Cherry Hill Mortgage Investment (CHMI) 10-K 7 Mar 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Mar. 07, 2023	Jun. 30, 2022
Entity Listings [Line Items]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Document Transition Report	false
Entity File Number	001-36099
Entity Registrant Name	CHERRY HILL MORTGAGE INVESTMENT CORPORATION
Entity Central Index Key	0001571776
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-1315605
Entity Address, Address Line One	1451 Route 34
Entity Address, Address Line Two	Suite 303
Entity Address, City or Town	Farmingdale
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07727
City Area Code	877
Local Phone Number	870 – 7005
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 124.9
Entity Common Stock, Shares Outstanding		24,898,130
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	New York, NY
Common Stock [Member]
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	CHMI
Security Exchange Name	NYSE
Series A Preferred Stock [Member]
Entity Listings [Line Items]
Title of 12(b) Security	8.20% Series A Cumulative Redeemable Preferred Stock, $0.01 par value
Trading Symbol	CHMI-PRA
Security Exchange Name	NYSE
Series B Preferred Stock [Member]
Entity Listings [Line Items]
Title of 12(b) Security	8.250% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, $0.01 par value
Trading Symbol	CHMI-PRB
Security Exchange Name	NYSE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets
RMBS, available-for-sale, at fair value (including pledged assets of $815,171 and $892,888, respectively)	$ 931,431	$ 953,496
Investments in Servicing Related Assets, at fair value (including pledged assets of $279,739 and $218,727, respectively)	279,739	218,727
Cash and cash equivalents	57,320	63,916
Restricted cash	8,234	12,861
Derivative assets	45,533	10,518
Receivables from unsettled trades	49,803	0
Receivables and other assets	36,765	43,344
Total Assets	1,408,825	1,302,862
Liabilities
Repurchase agreements	825,962	865,494
Derivative liabilities	24,718	1,278
Notes payable	183,888	145,268
Dividends payable	8,483	7,056
Due to manager	1,870	1,889
Payables for unsettled trades	78,881	0
Accrued expenses and other liabilities	19,507	3,061
Total Liabilities	1,143,309	1,024,046
Stockholders' Equity
Common stock, $0.01 par value per share, 500,000,000 shares authorized and 23,508,130 shares issued and outstanding as of December 31, 2022 and 500,000,000 shares authorized and 18,261,848 shares issued and outstanding as of December 31, 2021	239	187
Additional paid-in capital	344,510	311,255
Accumulated Deficit	(168,989)	(158,483)
Accumulated other comprehensive income (loss)	(29,104)	7,527
Total Cherry Hill Mortgage Investment Corporation Stockholders' Equity	262,035	275,865
Non-controlling interests in Operating Partnership	3,481	2,951
Total Stockholders' Equity	265,516	278,816
Total Liabilities and Stockholders' Equity	1,408,825	1,302,862
Series A Preferred Stock [Member]
Stockholders' Equity
Preferred stock value	67,311	67,311
Series B Preferred Stock [Member]
Stockholders' Equity
Preferred stock value	$ 48,068	$ 48,068

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
Assets
RMBS, pledged assets available-for-sale		$ 815,171	$ 892,888
Investments in Servicing Related pledged assets at fair value	[1]	$ 279,739	$ 218,727
Stockholders' Equity
Common stock, par value (in dollars per shares)		$ 0.01	$ 0.01
Common stock, shares authorized (in shares)		500,000,000	500,000,000
Common stock, shares issued (in shares)		23,508,130	18,261,848
Common stock, shares outstanding (in shares)		23,508,130	18,261,848
Series A Preferred Stock [Member]
Stockholders' Equity
Preferred stock, par value (in dollars per shares)		$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)		100,000,000	100,000,000
Preferred stock, shares issued (in shares)		2,781,635	2,781,635
Preferred stock, shares outstanding (in shares)		2,781,635	2,781,635
Preferred stock, liquidation preference		$ 69,541	$ 69,541
Series B Preferred Stock [Member]
Stockholders' Equity
Preferred stock, par value (in dollars per shares)		$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)		100,000,000	100,000,000
Preferred stock, shares issued (in shares)		2,000,000	2,000,000
Preferred stock, shares outstanding (in shares)		2,000,000	2,000,000
Preferred stock, liquidation preference		$ 50,000	$ 50,000
[1] See Note 9 regarding the estimation of fair value, which approximates carrying value for all pools.

Consolidated Statements of Inco

Consolidated Statements of Income (Loss) - USD ($) $ in Thousands	3 Months Ended								6 Months Ended	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Dec. 31, 2022		Dec. 31, 2021		Dec. 31, 2020
Income
Interest income	$ 9,906	$ 8,213	$ 6,004	$ 5,519	$ 4,529	$ 3,600	$ 3,526	$ 3,301		$ 29,642		$ 14,956		$ 42,841
Interest expense	8,539	4,882	2,502	1,640	1,534	1,439	1,341	1,454		17,563		5,768		22,134
Net interest income	1,367	3,331	3,502	3,879	2,995	2,161	2,185	1,847		12,079		9,188		20,707
Servicing fee income	13,700	13,426	13,188	13,116	13,030	13,839	13,748	13,540		53,430		54,157		65,961
Servicing costs	3,304	2,725	2,615	3,193	3,390	3,080	4,072	3,082		11,837		13,624		22,640
Net servicing income	10,396	10,701	10,573	9,923	9,640	10,759	9,676	10,458		41,593		40,533		43,321
Other income (loss)
Realized gain (loss) on RMBS, available-for-sale, net	(30,701)	(9,735)	(46,036)	(13,222)	(1,479)	(1,050)	983	2,094		(99,694)	[1]	548	[1]	(4,640)	[1]
Realized loss on investments in MSRs, net									$ (11,300)	0		0		(11,347)
Realized gain (loss) on derivatives, net	8,521	6,210	(2,730)	(10,638)	(4,688)	1,420	(5,531)	(540)		1,363		(9,339)		(9,977)
Realized gain (loss) on acquired assets, net	0	0	0	12	0	(19)	29	5		12		15		(690)
Unrealized gain (loss) on derivatives, net	(13,526)	33,321	17,613	24,456	8,233	(5,467)	3,548	(8,059)		61,864		(1,745)		48,055
Unrealized gain (loss) on investments in Servicing Related Assets	(7,198)	2,293	6,150	21,731	(5,111)	(7,914)	(20,501)	22,464		22,976		(11,062)		(141,900)
Total Income (Loss)	(31,141)	46,121	(10,928)	36,141	9,590	(110)	(9,611)	28,269		40,193		28,138		(56,471)
Expenses
General and administrative expense	1,587	1,475	1,499	1,744	1,547	1,936	1,883	1,617		6,305		6,983		7,741
Management fee to affiliate	1,597	1,625	1,614	1,793	1,975	1,959	1,949	1,961		6,629		7,844		7,770
Total Expenses	3,184	3,100	3,113	3,537	3,522	3,895	3,832	3,578		12,934		14,827		15,511
Income (Loss) Before Income Taxes	(34,325)	43,021	(14,041)	32,604	6,068	(4,005)	(13,443)	24,691		27,259		13,311		(71,982)
Provision for (Benefit from) corporate business taxes	(1,572)	1,344	1,423	3,875	(637)	(215)	(1,830)	3,463		5,070	[2]	781	[2]	(18,764)	[2]
Net Income (Loss)	(32,753)	41,677	(15,464)	28,729	6,705	(3,790)	(11,613)	21,228		22,189		12,530		(53,218)
Net (income) loss allocated to noncontrolling interests in Operating Partnership	702	(866)	347	(633)	(130)	77	240	(434)		(450)		(247)		979
Dividends on preferred stock	2,463	2,462	2,465	2,463	2,463	2,462	2,465	2,463		9,853		9,853		9,842
Net Income (Loss) Applicable to Common Stockholders	$ (34,514)	$ 38,349	$ (17,582)	$ 25,633	$ 4,112	$ (6,175)	$ (13,838)	$ 18,331		$ 11,886		$ 2,430		$ (62,081)
Net Income (Loss) Per Share of Common Stock
Basic (in dollars per share)	$ (1.59)	$ 1.91	$ (0.93)	$ 1.4	$ 0.23	$ (0.36)	$ (0.81)	$ 1.07		$ 0.6		$ 0.14		$ (3.67)
Diluted (in dollars per share)	$ (1.59)	$ 1.9	$ (0.92)	$ 1.4	$ 0.23	$ (0.36)	$ (0.81)	$ 1.07		$ 0.6		$ 0.14		$ (3.67)
Weighted Average Number of Shares of Common Stock Outstanding
Basic (in shares)	21,648,846	20,123,165	19,007,390	18,252,523	17,963,555	17,185,872	17,073,943	17,065,735		19,768,286		17,324,362		16,901,537
Diluted (in shares)	21,682,287	20,156,606	19,029,493	18,272,737	17,983,769	17,206,086	17,096,124	17,087,959		19,795,639		17,345,562		16,919,204
[1]Reclassified from accumulated other comprehensive income into earnings.[2] The provision for income taxes is recorded at the TRS level.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Consolidated Statements of Comprehensive Income (Loss) [Abstract]
Net income (loss)	$ 22,189	$ 12,530	$ (53,218)
Other comprehensive income (loss):
Unrealized loss on RMBS, available-for-sale, net	(36,631)	(28,067)	(5,820)
Net other comprehensive loss	(36,631)	(28,067)	(5,820)
Comprehensive loss	(14,442)	(15,537)	(59,038)
Comprehensive loss attributable to noncontrolling interests in Operating Partnership	(293)	(306)	(1,086)
Dividends on preferred stock	9,853	9,853	9,842
Comprehensive loss attributable to common stockholders	$ (24,002)	$ (25,084)	$ (67,794)

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Preferred Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings (Deficit) [Member]	Non-Controlling Interest in Operating Partnership [Member]	Total	Series A Preferred Stock [Member] Common Stock [Member]	Series A Preferred Stock [Member] Preferred Stock [Member]	Series A Preferred Stock [Member] Additional Paid-in Capital [Member]	Series A Preferred Stock [Member] Accumulated Other Comprehensive Income (Loss) [Member]	Series A Preferred Stock [Member] Retained Earnings (Deficit) [Member]	Series A Preferred Stock [Member] Non-Controlling Interest in Operating Partnership [Member]	Series A Preferred Stock [Member]	Series B Preferred Stock [Member] Common Stock [Member]	Series B Preferred Stock [Member] Preferred Stock [Member]	Series B Preferred Stock [Member] Additional Paid-in Capital [Member]	Series B Preferred Stock [Member] Accumulated Other Comprehensive Income (Loss) [Member]	Series B Preferred Stock [Member] Retained Earnings (Deficit) [Member]	Series B Preferred Stock [Member] Non-Controlling Interest in Operating Partnership [Member]	Series B Preferred Stock [Member]
Beginning balance at Dec. 31, 2019	$ 170	$ 115,281	$ 299,180	$ 41,414	$ (59,451)	$ 2,781	$ 399,375
Beginning balance (in shares) at Dec. 31, 2019	16,660,655	4,781,635
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	$ 5	$ 0	3,565	0	0	0	3,570
Issuance of common stock (in shares)	558,734	0
Repurchase of common stock	$ 0	$ 0	(1,748)	0	0	0	(1,748)
Repurchase of common stock (in shares)	(142,531)	0
Issuance of preferred stock	$ 0	$ 98	0	0	0	0	98
Issuance of preferred stock (in shares)	0	0
Conversion of OP units	$ 0	$ 0	0	0	0	(76)	(76)
Net Income (Loss) before dividends on preferred stock	0	0	0	0	(52,239)	(979)	(53,218)
Other Comprehensive Loss	0	0	0	(5,820)	0	0	(5,820)
LTIP-OP Unit awards	0	0	0	0	0	1,012	1,012
Distribution paid on LTIP-OP Units	0	0	0	0	0	(337)	(337)
Common dividends declared	0	0	0	0	(20,448)	0	(20,448)
Preferred dividends declared								$ 0	$ 0	$ 0	$ 0	$ (5,718)	$ 0	$ (5,718)	$ 0	$ 0	$ 0	$ 0	$ (4,124)	$ 0	$ (4,124)
Ending balance at Dec. 31, 2020	$ 175	$ 115,379	300,997	35,594	(141,980)	2,401	312,566
Ending balance (in shares) at Dec. 31, 2020	17,076,858	4,781,635
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	$ 12	$ 0	10,258	0	0	0	10,270
Issuance of common stock (in shares)	1,184,990	0
Repurchase of common stock (in shares)	0
Conversion of OP units	$ 0	$ 0	0	0	0	(147)	(147)
Redemption of OP units for cash	0	0	0	0	0	(89)	(89)
Net Income (Loss) before dividends on preferred stock	0	0	0	0	12,283	247	12,530
Other Comprehensive Loss	0	0	0	(28,067)	0	0	(28,067)
LTIP-OP Unit awards	0	0	0	0	0	900	900
Distribution paid on LTIP-OP Units	0	0	0	0	0	(361)	(361)
Common dividends declared	0	0	0	0	(18,930)	0	(18,930)
Preferred dividends declared								0	0	0	0	(5,732)	0	(5,732)	0	0	0	0	(4,124)	0	(4,124)
Ending balance at Dec. 31, 2021	$ 187	$ 115,379	311,255	7,527	(158,483)	2,951	$ 278,816
Ending balance (in shares) at Dec. 31, 2021	18,261,848	4,781,635					18,261,848
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	$ 52	$ 0	33,255	0	0	0	$ 33,307
Issuance of common stock (in shares)	5,246,282	0
Repurchase of common stock (in shares)	0
Net Income (Loss) before dividends on preferred stock	$ 0	$ 0	0	0	21,739	450	22,189
Other Comprehensive Loss	0	0	0	(36,631)	0	0	(36,631)
LTIP-OP Unit awards	0	0	0	0	0	496	496
Distribution paid on LTIP-OP Units	0	0	0	0	0	(416)	(416)
Common dividends declared	0	0	0	0	(22,393)	0	(22,393)
Preferred dividends declared								$ 0	$ 0	$ 0	$ 0	$ (5,728)	$ 0	$ (5,728)	$ 0	$ 0	$ 0	$ 0	$ (4,124)	$ 0	$ (4,124)
Ending balance at Dec. 31, 2022	$ 239	$ 115,379	$ 344,510	$ (29,104)	$ (168,989)	$ 3,481	$ 265,516
Ending balance (in shares) at Dec. 31, 2022	23,508,130	4,781,635					23,508,130

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common dividends declared (in dollars per share)	$ 1.08	$ 1.08	$ 1.21
Series A Preferred Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred dividends declared (in dollars per share)	2.05	2.05	2.05
Series B Preferred Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred dividends declared (in dollars per share)	$ 2.06	$ 2.06	$ 2.06

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash Flows From Operating Activities
Net income (loss)		$ 22,189	$ 12,530	$ (53,218)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Realized (gain) loss on RMBS, available-for-sale, net	[1]	99,694	(548)	4,640
Unrealized (gain) loss on investments in Servicing Related Assets		(22,976)	11,062	141,900
Realized loss on investments in MSRs, net		0	0	11,347
Realized (gain) loss on acquired assets, net		(12)	(15)	690
Realized (gain) loss on derivatives, net		(1,363)	9,339	9,977
Unrealized (gain) loss on derivatives, net		(61,864)	1,745	(48,055)
Amortization of premiums on RMBS, available-for-sale		613	13,514	15,855
Amortization of deferred financing costs		120	188	387
LTIP-OP Unit awards		496	900	1,012
Changes in:
Receivables and other assets, net		6,589	1,304	(9,654)
Due to affiliates		(19)	(1,328)	(372)
Accrued expenses and other liabilities, net		16,446	(684)	(12,124)
Net cash provided by operating activities		59,913	48,007	62,385
Cash Flows From Investing Activities
Purchase of RMBS		(1,080,180)	(583,617)	(982,901)
Principal paydown of RMBS		92,598	246,973	309,502
Proceeds from sale of RMBS		901,788	570,366	1,927,194
Proceeds from sale of MSRs		0	0	15,831
Acquisition of MSRs		(38,036)	(55,375)	(52,957)
Payments for settlement of derivatives		(27,774)	(11,826)	(1,028)
Proceeds from settlement of derivatives		23,402	0	44,757
Net cash provided by (used in) investing activities		(128,202)	166,521	1,260,398
Cash Flows From Financing Activities
Borrowings under repurchase agreements		6,081,968	5,323,587	7,230,592
Repayments of repurchase agreements		(6,121,500)	(5,608,071)	(8,418,252)
Proceeds from derivative financing		56,025	1,595	(9,790)
Proceeds from bank loans		41,500	105,702	18,204
Principal paydown of bank loans		(3,000)	(72,000)	(74,201)
Dividends paid		(30,818)	(28,455)	(32,333)
LTIP-OP Units distributions paid		(416)	(361)	(337)
Conversion of OP units		0	(147)	(76)
Redemption of OP units for cash		0	(89)	0
Issuance of common stock, net of offering costs		33,307	10,270	3,570
Issuance of preferred stock, net of offering costs		0	0	98
Repurchase of common stock		0	0	(1,748)
Net cash provided by (used in) financing activities		57,066	(267,969)	(1,284,273)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash		(11,223)	(53,441)	38,510
Cash, Cash Equivalents and Restricted Cash, Beginning of Period		76,777	130,218	91,708
Cash, Cash Equivalents and Restricted Cash, End of Period		65,554	76,777	130,218
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest expense		10,806	2,272	16,687
Cash paid during the period for income taxes		44	58	27
Supplemental Schedule of Non-Cash Investing and Financing Activities
Dividends declared but not paid		8,483	7,056	6,725
Sale of RMBS, settled after period end		(49,803)	0	0
Purchase of RMBS, settled after period end		$ 78,881	$ 0	$ 0
[1]Reclassified from accumulated other comprehensive income into earnings.

Organization and Operations

Organization and Operations	12 Months Ended
	Dec. 31, 2022
Organization and Operations [Abstract]
Organization and Operations	Note 1 — Organization and Operations Cherry Hill Mortgage Investment Corporation (together with its consolidated subsidiaries, the “Company”) was incorporated in Maryland on October 31, 2012 and was organized to invest in residential mortgage assets in the United States. Under the Company’s charter, the Company is authorized to issue up to 500,000,000 shares of common stock and 100,000,000 shares of preferred stock, each with a par value of $0.01 per share. The accompanying consolidated financial statements include the accounts of the Company’s subsidiaries, Cherry Hill Operating Partnership, LP (the “Operating Partnership”), CHMI Sub-REIT, Inc. (the “Sub-REIT”), Cherry Hill QRS I, LLC, Cherry Hill QRS II, LLC, Cherry Hill QRS III, LLC (“QRS III”), Cherry Hill QRS IV, LLC (“QRS IV”), Cherry Hill QRS V, LLC (“QRS V”), CHMI Solutions, Inc. (“CHMI Solutions”) and Aurora Financial Group, Inc. (“Aurora”). The Company is party to a management agreement (the “Management Agreement”) with Cherry Hill Mortgage Management, LLC (the “Manager”), a Delaware limited liability company established by Mr. Stanley Middleman. The Manager is a party to a services agreement (the “Services Agreement”) with Freedom Mortgage Corporation (“Freedom Mortgage”) (in such capacity, the “Services Provider”), which is owned and controlled by Mr. Middleman. The Manager is owned by a “blind trust” for the benefit of Mr. Middleman. For a further discussion of the Management Agreement, see Note 7. The Company has elected to be taxed as a real estate investment trust (“REIT”), as defined under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its short taxable year ended December 31, 2013. As long as the Company continues to comply with a number of requirements under federal tax law and maintains its qualification as a REIT, the Company generally will not be subject to U.S. federal income taxes to the extent that the Company distributes its taxable income to its stockholders on an annual basis and does not engage in prohibited transactions. However, certain activities that the Company may perform may cause it to earn income that will not be qualifying income for REIT purposes. Effective January 1, 2020, the Operating Partnership, owned 98.0% by the Company as of December 31, 2022, contributed substantially all of its assets to the Sub-REIT in exchange for all of the common stock of the Sub-REIT. As a result of this contribution, the Sub-REIT is a wholly-owned subsidiary of the Operating Partnership and operations formerly conducted by the Operating Partnership through its subsidiaries are now conducted by the Sub-REIT through those same subsidiaries. The Sub-REIT elected to be taxed as a REIT under the Code commencing with the taxable year ended December 31, 2020.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Basis of Presentation and Significant Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Note 2 — Basis of Presentation and Significant Accounting Policies Basis of Accounting The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for financial information and pursuant to the requirements for reporting on Form 10-K. The consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All significant intercompany transactions and balances have been eliminated. The Company consolidates those entities in which it has an investment of 50% or more and has control over significant operating, financial and investing decisions of the entity. The consolidated financial statements reflect all necessary and recurring adjustments for fair presentation of the results for the periods presented herein. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make a number of significant estimates and assumptions. These include estimates of the fair value of mortgage servicing rights (“MSRs” or “Servicing Related Assets”); residential mortgage-backed securities (“RMBS” or “securities”) and derivatives; credit losses and other estimates that affect the reported amounts of certain assets, revenues, liabilities and expenses as of the date of, and for the periods covered by, the consolidated financial statements. It is likely that changes in these estimates will occur in the near term. The Company’s estimates are inherently subjective. Actual results could differ from the Company’s estimates, and the differences may be material. Risks and Uncertainties In the normal course of business, the Company encounters primarily two significant types of economic risk: credit and market. Credit risk is the risk of default on the Company’s investments in RMBS, Servicing Related Assets and derivatives that results from a borrower’s or derivative counterparty’s inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of investments in RMBS, Servicing Related Assets and derivatives due to changes in interest rates, spreads or other market factors, including prepayment speeds on the Company’s RMBS and Servicing Related Assets. The Company is subject to the risks involved with real estate and real estate-related debt instruments. These include, among others, the risks normally associated with changes in the general economic climate, changes in the mortgage market, changes in tax laws, interest rate levels, and the availability of financing. The Company also is subject to certain risks relating to its status as a REIT for U.S. federal income tax purposes. If the Company were to fail to qualify as a REIT in any taxable year, the Company would be subject to U.S. federal income tax on its REIT income, which could be material. Unless entitled to relief under certain statutory provisions, the Company would also be disqualified from treatment as a REIT for the four taxable years following the year during which qualification is lost. Investments in RMBS Classification Fair value is determined under the guidance of Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures Investment securities transactions are recorded on the trade date. At disposition, the net realized gain or loss is determined on the basis of the cost of the specific investment and is included in earnings. RMBS with a fair value of $49.8 million were sold during the year ended December 31, 2022 and were settled after year end. RMBS with a fair value of $78.9 million were purchased during the year ended December 31, 2022 and were settled after year end . Revenue Recognition Impairment – Investments in MSRs Classification Although transactions in MSRs are observable in the marketplace, the valuation includes unobservable market data inputs (prepayment speeds, delinquency levels, costs to service and discount rates). Changes in the fair value of MSRs are reported on the consolidated statements of income (loss). Fluctuations in the fair value of MSRs are recorded within “Unrealized gain (loss) on investments in Servicing Related Assets” on the consolidated statements of income (loss). Fair value is generally determined by discounting the expected future cash flows using discount rates that incorporate the market risks and liquidity premium specific to the MSRs and, therefore, may differ from their effective yields. In determining the valuation of MSRs in accordance with ASC 820, management uses internally developed pricing models that are based on certain unobservable market-based inputs. The Company classifies these valuations as Level 3 in the fair value hierarchy. The Company’s application of ASC 820 guidance is discussed in further detail in Note 9. Revenue Recognition percentage of the outstanding principal balance and are recognized as revenue as the related mortgage payments are collected. Corresponding costs to service are charged to expense as incurred. Servicing fee income received and servicing expenses incurred are reported on the consolidated statements of income (loss). Float income from custodial accounts associated with MSRs is included in “Net interest income” on the consolidated statements of income (loss). Late fees and ancillary income are included in “Servicing fee income” on the consolidated statements of income (loss). As an owner of MSRs, the Company may be obligated to fund advances of principal and interest payments due to third-party owners of the loans underlying the MSRs, but not yet received from the individual borrowers. These advances are reported as servicing advances within the “Receivables and other assets” line item on the consolidated balance sheets. Reimbursable servicing advances, other than principal and interest advances, also have been classified within “Receivables and other assets” on the consolidated balance sheets. Advances on Federal National Mortgage Association (“Fannie Mae”) and Federal Home Loan Mortgage Corporation (“Freddie Mac”) MSRs made in accordance with the relevant guidelines are generally recoverable. The Company’s servicing related assets were composed entirely of Fannie Mae and Freddie Mac MSRs as of December 31, 2022 and December 31, 2021. As a result, the Company has determined that no reserves for unrecoverable advances for the related underlying loans are necessary at December 31, 2022 and December 31, 2021. For further discussion on the Company’s receivables and other assets, including the Company’s servicing advances, see Note 13. Derivatives and Hedging Activities Derivative transactions include swaps, swaptions, U.S. treasury futures and “to-be-announced” securities (“TBAs”). A TBA contract is an agreement to purchase or sell, for future delivery, an Agency RMBS with a specified issuer, term and coupon. Swaps and swaptions are entered into by the Company solely for interest rate risk management purposes. TBAs and U.S. treasury futures are used to manage duration risk as well as basis risk and pricing risk on the Company’s financing facilities for MSRs. The decision as to whether or not a given transaction/position (or portion thereof) is economically hedged is made on a case-by-case basis, based on the risks involved and other factors as determined by senior management, including restrictions imposed by the Code on REITs. In determining whether to economically hedge a risk, the Company may consider whether other assets, liabilities, firm commitments and anticipated transactions already offset or reduce the risk. All transactions undertaken as economic hedges are entered into with a view towards minimizing the potential for economic losses that could be incurred by the Company. Generally, derivatives entered into are not intended to qualify as hedges under GAAP, unless specifically stated otherwise. From time to time, the Company enters into a TBA dollar roll which represents a transaction where TBA contracts with the same terms but different settlement dates are simultaneously bought and sold. The TBA contract settling in the later month typically prices at a discount to the earlier month contract with the difference in price commonly referred to as the “drop”. The drop is a reflection of the expected net interest income from an investment in similar Agency RMBS, net of an implied financing cost, that would be foregone as a result of settling the contract in the later month rather than in the earlier month. The drop between the current settlement month price and the forward settlement month price occurs because in the TBA dollar roll market, the party providing the financing is the party that would retain all principal and interest payments accrued during the financing period. Accordingly, drop income on TBA dollar rolls generally represents the economic equivalent of the net interest income earned on the underlying Agency RMBS less an implied financing cost. TBA dollar roll transactions are accounted for under GAAP as a series of derivatives transactions. The Company’s bi-lateral derivative financial instruments contain credit risk to the extent that its counterparties may be unable to meet the terms of the agreements. The Company reduces such risk by limiting its exposure to any Classification Revenue Recognition Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid short-term investments with maturities of 90 days or less when purchased to be cash equivalents. Substantially all amounts on deposit with major financial institutions exceed insured limits. Restricted cash represents the Company’s cash held by counterparties (i) as collateral against the Company’s derivatives (approximately $4.2 million and $2.1 million at December 31, 2022 and December 31, 2021, respectively) and (ii) as collateral for borrowings under its repurchase agreements (approximately $4.1 million and $10.8 million at December 31, 2022 and December 31, 2021, respectively). The Company’s centrally cleared interest rate swaps require that the Company post an “initial margin” amount determined by the clearing exchange, which is generally intended to be set at a level sufficient to protect the exchange from the interest rate swap’s maximum estimated single-day price movement. The Company also exchanges “variation margin” based upon daily changes in fair value, as measured by the exchange. As a result of amendments to rules governing certain central clearing activities, the exchange of variation margin is a settlement of the interest rate swap, as opposed to pledged collateral. The Company has accounted for the receipt or payment of variation margin on interest rate swaps as a direct reduction or increase to the carrying value of the interest rate swap asset or liability. At December 31, 2022 and December 31, 2021, approximately $99.0 million and $45.6 million, respectively, of variation margin was reported as a decrease to the interest rate swap asset, at fair value. Due to Manager The sum under “Due to manager” on the consolidated balance sheets represents amounts due to the Manager pursuant to the Management Agreement. For further information on the Management Agreement, see Note 7. Income Taxes The Company elected to be taxed as a REIT under Code Sections 856 through 860 beginning with its short taxable year ended December 31, 2013. U.S. federal income tax law generally requires that a REIT distribute annually at least 90% of its REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and that it pay tax at regular corporate income tax rates to the extent that it annually distributes less than 100% of its taxable income. The Company’s taxable REIT subsidiary (“TRS”), CHMI Solutions, as well as CHMI Solutions’s wholly-owned subsidiary, Aurora, are subject to U.S. federal income taxes on their taxable income. To maintain qualification as a REIT, the Company must distribute at least 90% of its annual REIT taxable income to its stockholders and meet certain other requirements such as assets it may hold, income it may generate and its stockholder composition. In 2017, the Internal Revenue Service issued a revenue procedure permitting “publicly offered” REITs to make elective stock dividends (i.e., dividends paid in a mixture of stock and cash), with at least 20% of the total distribution being paid in cash, to satisfy their REIT distribution requirements. In December 2021, the Internal Revenue Service issued a revenue procedure that temporarily reduced the minimum amount of the total distribution that must be paid in cash to 10% for distributions declared on or after November 1, 2021, and on or before June 30, 2022, provided certain other parameters detailed in the Revenue Procedure are satisfied. Pursuant to these revenue procedures, the Company has in the past elected to make distributions of its taxable income in a mixture of stock and cash. The Company accounts for income taxes in accordance with ASC 740, Income Taxes Realized Gain (Loss) on RMBS The following table presents realized gains and losses on RMBS for the periods indicated (dollars in thousands): Year Ended December 31, 2022 2021 2020 Realized gain (loss) on RMBS, net Gain on RMBS $ 50 $ 5,653 $ 34,071 Loss on RMBS (99,744 ) (5,105 ) (38,711 ) Net realized gain (loss) on RMBS (A) $ (99,694 ) $ 548 $ (4,640 ) (A) Reclassified from accumulated other comprehensive income into earnings. Repurchase Agreements and Interest Expense The Company finances its investments in RMBS with short-term borrowings under master repurchase agreements. Borrowings under the repurchase agreements are generally short-term debt due within one year. These borrowings generally bear interest rates offered by the “lending” counterparty from time to time for the term of the proposed repurchase transaction (e.g. 30 days, 60 days etc.) of a specified margin over one-month LIBOR. The repurchase agreements represent uncommitted financing. Borrowings under these agreements are treated as collateralized financing transactions and are carried at their contractual amounts, as specified in the respective agreements. Interest is recorded at the contractual amount on an accrual basis. Dividends Payable Because the Company is organized as a REIT under the Code, it is required by law to distribute annually at least 90% of its REIT taxable income, which it does in the form of quarterly dividend payments. The Company accrues the dividend payable on outstanding shares on the accounting date, which causes an offsetting reduction in retained earnings. Comprehensive Income Comprehensive income is defined as the change in equity of a business enterprise during a period resulting from transactions and other events and circumstances, excluding those resulting from investments by and distributions to owners. For the Company’s purposes, comprehensive income represents net income (loss), as presented in the consolidated statements of income (loss), adjusted for unrealized gains or losses on RMBS, which are designated as available for sale. Recent Accounting Pronouncements Reference Rate Reform Changes in Presentation Certain prior period amounts have been reclassified to conform to current period presentation.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Segment Reporting	Note 3 — Segment Reporting The Company conducts its business through the following segments: (i) investments in RMBS; (ii) investments in Servicing Related Assets; and (iii) “All Other,” which consists primarily of general and administrative expenses, including fees paid to the Company’s directors and management fees and reimbursements paid to the Manager pursuant to the Management Agreement (see Note 7). For segment reporting purposes, the Company does not allocate interest income on short-term investments or general and administrative expenses. Summary financial data with respect to the Company’s segments is given below, together with the data for the Company as a whole (dollars in thousands): Servicing Related Assets RMBS All Other Total Income Statement Year Ended December 31, 2022 Interest income $ - $ 29,642 $ - $ 29,642 Interest expense 3,837 13,726 - 17,563 Net interest income (expense) (3,837 ) 15,916 - 12,079 Servicing fee income 53,430 - - 53,430 Servicing costs 11,837 - - 11,837 Net servicing income 41,593 - - 41,593 Other income (expense) (26,655 ) 13,176 - (13,479 ) Other operating expenses 2,099 692 10,143 12,934 Provision for corporate business taxes 5,070 - - 5,070 Net Income (Loss) $ 3,932 $ 28,400 $ (10,143 ) $ 22,189 Year Ended December 31, 2021 Interest income $ 376 $ 14,580 $ - $ 14,956 Interest expense 4,484 1,284 - 5,768 Net interest income (expense) (4,108 ) 13,296 - 9,188 Servicing fee income 54,157 - - 54,157 Servicing costs 13,624 - - 13,624 Net servicing income 40,533 - - 40,533 Other income (expense) (34,103 ) 12,520 - (21,583 ) Other operating expenses 3,040 717 11,070 14,827 Provision for corporate business taxes 781 - - 781 Net Income (Loss) $ (1,499 ) $ 25,099 $ (11,070 ) $ 12,530 Year Ended December 31, 2020 Interest income $ 2,661 $ 40,180 $ - $ 42,841 Interest expense 5,357 16,777 - 22,134 Net interest income (expense) (2,696 ) 23,403 - 20,707 Servicing fee income 65,961 - - 65,961 Servicing costs 22,640 - - 22,640 Net servicing income 43,321 - - 43,321 Other expense (95,864 ) (24,635 ) - (120,499 ) Other operating expenses 3,457 852 11,202 15,511 Benefit from corporate business taxes (18,764 ) - - (18,764 ) Net Loss $ (39,932 ) $ (2,084 ) $ (11,202 ) $ (53,218 ) Servicing Related Assets RMBS All Other Total Balance Sheet December 31, 2022 Investments $ 279,739 $ 931,431 $ - $ 1,211,170 Other assets 32,849 106,885 57,921 197,655 Total assets 312,588 1,038,316 57,921 1,408,825 Debt 183,888 825,962 - 1,009,850 Other liabilities 29,047 92,875 11,537 133,459 Total liabilities 212,935 918,837 11,537 1,143,309 Net assets $ 99,653 $ 119,479 $ 46,384 $ 265,516 December 31, 2021 Investments $ 218,727 $ 953,496 $ - $ 1,172,223 Other assets 44,506 21,611 64,522 130,639 Total assets 263,233 975,107 64,522 1,302,862 Debt 145,268 865,494 - 1,010,762 Other liabilities 1,847 1,411 10,026 13,284 Total liabilities 147,115 866,905 10,026 1,024,046 Net assets $ 116,118 $ 108,202 $ 54,496 $ 278,816

