0001411342-24-000113 | 10-Q | XBRL Viewer

^[1]

$ 32,381

$ 77,099

[1]	Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.

Investment in Securities (Summary of Investment in Securities) (Details) - USD ($)
$ in Thousands

9 Months Ended

12 Months Ended

Sep. 30, 2024

Dec. 31, 2023

$ 1,021,712

$ 1,640,771

Debt Securities, Available-for-Sale, Amortized Cost

(409,587)

(310,544)

780,347

1,445,337

48,770

35,790

Investment Owned At Fair Value, Net

(70,261)

(117,053)

758,856

1,364,074

^[1],[2]

1,063,774

1,518,377

$ (304,918)

$ (154,303)

4.19%

4.78%

6.12%

5.71%

5 years 11 months 23 days

5 years 5 months 1 day

Long

$ 1,319,792

$ 1,798,051

Debt Securities, Available-for-Sale, Amortized Cost

(405,195)

(310,520)

1,082,819

1,602,641

48,092

32,170

(67,137)

(116,434)

$ 1,063,774

$ 1,518,377

Long | Weighted Average

4.30%

4.95%

6.88%

5.99%

Long | 15-year fixed-rate mortgages

5 years 10 months 20 days

5 years 9 months 18 days

$ 21,968

$ 57,987

Debt Securities, Available-for-Sale, Amortized Cost

149

252

22,117

58,239

(1,144)

(4,225)

Long | 15-year fixed-rate mortgages | Weighted Average

$ 21,055

$ 54,036

2.81%

2.58%

2.65%

2.42%

Long | 20-year fixed-rate mortgages

3 years 3 months 14 days

3 years 5 months 23 days

$ 2,368

Debt Securities, Available-for-Sale, Amortized Cost

114

2,482

(404)

Long | 20-year fixed-rate mortgages | Weighted Average

$ 2,078

2.29%

1.48%

Long | 30-year fixed-rate mortgages

6 years 3 months

$ 339,440

$ 783,123

Debt Securities, Available-for-Sale, Amortized Cost

(1,980)

(6,744)

337,460

776,379

4,120

4,313

(16,294)

(38,595)

Long | 30-year fixed-rate mortgages | Weighted Average

$ 325,286

$ 742,097

4.16%

4.04%

4.09%

4.04%

Long | Adjustable rate mortgages

6 years 6 months 7 days

6 years 7 months 9 days

$ 5,252

Debt Securities, Available-for-Sale, Amortized Cost

568

5,820

(690)

Long | Adjustable rate mortgages | Weighted Average

$ 5,130

3.81%

2.09%

4 years 5 months 1 day

Long | Reverse mortgages

$ 31,840

$ 36,196

Debt Securities, Available-for-Sale, Amortized Cost

3,239

3,928

35,079

40,124

353

(1,709)

(2,987)

Long | Reverse mortgages | Weighted Average

$ 33,723

$ 37,171

6.74%

5.37%

3.57%

3.55%

Long | Interest only securities

4 years 5 months 15 days

4 years 9 months 3 days

Debt Securities, Available-for-Sale, Amortized Cost

$ 13,780

$ 11,891

1,224

1,320

(425)

(499)

Long | Interest only securities | Weighted Average

$ 14,579

$ 12,712

1.10%

1.08%

11.43%

13.18%

7 years 7 days

5 years 4 months 9 days

Long | Non-Agency RMBS

$ 186,760

$ 427,431

Debt Securities, Available-for-Sale, Amortized Cost

(74,759)

(139,654)

112,001

287,777

14,012

11,369

(5,770)

(29,672)

Long | Non-Agency RMBS | Weighted Average

$ 120,243

$ 269,474

5.83%

5.07%

9.88%

8.96%

4 years 2 months 8 days

4 years 8 months 23 days

Long | CMBS

$ 78,372

$ 74,591

Debt Securities, Available-for-Sale, Amortized Cost

(30,517)

(20,389)

47,855

54,202

1,496

349

(12,969)

(11,780)

Long | CMBS | Weighted Average

$ 36,382

$ 42,771

3.72%

4.87%

10.73%

8.93%

4 years 10 months 6 days

4 years 8 months 19 days

Long | Non-Agency IOs

Debt Securities, Available-for-Sale, Amortized Cost

$ 52,329

$ 35,214

10,158

6,212

(5,204)

(2,650)

Long | Non-Agency IOs | Weighted Average

$ 57,283

$ 38,776

0.17%

11.96%

14.57%

5 years 10 months 9 days

7 years 5 months 15 days

Long | CLOs

Debt Securities, Available-for-Sale, Amortized Cost

$ 80,516

$ 44,939

1,754

1,873

(7,381)

(8,834)

Long | CLOs | Weighted Average

$ 74,889

$ 37,978

3.08%

2.27%

12.50%

11.81%

Long | Other asset-backed securities

5 years 7 months 17 days

4 years 5 months 15 days

$ 222,173

$ 16,416

Debt Securities, Available-for-Sale, Amortized Cost

(193,859)

(8,956)

28,314

7,460

4,173

256

(20)

Long | Other asset-backed securities | Weighted Average

$ 32,487

$ 7,696

2.88%

7.16%

19.30%

13.85%

Long | Asset-backed securities, backed by consumer loans

3 years 4 months 24 days

2 years 5 months 26 days

$ 152,926

$ 151,310

Debt Securities, Available-for-Sale, Amortized Cost

(80,239)

(67,159)

72,687

84,151

1,276

1,577

(8,252)

(11,502)

Long | Asset-backed securities, backed by consumer loans | Weighted Average

$ 65,711

$ 74,226

5.97%

12.00%

10.10%

11.38%

Long | Corporate debt securities

1 year 6 months 29 days

1 year 6 months

$ 42,744

$ 30,944

Debt Securities, Available-for-Sale, Amortized Cost

(29,017)

(23,191)

13,727

7,753

708

579

(769)

(291)

Long | Corporate debt securities | Weighted Average

$ 13,666

$ 8,041

0.00%

0.00%

Long | Corporate equity securities

2 years 6 months 21 days

1 year 11 months 4 days

Debt Securities, Available-for-Sale, Amortized Cost

$ 21,597

$ 23,066

1,378

1,851

(7,205)

(3,789)

Long | U.S. Treasury securities

15,770

21,128

243,569

212,433

Debt Securities, Available-for-Sale, Amortized Cost

1,788

(49,289)

245,357

163,144

7,358

2,415

(15)

(496)

Long | U.S. Treasury securities | Weighted Average

$ 252,700

$ 165,063

4.30%

4.25%

4.01%

8 years 25 days

7 years 5 months 4 days

Short

$ (298,080)

$ (157,280)

Investment Sold, Not yet Purchased, Sale Proceeds

(4,392)

(24)

(302,472)

(157,304)

678

3,620

(3,124)

(619)

$ (304,918)

$ (154,303)

Short | Weighted Average

3.73%

2.87%

3.47%

3.00%

Short | U.S. Treasury securities

6 years 3 months 10 days

1 year 9 months 7 days

$ (270,592)

$ (130,121)

Investment Sold, Not yet Purchased, Sale Proceeds

(4,141)

533

(274,733)

(129,588)

2,094

(3,124)

(619)

Short | U.S. Treasury securities | Weighted Average

$ (277,798)

$ (128,113)

4.11%

3.47%

3.81%

3.61%

Short | European sovereign bonds

6 years 10 months 6 days

1 year 10 months 17 days

$ (27,488)

$ (27,159)

Investment Sold, Not yet Purchased, Sale Proceeds

(251)

(557)

(27,739)

(27,716)

619

1,526

Short | European sovereign bonds | Weighted Average

$ (27,120)

$ (26,190)

0.01%

0.15%

Accounts, Notes, Loans and Financing Receivable [Line Items]

5 months 8 days

1 year 2 months 12 days

[1]	Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.
[2]	Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

Investment in Loans (Narrative) (Details)
$ in Thousands

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2024

USD ($)

loan

Sep. 30, 2023

USD ($)

Sep. 30, 2024

USD ($)

loan

Sep. 30, 2023

USD ($)

Dec. 31, 2023

USD ($)

loan

$ 13,136,499

$ 12,164,019

Loans purchased in private transaction

^[1],[2]

13,519,786

12,306,636

80,100

Loans purchased in private transaction - held

5,100

8,900

Unpaid principal balance on unactive loans

339,400

290,400

Government Guaranteed Mortgage Loans upon Foreclosure Receivable

^[1]

40,384

90,341

Accounts, Notes, Loans and Financing Receivable [Line Items]

Unpaid principal balance on unactive loans

353,600

280,600

Accounts, Notes, Loans and Financing Receivable [Line Items]

Mortgage Loans in Process of Foreclosure, Amount

123,600

85,600

3,720,774

3,305,757

3,618,233

3,093,912

(164,697)

Accounts, Notes, Loans and Financing Receivable [Line Items]

815

2,081

Delinquent loans, charged off

670

1,759

$ 100

200

$ 400

Fair value of charged-off loans

300

(269)

(329)

Accounts, Notes, Loans and Financing Receivable [Line Items]

Mortgage Loans in Process of Foreclosure, Amount

8,800

1,300

22,400

25,100

306,482

281,531

Number of mortgage loans in process of foreclosure

$ 293,262

$ 266,595

Mortgage Loans In Process Of Foreclosure, Unpaid Principal Balance

$ 25,600

$ 25,900

Non-performing | Residential mortgage loans

(8,934)

(1,288)

Accounts, Notes, Loans and Financing Receivable [Line Items]

216,269

127,085

Non-performing | Commercial mortgage loans

$ 207,043

$ 119,524

Accounts, Notes, Loans and Financing Receivable [Line Items]

Number of loans | loan

$ 83,800

$ 47,700

Performing Financial Instruments [Member] | Residential mortgage loans

71,800

33,300

Accounts, Notes, Loans and Financing Receivable [Line Items]

20,372

4,252

Loans held-for-investment [Member] | Residential mortgage loans

19,258

3,761

Accounts, Notes, Loans and Financing Receivable [Line Items]

13,100

17,200

3,482,634

3,305,757

3,364,156

3,093,912

Loans held-for-investment [Member] | Consumer loans

(164,371)

$ (255,230)

Accounts, Notes, Loans and Financing Receivable [Line Items]

Realized Losses, Write offs on loans

$ (100)

$ (300)

$ (100)

$ (700)

[1]	Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.
[2]	Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

Borrowings (Details)
$ in Thousands

9 Months Ended

12 Months Ended

Sep. 30, 2024

USD ($)

counterparty

Rate

Dec. 31, 2023

USD ($)

counterparty

Rate

Sep. 30, 2023

USD ($)

^[1]

Dec. 31, 2022

USD ($)

Number of Counterparties with Outstanding Reverse Repurchase Agreements | counterparty

Total secured borrowings

$ 13,500,000

$ 13,100,000

Securities Collateral relating to Reverse Repurchase Agreements

$ 3,300,000

$ 3,700,000

Collateral on repurchase agreements, unsettled sales

$ 3,600

$ 346,600

Repurchase Agreements amount at risk threshold

10.00%

^[1]

$ 284,897

$ 245,827

HMBS-related obligations, at fair value

^[1]

1,813,755

1,424,668

8,790,589

8,423,235

Arlington Asset Investment Corp.

217,725

^[1]

228,927

^[1]

$ 174,664

$ 217,053

Collateral on repurchase agreements, unsettled sales

341,100

Secured borrowing facility collateralized by ABS backed by consumer loans [Member]

$ 25,800

Fair Value of Assets Transfered and Accounted for as Secured Borrowings

9.83%

$ 69,800

$ 1,390,000

$ 1,420,000

3.04%

3.03%

Warehouse facility A

Debt Instrument, Interest Rate, Effective Rate | Rate

$ 107,559

$ 83,393

8.32%

8.95%

Fair Value of Assets Transfered and Accounted for as Secured Borrowings

$ 126,109

$ 99,340

Secured borrowing facility collateralized by HECM tail draws

$ 20,400

$ 18,700

Fair Value of Assets Transfered and Accounted for as Secured Borrowings

8.50%

9.00%

$ 31,100

$ 29,200

Secured borrowing facility collateralized by MSRs

$ 8,200

$ 26,600

Fair Value of Assets Transfered and Accounted for as Secured Borrowings

10.32%

10.46%

$ 99,900

$ 88,400

GNMA HMBS

HMBS-related obligations, at fair value

6.52%

6.46%

$ 8,800,000

$ 8,400,000

MLPS Counterparty

$ 15,700

$ 14,700

Fair Value of Assets Transfered and Accounted for as Secured Borrowings

7.31%

7.59%

$ 15,100

$ 14,900

Reverse Loan Securitization

$ 361,600

European Residential Loan Securitization

4.78%

$ 61,300

Secured Revolving Borrowing Facility Collateralized by ABS Backed by Consumer Loans

6.92%

$ 38,200

Fair Value of Assets Transfered and Accounted for as Secured Borrowings

8.93%

$ 64,500

Minimum

Reverse Repurchase Agreements Maturity

30 days

Repurchase agreements, remaining days to maturity

1 day

2 days

Repurchase Agreements Interest Rate

4.37%

4.81%

Maximum

Reverse Repurchase Agreements Maturity

364 days

Repurchase agreements, remaining days to maturity

655 days

513 days

Repurchase Agreements Interest Rate

8.42%

8.68%

Repurchase Agreements

Securities Collateral relating to Reverse Repurchase Agreements

$ 2,488,680

$ 2,822,912

Cash collateral posted for securities sold under agreements to repurchase

2,000

(11,200)

Securities Collateral Posted for Securities Sold Under Agreements to Repurchase

100

Securitized residential mortgage loans

Fair Value of Assets Transfered and Accounted for as Secured Borrowings

1,500,000

1,600,000

HECM loans | GNMA HMBS

Fair Value of Assets Transfered and Accounted for as Secured Borrowings

8,900,000

$ 8,500,000

Securitized Reverse Mortgage Loans

Fair Value of Assets Transfered and Accounted for as Secured Borrowings

390,600

Securitized European Residential Mortgage Loans

9,000

Fair Value of Assets Transfered and Accounted for as Secured Borrowings

55,200

5.875% Senior Notes | Unsecured Borrowings

7,200

Debt Instrument, Interest Rate, Stated Percentage

$ 210,000

5.875%

Redemption percentage

100.00%

6.75% Senior Notes | Unsecured Borrowings

Apr. 01, 2027

Debt Instrument, Interest Rate, Stated Percentage

$ 34,900

6.75%

6.00% Senior Notes | Unsecured Borrowings

Mar. 15, 2025

Debt Instrument, Interest Rate, Stated Percentage

$ 37,800

6.00%

Trusted Preferred Debt | Unsecured Borrowings

Aug. 01, 2026

Trusted Preferred Debt | Unsecured Borrowings | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | October 7, 2033

$ 15,000

$ 10,000

Debt Instrument, Basis Spread on Variable Rate

Oct. 07, 2033

3.26%

Trusted Preferred Debt | Unsecured Borrowings | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | July 5, 2035

$ 5,000

Debt Instrument, Basis Spread on Variable Rate

Jul. 07, 2035

2.51%

[1]	Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.

Consolidated Statement of Changes in Equity - USD ($)
$ in Thousands

Total

Total Stockholder's Equity

Common Stock

Additional Paid-in Capital

Retained Earnings/(Accumulated Deficit)

Non-controlling Interest

Common Stock

Total Stockholder's Equity

Common Stock

Additional Paid-in Capital

Preferred Stock

Total Stockholder's Equity

CHANGE IN SHAREHOLDERS’ EQUITY RESULTING FROM OPERATIONS

Beginning balance (in shares) at Dec. 31, 2022

$ 227,432

63,812,215

Beginning balance at Dec. 31, 2022

$ 1,220,886

$ 1,195,967

$ 64

$ 1,259,352

$ (290,881)

$ 24,919

CHANGE IN SHAREHOLDERS’ EQUITY RESULTING FROM OPERATIONS

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

44,753

44,033

720

^[1]

4,433,861

^[1]

$ 60,465

$ 4

$ 60,461

96,488

$ 96,488

757

(30,664)

(30,297)

(367)

(5,117)

(1,065)

(37)

1,061,000

(12,072)

(12,071)

(1)

Ending balance (in shares) at Mar. 31, 2023

332

328

67,185,076

Ending balance at Mar. 31, 2023

$ 1,374,763

1,349,832

$ 67

1,308,107

(282,262)

24,931

Beginning balance (in shares) at Dec. 31, 2022

63,812,215

Beginning balance at Dec. 31, 2022

$ 1,220,886

1,195,967

$ 64

1,259,352

(290,881)

24,919

CHANGE IN SHAREHOLDERS’ EQUITY RESULTING FROM OPERATIONS

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

$ 68,572

5,500,082

$ (92,246)

1,084,336

Ending balance (in shares) at Sep. 30, 2023

$ (12,400)

68,234,160

Ending balance at Sep. 30, 2023

$ 1,337,417

1,313,490

$ 68

1,323,124

(333,622)

23,927

CHANGE IN SHAREHOLDERS’ EQUITY RESULTING FROM OPERATIONS

$ 1,350

Beginning balance (in shares) at Mar. 31, 2023

323,920

67,185,076

Beginning balance at Mar. 31, 2023

$ 1,374,763

1,349,832

$ 67

1,308,107

(282,262)

24,931

CHANGE IN SHAREHOLDERS’ EQUITY RESULTING FROM OPERATIONS

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

10,739

8,878

1,861

842

(30,590)

(30,223)

(367)

(5,980)

(5,172)

23,336

(280)

$ 0

Ending balance (in shares) at Jun. 30, 2023

$ 335

331

67,161,740

Ending balance at Jun. 30, 2023

$ 1,344,657

1,322,558

$ 67

1,308,158

(309,587)

22,099

CHANGE IN SHAREHOLDERS’ EQUITY RESULTING FROM OPERATIONS

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

323,920

$ 13,080

12,571

509

1,066,221

^[1]

^[1]

14,543

$ 1

14,542

$ 5,339

5,339

(30,992)

(30,626)

(366)

(5,980)

Stock issued during period, shares, conversion of units

$ (3,552)

(3,552)

(6,199)

Stock Issued During Period, Value, Conversion of Units

(90)

(16)

Ending balance (in shares) at Sep. 30, 2023

$ 322

318

68,234,160

Ending balance at Sep. 30, 2023

$ 1,337,417

1,313,490

$ 68

1,323,124

(333,622)

23,927

CHANGE IN SHAREHOLDERS’ EQUITY RESULTING FROM OPERATIONS

$ 450

323,920

Beginning balance (in shares) at Dec. 31, 2023

$ 355,551

355,551

83,000,488

Beginning balance at Dec. 31, 2023

$ 1,535,612

1,517,071

$ 83

1,514,797

(353,360)

18,541

CHANGE IN SHAREHOLDERS’ EQUITY RESULTING FROM OPERATIONS

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

34,051

33,569

482

^[1]

2,103,725

^[1]

26,856

$ 2

26,854

2,084

(36,936)

(36,589)

(347)

(6,654)

(1,589)

(524)

524

47,565

(524)

$ 0

Ending balance (in shares) at Mar. 31, 2024

256

254

85,056,648

Ending balance at Mar. 31, 2024

$ 1,553,156

1,533,459

$ 85

1,540,857

(363,034)

19,697

Beginning balance (in shares) at Dec. 31, 2023

83,000,488

Beginning balance at Dec. 31, 2023

$ 1,535,612

1,517,071

$ 83

1,514,797

(353,360)

18,541

CHANGE IN SHAREHOLDERS’ EQUITY RESULTING FROM OPERATIONS

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

$ 117,446

7,715,891

$ (105,224)

62,300

Ending balance (in shares) at Sep. 30, 2024

$ (700)

90,661,736

Ending balance at Sep. 30, 2024

$ 1,625,649

1,607,236

$ 91

1,613,740

(362,146)

18,413

CHANGE IN SHAREHOLDERS’ EQUITY RESULTING FROM OPERATIONS

$ 1,210

Beginning balance (in shares) at Mar. 31, 2024

355,551

85,056,648

Beginning balance at Mar. 31, 2024

$ 1,553,156

1,533,459

$ 85

1,540,857

(363,034)

19,697

CHANGE IN SHAREHOLDERS’ EQUITY RESULTING FROM OPERATIONS

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

60,072

59,172

900

^[1]

^[1]

$ 0

7,133

(33,492)

(33,166)

(326)

(6,825)

(6,334)

(1)

14,735

(161)

$ 0

Ending balance (in shares) at Jun. 30, 2024

$ 310

307

85,041,913

Ending balance at Jun. 30, 2024

$ 1,573,859

1,552,785

$ 85

1,541,002

(343,853)

21,074

CHANGE IN SHAREHOLDERS’ EQUITY RESULTING FROM OPERATIONS

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

355,551

$ 23,323

23,008

315

5,612,166

^[1]

^[1]

$ 72,734

$ 6

$ 72,728

$ 770

770

(34,796)

(34,468)

(328)

Noncontrolling Interest, Decrease from Expiration of Employee Stock Options

(6,833)

(1,799)

Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests

(729)

Stock issued during period, shares, conversion of units

$ (1,192)

(1,192)

(7,657)

Stock Issued During Period, Value, Conversion of Units

(106)

106

(405)

405

Ending balance (in shares) at Sep. 30, 2024

$ 312

309

90,661,736

Ending balance at Sep. 30, 2024

$ 1,625,649

$ 1,607,236

$ 91

$ 1,613,740

$ (362,146)

$ 18,413

CHANGE IN SHAREHOLDERS’ EQUITY RESULTING FROM OPERATIONS

$ 0.39

$ 355,551

[1]	Net of discounts and commissions and offering costs.

Borrowings

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Borrowings

Secured Borrowings

The Company's secured borrowings consist of repurchase agreements, Other secured borrowings, Other secured borrowings, at fair value, and HMBS-related obligations, at fair value. As of September 30, 2024 and December 31, 2023, the Company's total secured borrowings were $13.5 billion and $13.1 billion, respectively.

Repurchase Agreements

The Company enters into repurchase agreements. A repurchase agreement involves the sale of an asset to a counterparty together with a simultaneous agreement to repurchase the transferred asset or similar asset from such counterparty at a future date. The Company accounts for its repurchase agreements as collateralized borrowings, with the transferred assets effectively serving as collateral for the related borrowing. The Company's repurchase agreements typically range in term from 30 to 364 days, although the Company also has repurchase agreements that provide for longer or shorter terms. The principal economic terms of each repurchase agreement—such as loan amount, interest rate, and maturity date—are typically negotiated on a transaction-by-transaction basis. Other terms and conditions, such as those relating to events of default, are typically governed under the Company's master repurchase agreements. Absent an event of default, the Company maintains beneficial ownership of the transferred securities during the term of the repurchase agreement and receives the related principal and interest payments. Interest rates on these borrowings are generally fixed based on prevailing rates corresponding to the terms of the borrowings, and for most repurchase agreements, interest is generally paid at the termination of the repurchase agreement, at which time the Company may enter into a new repurchase agreement at prevailing market rates with the same counterparty, repay that counterparty and possibly negotiate financing terms with a different counterparty, or choose to no longer finance the related asset. Some repurchase agreements provide for periodic payments of interest, such as monthly payments. In response to a decline in the fair value of the transferred securities, whether as a result of changes in market conditions, security paydowns, or other factors, repurchase agreement counterparties will typically make a margin call, whereby the Company will be required to post additional securities and/or cash as collateral with the counterparty in order to re-establish the agreed-upon collateralization requirements. In the event of increases in fair value of the transferred securities, the Company can generally require the counterparty to post collateral with it in the form of cash or securities. The Company is generally permitted to sell or re-pledge any securities posted by the counterparty as collateral; however, upon termination of the repurchase agreement, or other circumstance in which the counterparty is no longer required to post such margin, the Company must return to the counterparty the same security that had been posted.

At any given time, the Company seeks to have its outstanding borrowings under repurchase agreements with several different counterparties in order to reduce the exposure to any single counterparty. The Company had outstanding borrowings under repurchase agreements with 23 and 26 counterparties as of September 30, 2024 and December 31, 2023, respectively.

As of September 30, 2024, remaining days to maturity on the Company's open repurchase agreements ranged from 1 day to 655 days. Interest rates on the Company's open repurchase agreements ranged from 4.37% to 8.42% as of September 30, 2024. As of December 31, 2023, remaining days to maturity on the Company's open repurchase agreements ranged from 2 days to 513 days. Interest rates on the Company's open repurchase agreements ranged from 4.81% to 8.68% as of December 31, 2023.

The following table details the Company's outstanding borrowings under repurchase agreements for Agency RMBS, credit assets (which can include non-Agency RMBS, CMBS, CLOs, consumer loans, corporate debt, residential mortgage loans, and commercial mortgage loans and REO), reverse mortgage loans, and U.S. Treasury securities by remaining maturity as of September 30, 2024 and December 31, 2023:


	September 30, 2024					December 31, 2023
			Weighted Average					Weighted Average
Remaining Maturity	Outstanding Borrowings		Interest Rate		Remaining Days to Maturity	Outstanding Borrowings		Interest Rate		Remaining Days to Maturity
Agency RMBS:	(In thousands)					(In thousands)
30 Days or Less	$	332,416	5.34	%	13	$	1,076,710	5.55	%	17
31-60 Days	4,005		5.81	%	52	15,786		5.81	%	49
61-90 Days	7,442		5.44	%	77	914		6.16	%	72
151-180 Days	2,330		5.76	%	161	1,931		6.23	%	159
Total Agency RMBS	346,193		5.35	%	15	1,095,341		5.55	%	18
Credit Assets:
30 Days or Less	681,209		7.23	%	6	124,617		6.80	%	22
31-60 Days	130,165		6.46	%	44	136,434		7.03	%	41
61-90 Days	79,799		6.29	%	74	82,992		6.85	%	74
91-120 Days	171,032		6.82	%	118	290,215		7.36	%	116
121-150 Days	49,053		7.42	%	124	—		—	%	—
151-180 Days	13,562		6.23	%	163	5,980		6.68	%	161
181-364 Days	135,049		8.02	%	258	867,983		7.61	%	268
> 364 Days	724,073		7.10	%	434	58,631		8.61	%	513
Total Credit Assets	1,983,942		7.11	%	198	1,566,852		7.44	%	199
Reverse Mortgage Loans:
30 Days or Less	30,499		8.30	%	3	—		—	%	—
61-90 Days	16,365		5.85	%	85	—		—	%	—
181-364 Days	8,751		8.14	%	309	150,228		7.97	%	282
Total Reverse Mortgage Loans	55,615		7.55	%	75	150,228		7.97	%	282
U.S. Treasury Securities:
30 Days or Less	256,302		5.07	%	1	155,016		5.51	%	2
Total U.S. Treasury Securities	256,302		5.07	%	1	155,016		5.51	%	2
Total	$	2,642,052	6.69	%	153	$	2,967,437	6.67	%	126

Repurchase agreements involving underlying investments that the Company sold prior to period end, for settlement following period end, are shown using their contractual maturity dates even though such repurchase agreements may be expected to be terminated early upon settlement of the sale of the underlying investment.

As of September 30, 2024 and December 31, 2023, the fair value of investments transferred as collateral under outstanding borrowings under repurchase agreements was $3.3 billion and $3.7 billion, respectively. Collateral transferred under outstanding borrowings under repurchase agreements as of September 30, 2024 and December 31, 2023, include investments in the amount of $3.6 million and $346.6 million, respectively, that were sold prior to period end but for which such sale had not yet settled. As of December 31, 2023, such amount included $341.1 million of Agency RMBS that had been acquired as a result of the Arlington merger and then subsequently sold but for which such sale transaction had not yet settled. In addition, as of September 30, 2024 and December 31, 2023, the Company posted (received) net cash collateral of $2.0 million and $(11.2) million, respectively, to its counterparties. In addition, as of September 30, 2024 additional securities with a fair value of $0.1 million were posted by the Company as a result of margin calls from various counterparties.

Amount at risk represents the excess, if any, for each counterparty of the fair value of collateral held by such counterparty over the amounts outstanding under repurchase agreements. The following table provides details by counterparty for such counterparties for which the amounts at risk relating to our repurchase agreements was greater than 10% of total equity as of September 30, 2024 and December 31, 2023.

September 30, 2024:


Counterparty	Amount at Risk		Weighted Average Remaining Days to Maturity	Percentage of Equity
	(In thousands)
Nomura Holdings Inc.	$	207,549	29	12.8	%

December 31, 2023:


Counterparty	Amount at Risk		Weighted Average Remaining Days to Maturity	Percentage of Equity
	(In thousands)
Nomura Holdings Inc.	$	216,886	246	14.2	%

Other Secured Borrowings

In September 2024, the Company entered into an agreement to finance a portfolio of ABS backed by consumer loans through a recourse secured revolving borrowing facility, which terminates in January 2026, whereby the Company can vary its borrowings based on the size of its portfolio, subject to certain maximum limits. The facility accrues interest on a floating rate basis. As of September 30, 2024, the Company had outstanding borrowings under this facility in the amount of $38.2 million, which is included under the caption Other secured borrowings, on the Company's Condensed Consolidated Balance Sheet. As of September 30, 2024, the effective interest rate on this facility, was 8.93% and the fair value of ABS backed by consumer loans collateralizing this borrowing was $64.5 million. There are a number of covenants, including several financial covenants, associated with this borrowing; as of September 30, 2024 the Company was in compliance with all of its covenants.

The Company entered into an agreement to finance a portfolio of ABS backed by consumer loans through a recourse secured borrowing facility that included a revolving borrowing period ending in September 2024. As of September 30, 2024, the Company had terminated this facility. As of December 31, 2023, the Company had outstanding borrowings under this facility in the amount of $25.8 million, which is included under the caption Other secured borrowings, on the Company's Condensed Consolidated Balance Sheet. The facility accrued interest on a floating rate basis, and the effective interest rate on this facility was 9.83% as of December 31, 2023. As of December 31, 2023, the fair value of ABS backed by consumer loans collateralizing this borrowing was $69.8 million. There are a number of covenants, including several financial covenants, associated with this borrowing; as of December 31, 2023, the Company was in compliance with all of its covenants.

The Company has completed securitization transactions, as discussed in Note 13—Residential Mortgage Loan Securitizations—Non-QM loans, whereby it financed portfolios of non-QM loans. As of September 30, 2024 and December 31, 2023, the fair value of the Company's outstanding liabilities associated with the Company's Consolidated Residential Mortgage Loan Securitizations was $1.39 billion and $1.42 billion, respectively, representing the fair value of the securitization trust certificates held by third parties as of such date, and is included on the Company's Condensed Consolidated Balance Sheet in Other secured borrowings, at fair value. The weighted average coupon of the certificates held by third parties was 3.04% and 3.03% as of September 30, 2024 and December 31, 2023, respectively. As of September 30, 2024 and December 31, 2023, the fair value of non-QM loans held in the Consolidated Residential Mortgage Loan Securitization trusts was $1.5 billion and $1.6 billion, respectively.

The Company has completed securitization transactions, as discussed in Note 13—Proprietary Reverse Mortgage Loan Securitizations, whereby it financed portfolios of reverse mortgage loans. As of September 30, 2024, the fair value of the Company's outstanding liabilities associated with the Company's Reverse Mortgage Securitizations was $361.6 million, representing the fair value of the RM Notes held by third parties as of such date, and is included on the Company's Condensed Consolidated Balance Sheet in Other secured borrowings, at fair value. The weighted average coupon of the RM Notes held by third parties was 4.78%. Collateral held in the RM Issuing Entities as of September 30, 2024 includes the fair value of reverse mortgage loans of $390.6 million and $9.0 million of cash held in securitization reserve funds.

As discussed in Note 13—Residential Mortgage Loan Securitizations—European Residential Mortgage Loans, the Company has determined that, beginning June 30, 2024, it is the primary beneficiary of the European RMBS Issuer, resulting in consolidation. As of September 30, 2024, the fair value of the outstanding liabilities of the European RMBS Issuer was $61.3 million, representing the fair value of the European Debt Tranches held by third parties as of such date, and is included on the Company's Condensed Consolidated Balance Sheet in Other secured borrowings, at fair value. The weighted average

coupon of the European Debt Tranches held by third parties was 6.92%. Collateral held in the European RMBS Issuer as of September 30, 2024 includes the fair value of residential mortgage loans of $55.2 million and $7.2 million of cash.

The Company has various warehouse lines of credit which it uses to finance its portfolio of reverse mortgage loans prior to them being sold or pooled into HMBS. There are a number of covenants, including several financial covenants, associated with these lines of credit; as of September 30, 2024 and December 31, 2023, the Company was in compliance with all of these covenants. As of September 30, 2024 and December 31, 2023, the Company had outstanding borrowings under these financing lines of $201.6 million and $160.1 million, respectively, which is included on the Company's Condensed Consolidated Balance Sheet in Other secured borrowings. The following table provides details for each of the warehouse lines of credit.


		September 30, 2024						December 31, 2023
	Maturity	Outstanding Borrowings		Fair Value of Underlying Collateral		Effective Interest Rate		Outstanding Borrowings		Fair Value of Underlying Collateral		Effective Interest Rate
		(In thousands)						(In thousands)
Facility A	May 2025	$	107,559	$	126,109	8.32	%	$	83,393	$	99,340	8.95	%
Facility B	April 2025	94,066		105,965		7.60	%	76,717		88,251		8.21	%
		$	201,625	$	232,074	7.98	%	$	160,110	$	187,591	8.60	%

The Company entered into an agreement to finance a portfolio of HECM tail draws prior to being sold or pooled into HMBS. This facility matures in November 2024, and accrues interest on a floating-rate basis. As of September 30, 2024 and December 31, 2023, the Company's outstanding borrowings under this facility was $20.4 million and $18.7 million, respectively, which are included on the Company's Condensed Consolidated Balance Sheet in Other secured borrowings. The effective interest rate was 8.50% and 9.00% as of September 30, 2024 and December 31, 2023, respectively. As of September 30, 2024 and December 31, 2023, the fair value of HECM tail draws collateralizing this borrowing was $31.1 million and $29.2 million, respectively, which are included in Loans, at fair value on the Condensed Consolidated Balance Sheet. There are a number of covenants, including several financial covenants, associated with this borrowing; as of both September 30, 2024 and December 31, 2023, the Company was in compliance with all of its covenants.

The Company entered into a line of credit agreement to finance its portfolio of HMBS-related MSRs. This facility matures in January 2025 and accrues interest on a floating-rate basis. As of September 30, 2024 and December 31, 2023, the Company's outstanding borrowings under this facility were $8.2 million and $26.6 million, respectively, which are included on the Company's Condensed Consolidated Balance Sheet in Other secured borrowings. The effective interest rate was 10.32% and 10.46% as of September 30, 2024 and December 31, 2023, respectively. As of September 30, 2024 and December 31, 2023, the fair value of MSRs collateralizing this borrowing was $99.9 million and $88.4 million, respectively. There are a number of covenants, including several financial covenants, associated with this borrowing; as of both September 30, 2024 and December 31, 2023, the Company was in compliance with all of its covenants.

As discussed in Note 5—Reverse Mortgage Loans, the Company is a party to various agreements with the MLPS Counterparty, which provide for the financing of certain HECM Buyout Loans. This facility was executed in March 2023 with a three-year term and accrues interest on a floating-rate basis. As of September 30, 2024 and December 31, 2023, the Company's outstanding borrowings under this facility were $15.7 million and $14.7 million, which are included on the Company's Condensed Consolidated Balance Sheet in Other secured borrowings. The effective interest rate was 7.31% and 7.59% as of September 30, 2024 and December 31, 2023, respectively. As of September 30, 2024 and December 31, 2023, the fair value of HECM Buyout Loans collateralizing this borrowing was $15.1 million and $14.9 million, respectively. There are a number of covenants, including several financial covenants, associated with this borrowing; as of September 30, 2024 and December 31, 2023, the Company was in compliance with all of its covenants.

HMBS-related Obligations

As discussed in Note 13—Proprietary Reverse Mortgage Loan Securitizations, the Company issues pools of HMBS which are accounted for as secured borrowings. As of September 30, 2024 and December 31, 2023, the Company had HMBS-related obligations, at fair value of $8.8 billion and $8.4 billion, respectively. As of September 30, 2024 and December 31, 2023, such HMBS-related obligations are secured by $8.9 billion and $8.5 billion, respectively, of HECM loans, REO, and HMBS-related claims or other receivables. The weighted average interest rate on the Company's HMBS-related obligations was 6.52% and 6.46% as of September 30, 2024 and December 31, 2023, respectively.

Unsecured Borrowings

Senior Notes

The Company has issued $210.0 million in aggregate principal amount of unsecured long-term debt, which is structured as a joint and several co-issuance by certain of the Company's consolidated subsidiaries and fully guaranteed by the Company (the "5.875% Senior Notes"). The 5.875% Senior Notes bear interest at a rate of 5.875%, subject to adjustment based on changes, if any, in the ratings of the 5.875% Senior Notes. Interest on the 5.875% Senior Notes is payable semi-annually in arrears. The 5.875% Senior Notes mature on April 1, 2027. Prior to April 1, 2026, the Company may redeem the 5.875% Senior Notes, at its option, in whole or in part, at a premium as detailed in the indenture dated March 31, 2022. On or after April 1, 2026, the Company may redeem all or a part of the 5.875% Senior Notes at a redemption price of 100%, plus accrued and unpaid interest.

Upon the completion of the Arlington Merger, the Company assumed Arlington's liabilities including various unsecured debt. The Company assumed $34.9 million Arlington's 6.75% Senior Notes, which bear interest at a rate of 6.75% and are due March 15, 2025 (the "6.75% Senior Notes"). Interest on the 6.75% Senior Notes is payable quarterly in arrears. The Company may redeem the 6.75% Senior Notes, at its option, in whole or in part, at a redemption price equal to 100% of the outstanding principal amount of the 6.75% Senior Notes being redeemed plus accrued and unpaid interest to, but excluding, the date of redemption. The 6.75% Senior Notes are obligations of a certain subsidiary of the Company and are fully guaranteed by the Company.

The Company also assumed $37.8 million of Arlington's 6.00% Senior Notes, which bear interest at a rate of 6.00% and are due August 1, 2026 (the "6.00% Senior Notes"). Interest on the 6.00% Senior Notes is payable quarterly in arrears. The Company may redeem the 6.00% Senior Notes, at its option, in whole or in part, at a redemption price equal to 100% of the outstanding principal amount of the 6.00% Senior Notes being redeemed plus accrued and unpaid interest to the date of redemption. The 6.00% Senior Notes are obligations of a certain subsidiary of the Company and are fully guaranteed by the Company.

The Company has elected the FVO for the 5.875% Senior Notes, 6.75% Senior Notes, and 6.00% Senior Notes (collectively the "Senior Notes"), which are included in Unsecured borrowings, at fair value on the Condensed Consolidated Balance Sheet. Change in unrealized gains and losses on the Company's Senior Notes are included in Unrealized gains (losses) on Unsecured borrowings, at fair value, on the Condensed Consolidated Statement of Operations.

There are a number of covenants, including several financial covenants, associated with the Senior Notes; as of both September 30, 2024 and December 31, 2023, the Company was in compliance with all of its covenants for its outstanding Senior Notes. The Senior Notes are unsecured and are effectively subordinated to secured indebtedness of the Company, to the extent of the value of the collateral securing such indebtedness.

Subordinated Notes

The Company also assumed $15.0 million of Arlington's unregistered junior subordinated unsecured debt securities (the "Trust Preferred Debt"). The Trust Preferred Debt includes $10.0 million, which bears interest at a rate of three-month term SOFR plus 3.26%, payable quarterly in arrears, and which matures on October 7, 2033; and $5.0 million, which bears interest at a rate of three-month term SOFR plus 2.51%, payable quarterly in arrears, and which matures on July 7, 2035. The Trust Preferred Debt may be redeemed in whole or in part at any time and from time to time at the Company’s option, at a redemption price equal to the principal amount plus accrued and unpaid interest. The Company has elected the FVO for the Trust Preferred Debt, which is included in Unsecured borrowings, at fair value on the Condensed Consolidated Balance Sheet, and change in unrealized gains and losses on the Company's Trust Preferred Debt are included in Unrealized gains (losses) on Unsecured borrowings, at fair value, on the Condensed Consolidated Statement of Operations. The Trust Preferred Debt is an obligation of a certain subsidiary of the Company and is fully guaranteed by the Company.

Schedule of Principal Repayments

The following table details the Company's principal repayment schedule, over the next 5 years, for outstanding borrowings as of September 30, 2024:


Year	Repurchase Agreements(1)		Other Secured Borrowings(2)		HMBS-related Obligations(3)		Unsecured Borrowings(1)		Total
(In thousands)
Next Twelve Months	$	2,408,520	$	532,793	$	1,066,727	$	34,931	$	4,042,971
Year 2	233,532		381,700		907,783		37,750		1,560,765
Year 3	—		254,794		844,310		210,000		1,309,104
Year 4	—		198,322		797,670		—		995,992
Year 5	—		159,051		848,670		—		1,007,721
Total	$	2,642,052	$	1,526,660	$	4,465,160	$	282,681	$	8,916,553

(1)Reflects the Company's contractual principal repayment dates.

(2)Includes $959.6 million, $242.2 million, and $40.0 million of expected principal repayments related to the Company's consolidated non-QM, reverse mortgage loan, and European Mortgage Loan securitizations, respectively, which are projected based upon the underlying assets' expected repayments and may be prior to the stated contractual maturities.

(3)Represents expected principal repayments projected based upon the expected repayments of the underlying HECM loans, which may be prior to the stated contractual maturities of the related HMBS.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Accounts, Notes, Loans and Financing Receivable [Line Items]

Significant Accounting Policies (Details)	9 Months Ended
Significant Accounting Policies (Details)	Sep. 30, 2024
Significant Accounting Policies [Line Items]
Number of days to determine non-performance of loan	90 days
Long-Term Incentive Plan Units [Member] \| Director [Member]
Significant Accounting Policies [Line Items]
Vesting period	1 year
Minimum \| Long-Term Incentive Plan Units [Member] \| Dedicated or partially dedicated personnel [Member]
Significant Accounting Policies [Line Items]
Vesting period	1 year
Maximum \| Long-Term Incentive Plan Units [Member] \| Dedicated or partially dedicated personnel [Member]
Significant Accounting Policies [Line Items]
Vesting period	2 years

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2024
Assets Sold under Agreements to Repurchase [Line Items]
Basis of Presentation	Basis of Presentation: The Company's unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America, or "U.S. GAAP," and Regulation S-X. The condensed consolidated financial statements include the accounts of the Company, the Operating Partnership, its subsidiaries, and variable interest entities, or "VIEs," for which the Company is deemed to be the primary beneficiary. All intercompany balances and transactions have been eliminated. The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be material. In management's opinion, all material adjustments considered necessary for a fair statement of the Company's consolidated financial statements have been included and are only of a normal recurring nature. Interim results are not necessarily indicative of the results that may be expected for the entire fiscal year. The information included in the condensed consolidated financial statements and notes thereto should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2023.
Valuation	Valuation: The Company applies ASC 820-10, Fair Value Measurement ("ASC 820") to its holdings of financial instruments. ASC 820 establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the observability of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: •Level 1—inputs to the valuation methodology are observable and reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Currently, the types of financial instruments the Company generally includes in this category are listed equities and exchange-traded derivatives; •Level 2—inputs to the valuation methodology other than quoted prices included in Level 1 are observable for the asset or liability, either directly or indirectly. Currently, the types of financial instruments that the Company generally includes in this category are RMBS, for which the principal and interest payments are guaranteed by a U.S. government agency or a U.S. government-sponsored entity, or "Agency RMBS," U.S. Treasury securities and sovereign debt, certain non-Agency RMBS, CMBS, CLOs, corporate debt, and actively traded derivatives such as interest rate swaps, foreign currency forwards, and other over-the-counter derivatives; and •Level 3—inputs to the valuation methodology are unobservable and significant to the fair value measurement. The types of financial instruments that the Company generally includes in this category are certain RMBS, CMBS, CLOs, ABS, credit default swaps, or "CDS," on individual ABS, and total return swaps on distressed corporate debt, in each case where there is less price transparency. Also included in this category are residential and commercial mortgage loans, consumer loans, reverse mortgage loans, private corporate debt and equity investments, loan commitments, loan purchase commitments, mortgage servicing rights, or "MSRs," Forward MSR-related investments, other secured borrowings, at fair value, HMBS-related obligations, at fair value, and Unsecured borrowings, at fair value. For certain financial instruments, the various inputs that management uses to measure fair value may fall into different levels of the fair value hierarchy. For each such financial instrument, the determination of which category within the fair value hierarchy is appropriate is based on the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the various inputs that management uses to measure fair value, with the highest priority given to inputs that are observable and reflect quoted prices (unadjusted) for identical assets or liabilities in active markets (Level 1), and the lowest priority given to inputs that are unobservable and significant to the fair value measurement (Level 3). The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. The Company may use valuation techniques consistent with the market and income approaches to measure the fair value of its financial instruments. The market approach uses third-party valuations and information obtained from market transactions involving identical or similar financial instruments. The income approach uses projections of the future economic benefit of an instrument to determine its fair value, such as in the discounted cash flow methodology. The inputs or methodology used for valuing financial instruments are not necessarily an indication of the risk associated with investing in these financial instruments. The leveling of each financial instrument is reassessed at the end of each period. Transfers between levels of the fair value hierarchy are assumed to occur at the end of the reporting period. Summary Valuation Techniques For financial instruments that are traded in an "active market," the best measure of fair value is the quoted market price. However, many of the Company's financial instruments are not traded in an active market. Therefore, management generally uses third-party valuations when available. If third-party valuations are not available, management uses other valuation techniques, such as the discounted cash flow methodology. The following are summary descriptions, for various categories of financial instruments, of the valuation methodologies management uses in determining fair value of the Company's financial instruments in such categories. Management utilizes such methodologies to assign a fair value (the estimated price that, in an orderly transaction at the valuation date, would be received to sell an asset, or paid to transfer a liability, as the case may be) to each such financial instrument. For mortgage-backed securities, or "MBS," forward settling to-be-announced mortgage-backed-securities, or "TBAs," CLOs, and corporate debt and equity, management seeks to obtain at least one third-party valuation, and often obtains multiple valuations when available. Management has been able to obtain third-party valuations on the vast majority of these instruments and expects to continue to solicit third-party valuations in the future. Management generally values each financial instrument at the average of third-party valuations received and not rejected as described below. Third-party valuations are not binding, management may adjust the valuations it receives (e.g., downward adjustments for odd lots), and management may challenge or reject a valuation when, based on its validation criteria, management determines that such valuation is unreasonable or erroneous. Furthermore, based on its validation criteria, management may determine that the average of the third-party valuations received for a given financial instrument does not result in what management believes to be the fair value of such instrument, and in such circumstances management may override this average with its own good faith valuation. The validation criteria may take into account output from management's own models, recent trading activity in the same or similar instruments, and valuations received from third parties. The use of proprietary models requires the use of a significant amount of judgment and the application of various assumptions including, but not limited to, assumptions concerning future prepayment rates and default rates. Given their relatively high level of price transparency, Agency RMBS pass-throughs are typically classified as Level 2. Non-Agency RMBS, CMBS, Agency interest only and inverse interest only RMBS, CLOs, and corporate bonds are generally classified as either Level 2 or Level 3 based on analysis of available market data and/or third-party valuations. The Company's investments in distressed corporate debt can be in the form of loans as well as total return swaps on loans. These investments, as well as related non-listed equity investments, are generally designated as Level 3 assets. Valuations for total return swaps are typically based on prices of the underlying loans received from third-party pricing services. Private equity investments are generally classified as Level 3. Furthermore, the methodology used by the third-party valuation providers is reviewed at least annually by management, so as to ascertain whether such providers are utilizing observable market data to determine the valuations that they provide. For residential mortgage loans, reverse mortgage loans, commercial mortgage loans, and consumer loans, management determines fair value by taking into account both external pricing data, which includes third-party valuations, and internal pricing models. Management has obtained third-party valuations on the majority of these loans and expects to continue to solicit third-party valuations in the future. In determining fair value for non-performing mortgage loans, management evaluates third-party valuations, if applicable, as well as management's estimates of the value of the underlying real estate, using information including general economic data, broker price opinions, or "BPOs," recent sales, property appraisals, and bids. In determining fair value for performing mortgage loans and consumer loans, management evaluates third-party valuations, if applicable, as well as discounted cash flows of the loans based on market assumptions. Cash flow assumptions typically include projected default and prepayment rates and loss severities, and may include adjustments based on appraisals and BPOs, and in the case of HECM reverse mortgage loans, projected future tail draws. Many adjustable-rate reverse mortgage loans provide the borrower with a line of credit that can be drawn over time, and a "tail draw" is a principal addition that results when a borrower takes such a draw, which may be securitized. Mortgage and consumer loans are classified as Level 3. The Company has elected the fair value option, or "FVO," for its HMBS-related obligations. It determines fair value by taking into account both external pricing data, which includes third-party valuations, and internal pricing models. The estimated fair value of HMBS-related obligations also includes the consideration that would be required by a market participant to transfer the HECM loan net of the related servicing, including exposure resulting from shortfalls in FHA insurance proceeds. HMBS-related obligations, at fair value are classified as Level 3. The Company has elected the FVO for its MSRs and Forward MSR-related investments. It determines fair value by taking into account both external pricing data, which includes third-party valuations, and internal pricing models. MSRs and Forward MSR-related investments are classified as Level 3. The Company has securitized certain mortgage loans, including residential mortgage loans that are not deemed "qualified mortgage," or "QM," loans under the rules of the Consumer Financial Protection Bureau, or "non-QM loans," and proprietary reverse mortgage loans. The Company's securitized loans, which include non-QM loans, certain European residential mortgage loans, and reverse mortgage loans, are held as part of a collateralized financing entity, or "CFE." A CFE is a VIE that holds financial assets, issues beneficial interests in those assets, and has no more than nominal equity, and for which the issued beneficial interests have contractual recourse only to the related assets of the CFE. ASC 810, Consolidation ("ASC 810") allows the Company to elect to measure both the financial assets and financial liabilities of the CFE using the more observable of the fair value of the financial assets and the fair value of the financial liabilities of the CFE. The Company has elected the FVO for initial and subsequent recognition of the debt issued by its consolidated securitization trusts and has determined that each consolidated securitization trust meets the definition of a CFE; see Note 13 "Securitization Transactions, —Consolidated Residential Mortgage Loan Securitizations, —Residential Mortgage Loan Securitizations—European Residential Mortgage Loans, and —Proprietary Reverse Mortgage Loan Securitizations" for further discussion on the Company's consolidated securitization trusts. The Company has determined the inputs to the fair value measurement of the financial liabilities of each of its CFEs to be more observable than those of the financial assets and, as a result, has used the fair value of the financial liabilities of each of the CFEs to measure the fair value of the financial assets of each of the CFEs. The fair value of the debt issued by each CFE is typically valued using both external pricing data, which includes third-party valuations, and internal pricing models. The securitized loans, which are assets of the consolidated CFEs, are included in Loans, at fair value, on the Company's Condensed Consolidated Balance Sheet. The debt issued by the consolidated CFEs is included in Other secured borrowings, at fair value, on the Company's Condensed Consolidated Balance Sheet. Unrealized gains (losses) from changes in fair value of Other secured borrowings, at fair value, are included in Unrealized gains (losses) on other secured borrowings, at fair value, net, on the Company's Condensed Consolidated Statement of Operations. The securitized loans and the debt issued by the Company's CFEs are both classified as Level 3. The Company has elected the FVO for its loan commitments related to reverse mortgage loans, and uses market pricing for instruments with similar characteristics in determining fair value. The valuation process incorporates various inputs, such as an estimate of the fair value of the servicing rights expected to be recorded upon sale of a loan to a third party, estimated cost to originate the loan, and the expected pull-through rate. The Company's loan commitments are classified as Level 3. The Company has elected the FVO for loan purchase commitments related to certain residential mortgage loans, and uses the agreed-upon loan purchase price with adjustments made for interest rate and credit spread movements in determining fair value. The Company's loan purchase commitments are classified as Level 3. For financial derivatives with greater price transparency, such as CDS on asset-backed indices, CDS on corporate indices, certain options on the foregoing, and total return swaps on publicly traded equities or indices, market-standard pricing sources are used to obtain valuations; these financial derivatives are generally classified as Level 2. Interest rate swaps, swaptions, and foreign currency forwards are typically valued based on internal models that use observable market data, including applicable interest rates and foreign currency rates in effect as of the measurement date; the model-generated valuations are then typically compared to counterparty valuations for reasonableness. These financial derivatives are also generally classified as Level 2. Financial derivatives with less price transparency, such as CDS on individual ABS, are generally valued based on internal models, and are classified as Level 3. In the case of CDS on individual ABS, the valuation process typically starts with an estimation of the value of the underlying ABS. In valuing its financial derivatives, the Company also considers the creditworthiness of both the Company and its counterparties, along with collateral provisions contained in each financial derivative agreement. Investments in private operating entities, such as loan originators, are valued based on available metrics, such as relevant market multiples and comparable company valuations, company specific-financial data including actual and projected results, and independent third party valuation estimates. These investments are classified as Level 3. The Company's repurchase and reverse repurchase agreements are carried at cost, which approximates fair value. Repurchase and reverse repurchase agreements are classified as Level 2, based on the adequacy of the collateral and their short term nature. The Company's valuation process, including the application of validation criteria, is directed by the Manager's Valuation Committee (the "Valuation Committee"), and overseen by the Company's audit committee. The Valuation Committee includes senior level executives from various departments within the Manager, and each quarter, the Valuation Committee reviews and approves the valuations of the Company's financial instruments. The valuation process also includes a monthly review by the Company's third-party administrator. The goal of this review is to replicate various aspects of the Company's valuation process based on the Company's documented procedures. Because of the inherent uncertainty of valuation, the estimated fair value of the Company's financial instruments may differ significantly from the values that would have been used had a ready market for the financial instruments existed, and the differences could be material to the Company's consolidated financial statements.
Accounting for Securities	Accounting for Securities: Purchases and sales of investments in securities are generally recorded on trade date, and realized and unrealized gains and losses are calculated based on identified cost. Investments in securities are recorded in accordance with ASC 320, Investments—Debt and Equity Securities ("ASC 320") or ASC 325-40, Beneficial Interests in Securitized Financial Assets ("ASC 325-40"). The Company generally classifies its securities as available-for-sale. The Company has chosen to elect the FVO pursuant to ASC 825, Financial Instruments ("ASC 825") for its investments in securities. Electing the FVO allows the Company to record changes in fair value in the Condensed Consolidated Statement of Operations, as a component of Unrealized gains (losses) on securities and loans, net, which, in management's view, more appropriately reflects the results of operations for a particular reporting period as all investment activities will be recorded in a similar manner. Many of the Company's investments in securities, such as MBS and CLOs, are issued by entities that are deemed to be VIEs. For the majority of such investments, the Company has determined it is not the primary beneficiary of such VIEs and therefore has not consolidated such VIEs. The Company's maximum risk of loss in these unconsolidated VIEs is generally limited to the fair value of the Company's investment in the VIE. The Company evaluates its investments in interest only securities to determine whether they meet the requirements for classification as financial derivatives under ASC 815, Derivatives and Hedging ("ASC 815"). For interest only securities, where the holder is entitled only to a portion of the interest payments made on the mortgages underlying certain MBS, and inverse interest only securities, which are interest only securities whose coupon has an inverse relationship to its benchmark rate, such as SOFR, the Company has determined that such investments do not meet the requirements for treatment as financial derivatives and are classified as securities. The Company applies the principles of ASU 2016-13, Financial Instruments—Credit Losses ("ASU 2016-13") and evaluates the cost basis of its investments in securities on at least a quarterly basis, under ASC 326-30, Financial Instruments—Credit Losses: Available-for-Sale Debt Securities ("ASC 326-30"). When the fair value of a security is less than its amortized cost basis as of the balance sheet date, the security's cost basis is considered impaired. The Company must evaluate the decline in the fair value of the impaired security and determine whether such decline resulted from a credit loss or non-credit related factors. In its assessment of whether a credit loss exists, the Company compares the present value of estimated future cash flows of the impaired security with the amortized cost basis of such security. The estimated future cash flows reflect those that a "market participant" would use and typically include assumptions related to fluctuations in interest rates, prepayment speeds, default rates, collateral performance, and the timing and amount of projected credit losses, as well incorporating observations of current market developments and events. Cash flows are discounted at an interest rate equal to the current yield used to accrete interest income. If the present value of estimated future cash flows is less than the amortized cost basis of the security, an expected credit loss exists and is included in Unrealized gains (losses) on securities and loans, net, on the Condensed Consolidated Statement of Operations. If it is determined as of the financial reporting date that all or a portion of a security's cost basis is not collectible, then the Company will recognize a realized loss to the extent of the adjustment to the security's cost basis. This adjustment to the amortized cost basis of the security is reflected in Net realized gains (losses) on securities and loans, net, on the Condensed Consolidated Statement of Operations.
Accounting for Loans	Accounting for Loans: The Company's loan portfolio primarily consists of residential mortgage, commercial mortgage, consumer, and reverse mortgage loans. The Company's loans are accounted for under ASC 310-10, Receivables, and are classified as held-for-investment when the Company has the intent and ability to hold such loans for the foreseeable future or to maturity/payoff. When the Company has the intent to sell loans, such loans will be classified as held-for-sale. Mortgage loans held-for-sale are accounted for under ASC 948-310, Financial services—mortgage banking. Transfers between held-for-investment and held-for-sale occur once the Company's intent to sell the loans changes. The Company may aggregate its loans into pools based on common risk characteristics at purchase. The Company has chosen to elect the FVO pursuant to ASC 825 for its loan portfolios. Loans are recorded at fair value on the Condensed Consolidated Balance Sheet and changes in fair value are recorded in earnings on the Condensed Consolidated Statement of Operations. Changes in fair value on residential mortgage, commercial mortgage, consumer, corporate loans, and propriety reverse mortgage loans are included as a component of Unrealized gains (losses) on securities and loans, net. Changes in fair value on HECM reverse mortgage loans held-for-investment is included as a component of Net change from HECM reverse mortgage loans, at fair value, on the Condensed Consolidated Statement of Operations. The Company generates income from fees on certain loans, generally reverse mortgage and commercial mortgage loans, that it originates and holds for investment, including origination, servicing, and exit fees. Such fee income is recorded when earned and included in Other, net on the Condensed Consolidated Statement of Operations. For residential and commercial mortgage loans, the Company generally accrues interest payments. Such loans are typically moved to non-accrual status if the loan becomes 90 days or more delinquent. Although reverse mortgage loans do not require monthly principal and interest payments, the terms of such loans require the borrower to occupy the property and to stay current on payment of property taxes and homeowners insurance. In the event that the borrower no longer occupies the property due to death or other circumstances or becomes delinquent on their tax or insurance payments, the loan will be classified as inactive. The Company does not accrue interest payments on its consumer loans; interest payments are recorded upon receipt. Once consumer loans are more than 120 days past due, the Company will generally charge off such loans. The Company evaluates its charged-off loans and determines collectibility, if any, on such loans. The Company evaluates the collectibility of both interest and principal on each of its loan investments and whether the cost basis of the loan is impaired. A loan's cost basis is impaired when, based on current information and market developments, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. When a loan's cost basis is impaired, the Company does not record an allowance for loan loss as it elected the FVO on all of its loan investments. Consistent with the Company's application of the principles of ASU 2016-13, in its assessment of whether a credit loss exists, the Company compares the present value of the amount expected to be collected on the impaired loan with the amortized cost basis of such loan. If the present value of the amount expected to be collected on the impaired loan is less than the amortized cost basis of such loan, an expected credit loss exists and is included in Unrealized gains (losses) on securities and loans, net, on the Condensed Consolidated Statement of Operations. If it is determined as of the financial reporting date that all or a portion of a loan's cost basis is not collectible, then the Company will recognize a realized loss to the extent of the adjustment to the loan's cost basis. This adjustment to the amortized cost basis of the loan is reflected in Realized gains (losses) on securities and loans, net, on the Condensed Consolidated Statement of Operations.
Interest Income	Interest Income: The Company generally amortizes premiums and accretes discounts on its debt securities. Coupon interest income on fixed-income investments is generally accrued based on the outstanding principal balance or notional value and the current coupon rate. For debt securities that are deemed to be of high credit quality at the time of purchase (generally Agency RMBS, exclusive of interest only securities), premiums and discounts are amortized/accreted into interest income over the life of such securities using the effective interest method. For such securities whose cash flows vary depending on prepayments, an effective yield retroactive to the time of purchase is periodically recomputed based on actual prepayments and changes in projected prepayment activity, and a catch-up adjustment, or "Catch-up Amortization Adjustment," is made to amortization to reflect the cumulative impact of the change in effective yield. For debt securities (generally non-Agency RMBS, CMBS, ABS, CLOs, and interest only securities) that are deemed not to be of high credit quality at the time of purchase, interest income is recognized based on the effective interest method. For purposes of estimating future expected cash flows, management uses assumptions including, but not limited to, assumptions for future prepayment rates, default rates, and loss severities (each of which may in turn incorporate various macro-economic assumptions, such as future housing prices, GDP growth rates, and unemployment rates). These assumptions are re-evaluated not less than quarterly. Changes in projected cash flows may result in prospective changes in the yield/interest income recognized on such securities based on the updated expected future cash flows. For each loan (including residential, commercial, and proprietary reverse mortgage loans and consumer loans) purchased with the expectation that both interest and principal will be paid in full, the Company generally amortizes or accretes any premium or discount over the life of the loan utilizing the effective interest method. However, based on current information and market developments, the Company re-assesses the collectibility of interest and principal, and generally designates a loan as in non-accrual status either when any payments have become 90 or more days past due, or when, in the opinion of management, it is probable that the Company will be unable to collect either interest or principal in full. Once a loan is designated as in non-accrual status, as long as principal is still expected to be collectible in full, interest payments are recorded as interest income only when received (i.e., under the cash basis method); accruals of interest income are only resumed when the loan becomes contractually current and performance is demonstrated to be resumed. However, if principal is not expected to be collectible in full, the cost recovery method is used (i.e., no interest income is recognized, and all payments received—whether contractually interest or principal—are applied to cost). Interest income on HECM reverse mortgage loans held-for-investment is recognized based on the stated rate of the loan. Such interest income is included on the Condensed Consolidated Statement of Operations as a component of Net change from HECM reverse mortgage loans, at fair value. For Forward MSR-related investments, the Company recognizes interest income based on the effective interest method. For purposes of estimating future expected cash flows, management uses various assumptions about the mortgage loans underlying the MSRs, including but not limited to the timing and amount of prepayments. These assumptions are re-evaluated not less than quarterly. Changes in projected cash flows may result in prospective changes in the yield/interest income recognized on such investments based on the updated expected future cash flows. Interest income on Forward MSR-related investments is included on the Condensed Consolidated Statement of Operations as a component of Interest Income. Certain of the Company's debt securities and loans, at the date of acquisition, have experienced or are expected to experience more-than-insignificant deterioration in credit quality since origination. Consistent with the Company's application of the principles of ASU 2016-13, if at the date of acquisition for a particular asset the Company projects a significant difference between contractual cash flows and expected cash flows, it establishes an initial estimate for credit losses as an upward adjustment to the acquisition cost of the asset for the purpose of calculating interest income using the effective yield method. In estimating future cash flows on the Company's debt securities, there are a number of assumptions that are subject to significant uncertainties and contingencies, including, in the case of MBS, assumptions relating to prepayment rates, default rates, loan loss severities, and loan repurchases. These estimates require the use of a significant amount of judgment.
Transfers and Servicing of Financial Assets, Servicing of Financial Assets, Policy	Mortgage Servicing Rights: MSRs represent contractual rights to perform specific administrative functions for the underlying loans including specified mortgage servicing activities, which include collecting loan payments, remitting principal and interest payments, managing escrow accounts for mortgage-related expenses such as taxes and insurance, and various other administrative tasks required to adequately service the mortgage loan portfolio. MSRs are created when the Company sells originated or purchased reverse mortgage loans but retains the servicing rights; MSRs can also be acquired in the secondary market. The Company has elected the FVO for its MSRs in accordance with ASC 860-50, Transfers and Servicing—Servicing assets and liabilities ("ASC 860-50"). Under this methodology, the Company fair values its MSRs on a recurring basis with changes in fair value recorded through earnings on the Condensed Consolidated Statement of Operations in Other, net. The Company accrues a base servicing fee for each serviced loan, typically based on the remaining outstanding principal balance of the loan and a fixed annual percentage fee, which is included in Other, net on the Condensed Consolidated Statement of Operations. Costs of servicing and ancillary fees are recognized as incurred or earned, and are included in Servicing expense on the Condensed Consolidated Statement of Operations.
Loan Commitment Policy	Loan Commitments: The Company's loan commitments relate to certain reverse mortgage loans extended to borrowers. The Company has elected the FVO for its loan commitments which are included in Loan commitments, at fair value on the Condensed Consolidated Balance Sheet. Changes in the fair value of the Company's loan commitments are included in Other, net on the Condensed Consolidated Statement of Operations.
Investments in Unconsolidated Entities	Investments in unconsolidated entities: The Company has made and may in the future make non-controlling equity investments in various entities, such as loan originators. Such investments are generally in the form of preferred and/or common equity, or membership interests. In certain cases, the Company can exercise significant influence over the entity (e.g. by having representation on the entity's board of directors) but the requirements for consolidation under ASC 810 are not met; in such cases the Company is required to account for such equity investments under ASC 323-10, Investments—Equity Method and Joint Ventures ("ASC 323-10"). The Company has chosen to elect the FVO pursuant to ASC 825 for its investments in unconsolidated entities, which, in management's view, more appropriately reflects the results of operations for a particular reporting period, as all investment activities will be recorded in a similar manner. The period change in fair value of the Company's investments in unconsolidated entities is recorded on the Condensed Consolidated Statement of Operations in Earnings (losses) from investments in unconsolidated entities.
REO	Real Estate Owned "REO": When the Company obtains possession of real property in connection with a foreclosure or similar action, the Company de-recognizes the associated mortgage loan according to ASU 2014-04, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure ("ASU 2014-04"). Under the provisions of ASU 2014-04, the Company is deemed to have received physical possession of real estate property collateralizing a mortgage loan when it obtains legal title to the property upon completion of a foreclosure or when the borrower conveys all interest in the property to it through a deed in lieu of foreclosure or similar legal agreement. The Company's initial cost basis in REO is equal to the fair value of the real estate associated with the foreclosed mortgage loan, less expected costs to sell. REO valuations are reflected at the lower of cost or fair value. The fair value of such REO is typically based on management's estimates which generally use information including general economic data, BPOs, recent sales, property appraisals, and bids, and takes into account the expected costs to sell the property. REO recorded at fair value on a non-recurring basis are classified as Level 3.
Securities Sold Short	Securities Sold Short: The Company may purchase or engage in short sales of U.S. Treasury securities and sovereign debt to mitigate the potential impact of changes in interest rates and/or foreign exchange rates on the performance of its portfolio. When the Company sells securities short, it typically satisfies its security delivery settlement obligation by borrowing or purchasing the security sold short from the same or a different counterparty. When borrowing a security sold short from a counterparty, the Company generally is required to deliver cash or securities to such counterparty as collateral for the Company's obligation to return the borrowed security. The Company has chosen to elect the FVO pursuant to ASC 825 for its securities sold short. Electing the FVO allows the Company to record changes in fair value in the Condensed Consolidated Statement of Operations, which, in management's view, more appropriately reflects the results of operations for a particular reporting period as all securities activities will be recorded in a similar manner. As such, securities sold short are recorded at fair value on the Condensed Consolidated Balance Sheet and the period change in fair value is recorded in current period earnings on the Condensed Consolidated Statement of Operations as a component of Unrealized gains (losses) on securities and loans, net. A realized gain or loss will be recognized upon the termination of a short sale if the market price is less or greater than the original sale price. Such realized gain or loss is recorded on the Company's Condensed Consolidated Statement of Operations in Realized gains (losses) on securities and loans, net.
Financial Derivatives	Financial Derivatives: The Company enters into various types of financial derivatives subject to its investment guidelines, which include restrictions associated with maintaining qualification as a REIT. The Company's financial derivatives are predominantly subject to bilateral master trade agreements or clearing in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, or the "Dodd-Frank Act." The Company may be required to deliver or receive cash or securities as collateral upon entering into derivative transactions. In addition, changes in the value of derivative transactions may require the Company or the counterparty to post or receive additional collateral. In the case of cleared derivatives, the clearinghouse becomes the Company's counterparty and a futures commission merchant acts as an intermediary between the Company and the clearinghouse with respect to all facets of the related transaction, including the posting and receipt of required collateral. Cash collateral received by the Company is included in Due to brokers, on the Condensed Consolidated Balance Sheet. Conversely, cash collateral posted by the Company is included in Due from brokers, on the Condensed Consolidated Balance Sheet. The types of derivatives primarily utilized by the Company are swaps, TBAs, futures, options, and forwards. Swaps: The Company may enter into various types of swaps, including interest rate swaps, credit default swaps, and total return swaps. The primary risk associated with the Company's interest rate swap activity is interest rate risk. The primary risk associated with the Company's credit default swaps and total return swaps is credit risk. The Company is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Primarily to help mitigate interest rate risk, the Company enters into interest rate swaps. Interest rate swaps are contractual agreements whereby one party pays a floating interest rate on a notional principal amount and receives a fixed-rate payment on the same notional principal, or vice versa, for a fixed period of time. Interest rate swaps change in value with movements in interest rates. The Company also enters into interest rate swaps whereby the Company pays one floating rate and receives a different floating rate, or "basis swaps." The Company enters into credit default swaps. A credit default swap is a contract under which one party agrees to compensate another party for the financial loss associated with the occurrence of a "credit event" in relation to a "reference amount" or notional value of a "reference asset" (usually a bond or an index or basket of bonds). The definition of a credit event may vary from contract to contract. A credit event may occur (i) when the reference asset (or underlying asset, in the case of a reference asset that is an index or basket) fails to make scheduled principal or interest payments to its holders, (ii) with respect to credit default swaps referencing mortgage/asset-backed securities and indices, when the reference asset (or underlying asset, in the case of a reference asset that is an index or basket) is downgraded below a certain rating level, or (iii) with respect to credit default swaps referencing corporate entities and indices, upon the bankruptcy of the obligor of the reference asset (or underlying obligor, in the case of a reference asset that is an index). The Company typically writes (sells) protection to take a "long" position with respect to the underlying reference assets, or purchases (buys) protection to take a "short" position with respect to the underlying reference assets or to hedge exposure to other investment holdings. The Company enters into total return swaps in order to take a "long" or "short" position with respect to an underlying reference asset. The Company is subject to market price volatility of the underlying reference asset. A total return swap involves commitments to pay interest in exchange for a market-linked return based on a notional value. To the extent that the total return of the corporate debt, security, group of securities or index underlying the transaction exceeds or falls short of the offsetting interest obligation, the Company will receive a payment from or make a payment to the counterparty. Swaps change in value with movements in interest rates, credit quality, or total return of the reference securities. During the term of swap contracts, changes in value are recognized as unrealized gains or losses on the Condensed Consolidated Statement of Operations. When a contract is terminated, the Company realizes a gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Company's basis in the contract, if any. Periodic payments or receipts required by swap agreements are recorded as unrealized gains or losses when accrued and realized gains or losses when received or paid. Upfront payments paid and/or received by the Company to open swap contracts are recorded as an asset and/or liability on the Condensed Consolidated Balance Sheet and are recorded as a realized gain or loss on the termination date. TBA Securities: The Company transacts in the forward settling TBA market. A TBA position is a forward contract for the purchase ("long position") or sale ("short position") of Agency RMBS at a predetermined price, face amount, issuer, coupon, and maturity on an agreed-upon future delivery date. For each TBA contract and delivery month, a uniform settlement date for all market participants is determined by the Securities Industry and Financial Markets Association. The specific Agency RMBS to be delivered into the contract at the settlement date are not known at the time of the transaction. The Company usually does not take delivery of TBAs, but rather enters into offsetting transactions and settles the associated receivable and payable balances with its counterparties. The Company uses TBAs to mitigate interest rate risk, usually by taking short positions. The Company also invests in TBAs as a means of acquiring additional exposure to Agency RMBS, or for speculative purposes, including holding long positions. TBAs are accounted for by the Company as financial derivatives. The difference between the forward contract price and the market value of the TBA position as of the reporting date is included in Unrealized gains (losses) on financial derivatives, net, on the Condensed Consolidated Statement of Operations. Futures Contracts: A futures contract is an exchange-traded agreement to buy or sell an asset for a set price on a future date. The Company enters into Eurodollar and/or U.S. Treasury security futures contracts to hedge its interest rate risk. The Company may also enter into various other futures contracts, including equity index futures and foreign currency futures. Initial margin deposits are made upon entering into futures contracts and can generally be either in the form of cash or securities. During the period the futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by marking-to-market to reflect the current market value of the contract. Variation margin payments are made or received periodically, depending upon whether unrealized losses or gains are incurred. When the contract is closed, the Company records a realized gain or loss equal to the difference between the proceeds of the closing transaction and the Company's basis in the contract. Options: The Company may purchase or write put or call options contracts or enter into swaptions. The Company enters into options contracts typically to help mitigate overall market, credit, or interest rate risk depending on the type of options contract. However, the Company also enters into options contracts from time to time for speculative purposes. When the Company purchases an options contract, the option asset is initially recorded at an amount equal to the premium paid, if any, and is subsequently marked-to-market. Premiums paid for purchasing options contracts that expire unexercised are recognized on the expiration date as realized losses. If an options contract is exercised, the premium paid is subtracted from the proceeds of the sale or added to the cost of the purchase to determine whether the Company has realized a gain or loss on the related transaction. When the Company writes an options contract, the option liability is initially recorded at an amount equal to the premium received, if any, and is subsequently marked-to-market. Premiums received for writing options contracts that expire unexercised are recognized on the expiration date as realized gains. If an options contract is exercised, the premium received is subtracted from the cost of the purchase or added to the proceeds of the sale to determine whether the Company has realized a gain or loss on the related investment transaction. When the Company enters into a closing transaction, the Company will realize a gain or loss depending upon whether the amount from the closing transaction is greater or less than the premiums paid or received. The Company may also enter into options contracts that contain forward-settling premiums. In this case, no money is exchanged upfront. Instead, the agreed-upon premium is paid by the buyer upon expiration of the option, regardless of whether or not the option is exercised. Forward Currency Contracts: A forward currency contract is an agreement between two parties to purchase or sell a specific quantity of currency with the delivery and settlement at a specific future date and exchange rate. During the period the forward currency contract is open, changes in the value of the contract are recognized as unrealized gains or losses. When the contract is settled, the Company records a realized gain or loss equal to the difference between the proceeds of the closing transaction and the Company's basis in the contract. Financial derivative assets are included in Financial derivatives—assets, at fair value, on the Condensed Consolidated Balance Sheet. Financial derivative liabilities are included in Financial derivatives—liabilities, at fair value, on the Condensed Consolidated Balance Sheet. The Company has chosen to elect the FVO pursuant to ASC 825 for its financial derivatives. Electing the FVO allows the Company to record changes in fair value in the Condensed Consolidated Statement of Operations, which, in management's view, more appropriately reflects the results of operations for a particular reporting period as all securities activities will be recorded in a similar manner. Changes in unrealized gains and losses on financial derivatives are included in Unrealized gains (losses) on financial derivatives, net, on the Condensed Consolidated Statement of Operations. Realized gains and losses on financial derivatives are included in Realized gains (losses) on financial derivatives, net, on the Condensed Consolidated Statement of Operations.
Goodwill and Intangible Assets, Intangible Assets, Policy	Intangible Assets: In connection with the Longbridge Transaction, the Company acquired intangible assets including internally developed software of Longbridge, trademarks, customer relationships, and non-compete agreements for various Longbridge employees. Intangible assets are amortized over their expected useful lives on a straight-line basis. See Note 11 for additional details on the Company's intangible assets.
Cash and Cash Equivalents	Cash and Cash Equivalents: Cash and cash equivalents include cash and short term investments with original maturities of three months or less at the date of acquisition. Cash and cash equivalents typically include amounts held in interest bearing overnight accounts and amounts held in money market funds, and these balances generally exceed insured limits. The Company holds its cash at institutions that it believes to be highly creditworthy. Restricted cash represents cash that the Company can use only for specific purposes.
Transfers of Financial Assets	Transfers of Financial Assets: The Company enters into transactions whereby it transfers financial assets to third parties. Upon such a transfer of financial assets, the Company will sometimes retain or acquire interests in the related assets. The Company evaluates transferred assets pursuant to ASC 860-10, Transfers of Financial Assets, or "ASC 860-10," which requires that a determination be made as to whether a transferor has surrendered control over transferred financial assets. That determination must consider the transferor's continuing involvement in the transferred financial asset, including all arrangements or agreements made contemporaneously with, or in contemplation of, the transfer, even if they were not entered into at the time of the transfer. When a transfer of financial assets does not qualify as a sale, ASC 860-10 requires the transfer to be accounted for as a secured borrowing with a pledge of collateral. ASC 860-10 is a standard that requires the Company to exercise significant judgment in determining whether a transaction should be recorded as a "sale" or a "financing."
Variable Interest Entities	Variable Interest Entities: VIEs are entities in which: (i) the equity investors do not have the characteristics of a controlling financial interest, or (ii) there is insufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties. Consolidation of a VIE is required by the entity that is deemed to be the primary beneficiary of the VIE. The Company evaluates all of its interests in VIEs for consolidation under ASC 810. The primary beneficiary is generally the party with both (i) the power to direct the activities of the VIE that most significantly impact its economic performance, and (ii) the obligation to absorb losses and the right to receive benefits from the VIE which could be potentially significant to the VIE. When the Company has an interest in an entity that has been determined to be a VIE, the Company assesses whether it is deemed to be the primary beneficiary of the VIE. The Company will only consolidate a VIE for which it has concluded it is the primary beneficiary. To assess whether the Company has the power to direct the activities of a VIE that most significantly impact the VIE's economic performance, the Company considers all facts and circumstances, including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes (i) identifying the activities that most significantly impact the VIE's economic performance; and (ii) identifying which party, if any, has power over those activities. To assess whether the Company has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, it considers all of its economic interests, including debt and/or equity investments, as well as other arrangements deemed to be variable interests in the VIE. These assessments to determine whether the Company is the primary beneficiary require significant judgment. In instances where the Company and its related parties have interests in a VIE, the Company considers whether there is a single party in the related party group that meets the criteria to be deemed the primary beneficiary. If one party within the related party group meets such criteria, that reporting entity would be deemed to be the primary beneficiary of the VIE and no further analysis is needed. If no party within the related party group on its own meets the criteria to be deemed the primary beneficiary, but the related party group as a whole meets such criteria, the determination of the primary beneficiary within the related party group requires significant judgment. The Company performs analysis, which is based upon qualitative as well as quantitative factors, such as the relationship of the VIE to each of the members of the related party group, as well as the significance of the VIE's activities to those members, with the objective of determining which party is most closely associated with the VIE. The Company performs ongoing reassessments of (i) whether any entities previously evaluated have become VIEs, based on certain events, and therefore subject to assessment to determine whether consolidation is appropriate, and (ii) whether changes in the facts and circumstances regarding the Company's involvement with a VIE causes its consolidation conclusion regarding the VIE to change. See Note 12, Note 13, and Note 16 for further information on the Company's investments in VIEs. The Company's maximum amount at risk is generally limited to the Company's investment in the VIE. The Company is generally not contractually required to provide and has not provided any form of financial support to the VIEs. The Company holds beneficial interests in certain securitization trusts that are considered VIEs. The beneficial interests in these securitization trusts are represented by certificates issued by the trusts. The securitization trusts have been structured as pass-through entities that receive principal and interest payments on the underlying collateral and distribute those payments to the certificate holders, which include both third-party investors and the Company. The certificates held by the Company typically include some or all of the most subordinated tranches. The assets held by the trusts are restricted in that they can only be used to fulfill the obligations of the related trust. In certain cases, the design and structure of the securitization trust is such that the Company effectively retains control of the assets as well as the activities that most significantly impact the economic performance of the trust. In such cases, the Company is determined to be the primary beneficiary, and the Company consolidates the trust and all intercompany transactions are eliminated in consolidation. In cases where the Company does not effectively retain control of the assets of, or have the power to direct the activities that most significantly impact the economic performance of, the related trust, it does not consolidate the trust. See Note 13 for further discussion of the Company's securitization trusts.
Offering Costs/Underwriters' Discount	Offering Costs/Underwriters' Discount: Offering costs and underwriters' discount are generally charged against stockholders' equity upon the completion of a capital raise. Offering costs typically include legal, accounting, and other fees associated with the cost of raising capital.
Debt Issuance Costs	Debt Issuance Costs: Debt issuance costs associated with debt for which the Company has elected the FVO are expensed at the issuance of the debt, and are included in Investment related expenses—Other on the Condensed Consolidated Statement of Operations. Costs associated with the issuance of debt for which the Company has not elected the FVO are deferred and amortized over the life of the debt, which approximates the effective interest rate method, and are included in Interest expense on the Condensed Consolidated Statement of Operations. Deferred debt issuance costs are presented on the Condensed Consolidated Balance Sheet as a direct deduction from the related debt liability, unless such deferred debt issuance costs are associated with borrowing facilities that are expected to have a future benefit, such as giving the Company the ability to access additional borrowings over the contractual term of the debt, in which case such deferred debt issuance costs are included in Other assets on the Condensed Consolidated Balance Sheet. Debt issuance costs include legal and accounting fees, purchasers' or underwriters' discount, as well as other fees associated with the cost of the issuance of the related debt.
Expenses	Expenses: Expenses are recognized as incurred on the Condensed Consolidated Statement of Operations.
Lessee, Leases	Leases: The Company accounts for its leases under ASU 842, Leases, "ASC 842," using a right-of-use, or "ROU," model, which recognizes that, at the date of commencement, a lessee has a financial obligation to make lease payments to the lessor for the right to use the underlying asset during the lease term. For each lease with a term greater than one year the Company recognizes a ROU asset as well as a lease liability, which is included in Other assets and Accrued expenses and other liabilities, respectively, on the Condensed Consolidated Balance Sheet. Operating lease liabilities and their corresponding ROU assets are recorded based on the present value of lease payments over the expected remaining lease term. The interest rate implicit in lease contracts is typically not readily determinable, and as a result, the Company utilizes an incremental borrowing rate, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments for a similar term. Lease expense for lease payments is recognized on a straight-line basis over the lease term.
Investment Related Expenses	Investment Related Expenses: Investment related expenses consist of expenses directly related to specific financial instruments. Such expenses generally include dividend expense on common stock sold short, servicing fees and corporate and escrow advances on mortgage and consumer loans, loan origination fees, and various other expenses and fees related directly to the Company's financial instruments. The Company has elected the FVO for its investments, and as a result all investment related expenses are expensed as incurred and included in Investment related expenses on the Condensed Consolidated Statement of Operations.
Investment Related Receivables [Policy Text Block]	Investment Related Receivables: Investment related receivables on the Company's Condensed Consolidated Balance Sheet includes receivables for securities sold and interest and principal receivable on securities and loans.
LTIP Units	Long Term Incentive Plan Units: Long term incentive plan units of the Operating Partnership ("OP LTIP Units") have been issued to certain Ellington personnel dedicated or partially dedicated to the Company, certain of the Company's directors, as well as the Manager. Costs associated with OP LTIP Units issued to dedicated or partially dedicated personnel, or to the Company's directors, are measured as of the grant date based on the Company's closing stock price on the New York Stock Exchange, or the "NYSE," and are amortized over the vesting period in accordance with ASC 718-10, Compensation—Stock Compensation. The vesting periods for OP LTIP Units are typically one year from issuance for non-executive directors, and are typically one year to two years from issuance for dedicated or partially dedicated personnel.
Non-controlling interest	Non-controlling interests: Non-controlling interests include interests in the Operating Partnership represented by units convertible into shares of the Company's common stock ("Convertible Non-controlling Interests"). Convertible Non-controlling Interests include both the OP LTIP Units and those common units ("OP Units") of the Operating Partnership not held by the Company (collectively, the "Convertible Non-controlling Interest Units"). Non-controlling interests also include the interests of joint venture partners in certain of the Company's consolidated subsidiaries. The joint venture partners' interests are not convertible into shares of the Company's common stock. The Company adjusts the Convertible Non-controlling Interests to align their carrying value with their share of total outstanding Operating Partnership units, including both the OP Units held by the Company and the Convertible Non-controlling Interests. Any such adjustments are reflected in Adjustment to non-controlling interests, on the Condensed Consolidated Statement of Changes in Equity. Prior to September 30, 2024, non-controlling interests also include a minority ownership stake of Longbridge by employees of Longbridge. See Note 18 for further discussion of non-controlling interests.
Dividends	Dividends: Dividends payable on shares of common stock and Convertible Non-controlling Interest Units are recorded on the declaration date. Dividends on shares of preferred stock are accrued daily based on contractual rates.
Shares Repurchased	Shares Repurchased: Shares of common stock that are repurchased by the Company subsequent to issuance are immediately retired upon settlement and decrease the total number of shares of common stock issued and outstanding. The cost of such repurchases is charged against Additional paid-in-capital on the Company's Condensed Consolidated Balance Sheet.
Earnings Per Share ("EPS")	Earnings Per Share ("EPS"): Basic EPS is computed using the two class method by dividing net income (loss) after adjusting for the impact of Convertible Non-controlling Interests which are participating securities, by the weighted average number of shares of common stock outstanding calculated including Convertible Non-controlling Interests. Because the Company's Convertible Non-controlling Interests are participating securities, they are included in the calculation of both basic and diluted EPS.
Foreign Currency	Foreign Currency: The functional currency of the Company is U.S. dollars. Assets and liabilities denominated in foreign currencies are remeasured into U.S. dollars at current exchange rates at the following dates: (i) assets, liabilities, and unrealized gains/losses—at the valuation date; and (ii) income, expenses, and realized gains/losses—at the accrual/transaction date. The Company isolates the portion of realized and change in unrealized gain (loss) resulting from changes in foreign currency exchange rates on investments and financial derivatives from the fluctuations arising from changes in fair value of investments and financial derivatives held. Changes in realized and change in unrealized gain (loss) due to foreign currency are included in Other, net, on the Condensed Consolidated Statement of Operations. The Company's reporting currency is U.S. Dollars. If the Company has investments in unconsolidated entities that have a functional currency other than U.S. Dollars, the fair value is translated to U.S. dollars using the current exchange rate at the valuation date. The cumulative remeasurement adjustment, if any, associated with the Company's investments in unconsolidated entities is recorded in accumulated other comprehensive income (loss), a component of consolidated stockholders' equity.
Income Taxes	Income Taxes: The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Code. As a REIT, the Company is generally not subject to federal and state income tax to the extent it distributes its taxable income to its stockholders within the prescribed timeframes. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including distributing at least 90% of its annual taxable income to stockholders. Even if the Company qualifies as a REIT, it may be subject to certain federal, state, local, and foreign taxes on its income and property. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal, state, and local income taxes and may be precluded from qualifying as a REIT for the four taxable years following the year in which the Company fails to qualify as a REIT. As a REIT, if the Company fails to distribute in any calendar year (subject to specific timing rules for deficiency dividends) at least the sum of (i) 85% of its ordinary income for such year, (ii) 95% of its capital gain net income for such year, and (iii) any undistributed taxable income from the prior year, the Company would be subject to a non-deductible 4% federal excise tax on the excess of such required distribution over the sum of (i) the amounts actually distributed and (ii) the amounts of income retained and on which the Company has paid corporate income tax. The Company elected to treat certain domestic and foreign subsidiaries as TRSs, and may elect to treat other current or future subsidiaries as TRSs. In general, a TRS may hold assets and engage in any real estate or non-real estate-related activities that the Company cannot hold or engage in directly. A domestic TRS may, but is not required to, declare dividends to the Company; such dividends will be included in the Company's taxable income/(loss) and may necessitate a distribution to the Company's stockholders. Conversely, if the Company retains earnings at the level of a domestic TRS, such earnings will increase the book equity of the consolidated entity. A domestic TRS is subject to U.S. federal, state, and local corporate income taxes. The Company has elected and may elect in the future to treat certain of its foreign corporate subsidiaries as TRSs and, accordingly, taxable income generated by these TRSs may not be subject to U.S. federal, state, and local corporate income taxation, but generally will be included in the Company's income on a current basis as Subpart F income, whether or not distributed. The Company's foreign subsidiaries may be subject to income taxes in their relevant foreign jurisdictions. The Company's financial results are generally not expected to reflect provisions for current or deferred income taxes, except for any activities conducted through one or more TRSs that are subject to corporate income taxation. The Company follows the authoritative guidance on accounting for and disclosure of uncertainty on tax positions, which requires management to determine whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. For uncertain tax positions, the tax benefit to be recognized is measured as the largest amount of benefit that is more than 50% likely to be realized upon ultimate settlement. The Company did not have any unrecognized tax benefits resulting from tax positions related to the current period or its open tax years (2020, 2021, 2022, and 2023). In the normal course of business, the Company may be subject to examination by federal, state, local, and foreign jurisdictions, where applicable, for the current period and its open tax years. The Company may take positions with respect to certain tax issues which depend on legal interpretation of facts or applicable tax regulations. Should the relevant tax regulators successfully challenge any of such positions, the Company might be found to have a tax liability that has not been recorded in the accompanying consolidated financial statements. Also, management's conclusions regarding the authoritative guidance may be subject to review and adjustment at a later date based on changing tax laws, regulations, and interpretations thereof. The Company recognizes interest and penalties, if any, related to uncertain tax positions, as income tax expense included in Income tax expense (benefit) on the Condensed Consolidated Statement of Operations.
Business Combinations Policy	Business Combinations: In accordance with ASC 805, Business Combinations ("ASC 805"), the Company applies the acquisition method to transactions in which it obtains control over one or more other businesses. Assets acquired and liabilities assumed are measured at fair value as of the acquisition date. Goodwill is recognized if the consideration transferred exceeds the fair value of the net assets acquired. Alternatively, a bargain purchase gain is recognized if the fair value of the net assets acquired exceeds the consideration transferred.
Recent Accounting Pronouncements	(AG) Recent Accounting Pronouncements: In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures ("ASU 2023-09") which requires disaggregated information about a reporting entities effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. ASU 2023-09 will be applied on a prospective basis with the option to apply ASU 2023-09 retrospectively. ASU 2023-09 is not expected to have a material impact on the Company's consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures ("ASU 2023-07") which requires incremental disclosures related to an entity's reportable segments, including identifying significant segment expense categories and any multiple measures of segment profit or loss used by the CODM. Additionally, ASU 2023-07 provides further guidance on interim reporting, disclosures required by entities with a single reportable segment, and recasting of previously reported segment information. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024, with early adoption permitted. ASU 2023-07 will be applied on a retrospective basis unless it is impracticable to do so. ASU 2023-07 is not expected to have a material impact on the Company's consolidated financial statements.
Loan purchase commitments	Loan Purchase Commitments: The Company's loan purchase commitments relate to commitments to purchase certain residential mortgage loans originated by third parties. The Company has elected the FVO for certain of its loan purchase commitments which are included in Other Assets on the Condensed Consolidated Balance Sheet. Changes in the fair value of such loan purchase commitments are included in Other, net on the Condensed Consolidated Statement of Operations.
Financial Assets Sold under Agreement to Repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase and Resale Agreements	Repurchase Agreements: The Company enters into repurchase agreements with third-party broker-dealers whereby it sells securities under agreements to be repurchased at an agreed-upon price and date. The Company accounts for repurchase agreements as collateralized borrowings, with the initial sale price representing the amount borrowed, and with the future repurchase price consisting of the amount borrowed plus interest, at the implied interest rate of the repurchase agreement, on the amount borrowed over the term of the repurchase agreement. The interest rate on a repurchase agreement is based on competitive rates (or competitive market spreads, in the case of agreements with floating interest rates) at the time such agreement is entered into. When the Company enters into a repurchase agreement, the lender establishes and maintains an account containing cash and/or securities having a value not less than the repurchase price, including accrued interest, of the repurchase agreement. Repurchase agreements are carried at their contractual amounts, which approximate fair value as the debt is short-term in nature.
Securities Purchased under Agreements to Resell [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase and Resale Agreements	Reverse Repurchase Agreements: The Company enters into reverse repurchase agreement transactions whereby it purchases securities under agreements to resell at an agreed-upon price and date. In general, securities received pursuant to reverse repurchase agreements are delivered to counterparties of short sale transactions. The interest rate on a reverse repurchase agreement is based on competitive rates (or competitive market spreads, in the case of agreements with floating interest rates) at the time such agreement is entered into. Assets held pursuant to reverse repurchase agreements are reflected as assets on the Condensed Consolidated Balance Sheet. Reverse repurchase agreements are carried at their contractual amounts, which approximates fair value due to their short-term nature. Repurchase and reverse repurchase agreements that are conducted with the same counterparty may be reported on a net basis if they meet the requirements of ASC 210-20, Balance Sheet Offsetting. There are no repurchase and reverse repurchase agreements reported on a net basis in the Company's consolidated financial statements.

