Consolidated Statements of Income (Loss) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income
Interest income		$ 49,020	$ 73,338	$ 57,350
Interest expense		16,317	48,585	34,509
Net interest income		32,703	24,753	22,841
Servicing fee income		65,961	73,555	50,776
Servicing costs		22,640	17,404	10,615
Net servicing income		43,321	56,151	40,161
Other income (loss)
Realized gain (loss) on RMBS, available-for-sale, net		(4,640)	902	(8,362)
Realized loss on investments in MSRs, net		(11,347)	0	0
Realized loss on derivatives, net		(22,826)	(12,362)	(5,889)
Realized gain (loss) on acquired assets, net		(690)	26	0
Unrealized gain (loss) on derivatives, net		48,055	(10,867)	3,505
Unrealized loss on investments in Servicing Related Assets		(141,900)	(106,772)	(3,573)
Total Income (Loss)		(57,324)	(48,169)	48,683
Expenses
General and administrative expense		6,888	4,647	3,941
Management fee to affiliate		7,770	7,784	5,946
Total Expenses		14,658	12,431	9,887
Income (Loss) Before Income Taxes		(71,982)	(60,600)	38,796
Provision for (Benefit from) corporate business taxes	[1]	(18,764)	(9,925)	4,527
Net Income (Loss)		(53,218)	(50,675)	34,269
Net (income) loss allocated to noncontrolling interests in Operating Partnership		979	819	(443)
Dividends on preferred stock		9,842	9,353	5,297
Net Income (Loss) Applicable to Common Stockholders		$ (62,081)	$ (59,209)	$ 28,529
Net Income (Loss) Per Share of Common Stock
Basic (in dollars per share)		$ (3.67)	$ (3.53)	$ 1.95
Diluted (in dollars per share)		$ (3.67)	$ (3.53)	$ 1.95
Weighted Average Number of Shares of Common Stock Outstanding
Basic (in shares)		16,901,537	16,775,113	14,649,242
Diluted (in shares)		16,919,204	16,787,902	14,657,498

[1] The provision for income taxes is recorded at the TRS level.