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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Interest Income:    
Residential whole loans $ 99,466 $ 64,538
Securities, at fair value 5,275 16,459
Other interest-earning assets 1,506 0
Cash and cash equivalent investments 102 54
Interest Income 106,349 81,051
Interest Expense:    
Asset-backed and other collateralized financing arrangements 39,365 26,050
Other interest expense 3,931 4,020
Interest Expense 43,296 30,070
Net Interest Income 63,053 50,981
Reversal of Provision for Credit Losses on Residential Whole Loans 3,511 22,750
Net Interest Income after Reversal of Provision for Credit Losses 66,564 73,731
Other Income, net:    
Net mark-to-market and other net (loss)/gain on residential whole loans measured at fair value (288,375) 31,490
Net gains on derivatives used for risk management purposes 94,101 0
Net mark-to-market on Securitized debt measured at fair value 64,117 (1,011)
Net gain on real estate owned 8,732 2,440
Lima One - origination, servicing and other fee income 14,494 0
Other, net (585) 1,400
Other (Loss)/Income, net (107,516) 34,319
Operating and Other Expense:    
Compensation and benefits 19,556 8,437
Other general and administrative expense 8,697 6,792
Loan servicing, financing and other related costs 10,401 7,299
Amortization of intangible assets 3,300 0
Operating and Other Expense 41,954 22,528
Net (Loss)/Income (82,906) 85,522
Less Preferred Stock Dividend Requirement 8,219 8,219
Net (Loss)/Income Available to Common Stock and Participating Securities $ (91,125) $ 77,303
Basic (Loss)/Earnings per Common Share (in dollars per share) $ (0.86) $ 0.68
Diluted (Loss)/Earnings per Common Share (in dollars per share) $ (0.86) $ 0.67