Segment Reporting Operating Profit and Loss by Segment (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Interest income	$ 107,281			$ 96,216			$ 309,272	$ 271,482
Interest expense	(73,654)			(68,702)			(210,993)	(191,752)
Noninterest Income	33,351			26,220			135,396	112,559
Operating Expenses	(50,924)			(39,452)			(137,564)	(119,986)
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	16,054			14,282			96,111	72,303
Income tax expense (benefit)	12			224			214	328
Earnings (losses) from investments in unconsolidated entities	7,281			(978)			21,549	(3,403)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	23,323	$ 60,072	$ 34,051	13,080	$ 10,739	$ 44,753	117,446	68,572
Net income (loss) attributable to non-controlling interests	315			509			1,697	3,090
Dividends on preferred stock	6,833			5,980			20,312	17,077
Net income (loss) attributable to common stockholders	16,175			6,591			95,437	48,405
Depreciation	314			149			1,156	859
Investment Portfolio Segment
Segment Reporting Information [Line Items]
Interest income	91,158			89,445			271,352	254,932
Interest expense	(55,302)			(58,045)			(166,241)	(164,388)
Noninterest Income	6,542			(11,969)			44,203	12,314
Operating Expenses	(5,564)			(3,771)			(14,019)	(11,140)
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	36,834			15,660			135,295	91,718
Income tax expense (benefit)	0			0			0	0
Earnings (losses) from investments in unconsolidated entities	7,281			(978)			21,549	(3,403)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	44,115			14,682			156,844	88,315
Net income (loss) attributable to non-controlling interests	116			438			684	2,522
Dividends on preferred stock	0			0			0	0
Net income (loss) attributable to common stockholders	43,999			14,244			156,160	85,793
Depreciation	0			0			0	0
Longbridge Segment
Segment Reporting Information [Line Items]
Interest income	14,600			5,190			32,606	11,862
Interest expense	(13,861)			(7,540)			(31,034)	(18,003)
Noninterest Income	30,621			31,752			98,658	95,779
Operating Expenses	(33,811)			(25,319)			(89,719)	(76,583)
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	(2,451)			4,083			10,511	13,055
Income tax expense (benefit)	0			0			0	0
Earnings (losses) from investments in unconsolidated entities	0			0			0	0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(2,451)			4,083			10,511	13,055
Net income (loss) attributable to non-controlling interests	39			(12)			76	(35)
Dividends on preferred stock	0			0			0	0
Net income (loss) attributable to common stockholders	(2,490)			4,095			10,435	13,090
Depreciation	314			149			1,156	859
Corporate and Other
Segment Reporting Information [Line Items]
Interest income	1,523			1,581			5,314	4,688
Interest expense	(4,491)			(3,117)			(13,718)	(9,361)
Noninterest Income	(3,812)			6,437			(7,465)	4,466
Operating Expenses	(11,549)			(10,362)			(33,826)	(32,263)
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	(18,329)			(5,461)			(49,695)	(32,470)
Income tax expense (benefit)	12			224			214	328
Earnings (losses) from investments in unconsolidated entities	0			0			0	0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(18,341)			(5,685)			(49,909)	(32,798)
Net income (loss) attributable to non-controlling interests	160			83			937	603
Dividends on preferred stock	6,833			5,980			20,312	17,077
Net income (loss) attributable to common stockholders	(25,334)			(11,748)			(71,158)	(50,478)
Depreciation	$ 0			$ 0			$ 0	$ 0

Long-Term Incentive Plan Units (Roll-Forward of Company's LTIP Units Outstanding) (Details) - Long-Term Incentive Plan Units [Member] - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
LTIP Units Outstanding, beginning of period	788,695	769,573	748,955	769,573
Granted	33,512	0	73,252	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	(7,657)	(6,199)	(7,657)	(6,199)
LTIP Units Outstanding, end of period	814,550	763,374	814,550	763,374
OP LTIP Units Unvested and Outstanding end of period	127,633	88,819	127,633	88,819
OP LTIP Units Vested and Outstanding end of period	686,917	674,555	686,917	674,555
Manager [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
LTIP Units Outstanding, beginning of period	365,518	365,518	365,518	365,518
Granted	0	0	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	0	0	0	0
LTIP Units Outstanding, end of period	365,518	365,518	365,518	365,518
OP LTIP Units Unvested and Outstanding end of period	0	0	0	0
OP LTIP Units Vested and Outstanding end of period	365,518	365,518	365,518	365,518
Non-Manager [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
LTIP Units Outstanding, beginning of period	423,177	404,055	383,437	404,055
Granted	33,512	0	73,252	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	(7,657)	(6,199)	(7,657)	(6,199)
LTIP Units Outstanding, end of period	449,032	397,856	449,032	397,856
OP LTIP Units Unvested and Outstanding end of period	127,633	88,819	127,633	88,819
OP LTIP Units Vested and Outstanding end of period	321,399	309,037	321,399	309,037

(Schedule of Restricted Cash) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Restricted Cash [Line Items]
Restricted cash	$ 10.6	$ 1.6

Other Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	$ 3,300		$ 3,300
Finite-Lived Intangible Assets, Accumulated Amortization	(1,003)		(627)
Intangible Assets, Net (Excluding Goodwill)	2,297	$ 2,422	2,673	$ 2,798	$ 2,924	$ 3,275
Software and Software Development Costs
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	1,400		1,400
Finite-Lived Intangible Assets, Accumulated Amortization	(933)		(583)
Intangible Assets, Net (Excluding Goodwill)	$ 467		$ 817
Finite-Lived Intangible Asset, Useful Life	36 months		36 months
Trademarks and Trade Names
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	$ 1,200		$ 1,200
Finite-Lived Intangible Assets, Accumulated Amortization	0		0
Intangible Assets, Net (Excluding Goodwill)	1,200		1,200
Customer Relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	700		700
Finite-Lived Intangible Assets, Accumulated Amortization	(70)		(44)
Intangible Assets, Net (Excluding Goodwill)	$ 630		$ 656
Finite-Lived Intangible Asset, Useful Life	240 months		240 months

Investment in Loans (Schedule of Residential Mortgage Loans) (Details) - USD ($)
$ in Thousands

9 Months Ended

12 Months Ended

Sep. 30, 2024

Dec. 31, 2023

$ 13,136,499

$ 12,164,019

(409,587)

(310,544)

^[1],[2]

$ 13,519,786

$ 12,306,636

Accounts, Notes, Loans and Financing Receivable [Line Items]

4.19%

4.78%

6.12%

5.71%

5 years 11 months 23 days

5 years 5 months 1 day

Accounts, Notes, Loans and Financing Receivable [Line Items]

$ 3,720,774

$ 3,305,757

Residential mortgage loans | Non-performing

43,546

3,764,320

18,610

(164,697)

3,618,233

3,093,912

Accounts, Notes, Loans and Financing Receivable [Line Items]

216,269

127,085

Residential mortgage loans | Weighted Average

$ 207,043

119,524

Accounts, Notes, Loans and Financing Receivable [Line Items]

7.71%

6.68%

Consolidated securitization trusts [Member] | Residential mortgage loans

4 years 10 days

Accounts, Notes, Loans and Financing Receivable [Line Items]

Loans held-for-investment [Member] | Residential mortgage loans

$ 148,600

228,000

Accounts, Notes, Loans and Financing Receivable [Line Items]

3,482,634

3,305,757

34,360

37,831

Amortized Cost

3,516,994

3,343,588

11,533

5,554

(164,371)

(255,230)

Loans held-for-investment [Member] | Residential mortgage loans | Weighted Average

$ 3,364,156

$ 3,093,912

Accounts, Notes, Loans and Financing Receivable [Line Items]

7.70%

7.17%

6.69%

6.77%

Loans held-for-sale | Residential mortgage loans

3 years 11 months 12 days

4 years 2 months 1 day

Accounts, Notes, Loans and Financing Receivable [Line Items]

$ 238,140

Loans held-for-sale | Residential mortgage loans | Weighted Average

9,186

247,326

7,077

(326)

$ 254,077

Accounts, Notes, Loans and Financing Receivable [Line Items]

7.96%

6.64%

Non-QM loan securitization | Residential mortgage loans | Consolidated Entities [Member] | Securitized loans [Member]

5 years 1 month 2 days

Accounts, Notes, Loans and Financing Receivable [Line Items]

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

$ 1,526,018

$ 1,555,371

[1]	Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.
[2]	Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

Investment in Securities (Unrealized Loss Positions Securities) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months	$ 52,899	$ 158,495
Unrealized Losses, Less than 12 Months	(9,164)	(3,275)
Fair Value, Greater than 12 Months	203,371	451,992
Unrealized Losses, Greater than 12 Months	(22,485)	(48,765)
Fair Value, Total	256,270	610,487
Unrealized Loss, Total	(31,649)	(52,040)
Agency RMBS
Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months	1,479	125,112
Unrealized Losses, Less than 12 Months	(132)	(730)
Fair Value, Greater than 12 Months	194,414	426,834
Unrealized Losses, Greater than 12 Months	(19,091)	(45,854)
Fair Value, Total	195,893	551,946
Unrealized Loss, Total	(19,223)	(46,584)
Non-Agency RMBS and CMBS
Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months	15,162	10,301
Unrealized Losses, Less than 12 Months	(2,886)	(200)
Fair Value, Greater than 12 Months	7,632	14,195
Unrealized Losses, Greater than 12 Months	(1,852)	(882)
Fair Value, Total	22,794	24,496
Unrealized Loss, Total	(4,738)	(1,082)
CLOs
Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months	2,143	7,152
Unrealized Losses, Less than 12 Months	(370)	(69)
Fair Value, Greater than 12 Months	556	5
Unrealized Losses, Greater than 12 Months	(98)	0
Fair Value, Total	2,699	7,157
Unrealized Loss, Total	(468)	(69)
Other Securities
Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months	34,115	15,930
Unrealized Losses, Less than 12 Months	(5,776)	(2,276)
Fair Value, Greater than 12 Months	769	10,958
Unrealized Losses, Greater than 12 Months	(1,444)	(2,029)
Fair Value, Total	34,884	26,888
Unrealized Loss, Total	$ (7,220)	$ (4,305)

Other Assets

9 Months Ended

Sep. 30, 2024

Other Assets Disclosure

Other Assets

The following table provides additional details of the Company's assets included in Other assets on the Condensed Consolidated Balance Sheet at September 30, 2024 and December 31, 2023.


Other Assets	September 30, 2024		December 31, 2023
	(In thousands)
Prepaid expenses, advances, and deferred offering costs	$	10,843	$	11,602
Accounts receivable	5,891		3,755
Leases—right of use assets(1)	5,330		3,279
Prepaid scheduled draws on reverse mortgage loans and amounts due from sub-servicer	3,281		2,800
Intangible assets	2,297		2,673
Property and equipment(2)	1,435		1,110
Loan purchase commitments, at fair value(3)	1,348		—
Certificates of deposit, security deposits, and escrow cash	1,146		1,043
Receivables and claims related to reverse mortgage loans repurchased from HMBS(4)	365		48,468
Servicing asset, at fair value(5)	—		1,327
Other	445		1,042
	$	32,381	$	77,099

(1)See Note 24 for additional details on the Company's leases and ROU assets.

(2)Net of accumulated depreciation.

(3)See Note 24 for details on loan purchase commitments.

(4)Represents receivables from third-parties and claims to HUD related to loans repurchased from HMBS. See Note 13, Issuance of HMBS for discussion on the maximum claim amount related to reverse mortgage loans in HMBS.

(5)See Note 13 for details on the Servicing asset (liability).

In connection with the Longbridge Transaction, the Company identified and recognized various intangible assets. The following table details the Company's intangible assets as of September 30, 2024 and December 31, 2023.


	September 30, 2024							December 31, 2023
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Useful Life	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Useful Life
	(In thousands)						(In months)	(In thousands)						(In months)
Intangible Asset:
Internally developed software	$	1,400	$	(933)	$	467	36	$	1,400	$	(583)	$	817	36
Trademarks/trade names	1,200		—		1,200		Indefinite	1,200		—		1,200		Indefinite
Customer relationships	700		(70)		630		240	700		(44)		656		240
Total identified intangible assets	$	3,300	$	(1,003)	$	2,297		$	3,300	$	(627)	$	2,673

The following table summarizes changes in the net carrying value of the Company's intangible assets for the three- and nine-month periods ended September 30, 2024 and 2023.


	Three-Month Period Ended September 30, 2024
(In thousands)	Internally Developed Software		Trademarks/Trade Names		Customer Relationships		Total
Net carrying value of intangible assets—Beginning Balance (June 30, 2024)	$	583	$	1,200	$	639	$	2,422
Accumulated Amortization	(116)		—		(9)		(125)
Net carrying value of intangible assets—Ending Balance (September 30, 2024)	$	467	$	1,200	$	630	$	2,297


	Three-Month Period Ended September 30, 2023
(In thousands)	Internally Developed Software		Trademarks/Trade Names		Customer Relationships		Total
Net carrying value of intangible assets—Beginning Balance (June 30, 2023)	$	1,050	$	1,200	$	674	$	2,924
Accumulated Amortization	(117)		—		(9)		(126)
Net carrying value of intangible assets—Ending Balance (September 30, 2023)	$	933	$	1,200	$	665	$	2,798


	Nine-Month Period Ended September 30, 2024
(In thousands)	Internally Developed Software		Trademarks/Trade Names		Customer Relationships		Total
Net carrying value of intangible assets—Beginning Balance (December 31, 2023)	$	817	$	1,200	$	656	$	2,673
Accumulated Amortization	(350)		—		(26)		(376)
Net carrying value of intangible assets—Ending Balance (September 30, 2024)	$	467	$	1,200	$	630	$	2,297


	Nine-Month Period Ended September 30, 2023
(In thousands)	Internally Developed Software		Trademarks/Trade Names		Customer Relationships		Non-Compete Agreements		Total
Net carrying value of intangible assets—Beginning Balance (December 31, 2022)	$	1,284	$	1,200	$	691	$	100	$	3,275
Accumulated Amortization	(351)		—		(26)		(100)		(477)
Net carrying value of intangible assets—Ending Balance (September 30, 2023)	$	933	$	1,200	$	665	$	—	$	2,798

The following table summarizes the Company's estimated future amortization expense on its intangible assets.


(In thousands)	September 30, 2024
2024	$	126
2025	385
2026	35
2027	35
2028	35
Thereafter	481
Total	$	1,097

Financial Derivatives (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table details the fair value of the Company's holdings of financial derivatives as of September 30, 2024 and December 31, 2023:


	September 30, 2024		December 31, 2023
(In thousands)
Financial derivatives–assets, at fair value:
TBA securities purchase contracts	$	3	$	2,182
TBA securities sale contracts	1,485		—
Fixed payer interest rate swaps	65,321		101,881
Fixed receiver interest rate swaps	72,134		27,358
Credit default swaps on asset-backed securities	6		8
Credit default swaps on asset-backed indices	1,928		3,318
Credit default swaps on corporate bonds	60		25
Credit default swaps on corporate bond indices	8,584		7,259
Total return swaps	—		6
Futures	105		245
Forwards	—		12
Warrants	53		1,702
Total financial derivatives–assets, at fair value	149,679		143,996
Financial derivatives–liabilities, at fair value:
TBA securities purchase contracts	(660)		—
TBA securities sale contracts	(181)		(5,820)
Fixed payer interest rate swaps	(20,137)		(17,944)
Fixed receiver interest rate swaps	(3,094)		(13,801)
Credit default swaps on asset-backed indices	—		(32)
Credit default swaps on corporate bonds	(244)		(225)
Credit default swaps on corporate bond indices	(24,327)		(15,894)
Futures	(334)		(7,990)
Forwards	(266)		(70)
Total financial derivatives–liabilities, at fair value	(49,243)		(61,776)
Total	$	100,436	$	82,220

Schedule of Interest Rate Derivatives [Table Text Block]

The following tables provide information about the Company's fixed payer interest rate swaps as of September 30, 2024 and December 31, 2023:

September 30, 2024:


					Weighted Average
Maturity	Notional Amount		Fair Value		Pay Rate		Receive Rate		Remaining Years to Maturity
	(In thousands)
2024	$	246,500	$	2,805	4.15	%	4.98	%	0.14
2025	549,561		4,052		3.78		4.87		0.92
2026	441,515		(2,576)		4.04		4.22		1.85
2027	313,150		3,667		3.12		4.91		2.74
2028	588,829		790		3.38		4.91		3.76
2029	496,427		4,548		3.09		4.80		4.92
2030	243,080		(1,328)		3.45		4.87		5.86
2031	170,063		18,252		1.69		4.95		6.69
2032	181,867		7,960		2.80		4.96		7.81
2033	242,353		4,528		3.21		4.96		8.48
2034	335,919		692		3.32		4.81		9.95
2035	500		138		0.78		4.83		11.06
2036	1,102		256		1.19		4.96		11.38
2037	45,000		3,058		2.81		4.96		12.91
2038	32,500		(2,074)		4.01		4.85		13.92
2039	9,422		—		3.47		4.83		14.75
2040	500		174		0.90		4.83		16.07
2050	500		222		0.98		4.83		26.07
2053	2,780		32		3.32		4.83		29.24
2054	200		(12)		3.66		4.83		29.83
Total	$	3,901,768	$	45,184	3.39	%	4.81	%	4.50

December 31, 2023:


					Weighted Average
Maturity	Notional Amount		Fair Value		Pay Rate		Receive Rate		Remaining Years to Maturity
	(In thousands)
2024	$	629,547	$	9,097	3.18	%	5.41	%	0.61
2025	412,701		6,304		3.69		5.06		1.66
2026	189,287		(573)		4.13		5.39		2.66
2027	174,841		8,970		4.04		5.04		3.35
2028	650,990		7,516		3.48		5.38		4.54
2029	53,011		4,378		2.19		5.38		5.32
2030	150,817		1,122		3.50		5.39		6.59
2031	157,766		24,131		1.51		5.38		7.46
2032	181,867		11,069		2.80		5.38		8.56
2033	437,619		6,960		3.40		5.38		9.42
2035	500		132		0.78		5.33		11.81
2036	1,102		280		1.19		5.38		12.13
2037	45,000		3,780		2.81		5.38		13.66
2038	32,500		(1,727)		4.01		5.39		14.67
2040	500		165		0.90		5.33		16.82
2049	5,729		845		2.63		5.38		25.02
2050	500		207		0.98		5.33		26.82
2052	5,000		1,281		2.07		5.38		28.27
Total	$	3,129,277	$	83,937	3.34	%	5.33	%	4.68

The following tables provide information about the Company's fixed receiver interest rate swaps as of September 30, 2024 and December 31, 2023:

September 30, 2024:


					Weighted Average
Maturity	Notional Amount		Fair Value		Pay Rate		Receive Rate		Remaining Years to Maturity
	(In thousands)
2024	$	52,236	$	(710)	4.98	%	3.56	%	0.09
2025	151,313		(108)		4.95		4.88		0.49
2026	543,794		6,165		4.88		4.69		1.49
2027	59,110		45		4.89		3.84		2.67
2028	459,063		15,662		4.83		4.42		3.85
2029	884,156		21,858		3.97		3.93		4.72
2030	156,262		6,283		4.89		4.11		5.96
2031	83,160		264		4.83		3.45		6.65
2033	201,626		10,323		4.84		4.08		9.12
2034	278,341		9,876		4.83		3.80		9.76
2035	500		(143)		4.96		0.74		11.06
2038	34,792		(28)		4.83		3.54		14.23
2039	15,361		170		4.83		3.58		14.62
2040	500		(182)		4.96		0.84		16.07
2050	500		(235)		4.96		0.90		26.07
2053	13,154		(216)		4.83		3.33		29.24
2054	1,121		16		4.83		3.41		29.85
Total	$	2,934,989	$	69,040	4.59	%	4.17	%	4.83

December 31, 2023:


					Weighted Average
Maturity	Notional Amount		Fair Value		Pay Rate		Receive Rate		Remaining Years to Maturity
	(In thousands)
2024	$	427,234	$	(578)	5.40	%	5.17	%	0.24
2025	143,183		67		5.38		4.87		1.23
2026	461,658		(8,399)		5.39		3.58		2.28
2027	36,591		30		5.39		3.68		3.90
2028	464,799		13,357		5.39		4.33		4.64
2030	67,000		1,737		5.39		3.97		6.77
2033	198,265		7,701		5.39		3.96		9.88
2035	500		(137)		5.38		0.74		11.81
2038	36,300		131		5.39		3.54		14.98
2040	500		(173)		5.38		0.84		16.82
2050	500		(220)		5.38		0.90		26.82
2053	22,800		41		5.39		3.33		29.99
Total	$	1,859,330	$	13,557	5.39	%	4.28	%	3.93

Schedule of Credit Default Swaps [Table Text Block]

The following table provides information about the Company's credit default swaps as of September 30, 2024 and December 31, 2023:


	As of
	September 30, 2024					December 31, 2023
Type(1)	Notional		Fair Value		Weighted Average Remaining Term (Years)	Notional		Fair Value		Weighted Average Remaining Term (Years)
($ in thousands)
Asset:
Long:
Credit default swaps on asset-backed indices	$	214	$	11	13.24	$	230	$	12	13.99
Credit default swaps on corporate bonds	2,000		60		1.22	2,000		25		1.97
Credit default swaps on corporate bond indices	143,742		8,584		4.04	149,000		7,259		4.47
Short:
Credit default swaps on asset-backed securities	(46)		6		10.99	(45)		8		11.74
Credit default swaps on asset-backed indices	(36,858)		1,917		34.59	(42,101)		3,306		35.11
Liability:
Long:
Credit default swaps on asset-backed indices	—		—		—	60		(32)		25.22
Short:
Credit default swaps on corporate bonds	(13,000)		(244)		2.72	(13,000)		(225)		3.47
Credit default swaps on corporate bond indices	(770,782)		(24,327)		4.81	(537,299)		(15,894)		4.84
	$	(674,730)	$	(13,993)	6.57	$	(441,155)	$	(5,541)	7.81

(1)Long notional represents contracts where the Company has written protection and short notional represents contracts where the Company has purchased protection.

Schedule of Futures Contracts [Table Text Block]

The following table provides information about the Company's long and short positions in futures as of September 30, 2024 and December 31, 2023:


	As of
	September 30, 2024					December 31, 2023
Description	Notional Amount		Fair Value		Remaining Months to Expiration	Notional Amount		Fair Value		Remaining Months to Expiration
	(In thousands)					(In thousands)
Assets:
Long Contracts:
U.S. Treasury futures	$	—	$	—	—	$	1,900	$	245	2.63
Short Contracts:
U.S. Treasury futures	(23,200)		105		2.67	—		—		—
Liabilities:
Long Contracts:
U.S. Treasury futures	1,900		(18)		2.67	—		—		—
Short Contracts:
U.S. Treasury futures	(191,000)		(316)		4.74	(313,100)		(7,990)		2.21
Total, net	$	(212,300)	$	(229)	4.36	$	(311,200)	$	(7,745)	2.21

Schedule of Derivative Warrant Contracts [Table Text Block]

Warrants

The following table provides information about the Company's warrants contracts to purchase shares as of September 30, 2024 and December 31, 2023:

September 30, 2024

December 31, 2023

Description

Number of Shares Underlying Warrant

Fair Value

Remaining Years to Expiration

Number of Shares Underlying Warrant

Fair Value

Remaining Years to Expiration

(In thousands)

Warrants

102

n/a

202

1,702

5.66

Schedule of TBA securities [Table Text Block]

As of September 30, 2024 and December 31, 2023, the Company had outstanding TBA purchase and sale contracts as follows:


	September 30, 2024								December 31, 2023
TBA Securities	Notional Amount(1)		Cost Basis(2)		Market Value(3)		Net Carrying Value(4)		Notional Amount(1)		Cost Basis(2)		Market Value(3)		Net Carrying Value(4)
(In thousands)
Purchase contracts:
Assets	$	25,580	$	26,136	$	26,139	$	3	$	375,154	$	362,129	$	364,311	$	2,182
Liabilities	134,286		132,077		131,417		(660)		—		—		—		—
	159,866		158,213		157,556		(657)		375,154		362,129		364,311		2,182
Sale contracts:
Assets	(233,459)		(226,795)		(225,310)		1,485		—		—		—		—
Liabilities	(136,326)		(138,775)		(138,956)		(181)		(433,098)		(392,730)		(398,550)		(5,820)
	(369,785)		(365,570)		(364,266)		1,304		(433,098)		(392,730)		(398,550)		(5,820)
Total TBA securities, net	$	(209,919)	$	(207,357)	$	(206,710)	$	647	$	(57,944)	$	(30,601)	$	(34,239)	$	(3,638)

(1)Notional amount represents the principal balance of the underlying Agency RMBS.

(2)Cost basis represents the forward price to be paid (received) for the underlying Agency RMBS.

(3)Market value represents the current market value of the underlying Agency RMBS (on a forward delivery basis) as of period end.

(4)Net carrying value represents the difference between the market value of the TBA contract as of period end and the cost basis, and is reported in Financial derivatives-assets, at fair value and Financial derivatives-liabilities, at fair value on the Condensed Consolidated Balance Sheet.

Schedule of Gains and Losses on Derivative Contracts

Gains and losses on the Company's derivative contracts for the three- and nine-month periods ended September 30, 2024 and 2023 are summarized in the tables below:


		Three-Month Period Ended September 30, 2024
Derivative Type	Primary Risk Exposure	Net Realized Gains (Losses) on Periodic Settlements of Interest Rate Swaps		Net Realized Gains (Losses) on Financial Derivatives Other Than Periodic Settlements of Interest Rate Swaps		Net Realized Gains (Losses) on Financial Derivatives		Change in Net Unrealized Gains (Losses) on Accrued Periodic Settlements of Interest Rate Swaps		Change in Net Unrealized Gains (Losses) on Financial Derivatives Other Than on Accrued Periodic Settlements of Interest Rate Swaps		Change in Net Unrealized Gains (Losses) on Financial Derivatives
(In thousands)
Interest rate swaps	Interest Rate	$	23,555	$	(43,214)	$	(19,659)	$	(12,789)	$	9,108	$	(3,681)
Credit default swaps on asset-backed securities	Credit			—		—				(2)		(2)
Credit default swaps on asset-backed indices	Credit			(1,514)		(1,514)				1,133		1,133
Credit default swaps on corporate bond indices	Credit			(1,886)		(1,886)				(870)		(870)
Credit default swaps on corporate bonds	Credit			(7)		(7)				(26)		(26)
Total return swaps	Equity Market/Credit			(4)		(4)				(3)		(3)
TBAs	Interest Rate			(1,734)		(1,734)				(141)		(141)
Futures	Interest Rate			(16,308)		(16,308)				4,409		4,409
Forwards	Currency			(452)		(452)				(463)		(463)
Total		$	23,555	$	(65,119)	$	(41,564)	$	(12,789)	$	13,145	$	356


		Three-Month Period Ended September 30, 2023
Derivative Type	Primary Risk Exposure	Net Realized Gains (Losses) on Periodic Settlements of Interest Rate Swaps		Net Realized Gains (Losses) on Financial Derivatives Other Than Periodic Settlements of Interest Rate Swaps		Net Realized Gains (Losses) on Financial Derivatives		Change in Net Unrealized Gains (Losses) on Accrued Periodic Settlements of Interest Rate Swaps		Change in Net Unrealized Gains (Losses) on Financial Derivatives Other Than on Accrued Periodic Settlements of Interest Rate Swaps(1)		Change in Net Unrealized Gains (Losses) on Financial Derivatives(1)
(In thousands)
Interest rate swaps	Interest Rate	$	7,462	$	3,405	$	10,867	$	6,656	$	38,828	$	45,484
Credit default swaps on asset-backed indices	Credit			(975)		(975)				224		224
Credit default swaps on corporate bond indices	Credit			(3,982)		(3,982)				3,531		3,531
Credit default swaps on corporate bonds	Credit			(42)		(42)				15		15
Total return swaps	Equity Market/Credit			30		30				16		16
TBAs	Interest Rate			13,015		13,015				3,786		3,786
Futures	Interest Rate			7,253		7,253				2,214		2,214
Forwards	Currency			429		429				203		203
Warrants	Credit			(312)		(312)				312		312
Total		$	7,462	$	18,821	$	26,283	$	6,656	$	49,129	$	55,785

(1)Includes foreign currency remeasurement on financial derivatives in the amount of $(9) thousand for the three-month period ended September 30, 2023, which is included on the Condensed Consolidated Statement of Operations in Other, net.


		Nine-Month Period Ended September 30, 2024
Derivative Type	Primary Risk Exposure	Net Realized Gains (Losses) on Periodic Settlements of Interest Rate Swaps		Net Realized Gains (Losses) on Financial Derivatives Other Than Periodic Settlements of Interest Rate Swaps		Net Realized Gains (Losses) on Financial Derivatives		Change in Net Unrealized Gains (Losses) on Accrued Periodic Settlements of Interest Rate Swaps		Change in Net Unrealized Gains (Losses) on Financial Derivatives Other Than on Accrued Periodic Settlements of Interest Rate Swaps		Change in Net Unrealized Gains (Losses) on Financial Derivatives
(In thousands)
Interest rate swaps	Interest Rate	$	49,744	$	(64,743)	$	(14,999)	$	(17,695)	$	42,853	$	25,158
Credit default swaps on asset-backed securities	Credit			(1)		(1)				(2)		(2)
Credit default swaps on asset-backed indices	Credit			(1,945)		(1,945)				(49)		(49)
Credit default swaps on corporate bond indices	Credit			(8,136)		(8,136)				2,639		2,639
Credit default swaps on corporate bonds	Credit			(23)		(23)				17		17
Total return swaps	Equity Market/Credit			33		33				(6)		(6)
TBAs	Interest Rate			2,196		2,196				4,284		4,284
Futures	Interest Rate			(8,965)		(8,965)				7,516		7,516
Forwards	Currency			(20)		(20)				(208)		(208)
Warrants	Credit			86		86				(726)		(726)
Total		$	49,744	$	(81,518)	$	(31,774)	$	(17,695)	$	56,318	$	38,623


		Nine-Month Period Ended September 30, 2023
Derivative Type	Primary Risk Exposure	Net Realized Gains (Losses) on Periodic Settlements of Interest Rate Swaps		Net Realized Gains (Losses) on Financial Derivatives Other Than Periodic Settlements of Interest Rate Swaps		Net Realized Gains (Losses) on Financial Derivatives		Change in Net Unrealized Gains (Losses) on Accrued Periodic Settlements of Interest Rate Swaps		Change in Net Unrealized Gains (Losses) on Financial Derivatives Other Than on Accrued Periodic Settlements of Interest Rate Swaps(1)		Change in Net Unrealized Gains (Losses) on Financial Derivatives(1)
(In thousands)
Interest rate swaps	Interest Rate	$	22,489	$	(5,729)	$	16,760	$	13,421	$	44,706	$	58,127
Credit default swaps on asset-backed indices	Credit			(1,215)		(1,215)				2,156		2,156
Credit default swaps on corporate bond indices	Credit			(6,071)		(6,071)				2,565		2,565
Credit default swaps on corporate bonds	Credit			(124)		(124)				(9)		(9)
Total return swaps	Equity Market/Credit			30		30				16		16
TBAs	Interest Rate			17,287		17,287				165		165
Futures	Interest Rate			4,189		4,189				3,326		3,326
Forwards	Currency			73		73				167		167
Warrants	Credit			(312)		(312)				381		381
Total		$	22,489	$	8,128	$	30,617	$	13,421	$	53,473	$	66,894

(1)Includes foreign currency remeasurement on financial derivatives in the amount of $(3) thousand for the nine-month period ended September 30, 2023, which is included on the Condensed Consolidated Statement of Operations in Other, net.

Derivative activity, volume

The table below details the average notional values of the Company's financial derivatives, using absolute value of month end notional values, for the nine-month period ended September 30, 2024 and the year ended December 31, 2023:


Derivative Type	Nine-Month Period Ended September 30, 2024		Year Ended December 31, 2023
(In thousands)
Interest rate swaps	$	5,877,502	$	4,309,089
Credit default swaps	788,622		497,857
TBAs	483,077		603,206
Futures	316,670		246,669
Forwards	23,513		15,567
Total return swaps	917		875
Warrants	132		1,926

Schedule of Credit Derivatives

Written credit derivatives held by the Company at September 30, 2024 and December 31, 2023 are summarized below:


Credit Derivatives	September 30, 2024		December 31, 2023
(In thousands)
Fair Value of Written Credit Derivatives, Net	$	8,655	$	7,264
Notional Value of Written Credit Derivatives(1)	145,956		151,290

(1)The notional value is the maximum amount that a seller of credit protection would be obligated to pay, and a buyer of credit protection would receive, upon occurrence of a "credit event." Movements in the value of credit default swap transactions may require the Company or the counterparty to post or receive collateral. Amounts due or owed under credit derivative contracts with an International Swaps and Derivatives Association, or "ISDA," counterparty may be offset against amounts due or owed on other credit derivative contracts with the same ISDA counterparty. As a result, the notional value of written credit derivatives involving a particular underlying reference asset or index has been reduced (but not below zero) by the notional value of any contracts where the Company has purchased credit protection on the same reference asset or index with the same ISDA counterparty.

Investment in Securities (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Allowance for Credit Loss	$ 24,700		$ 24,700		$ 32,600
Available-for-sale securities Realizes Losses - Write offs	(5,000)	$ (12,000)	(15,800)	$ (20,400)
Catch-up premium amortization adjustment	$ 500	$ 300	$ (100)	$ (600)
Arlington Asset Investment Corp.
Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Allowance for Credit Loss					$ 1,100

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Forward MSR-Related Investments

9 Months Ended

Sep. 30, 2024

Mortgage Servicing Right Financing Receivable [Abstract]

7. Forward MSR-related Investments

The Company does not hold the requisite licenses to purchase or hold MSRs on forward mortgage loans, or "Forward MSRs," directly. The Company, through certain of its subsidiaries acquired through the Arlington Merger, is party to various agreements (the "Forward MSR Agreements") with a licensed, government-sponsored enterprise ("GSE") approved residential mortgage loan servicer (the "Forward MSR Master Servicer") that enable the Company to participate in the economic returns of a portfolio of Forward MSRs (the "Forward MSR-related investments"). Under the Forward MSR Agreements, MSRs are purchased by the Forward MSR Master Servicer (the "Underlying Forward MSRs") with funding obtained through financing transactions with the Company. Under the terms of the Forward MSR Agreements, for an MSR acquired by the Forward MSR Master Servicer, the Company: (i) purchases the excess servicing spread from the Forward MSR Master Servicer, which entitles the Company to monthly distributions of the servicing fees collected by the Forward MSR Master Servicer in excess of 12.5 basis points per annum (the "Excess Servicing Spread"), and (ii) enters into an agreement with the parent of the Forward MSR Master Servicer (the "Base MSR Counterparty") that references the Underlying Forward MSRs (the "Base MSR Agreement").

Pursuant to the Base MSR Agreement, the Company is entitled to receive an amount generally equivalent to the excess of servicing proceeds (which may include servicing fee revenue, income generated on escrow balances, and reimbursements for previously made servicing advances) over the sum of the Excess Servicing Spread and the actual costs of servicing (including amounts paid for servicing advances, master and subservicing fees, and other costs and expenses). To the extent that servicing proceeds are less than the sum of servicing costs and the Excess Servicing Spread (which would typically result from high levels of servicing advances), the Company is obligated to pay the equivalent of such deficit to the Base MSR Counterparty.

Upon a sale of any of the Underlying Forward MSRs, the Forward MSR Agreements also entitle the Company to distributions of the corresponding sale proceeds.

Under certain circumstances, the Company can direct the Forward MSR Master Servicer to finance all or some of the Underlying Forward MSRs, alongside other similar MSRs that the Forward MSR Master Servicer oversees on behalf of third parties unrelated to the Company. Proceeds from such financing are distributed to the Company and must be repaid by the Company upon repayment of corresponding financing by the Forward MSR Master Servicer. As of both September 30, 2024 and December 31, 2023, the fair value of the Forward MSR-related investments takes into account the MSR Master Servicer's $13.5 million of outstanding borrowings for the benefit of the Company, which were secured by the Underlying Forward MSRs.

The Company has elected the FVO for its investments under the Forward MSR Agreements which are reflected in Forward MSR-related investments, at fair value, on the Condensed Consolidated Balance Sheet and the period change in fair value is recorded in current period earnings on the Condensed Consolidated Statement of Operations as a component of Other, net.

As of September 30, 2024 and December 31, 2023, the fair value of the Company's investments in Forward MSR-related investments was $149.8 million and $163.3 million, respectively. The following table presents activity related to Company’s investments in Forward MSR-related investments for the three- and nine-month-periods ended September 30, 2024. The Company did not hold Forward MSR-related investments during the nine-month period ended September 30, 2023.


(In thousands)	Three-Month Period Ended September 30, 2024		Nine-Month Period Ended September 30, 2024
Forward MSR-related investments, at fair value, beginning balance	$	158,031	$	163,336
Capital investments	—		—
Distributions	(7,719)		(23,210)
Accretion of interest income	4,041		11,284
Change in unrealized gain (loss)	(4,522)		(1,579)
Forward MSR-related investments, at fair value, ending balance	$	149,831	$	149,831

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The following tables present the Company's results of operations by reportable segment for the three- and nine-month periods ended September 30, 2024, and 2023, and various reconciling items to the Company's results of operations overall.


	Three-Month Period Ended September 30, 2024
(In thousands)	Investment Portfolio Segment		Longbridge Segment		Corporate/ Other		Total
Interest income	$	91,158	$	14,600	$	1,523	$	107,281
Interest expense	(55,302)		(13,861)		(4,491)		(73,654)
Total other income (loss)	6,542		30,621		(3,812)		33,351
Total expenses	(5,564)		(33,811)		(11,549)		(50,924)
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities	36,834		(2,451)		(18,329)		16,054
Income tax expense (benefit)	—		—		12		12
Earnings (losses) from investments in unconsolidated entities	7,281		—		—		7,281
Net Income (Loss)	44,115		(2,451)		(18,341)		23,323
Net income (loss) attributable to non-controlling interests	116		39		160		315
Dividends on preferred stock	—		—		6,833		6,833
Net Income (Loss) Attributable to Common Stockholders	$	43,999	$	(2,490)	$	(25,334)	$	16,175
Non-cash items:
Amortization and depreciation expense	$	—	$	314	$	—	$	314


	Three-Month Period Ended September 30, 2023
(In thousands)	Investment Portfolio Segment		Longbridge Segment		Corporate/ Other		Total
Interest income	$	89,445	$	5,190	$	1,581	$	96,216
Interest expense	(58,045)		(7,540)		(3,117)		(68,702)
Total other income (loss)	(11,969)		31,752		6,437		26,220
Total expenses	(3,771)		(25,319)		(10,362)		(39,452)
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities	15,660		4,083		(5,461)		14,282
Income tax expense (benefit)	—		—		224		224
Earnings (losses) from investments in unconsolidated entities	(978)		—		—		(978)
Net Income (Loss)	14,682		4,083		(5,685)		13,080
Net income (loss) attributable to non-controlling interests	438		(12)		83		509
Dividends on preferred stock	—		—		5,980		5,980
Net Income (Loss) Attributable to Common Stockholders	$	14,244	$	4,095	$	(11,748)	$	6,591
Non-cash items:
Amortization and depreciation expense	$	—	$	149	$	—	$	149


	Nine-Month Period Ended September 30, 2024
(In thousands)	Investment Portfolio Segment		Longbridge Segment		Corporate/ Other		Total
Interest income	$	271,352	$	32,606	$	5,314	$	309,272
Interest expense	(166,241)		(31,034)		(13,718)		(210,993)
Total other income (loss)	44,203		98,658		(7,465)		135,396
Total expenses	(14,019)		(89,719)		(33,826)		(137,564)
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities	135,295		10,511		(49,695)		96,111
Income tax expense (benefit)	—		—		214		214
Earnings (losses) from investments in unconsolidated entities	21,549		—		—		21,549
Net Income (Loss)	156,844		10,511		(49,909)		117,446
Net income (loss) attributable to non-controlling interests	684		76		937		1,697
Dividends on preferred stock	—		—		20,312		20,312
Net Income (Loss) Attributable to Common Stockholders	$	156,160	$	10,435	$	(71,158)	$	95,437
Non-cash items:
Amortization and depreciation expense	$	—	$	1,156	$	—	$	1,156


	Nine-Month Period Ended September 30, 2023
(In thousands)	Investment Portfolio Segment		Longbridge Segment		Corporate/ Other		Total
Interest income	$	254,932	$	11,862	$	4,688	$	271,482
Interest expense	(164,388)		(18,003)		(9,361)		(191,752)
Total other income (loss)	12,314		95,779		4,466		112,559
Total expenses	(11,140)		(76,583)		(32,263)		(119,986)
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities	91,718		13,055		(32,470)		72,303
Income tax expense (benefit)	—		—		328		328
Earnings (losses) from investments in unconsolidated entities	(3,403)		—		—		(3,403)
Net Income (Loss)	88,315		13,055		(32,798)		68,572
Net income (loss) attributable to non-controlling interests	2,522		(35)		603		3,090
Dividends on preferred stock	—		—		17,077		17,077
Net Income (Loss) Attributable to Common Stockholders	$	85,793	$	13,090	$	(50,478)	$	48,405
Non-cash items
Amortization and depreciation expense	$	—	$	859	$	—	$	859

Reconciliation of Assets from Segment to Consolidated

The following tables present our balance sheet by reportable segment as of September 30, 2024 and December 31, 2023 which reconciles to the Company's financial position overall.


	September 30, 2024
(In thousands)	Investment Portfolio Segment		Longbridge Segment		Corporate/ Other		Total
Total Assets	$	5,728,990	$	10,020,874	$	203,426	$	15,953,290
Total Liabilities	4,195,113		9,769,027		363,501		14,327,641
Total Equity	1,533,877		251,847		(160,075)		1,625,649


	December 31, 2023
(In thousands)	Investment Portfolio Segment		Longbridge Segment		Corporate/ Other		Total
Total Assets	$	5,978,988	$	9,092,840	$	244,102	$	15,315,930
Total Liabilities	4,555,212		8,872,153		352,953		13,780,318
Total Equity	1,423,776		220,687		(108,851)		1,535,612

Borrowings- Warehouse lines of credit (Details) - USD ($)
$ in Thousands

Sep. 30, 2024

Dec. 31, 2023

^[1]

$ 284,897

$ 245,827

Warehouse facility A

Fair Value of Assets Transfered and Accounted for as Secured Borrowings

107,559

83,393

$ 126,109

$ 99,340

8.32%

8.95%

Warehouse facility B

Fair Value of Assets Transfered and Accounted for as Secured Borrowings

$ 94,066

$ 76,717

$ 105,965

$ 88,251

Warehouse LOC | Reverse mortgage loans

7.60%

8.21%

Fair Value of Assets Transfered and Accounted for as Secured Borrowings

$ 201,625

$ 160,110

$ 232,074

$ 187,591

MSR Financing Receivables [Line Items]

7.98%

8.60%

[1]	Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.

Counterparty Risk

9 Months Ended

Sep. 30, 2024

Risks and Uncertainties [Abstract]

Counterparty Risk

The Company is exposed to concentrations of counterparty risk. It seeks to mitigate such risk by diversifying its exposure among various counterparties, when appropriate. The following table summarizes the Company's exposure to counterparty risk as of September 30, 2024 and December 31, 2023.

September 30, 2024:


	Amount of Exposure		Number of Counterparties with Exposure	Maximum Percentage of Exposure to a Single Counterparty(1)
	(In thousands)
Cash and cash equivalents	$	217,725	10	27.2	%
Collateral on repurchase agreements held by dealers(2)	3,293,735		24	20.6	%
Due from brokers	16,048		21	22.8	%
Receivable for securities sold(3)	5,126		5	38.7	%

(1)Each counterparty is a financial institution that the Company believes to be creditworthy as of September 30, 2024.

(2)Includes securities, loans, and REO as well as cash posted as collateral for repurchase agreements.

(3)Included in Investment related receivables on the Condensed Consolidated Balance Sheet.

December 31, 2023:


	Amount of Exposure		Number of Counterparties with Exposure	Maximum Percentage of Exposure to a Single Counterparty
	(In thousands)
Cash and cash equivalents	$	228,927	11	28.8	%
Collateral on repurchase agreements held by dealers(1)	3,672,278		28	18.6	%
Due from brokers	51,884		21	58.5	%
Receivable for securities sold(2)	345,429		9	54.3	%

(1)Includes securities, loans, and REO as well as cash posted as collateral for repurchase agreements.

(2)Included in Investment related receivables on the Condensed Consolidated Balance Sheet.

Earnings Per Share

3 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

The components of the computation of basic and diluted EPS are as follows:


	Three-Month Period Ended				Nine-Month Period Ended
(In thousands except share amounts)	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Net income (loss) attributable to common stockholders	$	16,175	$	6,591	$	95,437	$	48,405
Add: Net income (loss) attributable to Convertible Non-controlling Interests(1)	156		80		925		591
Net income (loss) attributable to common stockholders and Convertible Non-controlling Interests	16,331		6,671		96,362		48,996
Dividends declared:
Common stockholders	(34,468)		(30,626)		(104,223)		(91,146)
Convertible Non-controlling Interests	(328)		(366)		(1,001)		(1,100)
Total dividends declared to common stockholders and Convertible Non-controlling Interests	(34,796)		(30,992)		(105,224)		(92,246)
Undistributed (Distributed in excess of) earnings:
Common stockholders	(18,293)		(24,035)		(8,786)		(42,741)
Convertible Non-controlling Interests	(172)		(286)		(76)		(509)
Total undistributed (distributed in excess of) earnings attributable to common stockholders and Convertible Non-controlling Interests	$	(18,465)	$	(24,321)	$	(8,862)	$	(43,250)
Weighted average shares outstanding (basic and diluted):
Weighted average shares of common stock outstanding	87,198,435		67,789,827		85,576,158		67,212,137
Weighted average Convertible Non-controlling Interest Units outstanding	840,759		814,855		825,657		815,570
Weighted average shares of common stock and Convertible Non-controlling Interest Units outstanding	88,039,194		68,604,682		86,401,815		68,027,707
Basic earnings per share of common stock and Convertible Non-controlling Interest Unit:
Distributed	$	0.39	$	0.45	$	1.21	$	1.35
Undistributed (Distributed in excess of)	(0.20)		(0.35)		(0.09)		(0.63)
	$	0.19	$	0.10	$	1.12	$	0.72
Diluted earnings per share of common stock and Convertible Non-controlling Interest Unit:
Distributed	$	0.39	$	0.45	$	1.21	$	1.35
Undistributed (Distributed in excess of)	(0.20)		(0.35)		(0.09)		(0.63)
	$	0.19	$	0.10	$	1.12	$	0.72

(1)For the three-month periods ended September 30, 2024 and 2023, excludes net income (loss) of $0.2 million and $0.4 million, respectively, attributable to joint venture partners and Longbridge, as applicable, which have non-participating interests as described in Note 18. For the nine-month periods ended September 30, 2024 and 2023, excludes net income (loss) of $0.8 million and $2.5 million, respectively, attributable to joint venture partners and Longbridge, as applicable, which have non-participating interests as described in Note 18.

