Consolidated Statements of Income (Loss) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income
Interest income		$ 6,004	$ 3,526	$ 11,523	$ 6,827
Interest expense		2,502	1,341	4,142	2,795
Net interest income		3,502	2,185	7,381	4,032
Servicing fee income		13,188	13,748	26,304	27,288
Servicing costs		2,615	4,072	5,808	7,154
Net servicing income		10,573	9,676	20,496	20,134
Other income (loss)
Realized gain (loss) on RMBS, available-for-sale, net	[1]	(46,036)	983	(59,258)	3,077
Realized loss on derivatives, net		(2,730)	(5,531)	(13,368)	(6,071)
Realized gain on acquired assets, net		0	29	12	34
Unrealized gain (loss) on derivatives, net		17,613	3,548	42,069	(4,511)
Unrealized gain (loss) on investments in Servicing Related Assets		6,150	(20,501)	27,881	1,963
Total Income (Loss)		(10,928)	(9,611)	25,213	18,658
Expenses
General and administrative expense		1,499	1,883	3,243	3,500
Management fee to affiliate		1,614	1,949	3,407	3,910
Total Expenses		3,113	3,832	6,650	7,410
Income (Loss) Before Income Taxes		(14,041)	(13,443)	18,563	11,248
Provision for (Benefit from) corporate business taxes	[2]	1,423	(1,830)	5,298	1,633
Net Income (Loss)		(15,464)	(11,613)	13,265	9,615
Net (income) loss allocated to noncontrolling interests in Operating Partnership		347	240	(286)	(194)
Dividends on preferred stock		2,465	2,465	4,928	4,928
Net Income (Loss) Applicable to Common Stockholders		$ (17,582)	$ (13,838)	$ 8,051	$ 4,493
Net Income (Loss) Per Share of Common Stock
Basic (in dollars per share)		$ (0.93)	$ (0.81)	$ 0.43	$ 0.26
Diluted (in dollars per share)		$ (0.92)	$ (0.81)	$ 0.43	$ 0.26
Weighted Average Number of Shares of Common Stock Outstanding
Basic (in shares)		19,007,390	17,073,943	18,632,042	17,069,861
Diluted (in shares)		19,029,493	17,096,124	18,653,206	17,092,064

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

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