Pay vs Performance Disclosure, Table

The following table provides information about the relationship between compensation actually paid (as determined under SEC rules) to our principal executive officer (“PEO”) and the average our non-PEO NEOs and certain financial performance measures of the Company. For further information concerning the Company’s variable pay-for-performance philosophy and how the Company aligns executive compensation with the Company’s performance, refer to “Executive Compensation - Compensation Discussion and Analysis.”

Pay Versus Performance Table


Year	Summary Comp- ensation Table Total for PEO (1)		Compen- sation Actually Paid to PEO		Average Summary Compen- sation Table Total for non-PEO NEOs(1)		Average Compen- sation Actually Paid to non-PEO NEOs(1)		Value of Initial Fixed $100 Investment Based on:		Net Income (loss) ($ in thousands)
									Total Shareholder Return(2)	Peer Group Total Shareholder Return(2) (3)			Total Economic Return Percentage(4)
2023	$	6,177,239	$	5,889,056	$	3,822,244	$	3,733,285	113.47	79.78	$	(6,130)	1.0	%
2022	4,230,683		3,702,486		3,084,333		2,907,635		101.29	69.26	143,161		(9.4)	%
2021	4,476,138		4,089,845		2,665,564		2,504,410		119.67	94.04	102,261		2.5	%
2020	3,875,179		4,813,278		1,976,652		2,327,810		117.01	81.38	177,529		15.2	%

Named Executive Officers, Footnote

For 2020-2023, Mr. Boston served as our Chief Executive Officer or PEO. During 2023, our non-PEO NEOs were Mr.Colligan and Ms. Popenoe. For 2022, our non-PEO NEOs were Messrs. Benedetti and Colligan and Ms. Popenoe. For 2020-2021, our non-PEO NEOs were Mr. Benedetti and Ms. Popenoe.

PEO Total Compensation Amount

^[1]

$ 6,177,239

$ 4,230,683

$ 4,476,138

$ 3,875,179

PEO Actually Paid Compensation Amount

$ 5,889,056

3,702,486

4,089,845

4,813,278

Adjustment To PEO Compensation, Footnote

Compensation actually paid represents the Summary Compensation Table Total adjusted for the following items:


	Year 2023
Adjustments to Summary Compensation Table Total to Calculate Compensation Actually Paid	PEO		Average for non-PEO NEOs
Decrease for amounts reported under the "Stock Awards" column in the Summary Compensation Table	$	(2,931,062)	$	(1,633,237)
Increase for fair value at year-end of awards granted during year that remain outstanding and unvested as of year-end	2,962,858		1,656,840
Increase for fair value at vesting date of awards that were granted and vested during the year	—		—
Decrease for change in fair value from prior year-end to current year-end of awards granted in prior years that were outstanding and unvested as of year-end	(303,654)		(109,372)
Decrease for change in fair value from prior year-end to vesting date of awards granted in prior years that vested during year	(16,325)		(3,190)
Total adjustments	$	(288,183)	$	(88,959)


	Year 2022
Adjustments to Summary Compensation Table Total to Calculate Compensation Actually Paid	PEO		Average for non-PEO NEOs
Decrease for amounts reported under the "Stock Awards" column in the Summary Compensation Table	$	(1,480,618)	$	(609,194)
Increase for fair value at year-end of awards granted during year that remain outstanding and unvested as of year-end	1,398,422		337,235
Increase for fair value at vesting date of awards that were granted and vested during the year	—		261,096
Decrease for change in fair value from prior year-end to current year-end of awards granted in prior years that were outstanding and unvested as of year-end	(401,858)		(78,797)
Decrease for change in fair value from prior year-end to vesting date of awards granted in prior years that vested during year	(44,143)		(87,038)
Total adjustments	$	(528,197)	$	(176,698)