Significant Accounting Policies	9 Months Ended
Significant Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies (A) Basis of Presentation: The Company's unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America, or "U.S. GAAP," and Regulation S-X. The condensed consolidated financial statements include the accounts of the Company, the Operating Partnership, its subsidiaries, and variable interest entities, or "VIEs," for which the Company is deemed to be the primary beneficiary. All intercompany balances and transactions have been eliminated. The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be material. In management's opinion, all material adjustments considered necessary for a fair statement of the Company's consolidated financial statements have been included and are only of a normal recurring nature. Interim results are not necessarily indicative of the results that may be expected for the entire fiscal year. The information included in the condensed consolidated financial statements and notes thereto should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2023. (B) Valuation: The Company applies ASC 820-10, Fair Value Measurement ("ASC 820") to its holdings of financial instruments. ASC 820 establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the observability of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: •Level 1—inputs to the valuation methodology are observable and reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Currently, the types of financial instruments the Company generally includes in this category are listed equities and exchange-traded derivatives; •Level 2—inputs to the valuation methodology other than quoted prices included in Level 1 are observable for the asset or liability, either directly or indirectly. Currently, the types of financial instruments that the Company generally includes in this category are RMBS, for which the principal and interest payments are guaranteed by a U.S. government agency or a U.S. government-sponsored entity, or "Agency RMBS," U.S. Treasury securities and sovereign debt, certain non-Agency RMBS, CMBS, CLOs, corporate debt, and actively traded derivatives such as interest rate swaps, foreign currency forwards, and other over-the-counter derivatives; and •Level 3—inputs to the valuation methodology are unobservable and significant to the fair value measurement. The types of financial instruments that the Company generally includes in this category are certain RMBS, CMBS, CLOs, ABS, credit default swaps, or "CDS," on individual ABS, and total return swaps on distressed corporate debt, in each case where there is less price transparency. Also included in this category are residential and commercial mortgage loans, consumer loans, reverse mortgage loans, private corporate debt and equity investments, loan commitments, loan purchase commitments, mortgage servicing rights, or "MSRs," Forward MSR-related investments, other secured borrowings, at fair value, HMBS-related obligations, at fair value, and Unsecured borrowings, at fair value. For certain financial instruments, the various inputs that management uses to measure fair value may fall into different levels of the fair value hierarchy. For each such financial instrument, the determination of which category within the fair value hierarchy is appropriate is based on the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the various inputs that management uses to measure fair value, with the highest priority given to inputs that are observable and reflect quoted prices (unadjusted) for identical assets or liabilities in active markets (Level 1), and the lowest priority given to inputs that are unobservable and significant to the fair value measurement (Level 3). The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. The Company may use valuation techniques consistent with the market and income approaches to measure the fair value of its financial instruments. The market approach uses third-party valuations and information obtained from market transactions involving identical or similar financial instruments. The income approach uses projections of the future economic benefit of an instrument to determine its fair value, such as in the discounted cash flow methodology. The inputs or methodology used for valuing financial instruments are not necessarily an indication of the risk associated with investing in these financial instruments. The leveling of each financial instrument is reassessed at the end of each period. Transfers between levels of the fair value hierarchy are assumed to occur at the end of the reporting period. Summary Valuation Techniques For financial instruments that are traded in an "active market," the best measure of fair value is the quoted market price. However, many of the Company's financial instruments are not traded in an active market. Therefore, management generally uses third-party valuations when available. If third-party valuations are not available, management uses other valuation techniques, such as the discounted cash flow methodology. The following are summary descriptions, for various categories of financial instruments, of the valuation methodologies management uses in determining fair value of the Company's financial instruments in such categories. Management utilizes such methodologies to assign a fair value (the estimated price that, in an orderly transaction at the valuation date, would be received to sell an asset, or paid to transfer a liability, as the case may be) to each such financial instrument. For mortgage-backed securities, or "MBS," forward settling to-be-announced mortgage-backed-securities, or "TBAs," CLOs, and corporate debt and equity, management seeks to obtain at least one third-party valuation, and often obtains multiple valuations when available. Management has been able to obtain third-party valuations on the vast majority of these instruments and expects to continue to solicit third-party valuations in the future. Management generally values each financial instrument at the average of third-party valuations received and not rejected as described below. Third-party valuations are not binding, management may adjust the valuations it receives (e.g., downward adjustments for odd lots), and management may challenge or reject a valuation when, based on its validation criteria, management determines that such valuation is unreasonable or erroneous. Furthermore, based on its validation criteria, management may determine that the average of the third-party valuations received for a given financial instrument does not result in what management believes to be the fair value of such instrument, and in such circumstances management may override this average with its own good faith valuation. The validation criteria may take into account output from management's own models, recent trading activity in the same or similar instruments, and valuations received from third parties. The use of proprietary models requires the use of a significant amount of judgment and the application of various assumptions including, but not limited to, assumptions concerning future prepayment rates and default rates. Given their relatively high level of price transparency, Agency RMBS pass-throughs are typically classified as Level 2. Non-Agency RMBS, CMBS, Agency interest only and inverse interest only RMBS, CLOs, and corporate bonds are generally classified as either Level 2 or Level 3 based on analysis of available market data and/or third-party valuations. The Company's investments in distressed corporate debt can be in the form of loans as well as total return swaps on loans. These investments, as well as related non-listed equity investments, are generally designated as Level 3 assets. Valuations for total return swaps are typically based on prices of the underlying loans received from third-party pricing services. Private equity investments are generally classified as Level 3. Furthermore, the methodology used by the third-party valuation providers is reviewed at least annually by management, so as to ascertain whether such providers are utilizing observable market data to determine the valuations that they provide. For residential mortgage loans, reverse mortgage loans, commercial mortgage loans, and consumer loans, management determines fair value by taking into account both external pricing data, which includes third-party valuations, and internal pricing models. Management has obtained third-party valuations on the majority of these loans and expects to continue to solicit third-party valuations in the future. In determining fair value for non-performing mortgage loans, management evaluates third-party valuations, if applicable, as well as management's estimates of the value of the underlying real estate, using information including general economic data, broker price opinions, or "BPOs," recent sales, property appraisals, and bids. In determining fair value for performing mortgage loans and consumer loans, management evaluates third-party valuations, if applicable, as well as discounted cash flows of the loans based on market assumptions. Cash flow assumptions typically include projected default and prepayment rates and loss severities, and may include adjustments based on appraisals and BPOs, and in the case of HECM reverse mortgage loans, projected future tail draws. Many adjustable-rate reverse mortgage loans provide the borrower with a line of credit that can be drawn over time, and a "tail draw" is a principal addition that results when a borrower takes such a draw, which may be securitized. Mortgage and consumer loans are classified as Level 3. The Company has elected the fair value option, or "FVO," for its HMBS-related obligations. It determines fair value by taking into account both external pricing data, which includes third-party valuations, and internal pricing models. The estimated fair value of HMBS-related obligations also includes the consideration that would be required by a market participant to transfer the HECM loan net of the related servicing, including exposure resulting from shortfalls in FHA insurance proceeds. HMBS-related obligations, at fair value are classified as Level 3. The Company has elected the FVO for its MSRs and Forward MSR-related investments. It determines fair value by taking into account both external pricing data, which includes third-party valuations, and internal pricing models. MSRs and Forward MSR-related investments are classified as Level 3. The Company has securitized certain mortgage loans, including residential mortgage loans that are not deemed "qualified mortgage," or "QM," loans under the rules of the Consumer Financial Protection Bureau, or "non-QM loans," and proprietary reverse mortgage loans. The Company's securitized loans, which include non-QM loans, certain European residential mortgage loans, and reverse mortgage loans, are held as part of a collateralized financing entity, or "CFE." A CFE is a VIE that holds financial assets, issues beneficial interests in those assets, and has no more than nominal equity, and for which the issued beneficial interests have contractual recourse only to the related assets of the CFE. ASC 810, Consolidation ("ASC 810") allows the Company to elect to measure both the financial assets and financial liabilities of the CFE using the more observable of the fair value of the financial assets and the fair value of the financial liabilities of the CFE. The Company has elected the FVO for initial and subsequent recognition of the debt issued by its consolidated securitization trusts and has determined that each consolidated securitization trust meets the definition of a CFE; see Note 13 "Securitization Transactions, —Consolidated Residential Mortgage Loan Securitizations, —Residential Mortgage Loan Securitizations—European Residential Mortgage Loans, and —Proprietary Reverse Mortgage Loan Securitizations" for further discussion on the Company's consolidated securitization trusts. The Company has determined the inputs to the fair value measurement of the financial liabilities of each of its CFEs to be more observable than those of the financial assets and, as a result, has used the fair value of the financial liabilities of each of the CFEs to measure the fair value of the financial assets of each of the CFEs. The fair value of the debt issued by each CFE is typically valued using both external pricing data, which includes third-party valuations, and internal pricing models. The securitized loans, which are assets of the consolidated CFEs, are included in Loans, at fair value, on the Company's Condensed Consolidated Balance Sheet. The debt issued by the consolidated CFEs is included in Other secured borrowings, at fair value, on the Company's Condensed Consolidated Balance Sheet. Unrealized gains (losses) from changes in fair value of Other secured borrowings, at fair value, are included in Unrealized gains (losses) on other secured borrowings, at fair value, net, on the Company's Condensed Consolidated Statement of Operations. The securitized loans and the debt issued by the Company's CFEs are both classified as Level 3. The Company has elected the FVO for its loan commitments related to reverse mortgage loans, and uses market pricing for instruments with similar characteristics in determining fair value. The valuation process incorporates various inputs, such as an estimate of the fair value of the servicing rights expected to be recorded upon sale of a loan to a third party, estimated cost to originate the loan, and the expected pull-through rate. The Company's loan commitments are classified as Level 3. The Company has elected the FVO for loan purchase commitments related to certain residential mortgage loans, and uses the agreed-upon loan purchase price with adjustments made for interest rate and credit spread movements in determining fair value. The Company's loan purchase commitments are classified as Level 3. For financial derivatives with greater price transparency, such as CDS on asset-backed indices, CDS on corporate indices, certain options on the foregoing, and total return swaps on publicly traded equities or indices, market-standard pricing sources are used to obtain valuations; these financial derivatives are generally classified as Level 2. Interest rate swaps, swaptions, and foreign currency forwards are typically valued based on internal models that use observable market data, including applicable interest rates and foreign currency rates in effect as of the measurement date; the model-generated valuations are then typically compared to counterparty valuations for reasonableness. These financial derivatives are also generally classified as Level 2. Financial derivatives with less price transparency, such as CDS on individual ABS, are generally valued based on internal models, and are classified as Level 3. In the case of CDS on individual ABS, the valuation process typically starts with an estimation of the value of the underlying ABS. In valuing its financial derivatives, the Company also considers the creditworthiness of both the Company and its counterparties, along with collateral provisions contained in each financial derivative agreement. Investments in private operating entities, such as loan originators, are valued based on available metrics, such as relevant market multiples and comparable company valuations, company specific-financial data including actual and projected results, and independent third party valuation estimates. These investments are classified as Level 3. The Company's repurchase and reverse repurchase agreements are carried at cost, which approximates fair value. Repurchase and reverse repurchase agreements are classified as Level 2, based on the adequacy of the collateral and their short term nature. The Company's valuation process, including the application of validation criteria, is directed by the Manager's Valuation Committee (the "Valuation Committee"), and overseen by the Company's audit committee. The Valuation Committee includes senior level executives from various departments within the Manager, and each quarter, the Valuation Committee reviews and approves the valuations of the Company's financial instruments. The valuation process also includes a monthly review by the Company's third-party administrator. The goal of this review is to replicate various aspects of the Company's valuation process based on the Company's documented procedures. Because of the inherent uncertainty of valuation, the estimated fair value of the Company's financial instruments may differ significantly from the values that would have been used had a ready market for the financial instruments existed, and the differences could be material to the Company's consolidated financial statements. (C) Accounting for Securities: Purchases and sales of investments in securities are generally recorded on trade date, and realized and unrealized gains and losses are calculated based on identified cost. Investments in securities are recorded in accordance with ASC 320, Investments—Debt and Equity Securities ("ASC 320") or ASC 325-40, Beneficial Interests in Securitized Financial Assets ("ASC 325-40"). The Company generally classifies its securities as available-for-sale. The Company has chosen to elect the FVO pursuant to ASC 825, Financial Instruments ("ASC 825") for its investments in securities. Electing the FVO allows the Company to record changes in fair value in the Condensed Consolidated Statement of Operations, as a component of Unrealized gains (losses) on securities and loans, net, which, in management's view, more appropriately reflects the results of operations for a particular reporting period as all investment activities will be recorded in a similar manner. Many of the Company's investments in securities, such as MBS and CLOs, are issued by entities that are deemed to be VIEs. For the majority of such investments, the Company has determined it is not the primary beneficiary of such VIEs and therefore has not consolidated such VIEs. The Company's maximum risk of loss in these unconsolidated VIEs is generally limited to the fair value of the Company's investment in the VIE. The Company evaluates its investments in interest only securities to determine whether they meet the requirements for classification as financial derivatives under ASC 815, Derivatives and Hedging ("ASC 815"). For interest only securities, where the holder is entitled only to a portion of the interest payments made on the mortgages underlying certain MBS, and inverse interest only securities, which are interest only securities whose coupon has an inverse relationship to its benchmark rate, such as SOFR, the Company has determined that such investments do not meet the requirements for treatment as financial derivatives and are classified as securities. The Company applies the principles of ASU 2016-13, Financial Instruments—Credit Losses ("ASU 2016-13") and evaluates the cost basis of its investments in securities on at least a quarterly basis, under ASC 326-30, Financial Instruments—Credit Losses: Available-for-Sale Debt Securities ("ASC 326-30"). When the fair value of a security is less than its amortized cost basis as of the balance sheet date, the security's cost basis is considered impaired. The Company must evaluate the decline in the fair value of the impaired security and determine whether such decline resulted from a credit loss or non-credit related factors. In its assessment of whether a credit loss exists, the Company compares the present value of estimated future cash flows of the impaired security with the amortized cost basis of such security. The estimated future cash flows reflect those that a "market participant" would use and typically include assumptions related to fluctuations in interest rates, prepayment speeds, default rates, collateral performance, and the timing and amount of projected credit losses, as well incorporating observations of current market developments and events. Cash flows are discounted at an interest rate equal to the current yield used to accrete interest income. If the present value of estimated future cash flows is less than the amortized cost basis of the security, an expected credit loss exists and is included in Unrealized gains (losses) on securities and loans, net, on the Condensed Consolidated Statement of Operations. If it is determined as of the financial reporting date that all or a portion of a security's cost basis is not collectible, then the Company will recognize a realized loss to the extent of the adjustment to the security's cost basis. This adjustment to the amortized cost basis of the security is reflected in Net realized gains (losses) on securities and loans, net, on the Condensed Consolidated Statement of Operations. (D) Accounting for Loans: The Company's loan portfolio primarily consists of residential mortgage, commercial mortgage, consumer, and reverse mortgage loans. The Company's loans are accounted for under ASC 310-10, Receivables, and are classified as held-for-investment when the Company has the intent and ability to hold such loans for the foreseeable future or to maturity/payoff. When the Company has the intent to sell loans, such loans will be classified as held-for-sale. Mortgage loans held-for-sale are accounted for under ASC 948-310, Financial services—mortgage banking. Transfers between held-for-investment and held-for-sale occur once the Company's intent to sell the loans changes. The Company may aggregate its loans into pools based on common risk characteristics at purchase. The Company has chosen to elect the FVO pursuant to ASC 825 for its loan portfolios. Loans are recorded at fair value on the Condensed Consolidated Balance Sheet and changes in fair value are recorded in earnings on the Condensed Consolidated Statement of Operations. Changes in fair value on residential mortgage, commercial mortgage, consumer, corporate loans, and propriety reverse mortgage loans are included as a component of Unrealized gains (losses) on securities and loans, net. Changes in fair value on HECM reverse mortgage loans held-for-investment is included as a component of Net change from HECM reverse mortgage loans, at fair value, on the Condensed Consolidated Statement of Operations. The Company generates income from fees on certain loans, generally reverse mortgage and commercial mortgage loans, that it originates and holds for investment, including origination, servicing, and exit fees. Such fee income is recorded when earned and included in Other, net on the Condensed Consolidated Statement of Operations. For residential and commercial mortgage loans, the Company generally accrues interest payments. Such loans are typically moved to non-accrual status if the loan becomes 90 days or more delinquent. Although reverse mortgage loans do not require monthly principal and interest payments, the terms of such loans require the borrower to occupy the property and to stay current on payment of property taxes and homeowners insurance. In the event that the borrower no longer occupies the property due to death or other circumstances or becomes delinquent on their tax or insurance payments, the loan will be classified as inactive. The Company does not accrue interest payments on its consumer loans; interest payments are recorded upon receipt. Once consumer loans are more than 120 days past due, the Company will generally charge off such loans. The Company evaluates its charged-off loans and determines collectibility, if any, on such loans. The Company evaluates the collectibility of both interest and principal on each of its loan investments and whether the cost basis of the loan is impaired. A loan's cost basis is impaired when, based on current information and market developments, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. When a loan's cost basis is impaired, the Company does not record an allowance for loan loss as it elected the FVO on all of its loan investments. Consistent with the Company's application of the principles of ASU 2016-13, in its assessment of whether a credit loss exists, the Company compares the present value of the amount expected to be collected on the impaired loan with the amortized cost basis of such loan. If the present value of the amount expected to be collected on the impaired loan is less than the amortized cost basis of such loan, an expected credit loss exists and is included in Unrealized gains (losses) on securities and loans, net, on the Condensed Consolidated Statement of Operations. If it is determined as of the financial reporting date that all or a portion of a loan's cost basis is not collectible, then the Company will recognize a realized loss to the extent of the adjustment to the loan's cost basis. This adjustment to the amortized cost basis of the loan is reflected in Realized gains (losses) on securities and loans, net, on the Condensed Consolidated Statement of Operations. (E) Interest Income: The Company generally amortizes premiums and accretes discounts on its debt securities. Coupon interest income on fixed-income investments is generally accrued based on the outstanding principal balance or notional value and the current coupon rate. For debt securities that are deemed to be of high credit quality at the time of purchase (generally Agency RMBS, exclusive of interest only securities), premiums and discounts are amortized/accreted into interest income over the life of such securities using the effective interest method. For such securities whose cash flows vary depending on prepayments, an effective yield retroactive to the time of purchase is periodically recomputed based on actual prepayments and changes in projected prepayment activity, and a catch-up adjustment, or "Catch-up Amortization Adjustment," is made to amortization to reflect the cumulative impact of the change in effective yield. For debt securities (generally non-Agency RMBS, CMBS, ABS, CLOs, and interest only securities) that are deemed not to be of high credit quality at the time of purchase, interest income is recognized based on the effective interest method. For purposes of estimating future expected cash flows, management uses assumptions including, but not limited to, assumptions for future prepayment rates, default rates, and loss severities (each of which may in turn incorporate various macro-economic assumptions, such as future housing prices, GDP growth rates, and unemployment rates). These assumptions are re-evaluated not less than quarterly. Changes in projected cash flows may result in prospective changes in the yield/interest income recognized on such securities based on the updated expected future cash flows. For each loan (including residential, commercial, and proprietary reverse mortgage loans and consumer loans) purchased with the expectation that both interest and principal will be paid in full, the Company generally amortizes or accretes any premium or discount over the life of the loan utilizing the effective interest method. However, based on current information and market developments, the Company re-assesses the collectibility of interest and principal, and generally designates a loan as in non-accrual status either when any payments have become 90 or more days past due, or when, in the opinion of management, it is probable that the Company will be unable to collect either interest or principal in full. Once a loan is designated as in non-accrual status, as long as principal is still expected to be collectible in full, interest payments are recorded as interest income only when received (i.e., under the cash basis method); accruals of interest income are only resumed when the loan becomes contractually current and performance is demonstrated to be resumed. However, if principal is not expected to be collectible in full, the cost recovery method is used (i.e., no interest income is recognized, and all payments received—whether contractually interest or principal—are applied to cost). Interest income on HECM reverse mortgage loans held-for-investment is recognized based on the stated rate of the loan. Such interest income is included on the Condensed Consolidated Statement of Operations as a component of Net change from HECM reverse mortgage loans, at fair value. For Forward MSR-related investments, the Company recognizes interest income based on the effective interest method. For purposes of estimating future expected cash flows, management uses various assumptions about the mortgage loans underlying the MSRs, including but not limited to the timing and amount of prepayments. These assumptions are re-evaluated not less than quarterly. Changes in projected cash flows may result in prospective changes in the yield/interest income recognized on such investments based on the updated expected future cash flows. Interest income on Forward MSR-related investments is included on the Condensed Consolidated Statement of Operations as a component of Interest Income. Certain of the Company's debt securities and loans, at the date of acquisition, have experienced or are expected to experience more-than-insignificant deterioration in credit quality since origination. Consistent with the Company's application of the principles of ASU 2016-13, if at the date of acquisition for a particular asset the Company projects a significant difference between contractual cash flows and expected cash flows, it establishes an initial estimate for credit losses as an upward adjustment to the acquisition cost of the asset for the purpose of calculating interest income using the effective yield method. In estimating future cash flows on the Company's debt securities, there are a number of assumptions that are subject to significant uncertainties and contingencies, including, in the case of MBS, assumptions relating to prepayment rates, default rates, loan loss severities, and loan repurchases. These estimates require the use of a significant amount of judgment. (F) Mortgage Servicing Rights: MSRs represent contractual rights to perform specific administrative functions for the underlying loans including specified mortgage servicing activities, which include collecting loan payments, remitting principal and interest payments, managing escrow accounts for mortgage-related expenses such as taxes and insurance, and various other administrative tasks required to adequately service the mortgage loan portfolio. MSRs are created when the Company sells originated or purchased reverse mortgage loans but retains the servicing rights; MSRs can also be acquired in the secondary market. The Company has elected the FVO for its MSRs in accordance with ASC 860-50, Transfers and Servicing—Servicing assets and liabilities ("ASC 860-50"). Under this methodology, the Company fair values its MSRs on a recurring basis with changes in fair value recorded through earnings on the Condensed Consolidated Statement of Operations in Other, net. The Company accrues a base servicing fee for each serviced loan, typically based on the remaining outstanding principal balance of the loan and a fixed annual percentage fee, which is included in Other, net on the Condensed Consolidated Statement of Operations. Costs of servicing and ancillary fees are recognized as incurred or earned, and are included in Servicing expense on the Condensed Consolidated Statement of Operations. (G) Loan Commitments: The Company's loan commitments relate to certain reverse mortgage loans extended to borrowers. The Company has elected the FVO for its loan commitments which are included in Loan commitments, at fair value on the Condensed Consolidated Balance Sheet. Changes in the fair value of the Company's loan commitments are included in Other, net on the Condensed Consolidated Statement of Operations. (H) Loan Purchase Commitments: The Company's loan purchase commitments relate to commitments to purchase certain residential mortgage loans originated by third parties. The Company has elected the FVO for certain of its loan purchase commitments which are included in Other Assets on the Condensed Consolidated Balance Sheet. Changes in the fair value of such loan purchase commitments are included in Other, net on the Condensed Consolidated Statement of Operations. (I) Investments in unconsolidated entities: The Company has made and may in the future make non-controlling equity investments in various entities, such as loan originators. Such investments are generally in the form of preferred and/or common equity, or membership interests. In certain cases, the Company can exercise significant influence over the entity (e.g. by having representation on the entity's board of directors) but the requirements for consolidation under ASC 810 are not met; in such cases the Company is required to account for such equity investments under ASC 323-10, Investments—Equity Method and Joint Ventures ("ASC 323-10"). The Company has chosen to elect the FVO pursuant to ASC 825 for its investments in unconsolidated entities, which, in management's view, more appropriately reflects the results of operations for a particular reporting period, as all investment activities will be recorded in a similar manner. The period change in fair value of the Company's investments in unconsolidated entities is recorded on the Condensed Consolidated Statement of Operations in Earnings (losses) from investments in unconsolidated entities. (J) Real Estate Owned "REO": When the Company obtains possession of real property in connection with a foreclosure or similar action, the Company de-recognizes the associated mortgage loan according to ASU 2014-04, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure ("ASU 2014-04"). Under the provisions of ASU 2014-04, the Company is deemed to have received physical possession of real estate property collateralizing a mortgage loan when it obtains legal title to the property upon completion of a foreclosure or when the borrower conveys all interest in the property to it through a deed in lieu of foreclosure or similar legal agreement. The Company's initial cost basis in REO is equal to the fair value of the real estate associated with the foreclosed mortgage loan, less expected costs to sell. REO valuations are reflected at the lower of cost or fair value. The fair value of such REO is typically based on management's estimates which generally use information including general economic data, BPOs, recent sales, property appraisals, and bids, and takes into account the expected costs to sell the property. REO recorded at fair value on a non-recurring basis are classified as Level 3. (K) Securities Sold Short: The Company may purchase or engage in short sales of U.S. Treasury securities and sovereign debt to mitigate the potential impact of changes in interest rates and/or foreign exchange rates on the performance of its portfolio. When the Company sells securities short, it typically satisfies its security delivery settlement obligation by borrowing or purchasing the security sold short from the same or a different counterparty. When borrowing a security sold short from a counterparty, the Company generally is required to deliver cash or securities to such counterparty as collateral for the Company's obligation to return the borrowed security. The Company has chosen to elect the FVO pursuant to ASC 825 for its securities sold short. Electing the FVO allows the Company to record changes in fair value in the Condensed Consolidated Statement of Operations, which, in management's view, more appropriately reflects the results of operations for a particular reporting period as all securities activities will be recorded in a similar manner. As such, securities sold short are recorded at fair value on the Condensed Consolidated Balance Sheet and the period change in fair value is recorded in current period earnings on the Condensed Consolidated Statement of Operations as a component of Unrealized gains (losses) on securities and loans, net. A realized gain or loss will be recognized upon the termination of a short sale if the market price is less or greater than the original sale price. Such realized gain or loss is recorded on the Company's Condensed Consolidated Statement of Operations in Realized gains (losses) on securities and loans, net. (L) Financial Derivatives: The Company enters into various types of financial derivatives subject to its investment guidelines, which include restrictions associated with maintaining qualification as a REIT. The Company's financial derivatives are predominantly subject to bilateral master trade agreements or clearing in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, or the "Dodd-Frank Act." The Company may be required to deliver or receive cash or securities as collateral upon entering into derivative transactions. In addition, changes in the value of derivative transactions may require the Company or the counterparty to post or receive additional collateral. In the case of cleared derivatives, the clearinghouse becomes the Company's counterparty and a futures commission merchant acts as an intermediary between the Company and the clearinghouse with respect to all facets of the related transaction, including the posting and receipt of required collateral. Cash collateral received by the Company is included in Due to brokers, on the Condensed Consolidated Balance Sheet. Conversely, cash collateral posted by the Company is included in Due from brokers, on the Condensed Consolidated Balance Sheet. The types of derivatives primarily utilized by the Company are swaps, TBAs, futures, options, and forwards. Swaps: The Company may enter into various types of swaps, including interest rate swaps, credit default swaps, and total return swaps. The primary risk associated with the Company's interest rate swap activity is interest rate risk. The primary risk associated with the Company's credit default swaps and total return swaps is credit risk. The Company is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Primarily to help mitigate interest rate risk, the Company enters into interest rate swaps. Interest rate swaps are contractual agreements whereby one party pays a floating interest rate on a notional principal amount and receives a fixed-rate payment on the same notional principal, or vice versa, for a fixed period of time. Interest rate swaps change in value with movements in interest rates. The Company also enters into interest rate swaps whereby the Company pays one floating rate and receives a different floating rate, or "basis swaps." The Company enters into credit default swaps. A credit default swap is a contract under which one party agrees to compensate another party for the financial loss associated with the occurrence of a "credit event" in relation to a "reference amount" or notional value of a "reference asset" (usually a bond or an index or basket of bonds). The definition of a credit event may vary from contract to contract. A credit event may occur (i) when the reference asset (or underlying asset, in the case of a reference asset that is an index or basket) fails to make scheduled principal or interest payments to its holders, (ii) with respect to credit default swaps referencing mortgage/asset-backed securities and indices, when the reference asset (or underlying asset, in the case of a reference asset that is an index or basket) is downgraded below a certain rating level, or (iii) with respect to credit default swaps referencing corporate entities and indices, upon the bankruptcy of the obligor of the reference asset (or underlying obligor, in the case of a reference asset that is an index). The Company typically writes (sells) protection to take a "long" position with respect to the underlying reference assets, or purchases (buys) protection to take a "short" position with respect to the underlying reference assets or to hedge exposure to other investment holdings. The Company enters into total return swaps in order to take a "long" or "short" position with respect to an underlying reference asset. The Company is subject to market price volatility of the underlying reference asset. A total return swap involves commitments to pay interest in exchange for a market-linked return based on a notional value. To the extent that the total return of the corporate debt, security, group of securities or index underlying the transaction exceeds or falls short of the offsetting interest obligation, the Company will receive a payment from or make a payment to the counterparty. Swaps change in value with movements in interest rates, credit quality, or total return of the reference securities. During the term of swap contracts, changes in value are recognized as unrealized gains or losses on the Condensed Consolidated Statement of Operations. When a contract is terminated, the Company realizes a gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Company's basis in the contract, if any. Periodic payments or receipts required by swap agreements are recorded as unrealized gains or losses when accrued and realized gains or losses when received or paid. Upfront payments paid and/or received by the Company to open swap contracts are recorded as an asset and/or liability on the Condensed Consolidated Balance Sheet and are recorded as a realized gain or loss on the termination date. TBA Securities: The Company transacts in the forward settling TBA market. A TBA position is a forward contract for the purchase ("long position") or sale ("short position") of Agency RMBS at a predetermined price, face amount, issuer, coupon, and maturity on an agreed-upon future delivery date. For each TBA contract and delivery month, a uniform settlement date for all market participants is determined by the Securities Industry and Financial Markets Association. The specific Agency RMBS to be delivered into the contract at the settlement date are not known at the time of the transaction. The Company usually does not take delivery of TBAs, but rather enters into offsetting transactions and settles the associated receivable and payable balances with its counterparties. The Company uses TBAs to mitigate interest rate risk, usually by taking short positions. The Company also invests in TBAs as a means of acquiring additional exposure to Agency RMBS, or for speculative purposes, including holding long positions. TBAs are accounted for by the Company as financial derivatives. The difference between the forward contract price and the market value of the TBA position as of the reporting date is included in Unrealized gains (losses) on financial derivatives, net, on the Condensed Consolidated Statement of Operations. Futures Contracts: A futures contract is an exchange-traded agreement to buy or sell an asset for a set price on a future date. The Company enters into Eurodollar and/or U.S. Treasury security futures contracts to hedge its interest rate risk. The Company may also enter into various other futures contracts, including equity index futures and foreign currency futures. Initial margin deposits are made upon entering into futures contracts and can generally be either in the form of cash or securities. During the period the futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by marking-to-market to reflect the current market value of the contract. Variation margin payments are made or received periodically, depending upon whether unrealized losses or gains are incurred. When the contract is closed, the Company records a realized gain or loss equal to the difference between the proceeds of the closing transaction and the Company's basis in the contract. Options: The Company may purchase or write put or call options contracts or enter into swaptions. The Company enters into options contracts typically to help mitigate overall market, credit, or interest rate risk depending on the type of options contract. However, the Company also enters into options contracts from time to time for speculative purposes. When the Company purchases an options contract, the option asset is initially recorded at an amount equal to the premium paid, if any, and is subsequently marked-to-market. Premiums paid for purchasing options contracts that expire unexercised are recognized on the expiration date as realized losses. If an options contract is exercised, the premium paid is subtracted from the proceeds of the sale or added to the cost of the purchase to determine whether the Company has realized a gain or loss on the related transaction. When the Company writes an options contract, the option liability is initially recorded at an amount equal to the premium received, if any, and is subsequently marked-to-market. Premiums received for writing options contracts that expire unexercised are recognized on the expiration date as realized gains. If an options contract is exercised, the premium received is subtracted from the cost of the purchase or added to the proceeds of the sale to determine whether the Company has realized a gain or loss on the related investment transaction. When the Company enters into a closing transaction, the Company will realize a gain or loss depending upon whether the amount from the closing transaction is greater or less than the premiums paid or received. The Company may also enter into options contracts that contain forward-settling premiums. In this case, no money is exchanged upfront. Instead, the agreed-upon premium is paid by the buyer upon expiration of the option, regardless of whether or not the option is exercised. Forward Currency Contracts: A forward currency contract is an agreement between two parties to purchase or sell a specific quantity of currency with the delivery and settlement at a specific future date and exchange rate. During the period the forward currency contract is open, changes in the value of the contract are recognized as unrealized gains or losses. When the contract is settled, the Company records a realized gain or loss equal to the difference between the proceeds of the closing transaction and the Company's basis in the contract. Financial derivative assets are included in Financial derivatives—assets, at fair value, on the Condensed Consolidated Balance Sheet. Financial derivative liabilities are included in Financial derivatives—liabilities, at fair value, on the Condensed Consolidated Balance Sheet. The Company has chosen to elect the FVO pursuant to ASC 825 for its financial derivatives. Electing the FVO allows the Company to record changes in fair value in the Condensed Consolidated Statement of Operations, which, in management's view, more appropriately reflects the results of operations for a particular reporting period as all securities activities will be recorded in a similar manner. Changes in unrealized gains and losses on financial derivatives are included in Unrealized gains (losses) on financial derivatives, net, on the Condensed Consolidated Statement of Operations. Realized gains and losses on financial derivatives are included in Realized gains (losses) on financial derivatives, net, on the Condensed Consolidated Statement of Operations. (M) Intangible Assets: In connection with the Longbridge Transaction, the Company acquired intangible assets including internally developed software of Longbridge, trademarks, customer relationships, and non-compete agreements for various Longbridge employees. Intangible assets are amortized over their expected useful lives on a straight-line basis. See Note 11 for additional details on the Company's intangible assets. (N) Cash and Cash Equivalents: Cash and cash equivalents include cash and short term investments with original maturities of three months or less at the date of acquisition. Cash and cash equivalents typically include amounts held in interest bearing overnight accounts and amounts held in money market funds, and these balances generally exceed insured limits. The Company holds its cash at institutions that it believes to be highly creditworthy. Restricted cash represents cash that the Company can use only for specific purposes. (O) Repurchase Agreements: The Company enters into repurchase agreements with third-party broker-dealers whereby it sells securities under agreements to be repurchased at an agreed-upon price and date. The Company accounts for repurchase agreements as collateralized borrowings, with the initial sale price representing the amount borrowed, and with the future repurchase price consisting of the amount borrowed plus interest, at the implied interest rate of the repurchase agreement, on the amount borrowed over the term of the repurchase agreement. The interest rate on a repurchase agreement is based on competitive rates (or competitive market spreads, in the case of agreements with floating interest rates) at the time such agreement is entered into. When the Company enters into a repurchase agreement, the lender establishes and maintains an account containing cash and/or securities having a value not less than the repurchase price, including accrued interest, of the repurchase agreement. Repurchase agreements are carried at their contractual amounts, which approximate fair value as the debt is short-term in nature. (P) Reverse Repurchase Agreements: The Company enters into reverse repurchase agreement transactions whereby it purchases securities under agreements to resell at an agreed-upon price and date. In general, securities received pursuant to reverse repurchase agreements are delivered to counterparties of short sale transactions. The interest rate on a reverse repurchase agreement is based on competitive rates (or competitive market spreads, in the case of agreements with floating interest rates) at the time such agreement is entered into. Assets held pursuant to reverse repurchase agreements are reflected as assets on the Condensed Consolidated Balance Sheet. Reverse repurchase agreements are carried at their contractual amounts, which approximates fair value due to their short-term nature. Repurchase and reverse repurchase agreements that are conducted with the same counterparty may be reported on a net basis if they meet the requirements of ASC 210-20, Balance Sheet Offsetting. There are no repurchase and reverse repurchase agreements reported on a net basis in the Company's consolidated financial statements. (Q) Transfers of Financial Assets: The Company enters into transactions whereby it transfers financial assets to third parties. Upon such a transfer of financial assets, the Company will sometimes retain or acquire interests in the related assets. The Company evaluates transferred assets pursuant to ASC 860-10, Transfers of Financial Assets, or "ASC 860-10," which requires that a determination be made as to whether a transferor has surrendered control over transferred financial assets. That determination must consider the transferor's continuing involvement in the transferred financial asset, including all arrangements or agreements made contemporaneously with, or in contemplation of, the transfer, even if they were not entered into at the time of the transfer. When a transfer of financial assets does not qualify as a sale, ASC 860-10 requires the transfer to be accounted for as a secured borrowing with a pledge of collateral. ASC 860-10 is a standard that requires the Company to exercise significant judgment in determining whether a transaction should be recorded as a "sale" or a "financing." (R) Variable Interest Entities: VIEs are entities in which: (i) the equity investors do not have the characteristics of a controlling financial interest, or (ii) there is insufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties. Consolidation of a VIE is required by the entity that is deemed to be the primary beneficiary of the VIE. The Company evaluates all of its interests in VIEs for consolidation under ASC 810. The primary beneficiary is generally the party with both (i) the power to direct the activities of the VIE that most significantly impact its economic performance, and (ii) the obligation to absorb losses and the right to receive benefits from the VIE which could be potentially significant to the VIE. When the Company has an interest in an entity that has been determined to be a VIE, the Company assesses whether it is deemed to be the primary beneficiary of the VIE. The Company will only consolidate a VIE for which it has concluded it is the primary beneficiary. To assess whether the Company has the power to direct the activities of a VIE that most significantly impact the VIE's economic performance, the Company considers all facts and circumstances, including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes (i) identifying the activities that most significantly impact the VIE's economic performance; and (ii) identifying which party, if any, has power over those activities. To assess whether the Company has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, it considers all of its economic interests, including debt and/or equity investments, as well as other arrangements deemed to be variable interests in the VIE. These assessments to determine whether the Company is the primary beneficiary require significant judgment. In instances where the Company and its related parties have interests in a VIE, the Company considers whether there is a single party in the related party group that meets the criteria to be deemed the primary beneficiary. If one party within the related party group meets such criteria, that reporting entity would be deemed to be the primary beneficiary of the VIE and no further analysis is needed. If no party within the related party group on its own meets the criteria to be deemed the primary beneficiary, but the related party group as a whole meets such criteria, the determination of the primary beneficiary within the related party group requires significant judgment. The Company performs analysis, which is based upon qualitative as well as quantitative factors, such as the relationship of the VIE to each of the members of the related party group, as well as the significance of the VIE's activities to those members, with the objective of determining which party is most closely associated with the VIE. The Company performs ongoing reassessments of (i) whether any entities previously evaluated have become VIEs, based on certain events, and therefore subject to assessment to determine whether consolidation is appropriate, and (ii) whether changes in the facts and circumstances regarding the Company's involvement with a VIE causes its consolidation conclusion regarding the VIE to change. See Note 12, Note 13, and Note 16 for further information on the Company's investments in VIEs. The Company's maximum amount at risk is generally limited to the Company's investment in the VIE. The Company is generally not contractually required to provide and has not provided any form of financial support to the VIEs. The Company holds beneficial interests in certain securitization trusts that are considered VIEs. The beneficial interests in these securitization trusts are represented by certificates issued by the trusts. The securitization trusts have been structured as pass-through entities that receive principal and interest payments on the underlying collateral and distribute those payments to the certificate holders, which include both third-party investors and the Company. The certificates held by the Company typically include some or all of the most subordinated tranches. The assets held by the trusts are restricted in that they can only be used to fulfill the obligations of the related trust. In certain cases, the design and structure of the securitization trust is such that the Company effectively retains control of the assets as well as the activities that most significantly impact the economic performance of the trust. In such cases, the Company is determined to be the primary beneficiary, and the Company consolidates the trust and all intercompany transactions are eliminated in consolidation. In cases where the Company does not effectively retain control of the assets of, or have the power to direct the activities that most significantly impact the economic performance of, the related trust, it does not consolidate the trust. See Note 13 for further discussion of the Company's securitization trusts. (S) Offering Costs/Underwriters' Discount: Offering costs and underwriters' discount are generally charged against stockholders' equity upon the completion of a capital raise. Offering costs typically include legal, accounting, and other fees associated with the cost of raising capital. (T) Debt Issuance Costs: Debt issuance costs associated with debt for which the Company has elected the FVO are expensed at the issuance of the debt, and are included in Investment related expenses—Other on the Condensed Consolidated Statement of Operations. Costs associated with the issuance of debt for which the Company has not elected the FVO are deferred and amortized over the life of the debt, which approximates the effective interest rate method, and are included in Interest expense on the Condensed Consolidated Statement of Operations. Deferred debt issuance costs are presented on the Condensed Consolidated Balance Sheet as a direct deduction from the related debt liability, unless such deferred debt issuance costs are associated with borrowing facilities that are expected to have a future benefit, such as giving the Company the ability to access additional borrowings over the contractual term of the debt, in which case such deferred debt issuance costs are included in Other assets on the Condensed Consolidated Balance Sheet. Debt issuance costs include legal and accounting fees, purchasers' or underwriters' discount, as well as other fees associated with the cost of the issuance of the related debt. (U) Expenses: Expenses are recognized as incurred on the Condensed Consolidated Statement of Operations. (V) Leases: The Company accounts for its leases under ASU 842, Leases, "ASC 842," using a right-of-use, or "ROU," model, which recognizes that, at the date of commencement, a lessee has a financial obligation to make lease payments to the lessor for the right to use the underlying asset during the lease term. For each lease with a term greater than one year the Company recognizes a ROU asset as well as a lease liability, which is included in Other assets and Accrued expenses and other liabilities, respectively, on the Condensed Consolidated Balance Sheet. Operating lease liabilities and their corresponding ROU assets are recorded based on the present value of lease payments over the expected remaining lease term. The interest rate implicit in lease contracts is typically not readily determinable, and as a result, the Company utilizes an incremental borrowing rate, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments for a similar term. Lease expense for lease payments is recognized on a straight-line basis over the lease term. (W) Investment Related Expenses: Investment related expenses consist of expenses directly related to specific financial instruments. Such expenses generally include dividend expense on common stock sold short, servicing fees and corporate and escrow advances on mortgage and consumer loans, loan origination fees, and various other expenses and fees related directly to the Company's financial instruments. The Company has elected the FVO for its investments, and as a result all investment related expenses are expensed as incurred and included in Investment related expenses on the Condensed Consolidated Statement of Operations. (X) Investment Related Receivables: Investment related receivables on the Company's Condensed Consolidated Balance Sheet includes receivables for securities sold and interest and principal receivable on securities and loans. (Y) Long Term Incentive Plan Units: Long term incentive plan units of the Operating Partnership ("OP LTIP Units") have been issued to certain Ellington personnel dedicated or partially dedicated to the Company, certain of the Company's directors, as well as the Manager. Costs associated with OP LTIP Units issued to dedicated or partially dedicated personnel, or to the Company's directors, are measured as of the grant date based on the Company's closing stock price on the New York Stock Exchange, or the "NYSE," and are amortized over the vesting period in accordance with ASC 718-10, Compensation—Stock Compensation. The vesting periods for OP LTIP Units are typically one year from issuance for non-executive directors, and are typically one year to two years from issuance for dedicated or partially dedicated personnel. (Z) Non-controlling interests: Non-controlling interests include interests in the Operating Partnership represented by units convertible into shares of the Company's common stock ("Convertible Non-controlling Interests"). Convertible Non-controlling Interests include both the OP LTIP Units and those common units ("OP Units") of the Operating Partnership not held by the Company (collectively, the "Convertible Non-controlling Interest Units"). Non-controlling interests also include the interests of joint venture partners in certain of the Company's consolidated subsidiaries. The joint venture partners' interests are not convertible into shares of the Company's common stock. The Company adjusts the Convertible Non-controlling Interests to align their carrying value with their share of total outstanding Operating Partnership units, including both the OP Units held by the Company and the Convertible Non-controlling Interests. Any such adjustments are reflected in Adjustment to non-controlling interests, on the Condensed Consolidated Statement of Changes in Equity. Prior to September 30, 2024, non-controlling interests also include a minority ownership stake of Longbridge by employees of Longbridge. See Note 18 for further discussion of non-controlling interests. (AA) Dividends: Dividends payable on shares of common stock and Convertible Non-controlling Interest Units are recorded on the declaration date. Dividends on shares of preferred stock are accrued daily based on contractual rates. (AB) Shares Repurchased: Shares of common stock that are repurchased by the Company subsequent to issuance are immediately retired upon settlement and decrease the total number of shares of common stock issued and outstanding. The cost of such repurchases is charged against Additional paid-in-capital on the Company's Condensed Consolidated Balance Sheet. (AC) Earnings Per Share ("EPS"): Basic EPS is computed using the two class method by dividing net income (loss) after adjusting for the impact of Convertible Non-controlling Interests which are participating securities, by the weighted average number of shares of common stock outstanding calculated including Convertible Non-controlling Interests. Because the Company's Convertible Non-controlling Interests are participating securities, they are included in the calculation of both basic and diluted EPS. (AD) Foreign Currency: The functional currency of the Company is U.S. dollars. Assets and liabilities denominated in foreign currencies are remeasured into U.S. dollars at current exchange rates at the following dates: (i) assets, liabilities, and unrealized gains/losses—at the valuation date; and (ii) income, expenses, and realized gains/losses—at the accrual/transaction date. The Company isolates the portion of realized and change in unrealized gain (loss) resulting from changes in foreign currency exchange rates on investments and financial derivatives from the fluctuations arising from changes in fair value of investments and financial derivatives held. Changes in realized and change in unrealized gain (loss) due to foreign currency are included in Other, net, on the Condensed Consolidated Statement of Operations. The Company's reporting currency is U.S. Dollars. If the Company has investments in unconsolidated entities that have a functional currency other than U.S. Dollars, the fair value is translated to U.S. dollars using the current exchange rate at the valuation date. The cumulative remeasurement adjustment, if any, associated with the Company's investments in unconsolidated entities is recorded in accumulated other comprehensive income (loss), a component of consolidated stockholders' equity. (AE) Income Taxes: The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Code. As a REIT, the Company is generally not subject to federal and state income tax to the extent it distributes its taxable income to its stockholders within the prescribed timeframes. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including distributing at least 90% of its annual taxable income to stockholders. Even if the Company qualifies as a REIT, it may be subject to certain federal, state, local, and foreign taxes on its income and property. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal, state, and local income taxes and may be precluded from qualifying as a REIT for the four taxable years following the year in which the Company fails to qualify as a REIT. As a REIT, if the Company fails to distribute in any calendar year (subject to specific timing rules for deficiency dividends) at least the sum of (i) 85% of its ordinary income for such year, (ii) 95% of its capital gain net income for such year, and (iii) any undistributed taxable income from the prior year, the Company would be subject to a non-deductible 4% federal excise tax on the excess of such required distribution over the sum of (i) the amounts actually distributed and (ii) the amounts of income retained and on which the Company has paid corporate income tax. The Company elected to treat certain domestic and foreign subsidiaries as TRSs, and may elect to treat other current or future subsidiaries as TRSs. In general, a TRS may hold assets and engage in any real estate or non-real estate-related activities that the Company cannot hold or engage in directly. A domestic TRS may, but is not required to, declare dividends to the Company; such dividends will be included in the Company's taxable income/(loss) and may necessitate a distribution to the Company's stockholders. Conversely, if the Company retains earnings at the level of a domestic TRS, such earnings will increase the book equity of the consolidated entity. A domestic TRS is subject to U.S. federal, state, and local corporate income taxes. The Company has elected and may elect in the future to treat certain of its foreign corporate subsidiaries as TRSs and, accordingly, taxable income generated by these TRSs may not be subject to U.S. federal, state, and local corporate income taxation, but generally will be included in the Company's income on a current basis as Subpart F income, whether or not distributed. The Company's foreign subsidiaries may be subject to income taxes in their relevant foreign jurisdictions. The Company's financial results are generally not expected to reflect provisions for current or deferred income taxes, except for any activities conducted through one or more TRSs that are subject to corporate income taxation. The Company follows the authoritative guidance on accounting for and disclosure of uncertainty on tax positions, which requires management to determine whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. For uncertain tax positions, the tax benefit to be recognized is measured as the largest amount of benefit that is more than 50% likely to be realized upon ultimate settlement. The Company did not have any unrecognized tax benefits resulting from tax positions related to the current period or its open tax years (2020, 2021, 2022, and 2023). In the normal course of business, the Company may be subject to examination by federal, state, local, and foreign jurisdictions, where applicable, for the current period and its open tax years. The Company may take positions with respect to certain tax issues which depend on legal interpretation of facts or applicable tax regulations. Should the relevant tax regulators successfully challenge any of such positions, the Company might be found to have a tax liability that has not been recorded in the accompanying consolidated financial statements. Also, management's conclusions regarding the authoritative guidance may be subject to review and adjustment at a later date based on changing tax laws, regulations, and interpretations thereof. The Company recognizes interest and penalties, if any, related to uncertain tax positions, as income tax expense included in Income tax expense (benefit) on the Condensed Consolidated Statement of Operations. (AF) Business Combinations: In accordance with ASC 805, Business Combinations ("ASC 805"), the Company applies the acquisition method to transactions in which it obtains control over one or more other businesses. Assets acquired and liabilities assumed are measured at fair value as of the acquisition date. Goodwill is recognized if the consideration transferred exceeds the fair value of the net assets acquired. Alternatively, a bargain purchase gain is recognized if the fair value of the net assets acquired exceeds the consideration transferred. (AG) Recent Accounting Pronouncements: In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures ("ASU 2023-09") which requires disaggregated information about a reporting entities effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. ASU 2023-09 will be applied on a prospective basis with the option to apply ASU 2023-09 retrospectively. ASU 2023-09 is not expected to have a material impact on the Company's consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures ("ASU 2023-07") which requires incremental disclosures related to an entity's reportable segments, including identifying significant segment expense categories and any multiple measures of segment profit or loss used by the CODM. Additionally, ASU 2023-07 provides further guidance on interim reporting, disclosures required by entities with a single reportable segment, and recasting of previously reported segment information. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024, with early adoption permitted. ASU 2023-07 will be applied on a retrospective basis unless it is impracticable to do so. ASU 2023-07 is not expected to have a material impact on the Company's consolidated financial statements.

Forward MSR-Related Investments (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2024

Jun. 30, 2024

Dec. 31, 2023

Servicer Advances Receivable

$ 13,500

149,831

^[1]

149,831

^[1]

$ 158,031

$ 163,336

^[1]

Capital Investments

Capital Distributions

(7,719)

(23,210)

Accretion of Interest Income

4,041

11,284

Changes in Valuation Inputs and Assumptions

$ (4,522)

$ (1,579)

MSR Servicing Fee Basis Points

0.125%

[1]	Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.

Securitization Transactions (Tables)

9 Months Ended

Sep. 30, 2024

Securitization Transactions [Abstract]

Schedule of Residential Loan Securitizations - Consolidated

The following table details the Company's outstanding consolidated residential mortgage loan securitizations:


Issuing Entity	Closing Date	Principal Balance of Loans Transferred to the Depositor		Total Face Amount of Certificates Issued(1)
		(In thousands)
Ellington Financial Mortgage Trust 2019-2	11/19	$	267,255	$	267,255
Ellington Financial Mortgage Trust 2020-1	6/20	259,273		259,273
Ellington Financial Mortgage Trust 2020-2	10/20	219,732		219,732
Ellington Financial Mortgage Trust 2021-1	2/21	251,771		251,771
Ellington Financial Mortgage Trust 2021-2	6/21	331,777		331,777
Ellington Financial Mortgage Trust 2021-3	10/21	257,645		257,645
Ellington Financial Mortgage Trust 2022-1	1/22	417,188		417,188
Ellington Financial Mortgage Trust 2022-2	4/22	425,651		425,651
Ellington Financial Mortgage Trust 2022-3	7/22	345,652		345,652

(1)The Sponsor purchased various classes of Certificates issued by each Issuing Entity in order to comply with the Risk Retention Rules.

Schedule of Residential Loan Securitizations - Non Consolidated

The following table provides details on outstanding non-consolidated residential mortgage loan securitizations in which the Company has participated:


Issuing Entity	Closing Date	Principal Balance of Loans Sold By the Company		Principal Balance of Loans Sold By the Non-QM Co-Participants		Total Face Amount of Certificates Issued
		(In thousands)
EFMT 2022-4	12/22	$	309,998	$	55,264	$	365,262
EFMT 2023-1	2/23	176,218		154,149		330,367
EFMT 2024-INV1	4/24	194,497		105,955		300,452

Schedule of participation in consumer loan securitizations

The following table provides additional details for each such securitization.


Securitization Closing	UPB of Loans Sold to Consumer Securitization Issuer		% Contributed by the Company		Principal Amount of Notes Issued(1)		% Ownership of Consumer Risk Retention Vehicle
	(In thousands)				(In thousands)
November 2020	$	205,088	56.3	%	$	193,650	56.3	%
March 2022(2)	193,450		24.7	%	400,000		24.6	%

(1)Total principal amount of notes issued by the Consumer Securitization Issuer pursuant to the securitization.

(2)UPB of loans sold to the Consumer Securitization Issuer represent the UPB of consumer loans sold by the Company and the Consumer Co-Participants. Such amount excludes $227.6 million of UPB of consumer loans sold to the Consumer Securitization Issuer by a third-party.

Schedule of Reverse Mortgage Loan Securitizations

The following table provide additional details for the Company's outstanding consolidated Reverse Mortgage Securitizations:


RM Issuing Entity	Closing Date	Principal Balance of Loans Transferred to the Depositor		Total Face Amount of RM Notes Issued(1)
		(In thousands)
EFMT 2024-RM1	3/24	$	171,412	$	208,100
EFMT 2024-RM2	7/24	188,117		232,150

(1)The RM Sponsor purchased various classes of RM Notes issued by each RM Issuing Entity in order to comply with the Risk Retention Rules.

Investment in Securities (Maturities of Securities) (Details) - USD ($)
$ in Thousands

Sep. 30, 2024

Dec. 31, 2023

Debt Securities, Available-for-Sale, Amortized Cost

^[1],[2]

$ 1,063,774

$ 1,518,377

$ 780,347

$ 1,445,337

4.19%

4.78%

Long

Debt Securities, Available-for-Sale, Amortized Cost

$ 1,063,774

$ 1,518,377

$ 1,082,819

$ 1,602,641

Long | Weighted Average

4.30%

4.95%

Long | Agency RMBS

Debt Securities, Available-for-Sale, Amortized Cost

$ 380,064

$ 840,512

$ 394,656

$ 883,044

Long | Agency RMBS | Weighted Average

Long | Agency RMBS | Less than three years [Member]

4.30%

3.99%

Debt Securities, Available-for-Sale, Amortized Cost

$ 65,378

$ 89,649

$ 64,690

$ 89,955

Long | Agency RMBS | Less than three years [Member] | Weighted Average

Long | Agency RMBS | Greater than three years less than seven years [Member]

5.71%

5.39%

Debt Securities, Available-for-Sale, Amortized Cost

$ 143,622

$ 346,074

$ 147,683

$ 360,574

Long | Agency RMBS | Greater than three years less than seven years [Member] | Weighted Average

Long | Agency RMBS | Greater than seven years less than eleven [Member]

5.10%

4.49%

Debt Securities, Available-for-Sale, Amortized Cost

$ 171,064

$ 404,789

$ 182,283

$ 432,515

Long | Agency RMBS | Greater than seven years less than eleven [Member] | Weighted Average

Long | Agency RMBS | Greater than eleven year [Member]

3.20%

3.30%

Debt Securities, Available-for-Sale, Amortized Cost

$ 0

$ 0

Long | Agency RMBS | Greater than eleven year [Member] | Weighted Average

Long | Agency RMBS | Interest only securities

0.00%

Debt Securities, Available-for-Sale, Amortized Cost

$ 14,579

$ 12,712

$ 13,780

$ 11,891

Long | Agency RMBS | Interest only securities | Weighted Average

Long | Agency RMBS | Interest only securities | Less than three years [Member]

1.10%

1.08%

Debt Securities, Available-for-Sale, Amortized Cost

$ 1,081

$ 1,541

$ 1,162

$ 1,546

Long | Agency RMBS | Interest only securities | Less than three years [Member] | Weighted Average

Long | Agency RMBS | Interest only securities | Greater than three years less than seven years [Member]

1.20%

0.57%

Debt Securities, Available-for-Sale, Amortized Cost

$ 6,624

$ 8,227

$ 5,915

$ 7,601

Long | Agency RMBS | Interest only securities | Greater than three years less than seven years [Member] | Weighted Average

Long | Agency RMBS | Interest only securities | Greater than seven years less than eleven [Member]

1.44%

1.77%

Debt Securities, Available-for-Sale, Amortized Cost

$ 6,324

$ 2,676

$ 6,137

$ 2,448

Long | Agency RMBS | Interest only securities | Greater than seven years less than eleven [Member] | Weighted Average

Long | Agency RMBS | Interest only securities | Greater than eleven year [Member]

0.88%

1.84%

Debt Securities, Available-for-Sale, Amortized Cost

$ 550

$ 268

$ 566

$ 296

Long | Agency RMBS | Interest only securities | Greater than eleven year [Member] | Weighted Average

Long | Non-Agency RMBS and CMBS

0.55%

0.68%

Debt Securities, Available-for-Sale, Amortized Cost

$ 156,625

$ 312,245

$ 159,856

$ 341,979

Long | Non-Agency RMBS and CMBS | Weighted Average

Long | Non-Agency RMBS and CMBS | Less than three years [Member]

5.21%

5.04%

Debt Securities, Available-for-Sale, Amortized Cost

$ 70,168

$ 116,076

$ 69,719

$ 117,707

Long | Non-Agency RMBS and CMBS | Less than three years [Member] | Weighted Average

Long | Non-Agency RMBS and CMBS | Greater than three years less than seven years [Member]

4.86%

4.41%

Debt Securities, Available-for-Sale, Amortized Cost

$ 53,226

$ 131,314

$ 49,383

$ 135,591

Long | Non-Agency RMBS and CMBS | Greater than three years less than seven years [Member] | Weighted Average

Long | Non-Agency RMBS and CMBS | Greater than seven years less than eleven [Member]

6.81%

7.05%

Debt Securities, Available-for-Sale, Amortized Cost

$ 31,182

$ 58,741

$ 39,629

$ 74,401

Long | Non-Agency RMBS and CMBS | Greater than seven years less than eleven [Member] | Weighted Average

Long | Non-Agency RMBS and CMBS | Greater than eleven year [Member]

4.16%

5.04%

Debt Securities, Available-for-Sale, Amortized Cost

$ 2,049

$ 6,114

$ 1,125

$ 14,280

Long | Non-Agency RMBS and CMBS | Greater than eleven year [Member] | Weighted Average

4.83%

0.38%

Long | Non-Agency RMBS

Debt Securities, Available-for-Sale, Amortized Cost

$ 120,243

$ 269,474

$ 112,001

$ 287,777

Long | Non-Agency RMBS | Weighted Average

Long | Non-Agency RMBS | Interest only securities

5.83%

5.07%

Debt Securities, Available-for-Sale, Amortized Cost

$ 57,283

$ 38,776

$ 52,329

$ 35,214

Long | Non-Agency RMBS | Interest only securities | Weighted Average

Long | Non-Agency RMBS | Interest only securities | Less than three years [Member]

0.17%

Debt Securities, Available-for-Sale, Amortized Cost

$ 23,878

$ 3,885

$ 24,673

$ 4,535

Long | Non-Agency RMBS | Interest only securities | Less than three years [Member] | Weighted Average

Long | Non-Agency RMBS | Interest only securities | Greater than three years less than seven years [Member]

0.18%

0.10%

Debt Securities, Available-for-Sale, Amortized Cost

$ 8,800

$ 11,014

$ 9,725

$ 11,343

Long | Non-Agency RMBS | Interest only securities | Greater than three years less than seven years [Member] | Weighted Average

Long | Non-Agency RMBS | Interest only securities | Greater than seven years less than eleven [Member]

0.17%

0.28%

Debt Securities, Available-for-Sale, Amortized Cost

$ 24,303

$ 23,555

$ 17,694

$ 19,072

Long | Non-Agency RMBS | Interest only securities | Greater than seven years less than eleven [Member] | Weighted Average

Long | Non-Agency RMBS | Interest only securities | Greater than eleven year [Member]

0.16%

0.15%

Debt Securities, Available-for-Sale, Amortized Cost

$ 302

$ 322

$ 237

$ 264

Long | Non-Agency RMBS | Interest only securities | Greater than eleven year [Member] | Weighted Average

Long | CLOs And Other Securities [Member]

1.24%

1.25%

Debt Securities, Available-for-Sale, Amortized Cost

$ 186,753

$ 127,941

$ 195,244

$ 144,303

Long | CLOs And Other Securities [Member] | Weighted Average

Long | CLOs And Other Securities [Member] | Less than three years [Member]

3.47%

6.02%

Debt Securities, Available-for-Sale, Amortized Cost

$ 94,401

$ 99,770

$ 102,710

$ 114,709

Long | CLOs And Other Securities [Member] | Less than three years [Member] | Weighted Average

Long | CLOs And Other Securities [Member] | Greater than three years less than seven years [Member]

2.83%

6.02%

Debt Securities, Available-for-Sale, Amortized Cost

$ 68,100

$ 19,469

$ 68,268

$ 20,981

Long | CLOs And Other Securities [Member] | Greater than three years less than seven years [Member] | Weighted Average

Long | CLOs And Other Securities [Member] | Greater than seven years less than eleven [Member]

6.62%

7.71%

Debt Securities, Available-for-Sale, Amortized Cost

$ 24,252

$ 8,702

$ 24,266

$ 8,613

Long | CLOs And Other Securities [Member] | Greater than seven years less than eleven [Member] | Weighted Average

Long | CLOs And Other Securities [Member] | Greater than eleven year [Member]

2.08%

1.34%

Debt Securities, Available-for-Sale, Amortized Cost

$ 0

$ 0

Long | CLOs And Other Securities [Member] | Greater than eleven year [Member] | Weighted Average

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

0.00%

[1]	Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.
[2]	Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

Securitization Transactions - Participation in Consumer Loan Securitization (Details) - Participation in Multi-Seller Consumer Loan Securitization [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Consumer Loan Securitization - November 2020
Securitization Transactions [Line Items]
Aggregate unpaid principal balance of loans sold	$ 205,088
Company's share of loans sold	56.30%
Principal amount of notes issued	$ 193,650
Company's current percentage ownership of jointly owned entity	56.30%
Consumer Loan Securitization - March 2022
Securitization Transactions [Line Items]
Aggregate unpaid principal balance of loans sold	$ 193,450
Company's share of loans sold	24.70%
Principal amount of notes issued	$ 400,000
Company's current percentage ownership of jointly owned entity	24.60%
Consumer Loan Securitization - March 2022 \| Transferred by third party
Securitization Transactions [Line Items]
Aggregate unpaid principal balance of loans sold	$ 227,600

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Segment Reporting (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Interest income	$ 107,281			$ 96,216			$ 309,272	$ 271,482
Interest expense	(73,654)			(68,702)			(210,993)	(191,752)
Noninterest Income	33,351			26,220			135,396	112,559
Operating Expenses	50,924			39,452			137,564	119,986
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	16,054			14,282			96,111	72,303
Income tax expense (benefit)	12			224			214	328
Earnings (losses) from investments in unconsolidated entities	7,281			(978)			21,549	(3,403)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	23,323	$ 60,072	$ 34,051	13,080	$ 10,739	$ 44,753	117,446	68,572
Net income (loss) attributable to non-controlling interests	315			509			1,697	3,090
Dividends on preferred stock	6,833			5,980			20,312	17,077
Net income (loss) attributable to common stockholders	16,175			6,591			95,437	48,405
Depreciation	314			149			1,156	859
Total Assets	15,953,290						15,953,290		$ 15,315,930
Liabilities	14,327,641						14,327,641		13,780,318
Total Equity	1,625,649	$ 1,573,859	$ 1,553,156	1,337,417	$ 1,344,657	$ 1,374,763	1,625,649	1,337,417	1,535,612	$ 1,220,886
Investment Portfolio Segment
Segment Reporting Information [Line Items]
Interest income	91,158			89,445			271,352	254,932
Interest expense	(55,302)			(58,045)			(166,241)	(164,388)
Noninterest Income	6,542			(11,969)			44,203	12,314
Operating Expenses	5,564			3,771			14,019	11,140
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	36,834			15,660			135,295	91,718
Income tax expense (benefit)	0			0			0	0
Earnings (losses) from investments in unconsolidated entities	7,281			(978)			21,549	(3,403)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	44,115			14,682			156,844	88,315
Net income (loss) attributable to non-controlling interests	116			438			684	2,522
Dividends on preferred stock	0			0			0	0
Net income (loss) attributable to common stockholders	43,999			14,244			156,160	85,793
Depreciation	0			0			0	0
Total Assets	5,728,990						5,728,990		5,978,988
Liabilities	4,195,113						4,195,113		4,555,212
Total Equity	1,533,877						1,533,877		1,423,776
Longbridge Segment
Segment Reporting Information [Line Items]
Interest income	14,600			5,190			32,606	11,862
Interest expense	(13,861)			(7,540)			(31,034)	(18,003)
Noninterest Income	30,621			31,752			98,658	95,779
Operating Expenses	33,811			25,319			89,719	76,583
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	(2,451)			4,083			10,511	13,055
Income tax expense (benefit)	0			0			0	0
Earnings (losses) from investments in unconsolidated entities	0			0			0	0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(2,451)			4,083			10,511	13,055
Net income (loss) attributable to non-controlling interests	39			(12)			76	(35)
Dividends on preferred stock	0			0			0	0
Net income (loss) attributable to common stockholders	(2,490)			4,095			10,435	13,090
Depreciation	314			149			1,156	859
Total Assets	10,020,874						10,020,874		9,092,840
Liabilities	9,769,027						9,769,027		8,872,153
Total Equity	251,847						251,847		220,687
Corporate and Other
Segment Reporting Information [Line Items]
Interest income	1,523			1,581			5,314	4,688
Interest expense	(4,491)			(3,117)			(13,718)	(9,361)
Noninterest Income	(3,812)			6,437			(7,465)	4,466
Operating Expenses	11,549			10,362			33,826	32,263
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	(18,329)			(5,461)			(49,695)	(32,470)
Income tax expense (benefit)	12			224			214	328
Earnings (losses) from investments in unconsolidated entities	0			0			0	0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(18,341)			(5,685)			(49,909)	(32,798)
Net income (loss) attributable to non-controlling interests	160			83			937	603
Dividends on preferred stock	6,833			5,980			20,312	17,077
Net income (loss) attributable to common stockholders	(25,334)			(11,748)			(71,158)	(50,478)
Depreciation	0			$ 0			0	$ 0
Total Assets	203,426						203,426		244,102
Liabilities	363,501						363,501		352,953
Total Equity	$ (160,075)						$ (160,075)		$ (108,851)

Valuation (Tables)

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Fair Value Disclosures [Abstract]

The tables below reflect the value of the Company's Level 1, Level 2, and Level 3 financial instruments that are measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023:

September 30, 2024:


Description	Level 1		Level 2		Level 3		Total
	(In thousands)
Assets:
Securities, at fair value:
Agency RMBS	$	—	$	383,107	$	11,536	$	394,643
Non-Agency RMBS	—		87,094		87,877		174,971
CMBS	—		19,544		19,393		38,937
CLOs	—		48,985		25,904		74,889
Asset-backed securities, backed by consumer loans	—		—		65,711		65,711
Other ABS	—		—		32,487		32,487
Corporate debt securities	—		—		13,666		13,666
Corporate equity securities	5,550		—		10,220		15,770
U.S. Treasury securities	—		252,700		—		252,700
Loans, at fair value:
Residential mortgage loans	—		—		3,618,233		3,618,233
Commercial mortgage loans	—		—		293,262		293,262
Consumer loans	—		—		670		670
Corporate loans	—		—		3,745		3,745
Reverse mortgage loans	—		—		9,603,876		9,603,876
Forward MSR-related investments, at fair value	—		—		149,831		149,831
MSRs, at fair value	—		—		28,877		28,877
Loan commitments, at fair value	—		—		5,955		5,955
Loan purchase commitments, at fair value	—		—		1,348		1,348
Investment in unconsolidated entities, at fair value	—		—		188,475		188,475
Financial derivatives–assets, at fair value:
Credit default swaps on asset-backed securities	—		—		6		6
Credit default swaps on asset-backed indices	—		1,928		—		1,928
Credit default swaps on corporate bonds	—		60		—		60
Credit default swaps on corporate bond indices	—		8,584		—		8,584
Interest rate swaps	—		137,455		—		137,455
TBAs	—		1,488		—		1,488
Warrants	—		53		—		53
Futures	105		—		—		105
Total assets	$	5,655	$	940,998	$	14,161,072	$	15,107,725


Description	Level 1		Level 2		Level 3		Total
(continued)	(In thousands)
Liabilities:
Securities sold short, at fair value:
Government debt	$	—	$	(304,918)	$	—	$	(304,918)
Financial derivatives–liabilities, at fair value:
Credit default swaps on corporate bonds	—		(244)		—		(244)
Credit default swaps on corporate bond indices	—		(24,327)		—		(24,327)
Interest rate swaps	—		(23,231)		—		(23,231)
TBAs	—		(841)		—		(841)
Futures	(334)		—		—		(334)
Forwards	—		(266)		—		(266)
Other secured borrowings, at fair value	—		—		(1,813,755)		(1,813,755)
HMBS-related obligations, at fair value	—		—		(8,790,589)		(8,790,589)
Unsecured borrowings, at fair value	—		—		(278,128)		(278,128)
Total liabilities	$	(334)	$	(353,827)	$	(10,882,472)	$	(11,236,633)

December 31, 2023:


Description	Level 1		Level 2		Level 3		Total
	(In thousands)
Assets:
Securities, at fair value:
Agency RMBS	$	—	$	847,712	$	5,512	$	853,224
Non-Agency RMBS	—		150,349		155,240		305,589
CMBS	—		31,289		14,143		45,432
CLOs	—		17,539		20,439		37,978
Asset-backed securities, backed by consumer loans	—		—		74,226		74,226
Other ABS	—		—		7,696		7,696
Corporate debt securities	—		—		8,041		8,041
Corporate equity securities	8,834		—		12,294		21,128
U.S. Treasury securities	—		165,063		—		165,063
Loans, at fair value:
Residential mortgage loans	—		—		3,093,912		3,093,912
Commercial mortgage loans	—		—		266,595		266,595
Consumer loans	—		—		1,759		1,759
Corporate loans	—		—		5,819		5,819
Reverse mortgage loans	—		—		8,938,551		8,938,551



Forward MSR-related investments, at fair value	—		—		163,336		163,336
MSRs, at fair value	—		—		29,580		29,580
Servicing asset, at fair value	—		—		1,327		1,327
Loan commitments, at fair value	—		—		2,584		2,584
Investment in unconsolidated entities, at fair value	—		—		116,414		116,414


Description	Level 1		Level 2		Level 3		Total
(continued)	(In thousands)
Financial derivatives–assets, at fair value:
Credit default swaps on asset-backed securities	$	—	$	—	$	8	$	8
Credit default swaps on asset-backed indices	—		3,318		—		3,318
Credit default swaps on corporate bonds	—		25		—		25
Credit default swaps on corporate bond indices	—		7,259		—		7,259
Interest rate swaps	—		129,239		—		129,239
Total return swaps	—		—		6		6
TBAs	—		2,182		—		2,182
Warrants	—		1,702		—		1,702
Futures	245		—		—		245
Forwards	—		12		—		12
Total assets	$	9,079	$	1,355,689	$	12,917,482	$	14,282,250



Liabilities:
Securities sold short, at fair value:
Government debt	$	—	$	(154,303)	$	—	$	(154,303)
Financial derivatives–liabilities, at fair value:
Credit default swaps on asset-backed indices	—		(32)		—		(32)
Credit default swaps on corporate bonds	—		(225)		—		(225)
Credit default swaps on corporate bond indices	—		(15,894)		—		(15,894)
Interest rate swaps	—		(31,745)		—		(31,745)
TBAs	—		(5,820)		—		(5,820)
Futures	(7,990)		—		—		(7,990)
Forwards	—		(70)		—		(70)
Other secured borrowings, at fair value	—		—		(1,424,668)		(1,424,668)
HMBS-related obligations, at fair value	—		—		(8,423,235)		(8,423,235)
Unsecured borrowings, at fair value	—		—		(272,765)		(272,765)
Total liabilities	$	(7,990)	$	(208,089)	$	(10,120,668)	$	(10,336,747)

Schedule of Significant Unobservable Inputs, Qualitative Information

The following table identifies the significant unobservable inputs that affect the valuation of the Company's Level 3 assets and liabilities as of September 30, 2024:

September 30, 2024:


	Fair Value		Valuation Technique	Unobservable Input	Range						Weighted Average
Description					Min			Max
	(In thousands)
Non-Agency RMBS	$	28,944	Market Quotes	Non Binding Third-Party Valuation	$	1.14		$	132.18		$	81.84
	58,933		Discounted Cash Flows
	87,877			Yield	0.0		%	99.8		%	10.2		%
				Projected Collateral Prepayments	0.0		%	100.0		%	59.2		%
				Projected Collateral Losses	0.0		%	50.7		%	2.9		%
				Projected Collateral Recoveries	0.0		%	19.1		%	6.1		%
Non-Agency CMBS	16,546		Market Quotes	Non Binding Third-Party Valuation	$	4.39		$	95.12		$	57.41
	2,847		Discounted Cash Flows
	19,393			Yield	8.7		%	21.6		%	14.0		%
				Projected Collateral Losses	0.0		%	80.0		%	6.8		%
				Projected Collateral Recoveries	20.0		%	100.0		%	92.4		%
CLOs	19,502		Market Quotes	Non Binding Third-Party Valuation	$	11.50		$	100.80		$	71.00
	6,402		Discounted Cash Flows
	25,904			Yield	7.8		%	56.3		%	16.3		%
Agency interest only RMBS	2,846		Market Quotes	Non Binding Third-Party Valuation	$	2.13		$	19.09		$	14.13
	8,690		Option Adjusted Spread ("OAS")
	11,536			LIBOR OAS(1)	24			3,287			449
				Projected Collateral Prepayments	0.0		%	100.0		%	51.2		%



ABS	23,707		Market Quotes	Non Binding Third-Party Valuation	$	4.85		$	94.53		$	72.77
	74,491		Discounted Cash Flows
	98,198			Yield	9.0		%	34.6		%	11.4		%
				Projected Collateral Prepayments	0.0		%	82.6		%	18.5		%
				Projected Collateral Losses	0.0		%	34.8		%	18.6		%



Corporate debt and equity	23,886		Discounted Cash Flows	Yield	0.0		%	108.0		%	16.5		%
Performing and re-performing residential mortgage loans	1,885,115		Discounted Cash Flows	Yield	0.6		%	33.0		%	8.1		%
Securitized residential mortgage loans(2)(3)	1,521,420		Market Quotes	Non Binding Third-Party Valuation	$	27.36		$	103.59		$	90.45
	59,762		Discounted Cash Flows
	1,581,182			Yield	2.6		%	10.4		%	4.5		%
Non-performing residential mortgage loans	151,936		Discounted Cash Flows	Yield	0.0		%	56.6		%	13.3		%
				Recovery Amount	4.6		%	247.4		%	103.8		%
				Months to Resolution	3.0			125.9			23.3
Performing commercial mortgage loans	221,457		Discounted Cash Flows	Yield	9.6		%	13.0		%	11.2		%
Non-performing commercial mortgage loans	71,805		Discounted Cash Flows	Yield	0.5		%	22.0		%	13.2		%
				Recovery Amount	0.0		%	103.1		%	42.0		%
				Months to Resolution	2.0			9.0			6.1


	Fair Value	Valuation Technique	Unobservable Input	Range						Weighted Average
Description				Min			Max
(continued)	(In thousands)
Consumer loans	670	Discounted Cash Flows	Yield	8.9		%	12.8		%	11.4		%
			Projected Collateral Prepayments	—		%	28.9		%	10.8		%
			Projected Collateral Losses	0.3		%	93.8		%	23.5		%
Corporate loans	3,745	Discounted Cash Flows	Yield	6.9		%	32.0		%	15.6		%
Reverse Mortgage Loans—HECM	8,996,923	Discounted Cash Flows	Yield	2.5		%	5.8		%	4.1		%
			Conditional Prepayment Rate	1.8		%	35.0		%	7.5		%
Reverse Mortgage Loans—HECM buyouts	18,834	Discounted Cash Flows	Yield	7.7		%	14.1		%	10.3		%
			Months to Resolution	1.0			73.0			20.5
Reverse Mortgage Loans—Unsecuritized Proprietary	197,558	Discounted Cash Flows	Yield	6.5		%	8.2		%	7.2		%
			Conditional Prepayment Rate	12.0		%	41.7		%	14.9		%
Reverse Mortgage Loans—Securitized Proprietary(2)	390,561	Market Quotes	Non Binding Third-Party Valuation	$	92.21		$	114.42		$	109.82
			Yield	6.4		%	9.1		%	6.7		%
Forward MSR-related investments	149,831	Discounted Cash Flows	Yield	9.5		%	9.5		%	9.5		%
			Conditional Prepayment Rate	6.3		%	6.3		%	6.3		%
MSRs	28,877	Discounted Cash Flows	Yield	17.4		%	17.4		%	17.4		%
			Conditional Prepayment Rate	10.1		%	35.5		%	15.1		%
Loan Purchase Commitments	1,348	Transaction Price	Yield	6.3		%	6.7		%	6.5		%
Loan Commitments	5,955	Discounted Cash Flows	Pull-through rate	60.6		%	99.4		%	73.2		%
			Cost to originate	3.5		%	7.2		%	5.1		%
Investment in unconsolidated entities—Loan origination entities	38,351	Enterprise Value	Equity Price-to-Book(4)	1.2x			1.6x			1.4x
Investment in unconsolidated entities—Other	147,424	Enterprise Value	Net Asset Value	n/a			n/a			n/a
Investment in unconsolidated entities—Loan origination-related entities	2,700	Recent Transactions	Transaction Price	n/a			n/a			n/a
	188,475



Credit default swaps on asset-backed securities	6	Net Discounted Cash Flows	Projected Collateral Prepayments	22.9		%	22.9		%	22.9		%
			Projected Collateral Losses	8.6		%	8.6		%	8.6		%
			Projected Collateral Recoveries	12.3		%	12.3		%	12.3		%
Other secured borrowings, at fair value(2)	(1,813,755)	Market Quotes	Non Binding Third-Party Valuation	$	50.00		$	103.59		$	91.58
			Yield	5.4%			9.9%			6.2%
			Projected Collateral Prepayments	9.5%			100.0%			96.9%
HMBS-related obligations, at fair value	(8,790,589)	Discounted Cash Flows	Yield	2.4%			5.6%			4.0%
			Conditional Prepayment Rate	6.7%			35.0%			7.5%
Unsecured borrowings, at fair value	(278,128)	Market Quotes	Non Binding Third-Party Valuation	$	75.00		$	99.12		$	93.59

(1)Shown in basis points.

(2)Securitized residential mortgage loans, Reverse Mortgage Loans—Securitized Proprietary, and Other secured borrowings, at fair value, represent financial assets and liabilities of the Company's CFEs as discussed in Note 2.

(3)Includes $55.1 million of non-performing securitized residential mortgage loans.

(4)Represents an estimation of where market participants might value an enterprise on a price-to-book basis. For the range minimum, the range maximum, and the weighted average price-to-book ratio, excludes investments in unconsolidated entities with a total fair value of $0.5 million. Including such investments the weighted average price-to-book ratio was 1.6x

Fair Value Measurement Using Significant Unobservable Inputs

The tables below include roll-forwards of the Company's financial instruments for the three- and nine-month periods ended September 30, 2024 and 2023 (including the change in fair value), for financial instruments classified by the Company within Level 3 of the valuation hierarchy.

Three-Month Period Ended September 30, 2024


(In thousands)	Beginning Balance as of June 30, 2024		Accreted Discounts / (Amortized Premiums)		Net Realized Gain/ (Loss)		Change in Net Unrealized Gain/(Loss)		Purchases/Payments(1)		Sales/ Issuances(2)		Transfers Into Level 3		Transfers Out of Level 3		Ending Balance as of September 30, 2024
Assets:
Securities, at fair value:
Agency RMBS	$	7,482	$	(317)	$	91	$	586	$	4,656	$	(983)	$	277	$	(256)	$	11,536
Non-Agency RMBS	84,811		(1,130)		(326)		3,428		29,207		(19,579)		918		(9,452)		87,877
CMBS	18,245		197		157		406		—		(3,483)		6,111		(2,240)		19,393
CLOs	35,697		(1,513)		363		(193)		—		(8,611)		2,103		(1,942)		25,904
Asset-backed securities backed by consumer loans	68,924		(1,304)		(5,469)		2,869		7,113		(6,422)		—		—		65,711
Other ABS	31,196		(178)		—		2,291		1,062		(1,884)		—		—		32,487
Corporate debt securities	15,066		—		637		(1,030)		6,232		(7,239)		—		—		13,666
Corporate equity securities	10,162		—		—		(98)		156		—		—		—		10,220
Loans, at fair value:
Residential mortgage loans	3,101,615		(218)		(7,250)		83,967		867,769		(427,650)		—		—		3,618,233
Commercial mortgage loans	266,220		31		—		(1,775)		52,597		(23,811)		—		—		293,262
Consumer loans	949		(51)		(9)		(4)		13		(228)		—		—		670
Corporate loans	4,933		—		—		(1,188)		100		(100)		—		—		3,745
Reverse mortgage loans(3)	9,472,389		—		(19)		180,728		478,484		(527,706)		—		—		9,603,876
Forward MSR-related investments, at fair value	158,031		4,041		—		(4,521)		—		(7,720)		—		—		149,831
MSRs, at fair value(3)	29,538		—		—		(661)		—		—		—		—		28,877
Loan commitments, at fair value	5,623		—		—		332		—		—		—		—		5,955
Loan purchase commitments, at fair value	275		—		—		1,073		—		—		—		—		1,348
Investments in unconsolidated entities, at fair value	163,182		—		—		7,281		56,785		(38,773)		—		—		188,475
Financial derivatives–assets, at fair value:
Credit default swaps on asset-backed securities	8		—		—		(2)		—		—		—		—		6
Total return swaps	3		—		(4)		(3)		5		(1)		—		—		—
Total assets, at fair value	$	13,474,349	$	(442)	$	(11,829)	$	273,486	$	1,504,179	$	(1,074,190)	$	9,409	$	(13,890)	$	14,161,072
Liabilities:
Servicing liability, at fair value	$	(232)	$	—	$	590	$	(358)	$	—	$	—	$	—	$	—	$	—
Other secured borrowings, at fair value	(1,585,838)		(2,890)		—		(59,288)		41,442		(207,181)		—		—		(1,813,755)
Unsecured borrowings, at fair value	(269,069)		—		—		(9,059)		—		—		—		—		(278,128)
HMBS-related obligations, at fair value	(8,832,058)		—		—		(133,837)		527,944		(352,638)		—		—		(8,790,589)
Total liabilities, at fair value	$	(10,687,197)	$	(2,890)	$	590	$	(202,542)	$	569,386	$	(559,819)	$	—	$	—	$	(10,882,472)

(1)For Investments in unconsolidated entities, at fair value, amount represents contributions to investments in unconsolidated entities.

(2)For Investments in unconsolidated entities, at fair value, amount represents distributions from investments in unconsolidated entities.

(3)Change in net unrealized gain (loss) represents the net change in fair value which can include interest income and realized and unrealized gains and losses.

All amounts of net realized and change in net unrealized gain (loss) in the table above are reflected in the accompanying Condensed Consolidated Statement of Operations. The table above incorporates changes in net unrealized gain (loss) for both Level 3 financial instruments held by the Company at September 30, 2024, as well as Level 3 financial instruments disposed of by the Company during the three-month period ended September 30, 2024. The following table details the change in net unrealized gain (loss) for Level 3 financial instruments still held by the Company at September 30, 2024.


(In thousands)	Three-Month Period Ended September 30, 2024
Securities, at fair value	$	6,909
Loans, at fair value	261,765
Forward MSR-related investments	(4,521)
MSRs	(661)
Loan commitments	332
Loan purchase commitments	1,073
Investments in unconsolidated entities	3,854
Financial derivatives-assets	(3)
Other secured borrowings, at fair value	(59,288)
Unsecured borrowings, at fair value	(9,059)
HMBS-related obligations, at fair value	(133,837)

At September 30, 2024, the Company transferred $13.9 million of assets from Level 3 to Level 2 and $9.4 million from Level 2 to Level 3. Transfers between these hierarchy levels were based on the availability of sufficient observable inputs to meet Level 2 versus Level 3 criteria. The leveling of each financial instrument is reassessed at the end of each period, and is based on pricing information received from third-party pricing sources.

