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Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Schedule of the entity's financial instruments carried at fair value based upon the balance sheet by the valuation hierarchy
The following tables present the Company's financial instruments carried at fair value as of December 31, 2021 and December 31, 2020, based upon the valuation hierarchy (dollars in thousands):
 December 31, 2021
 Fair Value
AssetsLevel ILevel IILevel IIITotal
Agency RMBS Interest-Only Strips$— $— $114 $114 
Agency RMBS Interest-Only Strips accounted for as derivatives, included in MBS— — 1,058 1,058 
Subtotal Agency MBS— — 1,172 1,172 
Non-Agency CMBS— 99,630 5,728 105,358 
Non-Agency RMBS— 25,652 — 25,652 
Non-Agency RMBS Interest-Only Strips— — 2,117 2,117 
Subtotal Non-Agency MBS— 125,282 7,845 133,127 
Other securities— 51,648 — 51,648 
Total mortgage-backed securities and other securities— 176,930 9,017 185,947 
Residential Whole Loans— — 1,023,502 1,023,502 
Residential Bridge Loans— — 5,428 5,428 
Commercial loans— — 130,572 130,572 
Securitized commercial loans— — 1,355,808 1,355,808 
Derivative assets— 105 — 105 
Total Assets$— $177,035 $2,524,327 $2,701,362 
Liabilities    
Derivative liabilities$— $602 $— $602 
Securitized debt— 1,329,451 14,919 1,344,370 
Total Liabilities$— $1,330,053 $14,919 $1,344,972 
 December 31, 2020
 Fair Value
AssetsLevel ILevel IILevel IIITotal
Agency RMBS Interest-Only Strips$— $— $143 $143 
Agency RMBS Interest-Only Strips accounted for as derivatives, included in MBS— — 1,565 1,565 
Subtotal Agency MBS— — 1,708 1,708 
Non-Agency CMBS— 155,093 8,988 164,081 
Non-Agency RMBS— — 21,416 21,416 
Non-Agency RMBS Interest-Only Strips— — 3,965 3,965 
Subtotal Non-Agency MBS— 155,093 34,369 189,462 
Other securities— 40,161 8,593 48,754 
Total mortgage-backed securities and other securities— 195,254 44,670 239,924 
Residential Whole Loans— — 1,008,782 1,008,782 
Residential Bridge Loans— 12,813 12,813 
Commercial loans— — 310,523 310,523 
Securitized commercial loan— — 1,605,335 1,605,335 
Derivative assets— 161 — 161 
Total Assets$— $195,415 $2,982,123 $3,177,538 
Liabilities
Derivative liabilities$— $656 $— $656 
Securitized debt— 1,538,304 15,418 1,553,722 
Total Liabilities$— $1,538,960 $15,418 $1,554,378 
Summary of quantitative information about the significant unobservable inputs used in the fair value measurement of financial instruments
The following tables present a summary of the available quantitative information about the significant unobservable inputs used in the fair value measurement of financial instruments for which the Company has utilized Level III inputs to determine fair value as of December 31, 2021 and December 31, 2020 (dollars in thousands).
 Fair Value at  Range
December 31, 2021Valuation TechniqueUnobservable InputMinimumMaximumWeighted Average
Residential Whole-Loans$1,023,502 Discounted Cash FlowMarket Discount Rate2.6 %7.5 %3.5 %
Weighted Average Life1.48.93.1
Residential Bridge Loans$5,428 Discounted Cash FlowMarket Discount Rate9.8 %23.1 %
(1)
17.2 %
Weighted Average Life0.33.62.4
Commercial Loans$130,572 Discounted Cash FlowMarket Discount Rate4.5 %21.7 %9.3 %
Weighted Average Life0.52.81.2

 Fair Value at  Range
December 31, 2020Valuation TechniqueUnobservable InputMinimumMaximumWeighted Average
Residential Whole-Loans$1,008,782 Discounted Cash FlowMarket Discount Rate2.1 %7.5 %4.1 %
Weighted Average Life1.58.42.9
Residential Bridge Loans$12,813 Discounted Cash FlowMarket Discount Rate8.0 %35.2 %
(1)
18.0 %
Weighted Average Life0.32.61.3
Commercial Loans:$310,523 Discounted Cash FlowMarket Discount Rate6.3 %18.4 %10.5 %
Weighted Average Life0.51.90.7
(1)     Yield to maturity is the total return on the loan expressed as an annual rate. Delinquent Bridge Loans that are nearing maturity and with fair value that is significantly less than the principal amount have a higher discount rate or yield to maturity.
