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Pay vs Performance Disclosure
 3 Months Ended 12 Months Ended
Mar. 31, 2020
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table  
​
(a)
​ ​
(b)
​ ​
(c)
​ ​
(d)
​ ​
(e)
​ ​
(f)
​ ​
(g)
​ ​
(h)
​ ​
(i)
​
​ ​ ​ ​
Summary Compensation
Table Total for PEOs(1)
​ ​
Compensation Actually
Paid to PEOs(4)
​ ​
Average
Summary
Compensation
Table Total for
Non-PEO NEOs(5)
($)
​ ​
Average
Compensation
Actually Paid
to Non-PEO
NEOs(6)
($)
​ ​
Value of Initial Fixed
$100 Investments
Based on:
​ ​
GAAP
Net
Income
($000s)(9)
($)
​ ​
Tangible
Economic
Return(10)
(%)
​
​
Year
​ ​
D.
Finkelstein(2)
($)
​ ​
G.
Votek(3)
($)
​ ​
D.
Finkelstein(2)
($)
​ ​
G.
Votek(3)
($)
​ ​
TSR(7)
($)
​ ​
Peer Group
TSR(8)
($)
​
​ 2023(11) ​ ​ ​ ​ 15,327,300 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 16,790,236 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 4,936,439 ​ ​ ​ ​ ​ 5,299,208 ​ ​ ​ ​ ​ 86.79 ​ ​ ​ ​ ​ 79.21 ​ ​ ​ ​ ​ (1,638,457) ​ ​ ​ ​ ​ 6.1 ​ ​
​ 2022 ​ ​ ​ ​ 14,323,682 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 11,087,169 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 5,420,097 ​ ​ ​ ​ ​ 4,916,762 ​ ​ ​ ​ ​ 82.75 ​ ​ ​ ​ ​ 69.20 ​ ​ ​ ​ ​ 1,726,420 ​ ​ ​ ​ ​ (23.7) ​ ​
​ 2021 ​ ​ ​ ​ 9,138,764 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 9,511,494 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 3,882,162 ​ ​ ​ ​ ​ 4,027,576 ​ ​ ​ ​ ​ 105.00 ​ ​ ​ ​ ​ 91.50 ​ ​ ​ ​ ​ 2,396,280 ​ ​ ​ ​ ​ 0.1 ​ ​
​ 2020 ​ ​ ​ ​ 12,703,778 ​ ​ ​ ​ ​ 2,070,906 ​ ​ ​ ​ ​ 16,250,879 ​ ​ ​ ​ ​ 1,761,597 ​ ​ ​ ​ ​ 3,835,068 ​ ​ ​ ​ ​ 3,994,675 ​ ​ ​ ​ ​ 102.43 ​ ​ ​ ​ ​ 77.80 ​ ​ ​ ​ ​ (889,772) ​ ​ ​ ​ ​ 1.6 ​ ​
​
(1)
The dollar amounts reported in column (b) are the amounts of total compensation reported for Mr. Finkelstein for each corresponding year in the “Total” column of the Summary Compensation Table.
​
(2)
Mr. Finkelstein has served as our CEO since March 2020.
​
(3)
Mr. Votek served as our Interim CEO until March 2020.
​
(4)
The dollar amounts reported in column (c) represent the amount of “compensation actually paid” to Messrs. Finkelstein and Votek, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Messrs. Finkelstein and Votek during the applicable year. The Company does not sponsor any defined benefit or pension plans, so pension benefit adjustments have not been reflected. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Mr. Finkelstein’s total compensation for each year to determine the compensation actually paid:
​
​
Year
​ ​
Reported Summary
Compensation Table Total
($)
​ ​
Reported Value of Equity
Awards(a)
($)
​ ​
Adjusted Equity Value(b)
($)
​ ​
Compensation Actually Paid
($)
​
​ 2023 ​ ​ ​ ​ 15,327,300 ​ ​ ​ ​ ​ (6,984,000) ​ ​ ​ ​ ​ 8,446,936 ​ ​ ​ ​ ​ 16,790,236 ​ ​
​ 2022 ​ ​ ​ ​ 14,323,682 ​ ​ ​ ​ ​ (7,324,950) ​ ​ ​ ​ ​ 4,088,437 ​ ​ ​ ​ ​ 11,087,169 ​ ​
​ 2021 ​ ​ ​ ​ 9,138,764 ​ ​ ​ ​ ​ (1,800,001) ​ ​ ​ ​ ​ 2,172,731 ​ ​ ​ ​ ​ 9,511,494 ​ ​
​ 2020 ​ ​ ​ ​ 12,703,778 ​ ​ ​ ​ ​ (5,000,006) ​ ​ ​ ​ ​ 8,547,107 ​ ​ ​ ​ ​ 16,250,879 ​ ​
​
(a)
The reported value of equity awards represents the amount reported in the “Stock Awards” column in the Summary Compensation Table for the applicable year.
