AG Mortgage Investment Trust (MITT) 10-Q 6 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Aug. 01, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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		29,492,984
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
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
February 2029 Senior Unsecured Notes
Document Information [Line Items]
Title of 12(b) Security	9.500% Senior Notes due 2029
Trading Symbol	MITN
Security Exchange Name	NYSE
May 2029 Senior Unsecured Notes
Document Information [Line Items]
Title of 12(b) Security	9.500% Senior Notes due 2029
Trading Symbol	MITP
Security Exchange Name	NYSE

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Jun. 30, 2024	Dec. 31, 2023
Assets
Real estate securities, at fair value - $625,296 and $155,115 pledged as collateral, respectively		$ 689,929	$ 162,821
Cash and cash equivalents		120,912	111,534
Restricted cash		27,522	14,039
Other assets		47,325	40,716
Total Assets		7,100,101	6,126,428
Liabilities
Securitized debt, at fair value	[1]	5,117,189	4,711,623
Financing arrangements		1,235,805	767,592
Convertible senior unsecured notes		78,849	85,266
Senior unsecured notes		95,380	0
Dividend payable		5,600	1,472
Other liabilities	[2]	33,776	32,107
Total Liabilities		6,566,599	5,598,060
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 29,474 and 29,437 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively		295	294
Additional paid-in capital		824,106	823,715
Retained earnings/(deficit)		(511,371)	(516,113)
Total Stockholders’ Equity		533,502	528,368
Total Liabilities and Stockholders’ Equity		7,100,101	6,126,428
Investment, Affiliated Issuer
Assets
Investments in debt and equity of affiliates		54,351	55,103
Residential Mortgage
Assets
Loans held-for-sale, fair value		87,077	0
Legacy WMC Commercial Loans
Assets
Mortgage loans		66,753	66,303
Total Residential Investments
Assets
Real estate securities, at fair value - $625,296 and $155,115 pledged as collateral, respectively		689,929	162,821
Securitized Residential Mortgage Loans | Residential Mortgage
Assets
Mortgage loans	[1]	5,791,846	5,358,281
VIE, Not Primary Beneficiary
Assets
Real estate securities, at fair value - $625,296 and $155,115 pledged as collateral, respectively		57,392	37,533
VIE, Not Primary Beneficiary | Residential Mortgage
Assets
Mortgage loans		$ 214,386	$ 317,631
[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. The "Securitized debt, at fair value" is collateralized by the "Securitized residential mortgage loans, at fair value" held within the securitization trusts. See Note 3 and Note 6 for additional details. 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	Jun. 30, 2024	Dec. 31, 2023
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)	29,474,000	29,437,000
Common stock, shares outstanding (in shares)	29,474,000	29,437,000
Residential Portfolio Segment
Fair Value	$ 6,093,309	$ 5,675,912
Residential Mortgage
Fair Value	301,463	317,631
Loans held-for-sale, fair value	87,077	0
Residential Mortgage | Residential Portfolio Segment
Fair Value	301,463	317,631
Residential Mortgage | Asset Pledged as Collateral | Residential Portfolio Segment
Loans held-for-sale, fair value	87,077	0
Residential Mortgage | Securitized Residential Mortgage Loans
Fair Value	5,791,846	5,358,281
Residential Mortgage | Securitized Residential Mortgage Loans | Residential Portfolio Segment
Fair Value	5,791,846	5,358,281
Residential Mortgage | Securitized Residential Mortgage Loans | Asset Pledged as Collateral | Residential Portfolio Segment
Fair Value	675,429	645,876
Residential Mortgage | VIE, Not Primary Beneficiary | Asset Pledged as Collateral | Residential Portfolio Segment
Fair Value	206,902	315,225
Legacy WMC Commercial Loans
Fair Value	66,753	66,303
Legacy WMC Commercial Loans | Commercial Portfolio Segment
Fair Value	66,753	66,303
Legacy WMC Commercial Loans | Asset Pledged as Collateral | Commercial Portfolio Segment
Fair Value	66,753	66,303
Total Residential Investments
Real estate securities, at fair value, pledged as collateral	$ 625,296	$ 155,115

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net Interest Income
Interest income		$ 99,815	$ 60,788	$ 195,387	$ 118,591
Interest expense		83,434	49,429	161,827	95,617
Total Net Interest Income		16,381	11,359	33,560	22,974
Other Income/(Loss)
Net interest component of interest rate swaps		2,367	1,784	4,267	2,804
Net realized gain/(loss)		1,963	1,944	860	2,044
Net unrealized gain/(loss)		(9,226)	(206)	788	8,511
Total Other Income/(Loss)		(4,896)	3,522	5,915	13,359
Expenses
Non-investment related expenses	[1]	2,746	2,574	5,860	5,394
Investment related expenses	[1]	3,491	2,232	6,774	4,558
Transaction related expenses	[1]	481	396	1,480	2,103
Total Expenses		8,471	7,263	17,608	16,191
Income/(loss) before equity in earnings/(loss) from affiliates		3,014	7,618	21,867	20,142
Equity in earnings/(loss) from affiliates		911	438	2,948	454
Net Income/(Loss)		3,925	8,056	24,815	20,596
Dividends on preferred stock		(4,586)	(4,586)	(9,172)	(9,172)
Net Income/(Loss) Available to Common Stockholders		$ (661)	$ 3,470	$ 15,643	$ 11,424
Earnings/(Loss) Per Share of Common Stock
Basic (in dollars per share)		$ (0.02)	$ 0.17	$ 0.53	$ 0.55
Diluted (in dollars per share)		$ (0.02)	$ 0.17	$ 0.53	$ 0.55
Weighted Average Number of Shares of Common Stock Outstanding
Basic (in shares)		29,474	20,249	29,463	20,655
Diluted (in shares)		29,474	20,249	29,490	20,655
Affiliated Entity
Expenses
Management fee to affiliate	[1]	$ 1,753	$ 2,061	$ 3,494	$ 4,136
[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, 2022		21,284
Beginning balance at Dec. 31, 2022	$ 462,800	$ 212	$ 220,472	$ 778,606	$ (536,490)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Grant of restricted stock and amortization of equity based compensation (in shares)		31
Grant of restricted stock and amortization of equity based compensation	174	$ 1		173
Repurchase of common stock (in shares)		(1,110)
Repurchase of common stock	(6,352)	$ (11)		(6,341)
Common dividends declared	(7,321)				(7,321)
Preferred dividends declared	(9,172)				(9,172)
Net Income/(Loss)	20,596				20,596
Ending balance (in shares) at Jun. 30, 2023		20,205
Ending balance at Jun. 30, 2023	460,725	$ 202	220,472	772,438	(532,387)
Beginning balance (in shares) at Mar. 31, 2023		20,377
Beginning balance at Mar. 31, 2023	461,913	$ 204	220,472	773,457	(532,220)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Grant of restricted stock and amortization of equity based compensation (in shares)		15
Grant of restricted stock and amortization of equity based compensation	87			87
Repurchase of common stock (in shares)		(187)
Repurchase of common stock	(1,108)	$ (2)		(1,106)
Common dividends declared	(3,637)				(3,637)
Preferred dividends declared	(4,586)				(4,586)
Net Income/(Loss)	8,056				8,056
Ending balance (in shares) at Jun. 30, 2023		20,205
Ending balance at Jun. 30, 2023	$ 460,725	$ 202	220,472	772,438	(532,387)
Beginning balance (in shares) at Dec. 31, 2023	29,437	29,437
Beginning balance at Dec. 31, 2023	$ 528,368	$ 294	220,472	823,715	(516,113)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Grant of restricted stock and amortization of equity based compensation (in shares)		37
Grant of restricted stock and amortization of equity based compensation	392	$ 1		391
Common dividends declared	(10,901)				(10,901)
Preferred dividends declared	(9,172)				(9,172)
Net Income/(Loss)	$ 24,815				24,815
Ending balance (in shares) at Jun. 30, 2024	29,474	29,474
Ending balance at Jun. 30, 2024	$ 533,502	$ 295	220,472	824,106	(511,371)
Beginning balance (in shares) at Mar. 31, 2024		29,453
Beginning balance at Mar. 31, 2024	539,565	$ 295	220,472	823,908	(505,110)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Grant of restricted stock and amortization of equity based compensation (in shares)		21
Grant of restricted stock and amortization of equity based compensation	198			198
Common dividends declared	(5,600)				(5,600)
Preferred dividends declared	(4,586)				(4,586)
Net Income/(Loss)	$ 3,925				3,925
Ending balance (in shares) at Jun. 30, 2024	29,474	29,474
Ending balance at Jun. 30, 2024	$ 533,502	$ 295	$ 220,472	$ 824,106	$ (511,371)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash Flows from Operating Activities
Net income/(loss)	$ 24,815	$ 20,596
Adjustments to reconcile net income/(loss) to net cash provided by (used in) operating activities:
Net amortization of premium/(discount)	4,684	4,158
Net realized (gain)/loss	(860)	(2,044)
Net unrealized (gain)/loss	(788)	(8,511)
Grant of restricted stock and amortization of equity based compensation	392	174
Equity in (earnings)/loss from affiliates	(2,948)	(454)
Distributions of income from investments in debt and equity of affiliates	1,098	741
Change in operating assets/liabilities:
Other assets	1,901	(1,804)
Other liabilities	(2,590)	2,237
Net cash provided by (used in) operating activities	25,704	15,093
Cash Flows from Investing Activities
Purchases of residential mortgage loans	(713,897)	(242,757)
Purchases of real estate securities	(576,266)	(276,534)
Investments in debt and equity of affiliates	0	(4,107)
Proceeds from sales of residential mortgage loans	0	167,352
Proceeds from sales of real estate securities	39,176	0
Principal repayments on residential mortgage loans	312,147	171,344
Principal repayments on real estate securities	8,018	5,781
Distributions received in excess of income from investments in debt and equity of affiliates	3,207	7,073
Net settlement of interest rate swaps and other instruments	4,374	12,366
Net settlement of TBAs	24	(65)
Cash flows provided by other investing activities	1,701	2,788
Net cash provided by (used in) investing activities	(921,516)	(156,759)
Cash Flows from Financing Activities
Repurchase of common stock	0	(6,352)
Net borrowings under (repayments of) financing arrangements	474,626	105,824
Principal repayments on fixed-rate long-term financing arrangements	(5,596)	0
Proceeds from issuance of senior unsecured notes	95,217	0
Repurchases of convertible senior unsecured notes	(7,059)	0
Deferred financing costs paid	(142)	(9)
Proceeds from issuance of securitized debt	662,024	235,709
Principal repayments on securitized debt	(284,452)	(161,369)
Net collateral received from (paid to) derivative counterparty	0	(8,874)
Dividends paid on common stock	(6,773)	(7,530)
Dividends paid on preferred stock	(9,172)	(9,172)
Net cash provided by (used in) financing activities	918,673	148,227
Net change in cash and cash equivalents and restricted cash	22,861	6,561
Cash and cash equivalents and restricted cash, Beginning of Period	125,573	98,803
Cash and cash equivalents and restricted cash, End of Period	148,434	105,364
Supplemental disclosure of cash flow information:
Cash paid for interest on financing arrangements and securitized debt	144,252	87,632
Cash paid for income taxes	141	225
Supplemental disclosure of non-cash financing and investing activities:
Common stock dividends declared but not paid	5,600	3,637
Transfer from residential mortgage loans to other assets	$ 3,313	$ 1,353

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 120,912	$ 80,308
Restricted cash	27,522	25,056
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$ 148,434	$ 105,364

Organization

Organization	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization AG Mortgage Investment Trust, Inc. (the "Company" or "MITT") 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 the Company owns an approximate 44.6% interest, and through other third-party origination partners. On December 6, 2023, the Company acquired Western Asset Mortgage Capital Corporation ("WMC"), an externally managed mortgage REIT that focused on investing in, financing and managing a portfolio of residential mortgage loans, real estate related securities, and commercial real estate loans. For more information, refer to the "WMC Acquisition" section below. The Company’s assets, excluding its ownership in Arc Home, include Residential Investments, Agency RMBS and Legacy WMC Commercial Investments. 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 RMBS (2) • Non-Agency Residential Mortgage-Backed Securities ("RMBS") represent fixed- and floating-rate RMBS issued by entities other than U.S. GSEs or agencies of the U.S. government. 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. Legacy WMC Commercial Investments (3) Commercial Loans • Commercial loans represent first lien commercial mortgage loans participations. CMBS (2) • Commercial Mortgage-Backed Securities ("CMBS") represent investments of fixed-rate and floating-rate CMBS, secured by, or evidencing an ownership interest in, a single commercial mortgage loan or a pool of commercial mortgage loans. (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. (3) The Company's investments include commercial loans, CMBS and other securities (collectively, the "Legacy WMC Commercial Investments") that were acquired in the WMC acquisition. The Company expects to either hold the Legacy WMC Commercial Investments until maturity or opportunistically exit these investments. 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. ("TPG Angelo Gordon"), a diversified credit and real estate investing platform within TPG Inc. ("TPG"). The Manager has delegated to TPG Angelo Gordon the overall responsibility of its day-to-day duties and obligations arising under the management agreement. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. WMC Acquisition On December 6, 2023 (the "Closing Date"), the Company completed its acquisition of WMC, a Delaware corporation. WMC was an externally managed mortgage REIT that focused on investing in, financing and managing a portfolio of residential mortgage loans, real estate related securities, and commercial real estate loans. On the Closing Date, WMC merged with and into AGMIT Merger Sub, LLC, a Delaware limited liability company and wholly owned subsidiary of the Company ("Merger Sub"), with Merger Sub continuing as the surviving company (the "Merger"). As contemplated by the Agreement and Plan of Merger, dated as of August 8, 2023 (the "Merger Agreement"), the certificate of merger was filed with the Secretary of State of the State of Delaware, and the Merger was effective at 8:15 a.m., Eastern Time, on the Closing Date (the "Effective Time"). Pursuant to the terms and subject to the conditions set forth in the Merger Agreement, at the Effective Time, each outstanding share of WMC common stock, par value $0.01 per share ("WMC Common Stock"), was converted into the right to receive the following (the "Per Share Merger Consideration"): (i) from MITT, 1.498 shares of MITT common stock; and (ii) from the Manager, a cash amount equal to $0.92 (the "Per Share Additional Manager Consideration"). No fractional shares of MITT common stock were issued in the Merger, and the value of any fractional interests to which a former holder of WMC Common Stock was otherwise entitled was paid in cash. Pursuant to the Merger Agreement, the amount of the Per Share Additional Manager Consideration was reduced by the smallest amount (rounded to the nearest cent) necessary to cause the Per Share Additional Manager Consideration to be less than 10% of the total value of the Per Share Merger Consideration received by a holder of WMC Common Stock under the Merger Agreement. Pursuant to the previously disclosed amendment to the Company's management agreement, dated as of August 8, 2023, by and between MITT and the Manager (the "MITT Management Agreement Amendment"), which became effective on the Closing Date and amends the existing management agreement, dated as of June 29, 2011 (as amended, the "Existing MITT Management Agreement"), (i) the Manager will waive its right to seek reimbursement from MITT for any expenses otherwise reimbursable by MITT under the Existing MITT Management Agreement in an amount equal to approximately $1.3 million, which is the excess of $7.0 million over the aggregate Per Share Additional Manager Consideration paid by the Manager to the holders of WMC Common Stock under the Merger Agreement, and (ii) the Manager’s base management fee will be reduced by $0.6 million for the first four quarters following the Effective Time, beginning with the fiscal quarter in which the Effective Time occurred (i.e., resulting in an aggregate $2.4 million waiver of base management fees). Additionally, each outstanding share of WMC’s restricted common stock and each WMC restricted stock unit (each, a "WMC Equity Award") vested in full immediately prior to the Effective Time and, as of the Effective Time, was considered outstanding for all purposes of the Merger Agreement, including the right to receive the Per Share Merger Consideration, except that WMC Equity Awards granted to certain members of the WMC board of directors at WMC’s 2023 annual stockholders’ meeting (collectively, the "2023 WMC Director Awards") were treated as follows: (i) for M. Christian Mitchell and Lisa G. Quateman, who were appointed to the MITT board of directors as of the Effective Time, the 2023 WMC Director Awards were equitably adjusted effective as of the Effective Time into awards relating to shares of MITT common stock that have the same value, vesting terms and other terms and conditions as applied to the corresponding WMC restricted stock units immediately prior to the Effective Time and (ii) for the other members of the WMC board of directors, the 2023 WMC Director Awards accelerated and vested pro-rata effective as of immediately prior to the Effective Time based on a fraction, the numerator of which was 166 (the number of days between the grant date and the Closing Date) and the denominator of which was 365, and the remaining unvested portion of such 2023 WMC Director Awards was cancelled without any consideration. Pursuant to the Merger Agreement, approximately 9.2 million shares of MITT common stock were issued to former WMC common stockholders and, following the consummation of the Merger, former WMC common stockholders owned approximately 31% of the common equity of MITT. Purchase Price Allocation The Company completed the WMC acquisition on December 6, 2023 to support continued growth of the Company and to create efficiency and scale for stockholders. The Company accounted for this transaction in accordance with Accounting Standards Codification ("ASC") 805, "Business Combinations" using the acquisition method of accounting , which requires, among other things, that the assets acquired and liabilities assumed be recognized at fair value as of the acquisition date. The following table summarizes the allocation of the total consideration paid to acquire the assets and assume the liabilities of WMC (in thousands, except exchange ratio and per share amounts). Consideration WMC shares outstanding at December 5, 2023 (1) 6,143 Exchange Ratio 1.498 Shares of MITT Common Stock Issued 9,202 MITT Common Stock Price as of December 5, 2023 $ 5.56 MITT Total Consideration (2) $ 51,163 Assets Securitized residential mortgage loans (3) $ 971,781 Residential mortgage loans (3) 6,046 Commercial loans 78,459 Non-Agency RMBS 48,200 CMBS 56,301 Other securities 1,159 Agency RMBS 745 Cash and cash equivalents 5,316 Restricted cash 873 Other assets 24,654 Total Assets $ 1,193,534 Liabilities Securitized debt $ 837,317 Financing arrangements 171,170 Convertible senior unsecured notes 85,172 Other liabilities 18,522 Total Liabilities $ 1,112,181 Net Assets Acquired $ 81,353 Bargain purchase gain $ 30,190 (1) For time-based restricted stock units granted by WMC that fully vested as of the Closing Date, the fair value of the Company’s common stock issued in the satisfaction of these units was included in equity consideration transferred as no post acquisition service was required. (2) MITT Total Consideration does not include the Per Share Additional Manager Consideration paid by the Manager to former holders of WMC Common Stock. (3) The unpaid principal balance of residential mortgage loans acquired in connection with the Merger was $1.1 billion. The fair value of the assets acquired and liabilities assumed required the use of significant assumptions and estimates. Critical estimates included, but were not limited to, future expected cash flows related to these assets and liabilities and the applicable discount rates. These estimates were based on assumptions that management believes to be reasonable; however, actual results may differ from these estimates. The assessment of fair value is based on information that was available to management at the time the consolidated financial statements were prepared. Those estimates and assumptions are subject to change as management obtains additional information related to those estimates during the applicable measurement period. The final determination must occur within one year of the acquisition date. Under the acquisition method of accounting, merger-related transaction costs (such as advisory, legal, valuation, and other professional fees) are not included as components of consideration transferred but are expensed in the periods in which the costs are incurred. The Company incurred transaction costs of $6.0 million during the third and fourth quarters of 2023, which were included in the "Transaction related expenses" line item in the consolidated statements of operations. At acquisition, the Company recognized a bargain purchase gain of $30.2 million which was separately recorded in the consolidated statements of operations. The bargain purchase gain represents the amount by which the fair value of the net assets acquired in the acquisition exceeds the fair value of the shares of MITT common stock issued as consideration at the Effective Time. As a result of macroeconomic factors and interest rate volatility, the prices per share of common stock of certain companies within the mortgage REIT industry have traded at discounts to book values per share in recent periods, which contributed to the bargain purchase gain recorded on the WMC acquisition. Unaudited Supplemental Pro Forma Financial Information The following table presents unaudited pro forma combined interest income and net income/(loss) available to common stockholders for the six months ended June 30, 2023 prepared as if the Merger had been consummated on January 1, 2022 (in thousands). Six months ended June 30, 2023 Interest income $ 156,655 Net Income/(Loss) Available to Common Stockholders 10,229

Summary of significant accounti

Summary of significant accounting policies	6 Months Ended
	Jun. 30, 2024
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. 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, 2023 . 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, 2023 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 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), 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 Non-Agency VIEs and RPL/NPL 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 Non-Agency VIEs and RPL/NPL 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 Non-Agency VIEs and RPL/NPL 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 Non-Agency VIEs and RPL/NPL 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. Debt issuance costs Debt issuance costs are costs incurred by the Company in connection with the issuance of Senior Unsecured Notes (as defined below) or other financing where the fair value option has not been elected. These costs may include underwriting commissions, rating agency, legal, accounting, and other fees. Debt issuance costs are included on the Company’s consolidated balance sheets as a direct reduction from the related financing liability. These costs are deferred and amortized over the life of the related financing as an adjustment to interest expense using the effective interest method. Recent accounting pronouncements Debt with conversion and other options In August 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-06, "Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging- Contracts in Entity's Own Equity (Subtopic 815-40)." The amendments in this update affect entities that issue convertible instruments and/or contracts in an entity's own equity. For convertible instruments, the instruments primarily affected are those issued with beneficial conversion features or cash conversion features because the accounting models for those specific features are removed. This ASU is effective for the year ended December 31, 2024. The Company's adoption of ASU 2020-06 during the six months ended June 30, 2024 did not have a material impact on the consolidated financial statements. Segment reporting In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." ASU 2023-07 intends to improve reportable segment disclosure requirements, primarily through enhanced disclosures related to significant segment expenses. In addition, this standard is expected to enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss and provides segment disclosure requirements for entities with a single reportable segment. ASU 2023-07 is effective on a retrospective basis for annual periods beginning after December 15, 2023, for interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. The Company does not expect the adoption of the new standard to have a material effect on its consolidated financial statements.

Loans

Loans	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Loans	Loans Residential mortgage loans The tables below detail information regarding the Company’s residential mortgage loan portfolio as of June 30, 2024 and December 31, 2023 ($ in thousands). The gross unrealized gains/(losses) in the table below represent inception to date gains/(losses) since acquisition. Unpaid Principal Balance Gross Unrealized Weighted Average June 30, 2024 Premium Amortized Cost Gains Losses Fair Value Coupon Yield Life Securitized residential mortgage loans, at fair value (2) Non-Agency Loans (3) $ 6,004,579 $ (14,916) $ 5,989,663 $ 27,360 $ (398,432) $ 5,618,591 5.44 % 5.70 % 9.01 Re- and Non-Performing Loans 207,193 (15,627) 191,566 — (18,311) 173,255 4.00 % 6.19 % 5.74 Total Securitized residential mortgage loans, at fair value $ 6,211,772 $ (30,543) $ 6,181,229 $ 27,360 $ (416,743) $ 5,791,846 5.39 % 5.72 % 8.90 Residential mortgage loans, at fair value Non-Agency Loans (4) $ 100,139 $ 1,345 $ 101,484 $ 1,537 $ (683) $ 102,338 8.26 % 7.16 % 3.28 Agency-Eligible Loans 194,047 2,540 196,587 669 (252) 197,004 7.21 % 6.75 % 4.72 Re- and Non-Performing Loans 2,271 (1,433) 838 1,283 — 2,121 N/A 127.29 % 1.53 Total Residential mortgage loans, at fair value $ 296,457 $ 2,452 $ 298,909 $ 3,489 $ (935) $ 301,463 7.57 % 7.74 % 4.21 Total as of June 30, 2024 $ 6,508,229 $ (28,091) $ 6,480,138 $ 30,849 $ (417,678) $ 6,093,309 5.49 % 5.82 % 8.69 Unpaid Principal Balance Gross Unrealized Weighted Average December 31, 2023 Premium Amortized Cost Gains Losses Fair Value Coupon Yield Life Securitized residential mortgage loans, at fair value (2) Non-Agency Loans (3) $ 5,599,960 $ (32,250) $ 5,567,710 $ 29,603 $ (422,144) $ 5,175,169 5.19 % 5.51 % 10.37 Re- and Non-Performing Loans 217,098 (17,465) 199,633 199 (16,720) 183,112 3.88 % 6.30 % 6.10 Total Securitized residential mortgage loans, at fair value $ 5,817,058 $ (49,715) $ 5,767,343 $ 29,802 $ (438,864) $ 5,358,281 5.14 % 5.54 % 10.21 Residential mortgage loans, at fair value Non-Agency Loans $ 92,033 $ 835 $ 92,868 $ 2,222 $ (574) $ 94,516 8.10 % 7.29 % 3.14 Agency-Eligible Loans 212,350 3,535 215,885 4,824 — 220,709 7.94 % 7.28 % 3.37 Re- and Non-Performing Loans 2,604 (1,630) 974 1,432 — 2,406 N/A 112.97 % 1.69 Total Residential mortgage loans, at fair value $ 306,987 $ 2,740 $ 309,727 $ 8,478 $ (574) $ 317,631 7.99 % 8.08 % 3.29 Total as of December 31, 2023 $ 6,124,045 $ (46,975) $ 6,077,070 $ 38,280 $ (439,438) $ 5,675,912 5.28 % 5.68 % 9.86 (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 $87.1 million of Non-Agency Loans classified as held for sale and presented in the "Residential mortgage loans held for sale, at fair value" line item on the consolidated balance sheets as of June 30, 2024. The following tables present information regarding credit quality of the Company's residential mortgage loans ($ in thousands). Unpaid Principal Balance Loan Count (1) Aging by Unpaid Principal Balance (1)(2) June 30, 2024 Current 30-59 Days 60-89 Days 90+ Days Securitized residential mortgage loans Non-Agency Loans $ 6,004,579 14,765 $ 5,849,173 $ 63,462 $ 29,557 $ 62,387 Re- and Non-Performing Loans 207,193 1,410 151,385 14,326 5,411 36,071 Total Securitized residential mortgage loans $ 6,211,772 16,175 $ 6,000,558 $ 77,788 $ 34,968 $ 98,458 Residential mortgage loans Non-Agency Loans $ 100,139 191 $ 91,238 $ 2,457 $ 590 $ 5,854 Agency-Eligible Loans 194,047 494 191,333 2,714 — — Re- and Non-Performing Loans (1) 2,271 N/A N/A N/A N/A N/A Total Residential mortgage loans $ 296,457 685 $ 282,571 $ 5,171 $ 590 $ 5,854 Total as of June 30, 2024 $ 6,508,229 16,860 $ 6,283,129 $ 82,959 $ 35,558 $ 104,312 Unpaid Principal Balance Loan Count (1) Aging by Unpaid Principal Balance (1)(2) December 31, 2023 Current 30-59 Days 60-89 Days 90+ Days Securitized residential mortgage loans Non-Agency Loans $ 5,599,960 13,460 $ 5,446,631 $ 68,242 $ 30,873 $ 54,214 Re- and Non-Performing Loans 217,098 1,495 154,632 17,145 4,780 40,541 Total Securitized residential mortgage loans $ 5,817,058 14,955 $ 5,601,263 $ 85,387 $ 35,653 $ 94,755 Residential mortgage loans Non-Agency Loans $ 92,033 170 $ 83,582 $ 1,010 $ 615 $ 6,826 Agency-Eligible Loans 212,350 536 211,499 851 — — Re- and Non-Performing Loans (1) 2,604 N/A N/A N/A N/A N/A Total Residential mortgage loans $ 306,987 706 $ 295,081 $ 1,861 $ 615 $ 6,826 Total as of December 31, 2023 $ 6,124,045 15,661 $ 5,896,344 $ 87,248 $ 36,268 $ 101,581 (1) Loan count and aging data exclude 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) As of June 30, 2024, the Company had securitized residential mortgage loans and residential mortgage loans that were 90+ days delinquent with a fair value of $44.1 million and loans in the process of foreclosure with a fair value of $53.1 million. As of December 31, 2023, the Company had securitized residential mortgage loans and residential mortgage loans that were 90+ days delinquent with a fair value of $41.7 million and loans in the process of foreclosure with a fair value of $51.8 million. As of June 30, 2024 and December 31, 2023, 10.6% and 12.0%, respectively, of the unpaid principal balance of the Company's securitized residential mortgage loans and residential mortgage loans were adjustable rate mortgages. During the three and six months ended June 30, 2024 and 2023, the Company purchased residential mortgage loans, as detailed below (in thousands). Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Unpaid Principal Balance Fair Value Unpaid Principal Balance Fair Value Unpaid Principal Balance Fair Value Unpaid Principal Balance Fair Value Non-Agency Loans $ 9,460 $ 9,582 $ 159,906 $ 162,524 $ 23,506 $ 23,796 $ 182,456 $ 185,478 Agency-Eligible Loans 406,121 413,619 55,501 56,663 674,207 684,703 55,501 56,663 Total $ 415,581 $ 423,201 $ 215,407 $ 219,187 $ 697,713 $ 708,499 $ 237,957 $ 242,141 The Company did not sell any residential mortgage loans during the three and six months ended June 30, 2024. For the three and six months ended June 30, 2023, the Company sold residential mortgage loans as detailed below ($ in thousands). Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Number of Loans Proceeds Realized Gains Realized Losses Number of Loans Proceeds Realized Gains Realized Losses Non-Agency Loans 165 $ 99,871 $ 1,051 $ (1,400) 281 $ 146,780 $ 1,051 $ (11,145) Agency-Eligible Loans — — — — 47 18,474 69 (85) The Company’s residential mortgage loan portfolio consists 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 June 30, 2024 and December 31, 2023 and includes states where the exposure is greater than 5% of the fair value of the Company's residential mortgage loan portfolio. Geographic Concentration of Credit Risk (1) June 30, 2024 December 31, 2023 California 36 % 38 % New York 12 % 13 % Florida 10 % 10 % Texas 6 % 6 % New Jersey 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. Variable interest entities The Company enters into securitization transactions collateralized by its Non-Agency Loans/Agency-Eligible Loans and re- and non-performing loans, which are considered VIEs. The Company was determined to be the primary beneficiary of certain VIEs and, as a result, consolidated the assets and liabilities of the VIEs on its consolidated balance sheets. In a securitization transaction, a pool of loans is transferred to a wholly-owned subsidiary of the Company and the loans are deposited into a newly created securitization trust. The securitization trust issues various classes of mortgage pass-through certificates backed by the cash flows from the underlying residential mortgage loans (the "Certificates"). As the sponsor of the securitization, the Company retains certain Certificates issued by the securitization trusts in order to satisfy risk retention rules, which generally require the sponsor to retain at least 5% of the fair value of the Certificates issued in the securitization . The Company's continuing involvement in these securitizations represents its retained Certificates and the ability to purchase all of the outstanding Certificates upon the occurrence of certain events through an optional redemption right held by the Company. The Company has also engaged a related party of the Manager and direct subsidiary of TPG Angelo Gordon to act as the servicing administrator of certain securitization trusts. The following table details certain information related to the assets and liabilities of the Non-Agency VIEs as of June 30, 2024 and December 31, 2023 ($ in thousands). June 30, 2024 December 31, 2023 Carrying Value Weighted Average Carrying Value Weighted Average Yield Life (Years) (1) Yield Life (Years) (1) Assets Securitized residential mortgage loans, at fair value (2) $ 5,618,591 5.70 % 9.01 $ 5,175,169 5.51 % 10.37 Other assets 29,551 25,105 Total Assets $ 5,648,142 $ 5,200,274 Liabilities Securitized debt, at fair value (2) (3) $ 5,010,811 5.19 % 6.66 $ 4,597,490 4.94 % 7.52 Other liabilities 19,923 17,269 Total Liabilities $ 5,030,734 $ 4,614,759 Total Equity (4) $ 617,408 $ 585,515 (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 residential mortgage loans in Non-Agency VIEs 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 Non-Agency VIEs. (4) As of June 30, 2024 and December 31, 2023, the Company had outstanding financing arrangements of $330.3 million and $301.2 million, respectively, collateralized by $610.2 million and $578.8 million of the Company's retained interests in the Non-Agency VIEs, respectively. See Note 6 for more detail regarding the Company's financing arrangements. The following table details certain information related to the assets and liabilities of the RPL/NPL VIEs as of June 30, 2024 and December 31, 2023 ($ in thousands). June 30, 2024 December 31, 2023 Carrying Value Weighted Average Carrying Value Weighted Average Yield Life (Years) (1) Yield Life (Years) (1) Assets Securitized residential mortgage loans, at fair value $ 173,255 6.19 % 5.74 $ 183,112 6.30 % 6.10 Restricted cash 12 10 Other assets 2,337 2,056 Total Assets $ 175,604 $ 185,178 Liabilities Securitized debt, at fair value (2) $ 106,378 3.31 % 3.80 $ 114,133 3.25 % 3.77 Other liabilities 314 328 Total Liabilities $ 106,692 $ 114,461 Total Equity (3) $ 68,912 $ 70,717 (1) This is based on projected life. Typically, actual maturities are shorter than stated contractual maturities. Maturities are affected by the contractual lives of the underlying mortgages, periodic payments of principal, and prepayments of principal. (2) The holders of the securitized debt have no recourse to the general credit of the Company. The Company has no obligation to provide any other explicit or implicit support to the RPL/NPL VIEs. (3) As of June 30, 2024 and December 31, 2023, the Company had outstanding financing arrangements of $43.0 million and $44.9 million, respectively, collateralized by $65.3 million and $67.1 million of the Company's retained interests in the RPL/NPL VIEs, respectively. See Note 6 for more detail regarding the Company's financing arrangements. Revolving Mortgage Investment Trust 2015-1QR2 Revolving Mortgage Investment Trust 2015-1QR2 ("RMI 2015 Trust") was acquired in the WMC acquisition and holds Non-Agency Loans and real estate owned ("REO"). RMI 2015 Trust issued a trust certificate that is wholly-owned by the Company and represents the entire beneficial interest in Non-Agency Loans and REO held by the trust. The Company consolidates the trust since it meets the definition of a VIE and the Company was determined to be the primary beneficiary. The Company classifies the underlying Non-Agency Loans and REO owned by the trust in the "Residential mortgage loans, at fair value" and "Other assets" line items on the consolidated balance sheets, respectively, and has eliminated the intercompany trust certificate in consolidation. As of June 30, 2024, the RMI 2015 Trust holds Non-Agency Loans with a fair value of $5.4 million and REO with a carrying value of $3.4 million. As of December 31, 2023, the RMI 2015 Trust held Non-Agency Loans with a fair value of $6.6 million and REO with a carrying value of $3.4 million. Legacy WMC Commercial loans The tables below detail information regarding the Company's Legacy WMC Commercial loan portfolio as of June 30, 2024 and December 31, 2023 ($ in thousands). The gross unrealized gains/(losses) in the table below represent inception to date gains/(losses) since acquisition. June 30, 2024 Premium / (Discount) Amortized Cost Gross Unrealized Gains Fair Value Weighted Average Maturity Date (5) LTV (6) Location Loan (1)(2)(3) Unpaid Principal Balance Coupon Yield Life (Years) (4) Loan A (7) $ 7,259 $ (103) $ 7,156 $ 45 $ 7,201 9.53 % 10.94 % 0.93 5/6/2025 61.63 % IL, FL Loan B (7) 13,206 (186) 13,020 81 13,101 9.53 % 10.94 % 0.93 5/6/2025 75.33 % CA Loan C (7) 24,535 (347) 24,188 150 24,338 9.53 % 10.94 % 0.93 5/6/2025 77.22 % NY Loan D (8) 22,204 (161) 22,043 70 22,113 8.71 % 8.91 % 1.19 8/6/2025 42.50 % CT Total $ 67,204 $ (797) $ 66,407 $ 346 $ 66,753 9.26 % 10.27 % 1.01 63.67 % December 31, 2023 Premium / (Discount) Amortized Cost Gross Unrealized Gains Fair Value Weighted Average Maturity Date (5) LTV (6) Location Loan (1)(2)(3) Unpaid Principal Balance Coupon Yield Life (Years) (4) Loan A (7) $ 7,259 $ (137) $ 7,122 $ 12 $ 7,134 9.55 % 10.16 % 1.44 5/6/2025 61.63 % IL, FL Loan B (7) 13,206 (249) 12,957 22 12,979 9.55 % 10.16 % 1.44 5/6/2025 75.33 % CA Loan C (7) 24,535 (463) 24,072 40 24,112 9.55 % 10.16 % 1.44 5/6/2025 77.22 % NY Loan D (8) 22,204 (147) 22,057 21 22,078 8.72 % 8.17 % 1.69 8/6/2025 42.50 % CT Total $ 67,204 $ (996) $ 66,208 $ 95 $ 66,303 9.27 % 9.50 % 1.52 63.61 % (1) The Company has the contractual right to receive a balloon payment for each loan. (2) Each commercial loan investment is a first mortgage loan. (3) Each commercial loan has a current payment status. (4) Actual maturities of commercial loans may be shorter or longer than stated contractual maturities. Maturities are affected by prepayments of principal. (5) Represents maturity date of the last possible extension option. (6) Represents the LTV at acquisition. (7) Loans A, B, and C have a floating rate coupon equal to 4.20% plus one-month SOFR and are collateralized by hotels. (8)

