Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
INTEREST INCOME, NET
Interest income	$ 27,109	$ 10,033
Interest expense	10,170	832
NET INTEREST INCOME	16,939	9,201
REALIZED AND UNREALIZED (LOSSES) GAINS, NET
Net realized gain (loss) on mortgage loans, derivative contracts, RMBS, and CMBS	26,416	(2,288)
Net unrealized (loss) gain on mortgage loans and derivative contracts	(80,181)	4,518
TOTAL REALIZED AND UNREALIZED (LOSSES) GAINS, NET	(53,765)	2,230
EXPENSES
Operating expenses	3,784	523
Operating expenses incurred with affiliate	855	439
Due diligence and transaction costs	770	64
Stock compensation	871	0
Securitization costs	2,019	0
Management fee incurred with affiliate	1,873	918
Total operating expenses	10,172	1,944
INCOME BEFORE INCOME TAXES	(46,998)	9,487
Income tax benefit	(3,457)	0
NET (LOSS) INCOME	(43,541)	9,487
Preferred dividends	(4)	(4)
NET (LOSS) INCOME ALLOCABLE TO COMMON STOCKHOLDER(S)	(43,545)	9,483
Other comprehensive (loss) income	(12,987)	529
TOTAL COMPREHENSIVE (LOSS) INCOME	$ (56,532)	$ 10,012
Basic (loss) earnings per common share (USD per share)	$ (1.77)	$ 0.60
Diluted (loss) earnings per common share (USD per share)	$ (1.77)	$ 0.60
Weighted average number of common shares outstanding:
Basic (shares)	24,642,961	15,724,050
Diluted (shares)	24,642,961	15,724,050