CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows From Operating Activities:
Net income/(loss)	$ 23,213	$ 72,784
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Net (gain)/loss on residential whole loans	11,095	(129,174)
Impairment and other net (gain)/loss on securities and other portfolio investments, net	4,112	(2,932)
Net gain on real estate owned	(735)	(3,936)
Accretion of purchase discounts and amortization of purchase premiums on residential whole loans and securities	(3,327)	(4,507)
Provision/(reversal of provision) for credit losses on residential whole loans and other assets	649	(4)
Net (gain)/loss on derivatives used for risk management purposes	(23,182)	42,879
Net (gain)/loss on securitized debt measured at fair value through earnings	20,169	48,846
Net margin received/(paid) for derivatives used for risk management purposes	(5,112)	(28,428)
Net other non-cash (gains)/losses included in net income	14,103	5,674
(Increase)/decrease in other assets	19,397	(20,010)
Increase/(decrease) in other liabilities	(6,915)	11,471
Net cash provided by/(used in) operating activities	53,467	(7,337)
Cash Flows From Investing Activities:
Purchases and origination of residential whole loans, loan related investments and capitalized advances	(761,214)	(459,012)
Proceeds from sales of residential whole loans	151,664	263,014
Principal payments on residential whole loans and loan related investments	402,354	321,626
Purchases of securities	0	(305,858)
Proceeds from sales of securities and other assets	0	0
Principal payments on securities	8,081	5,755
Proceeds from sales of real estate owned	24,217	33,968
Other investing activities	83,496	(6,926)
Net cash provided by/(used in) investing activities	(91,402)	(147,433)
Cash Flows From Financing Activities:
Principal payments on financing agreements with mark-to-market collateral provisions	(290,021)	(766,604)
Proceeds from borrowings under financing agreements with mark-to-market collateral provisions	438,616	640,498
Principal payments on other collateralized financing agreements	(576,135)	(415,443)
Proceeds from borrowings under other collateralized financing agreements	482,499	778,400
Payment made for other collateralized financing agreement related costs	(1,340)	(4,602)
Redemption of convertible senior notes	(39,831)	0
Proceeds from issuance of senior notes	110,626	0
Proceeds from issuances of common stock, net of expenses	(20)	17
Payments made for the repurchase of common stock	(1,491)	0
Dividends paid on preferred stock	(8,219)	(8,219)
Dividends paid on common stock and dividend equivalents	(35,789)	(35,769)
Net cash provided by/(used in) financing activities	78,895	188,278
Net increase/(decrease) in cash, cash equivalents and restricted cash	40,960	33,508
Cash, cash equivalents and restricted cash at beginning of period	488,211	494,081
Cash, cash equivalents and restricted cash at end of period	529,171	527,589
Supplemental Disclosure of Cash Flow Information
Cash paid for interest	122,746	87,057
Non-cash Investing and Financing Activities:
Transfer from residential whole loans to real estate owned	19,342	20,925
Dividends and dividend equivalents declared and unpaid	$ 36,015	$ 35,756