Real Estate Securities

Real Estate Securities	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 and December 31, 2023 ($ in thousands). The gross unrealized gains/(losses) in the tables below represent inception to date unrealized gains/(losses) since acquisition. Current Face Premium / (Discount) Amortized Cost Gross Unrealized Weighted Average June 30, 2024 Gains Losses Fair Value Coupon (1) Yield Non-Agency RMBS GCAT Non-Agency RMBS (2) GCAT Non-Agency Securities $ 43,794 $ (2,067) $ 41,727 $ — $ (7,115) $ 34,612 4.68 % 6.08 % GCAT Non-Agency RMBS Interest Only (3) N/A N/A 2,362 1,865 — 4,227 0.54 % 34.55 % Total GCAT Non-Agency RMBS 43,794 (2,067) 44,089 1,865 (7,115) 38,839 2.59 % 9.18 % Non-Agency Securities 35,912 (5,092) 30,820 1,576 (123) 32,273 5.72 % 7.43 % Non-Agency RMBS Interest Only (3) N/A N/A 488 35 (7) 516 0.33 % 27.70 % Total Non-Agency RMBS 79,706 (7,159) 75,397 3,476 (7,245) 71,628 2.51 % 8.52 % Legacy WMC CMBS (4) 103,399 (44,809) 58,590 1,144 (7,164) 52,570 5.79 % 19.69 % Legacy WMC Other Securities (5) N/A N/A 1,077 131 — 1,208 N/A 21.06 % Agency RMBS 30 Year Fixed Rate 540,198 3,618 543,816 460 (1,606) 542,670 5.89 % 5.78 % Agency RMBS Interest Only (3) N/A N/A 21,627 864 (638) 21,853 4.02 % 10.73 % Total Agency RMBS 540,198 3,618 565,443 1,324 (2,244) 564,523 5.57 % 5.97 % Total as of June 30, 2024 $ 723,303 $ (48,350) $ 700,507 $ 6,075 $ (16,653) $ 689,929 5.00 % 7.30 % Current Face Premium / (Discount) Amortized Cost Gross Unrealized Weighted Average December 31, 2023 Gains Losses Fair Value Coupon (1) Yield Non-Agency RMBS GCAT Non-Agency RMBS (2) GCAT Non-Agency Securities $ 43,794 $ (2,281) $ 41,513 $ — $ (8,971) $ 32,542 4.67 % 5.99 % GCAT Non-Agency RMBS Interest Only (3) N/A N/A 2,541 2,450 — 4,991 — % 37.74 % Total GCAT Non-Agency RMBS 43,794 (2,281) 44,054 2,450 (8,971) 37,533 2.20 % 10.21 % Non-Agency Securities 82,390 (33,399) 48,991 2,139 (124) 51,006 4.99 % 9.11 % Non-Agency RMBS Interest Only (3) N/A N/A 1,116 1 (34) 1,083 0.35 % 16.04 % Total Non-Agency RMBS 126,184 (35,680) 94,161 4,590 (9,129) 89,622 2.17 % 9.66 % Legacy WMC CMBS 103,458 (46,925) 56,533 546 (730) 56,349 7.39 % 21.90 % Legacy WMC Other Securities (5) N/A N/A 1,174 — (18) 1,156 N/A 18.16 % Agency RMBS Interest Only (3) N/A N/A 16,714 115 (1,135) 15,694 3.74 % 10.20 % Total as of December 31, 2023 $ 229,642 $ (82,605) $ 168,582 $ 5,251 $ (11,012) $ 162,821 3.54 % 14.01 % (1) Equity residual investments with a zero coupon rate are excluded from this calculation. (2) GCAT Non-Agency RMBS are securities issued under Gold Creek Asset Trust ("GCAT"), which is the TPG Angelo Gordon securitization shelf under which the Company or private funds under the management of TPG Angelo Gordon securitize loans. Refer to the "Unconsolidated variable interest entities" section below for additional details on these securities. (3) Interest Only have no principal balances and bear interest based on a notional value. The notional value is used solely to determine interest distributions on the interest only classes of securities. As of June 30, 2024, the notional values of the GCAT Non-Agency RMBS Interest Only, Non-Agency RMBS Interest Only and Agency RMBS Interest Only line items were $89.2 million, $56.5 million and $112.3 million, respectively. As of December 31, 2023, the notional values of the GCAT Non-Agency RMBS Interest Only, Non-Agency RMBS Interest Only and Agency RMBS Interest Only line items were $98.3 million, $128.8 million and $92.2 million, respectively. (4) As of June 30, 2024, there are Legacy WMC CMBS with an unpaid principal balance of $15.5 million and a fair value of $0.8 million which are on non-accrual status. (5) Legacy WMC Other securities include residual interests in asset-backed securities which have no principal balance. The following tables summarize the Company's real estate securities according to their projected weighted average life classifications as of June 30, 2024 and December 31, 2023 ($ in thousands). June 30, 2024 Non-Agency RMBS Legacy WMC CMBS Legacy WMC Other Securities Agency RMBS Weighted Average Life (1) Fair Value Amortized Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Less than or equal to one year $ — $ — $ 80 $ — $ — $ — $ — $ — Greater than one year and less than or equal to five years 5,343 3,442 52,490 58,590 — — 622 657 Greater than five years and less than or equal to ten years 45,507 48,382 — — 1,208 1,077 563,901 564,786 Greater than ten years 20,778 23,573 — — — — — — Total as of June 30, 2024 $ 71,628 $ 75,397 $ 52,570 $ 58,590 $ 1,208 $ 1,077 $ 564,523 $ 565,443 December 31, 2023 Non-Agency RMBS Legacy WMC CMBS Legacy WMC Other Securities Agency RMBS Weighted Average Life (1) Fair Value Amortized Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Less than or equal to one year $ — $ — $ 15,015 $ 15,010 $ — $ — $ — $ — Greater than one year and less than or equal to five years 4,631 4,669 41,334 41,523 — — 697 678 Greater than five years and less than or equal to ten years 38,792 40,539 — — 1,156 1,174 14,997 16,036 Greater than ten years 46,199 48,953 — — — — — — Total as of December 31, 2023 $ 89,622 $ 94,161 $ 56,349 $ 56,533 $ 1,156 $ 1,174 $ 15,694 $ 16,714 (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. The Company sold real estate securities during the three and six months ended June 30, 2024, as detailed below ($ in thousands). The Company did not sell any real estate securities during the three and six months ended June 30, 2023. Three Months Ended Six Months Ended Number of Securities Proceeds Realized Gains Realized Losses Number of Securities Proceeds Realized Gains Realized Losses June 30, 2024 6 $ 19,858 $ 2,005 $ (73) 13 $ 39,176 $ 3,165 $ (482) 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 TPG Angelo Gordon and issued under the GCAT shelf. 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. During 2023, the Company purchased non-risk retention bonds from Mortgage Acquisition Holding I LLC ("MATH"), an entity the Company invests in alongside private funds under the management of TPG Angelo Gordon. Through its 44.6% investment in MATH, the Company participated in rated Non-QM Loan securitizations issued under the GCAT shelf. As of June 30, 2024 and December 31, 2023, the Company's Non-Agency RMBS includes the non-risk retention bonds from these securitizations acquired from MATH. Upon evaluating its investment in these VIEs, the Company determined it was not the primary beneficiary and, as a result, did not consolidate the securitization trusts sponsored by MATH. The Company has a 57.7% interest in the non-risk retention bonds recorded on its consolidated balance sheets and a 47.0% interest in the risk retention bonds through its investment in MATH which together represent its continuing involvement in the securitization trusts. See Note 10 for additional details on the MATH transaction. During the second quarter 2024, the Company participated in a rated securitization collateralized by $369.2 million of Agency-Eligible Loans. The Company entered into a co-sponsorship agreement with an unrelated third party whereby a wholly owned subsidiary of the Company acted as a sponsor of the securitization within the meaning of the U.S. credit risk retention rules while the securitization was issued under the third party’s securitization shelf. As the co-sponsor, the Company retained an "eligible vertical interest" to comply with risk retention rules which consists of at least 5% of each class of securities issued in the securitization. The remaining tranches were sold to third parties and certain private funds under the management of TPG 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's retained risk-retention tranches, which represent its continuing involvement in the securitization trust, are included in the Non-Agency RMBS line item. The following table summarizes the Company’s investment in unconsolidated VIEs as of June 30, 2024 and December 31, 2023 (in thousands). June 30, 2024 December 31, 2023 Current Face Fair Value Current Face Fair Value Retained interest in unconsolidated VIEs GCAT Non-Agency Securities $ 43,794 $ 34,612 $ 43,794 $ 32,542 GCAT Non-Agency RMBS Interest Only (1) N/A 4,227 N/A 4,991 Non-Agency Securities 18,464 18,208 — — Non-Agency RMBS Interest Only (1) N/A 345 — — Total retained interest in unconsolidated VIEs (2) (3) $ 62,258 $ 57,392 $ 43,794 $ 37,533 (1) Interest Only have no principal balances and bear interest based on a notional value. The notional value is used solely to determine interest distributions on the Interest Only classes of securities. As of June 30, 2024 and December 31, 2023, the notional value of the GCAT Non-Agency RMBS Interest Only line item was $89.2 million and $98.3 million, respectively. As of June 30, 2024, the notional value of the Non-Agency RMBS Interest Only line item was $26.6 million. (2) 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. (3) As of June 30, 2024 and December 31, 2023, the Company held securities exposed to the first loss of the securitization with a fair value of $3.6 million and $4.1 million, respectively. The following table summarizes information regarding the residential mortgage loans transferred to the Company’s unconsolidated VIEs as of June 30, 2024 and December 31, 2023 ($ in thousands). Assets transferred to unconsolidated VIEs: June 30, 2024 December 31, 2023 Total unpaid principal balance of loans outstanding (1) $ 784,261 $ 450,366 Weighted average coupon on loans outstanding 6.42 % 5.67 % Percent of unpaid principal balance greater than 90 days delinquent (2) 0.93 % 1.94 % (1) Represents the total balance of loans as of June 30, 2024 and December 31, 2023 that were contributed to the unconsolidated securitization trusts, inclusive of loans contributed by the Company and loans contributed by other parties. (2) As of June 30, 2024, 0.69% of loans were 90+ days delinquent or in bankruptcy, 0.16% of loans were REO, and 0.08% of loans were in process of foreclosure. As of December 31, 2023, 0.70% of loans were 90+ days delinquent or in bankruptcy and 1.24% loans were in process of foreclosure.

Fair value measurements

Fair value measurements	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 and December 31, 2023 (in thousands). Fair Value at June 30, 2024 Level 1 Level 2 Level 3 Total Assets: Securitized residential mortgage loans $ — $ — $ 5,791,846 $ 5,791,846 Residential mortgage loans (1) — 793 300,670 301,463 Legacy WMC Commercial Loans — — 66,753 66,753 Non-Agency RMBS — 14,236 57,392 71,628 Legacy WMC CMBS — 51,843 727 52,570 Legacy WMC Other Securities — — 1,208 1,208 Agency RMBS — 564,523 — 564,523 Derivative assets (2) — 12,387 446 12,833 Cash equivalents (3) 117,467 — — 117,467 AG Arc (4) — — 34,954 34,954 Total Assets Measured at Fair Value $ 117,467 $ 643,782 $ 6,253,996 $ 7,015,245 Liabilities: Securitized debt $ — $ — $ (5,117,189) $ (5,117,189) Derivative liabilities (2) — (3,146) (560) (3,706) Total Liabilities Measured at Fair Value $ — $ (3,146) $ (5,117,749) $ (5,120,895) Fair value at December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Securitized residential mortgage loans $ — $ — $ 5,358,281 $ 5,358,281 Residential mortgage loans — 777 316,854 317,631 Legacy WMC Commercial loans — — 66,303 66,303 Non-Agency RMBS — 52,089 37,533 89,622 Legacy WMC CMBS — 50,553 5,796 56,349 Legacy WMC Other Securities — — 1,156 1,156 Agency RMBS — 15,694 — 15,694 Derivative assets (2) — 9,433 1,172 10,605 Cash equivalents (3) 95,749 — — 95,749 AG Arc (4) — — 33,574 33,574 Total Assets Measured at Fair Value $ 95,749 $ 128,546 $ 5,820,669 $ 6,044,964 Liabilities: Securitized debt $ — $ — $ (4,711,623) $ (4,711,623) Derivative liabilities (2) — (7,783) (7) (7,790) Total Liabilities Measured at Fair Value $ — $ (7,783) $ (4,711,630) $ (4,719,413) (1) As of June 30, 2024, Residential mortgage loans includes the "Residential mortgage loans, at fair value" and "Residential mortgage loans held for sale, at fair value" line items on the consolidated balance sheets. (2) As of June 30, 2024, the Company applied a reduction in fair value of $12.1 million and $3.1 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, 2023, the Company applied a reduction in fair value of $9.3 million and $7.7 million to its interest rate swap assets and liabilities, respectively, related to variation margin with a corresponding increase or decrease in restricted cash. 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. (3) 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. (4) The table above includes the Company's investment in AG Arc, which is included in its "Investments in debt and equity of affiliates" line item on the consolidated balance sheets, as the Company has chosen to elect the fair value option with respect to its investment pursuant to ASC 825. The valuation of the Company’s residential mortgage loans, securitized debt relating to the Non-Agency VIEs and RPL/NPL VIEs, commercial loans, 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, commercial loans, certain securities, and forward purchase commitments include market-implied discount rates, projections of default rates, delinquency rates, prepayment rates, loss severity, loan-to-value ratios, 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, commercial loans, certain securities, 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 and six months ended June 30, 2024 and 2023. The Company did not have any transfers between the Levels 2 and 3 of the fair value hierarchy during the three and six months ended June 30, 2024 and 2023. 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 (in thousands). Three Months Ended June 30, 2024 Residential Legacy WMC Commercial Loans Non-Agency Legacy WMC CMBS Legacy WMC Other Securities Derivative Assets (2) AG Arc Securitized Derivative Liabilities (2) Beginning balance $ 5,848,560 $ 66,474 $ 39,163 $ 3,268 $ 1,220 $ 472 $ 33,190 $ (4,980,942) $ (159) Purchases 422,580 — 18,051 — — — — — — Issuances of Securitized Debt — — — — — — — (294,356) — Capital distributions — — — — — — (169) — — Proceeds from sales or settlements — — — — — (547) — — 708 Principal repayments (171,522) — — — — — — 159,776 — Included in net income: Net premium and discount amortization (3) 4,131 140 17 — (43) — — (7,738) — Net realized gain/(loss) 54 — — — — 547 — — (708) Net unrealized gain/(loss) (8,753) 139 161 (2,541) 31 (26) — 6,071 (401) Equity in earnings/(loss) from affiliates — — — — — — 1,933 — — Other (4) (2,534) — — — — — — — — Ending Balance $ 6,092,516 $ 66,753 $ 57,392 $ 727 $ 1,208 $ 446 $ 34,954 $ (5,117,189) $ (560) Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of June 30, 2024 Net premium and discount amortization (3) 4,131 140 17 — (43) — — (7,738) — Net unrealized gain/(loss) (8,753) 139 161 (2,541) 31 446 — 6,071 (560) Equity in earnings/(loss) from affiliates — — — — — — 1,933 — — Three Months Ended June 30, 2023 Residential Non-Agency Derivative assets (2) AG Arc Securitized Derivative liabilities (2) Beginning balance $ 4,098,773 $ 15,039 $ 2,475 $ 37,540 $ (3,505,529) $ (75) Purchases 220,729 — — — — — Capital distributions — — — (402) — — Proceeds from sales or settlements (99,871) — (2,557) — — 634 Principal repayments (97,388) — — — 94,399 — Included in net income: Net premium and discount amortization (3) 359 (97) — — (3,125) — Net realized gain/(loss) (456) — 2,557 — — (634) Net unrealized gain/(loss) (18,130) (275) (1,549) — 12,195 (1,160) Equity in earnings/(loss) from affiliates — — — 309 — — Other (4) (406) — — — — — Ending Balance $ 4,103,610 $ 14,667 $ 926 $ 37,447 $ (3,402,060) $ (1,235) Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of June 30, 2023 Net premium and discount amortization (3) 395 (97) — — (3,125) — Net unrealized gain/(loss) (17,412) (275) 900 — 12,195 (1,235) Equity in earnings/(loss) from affiliates — — — 309 — — (1) Includes Securitized residential mortgage loans, Securitized residential mortgage loans held for sale, 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 on the consolidated statement of operations for assets and liabilities, respectively. (4) Includes transfers of residential mortgage loans to real estate owned as well as activity related to advances. Six Months Ended June 30, 2024 Residential Legacy WMC Commercial Loans Non-Agency Legacy WMC CMBS Legacy WMC Other Securities Derivative Assets (2) AG Arc Securitized Derivative Liabilities (2) Beginning balance $ 5,675,135 $ 66,303 $ 37,533 $ 5,796 $ 1,156 $ 1,172 $ 33,574 $ (4,711,623) $ (7) Purchases 710,197 — 18,051 — — — — — — Issuances of Securitized Debt — — — — — — — (658,255) — Capital distributions — — — — — — (481) — — Proceeds from sales or settlements — — — — — (1,728) — — 757 Principal repayments (312,147) — — — — — — 284,363 — Included in net income: Net premium and discount amortization (3) 8,328 200 33 (63) (97) — — (15,316) — Net realized gain/(loss) 56 — — — — 1,728 — — (757) Net unrealized gain/(loss) 14,303 250 1,775 (5,006) 149 (726) — (16,358) (553) Equity in earnings/(loss) from affiliates — — — — — — 1,861 — — Other (4) (3,356) — — — — — — — — Ending Balance $ 6,092,516 $ 66,753 $ 57,392 $ 727 $ 1,208 $ 446 $ 34,954 $ (5,117,189) $ (560) Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of June 30, 2024 Net premium and discount amortization (3) 8,328 200 33 (63) (97) — — (15,316) — Net unrealized gain/(loss) 14,303 250 1,775 (5,006) 149 446 — (16,358) (560) Equity in earnings/(loss) from affiliates — — — — — — 1,861 — — Six Months Ended June 30, 2023 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 243,484 — — — — — Issuances of Securitized Debt — — — — (234,754) — Capital distributions — — — (402) — — Proceeds from sales or settlements (165,254) — (2,557) — — 634 Principal repayments (171,344) — — — 161,356 — Included in net income: Net premium and discount amortization (3) 1,503 (173) — — (5,863) — Net realized gain/(loss) (10,214) — 2,557 — — (634) Net unrealized gain/(loss) 79,081 (77) 828 — (60,447) (1,226) Equity in earnings/(loss) from affiliates — — — (1,831) — — Other (4) (1,489) — — — — — Ending Balance $ 4,103,610 $ 14,667 $ 926 $ 37,447 $ (3,402,060) $ (1,235) Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of June 30, 2023 Net premium and discount amortization (3) 1,539 (173) — — (5,863) — Net unrealized gain/(loss) 69,267 (77) 926 — (60,447) (1,235) Equity in earnings/(loss) from affiliates — — — (1,831) — — (1) Includes Securitized residential mortgage loans, Securitized residential mortgage loans held for sale, 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 on the consolidated statement of operations 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 as of June 30, 2024 and December 31, 2023 ($ in thousands). June 30, 2024 December 31, 2023 Valuation Technique Unobservable Input Fair Value Range Fair Value Range Securitized Residential Mortgage Loans Yield 5.84% - 9.10% (6.41%) 5.67% - 9.47% (6.23%) Discounted Cash Flow Projected Collateral Prepayments $ 5,791,846 4.33% - 14.43% (6.42%) $ 5,358,281 3.02% - 10.47% (4.72%) Projected Collateral Losses 0.02% - 1.87% (0.16%) 0.02% - 1.88% (0.16%) Projected Collateral Severities -15.98% - 26.00% (18.61%) -13.44% - 26.00% (17.38%) Residential Mortgage Loans (2) Yield 6.38% - 18.75% (6.83%) 6.13% - 18.75% (6.64%) Discounted Cash Flow Projected Collateral Prepayments $ 300,670 3.34% - 34.99% (20.58%) $ 316,854 3.89% - 34.35% (24.88%) Projected Collateral Losses 0.00% - 20.77% (0.57%) 0.00% - 12.72% (0.15%) Projected Collateral Severities -25.00% - 44.02% (9.71%) -38.75% - 44.01% (9.62%) Legacy WMC Commercial Loans Yield 8.76% - 10.51% (9.93%) 8.16% - 10.13% (9.47%) Discounted Cash Flow Credit Spread $ 66,753 377 bps - 517 bps (471 bps) $ 66,303 377 bps - 556 bps (496 bps) Recovery Percentage (3) 100.00% - 100.00% (100.00%) 100.00% - 100.00% (100.00%) Loan-to-Value 42.50% - 77.22% (63.67%) 42.50% - 77.22% (63.61%) Non-Agency RMBS Yield 6.12% - 25.00% (8.46%) 6.23% - 14.00% (9.70%) Discounted Cash Flow Projected Collateral Prepayments $ 57,392 5.69% - 8.52% (6.98%) $ 37,533 4.55% - 5.26% (4.93%) Projected Collateral Losses 0.04% - 0.36% (0.21%) 0.17% - 0.28% (0.25%) Projected Collateral Severities 10.00% - 25.00% (14.85%) 10.00% - 10.00% (10.00%) Legacy WMC CMBS Consensus Pricing Offered Quotes $ 727 6.92 - 6.92 (6.92) $ 5,796 55.20 - 55.20 (55.20) Legacy WMC Other Securities Consensus Pricing Offered Quotes $ 1,208 7,128.66 - 7,128.66 (7,128.66) $ 1,156 6,821.32 - 6,821.32 (6,821.32) Derivative Assets (4) Yield 6.61% - 7.96% (6.77%) 6.29% - 8.32% (6.81%) Discounted Cash Flow Projected Collateral Prepayments $ 446 8.34% - 30.31% (20.19%) $ 1,172 18.20% - 33.78% (27.00%) Projected Collateral Losses 0.02% - 4.28% (0.74%) 0.00% - 0.82% (0.14%) Projected Collateral Severities 10.00% - 10.00% (10.00%) 10.00% - 10.00% (10.00%) Pull Through Percentages 60.00% - 100.00% (90.62%) 60.00% - 100.00% (92.21%) AG Arc Comparable Multiple Book Value Multiple $ 34,954 0.94x - 0.94x (0.94x) $ 33,574 0.89x - 0.89x (0.89x) Securitized Debt Yield 5.26% - 25.00% (5.97%) 4.92% - 15.00% (5.72%) Discounted Cash Flow Projected Collateral Prepayments $ (5,117,189) 4.33% - 14.43% (6.37%) $ (4,711,623) 3.02% - 10.47% (4.66%) Projected Collateral Losses 0.02% - 0.50% (0.14%) 0.02% - 0.40% (0.15%) Projected Collateral Severities 10.00% - 26.00% (18.97%) 3.71% - 26.00% (17.76%) Derivative Liabilities (4) Yield 6.61% - 8.07% (6.80%) 6.47% - 7.00% (6.51%) Discounted Cash Flow Projected Collateral Prepayments $ (560) 8.98% - 32.42% (26.05%) $ (7) 27.36% - 34.44% (34.30%) Projected Collateral Losses 0.01% - 2.47% (0.15%) 0.00% - 0.02% (0.00%) Projected Collateral Severities 10.00% - 10.00% (10.00%) 10.00% - 10.00% (10.00%) Pull Through Percentages 60.00% - 100.00% (83.60%) 60.00% - 100.00% (99.22%) (1) Amounts are weighted based on fair value. (2) As of June 30, 2024, Residential mortgage loans includes loans within the "Residential mortgage loans, at fair value" and "Residential mortgage loans held for sale, at fair value" line items on the consolidated balance sheets. (3) Represents the proportion of the principal expected to be collected relative to the loan balances as of June 30, 2024 and December 31, 2023. (4) Derivative assets and derivative liabilities are included in the "Other assets" and "Other liabilities" line items, respectively, on the consolidated balance sheets. Other Fair Value Disclosures Short-term financing arrangements The fair value of certain of the Company's financing arrangements approximates the carrying value due to the floating interest rates that are based on an index plus a spread, which is typically consistent with those demanded in the market, and the short-term maturities of generally one year or less. These financing agreements are classified as Level 2. Legacy WMC Convertible Notes, Senior Unsecured Notes, and fixed-rate long-term financing arrangements The following table presents the carrying value and estimated fair value of the Company's Legacy WMC Convertible Notes, Senior Unsecured Notes, and fixed-rate financing arrangements with contractual maturities of greater than one year as of June 30, 2024 and December 31, 2023 (in thousands). The fair value of the Company's Legacy WMC Convertibles Notes and Senior Unsecured Notes is based upon prices obtained from third-party pricing services or broker quotations and are classified as Level 2. The fair value of the Company's fixed-rate long-term financing arrangements is based on a discounted cash flow valuation approach using valuation analyses of the underlying collateral sourced from third-party pricing service providers and is classified as Level 3. June 30, 2024 December 31, 2023 Carrying Value (1) Estimated Fair Value Carrying Value (1) Estimated Fair Value Legacy WMC Convertible Notes $ 78,849 $ 79,116 $ 85,266 $ 84,525 Senior Unsecured Notes 95,380 100,471 — — Financing arrangements 56,559 57,059 62,972 63,175 (1) The Legacy WMC Convertible Notes, Senior Unsecured Notes, and fixed-rate long-term financing arrangements are recorded at amortized cost in the Company's consolidated balance sheets.

