Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 41,625	$ 29,272
Restricted cash	2,871	10,589
Principal and interest receivable	7,501	17,497
Unrealized appreciation on TBAs and interest rate futures contracts - at fair value	0	14,756
Other assets	32,922	20,336
Total assets	2,308,011	2,946,212
LIABILITIES
Notes payable	290,610	639,870
Securities sold under agreements to repurchase	193,656	52,544
Unrealized depreciation on TBAs and interest rate futures contracts - at fair value	1,334	0
Due to broker	391,964	1,006,022
Interest payable	820	2,551
Income taxes payable	1,241	0
Total liabilities	2,051,905	2,709,733
Commitments and contingencies
STOCKHOLDERS’ EQUITY
Common stock, $0.01 par value. As of December 31, 2023: 350,000,000 shares authorized, 24,965,274 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	477,068	475,379
Accumulated other comprehensive income (loss)	(4,975)	(21,127)
Retained earnings (deficit)	(216,236)	(218,022)
Total stockholders’ equity	256,106	236,479
Total liabilities and stockholders’ equity	2,308,011	2,946,212
Nonrelated Party
LIABILITIES
Accrued expenses	985	1,288
Affiliates
LIABILITIES
Accrued expenses	748	2,006
Management fee payable to affiliate	1,393	1,967
Non-recourse
LIABILITIES
Non-recourse securitization obligations, collateralized by residential mortgage loans in securitization trusts (see Note 3)	1,169,154	1,003,485
Total RMBS
ASSETS
Debt securities, available-for-sale	472,058	1,055,338
LIABILITIES
Securities sold under agreements to repurchase	44,643	52,544
U.S. Treasury Securities - at fair value
ASSETS
Debt securities, available-for-sale	149,927	0
LIABILITIES
Securities sold under agreements to repurchase	149,013
Residential mortgage loans
ASSETS
Mortgage loans	380,040	770,982
Residential mortgage loans in securitization trust, at fair value
ASSETS
Mortgage loans	$ 1,221,067	$ 1,027,442