Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 40,762	$ 41,625
Restricted cash	2,131	2,871
Principal and interest receivable	8,141	7,501
Unrealized appreciation on TBAs and interest rate futures contracts - at fair value	1,515	0
Other assets	36,918	32,922
Total assets	2,269,769	2,308,011
LIABILITIES
Notes payable	129,459	290,610
Securities sold under agreements to repurchase	50,555	193,656
Senior unsecured notes	47,740	0
Unrealized depreciation on TBAs and interest rate futures contracts - at fair value	0	1,334
Due to broker	201,994	391,964
Interest payable	934	820
Income taxes payable	2,785	1,241
Total liabilities	2,030,802	2,051,905
Commitments and contingencies
STOCKHOLDERS’ EQUITY
Common stock, $0.01 par value. As of December 31, 2024: 350,000,000 shares authorized, 23,500,175 shares issued and outstanding. As of December 31, 2023: 350,000,000 shares authorized, 24,965,274 shares issued and outstanding.	234	249
Additional paid-in capital	461,057	477,068
Accumulated other comprehensive income (loss)	(3,475)	(4,975)
Retained earnings (deficit)	(218,849)	(216,236)
Total stockholders’ equity	238,967	256,106
Total liabilities and stockholders’ equity	2,269,769	2,308,011
Nonrelated Party
LIABILITIES
Accrued expenses	2,291	985
Affiliates
LIABILITIES
Accrued expenses	766	748
Management fee payable to affiliate	666	1,393
Non-recourse
LIABILITIES
Non-recourse securitization obligations, collateralized by residential mortgage loans in securitization trusts (see Note 3)	1,593,612	1,169,154
Total RMBS
ASSETS
Debt securities, available-for-sale	300,243	472,058
LIABILITIES
Securities sold under agreements to repurchase	50,555	44,643
U.S. Treasury Securities - at fair value
ASSETS
Debt securities, available-for-sale	0	149,927
LIABILITIES
Securities sold under agreements to repurchase		149,013
Residential mortgage loans
ASSETS
Mortgage loans	183,064	380,040
Residential mortgage loans in securitization trust, at fair value
ASSETS
Mortgage loans	$ 1,696,995	$ 1,221,067