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Pay vs Performance Disclosure | 12 Months Ended
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Dec. 31, 2025 USD ($) | Dec. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($)
Pay vs Performance Disclosure |  |  |  |  |
Pay vs Performance Disclosure, Table | Pay Versus Performance As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(v) of Regulation S-K, we have prepared this pay versus performance disclosure, which serves to further demonstrate the alignment of our executive compensation program with stockholder interests.
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Value of Initial Fixed $100 Investment Based on: |  |  |  |  |  |  |
| Year |  |  | Summary Compensation Table Total for PEO ($) |  |  | Compensation Actually Paid to PEO(1) ($) |  |  | Average Summary Compensation Table Total for Non-PEO NEOs ($) |  |  | Average Compensation Actually Paid to Non-PEO NEOs(2) ($) |  |  | Total Stockholder Return(3) ($) |  |  | Peer-Group Total Stockholder Return(3)(4) ($) |  |  | Net Income/ (Loss)(5) ($ in thousands) |  |  | Distributable Earnings ROAE(6)(%) |
| 2025 |  |  | 7,079,634 |  |  | 5,512,903 |  |  | 2,523,891 |  |  | 2,168,536 |  |  | 113.86 |  |  | 108.52 |  |  | 176,783 |  |  | 8.04% |
| 2024 |  |  | 8,081,167 |  |  | 7,556,905 |  |  | 2,939,758 |  |  | 2,305,445 |  |  | 56.74 |  |  | 75.94 |  |  | 119,251 |  |  | 11.76% |
| 2023 |  |  | 6,640,540 |  |  | 8,535,274 |  |  | 2,117,517 |  |  | 2,389,541 |  |  | 55.42 |  |  | 76.61 |  |  | 80,164 |  |  | 11.98% |
| 2022 |  |  | 6,262,232 |  |  | 1,308,212 |  |  | 1,915,344 |  |  | 875,766 |  |  | 42.43 |  |  | 66.88 |  |  | (231,581) |  |  | 11.03% |
| 2021 |  |  | 7,411,604 |  |  | 8,255,983 |  |  | 2,142,227 |  |  | 2,307,231 |  |  | 67.39 |  |  | 92.17 |  |  | 328,870 |  |  | 10.46% |
1. | For each of 2025, 2024, 2023, 2022 and 2021, our principal executive officer (PEO) was Craig L. Knutson. For more detail regarding how the amounts in this column are calculated, refer to the Summary Compensation Table found on page 56 of this Proxy Statement and “Adjustments to Summary Compensation Table Totals to Determine Compensation Actually Paid” tables below.
2. | For 2025, our remaining NEOs consisted of Bryan Wulfsohn, Michael C. Roper, Lori R. Samuels and Harold E. Schwartz. For 2024, our remaining NEOs consisted of Mr. Wulfsohn, Mr. Roper, Ms. Samuels, Mr. Schwartz and Gudmundur Kristjansson, our former Senior Vice President and Co-Chief Investment Officer, whose employment with the Company was terminated effective November 22, 2024. For 2023, our remaining NEOs consisted of Mr. Wulfsohn, Mr. Roper, Mr. Schwartz, Mr. Kristjansson and Stephen D. Yarad, our former Chief Financial Officer, who resigned his employment with the Company on September 15, 2023. For each of 2022 and 2021, our remaining NEOs consisted of Mr. Wulfsohn, Mr. Schwartz, Mr. Kristjansson and Mr. Yarad. For more detail regarding how the amounts in this column are calculated, refer to the Summary Compensation Table found on page 56 of this Proxy Statement and “Adjustments to Summary Compensation Table Totals to Determine Compensation Actually Paid” tables below.
3. | Total Stockholder Return and Peer Group Total Stockholder Return assume an initial investment of $100 invested on December 31, 2020.
