Condensed Consolidated Statement of Operations - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Net Interest Income
Interest income		$ 51,074	$ 40,079
Interest expense		(14,017)	(11,342)
Total net interest income		37,057	28,737
Other Income (Loss)(1)
Realized gains (losses) on securities and loans, net		806	4,276	[1]
Realized (gains) losses on financial derivatives, net		23,335	5,795	[1]
Realized gains (losses) on real estate owned, net		(27)	61	[1]
Unrealized gains (losses) on securities and loans, net		(151,153)	(1,781)	[1]
Unrealized gains (losses) on financial derivatives, net		45,307	10,711	[1]
Unrealized gains (losses) on real estate owned, net		(571)	(792)	[1]
Unrealized gains (losses) on other secured borrowings, at fair value, net		55,641	1,180	[1]
Other, net		1,220	780	[1]
Total other income (loss)		(25,442)	20,230	[1]
Expenses
Base management fee to affiliate (Net of fee rebates)	[2]	4,266	3,277
Incentive Fee Expense		0	0
Other investment related expenses
Servicing expense		1,524	986
Debt issuance costs related to Other secured borrowings, at fair value		2,232	1,665
Debt issuance costs related to Senior notes, at fair value		3,615	0
Other		2,312	2,204
Professional fees		1,177	1,198
Compensation expense		2,560	1,420
Other expenses		1,881	1,579
Total expenses		19,567	12,329
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities		(7,952)	36,638
Income Tax Expense (Benefit)		(6,960)	2,017
Earnings (losses) from investments in unconsolidated entities		(5,506)	6,635
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total		(6,498)	41,256
Net income (loss) attributable to non-controlling interests		(420)	1,459
Dividends on preferred stock		3,824	1,941
Net Income (Loss) Attributable to Common Stockholders		$ (9,902)	$ 37,856
Net Income (Loss) per Share of Common Stock:
Basic and Diluted (USD per share)		$ (0.17)	$ 0.86

[1] Conformed to current period presentation.

[2] See Note 13 for further details on management fee rebates.