​
(b)
The adjusted equity value for each applicable year include the addition (or subtraction, as applicable) of the following:
​
(i)
the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year;
​
(ii)
the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year;
​
(iii)
for awards that are granted and vest in the same applicable year, the fair value as of the vesting date;
​
(iv)
for awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value;
​
(v)
for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and
​
(vi)
the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year.
​
The valuation assumptions used to calculate fair values for the equity values set forth in the table below did not materially differ from those disclosed at the time of grant.
The amounts deducted or added in calculating the adjusted equity value are as follows:
​
Year
​ ​
Year End Fair
Value of
Outstanding and
Unvested Equity
Awards Granted
in the Year
($)
​ ​
Year over Year
Change in Fair
Value of
Outstanding and
Unvested Equity
Awards
($)
​ ​
Fair Value as of
Vesting Date of
Equity Awards
Granted and
Vested in the
Year
($)
​ ​
Year over Year
Change in Fair
Value of Equity
Awards Granted in
Prior Years that
Vested in the Year
($)
​ ​
Fair Value at the
End of the Prior
Year of Equity
Awards that Failed
to Meet Vesting
Conditions in the
Year
($)
​ ​
Value of Dividends
or Other Earnings
Paid on Stock or
Option Awards Not
Otherwise Reflected
in Fair Value or Total
Compensation
($)
​ ​
Total Equity
Award
Adjustments
($)
​
​ 2023 ​ ​ ​ ​ 6,258,536 ​ ​ ​ ​ ​ (2,003,499) ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 2,587,260 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 1,604,639 ​ ​ ​ ​ ​ 8,446,936 ​ ​
​ 2022 ​ ​ ​ ​ 5,469,751 ​ ​ ​ ​ ​ (5,839,034) ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 4,399,928 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 57,792 ​ ​ ​ ​ ​ 4,088,437 ​ ​
​ 2021 ​ ​ ​ ​ 1,868,886 ​ ​ ​ ​ ​ (998,385) ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 1,259,860 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 42,370 ​ ​ ​ ​ ​ 2,172,731 ​ ​
​ 2020 ​ ​ ​ ​ 6,837,672 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 1,709,435 ​ ​ ​ ​ ​ 8,547,107 ​ ​
In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Mr. Votek’s total compensation for 2020 to determine the compensation actually paid, using the same methodology described above:
​
Year
​ ​
Reported Summary
Compensation Table Total
($)
​ ​
Reported Value of Equity
Awards
($)
​ ​
Equity Award
Adjustments(c)
($)
​ ​
Compensation
Actually Paid
($)
​
​ 2020 ​ ​ ​ ​ 2,070,906 ​ ​ ​ ​ ​ (999,999) ​ ​ ​ ​ ​ 690,690 ​ ​ ​ ​ ​ 1,761,597 ​ ​
​
(c)
The amounts deducted or added in calculating the adjusted equity value for 2020 are as follows:
​
​
Year
​ ​
Year End Fair
Value of
Outstanding and
Unvested Equity
Awards Granted
in the Year
($)
​ ​
Year over Year
Change in Fair
Value of
Outstanding and
Unvested Equity
Awards
($)
​ ​
Fair Value as of
Vesting Date of
Equity Awards
Granted and
Vested in the
Year
($)
​ ​
Year over Year
Change in Fair
Value of Equity
Awards Granted in
Prior Years that
Vested in the Year
($)
​ ​
Fair Value at the
End of the Prior
Year of Equity
Awards that Failed
to Meet Vesting
Conditions in the
Year
($)
​ ​
Value of Dividends
or Other Earnings
Paid on Stock or
Option Awards Not
Otherwise Reflected
in Fair Value or Total
Compensation
($)
​ ​
Total Equity
Award
Adjustments
($)
​
​ 2020 ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 690,690 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 690,690 ​ ​
​
(5)
The dollar amounts reported in column (d) represent the average of the amounts reported for the Company’s Non-PEO NEOs, which include the Company’s NEOs as a group (excluding Messrs. Finkelstein and Votek), in the “Total” column of the Summary Compensation Table in each applicable year. The names of each of the Non-PEO NEOs in each applicable year are as follows:
​
(i)
for 2023, Serena Wolfe, Steven F. Campbell and Anthony C. Green;
​
(ii)
for 2022, Serena Wolfe, Steven F. Campbell, Anthony C. Green, Ilker Ertas and Timothy P. Coffey; and
​
(iii)
for 2021 and 2020, Serena Wolfe, Anthony C. Green, Ilker Ertas and Timothy P. Coffey.