4. | As permitted by SEC rules, the Peer Group referenced for purpose of the Total Stockholder Return comparison consists of the iShares Mortgage Real Estate ETF (Symbol: REM), which is an exchange traded fund the components of which are U.S. residential and commercial mortgage REITs and reflects an industry peer group used for purposes of Item 201(e) of Regulation S-K. Note that the Bloomberg Real Estate Investment Trust Mortgage Index (Symbol: BBREMTG), which was discontinued in 2024, had been used by the Company as the Peer Group for purposes of this table through 2023. The separate peer group used by the Compensation Committee for purposes of evaluating the compensation paid to our executive officers is described on page 37 of this Proxy Statement.
5. | Reflects after-tax net income/(loss) in accordance with GAAP for each of the years shown.
6. | The Company has designated “Distributable Earnings ROAE” as its Company Selected Measure, as this measure (as well as, “Adjusted GAAP ROAE”) is the most important measure identified below under “2025 Most Important Financial Measures,” which, in the Company’s assessment, represents for 2025 the most important performance measure used to link compensation actually paid to our PEO and other NEOs to the Company’s performance. Distributable Earnings ROAE is defined on page 41 of this Proxy Statement and is a non-GAAP financial measure. Per SEC rules, the percentage shown is for the applicable calendar year. See Appendix D for a reconciliation of such measure to its comparable GAAP measure for the 2025 calendar year.
Compensation Actually Paid represents the Summary Compensation Table Totals adjusted for the following items:
|  |  |  | Year 2025 |
| Adjustments to Summary Compensation Table Totals to Determine Compensation Actually Paid |  |  | PEO |  |  | Average for Non-PEO- NEOs |
| Deduction for amounts reported under the Stock Awards Column in the Summary Compensation Table |  |  | ($4,080,011) |  |  | ($1,100,016) |
| Increase for fair value at 12/31/2025 of awards granted during 2025 that remain unvested as of year-end |  |  | $3,560,110 |  |  | $959,845 |
| Increase/(Deduction) for change in fair value from 12/31/2024 to 12/31/2025 of awards granted in 2024 that were outstanding and unvested as of 12/31/2025 |  |  | ($465,361) |  |  | ($98,891) |
| Increase/(Deduction) for change in fair value from 12/31/2024 to vesting date of awards granted in 2023 that vested during 2025 |  |  | ($581,469) |  |  | ($116,293) |
| Increase/(Deduction) for fair value at 12/31/2024 of forfeited performance-based awards granted in 2023 due to failure to meet required performance levels for vesting |  |  | -0- |  |  | -0- |
| Total adjustments added to/(subtracted from) Summary Compensation Table Total to determine Compensation Actually Paid |  |  | ($1,566,731) |  |  | ($355,355) |
|  |  |  | Year 2024 |
| Adjustments to Summary Compensation Table Totals to Determine Compensation Actually Paid |  |  | PEO |  |  | Average for Non-PEO- NEOs |
| Deduction for amounts reported under the Stock Awards Column in the Summary Compensation Table |  |  | ($4,000,017) |  |  | ($1,025,016) |
| Increase for fair value at 12/31/2024 of awards granted during 2024 that remain unvested as of year-end |  |  | $3,741,480 |  |  | $702,490 |
| Increase/(Deduction) for change in fair value from 12/31/2023 to 12/31/2024 of awards granted in 2023 that were outstanding and unvested as of 12/31/2024 |  |  | ($61,568) |  |  | ($15,161) |
| Increase/(Deduction) for change in fair value from 12/31/2023 to vesting date of awards granted in 2022 that vested during 2024 |  |  | ($86,669) |  |  | ($15,303) |
| Increase/(Deduction) for fair value at 12/31/2023 of forfeited performance-based awards granted in 2022 due to failure to meet required performance levels for vesting |  |  | ($117,488) |  |  | ($281,323) |
| Total adjustments added to/(subtracted from) Summary Compensation Table Total to determine Compensation Actually Paid |  |  | ($524,262) |  |  | ($634,313) |
