CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Interest Income:
Residential whole loans held at carrying value	$ 45,340	$ 83,486
Securities, at fair value	16,459	58,581
Other interest-earning assets	0	2,907
Cash and cash equivalent investments	54	486
Interest Income	61,853	145,460
Interest Expense:
Asset-backed and other collateralized financing arrangements	26,050	77,859
Other interest expense	4,020	5,900
Interest Expense	30,070	83,759
Net Interest Income	31,783	61,701
Reversal/(Provision) for credit and valuation losses on residential whole loans	22,750	(150,711)
Net Interest Income after Provision for Credit and Valuation Losses	54,533	(89,010)
Other Income, net:
Impairment and other losses on securities available-for-sale and other assets	0	(419,651)
Net realized loss on sales of securities and residential whole loans	0	(238,380)
Net unrealized gain/(loss) on securities measured at fair value through earnings	101	(77,961)
Net gain/(loss) on residential whole loans measured at fair value through earnings	49,809	(52,760)
Other, net	3,607	(2,011)
Other Income/(Loss), net	53,517	(790,763)
Operating and Other Expense:
Compensation and benefits	8,437	8,899
Other general and administrative expense	6,792	4,575
Loan servicing, financing and other related costs	7,299	11,280
Costs associated with restructuring/forbearance agreement	0	4,468
Operating and Other Expense	22,528	29,222
Net Income/(Loss)	85,522	(908,995)
Less Preferred Stock Dividend Requirement	8,219	5,215
Net Income/(Loss) Available to Common Stock and Participating Securities	$ 77,303	$ (914,210)
Basic Earnings per Common Share (usd per share)	$ 0.17	$ (2.02)
Diluted Earnings per Common Share (usd per share)	$ 0.17	$ (2.02)