Consolidated Statements of Income (Loss) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Income
Interest income		$ 5,519	$ 3,301
Interest expense		1,640	1,454
Net interest income		3,879	1,847
Servicing fee income		13,116	13,540
Servicing costs		3,193	3,082
Net servicing income		9,923	10,458
Other income (loss)
Realized gain (loss) on RMBS, available-for-sale, net	[1]	(13,222)	2,094
Realized loss on derivatives, net		(10,638)	(540)
Realized gain on acquired assets, net		12	5
Unrealized gain (loss) on derivatives, net		24,456	(8,059)
Unrealized gain on investments in Servicing Related Assets		21,731	22,464
Total Income		36,141	28,269
Expenses
General and administrative expense		1,744	1,617
Management fee to affiliate		1,793	1,961
Total Expenses		3,537	3,578
Income Before Income Taxes		32,604	24,691
Provision for corporate business taxes	[2]	3,875	3,463
Net Income		28,729	21,228
Net income allocated to noncontrolling interests in Operating Partnership		(633)	(434)
Dividends on preferred stock		2,463	2,463
Net Income Applicable to Common Stockholders		$ 25,633	$ 18,331
Net Income Per Share of Common Stock
Basic (in dollars per share)		$ 1.40	$ 1.07
Diluted (in dollars per share)		$ 1.40	$ 1.07
Weighted Average Number of Shares of Common Stock Outstanding
Basic (in shares)		18,252,523	17,065,735
Diluted (in shares)		18,272,737	17,087,959

[1] Reclassified from accumulated other comprehensive income into earnings.

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