|  |  |  | Year 2023 |
| Adjustments to Summary Compensation Table Totals to Determine Compensation Actually Paid |  |  | PEO |  |  | Average for Non-PEO- NEOs |
| Deduction for amounts reported under the Stock Awards Column in the Summary Compensation Table |  |  | ($4,000,015) |  |  | ($990,014) |
| Increase for fair value at 12/31/2023 of awards granted during 2023 that remain unvested as of year-end |  |  | $5,551,780 |  |  | $1,256,102 |
| Increase/(Deduction) for change in fair value from 12/31/2022 to 12/31/2023 of awards granted in 2022 that were outstanding and unvested as of 12/31/2023 |  |  | $249,366 |  |  | $50,653 |
| Increase/(Deduction) for change in fair value from 12/31/2022 to vesting date of awards granted in 2021 that vested during 2023 |  |  | $384,236 |  |  | $72,102 |
| Increase/(Deduction) for fair value at 12/31/2022 of forfeited performance-based awards granted in 2021 due to failure to meet required performance levels for vesting |  |  | ($290,633) |  |  | ($116,819) |
| Total adjustments added to/(subtracted from) Summary Compensation Table Total to determine Compensation Actually Paid |  |  | $1,894,734 |  |  | $272,024 |
|  |  |  | Year 2022 |
| Adjustments to Summary Compensation Table Totals to Determine Compensation Actually Paid |  |  | PEO |  |  | Average for Non-PEO- NEOs |
| Deduction for amounts reported under the Stock Awards Column in the Summary Compensation Table |  |  | ($3,200,032) |  |  | ($687,519) |
| Increase for fair value at 12/31/2022 of awards granted during 2022 that remain unvested as of year-end |  |  | $1,244,743 |  |  | $267,430 |
| Increase/(Deduction) for change in fair value from 12/31/2021 to 12/31/2022 of awards granted in 2021 that were outstanding and unvested as of 12/31/2022 |  |  | ($2,318,936) |  |  | ($469,731) |
| Increase/(Deduction) for change in fair value from 12/31/2021 to vesting date of awards granted in 2020 that vested during 2022 |  |  | ($304,753) |  |  | ($73,879) |
| (Deduction) for fair value at 12/31/2021 of forfeited performance-based awards granted in 2020 due to failure to meet required performance levels for vesting |  |  | ($375,042) |  |  | ($75,879) |
| Total adjustments added to/(subtracted from) Summary Compensation Table Total to determine Compensation Actually Paid |  |  | ($4,954,020) |  |  | ($1,039,578) |
|  |  |  | Year 2021 |
| Adjustments to Summary Compensation Table Totals to Determine Compensation Actually Paid |  |  | PEO |  |  | Average for Non-PEO- NEOs |
| Deduction for amounts reported under the Stock Awards Column in the Summary Compensation Table |  |  | ($2,850,004) |  |  | ($587,502) |
| Increase for fair value at 12/31/2021 of awards granted during 2021 that remain unvested as of year-end |  |  | $4,049,339 |  |  | $827,995 |
| Increase/(Deduction) for change in fair value from 12/31/2020 to 12/31/2021 of awards granted in 2020 that were outstanding and unvested as of 12/31/2021 |  |  | ($219,388) |  |  | ($40,488) |
| Increase/(Deduction) for change in fair value from 12/31/2020 to vesting date of awards granted in 2019 that vested during 2021 |  |  | $87,209 |  |  | $22,282 |
| (Deduction) for fair value at 12/31/2020 of forfeited performance-based awards granted in 2019 due to failure to meet required performance levels for vesting |  |  | ($222,777) |  |  | ($57,283) |
| Total adjustments added to/(subtracted from) Summary Compensation Table Total to determine Compensation Actually Paid |  |  | $844,379 |  |  | $165,004 |
Company Selected Measure Name | Distributable Earnings ROAE |  |  |  |
Named Executive Officers, Footnote |
1. | For each of 2025, 2024, 2023, 2022 and 2021, our principal executive officer (PEO) was Craig L. Knutson. For more detail regarding how the amounts in this column are calculated, refer to the Summary Compensation Table found on page 56 of this Proxy Statement and “Adjustments to Summary Compensation Table Totals to Determine Compensation Actually Paid” tables below.
