans | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	4,127,843	2,634,191
Purchases	22,755	944,630
Issuances of Securitized Debt	0	0
Proceeds from sales	(65,383)
Principal repayments	(73,956)	(146,388)
Total net gains/(losses)
Ending Balance	4,098,773	3,271,786
Residential Mortgage Loans | Level 3 | Net premium and discount amortization
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	1,144	(1,717)
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	1,144	(2,971)
Residential Mortgage Loans | Level 3 | Net realized gain/(loss)
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	(9,758)	(87)
Residential Mortgage Loans | Level 3 | Net unrealized gain/(loss)
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	97,211	(158,116)
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	87,029	(158,925)
Residential Mortgage Loans | Level 3 | Equity in earnings/(loss) from affiliates
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0
Non-Agency RMBS
Total net gains/(losses)
Other	0	0
Non-Agency RMBS | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	14,917	18,757
Purchases	0	0
Issuances of Securitized Debt	0	0
Proceeds from sales	0
Principal repayments	0	(78)
Total net gains/(losses)
Ending Balance	15,039	18,781
Non-Agency RMBS | Level 3 | Net premium and discount amortization
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	(76)	(161)
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	(76)	(161)
Non-Agency RMBS | Level 3 | Net realized gain/(loss)
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0
Non-Agency RMBS | Level 3 | Net unrealized gain/(loss)
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	198	263
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	198	263
Non-Agency RMBS | Level 3 | Equity in earnings/(loss) from affiliates
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0
Derivative assets
Total net gains/(losses)
Other	0
Derivative assets | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	98
Purchases	0
Issuances of Securitized Debt	0
Proceeds from sales
Principal repayments	0
Total net gains/(losses)
Ending Balance	2,475
Derivative assets | Level 3 | Net premium and discount amortization
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0
Derivative assets | Level 3 | Net realized gain/(loss)
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0
Derivative assets | Level 3 | Net unrealized gain/(loss)
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	2,377
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	2,377
Derivative assets | Level 3 | Equity in earnings/(loss) from affiliates
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0
AG Arc
Total net gains/(losses)
Other	0	0
AG Arc | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	39,680	53,435
Purchases	0	0
Issuances of Securitized Debt	0	0
Proceeds from sales	0
Principal repayments	0	0
Total net gains/(losses)
Ending Balance	37,540	54,121
AG Arc | Level 3 | Net premium and discount amortization
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0
AG Arc | Level 3 | Net realized gain/(loss)
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0
AG Arc | Level 3 | Net unrealized gain/(loss)
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0
AG Arc | Level 3 | Equity in earnings/(loss) from affiliates
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	(2,140)	686
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	$ (2,140)	$ 686

