Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
INTEREST INCOME, NET
Interest income	$ 29,702	$ 12,143	$ 56,811	$ 22,177
Interest expense	13,271	1,846	23,441	2,678
NET INTEREST INCOME	16,431	10,297	33,370	19,499
REALIZED AND UNREALIZED GAINS (LOSSES), NET
Net realized gain (loss) on mortgage loans, derivative contracts, RMBS, and CMBS	12,718	(10,224)	39,133	(12,512)
Net unrealized gain (loss) on mortgage loans, debt at fair value option (see Note 2), and derivative contracts	(73,985)	4,813	(154,166)	9,330
TOTAL REALIZED AND UNREALIZED GAINS (LOSSES), NET	(61,267)	(5,411)	(115,033)	(3,182)
EXPENSES
Operating expenses	2,977	609	6,723	1,130
Operating expenses incurred with affiliate	838	533	1,838	972
Due diligence and transaction costs	519	177	1,182	242
Stock compensation	968	90	1,839	90
Securitization costs	0	0	2,019	0
Management fee incurred with affiliate	2,006	1,250	3,879	2,169
Total operating expenses	7,308	2,659	17,480	4,603
INCOME BEFORE INCOME TAXES	(52,144)	2,227	(99,143)	11,714
Income tax benefit	0	0	(3,457)	0
NET INCOME (LOSS)	(52,144)	2,227	(95,686)	11,714
Preferred dividends	(4)	(4)	(8)	(8)
NET INCOME (LOSS) ALLOCABLE TO COMMON STOCKHOLDER(S)	(52,148)	2,223	(95,694)	11,706
Other comprehensive income (loss)	11,235	3,085	(1,752)	3,615
TOTAL COMPREHENSIVE INCOME (LOSS)	$ (40,913)	$ 5,308	$ (97,446)	$ 15,321
Basic earnings (loss) per common share (USD per share)	$ (2.13)	$ 0.13	$ (3.90)	$ 0.72
Diluted earnings (loss) per common share (USD per share)	$ (2.13)	$ 0.13	$ (3.90)	$ 0.72
Weighted average number of common shares outstanding:
Basic (shares)	24,458,015	16,746,606	24,549,977	16,238,153
Diluted (shares)	24,458,015	16,798,660	24,549,977	16,264,323