2. | For 2025, our remaining NEOs consisted of Bryan Wulfsohn, Michael C. Roper, Lori R. Samuels and Harold E. Schwartz. For 2024, our remaining NEOs consisted of Mr. Wulfsohn, Mr. Roper, Ms. Samuels, Mr. Schwartz and Gudmundur Kristjansson, our former Senior Vice President and Co-Chief Investment Officer, whose employment with the Company was terminated effective November 22, 2024. For 2023, our remaining NEOs consisted of Mr. Wulfsohn, Mr. Roper, Mr. Schwartz, Mr. Kristjansson and Stephen D. Yarad, our former Chief Financial Officer, who resigned his employment with the Company on September 15, 2023. For each of 2022 and 2021, our remaining NEOs consisted of Mr. Wulfsohn, Mr. Schwartz, Mr. Kristjansson and Mr. Yarad. For more detail regarding how the amounts in this column are calculated, refer to the Summary Compensation Table found on page 56 of this Proxy Statement and “Adjustments to Summary Compensation Table Totals to Determine Compensation Actually Paid” tables below.
Peer Group Issuers, Footnote |
4. | As permitted by SEC rules, the Peer Group referenced for purpose of the Total Stockholder Return comparison consists of the iShares Mortgage Real Estate ETF (Symbol: REM), which is an exchange traded fund the components of which are U.S. residential and commercial mortgage REITs and reflects an industry peer group used for purposes of Item 201(e) of Regulation S-K. Note that the Bloomberg Real Estate Investment Trust Mortgage Index (Symbol: BBREMTG), which was discontinued in 2024, had been used by the Company as the Peer Group for purposes of this table through 2023. The separate peer group used by the Compensation Committee for purposes of evaluating the compensation paid to our executive officers is described on page 37 of this Proxy Statement.
PEO Total Compensation Amount | $ 7,079,634 | $ 8,081,167 | $ 6,640,540 | $ 6,262,232 | $ 7,411,604
PEO Actually Paid Compensation Amount | $ 5,512,903 | 7,556,905 | 8,535,274 | 1,308,212 | 8,255,983
Adjustment To PEO Compensation, Footnote | Compensation Actually Paid represents the Summary Compensation Table Totals adjusted for the following items:
|  |  |  | Year 2025 |
| Adjustments to Summary Compensation Table Totals to Determine Compensation Actually Paid |  |  | PEO |  |  | Average for Non-PEO- NEOs |
| Deduction for amounts reported under the Stock Awards Column in the Summary Compensation Table |  |  | ($4,080,011) |  |  | ($1,100,016) |
| Increase for fair value at 12/31/2025 of awards granted during 2025 that remain unvested as of year-end |  |  | $3,560,110 |  |  | $959,845 |
| Increase/(Deduction) for change in fair value from 12/31/2024 to 12/31/2025 of awards granted in 2024 that were outstanding and unvested as of 12/31/2025 |  |  | ($465,361) |  |  | ($98,891) |
| Increase/(Deduction) for change in fair value from 12/31/2024 to vesting date of awards granted in 2023 that vested during 2025 |  |  | ($581,469) |  |  | ($116,293) |
| Increase/(Deduction) for fair value at 12/31/2024 of forfeited performance-based awards granted in 2023 due to failure to meet required performance levels for vesting |  |  | -0- |  |  | -0- |
| Total adjustments added to/(subtracted from) Summary Compensation Table Total to determine Compensation Actually Paid |  |  | ($1,566,731) |  |  | ($355,355) |
|  |  |  | Year 2024 |
| Adjustments to Summary Compensation Table Totals to Determine Compensation Actually Paid |  |  | PEO |  |  | Average for Non-PEO- NEOs |
| Deduction for amounts reported under the Stock Awards Column in the Summary Compensation Table |  |  | ($4,000,017) |  |  | ($1,025,016) |
| Increase for fair value at 12/31/2024 of awards granted during 2024 that remain unvested as of year-end |  |  | $3,741,480 |  |  | $702,490 |
| Increase/(Deduction) for change in fair value from 12/31/2023 to 12/31/2024 of awards granted in 2023 that were outstanding and unvested as of 12/31/2024 |  |  | ($61,568) |  |  | ($15,161) |