​
(6)
The dollar amounts reported in column (e) represent the average amount of “compensation actually paid” to the Non-PEO NEOs as a group, as computed in accordance with Item 402(v) of Regulation S-K.
​
The dollar amounts do not reflect the actual average amount of compensation earned by or paid to the Company’s Non-PEO NEOs as a group during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to average total compensation for each year to determine the compensation actually paid, using the same methodology described in footnote 4 above:
​
Year
​ ​
Average Reported Summary
Compensation Table Total for Other NEOs
($)
​ ​
Average Reported Value of
Equity Awards
($)
​ ​
Average Equity Award
Adjustments(d)
($)
​ ​
Average Compensation
Actually Paid to Other NEOs
($)
​
​ 2023 ​ ​ ​ ​ 4,936,439 ​ ​ ​ ​ ​ (1,797,056) ​ ​ ​ ​ ​ 2,159,824 ​ ​ ​ ​ ​ 5,299,208 ​ ​
​ 2022 ​ ​ ​ ​ 5,420,097 ​ ​ ​ ​ ​ (1,784,970) ​ ​ ​ ​ ​ 1,281,635 ​ ​ ​ ​ ​ 4,916,762 ​ ​
​ 2021 ​ ​ ​ ​ 3,882,162 ​ ​ ​ ​ ​ (774,999) ​ ​ ​ ​ ​ 920,413 ​ ​ ​ ​ ​ 4,027,576 ​ ​
​ 2020 ​ ​ ​ ​ 3,835,068 ​ ​ ​ ​ ​ (462,516) ​ ​ ​ ​ ​ 622,123 ​ ​ ​ ​ ​ 3,994,675 ​ ​
(d)
The amounts deducted or added in calculating the total average adjusted equity value are as follows:
​
​
Year
​ ​
Year End Fair
Value of
Outstanding and
Unvested Equity
Awards Granted
in the Year
($)
​ ​
Year over Year
Change in Fair
Value of
Outstanding and
Unvested Equity
Awards
($)
​ ​
Fair Value as of
Vesting Date of
Equity Awards
Granted and
Vested in the
Year
($)
​ ​
Year over Year
Change in Fair
Value of Equity
Awards Granted in
Prior Years that
Vested in the Year
($)
​ ​
Fair Value at the
End of the Prior
Year of Equity
Awards that Failed
to Meet Vesting
Conditions in the
Year
($)
​ ​
Value of Dividends
or Other Earnings
Paid on Stock or
Option Awards Not
Otherwise Reflected
in Fair Value or Total
Compensation
($)
​ ​
Total Equity
Award
Adjustments
($)
​
​ 2023 ​ ​ ​ ​ 1,610,387 ​ ​ ​ ​ ​ (490,495) ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 625,172 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 414,760 ​ ​ ​ ​ ​ 2,159,824 ​ ​
​ 2022 ​ ​ ​ ​ 1,332,883 ​ ​ ​ ​ ​ (508,169) ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 306,741 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 150,180 ​ ​ ​ ​ ​ 1,281,635 ​ ​
​ 2021 ​ ​ ​ ​ 804,772 ​ ​ ​ ​ ​ (197,067) ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 228,326 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 84,382 ​ ​ ​ ​ ​ 920,413 ​ ​
​ 2020 ​ ​ ​ ​ 622.123 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 622,123 ​ ​
​
(7)
Cumulative TSR is calculated by dividing the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between the Company’s share price at the end and the beginning of the measurement period by the Company’s share price at the beginning of the measurement period.
