[4] In 2019, the year Billing retired,[10] the firm converted back to a real estate investment trust after it had used its net operating loss carry-forwards.

[11] From the following year onwards, it began to transition the company from primarily a levered agency MBS strategy to one focused on multiple investment channels in mortgage servicing rights, single-family residential rental properties, credit investments and agency MBS.

The firm 's SFR investment strategy is to acquire, lease and operate single-family residential homes as rental properties.

In turn, its MBS agency consist of residential pass-through certificates for which the principal and interest payments are guaranteed by a U.S. government sponsored enterprise ("GSE"), such as Fannie Mae or Freddie Mac.

The company sponsored the Phoenix Open PGA golf tournament held in Scottsdale, Arizona from 2004 until 2009.