Financing

Financing	6 Months Ended
	Jun. 30, 2024
Disclosure of Repurchase Agreements [Abstract]
Financing	Financing The following table presents a summary of the Company's financing as of June 30, 2024 and December 31, 2023 ($ in thousands). June 30, 2024 December 31, 2023 Financing Weighted Average Collateral Fair Value (1)(2) Financing Current Face Carrying Value Stated Maturity Funding Cost Life (Years) Carrying Value Financing Arrangements by Asset Type Securitized Residential Mortgage Loans (3) Non-Agency Loans (4) $ 328,652 $ 330,291 July 2024 - July 2025 7.26 % 0.32 $ 610,152 $ 301,205 Re- and Non-Performing Loans 43,032 43,032 July 2024 7.28 % 0.04 65,277 44,928 Residential Mortgage Loans (5) Non-Agency Loans 7,576 7,576 Aug 2024 - June 2025 7.29 % 0.38 9,898 77,345 Agency-Eligible Loans 183,648 183,648 June 2025 7.20 % 0.96 197,004 200,617 Residential Mortgage Loans Held for Sale 72,129 72,129 Aug 2024 - June 2025 7.29 % 0.35 87,077 — Legacy WMC Commercial Loans (6) 47,222 47,222 Mar 2025 8.35 % 0.73 66,753 48,032 Non-Agency RMBS 44,120 44,120 July 2024 - May 2025 6.43 % 0.19 68,199 51,251 Legacy WMC CMBS 21,889 21,889 July 2024 7.10 % 0.02 51,843 31,620 Agency RMBS 485,898 485,898 July 2024 5.49 % 0.06 505,254 12,594 Total Financing Arrangements $ 1,234,166 $ 1,235,805 6.57 % 0.31 $ 1,661,457 $ 767,592 Securitized debt, at fair value (7) Non-Agency Loans (8) (9) $ 5,441,843 $ 5,010,811 N/A 5.19 % 6.66 N/A $ 4,597,490 Re- and Non-Performing Loans (10) 118,256 106,378 N/A 3.31 % 3.80 N/A 114,133 Total Securitized Debt $ 5,560,099 $ 5,117,189 5.15 % 6.61 N/A $ 4,711,623 Legacy WMC Convertible Notes $ 79,120 $ 78,849 Sep 2024 8.42 % 0.21 N/A $ 85,266 Senior Unsecured Notes February 2029 Senior Unsecured Notes $ 34,500 $ 32,890 Feb 2029 10.79 % 4.73 N/A $ — May 2029 Senior Unsecured Notes 65,000 62,490 May 2029 10.52 % 4.94 N/A — Total Senior Unsecured Notes $ 99,500 $ 95,380 10.61 % 4.87 N/A $ — Total Financing $ 6,972,885 $ 6,527,223 5.54 % 5.50 $ 1,661,457 $ 5,564,481 (1) The Company also had $3.4 million and $1.7 million of cash pledged under repurchase agreements as of June 30, 2024 and December 31, 2023, 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 Non-Agency VIEs and RPL/NPL VIEs. (4) As of June 30, 2024, the weighted average stated rate on the financing arrangements on the Company's Securitized non-agency loans was 7.78%. (5) The Company's Residential mortgage loan financing arrangements include a maximum uncommitted borrowing capacity of $1.8 billion on facilities used to finance Non-Agency and Agency-Eligible Loans. (6) As of June 30, 2024, the weighted average stated rate on the financing arrangements on the Company's Legacy WMC Commercial Loans was 8.08%. (7) 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 Non-Agency VIEs and RPL/NPL VIEs. (8) As of June 30, 2024, the amortized cost of Securitized debt in the Company's Non-Agency VIEs was $5.3 billion. (9) The current face on the Company's Securitized debt in the Company's Non-Agency VIEs excludes Interest Only classes which have no principal balances and bear interest based on a notional value. The notional value is used solely to determine interest distributions on the interest only classes of securities. As of June 30, 2024, the notional value of interest only classes of Securitized debt was $621.6 million. (10) As of June 30, 2024, the amortized cost of Securitized debt in the Company's RPL/NPL VIEs was $116.4 million. Legacy WMC Convertible Notes In connection with the WMC acquisition, the Merger Sub assumed, and the Company guaranteed, $86.25 million aggregate principal of Legacy WMC Convertible Notes. The Legacy WMC Convertible Notes have an interest rate of 6.75% and interest is paid semiannually. The Legacy WMC Convertible Notes are convertible into, at the Company's election, cash, shares of the Company's common stock or a combination of both, subject to the satisfaction of certain conditions and during specified periods. The conversion rate is subject to further adjustment upon the occurrence of certain specified events and the holders may require the Company to repurchase all or any portion of their notes for cash equal to 100% of the principal amount of the Legacy WMC Convertible Notes, plus accrued and unpaid interest, if the Company undergoes a fundamental change as specified in the supplemental indenture for the Legacy WMC Convertible Notes. Immediately prior to the Effective Time of the WMC acquisition, holders of the Legacy WMC Convertible Notes had the right to convert each $1,000 principal amount into 33.7952 shares of WMC common stock. As a result of the WMC acquisition, and pursuant to the terms of the Legacy WMC Convertible Notes, the conversion rate was amended whereby each holder now has to the right to convert each $1,000 principal amount of Legacy WMC Convertible Notes into 50.6252 shares of common stock, representing a total conversion price of $19.75 per share. The total conversion price consists of common stock of $19.13 per share and cash of $0.62 per share. The Legacy WMC Convertible Notes became redeemable at the Company's option on June 15, 2024, and mature on September 15, 2024, unless earlier converted, redeemed or repurchased by the holders pursuant to their terms. The below table details the total interest expense incurred on the Legacy WMC Convertible Notes during the three and six months ended June 30, 2024 (in thousands). There was no interest expense incurred during the three or six months ended June 30, 2023 as the Company assumed the Legacy WMC Convertible Notes in connection with the Merger in December 2023. Three Months Ended Six Months Ended June 30, 2024 June 30, 2024 Coupon interest expense $ 1,335 $ 2,708 Amortization expense 319 641 Total interest expense $ 1,654 $ 3,349 During the six months ended June 30, 2024, the Company repurchased $7.1 million of principal amount of its outstanding Legacy WMC Convertible Notes. Senior Unsecured Notes The Company’s Senior Unsecured Notes consist of $34.5 million principal amount 9.500% Senior Notes due February 2029 ("February 2029 Senior Unsecured Notes") and $65.0 million principal amount 9.500% Senior Notes due May 2029 ("May 2029 Senior Unsecured Notes" and together with the February 2029 Senior Unsecured Notes, the "Senior Unsecured Notes"). The February 2029 Senior Unsecured Notes were issued on January 26, 2024 in a public offering for net proceeds of approximately $32.8 million and the May 2029 Senior Unsecured Notes were issued on May 15, 2024 in a public offering for net proceeds of approximately $62.4 million. The below table provides a summary of the Senior Unsecured Notes ($ in thousands). Principal Amount (1) Carrying Value First Pay Date Maturity Redemption Date (3) Rate (4) February 2029 Senior Unsecured Notes $ 34,500 $ 32,890 May 15, 2024 February 15, 2029 February 15, 2026 9.500 % May 2029 Senior Unsecured Notes 65,000 62,490 August 15, 2024 May 15, 2029 May 15, 2026 9.500 % (1) The Senior Unsecured Notes were issued at 100% of the principal amount. (2) The Company has the option to redeem the Senior Unsecured Notes earlier than the maturity date. (3) The Company may redeem the Senior Unsecured Notes in whole or in part at any time or from time to time at the Company’s option on or after the redemption date, upon not less than 30 days written notice to holders prior to the redemption date, at a redemption price equal to 100% of the outstanding principal amount of the Senior Unsecured Notes to be redeemed plus accrued and unpaid interest to, but excluding, the redemption date. (4) The Senior Unsecured Notes bear interest at a rate equal to 9.500% per year, payable in cash quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, beginning on the applicable first pay date. The below table details the total interest expense incurred on the Senior Unsecured Notes during the three and six months ended June 30, 2024 (in thousands). There was no interest expense incurred during the three or six months ended June 30, 2023 as the Senior Unsecured Notes were issued during 2024. Three Months Ended Six Months Ended June 30, 2024 June 30, 2024 Coupon interest expense $ 1,608 $ 2,200 Amortization expense 117 164 Total interest expense $ 1,725 $ 2,364 Contractual maturities The following table allocates the current face of the Company's borrowings under financing arrangements, the Legacy WMC Convertible Notes, and Senior Unsecured Notes as of June 30, 2024 by contractual maturity (in thousands). Securitized debt is excluded from the below table as it does not have a contractual maturity. Within 30 Days Over 30 Days to 3 Months Over 3 Months to 12 Months Over 12 Months Total Financing Arrangements by Asset Type Securitized Residential Mortgage Loans Non-Agency Loans $ 180,309 $ 60,122 $ 33,300 $ 54,921 $ 328,652 Re- and Non-Performing Loans 43,032 — — — 43,032 Residential Mortgage Loans Non-Agency Loans — 3,217 4,359 — 7,576 Agency-Eligible Loans — — 183,648 — 183,648 Residential Mortgage Loans Held for Sale — 42,807 29,322 — 72,129 Legacy WMC Commercial Loans — — 47,222 — 47,222 Non-Agency RMBS 10,887 30,582 2,651 — 44,120 Legacy WMC CMBS 21,889 — — — 21,889 Agency RMBS 485,898 — — — 485,898 Total Financing Arrangements $ 742,015 $ 136,728 $ 300,502 $ 54,921 $ 1,234,166 Legacy WMC Convertible Notes $ — $ 79,120 $ — $ — $ 79,120 Senior Unsecured Notes February 2029 Senior Unsecured Notes $ — $ — $ — $ 34,500 $ 34,500 May 2029 Senior Unsecured Notes — — — 65,000 65,000 Total Senior Unsecured Notes $ — $ — $ — $ 99,500 $ 99,500 Counterparties The Company had outstanding financing arrangements with six and seven counterparties as of June 30, 2024 and December 31, 2023, respectively. The following table presents information as of June 30, 2024 and December 31, 2023 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). June 30, 2024 December 31, 2023 Counterparty Stockholders' Equity Weighted Average Percentage of Stockholders' Equity Weighted Average Percentage of BofA Securities, Inc. $ 138,082 142 25.9 % $ 131,128 236 24.8 % Barclays Capital Inc. 79,497 49 14.9 % 81,047 85 15.3 % Goldman Sachs Bank USA 77,609 53 14.5 % 73,893 9 14.0 % JP Morgan Securities, LLC 51,088 24 9.6 % 46,642 134 8.8 % Various (1) 74,286 395 13.9 % 69,637 577 13.2 % (1) Certain retained interests in securitizations are held in WMC RR 2023-1 Trust, a wholly owned subsidiary of the Company. WMC RR 2023-1 Trust issued certificates which were sold to various third-party investors. 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 financing arrangements are generally recourse to the Company. As of June 30, 2024, the Company is in compliance with all of its financial covenants.

Other assets and liabilities

Other assets and liabilities	6 Months Ended
	Jun. 30, 2024
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 sheets as of June 30, 2024 and December 31, 2023 (in thousands). June 30, 2024 December 31, 2023 Other assets Interest receivable $ 35,403 $ 30,315 Real estate owned 7,500 5,644 Derivative assets, at fair value 689 1,321 Other assets 2,621 3,187 Due from broker 1,112 249 Total Other assets $ 47,325 $ 40,716 Other liabilities Due to affiliates (1) $ 4,929 $ 3,252 Interest payable 26,015 23,715 Derivative liabilities, at fair value 560 70 Accrued expenses 2,100 4,874 Due to broker 172 196 Total Other liabilities $ 33,776 $ 32,107 (1) Refer to Note 10 for more information. Derivatives The following table presents information related to the Company's derivatives and other instruments and their balance sheet location as of June 30, 2024 and December 31, 2023 (in thousands). All notional amounts are denominated in USD. Balance Sheet June 30, 2024 December 31, 2023 Derivatives and Other Instruments (1) Notional Fair Value Notional Fair Value Pay Fix/Receive Float Interest Rate Swap Agreements (2) (3) Other assets $ 384,500 $ 243 $ 165,000 $ 149 Pay Fix/Receive Float Interest Rate Swap Agreements (2) (3) Other liabilities 433,500 — 338,000 — Short TBAs Other liabilities — — 9,000 (63) Forward Purchase Commitments Other assets 67,203 446 70,145 1,172 Forward Purchase Commitments Other liabilities 89,583 (560) 2,566 (7) (1) As of June 30, 2024 and December 31, 2023, no derivatives held by the Company were designated as hedges for accounting purposes. (2) As of June 30, 2024, the Company applied a reduction in fair value of $12.1 million and $3.1 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, 2023, the Company applied a reduction in fair value of $9.3 million and $7.7 million to its interest rate swap assets and liabilities, respectively, related to variation margin with a corresponding increase or decrease in restricted cash. (3) As of June 30, 2024, the Company's pay fix/receive float interest rate swaps had a weighted average pay-fixed rate of 3.95%, a weighted average receive-variable rate of 5.33%, and a weighted average years to maturity of 5.60 years. As of December 31, 2023, the Company's pay fix/receive float interest rate swaps had a weighted average pay-fixed rate of 3.65%, a weighted average receive-variable rate of 5.38%, and a weighted average years to maturity of 4.01 years. Derivative and other instruments eligible for offset are presented gross on the consolidated balance sheets as of June 30, 2024 and December 31, 2023, 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 June 30, 2024, the Company's restricted cash balance included $24.1 million of collateral related to certain derivatives, of which $15.1 million represents cash collateral posted by the Company and $9.0 million represents amounts related to variation margin. As of December 31, 2023, the Company's restricted cash balance included $12.3 million of collateral related to certain derivatives, of which $10.7 million represents cash collateral posted by the Company and $1.6 million represents amounts related to variation margin. The following table summarizes total income related to derivatives and other instruments for the three and six months ended June 30, 2024 and 2023 (in thousands). Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Included within Net interest component of interest rate swaps Interest Rate Swaps $ 2,367 $ 1,784 $ 4,267 $ 2,804 Included within Net unrealized gain/(loss) Interest Rate Swaps (1,719) 11,985 8,594 (9,401) Long TBAs — (5) — — Short TBAs 155 249 63 (650) Forward Purchase Commitments (427) (2,709) (1,279) (398) (1,991) 9,520 7,378 (10,449) Included within Net realized gain/(loss) Interest Rate Swaps 80 711 (3,061) 10,534 Long TBAs — 5 — 5 Short TBAs 14 (249) 24 (70) Forward Purchase Commitments (161) 1,923 971 1,923 (67) 2,390 (2,066) 12,392 Total income/(loss) $ 309 $ 13,694 $ 9,579 $ 4,747 Derivative Activity The following tables present information about the Company’s derivatives for the three and six months ended June 30, 2024 and 2023 (in thousands). Three Months Ended Beginning Notional Buys or Covers Sales or Shorts Ending Notional Derivative Derivative Liability June 30, 2024 Short TBAs $ (32,000) $ 96,000 $ (64,000) $ — $ — $ — June 30, 2024 Interest Rate Swaps 454,250 498,000 (134,250) 818,000 243 — June 30, 2023 Interest Rate Swaps 468,000 256,000 (117,000) 607,000 — (41) Six Months Ended Beginning Notional Buys or Covers Sales or Shorts (1) Ending Notional Derivative Derivative Liability June 30, 2024 Short TBAs $ (9,000) $ 130,000 $ (121,000) $ — $ — $ — June 30, 2024 Interest Rate Swaps 503,000 717,750 (402,750) 818,000 243 — June 30, 2023 Long TBAs — 10,000 (10,000) — — — June 30, 2023 Short TBAs (40,000) 100,000 (60,000) — — — June 30, 2023 Interest Rate Swaps 335,000 598,000 (326,000) 607,000 — (41) (1) The sales or shorts includes $60.0 million of swaps that matured during the six months ended June 30, 2024.

Earnings per share

Earnings per share	6 Months Ended
	Jun. 30, 2024
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 and six months ended June 30, 2024 and 2023 (in thousands, except per share data). Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Numerator: Net Income/(Loss) $ 3,925 $ 8,056 $ 24,815 $ 20,596 Dividends on preferred stock (4,586) (4,586) (9,172) (9,172) Net Income/(Loss) Available to Common Stockholders $ (661) $ 3,470 $ 15,643 $ 11,424 Denominator: Basic weighted average common shares outstanding 29,474 20,249 29,463 20,655 Dilutive effect of restricted stock units (1) — — 27 — Diluted weighted average common shares outstanding 29,474 20,249 29,490 20,655 Earnings/(Loss) Per Share Basic $ (0.02) $ 0.17 $ 0.53 $ 0.55 Diluted $ (0.02) $ 0.17 $ 0.53 $ 0.55 (1) Restricted stock units issued to certain directors of 27 thousand were excluded from the computation of diluted earnings per share because its effect would be anti-dilutive for the three months ended June 30, 2024. For the three and six months ended June 30, 2024, the Company excluded the potential effects of the Legacy WMC Convertible Notes from the computation of diluted earnings per share because the market value per share of the Company's common stock was below the conversion price of the Legacy WMC Convertible Notes. Dividends The following tables detail the Company's common stock dividends declared during the six months ended June 30, 2024 and 2023. Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Declaration Date Record Date Payment Date Cash Dividend Per Share Declaration Date Record Date Payment Date Cash Dividend Per Share 3/15/2024 3/29/2024 4/30/2024 $ 0.18 3/15/2023 3/31/2023 4/28/2023 $ 0.18 6/13/2024 6/28/2024 7/31/2024 0.19 6/15/2023 6/30/2023 7/31/2023 0.18 Total $ 0.37 Total $ 0.36 The following tables detail the Company's preferred stock dividends declared and paid during the six months ended June 30, 2024 and 2023. 2024 Cash Dividend Per Share Declaration Date Record Date Payment Date 8.25% Series A 8.00% Series B 8.000% Series C 2/16/2024 2/29/2024 3/18/2024 $ 0.51563 $ 0.50 $ 0.50 5/2/2024 5/31/2024 6/17/2024 0.51563 0.50 0.50 Total $ 1.03126 $ 1.00 $ 1.00 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 5/4/2023 5/31/2023 6/20/2023 0.51563 0.50 0.50 Total $ 1.03126 $ 1.00 $ 1.00

Income taxes

Income taxes	6 Months Ended
	Jun. 30, 2024
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. On December 6, 2023, the Company acquired WMC, an externally managed mortgage REIT. Refer to "WMC Acquisition" in Note 1 for additional information related to the Merger. The Merger is intended to qualify as a reorganization within the meaning of Section 368(a) of the Internal Revenue Code. Excise Tax 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 and six months ended June 30, 2024 and 2023, the Company did not record any excise tax. REIT Net Operating Loss and Net Capital Loss Carryforwards As of June 30, 2024 and December 31, 2023, the Company had federal net operating loss ("NOL") carryforwards of $2.1 million and $2.1 million, respectively, that can be used to offset future taxable ordinary income and reduce its REIT distribution requirements. These NOL carryforwards (which exclude NOLs acquired from WMC) do not have an expiration date and can be carried forward indefinitely. In connection with the Merger, the Company obtained NOL carryforwards of $321.6 million, of which $223.8 million do not have an expiration date and can be carried forward indefinitely. However, the Company’s use of these obtained NOLs is limited under Section 382 of the Internal Revenue Code. As of June 30, 2024 and December 31, 2023, the Company had estimated net capital loss ("NCL") carryforwards of $298.9 million and $293.7 million, respectively, the majority of which were generated during the year ended December 31, 2020 and will expire in 2025. These NCL carryforwards (which exclude the NCLs acquired from WMC) can be utilized to offset future net gains from the sale of capital assets. In connection with the Merger, the Company obtained NCL carryforwards of $143.1 million, of which a majority expire between 2027 and 2028. However, the Company’s use of these obtained NCLs is limited under Sections 382 and 383 of the Internal Revenue Code. 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 and six months ended June 30, 2024 and 2023 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. The tax expense attributable to its TRSs is recorded in the "Non-investment related expenses" line item on the consolidated statement of operations. The below table details the tax expense attributable to its TRSs for the three and six months ended June 30, 2024 and 2023 (in thousands). Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Income tax expense $ 17 $ — $ 42 $ 225 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 June 30, 2024 and December 31, 2023, the Company recorded a deferred tax asset of approximately $38.0 million and $37.3 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 as of June 30, 2024 and December 31, 2023. 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 June 30, 2024 and December 31, 2023. 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. The Company did not incur any interest or penalties during the three or six months ended June 30, 2024 and 2023.

Related party transactions

Related party transactions	6 Months Ended
	Jun. 30, 2024
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 TPG Angelo Gordon. The Company does not have any employees. The Manager has delegated to TPG 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. On November 1, 2023, TPG completed the previously announced acquisition of TPG Angelo Gordon (the "TPG Transaction"), pursuant to which TPG Angelo Gordon, including the Manager, became indirect subsidiaries of TPG. Pursuant to the management agreement with the Manager, the closing of the TPG Transaction resulted in an assignment of the management agreement. The independent directors of the Company's Board of Directors unanimously consented to such assignment on July 31, 2023 in advance of the TPG Transaction closing. There were no changes to the management agreement in connection with the TPG Transaction and the assignment of the management agreement became effective upon the closing of the TPG Transaction. In connection with the Merger with WMC, which was completed on December 6, 2023, and contemporaneously with the execution of the Merger Agreement, on August 8, 2023, the Company and the Manager entered into the MITT Management Agreement Amendment, pursuant to which (i) the Manager’s base management fee will be reduced by $0.6 million for the first four quarters following the Effective Time, beginning with the fiscal quarter in which the Effective Time occurs (i.e., resulting in an aggregate $2.4 million waiver of base management fees), and (ii) the Manager will waive its right to seek reimbursement from the Company for any expenses otherwise reimbursable by the Company under the management agreement in an amount equal to approximately $1.3 million, which is the excess of $7.0 million over the aggregate Per Share Additional Manager Consideration paid by the Manager to the holders of WMC Common Stock under the Merger Agreement. The MITT Management Agreement Amendment became effective automatically upon the closing of the Merger. 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 incurred in current or prior periods), less any amount that the Company pays for repurchases of its common stock, excluding any unrealized gains, losses or other non-cash items that have impacted stockholders’ equity as reported in the Company’s financial statements prepared in accordance with GAAP, regardless of whether such items are included in other comprehensive income or loss, or in net income, and excluding one-time events pursuant to changes in GAAP, and certain other non-cash charges after discussions between the Manager and the Company’s independent directors and after approval by a majority of the Company’s independent directors. Stockholders’ Equity, for purposes of calculating the management fee, could be greater or less than the amount of stockholders’ equity shown on the Company’s financial statements. The below table details the management fees incurred during the three and six months ended June 30, 2024 and 2023 (in thousands). Three Months Ended Six Months Ended Consolidated statements of operations line item: June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Management fee to affiliate (1) $ 1,753 $ 2,061 $ 3,494 $ 4,136 (1) For the three and six months ended June 30, 2024, the Manager agreed to waive its right to receive management fees of $0.6 million and $1.2 million, respectively, pursuant to the MITT Management Agreement Amendment executed in connection with the Merger. Of the $2.4 million management fee waiver agreed upon in connection with the Merger, $0.6 million remains outstanding as of June 30, 2024. As of June 30, 2024 and December 31, 2023, the Company recorded management fees payable of $1.7 million and $1.5 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 The Manager is entitled to an annual incentive fee with respect to each applicable fiscal year, which will be equal to 15% of the amount by which the Company's cumulative adjusted net income from November 22, 2021 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. During the three and six months ended June 30, 2024 and 2023, the Company did not incur any incentive fee expense. 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 June 30, 2024 and December 31, 2023, 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 the Company's 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 and six months ended June 30, 2024 and 2023 (in thousands). Three Months Ended Six Months Ended Consolidated statements of operations line item: June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Non-investment related expenses (1) $ 1,636 $ 1,400 $ 3,300 $ 2,800 Investment related expenses 87 110 201 212 Transaction related expenses 306 318 374 381 Expense reimbursements to Manager or its affiliates $ 2,029 $ 1,828 $ 3,875 $ 3,393 (1) For the three and six months ended June 30, 2024, the Manager agreed to waive its right to receive expense reimbursements of $0.3 million and $0.6 million, respectively, pursuant to the MITT Management Agreement Amendment executed in connection with the Merger. Of the $1.3 million expense reimbursement waiver agreed upon in connection with the Merger, $0.5 million remains outstanding as of June 30, 2024. As of June 30, 2024 and December 31, 2023, the Company recorded a reimbursement payable to the Manager or its affiliates of $2.9 million and $1.5 million, respectively. The reimbursement payable to the Manager or its affiliates is included within the "Due to affiliates" line 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 Company's 2020 Equity Incentive Plan (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 June 30, 2024, 426,456 shares of common stock remained available to be awarded under the 2020 Equity Incentive Plan. Since inception of the 2020 Equity Incentive Plan and through June 30, 2024, the Company has granted an aggregate of 213,208 shares of restricted common stock to its independent directors under its 2020 Equity Incentive Plan, all of which have vested. On December 6, 2023, in connection with the WMC acquisition, the Company granted an aggregate 25,962 restricted stock units to the Company's two independent directors added to the Company's Board of Directors who previously served on WMC's board of directors. Through June 30, 2024, the two independent directors have also been granted an aggregate of 1,040 dividend equivalent units. These restricted stock units and associated dividend equivalent units vested in full on June 23, 2024, and will be settled in shares of the Company's common stock upon each independent director's separation from service with the Company. 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 June 30, 2024, there were no shares or awards issued under the 2021 Manager Plan. Following the execution of the Third Amendment to the management agreement in November 2021 related to the incentive fee, the Company's compensation committee no longer expects to continue its historical practice of making periodic equity grants to the Manager pursuant to the 2021 Manager Plan. Director compensation As of June 30, 2024, the Company's Board of Directors consisted of six 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 of Directors. In addition to the annual base director's fee, the non-executive chair of the Company's Board of Directors 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 TPG 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 TPG 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 TPG Angelo Gordon, formed MATH to conduct a residential mortgage investment strategy. MATH in turn sponsored the formation of Mortgage Acquisition Trust I LLC ("MATT") to purchase predominantly Non-QM Loans. MATT made an election to be treated as a REIT beginning with the 2018 tax year. The Company has an approximate 47.0% interest in MATH. Refer to the "MATH Transaction" section below for additional details on the Company's increase in ownership interest during 2023. MATH, through its wholly owned subsidiary MATT, only holds risk-retention tranches from past securitizations which continue to pay down and the Company does not expect MATT to acquire additional investments. LOTS On May 15, 2019 and November 14, 2019, the Company, alongside private funds managed by TPG 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"). During the year ended December 31, 2023, the Land Related Financing assets held within LOTS paid off in full. 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 June 30, 2024 and December 31, 2023 (in thousands). June 30, 2024 December 31, 2023 Assets Liabilities Equity Assets Liabilities Equity Non-QM Securities (1) $ 14,940 $ — $ 14,940 $ 15,257 $ — $ 15,257 Re/Non-Performing Securities 7,246 (3,559) 3,687 7,569 (3,605) 3,964 Total Residential Investments 22,186 (3,559) 18,627 22,826 (3,605) 19,221 AG Arc, at fair value 34,954 — 34,954 33,574 — 33,574 Cash and Other assets/(liabilities) 809 (39) 770 2,361 (53) 2,308 Investments in debt and equity of affiliates $ 57,949 $ (3,598) $ 54,351 $ 58,761 $ (3,658) $ 55,103 (1) MATH, through its wholly owned subsidiary MATT, only holds risk-retention tranches from past securitizations which continue to pay down and the Company does not expect MATT to acquire additional investments. The below table reconciles the net income/(loss) to the "Equity in earnings/(loss) from affiliates" line item on the Company's consolidated statements of operations for the three and six months ended June 30, 2024 and 2023 (in thousands). Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Non-QM Securities $ (828) $ 349 $ 1,377 $ 1,974 Land Related Financing — 402 — 741 Re/Non-Performing Securities 211 (281) 316 (89) AG Arc (1) 1,528 (32) 1,255 (2,172) Equity in earnings/(loss) from affiliates $ 911 $ 438 $ 2,948 $ 454 (1) Earnings/(loss) recognized by AG Arc do not include the Company's portion of gains or losses 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 (the "Asset Manager"), a related party of the Manager and direct subsidiary of TPG 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 by a third-party valuation firm. The below details the fees paid by the Company to the Asset Manager during the three and six months ended June 30, 2024 and 2023 (in thousands). Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Fees paid to Asset Manager $ 667 $ 680 $ 1,325 $ 1,363 As of June 30, 2024 and December 31, 2023, the Company recorded asset management fees payable of $0.3 million and $0.2 million, respectively. Asset management fees payable are included within the "Due to affiliates" line 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 TPG Angelo Gordon during the three and six months ended June 30, 2024 and 2023 (in thousands). Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Residential mortgage loans sold by Arc Home to the Company $ 133,591 $ 193,207 $ 213,382 $ 193,207 Residential mortgage loans sold by Arc Home to private funds under the management of TPG Angelo Gordon 123,545 31,063 279,946 121,647 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 on the underlying loans. The table below summarizes intra-entity profits eliminated during the three and six months ended June 30, 2024 and 2023 (in thousands). Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Intra-Entity Profits Eliminated $ 405 $ 341 $ 606 $ 341 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. From time to time, the Company may determine that certain loans it has previously committed to purchase will be sold to third parties and, as a result, the derivative will be settled on a net basis with Arc Home. See Note 7 and Note 12 for more detail. Transactions under the Company's Affiliated Transaction Policy The below table details transactions where the Company purchased or sold assets from or to an affiliate of the Manager ($ in millions). The transactions were executed in accordance with the Company's Affiliated Transaction Policy. There were no purchases or sales of assets from or to an affiliate of the Manager during three and six months ended June 30, 2024. Refer to the "Transactions with Arc Home" section above for additional information related to transactions with Arc Home, which are excluded from the table below. Date Transaction Fair Value (1) Pricing Methodology June 2023 Purchase of Real Estate Securities $ 0.3 Competitive bidding process (2) November 2023 Purchase of Real Estate Securities (4) 4.8 Third party pricing vendors (3) November 2023 Purchase of MATH (4) 0.9 Third party pricing vendors (3) (1) As of the transaction date. (2) The Company submitted an offer to purchase the securities from an affiliate in a competitive bidding process, which allowed the Company to confirm third-party market pricing and best execution. (3) Pricing was based on valuations prepared by third-party pricing vendors in accordance with the Company's policy. (4) Refer to the "MATH Transaction" below. MATH Transaction In November 2023, the Company's 44.6% allocation of certain bonds retained from past securitizations and held through its investment in MATH was transferred directly to the Company and the Company purchased an additional 13.1% of these bonds from other funds managed by TPG Angelo Gordon who were invested in MATH alongside the Company. These bonds are currently recorded in the Company's "Real estate securities, at fair value" line item on the consolidated balance sheets. Additionally, the Company purchased an additional interest in MATH from other funds managed by TPG Angelo Gordon, increasing its ownership interest in MATH from 44.6% to 47.0%. Subsequent to this transaction, MATH, through its wholly owned subsidiary MATT, only holds risk-retention tranches from past securitizations which continue to pay down and the Company does not expect MATT to acquire additional investments.

Equity

Equity	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Equity	Equity Stock repurchase programs 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. 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 June 30, 2024, approximately $1.5 million of common stock remained authorized for future share repurchases under the 2022 Repurchase Program. There were no repurchases during the three and six months ended June 30, 2024. The table below details the Company's share repurchases under the 2022 Repurchase Program during the six months June 30, 2023. Three Months Ended (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) March 31, 2023 923,261 $ 5.68 923,261 $ 2,569,940 June 30, 2023 187,020 5.93 187,020 1,461,810 Total 1,110,281 $ 5.72 1,110,281 — $ 1,461,810 (1) Based on trade date. (2) Includes brokerage commissions and clearing fees. On May 4, 2023, the Company's Board of Directors authorized a stock repurchase program (the "2023 Repurchase Program") to repurchase up to $15.0 million of the Company’s outstanding common stock on substantially the same terms as the 2022 Repurchase Program. As of June 30, 2024, the full $15.0 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 and six months ended June 30, 2024 and 2023. 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 March 26, 2024, the Company filed a new shelf registration statement, registering up to $1.0 billion of its securities, including capital stock (the "2024 Registration Statement"). The 2024 Registration Statement was declared effective on April 9, 2024 and will generally remain effective for three years. Upon effectiveness of the 2024 Registration Statement, the Company's previous S-3 registration statement filed in 2021 was terminated. Preferred stock The Company is authorized to designate and issue up to 50.0 million shares of preferred stock, par value $0.01 per share, in one or more classes or series. As of June 30, 2024 and December 31, 2023, there were 1.7 million, 3.7 million, and 3.7 million of Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock, respectively, issued and outstanding. The following table includes a summary of preferred stock issued and outstanding as of June 30, 2024 ($ 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 were originally set to accumulate at a percentage of the $25.00 liquidation preference equal to an annual floating rate of the then three-month LIBOR, plus a spread of 6.476%. In light of the discontinuance of the publication of three-month LIBOR after June 2023 and pursuant to the terms of the Series C Preferred Stock, the Company has appointed a calculation agent to select an industry accepted substitute or successor base rate to the three-month LIBOR rate. It is expected that such substitute or successor base rate will be the three-month CME Term SOFR (plus a tenor spread adjustment of 0.26161%). The calculation agent may also implement changes to the business day convention, the definition of business day, the dividend determination date, the interest rate spread and the method for obtaining the substitute or successor base rate, in a manner that is consistent with industry accepted practices. (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	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024, the Company was not involved in any material legal proceedings. The below table details the Company's outstanding commitments as of June 30, 2024 (in thousands). Commitment type Date of Commitment Total Commitment Funded Commitment Remaining Commitment Non-Agency and Agency-Eligible Loans (1) Various $ 160,350 $ — $ 160,350 (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 June 30, 2024. The total commitment amount represents the agreed upon purchase price of any outstanding unpaid principal balance the Company has committed to purchase. Refer to Note 10 "Transactions with affiliates" for more information.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company announced that on August 1, 2024, its Board of Directors declared third quarter 2024 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 September 17, 2024 to holders of record on August 30, 2024. On July 31, 2024, the Company sold Non-Agency Loans for gross proceeds of $86.3 million. These loans were recorded within the "Residential mortgage loans held for sale, at fair value" line item on the consolidated balance sheets as of June 30, 2024. On July 31, 2024, Arc Home, a residential mortgage loan originator which retains mortgage servicing rights ("MSRs") associated with certain loans it originates, sold substantially all of its MSR portfolio to an unrelated third-party consisting of $5.8 billion of unpaid principal balance. As of June 30, 2024, the fair value of Arc Home's MSR portfolio was $88.2 million which collateralized related financing arrangements of $39.3 million. The Company owns an approximate 44.6% interest in Arc Home through its investment in AG Arc which is recorded within the "Investments in debt and equity of affiliates" line item on the consolidated balance sheets.