Investments in RMBS

Investments in RMBS	12 Months Ended
	Dec. 31, 2022
Investments in RMBS [Abstract]
Investments in RMBS	Note 4 — Investments in RMBS At December 31, 2022, the Company’s investments in RMBS consist solely of Agency RMBS. The Company’s investments in RMBS may also include, from time to time, any of the following: Collateralized mortgage obligations (“CMOs”), which are either redit related impairment, if any, All other changes in fair value are recorded in other comprehensive income (loss). The following is a summary of the Company’s investments in RMBS as of the dates indicated (dollars in thousands): Summary of RMBS Assets As of December 31, 2022 Gross Unrealized Weighted Average Asset Type Original Face Value Book Gains Losses Carrying Value (A) Number of Securities Rating Coupon Yield (C) Maturity (Years) RMBS Fannie Mae $ 550,740 $ 497,038 $ 2,843 $ (16,484 ) $ 483,397 45 (B) 4.27 % 4.34 % 29 Freddie Mac 500,873 463,380 1,384 (16,730 ) 448,034 38 (B) 4.18 % 4.24 % 29 Total/Weighted Average $ 1,051,613 $ 960,418 $ 4,227 $ (33,214 ) $ 931,431 83 4.23 % 4.29 % 29 As of December 31, 2021 Gross Unrealized Weighted Average Asset Type Original Value Book Gains Losses Carrying Value (A) Number of Securities Rating Coupon Yield (C) Maturity (Years) RMBS Fannie Mae $ 772,607 $ 554,151 $ 9,276 $ (3,650 ) $ 559,777 76 (B) 3.09 % 2.96 % 27 Freddie Mac 484,479 391,700 5,260 (3,241 ) 393,719 45 (B) 3.02 % 2.89 % 28 Total/Weighted Average $ 1,257,086 $ 945,851 $ 14,536 $ (6,891 ) $ 953,496 121 3.06 % 2.93 % 28 (A) See Note 9 regarding the estimation of fair value, which approximates carrying value for all securities. (B) The Company used an implied AAA rating for the Agency RMBS . (C) The weighted average yield is based on the most recent gross monthly interest income, which is then annualized and divided by the book value of settled securities. Summary of RMBS Assets by Maturity As of December 31, 2022 Gross Unrealized Weighted Average Years to Maturity Original Face Value Book Gains Losses Carrying Value (A) Number of Securities Rating Coupon Yield (C) Maturity (Years) Over 10 Years $ 1,051,613 $ 960,418 $ 4,227 $ (33,214 ) $ 931,431 83 (B) 4.23 % 4.29 % 29 Total/Weighted Average $ 1,051,613 $ 960,418 $ 4,227 $ (33,214 ) $ 931,431 83 4.23 % 4.29 % 29 As of December 31, 2021 Gross Unrealized Weighted Average Years to Maturity Original Face Value Book Gains Losses Carrying Value (A) Number of Securities Rating Coupon Yield (C) Maturity (Years) Over 10 Years $ 1,257,086 $ 945,851 $ 14,536 $ (6,891 ) $ 953,496 121 (B) 3.06 % 2.93 % 28 Total/Weighted Average $ 1,257,086 $ 945,851 $ 14,536 $ (6,891 ) $ 953,496 121 3.06 % 2.93 % 28 (A) See Note 9 regarding the estimation of fair value, which approximates carrying value for all securities. (B) The Company used an implied AAA rating for the Agency RMBS . (C) The weighted average yield is based on the most recent gross monthly interest income, which is then annualized and divided by the book value of settled securities. At December 31, 2022 and December 31, 2021, the Company pledged Agency RMBS with a carrying value of approximately $815.2 million and $892.9 million, respectively, as collateral for borrowings under repurchase agreements. At December 31, 2022 and December 31, 2021, the Company did not have any securities purchased from and financed with the same counterparty that did not meet the conditions of ASC 860, Transfers and Servicing Based on management’s analysis of the Company’s securities, the performance of the underlying loans and changes in market factors, management determined that unrealized losses as of the balance sheet date on the Company’s securities were primarily the result of changes in market factors, rather than issuer-specific credit impairment. The Company performed analyses in relation to such securities, using management’s best estimate of their cash flows, which support its belief that the carrying values of such securities were fully recoverable over their expected holding periods. Such market factors include changes in market interest rates and credit spreads and certain macroeconomic events, none of which will directly impact the Company’s ability to collect amounts contractually due. Management continually evaluates the credit status of each of the Company’s securities and the collateral supporting those securities. This evaluation includes a review of the credit of the issuer of the security (if applicable), the credit rating of the security (if applicable), the key terms of the security (including credit support), debt service coverage and loan to value ratios, the performance of the pool of underlying loans and the estimated value of the collateral supporting such loans, including the effect of local, industry and broader economic trends and factors. Significant judgment is required in this analysis for investments in non-Agency RMBS. At December 31, 2022 and at December 31, 2021, all of the Company’s investments in RMBS consist of Agency RMBS. Both credit related and non-credit related unrealized losses on securities that the Company (i) intends to sell, or (ii) will more likely than not be required to sell before recovering their cost basis, are recognized in earnings. The Company did not record an allowance for credit losses on the balance sheet at December 31, 2022 and December 31, 2021, or any impairment charges in earnings during the years ended December 31, 2022 and December 31, 2021. The following tables summarize the Company’s securities in an unrealized loss position as of the dates indicated (dollars in thousands): RMBS Unrealized Loss Positions As of December 31, 2022 Weighted Average Duration in Loss Position Original Face Value Book Gross Unrealized Losses Carrying Value (A) Number of Securities Rating Coupon Yield (C) Maturity (Years) Less than Twelve Months $ 848,768 $ 767,412 $ (33,214 ) $ 734,198 67 (B) 4.06 % 4.10 % 29 Total/Weighted Average $ 848,768 $ 767,412 $ (33,214 ) $ 734,198 67 4.06 % 4.10 % 29 As of December 31, 2021 Weighted Average Duration in Loss Position Original Face Value Book Gross Unrealized Losses Carrying Value (A) Number of Securities Rating Coupon Yield (C) Maturity (Years) Less than Twelve Months $ 612,547 $ 611,306 $ (6,783 ) $ 604,523 56 (B) 2.76 % 2.62 % 29 Twelve or More Months 6,629 6,022 (108 ) 5,914 1 (B) 3.00 % 2.83 % 28 Total/Weighted Average $ 619,176 $ 617,328 $ (6,891 ) $ 610,437 57 2.77 % 2.62 % 29 (A) See Note 9 regarding the estimation of fair value, which approximates carrying value for all securities. (B) The Company used an implied AAA rating for the Agency RMBS . (C) The weighted average yield is based on the most recent gross monthly interest income, which is then annualized and divided by the book value of settled securities.

Investments in Servicing Relate

Investments in Servicing Related Assets	12 Months Ended
	Dec. 31, 2022
Investments in Servicing Related Assets [Abstract]
Investments in Servicing Related Assets	Note 5 — Investments in Servicing Related Assets MSRs Aurora’s portfolio of Servicing Related Assets consists of Fannie Mae and Freddie Mac MSRs with an aggregate UPB of approximately $21.7 billion as of December 31, 2022. The following is a summary of the Company’s Servicing Related Assets as of the dates indicated (dollars in thousands): Servicing Related Assets Summary As of December 31, 2022 Unpaid Principal Balance Carrying Value (A) Weighted Average Coupon Weighted Average Maturity (Years) (B) Year to Date Changes in Fair Value Recorded in Other Income (Loss) MSRs $ 21,688,353 $ 279,739 3.49 % 25.8 $ 22,976 MSR Total/Weighted Average $ 21,688,353 $ 279,739 3.49 % 25.8 $ 22,976 As of December 31, 2021 Unpaid Principal Balance Carrying Value (A) Weighted Average Coupon Weighted Average Maturity (Years) (B) Year to Date Changes in Fair Value Recorded in Other Income (Loss) MSRs $ 20,773,278 $ 218,727 3.51 % 26.3 $ (11,062 ) MSR Total/Weighted Average $ 20,773,278 $ 218,727 3.51 % 26.3 $ (11,062 ) (A) See Note 9 regarding the estimation of fair value, which approximates carrying value for all pools. (B) Weighted average maturity of the underlying residential mortgage loans in the pool is based on the unpaid principal balance . The tables below summarize the geographic distribution for the states representing 5% or greater of the aggregate UPB of the residential mortgage loans underlying the Servicing Related Assets as of the dates indicated: Geographic Concentration of Servicing Related Assets As of December 31, 2022 Percentage of Total Outstanding Unpaid Principal Balance California 13.5 % Virginia 8.3 % New York 8.2 % Maryland 6.3 % Texas 6.0 % Florida 5.5 % North Carolina 5.1 % All other 47.1 % Total 100.0 % As of December 31, 2021 Percentage of Total Outstanding Unpaid Principal Balance California 13.8 % Virginia 9.3 % New York 8.8 % Maryland 6.9 % Texas 6.2 % North Carolina 5.6 % All other 49.4 % Total 100.0 % Geographic concentrations of investments expose the Company to the risk of economic downturns within the relevant states. Any such downturn in a state where the Company holds significant investments could affect the underlying borrower’s ability to make the mortgage payment and, therefore, could have a meaningful, negative impact on the Company’s Servicing Related Assets.

Equity and Earnings per Common

Equity and Earnings per Common Share	12 Months Ended
	Dec. 31, 2022
Equity and Earnings per Common Share [Abstract]
Equity and Earnings per Common Share	Note 6 — Equity and Earnings per Common Share Common Stock On October 9, 2013, the Company completed an initial public offering (the “IPO”) and a concurrent private placement of its common stock. The Company did not conduct any activity prior to the IPO and the concurrent private placement. Redeemable Preferred Stock The Company’s 8.20% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share (the “Series A Preferred Stock”) ranks senior to the Company’s common stock with respect to rights to the payment of dividends and the distribution of assets upon the Company’s liquidation, dissolution or winding up. The Series A Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless repurchased or redeemed by the Company or converted by the holders of the Series A Preferred Stock into the Company’s common stock in connection with certain changes of control. The Series A Preferred Stock is not redeemable by the Company prior to August 17, 2022, except under circumstances intended to preserve the Company’s qualification as a REIT for U.S. federal income tax purposes and except upon the occurrence of certain changes of control. Since August 17, 2022, the Company could have, at its option, redeemed the Series A Preferred Stock, in whole or in part, at any time or from time to time, for cash at a redemption price equal to $25.00 per share, plus any accumulated and unpaid dividends to, but not including, the date fixed for redemption. The Company did not redeem any Series A Preferred Stock during the year ended December 31, 2022. If the Company does not exercise its rights to redeem the Series A Preferred Stock upon certain changes in control, the holders of the Series A Preferred Stock have the right to convert some or all of their shares of Series A Preferred Stock into a number of shares of the Company’s common stock based on a defined formula, subject to a share cap, or alternative consideration. The share cap on each share of Series A Preferred Stock is 2.62881 shares of common stock, subject to certain adjustments. The Company pays cumulative cash dividends at the rate of 8.20% per annum of the $25.00 per share liquidation preference (equivalent to $2.05 per annum per share) on the Series A Preferred Stock, in arrears, on or about the 15th day of January, April, July and October of each year. The Company’s 8.250% Series B Fixed-to-Floating Rate Cumulative Redeemable Stock, par value $0.01 per share (the “Series B Preferred Stock”) ranks senior to the Company’s common stock with respect to rights to the payment of dividends and the distribution of assets upon the Company’s liquidation, dissolution or winding up, and on parity with the Company’s Series A Preferred Stock with respect to rights to the payment of dividends and the distribution of assets upon the Company’s liquidation, dissolution or winding up. The Series B Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless repurchased or redeemed by the Company or converted by the holders of the Series B Preferred Stock into the Company’s common stock in connection with certain changes of control. The Series B Preferred Stock is not redeemable by the Company prior to April 15, 2024, except under circumstances intended to preserve the Company’s qualification as a REIT for U.S. federal income tax purposes and except upon the occurrence of certain changes of control. On and after April 15, 2024, the Company may, at its option, redeem the Series B Preferred Stock, in whole or in part, at any time or from time to time, for cash at a redemption price equal to $25.00 per share, plus any accumulated and unpaid dividends to, but not including, the date fixed for redemption. If the Company does not exercise its rights to redeem the Series B Preferred Stock upon certain changes in control, the holders of the Series B Preferred Stock have the right to convert some or all of their shares of Series B Preferred Stock into a number of shares of the Company’s common stock based on a defined formula, subject to a share cap, or alternative consideration. The share cap on each share of Series B Preferred Stock is 2.68962 shares of common stock, subject to certain adjustments. Holders of Series B Preferred Stock will be entitled to receive cumulative cash dividends (i) from and including February 11, 2019 to, but excluding, April 15, 2024 at a fixed rate equal to 8.250% per annum of the $25.00 per share liquidation preference (equivalent to $2.0625 per annum per share) and (ii) from and including April 15, 2024, at a floating rate equal to three-month LIBOR plus a spread of 5.631% per annum. Because LIBOR will have ceased publication at the beginning of the floating rate period, under the terms of the Series B Preferred Stock, the Company will appoint a calculation agent and the calculation agent will consult with an investment bank of national standing to determine whether there is an industry accepted substitute or successor base rate to USD LIBOR. If, after such consultation, the calculation agent determines that there is an industry accepted substitute or successor base rate, the calculation agent will use such substitute or successor base rate. In such case, the calculation agent in its sole discretion may also implement other technical changes to the Series B Preferred Stock in a manner that is consistent with industry accepted practices for such substitute or successor base rate. It is currently anticipated that the successor rate to be chosen by the calculation agent during the floating rate period will be the secured overnight financing rate, or “SOFR”. Dividends on the Series A and B Preferred Stock are payable quarterly in arrears on the 15th day of each January, April, July and October, when and as authorized by the Company’s board of directors and declared by the Company. Common Stock ATM Program In August 2018, the Company instituted an at-the-market offering program (the “Common Stock ATM Program”) of up to $50.0 million of its co mmon stock. In November 2022, the Company entered into an amendment to the existing At Market Issuance Sales Agreement, increasing the aggregate offering price to up to an aggregate of $100.0 million of its common stock, of which, approximately $36.3 million was remaining as of December 31, 2022. Under the Common Stock ATM Program, the Company may, but is not obligated to, sell shares of common stock from time to time through one or more selling agents. The Common Stock ATM Program has no set expiration date and may be renewed or terminated by the Company at any time. During the year ended December 31, 2022, the Company issued and sold 5,212,841 shares of common stock under the Common Stock ATM Program. The shares were sold at a weighted average price of $6.50 per share for aggregate gross proceeds of approximately $33.9 million before fees of approximately $677,000. During the year ended December 31, 2021, the Company issued and sold 1,148,398 shares of common stock under the Common Stock ATM Program. The shares were sold at a weighted average price of $8.88 per share for aggregate gross proceeds of approximately $10.2 million before fees of approximately $200,000. Preferred Stock ATM Program In April 2018, the Company instituted an at-the-market offering program (the “Preferred Series A ATM Program”) of up to $35.0 million of its Series A Preferred Stock. Under the Preferred Series A ATM Program, the Company may, but is not obligated to, sell shares of Series A Preferred Stock from time to time through one or more selling agents. The Preferred Series A ATM Program has no set expiration date and may be renewed or terminated by the Company at any time. During the years ended December 31, 2022 and December 31, 2021, the Company did not issue any shares of Series A Preferred Stock under the Preferred Series A ATM Program. Share Repurchase Program In September 2019, the Company instituted a share repurchase program that allows for the repurchase of up to an aggregate of $10.0 million of the Company’s common stock. Shares may be repurchased from time to time through privately negotiated transactions or open market transactions, pursuant to a trading plan in accordance with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended, or the Exchange Act, or by any combination of such methods. The manner, price, number and timing of share repurchases are subject to a variety of factors, including market conditions and applicable SEC rules. The share repurchase program does not require the purchase of any minimum number of shares, and, subject to SEC rules, purchases may be commenced or suspended at any time without prior notice. During the years ended December 31, 2022 and December 31, 2021, the Company did not repurchase any shares of its common stock pursuant to the share repurchase program. Equity Incentive Plan During 2013, the board of directors approved and the Company adopted the Cherry Hill Mortgage Investment Corporation 2013 Equity Incentive Plan (the “2013 Plan”). The 2013 Plan provides for the grant of options to purchase shares of the Company’s common stock, stock awards, stock appreciation rights, performance units, incentive awards and other equity-based awards, including long term incentive plan units (“LTIP-OP Units”) of the Operating Partnership. LTIP-OP Units are a special class of partnership interest in the Operating Partnership. LTIP-OP Units may be issued to eligible participants for the performance of services to or for the benefit of the Operating Partnership. Initially, LTIP-OP Units do not have full parity with the Operating Partnership’s common units of limited partnership interest (“OP Units”) with respect to liquidating distributions; however, LTIP-OP Units receive, whether vested or not, the same per-unit distributions as OP Units and are allocated their pro-rata share of the Operating Partnership’s net income or loss. Under the terms of the LTIP-OP Units, the Operating Partnership will revalue its assets upon the occurrence of certain specified events, and any increase in the Operating Partnership’s valuation from the time of grant of the LTIP-OP Units until such event will be allocated first to the holders of LTIP-OP Units to equalize the capital accounts of such holders with the capital accounts of the holders of OP Units. Upon equalization of the capital accounts of the holders of LTIP-OP Units with the other holders of OP Units, the LTIP-OP Units will achieve full parity with OP Units for all purposes, including with respect to liquidating distributions. If such parity is reached, vested LTIP-OP Units may be converted into an equal number of OP Units at any time and, thereafter, enjoy all the rights of OP Units, including redemption rights. Each LTIP-OP Unit awarded is deemed equivalent to an award of one share of the Company’s common stock under the 2013 Plan and reduces the 2013 Plan’s share authorization for other awards on a one-for-one basis. An LTIP-OP Unit and a share of common stock of the Company have substantially the same economic characteristics in as much as they effectively share equally in the net income or loss of the Operating Partnership. Holders of LTIP-OP Units that have reached parity with OP Units have the right to redeem their LTIP-OP Units, subject to certain restrictions. The redemption is required to be satisfied in cash, or at the Company’s option, the Company may purchase the OP Units for common stock, calculated as follows: one share of the Company’s common stock, or cash equal to the fair value of a share of the Company’s common stock at the time of redemption, for each LTIP-OP Unit. When an LTIP-OP Unit holder redeems an OP Unit (as described above), non-controlling interest in the Operating Partnership is reduced and the Company’s equity is increased. LTIP-OP Units vest ratably over the first three The following table sets forth the number of shares of the Company’s common stock as well as LTIP-OP Units and the values thereof (based on the closing prices on the respective dates of grant) granted under the 2013 Plan. Except as otherwise indicated, all shares are fully vested. Equity Incentive Plan Information LTIP-OP Units Shares of Common Stock Number of Securities Remaining Available For Future Issuance Under Equity Compensation Plans Weighted Average Issuance Price Issued Forfeited Converted Redeemed Issued Forfeited December 31, 2020 (341,847 ) 916 28,417 - (108,388 ) 3,155 1,082,253 Number of securities issued or to be issued upon exercise (49,800 ) (A) - 16,378 - (36,592 ) - (70,014 ) $ 9.77 Number of securities redeemed - - - 9,054 - - - December 31, 2021 (391,647 ) 916 44,795 9,054 (144,980 ) 3,155 1,012,239 Number of securities issued or to be issued upon exercise (68,250 ) (B) - - - (33,441 ) (C) - (101,691 ) $ 7.70 Number of securities forfeited - 4,916 - - - 4,916 December 31, 2022 (459,897 ) 5,832 44,795 9,054 (178,421 ) 3,155 915,464 (A) Subject to forfeiture in certain circumstances prior to January 4, 2024. (B) Subject to forfeiture in certain circumstances prior to January 3, 2025. (C) Subject to forfeiture in certain circumstances prior to June 17, 2023. The Company recognized approximately $705,000 and $1.1 million in share-based compensation expense during the years ended December 31, 2022 and December 31, 2021, respectively. There was approximately of total unrecognized share-based compensation expense as of December 31, 2022, which was related to unvested LTIP-OP Units and directors compensation paid in stock subject to forfeiture. This unrecognized share-based compensation expense is expected to be recognized ratably over the remaining vesting period of up to Non-Controlling Interests in Operating Partnership Non-controlling interests in the Operating Partnership in the accompanying consolidated financial statements relate to LTIP-OP Units and OP Units issued upon conversion of LTIP-OP Units, in either case, held by parties other than the Company. As of December 31, 2022, the non-controlling interest holders in the Operating Partnership owned 401,446 LTIP-OP Units, or approximately 2.0% of the units of the Operating Partnership. Pursuant to ASC 810, Consolidation Earnings per Common Share The Company is required to present both basic and diluted earnings per common share (“EPS”). Basic EPS is calculated by dividing net income applicable to common stockholders by the weighted average number of shares of common stock outstanding during each period. Diluted EPS is calculated by dividing net income applicable to common stockholders by the weighted average number of shares of common stock outstanding plus the additional dilutive effect of common stock equivalents during each period. In accordance with ASC 260, Earnings Per Share The following table presents basic and diluted earnings per share of common stock for the periods indicated (dollars in thousands, except per share data): Earnings per Common Share Information Year Ended December 31, 2022 2021 2020 Numerator: Net income (loss) $ 22,189 $ 12,530 $ (53,218 ) Net (income) loss allocated to noncontrolling interests in Operating Partnership (450 ) (247 ) 979 Dividends on preferred stock 9,853 9,853 9,842 Net income (loss) applicable to common stockholders $ 11,886 $ 2,430 $ (62,081 ) Denominator: Weighted average common shares outstanding 19,768,286 17,324,362 16,901,537 Weighted average diluted shares outstanding 19,795,639 17,345,562 16,919,204 Basic and Diluted EPS: Basic $ 0.60 $ 0.14 $ (3.67 ) Diluted $ 0.60 $ 0.14 $ (3.67 ) There were no participating securities or equity instruments outstanding that were anti-dilutive for purposes of calculating earnings per share for the periods presented.