	Year 2021
Adjustments to Summary Compensation Table Total to Calculate Compensation Actually Paid	PEO		Average for non-PEO NEOs
Decrease for amounts reported under the "Stock Awards" column in the Summary Compensation Table as well as amounts reported under the "Non-Equity Incentive Plan Compensation" column in the Summary Compensation Table for the portion of the long-term incentive component of the Executive Incentive Plan earned for performance during the three-year performance period ended December 31, 2021 that was paid in shares of the Company's common stock	$	(1,623,209)	$	(887,360)
Increase for fair value at year-end of awards granted during year that remain outstanding and unvested as of year-end	1,255,337		734,894
Decrease for change in fair value from prior year-end to current year-end of awards granted in prior years that were outstanding and unvested as of year-end	(87,125)		(36,999)
Increase for change in fair value from prior year-end to vesting date of awards granted in prior years that vested during year	68,704		28,311
Total adjustments	$	(386,293)	$	(161,154)


	Year 2020
Adjustments to Summary Compensation Table Total to Calculate Compensation Actually Paid	PEO		Average for non-PEO NEOs
Decrease for amounts reported under the "Stock Awards" column in the Summary Compensation Table	$	(890,775)	$	(445,388)
Increase for fair value at year-end of awards granted during year that remain outstanding and unvested as of year-end	1,793,016		785,420
Decrease for change in fair value from prior year-end to current year-end of awards granted in prior years that were outstanding and unvested as of year-end	(6,117)		(1,927)
Increase for change in fair value from prior year-end to vesting date of awards granted in prior years that vested during year	41,975		13,053
Total adjustments	$	938,099	$	351,158

Non-PEO NEO Average Total Compensation Amount

^[1]

$ 3,822,244

3,084,333

2,665,564

1,976,652

Non-PEO NEO Average Compensation Actually Paid Amount

^[1]

$ 3,733,285

2,907,635

2,504,410

2,327,810

Adjustment to Non-PEO NEO Compensation Footnote

Compensation actually paid represents the Summary Compensation Table Total adjusted for the following items:


	Year 2023
Adjustments to Summary Compensation Table Total to Calculate Compensation Actually Paid	PEO		Average for non-PEO NEOs
Decrease for amounts reported under the "Stock Awards" column in the Summary Compensation Table	$	(2,931,062)	$	(1,633,237)
Increase for fair value at year-end of awards granted during year that remain outstanding and unvested as of year-end	2,962,858		1,656,840
Increase for fair value at vesting date of awards that were granted and vested during the year	—		—
Decrease for change in fair value from prior year-end to current year-end of awards granted in prior years that were outstanding and unvested as of year-end	(303,654)		(109,372)
Decrease for change in fair value from prior year-end to vesting date of awards granted in prior years that vested during year	(16,325)		(3,190)
Total adjustments	$	(288,183)	$	(88,959)


	Year 2022
Adjustments to Summary Compensation Table Total to Calculate Compensation Actually Paid	PEO		Average for non-PEO NEOs
Decrease for amounts reported under the "Stock Awards" column in the Summary Compensation Table	$	(1,480,618)	$	(609,194)
Increase for fair value at year-end of awards granted during year that remain outstanding and unvested as of year-end	1,398,422		337,235
Increase for fair value at vesting date of awards that were granted and vested during the year	—		261,096
Decrease for change in fair value from prior year-end to current year-end of awards granted in prior years that were outstanding and unvested as of year-end	(401,858)		(78,797)
Decrease for change in fair value from prior year-end to vesting date of awards granted in prior years that vested during year	(44,143)		(87,038)
Total adjustments	$	(528,197)	$	(176,698)


	Year 2021
Adjustments to Summary Compensation Table Total to Calculate Compensation Actually Paid	PEO		Average for non-PEO NEOs
Decrease for amounts reported under the "Stock Awards" column in the Summary Compensation Table as well as amounts reported under the "Non-Equity Incentive Plan Compensation" column in the Summary Compensation Table for the portion of the long-term incentive component of the Executive Incentive Plan earned for performance during the three-year performance period ended December 31, 2021 that was paid in shares of the Company's common stock	$	(1,623,209)	$	(887,360)
Increase for fair value at year-end of awards granted during year that remain outstanding and unvested as of year-end	1,255,337		734,894
Decrease for change in fair value from prior year-end to current year-end of awards granted in prior years that were outstanding and unvested as of year-end	(87,125)		(36,999)
Increase for change in fair value from prior year-end to vesting date of awards granted in prior years that vested during year	68,704		28,311
Total adjustments	$	(386,293)	$	(161,154)


