Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 90,445	$ 40,801
Restricted cash	5,448	11,508
Principal and interest receivable	28,012	25,984
Unrealized appreciation on TBAs and interest rate futures contracts - at fair value	17,027	2,428
Other assets	3,491	2,878
Total assets	3,198,201	2,577,929
LIABILITIES
Notes payable	956,165	853,408
Non-recourse securitization obligation, collateralized by residential mortgage loans in securitization trusts	1,031,200	616,557
Securities sold under agreements to repurchase	477,422	609,251
Unrealized depreciation on TBAs and interest rate futures contracts - at fair value	0	728
Due to broker	298,654	0
Collateral due to counterparties	8,024	0
Accrued expenses	530	442
Accrued expenses payable to affiliate	1,204	1,425
Interest payable	1,709	1,283
Income taxes payable	0	1,600
Management fee payable to affiliate	1,857	1,845
Total liabilities	2,776,765	2,086,539
Commitments and contingencies
STOCKHOLDERS’ EQUITY
Series A preferred stock, $0.01 par value, 12% cumulative, non-voting, 125 shares issued and outstanding as of March 31, 2022 and December 31, 2021	101	101
Common stock, $0.01 par value. As of March 31, 2022: 350,000,000 shares authorized, 25,085,796 shares issued and outstanding. As of December 31, 2021: 350,000,000 shares authorized, 25,227,328 shares issued and outstanding.	252	252
Additional paid-in capital	463,088	476,510
Accumulated other comprehensive (loss) income	(9,987)	3,000
Retained (deficit) earnings	(32,018)	11,527
Total stockholders’ equity	421,436	491,390
Total liabilities and stockholders’ equity	3,198,201	2,577,929
RMBS
ASSETS
Debt securities, available-for-sale	491,287	485,634
LIABILITIES
Securities sold under agreements to repurchase	128,555	360,501
CMBS
ASSETS
Debt securities, available-for-sale	10,055	10,756
U.S. Treasury securities
ASSETS
Debt securities, available-for-sale	349,992	249,999
LIABILITIES
Securities sold under agreements to repurchase	348,867	248,750
Residential mortgage loans
ASSETS
Residential mortgage loans in securitization trusts - at fair value	1,103,773	1,061,912
Residential mortgage loans in securitization trust
ASSETS
Residential mortgage loans in securitization trusts - at fair value	1,077,967	667,365
Commercial mortgage loans
ASSETS
Residential mortgage loans in securitization trusts - at fair value	$ 20,704	$ 18,664