Three-Month Period Ended September 30, 2023


(In thousands)	Beginning Balance as of June 30, 2023		Accreted Discounts / (Amortized Premiums)		Net Realized Gain/ (Loss)		Change in Net Unrealized Gain/(Loss)		Purchases/Payments(1)		Sales/Issuances(2)		Transfers Into Level 3		Transfers Out of Level 3		Ending Balance as of September 30, 2023
Assets:
Securities, at fair value:
Agency RMBS	$	5,355	$	(353)	$	(358)	$	188	$	—	$	(597)	$	183	$	(352)	$	4,066
Non-Agency RMBS	168,609		(239)		(124)		(4,375)		9,739		(1,729)		534		(2,190)		170,225
CMBS	12,308		130		26		(904)		1,314		(318)		1,576		(720)		13,412
CLOs	19,733		(359)		(6,183)		5,729		2,069		(134)		550		(5,535)		15,870
Asset-backed securities backed by consumer loans	77,139		(1,885)		(4,864)		11		18,070		(7,947)		—		—		80,524
Other ABS	—		26		—		7		1,252		—		—		—		1,285
Corporate debt securities	9,633		—		306		(107)		2,209		(1,749)		—		—		10,292
Corporate equity securities	10,736		—		(206)		218		479		(934)		—		—		10,293
Loans, at fair value:
Residential mortgage loans	2,993,683		(2,176)		913		(25,384)		393,880		(373,401)		—		—		2,987,515
Commercial mortgage loans	348,360		—		2		(4,647)		63,567		(116,338)		—		—		290,944
Consumer loans	3,059		(199)		(192)		194		137		(591)		—		—		2,408
Corporate loans	6,532		—		—		—		544		(453)		—		—		6,623
Reverse mortgage loans(3)	8,471,061		—		—		98,686		435,094		(371,459)		—		—		8,633,382
MSRs, at fair value(3)	7,473		—		—		22,180		—		—		—		—		29,653
Servicing asset, at fair value	1,304		—		—		991		—		—		—		—		2,295
Loan commitments, at fair value	3,800		—		—		(48)		—		—		—		—		3,752
Investments in unconsolidated entities, at fair value	118,420		—		2,301		(3,279)		42,289		(46,257)		—		—		113,474
Financial derivatives–assets, at fair value:
Credit default swaps on asset-backed securities	76		—		—		—		—		—		—		—		76
Total return swaps	—		—		30		16		—		(30)		—		—		16
Total assets, at fair value	$	12,257,281	$	(5,055)	$	(8,349)	$	89,476	$	970,643	$	(921,937)	$	2,843	$	(8,797)	$	12,376,105
Liabilities:
Other secured borrowings, at fair value	(1,472,368)		(308)		—		18,660		49,449		—		—		—		(1,404,567)
Unsecured borrowings, at fair value	(185,325)		—		—		(4,410)		—		—		—		—		(189,735)
HMBS-related obligations, at fair value	(8,055,288)		—		—		(115,729)		357,638		(368,543)		—		—		(8,181,922)
Total liabilities, at fair value	$	(9,712,981)	$	(308)	$	—	$	(101,479)	$	407,087	$	(368,543)	$	—	$	—	$	(9,776,224)

(1)For Investments in unconsolidated entities, at fair value, amount represents contributions to investments in unconsolidated entities.

(2)For Investments in unconsolidated entities, at fair value, amount represents distributions from investments in unconsolidated entities.

(3)Change in net unrealized gain (loss) represents the net change in fair value which can include interest income and realized and unrealized gains and losses.

All amounts of net realized and change in net unrealized gain (loss) in the table above are reflected in the accompanying Condensed Consolidated Statement of Operations. The table above incorporates changes in net unrealized gain (loss) for both Level 3 financial instruments held by the Company at September 30, 2023, as well as Level 3 financial instruments disposed of by the Company during the three-month period ended September 30, 2023. The following table details the change in net unrealized gain (loss) for Level 3 financial instruments still held by the Company at September 30, 2023.


(In thousands)	Three-Month Period Ended September 30, 2023
Securities, at fair value	$	1,333
Loans, at fair value	68,576
MSRs	22,180
Servicing asset	991
Loan commitments	(48)
Investments in unconsolidated entities	(4,022)
Financial derivatives-assets	16
Other secured borrowings, at fair value	18,660
Unsecured borrowings, at fair value	(4,410)
HMBS-related obligations, at fair value	(115,729)

At September 30, 2023, the Company transferred $8.8 million of assets from Level 3 to Level 2 and $2.8 million of assets from Level 2 to Level 3. Transfers between these hierarchy levels were based on the availability of sufficient observable inputs to meet Level 2 versus Level 3 criteria. The leveling of each financial instrument is reassessed at the end of each period, and is based on pricing information received from third-party pricing sources.

Nine-Month Period Ended September 30, 2024


(In thousands)	Beginning Balance as of December 31, 2023		Accreted Discounts / (Amortized Premiums)		Net Realized Gain/ (Loss)		Change in Net Unrealized Gain/(Loss)		Purchases/Payments(1)		Sales/ Issuances(2)		Transfers Into Level 3		Transfers Out of Level 3		Ending Balance as of September 30, 2024
Assets:
Securities, at fair value:
Agency RMBS	$	5,512	$	(688)	$	59	$	207	$	5,564	$	(1,114)	$	2,935	$	(939)	$	11,536
Non-Agency RMBS	155,240		(2,684)		(4,186)		24,159		51,618		(121,468)		2,069		(16,871)		87,877
CMBS	14,143		635		294		(190)		6,092		(4,580)		6,963		(3,964)		19,393
CLOs	20,439		(2,189)		(3,061)		905		69,421		(50,793)		3,711		(12,529)		25,904
Asset-backed securities backed by consumer loans	74,226		(5,129)		(7,734)		2,949		23,212		(21,813)		—		—		65,711
Other ABS	7,696		(23)		—		3,936		23,456		(2,578)		—		—		32,487
Corporate debt securities	8,041		—		160		(350)		15,641		(9,826)		—		—		13,666
Corporate equity securities	12,294		—		549		(605)		320		(2,338)		—		—		10,220
Loans, at fair value:
Residential mortgage loans	3,093,912		(2,042)		(12,716)		104,743		2,063,012		(1,628,676)		—		—		3,618,233
Commercial mortgage loans	266,595		31		(44)		43		268,006		(241,369)		—		—		293,262
Consumer loans	1,759		(286)		17		(1)		153		(972)		—		—		670
Corporate loans	5,819		—		—		(1,288)		828		(1,614)		—		—		3,745
Reverse mortgage loans(3)	8,938,551		—		(19)		532,180		1,217,247		(1,084,083)		—		—		9,603,876
Forward MSR-related investments, at fair value	163,336		11,285		—		(1,579)		—		(23,211)		—		—		149,831
MSRs, at fair value(3)	29,580		—		—		(703)		—		—		—		—		28,877
Servicing asset, at fair value	1,327		—		590		(1,917)		—		—		—		—		—
Loan commitments, at fair value	2,584		—		—		3,371		—		—		—		—		5,955
Loan purchase commitments, at fair value	—		—		—		1,348		—		—		—		—		1,348
Investments in unconsolidated entities, at fair value	116,414		—		7,948		13,601		244,116		(193,604)		—		—		188,475
Financial derivatives–assets, at fair value:
Credit default swaps on asset-backed securities	8		—		(1)		(2)		1		—		—		—		6
Total return swaps	6		—		33		(6)		6		(39)		—		—		—
Total assets, at fair value	$	12,917,482	$	(1,090)	$	(18,111)	$	680,801	$	3,988,693	$	(3,388,078)	$	15,678	$	(34,303)	$	14,161,072
Liabilities:
Other secured borrowings, at fair value	(1,424,668)		(3,532)		—		(73,327)		115,638		(427,866)		—		—		(1,813,755)
Unsecured borrowings, at fair value	(272,765)		—		—		(5,363)		—		—		—		—		(278,128)
HMBS-related obligations, at fair value	(8,423,235)		—		—		(439,491)		1,075,499		(1,003,362)		—		—		(8,790,589)
Total liabilities, at fair value	$	(10,120,668)	$	(3,532)	$	—	$	(518,181)	$	1,191,137	$	(1,431,228)	$	—	$	—	$	(10,882,472)

(1)For Investments in unconsolidated entities, at fair value, amount represents contributions to investments in unconsolidated entities.

(2)For Investments in unconsolidated entities, at fair value, amount represents distributions from investments in unconsolidated entities.

(3)Change in net unrealized gain (loss) represents the net change in fair value which can include interest income and realized and unrealized gains and losses.

All amounts of net realized and change in net unrealized gain (loss) in the table above are reflected in the accompanying Condensed Consolidated Statement of Operations. The table above incorporates changes in net unrealized gain (loss) for both Level 3 financial instruments held by the Company at September 30, 2024, as well as Level 3 financial instruments disposed of by the Company during the nine-month period ended September 30, 2024. The following table details the change in net unrealized gain (loss) for Level 3 financial instruments still held by the Company at September 30, 2024.


(In thousands)	Nine-Month Period Ended September 30, 2024
Securities, at fair value	$	11,552
Loans, at fair value	635,425
Forward MSR-related investments	(1,579)
MSRs	(703)
Loan purchase commitments	1,348
Loan commitments	3,371
Investments in unconsolidated entities	6,055
Financial derivatives-assets	(2)
Other secured borrowings, at fair value	(73,327)
Unsecured borrowings, at fair value	(5,363)
HMBS-related obligations, at fair value	(439,491)

At September 30, 2024, the Company transferred $34.3 million of assets from Level 3 to Level 2 and $15.7 million from Level 2 to Level 3. Transfers between these hierarchy levels were based on the availability of sufficient observable inputs to meet Level 2 versus Level 3 criteria. The leveling of each financial instrument is reassessed at the end of each period, and is based on pricing information received from third-party pricing sources.

Nine-Month Period Ended September 30, 2023


(In thousands)	Beginning Balance as of December 31, 2022		Accreted Discounts / (Amortized Premiums)		Net Realized Gain/ (Loss)		Change in Net Unrealized Gain/(Loss)		Purchases/Payments(1)		Sales/Issuances(2)		Transfers Into Level 3		Transfers Out of Level 3		Ending Balance as of September 30, 2023
Assets:
Securities, at fair value:
Agency RMBS	$	7,027	$	(987)	$	(669)	$	621	$	336	$	(1,561)	$	1,143	$	(1,844)	$	4,066
Non-Agency RMBS	132,502		(78)		1,764		(12,268)		39,654		(32,586)		50,768		(9,531)		170,225
CMBS	12,649		210		23		(3,337)		3,441		(459)		3,101		(2,216)		13,412
CLOs	24,598		(289)		(5,944)		3,778		6,112		(7,009)		2,304		(7,680)		15,870
Asset-backed securities backed by consumer loans	73,644		(4,202)		(11,573)		2,148		47,762		(27,255)		—		—		80,524
Other ABS	—		26		—		7		1,252		—		—		—		1,285
Corporate debt securities	7,533		—		(784)		633		13,463		(10,553)		—		—		10,292
Corporate equity securities	11,111		—		(210)		599		1,573		(2,780)		—		—		10,293
Loans, at fair value:
Residential mortgage loans	3,115,518		(6,408)		(7,614)		13,061		1,073,182		(1,200,224)		—		—		2,987,515
Commercial mortgage loans	404,324		—		2		(54)		127,012		(240,340)		—		—		290,944
Consumer loans	4,843		(675)		(387)		150		587		(2,110)		—		—		2,408
Corporate loans	4,086		—		354		10		3,961		(1,788)		—		—		6,623
Reverse mortgage loans(3)	8,097,237		—		(3)		309,647		1,280,465		(1,053,964)		—		—		8,633,382
MSRs, at fair value(3)	8,108		—		—		21,545		—		—		—		—		29,653
Servicing asset, at fair value	999		—		—		1,296		—		—		—		—		2,295
Loan commitments, at fair value	3,060		—		—		692		—		—		—		—		3,752
Investments in unconsolidated entities, at fair value	127,046		—		2,527		(5,930)		123,891		(134,060)		—		—		113,474
Financial derivatives–assets, at fair value:
Credit default swaps on asset-backed securities	76		—		—		—		—		—		—		—		76
Total return swaps	—		—		30		16		—		(30)		—		—		16
Total assets, at fair value	$	12,034,361	$	(12,403)	$	(22,484)	$	332,614	$	2,722,691	$	(2,714,719)	$	57,316	$	(21,271)	$	12,376,105
Liabilities:
Other secured borrowings, at fair value	$	(1,539,881)	$	(972)	$	—	$	1,133	$	135,153	$	—	$	—	$	—	$	(1,404,567)
Unsecured borrowings, at fair value	(191,835)		—		—		2,100		—		—		—		—		(189,735)
HMBS-related obligations, at fair value	(7,787,155)		—		—		(271,840)		973,755		(1,096,682)		—		—		(8,181,922)
Total liabilities, at fair value	$	(9,518,871)	$	(972)	$	—	$	(268,607)	$	1,108,908	$	(1,096,682)	$	—	$	—	$	(9,776,224)

(1)For Investments in unconsolidated entities, at fair value, amount represents contributions to investments in unconsolidated entities.

(2)For Investments in unconsolidated entities, at fair value, amount represents distributions from investments in unconsolidated entities.

(3)Change in net unrealized gain (loss) represents the net change in fair value which can include interest income and realized and unrealized gains and losses.

All amounts of net realized and change in net unrealized gain (loss) in the table above are reflected in the accompanying Condensed Consolidated Statement of Operations. The table above incorporates changes in net unrealized gain (loss) for both Level 3 financial instruments held by the Company at September 30, 2023, as well as Level 3 financial instruments disposed of by the Company during the nine-month period ended September 30, 2023. The following table details the change in net unrealized gain (loss) for Level 3 financial instruments still held by the Company at September 30, 2023.


(In thousands)	Nine-Month Period Ended September 30, 2023
Securities, at fair value	$	(11,948)
Loans, at fair value	321,962
MSRs, at fair value	21,545
Servicing asset, at fair value	1,296
Loan commitments, at fair value	692
Investments in unconsolidated entities, at fair value	(6,697)
Financial derivatives-assets	16
Other secured borrowings, at fair value	1,133
Unsecured borrowings, at fair value	2,100
HMBS-related obligations, at fair value	(271,840)

At September 30, 2023, the Company transferred $21.3 million of assets from Level 3 to Level 2 and $57.3 million from Level 2 to Level 3. Transfers between these hierarchy levels were based on the availability of sufficient observable inputs to meet Level 2 versus Level 3 criteria. The leveling of each financial instrument is reassessed at the end of each period, and is based on pricing information received from third-party pricing sources.

Schedule of Financial Instruments

The following table summarizes the estimated fair value of all other financial instruments not measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023:


	September 30, 2024				December 31, 2023
(In thousands)	Fair Value		Carrying Value		Fair Value		Carrying Value
Other financial instruments
Assets:
Cash and cash equivalents	$	217,725	$	217,725	$	228,927	$	228,927
Restricted cash	10,578		10,578		1,618		1,618
Due from brokers	16,048		16,048		51,884		51,884
Reverse repurchase agreements	331,630		331,630		173,145		173,145
Liabilities:
Repurchase agreements	2,642,052		2,642,052		2,967,437		2,967,437
Other secured borrowings	284,897		284,897		245,827		245,827
Due to brokers	55,529		55,529		62,442		62,442

Cash and cash equivalents generally includes cash held in interest bearing overnight accounts, for which fair value equals the carrying value, and investments which are liquid in nature, such as investments in money market accounts or U.S. Treasury Bills, for which fair value equals the carrying value; such assets are considered Level 1. Restricted cash includes cash held in a segregated account for which fair value equals the carrying value; such assets are considered Level 1. Due from brokers and Due to brokers include collateral transferred to or received from counterparties, along with receivables and payables for open and/or closed derivative positions. These receivables and payables are short term in nature and any collateral transferred consists primarily of cash; fair value of these items is approximated by carrying value and such items are considered Level 1. The Company's reverse repurchase agreements, repurchase agreements, and other secured borrowings are carried at cost, which approximates fair value due to their short term nature. Reverse repurchase agreements, repurchase agreements, and other secured borrowings are classified as Level 2 based on the adequacy of the collateral and their short term nature.

Schedule of change in unrealized gain/(loss) on Level 3 Assets and Liabilities still held and outstanding

The following table details the change in net unrealized gain (loss) for Level 3 financial instruments still held by the Company at September 30, 2024.


(In thousands)	Three-Month Period Ended September 30, 2024
Securities, at fair value	$	6,909
Loans, at fair value	261,765
Forward MSR-related investments	(4,521)
MSRs	(661)
Loan commitments	332
Loan purchase commitments	1,073
Investments in unconsolidated entities	3,854
Financial derivatives-assets	(3)
Other secured borrowings, at fair value	(59,288)
Unsecured borrowings, at fair value	(9,059)
HMBS-related obligations, at fair value	(133,837)

The following table details the change in net unrealized gain (loss) for Level 3 financial instruments still held by the Company at September 30, 2023.


(In thousands)	Three-Month Period Ended September 30, 2023
Securities, at fair value	$	1,333
Loans, at fair value	68,576
MSRs	22,180
Servicing asset	991
Loan commitments	(48)
Investments in unconsolidated entities	(4,022)
Financial derivatives-assets	16
Other secured borrowings, at fair value	18,660
Unsecured borrowings, at fair value	(4,410)
HMBS-related obligations, at fair value	(115,729)

The following table details the change in net unrealized gain (loss) for Level 3 financial instruments still held by the Company at September 30, 2024.


(In thousands)	Nine-Month Period Ended September 30, 2024
Securities, at fair value	$	11,552
Loans, at fair value	635,425
Forward MSR-related investments	(1,579)
MSRs	(703)
Loan purchase commitments	1,348
Loan commitments	3,371
Investments in unconsolidated entities	6,055
Financial derivatives-assets	(2)
Other secured borrowings, at fair value	(73,327)
Unsecured borrowings, at fair value	(5,363)
HMBS-related obligations, at fair value	(439,491)

The following table details the change in net unrealized gain (loss) for Level 3 financial instruments still held by the Company at September 30, 2023.


(In thousands)	Nine-Month Period Ended September 30, 2023
Securities, at fair value	$	(11,948)
Loans, at fair value	321,962
MSRs, at fair value	21,545
Servicing asset, at fair value	1,296
Loan commitments, at fair value	692
Investments in unconsolidated entities, at fair value	(6,697)
Financial derivatives-assets	16
Other secured borrowings, at fair value	1,133
Unsecured borrowings, at fair value	2,100
HMBS-related obligations, at fair value	(271,840)

Long-Term Incentive Plan Units (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based long term incentive plan unit expense	$ 0.3	$ 0.3	$ 0.9	$ 1.0
Capital shares reserved for future issuance (in shares)	1,365,928		1,365,928		1,439,180

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Other Assets

The following table provides additional details of the Company's assets included in Other assets on the Condensed Consolidated Balance Sheet at September 30, 2024 and December 31, 2023.


Other Assets	September 30, 2024		December 31, 2023
	(In thousands)
Prepaid expenses, advances, and deferred offering costs	$	10,843	$	11,602
Accounts receivable	5,891		3,755
Leases—right of use assets(1)	5,330		3,279
Prepaid scheduled draws on reverse mortgage loans and amounts due from sub-servicer	3,281		2,800
Intangible assets	2,297		2,673
Property and equipment(2)	1,435		1,110
Loan purchase commitments, at fair value(3)	1,348		—
Certificates of deposit, security deposits, and escrow cash	1,146		1,043
Receivables and claims related to reverse mortgage loans repurchased from HMBS(4)	365		48,468
Servicing asset, at fair value(5)	—		1,327
Other	445		1,042
	$	32,381	$	77,099

(1)See Note 24 for additional details on the Company's leases and ROU assets.

(2)Net of accumulated depreciation.

(3)See Note 24 for details on loan purchase commitments.

(5)See Note 13 for details on the Servicing asset (liability).

Schedule of Intangible Assets and Goodwill

The following table details the Company's intangible assets as of September 30, 2024 and December 31, 2023.


	September 30, 2024							December 31, 2023
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Useful Life	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Useful Life
	(In thousands)						(In months)	(In thousands)						(In months)
Intangible Asset:
Internally developed software	$	1,400	$	(933)	$	467	36	$	1,400	$	(583)	$	817	36
Trademarks/trade names	1,200		—		1,200		Indefinite	1,200		—		1,200		Indefinite
Customer relationships	700		(70)		630		240	700		(44)		656		240
Total identified intangible assets	$	3,300	$	(1,003)	$	2,297		$	3,300	$	(627)	$	2,673

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination

The following table summarizes changes in the net carrying value of the Company's intangible assets for the three- and nine-month periods ended September 30, 2024 and 2023.


	Three-Month Period Ended September 30, 2024
(In thousands)	Internally Developed Software		Trademarks/Trade Names		Customer Relationships		Total
Net carrying value of intangible assets—Beginning Balance (June 30, 2024)	$	583	$	1,200	$	639	$	2,422
Accumulated Amortization	(116)		—		(9)		(125)
Net carrying value of intangible assets—Ending Balance (September 30, 2024)	$	467	$	1,200	$	630	$	2,297


	Three-Month Period Ended September 30, 2023
(In thousands)	Internally Developed Software		Trademarks/Trade Names		Customer Relationships		Total
Net carrying value of intangible assets—Beginning Balance (June 30, 2023)	$	1,050	$	1,200	$	674	$	2,924
Accumulated Amortization	(117)		—		(9)		(126)
Net carrying value of intangible assets—Ending Balance (September 30, 2023)	$	933	$	1,200	$	665	$	2,798


	Nine-Month Period Ended September 30, 2024
(In thousands)	Internally Developed Software		Trademarks/Trade Names		Customer Relationships		Total
Net carrying value of intangible assets—Beginning Balance (December 31, 2023)	$	817	$	1,200	$	656	$	2,673
Accumulated Amortization	(350)		—		(26)		(376)
Net carrying value of intangible assets—Ending Balance (September 30, 2024)	$	467	$	1,200	$	630	$	2,297


	Nine-Month Period Ended September 30, 2023
(In thousands)	Internally Developed Software		Trademarks/Trade Names		Customer Relationships		Non-Compete Agreements		Total
Net carrying value of intangible assets—Beginning Balance (December 31, 2022)	$	1,284	$	1,200	$	691	$	100	$	3,275
Accumulated Amortization	(351)		—		(26)		(100)		(477)
Net carrying value of intangible assets—Ending Balance (September 30, 2023)	$	933	$	1,200	$	665	$	—	$	2,798

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The following table summarizes the Company's estimated future amortization expense on its intangible assets.


(In thousands)	September 30, 2024
2024	$	126
2025	385
2026	35
2027	35
2028	35
Thereafter	481
Total	$	1,097

Borrowings (Schedule of Debt Repayments) (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Debt Instrument [Line Items]
Expected principal repayments related to consolidated residential mortgage loan securitizations	$ 959,600
Expected Principal Repayments Related to Consolidated Reverse Mortgage Loan Securitizations	242,200
Expected Principal Repayments Related to Consolidated European Mortgage Loan Securitizations	40,000
Repurchase Agreements
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months	2,408,520
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two	233,532
Long-Term Debt, Maturities, Repayments of Principal in Rolling Year Three	0
Long-Term Debt, Maturities, Repayments of Principal in Rolling Year Four	0
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five	0
Total Scheduled Repayment of Principal	2,642,052
Other Secured Borrowings
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months	532,793
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two	381,700
Long-Term Debt, Maturities, Repayments of Principal in Rolling Year Three	254,794
Long-Term Debt, Maturities, Repayments of Principal in Rolling Year Four	198,322
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five	159,051
Total Scheduled Repayment of Principal	1,526,660
HMBS-related obligations
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months	1,066,727
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two	907,783
Long-Term Debt, Maturities, Repayments of Principal in Rolling Year Three	844,310
Long-Term Debt, Maturities, Repayments of Principal in Rolling Year Four	797,670
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five	848,670
Total Scheduled Repayment of Principal	4,465,160
Unsecured Borrowings
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months	34,931
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two	37,750
Long-Term Debt, Maturities, Repayments of Principal in Rolling Year Three	210,000
Long-Term Debt, Maturities, Repayments of Principal in Rolling Year Four	0
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five	0
Total Scheduled Repayment of Principal	282,681
Total
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months	4,042,971
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two	1,560,765
Long-Term Debt, Maturities, Repayments of Principal in Rolling Year Three	1,309,104
Long-Term Debt, Maturities, Repayments of Principal in Rolling Year Four	995,992
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five	1,007,721
Total Scheduled Repayment of Principal	$ 8,916,553

Restricted Cash	9 Months Ended
Restricted Cash	Sep. 30, 2024
Restricted Cash and Investments [Abstract]
Restricted Cash	Restricted Cash Restricted cash represents cash that the Company can use only for specific purposes. As of September 30, 2024, the Company had $10.6 million of restricted cash including cash balances that are restricted under a warehouse line of credit agreement and cash held in securitization reserve funds. As of December 31, 2023, the Company had $1.6 million of restricted cash including cash balances that are restricted under a warehouse line of credit agreement.

Investment in Loans

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Investment in Loans

The Company invests in various types of loans, such as residential mortgage, commercial mortgage, consumer, corporate, and reverse mortgage loans. As discussed in Note 2, the Company has elected the FVO for its investments in loans. The following table is a summary of the Company's investments in loans as of September 30, 2024 and December 31, 2023:


(In thousands)	September 30, 2024				December 31, 2023
Loan Type	Unpaid Principal Balance		Fair Value		Unpaid Principal Balance		Fair Value
Residential mortgage loans	$	3,720,774	$	3,618,233	$	3,305,757	$	3,093,912
Commercial mortgage loans	306,482		293,262		281,531		266,595
Consumer loans	815		670		2,081		1,759
Corporate loans	5,872		3,745		6,379		5,819
Reverse mortgage loans	9,102,556		9,603,876		8,568,271		8,938,551
Total	$	13,136,499	$	13,519,786	$	12,164,019	$	12,306,636

The Company is subject to credit risk in connection with its investments in loans. The two primary components of credit risk are default risk, which is the risk that a borrower fails to make scheduled principal and interest payments, and severity risk, which is the risk of loss upon a borrower default on a mortgage loan or other secured or unsecured loan. Severity risk includes the risk of loss of value of the property or other asset, if any, securing the loan, as well as the risk of loss associated with taking over the property or other asset, if any, including foreclosure costs. Credit risk in the loan portfolio can be amplified by exogenous shocks impacting our borrowers such as man-made or natural disasters, such as the COVID-19 pandemic.

The following table provides details, by loan type, for residential and commercial mortgage and consumer loans that are 90 days or more past due as of September 30, 2024 and December 31, 2023:


	September 30, 2024				December 31, 2023
(In thousands)	Unpaid Principal Balance		Fair Value		Unpaid Principal Balance		Fair Value
90 days or more past due—non-accrual status
Residential mortgage loans	$	224,270	$	214,663	$	127,685	$	120,087
Commercial mortgage loans	83,791		71,805		47,736		33,314
Consumer loans	57		32		94		66

Residential Mortgage Loans

The tables below detail certain information regarding the Company's residential mortgage loans as of September 30, 2024 and December 31, 2023.

September 30, 2024:


							Gross Unrealized						Weighted Average
($ in thousands)	Unpaid Principal Balance		Premium (Discount)		Amortized Cost		Gains		Losses		Fair Value		Coupon		Yield		Life (Years)(1)
Residential mortgage loans, held-for-investment(2)	$	3,482,634	$	34,360	$	3,516,994	$	11,533	$	(164,371)	$	3,364,156	7.70	%	6.69	%	3.95
Residential mortgage loans, held-for-sale	$	238,140	$	9,186	$	247,326	$	7,077	$	(326)	$	254,077	7.96	%	6.64	%	5.09
Total residential mortgage loans	$	3,720,774	$	43,546	$	3,764,320	$	18,610	$	(164,697)	$	3,618,233	7.71	%	6.68	%	4.03

(1)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.

(2)Includes $1.526 billion of non-QM loans that have been securitized and are held in consolidated securitization trusts. Such loans had $(148.6) million of gross unrealized losses. See Residential Mortgage Loan Securitizations in Note 13 for additional information.

December 31, 2023:


							Gross Unrealized						Weighted Average
($ in thousands)	Unpaid Principal Balance		Premium (Discount)		Amortized Cost		Gains		Losses		Fair Value		Coupon		Yield		Life (Years)(1)
Residential mortgage loans, held-for-investment(2)	$	3,305,757	$	37,831	$	3,343,588	$	5,554	$	(255,230)	$	3,093,912	7.17	%	6.77	%	4.17

(1)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.

(2)Includes $1.555 billion of non-QM loans that have been securitized and are held in consolidated securitization trusts. Such loans had $(228.0) million of gross unrealized losses. See Residential Mortgage Loan Securitizations in Note 13 for additional information.

The table below summarizes the geographic distribution of the real estate collateral underlying the Company's residential mortgage loans as a percentage of total outstanding unpaid principal balance as of September 30, 2024 and December 31, 2023:


Property Location	September 30, 2024		December 31, 2023
North America:
United States:
California	29.2	%	32.2	%
Florida	20.7	%	21.4	%
Texas	8.3	%	9.5	%
Georgia	2.9	%	2.6	%
Arizona	2.8	%	2.7	%
Pennsylvania	2.7	%	2.7	%
Utah	2.6	%	3.2	%
North Carolina	2.3	%	2.2	%
New Jersey	2.3	%	2.1	%
Washington	2.3	%	1.8	%
New York	2.1	%	1.2	%
Illinois	1.9	%	1.8	%
Colorado	1.8	%	1.5	%
Nevada	1.5	%	1.5	%
Maryland	1.4	%	0.8	%
Massachusetts	1.4	%	1.5	%
Oregon	1.3	%	1.2	%
Tennessee	1.3	%	1.5	%
Connecticut	1.0	%	—	%
Other	8.6	%	8.6	%
	98.4	%	100.0	%
Europe:
United Kingdom	1.6	%	—	%
	100.0	%	100.0	%

The following table presents information on the Company's residential mortgage loans by re-performing or non-performing status, as of September 30, 2024 and December 31, 2023.


	September 30, 2024				December 31, 2023
(In thousands)	Unpaid Principal Balance		Fair Value		Unpaid Principal Balance		Fair Value
Re-performing	$	20,372	$	19,258	$	4,252	$	3,761
Non-performing	216,269		207,043		127,085		119,524

As described in Note 2, the Company evaluates the cost basis of its residential mortgage loans for impairment on at least a quarterly basis. As of September 30, 2024 and December 31, 2023, the Company had expected future credit losses related to adverse changes in estimated future cash flows, which it tracks for purposes of calculating interest income, of $13.1 million and $17.2 million, respectively, related to its residential mortgage loans.

As of September 30, 2024 and December 31, 2023, the Company had residential mortgage loans that were in the process of foreclosure with a fair value of $123.6 million and $85.6 million, respectively.

Commercial Mortgage Loans

The tables below detail certain information regarding the Company's commercial mortgage loans as of September 30, 2024 and December 31, 2023:

September 30, 2024:


							Gross Unrealized						Weighted Average
($ in thousands)	Unpaid Principal Balance		Premium (Discount)		Amortized Cost		Gains		Losses		Fair Value		Coupon		Yield(1)		Life (Years)(2)
Commercial mortgage loans, held-for-investment	$	306,482	$	(9,199)	$	297,283	$	4,913	$	(8,934)	$	293,262	10.84	%	11.04	%	0.98

(1)Excludes non-performing commercial mortgage loans, in non-accrual status, with a fair value of $71.8 million.

(2)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.

December 31, 2023:


							Gross Unrealized						Weighted Average
($ in thousands)	Unpaid Principal Balance		Premium (Discount)		Amortized Cost		Gains		Losses		Fair Value		Coupon		Yield(1)		Life (Years)(2)
Commercial mortgage loans, held-for-investment	$	281,531	$	(13,648)	$	267,883	$	—	$	(1,288)	$	266,595	11.44	%	11.45	%	0.79

(1)Excludes non-performing commercial mortgage loans, in non-accrual status, with a fair value of $33.3 million.

(2)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.

The table below summarizes the geographic distribution of the real estate collateral underlying the Company's commercial mortgage loans as a percentage of total outstanding unpaid principal balance as of September 30, 2024 and December 31, 2023:


Property Location by U.S. State	September 30, 2024		December 31, 2023
Florida	18.5	%	13.9	%
Illinois	18.4	%	18.6	%
Texas	8.6	%	15.6	%
Georgia	6.6	%	5.3	%
New York	6.5	%	8.9	%
Connecticut	6.0	%	3.2	%
Ohio	5.1	%	5.5	%
Michigan	4.1	%	4.5	%
Pennsylvania	4.0	%	—	%
Colorado	3.9	%	—	%
Alabama	3.7	%	2.3	%
Virginia	3.2	%	—	%
North Carolina	2.5	%	2.7	%
Arizona	2.4	%	7.5	%
Louisiana	2.0	%	2.2	%
New Jersey	2.0	%	3.8	%
Oklahoma	—	%	6.0	%
Other	2.5	%	—	%
	100.0	%	100.0	%

As of September 30, 2024, the Company had seven non-performing commercial mortgage loans with an unpaid principal balance and fair value of $83.8 million and $71.8 million, respectively. As of December 31, 2023, the Company had three non-performing commercial mortgage loans with an unpaid principal balance and fair value of $47.7 million and $33.3 million, respectively.

As described in Note 2, the Company evaluates the cost basis of its commercial mortgage loans for impairment on at least a quarterly basis. As of September 30, 2024 and December 31, 2023, the expected future credit losses, which the Company tracks for purposes of calculating interest income, of $8.8 million and $1.3 million, related to adverse changes in estimated future cash flows on its commercial mortgage loans.

As of September 30, 2024, the Company had two commercial mortgage loans in the process of foreclosure; such loans had an unpaid principal balance and fair value of $25.6 million and $22.4 million, respectively. As of December 31, 2023, the Company had two commercial mortgage loans in the process of foreclosure; such loans had an unpaid principal balance and fair value of $25.9 million and $25.1 million, respectively.

Consumer Loans

The tables below detail certain information regarding the Company's consumer loans as of September 30, 2024 and December 31, 2023:

September 30, 2024:


							Gross Unrealized						Weighted Average
($ in thousands)	Unpaid Principal Balance		Premium (Discount)		Amortized Cost		Gains		Losses		Fair Value		Life (Years)(1)	Delinquency (Days)
Consumer loans, held-for-investment	$	815	$	39	$	854	$	85	$	(269)	$	670	0.78	17

(1)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.

December 31, 2023:


							Gross Unrealized						Weighted Average
($ in thousands)	Unpaid Principal Balance		Premium (Discount)		Amortized Cost		Gains		Losses		Fair Value		Life (Years)(1)	Delinquency (Days)
Consumer loans, held-for-investment	$	2,081	$	(120)	$	1,961	$	127	$	(329)	$	1,759	0.75	18

(1)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.

The table below provides details on the delinquency status as a percentage of total unpaid principal balance of the Company's consumer loans, which the Company uses as an indicator of credit quality, as of September 30, 2024 and December 31, 2023.


Days Past Due	September 30, 2024		December 31, 2023
Current	78.5	%	81.0	%
30-59 Days	7.9	%	7.9	%
60-89 Days	6.6	%	6.6	%
90-119 Days	5.8	%	4.0	%
>120 Days	1.2	%	0.5	%
	100.0	%	100.0	%

During the three-month periods ended September 30, 2024 and 2023, the Company charged off $45 thousand and $0.1 million, respectively, of unpaid principal balance of consumer loans that were greater than 120 days delinquent. During the nine-month periods ended September 30, 2024 and 2023, the Company charged off $0.2 million and $0.4 million, respectively, of unpaid principal balance of consumer loans that were greater than 120 days delinquent. As of September 30, 2024 and December 31, 2023, the Company held charged-off consumer loans with an aggregate fair value of $20 thousand and $35 thousand, respectively, for which the Company has determined that it is probable the servicer will be able to collect principal and interest.

As described in Note 2, the Company evaluates the cost basis of its consumer loans for impairment on at least a quarterly basis. As of both September 30, 2024 and December 31, 2023, the Company had expected future credit losses, which it tracks for purposes of calculating interest income, of $0.3 million, on its consumer loans. The Company has determined for certain of its consumer loans that a portion of such loans' cost basis is not collectible. For the three-month periods ended September 30, 2024 and 2023, the Company recognized realized losses on these loans of $(0.1) million and $(0.3) million, respectively. For

the nine-month periods ended September 30, 2024 and 2023, the Company recognized realized losses on these loans of $(0.1) million and $(0.7) million, respectively.

Corporate Loans

The tables below detail certain information regarding the Company's corporate loans as of September 30, 2024 and December 31, 2023:

September 30, 2024:


							Gross Unrealized						Weighted Average
($ in thousands)	Unpaid Principal Balance		Premium (Discount)		Amortized Cost		Gains		Losses		Fair Value		Rate		Remaining Term (Years)
Corporate loans, held-for-investment(1)	$	5,872	$	(278)	$	5,594	$	—	$	(1,849)	$	3,745	10.53	%	0.78

(1)See Note 24 for further details on the Company's unfunded commitments related to certain of its corporate loans.

December 31, 2023:


					Weighted Average
($ in thousands)	Unpaid Principal Balance		Fair Value		Rate		Remaining Term (Years)
Corporate loans, held-for-investment(1)	$	6,379	$	5,819	10.13	%	1.52

(1)See Note 24 for further details on the Company's unfunded commitments related to certain of its corporate loans.

As described in Note 2, the Company evaluates the cost basis of its corporate loans for impairment on at least a quarterly basis. As of September 30, 2024 and December 31, 2023, the Company had expected future credit losses, which it tracks for purposes of calculating interest income, of $1.8 million and $0.6 million, respectively.

Reverse Mortgage Loans

The table below details certain information regarding the Company's reverse mortgage loans as of September 30, 2024 and December 31, 2023.

September 30, 2024:


					Weighted Average
($ in thousands)	Unpaid Principal Balance		Fair Value		Coupon		Life (Years)
Reverse mortgage loans, held-for-investment
HECM loans
HECM loans collateralizing HMBS	$	8,441,441	$	8,888,132	6.88	%	5.11
Unsecuritized HECM loans(1)	124,996		127,625		6.75	%	6.49
Proprietary reverse mortgage loans
Securitized proprietary reverse mortgage loans	360,844		390,561		10.38	%	9.38
Unsecuritized proprietary reverse mortgage loans	36,421		43,156		10.70	%	16.61
Total reverse mortgage loans, held-for-investment	8,963,702		9,449,474		7.03	%	5.36
Reverse mortgage loans, held-for-sale
Unsecuritized proprietary reverse mortgage loans	138,854		154,402		10.19	%	16.61
Total reverse mortgage loans	$	9,102,556	$	9,603,876	7.08	%	5.54

(1)Includes unpoolable HECM loans with an unpaid principal balance of $28.3 million.

December 31, 2023:


					Weighted Average
($ in thousands)	Unpaid Principal Balance		Fair Value		Coupon		Life (Years)
Reverse mortgage loans, held-for-investment
HECM loans collateralizing HMBS	$	8,166,222	$	8,506,423	6.82	%	5.10
Unsecuritized HECM loans(1)	103,063		102,553		7.15	%	6.12
Total reverse mortgage loans, held-for-investment	8,269,285		8,608,976		6.83	%	5.11
Reverse mortgage loans, held-for-sale	298,986		329,575		10.67	%	16.78
Total reverse mortgage loans	$	8,568,271	$	8,938,551	6.96	%	5.54

(1)Includes unpoolable HECM loans with an unpaid principal balance of $28.0 million.

During the three- and nine-month periods ended September 30, 2024, the Company transferred proprietary reverse mortgage loans held-for-sale with an unpaid principal balance of $97.8 million and $396.0 million, respectively, to held-for-investment.

Unpoolable HECM loans can include unsecuritized inactive HECM loans as well as HECM loans that have reached 98% of their respective maximum claim amount, or the "MCA," and repurchased from the HMBS pool, or "HECM Buyout Loans." The MCA is equal to the lesser of a home's appraised value at the point in time that the conditional commitment is issued or the maximum loan limit that can be insured by FHA. Unpoolable HECM loans are not eligible for securitization into HMBS.

HECM loans where the borrower is deceased, no longer occupies the property, or is delinquent on tax and/or insurance payments, are categorized as "inactive." Active HECM loans that have reached 98% of the MCA and have been repurchased from the HMBS pool, or "ABOs," are subsequently assigned to the U.S. Department of Housing and Urban Development, or "HUD," which then reimburses the Company for the outstanding debt on the repurchased loan, up to the MCA. For inactive HECM Buyout Loans, or "NABOs," following resolution of the loan the Company files a claim with HUD for any recoverable remaining principal and advance balances. The timing and amount of the Company obligations with respect to MCA repurchases is uncertain as repurchase is dependent largely on circumstances outside of the Company’s control, including the amount and timing of future draws and the status of the loan.

The following table provides details on the Company's unpoolable HECM loans as of September 30, 2024 and December 31, 2023:


(In thousands)	September 30, 2024				December 31, 2023
Unpoolable HECM Loan Type	Unpaid Principal Balance		Fair Value		Unpaid Principal Balance		Fair Value
ABOs	$	9,302	$	8,211	$	8,508	$	6,897
NABOs	14,798		10,623		14,562		10,167
Other HECM loans(1)	4,190		4,190		4,883		4,908
Total unpoolable HECM loans	$	28,290	$	23,024	$	27,953	$	21,972

(1)Includes HECM tail loans where the borrower is not in compliance with the terms of the underlying loan.

In March 2023, the Company entered into various agreements including a Master Loan Purchase and Servicing Agreement (the "MLPS Agreement") with a third party (the "MLPS Counterparty"), whereby it agreed to purchase and service HECM Buyout Loans with an unpaid principal balance of $80.1 million that had been previously repurchased from various HMBS pools by a third party HMBS issuer, and simultaneously finance such loans with the MLPS Counterparty. As of September 30, 2024 and December 31, 2023, the Company held HECM Buyout Loans purchased under the MLPS Agreement with a fair value of $5.1 million and $8.9 million, respectively, which are included in Loans, at fair value on the Condensed Consolidated Balance Sheet.

As of September 30, 2024, the Company had $353.6 million in unpaid principal balance of inactive reverse mortgage loans, of which $339.4 million related to HECM loans and the remainder related to proprietary reverse mortgage loans. As of December 31, 2023, the Company had $290.4 million in unpaid principal balance of inactive reverse mortgage loans, of which $280.6 million related to HECM loans and the remainder related to proprietary reverse mortgage loans.

The table below summarizes the geographic distribution of the real estate collateral underlying the Company's reverse mortgage loans as a percentage of total outstanding unpaid principal balance, as of September 30, 2024 and December 31, 2023.


Property Location by U.S. State	September 30, 2024		December 31, 2023
California	29.2	%	28.7	%
Florida	8.8	%	8.8	%
Colorado	7.2	%	7.1	%
Arizona	6.4	%	6.3	%
Washington	5.4	%	5.3	%
Utah	5.1	%	5.0	%
Texas	5.1	%	4.8	%
Oregon	3.0	%	3.0	%
Idaho	2.8	%	2.7	%
New York	2.2	%	2.2	%
North Carolina	2.2	%	2.1	%
Massachusetts	2.1	%	2.4	%
Nevada	2.1	%	2.1	%
Georgia	1.7	%	1.6	%
South Carolina	1.5	%	1.4	%
Virginia	1.4	%	1.6	%
Tennessee	1.4	%	1.3	%
Ohio	1.4	%	1.5	%
New Jersey	1.2	%	1.3	%
Pennsylvania	1.0	%	1.1	%
Maryland	0.9	%	1.1	%
Other	7.9	%	8.6	%
	100.0	%	100.0	%

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Contingencies and Commitments

Commitments and Contingencies

The Company provides current directors and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Company.

In the normal course of business the Company may also enter into contracts that contain a variety of representations, warranties, and general indemnifications. The Company's maximum exposure under these arrangements, including future claims that may be made against the Company that have not yet occurred, is unknown. The Company has not incurred any costs to defend lawsuits or settle claims related to these indemnification agreements. As of both September 30, 2024 and December 31, 2023, the Company has no liabilities recorded for these agreements.

The Company's maximum risk of loss from credit events on its securities (excluding Agency securities, which are guaranteed by the issuing government agency or government-sponsored enterprise), loans, and investments in unconsolidated entities is limited to the amount paid for such investment.

Commitments and Contingencies Related to Investments in Residential Mortgage Loans

In connection with certain of the Company's investments in residential mortgage loans, the Company has unfunded commitments in the amount of $310.4 million and $288.0 million as of September 30, 2024 and December 31, 2023, respectively.

Loan Purchase Commitments

The Company is party to mortgage loan purchase and sale flow agreements with various loan originators, or "MLPAs." The Company had commitments, subject to completion of satisfactory due diligence and other terms of the respective MLPA, to purchase residential mortgage loans with a principal balance of $406.7 million. As of September 30, 2024, the fair value of the Company's purchase loan commitments was $1.3 million, which is included in Other Assets on the Condensed Consolidated Balance Sheet.

Commitments and Contingencies Related to Investments in Loan Originators

In connection with certain of its investments in mortgage and consumer loan originators, the Company has outstanding commitments and contingencies as described below.

As described above in —Loan Purchase Commitments, the Company has entered into various MLPAs, including the Related-Party MLPA, as described in Note 16, under which it commits to purchase non-QM loans from a certain mortgage loan originator. As of September 30, 2024, the Company had commitments, subject to the terms of the Related-Party MLPA, to purchase non-QM loans with a principal balance of $26.2 million. As of September 30, 2024, the fair value of such purchase loan commitments was $0.1 million, which is included in Other Assets on the Condensed Consolidated Balance Sheet. The Company has also entered into agreements whereby it guarantees the performance of this mortgage loan originator under master repurchase agreements. The Company's maximum guarantees were capped at $15.0 million as of both September 30, 2024 and December 31, 2023 and there were no such borrowings outstanding as of either date. The Company's obligations under these arrangements are deemed to be guarantees under ASC 460-10. The Company has elected the FVO for its guarantees, which are included in Accrued expenses and other liabilities on the Condensed Consolidated Balance Sheet. As of September 30, 2024 and December 31, 2023, the estimated fair value of such guarantee was insignificant.

As described above in —Loan Purchase Commitments, the Company has entered into various MLPAs, including the Related Party Loan Purchase Agreement, as described in Note 16, under which it commits to purchase RTL and non-QM loans from a certain mortgage loan originator. As of September 30, 2024, the Company had commitments, subject to the terms of the Related-Party MLPA, to purchase non-QM loans with a principal balance of $27.3 million. As of September 30, 2024, the fair value of such purchase loan commitments was $0.7 million, which is included in Other Assets on the Condensed Consolidated Balance Sheet.

As described in Note 16, the Company entered into various secured promissory notes with certain loan originators in which it also holds an equity interest. As of September 30, 2024 and December 31, 2023, the Company had unfunded commitments related to such secured promissory notes of $7.0 million and $5.5 million, respectively.

Commitments and Contingencies Related to Investments in Unconsolidated Entities

The Company has entered into agreements whereby it guarantees the performance of a securitization-related risk retention vehicle, in which it has an equity investment, under a promissory note. The Company's maximum guarantees were capped at $15.5 million. As of December 31, 2023, the amount of the promissory note outstanding, for which the Company provided a guarantee, was $1.0 million; no such amounts were outstanding as of September 30, 2024.

As discussed in Note 16, under the terms of the RTL Commitment Agreement, the Company committed to purchase at least $500 million of eligible loans originated by the RTL Originator. As of September 30, 2024 and December 31, 2023, the Company has unfunded commitments under the RTL Commitment Agreement of $376.9 million and $475.4 million, respectively.

Commitments and Contingencies Related to Corporate Loans

The Company has investments in certain corporate loans whereby the borrowers can request additional funds under the respective agreements. As of September 30, 2024 and December 31, 2023, the Company had unfunded commitments related to such investments in the amount of $2.7 million and $3.0 million, respectively.

The Company has extended a line of credit whereby the borrower can draw funds up to $1.0 million. As of both September 30, 2024 and December 31, 2023, the Company had unfunded commitments related to such line of credit in the amount of $0.9 million.

Commitments to Affiliate

As discussed in Note 16, the Company has committed to invest in the common shares of the Affiliated REIT. As of September 30, 2024, the Company had contributed $12.5 million and its remaining commitment to fund capital calls was $12.5 million.

Commitments to Extend Credit

The Company enters into loan commitment arrangements with borrowers who have applied for reverse mortgage loans that have not yet closed. As of September 30, 2024 and December 31, 2023, the fair value of such commitments was $6.0 million and $2.6 million, respectively, which is reflected in Loan commitments on the Condensed Consolidated Balance Sheet.

The Company is required to fund further borrower advances for loans where the borrower has not fully drawn down all of the reverse mortgage loan proceeds available to them. As of September 30, 2024 and December 31, 2023, the Company had unfunded commitments related to such reverse mortgage loans of $2.0 billion and $1.9 billion, respectively. Additionally, the Company has the obligation to advance various other reverse mortgage loan-related amounts such as the borrowers' property taxes and, in the case of HECM reverse mortgage loans, monthly insurance premiums to FHA.

Mandatory Repurchase Obligations

As detailed in Note 13, the Company is required to purchase from HMBS pools any HECM loan that has reached 98% of the MCA. For active loans, the Company subsequently assigns such loan to HUD, which then reimburses the Company up to the MCA. For inactive loans, following resolution of the loan, the Company files a claim with HUD for any recoverable remaining principal and advance balances.

Lease Commitments

Longbridge, a consolidated subsidiary of the Company, leases office space and office equipment, under various operating lease arrangements, which expire on various dates through January 2035. Additionally, as a result of the Arlington Merger, the Company assumed the remaining lease for Arlington's principal office space which expires in October 2024. As discussed in Note 2, the Company makes various assumptions and estimates in recognizing the operating lease ROU assets and corresponding lease liabilities, including the expected lease term, incremental borrowing rate, and identifying lease and non-lease components. Total expense under all operating leases amounted to $0.4 million and $0.3 million for the three-month periods ended September 30, 2024 and 2023, respectively and to $1.1 million and $0.8 million for the nine-month periods ended September 30, 2024 and 2023, respectively. Such expense is included in Other expenses on the Condensed Consolidated Statement of Operations.

The following table provides details of the Company's outstanding leases as of September 30, 2024 and December 31, 2023.


($ in thousands)	September 30, 2024			December 31, 2023
ROU assets	$	5,330		$	3,279
Lease liabilities	5,853			3,524
Weighted average remaining term (in years)	7.4			5.1
Weighted average discount rate	8.85		%	7.31		%

The following table details contractual future minimum lease payments as of September 30, 2024.


	Minimum Payments
	(In thousands)
Year ended December 31, 2024	$	305
Year ended December 31, 2025	1,240
Year ended December 31, 2026	1,237
Year ended December 31, 2027	1,140
Year ended December 31, 2028	929
Thereafter	3,467
Total	8,318
Less: implied interest payments	(2,465)
Lease Liability	$	5,853

Equity (Tables)

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

Summary of Common Shares Outstanding

The following table summarizes issuance, repurchase, and other activity with respect to the Company's common stock for the three- and nine-month periods ended September 30, 2024, and 2023:


	Three-Month Period Ended		Nine-Month Period Ended
	September 30, 2024	September 30, 2023	September 30, 2024	September 30, 2023
Shares of Common Stock Outstanding (as of 6/30/2024, 6/30/2023, 12/31/2023, and 12/31/2022, respectively)	85,041,913	67,161,740	83,000,488	63,812,215
Share Activity:
Shares of common stock issued	5,612,166	1,066,221	7,715,891	5,500,082
Shares of common stock repurchased	—	—	(62,300)	(1,084,336)
OP Units exercised	7,657	6,199	7,657	6,199
Shares of Common Stock Outstanding (as of 9/30/24, 9/30/23, 9/30/24, and 9/30/23, respectively)	90,661,736	68,234,160	90,661,736	68,234,160

Dividends Declared

The following table summarizes cash dividends declared by the Company on its common and preferred stock during the three- and nine-month periods ended September 30, 2024:


(In thousands, except per share amounts)	Three-Month Period Ended September 30,								Nine-Month Period Ended September 30,
	2024				2023				2024				2023
Class of Stock	Amount		Per Share		Amount		Per Share		Amount		Per Share		Amount		Per Share
Series A Preferred Stock	$	1,941	$	0.42	$	1,941	$	0.42	$	5,823	$	1.27	$	5,823	$	1.27
Series B Preferred Stock	1,883		0.39		1,883		0.39		5,649		1.17		5,649		1.17
Series C Preferred Stock	2,156		0.54		2,156		0.54		6,468		1.62		6,325		1.58
Series D Preferred Stock	166		0.44		—		—		498		1.31		—		—
Series E Preferred Stock	688		0.72		—		—		1,868		1.95		—		—
Common Stock	34,796		0.39		30,992		0.45		105,224		1.21		92,246		1.35

Offsetting of Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financial derivatives–assets
Financial derivatives–assets, at fair value	$ 149,679	$ 143,996
Financial Instruments Available for Offset	(48,751)	(50,301)
Cash Collateral (Received) Pledged	(53,074)	(38,812)
Net Amount	47,854	54,883
Reverse repurchase agreements
Reverse repurchase agreements	331,630	173,145
Financial Instruments Available for Offset	(151,336)	(155,719)
Cash Collateral (Received) Pledged	0	0
Net Amount	0	0
Financial derivatives–liabilities
Financial derivatives–liabilities, at fair value-	(49,243)	(61,776)
Financial Instruments Available for Offset	48,751	50,301
Cash Collateral (Received) Pledged	169	3,822
Net Amount	(323)	(7,653)
Repurchase agreements
Reverse repurchase agreements	(2,642,052)	(2,967,437)
Financial Instruments Available for Offset	151,336	155,719
Securities Collateral relating to Reverse Repurchase Agreements	3,300,000	3,700,000
Cash Collateral (Received) Pledged	2,036	(11,194)
Net Amount	0	0
Financial Derivatives - Assets
Financial derivatives–assets
Derivative Asset, Fair Value of Collateral	0	0
Repurchase agreements
Excess cash collateral	1,300	(13,900)
Securities Purchased under Agreements to Resell [Member]
Reverse repurchase agreements
Securities Purchased under Agreements to Resell, Fair Value of Collateral	(180,294)	(17,426)
Financial Derivatives - Liabilities
Financial derivatives–liabilities
Derivative Liability, Fair Value of Collateral	0	0
Repurchase agreements
Excess cash collateral	1,400	12,100
Reverse repurchase agreements
Repurchase agreements
Securities Collateral relating to Reverse Repurchase Agreements	$ 2,488,680	$ 2,822,912

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under the Code. A REIT is generally not subject to U.S. federal, state, and local income tax on the portion of its income that is distributed to its owners if it distributes at least 90% of its REIT taxable income within the prescribed time frames, determined without regard to the deduction for dividends paid and excluding any net capital gains. The Company intends to operate in a manner which will allow it to continue to meet the requirements for qualification as a REIT. Accordingly, Ellington Financial Inc. does not believe that it will be subject to U.S. federal, state, and local income tax on the portion of its net taxable income that is distributed to its stockholders as long as certain asset, income, and share ownership tests are met. Cash dividends declared by the Company that do not exceed its current or accumulated earnings and profits will be considered ordinary income to stockholders for income tax purposes unless all or a portion of a dividend is designated by the Company as a capital gain dividend. Distributions in excess of the Company's current and accumulated earnings and profits will be characterized as return of capital or will be treated by shareholders as capital gains. The Company accounts for income taxes in accordance with ASC 740, Income Taxes, or "ASC 740." Deferred income taxes reflect the net tax effects of temporary differences that may exist between the carrying amounts of assets and liabilities under U.S. GAAP and the carrying amounts used for income tax purposes. For the three-month periods ended September 30, 2024 and 2023, the Company recorded income tax expense (benefit) of $12 thousand and $0.2 million, respectively. For the nine-month periods ended September 30, 2024 and 2023, the Company recorded income tax expense (benefit) of $0.2 million and $0.3 million, respectively. The Company evaluates its deferred tax assets for recoverability using a consistent approach which considers the relative impact of negative and positive evidence, including historical profitability and projections of future taxable income. Based upon the available evidence at September 30, 2024, the Company determined that it was more likely than not that the deferred tax assets of its TRS would not be utilized in future periods; a valuation allowance of $73.7 million was recorded to fully reserve against these deferred tax assets.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

Securitization Transactions (Schedule of Reverse Mortgage Securitizations) (Details) - Proprietary Reverse Mortgage Loan Securitization $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
March 2024
Securitization Transactions [Line Items]
Notes Issued by Proprietary Reverse Mortgage Loan Securitization Trust	$ 208,100
March 2024 \| The Company [Member]
Securitization Transactions [Line Items]
Proprietary Reverse Mortgage Loans Transferred into Securitization Trust	171,412
July 2024
Securitization Transactions [Line Items]
Notes Issued by Proprietary Reverse Mortgage Loan Securitization Trust	232,150
July 2024 \| The Company [Member]
Securitization Transactions [Line Items]
Proprietary Reverse Mortgage Loans Transferred into Securitization Trust	$ 188,117

Income Taxes Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 12	$ 224	$ 214	$ 328
Deferred Tax Assets, Gross	$ 73,700		$ 73,700

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Schedules of Exposure to Counterparty Risk

Consolidated Balance Sheet (Parenthetical) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	200,000,000
Common stock, shares issued	90,661,736	83,000,488
Common stock, shares outstanding	90,661,736	83,000,488
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	100,000,000	100,000,000
Preferred Stock, Shares Issued	14,757,222	14,757,222
Preferred Stock, Shares Outstanding	14,757,222	14,757,222
Preferred Stock, Liquidation Preference, Value	$ 368,931	$ 368,931

Counterparty Risk (Tables)

9 Months Ended

Sep. 30, 2024

Risks and Uncertainties [Abstract]

The following table summarizes the Company's exposure to counterparty risk as of September 30, 2024 and December 31, 2023.

September 30, 2024:


	Amount of Exposure		Number of Counterparties with Exposure	Maximum Percentage of Exposure to a Single Counterparty(1)
	(In thousands)
Cash and cash equivalents	$	217,725	10	27.2	%
Collateral on repurchase agreements held by dealers(2)	3,293,735		24	20.6	%
Due from brokers	16,048		21	22.8	%
Receivable for securities sold(3)	5,126		5	38.7	%

(1)Each counterparty is a financial institution that the Company believes to be creditworthy as of September 30, 2024.

(2)Includes securities, loans, and REO as well as cash posted as collateral for repurchase agreements.

(3)Included in Investment related receivables on the Condensed Consolidated Balance Sheet.

December 31, 2023:


	Amount of Exposure		Number of Counterparties with Exposure	Maximum Percentage of Exposure to a Single Counterparty
	(In thousands)
Cash and cash equivalents	$	228,927	11	28.8	%
Collateral on repurchase agreements held by dealers(1)	3,672,278		28	18.6	%
Due from brokers	51,884		21	58.5	%
Receivable for securities sold(2)	345,429		9	54.3	%

(1)Includes securities, loans, and REO as well as cash posted as collateral for repurchase agreements.

(2)Included in Investment related receivables on the Condensed Consolidated Balance Sheet.

Consolidated Statement of Operations - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Net Interest Income

Interest income

$ 107,281

$ 96,216

$ 309,272

$ 271,482

Interest expense

(73,654)

(68,702)

(210,993)

(191,752)

Total net interest income

33,627

27,514

98,279

79,730

Other Income (Loss)

Realized gains (losses) on securities and loans, net

(12,243)

(17,362)

(52,419)

(71,518)

Realized gains (losses) on financial derivatives, net

(41,564)

26,283

(31,774)

30,617

Realized gains (losses) on real estate owned, net

(397)

(155)

(3,646)

(1,456)

Unrealized gains (losses) on securities and loans, net

126,908

(63,850)

172,752

24,024

Unrealized gains (losses) on financial derivatives, net

356

55,794

38,623

66,897

Unrealized gains (losses) on real estate owned, net

(769)

(1,712)

(567)

(533)

Unrealized gains (losses) on other secured borrowings, at fair value, net

(56,179)

18,660

(70,218)

1,133

Unrealized gains (losses) on unsecured borrowings, at fair value, net

(9,059)

(4,410)

(5,363)

2,100

Net change from HECM reverse mortgage loans, at fair value

158,554

99,929

510,757

295,170

(133,837)

(115,729)

(439,491)

(271,840)

Other, net

1,581

28,772

16,742

37,965

Total other income (loss)

33,351

26,220

135,396

112,559

Expenses

Base management fee to affiliate (Net of fee rebates of $63, $98, $227, and $381, respectively)(1)

^[1]

6,031

4,890

17,572

14,759

Other investment related expenses

Servicing expense

6,334

5,261

17,805

15,036

Debt issuance costs related to Other secured borrowings, at fair value

1,991

5,103

Other

7,360

4,342

17,100

12,633

Professional fees

2,667

3,847

8,074

13,753

Compensation and benefits

18,987

14,675

49,983

45,261

Other expenses

7,554

6,437

21,927

18,544

Total expenses

50,924

39,452

137,564

119,986

Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities

16,054

14,282

96,111

72,303

Income tax expense (benefit)

224

214

328

Earnings (losses) from investments in unconsolidated entities

7,281

(978)

21,549

(3,403)

Net Income (Loss)

23,323

13,080

117,446

68,572

Net income (loss) attributable to non-controlling interests

315

509

1,697

3,090

Dividends on preferred stock

6,833

5,980

20,312

17,077

Net Income (Loss) Attributable to Common Stockholders

$ 16,175

$ 6,591

$ 95,437

$ 48,405

Net Income (Loss) per Share of Common Stock:

Basic and Diluted (USD per share)

$ 0.19

$ 0.10

$ 1.12

$ 0.72

[1]	See Note 16 for further details on management fee rebates.

Long-Term Incentive Plan Units (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Unvested LTIP Units

The below table details unvested OP LTIP Units as of September 30, 2024:

Grant Recipient

Number of OP LTIP Units Granted

Grant Date

Vesting Date(1)

Directors:

33,512

September 11, 2024

September 10, 2025

Dedicated or partially dedicated personnel:

14,708

December 15, 2022

December 15, 2024

22,135

December 14, 2023

December 14, 2024

17,538

December 14, 2023

December 14, 2025

39,740

March 19, 2024

December 31, 2025

Total unvested OP LTIP Units at September 30, 2024

127,633

(1)Date at which such OP LTIP Units will vest and become non-forfeitable.

Roll-Forward of Company's LTIP Units Outstanding

The following tables summarize issuance and exercise activity of OP LTIP Units for the three- and nine-month periods ended September 30, 2024 and 2023:


	Three-Month Period Ended
	September 30, 2024			September 30, 2023
	Manager	Director/ Employee	Total	Manager	Director/ Employee	Total
OP LTIP Units Outstanding (June 30, 2024 and 2023, respectively)	365,518	423,177	788,695	365,518	404,055	769,573
Granted	—	33,512	33,512	—	—	—
Exercised	—	(7,657)	(7,657)	—	(6,199)	(6,199)
OP LTIP Units Outstanding (September 30, 2024 and 2023, respectively)	365,518	449,032	814,550	365,518	397,856	763,374
OP LTIP Units Unvested and Outstanding (September 30, 2024 and 2023, respectively)	—	127,633	127,633	—	88,819	88,819
OP LTIP Units Vested and Outstanding (September 30, 2024 and 2023, respectively)	365,518	321,399	686,917	365,518	309,037	674,555


	Nine-Month Period Ended
	September 30, 2024			September 30, 2023
	Manager	Director/ Employee	Total	Manager	Director/ Employee	Total
OP LTIP Units Outstanding (December 31, 2023 and 2022, respectively)	365,518	383,437	748,955	365,518	404,055	769,573
Granted	—	73,252	73,252	—	—	—
Exercised	—	(7,657)	(7,657)	—	(6,199)	(6,199)
OP LTIP Units Outstanding (September 30, 2024 and 2023, respectively)	365,518	449,032	814,550	365,518	397,856	763,374
OP LTIP Units Unvested and Outstanding (September 30, 2024 and 2023, respectively)	—	127,633	127,633	—	88,819	88,819
OP LTIP Units Vested and Outstanding (September 30, 2024 and 2023, respectively)	365,518	321,399	686,917	365,518	309,037	674,555

Segment Reporting

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment Reporting Disclosure

Segment Reporting

On October 3, 2022, the Company completed the acquisition of a controlling interest in Longbridge, a reverse mortgage loan originator and servicer. As a result of the Longbridge Transaction, the Company determined that it has two reportable segments, the Investment Portfolio Segment and the Longbridge Segment, for each of which the chief operating decision maker receives and reviews separate financial information. As discussed in Note 1, the Investment Portfolio Segment includes a diverse array of the Company's financial assets, as well as associated financing, hedging, and various allocable expenses. The Longbridge Segment is focused on the origination and servicing of, and investments in, reverse mortgage loans, including associated financial assets, financing, hedging, and allocated expenses.

Income and expense items that are not directly allocated to either segment are included in Corporate/Other as reconciling items to our consolidated financial statements. These unallocated items include: (i) all income and expense items related to the Company's Unsecured borrowings, at fair value and preferred stock outstanding, including any hedges related thereto; (ii) management and incentive fees; (iii) income tax expense (benefit); (iv) certain compensation and benefits expenses, professional fees, administrative and custody fees, non-cash equity compensation; and (v) interest income (expense) on cash margin.


	Three-Month Period Ended September 30, 2024
(In thousands)	Investment Portfolio Segment		Longbridge Segment		Corporate/ Other		Total
Interest income	$	91,158	$	14,600	$	1,523	$	107,281
Interest expense	(55,302)		(13,861)		(4,491)		(73,654)
Total other income (loss)	6,542		30,621		(3,812)		33,351
Total expenses	(5,564)		(33,811)		(11,549)		(50,924)
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities	36,834		(2,451)		(18,329)		16,054
Income tax expense (benefit)	—		—		12		12
Earnings (losses) from investments in unconsolidated entities	7,281		—		—		7,281
Net Income (Loss)	44,115		(2,451)		(18,341)		23,323
Net income (loss) attributable to non-controlling interests	116		39		160		315
Dividends on preferred stock	—		—		6,833		6,833
Net Income (Loss) Attributable to Common Stockholders	$	43,999	$	(2,490)	$	(25,334)	$	16,175
Non-cash items:
Amortization and depreciation expense	$	—	$	314	$	—	$	314


	Three-Month Period Ended September 30, 2023
(In thousands)	Investment Portfolio Segment		Longbridge Segment		Corporate/ Other		Total
Interest income	$	89,445	$	5,190	$	1,581	$	96,216
Interest expense	(58,045)		(7,540)		(3,117)		(68,702)
Total other income (loss)	(11,969)		31,752		6,437		26,220
Total expenses	(3,771)		(25,319)		(10,362)		(39,452)
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities	15,660		4,083		(5,461)		14,282
Income tax expense (benefit)	—		—		224		224
Earnings (losses) from investments in unconsolidated entities	(978)		—		—		(978)
Net Income (Loss)	14,682		4,083		(5,685)		13,080
Net income (loss) attributable to non-controlling interests	438		(12)		83		509
Dividends on preferred stock	—		—		5,980		5,980
Net Income (Loss) Attributable to Common Stockholders	$	14,244	$	4,095	$	(11,748)	$	6,591
Non-cash items:
Amortization and depreciation expense	$	—	$	149	$	—	$	149


	Nine-Month Period Ended September 30, 2024
(In thousands)	Investment Portfolio Segment		Longbridge Segment		Corporate/ Other		Total
Interest income	$	271,352	$	32,606	$	5,314	$	309,272
Interest expense	(166,241)		(31,034)		(13,718)		(210,993)
Total other income (loss)	44,203		98,658		(7,465)		135,396
Total expenses	(14,019)		(89,719)		(33,826)		(137,564)
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities	135,295		10,511		(49,695)		96,111
Income tax expense (benefit)	—		—		214		214
Earnings (losses) from investments in unconsolidated entities	21,549		—		—		21,549
Net Income (Loss)	156,844		10,511		(49,909)		117,446
Net income (loss) attributable to non-controlling interests	684		76		937		1,697
Dividends on preferred stock	—		—		20,312		20,312
Net Income (Loss) Attributable to Common Stockholders	$	156,160	$	10,435	$	(71,158)	$	95,437
Non-cash items:
Amortization and depreciation expense	$	—	$	1,156	$	—	$	1,156


	Nine-Month Period Ended September 30, 2023
(In thousands)	Investment Portfolio Segment		Longbridge Segment		Corporate/ Other		Total
Interest income	$	254,932	$	11,862	$	4,688	$	271,482
Interest expense	(164,388)		(18,003)		(9,361)		(191,752)
Total other income (loss)	12,314		95,779		4,466		112,559
Total expenses	(11,140)		(76,583)		(32,263)		(119,986)
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities	91,718		13,055		(32,470)		72,303
Income tax expense (benefit)	—		—		328		328
Earnings (losses) from investments in unconsolidated entities	(3,403)		—		—		(3,403)
Net Income (Loss)	88,315		13,055		(32,798)		68,572
Net income (loss) attributable to non-controlling interests	2,522		(35)		603		3,090
Dividends on preferred stock	—		—		17,077		17,077
Net Income (Loss) Attributable to Common Stockholders	$	85,793	$	13,090	$	(50,478)	$	48,405
Non-cash items
Amortization and depreciation expense	$	—	$	859	$	—	$	859

The following tables present our balance sheet by reportable segment as of September 30, 2024 and December 31, 2023 which reconciles to the Company's financial position overall.


	September 30, 2024
(In thousands)	Investment Portfolio Segment		Longbridge Segment		Corporate/ Other		Total
Total Assets	$	5,728,990	$	10,020,874	$	203,426	$	15,953,290
Total Liabilities	4,195,113		9,769,027		363,501		14,327,641
Total Equity	1,533,877		251,847		(160,075)		1,625,649


	December 31, 2023
(In thousands)	Investment Portfolio Segment		Longbridge Segment		Corporate/ Other		Total
Total Assets	$	5,978,988	$	9,092,840	$	244,102	$	15,315,930
Total Liabilities	4,555,212		8,872,153		352,953		13,780,318
Total Equity	1,423,776		220,687		(108,851)		1,535,612

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Investment in Securities (Proceeds, Realized Gains (Losses) on Sales) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Securities, Available-for-sale [Line Items]
Available-for-sale securities Realizes Losses - adjustments to cost basis of certain securities	$ (5,000)	$ (12,000)	$ (15,800)	$ (20,400)
Agency RMBS
Securities, Available-for-sale [Line Items]
Proceeds from Sale and Maturity of Debt Securities, Available-for-Sale	72,827	86,936	491,031	474,962
Debt Securities, Available-for-Sale, Realized Gain	691	172	1,835	1,023
Debt Securities, Available-for-Sale, Realized Loss	(2,863)	(5,662)	(30,322)	(46,505)
Debt Securities, Available-for-Sale, Realized Gain (Loss)	(2,172)	(5,490)	(28,487)	(45,482)
Non-Agency RMBS and CMBS
Securities, Available-for-sale [Line Items]
Proceeds from Sale and Maturity of Debt Securities, Available-for-Sale	17,345	5,012	235,160	46,243
Debt Securities, Available-for-Sale, Realized Gain	1,513	329	10,055	2,742
Debt Securities, Available-for-Sale, Realized Loss	(849)	(120)	(8,371)	(169)
Debt Securities, Available-for-Sale, Realized Gain (Loss)	664	209	1,684	2,573
CLOs
Securities, Available-for-sale [Line Items]
Proceeds from Sale and Maturity of Debt Securities, Available-for-Sale	8,459	0	53,613	0
Debt Securities, Available-for-Sale, Realized Gain	863	53	1,341	496
Debt Securities, Available-for-Sale, Realized Loss	(498)	0	(613)	(1)
Debt Securities, Available-for-Sale, Realized Gain (Loss)	365	53	728	495
Other Securities
Securities, Available-for-sale [Line Items]
Proceeds from Sale and Maturity of Debt Securities, Available-for-Sale	74,965	289,990	223,885	1,000,184
Debt Securities, Available-for-Sale, Realized Gain	3,710	1,071	5,053	2,893
Debt Securities, Available-for-Sale, Realized Loss	(3,167)	(2,827)	(4,677)	(6,012)
Debt Securities, Available-for-Sale, Realized Gain (Loss)	543	(1,756)	376	(3,119)
Securities Investment [Member]
Securities, Available-for-sale [Line Items]
Proceeds from Sale and Maturity of Debt Securities, Available-for-Sale	173,596	381,938	1,003,689	1,521,389
Debt Securities, Available-for-Sale, Realized Gain	6,777	1,625	18,284	7,154
Debt Securities, Available-for-Sale, Realized Loss	(7,377)	(8,609)	(43,983)	(52,687)
Debt Securities, Available-for-Sale, Realized Gain (Loss)	$ (600)	$ (6,984)	$ (25,699)	$ (45,533)

Consolidated VIEs (Details) - USD ($)
$ in Thousands

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Dec. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2022

Assets

$ 217,725

^[1]

$ 228,927

^[1]

$ 174,664

^[1]

$ 217,053

10,578

^[1]

1,618

^[1]

1,604

^[1]

4,816

^[1],[2]

1,063,774

1,518,377

Investments in unconsolidated entities, at fair value(1)

^[1],[2]

13,519,786

12,306,636

149,831

^[1]

$ 158,031

163,336

^[1]

^[1]

188,475

116,414

^[1],[2]

29,690

22,085

^[1]

208,861

480,249

^[1]

32,381

77,099

15,953,290

15,315,930

Liabilities

Investment related payables

^[1]

2,642,052

2,967,437

25,178

37,403

^[1]

284,897

245,827

^[1]

1,813,755

1,424,668

Interest payable(1)

^[1]

21,045

22,933

Total Stockholders' Equity

^[1]

40,384

90,341

Liabilities

14,327,641

13,780,318

1,607,236

1,517,071

^[1]

18,413

18,541

Total Equity

1,625,649

$ 1,573,859

$ 1,553,156

1,535,612

$ 1,337,417

$ 1,344,657

$ 1,374,763

$ 1,220,886

15,953,290

15,315,930

Primary Beneficiary

Assets

7,207

178

8,973

65,711

74,226

Investments in unconsolidated entities, at fair value(1)

4,289,622

3,342,478

76,496

82,273

98,812

63,701

25,297

16,100

33,196

19,929

361

469

4,605,675

3,599,354

Liabilities

1,723,513

1,244,401

39,013

25,787

1,813,755

1,424,668

Interest payable(1)

6,469

1,879

Total Stockholders' Equity

970

451

Liabilities

3,583,720

2,697,186

1,015,557

897,303

6,398

4,865

Total Equity

1,021,955

902,168

$ 4,605,675

$ 3,599,354

[1]	Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.
[2]	Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

Investment in Loans (Tables)

9 Months Ended

Sep. 30, 2024

Summary of Investments in Loans

The following table is a summary of the Company's investments in loans as of September 30, 2024 and December 31, 2023:


(In thousands)	September 30, 2024				December 31, 2023
Loan Type	Unpaid Principal Balance		Fair Value		Unpaid Principal Balance		Fair Value
Residential mortgage loans	$	3,720,774	$	3,618,233	$	3,305,757	$	3,093,912
Commercial mortgage loans	306,482		293,262		281,531		266,595
Consumer loans	815		670		2,081		1,759
Corporate loans	5,872		3,745		6,379		5,819
Reverse mortgage loans	9,102,556		9,603,876		8,568,271		8,938,551
Total	$	13,136,499	$	13,519,786	$	12,164,019	$	12,306,636

The tables below detail certain information regarding the Company's residential mortgage loans as of September 30, 2024 and December 31, 2023.

September 30, 2024:


							Gross Unrealized						Weighted Average
($ in thousands)	Unpaid Principal Balance		Premium (Discount)		Amortized Cost		Gains		Losses		Fair Value		Coupon		Yield		Life (Years)(1)
Residential mortgage loans, held-for-investment(2)	$	3,482,634	$	34,360	$	3,516,994	$	11,533	$	(164,371)	$	3,364,156	7.70	%	6.69	%	3.95
Residential mortgage loans, held-for-sale	$	238,140	$	9,186	$	247,326	$	7,077	$	(326)	$	254,077	7.96	%	6.64	%	5.09
Total residential mortgage loans	$	3,720,774	$	43,546	$	3,764,320	$	18,610	$	(164,697)	$	3,618,233	7.71	%	6.68	%	4.03

(1)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.

