v3.21.2

Valuation (Schedule of Financial Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Securities, at fair value(1)(2) | [1],[2] | $ 1,895,563 | $ 1,514,185
Investment in unconsolidated entities, at fair value | [1] | 142,019 | 141,620
Financial derivatives–assets, at fair value- |  | 15,976 | 15,479
Investments sold short, at fair value- |  | (30,294) | (38,642)
Financial derivatives–liabilities, at fair value- |  | (14,119) | (24,553)
Other secured borrowings, at fair value | [1] | (872,306) | (754,921)
Level 3 | Non-Agency RMBS |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Total assets |  | 106,600 | 127,838
Level 3 | CMBS |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Total assets |  | 12,148 | 63,148
Level 3 | CLOs |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Total assets |  | 30,121 | 111,100
Level 3 | Asset-backed securities, backed by consumer loans |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Total assets |  |  | 44,925
Level 3 | Corporate loan [Member] |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Total assets |  | 16,561 |
Fair Value, Measurements, Recurring |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Total assets |  | 4,050,087 | 3,124,764
Total liabilities |  | (916,719) | (818,116)
Fair Value, Measurements, Recurring | Investments Sold Short | Corporate debt securities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Investments sold short, at fair value- |  |  | (218)
Fair Value, Measurements, Recurring | Investments Sold Short | Government debt |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Investments sold short, at fair value- |  | (30,294) | (38,424)
Fair Value, Measurements, Recurring | Financial Derivatives - Liabilities | Credit default swaps on corporate bond indices |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–liabilities, at fair value- |  | (1,955) | (6,438)
Fair Value, Measurements, Recurring | Financial Derivatives - Liabilities | Credit default swaps on corporate bonds |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–liabilities, at fair value- |  | (101) | (747)
Fair Value, Measurements, Recurring | Financial Derivatives - Liabilities | Credit default swaps on asset-backed indices |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–liabilities, at fair value- |  | (38) | (130)
Fair Value, Measurements, Recurring | Financial Derivatives - Liabilities | Interest rate swaps |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–liabilities, at fair value- |  | (8,851) | (15,174)
Fair Value, Measurements, Recurring | Financial Derivatives - Liabilities | TBA securities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–liabilities, at fair value- |  | (3,081) | (925)
Fair Value, Measurements, Recurring | Financial Derivatives - Liabilities | Futures |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–liabilities, at fair value- |  | (93) | (376)
Fair Value, Measurements, Recurring | Financial Derivatives - Liabilities | Forwards |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–liabilities, at fair value- |  |  | (279)
Fair Value, Measurements, Recurring | Financial Derivatives - Liabilities | Total return swaps |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–liabilities, at fair value- |  |  | (484)
Fair Value, Measurements, Recurring | Other secured borrowings, at fair value |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Other secured borrowings, at fair value |  | (872,306) | (754,921)
Fair Value, Measurements, Recurring | Securities | Agency RMBS |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Securities, at fair value(1)(2) |  | 1,537,007 | 959,443
Fair Value, Measurements, Recurring | Securities | Non-Agency RMBS |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Securities, at fair value(1)(2) |  | 193,553 | 204,114
Fair Value, Measurements, Recurring | Securities | CMBS |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Securities, at fair value(1)(2) |  | 13,604 | 117,653
Fair Value, Measurements, Recurring | Securities | CLOs |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Securities, at fair value(1)(2) |  | 67,278 | 181,271
Fair Value, Measurements, Recurring | Securities | Asset-backed securities, backed by consumer loans |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Securities, at fair value(1)(2) |  | 71,295 | 44,925
Fair Value, Measurements, Recurring | Securities | Corporate debt securities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Securities, at fair value(1)(2) |  | 4,832 | 5,189
Fair Value, Measurements, Recurring | Securities | Corporate equity securities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Securities, at fair value(1)(2) |  | 7,994 | 1,590
Fair Value, Measurements, Recurring | Loans | Residential mortgage loans |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Loans, at fair value |  | 1,656,701 | 1,187,069
Fair Value, Measurements, Recurring | Loans | Commercial mortgage loans |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Loans, at fair value |  | 267,591 | 213,031
Fair Value, Measurements, Recurring | Loans | Consumer loans |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Loans, at fair value |  | 55,676 | 47,525