Transactions with Related Parti

Transactions with Related Parties	12 Months Ended
	Dec. 31, 2022
Transactions with Related Parties [Abstract]
Transactions with Related Parties	Note 7 — Transactions with Related Parties Manager The Company has entered into the Management Agreement with the Manager, pursuant to which the Manager provides for the day-to-day management of the Company’s operations. The Management Agreement requires the Manager to manage the Company’s business affairs in conformity with the policies that are approved and monitored by the Company’s board of directors. Pursuant to the Management Agreement, the Manager, under the supervision of the Company’s board of directors, formulates investment strategies, arranges for the acquisition of assets, arranges for financing, monitors the performance of the Company’s assets and provides certain advisory, administrative and managerial services in connection with the operations of the Company. For performing these services, the Company pays the Manager the management fee which is payable in cash quarterly in arrears, in an amount equal to 1.5% per annum of the Company’s stockholders’ equity (as defined in the Management Agreement). The term of the Management Agreement expires on October 22, 2023 and will be automatically renewed for a one-year term on such date and on each anniversary of such date thereafter unless terminated or not renewed as described below. Either the Company or the Manager may elect not to renew the Management Agreement upon expiration of its initial term or any renewal term by providing written notice of non-renewal at least 180 days, but not more than 270 days, before expiration. In the event the Company elects not to renew the term, the Company will be required to pay the Manager a termination fee equal to three times the average annual management fee amount earned by the Manager during the two four-quarter periods ending as of the end of the most recently completed fiscal quarter prior to the non-renewal. The Company may terminate the Management Agreement at any time for cause effective upon 30 days prior written notice of termination from the Company to the Manager, in which case no termination fee would be due. The Company’s board of directors will review the Manager’s performance prior to the automatic renewal of the Management Agreement and, as a result of such review, upon the affirmative vote of at least two-thirds of the members of the Company’s board of directors or of the holders of a majority of the Company’s outstanding common stock, the Company may terminate the Management Agreement based upon unsatisfactory performance by the Manager that is materially detrimental to the Company or a determination by the Company’s independent directors that the management fees payable to the Manager are not fair, subject to the right of the Manager to prevent such a termination by agreeing to a reduction of the management fees payable to the Manager. Upon any termination of the Management Agreement based on unsatisfactory performance or unfair management fees, the Company would be required to pay the Manager the termination fee described above. The Manager may terminate the Management Agreement in the event that the Company becomes regulated as an investment company under the Investment Company Act of 1940, as amended, in which case the Company would not be required to pay the termination fee described above. The Manager may also terminate the Management Agreement upon 60 days’ written notice if the Company defaults in the performance of any material term of the Management Agreement and the default continues for a period of 30 days after written notice to the Company, whereupon the Company would be required to pay the Manager the termination fee described above. The Manager is a party to the Services Agreement with the Services Provider, pursuant to which the Services Provider provides to the Manager personnel and payroll and benefits administration services as needed by the Manager to carry out its obligations and responsibilities under the Management Agreement. The Company is a named third-party beneficiary to the Services Agreement and, as a result, has, as a non-exclusive remedy, a direct right of action against the Services Provider in the event of any breach by the Manager of any of its duties, obligations or agreements under the Management Agreement that arise out of or result from any breach by the Services Provider of its obligations under the Services Agreement. The Services Agreement will terminate upon the termination of the Management Agreement. The Management Agreement between the Company and the Manager was negotiated between related parties, and the terms, including fees payable, may not be as favorable to the Company as if it had been negotiated with an unaffiliated third party. At the time the Management Agreement was negotiated, both the Manager and the Services Provider were controlled by Mr. Stanley Middleman. In 2016, ownership of the Manager was transferred to CHMM Blind Trust, a grantor trust for the benefit of Mr. Middleman. The Management Agreement provides that the Company will reimburse the Manager for (i) various expenses incurred by the Manager or its officers, and agents on the Company’s behalf, including costs of software, legal, accounting, tax, administrative and other similar services rendered for the Company by providers retained by the Manager and (ii) an agreed upon portion of the compensation paid to specified officers of the Company. The amounts under “Due to Manager” on the consolidated balance sheets consisted of the following for the periods indicated (dollars in thousands): Management Fees and Compensation Reimbursement to Manager Year Ended December 31, 2022 2021 2020 Management fees $ 6,119 $ 6,844 $ 6,794 Compensation reimbursement 510 1,000 976 Total $ 6,629 $ 7,844 $ 7,770 Subservicing Agreement Following the sale of the Ginnie Mae MSRs to Freedom Mortgage in June 2020 as described below, Freedom Mortgage continued to subservice certain loans that had been purchased from Ginnie Mae pools due to delinquency or default. These loans were subserviced by Freedom Mortgage pursuant to a subservicing agreement entered into on June 10, 2015. Freedom Mortgage ceased subservicing these loans during 2021 because these loans and any related advance claims had been rehabilitated or liquidated. In August 2020, Freedom Mortgage acquired RoundPoint Mortgage Servicing Corporation (“RoundPoint”), one of Aurora’s subservicers and a seller of Fannie Mae and Freddie Mac MSRs pursuant to a flow purchase agreement with Aurora. The subservicing agreement with RoundPoint had an initial term of two years and is subject to automatic renewal for additional terms equal to the initial term unless either party chooses not to renew. The subservicing agreement may be terminated without cause by either party by giving notice as specified in the agreement. If the agreement is not renewed by Aurora or terminated by Aurora without cause, de-boarding fees will be due to the subservicer. Under the subservicing agreement, the sub-servicer agrees to service the applicable mortgage loans in accordance with applicable law. During the years ended December 31, 2022 and December 31, 2021, Aurora received from RoundPoint $33.5 million and $38.7 million, respectively, in servicing fee income. During the years ended December 31, 2022 and December 31, 2021, Aurora paid RoundPoint $6.1 million and $7.2 million, respectively, in servicing costs. Aurora had servicing receivables of $687,000 and $493,000 from RoundPoint as of December 31, 2022 and December 31, 2021, respectively. The flow purchase agreement provides that RoundPoint may offer, and Aurora may purchase mortgage servicing rights from time to time on loans originated through RoundPoint’s network of loan sellers. RoundPoint’s sellers sell the loans to Fannie Mae or Freddie Mac and sell the mortgage servicing rights to RoundPoint which sells the MSR to Aurora. RoundPoint then subservices the loans for Aurora pursuant to the subservicing agreement. During the year ended December 31, 2022, Aurora purchased MSRs with an aggregate UPB of approximately $545.2 million from RoundPoint pursuant to the flow agreement for a purchase price of $5.6 Joint Marketing Recapture Agreement In May 2018, Aurora entered into a recapture purchase and sale agreement with RoundPoint, one of Aurora’s subservicers and since August 2020, a wholly-owned subsidiary of Freedom Mortgage. Pursuant to this agreement, RoundPoint attempts to refinance certain mortgage loans underlying Aurora’s MSR portfolio subserviced by RoundPoint as directed by Aurora. If a loan is refinanced, Freedom Mortgage will sell the loan to Fannie Mae or Freddie Mac, as applicable, retain the sale proceeds and transfer the related MSR to Aurora. The agreement continues in effect while the subservicing agreement remains in effect. Other Transactions with Related Persons Aurora leases three employees from Freedom Mortgage and reimburses Freedom Mortgage on a monthly basis. On June 30, 2020, Aurora sold its portfolio of Ginnie Mae MSRs with a carrying value of approximately $15.7 million to Freedom Mortgage pursuant to a Loan Servicing Purchase and Sale Agreement, dated as of that date, between Freedom Mortgage as buyer and Aurora as seller for proceeds of approximately $15.8 million. The Company recorded a realized loss of $11.3 million on the sale which includes $11.5 million of previously incurred unrealized losses in market value through the six-month period ended June 30, 2020. The sale is part of the Company’s servicing related assets segment. The sale was approved by the Nominating and Corporate Governance Committee of the Company’s board of directors which consists solely of independent directors. The proceeds were used in part to pay off in full a $11.2 million term loan facility financing the Ginnie Mae MSRs and a related advancing facility, with the balance of the proceeds available for general corporate purposes. The Ginnie Mae MSRs were originally acquired from Freedom Mortgage pursuant to the loan servicing purchase and sale agreement with Freedom Mortgage, dated as of December 15, 2016. As a result of the sale of these MSRs back to Freedom Mortgage the remaining holdback payable under the original purchase agreement of approximately $757,000 was applied to reduce the original cost of acquisition and included within “Realized loss on investments in MSRs, net” on the consolidated statements of income (loss) for the year ended December 31, 2020

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 31, 2022
Derivative Instruments [Abstract]
Derivative Instruments	Note 8 — Derivative Instruments Interest Rate Swap Agreements, Swaptions, TBAs and Treasury Futures In order to help mitigate exposure to higher short-term interest rates in connection with borrowings under its repurchase agreements, the Company enters into interest rate swap agreements and swaption agreements. Interest rate swap agreements establish an economic fixed rate on related borrowings because the variable-rate payments received on the interest rate swap agreements largely offset interest accruing on the related borrowings, leaving the fixed-rate payments to be paid on the interest rate swap agreements as the Company’s effective borrowing rate, subject to certain adjustments including changes in spreads between variable rates on the interest rate swap agreements and actual borrowing rates. A swaption is an option granting its owner the right but not the obligation to enter into an underlying swap. The Company’s interest rate swap agreements and swaptions have not been designated as qualifying hedging instruments for GAAP purposes. In order to help mitigate duration risk and manage basis risk and the pricing risk under the Company’s financing facilities, the Company utilizes U.S. treasury futures and forward-settling purchases and sales of RMBS where the underlying pools of mortgage loans are TBAs. Pursuant to these TBA transactions, the Company agrees to purchase or sell, for future delivery, Agency RMBS with certain principal and interest terms and certain types of underlying collateral, but the particular Agency RMBS to be delivered is not identified until shortly before the TBA settlement date. Unless otherwise indicated, references to U.S. treasury futures include options on U.S. treasury futures. The following table summarizes the outstanding notional amounts of derivative instruments as of the dates indicated (dollars in thousands): Derivatives December 31, 2022 December 31, 2021 Notional amount of interest rate swaps $ 1,305,000 $ 1,448,000 Notional amount of swaptions - 40,000 Notional amount of TBAs, net (306,100 ) 439,000 Notional amount of U.S. treasury futures (88,700 ) (80,600 ) Notional amount of options on treasury futures 20,000 - Total notional amount $ 930,200 $ 1,846,400 The following table presents information about the Company’s interest rate swap agreements as of the dates indicated (dollars in thousands): Notional Amount Fair Value Weighted Average Pay Rate Weighted Average Receive Rate Weighted Average Years to Maturity December 31, 2022 $ 1,305,000 $ 15,748 1.53 % 3.96 % 5.1 December 31, 2021 $ 1,448,000 $ 9,883 0.50 % 0.73 % 6.1 The Company did not have any interest rate swaption agreements as of December 31, 2022. The following table presents information about the Company’s interest rate swaption agreements as of the date indicated (dollars in thousands): Notional Amount Fair Value Weighted Average Underlying Pay Rate Weighted Average Underlying Receive Rate (A) Weighted Average Underlying Years to Maturity (B) Weighted Average Years to Expiration December 31, 2021 $ 40,000 $ 183 1.90 % LIBOR-BBA% 8.0 0.4 (A) Floats in accordance with LIBOR. (B) Weighted average years to maturity of the underlying swaps from the reporting date. The following tables present information about the Company’s TBA derivatives as of the dates indicated (dollars in thousands): As of December 31, 2022 Purchase and sale contracts for derivative TBAs Notional Implied Cost Basis Implied Fair Value Net Carrying Value Purchase contracts $ 518,300 $ 506,245 $ 501,682 $ (4,563 ) Sale contracts (824,400 ) (796,054 ) (787,275 ) 8,778 Net TBA derivatives $ (306,100 ) $ (289,809 ) $ (285,593 ) $ 4,215 As of December 31, 2021 Purchase and sale contracts for derivative TBAs Notional Implied Cost Basis Implied Fair Value Net Carrying Value Purchase contracts $ 970,500 $ 988,173 $ 987,146 $ (1,026 ) Sale contracts (531,500 ) (544,346 ) (544,327 ) 19 Net TBA derivatives $ 439,000 $ 443,827 $ 442,819 $ (1,007 ) The following tables present information about the Company’s U.S. treasury futures agreements as of the dates indicated (dollars in thousands): As of December 31, 2022 Maturity Notional Amount - Long Notional Amount - Short Fair Value 10 years (A) $ - $ (88,700 ) $ 618 Total $ - $ (88,700 ) $ 618 As of December 31, 2021 Maturity Notional Amount - Long Notional Amount - Short Fair Value 2 years $ - $ (85,000 ) $ 63 5 years - (15,000 ) (53 ) 10 years 19,400 - (63 ) Total $ 19,400 $ (100,000 ) $ (53 ) (A) Includes 10-year U.S. treasury futures and 10-year Ultra futures contracts. The following table presents information about the Company’s U.S. treasury futures options agreements as of the dates indicated (dollars in thousands): As of December 31, 2022 Maturity Notional Amount - Long Notional Amount - Short Fair Value 10 years $ 70,000 $ (50,000 ) $ 234 Total $ 70,000 $ (50,000 ) $ 234 As of December Maturity Notional Amount - Long Notional Amount - Short Fair Value 10 years $ 60,000 $ (60,000 ) $ 234 Total $ 60,000 $ (60,000 ) $ 234 The following table presents information about realized gain (loss) on derivatives, which is included on the consolidated statements of income (loss) for the periods indicated (dollars in s): Year Ended December 31, Derivatives 2022 2021 2020 Interest rate swaps (A) $ (4,794 ) $ (884 ) $ (60,056 ) Swaptions (585 ) (1,028 ) (505 ) TBAs (27,774 ) (4,668 ) 2,756 U.S. Treasury futures 23,752 (3,670 ) 42,010 U.S. treasury futures options (350 ) (2,902 ) - Total $ (9,751 ) $ (13,152 ) $ (15,795 ) (A) Excludes interest rate swap periodic interest income of $11.1 million, $3.8 million and $5.8 million, for the years ended December 31, 2022, December 31, 2021 and December 31, 2020, respectively. Offsetting Assets and Liabilities The Company has netting arrangements in place with all of its derivative counterparties pursuant to standard documentation developed by the International Swaps and Derivatives Association and the Securities Industry and Financial Markets Association. Under GAAP, if the Company has a valid right of offset, it may offset the related asset and liability and report the net amount. The Company presents interest rate swaps, swaptions and U.S. treasury futures assets and liabilities on a gross basis in its consolidated balance sheets, but in the case of interest rate swaps, net of variation margin. The Company presents TBA assets and liabilities on a net basis in its consolidated balance sheets. The Company presents repurchase agreements in this section even though they are not derivatives because they are subject to master netting arrangements. However, repurchase agreements are presented on a gross basis. Additionally, the Company does not offset financial assets and liabilities with the associated cash collateral on the consolidated balance sheets. The following tables present information about the Company’s assets and liabilities that are subject to master netting arrangements or similar agreements and can potentially be offset on the Company’s consolidated balance sheets as of the dates indicated (dollars in s): Offsetting Assets and Liabilities As of December 31, 2022 Gross Amounts of Recognized Assets or Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets and Liabilities Presented in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received (Pledged) (A) Net Amount Assets Interest rate swaps $ 40,466 $ - $ 40,466 $ (40,466 ) $ - $ - Interest rate swaptions - - - - - - TBAs 8,786 (4,571 ) 4,215 (4,215 ) - - U.S. treasury futures 618 - 618 (618 ) - - U.S. treasury futures options 234 - 234 3,630 (3,864 ) - Total Assets $ 50,104 $ (4,571 ) $ 45,533 $ (41,669 ) $ (3,864 ) $ - Liabilities Repurchase agreements $ 825,962 $ - $ 825,962 $ (830,022 ) $ 4,060 $ - Interest rate swaps 24,718 - 24,718 (24,718 ) - - TBAs 4,571 (4,571 ) - (2,767 ) 2,767 - Total Liabilities $ 855,251 $ (4,571 ) $ 850,680 $ (857,507 ) $ 6,827 $ - As of December 31, 2021 Gross Amounts of Recognized Assets or Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets and Liabilities Presented in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received (Pledged) (A) Net Amount Assets Interest rate swaps $ 10,101 $ - $ 10,101 $ (10,101 ) $ - $ - Interest rate swaptions 183 - 183 (183 ) - - TBAs 338 (338 ) - - - - U.S. treasury futures options 234 - 234 430 (664 ) - Total Assets $ 10,856 $ (338 ) $ 10,518 $ (9,854 ) $ (664 ) $ - Liabilities Repurchase agreements $ 865,494 $ - $ 865,494 $ (853,297 ) $ (12,197 ) $ - Interest rate swaps 218 - 218 (218 ) - - TBAs 1,345 (338 ) 1,007 (1,007 ) - - U.S. treasury futures 53 - 53 (53 ) - - Total Liabilities $ 867,110 $ (338 ) $ 866,772 $ (854,575 ) $ (12,197 ) $ -

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2022
Fair Value [Abstract]
Fair Value	Note 9 — Fair Value Fair Value Measurements ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 clarifies that fair value should be based on the assumptions market participants would use when pricing an asset or liability and establishes a fair value hierarchy that prioritizes the information used to develop those assumptions. The fair value hierarchy gives the highest priority to quoted prices available in active markets (i.e., observable inputs) and the lowest priority to data lacking transparency (i.e., unobservable inputs). Additionally, ASC 820 requires an entity to consider all aspects of nonperformance risk, including the entity’s own credit standing, when measuring the fair value of a liability. ASC 820 establishes a three-level hierarchy to be used when measuring and disclosing fair value. An instrument’s categorization within the fair value hierarchy is based on the lowest level of significant input to its valuation. Following is a description of the three levels: • Level 1 inputs are quoted prices in active markets for identical assets or liabilities as of the measurement date under current market conditions. Additionally, the entity must have the ability to access the active market and the quoted prices cannot be adjusted by the entity. • Level 2 inputs include quoted prices in active markets for similar assets or liabilities; quoted prices in inactive markets for identical or similar assets or liabilities; or inputs that are observable or can be corroborated by observable market data by correlation or other means for substantially the full-term of the assets or liabilities. • Level 3 unobservable inputs are supported by little or no market activity. The unobservable inputs represent the assumptions that management believes market participants would use to price the assets and liabilities, including risk. Generally, Level 3 assets and liabilities are valued using pricing models, discounted cash flow methodologies, or similar techniques that require significant judgment or estimation. Recurring Fair Value Measurements The following is a description of the methods used to estimate the fair values of the Company’s assets and liabilities measured at fair value on a recurring basis, as well as the basis for classifying these assets and liabilities as Level 2 or 3 within the fair value hierarchy. The Company’s valuations consider assumptions that it believes a market participant would consider in valuing the assets and liabilities, the most significant of which are disclosed below. The Company reassesses and periodically adjusts the underlying inputs and assumptions used in the valuations for recent historical experience, as well as for current and expected relevant market conditions. RMBS The Company holds a portfolio of RMBS that are classified as available for sale and are carried at fair value in the consolidated balance sheets. The Company determines the fair value of its RMBS based upon prices obtained from third-party pricing providers. The third-party pricing providers develop their pricing based on transaction prices of recent trades for similar financial instruments. If recent trades for similar financial instruments are unavailable, the third-party pricing providers use cash flow or other pricing models, which utilize observable inputs. As a result, the Company classified 100% of its RMBS as Level 2 fair value assets at December 31, 2022 and December 31, 2021. MSRs The Company, through its subsidiary Aurora, holds a portfolio of MSRs that are reported at fair value in the consolidated balance sheets. The Company uses a discounted cash flow model to estimate the fair value of these assets. Although MSR transactions are observable in the marketplace, the valuation includes unobservable market data inputs (prepayment speeds, delinquency levels, costs to service and discount rates). As a result, the Company classified 100% of its MSRs as Level 3 fair value assets at December 31, 2022 and December 31, 2021. Derivative Instruments The Company enters into a variety of derivative instruments as part of its economic hedging strategies. The Company executes interest rate swaps, swaptions, TBAs and U.S. treasury futures. The Company utilizes third-party pricing providers to value its derivative instruments. The third-party pricing providers develop their pricing based on transaction prices of recent trades for similar financial instruments. If recent trades for similar financial instruments are unavailable, the third-party pricing providers use cash flow or other pricing models, which utilize observable inputs. As a result, the Company classified 100% of its derivative instruments as Level 2 fair value assets and liabilities at December 31, 2022 and December 31, 2021. Both the Company and the derivative counterparties under their netting arrangements are required to post cash collateral based upon the net underlying market value of the Company’s open positions with the counterparties. Posting of cash collateral typically occurs daily, subject to certain dollar thresholds. Due to the existence of netting arrangements, as well as frequent cash collateral posting at low posting thresholds, credit exposure to the Company and/or counterparties is considered materially mitigated. The Company’s interest rate swaps and U.S. treasury futures are required to be cleared on an exchange, which further mitigates, but does not eliminate, credit risk. Based on the Company’s assessment, there is no requirement for any additional adjustment to derivative valuations specifically for credit. The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis as of the dates indicated (dollars in thousands). Recurring Fair Value Measurements As of December 31, 2022 Level 1 Level 2 Level 3 Carrying Value Assets RMBS Fannie Mae $ - $ 483,397 $ - $ 483,397 Freddie Mac - 448,034 - 448,034 RMBS total - 931,431 - 931,431 Derivative assets Interest rate swaps - 40,466 - 40,466 TBAs, net - 4,215 - 4,215 U.S. treasury futures - 618 - 618 U.S. treasury futures options - 234 - 234 Derivative assets total - 45,533 - 45,533 Servicing related assets - - 279,739 279,739 Total Assets $ - $ 976,964 $ 279,739 $ 1,256,703 Liabilities Derivative liabilities Interest rate swaps - 24,718 - 24,718 Derivative liabilities total - 24,718 - 24,718 Total Liabilities $ - $ 24,718 $ - $ 24,718 As of December 31, 2021 Level 1 Level 2 Level 3 Carrying Value Assets RMBS Fannie Mae $ - $ 559,777 $ - $ 559,777 Freddie Mac - 393,719 - 393,719 RMBS total - 953,496 - 953,496 Derivative assets Interest rate swaps - 10,101 - 10,101 Interest rate swaptions - 183 - 183 U.S. treasury futures options - 234 - 234 Derivative assets total - 10,518 - 10,518 Servicing related assets - - 218,727 218,727 Total Assets $ - $ 964,014 $ 218,727 $ 1,182,741 Liabilities Derivative liabilities Interest rate swaps - 218 - 218 TBAs, net - 1,007 - 1,007 U.S. treasury futures - 53 - 53 Derivative liabilities total - 1,278 - 1,278 Total Liabilities $ - $ 1,278 $ - $ 1,278 The Company may be required to measure certain assets or liabilities at fair value from time to time. These periodic fair value measures typically result from application of certain impairment measures under GAAP. These items would constitute nonrecurring fair value measures under ASC 820. As of December 31, 2022 and December 31, 2021, the Company did not have any assets or liabilities measured at fair value on a nonrecurring basis in the periods presented. Level 3 Assets and Liabilities The valuation of Level 3 assets and liabilities requires significant judgment by management. The Company estimates the fair value of its Servicing Related Assets based on internal pricing models rather than quotations and compares the results of these internal models against the results from models generated by third-party pricing providers. The third-party pricing providers and management rely on inputs such as market price quotations from market makers (either market or indicative levels), original transaction price, recent transactions in the same or similar instruments, and changes in financial ratios or cash flows to determine fair value. Level 3 instruments may also be discounted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by third-party pricing providers and management in the absence of market information. Assumptions used by third-party pricing providers and management due to lack of observable inputs may significantly impact the resulting fair value and, therefore, the Company’s consolidated financial statements. The Company’s management reviews all valuations that are based on pricing information received from third-party pricing providers. As part of this review, prices are compared against other pricing or input data points in the marketplace, along with internal valuation expertise, to ensure the pricing is reasonable. Changes in market conditions, as well as changes in the assumptions or methodology used to determine fair value, could result in a significant change to estimated fair values. The determination of estimated cash flows used in pricing models is inherently subjective and imprecise. It should be noted that minor changes in assumptions or estimation methodologies can have a material effect on these derived or estimated fair values, and that the fair values reflected below are indicative of the interest rate and credit spread environments as of December 31, 2022 and December 31, 2021 and do not take into consideration the effects of subsequent changes in market or other factors. The tables below present the reconciliation for the Company’s Level 3 assets (Servicing Related Assets) measured at fair value on a recurring basis as of the dates indicated (dollars in thousands): Level 3 Fair Value Measurements As of December 31, 2022 Level 3 MSRs Balance at December 31, 2021 $ 218,727 Purchases and sales: Purchases 38,592 Other changes (A) (556 ) Purchases and sales $ 38,036 Changes in Fair Value due to: Changes in valuation inputs or assumptions used in valuation model 48,253 Other changes in fair value (B) (25,277 ) Unrealized gain (loss) included in Net Income $ 22,976 Balance at December 31, 2022 $ 279,739 As of December 31, 2021 Level 3 MSRs Balance at December 31, 2020 $ 174,414 Purchases and sales: Purchases 56,638 Other changes (A) (1,263 ) Purchases and sales $ 55,375 Changes in Fair Value due to: Changes in valuation inputs or assumptions used in valuation model 61,881 Other changes in fair value (B) (72,943 ) Unrealized gain (loss) included in Net Income $ (11,062 ) Balance at December 31, 2021 $ 218,727 (A) Represents purchase price adjustments, principally contractual prepayment protection, and changes due to the Company’s repurchase of the underlying collateral. (B) Represents changes due to realization of expected cash flows and estimated MSR runoff. The tables below present information about the significant unobservable inputs used in the fair value measurement of the Company’s Servicing Related Assets classified as Level 3 fair value assets as of the dates indicated (dollars in thousands): Fair Value Measurements As of December 31, 2022 Fair Value Valuation Technique Unobservable Input (A) Range Weighted Average (B) MSRs $ 279,739 Discounted cash flow Constant prepayment speed 4.3% - 18.2 % 7.4 % Uncollected payments 0.5% - 3.2 % 0.7 % Discount rate 9.5 % Annual cost to service, per loan $ 81 TOTAL $ 279,739 As of December 31, 2021 Fair Value Valuation Technique Unobservable Input (A) Range Weighted Average (B) MSRs $ 218,727 Discounted cash flow Constant prepayment speed 5.0% - 19.1 % 11.5 % Uncollected payments 0.4% - 2.5 % 0.6 % Discount rate 7.2 % Annual cost to service, per loan $ 76 TOTAL $ 218,727 (A) Significant increases (decreases) in any of the inputs in isolation may result in significantly lower (higher) fair value measurements. A change in the assumption used for discount rates may be accompanied by a directionally similar change in the assumption used for the probability of uncollected payments and a directionally opposite change in the assumption used for prepayment rates. (B) Weighted averages for unobservable inputs are calculated based on the unpaid principal balance of the portfolios. Fair Value of Financial Assets and Liabilities In accordance with ASC 820, the Company is required to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized in the consolidated balance sheets, for which fair value can be estimated. The following describes the Company’s methods for estimating the fair value for financial instruments. • RMBS available for sale securities, Servicing Related Assets, derivative assets and derivative liabilities are recurring fair value measurements; carrying value equals fair value. See discussion of valuation methods and assumptions within the “Fair Value Measurements” section of this footnote. • Cash and cash equivalents and restricted cash have a carrying value which approximates fair value because of the short maturities of these instruments. • The carrying value of servicing receivables, repurchase agreements and corporate debt that mature in less than one year generally approximates fair value due to the short maturities. The Company does not hold any repurchase agreements that are considered long-term. Corporate debt that matures in more than year consists solely of financing secured by Aurora’s Servicing Related Assets. All of the Company’s debt is revolving and bears interest at adjustable rates. The Company considers that the amount of the corporate debt generally approximates fair value.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note 10 — Commitments and Contingencies The commitments and contingencies of the Company as of December and December are described below. Management Agreement The Company pays the Manager a quarterly management fee, calculated and payable quarterly in arrears, equal to the product of one quarter of the 1.5% management fee annual rate and the stockholders’ equity, adjusted as set forth in the Management Agreement as of the end of such fiscal quarter. The Manager relies on the Services Provider to provide the Manager with the necessary resources and personnel to conduct the Company’s operations. For further discussion regarding the management fee, see Note 7. Legal and Regulatory From time to time, the Company may be subject to potential liability under laws and government regulations and various claims and legal actions arising in the ordinary course of business. Liabilities are established for legal claims when payments associated with the claims become probable and the costs can be reasonably estimated. The actual costs of resolving legal claims may be substantially higher or lower than the amounts established for those claims. The Company has established immaterial reserves for these possible matters. Based on information currently available, management is not aware of any legal or regulatory claims that would have a material effect on the Company’s consolidated financial statements. Commitments to Purchase/Sell RMBS As of December 31, 2022 and December 31, 2021, the Company held forward TBA purchase and sale commitments, respectively, with counterparties, which are forward Agency RMBS trades, whereby the Company committed to purchasing or selling a pool of securities at a particular interest rate. As of the date of the trade, the mortgage-backed securities underlying the pool that will be delivered to fulfill a TBA trade are not yet designated. The securities are typically “to be announced” 48 hours prior to the established trade settlement date. See Note 2 — Basis of Presentation and Significant Accounting Policies for details of unsettled RMBS trades as of December 31, 2022 and December 31, 2021. Acknowledgment Agreements In connection with the Fannie Mae MSR Financing Facility (as defined below in Note 12), entered into by Aurora and QRS III, those parties also entered into an acknowledgment agreement with Fannie Mae. Pursuant to that agreement, Fannie Mae consented to the pledge by Aurora and QRS III of their respective interests in MSRs for loans owned or securitized by Fannie Mae, and acknowledged the security interest of the lender in those MSRs. See Note 12—Notes Payable for a description of the Fannie Mae MSR Financing Facility and the financing facility it replaced. In connection with the Freddie Mac MSR Revolver (as defined below in Note 12), Aurora, QRS V, and the lender, with a limited joinder by the Company, entered into an acknowledgement agreement with Freddie Mac pursuant to which Freddie Mac consented to the pledge of the Freddie Mac MSRs securing the Freddie Mac MSR Revolver. Aurora and the lender also entered into a consent agreement with Freddie Mac pursuant to which Freddie Mac consented to the pledge of Aurora’s rights to reimbursement for advances on the underlying loans. See Note 12—Notes Payable for a description of the Freddie Mac MSR Revolver.