Fair value measurements - Sum_3

Fair value measurements - Summary of valuation techniques (Details) $ in Thousands	Mar. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($) $ / shares
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 322,984	$ 43,719
Derivative assets, at fair value	6,379	18,499
Derivative Liability	(609)	(9)
Residential Mortgage
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, fair value	0	64,984
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative assets, at fair value	2,475	98
Level 3 | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative assets, at fair value	2,475	98
Derivative Liability	$ (75)	$ 9
Level 3 | Yield | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.0620	0.0669
Derivative liability, measurement input	0.0646	0.0729
Level 3 | Yield | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.0726	0.0768
Derivative liability, measurement input	0.0684	0.0761
Level 3 | Yield | Weighted Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.0663	0.0754
Derivative liability, measurement input	0.0662	0.0736
Level 3 | Projected Collateral Prepayments | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.1497	0.1263
Derivative liability, measurement input	0.2577	0.2151
Level 3 | Projected Collateral Prepayments | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.3359	0.3419
Derivative liability, measurement input	0.3600	0.3131
Level 3 | Projected Collateral Prepayments | Weighted Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.2518	0.2671
Derivative liability, measurement input	0.3143	0.2792
Level 3 | Projected Collateral Losses | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0	0.0001
Derivative liability, measurement input	0	0.0001
Level 3 | Projected Collateral Losses | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.0197	0.0096
Derivative liability, measurement input	0.0050	0.0046
Level 3 | Projected Collateral Losses | Weighted Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.0058	0.0039
Derivative liability, measurement input	0.0006	0.0016
Level 3 | Projected Collateral Severities | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.1000	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	0.1096	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	0.1001	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	0.5500
Derivative liability, measurement input	0.4500	1
Level 3 | Pull Through Percentages | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	1	1
Derivative liability, measurement input	1	1
Level 3 | Pull Through Percentages | Weighted Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.7813	0.7278
Derivative liability, measurement input	0.7375	1
Level 3 | Residential Mortgage | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, fair value	$ 127,551	$ 418,023
Level 3 | Residential Mortgage | Discounted Cash Flow | Variable Interest Entity, Primary Beneficiary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, fair value	3,968,770	3,707,146
Level 3 | Residential Mortgage | Consensus Pricing
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, fair value	$ 2,452	$ 2,674
Level 3 | Residential Mortgage | Yield | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0602	0.0629
Level 3 | Residential Mortgage | 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	0.0475
Level 3 | Residential Mortgage | Yield | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0804	0.0982
Level 3 | Residential Mortgage | 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	0.0674	0.0732
Level 3 | Residential Mortgage | Yield | Weighted Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0656	0.0716
Level 3 | Residential Mortgage | 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	0.0600	0.0640
Level 3 | Residential Mortgage | Projected Collateral Prepayments | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0	0.0138
Level 3 | Residential Mortgage | 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	0.0520	0.0481
Level 3 | Residential Mortgage | Projected Collateral Prepayments | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.3458	0.3128
Level 3 | Residential Mortgage | 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	0.1021	0.1019
Level 3 | Residential Mortgage | Projected Collateral Prepayments | Weighted Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.2505	0.1637
Level 3 | Residential Mortgage | 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	0.0675	0.0644
Level 3 | Residential Mortgage | 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 | 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	0.0005	0.0005
Level 3 | Residential Mortgage | Projected Collateral Losses | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.1474	0.1444
Level 3 | Residential Mortgage | 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	0.0142	0.0140
Level 3 | Residential Mortgage | Projected Collateral Losses | Weighted Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0064	0.0048
Level 3 | Residential Mortgage | 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	0.0020	0.0022
Level 3 | Residential Mortgage | Projected Collateral Severities | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	(0.2329)	(0.0264)
Level 3 | Residential Mortgage | 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	(0.0222)	(0.0416)
Level 3 | Residential Mortgage | Projected Collateral Severities | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.1055	0.1019
Level 3 | Residential Mortgage | 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	0.2600	0.2000
Level 3 | Residential Mortgage | Projected Collateral Severities | Weighted Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0979	0.0999
Level 3 | Residential Mortgage | 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	0.1613	0.1540
Level 3 | Residential Mortgage | Offered Quotes | Minimum | Consensus Pricing
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input | $ / shares	94.68	93.46
Level 3 | Residential Mortgage | Offered Quotes | Maximum | Consensus Pricing
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input | $ / shares	106.52	107.05
Level 3 | Residential Mortgage | Offered Quotes | Weighted Average | Consensus Pricing
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input | $ / shares	101.50	101.11
Level 3 | Non-Agency RMBS | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 15,039	$ 14,917
Level 3 | Non-Agency RMBS | Yield | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, measurement input	0.0661	0.0718
Level 3 | Non-Agency RMBS | Yield | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, measurement input	0.1400	0.1400
Level 3 | Non-Agency RMBS | Yield | Weighted Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, measurement input	0.1014	0.1059
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	0.0872	0.0814
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	0.0872	0.0814
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	0.0872	0.0814
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	0.0035	0.0018
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	0.0035	0.0018
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	0.0035	0.0018
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	0.1000
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	0.1000
Level 3 | AG Arc | Comparable Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, fair value	$ 37,540	$ 39,680
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	0.94
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	0.94
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	0.94
Level 3 | Securitized debt | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, fair value	$ (3,505,529)	$ (3,262,352)
Level 3 | Securitized debt | Yield | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, measurement input	0.0505	0.0525
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	0.1500
Level 3 | Securitized debt | Yield | Weighted Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, measurement input	0.0565	0.0607
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	0.0520	0.0481
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	0.1021	0.1019
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	0.0668	0.0636
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	0.0005	0.0005
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	0.0142	0.0140
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	0.0018	0.0019
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	(0.0222)	(0.0416)
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	0.2600	0.2000
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	0.1653	0.1581