Fair Value, Measurements, Recurring | Loans | Corporate loan [Member] |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Loans, at fair value |  | 16,561 | 5,855
Fair Value, Measurements, Recurring | Financial Derivatives - Assets | Credit default swaps on asset-backed securities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  | 303 | 347
Fair Value, Measurements, Recurring | Financial Derivatives - Assets | Credit default swaps on corporate bond indices |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  | 174 | 3,420
Fair Value, Measurements, Recurring | Financial Derivatives - Assets | Credit default swaps on asset-backed indices |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  | 1,599 | 2,184
Fair Value, Measurements, Recurring | Financial Derivatives - Assets | Interest rate swaps |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  | 8,617 | 8,519
Fair Value, Measurements, Recurring | Financial Derivatives - Assets | TBA securities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  | 2,399 | 962
Fair Value, Measurements, Recurring | Financial Derivatives - Assets | Futures |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  | 1,440 | 2
Fair Value, Measurements, Recurring | Financial Derivatives - Assets | Forwards |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  | 360 |
Fair Value, Measurements, Recurring | Financial Derivatives - Assets | Total return swaps |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  |  | 9
Fair Value, Measurements, Recurring | Financial Derivatives - Assets | Warrants |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  | 938 | 36
Fair Value, Measurements, Recurring | Financial Derivatives - Assets | Put Option [Member] |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  | 146 |
Fair Value, Measurements, Recurring | Investment in unconsolidated entities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Investment in unconsolidated entities, at fair value |  | 142,019 | 141,620
Fair Value, Measurements, Recurring | Level 1 |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Total assets |  | 1,440 | 2
Total liabilities |  | (93) | (376)
Fair Value, Measurements, Recurring | Level 1 | Investments Sold Short | Corporate debt securities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Investments sold short, at fair value- |  |  | 0
Fair Value, Measurements, Recurring | Level 1 | Investments Sold Short | Government debt |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Investments sold short, at fair value- |  | 0 | 0
Fair Value, Measurements, Recurring | Level 1 | Financial Derivatives - Liabilities | Credit default swaps on corporate bond indices |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–liabilities, at fair value- |  | 0 | 0
Fair Value, Measurements, Recurring | Level 1 | Financial Derivatives - Liabilities | Credit default swaps on corporate bonds |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–liabilities, at fair value- |  | 0 | 0
Fair Value, Measurements, Recurring | Level 1 | Financial Derivatives - Liabilities | Credit default swaps on asset-backed indices |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–liabilities, at fair value- |  | 0 | 0
Fair Value, Measurements, Recurring | Level 1 | Financial Derivatives - Liabilities | Interest rate swaps |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–liabilities, at fair value- |  | 0 | 0
Fair Value, Measurements, Recurring | Level 1 | Financial Derivatives - Liabilities | TBA securities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–liabilities, at fair value- |  | 0 | 0
Fair Value, Measurements, Recurring | Level 1 | Financial Derivatives - Liabilities | Futures |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–liabilities, at fair value- |  | (93) | (376)
Fair Value, Measurements, Recurring | Level 1 | Financial Derivatives - Liabilities | Forwards |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–liabilities, at fair value- |  |  | 0
Fair Value, Measurements, Recurring | Level 1 | Financial Derivatives - Liabilities | Total return swaps |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–liabilities, at fair value- |  |  | 0
Fair Value, Measurements, Recurring | Level 1 | Other secured borrowings, at fair value |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Other secured borrowings, at fair value |  | 0 | 0
Fair Value, Measurements, Recurring | Level 1 | Securities | Agency RMBS |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Securities, at fair value(1)(2) |  | 0 | 0
Fair Value, Measurements, Recurring | Level 1 | Securities | Non-Agency RMBS |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Securities, at fair value(1)(2) |  | 0 | 0
Fair Value, Measurements, Recurring | Level 1 | Securities | CMBS |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Securities, at fair value(1)(2) |  | 0 | 0
Fair Value, Measurements, Recurring | Level 1 | Securities | CLOs |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Securities, at fair value(1)(2) |  | 0 | 0
Fair Value, Measurements, Recurring | Level 1 | Securities | Asset-backed securities, backed by consumer loans |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Securities, at fair value(1)(2) |  | 0 | 0
Fair Value, Measurements, Recurring | Level 1 | Securities | Corporate debt securities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Securities, at fair value(1)(2) |  | 0 | 0