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	6 Months Ended
	Jun. 30, 2024
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. In the opinion of management, all adjustments considered necessary for a fair statement of the Company’s financial position, results of operations, and cash flows have been included for the interim period and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year.
Use of estimates	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 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), 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 Non-Agency VIEs and RPL/NPL 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 Non-Agency VIEs and RPL/NPL 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 Non-Agency VIEs and RPL/NPL 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 Non-Agency VIEs and RPL/NPL 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.
Debt issuance costs	Debt issuance costs Debt issuance costs are costs incurred by the Company in connection with the issuance of Senior Unsecured Notes (as defined below) or other financing where the fair value option has not been elected. These costs may include underwriting commissions, rating agency, legal, accounting, and other fees. Debt issuance costs are included on the Company’s consolidated balance sheets as a direct reduction from the related financing liability. These costs are deferred and amortized over the life of the related financing as an adjustment to interest expense using the effective interest method.
Recent accounting pronouncements	Recent accounting pronouncements Debt with conversion and other options In August 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-06, "Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging- Contracts in Entity's Own Equity (Subtopic 815-40)." The amendments in this update affect entities that issue convertible instruments and/or contracts in an entity's own equity. For convertible instruments, the instruments primarily affected are those issued with beneficial conversion features or cash conversion features because the accounting models for those specific features are removed. This ASU is effective for the year ended December 31, 2024. The Company's adoption of ASU 2020-06 during the six months ended June 30, 2024 did not have a material impact on the consolidated financial statements. Segment reporting In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." ASU 2023-07 intends to improve reportable segment disclosure requirements, primarily through enhanced disclosures related to significant segment expenses. In addition, this standard is expected to enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss and provides segment disclosure requirements for entities with a single reportable segment. ASU 2023-07 is effective on a retrospective basis for annual periods beginning after December 15, 2023, for interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. The Company does not expect the adoption of the new standard to have a material effect on its consolidated financial statements.
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)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule 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 RMBS (2) • Non-Agency Residential Mortgage-Backed Securities ("RMBS") represent fixed- and floating-rate RMBS issued by entities other than U.S. GSEs or agencies of the U.S. government. 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. Legacy WMC Commercial Investments (3) Commercial Loans • Commercial loans represent first lien commercial mortgage loans participations. CMBS (2) • Commercial Mortgage-Backed Securities ("CMBS") represent investments of fixed-rate and floating-rate CMBS, secured by, or evidencing an ownership interest in, a single commercial mortgage loan or a pool of commercial mortgage loans. (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. (3) The Company's investments include commercial loans, CMBS and other securities (collectively, the "Legacy WMC Commercial Investments") that were acquired in the WMC acquisition. The Company expects to either hold the Legacy WMC Commercial Investments until maturity or opportunistically exit these investments.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the allocation of the total consideration paid to acquire the assets and assume the liabilities of WMC (in thousands, except exchange ratio and per share amounts). Consideration WMC shares outstanding at December 5, 2023 (1) 6,143 Exchange Ratio 1.498 Shares of MITT Common Stock Issued 9,202 MITT Common Stock Price as of December 5, 2023 $ 5.56 MITT Total Consideration (2) $ 51,163 Assets Securitized residential mortgage loans (3) $ 971,781 Residential mortgage loans (3) 6,046 Commercial loans 78,459 Non-Agency RMBS 48,200 CMBS 56,301 Other securities 1,159 Agency RMBS 745 Cash and cash equivalents 5,316 Restricted cash 873 Other assets 24,654 Total Assets $ 1,193,534 Liabilities Securitized debt $ 837,317 Financing arrangements 171,170 Convertible senior unsecured notes 85,172 Other liabilities 18,522 Total Liabilities $ 1,112,181 Net Assets Acquired $ 81,353 Bargain purchase gain $ 30,190 (1) For time-based restricted stock units granted by WMC that fully vested as of the Closing Date, the fair value of the Company’s common stock issued in the satisfaction of these units was included in equity consideration transferred as no post acquisition service was required. (2) MITT Total Consideration does not include the Per Share Additional Manager Consideration paid by the Manager to former holders of WMC Common Stock. (3) The unpaid principal balance of residential mortgage loans acquired in connection with the Merger was $1.1 billion.
Schedule of Business Acquisition, Pro Forma Information	The following table presents unaudited pro forma combined interest income and net income/(loss) available to common stockholders for the six months ended June 30, 2023 prepared as if the Merger had been consummated on January 1, 2022 (in thousands). Six months ended June 30, 2023 Interest income $ 156,655 Net Income/(Loss) Available to Common Stockholders 10,229

Loans (Tables)

Loans (Tables)	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Schedule of Company's Residential Mortgage Loan Portfolio and Commercial Loan Portfolio	The tables below detail information regarding the Company’s residential mortgage loan portfolio as of June 30, 2024 and December 31, 2023 ($ in thousands). The gross unrealized gains/(losses) in the table below represent inception to date gains/(losses) since acquisition. Unpaid Principal Balance Gross Unrealized Weighted Average June 30, 2024 Premium Amortized Cost Gains Losses Fair Value Coupon Yield Life Securitized residential mortgage loans, at fair value (2) Non-Agency Loans (3) $ 6,004,579 $ (14,916) $ 5,989,663 $ 27,360 $ (398,432) $ 5,618,591 5.44 % 5.70 % 9.01 Re- and Non-Performing Loans 207,193 (15,627) 191,566 — (18,311) 173,255 4.00 % 6.19 % 5.74 Total Securitized residential mortgage loans, at fair value $ 6,211,772 $ (30,543) $ 6,181,229 $ 27,360 $ (416,743) $ 5,791,846 5.39 % 5.72 % 8.90 Residential mortgage loans, at fair value Non-Agency Loans (4) $ 100,139 $ 1,345 $ 101,484 $ 1,537 $ (683) $ 102,338 8.26 % 7.16 % 3.28 Agency-Eligible Loans 194,047 2,540 196,587 669 (252) 197,004 7.21 % 6.75 % 4.72 Re- and Non-Performing Loans 2,271 (1,433) 838 1,283 — 2,121 N/A 127.29 % 1.53 Total Residential mortgage loans, at fair value $ 296,457 $ 2,452 $ 298,909 $ 3,489 $ (935) $ 301,463 7.57 % 7.74 % 4.21 Total as of June 30, 2024 $ 6,508,229 $ (28,091) $ 6,480,138 $ 30,849 $ (417,678) $ 6,093,309 5.49 % 5.82 % 8.69 Unpaid Principal Balance Gross Unrealized Weighted Average December 31, 2023 Premium Amortized Cost Gains Losses Fair Value Coupon Yield Life Securitized residential mortgage loans, at fair value (2) Non-Agency Loans (3) $ 5,599,960 $ (32,250) $ 5,567,710 $ 29,603 $ (422,144) $ 5,175,169 5.19 % 5.51 % 10.37 Re- and Non-Performing Loans 217,098 (17,465) 199,633 199 (16,720) 183,112 3.88 % 6.30 % 6.10 Total Securitized residential mortgage loans, at fair value $ 5,817,058 $ (49,715) $ 5,767,343 $ 29,802 $ (438,864) $ 5,358,281 5.14 % 5.54 % 10.21 Residential mortgage loans, at fair value Non-Agency Loans $ 92,033 $ 835 $ 92,868 $ 2,222 $ (574) $ 94,516 8.10 % 7.29 % 3.14 Agency-Eligible Loans 212,350 3,535 215,885 4,824 — 220,709 7.94 % 7.28 % 3.37 Re- and Non-Performing Loans 2,604 (1,630) 974 1,432 — 2,406 N/A 112.97 % 1.69 Total Residential mortgage loans, at fair value $ 306,987 $ 2,740 $ 309,727 $ 8,478 $ (574) $ 317,631 7.99 % 8.08 % 3.29 Total as of December 31, 2023 $ 6,124,045 $ (46,975) $ 6,077,070 $ 38,280 $ (439,438) $ 5,675,912 5.28 % 5.68 % 9.86 (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 $87.1 million of Non-Agency Loans 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 June 30, 2024. During the three and six months ended June 30, 2024 and 2023, the Company purchased residential mortgage loans, as detailed below (in thousands). Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Unpaid Principal Balance Fair Value Unpaid Principal Balance Fair Value Unpaid Principal Balance Fair Value Unpaid Principal Balance Fair Value Non-Agency Loans $ 9,460 $ 9,582 $ 159,906 $ 162,524 $ 23,506 $ 23,796 $ 182,456 $ 185,478 Agency-Eligible Loans 406,121 413,619 55,501 56,663 674,207 684,703 55,501 56,663 Total $ 415,581 $ 423,201 $ 215,407 $ 219,187 $ 697,713 $ 708,499 $ 237,957 $ 242,141 Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Number of Loans Proceeds Realized Gains Realized Losses Number of Loans Proceeds Realized Gains Realized Losses Non-Agency Loans 165 $ 99,871 $ 1,051 $ (1,400) 281 $ 146,780 $ 1,051 $ (11,145) Agency-Eligible Loans — — — — 47 18,474 69 (85) The tables below detail information regarding the Company's Legacy WMC Commercial loan portfolio as of June 30, 2024 and December 31, 2023 ($ in thousands). The gross unrealized gains/(losses) in the table below represent inception to date gains/(losses) since acquisition. June 30, 2024 Premium / (Discount) Amortized Cost Gross Unrealized Gains Fair Value Weighted Average Maturity Date (5) LTV (6) Location Loan (1)(2)(3) Unpaid Principal Balance Coupon Yield Life (Years) (4) Loan A (7) $ 7,259 $ (103) $ 7,156 $ 45 $ 7,201 9.53 % 10.94 % 0.93 5/6/2025 61.63 % IL, FL Loan B (7) 13,206 (186) 13,020 81 13,101 9.53 % 10.94 % 0.93 5/6/2025 75.33 % CA Loan C (7) 24,535 (347) 24,188 150 24,338 9.53 % 10.94 % 0.93 5/6/2025 77.22 % NY Loan D (8) 22,204 (161) 22,043 70 22,113 8.71 % 8.91 % 1.19 8/6/2025 42.50 % CT Total $ 67,204 $ (797) $ 66,407 $ 346 $ 66,753 9.26 % 10.27 % 1.01 63.67 % December 31, 2023 Premium / (Discount) Amortized Cost Gross Unrealized Gains Fair Value Weighted Average Maturity Date (5) LTV (6) Location Loan (1)(2)(3) Unpaid Principal Balance Coupon Yield Life (Years) (4) Loan A (7) $ 7,259 $ (137) $ 7,122 $ 12 $ 7,134 9.55 % 10.16 % 1.44 5/6/2025 61.63 % IL, FL Loan B (7) 13,206 (249) 12,957 22 12,979 9.55 % 10.16 % 1.44 5/6/2025 75.33 % CA Loan C (7) 24,535 (463) 24,072 40 24,112 9.55 % 10.16 % 1.44 5/6/2025 77.22 % NY Loan D (8) 22,204 (147) 22,057 21 22,078 8.72 % 8.17 % 1.69 8/6/2025 42.50 % CT Total $ 67,204 $ (996) $ 66,208 $ 95 $ 66,303 9.27 % 9.50 % 1.52 63.61 % (1) The Company has the contractual right to receive a balloon payment for each loan. (2) Each commercial loan investment is a first mortgage loan. (3) Each commercial loan has a current payment status. (4) Actual maturities of commercial loans may be shorter or longer than stated contractual maturities. Maturities are affected by prepayments of principal. (5) Represents maturity date of the last possible extension option. (6) Represents the LTV at acquisition. (7) Loans A, B, and C have a floating rate coupon equal to 4.20% plus one-month SOFR and are collateralized by hotels. (8)
Schedule 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 Loan Count (1) Aging by Unpaid Principal Balance (1)(2) June 30, 2024 Current 30-59 Days 60-89 Days 90+ Days Securitized residential mortgage loans Non-Agency Loans $ 6,004,579 14,765 $ 5,849,173 $ 63,462 $ 29,557 $ 62,387 Re- and Non-Performing Loans 207,193 1,410 151,385 14,326 5,411 36,071 Total Securitized residential mortgage loans $ 6,211,772 16,175 $ 6,000,558 $ 77,788 $ 34,968 $ 98,458 Residential mortgage loans Non-Agency Loans $ 100,139 191 $ 91,238 $ 2,457 $ 590 $ 5,854 Agency-Eligible Loans 194,047 494 191,333 2,714 — — Re- and Non-Performing Loans (1) 2,271 N/A N/A N/A N/A N/A Total Residential mortgage loans $ 296,457 685 $ 282,571 $ 5,171 $ 590 $ 5,854 Total as of June 30, 2024 $ 6,508,229 16,860 $ 6,283,129 $ 82,959 $ 35,558 $ 104,312 Unpaid Principal Balance Loan Count (1) Aging by Unpaid Principal Balance (1)(2) December 31, 2023 Current 30-59 Days 60-89 Days 90+ Days Securitized residential mortgage loans Non-Agency Loans $ 5,599,960 13,460 $ 5,446,631 $ 68,242 $ 30,873 $ 54,214 Re- and Non-Performing Loans 217,098 1,495 154,632 17,145 4,780 40,541 Total Securitized residential mortgage loans $ 5,817,058 14,955 $ 5,601,263 $ 85,387 $ 35,653 $ 94,755 Residential mortgage loans Non-Agency Loans $ 92,033 170 $ 83,582 $ 1,010 $ 615 $ 6,826 Agency-Eligible Loans 212,350 536 211,499 851 — — Re- and Non-Performing Loans (1) 2,604 N/A N/A N/A N/A N/A Total Residential mortgage loans $ 306,987 706 $ 295,081 $ 1,861 $ 615 $ 6,826 Total as of December 31, 2023 $ 6,124,045 15,661 $ 5,896,344 $ 87,248 $ 36,268 $ 101,581 (1) Loan count and aging data exclude 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) As of June 30, 2024, the Company had securitized residential mortgage loans and residential mortgage loans that were 90+ days delinquent with a fair value of $44.1 million and loans in the process of foreclosure with a fair value of $53.1 million. As of December 31, 2023, the Company had securitized residential mortgage loans and residential mortgage loans that were 90+ days delinquent with a fair value of $41.7 million and loans in the process of foreclosure with a fair value of $51.8 million.
Schedule of Certain Concentrations of Credit Risk Within the Company's Mortgage Loan Portfolio	The following is a summary of the geographic concentration of credit risk as of June 30, 2024 and December 31, 2023 and includes states where the exposure is greater than 5% of the fair value of the Company's residential mortgage loan portfolio. Geographic Concentration of Credit Risk (1) June 30, 2024 December 31, 2023 California 36 % 38 % New York 12 % 13 % Florida 10 % 10 % Texas 6 % 6 % New Jersey 5 % 5 % (1)
Schedule of Variable Interest Entities	The following table details certain information related to the assets and liabilities of the Non-Agency VIEs as of June 30, 2024 and December 31, 2023 ($ in thousands). June 30, 2024 December 31, 2023 Carrying Value Weighted Average Carrying Value Weighted Average Yield Life (Years) (1) Yield Life (Years) (1) Assets Securitized residential mortgage loans, at fair value (2) $ 5,618,591 5.70 % 9.01 $ 5,175,169 5.51 % 10.37 Other assets 29,551 25,105 Total Assets $ 5,648,142 $ 5,200,274 Liabilities Securitized debt, at fair value (2) (3) $ 5,010,811 5.19 % 6.66 $ 4,597,490 4.94 % 7.52 Other liabilities 19,923 17,269 Total Liabilities $ 5,030,734 $ 4,614,759 Total Equity (4) $ 617,408 $ 585,515 (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 residential mortgage loans in Non-Agency VIEs 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 Non-Agency VIEs. (4) As of June 30, 2024 and December 31, 2023, the Company had outstanding financing arrangements of $330.3 million and $301.2 million, respectively, collateralized by $610.2 million and $578.8 million of the Company's retained interests in the Non-Agency VIEs, respectively. See Note 6 for more detail regarding the Company's financing arrangements. The following table details certain information related to the assets and liabilities of the RPL/NPL VIEs as of June 30, 2024 and December 31, 2023 ($ in thousands). June 30, 2024 December 31, 2023 Carrying Value Weighted Average Carrying Value Weighted Average Yield Life (Years) (1) Yield Life (Years) (1) Assets Securitized residential mortgage loans, at fair value $ 173,255 6.19 % 5.74 $ 183,112 6.30 % 6.10 Restricted cash 12 10 Other assets 2,337 2,056 Total Assets $ 175,604 $ 185,178 Liabilities Securitized debt, at fair value (2) $ 106,378 3.31 % 3.80 $ 114,133 3.25 % 3.77 Other liabilities 314 328 Total Liabilities $ 106,692 $ 114,461 Total Equity (3) $ 68,912 $ 70,717 (1) This is based on projected life. Typically, actual maturities are shorter than stated contractual maturities. Maturities are affected by the contractual lives of the underlying mortgages, periodic payments of principal, and prepayments of principal. (2) The holders of the securitized debt have no recourse to the general credit of the Company. The Company has no obligation to provide any other explicit or implicit support to the RPL/NPL VIEs. (3) As of June 30, 2024 and December 31, 2023, the Company had outstanding financing arrangements of $43.0 million and $44.9 million, respectively, collateralized by $65.3 million and $67.1 million of the Company's retained interests in the RPL/NPL VIEs, respectively. See Note 6 for more detail regarding the Company's financing arrangements. The following table summarizes the Company’s investment in unconsolidated VIEs as of June 30, 2024 and December 31, 2023 (in thousands). June 30, 2024 December 31, 2023 Current Face Fair Value Current Face Fair Value Retained interest in unconsolidated VIEs GCAT Non-Agency Securities $ 43,794 $ 34,612 $ 43,794 $ 32,542 GCAT Non-Agency RMBS Interest Only (1) N/A 4,227 N/A 4,991 Non-Agency Securities 18,464 18,208 — — Non-Agency RMBS Interest Only (1) N/A 345 — — Total retained interest in unconsolidated VIEs (2) (3) $ 62,258 $ 57,392 $ 43,794 $ 37,533 (1) Interest Only have no principal balances and bear interest based on a notional value. The notional value is used solely to determine interest distributions on the Interest Only classes of securities. As of June 30, 2024 and December 31, 2023, the notional value of the GCAT Non-Agency RMBS Interest Only line item was $89.2 million and $98.3 million, respectively. As of June 30, 2024, the notional value of the Non-Agency RMBS Interest Only line item was $26.6 million. (2) 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. (3) As of June 30, 2024 and December 31, 2023, the Company held securities exposed to the first loss of the securitization with a fair value of $3.6 million and $4.1 million, respectively. The following table summarizes information regarding the residential mortgage loans transferred to the Company’s unconsolidated VIEs as of June 30, 2024 and December 31, 2023 ($ in thousands). Assets transferred to unconsolidated VIEs: June 30, 2024 December 31, 2023 Total unpaid principal balance of loans outstanding (1) $ 784,261 $ 450,366 Weighted average coupon on loans outstanding 6.42 % 5.67 % Percent of unpaid principal balance greater than 90 days delinquent (2) 0.93 % 1.94 % (1) Represents the total balance of loans as of June 30, 2024 and December 31, 2023 that were contributed to the unconsolidated securitization trusts, inclusive of loans contributed by the Company and loans contributed by other parties. (2) As of June 30, 2024, 0.69% of loans were 90+ days delinquent or in bankruptcy, 0.16% of loans were REO, and 0.08% of loans were in process of foreclosure. As of December 31, 2023, 0.70% of loans were 90+ days delinquent or in bankruptcy and 1.24% loans were in process of foreclosure.

Real Estate Securities (Tables)

Real Estate Securities (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 and December 31, 2023 ($ in thousands). The gross unrealized gains/(losses) in the tables below represent inception to date unrealized gains/(losses) since acquisition. Current Face Premium / (Discount) Amortized Cost Gross Unrealized Weighted Average June 30, 2024 Gains Losses Fair Value Coupon (1) Yield Non-Agency RMBS GCAT Non-Agency RMBS (2) GCAT Non-Agency Securities $ 43,794 $ (2,067) $ 41,727 $ — $ (7,115) $ 34,612 4.68 % 6.08 % GCAT Non-Agency RMBS Interest Only (3) N/A N/A 2,362 1,865 — 4,227 0.54 % 34.55 % Total GCAT Non-Agency RMBS 43,794 (2,067) 44,089 1,865 (7,115) 38,839 2.59 % 9.18 % Non-Agency Securities 35,912 (5,092) 30,820 1,576 (123) 32,273 5.72 % 7.43 % Non-Agency RMBS Interest Only (3) N/A N/A 488 35 (7) 516 0.33 % 27.70 % Total Non-Agency RMBS 79,706 (7,159) 75,397 3,476 (7,245) 71,628 2.51 % 8.52 % Legacy WMC CMBS (4) 103,399 (44,809) 58,590 1,144 (7,164) 52,570 5.79 % 19.69 % Legacy WMC Other Securities (5) N/A N/A 1,077 131 — 1,208 N/A 21.06 % Agency RMBS 30 Year Fixed Rate 540,198 3,618 543,816 460 (1,606) 542,670 5.89 % 5.78 % Agency RMBS Interest Only (3) N/A N/A 21,627 864 (638) 21,853 4.02 % 10.73 % Total Agency RMBS 540,198 3,618 565,443 1,324 (2,244) 564,523 5.57 % 5.97 % Total as of June 30, 2024 $ 723,303 $ (48,350) $ 700,507 $ 6,075 $ (16,653) $ 689,929 5.00 % 7.30 % Current Face Premium / (Discount) Amortized Cost Gross Unrealized Weighted Average December 31, 2023 Gains Losses Fair Value Coupon (1) Yield Non-Agency RMBS GCAT Non-Agency RMBS (2) GCAT Non-Agency Securities $ 43,794 $ (2,281) $ 41,513 $ — $ (8,971) $ 32,542 4.67 % 5.99 % GCAT Non-Agency RMBS Interest Only (3) N/A N/A 2,541 2,450 — 4,991 — % 37.74 % Total GCAT Non-Agency RMBS 43,794 (2,281) 44,054 2,450 (8,971) 37,533 2.20 % 10.21 % Non-Agency Securities 82,390 (33,399) 48,991 2,139 (124) 51,006 4.99 % 9.11 % Non-Agency RMBS Interest Only (3) N/A N/A 1,116 1 (34) 1,083 0.35 % 16.04 % Total Non-Agency RMBS 126,184 (35,680) 94,161 4,590 (9,129) 89,622 2.17 % 9.66 % Legacy WMC CMBS 103,458 (46,925) 56,533 546 (730) 56,349 7.39 % 21.90 % Legacy WMC Other Securities (5) N/A N/A 1,174 — (18) 1,156 N/A 18.16 % Agency RMBS Interest Only (3) N/A N/A 16,714 115 (1,135) 15,694 3.74 % 10.20 % Total as of December 31, 2023 $ 229,642 $ (82,605) $ 168,582 $ 5,251 $ (11,012) $ 162,821 3.54 % 14.01 % (1) Equity residual investments with a zero coupon rate are excluded from this calculation. (2) GCAT Non-Agency RMBS are securities issued under Gold Creek Asset Trust ("GCAT"), which is the TPG Angelo Gordon securitization shelf under which the Company or private funds under the management of TPG Angelo Gordon securitize loans. Refer to the "Unconsolidated variable interest entities" section below for additional details on these securities. (3) Interest Only have no principal balances and bear interest based on a notional value. The notional value is used solely to determine interest distributions on the interest only classes of securities. As of June 30, 2024, the notional values of the GCAT Non-Agency RMBS Interest Only, Non-Agency RMBS Interest Only and Agency RMBS Interest Only line items were $89.2 million, $56.5 million and $112.3 million, respectively. As of December 31, 2023, the notional values of the GCAT Non-Agency RMBS Interest Only, Non-Agency RMBS Interest Only and Agency RMBS Interest Only line items were $98.3 million, $128.8 million and $92.2 million, respectively. (4) As of June 30, 2024, there are Legacy WMC CMBS with an unpaid principal balance of $15.5 million and a fair value of $0.8 million which are on non-accrual status. (5) Legacy WMC Other securities include residual interests in asset-backed securities which have no principal balance. The Company sold real estate securities during the three and six months ended June 30, 2024, as detailed below ($ in thousands). The Company did not sell any real estate securities during the three and six months ended June 30, 2023. Three Months Ended Six Months Ended Number of Securities Proceeds Realized Gains Realized Losses Number of Securities Proceeds Realized Gains Realized Losses June 30, 2024 6 $ 19,858 $ 2,005 $ (73) 13 $ 39,176 $ 3,165 $ (482)
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 June 30, 2024 and December 31, 2023 ($ in thousands). June 30, 2024 Non-Agency RMBS Legacy WMC CMBS Legacy WMC Other Securities Agency RMBS Weighted Average Life (1) Fair Value Amortized Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Less than or equal to one year $ — $ — $ 80 $ — $ — $ — $ — $ — Greater than one year and less than or equal to five years 5,343 3,442 52,490 58,590 — — 622 657 Greater than five years and less than or equal to ten years 45,507 48,382 — — 1,208 1,077 563,901 564,786 Greater than ten years 20,778 23,573 — — — — — — Total as of June 30, 2024 $ 71,628 $ 75,397 $ 52,570 $ 58,590 $ 1,208 $ 1,077 $ 564,523 $ 565,443 December 31, 2023 Non-Agency RMBS Legacy WMC CMBS Legacy WMC Other Securities Agency RMBS Weighted Average Life (1) Fair Value Amortized Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Less than or equal to one year $ — $ — $ 15,015 $ 15,010 $ — $ — $ — $ — Greater than one year and less than or equal to five years 4,631 4,669 41,334 41,523 — — 697 678 Greater than five years and less than or equal to ten years 38,792 40,539 — — 1,156 1,174 14,997 16,036 Greater than ten years 46,199 48,953 — — — — — — Total as of December 31, 2023 $ 89,622 $ 94,161 $ 56,349 $ 56,533 $ 1,156 $ 1,174 $ 15,694 $ 16,714 (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.
Schedule of Variable Interest Entities	The following table details certain information related to the assets and liabilities of the Non-Agency VIEs as of June 30, 2024 and December 31, 2023 ($ in thousands). June 30, 2024 December 31, 2023 Carrying Value Weighted Average Carrying Value Weighted Average Yield Life (Years) (1) Yield Life (Years) (1) Assets Securitized residential mortgage loans, at fair value (2) $ 5,618,591 5.70 % 9.01 $ 5,175,169 5.51 % 10.37 Other assets 29,551 25,105 Total Assets $ 5,648,142 $ 5,200,274 Liabilities Securitized debt, at fair value (2) (3) $ 5,010,811 5.19 % 6.66 $ 4,597,490 4.94 % 7.52 Other liabilities 19,923 17,269 Total Liabilities $ 5,030,734 $ 4,614,759 Total Equity (4) $ 617,408 $ 585,515 (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 residential mortgage loans in Non-Agency VIEs 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 Non-Agency VIEs. (4) As of June 30, 2024 and December 31, 2023, the Company had outstanding financing arrangements of $330.3 million and $301.2 million, respectively, collateralized by $610.2 million and $578.8 million of the Company's retained interests in the Non-Agency VIEs, respectively. See Note 6 for more detail regarding the Company's financing arrangements. The following table details certain information related to the assets and liabilities of the RPL/NPL VIEs as of June 30, 2024 and December 31, 2023 ($ in thousands). June 30, 2024 December 31, 2023 Carrying Value Weighted Average Carrying Value Weighted Average Yield Life (Years) (1) Yield Life (Years) (1) Assets Securitized residential mortgage loans, at fair value $ 173,255 6.19 % 5.74 $ 183,112 6.30 % 6.10 Restricted cash 12 10 Other assets 2,337 2,056 Total Assets $ 175,604 $ 185,178 Liabilities Securitized debt, at fair value (2) $ 106,378 3.31 % 3.80 $ 114,133 3.25 % 3.77 Other liabilities 314 328 Total Liabilities $ 106,692 $ 114,461 Total Equity (3) $ 68,912 $ 70,717 (1) This is based on projected life. Typically, actual maturities are shorter than stated contractual maturities. Maturities are affected by the contractual lives of the underlying mortgages, periodic payments of principal, and prepayments of principal. (2) The holders of the securitized debt have no recourse to the general credit of the Company. The Company has no obligation to provide any other explicit or implicit support to the RPL/NPL VIEs. (3) As of June 30, 2024 and December 31, 2023, the Company had outstanding financing arrangements of $43.0 million and $44.9 million, respectively, collateralized by $65.3 million and $67.1 million of the Company's retained interests in the RPL/NPL VIEs, respectively. See Note 6 for more detail regarding the Company's financing arrangements. The following table summarizes the Company’s investment in unconsolidated VIEs as of June 30, 2024 and December 31, 2023 (in thousands). June 30, 2024 December 31, 2023 Current Face Fair Value Current Face Fair Value Retained interest in unconsolidated VIEs GCAT Non-Agency Securities $ 43,794 $ 34,612 $ 43,794 $ 32,542 GCAT Non-Agency RMBS Interest Only (1) N/A 4,227 N/A 4,991 Non-Agency Securities 18,464 18,208 — — Non-Agency RMBS Interest Only (1) N/A 345 — — Total retained interest in unconsolidated VIEs (2) (3) $ 62,258 $ 57,392 $ 43,794 $ 37,533 (1) Interest Only have no principal balances and bear interest based on a notional value. The notional value is used solely to determine interest distributions on the Interest Only classes of securities. As of June 30, 2024 and December 31, 2023, the notional value of the GCAT Non-Agency RMBS Interest Only line item was $89.2 million and $98.3 million, respectively. As of June 30, 2024, the notional value of the Non-Agency RMBS Interest Only line item was $26.6 million. (2) 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. (3) As of June 30, 2024 and December 31, 2023, the Company held securities exposed to the first loss of the securitization with a fair value of $3.6 million and $4.1 million, respectively. The following table summarizes information regarding the residential mortgage loans transferred to the Company’s unconsolidated VIEs as of June 30, 2024 and December 31, 2023 ($ in thousands). Assets transferred to unconsolidated VIEs: June 30, 2024 December 31, 2023 Total unpaid principal balance of loans outstanding (1) $ 784,261 $ 450,366 Weighted average coupon on loans outstanding 6.42 % 5.67 % Percent of unpaid principal balance greater than 90 days delinquent (2) 0.93 % 1.94 % (1) Represents the total balance of loans as of June 30, 2024 and December 31, 2023 that were contributed to the unconsolidated securitization trusts, inclusive of loans contributed by the Company and loans contributed by other parties. (2) As of June 30, 2024, 0.69% of loans were 90+ days delinquent or in bankruptcy, 0.16% of loans were REO, and 0.08% of loans were in process of foreclosure. As of December 31, 2023, 0.70% of loans were 90+ days delinquent or in bankruptcy and 1.24% loans were in process of foreclosure.