Financing - Summary of financin

Financing - Summary of financing arrangements (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Dec. 31, 2022
Repurchase Agreements [Abstract]
Current Face		$ 4,681,956
Carrying Value		$ 4,134,987	$ 3,883,539
Weighted Average Funding Cost		4.47%
Weighted Average Life		6 years 2 months 26 days
Cash pledged under repurchase agreement		$ 1,100	3,400
Asset Pledged as Collateral
Repurchase Agreements [Abstract]
Securitized residential mortgage loans, at fair value		890,228
Variable Interest Entity, Primary Beneficiary
Repurchase Agreements [Abstract]
Current Face		4,052,498
Carrying Value		$ 3,505,529	3,262,352
Weighted Average Funding Cost		4.20%
Weighted Average Life		7 years 2 months 4 days
Total Financing Arrangements
Repurchase Agreements [Abstract]
Current Face		$ 629,458
Carrying Value		$ 629,458	621,187
Weighted Average Funding Cost		5.97%
Weighted Average Life		1 month 28 days
Total Financing Arrangements | Asset Pledged as Collateral
Repurchase Agreements [Abstract]
Securitized residential mortgage loans, at fair value		$ 890,228
Non-Agency Loans | Variable Interest Entity, Primary Beneficiary
Repurchase Agreements [Abstract]
Current Face		192,964
Carrying Value		$ 192,964	197,937
Weighted Average Funding Cost		6.62%
Weighted Average Life		2 months 23 days
Non-Agency Loans | Variable Interest Entity, Primary Beneficiary | Asset Pledged as Collateral
Repurchase Agreements [Abstract]
Securitized residential mortgage loans, at fair value		$ 372,882
Non-Agency Loans | Counterparty One and Two
Repurchase Agreements [Abstract]
Line of credit facility, maximum borrowing capacity		2,200,000
Re- and Non-Performing Loans | Variable Interest Entity, Primary Beneficiary
Repurchase Agreements [Abstract]
Current Face		39,147
Carrying Value		$ 39,147	34,151
Weighted Average Funding Cost		7.39%
Weighted Average Life		21 days
Re- and Non-Performing Loans | Variable Interest Entity, Primary Beneficiary | Asset Pledged as Collateral
Repurchase Agreements [Abstract]
Securitized residential mortgage loans, at fair value		$ 68,231
Residential Mortgage
Repurchase Agreements [Abstract]
Current Face		105,768
Carrying Value		$ 105,768	360,241
Weighted Average Funding Cost		6.78%
Weighted Average Life		4 months 24 days
Securitized residential mortgage loans, at fair value		$ 130,741	356,467
Debt interest rate		6.49%
Residential Mortgage | Asset Pledged as Collateral
Repurchase Agreements [Abstract]
Securitized residential mortgage loans, at fair value		$ 126,131
Residential Mortgage | Variable Interest Entity, Primary Beneficiary
Repurchase Agreements [Abstract]
Securitized residential mortgage loans, at fair value	[1]	3,968,770	3,707,146
Non-Agency RMBS
Repurchase Agreements [Abstract]
Current Face		22,390
Carrying Value		$ 22,390	14,695
Weighted Average Funding Cost		6.11%
Weighted Average Life		2 months 4 days
Non-Agency RMBS | Asset Pledged as Collateral
Repurchase Agreements [Abstract]
Securitized residential mortgage loans, at fair value		$ 35,787
Agency RMBS
Repurchase Agreements [Abstract]
Current Face		269,189
Carrying Value		$ 269,189	$ 14,163
Weighted Average Funding Cost		4.98%
Weighted Average Life		14 days
Agency RMBS | Asset Pledged as Collateral
Repurchase Agreements [Abstract]
Securitized residential mortgage loans, at fair value		$ 287,197
[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 - Summary of repurcha

