Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 16,100	$ 40,801
Restricted cash	5,776	11,508
Principal and interest receivable	43,030	25,984
Deferred tax asset	3,457	0
Unrealized appreciation on TBAs and interest rate futures contracts - at fair value	594	2,428
Other assets	1,732	2,878
Total assets	3,284,646	2,577,929
LIABILITIES
Notes payable	1,102,101	853,408
Securities sold under agreements to repurchase	128,365	609,251
Unrealized depreciation on TBAs and interest rate futures contracts - at fair value	8,258	728
Due to broker	720,405	0
Accrued expenses	2,584	442
Accrued expenses payable to affiliate	1,539	1,425
Interest payable	2,663	1,283
Income taxes payable	0	1,600
Management fee payable to affiliate	2,005	1,845
Total liabilities	2,917,362	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 June 30, 2022 and December 31, 2021	101	101
Common stock, $0.01 par value. As of June 30, 2022: 350,000,000 shares authorized, 24,925,930 shares issued and outstanding. As of December 31, 2021: 350,000,000 shares authorized, 25,227,328 shares issued and outstanding.	249	252
Additional paid-in capital	472,356	476,510
Accumulated other comprehensive income	1,248	3,000
Retained (deficit) earnings	(106,670)	11,527
Total stockholders’ equity	367,284	491,390
Total liabilities and stockholders’ equity	3,284,646	2,577,929
Non-recourse
LIABILITIES
Non-recourse securitization obligation, collateralized by residential mortgage loans in securitization trusts (see Note 2)	949,442	616,557
RMBS
ASSETS
Debt securities, available-for-sale	922,859	485,634
LIABILITIES
Securities sold under agreements to repurchase	128,365	360,501
CMBS
ASSETS
Debt securities, available-for-sale	8,982	10,756
U.S. Treasury securities
ASSETS
Debt securities, available-for-sale	0	249,999
LIABILITIES
Securities sold under agreements to repurchase		248,750
Residential mortgage loans
ASSETS
Financing receivable, after allowance for credit loss	1,279,341	1,061,912
Residential mortgage loans in securitization trust
ASSETS
Financing receivable, after allowance for credit loss	982,579	667,365
Commercial mortgage loans
ASSETS
Financing receivable, after allowance for credit loss	$ 20,196	$ 18,664