Consolidated Statement of Operations - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Net Interest Income
Interest income		$ 87,174	$ 51,074
Interest expense		(59,617)	(14,017)
Total net interest income		27,557	37,057
Other Income (Loss)
Realized gains (losses) on securities and loans, net		(36,767)	806
Realized (gains) losses on financial derivatives, net		(25,447)	23,335
Realized gains (losses) on real estate owned, net		(56)	(27)
Unrealized gains (losses) on securities and loans, net		99,257	(151,153)
Unrealized gains (losses) on financial derivatives, net		2,763	45,307
Unrealized gains (losses) on real estate owned, net		4	(571)
Unrealized gains (losses) on other secured borrowings, at fair value, net		(29,680)	55,641
Unrealized gains (losses) on senior notes, at fair value		6,510	0
Net change from reverse mortgage loans, at fair value		163,121	0
Net change related to HMBS obligations, at fair value		(131,534)	0
Other, net		3,504	1,220
Total other income (loss)		51,675	(25,442)
Expenses
Base management fee to affiliate (Net of fee rebates)	[1]	4,956	4,266
Incentive Fee Expense		0	0
Other investment related expenses
Servicing expense		4,807	1,524
Debt issuance costs related to Other secured borrowings, at fair value		0	2,232
Debt issuance costs related to Senior notes, at fair value		0	3,615
Other		3,869	2,312
Professional fees		3,556	1,177
Compensation and benefits		14,670	2,560
Other expenses		6,044	1,881
Total expenses		37,902	19,567
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities		41,330	(7,952)
Income Tax Expense (Benefit)		21	(6,960)
Earnings (losses) from investments in unconsolidated entities		3,444	(5,506)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total		44,753	(6,498)
Net income (loss) attributable to non-controlling interests		720	(420)
Dividends on preferred stock		5,117	3,824
Net Income (Loss) Attributable to Common Stockholders		$ 38,916	$ (9,902)
Net Income (Loss) per Share of Common Stock:
Basic and Diluted (USD per share)		$ 0.58	$ (0.17)

[1] See Note 15 for further details on management fee rebates.