Financing - Summary of repurchase agreements (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	$ 4,134,987	$ 3,883,539
Variable Interest Entity, Primary Beneficiary
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	3,505,529	3,262,352
Total Financing Arrangements
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	629,458	621,187
Total Financing Arrangements | Within 30 Days
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	479,629
Total Financing Arrangements | Over 30 Days to 3 Months
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	39,764
Total Financing Arrangements | Over 3 Months to 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	73,595
Total Financing Arrangements | Over 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	36,470
Non-Agency Loans | Variable Interest Entity, Primary Beneficiary
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	192,964	197,937
Non-Agency Loans | Within 30 Days | Variable Interest Entity, Primary Beneficiary
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	151,894
Non-Agency Loans | Over 30 Days to 3 Months | Variable Interest Entity, Primary Beneficiary
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	7,591
Non-Agency 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 Loans | Over 12 Months | Variable Interest Entity, Primary Beneficiary
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	33,479
Re- and Non-Performing Loans | Variable Interest Entity, Primary Beneficiary
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	39,147	34,151
Re- and Non-Performing Loans | Within 30 Days | Variable Interest Entity, Primary Beneficiary
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	39,147
Re- and Non-Performing Loans | Over 30 Days to 3 Months | Variable Interest Entity, Primary Beneficiary
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	0
Re- and Non-Performing Loans | Over 3 Months to 12 Months | Variable Interest Entity, Primary Beneficiary
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	0
Re- and Non-Performing Loans | Over 12 Months | Variable Interest Entity, Primary Beneficiary
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	0
Residential Mortgage
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	105,768	360,241
Residential Mortgage | Within 30 Days
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	0
Residential Mortgage | Over 30 Days to 3 Months
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	32,173
Residential Mortgage | Over 3 Months to 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	73,595
Residential Mortgage | Over 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	0
Non-Agency RMBS
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	22,390	14,695
Non-Agency RMBS | Within 30 Days
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	19,399
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
Non-Agency RMBS | Over 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	2,991
Agency RMBS
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	269,189	$ 14,163
Agency RMBS | Within 30 Days
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	269,189
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
Agency RMBS | Over 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	$ 0

Financing - Narrative (Details)

Financing - Narrative (Details) - counterparty	Mar. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Number of counterparties with outstanding debt	6	6

Financing - Summary of repurc_2

Financing - Summary of repurchase agreement counterparty (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
BofA Securities, Inc.
Repurchase Agreement Counterparty [Line Items]
Stockholders' Equity at Risk	$ 96,738	$ 36,193
Weighted Average Maturity (days)	80 days	93 days
Percentage of Stockholders' Equity	20.90%	7.80%
Barclays Capital Inc.
Repurchase Agreement Counterparty [Line Items]
Stockholders' Equity at Risk	$ 87,548	$ 81,445
Weighted Average Maturity (days)	71 days	113 days
Percentage of Stockholders' Equity	19%	17.60%
JP Morgan Securities, LLC
Repurchase Agreement Counterparty [Line Items]
Stockholders' Equity at Risk	$ 28,682
Weighted Average Maturity (days)	41 days
Percentage of Stockholders' Equity	6.20%
JP Morgan Securities, LLC | Maximum
Repurchase Agreement Counterparty [Line Items]
Percentage of Stockholders' Equity		5%
Credit Suisse AG, Cayman Islands Branch
Repurchase Agreement Counterparty [Line Items]
Stockholders' Equity at Risk		$ 130,587
Weighted Average Maturity (days)		71 days
Percentage of Stockholders' Equity		28.20%
Credit Suisse AG, Cayman Islands Branch | Maximum
Repurchase Agreement Counterparty [Line Items]
Percentage of Stockholders' Equity	5%

Other assets and liabilities -

Other assets and liabilities - Summary of other assets and liabilities (Details) - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Other assets
Interest receivable		$ 20,274	$ 20,593
Derivative assets, at fair value		2,485	1,218
Other assets		4,358	4,983
Due from broker		264	801
Total Other assets		27,381	27,595
Other liabilities
Due to affiliates		3,661	3,652
Interest payable		14,544	14,114
Derivative liabilities, at fair value		609	9
Accrued expenses		2,222	1,811
Due to broker		316	7
Total Other liabilities	[1]	$ 21,352	$ 19,593
[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	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Interest Rate Swap
Derivatives, Fair Value [Line Items]
Derivative assets, at fair value	$ 0	$ 470
Derivative liabilities, at fair value	(280)	0
Derivative asset, reduction in fair value related to variation margin	3,900	17,300
Derivative liability, reduction in fair value related to variation margin	6,600
TBAs | Long
Derivatives, Fair Value [Line Items]
Derivative assets, at fair value	8	0
Derivative liabilities, at fair value	(3)	0
TBAs | Short
Derivatives, Fair Value [Line Items]
Derivative assets, at fair value	2	650
Derivative liabilities, at fair value	(251)	0
Forward Purchase Commitments
Derivatives, Fair Value [Line Items]
Derivative assets, at fair value	2,475	98
Derivative liabilities, at fair value	$ (75)	$ (9)

