Consolidated Statement of Operations - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net Interest Income
Interest income		$ 88,092	$ 62,722	$ 175,266	$ 113,796
Interest expense		(63,433)	(26,024)	(123,050)	(40,041)
Total net interest income		24,659	36,698	52,216	73,755
Other Income (Loss)
Realized gains (losses) on securities and loans, net		(17,388)	(18,830)	(54,155)	(18,025)
Realized (gains) losses on financial derivatives, net		29,780	46,779	4,333	70,114
Realized gains (losses) on real estate owned, net		(1,245)	518	(1,301)	491
Unrealized gains (losses) on securities and loans, net		(11,383)	(175,350)	87,874	(326,503)
Unrealized gains (losses) on financial derivatives, net		8,340	2,516	11,103	47,823
Unrealized gains (losses) on real estate owned, net		1,174	318	1,178	(252)
Unrealized gains (losses) on other secured borrowings, at fair value, net		12,152	67,258	(17,528)	122,899
Unrealized gains (losses) on senior notes, at fair value		0	7,350	6,510	7,350
Net change from reverse mortgage loans, at fair value		32,120	0	195,241	0
Net change related to HMBS obligations, at fair value		(24,576)	0	(156,110)	0
Other, net		5,689	(166)	9,193	1,054
Total other income (loss)		34,663	(69,607)	86,338	(95,049)
Expenses
Base management fee to affiliate (Net of fee rebates)	[1]	4,913	3,990	9,869	8,256
Incentive Fee Expense		0	0	0	0
Other investment related expenses
Servicing expense		4,968	960	9,775	2,484
Debt issuance costs related to Other secured borrowings, at fair value		0	2,118	0	4,350
Debt issuance costs related to Senior notes, at fair value		0	0	0	3,615
Other		4,422	1,743	8,291	4,055
Professional fees		6,351	1,180	9,907	2,357
Compensation and benefits		15,179	1,260	29,849	3,820
Other expenses		6,799	1,851	12,843	3,732
Total expenses		42,632	13,102	80,534	32,669
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities		16,690	(46,011)	58,020	(53,963)
Income Tax Expense (Benefit)		83	(7,825)	104	(14,785)
Earnings (losses) from investments in unconsolidated entities		(5,868)	(23,265)	(2,424)	(28,771)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total		10,739	(61,451)	55,492	(67,949)
Net income (loss) attributable to non-controlling interests		1,861	(391)	2,581	(811)
Dividends on preferred stock		5,980	3,821	11,097	7,645
Net Income (Loss) Attributable to Common Stockholders		$ 2,898	$ (64,881)	$ 41,814	$ (74,783)
Net Income (Loss) per Share of Common Stock:
Basic and Diluted (USD per share)		$ 0.04	$ (1.08)	$ 0.62	$ (1.27)

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