| Increase/(Deduction) for change in fair value from 12/31/2023 to vesting date of awards granted in 2022 that vested during 2024 |  |  | ($86,669) |  |  | ($15,303) |
| Increase/(Deduction) for fair value at 12/31/2023 of forfeited performance-based awards granted in 2022 due to failure to meet required performance levels for vesting |  |  | ($117,488) |  |  | ($281,323) |
| Total adjustments added to/(subtracted from) Summary Compensation Table Total to determine Compensation Actually Paid |  |  | ($524,262) |  |  | ($634,313) |
|  |  |  | Year 2023 |
| Adjustments to Summary Compensation Table Totals to Determine Compensation Actually Paid |  |  | PEO |  |  | Average for Non-PEO- NEOs |
| Deduction for amounts reported under the Stock Awards Column in the Summary Compensation Table |  |  | ($4,000,015) |  |  | ($990,014) |
| Increase for fair value at 12/31/2023 of awards granted during 2023 that remain unvested as of year-end |  |  | $5,551,780 |  |  | $1,256,102 |
| Increase/(Deduction) for change in fair value from 12/31/2022 to 12/31/2023 of awards granted in 2022 that were outstanding and unvested as of 12/31/2023 |  |  | $249,366 |  |  | $50,653 |
| Increase/(Deduction) for change in fair value from 12/31/2022 to vesting date of awards granted in 2021 that vested during 2023 |  |  | $384,236 |  |  | $72,102 |
| Increase/(Deduction) for fair value at 12/31/2022 of forfeited performance-based awards granted in 2021 due to failure to meet required performance levels for vesting |  |  | ($290,633) |  |  | ($116,819) |
| Total adjustments added to/(subtracted from) Summary Compensation Table Total to determine Compensation Actually Paid |  |  | $1,894,734 |  |  | $272,024 |
|  |  |  | Year 2022 |
| Adjustments to Summary Compensation Table Totals to Determine Compensation Actually Paid |  |  | PEO |  |  | Average for Non-PEO- NEOs |
| Deduction for amounts reported under the Stock Awards Column in the Summary Compensation Table |  |  | ($3,200,032) |  |  | ($687,519) |
| Increase for fair value at 12/31/2022 of awards granted during 2022 that remain unvested as of year-end |  |  | $1,244,743 |  |  | $267,430 |
| Increase/(Deduction) for change in fair value from 12/31/2021 to 12/31/2022 of awards granted in 2021 that were outstanding and unvested as of 12/31/2022 |  |  | ($2,318,936) |  |  | ($469,731) |
| Increase/(Deduction) for change in fair value from 12/31/2021 to vesting date of awards granted in 2020 that vested during 2022 |  |  | ($304,753) |  |  | ($73,879) |
| (Deduction) for fair value at 12/31/2021 of forfeited performance-based awards granted in 2020 due to failure to meet required performance levels for vesting |  |  | ($375,042) |  |  | ($75,879) |
| Total adjustments added to/(subtracted from) Summary Compensation Table Total to determine Compensation Actually Paid |  |  | ($4,954,020) |  |  | ($1,039,578) |
|  |  |  | Year 2021 |
| Adjustments to Summary Compensation Table Totals to Determine Compensation Actually Paid |  |  | PEO |  |  | Average for Non-PEO- NEOs |
| Deduction for amounts reported under the Stock Awards Column in the Summary Compensation Table |  |  | ($2,850,004) |  |  | ($587,502) |
| Increase for fair value at 12/31/2021 of awards granted during 2021 that remain unvested as of year-end |  |  | $4,049,339 |  |  | $827,995 |
| Increase/(Deduction) for change in fair value from 12/31/2020 to 12/31/2021 of awards granted in 2020 that were outstanding and unvested as of 12/31/2021 |  |  | ($219,388) |  |  | ($40,488) |
| Increase/(Deduction) for change in fair value from 12/31/2020 to vesting date of awards granted in 2019 that vested during 2021 |  |  | $87,209 |  |  | $22,282 |
| (Deduction) for fair value at 12/31/2020 of forfeited performance-based awards granted in 2019 due to failure to meet required performance levels for vesting |  |  | ($222,777) |  |  | ($57,283) |
| Total adjustments added to/(subtracted from) Summary Compensation Table Total to determine Compensation Actually Paid |  |  | $844,379 |  |  | $165,004 |
