v3.26.1
Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
Value of Initial Fixed
$100 Investment Based On:
Company-Selected
Measure:
Year
Summary
Compensation
Table Total
for PEO (1)
  
Compensation
Actually Paid
to PEO (1)
  
Average
Summary
Compensation
Table Total for
Non-PEO
Named
Executive
Officers (2)
  
Average
Compensation
Actually Paid
to
Non-PEO
Named
Executive
Officers
  
Total
Stockholder
Return
  
Peer
Group
Total
Stockholder
Return (3)
  
Net
Income (Loss)
($ in
thousands)
  
Distributable
Return
on Equity (4)
2025
-
-
$
2,216,578
$
1,068,293
$
47.2
$
182.5
$
(221,061)
(15.0)%
2024
-
-
$
2,216,225
$
1,354,954
$
130.5
$
194.8
$
(430,398)
0.9%
2023
-
-
$
3,431,442
$
3,318,403
$
173.0
$
204.0
$
348,411
8.6%
2022
-
-
$
2,355,834
$
1,870,843
$
165.3
$
165.4
$
203,163
12.8%
2021
-
-
$
1,656,291
$
1,879,624
$
206.5
$
203.5
$
159,974
15.4%
        
Company Selected Measure Name Distributable ROE        
Named Executive Officers, Footnote Mr. Capasse is the principal executive officer (“PEO”) for fiscal years 2021 through 2025. The Company does not pay or reimburse our Manager for
any portion of the cash compensation that is paid by our Manager and its affiliates to Mr. Capasse.
Our Non-PEO Named Executive Officers for the fiscal years 2021 through 2025 include Messrs. Ahlborn, Taylor and Zausmer. 		       
Peer Group Issuers, Footnote The peer group that we used for purposes of this disclosure is the Competitor Composite Average, the same peer group used for our performance
graph disclosed in our Annual Report. The Competitor Composite Average is a measure of the total return performance of mortgage REIT
competitors based on actual share prices of the following companies: Blackstone Mortgage Trust Inc. (BXMT), Starwood Property Trust, Inc.
(STWD), Ares Commercial Real Estate Corporation (ACRE), Apollo Commercial Real Estate Finance Inc. (ARI), Arbor Realty Trust, Inc. (ABR), and
Ladder Capital Corporation (LADR).
        
PEO Total Compensation Amount $ 0 $ 0 $ 0 $ 0 $ 0
PEO Actually Paid Compensation Amount 0 0 0 0 0
Non-PEO NEO Average Total Compensation Amount 2,216,578 2,216,225 3,431,442 2,355,834 1,656,291
Non-PEO NEO Average Compensation Actually Paid Amount $ 1,068,293 1,354,954 3,318,403 1,870,843 1,879,624
Adjustment to Non-PEO NEO Compensation Footnote To calculate average CAP for the Non-PEO Named Executive Officers, the following amounts were deducted from and
added to Summary Compensation Table total compensation. Note that the dollar amounts do not reflect the actual amount
of compensation earned by or paid to the Non-PEO Named Executive Officers during the applicable year.
Subtracted:
Added:
Year
Average
Summary
Compensation
Table Total
Compensation (1)
Average
Grant Date
Fair Value of
Awards
Granted in
the Year (2)
Average
Year End
Fair Value of
Unvested
Equity
Awards
Granted in
the Year (3)
Average
Year End
Fair Value of
Unvested
Equity
Awards with
Performance
Conditions
Granted in
the Year (3)
Year over
Year Average
Change in
Fair Value of
Outstanding
and
Unvested
Equity
Awards (3)
Year over
Year Average
Change in
Fair Value of
Equity
Awards
Granted in
Prior Years
that Vested in
the Year (3)
Average Value
of Dividends or
other Earnings
Paid on Stock
or Option
Awards not
Otherwise
Reflected in Fair
Value or Total
Compensation
Total
Compensation
Actually Paid
(CAP)
2025
$
2,216,578
$
(1,066,667)
$
173,016
$
—
$
(411,880)
$
(197,328)
$
354,574
$
1,068,293
2024
$
2,216,225
$
(800,000)
$
301,104
$
227,648
$
(675,691)
$
(31,909)
$
117,577
$
1,354,954
2023
$
3,431,442
$
(1,550,000)
$
315,871
$
910,562
$
104,181
$
31,322
$
75,026
$
3,318,403
2022
$
2,355,834
$
(716,667)
$
281,313
$
192,233
$
(286,015)
$
(11,691)
$
55,835
$
1,870,843
2021
$
1,656,291
$
(246,862)
$
150,485
$
271,991
$
20,010
$
4,433
$
23,276
$
1,879,624
(1)There are no pension benefits for the Non-PEO Named Executive Officers.
(2)Represents the grant date fair value of equity-based awards granted each year.
(3)The fair value of RSAs was determined based on the stock price on the applicable valuation dates. The fair value of the RSUs was determined
based on the probable outcome of the performance condition and the stock price on the applicable valuation dates. The assumptions used in
calculating the fair value of RSAs and RSUs did not differ in any material respect from the assumptions used to calculate the grant date fair
value of the awards as reported in the Summary Compensation Table for the applicable year. The fair value calculation used herein is
consistent with the fair value methodology used to account for share-based payments in our financial statements.
        
