Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 40,801	$ 43,569
Restricted cash	11,508	2,404
Principal and interest receivable	25,984	5,058
Receivable from affiliate	0	14
Other assets	5,306	388
Total assets	2,577,929	509,656
LIABILITIES
Notes payable	853,408	81,905
Non-recourse securitization obligations, collateralized by residential mortgage loans, net	616,557	0
Securities sold under agreements to repurchase	609,251	178,291
Unrealized depreciation on futures contracts - at fair value	728	198
Accrued expenses	442	121
Accrued expenses payable to affiliate	1,425	732
Interest payable	1,283	100
Income taxes payable	1,600	0
Management fee payable to affiliate	1,845	0
Total liabilities	2,086,539	261,347
Commitments and contingencies
STOCKHOLDER(S)’ EQUITY
Series A preferred stock, $0.01 par value, 12% cumulative, non-voting, 125 shares issued and outstanding as of December 31, 2021 and 2020	101	101
Common stock, $0.01 par value. As of December 31, 2021: 350,000,000 shares authorized, 25,227,328 shares issued and outstanding. As of December 31, 2020: 90,000,000 shares authorized, 15,724,050 shares issued and outstanding.	252	157
Additional paid-in capital	476,510	246,489
Accumulated other comprehensive income (loss)	3,000	(1,039)
Retained earnings	11,527	2,601
Total stockholder(s)’ equity	491,390	248,309
Total liabilities and stockholder(s)’ equity	2,577,929	509,656
RMBS
ASSETS
Debt securities, available-for-sale	485,634	149,936
LIABILITIES
Securities sold under agreements to repurchase	360,501	28,673
CMBS
ASSETS
Debt securities, available-for-sale	10,756	8,796
Treasury Bills
ASSETS
Debt securities, available-for-sale	249,999	149,995
LIABILITIES
Securities sold under agreements to repurchase	248,750	149,618
Residential mortgage loans
ASSETS
Mortgage loans	1,061,912	142,030
Residential mortgage loans in securitization trust
ASSETS
Mortgage loans	667,365	0
Commercial mortgage loans
ASSETS
Mortgage loans	$ 18,664	$ 7,466