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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Cash flows provided by (used in) operating activities:        
Net income (loss) $ (7,870) $ 3,961 [1] $ 6,586 $ 4,559
Reconciliation of net income (loss) to net cash provided by (used in) operating activities:        
Net realized (gains) losses on securities (377) 9,823 18,068 58,103
Change in net unrealized (gains) losses on securities 8,026 (1,760) 364 (61,274)
Net realized (gains) losses on financial derivatives (17,594) (3,459) (38,487) (28,562)
Change in net unrealized gains (losses) on financial derivatives 25,514 (10,216) 18,579 18,932
Realized Gain (Loss), Foreign Currency Transaction, before Tax 14 0 (109) 0
Unrealized Gain (Loss), Foreign Currency Transaction, before Tax (960) 0 863 0
Amortization of premiums and accretion of discounts, net 858 1,090 3,868 913
Share based compensation 203 72 442 255
(Increase) decrease in operating assets:        
Interest receivable 485 (120) (487) (1,196)
Other assets (67) (238) (213) 0
Increase (decrease) in operating liabilities:        
Accrued expenses 797 549 357 43
Interest payable 51 (932) (935) (1,885)
Management fees payable to affiliate 131 25 216 90
Net cash provided by (used in) operating activities 9,211 (1,205) 9,112 (10,022)
Cash flows provided by (used in) investing activities:        
Purchases of securities (571,885) (435,617) (1,359,455) (1,783,926)
Proceeds from sale of securities 509,354 437,761 1,368,975 1,760,591
Principal repayments of securities 24,943 20,321 80,805 97,975
Proceeds from investments sold short 3,988 107,893 247,286 531,019
Repurchase of investments sold short (26,426) (107,308) (224,441) (531,680)
Proceeds from disposition of financial derivatives 74,446 8,216 85,935 31,441
Purchase of financial derivatives (36,043) (3,428) (44,457) (23,533)
Payments made on reverse repurchase agreements (298,220) (687,682) (2,439,903) (5,977,852)
Proceeds from reverse repurchase agreements 321,220 687,682 2,416,903 5,978,351
Due from brokers, net 1,830 (867) (2,730) 2,009
Due to brokers, net (30,350) 13,677 (12,470) 1,328
Net cash provided by (used in) investing activities (27,143) 40,648 116,448 85,723
Cash flows provided by (used in) financing activities:        
Net proceeds from issuance of common shares [2] 52,277 7,430 74,062 33,805
Proceeds from Issuance of Preferred Stock and Preference Stock 0 0 1 0
Payments for Repurchase of Preferred Stock and Preference Stock (1) 0 0 0
Offering costs paid (10) (122) (221) (231)
Repurchase of common shares (978) 0 0 0
Dividends paid (8,082) (4,659) (22,215) (14,122)
Borrowings under repurchase agreements 2,263,843 1,178,581 9,256,420 7,173,099
Repayments of repurchase agreements (2,309,902) (1,224,953) (9,422,616) (7,286,011)
Due from brokers, net 5,677 (1,687) (6,576) 13,702
Due to brokers, net 643 (10,124) (11,108) 7,774
Cash provided by (used in) financing activities 3,467 (55,534) (132,253) (71,984)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (14,465) (16,091) (6,693) 3,717
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 31,840 38,533 38,533 34,816
CASH AND CASH EQUIVALENTS, END OF PERIOD 17,375 22,442 31,840 38,533
Supplemental disclosure of cash flow information:        
Interest paid 6,164 11,030 35,728 47,141
Income Taxes Paid 0 0 829 0
Dividend payable 3,005 1,586 2,372 1,488
Employee Benefit and Share-Based Payment Arrangement, Noncash $ 203 $ 72 $ 442 $ 255
[1] Unaudited.
[2] Net of discount and commissions.