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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Cash Flows From Operating Activities              
Net income (loss) $ 4,515 $ (6,992) $ (12,444) $ 12,056 $ (916) $ 396  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:              
Realized loss on RMBS, net 0   3,651   6,045 5,510  
Unrealized loss on investments in Servicing Related Assets 5,912   7,467   14,968 14,036  
Realized gain on investments in MSRs, net 0   237   0 (504)  
Realized gain on acquired assets, net (2)   (2)   (2) (2)  
Realized gain on derivatives, net 10,496   7,987   (8,976) (7,695)  
Unrealized gain on RMBS, measured at fair value through earnings, net (10,730)   (24,990)   (29,018) (12,229)  
Unrealized loss on derivatives, net (2,482)   21,311   39,406 12,029  
Accretion of premiums on RMBS         (2,583) (2,256)  
Amortization of deferred financing costs         234 234  
LTIP-OP Unit awards         216 372  
Changes in operating assets and liabilities:              
Receivables and other assets         2,934 5,836  
Due to manager         0 (166)  
Accrued expenses and other liabilities         (11,565) (26,183)  
Net cash provided by (used in) operating activities         10,743 (10,622)  
Cash Flows From Investing Activities              
Purchase of RMBS         (189,188) (337,738)  
Principal paydown of RMBS         70,660 55,331  
Proceeds from sale of RMBS         99,844 123,797  
Proceeds from sale of MSRs         0 13,308  
Acquisition of MSRs         2 7  
Payments for settlement of derivatives         (5,705) (22,435)  
Net cash used in investing activities         (24,387) (167,730)  
Cash Flows From Financing Activities              
Borrowings under repurchase agreements         7,926,607 7,505,368  
Repayments of repurchase agreements         (7,896,724) (7,300,361)  
Proceeds from (payments for) derivative financing         (9,992) 2,474  
Principal paydown of bank loans         (4,100) (18,700)  
Dividends paid         (22,497) (20,833)  
LTIP-OP Units distributions paid         (263) (255)  
Redemption of OP units         (101) (9)  
Issuance of common stock, net of offering costs         14,606 5,433  
Repurchase and retirement of preferred stock         0 (9,438)  
Net cash provided by financing activities         7,536 163,679  
Net Decrease in Cash, Cash Equivalents and Restricted Cash         (6,108) (14,673)  
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 64,651   54,654   64,651 54,654 70,759
Reconciliation of cash and cash equivalents and restricted cash              
Cash and cash equivalents 55,447   50,152   55,447 50,152 46,313
Restricted cash 9,204   4,502   9,204 4,502 24,446
Total cash and cash equivalents and restricted cash $ 64,651   $ 54,654   64,651 54,654 $ 70,759
Supplemental Disclosure of Cash Flow Information              
Cash paid during the period for interest expense         28,298 24,714  
Cash paid during the period for income taxes         38 52  
Supplemental Schedule of Non-Cash Investing and Financing Activities              
Dividends declared but not paid         5,950 7,065  
Purchase of RMBS, settled after period end         $ 15,087 $ 28,337