Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
INTEREST INCOME, NET
Interest income	$ 143,655	$ 110,427
Interest expense	102,555	73,502
NET INTEREST INCOME	41,100	36,925
REALIZED AND UNREALIZED GAINS (LOSSES), NET
Net realized gain (loss) on mortgage loans, derivative contracts, RMBS, and CMBS	(10,863)	(9,228)
Net unrealized gain (loss) on trading securities, mortgage loans, portion of debt at fair value option, and derivative contracts	30,758	23,761
TOTAL REALIZED AND UNREALIZED GAINS (LOSSES), NET	19,895	14,533
EXPENSES
Stock compensation	1,354	2,041
Securitization costs	3,569	3,799
Management fee incurred with affiliate	4,612	4,976
Total operating expenses	16,440	19,447
INCOME (LOSS) BEFORE INCOME TAXES	44,555	32,011
Income tax expense (benefit)	531	3,261
NET INCOME (LOSS) ALLOCABLE TO COMMON STOCKHOLDERS	44,024	28,750
Other comprehensive income (loss)	2,161	1,500
TOTAL COMPREHENSIVE INCOME (LOSS)	$ 46,185	$ 30,250
Basic earnings (loss) per common share (USD per share)	$ 1.85	$ 1.18
Diluted earnings (loss) per common share (USD per share)	$ 1.80	$ 1.17
Weighted average number of common shares outstanding:
Basic (in shares)	23,682,302	24,179,039
Diluted (in shares)	24,314,625	24,396,851
Nonrelated Party
EXPENSES
Operating expenses	$ 5,004	$ 6,786
Affiliates
EXPENSES
Operating expenses	$ 1,901	$ 1,845