CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Interest Income:
Residential whole loans held at carrying value	$ 258,764	$ 243,980	$ 100,921
Residential mortgage securities	54,137	274,554	322,475
MSR-related assets	35,957	52,647	28,420
Other interest-earning assets	9,850	7,152	923
Cash and cash equivalent investments	676	3,393	2,936
Interest Income	359,384	581,726	455,675
Interest Expense:
Asset-backed and other collateralized financing arrangements	242,039	315,344	224,143
Other interest expense	26,719	17,012	8,043
Interest Expense	268,758	332,356	232,186
Net Interest Income	90,626	249,370	223,489
Provision for credit and valuation losses on residential whole loans and other financial instruments	(22,381)	(2,569)	(773)
Net Interest Income after Provision for Credit and Valuation Losses	68,245	246,801	222,716
Other Income, net:
Impairment and other losses on securities available-for-sale and other assets	(425,082)	(180)	(1,259)
Net realized (loss)/gain on sales of residential mortgage securities and residential whole loans	(188,847)	62,002	61,307
Net unrealized (loss)/gain on residential mortgage securities measured at fair value through earnings	(10,486)	7,080	(36,815)
Net gain on residential whole loans measured at fair value through earnings	94,213	158,330	137,619
Loss on terminated swaps previously designated as hedges for accounting purposes	(57,034)	0	0
Other, net	(18,885)	(1,375)	(2,877)
Other Income/(Loss), net	(606,121)	225,857	157,975
Operating and Other Expense:
Compensation and benefits	31,042	32,235	28,423
Other general and administrative expense	25,666	20,413	17,653
Loan servicing, financing and other related costs	40,372	41,893	32,814
Costs associated with restructuring/forbearance agreement	44,434	0	0
Operating and Other Expense	141,514	94,541	78,890
Net Income/(Loss)	(679,390)	378,117	301,801
Less Preferred Stock Dividend Requirement	29,796	15,000	15,000
Net Income/(Loss) Available to Common Stock and Participating Securities	$ (709,186)	$ 363,117	$ 286,801
Basic Earnings/(Loss) per Common Share (usd per share)	$ (1.57)	$ 0.80	$ 0.68
Diluted Earnings/(Loss) per Common Share (in usd per share)	$ (1.57)	$ 0.79	$ 0.68