Other assets and liabilities _3

Other assets and liabilities - Summary of information related to derivatives and other instruments (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Derivative pay interest rate	3.69%	2.77%
Derivative receivable interest rate	4.87%	4.30%
Derivative, remaining maturity	4 years 4 months 13 days	4 years 9 months 7 days
Long | Interest Rate Swap | United States of America, Dollars
Derivative [Line Items]
Notional amount	$ 468,000	$ 335,000
Long | Forward Purchase Commitments | United States of America, Dollars
Derivative [Line Items]
Notional amount	163,773	8,006
Short | TBAs | United States of America, Dollars
Derivative [Line Items]
Notional amount	$ 0	$ 40,000

Other assets and liabilities _4

Other assets and liabilities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash as collateral for certain derivatives	$ 12.3	$ 9.6
Cash collateral posted by company	15	1.3
Cash pledged as collateral against derivatives related to variation margin	$ (2.7)	$ 8.3

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
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Included within Net unrealized gain/(loss)	$ (19,969)	$ 49,917
Included within Net realized gain/(loss)	10,002	25,653
Total income/(loss)	(9,967)	75,570
TBAs | Long
Derivative Instruments, Gain (Loss) [Line Items]
Included within Net unrealized gain/(loss)	5	(211)
TBAs | Short
Derivative Instruments, Gain (Loss) [Line Items]
Included within Net unrealized gain/(loss)	(899)	3,645
Included within Net realized gain/(loss)	179	9,946
Forward Purchase Commitments
Derivative Instruments, Gain (Loss) [Line Items]
Included within Net unrealized gain/(loss)	2,311	79
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Included within Net unrealized gain/(loss)	(21,386)	46,404
Included within Net realized gain/(loss)	$ 9,823	$ 15,707

Other assets and liabilities _6

Other assets and liabilities - Summary of TBAs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
To Be Announced Securities, Liability [Roll Forward]
Receivable/(Payable) from/to Broker	$ 264		$ 801
Due to broker	(316)		(7)
Derivative Asset	6,379		18,499
Derivative Liability	(609)		$ (9)
TBAs | Long
To Be Announced Securities, Assets [Roll Forward]
Beginning Notional Amount	0	$ 0
Buys or Covers	10,000	150,000
Sales or Shorts	(10,000)	0
Ending Notional Amount	0	150,000
To Be Announced Securities, Liability [Roll Forward]
Buys or Covers	10,000	150,000
Sales or Shorts	(10,000)	0
Fair Value as of Period End	0	150,270
Receivable/(Payable) from/to Broker	5
Due to broker		(150,481)
Derivative Asset	8	0
Derivative Liability	(3)	(211)
TBAs | Short
To Be Announced Securities, Assets [Roll Forward]
Buys or Covers	100,000	1,320,852
Sales or Shorts	(60,000)	(934,889)
To Be Announced Securities, Liability [Roll Forward]
Beginning Notional Amount	(40,000)	(385,963)
Buys or Covers	100,000	1,320,852
Sales or Shorts	(60,000)	(934,889)
Ending Notional Amount	0	0
Fair Value as of Period End	0	0
Receivable/(Payable) from/to Broker		3,631
Due to broker	(249)
Derivative Asset	2	6,733
Derivative Liability	$ (251)	$ (3,102)

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
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net Income/(Loss)	$ 12,540	$ (13,202)
Dividends on preferred stock	(4,586)	(4,586)
Net income/(loss) available to common stockholders	$ 7,954	$ (17,788)
Denominator:
Basic weighted average common shares outstanding (in shares)	21,066	23,915
Diluted weighted average common shares outstanding (in shares)	21,066	23,915
Earnings/(Loss) Per Share of Common Stock
Basic (in dollars per share)	$ 0.38	$ (0.74)
Diluted (in dollars per share)	$ 0.38	$ (0.74)

Earnings per share - Summary _2

Earnings per share - Summary of common stock dividends (Details) - $ / shares	Mar. 15, 2023	Mar. 18, 2022
Earnings Per Share [Abstract]
Dividends declared per share (in dollars per share)	$ 0.18	$ 0.21

Earnings per share - Summary _3

Earnings per share - Summary of preferred stock dividends (Details) - $ / shares		3 Months Ended
	Feb. 22, 2021	Mar. 31, 2023	Feb. 16, 2023	Feb. 18, 2022
8.25% Series A
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Dividend percentage	8.25%	8.25%
Dividends payable (in dollars per share)			$ 0.51563	$ 0.51563
8.00% Series B
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Dividend percentage	8%	8%
Dividends payable (in dollars per share)			0.50	0.50
8.000% Series C
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Dividend percentage	8%	8%
Dividends payable (in dollars per share)			$ 0.50	$ 0.50