December 31, 2023:


							Gross Unrealized						Weighted Average
($ in thousands)	Unpaid Principal Balance		Premium (Discount)		Amortized Cost		Gains		Losses		Fair Value		Coupon		Yield		Life (Years)(1)
Residential mortgage loans, held-for-investment(2)	$	3,305,757	$	37,831	$	3,343,588	$	5,554	$	(255,230)	$	3,093,912	7.17	%	6.77	%	4.17

(1)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.

The tables below detail certain information regarding the Company's commercial mortgage loans as of September 30, 2024 and December 31, 2023:

September 30, 2024:


							Gross Unrealized						Weighted Average
($ in thousands)	Unpaid Principal Balance		Premium (Discount)		Amortized Cost		Gains		Losses		Fair Value		Coupon		Yield(1)		Life (Years)(2)
Commercial mortgage loans, held-for-investment	$	306,482	$	(9,199)	$	297,283	$	4,913	$	(8,934)	$	293,262	10.84	%	11.04	%	0.98

(1)Excludes non-performing commercial mortgage loans, in non-accrual status, with a fair value of $71.8 million.

(2)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.

December 31, 2023:


							Gross Unrealized						Weighted Average
($ in thousands)	Unpaid Principal Balance		Premium (Discount)		Amortized Cost		Gains		Losses		Fair Value		Coupon		Yield(1)		Life (Years)(2)
Commercial mortgage loans, held-for-investment	$	281,531	$	(13,648)	$	267,883	$	—	$	(1,288)	$	266,595	11.44	%	11.45	%	0.79

(1)Excludes non-performing commercial mortgage loans, in non-accrual status, with a fair value of $33.3 million.

(2)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.

The tables below detail certain information regarding the Company's consumer loans as of September 30, 2024 and December 31, 2023:

September 30, 2024:


							Gross Unrealized						Weighted Average
($ in thousands)	Unpaid Principal Balance		Premium (Discount)		Amortized Cost		Gains		Losses		Fair Value		Life (Years)(1)	Delinquency (Days)
Consumer loans, held-for-investment	$	815	$	39	$	854	$	85	$	(269)	$	670	0.78	17

(1)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.

December 31, 2023:


							Gross Unrealized						Weighted Average
($ in thousands)	Unpaid Principal Balance		Premium (Discount)		Amortized Cost		Gains		Losses		Fair Value		Life (Years)(1)	Delinquency (Days)
Consumer loans, held-for-investment	$	2,081	$	(120)	$	1,961	$	127	$	(329)	$	1,759	0.75	18

(1)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.

The tables below detail certain information regarding the Company's corporate loans as of September 30, 2024 and December 31, 2023:

September 30, 2024:


							Gross Unrealized						Weighted Average
($ in thousands)	Unpaid Principal Balance		Premium (Discount)		Amortized Cost		Gains		Losses		Fair Value		Rate		Remaining Term (Years)
Corporate loans, held-for-investment(1)	$	5,872	$	(278)	$	5,594	$	—	$	(1,849)	$	3,745	10.53	%	0.78

(1)See Note 24 for further details on the Company's unfunded commitments related to certain of its corporate loans.

December 31, 2023:


					Weighted Average
($ in thousands)	Unpaid Principal Balance		Fair Value		Rate		Remaining Term (Years)
Corporate loans, held-for-investment(1)	$	6,379	$	5,819	10.13	%	1.52

(1)See Note 24 for further details on the Company's unfunded commitments related to certain of its corporate loans.

The table below details certain information regarding the Company's reverse mortgage loans as of September 30, 2024 and December 31, 2023.

September 30, 2024:


					Weighted Average
($ in thousands)	Unpaid Principal Balance		Fair Value		Coupon		Life (Years)
Reverse mortgage loans, held-for-investment
HECM loans
HECM loans collateralizing HMBS	$	8,441,441	$	8,888,132	6.88	%	5.11
Unsecuritized HECM loans(1)	124,996		127,625		6.75	%	6.49
Proprietary reverse mortgage loans
Securitized proprietary reverse mortgage loans	360,844		390,561		10.38	%	9.38
Unsecuritized proprietary reverse mortgage loans	36,421		43,156		10.70	%	16.61
Total reverse mortgage loans, held-for-investment	8,963,702		9,449,474		7.03	%	5.36
Reverse mortgage loans, held-for-sale
Unsecuritized proprietary reverse mortgage loans	138,854		154,402		10.19	%	16.61
Total reverse mortgage loans	$	9,102,556	$	9,603,876	7.08	%	5.54

(1)Includes unpoolable HECM loans with an unpaid principal balance of $28.3 million.

December 31, 2023:


					Weighted Average
($ in thousands)	Unpaid Principal Balance		Fair Value		Coupon		Life (Years)
Reverse mortgage loans, held-for-investment
HECM loans collateralizing HMBS	$	8,166,222	$	8,506,423	6.82	%	5.10
Unsecuritized HECM loans(1)	103,063		102,553		7.15	%	6.12
Total reverse mortgage loans, held-for-investment	8,269,285		8,608,976		6.83	%	5.11
Reverse mortgage loans, held-for-sale	298,986		329,575		10.67	%	16.78
Total reverse mortgage loans	$	8,568,271	$	8,938,551	6.96	%	5.54

(1)Includes unpoolable HECM loans with an unpaid principal balance of $28.0 million.

Financing Receivable, Past Due [Table Text Block]

The following table provides details, by loan type, for residential and commercial mortgage and consumer loans that are 90 days or more past due as of September 30, 2024 and December 31, 2023:


	September 30, 2024				December 31, 2023
(In thousands)	Unpaid Principal Balance		Fair Value		Unpaid Principal Balance		Fair Value
90 days or more past due—non-accrual status
Residential mortgage loans	$	224,270	$	214,663	$	127,685	$	120,087
Commercial mortgage loans	83,791		71,805		47,736		33,314
Consumer loans	57		32		94		66

Schedules of Exposure to Counterparty Risk

The following table summarizes the Company's exposure to counterparty risk as of September 30, 2024 and December 31, 2023.

September 30, 2024:


	Amount of Exposure		Number of Counterparties with Exposure	Maximum Percentage of Exposure to a Single Counterparty(1)
	(In thousands)
Cash and cash equivalents	$	217,725	10	27.2	%
Collateral on repurchase agreements held by dealers(2)	3,293,735		24	20.6	%
Due from brokers	16,048		21	22.8	%
Receivable for securities sold(3)	5,126		5	38.7	%

(1)Each counterparty is a financial institution that the Company believes to be creditworthy as of September 30, 2024.

(2)Includes securities, loans, and REO as well as cash posted as collateral for repurchase agreements.

(3)Included in Investment related receivables on the Condensed Consolidated Balance Sheet.

December 31, 2023:


	Amount of Exposure		Number of Counterparties with Exposure	Maximum Percentage of Exposure to a Single Counterparty
	(In thousands)
Cash and cash equivalents	$	228,927	11	28.8	%
Collateral on repurchase agreements held by dealers(1)	3,672,278		28	18.6	%
Due from brokers	51,884		21	58.5	%
Receivable for securities sold(2)	345,429		9	54.3	%

(1)Includes securities, loans, and REO as well as cash posted as collateral for repurchase agreements.

(2)Included in Investment related receivables on the Condensed Consolidated Balance Sheet.

Financing Receivable Credit Quality Indicators [Table Text Block]

The following table presents information on the Company's residential mortgage loans by re-performing or non-performing status, as of September 30, 2024 and December 31, 2023.


	September 30, 2024				December 31, 2023
(In thousands)	Unpaid Principal Balance		Fair Value		Unpaid Principal Balance		Fair Value
Re-performing	$	20,372	$	19,258	$	4,252	$	3,761
Non-performing	216,269		207,043		127,085		119,524

Consumer Loans, Delinquency Status [Table Text Block]


Days Past Due	September 30, 2024		December 31, 2023
Current	78.5	%	81.0	%
30-59 Days	7.9	%	7.9	%
60-89 Days	6.6	%	6.6	%
90-119 Days	5.8	%	4.0	%
>120 Days	1.2	%	0.5	%
	100.0	%	100.0	%

Schedule of Unpoolable HECM Loans

The following table provides details on the Company's unpoolable HECM loans as of September 30, 2024 and December 31, 2023:


(In thousands)	September 30, 2024				December 31, 2023
Unpoolable HECM Loan Type	Unpaid Principal Balance		Fair Value		Unpaid Principal Balance		Fair Value
ABOs	$	9,302	$	8,211	$	8,508	$	6,897
NABOs	14,798		10,623		14,562		10,167
Other HECM loans(1)	4,190		4,190		4,883		4,908
Total unpoolable HECM loans	$	28,290	$	23,024	$	27,953	$	21,972

(1)Includes HECM tail loans where the borrower is not in compliance with the terms of the underlying loan.

Financial Derivatives (TBAs) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Financial derivatives–assets, at fair value	$ 149,679	$ 143,996
Derivative Liability	49,243	61,776
Derivative Assets (Liabilities), at Fair Value, Net	100,436	82,220
TBA securities
Derivative [Line Items]
Notional Amount	209,919	57,944
Derivative, Cost Basis	(207,357)	(30,601)
Market Value Underlying	(206,710)	(34,239)
Derivative Assets (Liabilities), at Fair Value, Net	647	(3,638)
TBA securities \| Long
Derivative [Line Items]
Notional Amount	(159,866)	(375,154)
Derivative, Cost Basis	158,213	362,129
Market Value Underlying	157,556	364,311
Derivative Assets (Liabilities), at Fair Value, Net	(657)	2,182
TBA securities \| Short
Derivative [Line Items]
Notional Amount	369,785	433,098
Derivative, Cost Basis	(365,570)	(392,730)
Market Value Underlying	(364,266)	(398,550)
Derivative Assets (Liabilities), at Fair Value, Net	1,304	(5,820)
Financial Derivatives - Assets \| TBA securities \| Long
Derivative [Line Items]
Notional Amount	25,580	375,154
Derivative, Cost Basis	26,136	362,129
Market Value Underlying	26,139	364,311
Financial derivatives–assets, at fair value	3	2,182
Financial Derivatives - Assets \| TBA securities \| Short
Derivative [Line Items]
Notional Amount	233,459	0
Derivative, Cost Basis	(226,795)	0
Market Value Underlying	(225,310)	0
Financial derivatives–assets, at fair value	1,485	0
Financial Derivatives - Liabilities \| TBA securities \| Long
Derivative [Line Items]
Notional Amount	134,286	0
Derivative, Cost Basis	132,077	0
Market Value Underlying	131,417	0
Derivative Liability	(660)	0
Financial Derivatives - Liabilities \| TBA securities \| Short
Derivative [Line Items]
Notional Amount	136,326	433,098
Derivative, Cost Basis	(138,775)	(392,730)
Market Value Underlying	(138,956)	(398,550)
Derivative Liability	$ (181)	$ (5,820)

Securitization Transactions (Schedule of Assets and Liabilities Attributable to Consolidated VIEs) (Details) - USD ($)
$ in Thousands

9 Months Ended

Sep. 30, 2024

Dec. 31, 2023

^[1],[2]

$ 13,519,786

$ 12,306,636

^[1]

208,861

480,249

^[1]

$ 1,813,755

1,424,668

Schedule of Assets and Liabilities of Consolidated Securitization Trusts

The following table details the assets and liabilities of the Consolidated Issuing Entities included in the Company's Condensed Consolidated Balance Sheet as of September 30, 2024 and December 31, 2023:


(In thousands)	September 30, 2024		December 31, 2023
Assets:
Loans, at fair value	$	1,526,018	$	1,555,371
Investment related receivables	2,403		1,884
Liabilities:
Other secured borrowings, at fair value	1,390,854		1,424,668

Consolidated Entities [Member] | Non-QM loan securitization

$ 3,618,233

3,093,912

2,403

1,884

$ 1,390,854

$ 1,424,668

[1]	Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.
[2]	Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Accounts, Notes, Loans and Financing Receivable [Line Items]

Investment in Loans Investment in Loans (Schedule of Residential Mortgage Loans: Performance) (Details) - USD ($)
$ in Thousands

Sep. 30, 2024

Dec. 31, 2023

$ 13,136,499

$ 12,164,019

^[1],[2]

13,519,786

12,306,636

Accounts, Notes, Loans and Financing Receivable [Line Items]

3,720,774

3,305,757

Residential mortgage loans | Performing Financial Instruments [Member]

3,618,233

3,093,912

Accounts, Notes, Loans and Financing Receivable [Line Items]

20,372

4,252

Residential mortgage loans | Non-performing

19,258

3,761

Accounts, Notes, Loans and Financing Receivable [Line Items]

216,269

127,085

$ 207,043

$ 119,524

[1]	Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.
[2]	Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

Securitization Transactions Narrative (Details)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2024

USD ($)

Sep. 30, 2023

USD ($)

Sep. 30, 2024

USD ($)

Sep. 30, 2023

USD ($)

Dec. 31, 2023

USD ($)

Investments in unconsolidated entities, at fair value(1)

^[1],[2]

$ 1,063,774

$ 1,518,377

^[1]

188,475

$ 116,414

Unpaid principal balance of HECM loans pooled into HMBS

$ 331,200

$ 352,100

$ 940,200

$ 1,000,000

Number of HMBS pools being serviced

859

974

Unpaid principal balance of loans in HMBS - Servicing

$ 8,400,000

$ 8,200,000

Servicing Agreement Asset

$ 1,300

HMBS buyouts

61,900

217,400

318,300

583,500

HMBS buyouts transferred to third party

$ 42,900

$ 211,200

$ 281,500

$ 571,400

Secured borrowing facility collateralized by HECM tail draws

Participation in Multi-Seller Consumer Loan Securitization [Member]

8.50%

9.00%

Investments in unconsolidated entities, at fair value(1)

$ 700

$ 2,400

European Debt Tranche | Non-Agency RMBS

100

Threshold for exercising Optional Redemption

30.00%

Non-QM loan securitization | November 2019

Non-QM loan securitization, not consolidated

$ 267,255

Non-QM loan securitization, not consolidated | December 2022

2,300

33,000

Non-QM loan securitization, not consolidated | December 2022 | Participated Risk Retention Vehicle

365,262

Investments in unconsolidated entities, at fair value(1)

$ 8,700

Proprietary Reverse Mortgage Loan Securitization

Percentage used to calculate servicing administrator fee

0.03%

[1]	Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.
[2]	Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

Other Assets - Schedule Amortization, Intangible Assets (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Expected Amortization, Year One	$ 126
Finite-Lived Intangible Asset, Expected Amortization, Year Two	385
Finite-Lived Intangible Asset, Expected Amortization, Year Three	35
Finite-Lived Intangible Asset, Expected Amortization, Year Four	35
Finite-Lived Intangible Asset, Expected Amortization, Year Five	35
Finite-Lived Intangible Asset, Expected Amortization, after Year Five	481
Finite-Lived Intangible Assets, Net	$ 1,097

Investment in Loans (Schedule of Consumer Loans: Delinquency Status) (Details) - Consumer loans	Sep. 30, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Percent past due	100.00%	100.00%
Financial Asset, 1 to 29 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Percent past due	78.50%	81.00%
30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Percent past due	7.90%	7.90%
60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Percent past due	6.60%	6.60%
90-119 Days or More Past Due [Member]
Financing Receivable, Past Due [Line Items]
Percent past due	5.80%	4.00%
Financing Receivables, Equal to Greater than 120 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Percent past due	1.20%	0.50%

Offsetting of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Offsetting of Assets and Liabilities [Abstract]

Schedule of Offsetting of Assets and Liabilities

The following tables present information about certain assets and liabilities representing financial instruments as of September 30, 2024 and December 31, 2023.

September 30, 2024:


Description	Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)		Financial Instruments Available for Offset		Financial Instruments Transferred or Pledged as Collateral(2)(3)		Cash Collateral (Received) Pledged(2)(3)		Net Amount
(In thousands)
Assets
Financial derivatives–assets	$	149,679	$	(48,751)	$	—	$	(53,074)	$	47,854
Reverse repurchase agreements	331,630		(151,336)		(180,294)		—		—
Liabilities
Financial derivatives–liabilities	(49,243)		48,751		—		169		(323)
Repurchase agreements	(2,642,052)		151,336		2,488,680		2,036		—

(1)In the Company's Condensed Consolidated Balance Sheet, all balances associated with repurchase agreements, reverse repurchase agreements, and financial derivatives are presented on a gross basis.

(2)For the purpose of this presentation, for each row the total amount of financial instruments transferred or pledged and cash collateral (received) or pledged may not exceed the applicable gross amount of assets or (liabilities) as presented here. Therefore, the Company has reduced the amount of financial instruments transferred or pledged as collateral related to the Company's repurchase agreements and cash collateral pledged on the Company's financial derivative liabilities. Total financial instruments transferred or pledged as collateral on the Company's repurchase agreements as of September 30, 2024 was $3.3 billion. As of September 30, 2024, total cash collateral on financial derivative assets and liabilities excludes excess net cash collateral pledged (received) of $1.3 million and $1.4 million, respectively.

(3)When collateral is pledged to or pledged by a counterparty, it is often pledged or posted with respect to all positions with such counterparty, and in such cases such collateral cannot be specifically identified as relating to a particular asset or liability. As a result, in preparing the above tables, the Company has made assumptions in allocating pledged or posted collateral among the various rows.

December 31, 2023:


Description	Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)		Financial Instruments Available for Offset		Financial Instruments Transferred or Pledged as Collateral(2)(3)		Cash Collateral (Received) Pledged(2)(3)		Net Amount
(In thousands)
Assets
Financial derivatives–assets	$	143,996	$	(50,301)	$	—	$	(38,812)	$	54,883
Reverse repurchase agreements	173,145		(155,719)		(17,426)		—		—
Liabilities
Financial derivatives–liabilities	(61,776)		50,301		—		3,822		(7,653)
Repurchase agreements	(2,967,437)		155,719		2,822,912		(11,194)		—

(1)In the Company's Condensed Consolidated Balance Sheet, all balances associated with repurchase agreements, reverse repurchase agreements, and financial derivatives are presented on a gross basis.

(2)For the purpose of this presentation, for each row the total amount of financial instruments transferred or pledged and cash collateral (received) or pledged may not exceed the applicable gross amount of assets or (liabilities) as presented here. Therefore, the Company has reduced the amount of financial instruments transferred or pledged as collateral related to the Company's repurchase agreements and cash collateral pledged on the Company's financial derivative liabilities. Total financial instruments transferred or pledged as collateral on the Company's repurchase agreements as of December 31, 2023 was $3.7 billion. As of December 31, 2023, total cash collateral on financial derivative assets and liabilities excludes excess net cash collateral pledged of $(13.9) million and $12.1 million, respectively.

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Nov. 08, 2024
Class of Stock [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-34569
Entity Registrant Name	Ellington Financial Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-0489289
Entity Address, Address Line One	53 Forest Avenue
Entity Address, City or Town	Old Greenwich
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06870
City Area Code	203
Local Phone Number	698-1200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		90,661,736
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001411342
Current Fiscal Year End Date	--12-31
Common Stock
Class of Stock [Line Items]
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	EFC
Security Exchange Name	NYSE
Series A Preferred Stock
Class of Stock [Line Items]
Title of 12(b) Security	6.750% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Trading Symbol	EFC PR A
Security Exchange Name	NYSE
Series B Preferred Stock
Class of Stock [Line Items]
Title of 12(b) Security	6.250% Series B Fixed-Rate Reset Cumulative Redeemable Preferred Stock
Trading Symbol	EFC PR B
Security Exchange Name	NYSE
Series C Preferred Stock
Class of Stock [Line Items]
Title of 12(b) Security	8.625% Series C Fixed-Rate Reset Cumulative Redeemable Preferred Stock
Trading Symbol	EFC PR C
Security Exchange Name	NYSE
Series D Preferred Stock
Class of Stock [Line Items]
Title of 12(b) Security	7.000% Series D Cumulative Perpetual Redeemable Preferred Stock
Trading Symbol	EFC PRD
Security Exchange Name	NYSE
Series E Preferred Stock
Class of Stock [Line Items]
Title of 12(b) Security	8.250% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Trading Symbol	EFC PRE
Security Exchange Name	NYSE

Securitization Transactions (Schedule of Residential Loan Securitizations) (Details) - USD ($)
$ in Thousands

9 Months Ended

Sep. 30, 2024

Dec. 31, 2023

Sep. 30, 2023

^[1]

Dec. 31, 2022

^[1],[2]

$ 1,063,774

$ 1,518,377

^[1],[2]

13,519,786

12,306,636

^[1]

208,861

480,249

^[1]

1,813,755

1,424,668

Broker-Dealer, Payable to Other Broker-Dealer and Clearing Organization

217,725

^[1]

228,927

^[1]

$ 174,664

$ 217,053

25,178

37,403

Non-QM loan securitization | Consolidated Entities [Member]

3,618,233

3,093,912

2,403

1,884

Non-QM loan securitization | Consolidated Entities [Member] | Residential mortgage loans | Securitized loans [Member]

1,390,854

1,424,668

Non-QM loan securitization | November 2019

1,526,018

$ 1,555,371

Non-QM loan securitization | June 2020

267,255

Non-QM loan securitization | October 2020

259,273

Non-QM loan securitization | February 2021

219,732

Non-QM loan securitization | June 2021

251,771

Non-QM loan securitization | October 2021

331,777

Non-QM loan securitization | January 2022

257,645

Non-QM loan securitization | April 2022

417,188

Non-QM loan securitization | July 2022

425,651

European Residential Loan Securitization | Consolidated Entities [Member]

345,652

704

61,304

European Residential Loan Securitization | Consolidated Entities [Member] | Residential mortgage loans | Securitized loans [Member]

7,153

Broker-Dealer, Payable to Other Broker-Dealer and Clearing Organization

55,167

1,656

The Company [Member] | Non-QM loan securitization | November 2019

Principal Balance of Loans Transferred to the Depositor

267,255

The Company [Member] | Non-QM loan securitization | June 2020

Principal Balance of Loans Transferred to the Depositor

259,273

The Company [Member] | Non-QM loan securitization | October 2020

Principal Balance of Loans Transferred to the Depositor

219,732

The Company [Member] | Non-QM loan securitization | February 2021

Principal Balance of Loans Transferred to the Depositor

251,771

The Company [Member] | Non-QM loan securitization | June 2021

Principal Balance of Loans Transferred to the Depositor

331,777

The Company [Member] | Non-QM loan securitization | October 2021

Principal Balance of Loans Transferred to the Depositor

257,645

The Company [Member] | Non-QM loan securitization | January 2022

Principal Balance of Loans Transferred to the Depositor

417,188

The Company [Member] | Non-QM loan securitization | April 2022

Principal Balance of Loans Transferred to the Depositor

425,651

The Company [Member] | Non-QM loan securitization | July 2022

Principal Balance of Loans Transferred to the Depositor

$ 345,652

[1]	Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.
[2]	Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

Long-Term Incentive Plan Units Long-Term Incentive Plan Units (Unvested LTIP Units) (Details) - Long-Term Incentive Plan Units [Member]	9 Months Ended
	Sep. 30, 2024 shares
Schedule of Unvested LTIP Units [Line Items]
Number of OP LTIP Units (in units)	127,633
Vest September 13, 2024 \| Director [Member] \| Grant Date September 11, 2024
Schedule of Unvested LTIP Units [Line Items]
Number of OP LTIP Units (in units)	33,512
Grant Date	Sep. 11, 2024
Vesting Date(1)	Sep. 10, 2025
Vest December 15, 2024 \| Dedicated or partially dedicated personnel [Member] \| Grant Date December 15, 2022
Schedule of Unvested LTIP Units [Line Items]
Number of OP LTIP Units (in units)	14,708
Grant Date	Dec. 15, 2022
Vesting Date(1)	Dec. 15, 2024
Vest December 14, 2024 \| Dedicated or partially dedicated personnel [Member] \| Grant Date December 14, 2023
Schedule of Unvested LTIP Units [Line Items]
Number of OP LTIP Units (in units)	22,135
Grant Date	Dec. 14, 2023
Vesting Date(1)	Dec. 14, 2024
Vest December 14, 2025 \| Dedicated or partially dedicated personnel [Member] \| Grant Date December 14, 2023
Schedule of Unvested LTIP Units [Line Items]
Number of OP LTIP Units (in units)	17,538
Grant Date	Dec. 14, 2023
Vesting Date(1)	Dec. 14, 2025
Vest December 31, 2025 \| Dedicated or partially dedicated personnel [Member] \| Grant Date March 19, 2024
Schedule of Unvested LTIP Units [Line Items]
Number of OP LTIP Units (in units)	39,740
Grant Date	Mar. 19, 2024
Vesting Date(1)	Dec. 31, 2025

Financial Derivatives (Schedule of Gains and Losses on Derivative Contracts) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative [Line Items]
Net Realized Gains (Losses) on Periodic Settlements of Interest Rate Swaps	$ 23,555	$ 7,462	$ 49,744	$ 22,489
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps	(65,119)	18,821	(81,518)	8,128
Realized gains (losses) on financial derivatives, net	(41,564)	26,283	(31,774)	30,617
Change in Net Unrealized Gains (Losses) on Accrued Periodic Settlements of Interest Rate Swaps	(12,789)	6,656	(17,695)	13,421
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	13,145	49,129	56,318	53,473
Unrealized gains (losses) on financial derivatives, net	356	55,785	38,623	66,894
Derivative [Member]
Derivative [Line Items]
Foreign currency translation		(9)		(3)
Interest rate swaps \| Interest Rate Risk [Member]
Derivative [Line Items]
Net Realized Gains (Losses) on Periodic Settlements of Interest Rate Swaps	23,555	7,462	49,744	22,489
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps	(43,214)	3,405	(64,743)	(5,729)
Realized gains (losses) on financial derivatives, net	(19,659)	10,867	(14,999)	16,760
Change in Net Unrealized Gains (Losses) on Accrued Periodic Settlements of Interest Rate Swaps	(12,789)	6,656	(17,695)	13,421
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	9,108	38,828	42,853	44,706
Unrealized gains (losses) on financial derivatives, net	(3,681)	45,484	25,158	58,127
Credit default swaps on asset-backed indices \| Credit Risk [Member]
Derivative [Line Items]
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps	(1,514)	(975)	(1,945)	(1,215)
Realized gains (losses) on financial derivatives, net	(1,514)	(975)	(1,945)	(1,215)
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	1,133	224	(49)	2,156
Unrealized gains (losses) on financial derivatives, net	1,133	224	(49)	2,156
Credit default swaps on corporate bond indices \| Credit Risk [Member]
Derivative [Line Items]
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps	(1,886)	(3,982)	(8,136)	(6,071)
Realized gains (losses) on financial derivatives, net	(1,886)	(3,982)	(8,136)	(6,071)
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	(870)	3,531	2,639	2,565
Unrealized gains (losses) on financial derivatives, net	(870)	3,531	2,639	2,565
Credit default swaps on corporate bonds \| Credit Risk [Member]
Derivative [Line Items]
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps	(7)	(42)	(23)	(124)
Realized gains (losses) on financial derivatives, net	(7)	(42)	(23)	(124)
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	(26)	15	17	(9)
Unrealized gains (losses) on financial derivatives, net	(26)	15	17	(9)
Total return swaps \| Equity Market/Credit Risk [Member]
Derivative [Line Items]
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps	(4)	30	33	30
Realized gains (losses) on financial derivatives, net	(4)	30	33	30
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	(3)	16	(6)	16
Unrealized gains (losses) on financial derivatives, net	(3)	16	(6)	16
TBA securities \| Interest Rate Risk [Member]
Derivative [Line Items]
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps	(1,734)	13,015	2,196	17,287
Realized gains (losses) on financial derivatives, net	(1,734)	13,015	2,196	17,287
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	(141)	3,786	4,284	165
Unrealized gains (losses) on financial derivatives, net	(141)	3,786	4,284	165
Futures \| Interest Rate Risk [Member]
Derivative [Line Items]
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps	(16,308)	7,253	(8,965)	4,189
Realized gains (losses) on financial derivatives, net	(16,308)	7,253	(8,965)	4,189
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	4,409	2,214	7,516	3,326
Unrealized gains (losses) on financial derivatives, net	4,409	2,214	7,516	3,326
Forwards \| Currency risk [Member]
Derivative [Line Items]
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps	(452)	429	(20)	73
Realized gains (losses) on financial derivatives, net	(452)	429	(20)	73
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	(463)	203	(208)	167
Unrealized gains (losses) on financial derivatives, net	(463)	203	(208)	167
Warrants \| Credit Risk [Member]
Derivative [Line Items]
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps		(312)	86	(312)
Realized gains (losses) on financial derivatives, net		(312)	86	(312)
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps		312	(726)	381
Unrealized gains (losses) on financial derivatives, net		$ 312	(726)	$ 381
Credit default swaps on asset-backed securities \| Credit Risk [Member]
Derivative [Line Items]
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps	0		(1)
Realized gains (losses) on financial derivatives, net	0		(1)
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	(2)		(2)
Unrealized gains (losses) on financial derivatives, net	$ (2)		$ (2)

Securitization Transactions

9 Months Ended

Sep. 30, 2024

Securitization Transactions [Abstract]

Securitization Transactions

Participation in CLO Transactions

An affiliate of Ellington sponsored four CLO securitization transactions (the "Ellington-sponsored CLO Securitizations"), collateralized by corporate loans and managed by an affiliate of Ellington (the "CLO Manager"). Ellington, the Company, several other affiliates of Ellington, and in certain cases, third parties, participated in the Ellington-sponsored CLO Securitizations (collectively, the "CLO Co-Participants").

Pursuant to each Ellington-sponsored CLO Securitization, a newly formed securitization trust (each a "CLO Issuer") issued various classes of notes, which were in turn sold to unrelated third parties and the applicable CLO Co-Participants.

The CLO Issuers are each deemed to be a VIE. The Company evaluates its interests in the CLO Issuers under ASC 810, and while the Company retains credit risk in each of the securitization trusts through its beneficial ownership of a portion of the subordinated interests of each of the securitization trusts, which are the first to absorb credit losses on the securitized assets, the Company does not retain control of these assets or the power to direct the activities of the CLO Issuers that most significantly impact the CLO Issuers' economic performance. As a result, the Company determined that it is not the primary beneficiary of the CLO Issuers, and therefore the Company has not consolidated the CLO Issuers. The Company's maximum amount at risk is limited to the Company's investment in each of the CLO Issuers. As of September 30, 2024 and December 31, 2023, the fair value of the Company's investment in the notes issued by the CLO Issuers was $2.7 million and $5.1 million, respectively.

See Note 16 for further details on the Company's participation in CLO transactions.

Residential Mortgage Loan Securitizations—Non-QM loans

The Company has participated in securitizations of non-QM loans (each, a "non-QM securitization"). In each case, the applicable sponsor of such securitization (the "Sponsor") transferred a pool of non-QM loans (each, a "Collateral Pool") to a

wholly-owned subsidiary of such Sponsor (each, a "Depositor"), and on the closing date such Collateral Pool was deposited into a newly created securitization trust (such trusts collectively, the "Issuing Entities"). Pursuant to the securitizations, the Issuing Entities issued various classes of mortgage pass-through certificates (the "Certificates") which are backed by the cash flows from the underlying non-QM loans.

For the non-QM securitizations in which the Company participated between November 2017 and July 2022, the Sponsor and the Depositor are wholly-owned subsidiaries of the Company. The Company has subsequently participated in non-QM securitizations with other entities managed by Ellington (each a "Non-QM Co-Participant"), and in such cases the Sponsor and the Depositor are not subsidiaries of the Company.

Under the Dodd-Frank Act, sponsors of securitizations are generally required to retain at least 5% of the economic interest in the credit risk of the securitized assets (the "Risk Retention Rules"). In order to comply with the Risk Retention Rules, in each non-QM securitization for which the applicable Sponsor was a wholly-owned subsidiary of the Company, the Company purchased and intends to hold, at a minimum, the requisite amount of the most subordinated classes of Certificates and the excess cash flow certificates. The applicable Sponsor also purchased the Certificates entitled to excess servicing fees in each securitization, while the remaining classes of Certificates were purchased by unrelated parties. In the non-QM securitizations for which the Sponsor was not a wholly-owned subsidiary of the Company, the Company and the applicable Non-QM Co-Participants have membership interests in an entity formed for such purpose (the "Participated Risk Retention Vehicle") which purchased, and intends to hold, the requisite amount of each class of Certificate for each applicable non-QM securitization. The Participated Risk Retention Vehicle also purchased the Certificates entitled to excess servicing fees of such Issuing Entities. The remaining Certificates were purchased by the Company, the Non-QM Co-Participants, and/or various unrelated parties.

Notwithstanding that the Certificates carry final scheduled distribution dates in November 2059 or later, the applicable Depositor may, at its sole option, purchase all of the outstanding Certificates (an "Optional Redemption") following the earlier of (1) the applicable anniversary of the closing date (typically two or three years) of the respective securitization or (2) the date on which the aggregate unpaid principal balance of the applicable Collateral Pool has declined below 30% of the aggregate unpaid principal balance of the applicable Collateral Pool as of the date as of which such loans were originally transferred to the applicable Issuing Entity. The purchase price that the Depositor is required to pay in connection with an Optional Redemption is equal to the sum of the unpaid principal balance of each class of Certificates as of the redemption date and any accrued and unpaid interest thereon. These Optional Redemption rights are held by the applicable Depositor and are deemed to give such Depositor effective control over the loans. In cases where the Depositor was a wholly-owned subsidiary of the Company, the transfers of non-QM loans to each of the Issuing Entities do not qualify as sales under ASC 860-10, and the Company continues to reflect the loans on its Condensed Consolidated Balance Sheet in Loans, at fair value. In cases where the Depositor was not wholly-owned or consolidated by the Company, the transfers of non-QM loans to the Issuing Entities did qualify as sales in accordance with ASC 860-10.

In the event that certain breaches of representations or warranties are discovered with respect to any underlying non-QM loans, the Company could be required to repurchase or replace such loans.

Each Sponsor also serves as the servicing administrator of its respective securitization, for which it is entitled to receive a monthly fee equal to one-twelfth of the product of (a) 0.03% and (b) the unpaid principal balance of the underlying non-QM loans as of the first day of the related due period. Each Sponsor in its role as servicing administrator provides direction and consent for certain loss mitigation activities to the third-party servicer of the underlying non-QM loans. In certain circumstances, the servicing administrator will be required to reimburse the servicer for principal and interest advances and servicing advances made by the servicer.

Consolidated Residential Mortgage Loan Securitizations

For non-QM securitizations in which the Company owned 100% of the interests in both the Sponsor and Depositor ("Consolidated Residential Mortgage Loan Securitizations"), the Company is deemed to be the primary beneficiary of the Issuing Entities, which are VIEs, and has consolidated the Issuing Entities ("Consolidated Issuing Entities") given the Company's retained interests in each of the securitizations, together with the Optional Redemption rights held by the wholly-owned Depositor and the Company's ability to direct the third-party servicer regarding certain loss mitigation activities. Interest income from these loans and the expenses related to the servicing of these loans are included in Interest income and Investment related expenses—Servicing expense, respectively, on the Condensed Consolidated Statement of Operations.

Each of the Consolidated Issuing Entities meet the definition of a CFE as defined in Note 2, and as a result the fair value of the assets of each of the Issuing Entities have been derived from the fair value of the liabilities of the respective Issuing Entity, as such liabilities have been assessed to be more observable than such assets.

The debt of the Consolidated Issuing Entities is included in Other secured borrowings, at fair value, on the Condensed Consolidated Balance Sheet and is shown net of the Certificates held by the Company.

The following table details the Company's outstanding consolidated residential mortgage loan securitizations:


Issuing Entity	Closing Date	Principal Balance of Loans Transferred to the Depositor		Total Face Amount of Certificates Issued(1)
		(In thousands)
Ellington Financial Mortgage Trust 2019-2	11/19	$	267,255	$	267,255
Ellington Financial Mortgage Trust 2020-1	6/20	259,273		259,273
Ellington Financial Mortgage Trust 2020-2	10/20	219,732		219,732
Ellington Financial Mortgage Trust 2021-1	2/21	251,771		251,771
Ellington Financial Mortgage Trust 2021-2	6/21	331,777		331,777
Ellington Financial Mortgage Trust 2021-3	10/21	257,645		257,645
Ellington Financial Mortgage Trust 2022-1	1/22	417,188		417,188
Ellington Financial Mortgage Trust 2022-2	4/22	425,651		425,651
Ellington Financial Mortgage Trust 2022-3	7/22	345,652		345,652

(1)The Sponsor purchased various classes of Certificates issued by each Issuing Entity in order to comply with the Risk Retention Rules.


(In thousands)	September 30, 2024		December 31, 2023
Assets:
Loans, at fair value	$	1,526,018	$	1,555,371
Investment related receivables	2,403		1,884
Liabilities:
Other secured borrowings, at fair value	1,390,854		1,424,668

Non-Consolidated Residential Mortgage Loan Securitizations

As described above, the Company has also participated in non-QM securitizations with various Non-QM Co-Participants. For the non-QM securitization which closed in December 2022, the Company and the Non-QM Co-Participant each sold loans to a jointly held entity (the "Residential Loan JV") which then transferred the loans to the respective series of the applicable Sponsor, which is wholly-owned by the Residential Loan JV, for further transfer to the applicable Depositor. For the non-QM securitizations that closed after December 2022, the Company and the Non-QM Co-Participants each sold loans directly to the respective series of the applicable Sponsor, for further transfer to the applicable Depositor. The sales by the Company in each instance were accounted for as sales in accordance with ASC 860-10.

The following table provides details on outstanding non-consolidated residential mortgage loan securitizations in which the Company has participated:


Issuing Entity	Closing Date	Principal Balance of Loans Sold By the Company		Principal Balance of Loans Sold By the Non-QM Co-Participants		Total Face Amount of Certificates Issued
		(In thousands)
EFMT 2022-4	12/22	$	309,998	$	55,264	$	365,262
EFMT 2023-1	2/23	176,218		154,149		330,367
EFMT 2024-INV1	4/24	194,497		105,955		300,452

In order to comply with the Risk Retention Rules, the Participated Risk Retention Vehicle purchased a percentage of each of the classes of Certificates issued by the respective Issuing Entities. The aggregate fair value of the Company's ownership interests in the Residential Loan JV, and respective series of both the Participated Risk Retention Vehicle and Sponsor, was $8.7 million as of both September 30, 2024 and December 31, 2023. Such interests are included on the Condensed Consolidated Balance Sheet in Investments in unconsolidated entities, at fair value. The Company and the non-QM Co-Participants also directly purchased, certain of the Certificates issued by the non-consolidated Issuing Entities; the Company

subsequently sold various of these Certificates. As of September 30, 2024 and December 31, 2023, the fair value of the Company's investment in such Certificates was $2.3 million and $33.0 million, respectively, and is included on the Condensed Consolidated Balance Sheet in Securities, at fair value.

The Company has evaluated its interests in the Residential Loan JV, the Participated Risk Retention Vehicle, and the Sponsor, which are each VIEs. Because the Company does not control the assets of such entities nor does it have the power to direct the activities that most significantly impact such entities' economic performance, the Company determined that the Company is not the primary beneficiary of these VIEs, and therefore the Company has not consolidated these VIEs.

Residential Mortgage Loan Securitizations—European Residential Mortgage Loans

The Company holds an interest in a European RMBS issued by an unaffiliated European securitization trust (the "European RMBS Issuer"). The European RMBS Issuer issued various tranches of notes (the "European Debt Tranches") collateralized by a pool of European residential mortgage loans (the "European Mortgage Loan Securitization"). As of June 30, 2024, as the holder of a majority interest in the most subordinate European Debt Tranche, the Company may, at its sole option, purchase all of the outstanding European Debt Tranches (the "Optional Redemption").

At June 30, 2024, the Company re-evaluated its interest in the European RMBS Issuer, which is a VIE. As of such date, because the Company has the power to direct the activities that most significantly impact such entities' economic performance, the Company determined that the Company is the current primary beneficiary of this VIE, and therefore the Company has consolidated the European RMBS Issuer. Prior to June 30, 2024, the Company determined that it was not the primary beneficiary of this VIE, and did not consolidate the European RMBS Issuer. As of December 31, 2023, the fair value of the Company's investment in the most subordinate European Debt Tranche was $0.1 million and is included in Securities, at fair value on the Condensed Consolidated Balance Sheet.

The following table details the assets and liabilities of the European RMBS Issuer included in the Company's Condensed Consolidated Balance Sheet as of September 30, 2024:


(In thousands)	September 30, 2024
Assets:
Cash and cash equivalents	$	7,153
Loans, at fair value	55,167
Investment related receivables	704
Liabilities:
Other secured borrowings, at fair value	61,304
Investment related payables	1,656

Participation in Multi-Seller Consumer Loan Securitizations

The Company has participated in various securitizations whereby the Company, together with certain other entities managed by Ellington (the "Consumer Co-Participants"), sold consumer loans to newly formed securitization trusts (each a "Consumer Securitization Issuer"). The sales were accounted for as sales in accordance with ASC 860-10. The following table provides additional details for each such securitization.


Securitization Closing	UPB of Loans Sold to Consumer Securitization Issuer		% Contributed by the Company		Principal Amount of Notes Issued(1)		% Ownership of Consumer Risk Retention Vehicle
	(In thousands)				(In thousands)
November 2020	$	205,088	56.3	%	$	193,650	56.3	%
March 2022(2)	193,450		24.7	%	400,000		24.6	%

(1)Total principal amount of notes issued by the Consumer Securitization Issuer pursuant to the securitization.

As shown in the above table, pursuant to each of the securitizations, the respective Consumer Securitization Issuer issued senior and subordinated notes. Trust certificates representing beneficial ownership of each of the Consumer Securitization Issuers were also issued. In connection with each transaction, through a jointly owned newly formed entity (each a "Consumer Risk Retention Vehicle"), the Company and the Consumer Co-Participants acquired certain of the subordinated notes as well as the trust certificates in the respective Consumer Securitization Issuer. As of September 30, 2024 and December 31, 2023, the Company's total interest in the Consumer Risk Retention Vehicles, for which the Company has elected the FVO, was

$0.7 million and $2.4 million, respectively. The fair value of the Consumer Risk Retention Vehicles is included on the Condensed Consolidated Balance Sheet in Investments in unconsolidated entities, at fair value.

The notes and trust certificates issued by each of the Consumer Securitization Issuers are backed by the cash flows from the underlying consumer loans. If there are breaches of representations and warranties with respect to any underlying consumer loans, the Company could, under certain circumstances, be required to repurchase or replace such loans. Absent such breaches, the Company has no obligation to repurchase or replace any underlying consumer loans that become delinquent or otherwise default. In addition, another affiliate of Ellington acts as the administrator for these securitizations and is paid a monthly fee for its services.

The Consumer Securitization Issuers are each deemed to be a VIE. The Company has evaluated its interest in each of the Consumer Securitization Issuers under ASC 810, and while the Company retains credit risk in each of the securitization trusts through its beneficial ownership of most of the subordinated interests of each of the securitization trusts, which are the first to absorb credit losses on the securitized assets, neither the Company nor the Consumer Risk Retention Vehicles retain control of these assets or the power to direct the activities of the Consumer Securitization Issuers that most significantly impact the Consumer Securitization Issuers' economic performance. As a result, the Company determined that neither the Company nor the Consumer Risk Retention Vehicles are the primary beneficiary of the respective Consumer Securitization Issuer, and therefore the Company has not consolidated the Consumer Securitization Issuers. Additionally, the Company evaluated its interest in each of the Consumer Risk Retention Vehicles, which do not meet the criteria to be deemed a VIE, under the voting interest model provided by ASC 810 and determined the Company does not control the Consumer Risk Retention Vehicles. As a result, the Company has not consolidated the Consumer Risk Retention Vehicles.

Proprietary Reverse Mortgage Loan Securitizations

The Company has sponsored securitizations of reverse mortgage loans (each, a "Reverse Mortgage Securitization"). In each case, the Company, through its wholly-owned subsidiary (the "RM Sponsor"), transferred a pool of proprietary reverse mortgage loans (each, a "RM Collateral Pool") to a wholly-owned subsidiary of the RM Sponsor (the "RM Depositor"), which then deposited such RM Collateral Pool into a newly created securitization trust on the related securitization closing date. Pursuant to the Reverse Mortgage Securitizations, the securitization trusts (collectively, the "RM Issuing Entities") issued various classes of asset-backed notes (the "RM Notes") which are backed by the cash flows from the underlying proprietary reverse mortgage loans.

The Company purchased and intends to hold, at a minimum, the requisite amount of RM Notes it is required to hold under the Risk Retention Rules.

The RM Sponsor also serves as the servicing administrator of each Reverse Mortgage Securitization, for which it is entitled to receive a monthly fee equal to one-twelfth of the product of (a) 0.03% and (b) the unpaid principal balance of the underlying reverse mortgage loans as of the first day of the related due period. The Sponsor in its role as servicing administrator provides direction and consent for certain loss mitigation activities to the third-party servicer of the underlying reverse mortgage loans. In certain circumstances, the servicing administrator will be required to reimburse the servicer for principal and interest advances and servicing advances made by the servicer.

The Company is deemed to be the primary beneficiary of each of the RM Issuing Entities, which are VIEs, and has consolidated such entities given the Company's retained interests in each of the Reverse Mortgage Securitizations, together with the Optional Redemption rights held by the RM Depositor and the Company's ability to direct the third-party servicer regarding certain loss mitigation activities. Interest income from these loans and the expenses related to the servicing of these loans are included in Interest income and Investment related expenses—Servicing expense, respectively, on the Condensed Consolidated Statement of Operations.

Each of the RM Issuing Entities meet the definition of a CFE and, as a result, the fair value of the assets of the RM Issuing Entities have been derived from the fair value of the liabilities of the RM Issuing Entities, as such liabilities have been assessed to be more observable than such assets.

The debt of the RM Issuing Entities is included in Other secured borrowings, at fair value, on the Condensed Consolidated Balance Sheet and is shown net of the RM Notes held by the Company.

The following table provide additional details for the Company's outstanding consolidated Reverse Mortgage Securitizations:


RM Issuing Entity	Closing Date	Principal Balance of Loans Transferred to the Depositor		Total Face Amount of RM Notes Issued(1)
		(In thousands)
EFMT 2024-RM1	3/24	$	171,412	$	208,100
EFMT 2024-RM2	7/24	188,117		232,150

(1)The RM Sponsor purchased various classes of RM Notes issued by each RM Issuing Entity in order to comply with the Risk Retention Rules.

The following table details the assets and liabilities of the RM Issuing Entities included in the Company's Condensed Consolidated Balance Sheet as of September 30, 2024:


	September 30, 2024
Assets:	(In thousands)
Restricted cash	$	8,973
Loans, at fair value	390,562
Liabilities:
Other secured borrowings, at fair value	361,596

Issuance of HMBS

Longbridge is approved as a Title II, non-supervised direct endorsement mortgagee with HUD. Longbridge is also an approved issuer of HMBS whereby it pools HECM loans and issues HMBS securities which are sold to third-parties with only the servicing rights retained. As discussed in Note 5, HMBS are structured whereby the HMBS issuer is required to repurchase loans whenever the outstanding principal balance of such loan reaches 98% of the MCA. In accordance with ASC 860-10, the transfer of the loans to the HMBS securitization vehicle does not qualify as a sale as the Company has not surrendered control over transferred financial assets. As a result, the transfer of the loans is accounted for as secured borrowings for which the Company has elected the FVO. Such secured borrowings are included in HMBS-related obligations, at fair value. The majority of the related collateral is included as a component of Loans, at fair value, on the Condensed Consolidated Balance Sheet. The Company recognizes interest expense on such HMBS-related obligations based on the stated coupon rate of the respective HMBS. Interest expense and changes in fair value are recorded in net change related to HMBS obligations, at fair value on the Condensed Consolidated Statement of Operations. During the three-month periods ended September 30, 2024 and 2023, the Company pooled HECM loans with an unpaid principal balance of $331.2 million and $352.1 million, respectively, into HMBS. During the nine-month periods ended September 30, 2024 and 2023, the Company pooled HECM loans with an unpaid principal balance of $940.2 million and $1.0 billion, respectively, into HMBS. As of September 30, 2024, the Company was servicing 859 pools of HMBS with an unpaid principal balance of $8.4 billion. As of December 31, 2023, the Company was servicing 974 pools of HMBS with an unpaid principal balance of $8.2 billion.

The Company had entered into a Collaboration and Transfer Agreement, or the "HECM CT Agreement" with a third party. Pursuant to the HECM CT Agreement, the Company purchased HECM loans and the associated MSR from the third party and securitized such loans into HMBS. While the Company was the legal owner and servicer of the HMBS, under the HECM CT Agreement, the third party received a portion of the cash flows generated from the HMBS. The Company retained a base participation fee, along with the right to premiums on subsequent HECM tail securitizations. Additionally, in the event Company was required to repurchase a loan from the HMBS pool, there was a put option repurchase guarantee from the third-party whereby such party was required to repurchase such HECM loans from the Company. The Company recognizes the amount due to/from the third party under the HECM CT Agreement as an asset or a liability (the "Servicing Asset" or "Servicing Liability") which is included in Other Assets or Accrued expenses and other liabilities on the Condensed Consolidated Balance Sheet. The Company elected the FVO on its Servicing Asset/Liability and changes in value are included in Other Income (Loss). As of December 31, 2023, the Company has a Servicing Asset related to the HECM CT Agreement of $1.3 million, which is included in Accrued expenses and other liabilities and Other Assets, respectively, on the Condensed Consolidated Balance Sheet. The HECM CT Agreement was terminated in September 2024 and the Company transferred the related HECM loans and the associated MSR to the third party.

During the three-month periods ended September 30, 2024 and 2023, the Company repurchased HECM loans from HMBS pools, largely consisting of loans subject to 98% of the MCA requirement, with an unpaid principal balance of $61.9 million and $217.4 million, respectively. Of these repurchases during the three-month periods ended September 30, 2024 and 2023, $42.9 million and $211.2 million, respectively, were subsequently transferred to a third party in accordance with the

HECM CT Agreement. During the nine-month periods ended September 30, 2024 and 2023, the Company repurchased HECM loans from HMBS pools, largely consisting of loans subject to 98% of the MCA requirement, with an unpaid principal balance of $318.3 million and $583.5 million, respectively. Of these repurchases during the nine-month periods ended September 30, 2024 and 2023, $281.5 million and $571.4 million, respectively, were subsequently transferred to a third party in accordance with the HECM CT Agreement.

Investment in Loans (Schedule of Commercial Mortgage Loans) (Details) (Details)
$ in Thousands

9 Months Ended

12 Months Ended

Sep. 30, 2024

USD ($)

loan

Dec. 31, 2023

USD ($)

loan

Accounts, Notes, Loans and Financing Receivable [Line Items]

$ 13,136,499

$ 12,164,019

(409,587)

(310,544)

^[1],[2]

$ 13,519,786

$ 12,306,636

Accounts, Notes, Loans and Financing Receivable [Line Items]

4.19%

4.78%

6.12%

5.71%

5 years 11 months 23 days

5 years 5 months 1 day

Accounts, Notes, Loans and Financing Receivable [Line Items]

$ 306,482

$ 281,531

(9,199)

(13,648)

297,283

267,883

4,913

(8,934)

(1,288)

Number of mortgage loans in process of foreclosure

$ 293,262

$ 266,595

Mortgage Loans In Process Of Foreclosure, Unpaid Principal Balance

$ 25,600

$ 25,900

Commercial mortgage loans | Non-performing

Accounts, Notes, Loans and Financing Receivable [Line Items]

83,800

47,700

Commercial mortgage loans | Weighted Average

$ 71,800

$ 33,300

Number of loans | loan

Accounts, Notes, Loans and Financing Receivable [Line Items]

10.84%

11.44%

11.04%

11.45%

Non-accrual status [Member] | Commercial mortgage loans | Non-performing

11 months 23 days

9 months 14 days

Accounts, Notes, Loans and Financing Receivable [Line Items]

Real Estate Owned, Disclosure of Detailed Components [Abstract]

$ 71,800

$ 33,300

[1]	Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.
[2]	Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

Real Estate Owned

9 Months Ended

Sep. 30, 2024

Real Estate Owned

As discussed in Note 2, the Company obtains possession of REO as a result of foreclosures on the associated mortgage loans. The following tables detail activity in the Company's carrying value of REO for the three- and nine-month periods ended September 30, 2024 and 2023:


	Three-Month Period Ended
	September 30, 2024			September 30, 2023
	Number of Properties	Carrying Value		Number of Properties	Carrying Value
		(In thousands)			(In thousands)
Beginning Balance (June 30, 2024 and 2023, respectively)	105	$	25,248	78	$	21,076
Transfers from mortgage loans	44	17,144		25	9,764
Capital expenditures and other adjustments to cost		59			(85)
Adjustments to record at the lower of cost or fair value		(820)			(2,226)
Dispositions	(37)	(11,941)		(24)	(4,959)
Ending Balance (September 30, 2024 and 2023, respectively)	112	$	29,690	79	$	23,570


	Nine-Month Period Ended
	September 30, 2024			September 30, 2023
	Number of Properties	Carrying Value		Number of Properties	Carrying Value
		(In thousands)			(In thousands)
Beginning Balance (December 31, 2023 and 2022, respectively)	81	$	22,085	97	$	28,403
Transfers from mortgage loans	127	42,588		71	21,398
Capital expenditures and other adjustments to cost		433			587
Adjustments to record at the lower of cost or fair value		(2,551)			(2,333)
Dispositions	(96)	(32,865)		(89)	(24,485)
Ending Balance (September 30, 2024 and 2023, respectively)	112	$	29,690	79	$	23,570

During the three-month period ended September 30, 2024, the Company sold 37 REO properties, realizing a net gain (loss) of approximately $(0.4) million. During the three-month period ended September 30, 2023, the Company sold 24 REO properties, realizing a net gain (loss) of approximately $(0.2) million. During the nine-month period ended September 30, 2024, the Company sold 96 REO properties, realizing a net gain (loss) of approximately $(3.6) million. During the nine-month period ended September 30, 2023, the Company sold 89 REO properties, realizing a net gain (loss) of approximately $(1.5) million. Such realized gains (losses) are included in Realized gains (losses) on real estate owned, net, on the Company's Condensed Consolidated Statement of Operations. As of both September 30, 2024 and December 31, 2023, all of the Company's REO had been obtained as a result of obtaining physical possession through foreclosure. Of the Company's total REO holdings, $27.6 million and $16.8 million, were measured at fair value on a non-recurring basis as of September 30, 2024 and December 31, 2023, respectively.

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Other Commitments [Line Items]
Loan commitments, at fair value	$ 5,955		$ 5,955		$ 2,584
Operating Lease, Expense	400	$ 300	1,100	$ 800
Operating Lease, Right-of-Use Asset	5,330		5,330		3,279
Operating Lease, Liability	$ 5,853		$ 5,853		$ 3,524
Operating Lease, Weighted Average Remaining Lease Term	7 years 4 months 24 days		7 years 4 months 24 days		5 years 1 month 6 days
Operating Lease, Weighted Average Discount Rate, Percent	8.85%		8.85%		7.31%
Operating Leases, Future Minimum Payments Due, Next Twelve Months	$ 305		$ 305
Operating Leases, Future Minimum Payments, Due in Two Years	1,240		1,240
Operating Leases, Future Minimum Payments, Due in Three Years	1,237		1,237
Operating Leases, Future Minimum Payments, Due in Four Years	1,140		1,140
Operating Leases, Future Minimum Payments, Due in Five Years	929		929
Operating Leases, Future Minimum Payments, Due Thereafter	3,467		3,467
Operating Leases, Future Minimum Payments Due	8,318		8,318
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(2,465)		(2,465)
Loan Purchase Commitments, at Fair Value	1,348		1,348		$ 0
Purchase Commitment, Amount Contributed	12,500		12,500
Affiliated REIT
Other Commitments [Line Items]
Purchase Commitment, Remaining Minimum Amount Committed	12,500		12,500
Investment in Other Loan Originator
Other Commitments [Line Items]
Unfunded commitment	7,000		7,000		5,500
Mortgage Originator
Other Commitments [Line Items]
Unfunded commitment	376,900		376,900		475,400
Total Purchase Commitment			500,000
Non-Exchange Traded Equity Investment in Mortgage Originators [Member] \| Related party mortgage originator (with flow mortgage loan purchase and sale agreement)
Other Commitments [Line Items]
Maximum guarantees	15,000		15,000		15,000
Equity investments in securitization-related risk retention vehicle
Other Commitments [Line Items]
Maximum guarantees	15,500		15,500
Drawn down amount being guaranteed					1,000
Reverse mortgage loans
Other Commitments [Line Items]
Contractual Obligation	2,000,000		2,000,000		1,900,000
Loan Purchase Commitments
Other Commitments [Line Items]
UPB of loans committed to purchase	406,700		406,700
Loan Purchase Commitments \| Mortgage loan originator
Other Commitments [Line Items]
Loan Purchase Commitments, at Fair Value	100		100
UPB of loans committed to purchase	26,200		26,200
Loan Purchase Commitments \| Mortgage loan originator B
Other Commitments [Line Items]
Loan Purchase Commitments, at Fair Value	700		700
UPB of loans committed to purchase	27,300		27,300
Residential mortgage loans
Other Commitments [Line Items]
Unfunded commitment	310,400		310,400		288,000
Corporate loan [Member]
Other Commitments [Line Items]
Unfunded commitment	2,700		2,700		3,000
Corporate loan [Member] \| Line of Credit
Other Commitments [Line Items]
Unfunded commitment	$ 900		900		$ 900
Lending Commitment			$ 1,000

Related Party Transactions

9 Months Ended

Sep. 30, 2024

Related Party Transactions

The Company is party to the Management Agreement (which may be amended from time to time), pursuant to which the Manager manages the assets, operations, and affairs of the Company, in consideration of which the Company pays the Manager management and incentive fees. The descriptions of the Base Management Fees and Incentive Fees are detailed below.

Base Management Fees

The Operating Partnership pays the Manager 1.50% per annum of total equity of the Operating Partnership calculated in accordance with U.S. GAAP as of the end of each fiscal quarter (before deductions for base management fees and incentive fees payable with respect to such fiscal quarter), provided that total equity is adjusted to exclude one-time events pursuant to changes in U.S. GAAP, as well as non-cash charges after discussion between the Manager and the Company's independent directors, and approval by a majority of the Company's independent directors in the case of non-cash charges.

Pursuant to the Management Agreement, if the Company invests at issuance in the equity of any collateralized debt obligation that is managed, structured, or originated by Ellington or one of its affiliates, or if the Company invests in any other investment fund or other investment for which Ellington or one of its affiliates receives management, origination, or structuring fees, then, unless agreed otherwise by a majority of the Company's independent directors, the base management and incentive fees payable by the Company to its Manager will be reduced by an amount equal to the applicable portion (as described in the Management Agreement) of any such management, origination, or structuring fees.

For the three-month period ended September 30, 2024, the total base management fee incurred was $6.0 million, consisting of $6.1 million of total gross base management fee incurred, less $0.1 million of management fee rebates. For the three-month period ended September 30, 2023, the total base management fee incurred was $4.9 million, consisting of $5.0 million of total gross base management fee incurred, less $0.1 million of management fee rebates. For the nine-month period ended September 30, 2024, the total base management fee incurred was $17.6 million, consisting of $17.8 million of total gross base management fee incurred, less $0.2 million of management fee rebates. For the nine-month period ended September 30, 2023, the total base management fee incurred was $14.8 million, consisting of $15.1 million of total gross base management fee incurred, less $0.4 million of management fee rebates. See "—Participation in CLO Transactions" below for details on management fee rebates.

Incentive Fees

The Manager is entitled to receive a quarterly incentive fee equal to the positive excess, if any, of (i) the product of (A) 25% and (B) the excess of (1) Adjusted Net Income (described below) for the Incentive Calculation Period (which means such fiscal quarter and the immediately preceding three fiscal quarters) over (2) the sum of the Hurdle Amounts (described below) for the Incentive Calculation Period, over (ii) the sum of the incentive fees already paid or payable for each fiscal quarter in the Incentive Calculation Period preceding such fiscal quarter.

For purposes of calculating the incentive fee, "Adjusted Net Income" for the Incentive Calculation Period means the net increase in equity from operations of the Operating Partnership, after all base management fees but before any incentive fees for such period, and excluding any non-cash equity compensation expenses for such period, as reduced by any Loss Carryforward (as described below) as of the end of the fiscal quarter preceding the Incentive Calculation Period.

For purposes of calculating the incentive fee, the "Loss Carryforward" as of the end of any fiscal quarter is calculated by determining the excess, if any, of (1) the Loss Carryforward as of the end of the immediately preceding fiscal quarter over (2) the Company's net increase in equity from operations (expressed as a positive number) or net decrease in equity from operations (expressed as a negative number) of the Operating Partnership for such fiscal quarter. As of December 31, 2023, there was a Loss Carryforward of $22.1 million; there was no Loss Carryforward as of September 30, 2024.

For purposes of calculating the incentive fee, the "Hurdle Amount" means, with respect to any fiscal quarter, the product of (i) one-fourth of the greater of (A) 9% and (B) 3% plus the 10-year U.S. Treasury rate for such fiscal quarter, (ii) the sum of (A) the weighted average gross proceeds per share of all common stock and OP Unit issuances since inception of the Company and up to the end of such fiscal quarter, with each issuance weighted by both the number of shares of common stock and OP Units issued in such issuance and the number of days that such issued shares of common stock and OP Units were outstanding during such fiscal quarter, using a first-in first-out basis of accounting (i.e. attributing any share of common stock and OP Unit repurchases to the earliest issuances first) and (B) the result obtained by dividing (I) retained earnings attributable to shares of common stock and OP Units at the beginning of such fiscal quarter by (II) the average number of shares of common stock and OP Units outstanding for each day during such fiscal quarter, and (iii) the sum of (x) the average number of shares of common stock and long term incentive plan units of the Company outstanding for each day during such fiscal quarter, and (y) the average number of Convertible Non-controlling Interests outstanding for each day during such fiscal quarter. For purposes of determining the Hurdle Amount, issuances of common stock, and Convertible Non-controlling Interests (a) as equity incentive awards, (b) to the Manager as part of its base management fee or incentive fee and (c) to the Manager or any of its affiliates in privately negotiated transactions, are excluded from the calculation. The payment of the incentive fee will be in a combination of shares of common stock and cash, provided that at least 10% of any quarterly payment will be made in shares of common stock.

The Company did not accrue an incentive fee for either of the three- or nine-month periods ended September 30, 2024 or 2023, since on a rolling four quarter basis, the Company's income did not exceed the prescribed hurdle amount.

Termination Fees

The Management Agreement requires the Company to pay a termination fee to the Manager in the event of (1) the Company's termination or non-renewal of the Management Agreement without cause or (2) the Company's termination of the Management Agreement based on unsatisfactory performance by the Manager that is materially detrimental to the Company or (3) the Manager's termination of the Management Agreement upon a default by the Company in the performance of any

material term of the Management Agreement. Such termination fee will be equal to the amount of three times the sum of (i) the average annual quarterly base management fee amounts paid or payable with respect to the two 12-month periods ending on the last day of the latest fiscal quarter completed on or prior to the date of the notice of termination or non-renewal and (ii) the average annual quarterly incentive fee amounts paid or payable with respect to the two 12-month periods ending on the last day of the latest fiscal quarter completed on or prior to the date of the notice of termination or non-renewal.

Expense Reimbursement

Under the terms of the Management Agreement the Company is required to reimburse the Manager for operating expenses related to the Company that are incurred by the Manager, including expenses relating to legal, accounting, due diligence, other services, and all other costs and expenses. The Company's reimbursement obligation is not subject to any dollar limitation. Expenses will be reimbursed in cash within 60 days following delivery of the expense statement by the Manager; provided, however, that such reimbursement may be offset by the Manager against amounts due to the Company from the Manager. The Company will not reimburse the Manager for the salaries and other compensation of the Manager's personnel except that the Company will be responsible for expenses incurred by the Manager in employing certain dedicated or partially dedicated personnel as further described below.

The Company reimburses the Manager for the allocable share of the compensation, including, without limitation, wages, salaries, and employee benefits paid or reimbursed, as approved by the Compensation Committee of the Board of Directors to certain dedicated or partially dedicated personnel who spend all or a portion of their time managing the Company's affairs, based upon the percentage of time devoted by such personnel to the Company's affairs. In their capacities as officers or personnel of the Manager or its affiliates, such personnel will devote such portion of their time to the Company's affairs as is necessary to enable the Company to operate its business.

For the nine-month periods ended September 30, 2024 and 2023, the Company reimbursed the Manager $19.6 million and $14.4 million, respectively, for previously incurred operating expenses. As of September 30, 2024 and December 31, 2023, the outstanding payable to the Manager for operating expenses was $5.1 million and $5.2 million, respectively, which are included in Accrued expenses and other liabilities on the Condensed Consolidated Balance Sheet.

Transactions Involving Investments in Unconsolidated Entities—Certain Loan Originators

As of September 30, 2024 and December 31, 2023, the loan originators in which the Company holds equity investments represent related parties. Transactions that have been entered into with these related party loan originators are summarized below.

The Company is a party to a mortgage loan purchase and sale flow agreement, with a mortgage loan originator (the "Related-Party MLPA") in which the Company holds a non-controlling equity investment, whereby the Company purchases residential mortgage loans that satisfy certain specified criteria. The Company also provided a $5.0 million line of credit to the mortgage originator. Under the terms of this line of credit, the Company has agreed to make advances to the mortgage originator solely for the purpose of funding specifically identified residential mortgage loans designated for sale to the Company. To the extent the advances are drawn by the mortgage originator, it must pay interest, at a rate of 15% per annum, on the outstanding balance of each advance from the date the advance is made until such advance is repaid in full. The mortgage originator is required to repay advances in full no later than two business days following the date that the Company purchases the related residential mortgage loans from the mortgage originator. As of both September 30, 2024 and December 31, 2023, there were no advances outstanding. The Company has also entered into agreements whereby it guarantees the performance of such mortgage originator under third-party master repurchase agreements. See Note 24, Commitments and Contingencies, for further information on the Company's guarantees of the third-party borrowing arrangements and certain loan purchase commitments under the Related-Party MLPA. Additionally, as of December 31, 2023, the Company held warrants to purchase 8.28 million shares with a fair value of $10.3 million, which were included in Investments in unconsolidated entities on the Condensed Consolidated Balance Sheet. In March 2024, the Company exercised such warrants in exchange for Class B Common Stock of the mortgage loan originator. As of September 30, 2024 and December 31, 2023, the fair value of the Company's investment in this mortgage loan originator was $25.9 million and $23.8 million, respectively.

The Company is a party to an agreement with another mortgage loan originator (the "Related Party Loan Purchase Agreement") in which the Company holds a non-controlling equity investment, whereby the Company purchases residential mortgage loans that satisfy certain specified criteria. As of September 30, 2024, the fair value of the Company's investment in this mortgage loan originator was $1.5 million.

The Company holds an investment in common and preferred stock of a consumer loan originator (the "Consumer Loan Originator"). An employee of Ellington has a less-than-10% equity interest in, and serves on the board of, this consumer loan originator. Another employee of Ellington, who serves as an officer of the Company, also serves on the board, as the Company's representative. The Company, through a related party of Ellington, or the "Loan Purchaser," was a party to a

consumer loan purchase and sale flow agreement with the "Consumer Loan Originator, whereby the Loan Purchaser purchased consumer loans that satisfied certain specified criteria (the "Legacy PSFA"). The Company had investments in participation certificates related to such consumer loans titled in the name of the Loan Purchaser. Through its participation certificates, the Company had beneficial interests in the loan cash flows, net of servicing-related fees and expenses. The total fair value of the Company's participation certificates was $74.2 million as of December 31, 2023, which is included in Securities, at fair value on the Condensed Consolidated Balance Sheet. In September 2024, the Company, through a wholly-owned trust subsidiary, and the Consumer Loan Originator, entered into an amended consumer loan purchase and sale flow agreement (the "Amended PSFA") whereby the Company purchases consumer loans that satisfy certain specified criteria. The Company also entered into an agreement with the Loan Purchaser whereby the Company acquired the consumer loans titled in the name of the Loan Purchaser purchased under the Legacy PSFA from the Loan Purchaser. The Company has beneficial interests in the loan cash flows, net of servicing-related fees and expenses, including financing expenses. As discussed in Note 14, the Company has entered into a secured revolving borrowing facility to finance its consumer loans. As of September 30, 2024, the total fair value of the Company's beneficial interests was $65.7 million, which is included in Securities, at fair value on the Condensed Consolidated Balance Sheet. Additionally, in December 2022, the Company extended a two-year revolving line of credit to the consumer loan originator; see table below for additional details.

In November 2023, the Company entered into various agreements with a residential mortgage loan originator (the "RTL Originator") in which it holds a non-controlling equity investment. Under the terms of such agreements, the Company has the option to purchase additional non-controlling equity interests at certain valuation thresholds. The Company also entered into a Commitment Letter Agreement (the "RTL Commitment Agreement") whereby it committed to purchase eligible loans originated by the RTL Originator; see Note 24, Commitments and Contingencies, for further information on the Company's commitment under the RTL Commitment Agreement. The RTL Originator has been determined to be a VIE. The Company has evaluated the RTL Originator and determined that the Company is not the primary beneficiary of the RTL Originator. As of both September 30, 2024 and December 31, 2023, the fair value of the Company's investment in the RTL Originator was $0.6 million, which is included on the Condensed Consolidated Balance Sheet in Investments in unconsolidated entities, at fair value.

Transactions Involving Investments in Unconsolidated Entities—Certain Loan Origination-Related Entities

The following table provides details of financing that the Company has provided, in the form of secured promissory notes, to certain loan origination-related entities in which the Company also holds equity investments:


Effective Date of Promissory Note	Maturity Date of Promissory Note			Interest Rate as of		Outstanding Borrowings as of				Fair Value(1) as of
		Maximum Borrowing		September 30, 2024	December 31, 2023	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
		(In thousands)				(In thousands)
May 2021(2)	December 31, 2025	$	6,000	12.0%	9.0%	$	1,000	$	2,335	$	1,000	$	2,335
February 2022	January 31, 2025	750		7.0%	7.0%	625		575		625		575
December 2022	December 16, 2024	3,500		15.0%	15.0%	1,644		1,644		—		1,233

(1)Classified as a Corporate loan and is included in Loans, at fair value on the Condensed Consolidated Balance Sheet.

(2)Convertible into non-voting equity interests, at the option of the borrower, at any time prior to maturity.

Consumer, Residential, and Commercial Loan Transactions with Affiliates

The Company purchased certain of its consumer loans through an affiliate, or the "Purchasing Entity," under various purchase agreements. The Company's beneficial interests in the consumer loans purchased through the Purchasing Entity are evidenced by participation certificates issued by trusts that hold legal title to the loans. These trusts are owned by a related party of Ellington and were established to hold such loans. Through its participation certificates, the Company participates in the cash flows of the underlying loans held by each trust. The total amount of consumer loans underlying the Company's participation certificates and held in the related party trust was $0.6 million and $1.6 million as of September 30, 2024 and December 31, 2023, respectively.

The Company has beneficial interests in residential mortgage loans and REO held in a trust owned by a related party of Ellington. Through these beneficial interests, the Company participates in the cash flows of the underlying loans held by such trust. The total amount of residential mortgage loans and REO underlying the Company's beneficial interests and held in the related party trust was $2.1 billion and $1.6 billion as of September 30, 2024 and December 31, 2023, respectively.

The Company is a co-investor in certain commercial mortgage loans and REO with other investors, including various unrelated third parties and various affiliates of Ellington. Each co-investor in a particular loan has an interest in the limited liability company that owns such loan or REO. As of September 30, 2024 and December 31, 2023, the aggregate fair value of the Company's investments in the jointly owned limited liability companies was approximately $98.8 million and $63.7 million, respectively. Such investments are included in Investments in unconsolidated entities, on the Condensed Consolidated Balance Sheet.

The consumer, residential mortgage, and certain commercial mortgage loans that are the subject of the foregoing loan transactions are held in trusts, each of which the Company has determined to be a VIE. The Company has evaluated each of these VIEs and determined that the Company has the power to direct the activities of each VIE that most significantly impact such VIE's economic performance and the Company has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. As a result the Company has determined it is the primary beneficiary of each of these VIEs and has consolidated each VIE.

Equity Investment in Unconsolidated Entity

The Company is a co-investor, together with other affiliates of Ellington, in Jepson Holdings Limited ("Jepson"), the parent of an entity (the "Jepson Risk Retention Vehicle") that has sponsored various European mortgage loan securitizations. The Jepson Risk Retention Vehicle is expected to hold certain of the notes it issues for each securitization it completes in order to comply with European risk retention rules. As of September 30, 2024 and December 31, 2023, the Company's equity investment in Jepson Holdings Limited had a fair value of $0.3 million and $0.6 million, respectively. See Note 8 for additional details on this equity investment.

Participation in Multi-Borrower Financing Facilities

The Company is a co-participant with certain other entities managed by Ellington or its affiliates (the "Affiliated Entities") in various entities (each, a "Joint Entity"), which were formed in order to facilitate the financing of commercial mortgage loans, residential mortgage loans, and REO (collectively, the "Mortgage Loan and REO Assets"), through repurchase agreements. Each Joint Entity has a master repurchase agreement with a particular financing counterparty.

In connection with the financing of the Mortgage Loan and REO Assets under repurchase agreements, each of the Company and the Affiliated Entities transferred certain of their respective Mortgage Loan and REO Assets to one of the Joint Entities in exchange for its pro rata share of the financing proceeds that the respective Joint Entity received from the financing counterparty. While the Company's Mortgage Loan and REO Assets were transferred to the Joint Entity, the Company's Mortgage Loan and REO Assets and the related debt were not derecognized for financial reporting purposes, in accordance with ASC 860-10, because the Company continued to retain the risks and rewards of ownership of its Mortgage Loan and REO Assets. As of September 30, 2024 and December 31, 2023, the Joint Entities had aggregate outstanding issued debt under the repurchase agreements in the amount of $718.1 million and $560.5 million, respectively. The Company's segregated silo of this debt as of September 30, 2024 and December 31, 2023, was $184.9 million and $165.9 million, respectively, and is included under the caption Repurchase agreements on the Company's Condensed Consolidated Balance Sheet. To the extent that there is a default under the repurchase agreements, all of the assets of each respective Joint Entity, including those beneficially owned by any non-defaulting owners of such Joint Entity, could be used to satisfy the outstanding obligations under such repurchase agreement. As of both September 30, 2024 and December 31, 2023, no party to any of the repurchase agreements was in default.

Each of the Joint Entities has been determined to be a VIE. The Company has evaluated each of these VIEs and determined that it continued to retain the risks and rewards of ownership of certain of the Mortgage Loan and REO Assets, where such Mortgage Loan and REO Assets and the related debt are segregated for the Company and each of the Affiliated Entities. On account of the segregation of certain of each co-participant's assets and liabilities within each of the Joint Entities, as well as the retention by each co-participant of control over its segregated Mortgage Loan and REO Assets within the Joint Entities, the Company has determined that it is the primary beneficiary of, and has consolidated its segregated silo of assets and liabilities within, each of the Joint Entities. See Note 12 and Note 14 for additional information.