​
(8)
The amount shown as the TSR reflects what year-end cumulative value of $100 would be, including reinvestment of dividends until the last day of each reported fiscal year, for the measure periods beginning on December 31, 2019 and ending on December 31 of each of 2023, 2022, 2021 and 2020, respectively, calculated in accordance with Item 201(e) of Regulation S-K. Represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. The peer group used for this purpose is the Bloomberg Mortgage REIT Index, which for purposes of this table reflects the Company’s industry sector and is the same as the Company’s peer group disclosed in the Stock Performance Graph in the Annual Report on Form 10-K Part II Item 5 for the years ended December 31, 2023, 2022, 2021 and 2020.
​
(9)
The dollar amounts reported represent the amount of GAAP net income reflected in the Company’s audited financial statements for the applicable year.
​
(10)
“Tangible Economic Return” or “Absolute Tangible Economic Return” means the Company’s change in tangible book value (calculated by summing common stock, additional paid-in capital, accumulated other comprehensive income (loss) and accumulated deficit less intangible assets) plus dividends declared divided by the prior period’s tangible book value. For comparison, the Company’s Tangible Economic Return (Loss) for each of 2023, 2022, 2021 and 2020 was 6.1%, (23.7%), 0.1% and 1.6%, respectively. While the Company uses numerous financial and non-financial performance measures for the purpose of evaluating performance for the Company’s compensation programs, the Company has determined that Tangible Economic Return is the financial performance measure that represents the most important performance measure (that is not otherwise required to be disclosed in the table) used by the Company to link compensation actually paid to the company’s NEOs, for the most recently completed fiscal year, to Company performance.
​
(11)
Refer to the “Compensation Discussion and Analysis — Total Direct Compensation Table” for the total direct compensation paid or awarded to each NEO for 2023, including compensation for 2023 performance that was paid or awarded by the Company in early 2024, which the MDC Committee believes best aligns with how it views executive compensation for a given performance year.
     
Company Selected Measure Name   Tangible Economic Return      
Named Executive Officers, Footnote  
The dollar amounts reported in column (d) represent the average of the amounts reported for the Company’s Non-PEO NEOs, which include the Company’s NEOs as a group (excluding Messrs. Finkelstein and Votek), in the “Total” column of the Summary Compensation Table in each applicable year. The names of each of the Non-PEO NEOs in each applicable year are as follows:
​
(i)
for 2023, Serena Wolfe, Steven F. Campbell and Anthony C. Green;
​
(ii)
for 2022, Serena Wolfe, Steven F. Campbell, Anthony C. Green, Ilker Ertas and Timothy P. Coffey; and
​
(iii)
for 2021 and 2020, Serena Wolfe, Anthony C. Green, Ilker Ertas and Timothy P. Coffey.
     
Peer Group Issuers, Footnote  
The amount shown as the TSR reflects what year-end cumulative value of $100 would be, including reinvestment of dividends until the last day of each reported fiscal year, for the measure periods beginning on December 31, 2019 and ending on December 31 of each of 2023, 2022, 2021 and 2020, respectively, calculated in accordance with Item 201(e) of Regulation S-K. Represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. The peer group used for this purpose is the Bloomberg Mortgage REIT Index, which for purposes of this table reflects the Company’s industry sector and is the same as the Company’s peer group disclosed in the Stock Performance Graph in the Annual Report on Form 10-K Part II Item 5 for the years ended December 31, 2023, 2022, 2021 and 2020.
     
Adjustment To PEO Compensation, Footnote  
(4)
The dollar amounts reported in column (c) represent the amount of “compensation actually paid” to Messrs. Finkelstein and Votek, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Messrs. Finkelstein and Votek during the applicable year. The Company does not sponsor any defined benefit or pension plans, so pension benefit adjustments have not been reflected. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Mr. Finkelstein’s total compensation for each year to determine the compensation actually paid:
​
​
Year
​ ​
Reported Summary
Compensation Table Total
($)
​ ​
Reported Value of Equity
Awards(a)
($)
​ ​
Adjusted Equity Value(b)
($)
​ ​
Compensation Actually Paid
($)
​
​ 2023 ​ ​ ​ ​ 15,327,300 ​ ​ ​ ​ ​ (6,984,000) ​ ​ ​ ​ ​ 8,446,936 ​ ​ ​ ​ ​ 16,790,236 ​ ​
​ 2022 ​ ​ ​ ​ 14,323,682 ​ ​ ​ ​ ​ (7,324,950) ​ ​ ​ ​ ​ 4,088,437 ​ ​ ​ ​ ​ 11,087,169 ​ ​
​ 2021 ​ ​ ​ ​ 9,138,764 ​ ​ ​ ​ ​ (1,800,001) ​ ​ ​ ​ ​ 2,172,731 ​ ​ ​ ​ ​ 9,511,494 ​ ​
​ 2020 ​ ​ ​ ​ 12,703,778 ​ ​ ​ ​ ​ (5,000,006) ​ ​ ​ ​ ​ 8,547,107 ​ ​ ​ ​ ​ 16,250,879 ​ ​
​
(a)
The reported value of equity awards represents the amount reported in the “Stock Awards” column in the Summary Compensation Table for the applicable year.
