CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
Cash flows provided by (used in) operating activities:
Net income (loss)		$ (30,198)	$ (6,309)
Reconciliation of net income (loss) to net cash provided by (used in) operating activities:
Net realized (gains) losses on securities		73,682	(3,818)
Change in net unrealized (gains) losses on securities		79,103	36,090
Net realized (gains) losses on financial derivatives		(48,996)	2,526
Change in net unrealized (gains) losses on financial derivatives		(58,533)	(8,600)
Amortization of premiums and accretion of discounts, net		2,290	7,524
Share based compensation		312	271
(Increase) decrease in assets:
Interest receivable		1,178	(390)
Other assets		(7)	(20)
Increase (decrease) in liabilities:
Accrued expenses		(67)	236
Interest payable		3,811	415
Management fees payable to affiliate		(158)	(45)
Net cash provided by (used in) operating activities		22,417	27,880
Cash flows provided by (used in) investing activities:
Purchases of securities		(2,357,903)	(1,645,767)
Proceeds from sale of securities		2,188,450	1,303,872
Principal repayments of mortgage-backed securities		179,855	325,440
Proceeds from investments sold short		412,697	758,924
Repurchase of investments sold short		(523,100)	(639,931)
Proceeds from disposition of financial derivatives		82,957	23,468
Purchase of financial derivatives		(36,018)	(26,139)
Payments made on reverse repurchase agreements		(9,169,752)	(10,088,814)
Proceeds from reverse repurchase agreements		9,286,759	9,971,309
Due from brokers, net		5,679	2,848
Due to brokers, net		40,923	(441)
Net cash provided by (used in) investing activities		110,547	(15,231)
Cash flows provided by (used in) financing activities:
Proceeds from Issuance or Sale of Equity	[1]	2,114	9,289
Offering costs paid		(127)	(390)
Repurchase of common shares		(262)	0
Dividends paid		(13,937)	(17,272)
Borrowings under repurchase agreements		6,029,970	2,567,574
Repayments of repurchase agreements		(6,252,350)	(2,517,984)
Due from brokers, net		63,885	(43,072)
Due to brokers, net		3,531	68
Cash provided by (used in) financing activities		(167,176)	(1,787)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(34,212)	10,862
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		69,028	58,166
CASH AND CASH EQUIVALENTS, END OF PERIOD		34,816	69,028
Supplemental disclosure of cash flow information:
Interest paid		11,009	2,308
Dividend payable		$ 1,070	$ 1,311
Common Stock, Dividends, Per Share, Declared		$ 1.04	$ 1.18

[1] Net of discount and commissions.