Participation in CLO Transactions

As discussed in Note 13, the Company participated in a number of CLO securitization transactions, all managed by the CLO Manager.

The CLO Manager is entitled to receive management and incentive fees in accordance with the respective management agreements between the CLO Manager and the respective CLO Issuers. In accordance with the Management Agreement, the Manager rebates to the Company the portion of the management fees payable by each CLO Issuer to the CLO Manager that are allocable to the Company's participating interest in the unsecured subordinated notes issued by such CLO Issuer. For each of

the three-month periods ended September 30, 2024 and 2023, the amount of such management fee rebates was $0.1 million. For the nine-month periods ended September 30, 2024 and 2023, the amount of such management fee rebates was $0.2 million and $0.4 million, respectively.

In addition, from time to time, the Company along with various other affiliates of Ellington, and in certain cases various third parties, advance funds in the form of loans ("Initial Funding Loans") to securitization vehicles to enable them to establish warehouse facilities for the purpose of acquiring the assets to be securitized. Pursuant to the terms of the warehouse facilities and the Initial Funding Loans, the applicable securitization trust is required, at the closing of each respective CLO securitization, first to repay the warehouse facility, then to repay the Initial Funding Loans, and then to distribute interest earned, net of any necessary reserves and/or interest expense, and the aggregate realized or unrealized gains, if any, on assets purchased into the warehouse facility. In the event that such CLO securitization fails to close, the assets held by the respective securitization vehicle would, subject to a cure period, be liquidated. As of September 30, 2024 and December 31, 2023, the Company's investment in such warehouse facilities was $30 thousand and $0.2 million, respectively, which are included on the Condensed Consolidated Balance Sheet in Investments in unconsolidated entities.

During the nine-month periods ended September 30, 2024 and 2023, the Company purchased $1.2 million and $0.7 million, respectively, of various underperforming corporate debt and equity securities from certain of the Ellington-sponsored CLO Securitizations. No such purchases were made during either of the three-month periods ended September 30, 2024 and 2023. Such purchases are effected at market prices determined through the procedures set forth in the indentures of the respective Ellington-sponsored CLO Securitizations.

Investment in Affiliate

The Company has an investment in the common shares of Ellington Real Estate Income Trust, Inc. (the "Affiliated REIT"), which is an affiliate of the Company managed by an affiliate of Ellington (the "Affiliate REIT Manager"). The Company, Ellington, and various unrelated third parties (collectively, the "Affiliated REIT Founding Investors") have entered into various agreements committing to invest in the common stock of the Affiliated REIT. As of September 30, 2024, the Company had contributed $12.5 million and its remaining commitment to fund capital calls was $12.5 million; see Note 24—Commitments to Affiliate. As of September 30, 2024, the fair value of the Company's investment in the Affiliated REIT was $12.5 million. In accordance with the management agreement between the Affiliated REIT and the Affiliate REIT Manager (the "REIT Management Agreement"), investors pay a quarterly base management fee and, if certain performance hurdles are met, a performance fee. In accordance with the Management Agreement, the Manager rebates to the Company the portion of the management fee and performance fee payable to the Affiliated REIT Manager.

In connection with the commitment to contribute capital to the Affiliated REIT, each of the Affiliated REIT Founding Investors entered into an agreement with the Affiliate REIT Manager whereby each of the Affiliated REIT Founding Investors participates in a net revenue share arrangement based on each Affiliated REIT Founding Investors’ pro rata share of the Affiliate REIT’s initial capital (the "Revenue Share Arrangement"). Under the terms of the Revenue Share Arrangement, each of the Affiliated REIT Founding Investors, including the Company, is entitled to receive from the Affiliate REIT Manager an amount equal to the product of (i) a fixed percentage and (ii) the management and performance fees earned by, less certain expenses incurred by, the Affiliate REIT Manager. The Revenue Share Arrangement will continue in perpetuity for each Affiliated REIT Founding Investor given (i) such Affiliate REIT Founding Investor has not defaulted on its obligation to fund its capital calls, and (ii) the REIT Management Agreement has not been terminated or is not renewed. To the extent that the net revenue share received by the Company is less than the management fees and performance fees incurred by the Company with respect to its investment in the Affiliated REIT, the Manager will rebate to the Company such difference.

The directors of the Affiliated REIT are currently: Michael Vranos, the Company's Co-Chief Investment Officer; Laurence Penn, the Company's Chief Executive Officer and President and a member of our Board of Directors; and Mark Tecotzky, the Company's Co-Chief Investment Officer. The Company has evaluated its interests in the Affiliated REIT, which is a VIE. Because the Company does not have the power to direct the activities that most significantly impact the Affiliated REIT's economic performance, the Company determined that it is not the primary beneficiary of the Affiliated REIT.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Segment Reporting Assets and Liabilities by Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total Assets	$ 15,953,290			$ 15,315,930
Liabilities	14,327,641			13,780,318
Total Equity	1,625,649	$ 1,573,859	$ 1,553,156	1,535,612	$ 1,337,417	$ 1,344,657	$ 1,374,763	$ 1,220,886
Investment Portfolio Segment
Segment Reporting Information [Line Items]
Total Assets	5,728,990			5,978,988
Liabilities	4,195,113			4,555,212
Total Equity	1,533,877			1,423,776
Longbridge Segment
Segment Reporting Information [Line Items]
Total Assets	10,020,874			9,092,840
Liabilities	9,769,027			8,872,153
Total Equity	251,847			220,687
Corporate and Other
Segment Reporting Information [Line Items]
Total Assets	203,426			244,102
Liabilities	363,501			352,953
Total Equity	$ (160,075)			$ (108,851)

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-3

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-2

Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 38: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 39: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 40: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 41: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-15

Reference 42: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 16
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-16

Reference 43: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4I
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481175/810-10-55-4I

Equity (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Sep. 30, 2024

Sep. 30, 2023

Dec. 31, 2023

Dec. 31, 2024

Mar. 21, 2023

Dec. 31, 2022

Preferred Stock, Shares Authorized

100,000,000

$ 0.001

Proceeds from Issuance of Preferred Stock and Preference Stock

14,757,222

^[1]

$ 0

$ 96,850

Common stock, shares authorized (in shares)

300,000,000

200,000,000

Common Stock, Par or Stated Value Per Share

$ 0.001

Common stock, shares outstanding

90,661,736

85,041,913

68,234,160

67,161,740

90,661,736

68,234,160

83,000,488

63,812,215

Common shares issued and outstanding upon conversion of all convertible securities (in shares)

5,612,166

1,066,221

7,715,891

5,500,082

91,522,646

83,795,803

Number of shares authorized to be repurchased (in shares)

1,550,000

Stock Repurchase Program, Authorized Amount

$ 45,100

$ 50,000

Shares repurchased

(62,300)

(1,084,336)

Average price per share (USD per share)

$ 11.00

$ 11.39

Total cost

$ (161)

$ (524)

$ (280)

$ (12,072)

$ (700)

$ (12,400)

Preferred ATM Program

Maximum shares available to be issued under at the market program

100,000,000

At The Market Program, Remaining Authorized Amount

$ 99,500

Series C Preferred Stock

Proceeds from issuance of shares, net

96,500

Commissions and offering costs

3,500

Common ATM Program

Proceeds from issuance of shares, net

72,700

$ 14,500

$ 99,600

$ 75,000

Maximum shares available to be issued under at the market program

300,000,000

At The Market Program, Remaining Authorized Amount

$ 300,000

Commissions and offering costs

5,612,166

1,066,221

7,715,891

5,500,082

$ 1,100

$ 200

$ 1,400

$ 900

Series A Preferred Stock

Preferred Stock, Amount of Preferred Dividends in Arrears

$ 0.001

$ 4,000

4,600,000

6.75%

$ 25.00

5.196%

Series B Preferred Stock

$ 0.001

4,820,421

6.25%

$ 25.00

4.99%

Series C Preferred Stock

$ 0.001

4,000,000

8.625%

$ 25.00

5.13%

Series D Preferred Stock

$ 0.01

379,668

7.00%

$ 25.00

Series E Preferred Stock

$ 0.01

957,133

8.25%

$ 25.00

Annual base management fee percentage

5.664%

[1]	Net of discounts and commissions.

Related Party Transactions (Details)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2024

USD ($)

Sep. 30, 2023

USD ($)

Sep. 30, 2024

USD ($)

period

Sep. 30, 2023

USD ($)

Dec. 31, 2023

USD ($)

numberOfWarrants

1.50%

Base management fee to affiliate

^[1]

$ 6,031

$ 4,890

$ 17,572

$ 14,759

Base management fee, gross

6,100

5,000

17,800

15,100

Base management fee to affiliate (Net of fee rebates of $63, $98, $227, and $381, respectively)(1)

$ 227

381

^[1]

Incentive fee rate

25.00%

Incentive Fee, Loss Carryforward

$ 22,100

Incentive fee hurdle rate fixed

9.00%

Incentive fee hurdle rate floating

3.00%

Minimum percentage of incentive fee to be paid in share

10.00%

Termination Fee, Number Of Periods | period

Termination Fee, Period

12 months

Expense Reimbursement Period

60 days

Expense Reimbursement - Manager

$ 19,600

14,400

Investments in unconsolidated entities, at fair value(1)

^[2]

188,475

116,414

^[2]

18,413

18,541

2,642,052

2,967,437

^[2],[3]

29,690

22,085

^[2],[3]

1,063,774

1,518,377

^[2]

40,384

90,341

^[2]

32,381

77,099

Securities Collateral relating to Reverse Repurchase Agreements

13,136,499

12,164,019

1,200

700

3,300,000

3,700,000

Income tax expense (benefit)

224

214

328

Earnings (losses) from investments in unconsolidated entities

^[2],[3]

13,519,786

12,306,636

7,281

(978)

21,549

(3,403)

Payments to Acquire Equity Method Investments

89,653

47,834

Realized gains (losses) on securities and loans, net

(12,243)

$ (17,362)

(52,419)

$ (71,518)

Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures, Fair Value Disclosure

12,500

5,872

6,379

Fair value of loans held in related party trust

3,745

5,819

65,700

74,200

Affiliated Entity [Member]

Accounts payable and accrued expenses

^[2]

5,100

5,200

Mortgage Originator

Advances made under warehouse facility

Investments in unconsolidated entities, at fair value(1)

600

Purchasing Entity

Fair value of loans held in related party trust

600

1,600

Fair value of loans held in related party trust

2,100,000

1,600,000

Mortgage Originator

Warehouse facility, monetary amount

$ 5,000

Interest rate

15.00%

Advances made under warehouse facility

$ 0

Investments in unconsolidated entities, at fair value(1)

25,900

23,800

Investments in unconsolidated entities, at fair value(1)

1,500

Jepson Holdings Limited

Investments in unconsolidated entities, at fair value(1)

300

600

Commercial mortgage loans and REO

Warrants | Mortgage Originator

184,900

$ 165,900

Derivative, Number of Instruments Held | numberOfWarrants

8,280,000

Long

Warrants | Mortgage Originator

1,063,774

$ 1,518,377

Investments in unconsolidated entities, at fair value(1)

10,300

Participation in multi-borrower financing facility

98,800

63,700

Outstanding debt of related party

718,100

560,500

Warehouse facilities - CLO securitizations

Investments in unconsolidated entities, at fair value(1)

$ 30

$ 200

[1]	See Note 16 for further details on management fee rebates.
[2]	Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.
[3]	Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

Investment in Loans Schedule of Geographic concentration - Reverse Mortgage Loans (Details) - Financing Receivables, Unpaid Principal Balance [Member] - Geographic Concentration Risk [Member] - Reverse mortgage loans	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	100.00%	100.00%
CALIFORNIA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	29.20%	28.70%
FLORIDA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	8.80%	8.80%
COLORADO
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	7.20%	7.10%
ARIZONA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	6.40%	6.30%
WASHINGTON
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	5.40%	5.30%
UTAH
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	5.10%	5.00%
TEXAS
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	5.10%	4.80%
OREGON
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	3.00%	3.00%
MASSACHUSETTS
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2.10%	2.40%
IDAHO
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2.80%	2.70%
NEW YORK
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2.20%	2.20%
NEVADA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2.10%	2.10%
NORTH CAROLINA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2.20%	2.10%
VIRGINIA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.40%	1.60%
OHIO
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.40%	1.50%
MARYLAND
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	0.90%	1.10%
NEW JERSEY
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.20%	1.30%
SOUTH CAROLINA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.50%	1.40%
GEORGIA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.70%	1.60%
NEW JERSEY
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.00%	1.10%
TENNESSEE
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.40%	1.30%
Other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	7.90%	8.60%

Investment in Loans (Schedule of Investments in Loans) (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2024

Dec. 31, 2023

Accounts, Notes, Loans and Financing Receivable [Line Items]

$ 13,136,499

$ 12,164,019

^[1],[2]

13,519,786

12,306,636

Accounts, Notes, Loans and Financing Receivable [Line Items]

3,720,774

3,305,757

3,618,233

3,093,912

Accounts, Notes, Loans and Financing Receivable [Line Items]

306,482

281,531

293,262

266,595

Accounts, Notes, Loans and Financing Receivable [Line Items]

815

2,081

670

1,759

Accounts, Notes, Loans and Financing Receivable [Line Items]

5,872

6,379

Accounts, Notes, Loans and Financing Receivable [Line Items]

3,745

5,819

Reverse mortgage loans

9,102,556

8,568,271

Proprietary reverse mortgage loans

9,603,876

$ 8,938,551

Accounts, Notes, Loans and Financing Receivable [Line Items]

Transfer to held-for-investment from held-for-sale - Loan UPB

$ 97,800

$ 396,000

[1]	Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.
[2]	Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

Consolidated Statement of Cash Flows - USD ($)
$ in Thousands

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Cash flows provided by (used in) operating activities:

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

$ 117,446

$ 68,572

Realized (gains) losses on securities and loans, net

52,419

71,518

Realized (gains) losses on financial derivatives, net

31,774

(30,617)

Realized gains (losses) on real estate owned, net

3,646

1,456

Unrealized gains (losses) on securities and loans, net

(172,752)

(24,024)

Unrealized gains (losses) on financial derivatives, net

(38,623)

(66,897)

Unrealized gains (losses) on real estate owned, net

567

533

439,491

271,840

Earnings (losses) from investments in unconsolidated entities

(21,549)

3,403

Net cash provided by (used in) operating activities

(289,745)

(162,904)

Cash Flows from Investing Activities:

Purchase of securities

(644,770)

(1,742,351)

Purchase and origination of loans

(3,065,592)

(2,280,632)

Proceeds from Sale of Forward MSR-related Investments

23,211

Capital improvements of real estate owned

(37)

Proceeds from disposition of securities

1,153,508

1,525,663

Proceeds from disposition of loans

194,088

29,491

Contributions to investments in unconsolidated entities

(89,653)

(47,834)

Distributions from investments in unconsolidated entities

193,604

134,060

Proceeds from disposition of real estate owned

36,393

24,063

Proceeds from FHA insurance claims and other receivables on HECM loans

45,151

82,115

Proceeds from principal payments of securities

116,124

127,309

Proceeds from principal payments of loans

1,904,823

1,946,981

Proceeds from securities sold short

335,500

288,283

Repurchase of securities sold short

(188,563)

(332,556)

Payments on financial derivatives

(215,825)

(201,306)

Proceeds from financial derivatives

202,759

216,473

Payments made on reverse repurchase agreements

(24,988,708)

(27,907,320)

Proceeds from reverse repurchase agreements

24,830,540

27,958,839

Due from brokers, net

34,714

9,413

Due to brokers, net

9,006

47,809

Net cash provided by (used in) investing activities

(106,900)

(121,537)

Cash flows provided by (used in) financing activities:

Net proceeds from issuance of common stock

^[1]

100,202

75,194

Proceeds from Issuance of Preferred Stock and Preference Stock

^[1]

96,850

Offering costs paid

(688)

(635)

Payments for Repurchase of Common Stock

(685)

(12,352)

Dividends paid

(121,172)

(107,223)

9,567

6,690

Proceeds from issuance of other secured borrowings

(9,115)

(9,789)

1,332,320

1,323,595

Principal payments on other secured borrowings

(1,293,250)

(1,368,132)

Borrowings under repurchase agreements

48,256,900

28,939,166

Repayments of repurchase agreements

(48,121,677)

(28,834,355)

Proceeds from Issuance of Other Secured Borrowings, at fair value

66,476

Proceeds from issuance of HMBS

1,003,362

1,096,682

Principal payments on HMBS related obligations, at fair value

814,011

954,353

Due from brokers, net

1,469

(11,114)

Due to brokers, net

(14,566)

(1,384)

Net cash provided by (used in) financing activities

394,403

238,840

Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash

(2,242)

(45,601)

Cash, Cash Equivalents, and Restricted Cash, Beginning of Period

230,545

221,869

Cash, Cash Equivalents, and Restricted Cash, End of Period

228,303

176,268

^[2]

217,725

174,664

Supplemental disclosure of cash flow information:

^[2]

10,578

1,604

Interest paid

212,880

194,126

Income tax paid

294

(458)

Dividends payable

15,892

14,343

Transfers from mortgage loans to real estate owned (non-cash)

48,396

20,181

Transfers from mortgage loans to other sales and claims receivable (non-cash)

46,486

81,218

Transfers from mortgage loans to investments in non-consolidated entities (non-cash)

143,936

67,435

Transfers from corporate loans to investments in unconsolidated entities (non-cash)

665

Contributions to investments in non-consolidated entities (non-cash)

(10,527)

(7,957)

Purchase of investments (non-cash)

(16,488)

(25,580)

Purchase of Loans Non Cash

69,610

Proceeds from the disposition of loans (non-cash)

189,921

174,181

Proceeds from principal payments of investments (non-cash)

106,417

135,153

Principal payments on Other secured borrowings, at fair value (non-cash)

(115,638)

(135,153)

Proceeds received from Other secured borrowings, at fair value (non-cash)

303,195

Proceeds from issuance of Other secured borrowings (non-cash)

69,610

Repayments of repurchase agreement (non-cash)

(460,608)

(141,453)

Transfers from corporate loans to investments in unconsolidated entities (non-cash)

665

Transfers from Securities to Corporate Loans (Non-Cash)

500

Transfers from Securities to Residential Mortgage Loans (Non-Cash)

Increase in cash resulting from consolidation of securitization trust, net

6,790

Other secured borrowings, at fair value assumed in consolidation of securitization trust (non-cash)

58,195

Loans acquired in consolidation of securitization trust, net (non-cash)

(52,368)

Proceeds from the disposition of loans (non-cash)

189,921

174,181

Proceeds from principal payments of investments (non-cash)

106,417

135,153

Principal payments on Other secured borrowings, at fair value (non-cash)

115,638

135,153

Proceeds received from Other secured borrowings, at fair value (non-cash)

303,195

Transfers of HMBS obligations to third-party, at fair value (non-cash)

^[3]

(305,381)

Transfers of reverse mortgage loans to third-party, at fair value (non-cash)

^[3]

305,196

Payments to Acquire Non-Controlling Interests, Financing Activities

(729)

Debt issuance costs related to Other secured borrowings, at fair value (non-cash)

$ (5,103)

$ 0

[1]	Net of discounts and commissions.
[2]	Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.
[3]	See Note 13. Securitization Transactions—Issuance of HMBS for details.

Investment in Loans - Reverse Mortgage Loans Summary (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2024

Dec. 31, 2023

Accounts, Notes, Loans and Financing Receivable [Line Items]

$ 13,136,499

$ 12,164,019

^[1],[2]

$ 13,519,786

$ 12,306,636

Accounts, Notes, Loans and Financing Receivable [Line Items]

4.19%

4.78%

Accounts, Notes, Loans and Financing Receivable [Line Items]

5 years 11 months 23 days

5 years 5 months 1 day

Reverse mortgage loans

$ 9,102,556

$ 8,568,271

Reverse mortgage loans | Reverse mortgage loans, held for investment

9,603,876

8,938,551

Accounts, Notes, Loans and Financing Receivable [Line Items]

8,963,702

8,269,285

Reverse mortgage loans | Loans held-for-sale

9,449,474

8,608,976

Accounts, Notes, Loans and Financing Receivable [Line Items]

298,986

Reverse mortgage loans | Securitized loans [Member] | Reverse mortgage loans, held for investment

329,575

Accounts, Notes, Loans and Financing Receivable [Line Items]

8,441,441

8,166,222

Reverse mortgage loans | Unsecuritized loans | Reverse mortgage loans, held for investment

8,888,132

8,506,423

Accounts, Notes, Loans and Financing Receivable [Line Items]

124,996

103,063

Reverse mortgage loans | Securitized Proprietary Loans | Reverse mortgage loans, held for investment

127,625

$ 102,553

Accounts, Notes, Loans and Financing Receivable [Line Items]

360,844

Reverse mortgage loans | Unsecuritized Proprietary Loans | Reverse mortgage loans, held for investment

390,561

Accounts, Notes, Loans and Financing Receivable [Line Items]

36,421

Reverse mortgage loans | Unsecuritized Proprietary Loans | Loans held-for-sale

43,156

Accounts, Notes, Loans and Financing Receivable [Line Items]

138,854

Reverse mortgage loans | Weighted Average

$ 154,402

Accounts, Notes, Loans and Financing Receivable [Line Items]

7.08%

6.96%

Reverse mortgage loans | Weighted Average | Reverse mortgage loans, held for investment

5 years 6 months 14 days

Accounts, Notes, Loans and Financing Receivable [Line Items]

7.03%

6.83%

Reverse mortgage loans | Weighted Average | Loans held-for-sale

5 years 4 months 9 days

5 years 1 month 9 days

Accounts, Notes, Loans and Financing Receivable [Line Items]

10.67%

Reverse mortgage loans | Weighted Average | Securitized loans [Member] | Reverse mortgage loans, held for investment

16 years 9 months 10 days

Accounts, Notes, Loans and Financing Receivable [Line Items]

6.88%

6.82%

Reverse mortgage loans | Weighted Average | Unsecuritized loans | Reverse mortgage loans, held for investment

5 years 1 month 9 days

5 years 1 month 6 days

Accounts, Notes, Loans and Financing Receivable [Line Items]

6.75%

7.15%

Reverse mortgage loans | Weighted Average | Securitized Proprietary Loans | Reverse mortgage loans, held for investment

6 years 5 months 26 days

6 years 1 month 13 days

Accounts, Notes, Loans and Financing Receivable [Line Items]

10.38%

Reverse mortgage loans | Weighted Average | Unsecuritized Proprietary Loans | Reverse mortgage loans, held for investment

9 years 4 months 17 days

Accounts, Notes, Loans and Financing Receivable [Line Items]

10.70%

Reverse mortgage loans | Weighted Average | Unsecuritized Proprietary Loans | Loans held-for-sale

16 years 7 months 9 days

Accounts, Notes, Loans and Financing Receivable [Line Items]

10.19%

Proprietary reverse mortgage loans

16 years 7 months 9 days

Accounts, Notes, Loans and Financing Receivable [Line Items]

Transfer to held-for-investment from held-for-sale - Loan UPB

$ 97,800

$ 396,000

[1]	Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.
[2]	Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

Non-controlling Interests (Details) - USD ($)
$ in Thousands

9 Months Ended

12 Months Ended

Sep. 30, 2024

Dec. 31, 2023

Longbridge Financial LLC [Member]

^[1]

$ 18,413

$ 18,541

Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage

99.60%

Ownership Percentage

99.60%

Non-controlling interest of joint venture partner | Non-controlling Interest

Operating Partnership | Non-controlling Interest

$ 6,400

$ 4,900

Operating Partnership LTIP Units (in units)

814,550

748,955

Operating Partnership Units (in units)

46,360

Ownership Percentage

0.70%

Noncontrolling Interest in Operating Partnerships

$ 11,900

$ 11,100

Longbridge Financial LLC [Member] | Non-controlling Interest

Computation Of Basic And Diluted EPS

$ 2,400

[1]	Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.

Earnings Per Share (Tables)

3 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

The components of the computation of basic and diluted EPS are as follows:


	Three-Month Period Ended				Nine-Month Period Ended
(In thousands except share amounts)	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Net income (loss) attributable to common stockholders	$	16,175	$	6,591	$	95,437	$	48,405
Add: Net income (loss) attributable to Convertible Non-controlling Interests(1)	156		80		925		591
Net income (loss) attributable to common stockholders and Convertible Non-controlling Interests	16,331		6,671		96,362		48,996
Dividends declared:
Common stockholders	(34,468)		(30,626)		(104,223)		(91,146)
Convertible Non-controlling Interests	(328)		(366)		(1,001)		(1,100)
Total dividends declared to common stockholders and Convertible Non-controlling Interests	(34,796)		(30,992)		(105,224)		(92,246)
Undistributed (Distributed in excess of) earnings:
Common stockholders	(18,293)		(24,035)		(8,786)		(42,741)
Convertible Non-controlling Interests	(172)		(286)		(76)		(509)
Total undistributed (distributed in excess of) earnings attributable to common stockholders and Convertible Non-controlling Interests	$	(18,465)	$	(24,321)	$	(8,862)	$	(43,250)
Weighted average shares outstanding (basic and diluted):
Weighted average shares of common stock outstanding	87,198,435		67,789,827		85,576,158		67,212,137
Weighted average Convertible Non-controlling Interest Units outstanding	840,759		814,855		825,657		815,570
Weighted average shares of common stock and Convertible Non-controlling Interest Units outstanding	88,039,194		68,604,682		86,401,815		68,027,707
Basic earnings per share of common stock and Convertible Non-controlling Interest Unit:
Distributed	$	0.39	$	0.45	$	1.21	$	1.35
Undistributed (Distributed in excess of)	(0.20)		(0.35)		(0.09)		(0.63)
	$	0.19	$	0.10	$	1.12	$	0.72
Diluted earnings per share of common stock and Convertible Non-controlling Interest Unit:
Distributed	$	0.39	$	0.45	$	1.21	$	1.35
Undistributed (Distributed in excess of)	(0.20)		(0.35)		(0.09)		(0.63)
	$	0.19	$	0.10	$	1.12	$	0.72

Label

Element

Value

European Residential Loan Securitization [Member]

Schedule of Assets and Liabilities of Consolidated Securitization Trusts [Table Text Block]

efc_ScheduleofAssetsandLiabilitiesofConsolidatedSecuritizationTrustsTableTextBlock

The following table details the assets and liabilities of the European RMBS Issuer included in the Company's Condensed Consolidated Balance Sheet as of September 30, 2024:


(In thousands)	September 30, 2024
Assets:
Cash and cash equivalents	$	7,153
Loans, at fair value	55,167
Investment related receivables	704
Liabilities:
Other secured borrowings, at fair value	61,304
Investment related payables	1,656

Residential Mortgage [Member]

Schedule of Geographic Distribution [Table Text Block]

efc_ScheduleOfGeographicDistributionTableTextBlock


Property Location	September 30, 2024		December 31, 2023
North America:
United States:
California	29.2	%	32.2	%
Florida	20.7	%	21.4	%
Texas	8.3	%	9.5	%
Georgia	2.9	%	2.6	%
Arizona	2.8	%	2.7	%
Pennsylvania	2.7	%	2.7	%
Utah	2.6	%	3.2	%
North Carolina	2.3	%	2.2	%
New Jersey	2.3	%	2.1	%
Washington	2.3	%	1.8	%
New York	2.1	%	1.2	%
Illinois	1.9	%	1.8	%
Colorado	1.8	%	1.5	%
Nevada	1.5	%	1.5	%
Maryland	1.4	%	0.8	%
Massachusetts	1.4	%	1.5	%
Oregon	1.3	%	1.2	%
Tennessee	1.3	%	1.5	%
Connecticut	1.0	%	—	%
Other	8.6	%	8.6	%
	98.4	%	100.0	%
Europe:
United Kingdom	1.6	%	—	%
	100.0	%	100.0	%

Commercial Mortgage Loans [Member]

Schedule of Geographic Distribution [Table Text Block]

efc_ScheduleOfGeographicDistributionTableTextBlock


Property Location by U.S. State	September 30, 2024		December 31, 2023
Florida	18.5	%	13.9	%
Illinois	18.4	%	18.6	%
Texas	8.6	%	15.6	%
Georgia	6.6	%	5.3	%
New York	6.5	%	8.9	%
Connecticut	6.0	%	3.2	%
Ohio	5.1	%	5.5	%
Michigan	4.1	%	4.5	%
Pennsylvania	4.0	%	—	%
Colorado	3.9	%	—	%
Alabama	3.7	%	2.3	%
Virginia	3.2	%	—	%
North Carolina	2.5	%	2.7	%
Arizona	2.4	%	7.5	%
Louisiana	2.0	%	2.2	%
New Jersey	2.0	%	3.8	%
Oklahoma	—	%	6.0	%
Other	2.5	%	—	%
	100.0	%	100.0	%

Reverse Mortgage Loans [Member]

Schedule of Geographic Distribution [Table Text Block]

efc_ScheduleOfGeographicDistributionTableTextBlock


Property Location by U.S. State	September 30, 2024		December 31, 2023
California	29.2	%	28.7	%
Florida	8.8	%	8.8	%
Colorado	7.2	%	7.1	%
Arizona	6.4	%	6.3	%
Washington	5.4	%	5.3	%
Utah	5.1	%	5.0	%
Texas	5.1	%	4.8	%
Oregon	3.0	%	3.0	%
Idaho	2.8	%	2.7	%
New York	2.2	%	2.2	%
North Carolina	2.2	%	2.1	%
Massachusetts	2.1	%	2.4	%
Nevada	2.1	%	2.1	%
Georgia	1.7	%	1.6	%
South Carolina	1.5	%	1.4	%
Virginia	1.4	%	1.6	%
Tennessee	1.4	%	1.3	%
Ohio	1.4	%	1.5	%
New Jersey	1.2	%	1.3	%
Pennsylvania	1.0	%	1.1	%
Maryland	0.9	%	1.1	%
Other	7.9	%	8.6	%
	100.0	%	100.0	%

Valuation (Significant Unobservable Inputs Rollforward) (Details) - Level 3 - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	$ 13,474,349	$ 12,257,281	$ 12,917,482	$ 12,034,361
Assets, Accreted Discounts/Amortized Premiums	(442)	(5,055)	(1,090)	(12,403)
Assets, Realized Gain (Loss)	(11,829)	(8,349)	(18,111)	(22,484)
Assets, Change In Net Unrealized Gain/(Loss)	273,486	89,476	680,801	332,614
Assets, Purchases	1,504,179	970,643	3,988,693	2,722,691
Assets, Sales	(1,074,190)	(921,937)	(3,388,078)	(2,714,719)
Assets, Transfers into Level 3	9,409	2,843	15,678	57,316
Assets, Transfers out of Level 3	(13,890)	(8,797)	(34,303)	(21,271)
Assets, Ending Balance	14,161,072	12,376,105	14,161,072	12,376,105
Liabilities, Beginning Balance	(10,687,197)	(9,712,981)	(10,120,668)	(9,518,871)
Liabilities, Accreted Discounts/Amortized Premiums	(2,890)	(308)	(3,532)	(972)
Liabilities, Realized Gain/(Loss)	590	0	0	0
Liabilities, Change In Net Unrealized Gain/(Loss)	(202,542)	(101,479)	(518,181)	(268,607)
Liabilities Purchases/Payments	569,386	407,087	1,191,137	1,108,908
Liabilities, Sales/Issuance	(559,819)	(368,543)	(1,431,228)	(1,096,682)
Liabilities, Transfers into Level 3	0	0	0	0
Liabilities, Transfers out of Level 3	0	0	0	0
Liabilities, Ending Balance	(10,882,472)	(9,776,224)	(10,882,472)	(9,776,224)
Non-Agency RMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total assets	87,877		87,877
CMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total assets	19,393		19,393
CLOs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total assets	25,904		25,904
Asset-backed securities, backed by consumer loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total assets	98,198		98,198
Other secured borrowings, at fair value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Liabilities, Beginning Balance	(1,585,838)	(1,472,368)	(1,424,668)	(1,539,881)
Liabilities, Accreted Discounts/Amortized Premiums	(2,890)	(308)	(3,532)	(972)
Liabilities, Realized Gain/(Loss)	0	0	0	0
Liabilities, Change In Net Unrealized Gain/(Loss)	(59,288)	18,660	(73,327)	1,133
Liabilities Purchases/Payments	41,442	49,449	115,638	135,153
Liabilities, Sales/Issuance	(207,181)	0	(427,866)	0
Liabilities, Transfers into Level 3	0	0	0	0
Liabilities, Transfers out of Level 3	0	0	0	0
Liabilities, Ending Balance	(1,813,755)	(1,404,567)	(1,813,755)	(1,404,567)
Change in unrealized gain (loss), assets				1,133
Change in unrealized gains (losses), liabilities	(59,288)	18,660	(73,327)
Unsecured Borrowings
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Liabilities, Beginning Balance	(269,069)	(185,325)	(272,765)	(191,835)
Liabilities, Accreted Discounts/Amortized Premiums	0	0	0	0
Liabilities, Realized Gain/(Loss)	0	0	0	0
Liabilities, Change In Net Unrealized Gain/(Loss)	(9,059)	(4,410)	(5,363)	2,100
Liabilities Purchases/Payments	0	0	0	0
Liabilities, Sales/Issuance	0	0	0	0
Liabilities, Transfers into Level 3	0	0	0	0
Liabilities, Transfers out of Level 3	0	0	0	0
Liabilities, Ending Balance	(278,128)	(189,735)	(278,128)	(189,735)
Change in unrealized gain (loss), assets				2,100
Change in unrealized gains (losses), liabilities	(9,059)	(4,410)	(5,363)
HMBS-related obligations
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Liabilities, Beginning Balance	(8,832,058)	(8,055,288)	(8,423,235)	(7,787,155)
Liabilities, Accreted Discounts/Amortized Premiums	0	0	0	0
Liabilities, Realized Gain/(Loss)	0	0	0	0
Liabilities, Change In Net Unrealized Gain/(Loss)	(133,837)	(115,729)	(439,491)	(271,840)
Liabilities Purchases/Payments	527,944	357,638	1,075,499	973,755
Liabilities, Sales/Issuance	(352,638)	(368,543)	(1,003,362)	(1,096,682)
Liabilities, Transfers into Level 3	0	0	0	0
Liabilities, Transfers out of Level 3	0	0	0	0
Liabilities, Ending Balance	(8,790,589)	(8,181,922)	(8,790,589)	(8,181,922)
Change in unrealized gain (loss), assets		(115,729)		(271,840)
Change in unrealized gains (losses), liabilities	(133,837)		(439,491)
Servicing Liability
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Liabilities, Beginning Balance	(232)
Liabilities, Accreted Discounts/Amortized Premiums	0
Liabilities, Realized Gain/(Loss)	590
Liabilities, Change In Net Unrealized Gain/(Loss)	(358)
Liabilities Purchases/Payments	0
Liabilities, Sales/Issuance	0
Liabilities, Transfers into Level 3	0
Liabilities, Transfers out of Level 3	0
Liabilities, Ending Balance	0		0
Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in unrealized gain (loss), assets	6,909	1,333	11,552	(11,948)
Securities \| Agency RMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	7,482	5,355	5,512	7,027
Assets, Accreted Discounts/Amortized Premiums	(317)	(353)	(688)	(987)
Assets, Realized Gain (Loss)	91	(358)	59	(669)
Assets, Change In Net Unrealized Gain/(Loss)	586	188	207	621
Assets, Purchases	4,656	0	5,564	336
Assets, Sales	(983)	(597)	(1,114)	(1,561)
Assets, Transfers into Level 3	277	183	2,935	1,143
Assets, Transfers out of Level 3	(256)	(352)	(939)	(1,844)
Assets, Ending Balance	11,536	4,066	11,536	4,066
Securities \| Non-Agency RMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	84,811	168,609	155,240	132,502
Assets, Accreted Discounts/Amortized Premiums	(1,130)	(239)	(2,684)	(78)
Assets, Realized Gain (Loss)	(326)	(124)	(4,186)	1,764
Assets, Change In Net Unrealized Gain/(Loss)	3,428	(4,375)	24,159	(12,268)
Assets, Purchases	29,207	9,739	51,618	39,654
Assets, Sales	(19,579)	(1,729)	(121,468)	(32,586)
Assets, Transfers into Level 3	918	534	2,069	50,768
Assets, Transfers out of Level 3	(9,452)	(2,190)	(16,871)	(9,531)
Assets, Ending Balance	87,877	170,225	87,877	170,225
Securities \| CMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	18,245	12,308	14,143	12,649
Assets, Accreted Discounts/Amortized Premiums	197	130	635	210
Assets, Realized Gain (Loss)	157	26	294	23
Assets, Change In Net Unrealized Gain/(Loss)	406	(904)	(190)	(3,337)
Assets, Purchases	0	1,314	6,092	3,441
Assets, Sales	(3,483)	(318)	(4,580)	(459)
Assets, Transfers into Level 3	6,111	1,576	6,963	3,101
Assets, Transfers out of Level 3	2,240	(720)	3,964	2,216
Assets, Ending Balance	19,393	13,412	19,393	13,412
Securities \| CLOs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	35,697	19,733	20,439	24,598
Assets, Accreted Discounts/Amortized Premiums	(1,513)	(359)	(2,189)	(289)
Assets, Realized Gain (Loss)	363	(6,183)	(3,061)	(5,944)
Assets, Change In Net Unrealized Gain/(Loss)	(193)	5,729	905	3,778
Assets, Purchases	0	2,069	69,421	6,112
Assets, Sales	(8,611)	(134)	(50,793)	(7,009)
Assets, Transfers into Level 3	2,103	550	3,711	2,304
Assets, Transfers out of Level 3	(1,942)	(5,535)	(12,529)	(7,680)
Assets, Ending Balance	25,904	15,870	25,904	15,870
Securities \| Asset-backed securities, backed by consumer loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	68,924	77,139	74,226	73,644
Assets, Accreted Discounts/Amortized Premiums	(1,304)	(1,885)	(5,129)	(4,202)
Assets, Realized Gain (Loss)	(5,469)	(4,864)	(7,734)	(11,573)
Assets, Change In Net Unrealized Gain/(Loss)	2,869	11	2,949	2,148
Assets, Purchases	7,113	18,070	23,212	47,762
Assets, Sales	(6,422)	(7,947)	(21,813)	(27,255)
Assets, Transfers into Level 3	0	0	0	0
Assets, Transfers out of Level 3	0	0	0	0
Assets, Ending Balance	65,711	80,524	65,711	80,524
Securities \| Other asset-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	31,196	0	7,696	0
Assets, Accreted Discounts/Amortized Premiums	(178)	26	(23)	26
Assets, Realized Gain (Loss)	0	0	0	0
Assets, Change In Net Unrealized Gain/(Loss)	2,291	7	3,936	7
Assets, Purchases	1,062	1,252	23,456	1,252
Assets, Sales	(1,884)	0	(2,578)	0
Assets, Transfers into Level 3	0	0	0	0
Assets, Transfers out of Level 3	0	0	0	0
Assets, Ending Balance	32,487	1,285	32,487	1,285
Securities \| Corporate debt securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	15,066	9,633	8,041	7,533
Assets, Accreted Discounts/Amortized Premiums	0	0	0	0
Assets, Realized Gain (Loss)	637	306	160	(784)
Assets, Change In Net Unrealized Gain/(Loss)	(1,030)	(107)	(350)	633
Assets, Purchases	6,232	2,209	15,641	13,463
Assets, Sales	(7,239)	(1,749)	(9,826)	(10,553)
Assets, Transfers into Level 3	0	0	0	0
Assets, Transfers out of Level 3	0	0	0	0
Assets, Ending Balance	13,666	10,292	13,666	10,292
Securities \| Corporate equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	10,162	10,736	12,294	11,111
Assets, Accreted Discounts/Amortized Premiums	0	0	0	0
Assets, Realized Gain (Loss)	0	(206)	549	(210)
Assets, Change In Net Unrealized Gain/(Loss)	(98)	218	(605)	599
Assets, Purchases	156	479	320	1,573
Assets, Sales	0	(934)	(2,338)	(2,780)
Assets, Transfers into Level 3	0	0	0	0
Assets, Transfers out of Level 3	0	0	0	0
Assets, Ending Balance	10,220	10,293	10,220	10,293
Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in unrealized gain (loss), assets	261,765	68,576	635,425	321,962
Loans \| Residential mortgage loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	3,101,615	2,993,683	3,093,912	3,115,518
Assets, Accreted Discounts/Amortized Premiums	(218)	(2,176)	(2,042)	(6,408)
Assets, Realized Gain (Loss)	(7,250)	913	(12,716)	(7,614)
Assets, Change In Net Unrealized Gain/(Loss)	83,967	(25,384)	104,743	13,061
Assets, Purchases	867,769	393,880	2,063,012	1,073,182
Assets, Sales	(427,650)	(373,401)	(1,628,676)	(1,200,224)
Assets, Transfers into Level 3	0	0	0	0
Assets, Transfers out of Level 3	0	0	0	0
Assets, Ending Balance	3,618,233	2,987,515	3,618,233	2,987,515
Loans \| Commercial mortgage loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	266,220	348,360	266,595	404,324
Assets, Accreted Discounts/Amortized Premiums	31	0	31	0
Assets, Realized Gain (Loss)	0	2	(44)	2
Assets, Change In Net Unrealized Gain/(Loss)	(1,775)	(4,647)	43	(54)
Assets, Purchases	52,597	63,567	268,006	127,012
Assets, Sales	(23,811)	(116,338)	(241,369)	(240,340)
Assets, Transfers into Level 3	0	0	0	0
Assets, Transfers out of Level 3	0	0	0	0
Assets, Ending Balance	293,262	290,944	293,262	290,944
Loans \| Consumer loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	949	3,059	1,759	4,843
Assets, Accreted Discounts/Amortized Premiums	(51)	(199)	(286)	(675)
Assets, Realized Gain (Loss)	(9)	(192)	17	(387)
Assets, Change In Net Unrealized Gain/(Loss)	(4)	194	(1)	150
Assets, Purchases	13	137	153	587
Assets, Sales	(228)	(591)	(972)	(2,110)
Assets, Transfers into Level 3	0	0	0	0
Assets, Transfers out of Level 3	0	0	0	0
Assets, Ending Balance	670	2,408	670	2,408
Loans \| Corporate loan [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	4,933	6,532	5,819	4,086
Assets, Accreted Discounts/Amortized Premiums	0	0	0	0
Assets, Realized Gain (Loss)	0	0	0	354
Assets, Change In Net Unrealized Gain/(Loss)	(1,188)	0	(1,288)	10
Assets, Purchases	100	544	828	3,961
Assets, Sales	(100)	(453)	(1,614)	(1,788)
Assets, Transfers into Level 3	0	0	0	0
Assets, Transfers out of Level 3	0	0	0	0
Assets, Ending Balance	3,745	6,623	3,745	6,623
Loans \| Reverse mortgage loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	9,472,389	8,471,061	8,938,551	8,097,237
Assets, Accreted Discounts/Amortized Premiums	0	0	0	0
Assets, Realized Gain (Loss)	(19)	0	(19)	(3)
Assets, Change In Net Unrealized Gain/(Loss)	180,728	98,686	532,180	309,647
Assets, Purchases	478,484	435,094	1,217,247	1,280,465
Assets, Sales	(527,706)	(371,459)	(1,084,083)	(1,053,964)
Assets, Transfers into Level 3	0	0	0	0
Assets, Transfers out of Level 3	0	0	0	0
Assets, Ending Balance	9,603,876	8,633,382	9,603,876	8,633,382
Forward MSR-related Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	158,031		163,336
Assets, Accreted Discounts/Amortized Premiums	4,041		11,285
Assets, Realized Gain (Loss)	0		0
Assets, Change In Net Unrealized Gain/(Loss)	(4,521)		(1,579)
Assets, Purchases	0		0
Assets, Sales	(7,720)		(23,211)
Assets, Transfers into Level 3	0		0
Assets, Transfers out of Level 3	0		0
Assets, Ending Balance	149,831		149,831
Change in unrealized gain (loss), assets	(4,521)		(1,579)
Mortgage servicing rights
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	29,538	7,473	29,580	8,108
Assets, Accreted Discounts/Amortized Premiums	0	0	0	0
Assets, Realized Gain (Loss)	0	0	0	0
Assets, Change In Net Unrealized Gain/(Loss)	(661)	22,180	(703)	21,545
Assets, Purchases	0	0	0	0
Assets, Sales	0	0	0	0
Assets, Transfers into Level 3	0	0	0	0
Assets, Transfers out of Level 3	0	0	0	0
Assets, Ending Balance	28,877	29,653	28,877	29,653
Change in unrealized gain (loss), assets	(661)	22,180	(703)	21,545
Servicing-related asset
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance		1,304	1,327	999
Assets, Accreted Discounts/Amortized Premiums		0	0	0
Assets, Realized Gain (Loss)		0	590	0
Assets, Change In Net Unrealized Gain/(Loss)		991	(1,917)	1,296
Assets, Purchases		0	0	0
Assets, Sales		0	0	0
Assets, Transfers into Level 3		0	0	0
Assets, Transfers out of Level 3		0	0	0
Assets, Ending Balance	0	2,295	0	2,295
Change in unrealized gain (loss), assets		991		1,296
Loan commitments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	5,623	3,800	2,584	3,060
Assets, Accreted Discounts/Amortized Premiums	0	0	0	0
Assets, Realized Gain (Loss)	0	0	0	0
Assets, Change In Net Unrealized Gain/(Loss)	332	(48)	3,371	692
Assets, Purchases	0	0	0	0
Assets, Sales	0	0	0	0
Assets, Transfers into Level 3	0	0	0	0
Assets, Transfers out of Level 3	0	0	0	0
Assets, Ending Balance	5,955	3,752	5,955	3,752
Change in unrealized gain (loss), assets	332	(48)	3,371	692
Investment in unconsolidated entities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	163,182	118,420	116,414	127,046
Assets, Accreted Discounts/Amortized Premiums	0	0	0	0
Assets, Realized Gain (Loss)	0	2,301	7,948	2,527
Assets, Change In Net Unrealized Gain/(Loss)	7,281	(3,279)	13,601	(5,930)
Assets, Purchases	56,785	42,289	244,116	123,891
Assets, Sales	(38,773)	(46,257)	(193,604)	(134,060)
Assets, Transfers into Level 3	0	0	0	0
Assets, Transfers out of Level 3	0	0	0	0
Assets, Ending Balance	188,475	113,474	188,475	113,474
Change in unrealized gain (loss), assets	3,854	(4,022)	6,055	(6,697)
Financial Derivatives - Assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in unrealized gain (loss), assets	(3)	16	(2)	16
Financial Derivatives - Assets \| Credit default swaps on asset-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	8	76	8	76
Assets, Accreted Discounts/Amortized Premiums	0	0	0	0
Assets, Realized Gain (Loss)	0	0	(1)	0
Assets, Change In Net Unrealized Gain/(Loss)	(2)	0	(2)	0
Assets, Purchases	0	0	1	0
Assets, Sales	0	0	0	0
Assets, Transfers into Level 3	0	0	0	0
Assets, Transfers out of Level 3	0	0	0	0
Assets, Ending Balance	6	76	6	76
Financial Derivatives - Assets \| Total return swaps
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	3	0	6	0
Assets, Accreted Discounts/Amortized Premiums	0	0	0	0
Assets, Realized Gain (Loss)	(4)	30	33	30
Assets, Change In Net Unrealized Gain/(Loss)	(3)	16	(6)	16
Assets, Purchases	5	0	6	0
Assets, Sales	(1)	(30)	(39)	(30)
Assets, Transfers into Level 3	0	0	0	0
Assets, Transfers out of Level 3	0	0	0	0
Assets, Ending Balance	0	$ 16	0	$ 16
Loan Purchase Commitments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Beginning Balance	275		0
Assets, Accreted Discounts/Amortized Premiums	0		0
Assets, Realized Gain (Loss)	0		0
Assets, Change In Net Unrealized Gain/(Loss)	1,073		1,348
Assets, Purchases	0		0
Assets, Sales	0		0
Assets, Transfers into Level 3	0		0
Assets, Transfers out of Level 3	0		0
Assets, Ending Balance	1,348		1,348
Change in unrealized gain (loss), assets	$ 1,073		$ 1,348

Borrowings (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Repurchase Agreements [Table Text Block]


	September 30, 2024					December 31, 2023
			Weighted Average					Weighted Average
Remaining Maturity	Outstanding Borrowings		Interest Rate		Remaining Days to Maturity	Outstanding Borrowings		Interest Rate		Remaining Days to Maturity
Agency RMBS:	(In thousands)					(In thousands)
30 Days or Less	$	332,416	5.34	%	13	$	1,076,710	5.55	%	17
31-60 Days	4,005		5.81	%	52	15,786		5.81	%	49
61-90 Days	7,442		5.44	%	77	914		6.16	%	72
151-180 Days	2,330		5.76	%	161	1,931		6.23	%	159
Total Agency RMBS	346,193		5.35	%	15	1,095,341		5.55	%	18
Credit Assets:
30 Days or Less	681,209		7.23	%	6	124,617		6.80	%	22
31-60 Days	130,165		6.46	%	44	136,434		7.03	%	41
61-90 Days	79,799		6.29	%	74	82,992		6.85	%	74
91-120 Days	171,032		6.82	%	118	290,215		7.36	%	116
121-150 Days	49,053		7.42	%	124	—		—	%	—
151-180 Days	13,562		6.23	%	163	5,980		6.68	%	161
181-364 Days	135,049		8.02	%	258	867,983		7.61	%	268
> 364 Days	724,073		7.10	%	434	58,631		8.61	%	513
Total Credit Assets	1,983,942		7.11	%	198	1,566,852		7.44	%	199
Reverse Mortgage Loans:
30 Days or Less	30,499		8.30	%	3	—		—	%	—
61-90 Days	16,365		5.85	%	85	—		—	%	—
181-364 Days	8,751		8.14	%	309	150,228		7.97	%	282
Total Reverse Mortgage Loans	55,615		7.55	%	75	150,228		7.97	%	282
U.S. Treasury Securities:
30 Days or Less	256,302		5.07	%	1	155,016		5.51	%	2
Total U.S. Treasury Securities	256,302		5.07	%	1	155,016		5.51	%	2
Total	$	2,642,052	6.69	%	153	$	2,967,437	6.67	%	126

Schedule of Repurchase Agreement Counterparties with Whom Repurchase Agreements Exceed 10 Percent of Stockholders' Equity

The following table provides details by counterparty for such counterparties for which the amounts at risk relating to our repurchase agreements was greater than 10% of total equity as of September 30, 2024 and December 31, 2023.

September 30, 2024:


Counterparty	Amount at Risk		Weighted Average Remaining Days to Maturity	Percentage of Equity
	(In thousands)
Nomura Holdings Inc.	$	207,549	29	12.8	%

December 31, 2023:


Counterparty	Amount at Risk		Weighted Average Remaining Days to Maturity	Percentage of Equity
	(In thousands)
Nomura Holdings Inc.	$	216,886	246	14.2	%

Schedule of Line of Credit Facilities

The following table provides details for each of the warehouse lines of credit.


		September 30, 2024						December 31, 2023
	Maturity	Outstanding Borrowings		Fair Value of Underlying Collateral		Effective Interest Rate		Outstanding Borrowings		Fair Value of Underlying Collateral		Effective Interest Rate
		(In thousands)						(In thousands)
Facility A	May 2025	$	107,559	$	126,109	8.32	%	$	83,393	$	99,340	8.95	%
Facility B	April 2025	94,066		105,965		7.60	%	76,717		88,251		8.21	%
		$	201,625	$	232,074	7.98	%	$	160,110	$	187,591	8.60	%

Schedule of Maturities of Long-term Debt [Table Text Block]

Schedule of Principal Repayments

The following table details the Company's principal repayment schedule, over the next 5 years, for outstanding borrowings as of September 30, 2024:


Year	Repurchase Agreements(1)		Other Secured Borrowings(2)		HMBS-related Obligations(3)		Unsecured Borrowings(1)		Total
(In thousands)
Next Twelve Months	$	2,408,520	$	532,793	$	1,066,727	$	34,931	$	4,042,971
Year 2	233,532		381,700		907,783		37,750		1,560,765
Year 3	—		254,794		844,310		210,000		1,309,104
Year 4	—		198,322		797,670		—		995,992
Year 5	—		159,051		848,670		—		1,007,721
Total	$	2,642,052	$	1,526,660	$	4,465,160	$	282,681	$	8,916,553

(1)Reflects the Company's contractual principal repayment dates.

(3)Represents expected principal repayments projected based upon the expected repayments of the underlying HECM loans, which may be prior to the stated contractual maturities of the related HMBS.

Counterparty Risk (Exposure to Counterparty Risk) (Details) - Counterparty Risk [Member] $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) counterparty	Dec. 31, 2023 USD ($) counterparty
Cash and Cash Equivalents
Concentration Risk [Line Items]
Amount of Exposure \| $	$ 217,725	$ 228,927
Number of Counterparties with Exposure \| counterparty	10	11
Percentage of Total Outstanding Unpaid Principal Balance	27.20%	28.80%
Collateral On Repurchase Agreements Held By Dealers
Concentration Risk [Line Items]
Amount of Exposure \| $	$ 3,293,735	$ 3,672,278
Number of Counterparties with Exposure \| counterparty	24	28
Percentage of Total Outstanding Unpaid Principal Balance	20.60%	18.60%
Due From Broker
Concentration Risk [Line Items]
Amount of Exposure \| $	$ 16,048	$ 51,884
Number of Counterparties with Exposure \| counterparty	21	21
Percentage of Total Outstanding Unpaid Principal Balance	22.80%	58.50%
Receivable For Securities Sold
Concentration Risk [Line Items]
Amount of Exposure \| $	$ 5,126	$ 345,429
Number of Counterparties with Exposure \| counterparty	5	9
Percentage of Total Outstanding Unpaid Principal Balance	38.70%	54.30%

Investment in Securities (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of Investment Holdings

The following tables detail the Company's investment in securities as of September 30, 2024 and December 31, 2023.

September 30, 2024:


							Gross Unrealized						Weighted Average
($ in thousands)	Current Principal		Unamortized Premium (Discount)		Amortized Cost		Gains		Losses		Fair Value		Coupon(1)(2)		Yield		Life (Years)(3)
Long:
Agency RMBS:
15-year fixed-rate mortgages	$	21,968	$	149	$	22,117	$	82	$	(1,144)	$	21,055	2.81	%	2.65	%	3.29
30-year fixed-rate mortgages	339,440		(1,980)		337,460		4,120		(16,294)		325,286		4.16	%	4.09	%	6.52
Reverse mortgages	31,840		3,239		35,079		353		(1,709)		33,723		6.74	%	3.57	%	4.46
Interest only securities	n/a		n/a		13,780		1,224		(425)		14,579		1.10	%	11.43	%	7.02
Non-Agency RMBS	186,760		(74,759)		112,001		14,012		(5,770)		120,243		5.83	%	9.88	%	4.19
CMBS	78,372		(30,517)		47,855		1,496		(12,969)		36,382		3.72	%	10.73	%	4.85
Non-Agency interest only securities	n/a		n/a		52,329		10,158		(5,204)		57,283		0.17	%	11.96	%	5.86
CLOs	n/a		n/a		80,516		1,754		(7,381)		74,889		3.08	%	12.50	%	5.63
ABS	222,173		(193,859)		28,314		4,173		—		32,487		2.88	%	19.30	%	3.40
ABS backed by consumer loans	152,926		(80,239)		72,687		1,276		(8,252)		65,711		5.97	%	10.10	%	1.58
Corporate debt	42,744		(29,017)		13,727		708		(769)		13,666		—	%	—	%	2.56
Corporate equity	n/a		n/a		21,597		1,378		(7,205)		15,770		n/a		n/a		n/a
U.S. Treasury securities	243,569		1,788		245,357		7,358		(15)		252,700		4.30	%	4.01	%	8.07
Total Long	1,319,792		(405,195)		1,082,819		48,092		(67,137)		1,063,774		4.30	%	6.88	%	5.89
Short:
U.S. Treasury securities	(270,592)		(4,141)		(274,733)		59		(3,124)		(277,798)		4.11	%	3.81	%	6.85
European sovereign bonds	(27,488)		(251)		(27,739)		619		—		(27,120)		0.01	%	0.15	%	0.44
Total Short	(298,080)		(4,392)		(302,472)		678		(3,124)		(304,918)		3.73	%	3.47	%	6.28
Total	$	1,021,712	$	(409,587)	$	780,347	$	48,770	$	(70,261)	$	758,856	4.19	%	6.12	%	5.98

(1)Weighted average coupon represents the weighted average coupons of the securities, rather than, in the case of collateralized securities, the coupon rates or loan rates on the underlying collateral.

(2)Total long, total short, and total weighted average coupon exclude interest only securities, CLOs, and corporate equity.

(3)Expected average lives of MBS are generally shorter than stated contractual maturities. Average lives are affected by the contractual maturities of the underlying mortgages, scheduled periodic payments of principal, and unscheduled prepayments of principal.

December 31, 2023:


							Gross Unrealized						Weighted Average
($ in thousands)	Current Principal		Unamortized Premium (Discount)		Amortized Cost		Gains		Losses		Fair Value		Coupon(1)(2)		Yield		Life (Years)(3)
Long:
Agency RMBS:
15-year fixed-rate mortgages	$	57,987	$	252	$	58,239	$	22	$	(4,225)	$	54,036	2.58	%	2.42	%	3.48
20-year fixed-rate mortgages	2,368		114		2,482		—		(404)		2,078		2.29	%	1.48	%	6.25
30-year fixed-rate mortgages	783,123		(6,744)		776,379		4,313		(38,595)		742,097		4.04	%	4.04	%	6.61
Adjustable rate mortgages	5,252		568		5,820		—		(690)		5,130		3.81	%	2.09	%	4.42
Reverse mortgages	36,196		3,928		40,124		34		(2,987)		37,171		5.37	%	3.55	%	4.76
Interest only securities	n/a		n/a		11,891		1,320		(499)		12,712		1.08	%	13.18	%	5.36
Non-Agency RMBS	427,431		(139,654)		287,777		11,369		(29,672)		269,474		5.07	%	8.96	%	4.73
CMBS	74,591		(20,389)		54,202		349		(11,780)		42,771		4.87	%	8.93	%	4.72
Non-Agency interest only securities	n/a		n/a		35,214		6,212		(2,650)		38,776		0.17	%	14.57	%	7.46
CLOs	n/a		n/a		44,939		1,873		(8,834)		37,978		2.27	%	11.81	%	4.46
ABS	16,416		(8,956)		7,460		256		(20)		7,696		7.16	%	13.85	%	2.49
ABS backed by consumer loans	151,310		(67,159)		84,151		1,577		(11,502)		74,226		12.00	%	11.38	%	1.50
Corporate debt	30,944		(23,191)		7,753		579		(291)		8,041		—	%	—	%	1.93
Corporate equity	n/a		n/a		23,066		1,851		(3,789)		21,128		n/a		n/a		n/a
U.S. Treasury securities	212,433		(49,289)		163,144		2,415		(496)		165,063		4.25	%	4.01	%	7.43
Total Long	1,798,051		(310,520)		1,602,641		32,170		(116,434)		1,518,377		4.95	%	5.99	%	5.80
Short:
U.S. Treasury securities	(130,121)		533		(129,588)		2,094		(619)		(128,113)		3.47	%	3.61	%	1.88
European sovereign bonds	(27,159)		(557)		(27,716)		1,526		—		(26,190)		0.01	%	0.15	%	1.20
Total Short	(157,280)		(24)		(157,304)		3,620		(619)		(154,303)		2.87	%	3.00	%	1.77
Total	$	1,640,771	$	(310,544)	$	1,445,337	$	35,790	$	(117,053)	$	1,364,074	4.78	%	5.71	%	5.42

(2)Total long, total short, and total weighted average coupon excludes interest only securities, CLOs, and corporate equity.

Securities by Weighted Average Life

The following tables detail weighted average life of the Company's Agency RMBS as of September 30, 2024 and December 31, 2023.

September 30, 2024:


($ in thousands)	Agency RMBS						Agency Interest Only Securities
Estimated Weighted Average Life(1)	Fair Value		Amortized Cost		Weighted Average Coupon(2)		Fair Value		Amortized Cost		Weighted Average Coupon(2)
Less than three years	$	65,378	$	64,690	5.71	%	$	1,081	$	1,162	1.20	%
Greater than three years and less than seven years	143,622		147,683		5.10	%	6,624		5,915		1.44	%
Greater than seven years and less than eleven years	171,064		182,283		3.20	%	6,324		6,137		0.88	%
Greater than eleven years	—		—		—	%	550		566		0.55	%
Total	$	380,064	$	394,656	4.30	%	$	14,579	$	13,780	1.10	%

(1)Expected average lives of RMBS are generally shorter than stated contractual maturities. Average lives are affected by the contractual maturities of the underlying mortgages, scheduled periodic payments of principal, and unscheduled prepayments of principal.

(2)Weighted average coupon represents the weighted average coupons of the securities, rather than the coupon rates or loan rates on the underlying collateral.

December 31, 2023:


($ in thousands)	Agency RMBS						Agency Interest Only Securities
Estimated Weighted Average Life(1)	Fair Value		Amortized Cost		Weighted Average Coupon(2)		Fair Value		Amortized Cost		Weighted Average Coupon(2)
Less than three years	$	89,649	$	89,955	5.39	%	$	1,541	$	1,546	0.57	%
Greater than three years and less than seven years	346,074		360,574		4.49	%	8,227		7,601		1.77	%
Greater than seven years and less than eleven years	404,789		432,515		3.30	%	2,676		2,448		1.84	%
Greater than eleven years	—		—		—	%	268		296		0.68	%
Total	$	840,512	$	883,044	3.99	%	$	12,712	$	11,891	1.08	%

(2)Weighted average coupon represents the weighted average coupons of the securities, rather than the coupon rates or loan rates on the underlying collateral.

The following tables detail weighted average life of the Company's long non-Agency RMBS, CMBS, and CLOs and other securities as of September 30, 2024 and December 31, 2023.

September 30, 2024:


($ in thousands)	Non-Agency RMBS and CMBS						Non-Agency IOs						CLOs and Other Securities(2)
Estimated Weighted Average Life(1)	Fair Value		Amortized Cost		Weighted Average Coupon(3)		Fair Value		Amortized Cost		Weighted Average Coupon(3)		Fair Value		Amortized Cost		Weighted Average Coupon(3)
Less than three years	$	70,168	$	69,719	4.86	%	$	23,878	$	24,673	0.18	%	$	94,401	$	102,710	2.83	%
Greater than three years and less than seven years	53,226		49,383		6.81	%	8,800		9,725		0.17	%	68,100		68,268		6.62	%
Greater than seven years and less than eleven years	31,182		39,629		4.16	%	24,303		17,694		0.16	%	24,252		24,266		2.08	%
Greater than eleven years	2,049		1,125		4.83	%	302		237		1.24	%	—		—		—	%
Total	$	156,625	$	159,856	5.21	%	$	57,283	$	52,329	0.17	%	$	186,753	$	195,244	3.47	%

(1)Expected average lives of MBS are generally shorter than stated contractual maturities. Average lives are affected by the contractual maturities of the underlying mortgages, scheduled periodic payments of principal, and unscheduled prepayments of principal.

(2)Other Securities includes ABS and corporate debt.

(3)Weighted average coupon represents the weighted average coupons of the securities, rather than the coupon rates or loan rates on the underlying collateral.

December 31, 2023:


($ in thousands)	Non-Agency RMBS and CMBS						Non-Agency IOs						CLOs and Other Securities(2)(3)
Estimated Weighted Average Life(1)	Fair Value		Amortized Cost		Weighted Average Coupon(3)		Fair Value		Amortized Cost		Weighted Average Coupon(3)		Fair Value		Amortized Cost		Weighted Average Coupon(4)
Less than three years	$	116,076	$	117,707	4.41	%	$	3,885	$	4,535	0.10	%	$	99,770	$	114,709	6.02	%
Greater than three years and less than seven years	131,314		135,591		7.05	%	11,014		11,343		0.28	%	19,469		20,981		7.71	%
Greater than seven years and less than eleven years	58,741		74,401		5.04	%	23,555		19,072		0.15	%	8,702		8,613		1.34	%
Greater than eleven years	6,114		14,280		0.38	%	322		264		1.25	%	—		—		—	%
Total	$	312,245	$	341,979	5.04	%	$	38,776	$	35,214	0.17	%	$	127,941	$	144,303	6.02	%

(2)Other Securities includes ABS backed by consumer loans and corporate debt.

(3)Conformed to current period presentation to exclude U.S. Treasury securities. Including such U.S. Treasury securities, CLOs and Other Securities had an aggregate fair value of $293.0 million, amortized cost of $307.4 million, and a weighted average coupon of 5.40%.

(4)Weighted average coupon represents the weighted average coupons of the securities, rather than the coupon rates or loan rates on the underlying collateral.

Investment Income

The following table details the components of interest income by security type for the three- and nine-month periods ended September 30, 2024 and 2023:


	Three-Month Period Ended
(In thousands)	September 30, 2024						September 30, 2023
Security Type	Coupon Interest		Net Amortization		Interest Income		Coupon Interest		Net Amortization		Interest Income
Agency RMBS	$	5,673	$	(239)	$	5,434	$	10,894	$	(403)	$	10,491
Non-Agency RMBS and CMBS	7,663		(1,053)		6,610		7,811		(95)		7,716
CLOs	5,719		(1,800)		3,919		1,205		(372)		833
Other securities(1)	7,934		293		8,227		6,107		(1,865)		4,242
Total	$	26,989	$	(2,799)	$	24,190	$	26,017	$	(2,735)	$	23,282

(1)Other securities includes ABS, corporate debt securities, and U.S. Treasury securities.


	Nine-Month Period Ended
(In thousands)	September 30, 2024						September 30, 2023
Security Type	Coupon Interest		Net Amortization		Interest Income		Coupon Interest		Net Amortization		Interest Income
Agency RMBS	$	21,470	$	(2,109)	$	19,361	$	29,746	$	(4,318)	$	25,428
Non-Agency RMBS and CMBS	22,468		(2,460)		20,008		21,629		(136)		21,493
CLOs	11,333		(3,280)		8,053		3,038		(391)		2,647
Other securities(1)	22,838		(5,442)		17,396		17,590		(4,260)		13,330
Total	$	78,109	$	(13,291)	$	64,818	$	72,003	$	(9,105)	$	62,898

(1)Other securities includes ABS, corporate debt securities, and U.S. Treasury securities.

Schedule of Realized Gain (Loss)

The following tables present proceeds from sales and the resulting realized gains and (losses) of the Company's securities for the three- and nine-month periods ended September 30, 2024 and 2023.


(In thousands)	Three-Month Period Ended September 30, 2024								Three-Month Period Ended September 30, 2023
Security Type	Proceeds(1)		Gross Realized Gains		Gross Realized Losses(2)		Net Realized Gain (Loss)		Proceeds(1)		Gross Realized Gains		Gross Realized Losses(2)		Net Realized Gain (Loss)
Agency RMBS	$	72,827	$	691	$	(2,863)	$	(2,172)	$	86,936	$	172	$	(5,662)	$	(5,490)
Non-Agency RMBS and CMBS	17,345		1,513		(849)		664		5,012		329		(120)		209
CLOs	8,459		863		(498)		365		—		53		—		53
Other securities(3)	74,965		3,710		(3,167)		543		289,990		1,071		(2,827)		(1,756)
Total	$	173,596	$	6,777	$	(7,377)	$	(600)	$	381,938	$	1,625	$	(8,609)	$	(6,984)

(1)Includes proceeds on sales of securities not yet settled as of period end.

(2)Excludes realized losses of $(5.0) million and $(12.0) million for the three-month periods ended September 30, 2024 and 2023, respectively, related to adjustments to the cost basis of certain securities for which the Company has determined all or a portion of such securities' cost basis to be uncollectible.

(3)Other securities includes ABS backed by consumer loans, corporate debt and equity, exchange-traded equity, and U.S. Treasury securities.


(In thousands)	Nine-Month Period Ended September 30, 2024								Nine-Month Period Ended September 30, 2023

Security Type	Proceeds(1)		Gross Realized Gains		Gross Realized Losses(2)		Net Realized Gain (Loss)		Proceeds(1)		Gross Realized Gains		Gross Realized Losses(2)		Net Realized Gain (Loss)
Agency RMBS	$	491,031	$	1,835	$	(30,322)	$	(28,487)	$	474,962	$	1,023	$	(46,505)	$	(45,482)
Non-Agency RMBS and CMBS	235,160		10,055		(8,371)		1,684		46,243		2,742		(169)		2,573
CLOs	53,613		1,341		(613)		728		—		496		(1)		495
Other securities(3)	223,885		5,053		(4,677)		376		1,000,184		2,893		(6,012)		(3,119)
Total	$	1,003,689	$	18,284	$	(43,983)	$	(25,699)	$	1,521,389	$	7,154	$	(52,687)	$	(45,533)

(1)Includes proceeds on sales of securities not yet settled as of period end.

(2)Excludes realized losses of $(15.8) million and $(20.4) million for the nine-month periods ended September 30, 2024 and 2023, respectively, related to adjustments to the cost basis of certain securities for which the Company has determined all or a portion of such securities' cost basis to be uncollectible.

(3)Other securities includes ABS, corporate debt and equity, exchange-traded equity, and U.S. Treasury securities.

Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value

The following tables present the fair value and gross unrealized losses of our long securities, excluding those where there are expected credit losses as of the balance sheet date in relation to such securities' cost basis, by length of time that such securities have been in an unrealized loss position at September 30, 2024 and December 31, 2023.

September 30, 2024:


(In thousands)	Less than 12 Months				Greater than 12 Months				Total
Security Type	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Agency RMBS	$	1,479	$	(132)	$	194,414	$	(19,091)	$	195,893	$	(19,223)
Non-Agency RMBS and CMBS	15,162		(2,886)		7,632		(1,852)		22,794		(4,738)
CLOs	2,143		(370)		556		(98)		2,699		(468)
Other securities(1)	34,115		(5,776)		769		(1,444)		34,884		(7,220)
Total	$	52,899	$	(9,164)	$	203,371	$	(22,485)	$	256,270	$	(31,649)

(1)Other securities includes ABS and corporate debt and equity securities.

December 31, 2023:


(In thousands)	Less than 12 Months				Greater than 12 Months				Total
Security Type	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Agency RMBS	$	125,112	$	(730)	$	426,834	$	(45,854)	$	551,946	$	(46,584)
Non-Agency RMBS and CMBS	10,301		(200)		14,195		(882)		24,496		(1,082)
CLOs	7,152		(69)		5		—		7,157		(69)
Other securities(1)	15,930		(2,276)		10,958		(2,029)		26,888		(4,305)
Total	$	158,495	$	(3,275)	$	451,992	$	(48,765)	$	610,487	$	(52,040)

(1)Other securities includes ABS and corporate debt and equity securities.

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 7, 2024, the Board of Directors approved a dividend in the amount of $0.13 per share of common stock payable on November 25, 2024 to stockholders of record as of October 31, 2024. On November 7, 2024, the Board of Directors approved a dividend in the amount of $0.13 per share of common stock payable on December 26, 2024 to stockholders of record as of November 29, 2024.

Consolidated Balance Sheet - USD ($)
$ in Thousands

Sep. 30, 2024

Dec. 31, 2023

Assets

^[1]

$ 217,725

$ 228,927

^[1]

10,578

1,618

^[1],[2]

1,063,774

1,518,377

Loan commitments, at fair value

^[1],[2]

13,519,786

12,306,636

5,955

2,584

^[1]

149,831

163,336

Mortgage servicing rights, at fair value

28,877

29,580

Investments in unconsolidated entities, at fair value(1)

^[1]

188,475

116,414

Financial derivatives—assets, at fair value

^[1],[2]

29,690

22,085

149,679

143,996

331,630

173,145

16,048

51,884

^[1]

208,861

480,249

^[1]

32,381

77,099

15,953,290

15,315,930

Liabilities

304,918

154,303

Financial derivatives—liabilities, at fair value

^[1]

2,642,052

2,967,437

49,243

61,776

Investment related payables

55,529

62,442

25,178

37,403

^[1]

284,897

245,827

HMBS-related obligations, at fair value

^[1]

1,813,755

1,424,668

8,790,589

8,423,235

Unsecured borrowings, at fair value

278,128

272,765

Base management fee payable to affiliate

6,031

5,660

Dividends payable

15,892

11,528

Interest payable(1)

^[1]

21,045

22,933

Commitments and contingencies

^[1]

40,384

90,341

Total Liabilities

14,327,641

13,780,318

ANALYSIS OF EQUITY:

Preferred stock, par value $0.001 per share, 100,000,000 shares authorized; 14,757,222 and 14,757,222 shares issued and outstanding, and $368,931 and $368,931 aggregate liquidation preference, respectively

355,551

Common stock, par value $0.001 per share, 300,000,000 and 200,000,000 shares authorized, respectively; 90,661,736 and 83,000,488 shares issued and outstanding, respectively

Additional paid-in-capital

1,613,740

1,514,797

Retained earnings (accumulated deficit)

(362,146)

(353,360)

Total Stockholders' Equity

1,607,236

1,517,071

^[1]

18,413

18,541

Total Equity

1,625,649

1,535,612

Organization, Consolidation and Presentation of Financial Statements [Abstract]

$ 15,953,290

$ 15,315,930

[1]	Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.
[2]	Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

Consolidated VIEs (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Consolidated VIEs

The following table summarizes the assets and liabilities of the Company's consolidated VIEs that are included on the Company's Condensed Consolidated Balance Sheet as of September 30, 2024 and December 31, 2023. See Note 13 and Note 16 for additional information on the Company's consolidated VIEs.


