Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
ASSETS
RMBS - at fair value	$ 235,024	$ 300,243
Cash and cash equivalents	51,598	40,762
Restricted cash	1,833	2,131
Principal and interest receivable	14,781	8,141
TBA securities and interest rate futures contracts - at fair value	1,944	1,515
Other assets	44,825	36,918
Total assets	2,638,110	2,269,769
LIABILITIES
Notes payable	342,608	129,459
Securities sold under agreements to repurchase	54,041	50,555
Senior unsecured notes	88,795	47,740
TBA securities and interest rate futures contracts - at fair value	1,309	0
Due to broker	153,819	201,994
Interest payable	2,173	934
Income taxes payable	163	2,785
Total liabilities	2,373,945	2,030,802
STOCKHOLDERS' EQUITY
Common stock, $0.01 par value. As of September 30, 2025: 350,000,000 shares authorized, 24,914,035 shares issued and outstanding. As of December 31, 2024: 350,000,000 shares authorized, 23,500,175 shares issued and outstanding.	249	234
Additional paid-in capital	474,154	461,057
Accumulated other comprehensive income (loss)	(996)	(3,475)
Retained earnings (deficit)	(209,242)	(218,849)
Total stockholders' equity	264,165	238,967
Total liabilities and stockholders' equity	2,638,110	2,269,769
Nonrelated Party
LIABILITIES
Accrued expenses	1,952	2,291
Affiliates
LIABILITIES
Accrued expenses	588	766
Management fee payable to affiliate	1,840	666
Non-recourse
LIABILITIES
Non-recourse securitization obligation, collateralized by residential mortgage loans in securitization trusts (see Note 2)	1,726,657	1,593,612
Residential mortgage loans - at fair value
ASSETS
Mortgage loans	425,775	183,064
Residential mortgage loans in securitization trusts - at fair value
ASSETS
Mortgage loans	$ 1,862,330	$ 1,696,995