Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ 6,568	$ (22,237)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Premium amortization and (discount accretion), net	260	2,228
Interest income earned added to principal of investments	(7)	(64)
Amortization of deferred financing costs	579	653
Amortization of discount on convertible senior unsecured notes	172	223
Restricted stock amortization	100	165
Premium on purchase of Residential Whole Loans	0	(2,139)
Unrealized (gain) loss, net	(90,316)	38,903
Realized loss on extinguishment of convertible senior notes	0	53
Realized (gain) loss on sale of real estate owned ("REO")	0	(12,198)
Unrealized gain on derivative instruments, net	(3)	(1,655)
Realized loss on investments, net	82,790	0
Changes in operating assets and liabilities:
Interest receivable	145	863
Other assets	1,494	616
Interest payable	(655)	(2,031)
Accounts payable and accrued expenses	(61)	(2,563)
Payable to affiliate	(1,108)	766
Other liabilities	(32)	30
Net cash (used in) provided by operating activities	(74)	1,613
Cash flows from investing activities:
Purchase of securities	(4,714)	(39,952)
Proceeds from sale of securities	6,630	0
Proceeds from sale of REO	0
Proceeds from sale of REO		54,681
Principal repayments and basis recovered on securities	20,379	907
Purchase of Residential Whole Loans	0	(116,954)
Principal repayments on Residential Whole Loans	26,199	96,808
Proceeds from sale of Commercial Loans	8,776	0
Principal repayments on Commercial Loans	930	4
Principal repayments on Residential Bridge Loans	1,370	117
Due from counterparties	0	100
Net cash provided by (used in) investing activities	59,570	(4,289)
Cash flows from financing activities:
Payment of offering costs	0	(2)
Payments on extinguishment of convertible senior unsecured notes	0	(3,408)
Proceeds from repurchase agreement borrowings	381,970	1,000,942
Repayments of repurchase agreement borrowings	(403,797)	(1,275,751)
Proceeds from securitized debt	0	397,934
Repayments of securitized debt	(26,107)	(91,716)
Due from counterparties, net	(10,709)	(4,354)
Due to counterparties, net	(300)	0
Decrease in other liabilities	(248)	(3)
Equity distributions to non-controlling interest	0	(14,690)
Dividends paid on common stock	(2,415)	(3,623)
Net cash (used in) provided by financing activities	(61,606)	5,329
Net (decrease) increase in cash, cash equivalents and restricted cash	(2,110)	2,653
Cash, cash equivalents and restricted cash, beginning of period	18,259	40,453
Cash, cash equivalents and restricted cash, end of period	16,149	43,106
Supplemental disclosure of operating cash flow information:
Interest paid	29,493	26,657
Supplemental disclosure of non-cash financing/investing activities:
Dividends and distributions declared, not paid	2,113	2,415
Dividends to non-controlling interest, not paid	2	2
Principal payments of Residential Whole Loans, not settled	8,934	20,731
Principal payments of Residential Bridge Loans, not settled	0	151
Reconciliation of cash, cash equivalents and restricted cash reported in the Consolidated Balance Sheets:
Cash and cash equivalents	16,149	42,849
Restricted cash	0	257
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	$ 16,149	$ 43,106