	Year 2020
Adjustments to Summary Compensation Table Total to Calculate Compensation Actually Paid	PEO		Average for non-PEO NEOs
Decrease for amounts reported under the "Stock Awards" column in the Summary Compensation Table	$	(890,775)	$	(445,388)
Increase for fair value at year-end of awards granted during year that remain outstanding and unvested as of year-end	1,793,016		785,420
Decrease for change in fair value from prior year-end to current year-end of awards granted in prior years that were outstanding and unvested as of year-end	(6,117)		(1,927)
Increase for change in fair value from prior year-end to vesting date of awards granted in prior years that vested during year	41,975		13,053
Total adjustments	$	938,099	$	351,158

Compensation Actually Paid vs. Total Shareholder Return

The following graph illustrates the relationship between compensation actually paid to our NEOs and our TSR as well as TSR for the FTSE NAREIT Mortgage REIT Index on a cumulative basis assuming investment of $100 on December 31, 2019:

Compensation Actually Paid vs. Net Income

The following graph compares our net income to compensation actually paid to our NEOs on an annual basis:

The Company accounts for its investments purchased prior to January 1, 2021 as available-for-sale with changes in fair value recorded in "other comprehensive income (loss)." Effective January 1, 2021, the

Company elected the fair value option for its investments purchased on or after that date with changes in fair value reported in "net income." As a result, net income for the years presented above in the Pay versus Performance Table and in the graph above does not include other comprehensive income (loss) of $(93.5) million, $(73.5) million, $(188.1) million, and $22.8 million, respectively.

Compensation Actually Paid vs. Company Selected Measure

The following graph illustrates the relationship between compensation actually paid to our NEOs and our total economic return:

Total Shareholder Return Vs Peer Group

Total Shareholder Return Amount

$ 113.47

^[2]

101.29

^[2]

119.67

^[2]

117.01

Peer Group Total Shareholder Return Amount

79.78

^[2],[3]

69.26

^[2],[3]

94.04

^[2],[3]

81.38

Net Income (Loss)

$ (6,130,000)

$ 143,161,000

$ 102,261,000

$ 177,529,000

Company Selected Measure Amount | percent

0.010

(0.094)

^[4]

0.025

^[4]

0.152

PEO Name

Mr. Boston

Measure:: 1

absolute change in book value per common share

Measure:: 2

relative change in book value per common share compared to a peer group

Measure:: 3

absolute total economic return

Measure:: 4

PEO | Adjustment for amounts reported under Stock Awards [Member]

relative total economic return compared to a peer group

PEO | Adjustment for fair value at year-end of awards granted during year and unvested at year end [Member]

$ (2,931,062)

$ (1,480,618)

$ (1,623,209)

$ (890,775)

PEO | Adjustment for fair value at vesting date of awards granted and vested during the year [Member]

2,962,858

1,398,422

1,255,337

1,793,016

PEO | Adjustment for change in fair value from prior year end to current year end of stock awards granted in prior years that remain unvested at current year end [Member]

PEO | Adjustment for change in fair value from prior year end to vesting date of awards granted in prior years that vested during current year [Member]

(303,654)

(401,858)

(87,125)

(6,117)

PEO | Total Equity Award Adjustments [Member]

(16,325)

(44,143)

68,704

41,975

Non-PEO NEO | Adjustment for amounts reported under Stock Awards [Member]

(288,183)

(528,197)

(386,293)

938,099

Non-PEO NEO | Adjustment for fair value at year-end of awards granted during year and unvested at year end [Member]

(1,633,237)

(609,194)

(887,360)

(445,388)

Non-PEO NEO | Adjustment for fair value at vesting date of awards granted and vested during the year [Member]

1,656,840

337,235

734,894

785,420

Non-PEO NEO | Adjustment for change in fair value from prior year end to current year end of stock awards granted in prior years that remain unvested at current year end [Member]

261,096

Non-PEO NEO | Adjustment for change in fair value from prior year end to vesting date of awards granted in prior years that vested during current year [Member]

(109,372)

(78,797)

(36,999)

(1,927)

Non-PEO NEO | Total Equity Award Adjustments [Member]

(3,190)

(87,038)

28,311

13,053