​
(b)
The adjusted equity value for each applicable year include the addition (or subtraction, as applicable) of the following:
​
(i)
the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year;
​
(ii)
the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year;
​
(iii)
for awards that are granted and vest in the same applicable year, the fair value as of the vesting date;
​
(iv)
for awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value;
​
(v)
for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and
​
(vi)
the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year.
​
The valuation assumptions used to calculate fair values for the equity values set forth in the table below did not materially differ from those disclosed at the time of grant.
The amounts deducted or added in calculating the adjusted equity value are as follows:
​
Year
​ ​
Year End Fair
Value of
Outstanding and
Unvested Equity
Awards Granted
in the Year
($)
​ ​
Year over Year
Change in Fair
Value of
Outstanding and
Unvested Equity
Awards
($)
​ ​
Fair Value as of
Vesting Date of
Equity Awards
Granted and
Vested in the
Year
($)
​ ​
Year over Year
Change in Fair
Value of Equity
Awards Granted in
Prior Years that
Vested in the Year
($)
​ ​
Fair Value at the
End of the Prior
Year of Equity
Awards that Failed
to Meet Vesting
Conditions in the
Year
($)
​ ​
Value of Dividends
or Other Earnings
Paid on Stock or
Option Awards Not
Otherwise Reflected
in Fair Value or Total
Compensation
($)
​ ​
Total Equity
Award
Adjustments
($)
​
​ 2023 ​ ​ ​ ​ 6,258,536 ​ ​ ​ ​ ​ (2,003,499) ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 2,587,260 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 1,604,639 ​ ​ ​ ​ ​ 8,446,936 ​ ​
​ 2022 ​ ​ ​ ​ 5,469,751 ​ ​ ​ ​ ​ (5,839,034) ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 4,399,928 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 57,792 ​ ​ ​ ​ ​ 4,088,437 ​ ​
​ 2021 ​ ​ ​ ​ 1,868,886 ​ ​ ​ ​ ​ (998,385) ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 1,259,860 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 42,370 ​ ​ ​ ​ ​ 2,172,731 ​ ​
​ 2020 ​ ​ ​ ​ 6,837,672 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 1,709,435 ​ ​ ​ ​ ​ 8,547,107 ​ ​
In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Mr. Votek’s total compensation for 2020 to determine the compensation actually paid, using the same methodology described above:
​
Year
​ ​
Reported Summary
Compensation Table Total
($)
​ ​
Reported Value of Equity
Awards
($)
​ ​
Equity Award
Adjustments(c)
($)
​ ​
Compensation
Actually Paid
($)
​
​ 2020 ​ ​ ​ ​ 2,070,906 ​ ​ ​ ​ ​ (999,999) ​ ​ ​ ​ ​ 690,690 ​ ​ ​ ​ ​ 1,761,597 ​ ​
​
(c)
The amounts deducted or added in calculating the adjusted equity value for 2020 are as follows:
​
​
Year
​ ​
Year End Fair
Value of
Outstanding and
Unvested Equity
Awards Granted
in the Year
($)
​ ​
Year over Year
Change in Fair
Value of
Outstanding and
Unvested Equity
Awards
($)
​ ​
Fair Value as of
Vesting Date of
Equity Awards
Granted and
Vested in the
Year
($)
​ ​
Year over Year
Change in Fair
Value of Equity
Awards Granted in
Prior Years that
Vested in the Year
($)
​ ​
Fair Value at the
End of the Prior
Year of Equity
Awards that Failed
to Meet Vesting
Conditions in the
Year
($)
​ ​
Value of Dividends
or Other Earnings
Paid on Stock or
Option Awards Not
Otherwise Reflected
in Fair Value or Total
Compensation
($)
​ ​
Total Equity
Award
Adjustments
($)
​
​ 2020 ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 690,690 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 690,690 ​ ​
     
Non-PEO NEO Average Total Compensation Amount   $ 4,936,439 $ 5,420,097 $ 3,882,162 $ 3,835,068
Non-PEO NEO Average Compensation Actually Paid Amount   $ 5,299,208 4,916,762 4,027,576 3,994,675
Adjustment to Non-PEO NEO Compensation Footnote  
(6)
The dollar amounts reported in column (e) represent the average amount of “compensation actually paid” to the Non-PEO NEOs as a group, as computed in accordance with Item 402(v) of Regulation S-K.
