Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 32,708	$ 43,806
Adjustments to reconcile net income (loss) to net cash provided or (used in) operating activities:
Net realized (gain) loss on mortgage loans, derivative contracts, RMBS, and CMBS	12,238	14,527
Net unrealized (gain) loss on trading securities, mortgage loans, portion of debt at fair value option, and derivative contracts	(26,329)	(48,514)
Amortization of debt issuance costs	559	246
Net amortization of premiums and discounts on mortgage loans	2,754	1,989
Accretion of non-recourse securitized obligation discount	3,278	3,455
Accretion of discount on U.S. Treasury securities	(61)	(548)
Stock compensation	930	1,864
Net change in:
Margin (paid) received from interest rate futures contracts and TBAs	(7,559)	4,618
Principal and interest receivable on residential mortgage loans	(6,640)	868
Other assets	(8,640)	(1,461)
Management fee payable to affiliate	1,174	(1,367)
Income tax payable	(2,622)	1,544
Interest payable	1,238	492
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	(354,454)	(196,380)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of investments in RMBS, available for sale	(8,352)	(5,733)
Purchases of investments in whole pool agency RMBS, trading	(758,316)	(935,573)
Sale of investments in RMBS, available for sale	27,726	0
Sale of investments in whole pool agency RMBS, trading	759,306	927,047
Purchase of investments in U.S. Treasury securities	(74,939)	(349,595)
Investments in majority-owned affiliates	0	(2,253)
Principal payments on RMBS and CMBS securities	448	2,122
Maturities of U.S. Treasury securities	75,000	450,000
Principal payments on commercial mortgage loans	12	25
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	20,885	86,040
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuances of common stock, net of expenses	12,182	2,252
Dividends paid to common stockholders	(22,964)	(23,514)
Principal payments on non-recourse securitization obligation	(172,156)	(122,070)
Cash paid for debt issuance costs	(666)	(1,013)
Proceeds from securitizations	269,915	274,793
Net proceeds from (payments on) securities sold under agreements to repurchase	3,486	(90,780)
Net proceeds from (payments on) notes payable	213,149	42,432
Net proceeds from issuance of senior notes	41,161	48,425
Repurchase of common stock	0	(19,950)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	344,107	110,575
CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	10,538	235
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	42,893	44,496
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	53,431	44,731
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest	60,104	46,386
Affiliates
Adjustments to reconcile net income (loss) to net cash provided or (used in) operating activities:
Purchases of residential mortgage loans	(119,776)	(182,200)
Sale of residential mortgage loans	83,669	66,107
Principal payments on residential mortgage loans	172,156	122,311
Net change in:
Accrued expenses	(223)	(91)
Nonrelated Party
Adjustments to reconcile net income (loss) to net cash provided or (used in) operating activities:
Purchases of residential mortgage loans	(523,547)	(243,634)
Sale of residential mortgage loans	1,279	3,118
Principal payments on residential mortgage loans	29,390	15,475
Net change in:
Accrued expenses	$ (430)	$ 1,015