Income taxes (Details)

Income taxes (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Excise tax expense	$ 0	$ 0
Accrued income tax expense	$ 200,000	9,000
Deferred tax assets		$ 30,800,000	$ 30,200,000

Related party transactions - Na

Related party transactions - Narrative (Details)				3 Months Ended	12 Months Ended	36 Months Ended
	Nov. 22, 2021 USD ($) shares	Apr. 07, 2021 shares	Apr. 15, 2020 shares	Mar. 31, 2023 USD ($) director shares	Dec. 31, 2022 USD ($)	Mar. 31, 2023 USD ($) director shares	Nov. 14, 2019	May 15, 2019	Aug. 29, 2017
Related Party Transaction [Line Items]
Renewal term				1 year
Management fee percentage				1.50%		1.50%
Management fee payable				$ 2,100,000	$ 2,100,000	$ 2,100,000
Number of independent directors | director				4		4
Director's fee				$ 150,000
Directors fees paid in cash				70,000		$ 70,000
Director fees paid in stock				$ 80,000		$ 80,000
LOTS I
Related Party Transaction [Line Items]
Loan securitization, ownership interest								47.50%
LOTS II
Related Party Transaction [Line Items]
Loan securitization, ownership interest							50%
Arc Home
Related Party Transaction [Line Items]
Loan securitization, ownership interest				44.60%		44.60%
MATT Non-QM Loans
Related Party Transaction [Line Items]
Loan securitization, ownership interest									44.60%
Arc Home | Agency Excess MSRs
Related Party Transaction [Line Items]
Related party purchase commitment					800,000
Residential Mortgage
Related Party Transaction [Line Items]
Fair Value				$ 130,741,000	421,451,000	$ 130,741,000
Residential Mortgage | Arc Home
Related Party Transaction [Line Items]
Fair Value					500,000
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				535,530		535,530
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
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]
Due to related parties				$ 1,400,000	1,300,000	$ 1,400,000
Limited Liability Company | Incentive Fee To Manager
Related Party Transaction [Line Items]
Incentive fee expense				0
Annual incentive fee	15%
Cumulative hurdle percentage	8%
Equity hurdle base amount	$ 341,500,000
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						131,136
Audit Committee Chairman
Related Party Transaction [Line Items]
Additional annual fees				25,000
Compensation And Nomination Committee Chairman
Related Party Transaction [Line Items]
Additional annual fees				10,000
Corporate Governance Committee Chairman
Related Party Transaction [Line Items]
Additional annual fees				10,000
Non-Executive Chair
Related Party Transaction [Line Items]
Director's fee				60,000
Directors fees paid in cash				30,000		$ 30,000
Director fees paid in stock				$ 30,000		$ 30,000

Related party transactions - Ma

Related party transactions - Management Fee to Affiliate (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Related Party Transactions [Abstract]
Management fee to affiliate	[1]	$ 2,075	$ 1,962
[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) - Expense Reimbursements To Affiliates - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Related Party Transaction [Line Items]
Expense reimbursements to Manager or its affiliates	$ 1,565	$ 2,511
Non-Investment Related Expenses
Related Party Transaction [Line Items]
Expense reimbursements to Manager or its affiliates	1,400	1,405
Investment Related Expenses
Related Party Transaction [Line Items]
Expense reimbursements to Manager or its affiliates	102	135
Transaction Related Expenses
Related Party Transaction [Line Items]
Expense reimbursements to Manager or its affiliates	$ 63	$ 971