(In thousands)	September 30, 2024		December 31, 2023
Assets
Cash and cash equivalents	$	7,207	$	178
Restricted cash	8,973		—
Securities, at fair value	65,711		74,226
Loans, at fair value	4,289,622		3,342,478
Forward MSR-related investments, at fair value	76,496		82,273
Investments in unconsolidated entities, at fair value	98,812		63,701
Real estate owned	25,297		16,100
Investment related receivables	33,196		19,929
Other assets	361		469
Total Assets	$	4,605,675	$	3,599,354
Liabilities
Repurchase agreements	$	1,723,513	$	1,244,401
Other secured borrowings	39,013		25,787
Other secured borrowings, at fair value	1,813,755		1,424,668
Interest payable	6,469		1,879
Accrued expenses and other liabilities	970		451
Total Liabilities	3,583,720		2,697,186
Total Stockholders' Equity	1,015,557		897,303
Non-controlling interests	6,398		4,865
Total Equity	1,021,955		902,168
Total Liabilities and Equity	$	4,605,675	$	3,599,354

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

Financial Derivatives (Futures) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Fair Value	$ 100,436	$ 82,220
Financial derivatives–assets, at fair value	149,679	143,996
Derivative Liability	$ 49,243	61,776
Futures
Derivative [Line Items]
Derivative, Remaining Maturity	4 months 9 days
Financial derivatives–assets, at fair value	$ 105	245
Derivative Liability	334	7,990
Short \| Futures
Derivative [Line Items]
Notional Amount	212,300	311,200
Fair Value	(229)	$ (7,745)
Derivative, Remaining Maturity		2 months 4 days
Financial Derivatives - Assets \| Long \| U.S. Treasury futures
Derivative [Line Items]
Notional Amount	$ 0	$ (1,900)
Derivative, Remaining Maturity	0 years	2 months 19 days
Financial derivatives–assets, at fair value	$ 0	$ 245
Financial Derivatives - Assets \| Short \| U.S. Treasury futures
Derivative [Line Items]
Notional Amount	$ 23,200	$ 0
Derivative, Remaining Maturity	2 months 19 days	0 years
Financial derivatives–assets, at fair value	$ 105	$ 0
Financial Derivatives - Liabilities \| Long \| U.S. Treasury futures
Derivative [Line Items]
Notional Amount	$ (1,900)	$ 0
Derivative, Remaining Maturity	2 months 19 days	0 years
Derivative Liability	$ (18)	$ 0
Financial Derivatives - Liabilities \| Short \| U.S. Treasury futures
Derivative [Line Items]
Notional Amount	$ 191,000	$ 313,100
Derivative, Remaining Maturity	4 months 20 days	2 months 4 days
Derivative Liability	$ (316)	$ (7,990)

Securitization Transactions (RM BS Details) - USD ($)
$ in Thousands

9 Months Ended

Sep. 30, 2024

Dec. 31, 2023

Sep. 30, 2023

^[1]

Dec. 31, 2022

^[1],[2]

$ 13,519,786

$ 12,306,636

10,578

^[1]

1,618

^[1]

$ 1,604

$ 4,816

^[1]

$ 1,813,755

1,424,668

Schedule of Assets and Liabilities of Consolidated Securitization Trusts

Text Block [Abstract]


(In thousands)	September 30, 2024		December 31, 2023
Assets:
Loans, at fair value	$	1,526,018	$	1,555,371
Investment related receivables	2,403		1,884
Liabilities:
Other secured borrowings, at fair value	1,390,854		1,424,668

Proprietary Reverse Mortgage Loan Securitization

Text Block [Abstract]

Schedule of Assets and Liabilities of Consolidated Securitization Trusts

The following table details the assets and liabilities of the RM Issuing Entities included in the Company's Condensed Consolidated Balance Sheet as of September 30, 2024:


	September 30, 2024
Assets:	(In thousands)
Restricted cash	$	8,973
Loans, at fair value	390,562
Liabilities:
Other secured borrowings, at fair value	361,596

Consolidated Entities [Member] | Non-QM loan securitization

$ 3,618,233

3,093,912

Consolidated Entities [Member] | Proprietary Reverse Mortgage Loan Securitization

1,390,854

1,424,668

Consolidated Entities [Member] | Residential mortgage loans | Securitized loans [Member] | Non-QM loan securitization

361,596

Consolidated Entities [Member] | Proprietary reverse mortgage loans | Securitized loans [Member] | Proprietary Reverse Mortgage Loan Securitization

1,526,018

$ 1,555,371

390,562

$ 8,973

[1]	Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.
[2]	Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

Forward MSR-Related Investments (Tables)

9 Months Ended

Sep. 30, 2024

MSR Financing Receivables

The following table presents activity related to Company’s investments in Forward MSR-related investments for the three- and nine-month-periods ended September 30, 2024. The Company did not hold Forward MSR-related investments during the nine-month period ended September 30, 2023.


(In thousands)	Three-Month Period Ended September 30, 2024		Nine-Month Period Ended September 30, 2024
Forward MSR-related investments, at fair value, beginning balance	$	158,031	$	163,336
Capital investments	—		—
Distributions	(7,719)		(23,210)
Accretion of interest income	4,041		11,284
Change in unrealized gain (loss)	(4,522)		(1,579)
Forward MSR-related investments, at fair value, ending balance	$	149,831	$	149,831

Mortgage Servicing Rights (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Jul. 01, 2023
Mortgage Servicing Rights [Abstract]
Unpaid principal balance of reverse mortgage loans in servicing portfolio	$ 2,700,000		$ 2,700,000		$ 2,800,000	$ 2,100,000
Mortgage servicing rights, at fair value	28,877		28,877		29,580
Other, net	1,581	$ 28,772	16,742	$ 37,965
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unpaid principal balance of reverse mortgage loans in servicing portfolio	2,700,000		2,700,000		2,800,000	$ 2,100,000
Mortgage servicing rights, at fair value	28,877		28,877		$ 29,580
Other, net	1,581	28,772	16,742	37,965
Mortgage servicing rights
Mortgage Servicing Rights [Abstract]
Other, net	(700)	22,200	(700)	21,500
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other, net	$ (700)	$ 22,200	$ (700)	$ 21,500

Investment in Loans (Schedule of 90 Days or More Past Due) (Details) - USD ($)
$ in Thousands

Sep. 30, 2024

Dec. 31, 2023

Accounts, Notes, Loans and Financing Receivable [Line Items]

$ 13,136,499

$ 12,164,019

^[1],[2]

13,519,786

12,306,636

Accounts, Notes, Loans and Financing Receivable [Line Items]

3,720,774

3,305,757

3,618,233

3,093,912

Accounts, Notes, Loans and Financing Receivable [Line Items]

306,482

281,531

293,262

266,595

Accounts, Notes, Loans and Financing Receivable [Line Items]

815

2,081

Non-accrual status [Member] | Residential mortgage loans | 90 Days or More Past Due [Member]

670

1,759

Accounts, Notes, Loans and Financing Receivable [Line Items]

224,270

127,685

Non-accrual status [Member] | Commercial mortgage loans | 90 Days or More Past Due [Member]

214,663

120,087

Accounts, Notes, Loans and Financing Receivable [Line Items]

83,791

47,736

Non-accrual status [Member] | Consumer loans | 90 Days or More Past Due [Member]

71,805

33,314

Accounts, Notes, Loans and Financing Receivable [Line Items]

Schedule of promissory notes

$ 32

$ 66

[1]	Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.
[2]	Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

Financial Derivatives (Interest Rate Swaps) (Details) - Interest rate swaps - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Long
Derivative [Line Items]
Notional Amount	$ 2,934,989	$ 1,859,330
Fair Value	69,040	13,557
Long \| 2024
Derivative [Line Items]
Notional Amount	52,236	427,234
Fair Value	(710)	(578)
Long \| 2025
Derivative [Line Items]
Notional Amount	151,313	143,183
Fair Value	(108)	67
Long \| 2026
Derivative [Line Items]
Notional Amount	543,794	461,658
Fair Value	6,165	(8,399)
Long \| 2027
Derivative [Line Items]
Notional Amount	59,110	36,591
Fair Value	45	30
Long \| 2028
Derivative [Line Items]
Notional Amount	459,063	464,799
Fair Value	15,662	13,357
Long \| 2029
Derivative [Line Items]
Notional Amount	884,156
Fair Value	21,858
Long \| 2030
Derivative [Line Items]
Notional Amount	156,262	67,000
Fair Value	6,283	1,737
Long \| 2031
Derivative [Line Items]
Notional Amount	83,160
Fair Value	264
Long \| 2033
Derivative [Line Items]
Notional Amount	201,626	198,265
Fair Value	10,323	7,701
Long \| 2035
Derivative [Line Items]
Notional Amount	500	500
Fair Value	(143)	(137)
Long \| 2038
Derivative [Line Items]
Notional Amount	34,792	36,300
Fair Value	(28)	131
Long \| 2040
Derivative [Line Items]
Notional Amount	500	500
Fair Value	(182)	(173)
Long \| 2050
Derivative [Line Items]
Notional Amount	500	500
Fair Value	(235)	(220)
Long \| 2053
Derivative [Line Items]
Notional Amount	13,154	22,800
Fair Value	(216)	$ 41
Long \| 2034
Derivative [Line Items]
Notional Amount	278,341
Fair Value	9,876
Long \| 2039
Derivative [Line Items]
Notional Amount	15,361
Fair Value	170
Long \| 2054
Derivative [Line Items]
Notional Amount	1,121
Fair Value	$ 16
Long \| Weighted Average
Derivative [Line Items]
Pay Rate	4.17%	4.28%
Receive Rate	4.59%	5.39%
Remaining Years to Maturity	4 years 9 months 29 days	3 years 11 months 4 days
Long \| Weighted Average \| 2024
Derivative [Line Items]
Pay Rate	3.56%	5.17%
Receive Rate	4.98%	5.40%
Remaining Years to Maturity	1 month 2 days	2 months 26 days
Long \| Weighted Average \| 2025
Derivative [Line Items]
Pay Rate	4.88%	4.87%
Receive Rate	4.95%	5.38%
Remaining Years to Maturity	5 months 26 days	1 year 2 months 23 days
Long \| Weighted Average \| 2026
Derivative [Line Items]
Pay Rate	4.69%	3.58%
Receive Rate	4.88%	5.39%
Remaining Years to Maturity	1 year 5 months 26 days	2 years 3 months 10 days
Long \| Weighted Average \| 2027
Derivative [Line Items]
Pay Rate	3.84%	3.68%
Receive Rate	4.89%	5.39%
Remaining Years to Maturity	2 years 8 months 1 day	3 years 10 months 24 days
Long \| Weighted Average \| 2028
Derivative [Line Items]
Pay Rate	4.42%	4.33%
Receive Rate	4.83%	5.39%
Remaining Years to Maturity	3 years 10 months 6 days	4 years 7 months 20 days
Long \| Weighted Average \| 2029
Derivative [Line Items]
Pay Rate	3.93%
Receive Rate	3.97%
Remaining Years to Maturity	4 years 8 months 19 days
Long \| Weighted Average \| 2030
Derivative [Line Items]
Pay Rate	4.11%	3.97%
Receive Rate	4.89%	5.39%
Remaining Years to Maturity	5 years 11 months 15 days	6 years 9 months 7 days
Long \| Weighted Average \| 2031
Derivative [Line Items]
Pay Rate	3.45%
Receive Rate	4.83%
Remaining Years to Maturity	6 years 7 months 24 days
Long \| Weighted Average \| 2033
Derivative [Line Items]
Pay Rate	4.08%	3.96%
Receive Rate	4.84%	5.39%
Remaining Years to Maturity	9 years 1 month 13 days	9 years 10 months 17 days
Long \| Weighted Average \| 2035
Derivative [Line Items]
Pay Rate	0.74%	0.74%
Receive Rate	4.96%	5.38%
Remaining Years to Maturity	11 years 21 days	11 years 9 months 21 days
Long \| Weighted Average \| 2038
Derivative [Line Items]
Pay Rate	3.54%	3.54%
Receive Rate	4.83%	5.39%
Remaining Years to Maturity	14 years 2 months 23 days	14 years 11 months 23 days
Long \| Weighted Average \| 2040
Derivative [Line Items]
Pay Rate	0.84%	0.84%
Receive Rate	4.96%	5.38%
Remaining Years to Maturity	16 years 25 days	16 years 9 months 25 days
Long \| Weighted Average \| 2050
Derivative [Line Items]
Pay Rate	0.90%	0.90%
Receive Rate	4.96%	5.38%
Remaining Years to Maturity	26 years 25 days	26 years 9 months 25 days
Long \| Weighted Average \| 2053
Derivative [Line Items]
Pay Rate	3.33%	3.33%
Receive Rate	4.83%	5.39%
Remaining Years to Maturity	29 years 2 months 26 days	29 years 11 months 26 days
Long \| Weighted Average \| 2034
Derivative [Line Items]
Pay Rate	3.80%
Receive Rate	4.83%
Remaining Years to Maturity	9 years 9 months 3 days
Long \| Weighted Average \| 2039
Derivative [Line Items]
Pay Rate	3.58%
Receive Rate	4.83%
Remaining Years to Maturity	14 years 7 months 13 days
Long \| Weighted Average \| 2054
Derivative [Line Items]
Pay Rate	3.41%
Receive Rate	4.83%
Remaining Years to Maturity	29 years 10 months 6 days
Short
Derivative [Line Items]
Notional Amount	$ 3,901,768	$ 3,129,277
Fair Value	45,184	83,937
Short \| 2024
Derivative [Line Items]
Notional Amount	246,500	629,547
Fair Value	2,805	9,097
Short \| 2025
Derivative [Line Items]
Notional Amount	549,561	412,701
Fair Value	4,052	6,304
Short \| 2026
Derivative [Line Items]
Notional Amount	441,515	189,287
Fair Value	(2,576)	(573)
Short \| 2027
Derivative [Line Items]
Notional Amount	313,150	174,841
Fair Value	3,667	8,970
Short \| 2028
Derivative [Line Items]
Notional Amount	588,829	650,990
Fair Value	790	7,516
Short \| 2029
Derivative [Line Items]
Notional Amount	496,427	53,011
Fair Value	4,548	4,378
Short \| 2030
Derivative [Line Items]
Notional Amount	243,080	150,817
Fair Value	(1,328)	1,122
Short \| 2031
Derivative [Line Items]
Notional Amount	170,063	157,766
Fair Value	18,252	24,131
Short \| 2032
Derivative [Line Items]
Notional Amount	181,867	181,867
Fair Value	7,960	11,069
Short \| 2033
Derivative [Line Items]
Notional Amount	242,353	437,619
Fair Value	4,528	6,960
Short \| 2035
Derivative [Line Items]
Notional Amount	500	500
Fair Value	138	132
Short \| 2036
Derivative [Line Items]
Notional Amount	1,102	1,102
Fair Value	256	280
Short \| 2037
Derivative [Line Items]
Notional Amount	45,000	45,000
Fair Value	3,058	3,780
Short \| 2038
Derivative [Line Items]
Notional Amount	32,500	32,500
Fair Value	(2,074)	(1,727)
Short \| 2040
Derivative [Line Items]
Notional Amount	500	500
Fair Value	174	165
Short \| 2049
Derivative [Line Items]
Notional Amount		5,729
Fair Value		845
Short \| 2050
Derivative [Line Items]
Notional Amount	500	500
Fair Value	222	207
Short \| 2052
Derivative [Line Items]
Notional Amount		5,000
Fair Value		$ 1,281
Short \| 2053
Derivative [Line Items]
Notional Amount	2,780
Fair Value	32
Short \| 2034
Derivative [Line Items]
Notional Amount	335,919
Fair Value	692
Short \| 2039
Derivative [Line Items]
Notional Amount	9,422
Fair Value	0
Short \| 2054
Derivative [Line Items]
Notional Amount	200
Fair Value	$ (12)
Short \| Weighted Average
Derivative [Line Items]
Pay Rate	3.39%	3.34%
Receive Rate	4.81%	5.33%
Remaining Years to Maturity	4 years 6 months	4 years 8 months 4 days
Short \| Weighted Average \| 2024
Derivative [Line Items]
Pay Rate	4.15%	3.18%
Receive Rate	4.98%	5.41%
Remaining Years to Maturity	1 month 20 days	7 months 9 days
Short \| Weighted Average \| 2025
Derivative [Line Items]
Pay Rate	3.78%	3.69%
Receive Rate	4.87%	5.06%
Remaining Years to Maturity	11 months 1 day	1 year 7 months 28 days
Short \| Weighted Average \| 2026
Derivative [Line Items]
Pay Rate	4.04%	4.13%
Receive Rate	4.22%	5.39%
Remaining Years to Maturity	1 year 10 months 6 days	2 years 7 months 28 days
Short \| Weighted Average \| 2027
Derivative [Line Items]
Pay Rate	3.12%	4.04%
Receive Rate	4.91%	5.04%
Remaining Years to Maturity	2 years 8 months 26 days	3 years 4 months 6 days
Short \| Weighted Average \| 2028
Derivative [Line Items]
Pay Rate	3.38%	3.48%
Receive Rate	4.91%	5.38%
Remaining Years to Maturity	3 years 9 months 3 days	4 years 6 months 14 days
Short \| Weighted Average \| 2029
Derivative [Line Items]
Pay Rate	3.09%	2.19%
Receive Rate	4.80%	5.38%
Remaining Years to Maturity	4 years 11 months 1 day	5 years 3 months 25 days
Short \| Weighted Average \| 2030
Derivative [Line Items]
Pay Rate	3.45%	3.50%
Receive Rate	4.87%	5.39%
Remaining Years to Maturity	5 years 10 months 9 days	6 years 7 months 2 days
Short \| Weighted Average \| 2031
Derivative [Line Items]
Pay Rate	1.69%	1.51%
Receive Rate	4.95%	5.38%
Remaining Years to Maturity	6 years 8 months 8 days	7 years 5 months 15 days
Short \| Weighted Average \| 2032
Derivative [Line Items]
Pay Rate	2.80%	2.80%
Receive Rate	4.96%	5.38%
Remaining Years to Maturity	7 years 9 months 21 days	8 years 6 months 21 days
Short \| Weighted Average \| 2033
Derivative [Line Items]
Pay Rate	3.21%	3.40%
Receive Rate	4.96%	5.38%
Remaining Years to Maturity	8 years 5 months 23 days	9 years 5 months 1 day
Short \| Weighted Average \| 2035
Derivative [Line Items]
Pay Rate	0.78%	0.78%
Receive Rate	4.83%	5.33%
Remaining Years to Maturity	11 years 21 days	11 years 9 months 21 days
Short \| Weighted Average \| 2036
Derivative [Line Items]
Pay Rate	1.19%	1.19%
Receive Rate	4.96%	5.38%
Remaining Years to Maturity	11 years 4 months 17 days	12 years 1 month 17 days
Short \| Weighted Average \| 2037
Derivative [Line Items]
Pay Rate	2.81%	2.81%
Receive Rate	4.96%	5.38%
Remaining Years to Maturity	12 years 10 months 28 days	13 years 7 months 28 days
Short \| Weighted Average \| 2038
Derivative [Line Items]
Pay Rate	4.01%	4.01%
Receive Rate	4.85%	5.39%
Remaining Years to Maturity	13 years 11 months 1 day	14 years 8 months 1 day
Short \| Weighted Average \| 2040
Derivative [Line Items]
Pay Rate	0.90%	0.90%
Receive Rate	4.83%	5.33%
Remaining Years to Maturity	16 years 25 days	16 years 9 months 25 days
Short \| Weighted Average \| 2049
Derivative [Line Items]
Pay Rate		2.63%
Receive Rate		5.38%
Remaining Years to Maturity		25 years 7 days
Short \| Weighted Average \| 2050
Derivative [Line Items]
Pay Rate	0.98%	0.98%
Receive Rate	4.83%	5.33%
Remaining Years to Maturity	26 years 25 days	26 years 9 months 25 days
Short \| Weighted Average \| 2052
Derivative [Line Items]
Pay Rate		2.07%
Receive Rate		5.38%
Remaining Years to Maturity		28 years 3 months 7 days
Short \| Weighted Average \| 2053
Derivative [Line Items]
Pay Rate	3.32%
Receive Rate	4.83%
Remaining Years to Maturity	29 years 2 months 26 days
Short \| Weighted Average \| 2034
Derivative [Line Items]
Pay Rate	3.32%
Receive Rate	4.81%
Remaining Years to Maturity	9 years 11 months 12 days
Short \| Weighted Average \| 2039
Derivative [Line Items]
Pay Rate	3.47%
Receive Rate	4.83%
Remaining Years to Maturity	14 years 9 months
Short \| Weighted Average \| 2054
Derivative [Line Items]
Pay Rate	3.66%
Receive Rate	4.83%
Remaining Years to Maturity	29 years 9 months 29 days

Related Party (Tables)

9 Months Ended

Sep. 30, 2024


Effective Date of Promissory Note	Maturity Date of Promissory Note			Interest Rate as of		Outstanding Borrowings as of				Fair Value(1) as of
		Maximum Borrowing		September 30, 2024	December 31, 2023	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
		(In thousands)				(In thousands)
May 2021(2)	December 31, 2025	$	6,000	12.0%	9.0%	$	1,000	$	2,335	$	1,000	$	2,335
February 2022	January 31, 2025	750		7.0%	7.0%	625		575		625		575
December 2022	December 16, 2024	3,500		15.0%	15.0%	1,644		1,644		—		1,233

(1)Classified as a Corporate loan and is included in Loans, at fair value on the Condensed Consolidated Balance Sheet.

(2)Convertible into non-voting equity interests, at the option of the borrower, at any time prior to maturity.

Securitization Transactions (Schedule of CLO Securitization Transactions) (Details) - USD ($)
$ in Thousands

Sep. 30, 2024

Dec. 31, 2023

^[1],[2]

$ 1,063,774

$ 1,518,377

Schedule of Equity Method Investments [Line Items]

$ 2,700

$ 5,100

[1]	Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.
[2]	Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

Financial Derivatives (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Spread on written credit derivatives		4.38%
Credit Default Swap, Selling Protection [Member]
Derivative [Line Items]
Total net up-front payments received	$ (2,600)	$ (1,600)
Minimum
Derivative [Line Items]
Spread on written credit derivatives	0.48%	0.51%
Maximum
Derivative [Line Items]
Spread on written credit derivatives	2.71%

Mortgage Servicing Rights	9 Months Ended
Mortgage Servicing Rights	Sep. 30, 2024
Mortgage Servicing Rights [Abstract]
Mortgage Servicing Rights	Mortgage Servicing Rights Certain of the reverse mortgage loans originated by the Company, through Longbridge, are ineligible for inclusion in HMBS, and are not guaranteed by the FHA ("Proprietary reverse mortgage loans"). Longbridge was party to a Sale and Servicing Agreement (the "Sale and Servicing Agreement") with a third party (the "Proprietary Loan Purchaser") whereby Longbridge originated reverse mortgage loans based on specific proprietary criteria and had committed to sell such loans to the Proprietary Loan Purchaser. Upon the sale of such loans to the Proprietary Loan Purchaser, Longbridge retained the rights and obligations of servicing such loans and an MSR asset was recorded. Additionally, on July 1, 2023, Longbridge assumed the role as servicer for various private label securitization trusts collateralized by either proprietary reverse mortgage loans or HECM buyout loans. Longbridge was appointed servicer through the bankruptcy proceedings of the previous servicer, and Longbridge assumed the rights and obligations of servicing such loans. Such MSRs related to underlying reverse mortgage loans with an aggregate unpaid principal balance of $2.1 billion on July 1, 2023. As of September 30, 2024, the Company's Reverse MSRs related to underlying reverse mortgage loans with an aggregate unpaid principal balance of $2.7 billion, and the fair value of such Reverse MSRs was $28.9 million. As of December 31, 2023, the Company's Reverse MSRs related to underlying reverse mortgage loans with an aggregate unpaid principal balance of $2.8 billion, and the fair value of such Reverse MSRs was $29.6 million. The fair value of the Company's MSRs is driven by the net cash flows associated with servicing activities, which include contractually specified servicing fees, late fees, and other ancillary servicing revenue. For the three-month periods ended September 30, 2024 and 2023, the Company recognized a gain (loss) related to its Reverse MSRs of $(0.7) million and $22.2 million, respectively. For the nine-month periods ended September 30, 2024 and 2023, the Company recognized a gain (loss) related to its Reverse MSRs of $(0.7) million and $21.5 million, respectively. Gain (loss) related to Reverse MSRs is included in Other (net) on the Condensed Consolidated Statement of Operations.

Other Assets Schedule of Change in Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Net (Excluding Goodwill)	$ 2,297	$ 2,798	$ 2,297	$ 2,798	$ 2,422	$ 2,673	$ 2,924	$ 3,275
Amortization of Intangible Assets	125	126	376	477
Software and Software Development Costs
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Net (Excluding Goodwill)	467	933	467	933	583	817	1,050	1,284
Amortization of Intangible Assets	116	117	350	351
Trademarks and Trade Names
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Net (Excluding Goodwill)	1,200	1,200	1,200	1,200	1,200	1,200	1,200	1,200
Amortization of Intangible Assets	0	0	0	0
Customer Relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Net (Excluding Goodwill)	630	665	630	665	$ 639	$ 656	$ 674	691
Amortization of Intangible Assets	$ 9	9	$ 26	26
Noncompete Agreements
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Net (Excluding Goodwill)		$ 0		0				$ 100
Amortization of Intangible Assets				$ 100

Investments in Unconsolidated Entities (Summarized Financial Information) (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Dec. 31, 2023

^[1]

$ 32,381

$ 77,099

Stockholders' Equity Attributable to Parent

15,953,290

15,315,930

Liabilities

14,327,641

13,780,318

1,607,236

1,517,071

Interest Income (Expense), Net

15,953,290

$ 15,315,930

Interest income

107,281

$ 96,216

309,272

$ 271,482

Interest expense

(73,654)

(68,702)

(210,993)

(191,752)

33,627

27,514

98,279

79,730

Other, net

1,581

28,772

16,742

37,965

Noninterest Income

33,351

26,220

135,396

112,559

Operating Expenses

50,924

39,452

137,564

119,986

Net income (loss) attributable to common stockholders

$ 16,175

$ 6,591

$ 95,437

$ 48,405

[1]	Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.

Investments in Unconsolidated Entities Schedule of Ownership of Investments in Unconsolidated Entities (Details)	Sep. 30, 2024	Dec. 31, 2023
LendSure Mortgage Corp [Member] \| Voting ownership
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	62.90%	49.90%
LendSure Mortgage Corp [Member] \| Nonvoting Common Stock [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	13.80%	13.80%
Elizon DB 2015-1 LLC [Member]
Schedule of Equity Method Investments [Line Items]
Effective Ownership Percentage	58.80%	60.00%
Elizon DB 2015-1 LLC [Member] \| Voting ownership
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	34.20%	30.40%
Elizon NM CRE 2020-1 LLC
Schedule of Equity Method Investments [Line Items]
Effective Ownership Percentage	70.90%	74.10%
Elizon NM CRE 2020-1 LLC \| Voting ownership
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	20.70%	11.50%
Elizon CH CRE 2020-1 LLC
Schedule of Equity Method Investments [Line Items]
Effective Ownership Percentage	57.30%	52.10%
Elizon CH CRE 2020-1 LLC \| Voting ownership
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	40.00%	29.20%
Jepson Holdings Limited \| Voting ownership
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	4.50%	7.90%
Minimum \| Other Equity Method Investments [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	6.10%	6.10%
Minimum \| Loan Originator - Other
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	10.00%	45.00%
Minimum \| Equity investments in securitization-related risk retention vehicles
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	24.60%	24.60%
Maximum \| Other Equity Method Investments [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	79.00%	79.00%
Maximum \| Loan Originator - Other
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50.00%	50.00%
Maximum \| Equity investments in securitization-related risk retention vehicles
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	84.50%	84.50%

Commitment and Contingencies (Tables)

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Lessee, Operating Lease, Disclosure

The following table provides details of the Company's outstanding leases as of September 30, 2024 and December 31, 2023.


($ in thousands)	September 30, 2024			December 31, 2023
ROU assets	$	5,330		$	3,279
Lease liabilities	5,853			3,524
Weighted average remaining term (in years)	7.4			5.1
Weighted average discount rate	8.85		%	7.31		%

Schedule of Future Minimum Rental Payments for Operating Leases

The following table details contractual future minimum lease payments as of September 30, 2024.


	Minimum Payments
	(In thousands)
Year ended December 31, 2024	$	305
Year ended December 31, 2025	1,240
Year ended December 31, 2026	1,237
Year ended December 31, 2027	1,140
Year ended December 31, 2028	929
Thereafter	3,467
Total	8,318
Less: implied interest payments	(2,465)
Lease Liability	$	5,853

Valuation (Fair Value of Other Financial Instruments) (Details) - USD ($)
$ in Thousands

Sep. 30, 2024

Dec. 31, 2023

Sep. 30, 2023

^[1]

Dec. 31, 2022

Assets:

$ 217,725

$ 228,927

10,578

1,618

16,048

51,884

331,630

173,145

Liabilities:

2,642,052

2,967,437

284,897

245,827

55,529

62,442

Carrying Value

Assets:

217,725

228,927

10,578

1,618

16,048

51,884

331,630

173,145

Liabilities:

2,642,052

2,967,437

284,897

245,827

55,529

62,442

217,725

^[1]

228,927

^[1]

$ 174,664

$ 217,053

10,600

1,600

16,048

51,884

331,630

173,145

^[1]

2,642,052

2,967,437

^[1]

284,897

245,827

Stockholders' Equity Note [Abstract]

$ 55,529

$ 62,442

[1]	Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.

Financial Derivatives (Schedule of Credit Derivatives) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Credit Derivatives [Line Items]
Financial derivatives–assets, at fair value	$ 149,679	$ 143,996
Derivative Liability	(49,243)	(61,776)
Derivative Assets (Liabilities), at Fair Value, Net	100,436	82,220
Credit default swaps on asset-backed indices
Credit Derivatives [Line Items]
Financial derivatives–assets, at fair value	1,928	3,318
Derivative Liability	0	(32)
Credit default swaps on asset-backed indices \| Financial Derivatives - Assets \| Long
Credit Derivatives [Line Items]
Notional value	214	230
Financial derivatives–assets, at fair value	$ 11	$ 12
Credit default swaps on asset-backed indices \| Financial Derivatives - Assets \| Long \| Weighted Average
Credit Derivatives [Line Items]
Remaining Years to Maturity	13 years 2 months 26 days	13 years 11 months 26 days
Credit default swaps on asset-backed indices \| Financial Derivatives - Assets \| Short
Credit Derivatives [Line Items]
Notional value	$ 36,858	$ 42,101
Financial derivatives–assets, at fair value	$ 1,917	$ 3,306
Credit default swaps on asset-backed indices \| Financial Derivatives - Assets \| Short \| Weighted Average
Credit Derivatives [Line Items]
Remaining Years to Maturity	34 years 7 months 2 days	35 years 1 month 9 days
Credit default swaps on asset-backed indices \| Financial Derivatives - Liabilities \| Long
Credit Derivatives [Line Items]
Notional value	$ 0	$ 60
Derivative Liability	$ 0	$ (32)
Credit default swaps on asset-backed indices \| Financial Derivatives - Liabilities \| Long \| Weighted Average
Credit Derivatives [Line Items]
Remaining Years to Maturity	0 days	25 years 2 months 19 days
Credit default swaps on corporate bond indices
Credit Derivatives [Line Items]
Financial derivatives–assets, at fair value	$ 8,584	$ 7,259
Derivative Liability	(24,327)	(15,894)
Credit default swaps on corporate bond indices \| Financial Derivatives - Assets \| Long
Credit Derivatives [Line Items]
Notional value	143,742	149,000
Financial derivatives–assets, at fair value	$ 8,584	$ 7,259
Credit default swaps on corporate bond indices \| Financial Derivatives - Assets \| Long \| Weighted Average
Credit Derivatives [Line Items]
Remaining Years to Maturity	4 years 14 days	4 years 5 months 19 days
Credit default swaps on corporate bond indices \| Financial Derivatives - Liabilities \| Short
Credit Derivatives [Line Items]
Notional value	$ 770,782	$ 537,299
Remaining Years to Maturity	4 years 9 months 21 days	4 years 10 months 2 days
Derivative Liability	$ (24,327)	$ (15,894)
Credit default swaps on asset-backed securities
Credit Derivatives [Line Items]
Financial derivatives–assets, at fair value	6	8
Credit default swaps on asset-backed securities \| Financial Derivatives - Assets \| Short
Credit Derivatives [Line Items]
Notional value	46	45
Financial derivatives–assets, at fair value	$ 6	$ 8
Credit default swaps on asset-backed securities \| Financial Derivatives - Assets \| Short \| Weighted Average
Credit Derivatives [Line Items]
Remaining Years to Maturity	10 years 11 months 26 days	11 years 8 months 26 days
Credit default swaps on corporate bonds
Credit Derivatives [Line Items]
Financial derivatives–assets, at fair value	$ 60	$ 25
Derivative Liability	(244)	(225)
Credit default swaps on corporate bonds \| Financial Derivatives - Assets \| Long
Credit Derivatives [Line Items]
Notional value	2,000	2,000
Financial derivatives–assets, at fair value	$ 60	$ 25
Credit default swaps on corporate bonds \| Financial Derivatives - Assets \| Long \| Weighted Average
Credit Derivatives [Line Items]
Remaining Years to Maturity	1 year 2 months 19 days	1 year 11 months 19 days
Credit default swaps on corporate bonds \| Financial Derivatives - Liabilities \| Short
Credit Derivatives [Line Items]
Notional value	$ 13,000	$ 13,000
Derivative Liability	$ (244)	$ (225)
Credit default swaps on corporate bonds \| Financial Derivatives - Liabilities \| Short \| Weighted Average
Credit Derivatives [Line Items]
Remaining Years to Maturity	2 years 8 months 19 days	3 years 5 months 19 days
Credit default swaps
Credit Derivatives [Line Items]
Notional value	$ 674,730	$ 441,155
Derivative Assets (Liabilities), at Fair Value, Net	$ (13,993)	$ (5,541)
Credit default swaps \| Weighted Average
Credit Derivatives [Line Items]
Remaining Years to Maturity	6 years 6 months 25 days	7 years 9 months 21 days
Credit Default Swap, Selling Protection [Member]
Credit Derivatives [Line Items]
Fair Value	$ 8,655	$ 7,264
Notional value	$ 145,956	$ 151,290

Equity

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note Disclosure [Text Block]

Equity

Preferred Stock

The Company has authorized 100,000,000 shares of preferred stock, $0.001 par value per share. As of both September 30, 2024 and December 31, 2023, the total amount of cumulative preferred dividends in arrears was $4.0 million.

As of both September 30, 2024 and December 31, 2023, there were 4,600,000 shares of 6.750% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, $0.001 par value per share ("Series A Preferred Stock") outstanding.

As of both September 30, 2024 and December 31, 2023, there were 4,820,421 shares of 6.250% Series B Fixed-Rate Reset Cumulative Redeemable Preferred Stock, $0.001 par value per share ("Series B Preferred Stock") outstanding.

As of September 30, 2024 and December 31, 2023, there were 4,000,000 shares of 8.625% Series C Fixed-Rate Reset Cumulative Redeemable Preferred Stock, $0.001 par value per share ("Series C Preferred Stock") outstanding. The 4,000,000 shares of Series C Preferred Stock were issued during the nine-month period ended September 30, 2023 and provided $96.5 million of net proceeds after $3.5 million of commissions and offering costs.

As of September 30, 2024 and December 31, 2023, there were 379,668 shares of 7.00% Series D Cumulative Perpetual Redeemable Preferred Stock, $0.01 par value per share ("Series D Preferred Stock") outstanding and 957,133 shares of 8.250% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, $0.01 par value per share ("Series E Preferred Stock") outstanding.

On January 20, 2022, the Company commenced an "at-the-market" offering for our Series A Preferred Stock and Series B Preferred Stock, or the "Preferred ATM Program," by entering into equity distribution agreements with sales agents under which it is authorized to offer and sell up to $100.0 million of Series A Preferred Stock and/or Series B Preferred Stock from time to time. The Company did not issue any shares of preferred stock under the Preferred ATM Program during either of the three- or nine-month periods ended September 30, 2024 or 2023. As of September 30, 2024, the Company had remaining authorization under the Preferred ATM Program of $99.5 million.

The Company's Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock, and Series E Preferred Stock (collectively the "Series Preferred Stock") rank senior to its common stock and Convertible Non-controlling Interests. Each Series Preferred Stock ranks on a parity with all other Series Preferred Stock with respect to the payment of dividends and the distribution of assets upon a voluntary or involuntary liquidation, dissolution, or winding up of the Company.

Series A

The Company's Series A Preferred Stock has no stated maturity and is not subject to any sinking fund or mandatory redemption. The Series A Preferred Stock is not redeemable by the Company prior to October 30, 2024, except under circumstances where it is necessary to allow the Company to maintain its qualification as a REIT for U.S. federal income tax purposes and except in certain instances upon the occurrence of a change of control. Holders of the Company's Series A Preferred Stock generally do not have any voting rights.

Holders of the Series A Preferred Stock are entitled to receive cumulative cash dividends (i) from and including the original issue date to, but excluding, October 30, 2024, at a fixed rate equal to 6.750% per annum of the $25.00 per share liquidation preference and (ii) from and including October 30, 2024, at a floating rate equal to three-month LIBOR plus a spread of 5.196% per annum of the $25.00 per share liquidation preference. Dividends are payable quarterly in arrears on or about the 30th day of each January, April, July, and October.

Series B

The Company's Series B Preferred Stock has no stated maturity and is not subject to any sinking fund or mandatory redemption. The Series B Preferred Stock is not redeemable by the Company prior to January 30, 2027, except under circumstances where it is necessary to allow the Company to maintain its qualification as a REIT for U.S. federal income tax purposes and except in certain instances upon the occurrence of a change of control. Holders of the Company's Series B Preferred Stock generally do not have any voting rights.

Holders of the Series B Preferred Stock are entitled to receive cumulative cash dividends from and including the original issue date to, but excluding, January 30, 2027 (the "Series B First Reset Date"), at a fixed rate equal to 6.250% per annum of the $25.00 per share liquidation preference. The applicable fixed rate resets on the First Reset Date and again on the fifth anniversary of the preceding reset date (each a "Series B Reset Date"), at a rate equal to the five-year treasury rate as measured three business days prior to the Series B Reset Date plus 4.99% per annum of the $25.00 per share liquidation preference. Dividends are payable quarterly in arrears on or about the 30th day of each January, April, July, and October.

Series C

The Company's Series C Preferred Stock has no stated maturity and is not subject to any sinking fund or mandatory redemption. The Series C Preferred Stock is not redeemable by the Company prior to April 30, 2028, except under circumstances where it is necessary to allow the Company to maintain its qualification as a REIT for U.S. federal income tax purposes and except in certain instances upon the occurrence of a change of control. Holders of the Company's Series C Preferred Stock generally do not have any voting rights.

Holders of the Series C Preferred Stock are entitled to receive cumulative cash dividends from and including the original issue date to, but excluding, April 30, 2028 (the "Series C First Reset Date"), at a fixed rate equal to 8.625% per annum of the $25.00 per share liquidation preference. The applicable fixed rate resets on the First Reset Date and again on the fifth anniversary of the preceding reset date (each a "Series C Reset Date"), at a rate equal to the five-year treasury rate as measured three business days prior to the Series C Reset Date plus 5.13% per annum of the $25.00 per share liquidation preference. Dividends are payable quarterly in arrears on or about the 30th day of each January, April, July, and October.

Series D

The Company's Series D Preferred Stock has no stated maturity and is not subject to any sinking fund. The Series D Preferred Stock is redeemable by the Company at its discretion upon not less than 30 nor more than 60 days’ notice. Holders of the Company's Series D Preferred Stock generally do not have any voting rights.

Holders of the Series D Preferred Stock are entitled to receive cumulative cash dividends from and including, September 30, 2023, at a fixed rate equal to 7.000% per annum of the $25.00 per share liquidation preference. Dividends are payable quarterly in arrears on or about the 30th day of each March, June, September, and December.

Series E

The Company's Series E Preferred Stock has no stated maturity and is not subject to any sinking fund or mandatory redemption. The Series E Preferred Stock is not redeemable by the Company prior to March 30, 2024, except under circumstances where it is necessary to allow the Company to maintain its qualification as a REIT for U.S. federal income tax purposes and except in certain instances upon the occurrence of a change of control. Holders of the Company's Series E Preferred Stock generally do not have any voting rights.

Holders of the Series E Preferred Stock are entitled to receive cumulative cash dividends (i) from and including September 30, 2023 to but not including March 30, 2024, at a fixed rate equal to 8.250% per annum of the $25.00 per share liquidation preference and (ii) from and including March 30, 2024, at a floating rate equal to three-month LIBOR plus a spread of 5.664% per annum of the $25.00 per share liquidation preference. Dividends are payable quarterly in arrears on or about the 30th day of each March, June, September, and December.

Common Stock

The Company has authorized 300,000,000 and 200,000,000 shares of common stock, $0.001 par value per share as of September 30, 2024 and December 31, 2023, respectively. The Board of Directors may authorize the issuance of additional shares, subject to the approval of the holders of at least a majority of the shares of common stock then outstanding. As of September 30, 2024 and December 31, 2023, there were 90,661,736 and 83,000,488 shares of common stock outstanding, respectively.

The Company previously commenced an "at-the-market" offering program for shares of its common stock, or the "Common ATM Program," by entering into equity distribution agreements with sales agents. Under the current equity distribution agreements, amended on September 30, 2024, the Company is authorized to offer and sell up to $300.0 million of common stock from time to time. During the three-month period ended September 30, 2024, the Company issued 5,612,166 shares of common stock under the Common ATM Program which provided $72.7 million of net proceeds after $1.1 million of agent commissions and offering costs. During the nine-month period ended September 30, 2024, the Company issued 7,715,891 shares of common stock under the Common ATM Program which provided $99.6 million of net proceeds after $1.4 million of agent commissions and offering costs. During the three-month period ended September 30, 2023, the Company issued 1,066,221 shares of common stock under the Common ATM Program which provided $14.5 million of net proceeds after $0.2 million of agent commissions and offering costs. During the nine-month period ended September 30, 2023, the Company issued 5,500,082 shares of common stock under the Common ATM Program which provided $75.0 million of net proceeds after $0.9 million of agent commissions and offering costs. As of September 30, 2024, the Company has a remaining authorization to issue $300.0 million of common shares.

The following table summarizes issuance, repurchase, and other activity with respect to the Company's common stock for the three- and nine-month periods ended September 30, 2024, and 2023:


	Three-Month Period Ended		Nine-Month Period Ended
	September 30, 2024	September 30, 2023	September 30, 2024	September 30, 2023
Shares of Common Stock Outstanding (as of 6/30/2024, 6/30/2023, 12/31/2023, and 12/31/2022, respectively)	85,041,913	67,161,740	83,000,488	63,812,215
Share Activity:
Shares of common stock issued	5,612,166	1,066,221	7,715,891	5,500,082
Shares of common stock repurchased	—	—	(62,300)	(1,084,336)
OP Units exercised	7,657	6,199	7,657	6,199
Shares of Common Stock Outstanding (as of 9/30/24, 9/30/23, 9/30/24, and 9/30/23, respectively)	90,661,736	68,234,160	90,661,736	68,234,160

If all Convertible Non-controlling Interests that have been previously issued were to become fully vested and exchanged for shares of common stock as of September 30, 2024 and December 31, 2023, the Company's issued and outstanding shares of common stock would increase to 91,522,646 and 83,795,803 shares, respectively.

In March 2023, the Board of Directors approved the adoption of a share repurchase program under which the Company is authorized to repurchase up to $50 million of the Company's common stock (the "2023 Repurchase Plan"), which extended the Company’s ability to repurchase common stock beyond the 1.55 million shares authorized under the previous plan. The 2023 Repurchase Plan is open-ended in duration and allow the Company to make repurchases from time to time on the open market or in negotiated transactions, including under Rule 10b5-1 plans. Repurchases under the 2023 Repurchase Plan are at the Company's discretion, subject to applicable law, share availability, price and financial performance, among other considerations. During the nine-month period ended September 30, 2024, the Company repurchased 62,300 shares at an average price per share of $11.00 and a total cost of $0.7 million. During the nine-month period ended September 30, 2023, the Company repurchased 1,084,336 shares at an average price per share of $11.39 and a total cost of $12.4 million. The Company did not repurchase any common shares during either of the three-month periods ended September 30, 2024 and 2023. As of September 30, 2024, the Company has authorization to repurchase an additional $45.1 million of the Company's common stock under the 2023 Repurchase Plan.

Distributions to Stockholders

The following table summarizes cash dividends declared by the Company on its common and preferred stock during the three- and nine-month periods ended September 30, 2024:


(In thousands, except per share amounts)	Three-Month Period Ended September 30,								Nine-Month Period Ended September 30,
	2024				2023				2024				2023
Class of Stock	Amount		Per Share		Amount		Per Share		Amount		Per Share		Amount		Per Share
Series A Preferred Stock	$	1,941	$	0.42	$	1,941	$	0.42	$	5,823	$	1.27	$	5,823	$	1.27
Series B Preferred Stock	1,883		0.39		1,883		0.39		5,649		1.17		5,649		1.17
Series C Preferred Stock	2,156		0.54		2,156		0.54		6,468		1.62		6,325		1.58
Series D Preferred Stock	166		0.44		—		—		498		1.31		—		—
Series E Preferred Stock	688		0.72		—		—		1,868		1.95		—		—
Common Stock	34,796		0.39		30,992		0.45		105,224		1.21		92,246		1.35

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Income Taxes - Tax Provision (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Examination [Line Items]
Income tax expense (benefit)	$ 12	$ 224	$ 214	$ 328

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Equity Method Investments and Joint Ventures [Abstract]

Equity (Summary of Common Stock Outstanding) (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Noncontrolling Interest [Line Items]
Common stock, shares outstanding	90,661,736	68,234,160	90,661,736	68,234,160
Shares repurchased (in shares)	0	0	62,300	1,084,336
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	85,041,913	67,161,740	83,000,488	63,812,215
Stock Issued During Period, Shares, New Issues	5,612,166	1,066,221	7,715,891	5,500,082
Shares repurchased	0	0	(62,300)	(1,084,336)
Ending balance (in shares)	90,661,736	68,234,160	90,661,736	68,234,160
Operating Partnership Units [Member]
Noncontrolling Interest [Line Items]
Stock issued during period, shares, conversion of units	7,657	6,199	7,657	6,199
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued during period, shares, conversion of units	7,657	6,199	7,657	6,199

Investments in Unconsolidated Entities (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Investments in Unconsolidated Entities

The following table provides details about the Company's investments in unconsolidated entities as of September 30, 2024 and December 31, 2023:

Percentage Ownership
of Unconsolidated Entity

Investment in Unconsolidated Entity

Form of Investment

September 30, 2024

December 31, 2023

Loan Originators:

LendSure Mortgage Corp.(1)(2)

Common shares

62.9%

49.9%

Other(1)

Various

10.0%–50.0%

45.0%–50.0%

Co-investments with Ellington affiliate(s)(1):

Elizon DB 2015-1 LLC(3)(4)

Membership Interest

34.2%

30.4%

Elizon NM CRE 2020-1 LLC(3)(5)

Membership Interest

20.7%

11.5%

Elizon CH CRE 2021-1 LLC(3)(6)

Membership Interest

40.0%

29.2%

Equity investments in securitization-related vehicles, including risk retention vehicles(7)

Membership Interest

24.6%–84.5%

Other:

Jepson Holdings Limited(1)(3)

Membership Interest

4.5%

7.9%

Other(1)(3)(8)

Various

6.1%–79.0%

(1)See Note 16 for additional details on the Company's related party transactions.

(8)Includes interest in affiliate and interest in warehouse facilities; see Note 16—Investment in Affiliate and —Participation in CLO Transactions, respectively, for additional details.

Financial Derivatives (Credit Default Swaps) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Financial derivatives–assets, at fair value	$ 149,679	$ 143,996
Financial derivatives–liabilities, at fair value-	(49,243)	(61,776)
Fair Value	(100,436)	(82,220)
Credit default swaps on asset-backed indices
Derivative [Line Items]
Financial derivatives–assets, at fair value	1,928	3,318
Financial derivatives–liabilities, at fair value-	0	(32)
Credit default swaps on asset-backed indices \| Financial Derivatives - Assets \| Long
Derivative [Line Items]
Notional Amount	(214)	(230)
Financial derivatives–assets, at fair value	$ 11	$ 12
Credit default swaps on asset-backed indices \| Financial Derivatives - Assets \| Long \| Weighted Average
Derivative [Line Items]
Remaining Years to Maturity	13 years 2 months 26 days	13 years 11 months 26 days
Credit default swaps on asset-backed indices \| Financial Derivatives - Assets \| Short
Derivative [Line Items]
Notional Amount	$ (36,858)	$ (42,101)
Financial derivatives–assets, at fair value	$ 1,917	$ 3,306
Credit default swaps on asset-backed indices \| Financial Derivatives - Assets \| Short \| Weighted Average
Derivative [Line Items]
Remaining Years to Maturity	34 years 7 months 2 days	35 years 1 month 9 days
Credit default swaps on asset-backed indices \| Financial Derivatives - Liabilities \| Long
Derivative [Line Items]
Notional Amount	$ 0	$ (60)
Financial derivatives–liabilities, at fair value-	$ 0	$ (32)
Credit default swaps on asset-backed indices \| Financial Derivatives - Liabilities \| Long \| Weighted Average
Derivative [Line Items]
Remaining Years to Maturity	0 days	25 years 2 months 19 days
Credit default swaps on corporate bonds
Derivative [Line Items]
Financial derivatives–assets, at fair value	$ 60	$ 25
Financial derivatives–liabilities, at fair value-	(244)	(225)
Credit default swaps on corporate bonds \| Financial Derivatives - Assets \| Long
Derivative [Line Items]
Notional Amount	(2,000)	(2,000)
Financial derivatives–assets, at fair value	$ 60	$ 25
Credit default swaps on corporate bonds \| Financial Derivatives - Assets \| Long \| Weighted Average
Derivative [Line Items]
Remaining Years to Maturity	1 year 2 months 19 days	1 year 11 months 19 days
Credit default swaps on corporate bonds \| Financial Derivatives - Liabilities \| Short
Derivative [Line Items]
Notional Amount	$ (13,000)	$ (13,000)
Financial derivatives–liabilities, at fair value-	$ (244)	$ (225)
Credit default swaps on corporate bonds \| Financial Derivatives - Liabilities \| Short \| Weighted Average
Derivative [Line Items]
Remaining Years to Maturity	2 years 8 months 19 days	3 years 5 months 19 days
Credit default swaps on corporate bond indices
Derivative [Line Items]
Financial derivatives–assets, at fair value	$ 8,584	$ 7,259
Financial derivatives–liabilities, at fair value-	(24,327)	(15,894)
Credit default swaps on corporate bond indices \| Financial Derivatives - Assets \| Long
Derivative [Line Items]
Notional Amount	(143,742)	(149,000)
Financial derivatives–assets, at fair value	$ 8,584	$ 7,259
Credit default swaps on corporate bond indices \| Financial Derivatives - Assets \| Long \| Weighted Average
Derivative [Line Items]
Remaining Years to Maturity	4 years 14 days	4 years 5 months 19 days
Credit default swaps on corporate bond indices \| Financial Derivatives - Liabilities \| Short
Derivative [Line Items]
Notional Amount	$ (770,782)	$ (537,299)
Financial derivatives–liabilities, at fair value-	$ (24,327)	$ (15,894)
Remaining Years to Maturity	4 years 9 months 21 days	4 years 10 months 2 days
Credit default swaps on asset-backed securities
Derivative [Line Items]
Financial derivatives–assets, at fair value	$ 6	$ 8
Credit default swaps on asset-backed securities \| Financial Derivatives - Assets \| Short
Derivative [Line Items]
Notional Amount	(46)	(45)
Financial derivatives–assets, at fair value	$ 6	$ 8
Credit default swaps on asset-backed securities \| Financial Derivatives - Assets \| Short \| Weighted Average
Derivative [Line Items]
Remaining Years to Maturity	10 years 11 months 26 days	11 years 8 months 26 days
Credit default swaps
Derivative [Line Items]
Notional Amount	$ (674,730)	$ (441,155)
Fair Value	$ 13,993	$ 5,541
Credit default swaps \| Weighted Average
Derivative [Line Items]
Remaining Years to Maturity	6 years 6 months 25 days	7 years 9 months 21 days

Real Estate Owned (Tables)

9 Months Ended

Sep. 30, 2024

Real Estate Owned, Disclosure of Detailed Components [Abstract]

Schedule of Real Estate Owned

The following tables detail activity in the Company's carrying value of REO for the three- and nine-month periods ended September 30, 2024 and 2023:


	Three-Month Period Ended
	September 30, 2024			September 30, 2023
	Number of Properties	Carrying Value		Number of Properties	Carrying Value
		(In thousands)			(In thousands)
Beginning Balance (June 30, 2024 and 2023, respectively)	105	$	25,248	78	$	21,076
Transfers from mortgage loans	44	17,144		25	9,764
Capital expenditures and other adjustments to cost		59			(85)
Adjustments to record at the lower of cost or fair value		(820)			(2,226)
Dispositions	(37)	(11,941)		(24)	(4,959)
Ending Balance (September 30, 2024 and 2023, respectively)	112	$	29,690	79	$	23,570


	Nine-Month Period Ended
	September 30, 2024			September 30, 2023
	Number of Properties	Carrying Value		Number of Properties	Carrying Value
		(In thousands)			(In thousands)
Beginning Balance (December 31, 2023 and 2022, respectively)	81	$	22,085	97	$	28,403
Transfers from mortgage loans	127	42,588		71	21,398
Capital expenditures and other adjustments to cost		433			587
Adjustments to record at the lower of cost or fair value		(2,551)			(2,333)
Dispositions	(96)	(32,865)		(89)	(24,485)
Ending Balance (September 30, 2024 and 2023, respectively)	112	$	29,690	79	$	23,570

Financial Derivatives (Options) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial derivatives–assets, at fair value	$ 149,679	$ 143,996
Derivative [Line Items]
Financial derivatives–assets, at fair value	$ 149,679	$ 143,996

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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Organization and Investment Objective	9 Months Ended
Organization and Investment Objective	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Investment Objective	Organization and Investment Objective Ellington Financial Inc. commenced operations on August 17, 2007 and is a Delaware corporation. Ellington Financial Operating Partnership LLC (the "Operating Partnership"), a 99.3% owned consolidated subsidiary of Ellington Financial Inc., was formed as a Delaware limited liability company on December 14, 2012 and commenced operations on January 1, 2013. All of Ellington Financial Inc.'s operations and business activities are conducted through the Operating Partnership. Ellington Financial Inc., the Operating Partnership, and their consolidated subsidiaries are hereafter collectively referred to as the "Company." All intercompany accounts are eliminated in consolidation. The Company conducts its operations to qualify and be taxed as a real estate investment trust, or "REIT," under the Internal Revenue Code of 1986, as amended (the "Code"), and has elected to be taxed as a corporation effective January 1, 2019. In anticipation of the Company's intended election to be taxed as a REIT under the Code beginning with its 2019 taxable year (the "REIT Election"), the Company implemented an internal restructuring as of December 31, 2018. As part of this restructuring, the Company moved certain of its non-REIT-qualifying investments and financial derivatives to taxable REIT subsidiaries or, "TRSs," and disposed of certain of its investments in non-REIT-qualifying investments and financial derivatives. Ellington Financial Management LLC (the "Manager") is an SEC-registered investment adviser that serves as the Manager to the Company pursuant to the terms of its Seventh Amended and Restated Management Agreement (the "Management Agreement"), which was approved by Ellington Financial Inc.'s Board of Directors (the "Board of Directors") effective March 13, 2018. The Manager is an affiliate of Ellington Management Group, L.L.C. ("Ellington"), an investment management firm that is registered as both an investment adviser and a commodity pool operator. In accordance with the terms of the Management Agreement, the Manager implements the investment strategy and manages the business and operations on a day-to-day basis for the Company and performs certain services for the Company, subject to oversight by the Board of Directors. On October 3, 2022, the Company completed the acquisition of a controlling interest in Longbridge Financial, LLC ("Longbridge"), a reverse mortgage loan originator and servicer (the "Longbridge Transaction"). As a result of the Longbridge Transaction, the Company consolidates Longbridge's financial results. Additionally, on December 14, 2023, Arlington Asset Investment Corp., a Virginia corporation (“Arlington”), merged with and into EF Merger Sub Inc., a direct wholly-owned subsidiary of the Company, pursuant to the agreement and plan of merger (the “Arlington Merger Agreement”) which was entered into on May 29, 2023 (the “Arlington Merger”). The Company has two reportable segments, the Investment Portfolio Segment and the Longbridge Segment. The Investment Portfolio Segment is focused on investing in a diverse array of financial assets, including residential and commercial mortgage loans; residential mortgage-backed securities, or "RMBS"; commercial mortgage-backed securities, or "CMBS"; investments referencing a portfolio of mortgage servicing rights on forward mortgage loans, or "Forward MSR-related investments"; consumer loans and asset-backed securities, or "ABS," including ABS backed by consumer loans; collateralized loan obligations, or "CLOs"; non-mortgage- and mortgage-related derivatives; debt and equity investments in loan origination companies; and other strategic investments. The Longbridge Segment is focused on the origination and servicing of reverse mortgage loans. Longbridge acquires reverse mortgage loans both through its origination activities and through secondary market purchases. Historically, the majority of loans acquired by Longbridge have been home equity conversion mortgage loans, or "HECMs," which are insured by the Federal Housing Administration, or "FHA." Such loans are generally eligible for securitization into HECM-backed MBS, or "HMBS," which are guaranteed by the Government National Mortgage Association, or "GNMA." Longbridge is an approved issuer of HMBS, and it transfers HECM loans into HMBS, which it then sells in the secondary market while retaining the servicing rights on the underlying HECM loans. Longbridge also originates and purchases non-FHA-insured reverse mortgage loans originated under guidelines established by private lenders, which the Company refers to as "Proprietary reverse mortgage loans." Proprietary reverse mortgage loans typically carry loan balances or credit lines that exceed FHA limits or have other characteristics that make them ineligible for FHA insurance.

Investment in Loans (Schedule of Commercial Loans: Geographic Distribution) (Details) - Geographic Concentration Risk [Member] - Commercial mortgage loans - Financing Receivables, Unpaid Principal Balance [Member]	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	100.00%	100.00%
FLORIDA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	18.50%	13.90%
NEW YORK
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	6.50%	8.90%
NEW JERSEY
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	4.00%	0.00%
VIRGINIA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	3.20%	0.00%
CONNECTICUT
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	6.00%	3.20%
MASSACHUSETTS
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2.00%	3.80%
ARIZONA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2.40%	7.50%
PENNSYLVANIA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2.50%	2.70%
ILLINOIS
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	18.40%	18.60%
Other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2.50%	0.00%
OHIO
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	5.10%	5.50%
MICHIGAN
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	4.10%	4.50%
TEXAS
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	8.60%	15.60%
GEORGIA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	6.60%	5.30%
OKLAHOMA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	0.00%	6.00%
LOUISIANA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2.00%	2.20%
ALABAMA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	3.70%	2.30%
COLORADO
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	3.90%	0.00%

Investment in Securities (Summary of Investment Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Securities, Available-for-sale [Line Items]
Interest Income	$ 107,281	$ 96,216	$ 309,272	$ 271,482
Agency RMBS
Securities, Available-for-sale [Line Items]
Coupon Interest	5,673	10,894	21,470	29,746
Net Amortization	(239)	(403)	(2,109)	(4,318)
Interest Income	5,434	10,491	19,361	25,428
Non-Agency RMBS and CMBS
Securities, Available-for-sale [Line Items]
Coupon Interest	7,663	7,811	22,468	21,629
Net Amortization	(1,053)	(95)	(2,460)	(136)
Interest Income	6,610	7,716	20,008	21,493
CLOs
Securities, Available-for-sale [Line Items]
Coupon Interest	5,719	1,205	11,333	3,038
Net Amortization	(1,800)	(372)	(3,280)	(391)
Interest Income	3,919	833	8,053	2,647
Other Securities
Securities, Available-for-sale [Line Items]
Coupon Interest	7,934	6,107	22,838	17,590
Net Amortization	293	(1,865)	(5,442)	(4,260)
Interest Income	8,227	4,242	17,396	13,330
Securities Investment [Member]
Securities, Available-for-sale [Line Items]
Coupon Interest	26,989	26,017	78,109	72,003
Net Amortization	(2,799)	(2,735)	(13,291)	(9,105)
Interest Income	$ 24,190	$ 23,282	$ 64,818	$ 62,898

Amount of operating interest income, including, but not limited to, amortization and accretion of premiums and discounts on securities.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net increase (decrease) in shareholders' equity resulting from operations
Net income (loss) attributable to common stockholders	$ 16,175	$ 6,591	$ 95,437	$ 48,405
Add: Net income (loss) attributable to Convertible Non-controlling Interests	156	80	925	591
Net income (loss) related to common stockholders and Convertible Non-controlling Interests	16,331	6,671	96,362	48,996
Dividends Paid:
Dividends	(34,796)	(30,992)	(105,224)	(92,246)
Undistributed (Distributed in excess of) earnings:
Total undistributed (distributed in excess of) earnings	$ (18,465)	$ (24,321)	$ (8,862)	$ (43,250)
Weighted average shares outstanding (basic and diluted):
Weighted average shares outstanding (basic and diluted) (in shares)	88,039,194	68,604,682	86,401,815	68,027,707
Basic earnings per share of common stock:
Distributed (in usd per share)	$ 0.39	$ 0.45	$ 1.21	$ 1.35
Undistributed (Distributed in excess of) (in usd per share)	(0.20)	(0.35)	(0.09)	(0.63)
Basic earnings per common share (in usd per share)	0.19	0.10	1.12	0.72
Diluted earnings per share of common stock:
Distributed (in usd per share)	0.39	0.45	1.21	1.35
Undistributed (Distributed in excess of) (usd per share)	(0.20)	(0.35)	(0.09)	(0.63)
Diluted earnings per common share (in usd per share)	$ 0.19	$ 0.10	$ 1.12	$ 0.72
Net increase (decrease) in equity resulting from operations	$ 200	$ 400	$ 800	$ 2,500
Net increase (decrease) in equity resulting from operations	200	400	800	2,500
Common Stock
Dividends Paid:
Dividends	(34,468)	(30,626)	(104,223)	(91,146)
Undistributed (Distributed in excess of) earnings:
Total undistributed (distributed in excess of) earnings	$ (18,293)	$ (24,035)	$ (8,786)	$ (42,741)
Weighted average shares outstanding (basic and diluted):
Weighted average shares outstanding (basic and diluted) (in shares)	87,198,435	67,789,827	85,576,158	67,212,137
Non-controlling Interest
Dividends Paid:
Dividends	$ (328)	$ (366)	$ (1,001)	$ (1,100)
Undistributed (Distributed in excess of) earnings:
Total undistributed (distributed in excess of) earnings	$ (172)	$ (286)	$ (76)	$ (509)
Weighted average shares outstanding (basic and diluted):
Weighted average shares outstanding (basic and diluted) (in shares)	840,759	814,855	825,657	815,570

Financial Derivatives (Schedule of Derivative Activity) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Interest rate swaps
Derivative [Line Items]
Average Monthly Notional	$ 5,877,502	$ 4,309,089
TBA securities
Derivative [Line Items]
Average Monthly Notional	483,077	603,206
Credit default swaps
Derivative [Line Items]
Average Monthly Notional	788,622	497,857
Futures
Derivative [Line Items]
Average Monthly Notional	316,670	246,669
Forwards
Derivative [Line Items]
Average Monthly Notional	23,513	15,567
Warrants
Derivative [Line Items]
Average Monthly Notional	132	1,926
Total return swaps
Derivative [Line Items]
Average Monthly Notional	$ 917	$ 875

Related Party Transactions (Promissory Note to Related Party) (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Dec. 31, 2023

$ 13,136,499

$ 12,164,019

Realized gains (losses) on securities and loans, net

^[1],[2]

13,519,786

12,306,636

(12,243)

$ (17,362)

(52,419)

$ (71,518)

Earnings (losses) from investments in unconsolidated entities

7,281

$ (978)

21,549

$ (3,403)

5,872

6,379

Corporate loan [Member] | Equity Method Investee | Promissory note to equity method investee, effective date May 2021

$ 3,745

$ 5,819

Investment Maturity Date

Dec. 31, 2025

Line of Credit Facility, Maximum Borrowing Capacity

$ 6,000

12.00%

9.00%

$ 1,000

$ 2,335

Corporate loan [Member] | Equity Method Investee | Promissory Note to Equity Method Investee, Effective Date February 2022

$ 1,000

$ 2,335

Investment Maturity Date

Jan. 31, 2025

Line of Credit Facility, Maximum Borrowing Capacity

$ 750

7.00%

$ 625

$ 575

Corporate loan [Member] | Equity Method Investee | Promissory note to equity method investee, effective date December 2022

$ 625

$ 575

Investment Maturity Date

Dec. 16, 2024

Line of Credit Facility, Maximum Borrowing Capacity

$ 3,500

15.00%

$ 1,644

Accounts, Notes, Loans and Financing Receivable [Line Items]

$ 0

$ 1,233

[1]	Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.
[2]	Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

Investment in Loans Investment in Loans (Schedule of Corporate Loans) (Details) - USD ($)
$ in Thousands

9 Months Ended

12 Months Ended

Sep. 30, 2024

Dec. 31, 2023

$ 13,136,499

$ 12,164,019

^[1],[2]

13,519,786

12,306,636

(409,587)

(310,544)

Accounts, Notes, Loans and Financing Receivable [Line Items]

5,872

6,379

3,745

5,819

1,800

600

(278)

5,594

(1,849)

Accounts, Notes, Loans and Financing Receivable [Line Items]

815

2,081

670

1,759

300

(120)

854

1,961

127

$ (269)

$ (329)

Accounts, Notes, Loans and Financing Receivable [Line Items]

4.19%

4.78%

Weighted Average | Corporate loan [Member]

5 years 11 months 23 days

5 years 5 months 1 day

Accounts, Notes, Loans and Financing Receivable [Line Items]

10.53%

10.13%

Weighted Average | Consumer loans

9 months 10 days

1 year 6 months 7 days

Accounts, Notes, Loans and Financing Receivable [Line Items]

Schedule of Equity Method Investments [Line Items]

9 months 10 days

9 months

[1]	Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.
[2]	Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

Investment in Loans (Schedule of Residential Mortgage Loans: Geographic Distribution) (Details) - Financing Receivables, Unpaid Principal Balance [Member] - Residential mortgage loans - Geographic Concentration Risk [Member]	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	100.00%	100.00%
CALIFORNIA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	29.20%	32.20%
FLORIDA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	20.70%	21.40%
TEXAS
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	8.30%	9.50%
UTAH
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2.60%	3.20%
ARIZONA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2.80%	2.70%
COLORADO
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.80%	1.50%
MASSACHUSETTS
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.40%	1.50%
WASHINGTON
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2.30%	1.80%
NEVADA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.50%	1.50%
OREGON
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.30%	1.20%
NEW YORK
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2.10%	1.20%
CONNECTICUT
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.00%	0.00%
MARYLAND
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.40%	0.80%
NORTH CAROLINA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2.30%	2.20%
NEW JERSEY
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2.30%	2.10%
ILLINOIS
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.90%	1.80%
Other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	8.60%	8.60%
GEORGIA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2.90%	2.60%
TENNESSEE
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.30%	1.50%
NEW JERSEY
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	2.70%	2.70%
UNITED STATES
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	98.40%	100.00%
UNITED KINGDOM
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Outstanding Unpaid Principal Balance	1.60%	0.00%

Financial Derivatives (Schedule of Financial Derivatives) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value	$ 149,679	$ 143,996
Financial derivatives–liabilities, at fair value-	(49,243)	(61,776)
Total	100,436	82,220
TBA Securities, Purchase Contracts [Member]
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value	3	2,182
Financial derivatives–liabilities, at fair value-	(660)	0
TBA Securities, Sale Contracts [Member]
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value	1,485	0
Financial derivatives–liabilities, at fair value-	(181)	(5,820)
Interest rate swaps \| Short
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value	65,321	101,881
Financial derivatives–liabilities, at fair value-	(20,137)	(17,944)
Interest rate swaps \| Long
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value	72,134	27,358
Financial derivatives–liabilities, at fair value-	(3,094)	(13,801)
Credit default swaps on asset-backed securities
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value	6	8
Credit default swaps on asset-backed indices
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value	1,928	3,318
Financial derivatives–liabilities, at fair value-	0	(32)
Credit default swaps on corporate bonds
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value	60	25
Financial derivatives–liabilities, at fair value-	(244)	(225)
Credit default swaps on corporate bond indices
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value	8,584	7,259
Financial derivatives–liabilities, at fair value-	(24,327)	(15,894)
Total return swaps
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value	0	6
Futures
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value	105	245
Financial derivatives–liabilities, at fair value-	(334)	(7,990)
Futures \| Short
Derivatives, Fair Value [Line Items]
Total	(229)	(7,745)
Forwards
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value	0	12
Financial derivatives–liabilities, at fair value-	266	70
Warrants
Derivatives, Fair Value [Line Items]
Financial derivatives–assets, at fair value	$ 53	$ 1,702

Real Estate Owned Schedule of Real Estate Owned Activity (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($) property	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($) property
Number of Properties
Beginning Balance \| property	105	78	81	97
Transfers from mortgage loans \| property	44	25	127	71
Disposals \| property	(37)	(24)	(96)	(89)
Ending Balance \| property	112	79	112	79
Carrying Value
Beginning Balance	$ 25,248	$ 21,076	$ 22,085	$ 28,403
Transfers from mortgage loans	17,144	9,764	42,588	21,398
Capital expenditures and other adjustments to cost	59	(85)	433	587
Adjustments to record at the lower of cost or fair value	(820)	(2,226)	(2,551)	(2,333)
Disposals	(11,941)	(4,959)	(32,865)	(24,485)
Ending Balance	$ 29,690	$ 23,570	$ 29,690	$ 23,570

Investments in Unconsolidated Entities (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Dec. 31, 2023

Investments in unconsolidated entities, at fair value(1)

^[1]

$ 188,475

$ 116,414

Earnings (losses) from investments in unconsolidated entities

7,281

$ (978)

21,549

$ (3,403)

Variable Interest Entity, Not Primary Beneficiary

Schedule of Equity Method Investments [Line Items]

Investments in unconsolidated entities, at fair value(1)

$ 160,300

$ 87,800

[1]	Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.

Securitization Transactions (Schedule of Non-Consolidated Non-QM Securitizations (Details) - Non-QM loan securitization, not consolidated $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
December 2022
Securitization Transactions [Line Items]
Total Face Amount of Certificates Issued	$ 365,262
December 2022 \| The Company [Member]
Securitization Transactions [Line Items]
Principal Balance of Loans Transferred to the Depositor	309,998
December 2022 \| non-QM co-participant
Securitization Transactions [Line Items]
Principal Balance of Loans Transferred to the Depositor	55,264
February 2023
Securitization Transactions [Line Items]
Total Face Amount of Certificates Issued	330,367
February 2023 \| The Company [Member]
Securitization Transactions [Line Items]
Principal Balance of Loans Transferred to the Depositor	176,218
February 2023 \| non-QM co-participant
Securitization Transactions [Line Items]
Principal Balance of Loans Transferred to the Depositor	154,149
April 2024
Securitization Transactions [Line Items]
Total Face Amount of Certificates Issued	300,452
April 2024 \| The Company [Member]
Securitization Transactions [Line Items]
Principal Balance of Loans Transferred to the Depositor	194,497
April 2024 \| non-QM co-participant
Securitization Transactions [Line Items]
Principal Balance of Loans Transferred to the Depositor	$ 105,955

Non-controlling Interests	9 Months Ended
Non-controlling Interests	Sep. 30, 2024
Noncontrolling Interest [Abstract]
Non-controlling Interests	Non-controlling Interests Operating Partnership Non-controlling interests include the Convertible Non-controlling Interests in the Operating Partnership owned by an affiliate of our Manager, our directors, and certain current and former Ellington employees and their related parties in the form of OP LTIP Units. Income allocated to Convertible Non-controlling Interests is based on the non-controlling interest owners' ownership percentage of the Operating Partnership during the period, calculated using a daily weighted average of all shares of common stock of the Company and Convertible Non-controlling Interests outstanding during the period. Holders of Convertible Non-controlling Interests are entitled to receive the same distributions that holders of shares of common stock of the Company receive. Convertible Non-controlling Interests are non-voting with respect to matters as to which holders of common stock of the Company are entitled to vote. As of September 30, 2024, the Convertible Non-controlling Interests consisted of the outstanding 814,550 OP LTIP Units and 46,360 OP Units, and represented an interest of approximately 0.7% in the Operating Partnership. As of December 31, 2023, the Convertible Non-controlling Interests consisted of the outstanding 748,955 OP LTIP Units and 46,360 OP Units, and represented an interest of approximately 0.7% in the Operating Partnership. As of September 30, 2024 and December 31, 2023, non-controlling interests related to all outstanding Convertible Non-controlling Interests was $11.9 million and $11.1 million, respectively. Joint Venture Interests Non-controlling interests also include the interests of joint venture partners in various consolidated subsidiaries of the Company. These subsidiaries hold the Company's investments in certain commercial mortgage loans and REO. The joint venture partners participate in the income, expense, gains and losses of such subsidiaries as set forth in the related operating agreements of the subsidiaries. The joint venture partners make capital contributions to the subsidiaries as new approved investments are purchased by the subsidiaries, and are generally entitled to distributions when investments are sold or otherwise disposed of. As of September 30, 2024 and December 31, 2023, the joint venture partners' interests in subsidiaries of the Company were $6.4 million and $4.9 million, respectively. The joint venture partners' interests are not convertible into shares of common stock of the Company or OP Units, nor are the joint venture partners entitled to receive distributions that holders of shares of common stock of the Company receive. Non-Controlling Interests in Longbridge As of December 31, 2023, the Company owned 99.6% of Longbridge; the remainder relates to units held by various executives at Longbridge (the "Longbridge Executive Unit Holders") and stock options issued to various Longbridge employees (collectively, the "Longbridge Minority Holders"). Units held by the Longbridge Executive Unit Holders and exercised stock options participate in the income, expense, gains and losses of Longbridge but do not participate in the income, expense, gains and losses of the Operating Partnership. The Longbridge Minority Holders' interests are not convertible into shares of common stock of the Company or OP Units, nor are the Longbridge Minority Holders' entitled to receive distributions that holders of shares of common stock of the Company receive. Total expense associated with such options is presented under Compensation and benefits on the Statement of Operations. As of December 31, 2023, the Longbridge Minority Holders' interests in Longbridge were $2.4 million. In September 2024, the Company executed the buyout of the Longbridge Minority Holders' interests and as of September 30, 2024, Longbridge was a wholly owned subsidiary of the Company. These transactions are reflected on the Condensed Consolidation Statement of Changes in Equity in Cancellation of employee stock options and Purchase of non-controlling interests.

Investment in Loans (Schedule of Consumer Loans) (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Dec. 31, 2023

Accounts, Notes, Loans and Financing Receivable [Line Items]

$ 13,136,499

$ 12,164,019

(409,587)

(310,544)

^[1],[2]

13,519,786

$ 13,519,786

$ 12,306,636

Accounts, Notes, Loans and Financing Receivable [Line Items]

5 years 11 months 23 days

5 years 5 months 1 day

Accounts, Notes, Loans and Financing Receivable [Line Items]

815

$ 815

$ 2,081

(120)

854

1,961

127

(269)

(329)

Fair value of charged-off loans

670

1,759

Consumer loans | Loans held-for-investment [Member]

300

$ 300

Accounts, Notes, Loans and Financing Receivable [Line Items]

Realized Losses, Write offs on loans

$ (100)

$ (300)

$ (100)

$ (700)

Consumer loans | Weighted Average

Accounts, Notes, Loans and Financing Receivable [Line Items]

Accounts, Notes, Loans and Financing Receivable [Line Items]

9 months 10 days

9 months

Delinquency (Days)

17 days

18 days

[1]	Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.
[2]	Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

Investment in Loans - Schedule of Unpoolable HECM Loans (Details) - USD ($)
$ in Thousands

Sep. 30, 2024

Dec. 31, 2023

$ 13,136,499

$ 12,164,019

Accounts, Notes, Loans and Financing Receivable [Line Items]

^[1],[2]

13,519,786

12,306,636

Reverse mortgage loans

9,102,556

8,568,271

Reverse mortgage loans | Unpoolable HECM loans

9,603,876

8,938,551

Accounts, Notes, Loans and Financing Receivable [Line Items]

28,290

27,953

Reverse mortgage loans | Unpoolable HECM loans | Assignable buyout

23,024

21,972

Accounts, Notes, Loans and Financing Receivable [Line Items]

9,302

8,508

Reverse mortgage loans | Unpoolable HECM loans | Non-assignable buyout

8,211

6,897

Accounts, Notes, Loans and Financing Receivable [Line Items]

14,798

14,562

Reverse mortgage loans | Unpoolable HECM loans | Inactive HECM tail loans

10,623

10,167

Accounts, Notes, Loans and Financing Receivable [Line Items]

4,190

4,883

Organization, Consolidation and Presentation of Financial Statements [Abstract]

$ 4,190

$ 4,908

[1]	Ellington Financial Inc.'s Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.
[2]	Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.