Fair Value, Measurements, Recurring | Level 1 | Securities | Corporate equity securities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Securities, at fair value(1)(2) |  | 0 | 0
Fair Value, Measurements, Recurring | Level 1 | Loans | Residential mortgage loans |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Loans, at fair value |  | 0 | 0
Fair Value, Measurements, Recurring | Level 1 | Loans | Commercial mortgage loans |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Loans, at fair value |  | 0 | 0
Fair Value, Measurements, Recurring | Level 1 | Loans | Consumer loans |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Loans, at fair value |  | 0 | 0
Fair Value, Measurements, Recurring | Level 1 | Loans | Corporate loan [Member] |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Loans, at fair value |  | 0 | 0
Fair Value, Measurements, Recurring | Level 1 | Financial Derivatives - Assets | Credit default swaps on asset-backed securities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  | 0 | 0
Fair Value, Measurements, Recurring | Level 1 | Financial Derivatives - Assets | Credit default swaps on corporate bond indices |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  | 0 | 0
Fair Value, Measurements, Recurring | Level 1 | Financial Derivatives - Assets | Credit default swaps on asset-backed indices |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  | 0 | 0
Fair Value, Measurements, Recurring | Level 1 | Financial Derivatives - Assets | Interest rate swaps |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  | 0 | 0
Fair Value, Measurements, Recurring | Level 1 | Financial Derivatives - Assets | TBA securities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  | 0 | 0
Fair Value, Measurements, Recurring | Level 1 | Financial Derivatives - Assets | Futures |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  | 1,440 | 2
Fair Value, Measurements, Recurring | Level 1 | Financial Derivatives - Assets | Forwards |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  | 0 |
Fair Value, Measurements, Recurring | Level 1 | Financial Derivatives - Assets | Total return swaps |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  |  | 0
Fair Value, Measurements, Recurring | Level 1 | Financial Derivatives - Assets | Warrants |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  | 0 | 0
Fair Value, Measurements, Recurring | Level 1 | Financial Derivatives - Assets | Put Option [Member] |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  | 0 |
Fair Value, Measurements, Recurring | Level 1 | Investment in unconsolidated entities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Investment in unconsolidated entities, at fair value |  | 0 | 0
Fair Value, Measurements, Recurring | Level 2 |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Total assets |  | 1,665,487 | 1,164,960
Total liabilities |  | (44,320) | (62,335)
Fair Value, Measurements, Recurring | Level 2 | Investments Sold Short | Corporate debt securities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Investments sold short, at fair value- |  |  | (218)
Fair Value, Measurements, Recurring | Level 2 | Investments Sold Short | Government debt |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Investments sold short, at fair value- |  | (30,294) | (38,424)
Fair Value, Measurements, Recurring | Level 2 | Financial Derivatives - Liabilities | Credit default swaps on corporate bond indices |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–liabilities, at fair value- |  | (1,955) | (6,438)
Fair Value, Measurements, Recurring | Level 2 | Financial Derivatives - Liabilities | Credit default swaps on corporate bonds |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–liabilities, at fair value- |  | (101) | (747)
Fair Value, Measurements, Recurring | Level 2 | Financial Derivatives - Liabilities | Credit default swaps on asset-backed indices |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–liabilities, at fair value- |  | (38) | (130)
Fair Value, Measurements, Recurring | Level 2 | Financial Derivatives - Liabilities | Interest rate swaps |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–liabilities, at fair value- |  | (8,851) | (15,174)
Fair Value, Measurements, Recurring | Level 2 | Financial Derivatives - Liabilities | TBA securities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–liabilities, at fair value- |  | (3,081) | (925)
Fair Value, Measurements, Recurring | Level 2 | Financial Derivatives - Liabilities | Futures |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–liabilities, at fair value- |  | 0 | 0
Fair Value, Measurements, Recurring | Level 2 | Financial Derivatives - Liabilities | Forwards |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–liabilities, at fair value- |  |  | (279)
Fair Value, Measurements, Recurring | Level 2 | Financial Derivatives - Liabilities | Total return swaps |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–liabilities, at fair value- |  |  | 0
Fair Value, Measurements, Recurring | Level 2 | Other secured borrowings, at fair value |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Other secured borrowings, at fair value |  | 0 | 0
