Condensed Consolidated Statement of Operations - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021		Jun. 30, 2022		Jun. 30, 2021
Net Interest Income
Interest income	$ 62,722	$ 45,890		$ 113,796		$ 85,970
Interest expense	(26,024)	(11,166)		(40,041)		(22,508)
Total net interest income	36,698	34,724		73,755		63,462
Other Income (Loss)(1)
Realized gains (losses) on securities and loans, net	(18,830)	(2,009)	[1]	(18,025)		2,268	[1]
Realized (gains) losses on financial derivatives, net	46,779	425	[1]	70,114		6,220	[1]
Realized gains (losses) on real estate owned, net	518	(74)	[1]	491		(13)	[1]
Unrealized gains (losses) on securities and loans, net	(175,350)	10,000	[1]	(326,503)		8,218	[1]
Unrealized gains (losses) on financial derivatives, net	2,516	(5,683)	[1]	47,823		5,028	[1]
Unrealized gains (losses) on real estate owned, net	318	(1,314)	[1]	(252)		(2,107)	[1]
Unrealized gains (losses) on other secured borrowings, at fair value, net	67,258	2,197	[1]	122,899		3,377	[1]
Unrealized gains (losses) on senior notes, at fair value	7,350	0		7,350		0
Other, net	(166)	2,166	[1]	1,054		2,946	[1]
Total other income (loss)	(69,607)	5,708	[1]	(95,049)		25,937	[1]
Expenses
Base management fee to affiliate (Net of fee rebates)	3,990	3,355	[2]	8,256	[2]	6,633	[2]
Incentive Fee Expense	0	7,157		0		7,157
Other investment related expenses
Servicing expense	960	974		2,484		1,960
Debt issuance costs related to Other secured borrowings, at fair value	2,118	2,039		4,350		3,704
Debt issuance costs related to Senior notes, at fair value	0	0		3,615		0
Other	1,743	1,818		4,055		4,022
Professional fees	1,180	1,037		2,357		2,235
Compensation expense	1,260	1,412		3,820		2,831
Other expenses	1,851	1,633		3,732		3,212
Total expenses	13,102	19,425		32,669		31,754
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities	(46,011)	21,007		(53,963)		57,645
Income Tax Expense (Benefit)	(7,825)	3,140		(14,785)		5,157
Earnings (losses) from investments in unconsolidated entities	(23,265)	18,602		(28,771)		25,237
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total	(61,451)	36,469		(67,949)		77,725
Net income (loss) attributable to non-controlling interests	(391)	1,874		(811)		3,333
Dividends on preferred stock	3,821	1,940		7,645		3,881
Net Income (Loss) Attributable to Common Stockholders	$ (64,881)	$ 32,655		$ (74,783)		$ 70,511
Net Income (Loss) per Share of Common Stock:
Basic and Diluted (USD per share)	$ (1.08)	$ 0.75		$ (1.27)		$ 1.61

[1] Conformed to current period presentation.

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