CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Interest Income:
Residential whole loans	$ 79,602	$ 70,948	$ 213,156	$ 261,819
Securities, at fair value	10,629	8,570	42,433	81,867
Other interest-earning assets	524	3,017	632	9,089
Cash and cash equivalent investments	126	100	239	646
Interest Income	90,881	82,635	256,460	353,421
Interest Expense:
Asset-backed and other collateralized financing arrangements	25,135	50,054	72,827	209,998
Other interest expense	3,930	5,910	11,863	17,716
Interest Expense	29,065	55,964	84,690	227,714
Net Interest Income	61,816	26,671	171,770	125,707
Reversal/(Provision) for credit and valuation losses on residential whole loans and other financial instruments	9,709	27,244	41,326	(38,090)
Net Interest Income after Provision for Credit and Valuation Losses	71,525	53,915	213,096	87,617
Other Income, net:
Net gain/(loss) on residential whole loans measured at fair value through earnings	21,815	60,316	59,325	(10,082)
Gain on investment in Lima One common equity (Note 16)	38,933	0	38,933	0
Impairment and other gains and losses on securities available-for-sale and other assets	10,000	(221)	10,000	(424,966)
Lima One - origination, servicing and other fee income	9,643	0	9,643	0
Net gain/(loss) on real estate owned	6,829	4,503	13,725	293
Net realized gain/(loss) on sales of securities and residential whole loans	0	48	0	(188,847)
Loss on terminated swaps previously designated as hedges for accounting purposes	0	(7,177)	0	(57,034)
Other, net	7,226	3,086	18,787	(11,355)
Other Income/(Loss), net	94,446	60,555	150,413	(691,991)
Operating and Other Expense:
Compensation and benefits	16,210	11,657	33,533	29,134
Other general and administrative expense	8,659	6,611	23,338	18,656
Loan servicing, financing and other related costs	5,291	8,992	18,591	28,609
Amortization of Intangible Assets	3,300	0	3,300	0
Costs associated with restructuring/forbearance agreement	0	0	0	44,434
Operating and Other Expense	33,460	27,260	78,762	120,833
Net Income/(Loss)	132,511	87,210	284,747	(725,207)
Less Preferred Stock Dividend Requirement	8,218	8,219	24,656	21,578
Net Income/(Loss) Available to Common Stock and Participating Securities	$ 124,293	$ 78,991	$ 260,091	$ (746,785)
Basic Earnings per Common Share (usd per share)	$ 0.28	$ 0.17	$ 0.58	$ (1.65)
Diluted Earnings per Common Share (usd per share)	$ 0.27	$ 0.17	$ 0.57	$ (1.65)