Non-PEO NEO Average Total Compensation Amount | $ 2,523,891 | 2,939,758 | 2,117,517 | 1,915,344 | 2,142,227
Non-PEO NEO Average Compensation Actually Paid Amount | $ 2,168,536 | 2,305,445 | 2,389,541 | 875,766 | 2,307,231
Adjustment to Non-PEO NEO Compensation Footnote | Compensation Actually Paid represents the Summary Compensation Table Totals adjusted for the following items:
|  |  |  | Year 2025 |
| Adjustments to Summary Compensation Table Totals to Determine Compensation Actually Paid |  |  | PEO |  |  | Average for Non-PEO- NEOs |
| Deduction for amounts reported under the Stock Awards Column in the Summary Compensation Table |  |  | ($4,080,011) |  |  | ($1,100,016) |
| Increase for fair value at 12/31/2025 of awards granted during 2025 that remain unvested as of year-end |  |  | $3,560,110 |  |  | $959,845 |
| Increase/(Deduction) for change in fair value from 12/31/2024 to 12/31/2025 of awards granted in 2024 that were outstanding and unvested as of 12/31/2025 |  |  | ($465,361) |  |  | ($98,891) |
| Increase/(Deduction) for change in fair value from 12/31/2024 to vesting date of awards granted in 2023 that vested during 2025 |  |  | ($581,469) |  |  | ($116,293) |
| Increase/(Deduction) for fair value at 12/31/2024 of forfeited performance-based awards granted in 2023 due to failure to meet required performance levels for vesting |  |  | -0- |  |  | -0- |
| Total adjustments added to/(subtracted from) Summary Compensation Table Total to determine Compensation Actually Paid |  |  | ($1,566,731) |  |  | ($355,355) |
|  |  |  | Year 2024 |
| Adjustments to Summary Compensation Table Totals to Determine Compensation Actually Paid |  |  | PEO |  |  | Average for Non-PEO- NEOs |
| Deduction for amounts reported under the Stock Awards Column in the Summary Compensation Table |  |  | ($4,000,017) |  |  | ($1,025,016) |
| Increase for fair value at 12/31/2024 of awards granted during 2024 that remain unvested as of year-end |  |  | $3,741,480 |  |  | $702,490 |
| Increase/(Deduction) for change in fair value from 12/31/2023 to 12/31/2024 of awards granted in 2023 that were outstanding and unvested as of 12/31/2024 |  |  | ($61,568) |  |  | ($15,161) |
| Increase/(Deduction) for change in fair value from 12/31/2023 to vesting date of awards granted in 2022 that vested during 2024 |  |  | ($86,669) |  |  | ($15,303) |
| Increase/(Deduction) for fair value at 12/31/2023 of forfeited performance-based awards granted in 2022 due to failure to meet required performance levels for vesting |  |  | ($117,488) |  |  | ($281,323) |
| Total adjustments added to/(subtracted from) Summary Compensation Table Total to determine Compensation Actually Paid |  |  | ($524,262) |  |  | ($634,313) |
|  |  |  | Year 2023 |
| Adjustments to Summary Compensation Table Totals to Determine Compensation Actually Paid |  |  | PEO |  |  | Average for Non-PEO- NEOs |
| Deduction for amounts reported under the Stock Awards Column in the Summary Compensation Table |  |  | ($4,000,015) |  |  | ($990,014) |
| Increase for fair value at 12/31/2023 of awards granted during 2023 that remain unvested as of year-end |  |  | $5,551,780 |  |  | $1,256,102 |
| Increase/(Deduction) for change in fair value from 12/31/2022 to 12/31/2023 of awards granted in 2022 that were outstanding and unvested as of 12/31/2023 |  |  | $249,366 |  |  | $50,653 |
| Increase/(Deduction) for change in fair value from 12/31/2022 to vesting date of awards granted in 2021 that vested during 2023 |  |  | $384,236 |  |  | $72,102 |
| Increase/(Deduction) for fair value at 12/31/2022 of forfeited performance-based awards granted in 2021 due to failure to meet required performance levels for vesting |  |  | ($290,633) |  |  | ($116,819) |
| Total adjustments added to/(subtracted from) Summary Compensation Table Total to determine Compensation Actually Paid |  |  | $1,894,734 |  |  | $272,024 |
|  |  |  | Year 2022 |
| Adjustments to Summary Compensation Table Totals to Determine Compensation Actually Paid |  |  | PEO |  |  | Average for Non-PEO- NEOs |