​
The dollar amounts do not reflect the actual average amount of compensation earned by or paid to the Company’s Non-PEO NEOs as a group during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to average total compensation for each year to determine the compensation actually paid, using the same methodology described in footnote 4 above:
​
Year
​ ​
Average Reported Summary
Compensation Table Total for Other NEOs
($)
​ ​
Average Reported Value of
Equity Awards
($)
​ ​
Average Equity Award
Adjustments(d)
($)
​ ​
Average Compensation
Actually Paid to Other NEOs
($)
​
​ 2023 ​ ​ ​ ​ 4,936,439 ​ ​ ​ ​ ​ (1,797,056) ​ ​ ​ ​ ​ 2,159,824 ​ ​ ​ ​ ​ 5,299,208 ​ ​
​ 2022 ​ ​ ​ ​ 5,420,097 ​ ​ ​ ​ ​ (1,784,970) ​ ​ ​ ​ ​ 1,281,635 ​ ​ ​ ​ ​ 4,916,762 ​ ​
​ 2021 ​ ​ ​ ​ 3,882,162 ​ ​ ​ ​ ​ (774,999) ​ ​ ​ ​ ​ 920,413 ​ ​ ​ ​ ​ 4,027,576 ​ ​
​ 2020 ​ ​ ​ ​ 3,835,068 ​ ​ ​ ​ ​ (462,516) ​ ​ ​ ​ ​ 622,123 ​ ​ ​ ​ ​ 3,994,675 ​ ​
(d)
The amounts deducted or added in calculating the total average adjusted equity value are as follows:
​
​
Year
​ ​
Year End Fair
Value of
Outstanding and
Unvested Equity
Awards Granted
in the Year
($)
​ ​
Year over Year
Change in Fair
Value of
Outstanding and
Unvested Equity
Awards
($)
​ ​
Fair Value as of
Vesting Date of
Equity Awards
Granted and
Vested in the
Year
($)
​ ​
Year over Year
Change in Fair
Value of Equity
Awards Granted in
Prior Years that
Vested in the Year
($)
​ ​
Fair Value at the
End of the Prior
Year of Equity
Awards that Failed
to Meet Vesting
Conditions in the
Year
($)
​ ​
Value of Dividends
or Other Earnings
Paid on Stock or
Option Awards Not
Otherwise Reflected
in Fair Value or Total
Compensation
($)
​ ​
Total Equity
Award
Adjustments
($)
​
​ 2023 ​ ​ ​ ​ 1,610,387 ​ ​ ​ ​ ​ (490,495) ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 625,172 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 414,760 ​ ​ ​ ​ ​ 2,159,824 ​ ​
​ 2022 ​ ​ ​ ​ 1,332,883 ​ ​ ​ ​ ​ (508,169) ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 306,741 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 150,180 ​ ​ ​ ​ ​ 1,281,635 ​ ​
​ 2021 ​ ​ ​ ​ 804,772 ​ ​ ​ ​ ​ (197,067) ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 228,326 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 84,382 ​ ​ ​ ​ ​ 920,413 ​ ​
​ 2020 ​ ​ ​ ​ 622.123 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 622,123 ​ ​
     
Compensation Actually Paid vs. Total Shareholder Return  
COMPENSATION ACTUALLY PAID AND CUMULATIVE TSR
​ The graph to the right presents the relationship between the amount of compensation actually paid (“CAP”) to our PEO, Mr. Finkelstein, and the average amount of CAP to the Non-PEO NEOs with our cumulative TSR over 2020, 2021, 2022 and 2023. In 2020, we had two PEOs, Mr. Finkelstein and Mr. Votek, as shown in the table above, and the graph to the right shows the CAP to each PEO for 2020. As described in the Compensation Discussion and Analysis, we utilize an Absolute Tangible Economic Return modifier, which impacts overall incentive award opportunity. ​
[MISSING IMAGE: bc_capvstsr-pn.jpg]
     
Compensation Actually Paid vs. Net Income  
COMPENSATION ACTUALLY PAID AND GAAP NET INCOME
[MISSING IMAGE: bc_capvsnetincome-pn.jpg]
​ The graph to the left presents the relationship between the amount of CAP to our PEO, Mr. Finkelstein, and the average amount of CAP to the Non-PEO NEOs with our GAAP net income for 2020, 2021, 2022 and 2023. In 2020, we had two PEOs, Mr. Finkelstein and Mr. Votek, as shown in the table above, and the graph to the left shows the CAP to each PEO for 2020. While we do not use GAAP net income as a performance measure in the overall executive compensation program, we use a non-GAAP adjusted earnings-linked measure (Average EAD Return on Equity) to determine 50% of PSU award payouts. For a reconciliation of EAD to GAAP net income, please refer to the Appendix. ​
     
Compensation Actually Paid vs. Company Selected Measure  
COMPENSATION ACTUALLY PAID AND TANGIBLE ECONOMIC RETURN