Fair value measurements (Tables

Fair value measurements (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 and December 31, 2023 (in thousands). Fair Value at June 30, 2024 Level 1 Level 2 Level 3 Total Assets: Securitized residential mortgage loans $ — $ — $ 5,791,846 $ 5,791,846 Residential mortgage loans (1) — 793 300,670 301,463 Legacy WMC Commercial Loans — — 66,753 66,753 Non-Agency RMBS — 14,236 57,392 71,628 Legacy WMC CMBS — 51,843 727 52,570 Legacy WMC Other Securities — — 1,208 1,208 Agency RMBS — 564,523 — 564,523 Derivative assets (2) — 12,387 446 12,833 Cash equivalents (3) 117,467 — — 117,467 AG Arc (4) — — 34,954 34,954 Total Assets Measured at Fair Value $ 117,467 $ 643,782 $ 6,253,996 $ 7,015,245 Liabilities: Securitized debt $ — $ — $ (5,117,189) $ (5,117,189) Derivative liabilities (2) — (3,146) (560) (3,706) Total Liabilities Measured at Fair Value $ — $ (3,146) $ (5,117,749) $ (5,120,895) Fair value at December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Securitized residential mortgage loans $ — $ — $ 5,358,281 $ 5,358,281 Residential mortgage loans — 777 316,854 317,631 Legacy WMC Commercial loans — — 66,303 66,303 Non-Agency RMBS — 52,089 37,533 89,622 Legacy WMC CMBS — 50,553 5,796 56,349 Legacy WMC Other Securities — — 1,156 1,156 Agency RMBS — 15,694 — 15,694 Derivative assets (2) — 9,433 1,172 10,605 Cash equivalents (3) 95,749 — — 95,749 AG Arc (4) — — 33,574 33,574 Total Assets Measured at Fair Value $ 95,749 $ 128,546 $ 5,820,669 $ 6,044,964 Liabilities: Securitized debt $ — $ — $ (4,711,623) $ (4,711,623) Derivative liabilities (2) — (7,783) (7) (7,790) Total Liabilities Measured at Fair Value $ — $ (7,783) $ (4,711,630) $ (4,719,413) (1) As of June 30, 2024, Residential mortgage loans includes the "Residential mortgage loans, at fair value" and "Residential mortgage loans held for sale, at fair value" line items on the consolidated balance sheets. (2) As of June 30, 2024, the Company applied a reduction in fair value of $12.1 million and $3.1 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, 2023, the Company applied a reduction in fair value of $9.3 million and $7.7 million to its interest rate swap assets and liabilities, respectively, related to variation margin with a corresponding increase or decrease in restricted cash. 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. (3) 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. (4) The table above includes the Company's investment in AG Arc, which is included in its "Investments in debt and equity of affiliates" line item on the consolidated balance sheets, as the Company has chosen to elect the fair value option with respect to its investment pursuant to ASC 825.
Schedule of Assets and Liabilities Measured on a Recurring Basis	The following tables present additional information about the Company’s assets and liabilities which are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value (in thousands). Three Months Ended June 30, 2024 Residential Legacy WMC Commercial Loans Non-Agency Legacy WMC CMBS Legacy WMC Other Securities Derivative Assets (2) AG Arc Securitized Derivative Liabilities (2) Beginning balance $ 5,848,560 $ 66,474 $ 39,163 $ 3,268 $ 1,220 $ 472 $ 33,190 $ (4,980,942) $ (159) Purchases 422,580 — 18,051 — — — — — — Issuances of Securitized Debt — — — — — — — (294,356) — Capital distributions — — — — — — (169) — — Proceeds from sales or settlements — — — — — (547) — — 708 Principal repayments (171,522) — — — — — — 159,776 — Included in net income: Net premium and discount amortization (3) 4,131 140 17 — (43) — — (7,738) — Net realized gain/(loss) 54 — — — — 547 — — (708) Net unrealized gain/(loss) (8,753) 139 161 (2,541) 31 (26) — 6,071 (401) Equity in earnings/(loss) from affiliates — — — — — — 1,933 — — Other (4) (2,534) — — — — — — — — Ending Balance $ 6,092,516 $ 66,753 $ 57,392 $ 727 $ 1,208 $ 446 $ 34,954 $ (5,117,189) $ (560) Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of June 30, 2024 Net premium and discount amortization (3) 4,131 140 17 — (43) — — (7,738) — Net unrealized gain/(loss) (8,753) 139 161 (2,541) 31 446 — 6,071 (560) Equity in earnings/(loss) from affiliates — — — — — — 1,933 — — Three Months Ended June 30, 2023 Residential Non-Agency Derivative assets (2) AG Arc Securitized Derivative liabilities (2) Beginning balance $ 4,098,773 $ 15,039 $ 2,475 $ 37,540 $ (3,505,529) $ (75) Purchases 220,729 — — — — — Capital distributions — — — (402) — — Proceeds from sales or settlements (99,871) — (2,557) — — 634 Principal repayments (97,388) — — — 94,399 — Included in net income: Net premium and discount amortization (3) 359 (97) — — (3,125) — Net realized gain/(loss) (456) — 2,557 — — (634) Net unrealized gain/(loss) (18,130) (275) (1,549) — 12,195 (1,160) Equity in earnings/(loss) from affiliates — — — 309 — — Other (4) (406) — — — — — Ending Balance $ 4,103,610 $ 14,667 $ 926 $ 37,447 $ (3,402,060) $ (1,235) Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of June 30, 2023 Net premium and discount amortization (3) 395 (97) — — (3,125) — Net unrealized gain/(loss) (17,412) (275) 900 — 12,195 (1,235) Equity in earnings/(loss) from affiliates — — — 309 — — (1) Includes Securitized residential mortgage loans, Securitized residential mortgage loans held for sale, 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 on the consolidated statement of operations for assets and liabilities, respectively. (4) Includes transfers of residential mortgage loans to real estate owned as well as activity related to advances. Six Months Ended June 30, 2024 Residential Legacy WMC Commercial Loans Non-Agency Legacy WMC CMBS Legacy WMC Other Securities Derivative Assets (2) AG Arc Securitized Derivative Liabilities (2) Beginning balance $ 5,675,135 $ 66,303 $ 37,533 $ 5,796 $ 1,156 $ 1,172 $ 33,574 $ (4,711,623) $ (7) Purchases 710,197 — 18,051 — — — — — — Issuances of Securitized Debt — — — — — — — (658,255) — Capital distributions — — — — — — (481) — — Proceeds from sales or settlements — — — — — (1,728) — — 757 Principal repayments (312,147) — — — — — — 284,363 — Included in net income: Net premium and discount amortization (3) 8,328 200 33 (63) (97) — — (15,316) — Net realized gain/(loss) 56 — — — — 1,728 — — (757) Net unrealized gain/(loss) 14,303 250 1,775 (5,006) 149 (726) — (16,358) (553) Equity in earnings/(loss) from affiliates — — — — — — 1,861 — — Other (4) (3,356) — — — — — — — — Ending Balance $ 6,092,516 $ 66,753 $ 57,392 $ 727 $ 1,208 $ 446 $ 34,954 $ (5,117,189) $ (560) Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of June 30, 2024 Net premium and discount amortization (3) 8,328 200 33 (63) (97) — — (15,316) — Net unrealized gain/(loss) 14,303 250 1,775 (5,006) 149 446 — (16,358) (560) Equity in earnings/(loss) from affiliates — — — — — — 1,861 — — Six Months Ended June 30, 2023 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 243,484 — — — — — Issuances of Securitized Debt — — — — (234,754) — Capital distributions — — — (402) — — Proceeds from sales or settlements (165,254) — (2,557) — — 634 Principal repayments (171,344) — — — 161,356 — Included in net income: Net premium and discount amortization (3) 1,503 (173) — — (5,863) — Net realized gain/(loss) (10,214) — 2,557 — — (634) Net unrealized gain/(loss) 79,081 (77) 828 — (60,447) (1,226) Equity in earnings/(loss) from affiliates — — — (1,831) — — Other (4) (1,489) — — — — — Ending Balance $ 4,103,610 $ 14,667 $ 926 $ 37,447 $ (3,402,060) $ (1,235) Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of June 30, 2023 Net premium and discount amortization (3) 1,539 (173) — — (5,863) — Net unrealized gain/(loss) 69,267 (77) 926 — (60,447) (1,235) Equity in earnings/(loss) from affiliates — — — (1,831) — — (1) Includes Securitized residential mortgage loans, Securitized residential mortgage loans held for sale, 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 on the consolidated statement of operations 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 as of June 30, 2024 and December 31, 2023 ($ in thousands). June 30, 2024 December 31, 2023 Valuation Technique Unobservable Input Fair Value Range Fair Value Range Securitized Residential Mortgage Loans Yield 5.84% - 9.10% (6.41%) 5.67% - 9.47% (6.23%) Discounted Cash Flow Projected Collateral Prepayments $ 5,791,846 4.33% - 14.43% (6.42%) $ 5,358,281 3.02% - 10.47% (4.72%) Projected Collateral Losses 0.02% - 1.87% (0.16%) 0.02% - 1.88% (0.16%) Projected Collateral Severities -15.98% - 26.00% (18.61%) -13.44% - 26.00% (17.38%) Residential Mortgage Loans (2) Yield 6.38% - 18.75% (6.83%) 6.13% - 18.75% (6.64%) Discounted Cash Flow Projected Collateral Prepayments $ 300,670 3.34% - 34.99% (20.58%) $ 316,854 3.89% - 34.35% (24.88%) Projected Collateral Losses 0.00% - 20.77% (0.57%) 0.00% - 12.72% (0.15%) Projected Collateral Severities -25.00% - 44.02% (9.71%) -38.75% - 44.01% (9.62%) Legacy WMC Commercial Loans Yield 8.76% - 10.51% (9.93%) 8.16% - 10.13% (9.47%) Discounted Cash Flow Credit Spread $ 66,753 377 bps - 517 bps (471 bps) $ 66,303 377 bps - 556 bps (496 bps) Recovery Percentage (3) 100.00% - 100.00% (100.00%) 100.00% - 100.00% (100.00%) Loan-to-Value 42.50% - 77.22% (63.67%) 42.50% - 77.22% (63.61%) Non-Agency RMBS Yield 6.12% - 25.00% (8.46%) 6.23% - 14.00% (9.70%) Discounted Cash Flow Projected Collateral Prepayments $ 57,392 5.69% - 8.52% (6.98%) $ 37,533 4.55% - 5.26% (4.93%) Projected Collateral Losses 0.04% - 0.36% (0.21%) 0.17% - 0.28% (0.25%) Projected Collateral Severities 10.00% - 25.00% (14.85%) 10.00% - 10.00% (10.00%) Legacy WMC CMBS Consensus Pricing Offered Quotes $ 727 6.92 - 6.92 (6.92) $ 5,796 55.20 - 55.20 (55.20) Legacy WMC Other Securities Consensus Pricing Offered Quotes $ 1,208 7,128.66 - 7,128.66 (7,128.66) $ 1,156 6,821.32 - 6,821.32 (6,821.32) Derivative Assets (4) Yield 6.61% - 7.96% (6.77%) 6.29% - 8.32% (6.81%) Discounted Cash Flow Projected Collateral Prepayments $ 446 8.34% - 30.31% (20.19%) $ 1,172 18.20% - 33.78% (27.00%) Projected Collateral Losses 0.02% - 4.28% (0.74%) 0.00% - 0.82% (0.14%) Projected Collateral Severities 10.00% - 10.00% (10.00%) 10.00% - 10.00% (10.00%) Pull Through Percentages 60.00% - 100.00% (90.62%) 60.00% - 100.00% (92.21%) AG Arc Comparable Multiple Book Value Multiple $ 34,954 0.94x - 0.94x (0.94x) $ 33,574 0.89x - 0.89x (0.89x) Securitized Debt Yield 5.26% - 25.00% (5.97%) 4.92% - 15.00% (5.72%) Discounted Cash Flow Projected Collateral Prepayments $ (5,117,189) 4.33% - 14.43% (6.37%) $ (4,711,623) 3.02% - 10.47% (4.66%) Projected Collateral Losses 0.02% - 0.50% (0.14%) 0.02% - 0.40% (0.15%) Projected Collateral Severities 10.00% - 26.00% (18.97%) 3.71% - 26.00% (17.76%) Derivative Liabilities (4) Yield 6.61% - 8.07% (6.80%) 6.47% - 7.00% (6.51%) Discounted Cash Flow Projected Collateral Prepayments $ (560) 8.98% - 32.42% (26.05%) $ (7) 27.36% - 34.44% (34.30%) Projected Collateral Losses 0.01% - 2.47% (0.15%) 0.00% - 0.02% (0.00%) Projected Collateral Severities 10.00% - 10.00% (10.00%) 10.00% - 10.00% (10.00%) Pull Through Percentages 60.00% - 100.00% (83.60%) 60.00% - 100.00% (99.22%) (1) Amounts are weighted based on fair value. (2) As of June 30, 2024, Residential mortgage loans includes loans within the "Residential mortgage loans, at fair value" and "Residential mortgage loans held for sale, at fair value" line items on the consolidated balance sheets. (3) Represents the proportion of the principal expected to be collected relative to the loan balances as of June 30, 2024 and December 31, 2023. (4) Derivative assets and derivative liabilities are included in the "Other assets" and "Other liabilities" line items, respectively, on the consolidated balance sheets.
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The following table presents the carrying value and estimated fair value of the Company's Legacy WMC Convertible Notes, Senior Unsecured Notes, and fixed-rate financing arrangements with contractual maturities of greater than one year as of June 30, 2024 and December 31, 2023 (in thousands). The fair value of the Company's Legacy WMC Convertibles Notes and Senior Unsecured Notes is based upon prices obtained from third-party pricing services or broker quotations and are classified as Level 2. The fair value of the Company's fixed-rate long-term financing arrangements is based on a discounted cash flow valuation approach using valuation analyses of the underlying collateral sourced from third-party pricing service providers and is classified as Level 3. June 30, 2024 December 31, 2023 Carrying Value (1) Estimated Fair Value Carrying Value (1) Estimated Fair Value Legacy WMC Convertible Notes $ 78,849 $ 79,116 $ 85,266 $ 84,525 Senior Unsecured Notes 95,380 100,471 — — Financing arrangements 56,559 57,059 62,972 63,175 (1) The Legacy WMC Convertible Notes, Senior Unsecured Notes, and fixed-rate long-term financing arrangements are recorded at amortized cost in the Company's consolidated balance sheets.

Financing (Tables)

Financing (Tables)	6 Months Ended
	Jun. 30, 2024
Disclosure of Repurchase Agreements [Abstract]
Schedule of Financing Arrangements	The following table presents a summary of the Company's financing as of June 30, 2024 and December 31, 2023 ($ in thousands). June 30, 2024 December 31, 2023 Financing Weighted Average Collateral Fair Value (1)(2) Financing Current Face Carrying Value Stated Maturity Funding Cost Life (Years) Carrying Value Financing Arrangements by Asset Type Securitized Residential Mortgage Loans (3) Non-Agency Loans (4) $ 328,652 $ 330,291 July 2024 - July 2025 7.26 % 0.32 $ 610,152 $ 301,205 Re- and Non-Performing Loans 43,032 43,032 July 2024 7.28 % 0.04 65,277 44,928 Residential Mortgage Loans (5) Non-Agency Loans 7,576 7,576 Aug 2024 - June 2025 7.29 % 0.38 9,898 77,345 Agency-Eligible Loans 183,648 183,648 June 2025 7.20 % 0.96 197,004 200,617 Residential Mortgage Loans Held for Sale 72,129 72,129 Aug 2024 - June 2025 7.29 % 0.35 87,077 — Legacy WMC Commercial Loans (6) 47,222 47,222 Mar 2025 8.35 % 0.73 66,753 48,032 Non-Agency RMBS 44,120 44,120 July 2024 - May 2025 6.43 % 0.19 68,199 51,251 Legacy WMC CMBS 21,889 21,889 July 2024 7.10 % 0.02 51,843 31,620 Agency RMBS 485,898 485,898 July 2024 5.49 % 0.06 505,254 12,594 Total Financing Arrangements $ 1,234,166 $ 1,235,805 6.57 % 0.31 $ 1,661,457 $ 767,592 Securitized debt, at fair value (7) Non-Agency Loans (8) (9) $ 5,441,843 $ 5,010,811 N/A 5.19 % 6.66 N/A $ 4,597,490 Re- and Non-Performing Loans (10) 118,256 106,378 N/A 3.31 % 3.80 N/A 114,133 Total Securitized Debt $ 5,560,099 $ 5,117,189 5.15 % 6.61 N/A $ 4,711,623 Legacy WMC Convertible Notes $ 79,120 $ 78,849 Sep 2024 8.42 % 0.21 N/A $ 85,266 Senior Unsecured Notes February 2029 Senior Unsecured Notes $ 34,500 $ 32,890 Feb 2029 10.79 % 4.73 N/A $ — May 2029 Senior Unsecured Notes 65,000 62,490 May 2029 10.52 % 4.94 N/A — Total Senior Unsecured Notes $ 99,500 $ 95,380 10.61 % 4.87 N/A $ — Total Financing $ 6,972,885 $ 6,527,223 5.54 % 5.50 $ 1,661,457 $ 5,564,481 (1) The Company also had $3.4 million and $1.7 million of cash pledged under repurchase agreements as of June 30, 2024 and December 31, 2023, 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 Non-Agency VIEs and RPL/NPL VIEs. (4) As of June 30, 2024, the weighted average stated rate on the financing arrangements on the Company's Securitized non-agency loans was 7.78%. (5) The Company's Residential mortgage loan financing arrangements include a maximum uncommitted borrowing capacity of $1.8 billion on facilities used to finance Non-Agency and Agency-Eligible Loans. (6) As of June 30, 2024, the weighted average stated rate on the financing arrangements on the Company's Legacy WMC Commercial Loans was 8.08%. (7) 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 Non-Agency VIEs and RPL/NPL VIEs. (8) As of June 30, 2024, the amortized cost of Securitized debt in the Company's Non-Agency VIEs was $5.3 billion. (9) The current face on the Company's Securitized debt in the Company's Non-Agency VIEs excludes Interest Only classes which have no principal balances and bear interest based on a notional value. The notional value is used solely to determine interest distributions on the interest only classes of securities. As of June 30, 2024, the notional value of interest only classes of Securitized debt was $621.6 million. (10)
Summary of Convertible Notes Interest Expense	The below table details the total interest expense incurred on the Legacy WMC Convertible Notes during the three and six months ended June 30, 2024 (in thousands). There was no interest expense incurred during the three or six months ended June 30, 2023 as the Company assumed the Legacy WMC Convertible Notes in connection with the Merger in December 2023. Three Months Ended Six Months Ended June 30, 2024 June 30, 2024 Coupon interest expense $ 1,335 $ 2,708 Amortization expense 319 641 Total interest expense $ 1,654 $ 3,349
Summary of Senior Unsecured Notes	The below table provides a summary of the Senior Unsecured Notes ($ in thousands). Principal Amount (1) Carrying Value First Pay Date Maturity Redemption Date (3) Rate (4) February 2029 Senior Unsecured Notes $ 34,500 $ 32,890 May 15, 2024 February 15, 2029 February 15, 2026 9.500 % May 2029 Senior Unsecured Notes 65,000 62,490 August 15, 2024 May 15, 2029 May 15, 2026 9.500 % (1) The Senior Unsecured Notes were issued at 100% of the principal amount. (2) The Company has the option to redeem the Senior Unsecured Notes earlier than the maturity date. (3) The Company may redeem the Senior Unsecured Notes in whole or in part at any time or from time to time at the Company’s option on or after the redemption date, upon not less than 30 days written notice to holders prior to the redemption date, at a redemption price equal to 100% of the outstanding principal amount of the Senior Unsecured Notes to be redeemed plus accrued and unpaid interest to, but excluding, the redemption date. (4) The Senior Unsecured Notes bear interest at a rate equal to 9.500% per year, payable in cash quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, beginning on the applicable first pay date. The below table details the total interest expense incurred on the Senior Unsecured Notes during the three and six months ended June 30, 2024 (in thousands). There was no interest expense incurred during the three or six months ended June 30, 2023 as the Senior Unsecured Notes were issued during 2024. Three Months Ended Six Months Ended June 30, 2024 June 30, 2024 Coupon interest expense $ 1,608 $ 2,200 Amortization expense 117 164 Total interest expense $ 1,725 $ 2,364
Schedule of Total Borrowings Under Repurchase Agreements	Within 30 Days Over 30 Days to 3 Months Over 3 Months to 12 Months Over 12 Months Total Financing Arrangements by Asset Type Securitized Residential Mortgage Loans Non-Agency Loans $ 180,309 $ 60,122 $ 33,300 $ 54,921 $ 328,652 Re- and Non-Performing Loans 43,032 — — — 43,032 Residential Mortgage Loans Non-Agency Loans — 3,217 4,359 — 7,576 Agency-Eligible Loans — — 183,648 — 183,648 Residential Mortgage Loans Held for Sale — 42,807 29,322 — 72,129 Legacy WMC Commercial Loans — — 47,222 — 47,222 Non-Agency RMBS 10,887 30,582 2,651 — 44,120 Legacy WMC CMBS 21,889 — — — 21,889 Agency RMBS 485,898 — — — 485,898 Total Financing Arrangements $ 742,015 $ 136,728 $ 300,502 $ 54,921 $ 1,234,166 Legacy WMC Convertible Notes $ — $ 79,120 $ — $ — $ 79,120 Senior Unsecured Notes February 2029 Senior Unsecured Notes $ — $ — $ — $ 34,500 $ 34,500 May 2029 Senior Unsecured Notes — — — 65,000 65,000 Total Senior Unsecured Notes $ — $ — $ — $ 99,500 $ 99,500
Schedule of Repurchase Agreement Counterparty	The following table presents information as of June 30, 2024 and December 31, 2023 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). June 30, 2024 December 31, 2023 Counterparty Stockholders' Equity Weighted Average Percentage of Stockholders' Equity Weighted Average Percentage of BofA Securities, Inc. $ 138,082 142 25.9 % $ 131,128 236 24.8 % Barclays Capital Inc. 79,497 49 14.9 % 81,047 85 15.3 % Goldman Sachs Bank USA 77,609 53 14.5 % 73,893 9 14.0 % JP Morgan Securities, LLC 51,088 24 9.6 % 46,642 134 8.8 % Various (1) 74,286 395 13.9 % 69,637 577 13.2 % (1)

Other assets and liabilities (T

Other assets and liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
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 sheets as of June 30, 2024 and December 31, 2023 (in thousands). June 30, 2024 December 31, 2023 Other assets Interest receivable $ 35,403 $ 30,315 Real estate owned 7,500 5,644 Derivative assets, at fair value 689 1,321 Other assets 2,621 3,187 Due from broker 1,112 249 Total Other assets $ 47,325 $ 40,716 Other liabilities Due to affiliates (1) $ 4,929 $ 3,252 Interest payable 26,015 23,715 Derivative liabilities, at fair value 560 70 Accrued expenses 2,100 4,874 Due to broker 172 196 Total Other liabilities $ 33,776 $ 32,107 (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 information related to the Company's derivatives and other instruments and their balance sheet location as of June 30, 2024 and December 31, 2023 (in thousands). All notional amounts are denominated in USD. Balance Sheet June 30, 2024 December 31, 2023 Derivatives and Other Instruments (1) Notional Fair Value Notional Fair Value Pay Fix/Receive Float Interest Rate Swap Agreements (2) (3) Other assets $ 384,500 $ 243 $ 165,000 $ 149 Pay Fix/Receive Float Interest Rate Swap Agreements (2) (3) Other liabilities 433,500 — 338,000 — Short TBAs Other liabilities — — 9,000 (63) Forward Purchase Commitments Other assets 67,203 446 70,145 1,172 Forward Purchase Commitments Other liabilities 89,583 (560) 2,566 (7) (1) As of June 30, 2024 and December 31, 2023, no derivatives held by the Company were designated as hedges for accounting purposes. (2) As of June 30, 2024, the Company applied a reduction in fair value of $12.1 million and $3.1 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, 2023, the Company applied a reduction in fair value of $9.3 million and $7.7 million to its interest rate swap assets and liabilities, respectively, related to variation margin with a corresponding increase or decrease in restricted cash. (3)
Schedule of Gains/(Losses) Related to Derivatives and Other Instruments	The following table summarizes total income related to derivatives and other instruments for the three and six months ended June 30, 2024 and 2023 (in thousands). Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Included within Net interest component of interest rate swaps Interest Rate Swaps $ 2,367 $ 1,784 $ 4,267 $ 2,804 Included within Net unrealized gain/(loss) Interest Rate Swaps (1,719) 11,985 8,594 (9,401) Long TBAs — (5) — — Short TBAs 155 249 63 (650) Forward Purchase Commitments (427) (2,709) (1,279) (398) (1,991) 9,520 7,378 (10,449) Included within Net realized gain/(loss) Interest Rate Swaps 80 711 (3,061) 10,534 Long TBAs — 5 — 5 Short TBAs 14 (249) 24 (70) Forward Purchase Commitments (161) 1,923 971 1,923 (67) 2,390 (2,066) 12,392 Total income/(loss) $ 309 $ 13,694 $ 9,579 $ 4,747
Schedule of To Be Announced Securities Activity	The following tables present information about the Company’s derivatives for the three and six months ended June 30, 2024 and 2023 (in thousands). Three Months Ended Beginning Notional Buys or Covers Sales or Shorts Ending Notional Derivative Derivative Liability June 30, 2024 Short TBAs $ (32,000) $ 96,000 $ (64,000) $ — $ — $ — June 30, 2024 Interest Rate Swaps 454,250 498,000 (134,250) 818,000 243 — June 30, 2023 Interest Rate Swaps 468,000 256,000 (117,000) 607,000 — (41) Six Months Ended Beginning Notional Buys or Covers Sales or Shorts (1) Ending Notional Derivative Derivative Liability June 30, 2024 Short TBAs $ (9,000) $ 130,000 $ (121,000) $ — $ — $ — June 30, 2024 Interest Rate Swaps 503,000 717,750 (402,750) 818,000 243 — June 30, 2023 Long TBAs — 10,000 (10,000) — — — June 30, 2023 Short TBAs (40,000) 100,000 (60,000) — — — June 30, 2023 Interest Rate Swaps 335,000 598,000 (326,000) 607,000 — (41) (1) The sales or shorts includes $60.0 million of swaps that matured during the six months ended June 30, 2024.

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted earnings per share for the three and six months ended June 30, 2024 and 2023 (in thousands, except per share data). Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Numerator: Net Income/(Loss) $ 3,925 $ 8,056 $ 24,815 $ 20,596 Dividends on preferred stock (4,586) (4,586) (9,172) (9,172) Net Income/(Loss) Available to Common Stockholders $ (661) $ 3,470 $ 15,643 $ 11,424 Denominator: Basic weighted average common shares outstanding 29,474 20,249 29,463 20,655 Dilutive effect of restricted stock units (1) — — 27 — Diluted weighted average common shares outstanding 29,474 20,249 29,490 20,655 Earnings/(Loss) Per Share Basic $ (0.02) $ 0.17 $ 0.53 $ 0.55 Diluted $ (0.02) $ 0.17 $ 0.53 $ 0.55 (1) Restricted stock units issued to certain directors of 27 thousand were excluded from the computation of diluted earnings per share because its effect would be anti-dilutive for the three months ended June 30, 2024.
Schedule of Dividends Declared and Paid	The following tables detail the Company's common stock dividends declared during the six months ended June 30, 2024 and 2023. Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Declaration Date Record Date Payment Date Cash Dividend Per Share Declaration Date Record Date Payment Date Cash Dividend Per Share 3/15/2024 3/29/2024 4/30/2024 $ 0.18 3/15/2023 3/31/2023 4/28/2023 $ 0.18 6/13/2024 6/28/2024 7/31/2024 0.19 6/15/2023 6/30/2023 7/31/2023 0.18 Total $ 0.37 Total $ 0.36 The following tables detail the Company's preferred stock dividends declared and paid during the six months ended June 30, 2024 and 2023. 2024 Cash Dividend Per Share Declaration Date Record Date Payment Date 8.25% Series A 8.00% Series B 8.000% Series C 2/16/2024 2/29/2024 3/18/2024 $ 0.51563 $ 0.50 $ 0.50 5/2/2024 5/31/2024 6/17/2024 0.51563 0.50 0.50 Total $ 1.03126 $ 1.00 $ 1.00 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 5/4/2023 5/31/2023 6/20/2023 0.51563 0.50 0.50 Total $ 1.03126 $ 1.00 $ 1.00

Income taxes (Tables)

Income taxes (Tables)	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Tax Expense Attributable to the TRS	The below table details the tax expense attributable to its TRSs for the three and six months ended June 30, 2024 and 2023 (in thousands). Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Income tax expense $ 17 $ — $ 42 $ 225

Related party transactions (Tab

Related party transactions (Tables)	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The below table details the management fees incurred during the three and six months ended June 30, 2024 and 2023 (in thousands). Three Months Ended Six Months Ended Consolidated statements of operations line item: June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Management fee to affiliate (1) $ 1,753 $ 2,061 $ 3,494 $ 4,136 (1) For the three and six months ended June 30, 2024, the Manager agreed to waive its right to receive management fees of $0.6 million and $1.2 million, respectively, pursuant to the MITT Management Agreement Amendment executed in connection with the Merger. Of the $2.4 million management fee waiver agreed upon in connection with the Merger, $0.6 million remains outstanding as of June 30, 2024. The below table details the expense reimbursement incurred during the three and six months ended June 30, 2024 and 2023 (in thousands). Three Months Ended Six Months Ended Consolidated statements of operations line item: June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Non-investment related expenses (1) $ 1,636 $ 1,400 $ 3,300 $ 2,800 Investment related expenses 87 110 201 212 Transaction related expenses 306 318 374 381 Expense reimbursements to Manager or its affiliates $ 2,029 $ 1,828 $ 3,875 $ 3,393 (1) For the three and six months ended June 30, 2024, the Manager agreed to waive its right to receive expense reimbursements of $0.3 million and $0.6 million, respectively, pursuant to the MITT Management Agreement Amendment executed in connection with the Merger. Of the $1.3 million expense reimbursement waiver agreed upon in connection with the Merger, $0.5 million remains outstanding as of June 30, 2024. Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Fees paid to Asset Manager $ 667 $ 680 $ 1,325 $ 1,363 Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Residential mortgage loans sold by Arc Home to the Company $ 133,591 $ 193,207 $ 213,382 $ 193,207 Residential mortgage loans sold by Arc Home to private funds under the management of TPG Angelo Gordon 123,545 31,063 279,946 121,647 Date Transaction Fair Value (1) Pricing Methodology June 2023 Purchase of Real Estate Securities $ 0.3 Competitive bidding process (2) November 2023 Purchase of Real Estate Securities (4) 4.8 Third party pricing vendors (3) November 2023 Purchase of MATH (4) 0.9 Third party pricing vendors (3) (1) As of the transaction date. (2) The Company submitted an offer to purchase the securities from an affiliate in a competitive bidding process, which allowed the Company to confirm third-party market pricing and best execution. (3) Pricing was based on valuations prepared by third-party pricing vendors in accordance with the Company's policy. (4) Refer to the "MATH Transaction" below.
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 June 30, 2024 and December 31, 2023 (in thousands). June 30, 2024 December 31, 2023 Assets Liabilities Equity Assets Liabilities Equity Non-QM Securities (1) $ 14,940 $ — $ 14,940 $ 15,257 $ — $ 15,257 Re/Non-Performing Securities 7,246 (3,559) 3,687 7,569 (3,605) 3,964 Total Residential Investments 22,186 (3,559) 18,627 22,826 (3,605) 19,221 AG Arc, at fair value 34,954 — 34,954 33,574 — 33,574 Cash and Other assets/(liabilities) 809 (39) 770 2,361 (53) 2,308 Investments in debt and equity of affiliates $ 57,949 $ (3,598) $ 54,351 $ 58,761 $ (3,658) $ 55,103 (1) MATH, through its wholly owned subsidiary MATT, only holds risk-retention tranches from past securitizations which continue to pay down and the Company does not expect MATT to acquire additional investments. The below table reconciles the net income/(loss) to the "Equity in earnings/(loss) from affiliates" line item on the Company's consolidated statements of operations for the three and six months ended June 30, 2024 and 2023 (in thousands). Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Non-QM Securities $ (828) $ 349 $ 1,377 $ 1,974 Land Related Financing — 402 — 741 Re/Non-Performing Securities 211 (281) 316 (89) AG Arc (1) 1,528 (32) 1,255 (2,172) Equity in earnings/(loss) from affiliates $ 911 $ 438 $ 2,948 $ 454 (1) Earnings/(loss) recognized by AG Arc do not include the Company's portion of gains or losses 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 Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Intra-Entity Profits Eliminated $ 405 $ 341 $ 606 $ 341

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Stock	The table below details the Company's share repurchases under the 2022 Repurchase Program during the six months June 30, 2023. Three Months Ended (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) March 31, 2023 923,261 $ 5.68 923,261 $ 2,569,940 June 30, 2023 187,020 5.93 187,020 1,461,810 Total 1,110,281 $ 5.72 1,110,281 — $ 1,461,810 (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 June 30, 2024 ($ 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 were originally set to accumulate at a percentage of the $25.00 liquidation preference equal to an annual floating rate of the then three-month LIBOR, plus a spread of 6.476%. In light of the discontinuance of the publication of three-month LIBOR after June 2023 and pursuant to the terms of the Series C Preferred Stock, the Company has appointed a calculation agent to select an industry accepted substitute or successor base rate to the three-month LIBOR rate. It is expected that such substitute or successor base rate will be the three-month CME Term SOFR (plus a tenor spread adjustment of 0.26161%). The calculation agent may also implement changes to the business day convention, the definition of business day, the dividend determination date, the interest rate spread and the method for obtaining the substitute or successor base rate, in a manner that is consistent with industry accepted practices. (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)	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Outstanding Commitments	The below table details the Company's outstanding commitments as of June 30, 2024 (in thousands). Commitment type Date of Commitment Total Commitment Funded Commitment Remaining Commitment Non-Agency and Agency-Eligible Loans (1) Various $ 160,350 $ — $ 160,350 (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 June 30, 2024. The total commitment amount represents the agreed upon purchase price of any outstanding unpaid principal balance the Company has committed to purchase. Refer to Note 10 "Transactions with affiliates" for more information.