Related party transactions - Sc

Related party transactions - Schedule of Investments in Debt and Equity of Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Equity in earnings/(loss) from affiliates	$ 16	$ (2,054)
Arc Home
Related Party Transaction [Line Items]
Equity in earnings/(loss) from affiliates	(2,140)	(1,670)
MATT Non-QM Loans
Related Party Transaction [Line Items]
Equity in earnings/(loss) from affiliates	1,625	(889)
Land Related Financing
Related Party Transaction [Line Items]
Equity in earnings/(loss) from affiliates	339	502
Re- and Non-Performing Loans
Related Party Transaction [Line Items]
Equity in earnings/(loss) from affiliates	192	$ 3
Assets
Related Party Transaction [Line Items]
Investments, assets	89,075		$ 92,579
Cash and Other assets/(liabilities)	1,355		3,290
Assets | Arc Home
Related Party Transaction [Line Items]
Investments, assets	37,540		39,680
Assets | Real Estate Securities
Related Party Transaction [Line Items]
Real Estate Securities, Excess MSRs and Loans, at fair value	50,180		49,609
Assets | MATT Non-QM Loans
Related Party Transaction [Line Items]
Real Estate Securities, Excess MSRs and Loans, at fair value	31,581		31,067
Assets | Land Related Financing
Related Party Transaction [Line Items]
Real Estate Securities, Excess MSRs and Loans, at fair value	10,814		10,688
Assets | Re- and Non-Performing Loans
Related Party Transaction [Line Items]
Real Estate Securities, Excess MSRs and Loans, at fair value	7,785		7,854
Liabilities
Related Party Transaction [Line Items]
Investments, liabilities	(19,437)		(21,515)
Cash and Other assets/(liabilities)	(706)		(700)
Liabilities | Arc Home
Related Party Transaction [Line Items]
Investments, liabilities	0		0
Liabilities | Real Estate Securities
Related Party Transaction [Line Items]
Real Estate Securities, Excess MSRs and Loans, at fair value	(18,731)		(20,815)
Liabilities | MATT Non-QM Loans
Related Party Transaction [Line Items]
Real Estate Securities, Excess MSRs and Loans, at fair value	(15,210)		(16,409)
Liabilities | Land Related Financing
Related Party Transaction [Line Items]
Real Estate Securities, Excess MSRs and Loans, at fair value	0		0
Liabilities | Re- and Non-Performing Loans
Related Party Transaction [Line Items]
Real Estate Securities, Excess MSRs and Loans, at fair value	(3,521)		(4,406)
Equity
Related Party Transaction [Line Items]
Investments, equity	69,638		71,064
Cash and Other assets/(liabilities)	(649)		(2,590)
Equity | Arc Home
Related Party Transaction [Line Items]
Investments, equity	37,540		39,680
Equity | Real Estate Securities
Related Party Transaction [Line Items]
Real Estate Securities, Excess MSRs and Loans, at fair value	(31,449)		(28,794)
Equity | MATT Non-QM Loans
Related Party Transaction [Line Items]
Real Estate Securities, Excess MSRs and Loans, at fair value	(16,371)		(14,658)
Equity | Land Related Financing
Related Party Transaction [Line Items]
Real Estate Securities, Excess MSRs and Loans, at fair value	(10,814)		(10,688)
Equity | Re- and Non-Performing Loans
Related Party Transaction [Line Items]
Real Estate Securities, Excess MSRs and Loans, at fair value	$ (4,264)		$ (3,448)

Related party transactions - As

Related party transactions - Asset Management Fees Paid (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Transactions with Red Creek Asset Management LLC
Related Party Transaction [Line Items]
Fees paid to Asset Manager	$ 683	$ 573

Related party transactions - Su

Related party transactions - Summary of loans sold (Details) - Residential Mortgage - AG Arc LLC - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Residential mortgage loans sold by Arc Home to the Company
Related Party Transaction [Line Items]
Balance of loans sold during period	$ 0	$ 377,832
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	$ 90,584	$ 125,702

Related party transactions - Pr

Related party transactions - Profits Eliminated (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Eliminations | Arc Home
Related Party Transaction [Line Items]
Gross profit	$ 0	$ 2,356

Equity - Narrative (Details)