Compensation Actually Paid vs. Total Shareholder Return CAP vs TSR and Peer Group TSR
549755817882
        
Compensation Actually Paid vs. Net Income CAP vs Net Income
549755817897
        
Compensation Actually Paid vs. Company Selected Measure CAP vs Distributable ROE
549755817904
        
Total Shareholder Return Vs Peer Group CAP vs TSR and Peer Group TSR
549755817882
        
Tabular List, Table
Company Performance Measures to Determine 2025 Compensation Actually Paid (CAP)
Distributable Return on Equity (ROE)
Adjusted Distributable Return on Equity (ROE)
Relative Total Stockholder Return (TSR)
        
Total Shareholder Return Amount $ 47.2 130.5 173.0 165.3 206.5
Peer Group Total Shareholder Return Amount 182.5 194.8 204.0 165.4 203.5
Net Income (Loss) $ (221,061,000) $ (430,398,000) $ 348,411,000 $ 203,163,000 $ 159,974,000
Company Selected Measure Amount (0.150) 0.009 0.086 0.128 0.154
PEO Name Mr. Capasse        
Measure:: 1          
Pay vs Performance Disclosure          
Name Distributable Return on Equity (ROE)        
Non-GAAP Measure Description Distributable ROE is based on Distributable Earnings, which is calculated as GAAP Net Income excluding the following: (i) any unrealized gains or
losses on certain MBS not retained by us as part of our loan origination businesses, (ii) any realized gains or losses on sales of certain MBS, (iii)
any unrealized gains or losses on residential MSRs from discontinued operations, (iv) any unrealized change in current expected credit loss reserve
and valuation allowances, (v) any unrealized gains or losses on de-designated cash flow hedges, (vi) any unrealized gains or losses on foreign
exchange hedges, (vii) any unrealized gains or losses on certain unconsolidated joint ventures, (viii) any non-cash compensation expense related
to stock-based incentive plans, (ix) any unrealized gains or losses on preferred equity, at fair value, (x) any unrealized gain or losses or other non-
cash items related to real estate owned and (xi) one-time non-recurring gains or losses, such as gains or losses on discontinued operations,
bargain purchase gains, or merger related expenses.
        
Measure:: 2          
Pay vs Performance Disclosure          
Name Adjusted Distributable Return on Equity (ROE)        
Measure:: 3          
Pay vs Performance Disclosure          
Name Relative Total Stockholder Return (TSR)        
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (1,066,667) $ (800,000) $ (1,550,000) $ (716,667) $ (246,862)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 173,016 301,104 315,871 281,313 150,485
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (411,880) (675,691) 104,181 (286,015) 20,010
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 227,648 910,562 192,233 271,991
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (197,328) (31,909) 31,322 (11,691) 4,433
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 354,574 $ 117,577 $ 75,026 $ 55,835 $ 23,276