The graph to the right presents the relationship between the amount of CAP to our PEO, Mr. Finkelstein, and the average amount of CAP to the Non-PEO NEOs, with our Tangible Economic Return for 2020, 2021, 2022 and 2023. In 2020, we had two PEOs, Mr. Finkelstein and Mr. Votek, as shown in the table above, and the graph to the left shows the CAP to each PEO for 2020. As described in the Compensation Discussion and Analysis, we utilize Relative Tangible Economic Return for the respective performance period to determine 50% of annual incentive amounts for 2023 (and 37.5% for 2022, 2021 and 2020) and 50% of PSU award payouts. The Company uses multiple financial metrics for its annual incentive awards and PSU awards but has selected Tangible Economic Return as the financial performance measure that represents the most important performance measure (otherwise not required to be disclosed in the table above) used by the Company to link CAP to the NEOs for 2023 to Company performance.
[MISSING IMAGE: bc_capvstangibleeconomic-pn.jpg]
     
Total Shareholder Return Vs Peer Group  
RELATIONSHIP BETWEEN COMPANY TSR AND PEER GROUP TSR
[MISSING IMAGE: bc_capvstsr-pn.jpg]
​ The graph to the left presents the relationship of our cumulative TSR to that of our peer group (Bloomberg Mortgage REIT Index) for 2020, 2021, 2022 and 2023. In 2020, we had two PEOs, Mr. Finkelstein and Mr. Votek, as shown in the table above, and the graph to the left shows the CAP to each PEO for 2020. For a graph and table comparing the yearly percentage change in the Company’s cumulative TSR to that of the Bloomberg Mortgage REIT Index for the five-year period ended December 31, 2023, please refer to the Share Performance Graph included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. ​
     
Tabular List, Table  
Financial Performance Measures
As described in greater detail in the Compensation Discussion and Analysis above, our executive compensation program reflects a variable pay-for-performance philosophy. The MDC Committee believes that the metrics utilized for our incentive awards represent key measures of the Company’s financial performance and support sustained value creation for stockholders. The most important financial performance measures used by us to link executive compensation actually paid to our NEOs, for the most recently completed fiscal year, to our performance are as follows:
​
▪
Tangible Economic Return
​
 ​
​
▪
Total Stockholder Return
​
 ​
​
▪
OpEx to Equity
​
 ​
​
▪
Average EAD Return on Equity
​
 ​
     
Total Shareholder Return Amount   $ 86.79 82.75 105 102.43
Peer Group Total Shareholder Return Amount   79.21 69.2 91.5 77.8
Net Income (Loss)   $ (1,638,457) $ 1,726,420 $ 2,396,280 $ (889,772)
Company Selected Measure Amount   6.1 (23.7) 0.1 1.6
PEO Name Mr. Votek        
Measure:: 1          
Pay vs Performance Disclosure          
Name   Tangible Economic Return      
Non-GAAP Measure Description  
“Tangible Economic Return” or “Absolute Tangible Economic Return” means the Company’s change in tangible book value (calculated by summing common stock, additional paid-in capital, accumulated other comprehensive income (loss) and accumulated deficit less intangible assets) plus dividends declared divided by the prior period’s tangible book value. For comparison, the Company’s Tangible Economic Return (Loss) for each of 2023, 2022, 2021 and 2020 was 6.1%, (23.7%), 0.1% and 1.6%, respectively. While the Company uses numerous financial and non-financial performance measures for the purpose of evaluating performance for the Company’s compensation programs, the Company has determined that Tangible Economic Return is the financial performance measure that represents the most important performance measure (that is not otherwise required to be disclosed in the table) used by the Company to link compensation actually paid to the company’s NEOs, for the most recently completed fiscal year, to Company performance.
