Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net loss	$ (44,624)	$ (32,206)
Adjustments to reconcile net loss to net cash provided by operating activities:
Premium amortization and (discount accretion), net	2,599	204
Interest income earned added to principal of investments	(75)	(278)
Amortization of deferred financing costs	1,298	2,660
Amortization of discount on convertible senior unsecured notes	439	484
Restricted stock amortization	235	288
Premium on purchase of residential whole loans	(6,619)	(274)
Unrealized loss, net	22,718	33,268
Realized (gain) loss on extinguishment of convertible senior notes	132	(240)
Realized gain on sale of real estate owned ("REO")	(12,198)	0
Unrealized gain on derivative instruments, net	(157)	(8)
Realized loss on investments, net	45,582	6,081
Gain on derivatives, net	(732)	0
Changes in operating assets and liabilities:
Interest receivable	(715)	2,022
Investment related receivable	0	269
Other assets	(853)	(787)
Interest payable	468	(1,358)
Accounts payable and accrued expenses	(1,255)	(799)
Payable to affiliate	2,053	(1,599)
Other liabilities	179	145
Net cash provided by operating activities	8,475	7,872
Cash flows from investing activities:
Purchase of securities	(39,952)	0
Proceeds from sale of securities	42,287	0
Proceeds from sale of REO	54,681	0
Principal repayments and basis recovered on securities	2,543	2,667
Purchase of residential whole loans	(405,298)	(9,799)
Principal repayments on residential whole loans	165,236	226,734
Principal repayments on commercial loans	4	303
Principal repayments on securitized commercial loans	0	139,657
Principal repayments on residential bridge loans	366	6,192
Net settlements of TBAs	732	0
Due from counterparties	150	0
Net cash (used in) provided by investing activities	(179,251)	365,754
Cash flows from financing activities:
Payment of offering costs	(2)	(24)
Payments on extinguishment of convertible senior unsecured notes	(10,690)	(6,315)
Proceeds from repurchase agreement borrowings	2,838,689	1,482,074
Repayments of repurchase agreement borrowings	(2,900,802)	(1,475,438)
Proceeds from securitized debt	397,934	0
Repayments of securitized debt	(156,843)	(351,428)
Payments made for deferred financing costs	0	(10)
Due from counterparties, net	(1,374)	(1,121)
Due to counterparties, net	360	100
Decrease in other liabilities	(4)	(53,157)
Equity distributions to non-controlling interest	(14,768)	0
Dividends paid on common stock	(6,038)	(7,298)
Dividends paid to non-controlling interest	(4)	(4)
Net cash provided by (used in) financing activities	146,458	(412,621)
Net decrease in cash, cash equivalents and restricted cash	(24,318)	(38,995)
Cash, cash equivalents and restricted cash, beginning of period	40,453	107,745
Cash, cash equivalents and restricted cash, end of period	16,135	68,750
Supplemental disclosure of operating cash flow information:
Interest paid	50,791	58,531
Income taxes paid	0	173
Supplemental disclosure of non-cash financing/investing activities:
Dividends and distributions declared, not paid	2,415	3,649
Principal payments of residential whole loans, not settled	11,906	28,695
Principal payments of residential bridge loans, not settled	46	0
Other assets - transfer of bridge loans to REO	0	684
Reconciliation of cash, cash equivalents and restricted cash reported in the Consolidated Balance Sheets:
Cash and cash equivalents	15,878	45,775
Restricted cash	257	22,975
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	$ 16,135	$ 68,750