Repurchase Agreements

Repurchase Agreements	12 Months Ended
	Dec. 31, 2022
Repurchase Agreements [Abstract]
Repurchase Agreements	Note 11 — Repurchase Agreements The Company had outstanding approximately $826.0 million and $865.5 million of borrowings under its repurchase agreements as of December 31, 2022 and December 31, 2021, respectively. The Company’s obligations under these agreements had weighted average remaining maturities of 18 days and 38 days as of December 31, 2022 and December 31, 2021, respectively. RMBS and cash have been pledged as collateral under these repurchase agreements (see Note 4). The repurchase agreements had the following remaining maturities and weighted average rates as of the dates indicated (dollars in thousands): Repurchase Agreements Characteristics As of December 31, 2022 Repurchase Agreements Weighted Average Rate Less than one month $ 715,899 4.39 % One to three months 110,063 4.53 % Total/Weighted Average $ 825,962 4.41 % As of December 31, 2021 Repurchase Agreements Weighted Average Rate Less than one month $ 291,007 0.13 % One to three months 574,487 0.14 % Total/Weighted Average $ 865,494 0.14 % There were no overnight or demand securities as of December 31, 2022 or December 31, 2021.

Notes Payable

Notes Payable	12 Months Ended
	Dec. 31, 2022
Notes Payable [Abstract]
Notes Payable	Note 12 — Notes Payable As of December 31, 2022, the Company had two separate MSR financing facilities: (i) the Freddie Mac MSR Revolver, which is revolving credit facility for up to $100.0 million that is secured by all Freddie Mac MSRs owned by Aurora; and (ii) the Fannie Mae MSR Revolving Facility, which is a revolving credit facility for up to $150.0 million, that is secured by all Fannie Mae MSRs owned by Aurora. Both financing facilities are available for MSRs as well as certain servicing related advances associated with MSRs. Freddie Mac MSR Revolver Fannie Mae MSR Revolving Facility As noted above, the Fannie Mae MSR Revolving Facility replaced the Prior Fannie Mae MSR Financing Facility. In September 2019, Aurora and QRS III entered into a loan and security agreement (the “Prior Fannie Mae MSR Financing Facility”). Under the Prior Fannie Mae MSR Facility, Aurora and QRS III pledged their respective rights in all existing and future MSRs for loans owned or securitized by Fannie Mae to secure borrowings outstanding from time to time. The maximum credit amount outstanding at any one time under the facility was $200 million, of which $100 million was committed. Borrowings bore interest at a rate equal to a spread over one-month LIBOR subject to a floor. This facility was terminated and replaced in October 2021 with the Fannie Mae MSR Revolving Facility (as defined and discussed above). As a result, there was no outstanding balance under the Prior Fannie Mae MSR Financing Facility at December 31, 2022 and December 31, 2021. The outstanding borrowings had the following remaining maturities as of the dates indicated (dollars in thousands): Long-Term Borrowings Repayment Characteristics As of December 31, 2022 2023 2024 2025 2026 2027 Total Freddie Mac MSR Revolver Borrowings under Freddie Mac MSR Revolver $ 68,500 $ - $ - $ - $ - $ 68,500 Fannie Mae MSR Revolving Facility Borrowings under Fannie Mae MSR Revolving Facility 627 7,868 8,538 98,967 - 116,000 Total $ 69,127 $ 7,868 $ 8,538 $ 98,967 $ - $ 184,500 As of December 31, 2021 2022 2023 2024 2025 2026 Total Freddie Mac MSR Revolver Borrowings under Freddie Mac MSR Revolver $ 63,000 $ - $ - $ - $ - $ 63,000 Fannie Mae MSR Revolving Facility Borrowings under Fannie Mae MSR Revolving Facility - 571 6,994 7,261 68,174 83,000 Total $ 63,000 $ 571 $ 6,994 $ 7,261 $ 68,174 $ 146,000

Receivables and Other Assets

Receivables and Other Assets	12 Months Ended
	Dec. 31, 2022
Receivables and Other Assets [Abstract]
Receivables and Other Assets	Note 13 — Receivables and Other Assets The assets comprising “Receivables and other assets” as of December 31, 2022 and December 31, 2021 are summarized in the following table (dollars in thousands): Receivables and Other Assets December 31, 2022 December 31, 2021 Servicing advances $ 15,090 $ 17,609 Interest receivable 4,381 2,393 Deferred tax asset 15,545 20,614 Other receivables 1,749 2,728 Total other assets $ 36,765 $ 43,344 The Company only records as an asset those servicing advances that the Company deems recoverable.

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	12 Months Ended
	Dec. 31, 2022
Accrued Expenses and Other Liabilities [Abstract]
Accrued Expenses and Other Liabilities	Note 14 — Accrued Expenses and Other Liabilities The liabilities comprising “Accrued expenses and other liabilities” as of December 31, 2022 and December 31, 2021 are summarized in the following table (dollars in thousands): Accrued Expenses and Other Liabilities December 31, 2022 December 31, 2021 Accrued interest on repurchase agreements $ 2,796 $ 132 Accrued interest on notes payable 1,710 864 Accrued expenses 3,804 2,065 Due to counterparties (A) 11,197 - Total accrued expenses and other liabilities $ 19,507 $ 3,061 (A) Includes collateral for the Company’s borrowings that represents a payable to the counterparties as of the balance sheet date.

Summarized Quarterly Results (U

Summarized Quarterly Results (Unaudited)	12 Months Ended
	Dec. 31, 2022
Summarized Quarterly Results (Unaudited) [Abstract]
Summarized Quarterly Results (Unaudited)	Note 15 — Summarized Quarterly Results (Unaudited) The following tables present information about the Company’s quarterly operating results for the periods indicated below (dollars in thousands): Summarized Quarterly Results 2022 December 31, September 30, June 30, March 31, Income Interest income $ 9,906 $ 8,213 $ 6,004 $ 5,519 Interest expense 8,539 4,882 2,502 1,640 Net interest income 1,367 3,331 3,502 3,879 Servicing fee income 13,700 13,426 13,188 13,116 Servicing costs 3,304 2,725 2,615 3,193 Net servicing income 10,396 10,701 10,573 9,923 Other income (loss) Realized loss on RMBS, available-for-sale, net (30,701 ) (9,735 ) (46,036 ) (13,222 ) Realized gain (loss) on derivatives, net 8,521 6,210 (2,730 ) (10,638 ) Realized gain on acquired assets, net - - - 12 Unrealized gain (loss) on derivatives, net (13,526 ) 33,321 17,613 24,456 Unrealized gain (loss) on investments in Servicing Related Assets (7,198 ) 2,293 6,150 21,731 Total Income (Loss) (31,141 ) 46,121 (10,928 ) 36,141 Expenses General and administrative expense 1,587 1,475 1,499 1,744 Management fee to affiliate 1,597 1,625 1,614 1,793 Total Expenses 3,184 3,100 3,113 3,537 Income (Loss) Before Income Taxes (34,325 ) 43,021 (14,041 ) 32,604 Provision for (Benefit from) corporate business taxes (1,572 ) 1,344 1,423 3,875 Net Income (Loss) (32,753 ) 41,677 (15,464 ) 28,729 Net (income) loss allocated to noncontrolling interests in Operating Partnership 702 (866 ) 347 (633 ) Dividends on preferred stock 2,463 2,462 2,465 2,463 Net Income (Loss) Applicable to Common Stockholders $ (34,514 ) $ 38,349 $ (17,582 ) $ 25,633 Net Income (Loss) Per Share of Common Stock Basic $ (1.59 ) $ 1.91 $ (0.93 ) $ 1.40 Diluted $ (1.59 ) $ 1.90 $ (0.92 ) $ 1.40 Weighted Average Number of Shares of Common Stock Outstanding Basic 21,648,846 20,123,165 19,007,390 18,252,523 Diluted 21,682,287 20,156,606 19,029,493 18,272,737 2021 December 31, September 30, June 30, March 31, Income Interest income $ 4,529 $ 3,600 $ 3,526 $ 3,301 Interest expense 1,534 1,439 1,341 1,454 Net interest income 2,995 2,161 2,185 1,847 Servicing fee income 13,030 13,839 13,748 13,540 Servicing costs 3,390 3,080 4,072 3,082 Net servicing income 9,640 10,759 9,676 10,458 Other income (loss) Realized gain (loss) on RMBS, available-for-sale, net (1,479 ) (1,050 ) 983 2,094 Realized gain (loss) on derivatives, net (4,688 ) 1,420 (5,531 ) (540 ) Realized gain (loss) on acquired assets, net - (19 ) 29 5 Unrealized gain (loss) on derivatives, net 8,233 (5,467 ) 3,548 (8,059 ) Unrealized gain (loss) on investments in Servicing Related Assets (5,111 ) (7,914 ) (20,501 ) 22,464 Total Income (Loss) 9,590 (110 ) (9,611 ) 28,269 Expenses General and administrative expense 1,547 1,936 1,883 1,617 Management fee to affiliate 1,975 1,959 1,949 1,961 Total Expenses 3,522 3,895 3,832 3,578 Income (Loss) Before Income Taxes 6,068 (4,005 ) (13,443 ) 24,691 Provision for (Benefit from) corporate business taxes (637 ) (215 ) (1,830 ) 3,463 Net Income (Loss) 6,705 (3,790 ) (11,613 ) 21,228 Net (income) loss allocated to noncontrolling interests in Operating Partnership (130 ) 77 240 (434 ) Dividends on preferred stock 2,463 2,462 2,465 2,463 Net Income (Loss) Applicable to Common Stockholders $ 4,112 $ (6,175 ) $ (13,838 ) $ 18,331 Net Income (Loss) Per Share of Common Stock Basic $ 0.23 $ (0.36 ) $ (0.81 ) $ 1.07 Diluted $ 0.23 $ (0.36 ) $ (0.81 ) $ 1.07 Weighted Average Number of Shares of Common Stock Outstanding Basic 17,963,555 17,185,872 17,073,943 17,065,735 Diluted 17,983,769 17,206,086 17,096,124 17,087,959 Basic and diluted net income (loss) per share of common stock are computed independently based on the weighted average number of shares of common stock outstanding during each period. Accordingly, the sum of the quarterly net income (loss) per share amounts may not agree to the total for the year.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Taxes [Abstract]
Income Taxes	Note 16 — Income Taxes The Company elected to be taxed as a REIT under Code Sections 856 through 860 beginning with its short taxable year ended December 31, 2013. As a REIT, the Company generally will not be subject to U.S. federal income tax to the extent that it distributes its taxable income to its stockholders. To maintain qualification as a REIT, the Company must distribute at least 90% of its annual REIT taxable income to its stockholders and meet certain other requirements such as assets it may hold, income it may generate and its stockholder composition. It is the Company’s policy to distribute all or substantially all of its REIT taxable income. To the extent there is any undistributed REIT taxable income at the end of a year, the Company can elect to distribute such shortfall within the next year as permitted by the Code. Effective January 1, 2014, CHMI Solutions elected to be taxed as a corporation for U.S. federal income tax purposes; prior to this date, CHMI Solutions was a disregarded entity for U.S. federal income tax purposes. CHMI Solutions has jointly elected with the Company, the ultimate beneficial owner of CHMI Sub-REIT, to be treated as a TRS of the Company, and all activities conducted through CHMI Solutions and its wholly-owned subsidiary, Aurora, are subject to federal and state income taxes. CHMI Solutions files a consolidated tax return with Aurora and is fully taxed as a U.S. C-Corporation. The state and local tax jurisdictions for which the Company is subject to tax filing obligations recognize the Company’s status as a REIT, and therefore, the Company generally does not pay income tax in such jurisdictions. CHMI Solutions and Aurora are subject to U.S. federal, state and local income taxes. The components of the Company’s income tax expense (benefit) are as follows for the periods indicated below (dollars in thousands): Year Ended December 31, 2022 2021 2020 Current federal income tax benefit $ - $ (127 ) $ - Deferred federal income tax expense (benefit) 4,116 1,180 (16,783 ) Deferred state income tax expense (benefit) 954 (272 ) (1,981 ) Provision for (benefit from) Corporate Business Taxes $ 5,070 $ 781 $ (18,764 ) The following is a reconciliation of the statutory federal rate to the effective rate, for the periods indicated below (dollars in thousands): Year Ended December 31, 2022 2021 2020 Computed income tax expense (benefit) at federal rate $ 5,724 21.0 % $ 2,795 21.0 % $ (15,116 ) 21.0 % State tax expense (benefit), net of federal tax, if applicable 494 1.8 % 120 0.9 % (1,893 ) 2.6 % Tax provision due to state tax rate change 329 1.2 % (413 ) (3.1 )% (87 ) 0.1 % Permanent differences in taxable income from GAAP pre-tax income - - % 185 1.4 % - - % Provision to return adjustment (7 ) - % (6 ) - % (15 ) - % REIT income not subject to tax expense (benefit) (1,470 ) (5.4 )% (1,900 ) (14.3 )% (1,653 ) 2.4 % Provision for (benefit from) Corporate Business Taxes/Effective Tax Rate (A) $ 5,070 18.6 % $ 781 5.9 % $ (18,764 ) 26.1 % (A) The provision for income taxes is recorded at the TRS level. The Company’s consolidated balance sheets contain the following income taxes recoverable and deferred tax assets, which are recorded at the TRS level (dollars in thousands): Year Ended December 31, 2022 2021 Income taxes recoverable Federal income taxes recoverable $ 128 $ 128 Income taxes recoverable $ 128 $ 128 Deferred tax assets Deferred tax - mortgage servicing rights $ 1,082 $ 10,539 Deferred tax - net operating loss 13,844 10,075 Deferred tax - disallowed business interest expense 619 - Total net deferred tax assets $ 15,545 $ 20,614 In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible. The Company had net operating losses (“NOLs”) of $59.0 million as of December 31, 2022, which were created subsequent to 2017 and can be carried forward indefinitely pursuant to the Tax Cuts and Jobs Act passed on December 22, 2017 (“2017 Tax Act”). As of December 31, 2022, the Company believes it is more likely than not that it will fully realize its deferred tax assets. Deferred tax assets are included in “Receivables and other assets” in the consolidated balance sheets. Based on the Company’s evaluation, the Company has concluded that there are no significant liabilities for unrecognized tax benefits required to be reported in the Company’s consolidated financial statements. Additionally, there were no amounts accrued for penalties or interest as of or during the periods presented in these consolidated financial statements. The Company’s 2021, 2020 and 2019 federal, state and local income tax returns remain open for examination by the relevant authorities. Distributions to stockholders generally will be primarily taxable as ordinary income, although a portion of such distributions may be designated as qualified dividend income or may constitute a return of capital. The Company furnishes annually to each stockholder a statement setting forth distributions paid during the preceding year and their U.S. federal income tax treatment. Common Stock distributions for the years indicated below were taxable as follows: Year Ended December 31, 2022 2021 2020 Dividends per share $ 1.08 (A) $ 1.08 (B) $ 1.34 (C) Ordinary income 60 % - % 20 % Long-term capital gain - % - % - % Return of capital 40 % 100 % 80 % (A) The entire $0.27 per share dividend declared in December 2022 January 2023 (B) The entire $0.27 per share dividend declared in December 2021 January 2022 (C) The entire $0.27 per share dividend declared in December 2020 January 2021 Series A Preferred Stock distributions for the years indicated below were taxable as follows: Year Ended December 31, 2022 2021 2020 Dividends per share $ 2.05 (A) $ 2.05 (B) $ 2.05 (C) Ordinary income 100 % 10 % 100 % Long-term capital gain - % - % - % Return of capital - % 90 % - % (A) The entire $0.51 per share dividend declared in December 2022 January 2023 (B) The entire $0.51 per share dividend declared in December 2021 January 2022 (C) The entire $0.51 per share dividend declared in December 2020 January 2021 Series B Preferred Stock distributions for the years indicated below were taxable as follows: Year Ended December 31, 2022 2021 2020 Dividends per share $ 2.06 (A) 2.06 (B) 2.05 (C) Ordinary income 100 % 10 % 100 % Long-term capital gain - % - % - % Return of capital - % 90 % - % (A) The entire $0.52 per share dividend declared in December 2022 January 2023 (B) The entire $0.52 per share dividend declared in December 2021 January 2022 (C) The entire $0.52 per share dividend declared in December 2020 January 2021

