Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ (187,833)	$ 21,113
Adjustments to reconcile net income to net cash used in operating activities:
Net realized losses	8,717	4,926
Net unrealized loss on mortgage loans and derivative contracts	201,753	2,392
Amortization of debt issuance costs	1,053	458
Net amortization of premiums and discounts on mortgage loans	9,370	635
Non-cash stock compensation	5,753	1,715
Net change in:
Purchases of residential mortgage loans from affiliates	(567,324)	(909,442)
Purchases of residential mortgage loans from non-affiliates	(427,940)	(820,141)
Sale of residential mortgage loans	252,709	0
Principal payments on residential mortgage loans	285,797	138,587
Margin received from interest rate futures contracts	75,432	13,253
Principal and interest receivable	12,156	(20,926)
Receivable from affiliate	0	14
Other assets	(130)	(6,172)
Management fee payable to affiliate	122	1,845
Accrued expenses	846	321
Accrued expenses payable to affiliate	581	693
Deferred tax (benefit) expense	(3,457)	1,600
Interest payable	1,268	1,183
NET CASH USED IN OPERATING ACTIVITIES	(331,127)	(1,567,946)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of investments in RMBS and CMBS	(419,748)	(1,481,011)
Purchases of investments in U.S. Treasury Securities	(349,992)	(604,995)
Sale of investments in RMBS and CMBS	812,107	1,120,071
Maturities of U.S. Treasury Securities	600,000	504,984
Principal payments on RMBS and CMBS securities	14,067	11,234
Purchases of commercial mortgage loans from affiliate	0	(12,328)
Origination of commercial mortgage	(3,180)	0
Sale of commercial mortgage loans to third parties	11,026	1,540
Principal payments on commercial mortgage loans	53	21
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	664,333	(460,484)
CASH FLOWS FROM FINANCING ACTIVITIES
Contributions from prior common stockholder	0	56,261
Proceeds from issuance of common stock in IPO	0	136,800
Proceeds from private placement concurrent with IPO	0	40,000
Repurchase of common stock	(6,863)	(4,660)
Redemption of preferred stock	(125)	0
Dividends paid to common stockholders	(41,702)	(12,172)
Principal payments on loans held in securitization trusts	(201,607)	(60,594)
Preferred dividends paid	(14)	(15)
Cash paid for debt issuance costs	(457)	(3,002)
Proceeds from securitizations	675,359	679,685
Net proceeds from (purchases of) securities sold under agreements to repurchase	(556,707)	430,960
Net proceeds from the sale of residential loans	(221,229)	0
Net proceeds from (payments on) notes payable	7,691	771,503
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	(345,654)	2,034,766
CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(12,448)	6,336
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of year	52,309	45,973
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of year	39,861	52,309
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the year for interest	$ 61,611	$ 10,293