Consolidated Statement of Operations - USD ($) $ in Thousands		3 Months Ended			9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	[1]	Sep. 30, 2023	Sep. 30, 2022	[1]
Net Interest Income
Interest income		$ 96,216	$ 78,592		$ 271,482	$ 192,388
Interest expense		(68,702)	(42,080)		(191,752)	(82,121)
Total net interest income		27,514	36,512		79,730	110,267
Other Income (Loss)
Realized gains (losses) on securities and loans, net		(17,362)	(33,247)		(71,518)	(51,272)
Realized (gains) losses on financial derivatives, net		26,283	18,995		30,617	89,108
Realized gains (losses) on real estate owned, net		(155)	(18)		(1,456)	474
Unrealized gains (losses) on securities and loans, net		(63,850)	(150,750)		24,024	(477,253)
Unrealized gains (losses) on financial derivatives, net		55,794	50,259		66,897	98,082
Unrealized gains (losses) on real estate owned, net		(1,712)	(121)		(533)	(373)
Unrealized gains (losses) on other secured borrowings, at fair value, net		18,660	79,430		1,133	202,329
Unrealized gains (losses) on senior notes, at fair value		(4,410)	9,135		2,100	16,485
Net change from reverse mortgage loans, at fair value		99,929	0		295,170	0
Net change related to HMBS obligations, at fair value		(115,729)	0		(271,840)	0
Other, net		28,772	(31)		37,965	1,022
Total other income (loss)		26,220	(26,348)		112,559	(121,398)
Expenses
Base management fee to affiliate (Net of fee rebates)	[2]	4,890	3,950		14,759	12,206
Incentive Fee Expense		0	0		0	0
Other investment related expenses
Servicing expense		5,261	1,097		15,036	3,580
Debt issuance costs related to Other secured borrowings, at fair value		0	1,941		0	6,291
Debt issuance costs related to Senior notes, at fair value		0	0		0	3,615
Other		4,342	2,930		12,633	6,986
Professional fees		3,847	1,177		13,753	3,534
Compensation and benefits		14,675	1,877		45,261	6,347
Other expenses		6,437	1,491		18,544	4,573
Total expenses		39,452	14,463		119,986	47,132
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities		14,282	(4,299)		72,303	(58,263)
Income Tax Expense (Benefit)		224	(81)		328	(14,867)
Earnings (losses) from investments in unconsolidated entities		(978)	(25,513)		(3,403)	(54,284)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total		13,080	(29,731)		68,572	(97,680)
Net income (loss) attributable to non-controlling interests		509	(264)		3,090	(1,075)
Dividends on preferred stock		5,980	3,823		17,077	11,468
Net Income (Loss) Attributable to Common Stockholders		$ 6,591	$ (33,290)		$ 48,405	$ (108,073)
Net Income (Loss) per Share of Common Stock:
Basic and Diluted (USD per share)		$ 0.10	$ (0.55)		$ 0.72	$ (1.82)

[1] Conformed to current period presentation.

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