Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income		$ (95,686)	$ 11,714
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Net realized loss (gain) on mortgage loans, derivative contracts, RMBS, and CMBS		(39,133)	12,512
Net unrealized loss (gain) on mortgage loans and derivative contracts		154,166	(9,330)
Accretion of and amortization		8,315	151
Non-cash equity compensation		1,839	90
Net change in:
Purchases of residential mortgage loans from non-affiliates		(390,956)	(73,546)
Purchases of residential mortgage loans from affiliates		(541,875)	(335,233)
Principal payments on residential mortgage loans		205,260	27,481
Margin received from interest rate futures contracts and TBAs		73,171	471
Principal and interest receivable on residential motgage loans		(10,975)	(13,387)
Income tax benefit		(3,457)	0
Other assets		(296)	(3,642)
Management fee payable to affiliate		160	0
Accrued expenses		2,143	519
Accrued expenses payable to affiliate		114	(158)
Interest payable		1,380	267
NET CASH USED IN OPERATING ACTIVITIES		(635,830)	(382,091)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of investments in RMBS and CMBS		(419,748)	(881,011)
Purchases of investments in U.S. Treasury Bills		(349,992)	(1,000)
Maturity of U.S. Treasury Bills		600,000	149,993
Sale of RMBS		669,913	19,688
Principal payments on RMBS		4,936	5,178
Purchases of commercial mortgage loans		(3,180)	0
Sale of commercial mortgage loans		578	0
Principal payments on commercial mortgage loans		34	1,255
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES		502,541	(705,897)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid to common stockholders		(22,503)	0
Dividends paid to preferred shareholders		(8)	0
Repurchase of common stock		(5,996)	0
Contributions from prior common stockholder		0	56,261
Proceeds from IPO		0	136,800
Proceeds from private placement concurrent with IPO		0	40,000
Principal payments on loans held in securitization trusts		(156,031)	0
Cash paid for debt issuance costs		(457)	(77)
Proceeds from securitization		520,044	0
Net proceeds from (payments on) securities sold under agreements to repurchase		(480,886)	608,885
Net proceeds from notes payable		248,693	233,174
NET CASH PROVIDED BY FINANCING ACTIVITIES		102,856	1,075,043
CHANGE IN CASH AND RESTRICTED CASH		(30,433)	(12,945)
CASH AND RESTRICTED CASH, beginning of period	[1]	52,309	45,973
CASH AND RESTRICTED CASH, end of period	[1]	21,876	33,028
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest		$ 22,061	$ 647

[1] Cash, cash equivalents, and restricted cash as of June 30, 2022 included cash and cash equivalents of $16.1 million and restricted cash of $5.8 million, and as of June 30, 2021 included cash and cash equivalents of $28.9 million and restricted cash of $4.1 million.