CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Interest Income:
Residential whole loans	$ 119,510	$ 99,466
Securities, at fair value	7,308	5,275
Other interest-earning assets	2,351	1,506
Cash and cash equivalent investments	3,036	102
Interest Income	132,205	106,349
Interest Expense:
Asset-backed and other collateralized financing arrangements	88,880	39,365
Other interest expense	3,956	3,931
Interest Expense	92,836	43,296
Net Interest Income	39,369	63,053
Reversal of Provision for Credit Losses on Residential Whole Loans	13	3,511
Net Interest Income after Reversal of Provision for Credit Losses	39,382	66,564
Other Income/(Loss), net:
Net gain/(loss) on residential whole loans measured at fair value through earnings	129,174	(287,935)
Impairment and other net gain/(loss) on securities and other portfolio investments	2,931	(3,701)
Net gain on real estate owned	3,942	8,732
Net (loss)/gain on derivatives used for risk management purposes	(21,208)	94,101
Net (loss)/gain on securitized debt measured at fair value through earnings	(51,725)	64,117
Lima One - origination, servicing and other fee income	8,976	14,494
Other, net	3,172	2,676
Other Income/(Loss), net	75,262	(107,516)
Operating and Other Expense:
Compensation and benefits	20,630	19,556
Other general and administrative expense	10,391	8,697
Loan servicing, financing and other related costs	9,539	10,401
Amortization of intangible assets	1,300	3,300
Operating and Other Expense	41,860	41,954
Net Income/(Loss)	72,784	(82,906)
Less Preferred Stock Dividend Requirement	8,219	8,219
Net Income/(Loss) Available to Common Stock and Participating Securities	$ 64,565	$ (91,125)
Basic Earnings/(Loss) per Common Share (in dollars per share)	$ 0.63	$ (0.86)
Diluted Earnings/(Loss) per Common Share (in dollars per share)	$ 0.62	$ (0.86)