| Deduction for amounts reported under the Stock Awards Column in the Summary Compensation Table |  |  | ($3,200,032) |  |  | ($687,519) |
| Increase for fair value at 12/31/2022 of awards granted during 2022 that remain unvested as of year-end |  |  | $1,244,743 |  |  | $267,430 |
| Increase/(Deduction) for change in fair value from 12/31/2021 to 12/31/2022 of awards granted in 2021 that were outstanding and unvested as of 12/31/2022 |  |  | ($2,318,936) |  |  | ($469,731) |
| Increase/(Deduction) for change in fair value from 12/31/2021 to vesting date of awards granted in 2020 that vested during 2022 |  |  | ($304,753) |  |  | ($73,879) |
| (Deduction) for fair value at 12/31/2021 of forfeited performance-based awards granted in 2020 due to failure to meet required performance levels for vesting |  |  | ($375,042) |  |  | ($75,879) |
| Total adjustments added to/(subtracted from) Summary Compensation Table Total to determine Compensation Actually Paid |  |  | ($4,954,020) |  |  | ($1,039,578) |
|  |  |  | Year 2021 |
| Adjustments to Summary Compensation Table Totals to Determine Compensation Actually Paid |  |  | PEO |  |  | Average for Non-PEO- NEOs |
| Deduction for amounts reported under the Stock Awards Column in the Summary Compensation Table |  |  | ($2,850,004) |  |  | ($587,502) |
| Increase for fair value at 12/31/2021 of awards granted during 2021 that remain unvested as of year-end |  |  | $4,049,339 |  |  | $827,995 |
| Increase/(Deduction) for change in fair value from 12/31/2020 to 12/31/2021 of awards granted in 2020 that were outstanding and unvested as of 12/31/2021 |  |  | ($219,388) |  |  | ($40,488) |
| Increase/(Deduction) for change in fair value from 12/31/2020 to vesting date of awards granted in 2019 that vested during 2021 |  |  | $87,209 |  |  | $22,282 |
| (Deduction) for fair value at 12/31/2020 of forfeited performance-based awards granted in 2019 due to failure to meet required performance levels for vesting |  |  | ($222,777) |  |  | ($57,283) |
| Total adjustments added to/(subtracted from) Summary Compensation Table Total to determine Compensation Actually Paid |  |  | $844,379 |  |  | $165,004 |
Compensation Actually Paid vs. Total Shareholder Return | The following graph illustrates the relationship between compensation actually paid (“CAP”) to our NEOs and each of MFA’s total stockholder return (TSR) and (ii) the TSR of the iShares Mortgage Real Estate ETF (Symbol: REM), in each case on a cumulative basis assuming an initial investment of $100 made on December 31, 2021: |  |  |  |
Compensation Actually Paid vs. Net Income | The following graph illustrates the relationship between compensation actually paid (CAP) to our NEOs and MFA’s GAAP net income/(loss) on an annual basis for the years ended December 31, 2021, 2022, 2023, 2024 and 2025: |  |  |  |
Compensation Actually Paid vs. Company Selected Measure | The following graph illustrates the relationship between compensation actually paid (CAP) to our NEOs and Distributable Earnings ROAE for the years ended December 31, 2021, 2022, 2023, 2024 and 2025: |  |  |  |
Total Shareholder Return Vs Peer Group | The following graph illustrates the relationship between compensation actually paid (“CAP”) to our NEOs and each of MFA’s total stockholder return (TSR) and (ii) the TSR of the iShares Mortgage Real Estate ETF (Symbol: REM), in each case on a cumulative basis assuming an initial investment of $100 made on December 31, 2021: |  |  |  |
Tabular List, Table | 2025 Most Important Financial Measures MFA’s current compensation program is structured with the objective of linking the compensation of our NEOs to achievement of short- and long-term financial and market-based goals. In 2025, incentive compensation served as a material element of each NEO’s compensation package and serves to further align compensation to Company performance. In addition, a significant percentage of our NEOs’ compensation is in the form of equity awards that “cliff” vest after three years, and with respect to grants of awards made to our NEOs in 2025, the vesting of 60% of these awards (as determined by grant date value) is subject to our total stockholder return (both on an absolute basis and as compared to a group of peer companies) for the three-year period ending December 31, 2027. The most important financial performance measures utilized by the Compensation Committee to link compensation paid to our NEOs to MFA’s performance for 2025 were:
• | Distributable Earnings ROAE
• | Adjusted GAAP ROAE
• | Absolute TSR
• | Relative TSR
Total Shareholder Return Amount | $ 113.86 | 56.74 | 55.42 | 42.43 | 67.39
Peer Group Total Shareholder Return Amount | 108.52 | 75.94 | 76.61 | 66.88 | 92.17
Net Income (Loss) | $ 176,783,000 | $ 119,251,000 | $ 80,164,000 | $ (231,581,000) | $ 328,870,000
Company Selected Measure Amount | 0.0804 | 0.1176 | 0.1198 | 0.1103 | 0.1046
PEO Name | Craig L. Knutson | Craig L. Knutson | Craig L. Knutson | Craig L. Knutson | Craig L. Knutson
Measure:: 1 |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |
Name | Distributable Earnings ROAE |  |  |  |
Non-GAAP Measure Description |
6. | The Company has designated “Distributable Earnings ROAE” as its Company Selected Measure, as this measure (as well as, “Adjusted GAAP ROAE”) is the most important measure identified below under “2025 Most Important Financial Measures,” which, in the Company’s assessment, represents for 2025 the most important performance measure used to link compensation actually paid to our PEO and other NEOs to the Company’s performance. Distributable Earnings ROAE is defined on page 41 of this Proxy Statement and is a non-GAAP financial measure. Per SEC rules, the percentage shown is for the applicable calendar year. See Appendix D for a reconciliation of such measure to its comparable GAAP measure for the 2025 calendar year.
Measure:: 2 |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |
Name | Adjusted GAAP ROAE |  |  |  |
Measure:: 3 |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |
Name | Absolute TSR |  |  |  |
Measure:: 4 |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |
Name | Relative TSR |  |  |  |
PEO |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |
Adjustment to Compensation, Amount | $ (1,566,731) | $ (524,262) | $ 1,894,734 | $ (4,954,020) | $ 844,379
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |
Adjustment to Compensation, Amount | (4,080,011) | (4,000,017) | (4,000,015) | (3,200,032) | (2,850,004)
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |
Adjustment to Compensation, Amount | 3,560,110 | 3,741,480 | 5,551,780 | 1,244,743 | 4,049,339
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |
Adjustment to Compensation, Amount | (465,361) | (61,568) | 249,366 | (2,318,936) | (219,388)
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |
Adjustment to Compensation, Amount | (581,469) | (86,669) | 384,236 | (304,753) | 87,209
PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |
Adjustment to Compensation, Amount | 0 | (117,488) | (290,633) | (375,042) | (222,777)
Non-PEO NEO |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |
Adjustment to Compensation, Amount | (355,355) | (634,313) | 272,024 | (1,039,578) | 165,004
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |
Adjustment to Compensation, Amount | (1,100,016) | (1,025,016) | (990,014) | (687,519) | (587,502)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |
Adjustment to Compensation, Amount | 959,845 | 702,490 | 1,256,102 | 267,430 | 827,995
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |
Adjustment to Compensation, Amount | (98,891) | (15,161) | 50,653 | (469,731) | (40,488)
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |
Adjustment to Compensation, Amount | (116,293) | (15,303) | 72,102 | (73,879) | 22,282
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |
Adjustment to Compensation, Amount | $ 0 | $ (281,323) | $ (116,819) | $ (75,879) | $ (57,283)

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