v3.22.2.2

Valuation (Schedule of Financial Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021
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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] | $ 1,522,772 | $ 2,087,360
Investment in unconsolidated entities, at fair value | [1] | 171,379 | 195,643
Financial derivatives–assets, at fair value- |  | 160,043 | 18,894
Investments sold short, at fair value- |  | (199,542) | (120,525)
Financial derivatives–liabilities, at fair value- |  | (50,418) | (12,298)
Other secured borrowings, at fair value | [1] | (1,635,829) | (984,168)
Senior notes, at fair value |  | 193,515 | 0
Level 3 | Non-Agency RMBS |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Total assets |  | 105,785 | 134,888
Level 3 | CMBS |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Total assets |  | 8,669 | 13,134
Level 3 | CLOs |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Total assets |  | 17,288 | 26,678
Level 3 | Corporate loan [Member] |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Total assets |  |  | 10,531
Fair Value, Measurements, Recurring |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Total assets |  | 5,677,089 | 4,717,218
Total liabilities |  | (2,079,304) | (1,116,991)
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- |  | (199,542) | (120,525)
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- |  | (17) | (1,870)
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- |  | (251) | (99)
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- |  | (32) | (39)
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- |  | (49,041) | (9,098)
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- |  | (798) | (909)
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- |  | (242) | (75)
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- |  |  | (208)
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- |  | (37) |
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 |  | (1,635,829) | (984,168)
Senior notes, at fair value |  | 193,515 |
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) |  | 1,135,315 | 1,696,616
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) |  | 216,548 | 216,554
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) |  | 19,552 | 25,643
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) |  | 30,535 | 62,329
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) |  | 75,568 | 73,108
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) |  | 3,602 | 5,554
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) |  | 11,169 | 7,556
Fair Value, Measurements, Recurring | Securities | U.S. Treasury securities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Securities, at fair value(1)(2) |  | 30,483 |
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 |  | 3,348,810 | 2,016,228
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 |  | 464,513 | 326,197
Fair Value, Measurements, Recurring | Loans | Consumer loans |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Loans, at fair value |  | 6,038 | 62,365
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 |  | 3,534 | 10,531
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- |  | 77 | 303
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- |  | 930 | 156
Fair Value, Measurements, Recurring | Financial Derivatives - Assets | Credit default swaps on corporate bonds |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  | 95 |
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- |  | 2,250 | 1,751
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- |  | 125,823 | 13,993
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- |  | 29,116 | 1,229
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- |  | 828 | 478
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- |  | 261 |
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- |  | 663 | 706
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- |  |  | 278
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 |  | 171,379 | 195,643
Fair Value, Measurements, Recurring | Level 1 |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Total assets |  | 828 | 478
Total liabilities |  | (242) | (75)
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- |  | (242) | (75)
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
Senior notes, at fair value |  | 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 | Securities | U.S. Treasury securities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Securities, at fair value(1)(2) |  | 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 corporate bonds |  |  |
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 | 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- |  | 828 | 478
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 | 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 |  | 1,452,010 | 1,835,201
Total liabilities |  | (249,681) | (132,748)
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- |  | (199,542) | (120,525)
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- |  | (17) | (1,870)
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- |  | (251) | (99)
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- |  | (32) | (39)
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- |  | (49,041) | (9,098)
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- |  | (798) | (909)
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- |  |  | (208)
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
Senior notes, at fair value |  | 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) |  | 1,127,496 | 1,686,906
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) |  | 110,763 | 81,666
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) |  | 10,883 | 12,509
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) |  | 13,247 | 35,651
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) |  | 0 | 356
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 | Securities | U.S. Treasury securities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Securities, at fair value(1)(2) |  | 30,483 |
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- |  | 930 | 156
Fair Value, Measurements, Recurring | Level 2 | Financial Derivatives - Assets | Credit default swaps on corporate bonds |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Financial derivatives–assets, at fair value- |  | 95 |
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- |  | 2,250 | 1,751
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- |  | 125,823 | 13,993
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- |  | 29,116 | 1,229
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- |  | 261 |
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- |  | 663 | 706
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- |  |  | 278
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 |  | 4,224,251 | 2,881,539
Total liabilities |  | (1,829,381) | (984,168)
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- |  | (37) |
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 |  | (1,635,829) | (984,168)
Senior notes, at fair value |  | 193,515 |
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) |  | 7,819 | 9,710
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) |  | 105,785 | 134,888
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) |  | 8,669 | 13,134
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) |  | 17,288 | 26,678
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) |  | 75,568 | 73,108
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) |  | 3,602 | 5,198
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) |  | 11,169 | 7,556
Fair Value, Measurements, Recurring | Level 3 | Securities | U.S. Treasury securities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Securities, at fair value(1)(2) |  | 0 |
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 |  | 3,348,810 | 2,016,228
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 |  | 464,513 | 326,197
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 |  | 6,038 | 62,365
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 |  | 3,534 | 10,531
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- |  | 77 | 303
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 corporate bonds |  |  |
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 | 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 | 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 |  | $ 171,379 | $ 195,643
[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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