Consolidated Statement of Operations - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021
Net Interest Income
Interest income		$ 370,172	$ 282,218	[1]	$ 175,505
Interest expense		(262,451)	(141,777)	[1]	(44,030)
Total net interest income		107,721	140,441	[1]	131,475
Other Income (Loss)
Realized gains (losses) on securities and loans, net		(93,993)	(105,449)	[1]	5,017
Realized gains (losses) on financial derivatives, net		40,054	120,489	[1]	11,502
Realized gains (losses) on real estate owned, net		(5,229)	490	[1]	1,711
Unrealized gains (losses) on securities and loans, net		171,296	(475,807)	[1]	(30,802)
Unrealized gains (losses) on financial derivatives, net		(15,060)	53,891	[1]	10,355
Unrealized gains (losses) on real estate owned, net		2,177	(485)	[1]	(1,259)
Unrealized gains (losses) on other secured borrowings, at fair value, net		(51,554)	258,140	[1]	15,844
Unrealized gains (losses) on unsecured borrowings, at fair value		146	18,165	[1]	0
Net change from reverse mortgage loans, at fair value		503,831	199,189	[1]	0
Net change related to HMBS obligations, at fair value		(451,598)	(162,381)	[1]	0
Bargain purchase gain		28,175	7,932		0
Other, net		40,954	5,379	[1]	7,194
Total other income (loss)		169,199	(80,447)	[1]	19,562
Expenses
Base management fee to affiliate (Net of fee rebates of $473, $1,612, and $2,593, respectively)(2)	[2]	20,419	16,847	[1]	13,422
Incentive fee to affiliate		0	0	[1]	15,658
Other investment related expenses
Servicing expense		20,364	8,123	[1]	4,422
Debt issuance costs related to Other secured borrowings, at fair value		0	6,291	[1]	5,290
Debt issuance costs related to unsecured borrowings, at fair value		0	3,615	[1]	0
Other		16,860	12,920	[1]	8,832
Professional fees		21,164	6,378	[1]	5,416
Compensation and benefits		78,434	21,094	[1]	6,714
Other expenses		30,469	9,697	[1]	6,658
Total expenses		187,710	84,965	[1]	65,441
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities		89,210	(24,971)	[1]	85,596
Income tax expense (benefit)		457	(17,716)	[1]	3,144
Earnings (losses) from investments in unconsolidated entities		(855)	(63,614)	[1]	58,104
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total		87,898	(70,869)	[1]	140,556
Net income (loss) attributable to non-controlling interests		3,814	(822)	[1]	7,093
Dividends on preferred stock		23,182	15,292	[1]	8,117
Net Income (Loss) Attributable to Common Stockholders		$ 60,902	$ (85,339)	[1]	$ 125,346
Net Income (Loss) per Share of Common Stock:
Basic and Diluted (USD per share)		$ 0.89	$ (1.43)	[1]	$ 2.58

[1] Conformed to current period presentation.

[2] See Note 16 for further details on management fee rebates.