Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income		$ (43,541)	$ 9,487
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Net realized (gain) loss on mortgage loans, derivative contracts, RMBS, and CMBS		(26,416)	2,288
Net unrealized loss (gain) on mortgage loans and derivative contracts		80,181	(4,518)
Amortization of debt issuance costs		257	19
Net amortization of premiums and discounts on mortgage loans		3,695	27
Non-cash equity compensation		871	0
Net change in:
Purchases of residential mortgage loans from non-affiliates		(330,299)	0
Purchases of residential mortgage loans from affiliates		(347,086)	(92,734)
Principal payments on residential mortgage loans		18,239	5,149
Collateral due to counterparties		8,024	0
Margin received from interest rate futures contracts and TBAs		33,827	1,702
Principal and interest receivable		(2,028)	(2,612)
Other assets		(2,447)	(88)
Management fee payable to affiliate		12	0
Accrued expenses		83	212
Accrued expenses payable to affiliate		(221)	(732)
Interest payable		426	185
NET CASH USED IN OPERATING ACTIVITIES		(606,423)	(81,615)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of investments in RMBS and CMBS		0	(107,789)
Purchases of investments in U.S. Treasury Bills		(349,992)	0
Maturity of U.S. Treasury Bills		249,999	149,993
Sale of RMBS		271,995	19,570
Principal payments on RMBS		3,635	2,281
Principal payments on residential mortgage loans in securitization trusts		88,228	0
Purchases of commercial mortgage loans		(3,180)	0
Sale of commercial mortgage loans		640	0
Principal payments on commercial mortgage loans		38	5
NET CASH PROVIDED BY INVESTING ACTIVITIES		261,363	64,060
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid to common stockholders		(11,290)	0
Repurchase of common stock		(3,003)	0
Contributions from prior common stockholder		0	56,261
Principal payments on loans held in securitization trusts		(88,228)	0
Cash paid for debt issuance costs		(24)	(59)
Proceeds from securitization		520,262	0
Net proceeds from (payments on) securities sold under agreements to repurchase		(131,830)	(150,495)
Net proceeds from (payments on) notes payable		102,757	109,892
NET CASH PROVIDED BY FINANCING ACTIVITIES		388,644	15,599
CHANGE IN CASH AND RESTRICTED CASH		43,584	(1,956)
CASH AND RESTRICTED CASH, beginning of period	[1]	52,309	45,973
CASH AND RESTRICTED CASH, end of period	[1]	95,893	44,017
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest		$ 9,744	$ 647

[1] Cash, cash equivalents, and restricted cash as of March 31, 2022 included cash and cash equivalents of $90.4 million and restricted cash of $5.4 million, and as of March 31, 2021 included cash and cash equivalents of $40.0 million and restricted cash of $4.1 million.