Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 29,272	$ 40,801
Restricted cash	10,589	11,508
Principal and interest receivable	17,497	25,984
Deferred tax asset	3,457	0
Unrealized appreciation on TBAs and interest rate futures contracts - at fair value	14,756	2,428
Other assets	1,310	2,878
Total assets	2,946,212	2,577,929
LIABILITIES
Notes payable	639,870	853,408
Securities sold under agreements to repurchase	52,544	609,251
Unrealized depreciation on TBAs and interest rate futures contracts - at fair value	0	728
Due to broker	1,006,022	0
Accrued expenses	1,288	442
Accrued expenses payable to affiliate	2,006	1,425
Interest payable	2,551	1,283
Income taxes payable	0	1,600
Management fee payable to affiliate	1,967	1,845
Total liabilities	2,709,733	2,086,539
Commitments and contingencies
STOCKHOLDERS’ EQUITY
Series A preferred stock, $0.01 par value. As of December 31, 2022: no shares issued and outstanding. As of December 31, 2021: 12% cumulative, non-voting, 125 shares issued and outstanding.	0	101
Common stock, $0.01 par value. As of December 31, 2022: 350,000,000 shares authorized, 24,925,357 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	475,379	476,510
Accumulated other comprehensive income (loss)	(21,127)	3,000
Retained earnings (deficit)	(218,022)	11,527
Total stockholders’ equity	236,479	491,390
Total liabilities and stockholders’ equity	2,946,212	2,577,929
Non-recourse
LIABILITIES
Non-recourse securitization obligations, collateralized by residential mortgage loans in securitization trusts (see Note 3)	1,003,485	616,557
Total RMBS
ASSETS
Debt securities, available-for-sale	1,055,338	485,634
LIABILITIES
Securities sold under agreements to repurchase	52,544	360,501
CMBS
ASSETS
Debt securities, available-for-sale	6,111	10,756
Treasury Bills
ASSETS
Debt securities, available-for-sale	0	249,999
LIABILITIES
Securities sold under agreements to repurchase		248,750
Residential mortgage loans
ASSETS
Mortgage loans	770,982	1,061,912
Residential mortgage loans in securitization trust, at fair value
ASSETS
Mortgage loans	1,027,442	667,365
Commercial mortgage loans
ASSETS
Mortgage loans	$ 9,458	$ 18,664