Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
INTEREST INCOME, NET
Interest income	$ 36,659	$ 27,444	$ 104,620	$ 78,558
Interest expense	26,479	18,424	74,414	51,495
NET INTEREST INCOME	10,180	9,020	30,206	27,063
REALIZED AND UNREALIZED GAINS (LOSSES), NET
Net realized gain (loss) on mortgage loans, derivative contracts, RMBS, and CMBS	(6,557)	(6,335)	(12,238)	(14,527)
Net unrealized gain (loss) on trading securities, mortgage loans, portion of debt at fair value option, and derivative contracts	11,280	35,172	26,329	48,514
TOTAL REALIZED AND UNREALIZED GAINS (LOSSES), NET	4,723	28,837	14,091	33,987
EXPENSES
Stock compensation	398	604	930	1,864
Securitization costs	0	0	1,866	1,583
Management fee incurred with affiliate	1,161	1,204	3,454	3,810
Total operating expenses	3,186	3,821	11,282	13,983
INCOME (LOSS) BEFORE INCOME TAXES	11,717	34,036	33,015	47,067
Income tax expense (benefit)	307	2,832	307	3,261
NET INCOME (LOSS) ALLOCABLE TO COMMON STOCKHOLDERS	11,410	31,204	32,708	43,806
Other comprehensive income (loss)	3,665	2,706	2,479	4,534
TOTAL COMPREHENSIVE INCOME (LOSS)	$ 15,075	$ 33,910	$ 35,187	$ 48,340
Basic earnings (loss) per common share (in USD per share)	$ 0.49	$ 1.31	$ 1.40	$ 1.79
Diluted earnings (loss) per common share (in USD per share)	$ 0.46	$ 1.29	$ 1.36	$ 1.76
Weighted average number of common shares outstanding:
Basic (shares)	23,043,587	23,757,039	23,320,200	24,445,105
Diluted (shares)	24,560,881	24,079,247	24,014,840	24,778,465
Nonrelated Party
EXPENSES
Operating expenses	$ 1,117	$ 1,541	$ 3,653	$ 5,282
Affiliates
EXPENSES
Operating expenses	$ 510	$ 472	$ 1,379	$ 1,444