Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 36,772	$ 29,272
Restricted cash	20,845	10,589
Principal and interest receivable	13,645	17,497
Unrealized appreciation on TBAs and interest rate futures contracts - at fair value	0	14,756
Other assets	16,244	4,767
Total assets	2,599,169	2,946,212
LIABILITIES
Notes payable	439,252	639,870
Securities sold under agreements to repurchase	442,214	52,544
Due to broker	447,568	1,006,022
Unrealized depreciation on TBAs and interest rate futures contracts - at fair value	8,417	0
Accrued expenses	652	1,288
Accrued expenses payable to affiliate	1,184	2,006
Interest payable	1,281	2,551
Management fee payable to affiliate	1,519	1,967
Total liabilities	2,354,791	2,709,733
Commitments and contingencies
STOCKHOLDERS’ EQUITY
Common stock, $0.01 par value. As of March 31, 2023: 350,000,000 shares authorized, 24,925,357 shares issued and outstanding. As of December 31, 2022: 350,000,000 shares authorized, 24,925,357 shares issued and outstanding.	249	249
Additional paid-in capital	475,920	475,379
Accumulated other comprehensive loss	(6,323)	(21,127)
Retained deficit	(225,468)	(218,022)
Total stockholders’ equity	244,378	236,479
Total liabilities and stockholders’ equity	2,599,169	2,946,212
Non-recourse
LIABILITIES
Non-recourse securitization obligation, collateralized by residential mortgage loans in securitization trusts (see Note 2)	1,012,704	1,003,485
RMBS
ASSETS
Debt securities, available-for-sale	522,887	1,055,338
LIABILITIES
Securities sold under agreements to repurchase	44,711	52,544
CMBS
ASSETS
Debt securities, available-for-sale	6,480	6,111
U.S. Treasury securities
ASSETS
Debt securities, available-for-sale	399,632	0
LIABILITIES
Securities sold under agreements to repurchase	397,503
Residential mortgage loans
ASSETS
Financing receivable, after allowance for credit loss	544,436	770,982
Residential mortgage loans in securitization trusts
ASSETS
Financing receivable, after allowance for credit loss	1,028,768	1,027,442
Commercial mortgage loans
ASSETS
Financing receivable, after allowance for credit loss	$ 9,460	$ 9,458