Schedule of additional information about the entity's financial instruments, which are measured at fair value on a recurring basis for which the entity has utilized Level III inputs to determine fair value The following tables present additional information about the Company's financial instruments which are measured at fair value on a recurring basis for which the Company has utilized Level III inputs to determine fair value (dollars in thousands) :
 Year ended December 31, 2021
Agency MBSNon-Agency MBSOther SecuritiesResidential
Whole Loans		Residential
Bridge Loans		Commercial LoansSecuritized
Commercial Loans		Securitized
Debt
Beginning balance$1,708 $34,369 $8,593 $1,008,782 $12,813 $310,523 $1,605,335 $15,418 
Transfers into Level III from Level II— 5,683 — — — — — — 
Transfers from Level III into Level II— (32,471)(10,306)— — — — — 
Purchases— — — 422,041 — — — — 
Transfers to REO— — — — (752)(30,000)— — 
Loan modifications / capitalized interest— — — 486 — — — — 
Principal repayments— (256)— (401,075)(7,312)(103,285)(354,202)— 
Total net gains/losses included in net income    
Realized gains/(losses), net on assets— — — — (206)— — — 
Unrealized gains/(losses), net on assets(1)
(206)698 1,657 2,354 907 (46,813)79,972 — 
Unrealized (gains)/losses, net on liabilities(2)
— — — — — — — 4,056 
Premium and discount amortization, net(330)(178)56 (9,086)(22)147 24,703 (4,555)
Ending balance$1,172 $7,845 $— $1,023,502 $5,428 $130,572 $1,355,808 $14,919 
Unrealized gains/(losses), net on assets held at the end of the period(1)
$(206)$(1,173)$— $5,795 $149 $(50,034)$64,973 $— 
Unrealized gains/(losses), net on liabilities held at the end of the period(2)
$— $— $— $— $— $— $— $(3,603)
 Year ended December 31, 2020
Agency MBSNon-Agency MBSOther SecuritiesResidential
Whole Loans		Residential
Bridge Loans		Commercial LoansSecuritized Commercial LoansSecuritized Debt
Beginning balance$15,915 $45,814 $17,196 $1,375,860 $33,269 $370,213 $909,040 $1,057 
Transfers into Level III from Level II— — — — — — — — 
Transfers from Level III into Level II— — (6,482)— — — — — 
Purchases— — — 92,822 — — — — 
Sales and settlements(11,529)(12,658)— (144,259)— — — — 
Transfers to REO— — — — (419)— — — 
VIE consolidation— — — — — — 1,245,287 17,960 
VIE deconsolidation— 6,852 — — — — (150,804)— 
Loan modifications / capitalized interest— — — 779 — 49 — — 
Principal repayments— (710)(154)(278,316)(19,105)(44,819)(349,609)— 
Total net gains / (losses) included in net income   
Realized gains/(losses), net on assets1,528 (60)— (10,511)(373)— — — 
Unrealized gains/(losses), net on assets(1)
(2,609)(4,013)(1,949)(23,094)(499)(15,282)(58,421)— 
Unrealized (gains)/losses, net on liabilities(2)
— — — — — — — (887)
Premium and discount amortization, net(1,597)(856)(18)(4,499)(60)362 9,842 (2,712)
Ending balance$1,708 $34,369 $8,593 $1,008,782 $12,813 $310,523 $1,605,335 $15,418 
Unrealized gains/(losses), net on assets held at the end of the period(1)
$(616)$(3,783)$(599)$(14,807)$(881)$(15,282)$746 $— 
Unrealized gains/(losses), net on liabilities held at the end of the period(2)
$— $— $— $— $— $— $— $887 
(1)Gains and losses are included in "Unrealized gain (loss), net" in the Consolidated Statements of Operations.
(2)Gains and losses on securitized debt are included in "Unrealized gain (loss), net" in the Consolidated Statements of Operations.
Schedule of other fair value disclosures The following table presents the carrying value and estimated fair value of the Company’s financial instruments that are not carried at fair value, as of December 31, 2021 and December 31, 2020, in the consolidated financial statements (dollars in thousands):
December 31, 2021December 31, 2020
Carrying Value Estimated Fair ValueCarrying Value Estimated Fair Value
Assets
Residential Bridge LoansN/AN/A$1,103 $1,095 
Total$— $— $1,103 $1,095 
Liabilities
Borrowings under repurchase agreements$617,189 $617,794 $356,923 $359,799 
Convertible senior unsecured notes119,168 122,133 170,797 155,129 
Securitized debt(1)
524,649 528,046 899,207 922,362 
Total$1,261,006 $1,267,973 $1,426,927 $1,437,290 
(1) For the year ended December 31, 2021, the remianing nine residential bridge loans left in the portfolio were all carried at fair value.
(2) Carrying value excludes $5.5 million and $6.9 million of deferred financing costs as of December 31, 2021 and December 31, 2020, respectively.