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 17 — Subsequent Events Events subsequent to December 31, 2022 were evaluated and no additional events were identified requiring further disclosure in the consolidated financial statements.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Basis of Presentation and Significant Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for financial information and pursuant to the requirements for reporting on Form 10-K. The consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All significant intercompany transactions and balances have been eliminated. The Company consolidates those entities in which it has an investment of 50% or more and has control over significant operating, financial and investing decisions of the entity. The consolidated financial statements reflect all necessary and recurring adjustments for fair presentation of the results for the periods presented herein.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make a number of significant estimates and assumptions. These include estimates of the fair value of mortgage servicing rights (“MSRs” or “Servicing Related Assets”); residential mortgage-backed securities (“RMBS” or “securities”) and derivatives; credit losses and other estimates that affect the reported amounts of certain assets, revenues, liabilities and expenses as of the date of, and for the periods covered by, the consolidated financial statements. It is likely that changes in these estimates will occur in the near term. The Company’s estimates are inherently subjective. Actual results could differ from the Company’s estimates, and the differences may be material.
Risks and Uncertainties	Risks and Uncertainties In the normal course of business, the Company encounters primarily two significant types of economic risk: credit and market. Credit risk is the risk of default on the Company’s investments in RMBS, Servicing Related Assets and derivatives that results from a borrower’s or derivative counterparty’s inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of investments in RMBS, Servicing Related Assets and derivatives due to changes in interest rates, spreads or other market factors, including prepayment speeds on the Company’s RMBS and Servicing Related Assets. The Company is subject to the risks involved with real estate and real estate-related debt instruments. These include, among others, the risks normally associated with changes in the general economic climate, changes in the mortgage market, changes in tax laws, interest rate levels, and the availability of financing. The Company also is subject to certain risks relating to its status as a REIT for U.S. federal income tax purposes. If the Company were to fail to qualify as a REIT in any taxable year, the Company would be subject to U.S. federal income tax on its REIT income, which could be material. Unless entitled to relief under certain statutory provisions, the Company would also be disqualified from treatment as a REIT for the four taxable years following the year during which qualification is lost.
Investments in RMBS	Investments in RMBS Classification Fair value is determined under the guidance of Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures Investment securities transactions are recorded on the trade date. At disposition, the net realized gain or loss is determined on the basis of the cost of the specific investment and is included in earnings. RMBS with a fair value of $49.8 million were sold during the year ended December 31, 2022 and were settled after year end. RMBS with a fair value of $78.9 million were purchased during the year ended December 31, 2022 and were settled after year end . Revenue Recognition Impairment –
Investments in MSRs	Investments in MSRs Classification Although transactions in MSRs are observable in the marketplace, the valuation includes unobservable market data inputs (prepayment speeds, delinquency levels, costs to service and discount rates). Changes in the fair value of MSRs are reported on the consolidated statements of income (loss). Fluctuations in the fair value of MSRs are recorded within “Unrealized gain (loss) on investments in Servicing Related Assets” on the consolidated statements of income (loss). Fair value is generally determined by discounting the expected future cash flows using discount rates that incorporate the market risks and liquidity premium specific to the MSRs and, therefore, may differ from their effective yields. In determining the valuation of MSRs in accordance with ASC 820, management uses internally developed pricing models that are based on certain unobservable market-based inputs. The Company classifies these valuations as Level 3 in the fair value hierarchy. The Company’s application of ASC 820 guidance is discussed in further detail in Note 9. Revenue Recognition percentage of the outstanding principal balance and are recognized as revenue as the related mortgage payments are collected. Corresponding costs to service are charged to expense as incurred. Servicing fee income received and servicing expenses incurred are reported on the consolidated statements of income (loss). Float income from custodial accounts associated with MSRs is included in “Net interest income” on the consolidated statements of income (loss). Late fees and ancillary income are included in “Servicing fee income” on the consolidated statements of income (loss). As an owner of MSRs, the Company may be obligated to fund advances of principal and interest payments due to third-party owners of the loans underlying the MSRs, but not yet received from the individual borrowers. These advances are reported as servicing advances within the “Receivables and other assets” line item on the consolidated balance sheets. Reimbursable servicing advances, other than principal and interest advances, also have been classified within “Receivables and other assets” on the consolidated balance sheets. Advances on Federal National Mortgage Association (“Fannie Mae”) and Federal Home Loan Mortgage Corporation (“Freddie Mac”) MSRs made in accordance with the relevant guidelines are generally recoverable. The Company’s servicing related assets were composed entirely of Fannie Mae and Freddie Mac MSRs as of December 31, 2022 and December 31, 2021. As a result, the Company has determined that no reserves for unrecoverable advances for the related underlying loans are necessary at December 31, 2022 and December 31, 2021. For further discussion on the Company’s receivables and other assets, including the Company’s servicing advances, see Note 13.
Derivatives and Hedging Activities	Derivatives and Hedging Activities Derivative transactions include swaps, swaptions, U.S. treasury futures and “to-be-announced” securities (“TBAs”). A TBA contract is an agreement to purchase or sell, for future delivery, an Agency RMBS with a specified issuer, term and coupon. Swaps and swaptions are entered into by the Company solely for interest rate risk management purposes. TBAs and U.S. treasury futures are used to manage duration risk as well as basis risk and pricing risk on the Company’s financing facilities for MSRs. The decision as to whether or not a given transaction/position (or portion thereof) is economically hedged is made on a case-by-case basis, based on the risks involved and other factors as determined by senior management, including restrictions imposed by the Code on REITs. In determining whether to economically hedge a risk, the Company may consider whether other assets, liabilities, firm commitments and anticipated transactions already offset or reduce the risk. All transactions undertaken as economic hedges are entered into with a view towards minimizing the potential for economic losses that could be incurred by the Company. Generally, derivatives entered into are not intended to qualify as hedges under GAAP, unless specifically stated otherwise. From time to time, the Company enters into a TBA dollar roll which represents a transaction where TBA contracts with the same terms but different settlement dates are simultaneously bought and sold. The TBA contract settling in the later month typically prices at a discount to the earlier month contract with the difference in price commonly referred to as the “drop”. The drop is a reflection of the expected net interest income from an investment in similar Agency RMBS, net of an implied financing cost, that would be foregone as a result of settling the contract in the later month rather than in the earlier month. The drop between the current settlement month price and the forward settlement month price occurs because in the TBA dollar roll market, the party providing the financing is the party that would retain all principal and interest payments accrued during the financing period. Accordingly, drop income on TBA dollar rolls generally represents the economic equivalent of the net interest income earned on the underlying Agency RMBS less an implied financing cost. TBA dollar roll transactions are accounted for under GAAP as a series of derivatives transactions. The Company’s bi-lateral derivative financial instruments contain credit risk to the extent that its counterparties may be unable to meet the terms of the agreements. The Company reduces such risk by limiting its exposure to any Classification Revenue Recognition
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid short-term investments with maturities of 90 days or less when purchased to be cash equivalents. Substantially all amounts on deposit with major financial institutions exceed insured limits. Restricted cash represents the Company’s cash held by counterparties (i) as collateral against the Company’s derivatives (approximately $4.2 million and $2.1 million at December 31, 2022 and December 31, 2021, respectively) and (ii) as collateral for borrowings under its repurchase agreements (approximately $4.1 million and $10.8 million at December 31, 2022 and December 31, 2021, respectively). The Company’s centrally cleared interest rate swaps require that the Company post an “initial margin” amount determined by the clearing exchange, which is generally intended to be set at a level sufficient to protect the exchange from the interest rate swap’s maximum estimated single-day price movement. The Company also exchanges “variation margin” based upon daily changes in fair value, as measured by the exchange. As a result of amendments to rules governing certain central clearing activities, the exchange of variation margin is a settlement of the interest rate swap, as opposed to pledged collateral. The Company has accounted for the receipt or payment of variation margin on interest rate swaps as a direct reduction or increase to the carrying value of the interest rate swap asset or liability. At December 31, 2022 and December 31, 2021, approximately $99.0 million and $45.6 million, respectively, of variation margin was reported as a decrease to the interest rate swap asset, at fair value.
Due to Manager	Due to Manager The sum under “Due to manager” on the consolidated balance sheets represents amounts due to the Manager pursuant to the Management Agreement. For further information on the Management Agreement, see Note 7.
Income Taxes	Income Taxes The Company elected to be taxed as a REIT under Code Sections 856 through 860 beginning with its short taxable year ended December 31, 2013. U.S. federal income tax law generally requires that a REIT distribute annually at least 90% of its REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and that it pay tax at regular corporate income tax rates to the extent that it annually distributes less than 100% of its taxable income. The Company’s taxable REIT subsidiary (“TRS”), CHMI Solutions, as well as CHMI Solutions’s wholly-owned subsidiary, Aurora, are subject to U.S. federal income taxes on their taxable income. To maintain qualification as a REIT, the Company must distribute at least 90% of its annual REIT taxable income to its stockholders and meet certain other requirements such as assets it may hold, income it may generate and its stockholder composition. In 2017, the Internal Revenue Service issued a revenue procedure permitting “publicly offered” REITs to make elective stock dividends (i.e., dividends paid in a mixture of stock and cash), with at least 20% of the total distribution being paid in cash, to satisfy their REIT distribution requirements. In December 2021, the Internal Revenue Service issued a revenue procedure that temporarily reduced the minimum amount of the total distribution that must be paid in cash to 10% for distributions declared on or after November 1, 2021, and on or before June 30, 2022, provided certain other parameters detailed in the Revenue Procedure are satisfied. Pursuant to these revenue procedures, the Company has in the past elected to make distributions of its taxable income in a mixture of stock and cash. The Company accounts for income taxes in accordance with ASC 740, Income Taxes
Realized Gain (Loss) on RMBS	Realized Gain (Loss) on RMBS The following table presents realized gains and losses on RMBS for the periods indicated (dollars in thousands): Year Ended December 31, 2022 2021 2020 Realized gain (loss) on RMBS, net Gain on RMBS $ 50 $ 5,653 $ 34,071 Loss on RMBS (99,744 ) (5,105 ) (38,711 ) Net realized gain (loss) on RMBS (A) $ (99,694 ) $ 548 $ (4,640 ) (A) Reclassified from accumulated other comprehensive income into earnings.
Repurchase Agreements and Interest Expense	Repurchase Agreements and Interest Expense The Company finances its investments in RMBS with short-term borrowings under master repurchase agreements. Borrowings under the repurchase agreements are generally short-term debt due within one year. These borrowings generally bear interest rates offered by the “lending” counterparty from time to time for the term of the proposed repurchase transaction (e.g. 30 days, 60 days etc.) of a specified margin over one-month LIBOR. The repurchase agreements represent uncommitted financing. Borrowings under these agreements are treated as collateralized financing transactions and are carried at their contractual amounts, as specified in the respective agreements. Interest is recorded at the contractual amount on an accrual basis.
Dividends Payable	Dividends Payable Because the Company is organized as a REIT under the Code, it is required by law to distribute annually at least 90% of its REIT taxable income, which it does in the form of quarterly dividend payments. The Company accrues the dividend payable on outstanding shares on the accounting date, which causes an offsetting reduction in retained earnings.
Comprehensive Income	Comprehensive Income Comprehensive income is defined as the change in equity of a business enterprise during a period resulting from transactions and other events and circumstances, excluding those resulting from investments by and distributions to owners. For the Company’s purposes, comprehensive income represents net income (loss), as presented in the consolidated statements of income (loss), adjusted for unrealized gains or losses on RMBS, which are designated as available for sale.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Reference Rate Reform
Changes in Presentation	Changes in Presentation Certain prior period amounts have been reclassified to conform to current period presentation.

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Basis of Presentation and Significant Accounting Policies [Abstract]
Realized Gain (Loss) on RMBS	The following table presents realized gains and losses on RMBS for the periods indicated (dollars in thousands): Year Ended December 31, 2022 2021 2020 Realized gain (loss) on RMBS, net Gain on RMBS $ 50 $ 5,653 $ 34,071 Loss on RMBS (99,744 ) (5,105 ) (38,711 ) Net realized gain (loss) on RMBS (A) $ (99,694 ) $ 548 $ (4,640 ) (A) Reclassified from accumulated other comprehensive income into earnings.

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Financial Data on CHMI's Segments with Reconciliation	Summary financial data with respect to the Company’s segments is given below, together with the data for the Company as a whole (dollars in thousands): Servicing Related Assets RMBS All Other Total Income Statement Year Ended December 31, 2022 Interest income $ - $ 29,642 $ - $ 29,642 Interest expense 3,837 13,726 - 17,563 Net interest income (expense) (3,837 ) 15,916 - 12,079 Servicing fee income 53,430 - - 53,430 Servicing costs 11,837 - - 11,837 Net servicing income 41,593 - - 41,593 Other income (expense) (26,655 ) 13,176 - (13,479 ) Other operating expenses 2,099 692 10,143 12,934 Provision for corporate business taxes 5,070 - - 5,070 Net Income (Loss) $ 3,932 $ 28,400 $ (10,143 ) $ 22,189 Year Ended December 31, 2021 Interest income $ 376 $ 14,580 $ - $ 14,956 Interest expense 4,484 1,284 - 5,768 Net interest income (expense) (4,108 ) 13,296 - 9,188 Servicing fee income 54,157 - - 54,157 Servicing costs 13,624 - - 13,624 Net servicing income 40,533 - - 40,533 Other income (expense) (34,103 ) 12,520 - (21,583 ) Other operating expenses 3,040 717 11,070 14,827 Provision for corporate business taxes 781 - - 781 Net Income (Loss) $ (1,499 ) $ 25,099 $ (11,070 ) $ 12,530 Year Ended December 31, 2020 Interest income $ 2,661 $ 40,180 $ - $ 42,841 Interest expense 5,357 16,777 - 22,134 Net interest income (expense) (2,696 ) 23,403 - 20,707 Servicing fee income 65,961 - - 65,961 Servicing costs 22,640 - - 22,640 Net servicing income 43,321 - - 43,321 Other expense (95,864 ) (24,635 ) - (120,499 ) Other operating expenses 3,457 852 11,202 15,511 Benefit from corporate business taxes (18,764 ) - - (18,764 ) Net Loss $ (39,932 ) $ (2,084 ) $ (11,202 ) $ (53,218 ) Servicing Related Assets RMBS All Other Total Balance Sheet December 31, 2022 Investments $ 279,739 $ 931,431 $ - $ 1,211,170 Other assets 32,849 106,885 57,921 197,655 Total assets 312,588 1,038,316 57,921 1,408,825 Debt 183,888 825,962 - 1,009,850 Other liabilities 29,047 92,875 11,537 133,459 Total liabilities 212,935 918,837 11,537 1,143,309 Net assets $ 99,653 $ 119,479 $ 46,384 $ 265,516 December 31, 2021 Investments $ 218,727 $ 953,496 $ - $ 1,172,223 Other assets 44,506 21,611 64,522 130,639 Total assets 263,233 975,107 64,522 1,302,862 Debt 145,268 865,494 - 1,010,762 Other liabilities 1,847 1,411 10,026 13,284 Total liabilities 147,115 866,905 10,026 1,024,046 Net assets $ 116,118 $ 108,202 $ 54,496 $ 278,816

Investments in RMBS (Tables)

Investments in RMBS (Tables)	12 Months Ended
	Dec. 31, 2022
Investments in RMBS [Abstract]
Summary of RMBS Investments	The following is a summary of the Company’s investments in RMBS as of the dates indicated (dollars in thousands): Summary of RMBS Assets As of December 31, 2022 Gross Unrealized Weighted Average Asset Type Original Face Value Book Gains Losses Carrying Value (A) Number of Securities Rating Coupon Yield (C) Maturity (Years) RMBS Fannie Mae $ 550,740 $ 497,038 $ 2,843 $ (16,484 ) $ 483,397 45 (B) 4.27 % 4.34 % 29 Freddie Mac 500,873 463,380 1,384 (16,730 ) 448,034 38 (B) 4.18 % 4.24 % 29 Total/Weighted Average $ 1,051,613 $ 960,418 $ 4,227 $ (33,214 ) $ 931,431 83 4.23 % 4.29 % 29 As of December 31, 2021 Gross Unrealized Weighted Average Asset Type Original Value Book Gains Losses Carrying Value (A) Number of Securities Rating Coupon Yield (C) Maturity (Years) RMBS Fannie Mae $ 772,607 $ 554,151 $ 9,276 $ (3,650 ) $ 559,777 76 (B) 3.09 % 2.96 % 27 Freddie Mac 484,479 391,700 5,260 (3,241 ) 393,719 45 (B) 3.02 % 2.89 % 28 Total/Weighted Average $ 1,257,086 $ 945,851 $ 14,536 $ (6,891 ) $ 953,496 121 3.06 % 2.93 % 28 (A) See Note 9 regarding the estimation of fair value, which approximates carrying value for all securities. (B) The Company used an implied AAA rating for the Agency RMBS . (C) The weighted average yield is based on the most recent gross monthly interest income, which is then annualized and divided by the book value of settled securities.
Summary of RMBS Investments by Maturity	Summary of RMBS Assets by Maturity As of December 31, 2022 Gross Unrealized Weighted Average Years to Maturity Original Face Value Book Gains Losses Carrying Value (A) Number of Securities Rating Coupon Yield (C) Maturity (Years) Over 10 Years $ 1,051,613 $ 960,418 $ 4,227 $ (33,214 ) $ 931,431 83 (B) 4.23 % 4.29 % 29 Total/Weighted Average $ 1,051,613 $ 960,418 $ 4,227 $ (33,214 ) $ 931,431 83 4.23 % 4.29 % 29 As of December 31, 2021 Gross Unrealized Weighted Average Years to Maturity Original Face Value Book Gains Losses Carrying Value (A) Number of Securities Rating Coupon Yield (C) Maturity (Years) Over 10 Years $ 1,257,086 $ 945,851 $ 14,536 $ (6,891 ) $ 953,496 121 (B) 3.06 % 2.93 % 28 Total/Weighted Average $ 1,257,086 $ 945,851 $ 14,536 $ (6,891 ) $ 953,496 121 3.06 % 2.93 % 28 (A) See Note 9 regarding the estimation of fair value, which approximates carrying value for all securities. (B) The Company used an implied AAA rating for the Agency RMBS . (C) The weighted average yield is based on the most recent gross monthly interest income, which is then annualized and divided by the book value of settled securities.
Summary of RMBS Securities in an Unrealized Loss Position	The following tables summarize the Company’s securities in an unrealized loss position as of the dates indicated (dollars in thousands): RMBS Unrealized Loss Positions As of December 31, 2022 Weighted Average Duration in Loss Position Original Face Value Book Gross Unrealized Losses Carrying Value (A) Number of Securities Rating Coupon Yield (C) Maturity (Years) Less than Twelve Months $ 848,768 $ 767,412 $ (33,214 ) $ 734,198 67 (B) 4.06 % 4.10 % 29 Total/Weighted Average $ 848,768 $ 767,412 $ (33,214 ) $ 734,198 67 4.06 % 4.10 % 29 As of December 31, 2021 Weighted Average Duration in Loss Position Original Face Value Book Gross Unrealized Losses Carrying Value (A) Number of Securities Rating Coupon Yield (C) Maturity (Years) Less than Twelve Months $ 612,547 $ 611,306 $ (6,783 ) $ 604,523 56 (B) 2.76 % 2.62 % 29 Twelve or More Months 6,629 6,022 (108 ) 5,914 1 (B) 3.00 % 2.83 % 28 Total/Weighted Average $ 619,176 $ 617,328 $ (6,891 ) $ 610,437 57 2.77 % 2.62 % 29 (A) See Note 9 regarding the estimation of fair value, which approximates carrying value for all securities. (B) The Company used an implied AAA rating for the Agency RMBS . (C) The weighted average yield is based on the most recent gross monthly interest income, which is then annualized and divided by the book value of settled securities.

Investments in Servicing Rela_2

Investments in Servicing Related Assets (Tables)	12 Months Ended
	Dec. 31, 2022
Investments in Servicing Related Assets [Abstract]
Servicing Related Assets	The following is a summary of the Company’s Servicing Related Assets as of the dates indicated (dollars in thousands): Servicing Related Assets Summary As of December 31, 2022 Unpaid Principal Balance Carrying Value (A) Weighted Average Coupon Weighted Average Maturity (Years) (B) Year to Date Changes in Fair Value Recorded in Other Income (Loss) MSRs $ 21,688,353 $ 279,739 3.49 % 25.8 $ 22,976 MSR Total/Weighted Average $ 21,688,353 $ 279,739 3.49 % 25.8 $ 22,976 As of December 31, 2021 Unpaid Principal Balance Carrying Value (A) Weighted Average Coupon Weighted Average Maturity (Years) (B) Year to Date Changes in Fair Value Recorded in Other Income (Loss) MSRs $ 20,773,278 $ 218,727 3.51 % 26.3 $ (11,062 ) MSR Total/Weighted Average $ 20,773,278 $ 218,727 3.51 % 26.3 $ (11,062 ) (A) See Note 9 regarding the estimation of fair value, which approximates carrying value for all pools. (B) Weighted average maturity of the underlying residential mortgage loans in the pool is based on the unpaid principal balance .
Geographic Concentration of Servicing Related Assets	The tables below summarize the geographic distribution for the states representing 5% or greater of the aggregate UPB of the residential mortgage loans underlying the Servicing Related Assets as of the dates indicated: Geographic Concentration of Servicing Related Assets As of December 31, 2022 Percentage of Total Outstanding Unpaid Principal Balance California 13.5 % Virginia 8.3 % New York 8.2 % Maryland 6.3 % Texas 6.0 % Florida 5.5 % North Carolina 5.1 % All other 47.1 % Total 100.0 % As of December 31, 2021 Percentage of Total Outstanding Unpaid Principal Balance California 13.8 % Virginia 9.3 % New York 8.8 % Maryland 6.9 % Texas 6.2 % North Carolina 5.6 % All other 49.4 % Total 100.0 %

Equity and Earnings per Commo_2

Equity and Earnings per Common Share (Tables)	12 Months Ended
	Dec. 31, 2022
Equity and Earnings per Common Share [Abstract]
Information about Company's 2013 Plan	The following table sets forth the number of shares of the Company’s common stock as well as LTIP-OP Units and the values thereof (based on the closing prices on the respective dates of grant) granted under the 2013 Plan. Except as otherwise indicated, all shares are fully vested. Equity Incentive Plan Information LTIP-OP Units Shares of Common Stock Number of Securities Remaining Available For Future Issuance Under Equity Compensation Plans Weighted Average Issuance Price Issued Forfeited Converted Redeemed Issued Forfeited December 31, 2020 (341,847 ) 916 28,417 - (108,388 ) 3,155 1,082,253 Number of securities issued or to be issued upon exercise (49,800 ) (A) - 16,378 - (36,592 ) - (70,014 ) $ 9.77 Number of securities redeemed - - - 9,054 - - - December 31, 2021 (391,647 ) 916 44,795 9,054 (144,980 ) 3,155 1,012,239 Number of securities issued or to be issued upon exercise (68,250 ) (B) - - - (33,441 ) (C) - (101,691 ) $ 7.70 Number of securities forfeited - 4,916 - - - 4,916 December 31, 2022 (459,897 ) 5,832 44,795 9,054 (178,421 ) 3,155 915,464 (A) Subject to forfeiture in certain circumstances prior to January 4, 2024. (B) Subject to forfeiture in certain circumstances prior to January 3, 2025. (C) Subject to forfeiture in certain circumstances prior to June 17, 2023.
Basic and Diluted Earnings per Share of Common Stock	The following table presents basic and diluted earnings per share of common stock for the periods indicated (dollars in thousands, except per share data): Earnings per Common Share Information Year Ended December 31, 2022 2021 2020 Numerator: Net income (loss) $ 22,189 $ 12,530 $ (53,218 ) Net (income) loss allocated to noncontrolling interests in Operating Partnership (450 ) (247 ) 979 Dividends on preferred stock 9,853 9,853 9,842 Net income (loss) applicable to common stockholders $ 11,886 $ 2,430 $ (62,081 ) Denominator: Weighted average common shares outstanding 19,768,286 17,324,362 16,901,537 Weighted average diluted shares outstanding 19,795,639 17,345,562 16,919,204 Basic and Diluted EPS: Basic $ 0.60 $ 0.14 $ (3.67 ) Diluted $ 0.60 $ 0.14 $ (3.67 )

Transactions with Related Par_2

Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2022
Transactions with Related Parties [Abstract]
Management Fees and Compensation Reimbursement to Affiliate	The amounts under “Due to Manager” on the consolidated balance sheets consisted of the following for the periods indicated (dollars in thousands): Management Fees and Compensation Reimbursement to Manager Year Ended December 31, 2022 2021 2020 Management fees $ 6,119 $ 6,844 $ 6,794 Compensation reimbursement 510 1,000 976 Total $ 6,629 $ 7,844 $ 7,770

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2022
Derivative Instruments [Abstract]
Outstanding Notional Amounts of Derivative Instruments	The following table summarizes the outstanding notional amounts of derivative instruments as of the dates indicated (dollars in thousands): Derivatives December 31, 2022 December 31, 2021 Notional amount of interest rate swaps $ 1,305,000 $ 1,448,000 Notional amount of swaptions - 40,000 Notional amount of TBAs, net (306,100 ) 439,000 Notional amount of U.S. treasury futures (88,700 ) (80,600 ) Notional amount of options on treasury futures 20,000 - Total notional amount $ 930,200 $ 1,846,400
Information about Company's Interest Rate Swap Agreements	The following table presents information about the Company’s interest rate swap agreements as of the dates indicated (dollars in thousands): Notional Amount Fair Value Weighted Average Pay Rate Weighted Average Receive Rate Weighted Average Years to Maturity December 31, 2022 $ 1,305,000 $ 15,748 1.53 % 3.96 % 5.1 December 31, 2021 $ 1,448,000 $ 9,883 0.50 % 0.73 % 6.1
Information about Company's Interest Rate Swaption Agreements	The Company did not have any interest rate swaption agreements as of December 31, 2022. The following table presents information about the Company’s interest rate swaption agreements as of the date indicated (dollars in thousands): Notional Amount Fair Value Weighted Average Underlying Pay Rate Weighted Average Underlying Receive Rate (A) Weighted Average Underlying Years to Maturity (B) Weighted Average Years to Expiration December 31, 2021 $ 40,000 $ 183 1.90 % LIBOR-BBA% 8.0 0.4 (A) Floats in accordance with LIBOR. (B) Weighted average years to maturity of the underlying swaps from the reporting date.
Information of TBA Derivatives	The following tables present information about the Company’s TBA derivatives as of the dates indicated (dollars in thousands): As of December 31, 2022 Purchase and sale contracts for derivative TBAs Notional Implied Cost Basis Implied Fair Value Net Carrying Value Purchase contracts $ 518,300 $ 506,245 $ 501,682 $ (4,563 ) Sale contracts (824,400 ) (796,054 ) (787,275 ) 8,778 Net TBA derivatives $ (306,100 ) $ (289,809 ) $ (285,593 ) $ 4,215 As of December 31, 2021 Purchase and sale contracts for derivative TBAs Notional Implied Cost Basis Implied Fair Value Net Carrying Value Purchase contracts $ 970,500 $ 988,173 $ 987,146 $ (1,026 ) Sale contracts (531,500 ) (544,346 ) (544,327 ) 19 Net TBA derivatives $ 439,000 $ 443,827 $ 442,819 $ (1,007 )
Information of U.S. Treasury Futures Agreements	The following tables present information about the Company’s U.S. treasury futures agreements as of the dates indicated (dollars in thousands): As of December 31, 2022 Maturity Notional Amount - Long Notional Amount - Short Fair Value 10 years (A) $ - $ (88,700 ) $ 618 Total $ - $ (88,700 ) $ 618 As of December 31, 2021 Maturity Notional Amount - Long Notional Amount - Short Fair Value 2 years $ - $ (85,000 ) $ 63 5 years - (15,000 ) (53 ) 10 years 19,400 - (63 ) Total $ 19,400 $ (100,000 ) $ (53 ) (A) Includes 10-year U.S. treasury futures and 10-year Ultra futures contracts. The following table presents information about the Company’s U.S. treasury futures options agreements as of the dates indicated (dollars in thousands): As of December 31, 2022 Maturity Notional Amount - Long Notional Amount - Short Fair Value 10 years $ 70,000 $ (50,000 ) $ 234 Total $ 70,000 $ (50,000 ) $ 234 As of December Maturity Notional Amount - Long Notional Amount - Short Fair Value 10 years $ 60,000 $ (60,000 ) $ 234 Total $ 60,000 $ (60,000 ) $ 234
Realized Gain (Loss) Related to Derivatives	The following table presents information about realized gain (loss) on derivatives, which is included on the consolidated statements of income (loss) for the periods indicated (dollars in s): Year Ended December 31, Derivatives 2022 2021 2020 Interest rate swaps (A) $ (4,794 ) $ (884 ) $ (60,056 ) Swaptions (585 ) (1,028 ) (505 ) TBAs (27,774 ) (4,668 ) 2,756 U.S. Treasury futures 23,752 (3,670 ) 42,010 U.S. treasury futures options (350 ) (2,902 ) - Total $ (9,751 ) $ (13,152 ) $ (15,795 ) (A) Excludes interest rate swap periodic interest income of $11.1 million, $3.8 million and $5.8 million, for the years ended December 31, 2022, December 31, 2021 and December 31, 2020, respectively.
Offsetting Assets	The following tables present information about the Company’s assets and liabilities that are subject to master netting arrangements or similar agreements and can potentially be offset on the Company’s consolidated balance sheets as of the dates indicated (dollars in s): Offsetting Assets and Liabilities As of December 31, 2022 Gross Amounts of Recognized Assets or Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets and Liabilities Presented in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received (Pledged) (A) Net Amount Assets Interest rate swaps $ 40,466 $ - $ 40,466 $ (40,466 ) $ - $ - Interest rate swaptions - - - - - - TBAs 8,786 (4,571 ) 4,215 (4,215 ) - - U.S. treasury futures 618 - 618 (618 ) - - U.S. treasury futures options 234 - 234 3,630 (3,864 ) - Total Assets $ 50,104 $ (4,571 ) $ 45,533 $ (41,669 ) $ (3,864 ) $ - As of December 31, 2021 Gross Amounts of Recognized Assets or Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets and Liabilities Presented in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received (Pledged) (A) Net Amount Assets Interest rate swaps $ 10,101 $ - $ 10,101 $ (10,101 ) $ - $ - Interest rate swaptions 183 - 183 (183 ) - - TBAs 338 (338 ) - - - - U.S. treasury futures options 234 - 234 430 (664 ) - Total Assets $ 10,856 $ (338 ) $ 10,518 $ (9,854 ) $ (664 ) $ -
Offsetting Liabilities	The following tables present information about the Company’s assets and liabilities that are subject to master netting arrangements or similar agreements and can potentially be offset on the Company’s consolidated balance sheets as of the dates indicated (dollars in s): Offsetting Assets and Liabilities As of December 31, 2022 Liabilities Repurchase agreements $ 825,962 $ - $ 825,962 $ (830,022 ) $ 4,060 $ - Interest rate swaps 24,718 - 24,718 (24,718 ) - - TBAs 4,571 (4,571 ) - (2,767 ) 2,767 - Total Liabilities $ 855,251 $ (4,571 ) $ 850,680 $ (857,507 ) $ 6,827 $ - As of December 31, 2021 Liabilities Repurchase agreements $ 865,494 $ - $ 865,494 $ (853,297 ) $ (12,197 ) $ - Interest rate swaps 218 - 218 (218 ) - - TBAs 1,345 (338 ) 1,007 (1,007 ) - - U.S. treasury futures 53 - 53 (53 ) - - Total Liabilities $ 867,110 $ (338 ) $ 866,772 $ (854,575 ) $ (12,197 ) $ -

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value [Abstract]
Company's Assets and Liabilities Measured at Fair Value on Recurring Basis	The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis as of the dates indicated (dollars in thousands). Recurring Fair Value Measurements As of December 31, 2022 Level 1 Level 2 Level 3 Carrying Value Assets RMBS Fannie Mae $ - $ 483,397 $ - $ 483,397 Freddie Mac - 448,034 - 448,034 RMBS total - 931,431 - 931,431 Derivative assets Interest rate swaps - 40,466 - 40,466 TBAs, net - 4,215 - 4,215 U.S. treasury futures - 618 - 618 U.S. treasury futures options - 234 - 234 Derivative assets total - 45,533 - 45,533 Servicing related assets - - 279,739 279,739 Total Assets $ - $ 976,964 $ 279,739 $ 1,256,703 Liabilities Derivative liabilities Interest rate swaps - 24,718 - 24,718 Derivative liabilities total - 24,718 - 24,718 Total Liabilities $ - $ 24,718 $ - $ 24,718 As of December 31, 2021 Level 1 Level 2 Level 3 Carrying Value Assets RMBS Fannie Mae $ - $ 559,777 $ - $ 559,777 Freddie Mac - 393,719 - 393,719 RMBS total - 953,496 - 953,496 Derivative assets Interest rate swaps - 10,101 - 10,101 Interest rate swaptions - 183 - 183 U.S. treasury futures options - 234 - 234 Derivative assets total - 10,518 - 10,518 Servicing related assets - - 218,727 218,727 Total Assets $ - $ 964,014 $ 218,727 $ 1,182,741 Liabilities Derivative liabilities Interest rate swaps - 218 - 218 TBAs, net - 1,007 - 1,007 U.S. treasury futures - 53 - 53 Derivative liabilities total - 1,278 - 1,278 Total Liabilities $ - $ 1,278 $ - $ 1,278
Company's Level 3 Assets (Servicing Related Assets) Measured at Fair Value on Recurring Basis	The tables below present the reconciliation for the Company’s Level 3 assets (Servicing Related Assets) measured at fair value on a recurring basis as of the dates indicated (dollars in thousands): Level 3 Fair Value Measurements As of December 31, 2022 Level 3 MSRs Balance at December 31, 2021 $ 218,727 Purchases and sales: Purchases 38,592 Other changes (A) (556 ) Purchases and sales $ 38,036 Changes in Fair Value due to: Changes in valuation inputs or assumptions used in valuation model 48,253 Other changes in fair value (B) (25,277 ) Unrealized gain (loss) included in Net Income $ 22,976 Balance at December 31, 2022 $ 279,739 As of December 31, 2021 Level 3 MSRs Balance at December 31, 2020 $ 174,414 Purchases and sales: Purchases 56,638 Other changes (A) (1,263 ) Purchases and sales $ 55,375 Changes in Fair Value due to: Changes in valuation inputs or assumptions used in valuation model 61,881 Other changes in fair value (B) (72,943 ) Unrealized gain (loss) included in Net Income $ (11,062 ) Balance at December 31, 2021 $ 218,727 (A) Represents purchase price adjustments, principally contractual prepayment protection, and changes due to the Company’s repurchase of the underlying collateral. (B) Represents changes due to realization of expected cash flows and estimated MSR runoff.
Significant Unobservable Inputs Used in Fair Value Measurement	The tables below present information about the significant unobservable inputs used in the fair value measurement of the Company’s Servicing Related Assets classified as Level 3 fair value assets as of the dates indicated (dollars in thousands): Fair Value Measurements As of December 31, 2022 Fair Value Valuation Technique Unobservable Input (A) Range Weighted Average (B) MSRs $ 279,739 Discounted cash flow Constant prepayment speed 4.3% - 18.2 % 7.4 % Uncollected payments 0.5% - 3.2 % 0.7 % Discount rate 9.5 % Annual cost to service, per loan $ 81 TOTAL $ 279,739 As of December 31, 2021 Fair Value Valuation Technique Unobservable Input (A) Range Weighted Average (B) MSRs $ 218,727 Discounted cash flow Constant prepayment speed 5.0% - 19.1 % 11.5 % Uncollected payments 0.4% - 2.5 % 0.6 % Discount rate 7.2 % Annual cost to service, per loan $ 76 TOTAL $ 218,727 (A) Significant increases (decreases) in any of the inputs in isolation may result in significantly lower (higher) fair value measurements. A change in the assumption used for discount rates may be accompanied by a directionally similar change in the assumption used for the probability of uncollected payments and a directionally opposite change in the assumption used for prepayment rates. (B) Weighted averages for unobservable inputs are calculated based on the unpaid principal balance of the portfolios.