Organization - Narrative (Detai

Organization - Narrative (Details) $ / shares in Units, $ in Thousands			6 Months Ended
	Dec. 06, 2023 USD ($) qtr $ / shares shares	Aug. 08, 2023 USD ($) qtr	Jun. 30, 2024 segment $ / shares	Dec. 31, 2023 USD ($) $ / shares	Sep. 30, 2023 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of reportable segments | segment			1
Common stock, par value (in dollars per share) | $ / shares			$ 0.01	$ 0.01
AG Mortgage Investment Trust, Inc. | Western Asset Mortgage Capital Corporation Stockholders
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ownership percentage	31%
MITT Management Agreement Amendment | Related Party
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Amount to be waived	$ 1,300	$ 1,300
Maximum cash consideration threshold	7,000	7,000
Reduction in base management fee	$ 600	$ 600
Number of quarters management fee reduction is effective | qtr	4	4
Management fee amount agreed to waive	$ 2,400	$ 2,400
WMC
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, par value (in dollars per share) | $ / shares	$ 0.01
Common stock, number of shares issued per acquiree share (in shares) | shares	1.498
Per share cash payment ( usd per share) | $ / shares	$ 0.92
Number of shares issued (in shares) | shares	9,202,000
Transaction costs				$ 6,000	$ 6,000
Bargain purchase gain	$ 30,190
Arc Home
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Loan securitization, ownership interest			44.60%
Arc Home | Related Party
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Loan securitization, ownership interest			44.60%

Organization - Schedule of Reco

Organization - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 06, 2023	Jun. 30, 2024	Dec. 31, 2023	Dec. 05, 2023
Consideration
Common stock, shares outstanding (in shares)		29,474,000	29,437,000
Legacy WMC CMBS
Liabilities
Unpaid Principal Balance		$ 15,500
WMC
Consideration
Common stock, number of shares issued per acquiree share (in shares)	1.498
Number of shares issued (in shares)	9,202,000
Share price (in dollars per share)				$ 5.56
MITT Total Consideration	$ 51,163
Assets
Cash and cash equivalents	5,316
Restricted cash	873
Other assets	24,654
Total Assets	1,193,534
Liabilities
Securitized debt	837,317
Financing arrangements	171,170
Convertible senior unsecured notes	85,172
Other liabilities	18,522
Total Liabilities	1,112,181
Net Assets Acquired	81,353
Bargain purchase gain	30,190
WMC | Residential Mortgage
Assets
Financing arrangements	6,046
WMC | Residential Mortgage | Securitized Residential Mortgage Loans
Assets
Financing arrangements	971,781
WMC | Legacy WMC Commercial Loans
Assets
Financing arrangements	78,459
WMC | Non-Agency RMBS
Assets
Securities	48,200
WMC | Legacy WMC CMBS
Assets
Securities	56,301
WMC | Legacy WMC Other Securities
Assets
Securities	1,159
WMC | Agency RMBS
Assets
Securities	745
WMC | Residential and Securitized Residential Mortgage Loans
Liabilities
Unpaid Principal Balance	$ 1,100,000
WMC | WMC
Consideration
Common stock, shares outstanding (in shares)				6,143,000

Organization - Schedule of Busi

Organization - Schedule of Business Acquisition, Pro Forma Information (Details) - WMC $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Interest income	$ 156,655
Net Income/(Loss) Available to Common Stockholders	$ 10,229

Loans - Schedule of Company's R

Loans - Schedule of Company's Residential Mortgage Loan Portfolio and Commercial Loan Portfolio (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Residential Mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value	$ 301,463	$ 317,631
Loans held-for-sale, fair value	87,077	0
Residential Mortgage | Securitized Residential Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value	5,791,846	5,358,281
Residential Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	6,508,229	6,124,045
Premium (Discount)	(28,091)	(46,975)
Amortized Cost	6,480,138	6,077,070
Gross Unrealized Gains	30,849	38,280
Gross Unrealized Losses	(417,678)	(439,438)
Fair Value	$ 6,093,309	$ 5,675,912
Weighted Average Coupon	5.49%	5.28%
Weighted Average Yield	5.82%	5.68%
Weighted Average Life (Years)	8 years 8 months 8 days	9 years 10 months 9 days
Residential Portfolio Segment | Residential Mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 296,457	$ 306,987
Premium (Discount)	2,452	2,740
Amortized Cost	298,909	309,727
Gross Unrealized Gains	3,489	8,478
Gross Unrealized Losses	(935)	(574)
Fair Value	$ 301,463	$ 317,631
Weighted Average Coupon	7.57%	7.99%
Weighted Average Yield	7.74%	8.08%
Weighted Average Life (Years)	4 years 2 months 15 days	3 years 3 months 14 days
Residential Portfolio Segment | Residential Mortgage | Securitized Residential Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 6,211,772	$ 5,817,058
Premium (Discount)	(30,543)	(49,715)
Amortized Cost	6,181,229	5,767,343
Gross Unrealized Gains	27,360	29,802
Gross Unrealized Losses	(416,743)	(438,864)
Fair Value	$ 5,791,846	$ 5,358,281
Weighted Average Coupon	5.39%	5.14%
Weighted Average Yield	5.72%	5.54%
Weighted Average Life (Years)	8 years 10 months 24 days	10 years 2 months 15 days
Residential Portfolio Segment | Non-Agency Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 100,139	$ 92,033
Premium (Discount)	1,345	835
Amortized Cost	101,484	92,868
Gross Unrealized Gains	1,537	2,222
Gross Unrealized Losses	(683)	(574)
Fair Value	$ 102,338	$ 94,516
Weighted Average Coupon	8.26%	8.10%
Weighted Average Yield	7.16%	7.29%
Weighted Average Life (Years)	3 years 3 months 10 days	3 years 1 month 20 days
Loans held-for-sale, fair value	$ 87,100
Residential Portfolio Segment | Non-Agency Loans | Securitized Residential Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	6,004,579	$ 5,599,960
Premium (Discount)	(14,916)	(32,250)
Amortized Cost	5,989,663	5,567,710
Gross Unrealized Gains	27,360	29,603
Gross Unrealized Losses	(398,432)	(422,144)
Fair Value	$ 5,618,591	$ 5,175,169
Weighted Average Coupon	5.44%	5.19%
Weighted Average Yield	5.70%	5.51%
Weighted Average Life (Years)	9 years 3 days	10 years 4 months 13 days
Residential Portfolio Segment | Agency-Eligible Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 194,047	$ 212,350
Premium (Discount)	2,540	3,535
Amortized Cost	196,587	215,885
Gross Unrealized Gains	669	4,824
Gross Unrealized Losses	(252)	0
Fair Value	$ 197,004	$ 220,709
Weighted Average Coupon	7.21%	7.94%
Weighted Average Yield	6.75%	7.28%
Weighted Average Life (Years)	4 years 8 months 19 days	3 years 4 months 13 days
Residential Portfolio Segment | Re- and Non-Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 2,271	$ 2,604
Premium (Discount)	(1,433)	(1,630)
Amortized Cost	838	974
Gross Unrealized Gains	1,283	1,432
Gross Unrealized Losses	0	0
Fair Value	$ 2,121	$ 2,406
Weighted Average Yield	127.29%	112.97%
Weighted Average Life (Years)	1 year 6 months 10 days	1 year 8 months 8 days
Residential Portfolio Segment | Re- and Non-Performing Loans | Securitized Residential Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 207,193	$ 217,098
Premium (Discount)	(15,627)	(17,465)
Amortized Cost	191,566	199,633
Gross Unrealized Gains	0	199
Gross Unrealized Losses	(18,311)	(16,720)
Fair Value	$ 173,255	$ 183,112
Weighted Average Coupon	4%	3.88%
Weighted Average Yield	6.19%	6.30%
Weighted Average Life (Years)	5 years 8 months 26 days	6 years 1 month 6 days

Loans - Schedule of Credit Qual

Loans - Schedule of Credit Quality Information on Residential Mortgage Loans (Details) - Residential Portfolio Segment $ in Thousands	Jun. 30, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 6,508,229	$ 6,124,045
Loan Count | loan	16,860	15,661
Mortgage loans 90+ days delinquent	$ 44,100	$ 41,700
Mortgage loans in process of foreclosure	53,100	51,800
Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	6,283,129	5,896,344
30-59 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	82,959	87,248
60-89 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	35,558	36,268
90+ Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	104,312	101,581
Residential Mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 296,457	$ 306,987
Loan Count | loan	685	706
Residential Mortgage | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 282,571	$ 295,081
Residential Mortgage | 30-59 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	5,171	1,861
Residential Mortgage | 60-89 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	590	615
Residential Mortgage | 90+ Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	5,854	6,826
Residential Mortgage | Securitized Residential Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 6,211,772	$ 5,817,058
Loan Count | loan	16,175	14,955
Residential Mortgage | Securitized Residential Mortgage Loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 6,000,558	$ 5,601,263
Residential Mortgage | Securitized Residential Mortgage Loans | 30-59 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	77,788	85,387
Residential Mortgage | Securitized Residential Mortgage Loans | 60-89 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	34,968	35,653
Residential Mortgage | Securitized Residential Mortgage Loans | 90+ Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	98,458	94,755
Non-Agency Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 100,139	$ 92,033
Loan Count | loan	191	170
Non-Agency Loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 91,238	$ 83,582
Non-Agency Loans | 30-59 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	2,457	1,010
Non-Agency Loans | 60-89 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	590	615
Non-Agency Loans | 90+ Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	5,854	6,826
Non-Agency Loans | Securitized Residential Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 6,004,579	$ 5,599,960
Loan Count | loan	14,765	13,460
Non-Agency Loans | Securitized Residential Mortgage Loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 5,849,173	$ 5,446,631
Non-Agency Loans | Securitized Residential Mortgage Loans | 30-59 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	63,462	68,242
Non-Agency Loans | Securitized Residential Mortgage Loans | 60-89 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	29,557	30,873
Non-Agency Loans | Securitized Residential Mortgage Loans | 90+ Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	62,387	54,214
Agency-Eligible Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 194,047	$ 212,350
Loan Count | loan	494	536
Agency-Eligible Loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 191,333	$ 211,499
Agency-Eligible Loans | 30-59 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	2,714	851
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	2,271	2,604
Re- and Non-Performing Loans | Securitized Residential Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 207,193	$ 217,098
Loan Count | loan	1,410	1,495
Re- and Non-Performing Loans | Securitized Residential Mortgage Loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 151,385	$ 154,632
Re- and Non-Performing Loans | Securitized Residential Mortgage Loans | 30-59 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	14,326	17,145
Re- and Non-Performing Loans | Securitized Residential Mortgage Loans | 60-89 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	5,411	4,780
Re- and Non-Performing Loans | Securitized Residential Mortgage Loans | 90+ Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 36,071	$ 40,541

Loans - Narrative (Details)

Loans - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) loan	Jun. 30, 2023 loan	Jun. 30, 2024 USD ($) loan	Jun. 30, 2023 loan	Dec. 31, 2023 USD ($)
Gain (Loss) on Securities [Line Items]
Required percentage of fair value of certificates issued in the securitization	5%		5%
Real estate owned	$ 7,500		$ 7,500		$ 5,644
Securitized Residential Mortgage Loans | Revolving Mortgage Investment Trust 2015-1QR2
Gain (Loss) on Securities [Line Items]
Real estate owned	$ 3,400		$ 3,400		$ 3,400
Residential Portfolio Segment
Gain (Loss) on Securities [Line Items]
Percentage of unpaid principal balance with adjustable rate mortgages	10.60%		10.60%		12%
Number of Loans | loan	0		0
Fair Value	$ 6,093,309		$ 6,093,309		$ 5,675,912
Residential Portfolio Segment | Non-Agency Loans
Gain (Loss) on Securities [Line Items]
Number of Loans | loan		165		281
Fair Value	102,338		102,338		94,516
Residential Portfolio Segment | Securitized Residential Mortgage Loans | Non-Agency Loans
Gain (Loss) on Securities [Line Items]
Fair Value	5,618,591		5,618,591		5,175,169
Residential Portfolio Segment | Securitized Residential Mortgage Loans | Non-Agency Loans | Revolving Mortgage Investment Trust 2015-1QR2
Gain (Loss) on Securities [Line Items]
Fair Value	$ 5,400		$ 5,400		$ 6,600

Loans - Schedule of Loans Purch

Loans - Schedule of Loans Purchased (Details) - Residential Portfolio Segment - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 415,581	$ 215,407	$ 697,713	$ 237,957
Fair Value	423,201	219,187	708,499	242,141
Non-Agency Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	9,460	159,906	23,506	182,456
Fair Value	9,582	162,524	23,796	185,478
Agency-Eligible Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	406,121	55,501	674,207	55,501
Fair Value	$ 413,619	$ 56,663	$ 684,703	$ 56,663

Loans - Schedule of Sold Reside

Loans - Schedule of Sold Residential Mortgage Loans (Details) - Residential Portfolio Segment $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 loan	Jun. 30, 2023 USD ($) loan	Jun. 30, 2024 loan	Jun. 30, 2023 USD ($) loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	0		0
Non-Agency Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan		165		281
Proceeds		$ 99,871		$ 146,780
Realized Gains		1,051		1,051
Realized Losses		$ (1,400)		$ (11,145)
Agency-Eligible Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan		0		47
Proceeds		$ 0		$ 18,474
Realized Gains		0		69
Realized Losses		$ 0		$ (85)

Loans - Schedule of Concentrati

Loans - Schedule of Concentrations of Credit Risk (Details) - Residential Portfolio Segment - Geographic Concentration Risk - Accounts Receivable	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
California
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	36%	38%
New York
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	12%	13%
Florida
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	10%	10%
Texas
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	6%	6%
New Jersey
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	5%	5%

Loans - Schedule of Assets and

Loans - Schedule of Assets and Liabilities Related to VIEs (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2024	Dec. 31, 2023	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Assets
Restricted cash		$ 27,522	$ 14,039
Other assets		47,325	40,716
Total Assets		7,100,101	6,126,428
Liabilities
Securitized debt, at fair value	[1]	5,117,189	4,711,623
Other liabilities	[2]	33,776	32,107
Total Liabilities		6,566,599	5,598,060
Total Equity		533,502	528,368	$ 539,565	$ 460,725	$ 461,913	$ 462,800
Carrying Value		6,527,223	5,564,481
Asset Pledged as Collateral
Assets
Securitized residential mortgage loans, at fair value		1,661,457
Securitized Residential Mortgage Loans | Non-Agency Loans | Residential Portfolio Segment
Assets
Securitized residential mortgage loans, at fair value		5,618,591	5,175,169
Other assets		29,551	25,105
Total Assets		$ 5,648,142	$ 5,200,274
Weighted Average Yield		5.70%	5.51%
Weighted Average Life (Years)		9 years 3 days	10 years 4 months 13 days
Liabilities
Securitized debt, at fair value		$ 5,010,811	$ 4,597,490
Other liabilities		19,923	17,269
Total Liabilities		$ 5,030,734	$ 4,614,759
Weighted Average Yield		5.19%	4.94%
Weighted Average Life (Years)		6 years 7 months 28 days	7 years 6 months 7 days
Total Equity		$ 617,408	$ 585,515
Carrying Value		330,300	301,200
Securitized Residential Mortgage Loans | Non-Agency Loans | Residential Portfolio Segment | Asset Pledged as Collateral
Assets
Securitized residential mortgage loans, at fair value		610,200	578,800
Securitized Residential Mortgage Loans | Re- and Non-Performing Loans | Residential Portfolio Segment
Assets
Securitized residential mortgage loans, at fair value		173,255	183,112
Restricted cash		12	10
Other assets		2,337	2,056
Total Assets		$ 175,604	$ 185,178
Weighted Average Yield		6.19%	6.30%
Weighted Average Life (Years)		5 years 8 months 26 days	6 years 1 month 6 days
Liabilities
Securitized debt, at fair value		$ 106,378	$ 114,133
Other liabilities		314	328
Total Liabilities		$ 106,692	$ 114,461
Weighted Average Yield		3.31%	3.25%
Weighted Average Life (Years)		3 years 9 months 18 days	3 years 9 months 7 days
Total Equity		$ 68,912	$ 70,717
Carrying Value		43,000	44,900
Securitized Residential Mortgage Loans | Residential Mortgage
Assets
Securitized residential mortgage loans, at fair value	[1]	5,791,846	5,358,281
Securitized Residential Mortgage Loans | Residential Mortgage | Residential Portfolio Segment | Asset Pledged as Collateral
Assets
Securitized residential mortgage loans, at fair value		$ 65,300	$ 67,100
[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. The "Securitized debt, at fair value" is collateralized by the "Securitized residential mortgage loans, at fair value" held within the securitization trusts. See Note 3 and Note 6 for additional details. Refer to Note 7 and Note 10 for additional details on amounts payable to affiliates.

Loans - Schedule of Commercial

Loans - Schedule of Commercial Loans Portfolio (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Legacy WMC Commercial Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value	$ 66,753	$ 66,303
Loan A
Accounts, Notes, Loans and Financing Receivable [Line Items]
Floating coupon rate	4.20%	4.20%
Loan B
Accounts, Notes, Loans and Financing Receivable [Line Items]
Floating coupon rate	4.20%	4.20%
Loan C
Accounts, Notes, Loans and Financing Receivable [Line Items]
Floating coupon rate	4.20%	4.20%
Loan D
Accounts, Notes, Loans and Financing Receivable [Line Items]
Floating coupon rate	3.38%	3.38%
Commercial Portfolio Segment | Legacy WMC Commercial Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 67,204	$ 67,204
Premium / (Discount)	(797)	(996)
Amortized Cost	66,407	66,208
Gross Unrealized Gains	346	95
Fair Value	$ 66,753	$ 66,303
Weighted Average Coupon	9.26%	9.27%
Weighted Average Yield	10.27%	9.50%
Weighted Average Life (Years)	1 year 3 days	1 year 6 months 7 days
LTV	63.67%	63.61%
Commercial Portfolio Segment | Loan A
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 7,259	$ 7,259
Premium / (Discount)	(103)	(137)
Amortized Cost	7,156	7,122
Gross Unrealized Gains	45	12
Fair Value	$ 7,201	$ 7,134
Weighted Average Coupon	9.53%	9.55%
Weighted Average Yield	10.94%	10.16%
Weighted Average Life (Years)	11 months 4 days	1 year 5 months 8 days
LTV	61.63%	61.63%
Commercial Portfolio Segment | Loan B
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 13,206	$ 13,206
Premium / (Discount)	(186)	(249)
Amortized Cost	13,020	12,957
Gross Unrealized Gains	81	22
Fair Value	$ 13,101	$ 12,979
Weighted Average Coupon	9.53%	9.55%
Weighted Average Yield	10.94%	10.16%
Weighted Average Life (Years)	11 months 4 days	1 year 5 months 8 days
LTV	75.33%	75.33%
Commercial Portfolio Segment | Loan C
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 24,535	$ 24,535
Premium / (Discount)	(347)	(463)
Amortized Cost	24,188	24,072
Gross Unrealized Gains	150	40
Fair Value	$ 24,338	$ 24,112
Weighted Average Coupon	9.53%	9.55%
Weighted Average Yield	10.94%	10.16%
Weighted Average Life (Years)	11 months 4 days	1 year 5 months 8 days
LTV	77.22%	77.22%
Commercial Portfolio Segment | Loan D
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 22,204	$ 22,204
Premium / (Discount)	(161)	(147)
Amortized Cost	22,043	22,057
Gross Unrealized Gains	70	21
Fair Value	$ 22,113	$ 22,078
Weighted Average Coupon	8.71%	8.72%
Weighted Average Yield	8.91%	8.17%
Weighted Average Life (Years)	1 year 2 months 8 days	1 year 8 months 8 days
LTV	42.50%	42.50%

Real Estate Securities - Schedu

Real Estate Securities - Schedule of Real Estate Securities Portfolio (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Current Face	$ 723,303	$ 229,642
Premium / (Discount)	(48,350)	(82,605)
Amortized Cost	700,507	168,582
Gross Unrealized Gains	6,075	5,251
Gross Unrealized Losses	(16,653)	(11,012)
Fair Value	$ 689,929	$ 162,821
Weighted Average Coupon	5%	3.54%
Weighted Average Yield	7.30%	14.01%
VIE, Not Primary Beneficiary
Debt Securities, Available-for-sale [Line Items]
Current Face	$ 62,258	$ 43,794
Fair Value	$ 57,392	$ 37,533
Weighted Average Coupon	6.42%	5.67%
Unpaid Principal Balance	$ 784,261	$ 450,366
Residential Portfolio Segment
Debt Securities, Available-for-sale [Line Items]
Unpaid Principal Balance	6,508,229	6,124,045
Fair Value	6,093,309	5,675,912
Residential Portfolio Segment | VIE, Not Primary Beneficiary
Debt Securities, Available-for-sale [Line Items]
Current Face		43,794
Premium / (Discount)		(2,281)
Amortized Cost		44,054
Gross Unrealized Gains		2,450
Gross Unrealized Losses		(8,971)
Fair Value		$ 37,533
Weighted Average Coupon		2.20%
Weighted Average Yield		10.21%
GCAT Non-Agency RMBS | Residential Portfolio Segment | VIE, Not Primary Beneficiary
Debt Securities, Available-for-sale [Line Items]
Current Face	43,794
Premium / (Discount)	(2,067)
Amortized Cost	44,089
Gross Unrealized Gains	1,865
Gross Unrealized Losses	(7,115)
Fair Value	$ 38,839
Weighted Average Coupon	2.59%
Weighted Average Yield	9.18%
GCAT Non-Agency Securities | VIE, Not Primary Beneficiary
Debt Securities, Available-for-sale [Line Items]
Current Face	$ 43,794	$ 43,794
Fair Value	34,612	32,542
GCAT Non-Agency Securities | Residential Portfolio Segment | VIE, Not Primary Beneficiary
Debt Securities, Available-for-sale [Line Items]
Current Face	43,794	43,794
Premium / (Discount)	(2,067)	(2,281)
Amortized Cost	41,727	41,513
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(7,115)	(8,971)
Fair Value	$ 34,612	$ 32,542
Weighted Average Coupon	4.68%	4.67%
Weighted Average Yield	6.08%	5.99%
GCAT Non-Agency RMBS Interest Only | VIE, Not Primary Beneficiary
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 4,227	$ 4,991
GCAT Non-Agency RMBS Interest Only | Residential Portfolio Segment | VIE, Not Primary Beneficiary
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,362	2,541
Gross Unrealized Gains	1,865	2,450
Gross Unrealized Losses	0	0
Fair Value	$ 4,227	$ 4,991
Weighted Average Coupon	0.54%	0%
Weighted Average Yield	34.55%	37.74%
Real estate securities notional amount	$ 89,200	$ 98,300
Non-Agency RMBS | Residential Portfolio Segment
Debt Securities, Available-for-sale [Line Items]
Current Face	79,706	126,184
Premium / (Discount)	(7,159)	(35,680)
Amortized Cost	75,397	94,161
Gross Unrealized Gains	3,476	4,590
Gross Unrealized Losses	(7,245)	(9,129)
Fair Value	$ 71,628	$ 89,622
Weighted Average Coupon	2.51%	2.17%
Weighted Average Yield	8.52%	9.66%
Non-Agency Securities | VIE, Not Primary Beneficiary
Debt Securities, Available-for-sale [Line Items]
Current Face	$ 18,464	$ 0
Fair Value	18,208	0
Non-Agency Securities | Residential Portfolio Segment
Debt Securities, Available-for-sale [Line Items]
Current Face	35,912	82,390
Premium / (Discount)	(5,092)	(33,399)
Amortized Cost	30,820	48,991
Gross Unrealized Gains	1,576	2,139
Gross Unrealized Losses	(123)	(124)
Fair Value	$ 32,273	$ 51,006
Weighted Average Coupon	5.72%	4.99%
Weighted Average Yield	7.43%	9.11%
Non-Agency RMBS Interest Only | VIE, Not Primary Beneficiary
Debt Securities, Available-for-sale [Line Items]
Current Face		$ 0
Fair Value	$ 345	0
Non-Agency RMBS Interest Only | Residential Portfolio Segment
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	488	1,116
Gross Unrealized Gains	35	1
Gross Unrealized Losses	(7)	(34)
Fair Value	$ 516	$ 1,083
Weighted Average Coupon	0.33%	0.35%
Weighted Average Yield	27.70%	16.04%
Real estate securities notional amount	$ 56,500	$ 128,800
Non-Agency RMBS Interest Only | Residential Portfolio Segment | VIE, Not Primary Beneficiary
Debt Securities, Available-for-sale [Line Items]
Real estate securities notional amount	26,600
Legacy WMC CMBS
Debt Securities, Available-for-sale [Line Items]
Current Face	103,399	103,458
Premium / (Discount)	(44,809)	(46,925)
Amortized Cost	58,590	56,533
Gross Unrealized Gains	1,144	546
Gross Unrealized Losses	(7,164)	(730)
Fair Value	$ 52,570	$ 56,349
Weighted Average Coupon	5.79%	7.39%
Weighted Average Yield	19.69%	21.90%
Unpaid Principal Balance	$ 15,500
Fair Value	800
Legacy WMC Other Securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,077	$ 1,174
Gross Unrealized Gains	131	0
Gross Unrealized Losses	0	(18)
Fair Value	$ 1,208	$ 1,156
Weighted Average Yield	21.06%	18.16%
30 Year Fixed Rate
Debt Securities, Available-for-sale [Line Items]
Current Face	$ 540,198
Premium / (Discount)	3,618
Amortized Cost	543,816
Gross Unrealized Gains	460
Gross Unrealized Losses	(1,606)
Fair Value	$ 542,670
Weighted Average Coupon	5.89%
Weighted Average Yield	5.78%
Interest Only
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 21,627	$ 16,714
Gross Unrealized Gains	864	115
Gross Unrealized Losses	(638)	(1,135)
Fair Value	$ 21,853	$ 15,694
Weighted Average Coupon	4.02%	3.74%
Weighted Average Yield	10.73%	10.20%
Real estate securities notional amount	$ 112,300	$ 92,200
Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Current Face	540,198
Premium / (Discount)	3,618
Amortized Cost	565,443
Gross Unrealized Gains	1,324
Gross Unrealized Losses	(2,244)
Fair Value	$ 564,523
Weighted Average Coupon	5.57%
Weighted Average Yield	5.97%

Real Estate Securities - Sche_2

Real Estate Securities - Schedule of Weighted Average Life of Real Estate Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Non-Agency RMBS
Fair Value
Less than or equal to one year	$ 0	$ 0
Greater than one year and less than or equal to five years	5,343	4,631
Greater than five years and less than or equal to ten years	45,507	38,792
Greater than ten years	20,778	46,199
Total as of December	71,628	89,622
Amortized Cost
Less than or equal to one year	0	0
Greater than one year and less than or equal to five years	3,442	4,669
Greater than five years and less than or equal to ten years	48,382	40,539
Greater than ten years	23,573	48,953
Total as of December	75,397	94,161
Legacy WMC CMBS
Fair Value
Less than or equal to one year	80	15,015
Greater than one year and less than or equal to five years	52,490	41,334
Greater than five years and less than or equal to ten years	0	0
Greater than ten years	0	0
Total as of December	52,570	56,349
Amortized Cost
Less than or equal to one year	0	15,010
Greater than one year and less than or equal to five years	58,590	41,523
Greater than five years and less than or equal to ten years	0	0
Greater than ten years	0	0
Total as of December	58,590	56,533
Legacy WMC Other Securities
Fair Value
Less than or equal to one year	0	0
Greater than one year and less than or equal to five years	0	0
Greater than five years and less than or equal to ten years	1,208	1,156
Greater than ten years	0	0
Total as of December	1,208	1,156
Amortized Cost
Less than or equal to one year	0	0
Greater than one year and less than or equal to five years	0	0
Greater than five years and less than or equal to ten years	1,077	1,174
Greater than ten years	0	0
Total as of December	1,077	1,174
Agency RMBS
Fair Value
Less than or equal to one year	0	0
Greater than one year and less than or equal to five years	622	697
Greater than five years and less than or equal to ten years	563,901	14,997
Greater than ten years	0	0
Total as of December	564,523	15,694
Amortized Cost
Less than or equal to one year	0	0
Greater than one year and less than or equal to five years	657	678
Greater than five years and less than or equal to ten years	564,786	16,036
Greater than ten years	0	0
Total as of December	$ 565,443	$ 16,714

Real Estate Securities - Sale o

Real Estate Securities - Sale of Real Estate Securities (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) security	Jun. 30, 2023 security	Jun. 30, 2024 USD ($) security	Jun. 30, 2023 USD ($) security
Debt Securities, Available-for-sale [Line Items]
Proceeds			$ 39,176	$ 0
Settled Securities
Debt Securities, Available-for-sale [Line Items]
Number of Securities | security	6	0	13	0
Proceeds	$ 19,858		$ 39,176
Realized Gains	2,005		3,165
Realized Losses	$ (73)		$ (482)

Real Estate Securities - Uncons

Real Estate Securities - Unconsolidated Variable Interest Entities (Details) $ in Millions	Jun. 30, 2024 USD ($)
Agency Eligible Loans
Variable Interest Entity [Line Items]
Fair value of loans collateralized	$ 369.2
VIE, Not Primary Beneficiary | TPG Angelo Gordon
Variable Interest Entity [Line Items]
Ownership interest in subordinate tranches	40.90%
VIE, Not Primary Beneficiary | Mortgage Acquisition Trust I LLC, Four Securitizations
Variable Interest Entity [Line Items]
Ownership interest in subordinate tranches	44.60%
VIE, Not Primary Beneficiary | Mortgage Acquisition Trust I LLC, Non-Risk Retention Bonds
Variable Interest Entity [Line Items]
Ownership interest in subordinate tranches	57.70%
VIE, Not Primary Beneficiary | MATH
Variable Interest Entity [Line Items]
Ownership interest in subordinate tranches	47%

Real Estate Securities - Sche_3

Real Estate Securities - Schedule of Unconsolidated Variable Interest Entities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Current Face	$ 723,303	$ 229,642
Fair Value	689,929	162,821
Non-Agency Securities | Residential Portfolio Segment
Variable Interest Entity [Line Items]
Current Face	35,912	82,390
Fair Value	32,273	51,006
Non-Agency RMBS Interest Only | Residential Portfolio Segment
Variable Interest Entity [Line Items]
Fair Value	516	1,083
Real estate securities notional amount	56,500	128,800
VIE, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Current Face	62,258	43,794
Fair Value	57,392	37,533
First loss exposure, fair value	3,600	4,100
VIE, Not Primary Beneficiary | Residential Portfolio Segment
Variable Interest Entity [Line Items]
Current Face		43,794
Fair Value		37,533
VIE, Not Primary Beneficiary | GCAT Non-Agency Securities
Variable Interest Entity [Line Items]
Current Face	43,794	43,794
Fair Value	34,612	32,542
VIE, Not Primary Beneficiary | GCAT Non-Agency Securities | Residential Portfolio Segment
Variable Interest Entity [Line Items]
Current Face	43,794	43,794
Fair Value	34,612	32,542
VIE, Not Primary Beneficiary | GCAT Non-Agency RMBS Interest Only
Variable Interest Entity [Line Items]
Fair Value	4,227	4,991
VIE, Not Primary Beneficiary | GCAT Non-Agency RMBS Interest Only | Residential Portfolio Segment
Variable Interest Entity [Line Items]
Fair Value	4,227	4,991
Real estate securities notional amount	89,200	98,300
VIE, Not Primary Beneficiary | Non-Agency Securities
Variable Interest Entity [Line Items]
Current Face	18,464	0
Fair Value	18,208	0
VIE, Not Primary Beneficiary | Non-Agency RMBS Interest Only
Variable Interest Entity [Line Items]
Current Face		0
Fair Value	345	$ 0
VIE, Not Primary Beneficiary | Non-Agency RMBS Interest Only | Residential Portfolio Segment
Variable Interest Entity [Line Items]
Real estate securities notional amount	$ 26,600