Fair Value, Measurements, Recurring | Level 2 | Securities | Agency RMBS |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Securities, at fair value(1)(2) |  | 1,525,275 | 947,780
Fair Value, Measurements, Recurring | Level 2 | Securities | Non-Agency RMBS |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Securities, at fair value(1)(2) |  | 86,953 | 76,276
Fair Value, Measurements, Recurring | Level 2 | Securities | CMBS |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Securities, at fair value(1)(2) |  | 1,456 | 54,505
Fair Value, Measurements, Recurring | Level 2 | Securities | CLOs |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Securities, at fair value(1)(2) |  | 37,157 | 70,171
Fair Value, Measurements, Recurring | Level 2 | Securities | Asset-backed securities, backed by consumer loans |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Securities, at fair value(1)(2) |  | 0 | 0
Fair Value, Measurements, Recurring | Level 2 | Securities | Corporate debt securities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Securities, at fair value(1)(2) |  | 413 | 1,107
Fair Value, Measurements, Recurring | Level 2 | Securities | Corporate equity securities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Securities, at fair value(1)(2) |  | 0 | 0
Fair Value, Measurements, Recurring | Level 2 | Loans | Residential mortgage loans |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Loans, at fair value |  | 0 | 0
Fair Value, Measurements, Recurring | Level 2 | Loans | Commercial mortgage loans |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Loans, at fair value |  | 0 | 0
Fair Value, Measurements, Recurring | Level 2 | Loans | Consumer loans |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Loans, at fair value |  | 0 | 0
Fair Value, Measurements, Recurring | Level 2 | Loans | Corporate loan [Member] |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Loans, at fair value |  | 0 | 0
Fair Value, Measurements, Recurring | Level 2 | Financial Derivatives - Assets | Credit default swaps on asset-backed securities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  | 0 | 0
Fair Value, Measurements, Recurring | Level 2 | Financial Derivatives - Assets | Credit default swaps on corporate bond indices |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  | 174 | 3,420
Fair Value, Measurements, Recurring | Level 2 | Financial Derivatives - Assets | Credit default swaps on asset-backed indices |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  | 1,599 | 2,184
Fair Value, Measurements, Recurring | Level 2 | Financial Derivatives - Assets | Interest rate swaps |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  | 8,617 | 8,519
Fair Value, Measurements, Recurring | Level 2 | Financial Derivatives - Assets | TBA securities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  | 2,399 | 962
Fair Value, Measurements, Recurring | Level 2 | Financial Derivatives - Assets | Futures |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  | 0 | 0
Fair Value, Measurements, Recurring | Level 2 | Financial Derivatives - Assets | Forwards |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  | 360 |
Fair Value, Measurements, Recurring | Level 2 | Financial Derivatives - Assets | Total return swaps |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  |  | 0
Fair Value, Measurements, Recurring | Level 2 | Financial Derivatives - Assets | Warrants |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  | 938 | 36
Fair Value, Measurements, Recurring | Level 2 | Financial Derivatives - Assets | Put Option [Member] |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  | 146 |
Fair Value, Measurements, Recurring | Level 2 | Investment in unconsolidated entities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Investment in unconsolidated entities, at fair value |  | 0 | 0
Fair Value, Measurements, Recurring | Level 3 |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Total assets |  | 2,383,160 | 1,959,802
Total liabilities |  | (872,306) | (755,405)
Fair Value, Measurements, Recurring | Level 3 | Investments Sold Short | Corporate debt securities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Investments sold short, at fair value- |  |  | 0
Fair Value, Measurements, Recurring | Level 3 | Investments Sold Short | Government debt |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Investments sold short, at fair value- |  | 0 | 0
Fair Value, Measurements, Recurring | Level 3 | Financial Derivatives - Liabilities | Credit default swaps on corporate bond indices |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–liabilities, at fair value- |  | 0 | 0
Fair Value, Measurements, Recurring | Level 3 | Financial Derivatives - Liabilities | Credit default swaps on corporate bonds |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–liabilities, at fair value- |  | 0 | 0
Fair Value, Measurements, Recurring | Level 3 | Financial Derivatives - Liabilities | Credit default swaps on asset-backed indices |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–liabilities, at fair value- |  | 0 | 0
Fair Value, Measurements, Recurring | Level 3 | Financial Derivatives - Liabilities | Interest rate swaps |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–liabilities, at fair value- |  | 0 | 0