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	12 Months Ended
	Dec. 31, 2022
Repurchase Agreements [Abstract]
Repurchase Agreements Remaining Maturities and Weighted Average Rates	The repurchase agreements had the following remaining maturities and weighted average rates as of the dates indicated (dollars in thousands): Repurchase Agreements Characteristics As of December 31, 2022 Repurchase Agreements Weighted Average Rate Less than one month $ 715,899 4.39 % One to three months 110,063 4.53 % Total/Weighted Average $ 825,962 4.41 % As of December 31, 2021 Repurchase Agreements Weighted Average Rate Less than one month $ 291,007 0.13 % One to three months 574,487 0.14 % Total/Weighted Average $ 865,494 0.14 %

Notes Payable (Tables)

Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2022
Notes Payable [Abstract]
Outstanding Long-Term Borrowings Remaining Maturities	The outstanding borrowings had the following remaining maturities as of the dates indicated (dollars in thousands): Long-Term Borrowings Repayment Characteristics As of December 31, 2022 2023 2024 2025 2026 2027 Total Freddie Mac MSR Revolver Borrowings under Freddie Mac MSR Revolver $ 68,500 $ - $ - $ - $ - $ 68,500 Fannie Mae MSR Revolving Facility Borrowings under Fannie Mae MSR Revolving Facility 627 7,868 8,538 98,967 - 116,000 Total $ 69,127 $ 7,868 $ 8,538 $ 98,967 $ - $ 184,500 As of December 31, 2021 2022 2023 2024 2025 2026 Total Freddie Mac MSR Revolver Borrowings under Freddie Mac MSR Revolver $ 63,000 $ - $ - $ - $ - $ 63,000 Fannie Mae MSR Revolving Facility Borrowings under Fannie Mae MSR Revolving Facility - 571 6,994 7,261 68,174 83,000 Total $ 63,000 $ 571 $ 6,994 $ 7,261 $ 68,174 $ 146,000

Receivables and Other Assets (T

Receivables and Other Assets (Tables)	12 Months Ended
	Dec. 31, 2022
Receivables and Other Assets [Abstract]
Receivables and Other Assets	The assets comprising “Receivables and other assets” as of December 31, 2022 and December 31, 2021 are summarized in the following table (dollars in thousands): Receivables and Other Assets December 31, 2022 December 31, 2021 Servicing advances $ 15,090 $ 17,609 Interest receivable 4,381 2,393 Deferred tax asset 15,545 20,614 Other receivables 1,749 2,728 Total other assets $ 36,765 $ 43,344

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2022
Accrued Expenses and Other Liabilities [Abstract]
Accrued Expenses and Other Liabilities	The liabilities comprising “Accrued expenses and other liabilities” as of December 31, 2022 and December 31, 2021 are summarized in the following table (dollars in thousands): Accrued Expenses and Other Liabilities December 31, 2022 December 31, 2021 Accrued interest on repurchase agreements $ 2,796 $ 132 Accrued interest on notes payable 1,710 864 Accrued expenses 3,804 2,065 Due to counterparties (A) 11,197 - Total accrued expenses and other liabilities $ 19,507 $ 3,061 (A) Includes collateral for the Company’s borrowings that represents a payable to the counterparties as of the balance sheet date.

Summarized Quarterly Results _2

Summarized Quarterly Results (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2022
Summarized Quarterly Results (Unaudited) [Abstract]
Summary of Company's Quarterly Operating Results	The following tables present information about the Company’s quarterly operating results for the periods indicated below (dollars in thousands): Summarized Quarterly Results 2022 December 31, September 30, June 30, March 31, Income Interest income $ 9,906 $ 8,213 $ 6,004 $ 5,519 Interest expense 8,539 4,882 2,502 1,640 Net interest income 1,367 3,331 3,502 3,879 Servicing fee income 13,700 13,426 13,188 13,116 Servicing costs 3,304 2,725 2,615 3,193 Net servicing income 10,396 10,701 10,573 9,923 Other income (loss) Realized loss on RMBS, available-for-sale, net (30,701 ) (9,735 ) (46,036 ) (13,222 ) Realized gain (loss) on derivatives, net 8,521 6,210 (2,730 ) (10,638 ) Realized gain on acquired assets, net - - - 12 Unrealized gain (loss) on derivatives, net (13,526 ) 33,321 17,613 24,456 Unrealized gain (loss) on investments in Servicing Related Assets (7,198 ) 2,293 6,150 21,731 Total Income (Loss) (31,141 ) 46,121 (10,928 ) 36,141 Expenses General and administrative expense 1,587 1,475 1,499 1,744 Management fee to affiliate 1,597 1,625 1,614 1,793 Total Expenses 3,184 3,100 3,113 3,537 Income (Loss) Before Income Taxes (34,325 ) 43,021 (14,041 ) 32,604 Provision for (Benefit from) corporate business taxes (1,572 ) 1,344 1,423 3,875 Net Income (Loss) (32,753 ) 41,677 (15,464 ) 28,729 Net (income) loss allocated to noncontrolling interests in Operating Partnership 702 (866 ) 347 (633 ) Dividends on preferred stock 2,463 2,462 2,465 2,463 Net Income (Loss) Applicable to Common Stockholders $ (34,514 ) $ 38,349 $ (17,582 ) $ 25,633 Net Income (Loss) Per Share of Common Stock Basic $ (1.59 ) $ 1.91 $ (0.93 ) $ 1.40 Diluted $ (1.59 ) $ 1.90 $ (0.92 ) $ 1.40 Weighted Average Number of Shares of Common Stock Outstanding Basic 21,648,846 20,123,165 19,007,390 18,252,523 Diluted 21,682,287 20,156,606 19,029,493 18,272,737 2021 December 31, September 30, June 30, March 31, Income Interest income $ 4,529 $ 3,600 $ 3,526 $ 3,301 Interest expense 1,534 1,439 1,341 1,454 Net interest income 2,995 2,161 2,185 1,847 Servicing fee income 13,030 13,839 13,748 13,540 Servicing costs 3,390 3,080 4,072 3,082 Net servicing income 9,640 10,759 9,676 10,458 Other income (loss) Realized gain (loss) on RMBS, available-for-sale, net (1,479 ) (1,050 ) 983 2,094 Realized gain (loss) on derivatives, net (4,688 ) 1,420 (5,531 ) (540 ) Realized gain (loss) on acquired assets, net - (19 ) 29 5 Unrealized gain (loss) on derivatives, net 8,233 (5,467 ) 3,548 (8,059 ) Unrealized gain (loss) on investments in Servicing Related Assets (5,111 ) (7,914 ) (20,501 ) 22,464 Total Income (Loss) 9,590 (110 ) (9,611 ) 28,269 Expenses General and administrative expense 1,547 1,936 1,883 1,617 Management fee to affiliate 1,975 1,959 1,949 1,961 Total Expenses 3,522 3,895 3,832 3,578 Income (Loss) Before Income Taxes 6,068 (4,005 ) (13,443 ) 24,691 Provision for (Benefit from) corporate business taxes (637 ) (215 ) (1,830 ) 3,463 Net Income (Loss) 6,705 (3,790 ) (11,613 ) 21,228 Net (income) loss allocated to noncontrolling interests in Operating Partnership (130 ) 77 240 (434 ) Dividends on preferred stock 2,463 2,462 2,465 2,463 Net Income (Loss) Applicable to Common Stockholders $ 4,112 $ (6,175 ) $ (13,838 ) $ 18,331 Net Income (Loss) Per Share of Common Stock Basic $ 0.23 $ (0.36 ) $ (0.81 ) $ 1.07 Diluted $ 0.23 $ (0.36 ) $ (0.81 ) $ 1.07 Weighted Average Number of Shares of Common Stock Outstanding Basic 17,963,555 17,185,872 17,073,943 17,065,735 Diluted 17,983,769 17,206,086 17,096,124 17,087,959

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Taxes [Abstract]
Income Tax Expense (Benefit)	The components of the Company’s income tax expense (benefit) are as follows for the periods indicated below (dollars in thousands): Year Ended December 31, 2022 2021 2020 Current federal income tax benefit $ - $ (127 ) $ - Deferred federal income tax expense (benefit) 4,116 1,180 (16,783 ) Deferred state income tax expense (benefit) 954 (272 ) (1,981 ) Provision for (benefit from) Corporate Business Taxes $ 5,070 $ 781 $ (18,764 )
Reconciliation of Statutory Federal Rate to Effective Rate	The following is a reconciliation of the statutory federal rate to the effective rate, for the periods indicated below (dollars in thousands): Year Ended December 31, 2022 2021 2020 Computed income tax expense (benefit) at federal rate $ 5,724 21.0 % $ 2,795 21.0 % $ (15,116 ) 21.0 % State tax expense (benefit), net of federal tax, if applicable 494 1.8 % 120 0.9 % (1,893 ) 2.6 % Tax provision due to state tax rate change 329 1.2 % (413 ) (3.1 )% (87 ) 0.1 % Permanent differences in taxable income from GAAP pre-tax income - - % 185 1.4 % - - % Provision to return adjustment (7 ) - % (6 ) - % (15 ) - % REIT income not subject to tax expense (benefit) (1,470 ) (5.4 )% (1,900 ) (14.3 )% (1,653 ) 2.4 % Provision for (benefit from) Corporate Business Taxes/Effective Tax Rate (A) $ 5,070 18.6 % $ 781 5.9 % $ (18,764 ) 26.1 % (A) The provision for income taxes is recorded at the TRS level.
Income Taxes Recoverable and Deferred Tax Assets	The Company’s consolidated balance sheets contain the following income taxes recoverable and deferred tax assets, which are recorded at the TRS level (dollars in thousands): Year Ended December 31, 2022 2021 Income taxes recoverable Federal income taxes recoverable $ 128 $ 128 Income taxes recoverable $ 128 $ 128 Deferred tax assets Deferred tax - mortgage servicing rights $ 1,082 $ 10,539 Deferred tax - net operating loss 13,844 10,075 Deferred tax - disallowed business interest expense 619 - Total net deferred tax assets $ 15,545 $ 20,614
Distributions to Stockholders	Distributions to stockholders generally will be primarily taxable as ordinary income, although a portion of such distributions may be designated as qualified dividend income or may constitute a return of capital. The Company furnishes annually to each stockholder a statement setting forth distributions paid during the preceding year and their U.S. federal income tax treatment. Common Stock distributions for the years indicated below were taxable as follows: Year Ended December 31, 2022 2021 2020 Dividends per share $ 1.08 (A) $ 1.08 (B) $ 1.34 (C) Ordinary income 60 % - % 20 % Long-term capital gain - % - % - % Return of capital 40 % 100 % 80 % (A) The entire $0.27 per share dividend declared in December 2022 January 2023 (B) The entire $0.27 per share dividend declared in December 2021 January 2022 (C) The entire $0.27 per share dividend declared in December 2020 January 2021 Series A Preferred Stock distributions for the years indicated below were taxable as follows: Year Ended December 31, 2022 2021 2020 Dividends per share $ 2.05 (A) $ 2.05 (B) $ 2.05 (C) Ordinary income 100 % 10 % 100 % Long-term capital gain - % - % - % Return of capital - % 90 % - % (A) The entire $0.51 per share dividend declared in December 2022 January 2023 (B) The entire $0.51 per share dividend declared in December 2021 January 2022 (C) The entire $0.51 per share dividend declared in December 2020 January 2021 Series B Preferred Stock distributions for the years indicated below were taxable as follows: Year Ended December 31, 2022 2021 2020 Dividends per share $ 2.06 (A) 2.06 (B) 2.05 (C) Ordinary income 100 % 10 % 100 % Long-term capital gain - % - % - % Return of capital - % 90 % - % (A) The entire $0.52 per share dividend declared in December 2022 January 2023 (B) The entire $0.52 per share dividend declared in December 2021 January 2022 (C) The entire $0.52 per share dividend declared in December 2020 January 2021

Organization and Operations (De

Organization and Operations (Details) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Class of Stock Disclosures [Abstract]
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Operating Partnership [Member]
Class of Stock Disclosures [Abstract]
Ownership percentage	98%
Series A Preferred Stock [Member]
Class of Stock Disclosures [Abstract]
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022		Dec. 31, 2021		Dec. 31, 2020
Investments in RMBS [Abstract]
Sale of RMBS, settled after period end									$ (49,803,000)		$ 0		$ 0
Purchase of RMBS, settled after period end									78,881,000		0		0
Cash and Cash Equivalents and Restricted Cash [Abstract]
Restricted cash	$ 8,234,000				$ 12,861,000				8,234,000		12,861,000
Variation margin	99,000,000				45,600,000				99,000,000		45,600,000
Realized gain (loss) on RMBS, net [Abstract]
Gain on RMBS									50,000		5,653,000		34,071,000
Loss on RMBS									(99,744,000)		(5,105,000)		(38,711,000)
Net realized gain (loss) on RMBS	(30,701,000)	$ (9,735,000)	$ (46,036,000)	$ (13,222,000)	(1,479,000)	$ (1,050,000)	$ 983,000	$ 2,094,000	(99,694,000)	[1]	548,000	[1]	$ (4,640,000)	[1]
MSRs [Member]
Investments in MSRs [Abstract]
Reserves for unrecoverable advances	0				0				0		0
Derivatives [Member]
Cash and Cash Equivalents and Restricted Cash [Abstract]
Restricted cash	4,200,000				2,100,000				4,200,000		2,100,000
Repurchase Agreements [Member]
Cash and Cash Equivalents and Restricted Cash [Abstract]
Restricted cash	4,100,000				10,800,000				4,100,000		10,800,000
Receivables and Other Assets [Member] | RMBS [Member]
Investments in RMBS [Abstract]
Income receivable	$ 3,300,000				$ 2,300,000				$ 3,300,000		$ 2,300,000
[1]Reclassified from accumulated other comprehensive income into earnings.

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022		Dec. 31, 2021		Dec. 31, 2020
Segment Reporting Profit (Loss) and Other Information [Abstract]
Interest income	$ 9,906	$ 8,213	$ 6,004	$ 5,519	$ 4,529	$ 3,600	$ 3,526	$ 3,301	$ 29,642		$ 14,956		$ 42,841
Interest expense	8,539	4,882	2,502	1,640	1,534	1,439	1,341	1,454	17,563		5,768		22,134
Net interest income (expense)									12,079		9,188		20,707
Servicing fee income	13,700	13,426	13,188	13,116	13,030	13,839	13,748	13,540	53,430		54,157		65,961
Servicing costs	3,304	2,725	2,615	3,193	3,390	3,080	4,072	3,082	11,837		13,624		22,640
Net servicing income	10,396	10,701	10,573	9,923	9,640	10,759	9,676	10,458	41,593		40,533		43,321
Other income (expense)									(13,479)		(21,583)		(120,499)
Other operating expenses									12,934		14,827		15,511
Provision for corporate business taxes	(1,572)	1,344	1,423	3,875	(637)	(215)	(1,830)	3,463	5,070	[1]	781	[1]	(18,764)	[1]
Net Income (Loss)	(32,753)	$ 41,677	$ (15,464)	$ 28,729	6,705	$ (3,790)	$ (11,613)	$ 21,228	22,189		12,530		(53,218)
Investments	1,211,170				1,172,223				1,211,170		1,172,223
Other assets	197,655				130,639				197,655		130,639
Total Assets	1,408,825				1,302,862				1,408,825		1,302,862
Debt	1,009,850				1,010,762				1,009,850		1,010,762
Other liabilities	133,459				13,284				133,459		13,284
Total Liabilities	1,143,309				1,024,046				1,143,309		1,024,046
Net assets	265,516				278,816				265,516		278,816
Servicing Related Assets [Member] | Operating Segments [Member]
Segment Reporting Profit (Loss) and Other Information [Abstract]
Interest income									0		376		2,661
Interest expense									3,837		4,484		5,357
Net interest income (expense)									(3,837)		(4,108)		(2,696)
Servicing fee income									53,430		54,157		65,961
Servicing costs									11,837		13,624		22,640
Net servicing income									41,593		40,533		43,321
Other income (expense)									(26,655)		(34,103)		(95,864)
Other operating expenses									2,099		3,040		3,457
Provision for corporate business taxes									5,070		781		(18,764)
Net Income (Loss)									3,932		(1,499)		(39,932)
Investments	279,739				218,727				279,739		218,727
Other assets	32,849				44,506				32,849		44,506
Total Assets	312,588				263,233				312,588		263,233
Debt	183,888				145,268				183,888		145,268
Other liabilities	29,047				1,847				29,047		1,847
Total Liabilities	212,935				147,115				212,935		147,115
Net assets	99,653				116,118				99,653		116,118
RMBS [Member] | Operating Segments [Member]
Segment Reporting Profit (Loss) and Other Information [Abstract]
Interest income									29,642		14,580		40,180
Interest expense									13,726		1,284		16,777
Net interest income (expense)									15,916		13,296		23,403
Servicing fee income									0		0		0
Servicing costs									0		0		0
Net servicing income									0		0		0
Other income (expense)									13,176		12,520		(24,635)
Other operating expenses									692		717		852
Provision for corporate business taxes									0		0		0
Net Income (Loss)									28,400		25,099		(2,084)
Investments	931,431				953,496				931,431		953,496
Other assets	106,885				21,611				106,885		21,611
Total Assets	1,038,316				975,107				1,038,316		975,107
Debt	825,962				865,494				825,962		865,494
Other liabilities	92,875				1,411				92,875		1,411
Total Liabilities	918,837				866,905				918,837		866,905
Net assets	119,479				108,202				119,479		108,202
All Other [Member]
Segment Reporting Profit (Loss) and Other Information [Abstract]
Interest income									0		0		0
Interest expense									0		0		0
Net interest income (expense)									0		0		0
Servicing fee income									0		0		0
Servicing costs									0		0		0
Net servicing income									0		0		0
Other income (expense)									0		0		0
Other operating expenses									10,143		11,070		11,202
Provision for corporate business taxes									0		0		0
Net Income (Loss)									(10,143)		(11,070)		$ (11,202)
Investments	0				0				0		0
Other assets	57,921				64,522				57,921		64,522
Total Assets	57,921				64,522				57,921		64,522
Debt	0				0				0		0
Other liabilities	11,537				10,026				11,537		10,026
Total Liabilities	11,537				10,026				11,537		10,026
Net assets	$ 46,384				$ 54,496				$ 46,384		$ 54,496
[1] The provision for income taxes is recorded at the TRS level.

Investments in RMBS, Summary (D

Investments in RMBS, Summary (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2022 USD ($) Security	Dec. 31, 2021 USD ($) Security
Residential Mortgage-Backed Securities [Abstract]
Carrying value		$ 931,431	$ 953,496
Carrying value of collateral for repurchase agreements		815,171	892,888
RMBS [Member]
Residential Mortgage-Backed Securities [Abstract]
Original face value		1,051,613	1,257,086
Book value		960,418	945,851
Gross unrealized gains		4,227	14,536
Gross unrealized losses		(33,214)	(6,891)
Carrying value	[1]	$ 931,431	$ 953,496
Number of securities | Security		83	121
Weighted average coupon		4.23%	3.06%
Weighted average yield	[2]	4.29%	2.93%
Weighted average maturity		29 years	28 years
Carrying value of collateral for repurchase agreements		$ 815,200	$ 892,900
Fannie Mae [Member]
Residential Mortgage-Backed Securities [Abstract]
Original face value		550,740	772,607
Book value		497,038	554,151
Gross unrealized gains		2,843	9,276
Gross unrealized losses		(16,484)	(3,650)
Carrying value	[1],[3]	$ 483,397	$ 559,777
Number of securities | Security		45	76
Weighted average coupon		4.27%	3.09%
Weighted average yield	[2]	4.34%	2.96%
Weighted average maturity		29 years	27 years
Freddie Mac [Member]
Residential Mortgage-Backed Securities [Abstract]
Original face value		$ 500,873	$ 484,479
Book value		463,380	391,700
Gross unrealized gains		1,384	5,260
Gross unrealized losses		(16,730)	(3,241)
Carrying value	[1],[3]	$ 448,034	$ 393,719
Number of securities | Security		38	45
Weighted average coupon		4.18%	3.02%
Weighted average yield	[2]	4.24%	2.89%
Weighted average maturity		29 years	28 years
[1] See Note 9 regarding the estimation of fair value, which approximates carrying value for all securities. The weighted average yield is based on the most recent gross monthly interest income, which is then annualized and divided by the book value of settled securities. The Company used an implied AAA rating for the Agency RMBS .

Investments in RMBS, Assets by

Investments in RMBS, Assets by Maturity (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2022 USD ($) Security	Dec. 31, 2021 USD ($) Security
RMBS, Assets by Maturity [Abstract]
Carrying value		$ 931,431	$ 953,496
RMBS [Member]
RMBS, Assets by Maturity [Abstract]
Original face value		1,051,613	1,257,086
Book value		960,418	945,851
Gross unrealized gains		4,227	14,536
Gross unrealized losses		(33,214)	(6,891)
Carrying value	[1]	$ 931,431	$ 953,496
Number of securities | Security		83	121
Weighted average coupon		4.23%	3.06%
Weighted average yield	[2]	4.29%	2.93%
Weighted average maturity		29 years	28 years
RMBS [Member] | Over 10 Years [Member]
RMBS, Assets by Maturity [Abstract]
Original face value		$ 1,051,613	$ 1,257,086
Book value		960,418	945,851
Gross unrealized gains		4,227	14,536
Gross unrealized losses		(33,214)	(6,891)
Carrying value	[1],[3]	$ 931,431	$ 953,496
Number of securities | Security		83	121
Weighted average coupon		4.23%	3.06%
Weighted average yield	[2]	4.29%	2.93%
Weighted average maturity		29 years	28 years
[1] See Note 9 regarding the estimation of fair value, which approximates carrying value for all securities. The weighted average yield is based on the most recent gross monthly interest income, which is then annualized and divided by the book value of settled securities. The Company used an implied AAA rating for the Agency RMBS .

Investments in RMBS, Unrealized

Investments in RMBS, Unrealized Loss Positions (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2022 USD ($) Security	Dec. 31, 2021 USD ($) Security
RMBS, Unrealized Loss Positions [Abstract]
Carrying value		$ 931,431	$ 953,496
RMBS [Member]
RMBS, Unrealized Loss Positions [Abstract]
Original face value		1,051,613	1,257,086
Book value		960,418	945,851
Gross unrealized losses		(33,214)	(6,891)
Carrying value	[1]	$ 931,431	$ 953,496
Number of securities | Security		83	121
Weighted average coupon		4.23%	3.06%
Weighted average yield	[2]	4.29%	2.93%
Weighted average maturity		29 years	28 years
RMBS [Member] | Unrealized Loss Positions [Member]
RMBS, Unrealized Loss Positions [Abstract]
Original face value		$ 848,768	$ 619,176
Book value		767,412	617,328
Gross unrealized losses		(33,214)	(6,891)
Carrying value	[1]	$ 734,198	$ 610,437
Number of securities | Security		67	57
Weighted average coupon		4.06%	2.77%
Weighted average yield	[2]	4.10%	2.62%
Weighted average maturity		29 years	29 years
RMBS [Member] | Less than Twelve Months [Member] | Unrealized Loss Positions [Member]
RMBS, Unrealized Loss Positions [Abstract]
Original face value		$ 848,768	$ 612,547
Book value		767,412	611,306
Gross unrealized losses		(33,214)	(6,783)
Carrying value	[1],[3]	$ 734,198	$ 604,523
Number of securities | Security		67	56
Weighted average coupon		4.06%	2.76%
Weighted average yield	[2]	4.10%	2.62%
Weighted average maturity		29 years	29 years
RMBS [Member] | Twelve or More Months [Member] | Unrealized Loss Positions [Member]
RMBS, Unrealized Loss Positions [Abstract]
Original face value			$ 6,629
Book value			6,022
Gross unrealized losses			(108)
Carrying value	[1],[3]		$ 5,914
Number of securities | Security			1
Weighted average coupon			3%
Weighted average yield	[2]		2.83%
Weighted average maturity			28 years
[1] See Note 9 regarding the estimation of fair value, which approximates carrying value for all securities. The weighted average yield is based on the most recent gross monthly interest income, which is then annualized and divided by the book value of settled securities. The Company used an implied AAA rating for the Agency RMBS .

