Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
ASSETS
Cash and cash equivalents	$ 41,619	$ 40,762
Restricted cash	3,666	2,131
Principal and interest receivable	10,354	8,141
TBA securities and interest rate futures contracts - at fair value	240	1,515
Other assets	42,984	36,918
Total assets	2,749,778	2,269,769
LIABILITIES
Notes payable	218,757	129,459
Securities sold under agreements to repurchase	54,041	50,555
Senior unsecured notes	89,023	47,740
TBA securities and interest rate futures contracts - at fair value	32	0
Due to broker	198,191	201,994
Interest payable	3,423	934
Income taxes payable	0	2,785
Total liabilities	2,482,255	2,030,802
Commitments and contingencies
STOCKHOLDERS’ EQUITY
Common stock, $0.01 par value. As of December 31, 2025: 350,000,000 shares authorized, 24,914,647 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	474,577	461,057
Accumulated other comprehensive income (loss)	(1,314)	(3,475)
Retained earnings (deficit)	(205,989)	(218,849)
Total stockholders’ equity	267,523	238,967
Total liabilities and stockholders’ equity	2,749,778	2,269,769
Nonrelated Party
LIABILITIES
Accrued expenses	2,021	2,291
Affiliates
LIABILITIES
Accrued expenses	783	766
Management fee payable to affiliate	663	666
Non-recourse
LIABILITIES
Non-recourse securitization obligations, collateralized by residential mortgage loans in securitization trusts (see Note 3)	1,915,321	1,593,612
Residential mortgage loans - at fair value
ASSETS
Mortgage loans	294,134	183,064
Residential mortgage loans in securitization trusts - at fair value
ASSETS
Mortgage loans	2,076,776	1,696,995
RMBS - at fair value
ASSETS
Debt securities, available-for-sale	$ 280,005	$ 300,243