Consolidated VIEs

9 Months Ended

Sep. 30, 2024

Consolidated VIEs

As discussed in Note 2, the Company has interests in entities that it has determined to be VIEs. The following table summarizes the assets and liabilities of the Company's consolidated VIEs that are included on the Company's Condensed Consolidated Balance Sheet as of September 30, 2024 and December 31, 2023. See Note 13 and Note 16 for additional information on the Company's consolidated VIEs.


(In thousands)	September 30, 2024		December 31, 2023
Assets
Cash and cash equivalents	$	7,207	$	178
Restricted cash	8,973		—
Securities, at fair value	65,711		74,226
Loans, at fair value	4,289,622		3,342,478
Forward MSR-related investments, at fair value	76,496		82,273
Investments in unconsolidated entities, at fair value	98,812		63,701
Real estate owned	25,297		16,100
Investment related receivables	33,196		19,929
Other assets	361		469
Total Assets	$	4,605,675	$	3,599,354
Liabilities
Repurchase agreements	$	1,723,513	$	1,244,401
Other secured borrowings	39,013		25,787
Other secured borrowings, at fair value	1,813,755		1,424,668
Interest payable	6,469		1,879
Accrued expenses and other liabilities	970		451
Total Liabilities	3,583,720		2,697,186
Total Stockholders' Equity	1,015,557		897,303
Non-controlling interests	6,398		4,865
Total Equity	1,021,955		902,168
Total Liabilities and Equity	$	4,605,675	$	3,599,354

Offsetting of Assets and Liabilities

9 Months Ended

Sep. 30, 2024

Offsetting of Assets and Liabilities [Abstract]

Offsetting of Assets and Liabilities

The Company generally records financial instruments at fair value as described in Note 2. Financial instruments are generally recorded on a gross basis on the Condensed Consolidated Balance Sheet. In connection with the vast majority of its derivative, reverse repurchase and repurchase agreements, and the related trading agreements, the Company and its counterparties are required to pledge collateral. Cash or other collateral is exchanged as required with each of the Company's counterparties in connection with open derivative positions, and reverse repurchase and repurchase agreements.

The Company has not entered into master netting agreements with any of its counterparties. Certain of the Company's reverse repurchase and repurchase agreements and financial derivative transactions are governed by underlying agreements that generally provide a right of net settlement, as well as a right of offset in the event of default or in the event of a bankruptcy of either party to the transaction.

The following tables present information about certain assets and liabilities representing financial instruments as of September 30, 2024 and December 31, 2023.

September 30, 2024:


Description	Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)		Financial Instruments Available for Offset		Financial Instruments Transferred or Pledged as Collateral(2)(3)		Cash Collateral (Received) Pledged(2)(3)		Net Amount
(In thousands)
Assets
Financial derivatives–assets	$	149,679	$	(48,751)	$	—	$	(53,074)	$	47,854
Reverse repurchase agreements	331,630		(151,336)		(180,294)		—		—
Liabilities
Financial derivatives–liabilities	(49,243)		48,751		—		169		(323)
Repurchase agreements	(2,642,052)		151,336		2,488,680		2,036		—

(1)In the Company's Condensed Consolidated Balance Sheet, all balances associated with repurchase agreements, reverse repurchase agreements, and financial derivatives are presented on a gross basis.

December 31, 2023:


Description	Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)		Financial Instruments Available for Offset		Financial Instruments Transferred or Pledged as Collateral(2)(3)		Cash Collateral (Received) Pledged(2)(3)		Net Amount
(In thousands)
Assets
Financial derivatives–assets	$	143,996	$	(50,301)	$	—	$	(38,812)	$	54,883
Reverse repurchase agreements	173,145		(155,719)		(17,426)		—		—
Liabilities
Financial derivatives–liabilities	(61,776)		50,301		—		3,822		(7,653)
Repurchase agreements	(2,967,437)		155,719		2,822,912		(11,194)		—

(1)In the Company's Condensed Consolidated Balance Sheet, all balances associated with repurchase agreements, reverse repurchase agreements, and financial derivatives are presented on a gross basis.

(2)For the purpose of this presentation, for each row the total amount of financial instruments transferred or pledged and cash collateral (received) or pledged may not exceed the applicable gross amount of assets or (liabilities) as presented here. Therefore, the Company has reduced the amount of financial instruments transferred or pledged as collateral related to the Company's repurchase agreements and cash collateral pledged on the Company's financial derivative liabilities. Total financial instruments transferred or pledged as collateral on the Company's repurchase agreements as of December 31, 2023 was $3.7 billion. As of December 31, 2023, total cash collateral on financial derivative assets and liabilities excludes excess net cash collateral pledged of $(13.9) million and $12.1 million, respectively.

Subsequent Events (Details) - Subsequent Event [Member] - Common Stock - $ / shares	Nov. 07, 2024	Oct. 07, 2024
Subsequent Event [Line Items]
Declared date	Nov. 07, 2024	Oct. 07, 2024
Dividend Per Share (USD per share)	$ 0.13	$ 0.13
Payment Date	Dec. 26, 2024	Nov. 25, 2024
Record Date	Nov. 29, 2024	Oct. 31, 2024

Consolidated Statement of Operations (Parenthetical) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Consolidated Statement of Operations (Parenthetical) [Abstract]

Base management fee to affiliate (Net of fee rebates of $63, $98, $227, and $381, respectively)(1)

$ 63

$ 98

$ 227

$ 381

^[1]

[1]	See Note 16 for further details on management fee rebates.

Valuation

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

Valuation

September 30, 2024:


Description	Level 1		Level 2		Level 3		Total
	(In thousands)
Assets:
Securities, at fair value:
Agency RMBS	$	—	$	383,107	$	11,536	$	394,643
Non-Agency RMBS	—		87,094		87,877		174,971
CMBS	—		19,544		19,393		38,937
CLOs	—		48,985		25,904		74,889
Asset-backed securities, backed by consumer loans	—		—		65,711		65,711
Other ABS	—		—		32,487		32,487
Corporate debt securities	—		—		13,666		13,666
Corporate equity securities	5,550		—		10,220		15,770
U.S. Treasury securities	—		252,700		—		252,700
Loans, at fair value:
Residential mortgage loans	—		—		3,618,233		3,618,233
Commercial mortgage loans	—		—		293,262		293,262
Consumer loans	—		—		670		670
Corporate loans	—		—		3,745		3,745
Reverse mortgage loans	—		—		9,603,876		9,603,876
Forward MSR-related investments, at fair value	—		—		149,831		149,831
MSRs, at fair value	—		—		28,877		28,877
Loan commitments, at fair value	—		—		5,955		5,955
Loan purchase commitments, at fair value	—		—		1,348		1,348
Investment in unconsolidated entities, at fair value	—		—		188,475		188,475
Financial derivatives–assets, at fair value:
Credit default swaps on asset-backed securities	—		—		6		6
Credit default swaps on asset-backed indices	—		1,928		—		1,928
Credit default swaps on corporate bonds	—		60		—		60
Credit default swaps on corporate bond indices	—		8,584		—		8,584
Interest rate swaps	—		137,455		—		137,455
TBAs	—		1,488		—		1,488
Warrants	—		53		—		53
Futures	105		—		—		105
Total assets	$	5,655	$	940,998	$	14,161,072	$	15,107,725


Description	Level 1		Level 2		Level 3		Total
(continued)	(In thousands)
Liabilities:
Securities sold short, at fair value:
Government debt	$	—	$	(304,918)	$	—	$	(304,918)
Financial derivatives–liabilities, at fair value:
Credit default swaps on corporate bonds	—		(244)		—		(244)
Credit default swaps on corporate bond indices	—		(24,327)		—		(24,327)
Interest rate swaps	—		(23,231)		—		(23,231)
TBAs	—		(841)		—		(841)
Futures	(334)		—		—		(334)
Forwards	—		(266)		—		(266)
Other secured borrowings, at fair value	—		—		(1,813,755)		(1,813,755)
HMBS-related obligations, at fair value	—		—		(8,790,589)		(8,790,589)
Unsecured borrowings, at fair value	—		—		(278,128)		(278,128)
Total liabilities	$	(334)	$	(353,827)	$	(10,882,472)	$	(11,236,633)

December 31, 2023:


Description	Level 1		Level 2		Level 3		Total
	(In thousands)
Assets:
Securities, at fair value:
Agency RMBS	$	—	$	847,712	$	5,512	$	853,224
Non-Agency RMBS	—		150,349		155,240		305,589
CMBS	—		31,289		14,143		45,432
CLOs	—		17,539		20,439		37,978
Asset-backed securities, backed by consumer loans	—		—		74,226		74,226
Other ABS	—		—		7,696		7,696
Corporate debt securities	—		—		8,041		8,041
Corporate equity securities	8,834		—		12,294		21,128
U.S. Treasury securities	—		165,063		—		165,063
Loans, at fair value:
Residential mortgage loans	—		—		3,093,912		3,093,912
Commercial mortgage loans	—		—		266,595		266,595
Consumer loans	—		—		1,759		1,759
Corporate loans	—		—		5,819		5,819
Reverse mortgage loans	—		—		8,938,551		8,938,551



Forward MSR-related investments, at fair value	—		—		163,336		163,336
MSRs, at fair value	—		—		29,580		29,580
Servicing asset, at fair value	—		—		1,327		1,327
Loan commitments, at fair value	—		—		2,584		2,584
Investment in unconsolidated entities, at fair value	—		—		116,414		116,414


Description	Level 1		Level 2		Level 3		Total
(continued)	(In thousands)
Financial derivatives–assets, at fair value:
Credit default swaps on asset-backed securities	$	—	$	—	$	8	$	8
Credit default swaps on asset-backed indices	—		3,318		—		3,318
Credit default swaps on corporate bonds	—		25		—		25
Credit default swaps on corporate bond indices	—		7,259		—		7,259
Interest rate swaps	—		129,239		—		129,239
Total return swaps	—		—		6		6
TBAs	—		2,182		—		2,182
Warrants	—		1,702		—		1,702
Futures	245		—		—		245
Forwards	—		12		—		12
Total assets	$	9,079	$	1,355,689	$	12,917,482	$	14,282,250



Liabilities:
Securities sold short, at fair value:
Government debt	$	—	$	(154,303)	$	—	$	(154,303)
Financial derivatives–liabilities, at fair value:
Credit default swaps on asset-backed indices	—		(32)		—		(32)
Credit default swaps on corporate bonds	—		(225)		—		(225)
Credit default swaps on corporate bond indices	—		(15,894)		—		(15,894)
Interest rate swaps	—		(31,745)		—		(31,745)
TBAs	—		(5,820)		—		(5,820)
Futures	(7,990)		—		—		(7,990)
Forwards	—		(70)		—		(70)
Other secured borrowings, at fair value	—		—		(1,424,668)		(1,424,668)
HMBS-related obligations, at fair value	—		—		(8,423,235)		(8,423,235)
Unsecured borrowings, at fair value	—		—		(272,765)		(272,765)
Total liabilities	$	(7,990)	$	(208,089)	$	(10,120,668)	$	(10,336,747)

Three-Month Period Ended September 30, 2024


(In thousands)	Beginning Balance as of June 30, 2024		Accreted Discounts / (Amortized Premiums)		Net Realized Gain/ (Loss)		Change in Net Unrealized Gain/(Loss)		Purchases/Payments(1)		Sales/ Issuances(2)		Transfers Into Level 3		Transfers Out of Level 3		Ending Balance as of September 30, 2024
Assets:
Securities, at fair value:
Agency RMBS	$	7,482	$	(317)	$	91	$	586	$	4,656	$	(983)	$	277	$	(256)	$	11,536
Non-Agency RMBS	84,811		(1,130)		(326)		3,428		29,207		(19,579)		918		(9,452)		87,877
CMBS	18,245		197		157		406		—		(3,483)		6,111		(2,240)		19,393
CLOs	35,697		(1,513)		363		(193)		—		(8,611)		2,103		(1,942)		25,904
Asset-backed securities backed by consumer loans	68,924		(1,304)		(5,469)		2,869		7,113		(6,422)		—		—		65,711
Other ABS	31,196		(178)		—		2,291		1,062		(1,884)		—		—		32,487
Corporate debt securities	15,066		—		637		(1,030)		6,232		(7,239)		—		—		13,666
Corporate equity securities	10,162		—		—		(98)		156		—		—		—		10,220
Loans, at fair value:
Residential mortgage loans	3,101,615		(218)		(7,250)		83,967		867,769		(427,650)		—		—		3,618,233
Commercial mortgage loans	266,220		31		—		(1,775)		52,597		(23,811)		—		—		293,262
Consumer loans	949		(51)		(9)		(4)		13		(228)		—		—		670
Corporate loans	4,933		—		—		(1,188)		100		(100)		—		—		3,745
Reverse mortgage loans(3)	9,472,389		—		(19)		180,728		478,484		(527,706)		—		—		9,603,876
Forward MSR-related investments, at fair value	158,031		4,041		—		(4,521)		—		(7,720)		—		—		149,831
MSRs, at fair value(3)	29,538		—		—		(661)		—		—		—		—		28,877
Loan commitments, at fair value	5,623		—		—		332		—		—		—		—		5,955
Loan purchase commitments, at fair value	275		—		—		1,073		—		—		—		—		1,348
Investments in unconsolidated entities, at fair value	163,182		—		—		7,281		56,785		(38,773)		—		—		188,475
Financial derivatives–assets, at fair value:
Credit default swaps on asset-backed securities	8		—		—		(2)		—		—		—		—		6
Total return swaps	3		—		(4)		(3)		5		(1)		—		—		—
Total assets, at fair value	$	13,474,349	$	(442)	$	(11,829)	$	273,486	$	1,504,179	$	(1,074,190)	$	9,409	$	(13,890)	$	14,161,072
Liabilities:
Servicing liability, at fair value	$	(232)	$	—	$	590	$	(358)	$	—	$	—	$	—	$	—	$	—
Other secured borrowings, at fair value	(1,585,838)		(2,890)		—		(59,288)		41,442		(207,181)		—		—		(1,813,755)
Unsecured borrowings, at fair value	(269,069)		—		—		(9,059)		—		—		—		—		(278,128)
HMBS-related obligations, at fair value	(8,832,058)		—		—		(133,837)		527,944		(352,638)		—		—		(8,790,589)
Total liabilities, at fair value	$	(10,687,197)	$	(2,890)	$	590	$	(202,542)	$	569,386	$	(559,819)	$	—	$	—	$	(10,882,472)

(1)For Investments in unconsolidated entities, at fair value, amount represents contributions to investments in unconsolidated entities.

(2)For Investments in unconsolidated entities, at fair value, amount represents distributions from investments in unconsolidated entities.

(3)Change in net unrealized gain (loss) represents the net change in fair value which can include interest income and realized and unrealized gains and losses.


(In thousands)	Three-Month Period Ended September 30, 2024
Securities, at fair value	$	6,909
Loans, at fair value	261,765
Forward MSR-related investments	(4,521)
MSRs	(661)
Loan commitments	332
Loan purchase commitments	1,073
Investments in unconsolidated entities	3,854
Financial derivatives-assets	(3)
Other secured borrowings, at fair value	(59,288)
Unsecured borrowings, at fair value	(9,059)
HMBS-related obligations, at fair value	(133,837)

Three-Month Period Ended September 30, 2023


(In thousands)	Beginning Balance as of June 30, 2023		Accreted Discounts / (Amortized Premiums)		Net Realized Gain/ (Loss)		Change in Net Unrealized Gain/(Loss)		Purchases/Payments(1)		Sales/Issuances(2)		Transfers Into Level 3		Transfers Out of Level 3		Ending Balance as of September 30, 2023
Assets:
Securities, at fair value:
Agency RMBS	$	5,355	$	(353)	$	(358)	$	188	$	—	$	(597)	$	183	$	(352)	$	4,066
Non-Agency RMBS	168,609		(239)		(124)		(4,375)		9,739		(1,729)		534		(2,190)		170,225
CMBS	12,308		130		26		(904)		1,314		(318)		1,576		(720)		13,412
CLOs	19,733		(359)		(6,183)		5,729		2,069		(134)		550		(5,535)		15,870
Asset-backed securities backed by consumer loans	77,139		(1,885)		(4,864)		11		18,070		(7,947)		—		—		80,524
Other ABS	—		26		—		7		1,252		—		—		—		1,285
Corporate debt securities	9,633		—		306		(107)		2,209		(1,749)		—		—		10,292
Corporate equity securities	10,736		—		(206)		218		479		(934)		—		—		10,293
Loans, at fair value:
Residential mortgage loans	2,993,683		(2,176)		913		(25,384)		393,880		(373,401)		—		—		2,987,515
Commercial mortgage loans	348,360		—		2		(4,647)		63,567		(116,338)		—		—		290,944
Consumer loans	3,059		(199)		(192)		194		137		(591)		—		—		2,408
Corporate loans	6,532		—		—		—		544		(453)		—		—		6,623
Reverse mortgage loans(3)	8,471,061		—		—		98,686		435,094		(371,459)		—		—		8,633,382
MSRs, at fair value(3)	7,473		—		—		22,180		—		—		—		—		29,653
Servicing asset, at fair value	1,304		—		—		991		—		—		—		—		2,295
Loan commitments, at fair value	3,800		—		—		(48)		—		—		—		—		3,752
Investments in unconsolidated entities, at fair value	118,420		—		2,301		(3,279)		42,289		(46,257)		—		—		113,474
Financial derivatives–assets, at fair value:
Credit default swaps on asset-backed securities	76		—		—		—		—		—		—		—		76
Total return swaps	—		—		30		16		—		(30)		—		—		16
Total assets, at fair value	$	12,257,281	$	(5,055)	$	(8,349)	$	89,476	$	970,643	$	(921,937)	$	2,843	$	(8,797)	$	12,376,105
Liabilities:
Other secured borrowings, at fair value	(1,472,368)		(308)		—		18,660		49,449		—		—		—		(1,404,567)
Unsecured borrowings, at fair value	(185,325)		—		—		(4,410)		—		—		—		—		(189,735)
HMBS-related obligations, at fair value	(8,055,288)		—		—		(115,729)		357,638		(368,543)		—		—		(8,181,922)
Total liabilities, at fair value	$	(9,712,981)	$	(308)	$	—	$	(101,479)	$	407,087	$	(368,543)	$	—	$	—	$	(9,776,224)

(1)For Investments in unconsolidated entities, at fair value, amount represents contributions to investments in unconsolidated entities.

(2)For Investments in unconsolidated entities, at fair value, amount represents distributions from investments in unconsolidated entities.

(3)Change in net unrealized gain (loss) represents the net change in fair value which can include interest income and realized and unrealized gains and losses.

All amounts of net realized and change in net unrealized gain (loss) in the table above are reflected in the accompanying Condensed Consolidated Statement of Operations. The table above incorporates changes in net unrealized gain (loss) for both Level 3 financial instruments held by the Company at September 30, 2023, as well as Level 3 financial instruments disposed of by the Company during the three-month period ended September 30, 2023. The following table details the change in net unrealized gain (loss) for Level 3 financial instruments still held by the Company at September 30, 2023.


(In thousands)	Three-Month Period Ended September 30, 2023
Securities, at fair value	$	1,333
Loans, at fair value	68,576
MSRs	22,180
Servicing asset	991
Loan commitments	(48)
Investments in unconsolidated entities	(4,022)
Financial derivatives-assets	16
Other secured borrowings, at fair value	18,660
Unsecured borrowings, at fair value	(4,410)
HMBS-related obligations, at fair value	(115,729)

Nine-Month Period Ended September 30, 2024


(In thousands)	Beginning Balance as of December 31, 2023		Accreted Discounts / (Amortized Premiums)		Net Realized Gain/ (Loss)		Change in Net Unrealized Gain/(Loss)		Purchases/Payments(1)		Sales/ Issuances(2)		Transfers Into Level 3		Transfers Out of Level 3		Ending Balance as of September 30, 2024
Assets:
Securities, at fair value:
Agency RMBS	$	5,512	$	(688)	$	59	$	207	$	5,564	$	(1,114)	$	2,935	$	(939)	$	11,536
Non-Agency RMBS	155,240		(2,684)		(4,186)		24,159		51,618		(121,468)		2,069		(16,871)		87,877
CMBS	14,143		635		294		(190)		6,092		(4,580)		6,963		(3,964)		19,393
CLOs	20,439		(2,189)		(3,061)		905		69,421		(50,793)		3,711		(12,529)		25,904
Asset-backed securities backed by consumer loans	74,226		(5,129)		(7,734)		2,949		23,212		(21,813)		—		—		65,711
Other ABS	7,696		(23)		—		3,936		23,456		(2,578)		—		—		32,487
Corporate debt securities	8,041		—		160		(350)		15,641		(9,826)		—		—		13,666
Corporate equity securities	12,294		—		549		(605)		320		(2,338)		—		—		10,220
Loans, at fair value:
Residential mortgage loans	3,093,912		(2,042)		(12,716)		104,743		2,063,012		(1,628,676)		—		—		3,618,233
Commercial mortgage loans	266,595		31		(44)		43		268,006		(241,369)		—		—		293,262
Consumer loans	1,759		(286)		17		(1)		153		(972)		—		—		670
Corporate loans	5,819		—		—		(1,288)		828		(1,614)		—		—		3,745
Reverse mortgage loans(3)	8,938,551		—		(19)		532,180		1,217,247		(1,084,083)		—		—		9,603,876
Forward MSR-related investments, at fair value	163,336		11,285		—		(1,579)		—		(23,211)		—		—		149,831
MSRs, at fair value(3)	29,580		—		—		(703)		—		—		—		—		28,877
Servicing asset, at fair value	1,327		—		590		(1,917)		—		—		—		—		—
Loan commitments, at fair value	2,584		—		—		3,371		—		—		—		—		5,955
Loan purchase commitments, at fair value	—		—		—		1,348		—		—		—		—		1,348
Investments in unconsolidated entities, at fair value	116,414		—		7,948		13,601		244,116		(193,604)		—		—		188,475
Financial derivatives–assets, at fair value:
Credit default swaps on asset-backed securities	8		—		(1)		(2)		1		—		—		—		6
Total return swaps	6		—		33		(6)		6		(39)		—		—		—
Total assets, at fair value	$	12,917,482	$	(1,090)	$	(18,111)	$	680,801	$	3,988,693	$	(3,388,078)	$	15,678	$	(34,303)	$	14,161,072
Liabilities:
Other secured borrowings, at fair value	(1,424,668)		(3,532)		—		(73,327)		115,638		(427,866)		—		—		(1,813,755)
Unsecured borrowings, at fair value	(272,765)		—		—		(5,363)		—		—		—		—		(278,128)
HMBS-related obligations, at fair value	(8,423,235)		—		—		(439,491)		1,075,499		(1,003,362)		—		—		(8,790,589)
Total liabilities, at fair value	$	(10,120,668)	$	(3,532)	$	—	$	(518,181)	$	1,191,137	$	(1,431,228)	$	—	$	—	$	(10,882,472)

(1)For Investments in unconsolidated entities, at fair value, amount represents contributions to investments in unconsolidated entities.

(2)For Investments in unconsolidated entities, at fair value, amount represents distributions from investments in unconsolidated entities.

(3)Change in net unrealized gain (loss) represents the net change in fair value which can include interest income and realized and unrealized gains and losses.

All amounts of net realized and change in net unrealized gain (loss) in the table above are reflected in the accompanying Condensed Consolidated Statement of Operations. The table above incorporates changes in net unrealized gain (loss) for both Level 3 financial instruments held by the Company at September 30, 2024, as well as Level 3 financial instruments disposed of by the Company during the nine-month period ended September 30, 2024. The following table details the change in net unrealized gain (loss) for Level 3 financial instruments still held by the Company at September 30, 2024.


(In thousands)	Nine-Month Period Ended September 30, 2024
Securities, at fair value	$	11,552
Loans, at fair value	635,425
Forward MSR-related investments	(1,579)
MSRs	(703)
Loan purchase commitments	1,348
Loan commitments	3,371
Investments in unconsolidated entities	6,055
Financial derivatives-assets	(2)
Other secured borrowings, at fair value	(73,327)
Unsecured borrowings, at fair value	(5,363)
HMBS-related obligations, at fair value	(439,491)

Nine-Month Period Ended September 30, 2023


(In thousands)	Beginning Balance as of December 31, 2022		Accreted Discounts / (Amortized Premiums)		Net Realized Gain/ (Loss)		Change in Net Unrealized Gain/(Loss)		Purchases/Payments(1)		Sales/Issuances(2)		Transfers Into Level 3		Transfers Out of Level 3		Ending Balance as of September 30, 2023
Assets:
Securities, at fair value:
Agency RMBS	$	7,027	$	(987)	$	(669)	$	621	$	336	$	(1,561)	$	1,143	$	(1,844)	$	4,066
Non-Agency RMBS	132,502		(78)		1,764		(12,268)		39,654		(32,586)		50,768		(9,531)		170,225
CMBS	12,649		210		23		(3,337)		3,441		(459)		3,101		(2,216)		13,412
CLOs	24,598		(289)		(5,944)		3,778		6,112		(7,009)		2,304		(7,680)		15,870
Asset-backed securities backed by consumer loans	73,644		(4,202)		(11,573)		2,148		47,762		(27,255)		—		—		80,524
Other ABS	—		26		—		7		1,252		—		—		—		1,285
Corporate debt securities	7,533		—		(784)		633		13,463		(10,553)		—		—		10,292
Corporate equity securities	11,111		—		(210)		599		1,573		(2,780)		—		—		10,293
Loans, at fair value:
Residential mortgage loans	3,115,518		(6,408)		(7,614)		13,061		1,073,182		(1,200,224)		—		—		2,987,515
Commercial mortgage loans	404,324		—		2		(54)		127,012		(240,340)		—		—		290,944
Consumer loans	4,843		(675)		(387)		150		587		(2,110)		—		—		2,408
Corporate loans	4,086		—		354		10		3,961		(1,788)		—		—		6,623
Reverse mortgage loans(3)	8,097,237		—		(3)		309,647		1,280,465		(1,053,964)		—		—		8,633,382
MSRs, at fair value(3)	8,108		—		—		21,545		—		—		—		—		29,653
Servicing asset, at fair value	999		—		—		1,296		—		—		—		—		2,295
Loan commitments, at fair value	3,060		—		—		692		—		—		—		—		3,752
Investments in unconsolidated entities, at fair value	127,046		—		2,527		(5,930)		123,891		(134,060)		—		—		113,474
Financial derivatives–assets, at fair value:
Credit default swaps on asset-backed securities	76		—		—		—		—		—		—		—		76
Total return swaps	—		—		30		16		—		(30)		—		—		16
Total assets, at fair value	$	12,034,361	$	(12,403)	$	(22,484)	$	332,614	$	2,722,691	$	(2,714,719)	$	57,316	$	(21,271)	$	12,376,105
Liabilities:
Other secured borrowings, at fair value	$	(1,539,881)	$	(972)	$	—	$	1,133	$	135,153	$	—	$	—	$	—	$	(1,404,567)
Unsecured borrowings, at fair value	(191,835)		—		—		2,100		—		—		—		—		(189,735)
HMBS-related obligations, at fair value	(7,787,155)		—		—		(271,840)		973,755		(1,096,682)		—		—		(8,181,922)
Total liabilities, at fair value	$	(9,518,871)	$	(972)	$	—	$	(268,607)	$	1,108,908	$	(1,096,682)	$	—	$	—	$	(9,776,224)

(1)For Investments in unconsolidated entities, at fair value, amount represents contributions to investments in unconsolidated entities.

(2)For Investments in unconsolidated entities, at fair value, amount represents distributions from investments in unconsolidated entities.

(3)Change in net unrealized gain (loss) represents the net change in fair value which can include interest income and realized and unrealized gains and losses.

All amounts of net realized and change in net unrealized gain (loss) in the table above are reflected in the accompanying Condensed Consolidated Statement of Operations. The table above incorporates changes in net unrealized gain (loss) for both Level 3 financial instruments held by the Company at September 30, 2023, as well as Level 3 financial instruments disposed of by the Company during the nine-month period ended September 30, 2023. The following table details the change in net unrealized gain (loss) for Level 3 financial instruments still held by the Company at September 30, 2023.


(In thousands)	Nine-Month Period Ended September 30, 2023
Securities, at fair value	$	(11,948)
Loans, at fair value	321,962
MSRs, at fair value	21,545
Servicing asset, at fair value	1,296
Loan commitments, at fair value	692
Investments in unconsolidated entities, at fair value	(6,697)
Financial derivatives-assets	16
Other secured borrowings, at fair value	1,133
Unsecured borrowings, at fair value	2,100
HMBS-related obligations, at fair value	(271,840)

The following table summarizes the estimated fair value of all other financial instruments not measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023:


	September 30, 2024				December 31, 2023
(In thousands)	Fair Value		Carrying Value		Fair Value		Carrying Value
Other financial instruments
Assets:
Cash and cash equivalents	$	217,725	$	217,725	$	228,927	$	228,927
Restricted cash	10,578		10,578		1,618		1,618
Due from brokers	16,048		16,048		51,884		51,884
Reverse repurchase agreements	331,630		331,630		173,145		173,145
Liabilities:
Repurchase agreements	2,642,052		2,642,052		2,967,437		2,967,437
Other secured borrowings	284,897		284,897		245,827		245,827
Due to brokers	55,529		55,529		62,442		62,442

The following table identifies the significant unobservable inputs that affect the valuation of the Company's Level 3 assets and liabilities as of September 30, 2024:

September 30, 2024:


	Fair Value		Valuation Technique	Unobservable Input	Range						Weighted Average
Description					Min			Max
	(In thousands)
Non-Agency RMBS	$	28,944	Market Quotes	Non Binding Third-Party Valuation	$	1.14		$	132.18		$	81.84
	58,933		Discounted Cash Flows
	87,877			Yield	0.0		%	99.8		%	10.2		%
				Projected Collateral Prepayments	0.0		%	100.0		%	59.2		%
				Projected Collateral Losses	0.0		%	50.7		%	2.9		%
				Projected Collateral Recoveries	0.0		%	19.1		%	6.1		%
Non-Agency CMBS	16,546		Market Quotes	Non Binding Third-Party Valuation	$	4.39		$	95.12		$	57.41
	2,847		Discounted Cash Flows
	19,393			Yield	8.7		%	21.6		%	14.0		%
				Projected Collateral Losses	0.0		%	80.0		%	6.8		%
				Projected Collateral Recoveries	20.0		%	100.0		%	92.4		%
CLOs	19,502		Market Quotes	Non Binding Third-Party Valuation	$	11.50		$	100.80		$	71.00
	6,402		Discounted Cash Flows
	25,904			Yield	7.8		%	56.3		%	16.3		%
Agency interest only RMBS	2,846		Market Quotes	Non Binding Third-Party Valuation	$	2.13		$	19.09		$	14.13
	8,690		Option Adjusted Spread ("OAS")
	11,536			LIBOR OAS(1)	24			3,287			449
				Projected Collateral Prepayments	0.0		%	100.0		%	51.2		%



ABS	23,707		Market Quotes	Non Binding Third-Party Valuation	$	4.85		$	94.53		$	72.77
	74,491		Discounted Cash Flows
	98,198			Yield	9.0		%	34.6		%	11.4		%
				Projected Collateral Prepayments	0.0		%	82.6		%	18.5		%
				Projected Collateral Losses	0.0		%	34.8		%	18.6		%



Corporate debt and equity	23,886		Discounted Cash Flows	Yield	0.0		%	108.0		%	16.5		%
Performing and re-performing residential mortgage loans	1,885,115		Discounted Cash Flows	Yield	0.6		%	33.0		%	8.1		%
Securitized residential mortgage loans(2)(3)	1,521,420		Market Quotes	Non Binding Third-Party Valuation	$	27.36		$	103.59		$	90.45
	59,762		Discounted Cash Flows
	1,581,182			Yield	2.6		%	10.4		%	4.5		%
Non-performing residential mortgage loans	151,936		Discounted Cash Flows	Yield	0.0		%	56.6		%	13.3		%
				Recovery Amount	4.6		%	247.4		%	103.8		%
				Months to Resolution	3.0			125.9			23.3
Performing commercial mortgage loans	221,457		Discounted Cash Flows	Yield	9.6		%	13.0		%	11.2		%
Non-performing commercial mortgage loans	71,805		Discounted Cash Flows	Yield	0.5		%	22.0		%	13.2		%
				Recovery Amount	0.0		%	103.1		%	42.0		%
				Months to Resolution	2.0			9.0			6.1


	Fair Value	Valuation Technique	Unobservable Input	Range						Weighted Average
Description				Min			Max
(continued)	(In thousands)
Consumer loans	670	Discounted Cash Flows	Yield	8.9		%	12.8		%	11.4		%
			Projected Collateral Prepayments	—		%	28.9		%	10.8		%
			Projected Collateral Losses	0.3		%	93.8		%	23.5		%
Corporate loans	3,745	Discounted Cash Flows	Yield	6.9		%	32.0		%	15.6		%
Reverse Mortgage Loans—HECM	8,996,923	Discounted Cash Flows	Yield	2.5		%	5.8		%	4.1		%
			Conditional Prepayment Rate	1.8		%	35.0		%	7.5		%
Reverse Mortgage Loans—HECM buyouts	18,834	Discounted Cash Flows	Yield	7.7		%	14.1		%	10.3		%
			Months to Resolution	1.0			73.0			20.5
Reverse Mortgage Loans—Unsecuritized Proprietary	197,558	Discounted Cash Flows	Yield	6.5		%	8.2		%	7.2		%
			Conditional Prepayment Rate	12.0		%	41.7		%	14.9		%
Reverse Mortgage Loans—Securitized Proprietary(2)	390,561	Market Quotes	Non Binding Third-Party Valuation	$	92.21		$	114.42		$	109.82
			Yield	6.4		%	9.1		%	6.7		%
Forward MSR-related investments	149,831	Discounted Cash Flows	Yield	9.5		%	9.5		%	9.5		%
			Conditional Prepayment Rate	6.3		%	6.3		%	6.3		%
MSRs	28,877	Discounted Cash Flows	Yield	17.4		%	17.4		%	17.4		%
			Conditional Prepayment Rate	10.1		%	35.5		%	15.1		%
Loan Purchase Commitments	1,348	Transaction Price	Yield	6.3		%	6.7		%	6.5		%
Loan Commitments	5,955	Discounted Cash Flows	Pull-through rate	60.6		%	99.4		%	73.2		%
			Cost to originate	3.5		%	7.2		%	5.1		%
Investment in unconsolidated entities—Loan origination entities	38,351	Enterprise Value	Equity Price-to-Book(4)	1.2x			1.6x			1.4x
Investment in unconsolidated entities—Other	147,424	Enterprise Value	Net Asset Value	n/a			n/a			n/a
Investment in unconsolidated entities—Loan origination-related entities	2,700	Recent Transactions	Transaction Price	n/a			n/a			n/a
	188,475



Credit default swaps on asset-backed securities	6	Net Discounted Cash Flows	Projected Collateral Prepayments	22.9		%	22.9		%	22.9		%
			Projected Collateral Losses	8.6		%	8.6		%	8.6		%
			Projected Collateral Recoveries	12.3		%	12.3		%	12.3		%
Other secured borrowings, at fair value(2)	(1,813,755)	Market Quotes	Non Binding Third-Party Valuation	$	50.00		$	103.59		$	91.58
			Yield	5.4%			9.9%			6.2%
			Projected Collateral Prepayments	9.5%			100.0%			96.9%
HMBS-related obligations, at fair value	(8,790,589)	Discounted Cash Flows	Yield	2.4%			5.6%			4.0%
			Conditional Prepayment Rate	6.7%			35.0%			7.5%
Unsecured borrowings, at fair value	(278,128)	Market Quotes	Non Binding Third-Party Valuation	$	75.00		$	99.12		$	93.59

(1)Shown in basis points.

(3)Includes $55.1 million of non-performing securitized residential mortgage loans.

Third-party non-binding valuations are validated by comparing such valuations to internally generated prices based on the Company's or third-party models and, when available, to recent trading activity in the same or similar instruments.

For those instruments valued using discounted and net discounted cash flows, collateral prepayments, losses, recoveries, and scheduled amortization are projected over the remaining life of the collateral and expressed as a percentage of the collateral's current principal balance. Averages are weighted based on the fair value of the related instrument. In the case of credit default swaps on asset-backed securities, averages are weighted based on each instrument's bond equivalent value. Bond equivalent value represents the investment amount of a corresponding position in the reference obligation, calculated as the difference between the outstanding principal balance of the underlying reference obligation and the fair value, inclusive of accrued interest, of the derivative contract. For those assets valued using the LIBOR Option Adjusted Spread ("LIBOR OAS") valuation methodology, cash flows are projected using the Company's models over multiple interest rate scenarios, and these projected cash flows are then discounted using the LIBOR rates (which are calculated by using an assumed spread over projected SOFR rates) implied by each interest rate scenario. The LIBOR OAS of an asset is then computed as the unique constant yield spread that, when added to all LIBOR rates in each interest rate scenario generated by the model, will equate (a) the expected present value of the projected asset cash flows over all model scenarios to (b) the actual current market price of the asset. LIBOR OAS is therefore model-dependent. Generally speaking, LIBOR OAS measures the additional yield spread over LIBOR that an asset provides at its current market price after taking into account any interest rate options embedded in the asset. The Company considers the expected timeline to resolution in the determination of fair value for its non-performing commercial and residential mortgage loans.

Material changes in any of the inputs above in isolation could result in a significant change to reported fair value measurements. Additionally, fair value measurements are impacted by the interrelationships of these inputs. For example, for instruments subject to prepayments and credit losses, such as non-Agency RMBS and consumer loans and ABS backed by consumer loans, a higher expectation of collateral prepayments will generally be accompanied by a lower expectation of collateral losses. Conversely, higher losses will generally be accompanied by lower prepayments. Because the Company's credit default swaps on asset-backed security holdings represent credit default swap contracts whereby the Company has purchased credit protection, such credit default swaps on asset-backed securities generally have the directionally opposite sensitivity to prepayments, losses, and recoveries as compared to the Company's long securities holdings. Prepayments do not represent a significant input for the Company's commercial mortgage-backed securities and commercial mortgage loans. Losses and recoveries do not represent a significant input for the Company's Agency RMBS interest only securities, given the guarantee of the issuing government agency or government-sponsored enterprise.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Derivatives

9 Months Ended

Sep. 30, 2024

Financial Derivatives

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company manages certain risks associated with its investments and borrowings, including interest rate, credit, liquidity, and foreign exchange rate risk primarily by managing the amount, sources, and duration of its investments and borrowings, and through the use of derivative financial instruments. The Company's derivative financial instruments are used to manage differences in the amount, timing, and duration of its known or expected cash receipts and its known or expected cash payments principally related to its investments and borrowings.

The following table details the fair value of the Company's holdings of financial derivatives as of September 30, 2024 and December 31, 2023:


	September 30, 2024		December 31, 2023
(In thousands)
Financial derivatives–assets, at fair value:
TBA securities purchase contracts	$	3	$	2,182
TBA securities sale contracts	1,485		—
Fixed payer interest rate swaps	65,321		101,881
Fixed receiver interest rate swaps	72,134		27,358
Credit default swaps on asset-backed securities	6		8
Credit default swaps on asset-backed indices	1,928		3,318
Credit default swaps on corporate bonds	60		25
Credit default swaps on corporate bond indices	8,584		7,259
Total return swaps	—		6
Futures	105		245
Forwards	—		12
Warrants	53		1,702
Total financial derivatives–assets, at fair value	149,679		143,996
Financial derivatives–liabilities, at fair value:
TBA securities purchase contracts	(660)		—
TBA securities sale contracts	(181)		(5,820)
Fixed payer interest rate swaps	(20,137)		(17,944)
Fixed receiver interest rate swaps	(3,094)		(13,801)
Credit default swaps on asset-backed indices	—		(32)
Credit default swaps on corporate bonds	(244)		(225)
Credit default swaps on corporate bond indices	(24,327)		(15,894)
Futures	(334)		(7,990)
Forwards	(266)		(70)
Total financial derivatives–liabilities, at fair value	(49,243)		(61,776)
Total	$	100,436	$	82,220

Interest Rate Swaps

The following tables provide information about the Company's fixed payer interest rate swaps as of September 30, 2024 and December 31, 2023:

September 30, 2024:


					Weighted Average
Maturity	Notional Amount		Fair Value		Pay Rate		Receive Rate		Remaining Years to Maturity
	(In thousands)
2024	$	246,500	$	2,805	4.15	%	4.98	%	0.14
2025	549,561		4,052		3.78		4.87		0.92
2026	441,515		(2,576)		4.04		4.22		1.85
2027	313,150		3,667		3.12		4.91		2.74
2028	588,829		790		3.38		4.91		3.76
2029	496,427		4,548		3.09		4.80		4.92
2030	243,080		(1,328)		3.45		4.87		5.86
2031	170,063		18,252		1.69		4.95		6.69
2032	181,867		7,960		2.80		4.96		7.81
2033	242,353		4,528		3.21		4.96		8.48
2034	335,919		692		3.32		4.81		9.95
2035	500		138		0.78		4.83		11.06
2036	1,102		256		1.19		4.96		11.38
2037	45,000		3,058		2.81		4.96		12.91
2038	32,500		(2,074)		4.01		4.85		13.92
2039	9,422		—		3.47		4.83		14.75
2040	500		174		0.90		4.83		16.07
2050	500		222		0.98		4.83		26.07
2053	2,780		32		3.32		4.83		29.24
2054	200		(12)		3.66		4.83		29.83
Total	$	3,901,768	$	45,184	3.39	%	4.81	%	4.50

December 31, 2023:


					Weighted Average
Maturity	Notional Amount		Fair Value		Pay Rate		Receive Rate		Remaining Years to Maturity
	(In thousands)
2024	$	629,547	$	9,097	3.18	%	5.41	%	0.61
2025	412,701		6,304		3.69		5.06		1.66
2026	189,287		(573)		4.13		5.39		2.66
2027	174,841		8,970		4.04		5.04		3.35
2028	650,990		7,516		3.48		5.38		4.54
2029	53,011		4,378		2.19		5.38		5.32
2030	150,817		1,122		3.50		5.39		6.59
2031	157,766		24,131		1.51		5.38		7.46
2032	181,867		11,069		2.80		5.38		8.56
2033	437,619		6,960		3.40		5.38		9.42
2035	500		132		0.78		5.33		11.81
2036	1,102		280		1.19		5.38		12.13
2037	45,000		3,780		2.81		5.38		13.66
2038	32,500		(1,727)		4.01		5.39		14.67
2040	500		165		0.90		5.33		16.82
2049	5,729		845		2.63		5.38		25.02
2050	500		207		0.98		5.33		26.82
2052	5,000		1,281		2.07		5.38		28.27
Total	$	3,129,277	$	83,937	3.34	%	5.33	%	4.68

The following tables provide information about the Company's fixed receiver interest rate swaps as of September 30, 2024 and December 31, 2023:

September 30, 2024:


					Weighted Average
Maturity	Notional Amount		Fair Value		Pay Rate		Receive Rate		Remaining Years to Maturity
	(In thousands)
2024	$	52,236	$	(710)	4.98	%	3.56	%	0.09
2025	151,313		(108)		4.95		4.88		0.49
2026	543,794		6,165		4.88		4.69		1.49
2027	59,110		45		4.89		3.84		2.67
2028	459,063		15,662		4.83		4.42		3.85
2029	884,156		21,858		3.97		3.93		4.72
2030	156,262		6,283		4.89		4.11		5.96
2031	83,160		264		4.83		3.45		6.65
2033	201,626		10,323		4.84		4.08		9.12
2034	278,341		9,876		4.83		3.80		9.76
2035	500		(143)		4.96		0.74		11.06
2038	34,792		(28)		4.83		3.54		14.23
2039	15,361		170		4.83		3.58		14.62
2040	500		(182)		4.96		0.84		16.07
2050	500		(235)		4.96		0.90		26.07
2053	13,154		(216)		4.83		3.33		29.24
2054	1,121		16		4.83		3.41		29.85
Total	$	2,934,989	$	69,040	4.59	%	4.17	%	4.83

December 31, 2023:


					Weighted Average
Maturity	Notional Amount		Fair Value		Pay Rate		Receive Rate		Remaining Years to Maturity
	(In thousands)
2024	$	427,234	$	(578)	5.40	%	5.17	%	0.24
2025	143,183		67		5.38		4.87		1.23
2026	461,658		(8,399)		5.39		3.58		2.28
2027	36,591		30		5.39		3.68		3.90
2028	464,799		13,357		5.39		4.33		4.64
2030	67,000		1,737		5.39		3.97		6.77
2033	198,265		7,701		5.39		3.96		9.88
2035	500		(137)		5.38		0.74		11.81
2038	36,300		131		5.39		3.54		14.98
2040	500		(173)		5.38		0.84		16.82
2050	500		(220)		5.38		0.90		26.82
2053	22,800		41		5.39		3.33		29.99
Total	$	1,859,330	$	13,557	5.39	%	4.28	%	3.93

Credit Default Swaps

The following table provides information about the Company's credit default swaps as of September 30, 2024 and December 31, 2023:


	As of
	September 30, 2024					December 31, 2023
Type(1)	Notional		Fair Value		Weighted Average Remaining Term (Years)	Notional		Fair Value		Weighted Average Remaining Term (Years)
($ in thousands)
Asset:
Long:
Credit default swaps on asset-backed indices	$	214	$	11	13.24	$	230	$	12	13.99
Credit default swaps on corporate bonds	2,000		60		1.22	2,000		25		1.97
Credit default swaps on corporate bond indices	143,742		8,584		4.04	149,000		7,259		4.47
Short:
Credit default swaps on asset-backed securities	(46)		6		10.99	(45)		8		11.74
Credit default swaps on asset-backed indices	(36,858)		1,917		34.59	(42,101)		3,306		35.11
Liability:
Long:
Credit default swaps on asset-backed indices	—		—		—	60		(32)		25.22
Short:
Credit default swaps on corporate bonds	(13,000)		(244)		2.72	(13,000)		(225)		3.47
Credit default swaps on corporate bond indices	(770,782)		(24,327)		4.81	(537,299)		(15,894)		4.84
	$	(674,730)	$	(13,993)	6.57	$	(441,155)	$	(5,541)	7.81

(1)Long notional represents contracts where the Company has written protection and short notional represents contracts where the Company has purchased protection.

Futures

The following table provides information about the Company's long and short positions in futures as of September 30, 2024 and December 31, 2023:


	As of
	September 30, 2024					December 31, 2023
Description	Notional Amount		Fair Value		Remaining Months to Expiration	Notional Amount		Fair Value		Remaining Months to Expiration
	(In thousands)					(In thousands)
Assets:
Long Contracts:
U.S. Treasury futures	$	—	$	—	—	$	1,900	$	245	2.63
Short Contracts:
U.S. Treasury futures	(23,200)		105		2.67	—		—		—
Liabilities:
Long Contracts:
U.S. Treasury futures	1,900		(18)		2.67	—		—		—
Short Contracts:
U.S. Treasury futures	(191,000)		(316)		4.74	(313,100)		(7,990)		2.21
Total, net	$	(212,300)	$	(229)	4.36	$	(311,200)	$	(7,745)	2.21

Warrants

The following table provides information about the Company's warrants contracts to purchase shares as of September 30, 2024 and December 31, 2023:

September 30, 2024

December 31, 2023

Description

Number of Shares Underlying Warrant

Fair Value

Remaining Years to Expiration

Number of Shares Underlying Warrant

Fair Value

Remaining Years to Expiration

(In thousands)

Warrants

102

n/a

202

1,702

5.66

TBAs

The Company transacts in the forward settling TBA market. Pursuant to these TBA transactions, the Company agrees to purchase or sell, for future delivery, Agency RMBS with certain principal and interest terms and certain types of underlying collateral, but the particular Agency RMBS to be delivered is not identified until shortly before the TBA settlement date. TBAs are generally liquid, have quoted market prices, and represent the most actively traded class of MBS. The Company uses TBAs to mitigate interest rate risk, usually by taking short positions. The Company also invests in TBAs as a means of acquiring additional exposure to Agency RMBS, or for investment purposes, including holding long positions.

The Company does not usually take delivery of TBAs; rather, it settles the associated receivable and payable with its trading counterparties on a net basis. Transactions with the same counterparty for the same TBA that result in a reduction of the position are treated as extinguished.

As of September 30, 2024 and December 31, 2023, the Company had outstanding TBA purchase and sale contracts as follows:


	September 30, 2024								December 31, 2023
TBA Securities	Notional Amount(1)		Cost Basis(2)		Market Value(3)		Net Carrying Value(4)		Notional Amount(1)		Cost Basis(2)		Market Value(3)		Net Carrying Value(4)
(In thousands)
Purchase contracts:
Assets	$	25,580	$	26,136	$	26,139	$	3	$	375,154	$	362,129	$	364,311	$	2,182
Liabilities	134,286		132,077		131,417		(660)		—		—		—		—
	159,866		158,213		157,556		(657)		375,154		362,129		364,311		2,182
Sale contracts:
Assets	(233,459)		(226,795)		(225,310)		1,485		—		—		—		—
Liabilities	(136,326)		(138,775)		(138,956)		(181)		(433,098)		(392,730)		(398,550)		(5,820)
	(369,785)		(365,570)		(364,266)		1,304		(433,098)		(392,730)		(398,550)		(5,820)
Total TBA securities, net	$	(209,919)	$	(207,357)	$	(206,710)	$	647	$	(57,944)	$	(30,601)	$	(34,239)	$	(3,638)

(1)Notional amount represents the principal balance of the underlying Agency RMBS.

(2)Cost basis represents the forward price to be paid (received) for the underlying Agency RMBS.

(3)Market value represents the current market value of the underlying Agency RMBS (on a forward delivery basis) as of period end.

Gains and losses on the Company's derivative contracts for the three- and nine-month periods ended September 30, 2024 and 2023 are summarized in the tables below:


		Three-Month Period Ended September 30, 2024
Derivative Type	Primary Risk Exposure	Net Realized Gains (Losses) on Periodic Settlements of Interest Rate Swaps		Net Realized Gains (Losses) on Financial Derivatives Other Than Periodic Settlements of Interest Rate Swaps		Net Realized Gains (Losses) on Financial Derivatives		Change in Net Unrealized Gains (Losses) on Accrued Periodic Settlements of Interest Rate Swaps		Change in Net Unrealized Gains (Losses) on Financial Derivatives Other Than on Accrued Periodic Settlements of Interest Rate Swaps		Change in Net Unrealized Gains (Losses) on Financial Derivatives
(In thousands)
Interest rate swaps	Interest Rate	$	23,555	$	(43,214)	$	(19,659)	$	(12,789)	$	9,108	$	(3,681)
Credit default swaps on asset-backed securities	Credit			—		—				(2)		(2)
Credit default swaps on asset-backed indices	Credit			(1,514)		(1,514)				1,133		1,133
Credit default swaps on corporate bond indices	Credit			(1,886)		(1,886)				(870)		(870)
Credit default swaps on corporate bonds	Credit			(7)		(7)				(26)		(26)
Total return swaps	Equity Market/Credit			(4)		(4)				(3)		(3)
TBAs	Interest Rate			(1,734)		(1,734)				(141)		(141)
Futures	Interest Rate			(16,308)		(16,308)				4,409		4,409
Forwards	Currency			(452)		(452)				(463)		(463)
Total		$	23,555	$	(65,119)	$	(41,564)	$	(12,789)	$	13,145	$	356


		Three-Month Period Ended September 30, 2023
Derivative Type	Primary Risk Exposure	Net Realized Gains (Losses) on Periodic Settlements of Interest Rate Swaps		Net Realized Gains (Losses) on Financial Derivatives Other Than Periodic Settlements of Interest Rate Swaps		Net Realized Gains (Losses) on Financial Derivatives		Change in Net Unrealized Gains (Losses) on Accrued Periodic Settlements of Interest Rate Swaps		Change in Net Unrealized Gains (Losses) on Financial Derivatives Other Than on Accrued Periodic Settlements of Interest Rate Swaps(1)		Change in Net Unrealized Gains (Losses) on Financial Derivatives(1)
(In thousands)
Interest rate swaps	Interest Rate	$	7,462	$	3,405	$	10,867	$	6,656	$	38,828	$	45,484
Credit default swaps on asset-backed indices	Credit			(975)		(975)				224		224
Credit default swaps on corporate bond indices	Credit			(3,982)		(3,982)				3,531		3,531
Credit default swaps on corporate bonds	Credit			(42)		(42)				15		15
Total return swaps	Equity Market/Credit			30		30				16		16
TBAs	Interest Rate			13,015		13,015				3,786		3,786
Futures	Interest Rate			7,253		7,253				2,214		2,214
Forwards	Currency			429		429				203		203
Warrants	Credit			(312)		(312)				312		312
Total		$	7,462	$	18,821	$	26,283	$	6,656	$	49,129	$	55,785


		Nine-Month Period Ended September 30, 2024
Derivative Type	Primary Risk Exposure	Net Realized Gains (Losses) on Periodic Settlements of Interest Rate Swaps		Net Realized Gains (Losses) on Financial Derivatives Other Than Periodic Settlements of Interest Rate Swaps		Net Realized Gains (Losses) on Financial Derivatives		Change in Net Unrealized Gains (Losses) on Accrued Periodic Settlements of Interest Rate Swaps		Change in Net Unrealized Gains (Losses) on Financial Derivatives Other Than on Accrued Periodic Settlements of Interest Rate Swaps		Change in Net Unrealized Gains (Losses) on Financial Derivatives
(In thousands)
Interest rate swaps	Interest Rate	$	49,744	$	(64,743)	$	(14,999)	$	(17,695)	$	42,853	$	25,158
Credit default swaps on asset-backed securities	Credit			(1)		(1)				(2)		(2)
Credit default swaps on asset-backed indices	Credit			(1,945)		(1,945)				(49)		(49)
Credit default swaps on corporate bond indices	Credit			(8,136)		(8,136)				2,639		2,639
Credit default swaps on corporate bonds	Credit			(23)		(23)				17		17
Total return swaps	Equity Market/Credit			33		33				(6)		(6)
TBAs	Interest Rate			2,196		2,196				4,284		4,284
Futures	Interest Rate			(8,965)		(8,965)				7,516		7,516
Forwards	Currency			(20)		(20)				(208)		(208)
Warrants	Credit			86		86				(726)		(726)
Total		$	49,744	$	(81,518)	$	(31,774)	$	(17,695)	$	56,318	$	38,623


		Nine-Month Period Ended September 30, 2023
Derivative Type	Primary Risk Exposure	Net Realized Gains (Losses) on Periodic Settlements of Interest Rate Swaps		Net Realized Gains (Losses) on Financial Derivatives Other Than Periodic Settlements of Interest Rate Swaps		Net Realized Gains (Losses) on Financial Derivatives		Change in Net Unrealized Gains (Losses) on Accrued Periodic Settlements of Interest Rate Swaps		Change in Net Unrealized Gains (Losses) on Financial Derivatives Other Than on Accrued Periodic Settlements of Interest Rate Swaps(1)		Change in Net Unrealized Gains (Losses) on Financial Derivatives(1)
(In thousands)
Interest rate swaps	Interest Rate	$	22,489	$	(5,729)	$	16,760	$	13,421	$	44,706	$	58,127
Credit default swaps on asset-backed indices	Credit			(1,215)		(1,215)				2,156		2,156
Credit default swaps on corporate bond indices	Credit			(6,071)		(6,071)				2,565		2,565
Credit default swaps on corporate bonds	Credit			(124)		(124)				(9)		(9)
Total return swaps	Equity Market/Credit			30		30				16		16
TBAs	Interest Rate			17,287		17,287				165		165
Futures	Interest Rate			4,189		4,189				3,326		3,326
Forwards	Currency			73		73				167		167
Warrants	Credit			(312)		(312)				381		381
Total		$	22,489	$	8,128	$	30,617	$	13,421	$	53,473	$	66,894


Derivative Type	Nine-Month Period Ended September 30, 2024		Year Ended December 31, 2023
(In thousands)
Interest rate swaps	$	5,877,502	$	4,309,089
Credit default swaps	788,622		497,857
TBAs	483,077		603,206
Futures	316,670		246,669
Forwards	23,513		15,567
Total return swaps	917		875
Warrants	132		1,926

From time to time the Company enters into credit derivative contracts for which the Company sells credit protection ("written credit derivatives"). As of September 30, 2024 and December 31, 2023, all of the Company's open written credit derivatives were credit default swaps on either mortgage/asset-backed indices (ABX and CMBX indices) or corporate bond indices (CDX), collectively referred to as credit indices, or on individual corporate bonds, for which the Company receives periodic payments at fixed rates from credit protection buyers, and is obligated to make payments to the credit protection buyer upon the occurrence of a "credit event" with respect to underlying reference assets.

Written credit derivatives held by the Company at September 30, 2024 and December 31, 2023 are summarized below:


Credit Derivatives	September 30, 2024		December 31, 2023
(In thousands)
Fair Value of Written Credit Derivatives, Net	$	8,655	$	7,264
Notional Value of Written Credit Derivatives(1)	145,956		151,290

A credit default swap on a credit index or a corporate bond typically terminates at the stated maturity date in the case of corporate indices or bonds, or, in the case of ABX and CMBX indices, the date that all of the reference assets underlying the index are paid off in full, retired, or otherwise cease to exist. Implied credit spreads may be used to determine the market value of such contracts and are reflective of the cost of buying/selling credit protection. Higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e., make protection payments) under the contract. In situations where the credit quality of the underlying reference assets has deteriorated, the percentage of notional values that would be paid up front to enter into a new such contract ("points up front") is frequently used as an indication of credit risk. Credit protection sellers entering the market in such situations would expect to be paid points up front corresponding to the approximate fair value of the contract. As of September 30, 2024, the implied credit spread on the Company's outstanding written credit derivative ranged between 48 and 271 basis points as compared to a range of between 51 and 438 basis points as of December 31, 2023. Total net up-front payments (paid) or received relating to written credit derivatives outstanding as of September 30, 2024 and December 31, 2023 was $(2.6) million and $(1.6) million, respectively.

Investment in Securities

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Investment in Securities

The Company's securities portfolio primarily consists of Agency RMBS, non-Agency RMBS, CMBS, CLOs, ABS backed by consumer loans, and corporate debt and equity. The following tables detail the Company's investment in securities as of September 30, 2024 and December 31, 2023.

September 30, 2024:


							Gross Unrealized						Weighted Average
($ in thousands)	Current Principal		Unamortized Premium (Discount)		Amortized Cost		Gains		Losses		Fair Value		Coupon(1)(2)		Yield		Life (Years)(3)
Long:
Agency RMBS:
15-year fixed-rate mortgages	$	21,968	$	149	$	22,117	$	82	$	(1,144)	$	21,055	2.81	%	2.65	%	3.29
30-year fixed-rate mortgages	339,440		(1,980)		337,460		4,120		(16,294)		325,286		4.16	%	4.09	%	6.52
Reverse mortgages	31,840		3,239		35,079		353		(1,709)		33,723		6.74	%	3.57	%	4.46
Interest only securities	n/a		n/a		13,780		1,224		(425)		14,579		1.10	%	11.43	%	7.02
Non-Agency RMBS	186,760		(74,759)		112,001		14,012		(5,770)		120,243		5.83	%	9.88	%	4.19
CMBS	78,372		(30,517)		47,855		1,496		(12,969)		36,382		3.72	%	10.73	%	4.85
Non-Agency interest only securities	n/a		n/a		52,329		10,158		(5,204)		57,283		0.17	%	11.96	%	5.86
CLOs	n/a		n/a		80,516		1,754		(7,381)		74,889		3.08	%	12.50	%	5.63
ABS	222,173		(193,859)		28,314		4,173		—		32,487		2.88	%	19.30	%	3.40
ABS backed by consumer loans	152,926		(80,239)		72,687		1,276		(8,252)		65,711		5.97	%	10.10	%	1.58
Corporate debt	42,744		(29,017)		13,727		708		(769)		13,666		—	%	—	%	2.56
Corporate equity	n/a		n/a		21,597		1,378		(7,205)		15,770		n/a		n/a		n/a
U.S. Treasury securities	243,569		1,788		245,357		7,358		(15)		252,700		4.30	%	4.01	%	8.07
Total Long	1,319,792		(405,195)		1,082,819		48,092		(67,137)		1,063,774		4.30	%	6.88	%	5.89
Short:
U.S. Treasury securities	(270,592)		(4,141)		(274,733)		59		(3,124)		(277,798)		4.11	%	3.81	%	6.85
European sovereign bonds	(27,488)		(251)		(27,739)		619		—		(27,120)		0.01	%	0.15	%	0.44
Total Short	(298,080)		(4,392)		(302,472)		678		(3,124)		(304,918)		3.73	%	3.47	%	6.28
Total	$	1,021,712	$	(409,587)	$	780,347	$	48,770	$	(70,261)	$	758,856	4.19	%	6.12	%	5.98

(2)Total long, total short, and total weighted average coupon exclude interest only securities, CLOs, and corporate equity.

December 31, 2023:


							Gross Unrealized						Weighted Average
($ in thousands)	Current Principal		Unamortized Premium (Discount)		Amortized Cost		Gains		Losses		Fair Value		Coupon(1)(2)		Yield		Life (Years)(3)
Long:
Agency RMBS:
15-year fixed-rate mortgages	$	57,987	$	252	$	58,239	$	22	$	(4,225)	$	54,036	2.58	%	2.42	%	3.48
20-year fixed-rate mortgages	2,368		114		2,482		—		(404)		2,078		2.29	%	1.48	%	6.25
30-year fixed-rate mortgages	783,123		(6,744)		776,379		4,313		(38,595)		742,097		4.04	%	4.04	%	6.61
Adjustable rate mortgages	5,252		568		5,820		—		(690)		5,130		3.81	%	2.09	%	4.42
Reverse mortgages	36,196		3,928		40,124		34		(2,987)		37,171		5.37	%	3.55	%	4.76
Interest only securities	n/a		n/a		11,891		1,320		(499)		12,712		1.08	%	13.18	%	5.36
Non-Agency RMBS	427,431		(139,654)		287,777		11,369		(29,672)		269,474		5.07	%	8.96	%	4.73
CMBS	74,591		(20,389)		54,202		349		(11,780)		42,771		4.87	%	8.93	%	4.72
Non-Agency interest only securities	n/a		n/a		35,214		6,212		(2,650)		38,776		0.17	%	14.57	%	7.46
CLOs	n/a		n/a		44,939		1,873		(8,834)		37,978		2.27	%	11.81	%	4.46
ABS	16,416		(8,956)		7,460		256		(20)		7,696		7.16	%	13.85	%	2.49
ABS backed by consumer loans	151,310		(67,159)		84,151		1,577		(11,502)		74,226		12.00	%	11.38	%	1.50
Corporate debt	30,944		(23,191)		7,753		579		(291)		8,041		—	%	—	%	1.93
Corporate equity	n/a		n/a		23,066		1,851		(3,789)		21,128		n/a		n/a		n/a
U.S. Treasury securities	212,433		(49,289)		163,144		2,415		(496)		165,063		4.25	%	4.01	%	7.43
Total Long	1,798,051		(310,520)		1,602,641		32,170		(116,434)		1,518,377		4.95	%	5.99	%	5.80
Short:
U.S. Treasury securities	(130,121)		533		(129,588)		2,094		(619)		(128,113)		3.47	%	3.61	%	1.88
European sovereign bonds	(27,159)		(557)		(27,716)		1,526		—		(26,190)		0.01	%	0.15	%	1.20
Total Short	(157,280)		(24)		(157,304)		3,620		(619)		(154,303)		2.87	%	3.00	%	1.77
Total	$	1,640,771	$	(310,544)	$	1,445,337	$	35,790	$	(117,053)	$	1,364,074	4.78	%	5.71	%	5.42

(2)Total long, total short, and total weighted average coupon excludes interest only securities, CLOs, and corporate equity.

The following tables detail weighted average life of the Company's Agency RMBS as of September 30, 2024 and December 31, 2023.

September 30, 2024:


($ in thousands)	Agency RMBS						Agency Interest Only Securities
Estimated Weighted Average Life(1)	Fair Value		Amortized Cost		Weighted Average Coupon(2)		Fair Value		Amortized Cost		Weighted Average Coupon(2)
Less than three years	$	65,378	$	64,690	5.71	%	$	1,081	$	1,162	1.20	%
Greater than three years and less than seven years	143,622		147,683		5.10	%	6,624		5,915		1.44	%
Greater than seven years and less than eleven years	171,064		182,283		3.20	%	6,324		6,137		0.88	%
Greater than eleven years	—		—		—	%	550		566		0.55	%
Total	$	380,064	$	394,656	4.30	%	$	14,579	$	13,780	1.10	%

(2)Weighted average coupon represents the weighted average coupons of the securities, rather than the coupon rates or loan rates on the underlying collateral.

December 31, 2023:


($ in thousands)	Agency RMBS						Agency Interest Only Securities
Estimated Weighted Average Life(1)	Fair Value		Amortized Cost		Weighted Average Coupon(2)		Fair Value		Amortized Cost		Weighted Average Coupon(2)
Less than three years	$	89,649	$	89,955	5.39	%	$	1,541	$	1,546	0.57	%
Greater than three years and less than seven years	346,074		360,574		4.49	%	8,227		7,601		1.77	%
Greater than seven years and less than eleven years	404,789		432,515		3.30	%	2,676		2,448		1.84	%
Greater than eleven years	—		—		—	%	268		296		0.68	%
Total	$	840,512	$	883,044	3.99	%	$	12,712	$	11,891	1.08	%

(2)Weighted average coupon represents the weighted average coupons of the securities, rather than the coupon rates or loan rates on the underlying collateral.

The following tables detail weighted average life of the Company's long non-Agency RMBS, CMBS, and CLOs and other securities as of September 30, 2024 and December 31, 2023.

September 30, 2024:


($ in thousands)	Non-Agency RMBS and CMBS						Non-Agency IOs						CLOs and Other Securities(2)
Estimated Weighted Average Life(1)	Fair Value		Amortized Cost		Weighted Average Coupon(3)		Fair Value		Amortized Cost		Weighted Average Coupon(3)		Fair Value		Amortized Cost		Weighted Average Coupon(3)
Less than three years	$	70,168	$	69,719	4.86	%	$	23,878	$	24,673	0.18	%	$	94,401	$	102,710	2.83	%
Greater than three years and less than seven years	53,226		49,383		6.81	%	8,800		9,725		0.17	%	68,100		68,268		6.62	%
Greater than seven years and less than eleven years	31,182		39,629		4.16	%	24,303		17,694		0.16	%	24,252		24,266		2.08	%
Greater than eleven years	2,049		1,125		4.83	%	302		237		1.24	%	—		—		—	%
Total	$	156,625	$	159,856	5.21	%	$	57,283	$	52,329	0.17	%	$	186,753	$	195,244	3.47	%

(2)Other Securities includes ABS and corporate debt.

(3)Weighted average coupon represents the weighted average coupons of the securities, rather than the coupon rates or loan rates on the underlying collateral.

December 31, 2023:


($ in thousands)	Non-Agency RMBS and CMBS						Non-Agency IOs						CLOs and Other Securities(2)(3)
Estimated Weighted Average Life(1)	Fair Value		Amortized Cost		Weighted Average Coupon(3)		Fair Value		Amortized Cost		Weighted Average Coupon(3)		Fair Value		Amortized Cost		Weighted Average Coupon(4)
Less than three years	$	116,076	$	117,707	4.41	%	$	3,885	$	4,535	0.10	%	$	99,770	$	114,709	6.02	%
Greater than three years and less than seven years	131,314		135,591		7.05	%	11,014		11,343		0.28	%	19,469		20,981		7.71	%
Greater than seven years and less than eleven years	58,741		74,401		5.04	%	23,555		19,072		0.15	%	8,702		8,613		1.34	%
Greater than eleven years	6,114		14,280		0.38	%	322		264		1.25	%	—		—		—	%
Total	$	312,245	$	341,979	5.04	%	$	38,776	$	35,214	0.17	%	$	127,941	$	144,303	6.02	%

(2)Other Securities includes ABS backed by consumer loans and corporate debt.

(4)Weighted average coupon represents the weighted average coupons of the securities, rather than the coupon rates or loan rates on the underlying collateral.

The following table details the components of interest income by security type for the three- and nine-month periods ended September 30, 2024 and 2023:


	Three-Month Period Ended
(In thousands)	September 30, 2024						September 30, 2023
Security Type	Coupon Interest		Net Amortization		Interest Income		Coupon Interest		Net Amortization		Interest Income
Agency RMBS	$	5,673	$	(239)	$	5,434	$	10,894	$	(403)	$	10,491
Non-Agency RMBS and CMBS	7,663		(1,053)		6,610		7,811		(95)		7,716
CLOs	5,719		(1,800)		3,919		1,205		(372)		833
Other securities(1)	7,934		293		8,227		6,107		(1,865)		4,242
Total	$	26,989	$	(2,799)	$	24,190	$	26,017	$	(2,735)	$	23,282

(1)Other securities includes ABS, corporate debt securities, and U.S. Treasury securities.


	Nine-Month Period Ended
(In thousands)	September 30, 2024						September 30, 2023
Security Type	Coupon Interest		Net Amortization		Interest Income		Coupon Interest		Net Amortization		Interest Income
Agency RMBS	$	21,470	$	(2,109)	$	19,361	$	29,746	$	(4,318)	$	25,428
Non-Agency RMBS and CMBS	22,468		(2,460)		20,008		21,629		(136)		21,493
CLOs	11,333		(3,280)		8,053		3,038		(391)		2,647
Other securities(1)	22,838		(5,442)		17,396		17,590		(4,260)		13,330
Total	$	78,109	$	(13,291)	$	64,818	$	72,003	$	(9,105)	$	62,898

(1)Other securities includes ABS, corporate debt securities, and U.S. Treasury securities.

For the three-month periods ended September 30, 2024 and 2023 the Catch-Up Amortization Adjustment was $0.5 million and $0.3 million, respectively. For the nine-month periods ended September 30, 2024 and 2023 the Catch-Up Amortization Adjustment was $(0.1) million and $(0.6) million, respectively.

The following tables present proceeds from sales and the resulting realized gains and (losses) of the Company's securities for the three- and nine-month periods ended September 30, 2024 and 2023.


(In thousands)	Three-Month Period Ended September 30, 2024								Three-Month Period Ended September 30, 2023
Security Type	Proceeds(1)		Gross Realized Gains		Gross Realized Losses(2)		Net Realized Gain (Loss)		Proceeds(1)		Gross Realized Gains		Gross Realized Losses(2)		Net Realized Gain (Loss)
Agency RMBS	$	72,827	$	691	$	(2,863)	$	(2,172)	$	86,936	$	172	$	(5,662)	$	(5,490)
Non-Agency RMBS and CMBS	17,345		1,513		(849)		664		5,012		329		(120)		209
CLOs	8,459		863		(498)		365		—		53		—		53
Other securities(3)	74,965		3,710		(3,167)		543		289,990		1,071		(2,827)		(1,756)
Total	$	173,596	$	6,777	$	(7,377)	$	(600)	$	381,938	$	1,625	$	(8,609)	$	(6,984)

(1)Includes proceeds on sales of securities not yet settled as of period end.

(3)Other securities includes ABS backed by consumer loans, corporate debt and equity, exchange-traded equity, and U.S. Treasury securities.


(In thousands)	Nine-Month Period Ended September 30, 2024								Nine-Month Period Ended September 30, 2023

Security Type	Proceeds(1)		Gross Realized Gains		Gross Realized Losses(2)		Net Realized Gain (Loss)		Proceeds(1)		Gross Realized Gains		Gross Realized Losses(2)		Net Realized Gain (Loss)
Agency RMBS	$	491,031	$	1,835	$	(30,322)	$	(28,487)	$	474,962	$	1,023	$	(46,505)	$	(45,482)
Non-Agency RMBS and CMBS	235,160		10,055		(8,371)		1,684		46,243		2,742		(169)		2,573
CLOs	53,613		1,341		(613)		728		—		496		(1)		495
Other securities(3)	223,885		5,053		(4,677)		376		1,000,184		2,893		(6,012)		(3,119)
Total	$	1,003,689	$	18,284	$	(43,983)	$	(25,699)	$	1,521,389	$	7,154	$	(52,687)	$	(45,533)

(1)Includes proceeds on sales of securities not yet settled as of period end.

(3)Other securities includes ABS, corporate debt and equity, exchange-traded equity, and U.S. Treasury securities.

September 30, 2024:


(In thousands)	Less than 12 Months				Greater than 12 Months				Total
Security Type	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Agency RMBS	$	1,479	$	(132)	$	194,414	$	(19,091)	$	195,893	$	(19,223)
Non-Agency RMBS and CMBS	15,162		(2,886)		7,632		(1,852)		22,794		(4,738)
CLOs	2,143		(370)		556		(98)		2,699		(468)
Other securities(1)	34,115		(5,776)		769		(1,444)		34,884		(7,220)
Total	$	52,899	$	(9,164)	$	203,371	$	(22,485)	$	256,270	$	(31,649)

(1)Other securities includes ABS and corporate debt and equity securities.

December 31, 2023:


(In thousands)	Less than 12 Months				Greater than 12 Months				Total
Security Type	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Agency RMBS	$	125,112	$	(730)	$	426,834	$	(45,854)	$	551,946	$	(46,584)
Non-Agency RMBS and CMBS	10,301		(200)		14,195		(882)		24,496		(1,082)
CLOs	7,152		(69)		5		—		7,157		(69)
Other securities(1)	15,930		(2,276)		10,958		(2,029)		26,888		(4,305)
Total	$	158,495	$	(3,275)	$	451,992	$	(48,765)	$	610,487	$	(52,040)

(1)Other securities includes ABS and corporate debt and equity securities.

As described in Note 2, the Company evaluates the cost basis of its securities for impairment on at least a quarterly basis. As of September 30, 2024 and December 31, 2023, the Company had expected future credit losses, which it tracks for purposes of calculating interest income, of $24.7 million and $32.6 million, respectively, related to adverse changes in estimated future cash flows on its securities. Certain of the Company's securities, at the date of acquisition, have experienced or are expected to experience more-than-insignificant deterioration in credit quality since origination and the Company has established an initial estimate for credit losses on such securities; as of December 31, 2023, the estimated credit losses on such securities was $1.1 million; no such securities were held at September 30, 2024.

The Company has determined for certain securities that a portion of such securities' cost basis is not collectible. For the three-month periods ended September 30, 2024 and 2023, the Company recognized realized losses on these securities of $(5.0) million and $(12.0) million, respectively. For the nine-month periods ended September 30, 2024 and 2023, the Company recognized realized losses on these securities of $(15.8) million and $(20.4) million, respectively. Such losses are reflected in Net realized gains (losses) on securities and loans, net, on the Condensed Consolidated Statement of Operations.

Financial Derivatives Schedule of Warrant Contracts (Details) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Financial derivatives–assets, at fair value	$ 149,679	$ 143,996
Warrants
Derivative [Line Items]
Number of Shares Underlying Warrant Contracts	102	202
Financial derivatives–assets, at fair value	$ 53	$ 1,702
Remaining Years to Maturity		5 years 7 months 28 days