Investments in Servicing Rela_3

Investments in Servicing Related Assets, Portfolio of Servicing Related Assets (Details) $ in Billions	Dec. 31, 2022 USD ($)
Mortgage Service Rights (MSRs) [Member] | Aurora Financial Group, Inc. [Member]
Mortgage Loans on Real Estate [Abstract]
Aggregate unpaid principal balance	$ 21.7

Investments in Servicing Rela_4

Investments in Servicing Related Assets, Summary (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
Servicing Asset [Abstract]
Unpaid principal balance		$ 21,688,353	$ 20,773,278
Carrying value	[1]	$ 279,739	$ 218,727
Weighted average coupon		3.49%	3.51%
Weighted average maturity	[2]	25 years 9 months 18 days	26 years 3 months 18 days
Year to date changes in fair value recorded in other income (loss)		$ 22,976	$ (11,062)
Mortgage Service Rights (MSRs) [Member]
Servicing Asset [Abstract]
Unpaid principal balance		21,688,353	20,773,278
Carrying value	[1]	$ 279,739	$ 218,727
Weighted average coupon		3.49%	3.51%
Weighted average maturity	[2]	25 years 9 months 18 days	26 years 3 months 18 days
Year to date changes in fair value recorded in other income (loss)		$ 22,976	$ (11,062)
[1] See Note 9 regarding the estimation of fair value, which approximates carrying value for all pools. Weighted average maturity of the underlying residential mortgage loans in the pool is based on the unpaid principal balance .

Investments in Servicing Rela_5

Investments in Servicing Related Assets, Geographic Concentration (Details)	Dec. 31, 2022	Dec. 31, 2021
Servicing Related Assets, Geographic Concentration [Abstract]
Outstanding unpaid principal balance	100%	100%
California [Member]
Servicing Related Assets, Geographic Concentration [Abstract]
Outstanding unpaid principal balance	13.50%	13.80%
Virginia [Member]
Servicing Related Assets, Geographic Concentration [Abstract]
Outstanding unpaid principal balance	8.30%	9.30%
New York [Member]
Servicing Related Assets, Geographic Concentration [Abstract]
Outstanding unpaid principal balance	8.20%	8.80%
Maryland [Member]
Servicing Related Assets, Geographic Concentration [Abstract]
Outstanding unpaid principal balance	6.30%	6.90%
Texas [Member]
Servicing Related Assets, Geographic Concentration [Abstract]
Outstanding unpaid principal balance	6%	6.20%
Florida [Member]
Servicing Related Assets, Geographic Concentration [Abstract]
Outstanding unpaid principal balance	5.50%
North Carolina [Member]
Servicing Related Assets, Geographic Concentration [Abstract]
Outstanding unpaid principal balance	5.10%	5.60%
All Other [Member]
Servicing Related Assets, Geographic Concentration [Abstract]
Outstanding unpaid principal balance	47.10%	49.40%

Equity and Earnings per Commo_3

Equity and Earnings per Common Share, Common Stock and Redeemable Preferred Stock (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Class of Stock Disclosures [Abstract]
Date of conducting IPO and concurrent private placement of common stock	Oct. 09, 2013
Series A Preferred Stock [Member]
Class of Stock Disclosures [Abstract]
Preferred stock dividend rate	8.20%
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Cash redemption price (in dollars per share)	$ 25
Shares issued upon conversion, preferred stock (in shares)	2.62881
Percentage of cash dividends rate	8.20%
Liquidation preference per share (in dollars per share)	$ 25
Cumulative cash dividends (in dollars per share)	2.05
Series B Preferred Stock [Member]
Class of Stock Disclosures [Abstract]
Preferred stock, par value (in dollars per share)	0.01	$ 0.01
Cash redemption price (in dollars per share)	$ 25
Shares issued upon conversion, preferred stock (in shares)	2.68962
Percentage of offering of fixed-to-floating rate cumulative redeemable stock	8.25%
Series B Preferred Stock [Member] | LIBOR [Member]
Class of Stock Disclosures [Abstract]
Shares issued upon conversion, preferred stock (in shares)	2.0625
Liquidation preference per share (in dollars per share)	$ 25
Percentage of offering of fixed-to-floating rate cumulative redeemable stock	8.25%
Term of floating rate	3 months
Basis spread on variable rate	5.631%

Equity and Earnings per Commo_4

Equity and Earnings per Common Share, Common Stock and Preferred Stock ATM Program and Share Repurchase Program (Details) - USD ($)	1 Months Ended			12 Months Ended
	Nov. 30, 2022	Aug. 31, 2018	Apr. 30, 2018	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2019
Class of Stock Disclosures [Abstract]
Issuance of common stock, net of offering costs				$ 33,307,000	$ 10,270,000	$ 3,570,000
Series A Preferred Stock [Member] | Preferred Stock ATM Program [Member]
Class of Stock Disclosures [Abstract]
Issuance of common stock (in shares)				0	0
Preferred stock value authorized			$ 35,000,000
Common Stock [Member]
Class of Stock Disclosures [Abstract]
Issuance of common stock (in shares)				5,246,282	1,184,990	558,734
Share Repurchase Program [Abstract]
Share repurchase program, authorized amount							$ 10,000,000
Total number of shares purchased (in shares)				0	0	142,531
Common Stock [Member] | Common Stock ATM Program [Member]
Class of Stock Disclosures [Abstract]
Common stock value authorized	$ 100,000,000	$ 50,000,000
Common stock value remaining				$ 36,300,000
Issuance of common stock (in shares)				5,212,841	1,148,398
Weighted average price (in dollars per share)				$ 6.5	$ 8.88
Issuance of common stock, net of offering costs				$ 33,900,000	$ 10,200,000
Stock issuance fee				$ 677,000	$ 200,000

Equity and Earnings per Commo_5

Equity and Earnings per Common Share, Equity Incentive Plan (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022		Dec. 31, 2021
Share-based Arrangements with Employees and Nonemployees [Abstract]
Number of Securities Remaining Available for Future Issuance under Equity Compensation Plans, Beginning Balance (in shares)	1,012,239		1,082,253
Number of Securities Remaining Available for Future Issuance under Equity Compensation Plans, During the Period (in shares)	(101,691)		(70,014)
Number of Securities Remaining Available for Future Issuance under Equity Compensation Plans, number of securities forfeited (in shares)	4,916
Number of Securities Remaining Available for Future Issuance under Equity Compensation Plans, Ending Balance (in shares)	915,464		1,012,239
Weighted Average Issuance Price (in dollars per share)	$ 7.7		$ 9.77
LTIP-OP Units [Member]
Share-based Arrangements with Employees and Nonemployees [Abstract]
LTIP-OP unit vesting period	3 years
LTIP-OP Units Issued, Beginning Balance (in shares)	(391,647)		(341,847)
LTIP-OP Units Issued, number of securities issued or to be issued upon exercise (in shares)	(68,250)	[1]	(49,800)	[2]
LTIP-OP Units Issued, Ending Balance (in shares)	(459,897)		(391,647)
LTIP-OP Units Forfeited, Beginning Balance (in shares)	916		916
LTIP-OP Units Forfeited, number of securities issued or to be issued upon exercise (in shares)	0		0
LTIP-OP Units Forfeited, number of securities forfeited (in shares)	4,916
LTIP-OP Units Forfeited, Ending Balance (in shares)	5,832		916
LTIP-OP Units Converted, Beginning Balance (in shares)	44,795		28,417
LTIP-OP Units Converted, number of securities issued or to be issued upon exercise (in shares)	0		16,378
LTIP-OP Units Converted, Ending Balance (in shares)	44,795		44,795
LTIP-OP Units Redeemed, Beginning Balance (in shares)	9,054		0
LTIP-OP Units Redeemed, number of securities issued or to be issued upon exercise (in shares)	0		0
LTIP-OP Units Redeemed, Number of securities redeemed (in shares)			9,054
LTIP-OP Units Redeemed, Ending Balance (in shares)	9,054		9,054
Share-based compensation expense recognized	$ 705,000		$ 1,100,000
Unrecognized share-based compensation expense	$ 513,000
LTIP-OP Units [Member] | Maximum [Member]
Share-based Arrangements with Employees and Nonemployees [Abstract]
Period of unrecognized share-based compensation expense expected to vest	3 years
Common Stock [Member]
Share-based Arrangements with Employees and Nonemployees [Abstract]
Shares of Common Stock Issued, Beginning Balance (in shares)	(144,980)		(108,388)
Shares of Common Stock Issued, number of securities issued or to be issued upon exercise (in shares)	(33,441)	[3]	(36,592)
Shares of Common Stock Issued, Ending Balance (in shares)	(178,421)		(144,980)
Shares of Common Stock Forfeited, Beginning Balance (in shares)	3,155		3,155
Shares of Common Stock Forfeited, number of securities issued or to be issued upon exercise (in shares)	0		0
Shares of Common Stock Forfeited, Ending Balance (in shares)	3,155		3,155
2013 Plan [Member] | LTIP-OP Units [Member]
Share-based Arrangements with Employees and Nonemployees [Abstract]
Number of share equivalent to unit awarded (in shares)	1
[1]Subject to forfeiture in certain circumstances prior to January 3, 2025.[2]Subject to forfeiture in certain circumstances prior to January 4, 2024.[3]Subject to forfeiture in certain circumstances prior to June 17, 2023.

Equity and Earnings per Commo_6

Equity and Earnings per Common Share, Non-Controlling Interests in Operating Partnership (Details) - LTIP-OP Units [Member] - Operating Partnership [Member]	Dec. 31, 2022 shares
Noncontrolling Interest in Operating Partnership [Abstract]
Number of LTIP units owned by non-controlling interest holders in Operating Partnership (in shares)	401,446
Percentage of operating partnership	2%

Equity and Earnings per Commo_7

Equity and Earnings per Common Share, Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerator [Abstract]
Net income (loss)	$ (32,753)	$ 41,677	$ (15,464)	$ 28,729	$ 6,705	$ (3,790)	$ (11,613)	$ 21,228	$ 22,189	$ 12,530	$ (53,218)
Net (income) loss allocated to noncontrolling interests in Operating Partnership	702	(866)	347	(633)	(130)	77	240	(434)	(450)	(247)	979
Dividends on preferred stock	2,463	2,462	2,465	2,463	2,463	2,462	2,465	2,463	9,853	9,853	9,842
Net income (loss) applicable to common stockholders	$ (34,514)	$ 38,349	$ (17,582)	$ 25,633	$ 4,112	$ (6,175)	$ (13,838)	$ 18,331	$ 11,886	$ 2,430	$ (62,081)
Denominator [Abstract]
Weighted average common shares outstanding (in shares)	21,648,846	20,123,165	19,007,390	18,252,523	17,963,555	17,185,872	17,073,943	17,065,735	19,768,286	17,324,362	16,901,537
Weighted average diluted shares outstanding (in shares)	21,682,287	20,156,606	19,029,493	18,272,737	17,983,769	17,206,086	17,096,124	17,087,959	19,795,639	17,345,562	16,919,204
Basic and Diluted EPS [Abstract]
Basic (in dollars per share)	$ (1.59)	$ 1.91	$ (0.93)	$ 1.4	$ 0.23	$ (0.36)	$ (0.81)	$ 1.07	$ 0.6	$ 0.14	$ (3.67)
Diluted (in dollars per share)	$ (1.59)	$ 1.9	$ (0.92)	$ 1.4	$ 0.23	$ (0.36)	$ (0.81)	$ 1.07	$ 0.6	$ 0.14	$ (3.67)
Anti-dilutive securities (in shares)									0	0	0

Transactions with Related Par_3

Transactions with Related Parties (Details) $ in Thousands	3 Months Ended								6 Months Ended	12 Months Ended
	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Jun. 30, 2020 USD ($)	Dec. 31, 2022 USD ($) Employee	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Related Party Transactions [Abstract]
Percentage of annual management fee paid equal to gross equity										1.50%
Renew of management agreement subject to termination										1 year
Management agreement subject to termination, notice period for termination to manager										30 days
Management agreement subject to termination, period of notice by manager in the event of default										60 days
Management agreement subject to termination, period of termination fee payment in the event of default										30 days
Management Fees and Compensation Reimbursement to Manager [Abstract]
Management fees										$ 6,119	$ 6,844	$ 6,794
Compensation reimbursement										510	1,000	976
Total	$ 1,597	$ 1,625	$ 1,614	$ 1,793	$ 1,975	$ 1,959	$ 1,949	$ 1,961		6,629	7,844	7,770
Subservicing Agreement [Abstract]
Servicing fee income	13,700	13,426	13,188	13,116	13,030	13,839	13,748	13,540		53,430	54,157	65,961
Servicing costs	3,304	$ 2,725	$ 2,615	$ 3,193	3,390	$ 3,080	$ 4,072	$ 3,082		11,837	13,624	22,640
Agreement purchase price										38,036	55,375	52,957
Other Transactions with Related Persons [Abstract]
Carrying value of MSR Portfolio sold									$ 15,700
Proceeds from sale of MSRs									15,800	0	0	15,831
Realized loss on investments in MSRs, net									(11,300)	$ 0	0	(11,347)
Unrealized losses on market value in MSRs									(11,500)
Minimum [Member]
Related Party Transactions [Abstract]
Management agreement subject to non-renewal, notice period										180 days
Maximum [Member]
Related Party Transactions [Abstract]
Management agreement subject to non-renewal, notice period										270 days
RoundPoint Mortgage Servicing Corporation [Member]
Subservicing Agreement [Abstract]
Subservicing agreement term										2 years
Term Loan Facility [Member]
Other Transactions with Related Persons [Abstract]
Term loan facility									$ 11,200
Aurora Financial Group, Inc. [Member] | RoundPoint Mortgage Servicing Corporation [Member]
Subservicing Agreement [Abstract]
Servicing fee income										$ 33,500	38,700
Servicing costs										6,100	7,200
Servicing receivables	$ 687				$ 493					687	493
Mortgage Service Rights (MSRs) [Member] | Aurora Financial Group, Inc. [Member] | RoundPoint Mortgage Servicing Corporation [Member] | Flow Agreement [Member]
Subservicing Agreement [Abstract]
Aggregate unpaid principal balance										545,200	2,600,000
Agreement purchase price										$ 5,600	$ 21,400
Freedom Mortgage Excess Service Right [Member]
Other Transactions with Related Persons [Abstract]
Number of employees leases from mortgage | Employee										3
Remaining holdback amount												$ 757

Derivative Instruments, Outstan

Derivative Instruments, Outstanding Notional Amounts and Interest Rate Swap Agreements of Derivative Instruments (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
Notional Amount of Interest Rate Swaps [Member]
Outstanding Notional Amounts and Interest Rate Swap Agreements [Abstract]
Total notional amount		$ 1,305,000	$ 1,448,000
Fair value		$ 15,748	$ 9,883
Weighted average pay rate		1.53%	0.50%
Weighted average receive rate		3.96%	0.73%
Weighted average years to maturity		5 years 1 month 6 days	6 years 1 month 6 days
Notional Amount of Swaptions [Member]
Outstanding Notional Amounts and Interest Rate Swap Agreements [Abstract]
Total notional amount			$ 40,000
Fair value			$ 183
Weighted average pay rate			1.90%
Weighted average years to maturity	[1]		8 years
Weighted average years to expiration			4 months 24 days
Notional Amount of Swaptions [Member] | LIBOR [Member]
Outstanding Notional Amounts and Interest Rate Swap Agreements [Abstract]
Weighted average receive rate type	[2]	LIBOR-BBA%
Notional Amount of TBAs, Net [Member]
Outstanding Notional Amounts and Interest Rate Swap Agreements [Abstract]
Total notional amount		$ 306,100	$ 439,000
Fair value		(285,593)	442,819
Notional Amount of U.S. Treasury Futures [Member]
Outstanding Notional Amounts and Interest Rate Swap Agreements [Abstract]
Fair value		618	(53)
Notional Amount of Options on Treasury Futures [Member]
Outstanding Notional Amounts and Interest Rate Swap Agreements [Abstract]
Fair value		234	234
Not Designated as Hedging Instrument [Member]
Outstanding Notional Amounts and Interest Rate Swap Agreements [Abstract]
Total notional amount		930,200	1,846,400
Not Designated as Hedging Instrument [Member] | Notional Amount of Interest Rate Swaps [Member]
Outstanding Notional Amounts and Interest Rate Swap Agreements [Abstract]
Total notional amount		1,305,000	1,448,000
Not Designated as Hedging Instrument [Member] | Notional Amount of Swaptions [Member]
Outstanding Notional Amounts and Interest Rate Swap Agreements [Abstract]
Total notional amount		0	40,000
Not Designated as Hedging Instrument [Member] | Notional Amount of TBAs, Net [Member]
Outstanding Notional Amounts and Interest Rate Swap Agreements [Abstract]
Total notional amount		306,100	439,000
Not Designated as Hedging Instrument [Member] | Notional Amount of U.S. Treasury Futures [Member]
Outstanding Notional Amounts and Interest Rate Swap Agreements [Abstract]
Total notional amount		88,700	80,600
Not Designated as Hedging Instrument [Member] | Notional Amount of Options on Treasury Futures [Member]
Outstanding Notional Amounts and Interest Rate Swap Agreements [Abstract]
Total notional amount		$ 20,000	$ 0
[1] Weighted average years to maturity of the underlying swaps from the reporting date. Floats in accordance with LIBOR.

Derivative Instruments, Informa

Derivative Instruments, Information of TBA Derivatives (Details) - Notional Amount of TBAs, Net [Member] - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
TBA Derivatives [Abstract]
Notional	$ 306,100	$ 439,000
Implied Cost Basis	(289,809)	443,827
Implied Market Value	(285,593)	442,819
Net Carrying Value	4,215	(1,007)
Purchase Contracts [Member]
TBA Derivatives [Abstract]
Notional	518,300	970,500
Implied Cost Basis	506,245	988,173
Implied Market Value	501,682	987,146
Net Carrying Value	(4,563)	(1,026)
Sale Contracts [Member]
TBA Derivatives [Abstract]
Notional	824,400	531,500
Implied Cost Basis	(796,054)	(544,346)
Implied Market Value	(787,275)	(544,327)
Net Carrying Value	$ 8,778	$ 19

Derivative Instruments, Infor_2

Derivative Instruments, Information of Treasury Futures Agreements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022		Dec. 31, 2021
U.S. Treasury Futures [Member]
Treasury Futures Agreements [Abstract]
Fair Value	$ 618		$ (53)
Future agreement period	10 years
U.S. Treasury Futures [Member] | 2 years [Member]
Treasury Futures Agreements [Abstract]
Fair Value			63
U.S. Treasury Futures [Member] | 5 years [Member]
Treasury Futures Agreements [Abstract]
Fair Value			(53)
U.S. Treasury Futures [Member] | 10 years [Member]
Treasury Futures Agreements [Abstract]
Fair Value	$ 618	[1]	(63)
U.S. Treasury Futures Options [Member]
Treasury Futures Agreements [Abstract]
Fair Value	234		234
U.S. Treasury Futures Options [Member] | 10 years [Member]
Treasury Futures Agreements [Abstract]
Fair Value	$ 234		234
Ultra Futures Contracts [Member]
Treasury Futures Agreements [Abstract]
Future agreement period	10 years
Long Positions [Member] | U.S. Treasury Futures [Member]
Treasury Futures Agreements [Abstract]
Net Notional Amount	$ 0		19,400
Long Positions [Member] | U.S. Treasury Futures [Member] | 2 years [Member]
Treasury Futures Agreements [Abstract]
Net Notional Amount			0
Long Positions [Member] | U.S. Treasury Futures [Member] | 5 years [Member]
Treasury Futures Agreements [Abstract]
Net Notional Amount			0
Long Positions [Member] | U.S. Treasury Futures [Member] | 10 years [Member]
Treasury Futures Agreements [Abstract]
Net Notional Amount	0	[1]	19,400
Long Positions [Member] | U.S. Treasury Futures Options [Member]
Treasury Futures Agreements [Abstract]
Net Notional Amount	70,000		60,000
Long Positions [Member] | U.S. Treasury Futures Options [Member] | 10 years [Member]
Treasury Futures Agreements [Abstract]
Net Notional Amount	70,000		60,000
Short Positions [Member] | U.S. Treasury Futures [Member]
Treasury Futures Agreements [Abstract]
Net Notional Amount	88,700		100,000
Short Positions [Member] | U.S. Treasury Futures [Member] | 2 years [Member]
Treasury Futures Agreements [Abstract]
Net Notional Amount			85,000
Short Positions [Member] | U.S. Treasury Futures [Member] | 5 years [Member]
Treasury Futures Agreements [Abstract]
Net Notional Amount			15,000
Short Positions [Member] | U.S. Treasury Futures [Member] | 10 years [Member]
Treasury Futures Agreements [Abstract]
Net Notional Amount	88,700	[1]	0
Short Positions [Member] | U.S. Treasury Futures Options [Member]
Treasury Futures Agreements [Abstract]
Net Notional Amount	50,000		60,000
Short Positions [Member] | U.S. Treasury Futures Options [Member] | 10 years [Member]
Treasury Futures Agreements [Abstract]
Net Notional Amount	$ 50,000		$ 60,000
[1]Includes 10-year U.S. treasury futures and 10-year Ultra futures contracts.

Derivative Instruments, Realize

Derivative Instruments, Realized Gain (Loss) Related to Derivatives (Details) - USD ($) $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Realized gain (loss) on derivatives, net		$ 8,521	$ 6,210	$ (2,730)	$ (10,638)	$ (4,688)	$ 1,420	$ (5,531)	$ (540)	$ 1,363	$ (9,339)	$ (9,977)
Interest Rate Swaps [Member]
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Periodic interest income										11,100	3,800	5,800
Not Designated as Hedging Instrument [Member] | Realized Gain (Loss) on Derivatives, Net [Member]
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Realized gain (loss) on derivatives, net										(9,751)	(13,152)	(15,795)
Not Designated as Hedging Instrument [Member] | Realized Gain (Loss) on Derivatives, Net [Member] | Interest Rate Swaps [Member]
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Realized gain (loss) on derivatives, net	[1]									(4,794)	(884)	(60,056)
Not Designated as Hedging Instrument [Member] | Realized Gain (Loss) on Derivatives, Net [Member] | Interest Rate Swaptions [Member]
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Realized gain (loss) on derivatives, net										(585)	(1,028)	(505)
Not Designated as Hedging Instrument [Member] | Realized Gain (Loss) on Derivatives, Net [Member] | TBAs [Member]
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Realized gain (loss) on derivatives, net										(27,774)	(4,668)	2,756
Not Designated as Hedging Instrument [Member] | Realized Gain (Loss) on Derivatives, Net [Member] | Treasury Futures [Member]
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Realized gain (loss) on derivatives, net										23,752	(3,670)	42,010
Not Designated as Hedging Instrument [Member] | Realized Gain (Loss) on Derivatives, Net [Member] | U.S. Treasury Futures Options [Member]
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Realized gain (loss) on derivatives, net										$ (350)	$ (2,902)	$ 0
[1]Excludes interest rate swap periodic interest income of $11.1 million, $3.8 million and $5.8 million, for the years ended December 31, 2022, December 31, 2021 and December 31, 2020, respectively.