Real Estate Securities - Sche_4

Real Estate Securities - Schedule of Unconsolidated VIEs (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Weighted average coupon on loans outstanding	5%	3.54%
VIE, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Unpaid Principal Balance	$ 784,261	$ 450,366
Weighted average coupon on loans outstanding	6.42%	5.67%
Percent of unpaid principal balance greater than 90 days delinquent	0.93%	1.94%
Loans 90 days or more delinquent, not in foreclosure	0.69%	0.70%
Loans 90 days or more bankruptcy, real estate owned	0.16%
Loans 90 days or more delinquent, in process of foreclosure	0.08%	1.24%

Fair value measurements - Sched

Fair value measurements - Schedule of Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Assets:
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Derivative Asset	$ 12,833	$ 10,605
Cash equivalents	117,467	95,749
AG Arc	34,954	33,574
Total Assets Measured at Fair Value	7,015,245	6,044,964
Liabilities:
Securitized debt	(5,117,189)	(4,711,623)
Derivative liabilities	(3,706)	(7,790)
Total Liabilities Measured at Fair Value	(5,120,895)	(4,719,413)
Interest Rate Swaps
Assets:
Derivative Asset	243		$ 0
Liabilities:
Derivative asset, reduction in fair value related to variation margin	12,100	9,300
Derivative liabilities, reduction related to variation margin	3,100	7,700
Residential Mortgage
Assets:
Fair Value	301,463	317,631
Residential Mortgage | Securitized Residential Mortgage Loans
Assets:
Fair Value	5,791,846	5,358,281
Legacy WMC Commercial Loans
Assets:
Fair Value	66,753	66,303
Non-Agency RMBS
Assets:
Debt securities, available for sale	71,628	89,622
Legacy WMC CMBS
Assets:
Fair Value	800
Debt securities, available for sale	52,570	56,349
Legacy WMC Other Securities
Assets:
Debt securities, available for sale	1,208	1,156
Agency RMBS
Assets:
Debt securities, available for sale	564,523	15,694
Level 1
Assets:
Derivative Asset	0	0
Cash equivalents	117,467	95,749
AG Arc	0	0
Total Assets Measured at Fair Value	117,467	95,749
Liabilities:
Securitized debt	0	0
Derivative liabilities	0	0
Total Liabilities Measured at Fair Value	0	0
Level 1 | Residential Mortgage
Assets:
Fair Value	0	0
Level 1 | Residential Mortgage | Securitized Residential Mortgage Loans
Assets:
Fair Value	0	0
Level 1 | Legacy WMC Commercial Loans
Assets:
Fair Value	0	0
Level 1 | Non-Agency RMBS
Assets:
Debt securities, available for sale	0	0
Level 1 | Legacy WMC CMBS
Assets:
Debt securities, available for sale	0	0
Level 1 | Legacy WMC Other Securities
Assets:
Debt securities, available for sale	0	0
Level 1 | Agency RMBS
Assets:
Debt securities, available for sale	0	0
Level 2
Assets:
Derivative Asset	12,387	9,433
Cash equivalents	0	0
AG Arc	0	0
Total Assets Measured at Fair Value	643,782	128,546
Liabilities:
Securitized debt	0	0
Derivative liabilities	(3,146)	(7,783)
Total Liabilities Measured at Fair Value	(3,146)	(7,783)
Level 2 | Residential Mortgage
Assets:
Fair Value	793	777
Level 2 | Residential Mortgage | Securitized Residential Mortgage Loans
Assets:
Fair Value	0	0
Level 2 | Legacy WMC Commercial Loans
Assets:
Fair Value	0	0
Level 2 | Non-Agency RMBS
Assets:
Debt securities, available for sale	14,236	52,089
Level 2 | Legacy WMC CMBS
Assets:
Debt securities, available for sale	51,843	50,553
Level 2 | Legacy WMC Other Securities
Assets:
Debt securities, available for sale	0	0
Level 2 | Agency RMBS
Assets:
Debt securities, available for sale	564,523	15,694
Level 3
Assets:
Derivative Asset	446	1,172
Cash equivalents	0	0
AG Arc	34,954	33,574
Total Assets Measured at Fair Value	6,253,996	5,820,669
Liabilities:
Securitized debt	(5,117,189)	(4,711,623)
Derivative liabilities	(560)	(7)
Total Liabilities Measured at Fair Value	(5,117,749)	(4,711,630)
Level 3 | Residential Mortgage
Assets:
Fair Value	300,670	316,854
Level 3 | Residential Mortgage | Securitized Residential Mortgage Loans
Assets:
Fair Value	5,791,846	5,358,281
Level 3 | Legacy WMC Commercial Loans
Assets:
Fair Value	66,753	66,303
Level 3 | Non-Agency RMBS
Assets:
Debt securities, available for sale	57,392	37,533
Level 3 | Legacy WMC CMBS
Assets:
Debt securities, available for sale	727	5,796
Level 3 | Legacy WMC Other Securities
Assets:
Debt securities, available for sale	1,208	1,156
Level 3 | Agency RMBS
Assets:
Debt securities, available for sale	$ 0	$ 0

Fair value measurements - Sch_2

Fair value measurements - Schedule of Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Securitized Debt
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ (4,980,942)	$ (3,505,529)	$ (4,711,623)	$ (3,262,352)
Purchases	0	0	0	0
Issuances of Securitized Debt	(294,356)		(658,255)	(234,754)
Capital distributions	0	0	0	0
Proceeds from sales or settlements	0	0	0	0
Principal repayments	159,776	94,399	284,363	161,356
Total net gains/(losses)
Other	0	0	0	0
Ending Balance	(5,117,189)	(3,402,060)	(5,117,189)	(3,402,060)
Securitized Debt | Net premium and discount amortization
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	(7,738)	(3,125)	(15,316)	(5,863)
Securitized Debt | Net realized gain/(loss)
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0	0	0
Securitized Debt | Net unrealized gain/(loss)
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	6,071	12,195	(16,358)	(60,447)
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	0	0
Derivative Liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(159)	(75)	(7)	(9)
Purchases	0	0	0	0
Issuances of Securitized Debt	0		0	0
Capital distributions	0	0	0	0
Proceeds from sales or settlements	708	634	757	634
Principal repayments	0	0	0	0
Total net gains/(losses)
Other	0	0	0	0
Ending Balance	(560)	(1,235)	(560)	(1,235)
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	0	0
Derivative Liabilities | Net realized gain/(loss)
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	(708)	(634)	(757)	(634)
Derivative Liabilities | Net unrealized gain/(loss)
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	(401)	(1,160)	(553)	(1,226)
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	0	0
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	(7,738)	(3,125)	(15,316)	(5,863)
Level 3 | Securitized Debt | Net unrealized gain/(loss)
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	6,071	12,195	(16,358)	(60,447)
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	0	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	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	(560)	(1,235)	(560)	(1,235)
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	0	0
Residential Mortgage Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	5,848,560	4,098,773	5,675,135	4,127,843
Purchases	422,580	220,729	710,197	243,484
Issuances of Securitized Debt	0		0	0
Capital distributions	0	0	0	0
Proceeds from sales or settlements	0	(99,871)	0	(165,254)
Principal repayments	(171,522)	(97,388)	(312,147)	(171,344)
Total net gains/(losses)
Other	(2,534)	(406)	(3,356)	(1,489)
Ending Balance	6,092,516	4,103,610	6,092,516	4,103,610
Residential Mortgage Loans | Net premium and discount amortization
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	4,131	359	8,328	1,503
Residential Mortgage Loans | Net realized gain/(loss)
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	54	(456)	56	(10,214)
Residential Mortgage Loans | Net unrealized gain/(loss)
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	(8,753)	(18,130)	14,303	79,081
Residential Mortgage Loans | Equity in earnings/(loss) from affiliates
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0	0	0
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	4,131	395	8,328	1,539
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	(8,753)	(17,412)	14,303	69,267
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	0	0
Legacy WMC Commercial Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	66,474		66,303
Purchases	0		0
Issuances of Securitized Debt	0		0
Capital distributions	0		0
Proceeds from sales or settlements	0		0
Principal repayments	0		0
Total net gains/(losses)
Other	0		0
Ending Balance	66,753		66,753
Legacy WMC Commercial Loans | Net premium and discount amortization
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	140		200
Legacy WMC Commercial Loans | Net realized gain/(loss)
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0		0
Legacy WMC Commercial Loans | Net unrealized gain/(loss)
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	139		250
Legacy WMC Commercial Loans | Equity in earnings/(loss) from affiliates
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0		0
Legacy WMC Commercial Loans | Level 3 | Net premium and discount amortization
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	140		200
Legacy WMC Commercial Loans | Level 3 | Net unrealized gain/(loss)
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	139		250
Legacy WMC Commercial 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
Non-Agency RMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	39,163	15,039	37,533	14,917
Purchases	18,051	0	18,051	0
Issuances of Securitized Debt	0		0	0
Capital distributions	0	0	0	0
Proceeds from sales or settlements	0	0	0	0
Principal repayments	0	0	0	0
Total net gains/(losses)
Other	0	0	0	0
Ending Balance	57,392	14,667	57,392	14,667
Non-Agency RMBS | Net premium and discount amortization
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	17	(97)	33	(173)
Non-Agency RMBS | Net realized gain/(loss)
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0	0	0
Non-Agency RMBS | Net unrealized gain/(loss)
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	161	(275)	1,775	(77)
Non-Agency RMBS | Equity in earnings/(loss) from affiliates
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0	0	0
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	17	(97)	33	(173)
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	161	(275)	1,775	(77)
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	0	0
Legacy WMC CMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	3,268		5,796
Purchases	0		0
Issuances of Securitized Debt	0		0
Capital distributions	0		0
Proceeds from sales or settlements	0		0
Principal repayments	0		0
Total net gains/(losses)
Other	0		0
Ending Balance	727		727
Legacy WMC CMBS | Net premium and discount amortization
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0		(63)
Legacy WMC CMBS | Net realized gain/(loss)
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0		0
Legacy WMC CMBS | Net unrealized gain/(loss)
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	(2,541)		(5,006)
Legacy WMC CMBS | Equity in earnings/(loss) from affiliates
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0		0
Legacy WMC CMBS | Level 3 | Net premium and discount amortization
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0		(63)
Legacy WMC CMBS | Level 3 | Net unrealized gain/(loss)
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	(2,541)		(5,006)
Legacy WMC CMBS | 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
Legacy WMC Other Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,220		1,156
Purchases	0		0
Issuances of Securitized Debt	0		0
Capital distributions	0		0
Proceeds from sales or settlements	0		0
Principal repayments	0		0
Total net gains/(losses)
Other	0		0
Ending Balance	1,208		1,208
Legacy WMC Other Securities | Net premium and discount amortization
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	(43)		(97)
Legacy WMC Other Securities | Net realized gain/(loss)
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0		0
Legacy WMC Other Securities | Net unrealized gain/(loss)
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	31		149
Legacy WMC Other Securities | Equity in earnings/(loss) from affiliates
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0		0
Legacy WMC Other Securities | Level 3 | Net premium and discount amortization
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	(43)		(97)
Legacy WMC Other Securities | Level 3 | Net unrealized gain/(loss)
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	31		149
Legacy WMC Other Securities | 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
Derivative Assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	472	2,475	1,172	98
Purchases	0	0	0	0
Issuances of Securitized Debt	0		0	0
Capital distributions	0	0	0	0
Proceeds from sales or settlements	(547)	(2,557)	(1,728)	(2,557)
Principal repayments	0	0	0	0
Total net gains/(losses)
Other	0	0	0	0
Ending Balance	446	926	446	926
Derivative Assets | Net premium and discount amortization
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0	0	0
Derivative Assets | Net realized gain/(loss)
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	547	2,557	1,728	2,557
Derivative Assets | Net unrealized gain/(loss)
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	(26)	(1,549)	(726)	828
Derivative Assets | Equity in earnings/(loss) from affiliates
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0	0	0
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	0		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	446	900	446	926
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	0	0	0
AG Arc
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	33,190	37,540	33,574	39,680
Purchases	0	0	0	0
Issuances of Securitized Debt	0		0	0
Capital distributions	(169)	(402)	(481)	(402)
Proceeds from sales or settlements	0	0	0	0
Principal repayments	0	0	0	0
Total net gains/(losses)
Other	0	0	0	0
Ending Balance	34,954	37,447	34,954	37,447
AG Arc | Net premium and discount amortization
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0	0	0
AG Arc | Net realized gain/(loss)
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0	0	0
AG Arc | Net unrealized gain/(loss)
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0	0	0
AG Arc | Equity in earnings/(loss) from affiliates
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	1,933	309	1,861	(1,831)
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	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	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	$ 1,933	$ 309	$ 1,861	$ (1,831)

Fair value measurements - Sch_3

Fair value measurements - Schedule of Valuation Techniques (Details) $ in Thousands	Jun. 30, 2024 USD ($) quote	Dec. 31, 2023 USD ($) quote
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 689,929	$ 162,821
Derivative assets, at fair value	12,833	10,605
Derivative Liability	(560)	(70)
Residential Mortgage
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, fair value	87,077	0
Legacy WMC CMBS
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	52,570	56,349
Legacy WMC Other Securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	1,208	1,156
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative assets, at fair value	446	1,172
Level 3 | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative assets, at fair value	446	1,172
Derivative Liability	$ (560)	$ (7)
Level 3 | Yield | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.0661	0.0629
Derivative liability, measurement input	0.0661	0.0647
Level 3 | Yield | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.0796	0.0832
Derivative liability, measurement input	0.0807	0.0700
Level 3 | Yield | Weighted Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.0677	0.0681
Derivative liability, measurement input	0.0680	0.0651
Level 3 | Projected Collateral Prepayments | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.0834	0.1820
Derivative liability, measurement input	0.0898	0.2736
Level 3 | Projected Collateral Prepayments | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.3031	0.3378
Derivative liability, measurement input	0.3242	0.3444
Level 3 | Projected Collateral Prepayments | Weighted Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.2019	0.2700
Derivative liability, measurement input	0.2605	0.3430
Level 3 | Projected Collateral Losses | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.0002	0
Derivative liability, measurement input	0.0001	0
Level 3 | Projected Collateral Losses | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.0428	0.0082
Derivative liability, measurement input	0.0247	0.0002
Level 3 | Projected Collateral Losses | Weighted Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.0074	0.0014
Derivative liability, measurement input	0.0015	0
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	0.1000	0.1000
Derivative liability, measurement input	0.1000	0.1000
Level 3 | Projected Collateral Severities | Weighted Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.1000	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	0.6000	0.6000
Derivative liability, measurement input	0.6000	0.6000
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	0.9062	0.9221
Derivative liability, measurement input	0.8360	0.9922
Level 3 | Residential Mortgage | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, fair value	$ 300,670	$ 316,854
Level 3 | Residential Mortgage | Securitized Residential Mortgage Loans | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, fair value	$ 5,791,846	$ 5,358,281
Level 3 | Residential Mortgage | Yield | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0638	0.0613
Level 3 | Residential Mortgage | Yield | Minimum | Securitized Residential Mortgage Loans | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0584	0.0567
Level 3 | Residential Mortgage | Yield | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.1875	0.1875
Level 3 | Residential Mortgage | Yield | Maximum | Securitized Residential Mortgage Loans | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0910	0.0947
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	0.0683	0.0664
Level 3 | Residential Mortgage | Yield | Weighted Average | Securitized Residential Mortgage Loans | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0641	0.0623
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	0.0334	0.0389
Level 3 | Residential Mortgage | Projected Collateral Prepayments | Minimum | Securitized Residential Mortgage Loans | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0433	0.0302
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	0.3499	0.3435
Level 3 | Residential Mortgage | Projected Collateral Prepayments | Maximum | Securitized Residential Mortgage Loans | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.1443	0.1047
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	0.2058	0.2488
Level 3 | Residential Mortgage | Projected Collateral Prepayments | Weighted Average | Securitized Residential Mortgage Loans | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0642	0.0472
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 | Securitized Residential Mortgage Loans | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0002	0.0002
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	0.2077	0.1272
Level 3 | Residential Mortgage | Projected Collateral Losses | Maximum | Securitized Residential Mortgage Loans | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0187	0.0188
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	0.0057	0.0015
Level 3 | Residential Mortgage | Projected Collateral Losses | Weighted Average | Securitized Residential Mortgage Loans | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0016	0.0016
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	(0.2500)	(0.3875)
Level 3 | Residential Mortgage | Projected Collateral Severities | Minimum | Securitized Residential Mortgage Loans | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	(0.1598)	(0.1344)
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	0.4402	0.4401
Level 3 | Residential Mortgage | Projected Collateral Severities | Maximum | Securitized Residential Mortgage Loans | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.2600	0.2600
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	0.0971	0.0962
Level 3 | Residential Mortgage | Projected Collateral Severities | Weighted Average | Securitized Residential Mortgage Loans | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.1861	0.1738
Level 3 | Legacy WMC Commercial Loans | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, fair value	$ 66,753	$ 66,303
Level 3 | Legacy WMC Commercial Loans | Yield | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0876	0.0816
Level 3 | Legacy WMC Commercial Loans | Yield | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.1051	0.1013
Level 3 | Legacy WMC Commercial Loans | Yield | Weighted Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0993	0.0947
Level 3 | Legacy WMC Commercial Loans | Credit Spread | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0377	0.0377
Level 3 | Legacy WMC Commercial Loans | Credit Spread | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0517	0.0556
Level 3 | Legacy WMC Commercial Loans | Credit Spread | Weighted Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0471	0.0496
Level 3 | Legacy WMC Commercial Loans | Recovery Percentage | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	1	1
Level 3 | Legacy WMC Commercial Loans | Recovery Percentage | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	1	1
Level 3 | Legacy WMC Commercial Loans | Recovery Percentage | Weighted Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	1	1
Level 3 | Legacy WMC Commercial Loans | Loan-to-Value | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.4250	0.4250
Level 3 | Legacy WMC Commercial Loans | Loan-to-Value | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.7722	0.7722
Level 3 | Legacy WMC Commercial Loans | Loan-to-Value | Weighted Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.6367	0.6361
Level 3 | Non-Agency RMBS | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 57,392	$ 37,533
Level 3 | Non-Agency RMBS | Yield | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, measurement input	0.0612	0.0623
Level 3 | Non-Agency RMBS | Yield | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, measurement input	0.2500	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	0.0846	0.0970
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	0.0569	0.0455
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	0.0852	0.0526
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	0.0698	0.0493
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	0.0004	0.0017
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	0.0036	0.0028
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	0.0021	0.0025
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	0.2500	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	0.1485	0.1000
Level 3 | Legacy WMC CMBS | Consensus Pricing
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 727	$ 5,796
Level 3 | Legacy WMC CMBS | Offered Quotes | Minimum | Consensus Pricing
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, measurement input | quote	6.92	55.20
Level 3 | Legacy WMC CMBS | Offered Quotes | Maximum | Consensus Pricing
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, measurement input | quote	6.92	55.20
Level 3 | Legacy WMC CMBS | Offered Quotes | Weighted Average | Consensus Pricing
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, measurement input | quote	6.92	55.20
Level 3 | Legacy WMC Other Securities | Consensus Pricing
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 1,208	$ 1,156
Level 3 | Legacy WMC Other Securities | Offered Quotes | Minimum | Consensus Pricing
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, measurement input | quote	7,128.66	6,821.32
Level 3 | Legacy WMC Other Securities | Offered Quotes | Maximum | Consensus Pricing
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, measurement input | quote	7,128.66	6,821.32
Level 3 | Legacy WMC Other Securities | Offered Quotes | Weighted Average | Consensus Pricing
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, measurement input | quote	7,128.66	6,821.32
Level 3 | AG Arc | Comparable Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, fair value	$ 34,954	$ 33,574
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	0.89
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	0.89
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	0.89
Level 3 | Securitized Debt | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, fair value	$ (5,117,189)	$ (4,711,623)
Level 3 | Securitized Debt | Yield | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, measurement input	0.0526	0.0492
Level 3 | Securitized Debt | Yield | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, measurement input	0.2500	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	0.0597	0.0572
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	0.0433	0.0302
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	0.1443	0.1047
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	0.0637	0.0466
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	0.0002	0.0002
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	0.0050	0.0040
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	0.0014	0.0015
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	0.1000	0.0371
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	0.2600
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	0.1897	0.1776

Fair value measurements - Sch_4

Fair value measurements - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior unsecured notes	$ 95,380	$ 0
Financing arrangements	5,117,189	4,711,623
Carrying Value | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Legacy WMC Convertible Notes	78,849	85,266
Senior unsecured notes	95,380	0
Financing arrangements	56,559	62,972
Estimated Fair Value | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Legacy WMC Convertible Notes	79,116	84,525
Senior unsecured notes	100,471	0
Financing arrangements	$ 57,059	$ 63,175

Financing - Schedule of Financi

Financing - Schedule of Financing Arrangements (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Repurchase Agreements [Abstract]
Current Face	$ 6,972,885
Carrying Value	$ 6,527,223	$ 5,564,481
Weighted Average Funding Cost	5.54%
Weighted Average Life	5 years 6 months
Cash pledged under repurchase agreement	$ 3,400	1,700
Asset Pledged as Collateral
Repurchase Agreements [Abstract]
Collateral Fair Value	1,661,457
Securitized Residential Mortgage Loans | Securitized Debt
Repurchase Agreements [Abstract]
Current Face	5,560,099
Carrying Value	$ 5,117,189	4,711,623
Weighted Average Funding Cost	5.15%
Weighted Average Life	6 years 7 months 9 days
Total Financing Arrangements
Repurchase Agreements [Abstract]
Current Face	$ 1,234,166
Total Financing Arrangements | Financing Arrangements
Repurchase Agreements [Abstract]
Current Face	1,234,166
Carrying Value	$ 1,235,805	767,592
Weighted Average Funding Cost	6.57%
Weighted Average Life	3 months 21 days
Total Financing Arrangements | Asset Pledged as Collateral | Financing Arrangements
Repurchase Agreements [Abstract]
Collateral Fair Value	$ 1,661,457
Non-Agency Loans
Repurchase Agreements [Abstract]
Current Face	7,576
Non-Agency Loans | Financing Arrangements
Repurchase Agreements [Abstract]
Current Face	7,576
Carrying Value	$ 7,576	77,345
Weighted Average Funding Cost	7.29%
Weighted Average Life	4 months 17 days
Non-Agency Loans | Asset Pledged as Collateral | Financing Arrangements
Repurchase Agreements [Abstract]
Collateral Fair Value	$ 9,898
Non-Agency Loans | Securitized Residential Mortgage Loans
Repurchase Agreements [Abstract]
Current Face	328,652
Non-Agency Loans | Securitized Residential Mortgage Loans | Financing Arrangements
Repurchase Agreements [Abstract]
Current Face	328,652
Carrying Value	$ 330,291	301,205
Weighted Average Funding Cost	7.26%
Weighted Average Life	3 months 25 days
Financing arrangements, weighted average yield	7.78%
Non-Agency Loans | Securitized Residential Mortgage Loans | Securitized Debt
Repurchase Agreements [Abstract]
Current Face	$ 5,441,843
Carrying Value	$ 5,010,811	4,597,490
Weighted Average Funding Cost	5.19%
Weighted Average Life	6 years 7 months 28 days
Carrying Value	$ 5,300,000
Non-Agency Loans | Securitized Residential Mortgage Loans | Asset Pledged as Collateral | Financing Arrangements
Repurchase Agreements [Abstract]
Collateral Fair Value	610,152
Non-Agency Loans | Counterparty One and Two
Repurchase Agreements [Abstract]
Line of credit facility, maximum borrowing capacity	1,800,000
Re- and Non-Performing Loans | Securitized Residential Mortgage Loans
Repurchase Agreements [Abstract]
Current Face	43,032
Re- and Non-Performing Loans | Securitized Residential Mortgage Loans | Financing Arrangements
Repurchase Agreements [Abstract]
Current Face	43,032
Carrying Value	$ 43,032	44,928
Weighted Average Funding Cost	7.28%
Weighted Average Life	14 days
Re- and Non-Performing Loans | Securitized Residential Mortgage Loans | Securitized Debt
Repurchase Agreements [Abstract]
Current Face	$ 118,256
Carrying Value	$ 106,378	114,133
Weighted Average Funding Cost	3.31%
Weighted Average Life	3 years 9 months 18 days
Carrying Value	$ 116,400
Re- and Non-Performing Loans | Securitized Residential Mortgage Loans | Asset Pledged as Collateral | Financing Arrangements
Repurchase Agreements [Abstract]
Collateral Fair Value	65,277
Agency-Eligible Loans
Repurchase Agreements [Abstract]
Current Face	183,648
Agency-Eligible Loans | Financing Arrangements
Repurchase Agreements [Abstract]
Current Face	183,648
Carrying Value	$ 183,648	200,617
Weighted Average Funding Cost	7.20%
Weighted Average Life	11 months 15 days
Agency-Eligible Loans | Asset Pledged as Collateral | Financing Arrangements
Repurchase Agreements [Abstract]
Collateral Fair Value	$ 197,004
Residential Mortgage Loans Held for Sale
Repurchase Agreements [Abstract]
Carrying Value	72,129
Residential Mortgage Loans Held for Sale | Financing Arrangements
Repurchase Agreements [Abstract]
Current Face	72,129
Carrying Value	$ 72,129	0
Weighted Average Funding Cost	7.29%
Weighted Average Life	4 months 6 days
Residential Mortgage Loans Held for Sale | Asset Pledged as Collateral | Financing Arrangements
Repurchase Agreements [Abstract]
Collateral Fair Value	$ 87,077
Legacy WMC Commercial Loans
Repurchase Agreements [Abstract]
Collateral Fair Value	66,753	66,303
Legacy WMC Commercial Loans | Financing Arrangements
Repurchase Agreements [Abstract]
Current Face	47,222
Carrying Value	$ 47,222	48,032
Weighted Average Funding Cost	8.35%
Weighted Average Life	8 months 23 days
Legacy WMC Commercial Loans | Asset Pledged as Collateral | Financing Arrangements
Repurchase Agreements [Abstract]
Collateral Fair Value	$ 66,753
Legacy WMC Commercial Loans | Securitized Residential Mortgage Loans | Financing Arrangements
Repurchase Agreements [Abstract]
Financing arrangements, weighted average yield	8.08%
Non-Agency RMBS
Repurchase Agreements [Abstract]
Current Face	$ 44,120
Non-Agency RMBS | Financing Arrangements
Repurchase Agreements [Abstract]
Current Face	44,120
Carrying Value	$ 44,120	51,251
Weighted Average Funding Cost	6.43%
Weighted Average Life	2 months 8 days
Non-Agency RMBS | Asset Pledged as Collateral | Financing Arrangements
Repurchase Agreements [Abstract]
Collateral Fair Value	$ 68,199
Legacy WMC CMBS
Repurchase Agreements [Abstract]
Current Face	21,889
Legacy WMC CMBS | Financing Arrangements
Repurchase Agreements [Abstract]
Current Face	21,889
Carrying Value	$ 21,889	31,620
Weighted Average Funding Cost	7.10%
Weighted Average Life	7 days
Legacy WMC CMBS | Asset Pledged as Collateral | Financing Arrangements
Repurchase Agreements [Abstract]
Collateral Fair Value	$ 51,843
Agency RMBS
Repurchase Agreements [Abstract]
Current Face	485,898
Agency RMBS | Financing Arrangements
Repurchase Agreements [Abstract]
Current Face	485,898
Carrying Value	$ 485,898	12,594
Weighted Average Funding Cost	5.49%
Weighted Average Life	21 days
Agency RMBS | Asset Pledged as Collateral | Financing Arrangements
Repurchase Agreements [Abstract]
Collateral Fair Value	$ 505,254
Legacy WMC Convertible Notes
Repurchase Agreements [Abstract]
Current Face	79,120
Carrying Value	$ 78,849	85,266
Weighted Average Funding Cost	8.42%
Weighted Average Life	2 months 15 days
Senior Notes
Repurchase Agreements [Abstract]
Current Face	$ 99,500
Carrying Value	$ 95,380	0
Weighted Average Funding Cost	10.61%
Weighted Average Life	4 years 10 months 13 days
February 2029 Senior Unsecured Notes
Repurchase Agreements [Abstract]
Current Face	$ 34,500
Carrying Value	$ 32,890	0
Weighted Average Funding Cost	10.79%
Weighted Average Life	4 years 8 months 23 days
May 2029 Senior Unsecured Notes
Repurchase Agreements [Abstract]
Current Face	$ 65,000
Carrying Value	$ 62,490	$ 0
Weighted Average Funding Cost	10.52%
Weighted Average Life	4 years 11 months 8 days
Interest Only | Securitized Residential Mortgage Loans
Repurchase Agreements [Abstract]
Notional balance	$ 621,600

Financing - Narrative (Details)

Financing - Narrative (Details)					3 Months Ended		6 Months Ended
	May 15, 2024 USD ($)	Jan. 26, 2024 USD ($)	Dec. 06, 2023 USD ($) $ / shares	Dec. 05, 2023	Jun. 30, 2024 USD ($) counterparty	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) counterparty	Jun. 30, 2023 USD ($)	Dec. 31, 2023 counterparty
Debt Instrument [Line Items]
Number of counterparties with outstanding debt | counterparty					6		6		7
Senior Notes
Debt Instrument [Line Items]
Total interest expense					$ 1,725,000	$ 0	$ 2,364,000	$ 0
Legacy Convertible Senior Unsecured Notes Due in September 2024 | Convertible Debt
Debt Instrument [Line Items]
Repurchased face amount					7,100,000		7,100,000
February 2029 Senior Unsecured Notes | Senior Notes
Debt Instrument [Line Items]
Debt face amount		$ 34,500,000			$ 34,500,000		$ 34,500,000
Interest rate		9.50%			9.50%		9.50%
Redemption price, percentage							100%
Proceeds from issuance of senior unsecured notes		$ 32,800,000
Percentage of principal amount							100%
May 2029 Senior Unsecured Notes | Senior Notes
Debt Instrument [Line Items]
Debt face amount	$ 65,000,000				$ 65,000,000		$ 65,000,000
Interest rate	9.50%				9.50%		9.50%
Redemption price, percentage							100%
Proceeds from issuance of senior unsecured notes	$ 62,400,000
Percentage of principal amount							100%
WMC | Legacy Convertible Senior Unsecured Notes Due in September 2024 | Convertible Debt
Debt Instrument [Line Items]
Debt face amount			$ 86,250,000
Interest rate			6.75%
Redemption price, percentage			100%
Conversion ratio			0.0506252	0.0337952
Conversion price (in dollars per share) | $ / shares			$ 19.75
Conversion price, common stock component (in dollars per share) | $ / shares			19.13
Conversion price, common stock component (in dollars per share) | $ / shares			$ 0.62
Total interest expense					$ 1,654,000	$ 0	$ 3,349,000	$ 0

Financing - Schedule of Interes

Financing - Schedule of Interest Expense Incurred Convertible Notes and Senior Unsecured Notes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Senior Notes
Schedule of Repurchase Agreement [Line Items]
Coupon interest expense	$ 1,608,000		$ 2,200,000
Amortization expense	117,000		164,000
Total interest expense	1,725,000	$ 0	2,364,000	$ 0
WMC | Legacy Convertible Senior Unsecured Notes Due in September 2024 | Convertible Debt
Schedule of Repurchase Agreement [Line Items]
Coupon interest expense	1,335,000		2,708,000
Amortization expense	319,000		641,000
Total interest expense	$ 1,654,000	$ 0	$ 3,349,000	$ 0

Financing - Summary of Senior U

Financing - Summary of Senior Unsecured Notes (Details) - Senior Notes - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	May 15, 2024	Jan. 26, 2024
February 2029 Senior Unsecured Notes
Debt Instrument [Line Items]
Principal Amount	$ 34,500		$ 34,500
Carrying Value	$ 32,890
Interest rate	9.50%		9.50%
Percentage of principal amount	100%
Redemption price, percentage	100%
May 2029 Senior Unsecured Notes
Debt Instrument [Line Items]
Principal Amount	$ 65,000	$ 65,000
Carrying Value	$ 62,490
Interest rate	9.50%	9.50%
Percentage of principal amount	100%
Redemption price, percentage	100%