Fair Value, Measurements, Recurring | Level 3 | Financial Derivatives - Liabilities | TBA securities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–liabilities, at fair value- |  | 0 | 0
Fair Value, Measurements, Recurring | Level 3 | Financial Derivatives - Liabilities | Futures |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–liabilities, at fair value- |  | 0 | 0
Fair Value, Measurements, Recurring | Level 3 | Financial Derivatives - Liabilities | Forwards |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–liabilities, at fair value- |  |  | 0
Fair Value, Measurements, Recurring | Level 3 | Financial Derivatives - Liabilities | Total return swaps |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–liabilities, at fair value- |  |  | (484)
Fair Value, Measurements, Recurring | Level 3 | Other secured borrowings, at fair value |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Other secured borrowings, at fair value |  | (872,306) | (754,921)
Fair Value, Measurements, Recurring | Level 3 | Securities | Agency RMBS |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Securities, at fair value(1)(2) |  | 11,732 | 11,663
Fair Value, Measurements, Recurring | Level 3 | Securities | Non-Agency RMBS |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Securities, at fair value(1)(2) |  | 106,600 | 127,838
Fair Value, Measurements, Recurring | Level 3 | Securities | CMBS |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Securities, at fair value(1)(2) |  | 12,148 | 63,148
Fair Value, Measurements, Recurring | Level 3 | Securities | CLOs |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Securities, at fair value(1)(2) |  | 30,121 | 111,100
Fair Value, Measurements, Recurring | Level 3 | Securities | Asset-backed securities, backed by consumer loans |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Securities, at fair value(1)(2) |  | 71,295 | 44,925
Fair Value, Measurements, Recurring | Level 3 | Securities | Corporate debt securities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Securities, at fair value(1)(2) |  | 4,419 | 4,082
Fair Value, Measurements, Recurring | Level 3 | Securities | Corporate equity securities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Securities, at fair value(1)(2) |  | 7,994 | 1,590
Fair Value, Measurements, Recurring | Level 3 | Loans | Residential mortgage loans |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Loans, at fair value |  | 1,656,701 | 1,187,069
Fair Value, Measurements, Recurring | Level 3 | Loans | Commercial mortgage loans |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Loans, at fair value |  | 267,591 | 213,031
Fair Value, Measurements, Recurring | Level 3 | Loans | Consumer loans |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Loans, at fair value |  | 55,676 | 47,525
Fair Value, Measurements, Recurring | Level 3 | Loans | Corporate loan [Member] |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Loans, at fair value |  | 16,561 | 5,855
Fair Value, Measurements, Recurring | Level 3 | Financial Derivatives - Assets | Credit default swaps on asset-backed securities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  | 303 | 347
Fair Value, Measurements, Recurring | Level 3 | Financial Derivatives - Assets | Credit default swaps on corporate bond indices |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  | 0 | 0
Fair Value, Measurements, Recurring | Level 3 | Financial Derivatives - Assets | Credit default swaps on asset-backed indices |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  | 0 | 0
Fair Value, Measurements, Recurring | Level 3 | Financial Derivatives - Assets | Interest rate swaps |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  | 0 | 0
Fair Value, Measurements, Recurring | Level 3 | Financial Derivatives - Assets | TBA securities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  | 0 | 0
Fair Value, Measurements, Recurring | Level 3 | Financial Derivatives - Assets | Futures |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  | 0 | 0
Fair Value, Measurements, Recurring | Level 3 | Financial Derivatives - Assets | Forwards |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  | 0 |
Fair Value, Measurements, Recurring | Level 3 | Financial Derivatives - Assets | Total return swaps |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  |  | 9
Fair Value, Measurements, Recurring | Level 3 | Financial Derivatives - Assets | Warrants |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  | 0 | 0
Fair Value, Measurements, Recurring | Level 3 | Financial Derivatives - Assets | Put Option [Member] |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  | 0 |
Fair Value, Measurements, Recurring | Level 3 | Investment in unconsolidated entities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Investment in unconsolidated entities, at fair value |  | $ 142,019 | $ 141,620
[1] | Ellington Financial Inc.'s Condensed Consolidated Balance Sheet includes assets and liabilities of variable interest entities it has consolidated. See Note 9 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.
[2] | Includes assets pledged as collateral to counterparties. See Note 11 for additional details on the Company's borrowings and related collateral.

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