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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Cash Flows From Operating Activities              
Net income (loss) $ 1,561 $ (6,992) $ 784 $ 12,056 $ (5,431) $ 12,840  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:              
Realized loss on RMBS, net 2,053   1,859   6,045 1,859  
Unrealized loss on investments in Servicing Related Assets 2,731   3,312   9,056 6,569  
Realized gain on investments in MSRs, net 0   (741)   0 (741)  
Realized gain on derivatives, net (14,838)   (9,430)   (19,472) (15,682)  
Unrealized (gain) loss on RMBS, measured at fair value through earnings, net (3,508)   4,440   (18,288) 12,761  
Unrealized (gain) loss on derivatives, net 19,147   3,042   41,888 (9,282)  
Accretion of premiums on RMBS         (1,576) (1,431)  
Amortization of deferred financing costs         156 156  
LTIP-OP Unit awards         144 248  
Changes in operating assets and liabilities:              
Receivables and other assets         775 3,216  
Due to manager         0 (33)  
Accrued expenses and other liabilities         (164) (25,468)  
Net cash provided by (used in) operating activities         13,133 (14,988)  
Cash Flows From Investing Activities              
Purchase of RMBS         (154,377) (154,003)  
Principal paydown of RMBS         45,415 36,092  
Proceeds from sale of RMBS         99,844 39,195  
Proceeds from sale of MSRs         0 13,544  
Acquisition of MSRs         0 (6)  
Proceeds from (payments for) settlement of derivatives         9,556 (5,604)  
Net cash provided by (used in) investing activities         438 (70,782)  
Cash Flows From Financing Activities              
Borrowings under repurchase agreements         5,392,822 4,842,602  
Repayments of repurchase agreements         (5,397,785) (4,751,327)  
Proceeds from (payments for) derivative financing         (6,997) 16,974  
Principal paydown of bank loans         (2,000) (10,000)  
Dividends paid         (14,634) (13,773)  
LTIP-OP Units distributions paid         (180) (165)  
Redemption of OP units         (102) (9)  
Issuance of common stock, net of offering costs         12,541 116  
Repurchase and retirement of preferred stock         0 (9,438)  
Net cash provided by (used in) financing activities         (16,335) 74,980  
Net Decrease in Cash, Cash Equivalents and Restricted Cash         (2,764) (10,790)  
Cash, Cash Equivalents and Restricted Cash, Beginning of Period   $ 70,759   $ 69,327 70,759 69,327 $ 69,327
Cash, Cash Equivalents and Restricted Cash, End of Period 67,995   58,537   67,995 58,537 70,759
Reconciliation of cash and cash equivalents and restricted cash              
Cash and cash equivalents 58,042   52,424   58,042 52,424 46,313
Restricted cash 9,953   6,113   9,953 6,113 24,446
Total cash and cash equivalents and restricted cash $ 67,995   $ 58,537   67,995 58,537 $ 70,759
Supplemental Disclosure of Cash Flow Information              
Cash paid during the period for interest expense         18,008 16,095  
Cash paid during the period for income taxes         36 28  
Supplemental Schedule of Non-Cash Investing and Financing Activities              
Dividends declared but not paid         $ 7,643 $ 6,761