Equity - Narrative (Details)			1 Months Ended				3 Months Ended		25 Months Ended	71 Months Ended
	Feb. 22, 2021 USD ($)	May 05, 2017 USD ($)	May 05, 2023 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) period $ / shares shares	Feb. 28, 2023 USD ($) $ / shares shares	Jan. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) period director $ / shares shares	Mar. 31, 2022 shares	Mar. 31, 2023 USD ($) period $ / shares shares	Mar. 31, 2023 USD ($) period $ / shares shares	May 04, 2023 USD ($)	Dec. 31, 2022 shares	Aug. 03, 2022 USD ($)	Jun. 30, 2022 USD ($)	May 07, 2021 USD ($)	Nov. 03, 2015 USD ($)
Class of Stock [Line Items]
Capital available for issuance | $															$ 1,000,000,000
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								$ 48,300,000
Net proceeds from issuance of stock (in shares)							0			2,200,000
2015 Repurchase Program
Class of Stock [Line Items]
Authorized amount for stock repurchase | $														$ 25,000,000		$ 25,000,000
Shares repurchased (in shares)				746,650	85,438	91,173	923,261	0
Average cost (in dollars per share) | $ / shares				$ 5.62	$ 6.26	$ 5.66	$ 5.68
Value of common stock remained authorized for future share repurchases | $				$ 2,569,940	$ 6,766,462	$ 7,300,982	$ 2,569,940		$ 2,569,940	$ 2,569,940
2022 Repurchase Program
Class of Stock [Line Items]
Authorized amount for stock repurchase | $													$ 15,000,000
Value of common stock remained authorized for future share repurchases | $				$ 2,600,000			$ 2,600,000		$ 2,600,000	$ 2,600,000
2022 Repurchase Program | Subsequent Event
Class of Stock [Line Items]
Shares repurchased (in shares)			144,772
Stock repurchased value | $			$ 800,000
Average cost (in dollars per share) | $ / shares			$ 5.85
Value of common stock remained authorized for future share repurchases | $			$ 1,700,000
2023 Repurchase Program | Subsequent Event
Class of Stock [Line Items]
Authorized amount for stock repurchase | $											$ 15,000,000
Value of common stock remained authorized for future share repurchases | $											$ 15,000,000
Preferred Repurchase Program
Class of Stock [Line Items]
Authorized amount for stock repurchase | $	$ 20,000,000
Shares repurchased (in shares)									0
8.25% Series A Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred stock dividend percentage	8.25%						8.25%
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 dividend percentage	8%						8%
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 dividend percentage	8%						8%
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 Stock Repu

Equity - Schedule of Stock Repurchase Programs (Details) - 2015 Repurchase Program - USD ($)	1 Months Ended			3 Months Ended
	Mar. 31, 2023	Feb. 28, 2023	Jan. 31, 2023	Mar. 31, 2023	Mar. 31, 2022
Class of Stock [Line Items]
Total Number of Shares Purchased (in shares)	746,650	85,438	91,173	923,261	0
Weighted Average Price Paid per Share (in dollars per share)	$ 5.62	$ 6.26	$ 5.66	$ 5.68
Total Number of Shares Purchased as Part of Publicly Announced Program (in shares)	746,650	85,438	91,173	923,261
Maximum Approximate Dollar Value that May Yet Be Purchased Under the Program	$ 2,569,940	$ 6,766,462	$ 7,300,982	$ 2,569,940

Equity - Schedule of Preferred

Equity - Schedule of Preferred Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended
	Feb. 22, 2021	Mar. 31, 2023	Dec. 31, 2022
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
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%	8.25%
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%	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%	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%

Commitments and Contingencies -

Commitments and Contingencies - Schedule of outstanding commitments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Long-term Purchase Commitment [Line Items]
Total Commitment	$ 179,860
Funded Commitment	10,814
Remaining Commitment	169,046
Non-Agency and Agency-Eligible Loans
Long-term Purchase Commitment [Line Items]
Total Commitment	166,516
Funded Commitment	0
Remaining Commitment	166,516
Land Related Financing
Long-term Purchase Commitment [Line Items]
Total Commitment	13,344
Funded Commitment	10,814
Remaining Commitment	$ 2,530

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	1 Months Ended
	May 05, 2023	May 04, 2023	Mar. 31, 2023	Feb. 16, 2023	Aug. 03, 2022	Feb. 18, 2022
2022 Repurchase Program
Subsequent Event [Line Items]
Value of common stock remained authorized for future share repurchases			$ 2,600,000
Authorized amount for stock repurchase					$ 15,000,000
2022 Repurchase Program | Subsequent Event
Subsequent Event [Line Items]
Shares repurchased (in shares)	144,772
Stock repurchased value	$ 800,000
Average cost (in dollars per share)	$ 5.85
Value of common stock remained authorized for future share repurchases	$ 1,700,000
2023 Repurchase Program | Subsequent Event
Subsequent Event [Line Items]
Value of common stock remained authorized for future share repurchases		$ 15,000,000
Authorized amount for stock repurchase		$ 15,000,000
8.25% Series A Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Dividends payable (in dollars per share)				$ 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)				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)				$ 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