Consolidated Statements of Income (Loss) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income
Interest income		$ 14,327	$ 12,864	$ 40,745	$ 37,193
Interest expense		14,218	13,337	41,376	38,460
Net interest income (expense)		109	(473)	(631)	(1,267)
Servicing fee income		11,681	13,225	36,921	40,535
Servicing costs		3,206	2,869	9,295	8,098
Net servicing income		8,475	10,356	27,626	32,437
Other income (loss)
Realized loss on RMBS, net		(3,651)	(10,209)	(5,510)	(21,464)
Realized gain (loss) on investments in MSRs, net		(237)	0	504	0
Realized gain (loss) on derivatives, net		(7,987)	20,675	7,695	26,715
Realized gain on acquired assets, net		2	12	2	12
Unrealized gain (loss) on RMBS, measured at fair value through earnings, net		24,990	(19,755)	12,229	(26,566)
Unrealized gain (loss) on derivatives, net		(21,311)	18,343	(12,029)	12,924
Unrealized gain (loss) on investments in Servicing Related Assets		(7,467)	1,578	(14,036)	(13,100)
Total Income (Loss)		(7,077)	20,527	15,850	9,691
Expenses
General and administrative expense		3,411	1,626	8,623	5,144
Management fee to affiliate		1,671	1,740	5,179	5,114
Total Expenses		5,082	3,366	13,802	10,258
Income (Loss) Before Income Taxes		(12,159)	17,161	2,048	(567)
Provision for corporate business taxes	[1]	285	1,276	1,652	1,244
Net Income (Loss)		(12,444)	15,885	396	(1,811)
Net (income) loss allocated to noncontrolling interests in Operating Partnership		246	(306)	(8)	34
Dividends on preferred stock		(2,594)	(2,462)	(7,456)	(7,390)
Gain on repurchase and retirement of preferred stock		0	0	78	0
Net Income (Loss) Applicable to Common Stockholders		$ (14,792)	$ 13,117	$ (6,990)	$ (9,167)
Net Income (Loss) Per Share of Common Stock
Basic (in dollars per share)		$ (0.49)	$ 0.49	$ (0.23)	$ (0.35)
Diluted (in dollars per share)		$ (0.49)	$ 0.49	$ (0.23)	$ (0.35)
Weighted Average Number of Shares of Common Stock Outstanding
Basic (in shares)		30,216,341	26,936,242	30,058,334	25,879,626
Diluted (in shares)		30,216,341	26,978,077	30,058,334	25,907,638

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