CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest Income:
Residential whole loans	$ 537,883	$ 441,223	$ 303,468
Securities, at fair value	42,376	28,921	56,690
Other interest-earning assets	9,027	7,437	1,800
Cash and cash equivalent investments	16,311	4,838	344
Interest Income	605,597	482,419	362,302
Interest Expense:
Asset-backed and other collateralized financing arrangements	413,517	243,083	104,597
Other interest expense	15,601	15,760	15,788
Interest Expense	429,118	258,843	120,385
Net Interest Income/(Expense)	176,479	223,576	241,917
Reversal of Provision for Credit Losses on Residential Whole Loans	8,853	2,646	44,863
Provision for Credit Losses on Other Assets	0	(28,579)	0
Net Interest Income after Provision for Credit Losses	185,332	197,643	286,780
Other Income/(Loss), net:
Net gain/(loss) on residential whole loans measured at fair value through earnings	89,850	(866,762)	16,243
Impairment and other net gain/(loss) on securities and other portfolio investments	6,225	(25,067)	74,496
Net gain on real estate owned	9,392	25,379	22,838
Net gain/(loss) on derivatives used for risk management purposes	3,761	255,179	1,426
Net gain/(loss) on securitized debt measured at fair value through earnings	(99,589)	290,639	15,027
Lima One - origination, servicing and other fee income	43,384	46,745	22,600
Net realized loss on residential whole loans held at carrying value	(1,240)	0	0
Other, net	11,331	8,623	9,647
Other Income/(Loss), net	63,114	(265,264)	162,277
Operating and Other Expense:
Compensation and benefits	85,799	76,728	53,817
Other general and administrative expense	44,147	35,138	28,903
Loan servicing, financing and other related costs	34,136	42,894	30,867
Amortization of intangible assets	4,200	9,200	6,600
Operating and Other Expense	168,282	163,960	120,187
Net Income/(Loss)	80,164	(231,581)	328,870
Less Preferred Stock Dividend Requirement	32,875	32,875	32,875
Net Income/(Loss) Available to Common Stock and Participating Securities	$ 47,289	$ (264,456)	$ 295,995
Basic Earnings/(Loss) per Common Share (usd per share)	$ 0.46	$ (2.57)	$ 2.66
Diluted Earnings/(Loss) per Common Share (in usd per share)	$ 0.46	$ (2.57)	$ 2.63