     
Measure:: 2          
Pay vs Performance Disclosure          
Name   Total Stockholder Return      
Measure:: 3          
Pay vs Performance Disclosure          
Name   OpEx to Equity      
Measure:: 4          
Pay vs Performance Disclosure          
Name   Average EAD Return on Equity      
Mr. Finkelstein [Member]          
Pay vs Performance Disclosure          
PEO Total Compensation Amount   $ 15,327,300 $ 14,323,682 $ 9,138,764 $ 12,703,778
PEO Actually Paid Compensation Amount   16,790,236 11,087,169 9,511,494 16,250,879
Mr. Votek [Member]          
Pay vs Performance Disclosure          
PEO Total Compensation Amount   0 0 0 2,070,906
PEO Actually Paid Compensation Amount   0 0 0 1,761,597
PEO | Mr. Finkelstein [Member] | Equity Awards Value In Summary Compensation Table (Grant Date Value) [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   (6,984,000) (7,324,950) (1,800,001) (5,000,006)
PEO | Mr. Finkelstein [Member] | Total Equity Awards Adjustments [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   8,446,936 4,088,437 2,172,731 8,547,107
PEO | Mr. Finkelstein [Member] | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   6,258,536 5,469,751 1,868,886 6,837,672
PEO | Mr. Finkelstein [Member] | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   (2,003,499) (5,839,034) (998,385) 0
PEO | Mr. Finkelstein [Member] | Change In Fair Value As Of Vesting Date Of Awards Vested During Current Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   0 0 0 0
PEO | Mr. Finkelstein [Member] | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   2,587,260 4,399,928 1,259,860 0
PEO | Mr. Finkelstein [Member] | Adjustments For Equity Awards Failed To Meet Performance Conditions [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   0 0 0 0
PEO | Mr. Finkelstein [Member] | Dividends Or Other Earnings Paid On Equity Awards Not Otherwise Reflected In Fair Value [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   1,604,639 57,792 42,370 1,709,435
PEO | Mr. Votek [Member] | Equity Awards Value In Summary Compensation Table (Grant Date Value) [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount         (999,999)
PEO | Mr. Votek [Member] | Total Equity Awards Adjustments [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount         690,690
PEO | Mr. Votek [Member] | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount         0
PEO | Mr. Votek [Member] | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount         0
PEO | Mr. Votek [Member] | Change In Fair Value As Of Vesting Date Of Awards Vested During Current Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount         690,690
PEO | Mr. Votek [Member] | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount         0
PEO | Mr. Votek [Member] | Adjustments For Equity Awards Failed To Meet Performance Conditions [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount         0
PEO | Mr. Votek [Member] | Dividends Or Other Earnings Paid On Equity Awards Not Otherwise Reflected In Fair Value [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount         0
Non-PEO NEO | Equity Awards Value In Summary Compensation Table (Grant Date Value) [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   (1,797,056) (1,784,970) (774,999) (462,516)
Non-PEO NEO | Total Equity Awards Adjustments [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   2,159,824 1,281,635 920,413 622,123
Non-PEO NEO | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   1,610,387 1,332,883 804,772 622.123
Non-PEO NEO | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   (490,495) (508,169) (197,067) 0
Non-PEO NEO | Change In Fair Value As Of Vesting Date Of Awards Vested During Current Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   0 0 0 0
Non-PEO NEO | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   625,172 306,741 228,326 0
Non-PEO NEO | Adjustments For Equity Awards Failed To Meet Performance Conditions [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   0 0 0 0
Non-PEO NEO | Dividends Or Other Earnings Paid On Equity Awards Not Otherwise Reflected In Fair Value [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   $ 414,760 $ 150,180 $ 84,382 $ 0