Financing - Schedule of Total B

Financing - Schedule of Total Borrowings Under Repurchase Agreements (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	$ 6,972,885
Carrying Value	6,527,223	$ 5,564,481
Total Financing Arrangements
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	1,234,166
Total Financing Arrangements | Within 30 Days
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	742,015
Total Financing Arrangements | Over 30 Days to 3 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	136,728
Total Financing Arrangements | Over 3 Months to 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	300,502
Total Financing Arrangements | Over 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	54,921
Non-Agency Loans
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	7,576
Non-Agency Loans | Securitized Residential Mortgage Loans
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	328,652
Non-Agency Loans | Within 30 Days
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Non-Agency Loans | Within 30 Days | Securitized Residential Mortgage Loans
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	180,309
Non-Agency Loans | Over 30 Days to 3 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	3,217
Non-Agency Loans | Over 30 Days to 3 Months | Securitized Residential Mortgage Loans
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	60,122
Non-Agency Loans | Over 3 Months to 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	4,359
Non-Agency Loans | Over 3 Months to 12 Months | Securitized Residential Mortgage Loans
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	33,300
Non-Agency Loans | Over 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	0
Non-Agency Loans | Over 12 Months | Securitized Residential Mortgage Loans
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	54,921
Re- and Non-Performing Loans | Securitized Residential Mortgage Loans
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	43,032
Re- and Non-Performing Loans | Within 30 Days | Securitized Residential Mortgage Loans
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	43,032
Re- and Non-Performing Loans | Over 30 Days to 3 Months | Securitized Residential Mortgage Loans
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Re- and Non-Performing Loans | Over 3 Months to 12 Months | Securitized Residential Mortgage Loans
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Re- and Non-Performing Loans | Over 12 Months | Securitized Residential Mortgage Loans
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	0
Agency-Eligible Loans
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	183,648
Agency-Eligible Loans | Within 30 Days
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Agency-Eligible Loans | Over 30 Days to 3 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Agency-Eligible Loans | Over 3 Months to 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	183,648
Agency-Eligible Loans | Over 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	0
Residential Mortgage Loans Held for Sale
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	72,129
Residential Mortgage Loans Held for Sale | Within 30 Days
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	0
Residential Mortgage Loans Held for Sale | Over 30 Days to 3 Months
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	42,807
Residential Mortgage Loans Held for Sale | Over 3 Months to 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	29,322
Residential Mortgage Loans Held for Sale | Over 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	0
Legacy WMC Commercial Loans
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	47,222
Legacy WMC Commercial Loans | Within 30 Days
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Legacy WMC Commercial Loans | Over 30 Days to 3 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Legacy WMC Commercial Loans | Over 3 Months to 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	47,222
Legacy WMC Commercial Loans | Over 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Non-Agency RMBS
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	44,120
Non-Agency RMBS | Within 30 Days
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	10,887
Non-Agency RMBS | Over 30 Days to 3 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	30,582
Non-Agency RMBS | Over 3 Months to 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	2,651
Non-Agency RMBS | Over 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	0
Legacy WMC CMBS
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	21,889
Legacy WMC CMBS | Within 30 Days
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	21,889
Legacy WMC CMBS | Over 30 Days to 3 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Legacy WMC CMBS | Over 3 Months to 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Legacy WMC CMBS | Over 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Agency RMBS
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	485,898
Agency RMBS | Within 30 Days
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	485,898
Agency RMBS | Over 30 Days to 3 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Agency RMBS | Over 3 Months to 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Agency RMBS | Over 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value	0
Legacy WMC Convertible Notes
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	79,120
Carrying Value	78,849	85,266
Legacy WMC Convertible Notes | Within 30 Days
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Legacy WMC Convertible Notes | Over 30 Days to 3 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	79,120
Legacy WMC Convertible Notes | Over 3 Months to 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Legacy WMC Convertible Notes | Over 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Senior Notes
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	99,500
Carrying Value	95,380	0
Senior Notes | Within 30 Days
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Senior Notes | Over 30 Days to 3 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Senior Notes | Over 3 Months to 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Senior Notes | Over 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	99,500
February 2029 Senior Unsecured Notes
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	34,500
Carrying Value	32,890	0
February 2029 Senior Unsecured Notes | Within 30 Days
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
February 2029 Senior Unsecured Notes | Over 30 Days to 3 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
February 2029 Senior Unsecured Notes | Over 3 Months to 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
February 2029 Senior Unsecured Notes | Over 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	34,500
May 2029 Senior Unsecured Notes
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	65,000
Carrying Value	62,490	$ 0
May 2029 Senior Unsecured Notes | Within 30 Days
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
May 2029 Senior Unsecured Notes | Over 30 Days to 3 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
May 2029 Senior Unsecured Notes | Over 3 Months to 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
May 2029 Senior Unsecured Notes | Over 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	$ 65,000

Financing - Schedule of Repurch

Financing - Schedule of Repurchase Agreement Counterparty (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
BofA Securities, Inc.
Repurchase Agreement Counterparty [Line Items]
Stockholders' Equity at Risk	$ 138,082	$ 131,128
Weighted Average Maturity (days)	142 years	236 days
Percentage of Stockholders' Equity	25.90%	24.80%
Barclays Capital Inc.
Repurchase Agreement Counterparty [Line Items]
Stockholders' Equity at Risk	$ 79,497	$ 81,047
Weighted Average Maturity (days)	49 years	85 days
Percentage of Stockholders' Equity	14.90%	15.30%
Goldman Sachs Bank USA
Repurchase Agreement Counterparty [Line Items]
Stockholders' Equity at Risk	$ 77,609	$ 73,893
Weighted Average Maturity (days)	53 years	9 days
Percentage of Stockholders' Equity	14.50%	14%
JP Morgan Securities, LLC
Repurchase Agreement Counterparty [Line Items]
Stockholders' Equity at Risk	$ 51,088	$ 46,642
Weighted Average Maturity (days)	24 years	134 days
Percentage of Stockholders' Equity	9.60%	8.80%
Various
Repurchase Agreement Counterparty [Line Items]
Stockholders' Equity at Risk	$ 74,286	$ 69,637
Weighted Average Maturity (days)	395 years	577 days
Percentage of Stockholders' Equity	13.90%	13.20%

Other assets and liabilities -

Other assets and liabilities - Schedule of Other Assets and Other Liabilities (Details) - USD ($) $ in Thousands		Jun. 30, 2024	Dec. 31, 2023
Other assets
Interest receivable		$ 35,403	$ 30,315
Real estate owned		7,500	5,644
Derivative assets, at fair value		689	1,321
Other assets		2,621	3,187
Due from broker		1,112	249
Total Other assets		47,325	40,716
Other liabilities
Interest payable		26,015	23,715
Derivative liabilities, at fair value		560	70
Accrued expenses		2,100	4,874
Due to broker		172	196
Total Other liabilities	[1]	33,776	32,107
Related Party
Other liabilities
Due to affiliates		$ 4,929	$ 3,252
[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 - Schedule of Company's Derivative and Other Instruments and their Balance Sheet Location (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivative pay interest rate	3.95%	3.65%
Derivative receivable interest rate	5.33%	5.38%
Derivative, remaining maturity	5 years 7 months 6 days	4 years 3 days
Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Derivative asset, reduction in fair value related to variation margin	$ 12,100	$ 9,300
Derivative liabilities, reduction related to variation margin	3,100	7,700
Interest Rate Swaps | Other assets
Derivatives, Fair Value [Line Items]
Notional amount	384,500	165,000
Derivative assets, at fair value	243	149
Interest Rate Swaps | Other liabilities
Derivatives, Fair Value [Line Items]
Notional amount	433,500	338,000
Derivative liabilities, at fair value	0	0
Forward Purchase Commitments | Other assets
Derivatives, Fair Value [Line Items]
Notional amount	67,203	70,145
Derivative assets, at fair value	446	1,172
Forward Purchase Commitments | Other liabilities
Derivatives, Fair Value [Line Items]
Notional amount	89,583	2,566
Derivative liabilities, at fair value	(560)	(7)
Short | TBAs | Other liabilities
Derivatives, Fair Value [Line Items]
Notional amount	0	9,000
Derivative liabilities, at fair value	$ 0	$ (63)

Other assets and liabilities _3

Other assets and liabilities - Narrative (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash as collateral for certain derivatives	$ 24.1	$ 12.3
Cash collateral posted by company	15.1	10.7
Cash pledged as collateral against derivatives related to variation margin	$ 9	$ 1.6

Other assets and liabilities _4

Other assets and liabilities - Schedule of Company's Derivative and Other Instruments and their Balance Sheet Location (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Included within Net interest component of interest rate swaps	$ (2,367)	$ (1,784)	$ (4,267)	$ (2,804)
Included within Net unrealized gain/(loss)	(1,991)	9,520	7,378	(10,449)
Included within Net realized gain/(loss)	(67)	2,390	(2,066)	12,392
Total income/(loss)	309	13,694	9,579	4,747
Interest Rate Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Included within Net interest component of interest rate swaps	2,367	1,784	4,267	2,804
Included within Net unrealized gain/(loss)	(1,719)	11,985	8,594	(9,401)
Included within Net realized gain/(loss)	80	711	(3,061)	10,534
TBAs | Long
Derivative Instruments, Gain (Loss) [Line Items]
Included within Net unrealized gain/(loss)	0	(5)	0	0
Included within Net realized gain/(loss)	0	5	0	5
TBAs | Short
Derivative Instruments, Gain (Loss) [Line Items]
Included within Net unrealized gain/(loss)	155	249	63	(650)
Included within Net realized gain/(loss)	14	(249)	24	(70)
Forward Purchase Commitments
Derivative Instruments, Gain (Loss) [Line Items]
Included within Net unrealized gain/(loss)	(427)	(2,709)	(1,279)	(398)
Included within Net realized gain/(loss)	$ (161)	$ 1,923	$ 971	$ 1,923

Other assets and liabilities _5

Other assets and liabilities - Summary of Derivative Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
To Be Announced Securities, Liability [Roll Forward]
Derivative Asset	$ 12,833		$ 12,833		$ 10,605
Derivative Liability	(560)		(560)		$ (70)
Interest Rate Swaps
To Be Announced Securities, Assets [Roll Forward]
Beginning Notional Amount	454,250	$ 468,000	503,000	$ 335,000
Buys or Covers	498,000	256,000	717,750	598,000
Sales or Shorts	(134,250)	(117,000)	(402,750)	(326,000)
Ending Notional Amount	818,000	607,000	818,000	607,000
To Be Announced Securities, Liability [Roll Forward]
Buys or Covers	498,000	256,000	717,750	598,000
Sales or Shorts	(134,250)	(117,000)	(402,750)	(326,000)
Derivative Asset	243	0	243	0
Derivative Liability	0	(41)	0	(41)
Notional amount, matured in period			60,000
Short | TBAs
To Be Announced Securities, Assets [Roll Forward]
Buys or Covers	96,000		130,000	100,000
Sales or Shorts	(64,000)		(121,000)	(60,000)
To Be Announced Securities, Liability [Roll Forward]
Beginning Notional Amount	(32,000)		(9,000)	(40,000)
Buys or Covers	96,000		130,000	100,000
Sales or Shorts	(64,000)		(121,000)	(60,000)
Ending Notional Amount	0	0	0	0
Derivative Asset	0	0	0	0
Derivative Liability	$ 0	0	$ 0	0
Long | TBAs
To Be Announced Securities, Assets [Roll Forward]
Beginning Notional Amount				0
Buys or Covers				10,000
Sales or Shorts				(10,000)
Ending Notional Amount		0		0
To Be Announced Securities, Liability [Roll Forward]
Buys or Covers				10,000
Sales or Shorts				(10,000)
Derivative Asset		0		0
Derivative Liability		$ 0		$ 0

Earnings per share - Schedule o

Earnings per share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net Income/(Loss)	$ 3,925	$ 8,056	$ 24,815	$ 20,596
Dividends on preferred stock	(4,586)	(4,586)	(9,172)	(9,172)
Net Income/(Loss) Available to Common Stockholders	$ (661)	$ 3,470	$ 15,643	$ 11,424
Denominator:
Basic weighted average common shares outstanding (in shares)	29,474	20,249	29,463	20,655
Dilutive effect of restricted stock units (in shares)	0	0	27	0
Diluted weighted average common shares outstanding (in shares)	29,474	20,249	29,490	20,655
Earnings/(Loss) Per Share
Basic (in dollars per share)	$ (0.02)	$ 0.17	$ 0.53	$ 0.55
Diluted (in dollars per share)	$ (0.02)	$ 0.17	$ 0.53	$ 0.55
Shares excluded from computation of earnings per share (in shares)	27

Earnings per share - Schedule_2

Earnings per share - Schedule of Common Stock Dividends (Details) - $ / shares					6 Months Ended
	Jun. 13, 2024	Mar. 15, 2024	Jun. 15, 2023	Mar. 15, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Dividends declared per share (in dollars per share)	$ 0.19	$ 0.18	$ 0.18	$ 0.18	$ 0.37	$ 0.36

Earnings per share - Schedule_3

Earnings per share - Schedule of Preferred Stock Dividends (Details) - $ / shares		3 Months Ended	6 Months Ended
	Feb. 22, 2021	Jun. 30, 2024	Jun. 30, 2024	May 02, 2024	Feb. 16, 2024	Jun. 30, 2023	May 04, 2023	Feb. 16, 2023
8.25% Series A Cumulative Redeemable Preferred Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Dividends payable (in dollars per share)		$ 1.03126	$ 1.03126	$ 0.51563	$ 0.51563	$ 1.03126	$ 0.51563	$ 0.51563
Dividend percentage	8.25%	8.25%	8.25%
8.00% Series B Cumulative Redeemable Preferred Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Dividends payable (in dollars per share)		$ 1	$ 1	0.50	0.50	1	0.50	0.50
Dividend percentage	8%	8%	8%
8.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Dividends payable (in dollars per share)		$ 1	$ 1	$ 0.50	$ 0.50	$ 1	$ 0.50	$ 0.50
Dividend percentage	8%	8%	8%

Income taxes - Narrative (Detai

Income taxes - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 06, 2023
Operating Loss Carryforwards [Line Items]
Excise tax expense	$ 0	$ 0	$ 0	$ 0
Operating loss carryforwards	2,100,000		2,100,000		$ 2,100,000
Deferred tax assets	38,000,000		38,000,000		37,300,000
Uncertain tax position, interest and penalties expense	0	$ 0	0	$ 0
Capital Loss Carryforward
Operating Loss Carryforwards [Line Items]
Tax credit carryforward	$ 298,900,000		$ 298,900,000		$ 293,700,000
WMC
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards						$ 321,600,000
Operating loss carryforwards, not subject to expiration						223,800,000
WMC | Capital Loss Carryforward
Operating Loss Carryforwards [Line Items]
Tax credit carryforward						$ 143,100,000

Income taxes - Schedule of Tax

Income taxes - Schedule of Tax Expense Attributable to the TRS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 17	$ 0	$ 42	$ 225

Related party transactions - Ma

Related party transactions - Manager (Details)				3 Months Ended		6 Months Ended
	Dec. 06, 2023 USD ($) qtr	Aug. 08, 2023 USD ($) qtr	Nov. 22, 2021 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Related Party
Related Party Transaction [Line Items]
Renewal term						1 year
Management fee percentage				1.50%		1.50%
Related Party | MITT Management Agreement Amendment
Related Party Transaction [Line Items]
Reduction in base management fee	$ 600,000	$ 600,000
Number of quarters management fee reduction is effective | qtr	4	4
Management fee amount agreed to waive	$ 2,400,000	$ 2,400,000
Amount to be waived	1,300,000	1,300,000
Maximum cash consideration threshold	$ 7,000,000	7,000,000
Related Party | Termination Fee With Manager
Related Party Transaction [Line Items]
Termination fee multiplier						3
Termination fee multiplier, measurement period						24 months
Affiliated Entity
Related Party Transaction [Line Items]
Management fee payable				$ 1,700,000		$ 1,700,000		$ 1,500,000
Affiliated Entity | MITT Management Agreement Amendment
Related Party Transaction [Line Items]
Management fee amount agreed to waive		$ 2,400,000
Affiliated Entity | Reimbursement To Manager
Related Party Transaction [Line Items]
Due to affiliates				2,900,000		2,900,000		$ 1,500,000
Limited Liability Company | Incentive Fee To Manager
Related Party Transaction [Line Items]
Annual incentive fee percentage			15%
Cumulative hurdle percentage			8%
Equity hurdle base amount			$ 341,500,000
Incentive fee expense				$ 0	$ 0	$ 0	$ 0

Related party transactions - _2

Related party transactions - Management Fee to Affiliate (Details) - Affiliated Entity - USD ($) $ in Thousands			3 Months Ended		6 Months Ended
		Aug. 08, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Management fee to affiliate	[1]		$ 1,753	$ 2,061	$ 3,494	$ 4,136
MITT Management Agreement Amendment
Related Party Transaction [Line Items]
Management fee amount waived			600		1,200
Management fee amount agreed to waive		$ 2,400
Management fee waived, amount remaining			$ 600		$ 600
[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) - Related Party - USD ($) $ in Thousands			3 Months Ended		6 Months Ended
	Dec. 06, 2023	Aug. 08, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
MITT Management Agreement Amendment
Related Party Transaction [Line Items]
Amount to be waived	$ 1,300	$ 1,300
Expense reimbursement remaining outstanding amount			$ 500		$ 500
Expense reimbursements to Manager or its affiliates
Related Party Transaction [Line Items]
Expense reimbursements to Manager or its affiliates			2,029	$ 1,828	3,875	$ 3,393
Expense reimbursements to Manager or its affiliates | Non-investment related expenses
Related Party Transaction [Line Items]
Expense reimbursements to Manager or its affiliates			1,636	1,400	3,300	2,800
Expense reimbursements to Manager or its affiliates | Investment related expenses
Related Party Transaction [Line Items]
Expense reimbursements to Manager or its affiliates			87	110	201	212
Expense reimbursements to Manager or its affiliates | Transaction related expenses
Related Party Transaction [Line Items]
Expense reimbursements to Manager or its affiliates			306	$ 318	374	$ 381
Reimbursement To Manager Waived
Related Party Transaction [Line Items]
Amount of expense reimbursements			$ 300		$ 600

Related party transactions - Re

Related party transactions - Restricted stock grants (Details)				6 Months Ended	7 Months Ended	39 Months Ended	51 Months Ended
	Dec. 06, 2023 director shares	Apr. 07, 2021 shares	Apr. 15, 2020 shares	Jun. 30, 2024 USD ($) shares	Jun. 30, 2024 director shares	Jun. 30, 2024 shares	Jun. 30, 2024 shares
Related Party Transaction [Line Items]
Number of dividend equivalent units granted (in shares)					1,040
WMC
Related Party Transaction [Line Items]
Number of directors added to the company's board of directors | director	2				2
Director | Restricted Stock | WMC
Related Party Transaction [Line Items]
Shares of restricted common stock under equity incentive plans (in shares)	25,962
Manager Equity Incentive Plan | Related Party
Related Party Transaction [Line Items]
Shares of common stock company can award (in shares)			666,666
Shares available to be awarded under equity incentive plans (in shares)				426,456	426,456	426,456	426,456
Manager Equity Incentive Plan | Related Party | Maximum
Related Party Transaction [Line Items]
Value of shares granted in fiscal year | $				$ 300,000
2020 Equity Incentive Plan | Director | Restricted Stock
Related Party Transaction [Line Items]
Shares of restricted common stock under equity incentive plans (in shares)							213,208
2021 Equity Incentive Plan | Related Party
Related Party Transaction [Line Items]
Shares of common stock company can award (in shares)		573,425
Shares of restricted common stock under equity incentive plans (in shares)						0

Related party transactions - Di

Related party transactions - Director compensation (Details) - Related Party $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) director
Related Party Transaction [Line Items]
Number of independent directors | director	6
Director's fee	$ 150
Directors fees paid in cash	70
Directors fees paid in common stock	80
Non-Executive Chair
Related Party Transaction [Line Items]
Director's fee	60
Directors fees paid in cash	30
Directors fees paid in common stock	30
Audit Committee Chairman
Related Party Transaction [Line Items]
Additional annual fees	25
Compensation And Nomination Committee Chairman
Related Party Transaction [Line Items]
Additional annual fees	10
Corporate Governance Committee Chairman
Related Party Transaction [Line Items]
Additional annual fees	$ 10

Related party transactions - In

Related party transactions - Investments in debt and equity affiliates (Details)	Jun. 30, 2024	Nov. 30, 2023
Related Party | LOTS I
Related Party Transaction [Line Items]
Loan securitization, ownership interest	47.50%
Related Party | 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%
Arc Home | Related Party
Related Party Transaction [Line Items]
Loan securitization, ownership interest	44.60%
MATH | Related Party
Related Party Transaction [Line Items]
Loan securitization, ownership interest	47%	44.60%

Related party transactions - Sc

Related party transactions - Schedule of Investments in Debt and Equity of Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Equity in earnings/(loss) from affiliates	$ 911	$ 438	$ 2,948	$ 454
AG Arc
Related Party Transaction [Line Items]
Equity in earnings/(loss) from affiliates	1,528	(32)	1,255	(2,172)
Non-QM Loans
Related Party Transaction [Line Items]
Equity in earnings/(loss) from affiliates	(828)	349	1,377	1,974
Re- and Non-Performing Loans
Related Party Transaction [Line Items]
Equity in earnings/(loss) from affiliates	211	(281)	316	(89)
Land Related Financing
Related Party Transaction [Line Items]
Equity in earnings/(loss) from affiliates	0	$ 402	0	$ 741
Assets | Related Party
Related Party Transaction [Line Items]
Investments, assets	57,949		57,949		$ 58,761
Cash and Other assets/(liabilities)	809		809		2,361
Assets | AG Arc | Related Party
Related Party Transaction [Line Items]
Investments, assets	34,954		34,954		33,574
Assets | Total Residential Investments | Related Party
Related Party Transaction [Line Items]
Real Estate Securities, Excess MSRs and Loans, at fair value	22,186		22,186		22,826
Assets | Non-QM Loans | Related Party
Related Party Transaction [Line Items]
Real Estate Securities, Excess MSRs and Loans, at fair value	14,940		14,940		15,257
Assets | Re- and Non-Performing Loans | Related Party
Related Party Transaction [Line Items]
Real Estate Securities, Excess MSRs and Loans, at fair value	7,246		7,246		7,569
Liabilities | Related Party
Related Party Transaction [Line Items]
Investments, liabilities	(3,598)		(3,598)		(3,658)
Cash and Other assets/(liabilities)	(39)		(39)		(53)
Liabilities | AG Arc | Related Party
Related Party Transaction [Line Items]
Investments, liabilities	0		0		0
Liabilities | Total Residential Investments | Related Party
Related Party Transaction [Line Items]
Real Estate Securities, Excess MSRs and Loans, at fair value	(3,559)		(3,559)		(3,605)
Liabilities | Non-QM Loans | Related Party
Related Party Transaction [Line Items]
Real Estate Securities, Excess MSRs and Loans, at fair value	0		0		0
Liabilities | Re- and Non-Performing Loans | Related Party
Related Party Transaction [Line Items]
Real Estate Securities, Excess MSRs and Loans, at fair value	(3,559)		(3,559)		(3,605)
Equity | Related Party
Related Party Transaction [Line Items]
Investments, equity	54,351		54,351		55,103
Cash and Other assets/(liabilities)	770		770		2,308
Equity | AG Arc | Related Party
Related Party Transaction [Line Items]
Investments, equity	34,954		34,954		33,574
Equity | Total Residential Investments | Related Party
Related Party Transaction [Line Items]
Real Estate Securities, Excess MSRs and Loans, at fair value	18,627		18,627		19,221
Equity | Non-QM Loans | Related Party
Related Party Transaction [Line Items]
Real Estate Securities, Excess MSRs and Loans, at fair value	14,940		14,940		15,257
Equity | Re- and Non-Performing Loans | Related Party
Related Party Transaction [Line Items]
Real Estate Securities, Excess MSRs and Loans, at fair value	$ 3,687		$ 3,687		$ 3,964

Related party transactions - Tr

Related party transactions - Transactions with Red Creek Asset Management LLC (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Affiliated Entity
Related Party Transaction [Line Items]
Management fee payable	$ 1,700		$ 1,700		$ 1,500
Transactions with Red Creek Asset Management LLC | Related Party
Related Party Transaction [Line Items]
Fees paid to Asset Manager	667	$ 680	1,325	$ 1,363
Transactions with Red Creek Asset Management LLC | Affiliated Entity
Related Party Transaction [Line Items]
Management fee payable	$ 300		$ 300		$ 200

Related party transactions - _3

Related party transactions - Transactions with Arc Home (Details) - Residential Mortgage - Arc Home - Related Party - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Residential mortgage loans sold by Arc Home to the Company
Related Party Transaction [Line Items]
Balance of loans sold during period	$ 133,591	$ 193,207	$ 213,382	$ 193,207
Residential mortgage loans sold by Arc Home to private funds under the management of TPG Angelo Gordon
Related Party Transaction [Line Items]
Balance of loans sold during period	$ 123,545	$ 31,063	$ 279,946	$ 121,647

Related party transactions - _4

Related party transactions - Schedule of intra-entity profits eliminated (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Eliminations | Arc Home | Related Party
Related Party Transaction [Line Items]
Intra-Entity Profits Eliminated	$ 405	$ 341	$ 606	$ 341

Related party transactions - _5

Related party transactions - Schedule of affiliated transactions (Details) - USD ($) $ in Millions	Nov. 30, 2023	Jun. 30, 2023
June 2023 Acquiring Affiliate | Affiliated Entity | Total Residential Investments
Related Party Transaction [Line Items]
Investments in debt and equity of affiliates		$ 0.3
November 2023 Acquiring Affiliate | Affiliated Entity | Total Residential Investments
Related Party Transaction [Line Items]
Investments in debt and equity of affiliates	$ 4.8
November 2023 Acquiring Affiliate | Related Party | MATH
Related Party Transaction [Line Items]
Investments in debt and equity of affiliates	$ 0.9

Related party transactions - _6

Related party transactions - MATH Transaction (Details) - MATH - Related Party	Jun. 30, 2024	Nov. 30, 2023
Related Party Transaction [Line Items]
Loan securitization, ownership interest	47%	44.60%
Additional percentage of bonds purchased		13.10%

Equity - Narrative (Details)

Equity - Narrative (Details)			3 Months Ended			6 Months Ended		40 Months Ended	86 Months Ended
	Feb. 22, 2021 USD ($)	May 05, 2017 USD ($)	Jun. 30, 2024 USD ($) period $ / shares shares	Jun. 30, 2023 USD ($) shares	Mar. 31, 2023 USD ($) shares	Jun. 30, 2024 USD ($) director period $ / shares shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2024 USD ($) period $ / shares shares	Jun. 30, 2024 USD ($) period $ / shares shares	Mar. 26, 2024 USD ($)	Dec. 31, 2023 shares	May 04, 2023 USD ($)	Aug. 03, 2022 USD ($)
Class of Stock [Line Items]
Securities and capital available for issuance | $										$ 1,000,000,000
Capital available for issuance, effective period										3 years
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	0		0	0		2,200,000
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 | $			$ 1,500,000	$ 1,461,810	$ 2,569,940	$ 1,500,000	$ 1,461,810	$ 1,500,000	$ 1,500,000
Shares repurchased (in shares)			0	187,020	923,261	0	1,110,281
2023 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 | $			$ 15,000,000			$ 15,000,000		$ 15,000,000	$ 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%			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
8.00% Series B Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred stock dividend percentage	8%		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%			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) - 2022 Repurchase Program - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Class of Stock [Line Items]
Total Number of Shares Purchased (in shares)	0	187,020	923,261	0	1,110,281
Weighted Average Price Paid per Share (in dollars per share)		$ 5.93	$ 5.68		$ 5.72
Total Number of Shares Purchased as Part of Publicly Announced Program (in shares)		187,020	923,261		1,110,281
Maximum Approximate Dollar Value that May Yet Be Purchased Under the Program	$ 1,500,000	$ 1,461,810	$ 2,569,940	$ 1,500,000	$ 1,461,810

Equity - Schedule of Preferred

Equity - Schedule of Preferred Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands			3 Months Ended	6 Months Ended
	Sep. 17, 2024	Feb. 22, 2021	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)			9,120	9,120
Carrying Value			$ 220,472	$ 220,472	$ 220,472
Aggregate Liquidation Preference			$ 227,991	$ 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	1,663	1,700
Carrying Value			$ 40,110	$ 40,110
Aggregate Liquidation Preference			$ 41,580	$ 41,580
Preferred stock dividend percentage		8.25%	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	3,728	3,700
Carrying Value			$ 90,187	$ 90,187
Aggregate Liquidation Preference			$ 93,191	$ 93,191
Preferred stock dividend percentage		8%	8%	8%
Redemption price (in dollars per share)			$ 25	$ 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	3,729	3,700
Carrying Value			$ 90,175	$ 90,175
Aggregate Liquidation Preference			$ 93,220	$ 93,220
Preferred stock dividend percentage		8%	8%	8%
Liquidation preference (in dollars per share)			$ 25	$ 25
Preferred units, liquidation spread, percent				0.26161%
8.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock | Forecast
Class of Stock [Line Items]
Preferred stock dividend percentage	6.476%
Liquidation preference (in dollars per share)	$ 25

Commitments and Contingencies_2

Commitments and Contingencies (Details) - Non-Agency and Agency-Eligible Loans $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Long-term Purchase Commitment [Line Items]
Total Commitment	$ 160,350
Funded Commitment	0
Remaining Commitment	$ 160,350

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	6 Months Ended
	Jul. 31, 2024	Jun. 30, 2023	Jun. 30, 2023	Aug. 01, 2024	Jun. 30, 2024	May 02, 2024	Feb. 16, 2024	Dec. 31, 2023	May 04, 2023	Feb. 16, 2023
Subsequent Event [Line Items]
Collateralized related financing arrangements					$ 6,527,223			$ 5,564,481
Arc Home
Subsequent Event [Line Items]
Loan securitization, ownership interest					44.60%
Related Party | Arc Home
Subsequent Event [Line Items]
Loan securitization, ownership interest					44.60%
Residential Portfolio Segment
Subsequent Event [Line Items]
Fair Value					$ 6,093,309			5,675,912
Non-Agency Loans | Residential Portfolio Segment
Subsequent Event [Line Items]
Proceeds from sale of loans		$ 99,871	$ 146,780
Fair Value					102,338			94,516
Residential Mortgage
Subsequent Event [Line Items]
Fair Value					301,463			317,631
Residential Mortgage | Arc Home
Subsequent Event [Line Items]
Fair Value					88,200
Residential Mortgage | Arc Home | Asset Pledged as Collateral
Subsequent Event [Line Items]
Collateralized related financing arrangements					39,300
Residential Mortgage | Residential Portfolio Segment
Subsequent Event [Line Items]
Fair Value					$ 301,463			$ 317,631
Subsequent Event | Non-Agency Loans | Residential Portfolio Segment
Subsequent Event [Line Items]
Proceeds from sale of loans	$ 86,300
Subsequent Event | Residential Mortgage | Unrelated Third-Party | Arc Home
Subsequent Event [Line Items]
Balance of loans sold during period	$ 5,800,000
8.25% Series A Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Dividends payable (in dollars per share)		$ 1.03126	$ 1.03126		$ 1.03126	$ 0.51563	$ 0.51563		$ 0.51563	$ 0.51563
8.25% Series A Cumulative Redeemable Preferred Stock | Subsequent Event
Subsequent Event [Line Items]
Dividends payable (in dollars per share)				$ 0.51563
Series B Cumulative Reedmable Preferred Stock
Subsequent Event [Line Items]
Dividends payable (in dollars per share)		$ 1	$ 1		$ 1	$ 0.50	$ 0.50		$ 0.50	$ 0.50
Series B Cumulative Reedmable Preferred Stock | Subsequent Event
Subsequent Event [Line Items]
Dividends payable (in dollars per share)				0.50
Series C Fixed to Floating Rate Cumulative Redeemable Preferred | Subsequent Event
Subsequent Event [Line Items]
Dividends payable (in dollars per share)				$ 0.50