Condensed 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)		$ 530	$ (43,541)
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		10,843	(26,416)
Net unrealized gain (loss) on trading securities, mortgage loans, portion of debt at fair value option, and derivative contracts		(10,190)	80,181
Accretion of discount on U.S. Treasury securities		(181)	0
Amortization of debt issuance costs		367	257
Net amortization of premiums and discounts on mortgage loans		846	3,695
Non-cash equity compensation		541	871
Net change in:
Purchases of residential mortgage loans from non-affiliates		0	(330,299)
Purchases of residential mortgage loans from affiliates		0	(347,086)
Principal payments on residential mortgage loans in securitization trusts		18,916	0
Principal payments on residential mortgage loans		18,328	18,239
Collateral due to counterparties		0	8,024
Margin received from interest rate futures contracts and TBAs		6,662	33,827
Sale of residential mortgage loans into affiliate’s securitization trust		229,279	0
Principal and interest receivable on residential mortgage loans		3,852	(2,028)
Other assets		(11,477)	(2,447)
Management fee payable to affiliate		(448)	12
Accrued expenses		(636)	83
Accrued expenses payable to affiliate		(822)	(221)
Interest payable		(1,270)	426
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		265,140	(606,423)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of investments in RMBS		(10,363)	0
Purchase of investment in U.S. Treasury securities		(399,456)	(349,992)
Maturity of U.S. Treasury securities		0	249,999
Sale of RMBS (available for sale)		164	271,995
Principal payments on RMBS		101	3,635
Principal payments on residential mortgage loans in securitization trusts		0	88,228
Purchases of commercial mortgage loans		0	(3,180)
Sale of commercial mortgage loans		0	640
Principal payments on commercial mortgage loans		10	38
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES		(409,544)	261,363
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid to common stockholders		(7,976)	(11,290)
Repurchase of common stock		0	(3,003)
Principal payments on non-recourse securitization obligation		(18,916)	(88,228)
Cash paid for debt issuance costs		0	(24)
Proceeds from non-recourse securitization obligations		0	520,262
Net proceeds from (payments on) securities sold under agreements to repurchase		389,670	(131,830)
Net proceeds from (payments on) notes payable		(200,618)	102,757
NET CASH PROVIDED BY FINANCING ACTIVITIES		162,160	388,644
CHANGE IN CASH AND RESTRICTED CASH		17,756	43,584
CASH AND RESTRICTED CASH, beginning of period	[1]	39,861	52,309
CASH AND RESTRICTED CASH, end of period	[1]	57,617	95,893
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest		$ 18,210	$ 9,744

[1] Cash, cash equivalents, and restricted cash as of March 31, 2023 included cash and cash equivalents of $36.8 million and restricted cash of $20.8 million, and as of March 31, 2022 included cash and cash equivalents of $90.4 million and restricted cash of $5.4 million.