Derivative Instruments, Offsett

Derivative Instruments, Offsetting Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Offsetting Derivative Assets [Abstract]
Gross amounts of recognized assets	$ 50,104	$ 10,856
Gross amounts offset in the consolidated balance sheet	(4,571)	(338)
Net amounts of assets presented in the consolidated balance sheet	45,533	10,518
Gross amounts not offset in the consolidated balance sheet in financial instruments	(41,669)	(9,854)
Gross amounts not offset in the consolidated balance sheet in cash collateral received (pledged)	(3,864)	(664)
Net amount	0	0
Interest Rate Swaps [Member]
Offsetting Derivative Assets [Abstract]
Gross amounts of recognized assets	40,466	10,101
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	40,466	10,101
Gross amounts not offset in the consolidated balance sheet in financial instruments	(40,466)	(10,101)
Gross amounts not offset in the consolidated balance sheet in cash collateral received (pledged)	0	0
Net amount	0	0
Interest Rate Swaptions [Member]
Offsetting Derivative Assets [Abstract]
Gross amounts of recognized assets	0	183
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	0	183
Gross amounts not offset in the consolidated balance sheet in financial instruments	0	(183)
Gross amounts not offset in the consolidated balance sheet in cash collateral received (pledged)	0	0
Net amount	0	0
TBAs [Member]
Offsetting Derivative Assets [Abstract]
Gross amounts of recognized assets	8,786	338
Gross amounts offset in the consolidated balance sheet	(4,571)	(338)
Net amounts of assets presented in the consolidated balance sheet	4,215	0
Gross amounts not offset in the consolidated balance sheet in financial instruments	(4,215)	0
Gross amounts not offset in the consolidated balance sheet in cash collateral received (pledged)	0	0
Net amount	0	0
U.S. Treasury Futures [Member]
Offsetting Derivative Assets [Abstract]
Gross amounts of recognized assets	618
Gross amounts offset in the consolidated balance sheet	0
Net amounts of assets presented in the consolidated balance sheet	618
Gross amounts not offset in the consolidated balance sheet in financial instruments	(618)
Gross amounts not offset in the consolidated balance sheet in cash collateral received (pledged)	0
Net amount	0
U.S. Treasury Futures Options [Member]
Offsetting Derivative Assets [Abstract]
Gross amounts of recognized assets	234	234
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	234	234
Gross amounts not offset in the consolidated balance sheet in financial instruments	3,630	430
Gross amounts not offset in the consolidated balance sheet in cash collateral received (pledged)	(3,864)	(664)
Net amount	$ 0	$ 0

Derivative Instruments, Offse_2

Derivative Instruments, Offsetting Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Offsetting Derivative Liabilities [Abstract]
Gross amounts of recognized liabilities	$ 855,251	$ 867,110
Gross amounts offset in the consolidated balance sheet	(4,571)	(338)
Net amounts of liabilities presented in the consolidated balance sheet	850,680	866,772
Gross amounts not offset in the consolidated balance sheet in financial instruments	(857,507)	(854,575)
Gross amounts not offset in the consolidated balance sheet in cash collateral received (pledged)	6,827	(12,197)
Net amount	0	0
Repurchase Agreements [Member]
Offsetting Derivative Liabilities [Abstract]
Gross amounts of recognized liabilities	825,962	865,494
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	825,962	865,494
Gross amounts not offset in the consolidated balance sheet in financial instruments	(830,022)	(853,297)
Gross amounts not offset in the consolidated balance sheet in cash collateral received (pledged)	4,060	(12,197)
Net amount	0	0
Interest Rate Swaps [Member]
Offsetting Derivative Liabilities [Abstract]
Gross amounts of recognized liabilities	24,718	218
Gross amounts offset in the consolidated balance sheet		0
Net amounts of liabilities presented in the consolidated balance sheet	24,718	218
Gross amounts not offset in the consolidated balance sheet in financial instruments	(24,718)	(218)
Gross amounts not offset in the consolidated balance sheet in cash collateral received (pledged)	0	0
Net amount	0	0
TBAs [Member]
Offsetting Derivative Liabilities [Abstract]
Gross amounts of recognized liabilities	4,571	1,345
Gross amounts offset in the consolidated balance sheet	(4,571)	(338)
Net amounts of liabilities presented in the consolidated balance sheet	0	1,007
Gross amounts not offset in the consolidated balance sheet in financial instruments	(2,767)	(1,007)
Gross amounts not offset in the consolidated balance sheet in cash collateral received (pledged)	2,767	0
Net amount	0	0
U.S. Treasury Futures [Member]
Offsetting Derivative Liabilities [Abstract]
Gross amounts of recognized liabilities		53
Gross amounts offset in the consolidated balance sheet	$ 0	0
Net amounts of liabilities presented in the consolidated balance sheet		53
Gross amounts not offset in the consolidated balance sheet in financial instruments		(53)
Net amount		$ 0

Fair Value, Assets and Liabilit

Fair Value, Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
Assets [Abstract]
Derivative assets total		$ 45,533	$ 10,518
Servicing related assets	[1]	279,739	218,727
Liabilities [Abstract]
Derivative liabilities total		24,718	1,278
Interest Rate Swaps [Member]
Assets [Abstract]
Derivative assets total		40,466	10,101
Interest Rate Swaptions [Member]
Assets [Abstract]
Derivative assets total		0	183
TBAs [Member]
Assets [Abstract]
Derivative assets total		4,215	0
U.S. Treasury Futures [Member]
Assets [Abstract]
Derivative assets total		618
U.S. Treasury Futures Options [Member]
Assets [Abstract]
Derivative assets total		234	234
Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Assets [Abstract]
Derivative assets total		0	0
Servicing related assets		0	0
Total Assets		0	0
Liabilities [Abstract]
Derivative liabilities total		0	0
Total Liabilities		0	0
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Assets [Abstract]
Derivative assets total		45,533	10,518
Servicing related assets		0	0
Total Assets		976,964	964,014
Liabilities [Abstract]
Derivative liabilities total		24,718	1,278
Total Liabilities		24,718	1,278
Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Assets [Abstract]
Derivative assets total		0	0
Servicing related assets		279,739	218,727
Total Assets		279,739	218,727
Liabilities [Abstract]
Derivative liabilities total		0	0
Total Liabilities		0	0
Fair Value, Measurements, Recurring [Member] | Interest Rate Swaps [Member] | Level 1 [Member]
Assets [Abstract]
Derivative assets total		0	0
Liabilities [Abstract]
Derivative liabilities total		0	0
Fair Value, Measurements, Recurring [Member] | Interest Rate Swaps [Member] | Level 2 [Member]
Assets [Abstract]
Derivative assets total		40,466	10,101
Liabilities [Abstract]
Derivative liabilities total		24,718	218
Fair Value, Measurements, Recurring [Member] | Interest Rate Swaps [Member] | Level 3 [Member]
Assets [Abstract]
Derivative assets total		0	0
Liabilities [Abstract]
Derivative liabilities total		0	0
Fair Value, Measurements, Recurring [Member] | Interest Rate Swaptions [Member] | Level 1 [Member]
Assets [Abstract]
Derivative assets total			0
Fair Value, Measurements, Recurring [Member] | Interest Rate Swaptions [Member] | Level 2 [Member]
Assets [Abstract]
Derivative assets total			183
Fair Value, Measurements, Recurring [Member] | Interest Rate Swaptions [Member] | Level 3 [Member]
Assets [Abstract]
Derivative assets total			0
Fair Value, Measurements, Recurring [Member] | TBAs [Member] | Level 1 [Member]
Assets [Abstract]
Derivative assets total		0
Liabilities [Abstract]
Derivative liabilities total			0
Fair Value, Measurements, Recurring [Member] | TBAs [Member] | Level 2 [Member]
Assets [Abstract]
Derivative assets total		4,215
Liabilities [Abstract]
Derivative liabilities total			1,007
Fair Value, Measurements, Recurring [Member] | TBAs [Member] | Level 3 [Member]
Assets [Abstract]
Derivative assets total		0
Liabilities [Abstract]
Derivative liabilities total			0
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Futures [Member] | Level 1 [Member]
Assets [Abstract]
Derivative assets total		0
Liabilities [Abstract]
Derivative liabilities total			0
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Futures [Member] | Level 2 [Member]
Assets [Abstract]
Derivative assets total		618
Liabilities [Abstract]
Derivative liabilities total			53
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Futures [Member] | Level 3 [Member]
Assets [Abstract]
Derivative assets total		0
Liabilities [Abstract]
Derivative liabilities total			0
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Futures Options [Member] | Level 1 [Member]
Assets [Abstract]
Derivative assets total		0	0
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Futures Options [Member] | Level 2 [Member]
Assets [Abstract]
Derivative assets total		234	234
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Futures Options [Member] | Level 3 [Member]
Assets [Abstract]
Derivative assets total		0	0
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member]
Assets [Abstract]
Derivative assets total		45,533	10,518
Servicing related assets		279,739	218,727
Total Assets		1,256,703	1,182,741
Liabilities [Abstract]
Derivative liabilities total		24,718	1,278
Total Liabilities		24,718	1,278
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Interest Rate Swaps [Member]
Assets [Abstract]
Derivative assets total		40,466	10,101
Liabilities [Abstract]
Derivative liabilities total		24,718	218
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Interest Rate Swaptions [Member]
Assets [Abstract]
Derivative assets total			183
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | TBAs [Member]
Assets [Abstract]
Derivative assets total		4,215
Liabilities [Abstract]
Derivative liabilities total			1,007
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | U.S. Treasury Futures [Member]
Assets [Abstract]
Derivative assets total		618
Liabilities [Abstract]
Derivative liabilities total			53
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | U.S. Treasury Futures Options [Member]
Assets [Abstract]
Derivative assets total		$ 234	$ 234
RMBS [Member] | Level 2 [Member]
Derivative Instruments Classified as Fair Value Assets and Liabilities [Abstract]
Percentage of derivative instruments classified as fair value assets and liabilities		100%	100%
RMBS [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Assets [Abstract]
RMBS total		$ 0	$ 0
RMBS [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Assets [Abstract]
RMBS total		931,431	953,496
RMBS [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Assets [Abstract]
RMBS total		0	0
RMBS [Member] | Fair Value, Measurements, Recurring [Member] | Carrying Value [Member]
Assets [Abstract]
RMBS total		931,431	953,496
RMBS [Member] | Fair Value, Measurements, Recurring [Member] | Fannie Mae [Member] | Level 1 [Member]
Assets [Abstract]
RMBS total		0	0
RMBS [Member] | Fair Value, Measurements, Recurring [Member] | Fannie Mae [Member] | Level 2 [Member]
Assets [Abstract]
RMBS total		483,397	559,777
RMBS [Member] | Fair Value, Measurements, Recurring [Member] | Fannie Mae [Member] | Level 3 [Member]
Assets [Abstract]
RMBS total		0	0
RMBS [Member] | Fair Value, Measurements, Recurring [Member] | Fannie Mae [Member] | Carrying Value [Member]
Assets [Abstract]
RMBS total		483,397	559,777
RMBS [Member] | Fair Value, Measurements, Recurring [Member] | Freddie Mac [Member] | Level 1 [Member]
Assets [Abstract]
RMBS total		0	0
RMBS [Member] | Fair Value, Measurements, Recurring [Member] | Freddie Mac [Member] | Level 2 [Member]
Assets [Abstract]
RMBS total		448,034	393,719
RMBS [Member] | Fair Value, Measurements, Recurring [Member] | Freddie Mac [Member] | Level 3 [Member]
Assets [Abstract]
RMBS total		0	0
RMBS [Member] | Fair Value, Measurements, Recurring [Member] | Freddie Mac [Member] | Carrying Value [Member]
Assets [Abstract]
RMBS total		$ 448,034	$ 393,719
MSRs [Member] | Level 3 [Member]
Derivative Instruments Classified as Fair Value Assets and Liabilities [Abstract]
Percentage of derivative instruments classified as fair value assets and liabilities		100%	100%
Derivative Instruments [Member] | Level 2 [Member]
Derivative Instruments Classified as Fair Value Assets and Liabilities [Abstract]
Percentage of derivative instruments classified as fair value assets and liabilities		100%	100%
[1] See Note 9 regarding the estimation of fair value, which approximates carrying value for all pools.

Fair Value, Level 3 Assets (Ser

Fair Value, Level 3 Assets (Servicing Related Assets) Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
Servicing Asset [Abstract]
Beginning balance	[1]	$ 218,727
Changes in Fair Value due to [Abstract]
Ending balance	[1]	279,739	$ 218,727
Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Servicing Asset [Abstract]
Beginning balance		218,727
Changes in Fair Value due to [Abstract]
Ending balance		279,739	218,727
MSRs [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Servicing Asset [Abstract]
Beginning balance		218,727	174,414
Purchases and sales [Abstract]
Purchases		38,592	56,638
Other changes	[2]	(556)	(1,263)
Purchases and sales		38,036	55,375
Changes in Fair Value due to [Abstract]
Changes in valuation inputs or assumptions used in valuation model		48,253	61,881
Other changes in fair value	[3]	(25,277)	(72,943)
Unrealized gain (loss) included in Net Income		22,976	(11,062)
Ending balance		$ 279,739	$ 218,727
[1] See Note 9 regarding the estimation of fair value, which approximates carrying value for all pools.

Fair Value, Significant Unobser

Fair Value, Significant Unobservable Inputs Used in Fair Value Measurement (Details) - Level 3 [Member] - Discounted Cash Flow [Member] - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
Valuation Technique and Input, Description [Abstract]
Fair Value		$ 279,739	$ 218,727
MSRs [Member]
Valuation Technique and Input, Description [Abstract]
Fair Value		279,739	218,727
Annual cost to service, per loan	[1]	$ 81	$ 76
MSRs [Member] | Minimum [Member]
Valuation Technique and Input, Description [Abstract]
Constant prepayment speed	[2]	4.30%	5%
Uncollected Payments	[2]	0.50%	0.40%
MSRs [Member] | Maximum [Member]
Valuation Technique and Input, Description [Abstract]
Constant prepayment speed	[2]	18.20%	19.10%
Uncollected Payments	[2]	3.20%	2.50%
MSRs [Member] | Weighted Average [Member]
Valuation Technique and Input, Description [Abstract]
Constant prepayment speed	[1]	7.40%	11.50%
Uncollected Payments	[1]	0.70%	0.60%
Discount rate	[1]	9.50%	7.20%
[1]Weighted averages for unobservable inputs are calculated based on the unpaid principal balance of the portfolios.[2] Significant increases (decreases) in any of the inputs in isolation may result in significantly lower (higher) fair value measurements. A change in the assumption used for discount rates may be accompanied by a directionally similar change in the assumption used for the probability of uncollected payments and a directionally opposite change in the assumption used for prepayment rates.

Commitments and Contingencies (

Commitments and Contingencies (Details)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies [Abstract]
Percentage of annual management fee paid equal to gross equity	1.50%

Repurchase Agreements (Details)

Repurchase Agreements (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Security	Dec. 31, 2021 USD ($) Security
Repurchase Agreements [Abstract]
Weighted average of remaining maturities days	18 days	38 days
Repurchase Agreement Characteristics, Remaining Maturities [Abstract]
Less than one month, repurchase agreements	$ 715,899	$ 291,007
One to three months, repurchase agreements	110,063	574,487
Total repurchase agreements	$ 825,962	$ 865,494
Repurchase Agreement Characteristics, Weighted Average Rates [Abstract]
Less than one month, weighted average rate	4.39%	0.13%
One to three months, weighted average rate	4.53%	0.14%
Weighted average rate	4.41%	0.14%
Number of overnight or demand securities | Security	0	0

Notes Payable (Details)

Notes Payable (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) RenewalOption Facility	Dec. 31, 2021 USD ($)	Oct. 31, 2021 USD ($)	Sep. 30, 2019 USD ($)	Apr. 02, 2019 USD ($)	Sep. 30, 2018 USD ($)	Jul. 31, 2018 USD ($)	Sep. 30, 2016 USD ($)
Maturities of Long-Term Borrowings [Abstract]
Long-term debt, maturity, year one	$ 69,127	$ 63,000
Long-term debt, maturity, year two	7,868	571
Long-term debt, maturity, year three	8,538	6,994
Long-term debt, maturity, year four	98,967	7,261
Long-term debt, maturity, year five	0	68,174
Long-term borrowings	$ 184,500	146,000
MSR Financing Facility [Member]
Debt Instruments [Abstract]
Number of separate MSR financing facilities | Facility	2
Fannie Mae MSR Financing Facility [Member]
Debt Instruments [Abstract]
Debt instrument committed line of credit				$ 100,000
Fannie Mae MSR Financing Facility [Member] | LIBOR [Member]
Debt Instruments [Abstract]
Debt instrument term of variable rate	1 month
Fannie Mae MSR Financing Facility [Member] | Interest Rate Swaps [Member] | LIBOR [Member]
Debt Instruments [Abstract]
Debt instrument term of variable rate	1 year
Freddie Mac MSR Revolver [Member]
Debt Instruments [Abstract]
Maximum borrowing amount					$ 100,000	$ 45,000	$ 25,000	$ 100,000
Debt instrument term	364 days
Number of borrowers option renewals | RenewalOption	2
Term out feature of credit facility	1 year
Debt instrument, amortization period	24 months
Additional borrowing capacity							$ 5,000
Number of borrowers option additional renewals | RenewalOption	1
Maturities of Long-Term Borrowings [Abstract]
Long-term debt, maturity, year one	$ 68,500	63,000
Long-term debt, maturity, year two	0	0
Long-term debt, maturity, year three	0	0
Long-term debt, maturity, year four	0	0
Long-term debt, maturity, year five	0	0
Long-term borrowings	$ 68,500	63,000
Freddie Mac MSR Revolver [Member] | LIBOR [Member]
Debt Instruments [Abstract]
Debt instrument term of variable rate	1 month
Fannie Mae MSR Revolving Facility [Member]
Debt Instruments [Abstract]
Maximum borrowing amount	$ 150,000		$ 150,000	$ 200,000
Debt instrument term	24 months
Term out feature of credit facility	3 years
Maturities of Long-Term Borrowings [Abstract]
Long-term debt, maturity, year one	$ 627	0
Long-term debt, maturity, year two	7,868	571
Long-term debt, maturity, year three	8,538	6,994
Long-term debt, maturity, year four	98,967	7,261
Long-term debt, maturity, year five	0	68,174
Long-term borrowings	$ 116,000	$ 83,000
Fannie Mae MSR Revolving Facility [Member] | LIBOR [Member]
Debt Instruments [Abstract]
Debt instrument term of variable rate	1 month

Receivables and Other Assets (D

Receivables and Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Receivables and Other Assets [Abstract]
Servicing advances	$ 15,090	$ 17,609
Interest receivable	4,381	2,393
Deferred tax asset	15,545	20,614
Other receivables	1,749	2,728
Total other assets	$ 36,765	$ 43,344

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
Accrued Expenses and Other Liabilities [Abstract]
Accrued interest on repurchase agreements		$ 2,796	$ 132
Accrued interest on notes payable		1,710	864
Accrued expenses		3,804	2,065
Due to counterparties	[1]	11,197	0
Total accrued expenses and other liabilities		$ 19,507	$ 3,061
[1]Includes collateral for the Company’s borrowings that represents a payable to the counterparties as of the balance sheet date.

Summarized Quarterly Results _3

Summarized Quarterly Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022		Dec. 31, 2021		Dec. 31, 2020
Income [Abstract]
Interest income	$ 9,906	$ 8,213	$ 6,004	$ 5,519	$ 4,529	$ 3,600	$ 3,526	$ 3,301	$ 29,642		$ 14,956		$ 42,841
Interest expense	8,539	4,882	2,502	1,640	1,534	1,439	1,341	1,454	17,563		5,768		22,134
Net interest income	1,367	3,331	3,502	3,879	2,995	2,161	2,185	1,847	12,079		9,188		20,707
Servicing fee income	13,700	13,426	13,188	13,116	13,030	13,839	13,748	13,540	53,430		54,157		65,961
Servicing costs	3,304	2,725	2,615	3,193	3,390	3,080	4,072	3,082	11,837		13,624		22,640
Net servicing income	10,396	10,701	10,573	9,923	9,640	10,759	9,676	10,458	41,593		40,533		43,321
Other income (loss) [Abstract]
Realized gain (loss) on RMBS, available-for-sale, net	(30,701)	(9,735)	(46,036)	(13,222)	(1,479)	(1,050)	983	2,094	(99,694)	[1]	548	[1]	(4,640)	[1]
Realized gain (loss) on derivatives, net	8,521	6,210	(2,730)	(10,638)	(4,688)	1,420	(5,531)	(540)	1,363		(9,339)		(9,977)
Realized gain (loss) on acquired assets, net	0	0	0	12	0	(19)	29	5	12		15		(690)
Unrealized gain (loss) on derivatives, net	(13,526)	33,321	17,613	24,456	8,233	(5,467)	3,548	(8,059)	61,864		(1,745)		48,055
Unrealized gain (loss) on investments in Servicing Related Assets	(7,198)	2,293	6,150	21,731	(5,111)	(7,914)	(20,501)	22,464	22,976		(11,062)		(141,900)
Total Income (Loss)	(31,141)	46,121	(10,928)	36,141	9,590	(110)	(9,611)	28,269	40,193		28,138		(56,471)
Expenses [Abstract]
General and administrative expense	1,587	1,475	1,499	1,744	1,547	1,936	1,883	1,617	6,305		6,983		7,741
Management fee to affiliate	1,597	1,625	1,614	1,793	1,975	1,959	1,949	1,961	6,629		7,844		7,770
Total Expenses	3,184	3,100	3,113	3,537	3,522	3,895	3,832	3,578	12,934		14,827		15,511
Income (Loss) Before Income Taxes	(34,325)	43,021	(14,041)	32,604	6,068	(4,005)	(13,443)	24,691	27,259		13,311		(71,982)
Provision for (Benefit from) corporate business taxes	(1,572)	1,344	1,423	3,875	(637)	(215)	(1,830)	3,463	5,070	[2]	781	[2]	(18,764)	[2]
Net Income (Loss)	(32,753)	41,677	(15,464)	28,729	6,705	(3,790)	(11,613)	21,228	22,189		12,530		(53,218)
Net (income) loss allocated to noncontrolling interests in Operating Partnership	702	(866)	347	(633)	(130)	77	240	(434)	(450)		(247)		979
Dividends on preferred stock	2,463	2,462	2,465	2,463	2,463	2,462	2,465	2,463	9,853		9,853		9,842
Net Income (Loss) Applicable to Common Stockholders	$ (34,514)	$ 38,349	$ (17,582)	$ 25,633	$ 4,112	$ (6,175)	$ (13,838)	$ 18,331	$ 11,886		$ 2,430		$ (62,081)
Net Income (Loss) Per Share of Common Stock [Abstract]
Basic (in dollars per share)	$ (1.59)	$ 1.91	$ (0.93)	$ 1.4	$ 0.23	$ (0.36)	$ (0.81)	$ 1.07	$ 0.6		$ 0.14		$ (3.67)
Diluted (in dollars per share)	$ (1.59)	$ 1.9	$ (0.92)	$ 1.4	$ 0.23	$ (0.36)	$ (0.81)	$ 1.07	$ 0.6		$ 0.14		$ (3.67)
Weighted Average Number of Shares of Common Stock Outstanding [Abstract]
Basic (in shares)	21,648,846	20,123,165	19,007,390	18,252,523	17,963,555	17,185,872	17,073,943	17,065,735	19,768,286		17,324,362		16,901,537
Diluted (in shares)	21,682,287	20,156,606	19,029,493	18,272,737	17,983,769	17,206,086	17,096,124	17,087,959	19,795,639		17,345,562		16,919,204
[1]Reclassified from accumulated other comprehensive income into earnings.[2] The provision for income taxes is recorded at the TRS level.

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended										12 Months Ended
		Dec. 31, 2022		Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021		Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022		Dec. 31, 2021		Dec. 31, 2020		Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2021
Income Taxes [Abstract]
Percentage of taxable income that must be distributed to qualify as a REIT												90%
Components of Income Tax Expense (Benefit) [Abstract]
Current federal income tax benefit												$ 0		$ (127)		$ 0
Deferred federal income tax expense (benefit)												4,116		1,180		(16,783)
Deferred state income tax expense (benefit)												954		(272)		(1,981)
Provision for (benefit from) Corporate Business Taxes		$ (1,572)		$ 1,344	$ 1,423	$ 3,875	$ (637)		$ (215)	$ (1,830)	$ 3,463	5,070	[1]	781	[1]	(18,764)	[1]
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Computed income tax expense (benefit) at federal rate												5,724		2,795		(15,116)
State tax expense (benefit), net of federal tax, if applicable												494		120		(1,893)
Tax provision due to state tax rate change												329		(413)		(87)
Permanent differences in taxable income from GAAP pre-tax income												0		185		0
Provision to return adjustment												(7)		(6)		(15)
REIT income not subject to tax expense (benefit)												(1,470)		(1,900)		(1,653)
Provision for (benefit from) Corporate Business Taxes		(1,572)		$ 1,344	$ 1,423	$ 3,875	(637)		$ (215)	$ (1,830)	$ 3,463	$ 5,070	[1]	$ 781	[1]	$ (18,764)	[1]
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Computed income tax (benefit) expense at federal rate												21%		21%		21%
State tax (benefit), net of federal tax, if applicable												1.80%		0.90%		2.60%
Tax provision due to state tax rate change												0.012		(0.031)		0.001
Permanent differences in taxable income from GAAP pre-tax income												0%		1.40%		0%
Provision to return adjustment												0%		0%		0%
REIT income not subject to tax expense (benefit)												(5.40%)		(14.30%)		2.40%
Provision for (Benefit from) effective Tax Rate	[1]											18.60%		5.90%		26.10%
Income taxes recoverable [Abstract]
Income taxes recoverable		128					128					$ 128		$ 128
Deferred tax assets [Abstract]
Deferred tax - mortgage servicing rights		1,082					10,539					1,082		10,539
Deferred tax - net operating loss		13,844					10,075					13,844		10,075
Deferred tax - disallowed business interest expense		619					0					619		0
Total net deferred tax assets		15,545					$ 20,614					15,545		$ 20,614
Net operating loss carryforwards		$ 59,000										$ 59,000
Series A Preferred Stock [Member]
Distributions to Stockholders [Abstract]
Dividend declared (in dollars per share)		$ 2.05	[2]				$ 2.05	[3]				$ 2.05	[2]	$ 2.05	[3]	$ 2.05	[4]
Ordinary income												100%		10%		100%
Long-term capital gain												0%		0%		0%
Return of capital												0%		90%		0%
Series A Preferred Stock [Member] | Dividend Declared December 2022 [Member]
Distributions to Stockholders [Abstract]
Dividends payable, date declared												Dec. 31, 2022
Dividend payable, date to be paid												Jan. 31, 2023
Series A Preferred Stock [Member] | Dividend Declared December 2022 [Member] | Subsequent Event [Member]
Distributions to Stockholders [Abstract]
Dividend declared (in dollars per share)																		$ 0.51
Series A Preferred Stock [Member] | Dividend Declared December 2021 [Member]
Distributions to Stockholders [Abstract]
Dividend declared (in dollars per share)																			$ 0.51
Dividends payable, date declared														Dec. 31, 2021
Dividend payable, date to be paid														Jan. 31, 2022
Series A Preferred Stock [Member] | Dividend Declared December 2020 [Member]
Distributions to Stockholders [Abstract]
Dividend declared (in dollars per share)																				$ 0.51
Dividends payable, date declared																Dec. 31, 2020
Dividend payable, date to be paid																Jan. 31, 2021
Series B Preferred Stock [Member]
Distributions to Stockholders [Abstract]
Dividend declared (in dollars per share)		2.06	[5]				2.06	[6]				$ 2.06	[5]	$ 2.06	[6]	$ 2.05	[7]
Ordinary income												100%		10%		100%
Long-term capital gain												0%		0%		0%
Return of capital												0%		90%		0%
Series B Preferred Stock [Member] | Dividend Declared December 2022 [Member]
Distributions to Stockholders [Abstract]
Dividends payable, date declared												Dec. 31, 2022
Dividend payable, date to be paid												Jan. 31, 2023
Series B Preferred Stock [Member] | Dividend Declared December 2022 [Member] | Subsequent Event [Member]
Distributions to Stockholders [Abstract]
Dividend declared (in dollars per share)																		0.52
Series B Preferred Stock [Member] | Dividend Declared December 2021 [Member]
Distributions to Stockholders [Abstract]
Dividend declared (in dollars per share)																			0.52
Dividends payable, date declared														Dec. 31, 2021
Dividend payable, date to be paid														Jan. 31, 2022
Series B Preferred Stock [Member] | Dividend Declared December 2020 [Member]
Distributions to Stockholders [Abstract]
Dividend declared (in dollars per share)																				0.52
Dividends payable, date declared																Dec. 31, 2020
Dividend payable, date to be paid																Jan. 31, 2021
Common Stock [Member]
Distributions to Stockholders [Abstract]
Dividend declared (in dollars per share)		$ 1.08	[8]				$ 1.08	[9]				$ 1.08	[8]	$ 1.08	[9]	$ 1.34	[10]
Ordinary income												60%		0%		20%
Long-term capital gain												0%		0%		0%
Return of capital												40%		100%		80%
Common Stock [Member] | Dividend Declared December 2022 [Member]
Distributions to Stockholders [Abstract]
Dividends payable, date declared												Dec. 31, 2022
Dividend payable, date to be paid												Jan. 31, 2023
Common Stock [Member] | Dividend Declared December 2022 [Member] | Subsequent Event [Member]
Distributions to Stockholders [Abstract]
Dividend declared (in dollars per share)																		$ 0.27
Common Stock [Member] | Dividend Declared December 2021 [Member]
Distributions to Stockholders [Abstract]
Dividend declared (in dollars per share)																			$ 0.27
Dividends payable, date declared														Dec. 31, 2021
Dividend payable, date to be paid														Jan. 31, 2022
Common Stock [Member] | Dividend Declared December 2020 [Member]
Distributions to Stockholders [Abstract]
Dividend declared (in dollars per share)																				$ 0.27
Dividends payable, date declared																Dec. 31, 2020
Dividend payable, date to be paid																Jan. 31, 2021
[1] The provision for income taxes is recorded at the TRS level. December 2022 January 2023 December 2021 January 2022 December 2020 January 2021 December 2022 January 2023 December 2021 January 2022 December 2020 January 2021 December 2022 January 2023 December 2021 January 2022 December 2020 January 2021