Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 21,113	$ 736
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Net realized losses	4,926	20,793
Net unrealized loss on mortgage loans and derivative contracts	2,392	2,144
Accretion of securities	0	(110)
Amortization of debt issuance costs	458	55
Net amortization of premiums and discounts on mortgage loans	635	355
Non-cash stock compensation	1,715	0
Net change in:
Purchases of residential mortgage loans from affiliates	(909,442)	(423,172)
Purchases of residential mortgage loans from non-affiliates	(820,141)	(71,577)
Sales of residential mortgage loans into affiliate’s securitization trust	0	504,731
Principal payments on residential mortgage loans	138,587	16,359
Margin posted on interest rate futures contracts	13,253	(14,135)
Principal and interest receivable	(20,926)	(1,971)
Receivable from affiliate	14	1,102
Other assets	(6,172)	(175)
Management fee payable to affiliate	1,845	(27)
Accrued expenses	321	(317)
Accrued expenses payable to affiliate	693	(48)
Income taxes payable	1,600
Interest payable	1,183	(334)
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES	(1,567,946)	34,409
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of investments in RMBS and CMBS	(1,481,011)	(1,456,004)
Purchases of investments in U.S. Treasury Bills	604,995	0
Sale of investments in RMBS and CMBS	1,120,071	1,385,000
Sale of investments in U.S. Treasury Bills	504,984	0
Principal payments on RMBS and CMBS securities	11,234	10,091
Purchases of commercial mortgage loans from affiliate	(12,328)	(26,334)
Sale of commercial mortgage loans into affiliate’s securitization trust	0	34,041
Sale of commercial mortgage loans to third parties	1,540	0
Principal payments on commercial mortgage loans	21	770
NET CASH USED IN INVESTING ACTIVITIES	(460,484)	(52,436)
CASH FLOWS FROM FINANCING ACTIVITIES
Contributions from prior common stockholder	56,261	234,018
Proceeds from issuance of common stock in IPO	136,800	0
Proceeds from private placement concurrent with IPO	40,000	0
Shares of stock repurchased	(4,660)	0
Distributions to prior common stockholder	0	(76,700)
Dividends paid to common stockholders	(12,172)	0
Principal payments on loans held in securitization trusts	(60,594)	0
Preferred dividends paid	(15)	(15)
Cash paid for debt issuance costs	(3,002)	(153)
Proceeds from securitizations	679,685	0
Net proceeds from (purchases of) securities sold under agreements to repurchase	430,960	(45,800)
Net proceeds from (payments on) notes payable	771,503	(56,552)
NET CASH PROVIDED BY FINANCING ACTIVITIES	2,034,766	54,798
CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	6,336	36,771
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	45,973	9,202
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	52,309	45,973
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the year for interest	$ 10,293	$ 7,833