Condensed Consolidated Statement of Operations - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021		Sep. 30, 2022		Sep. 30, 2021
Net Interest Income
Interest income	$ 78,592	$ 40,146		$ 192,388		$ 126,115
Interest expense	(42,080)	(10,604)		(82,121)		(33,111)
Total net interest income	36,512	29,542		110,267		93,004
Other Income (Loss)(1)
Realized gains (losses) on securities and loans, net	(33,247)	6,359	[1]	(51,272)		8,627	[1]
Realized (gains) losses on financial derivatives, net	18,995	(1,782)	[1]	89,108		4,438	[1]
Realized gains (losses) on real estate owned, net	(18)	(50)	[1]	474		(63)	[1]
Unrealized gains (losses) on securities and loans, net	(150,750)	(3,212)	[1]	(477,253)		5,006	[1]
Unrealized gains (losses) on financial derivatives, net	50,259	1,155	[1]	98,082		6,183	[1]
Unrealized gains (losses) on real estate owned, net	(121)	672	[1]	(373)		(1,435)	[1]
Unrealized gains (losses) on other secured borrowings, at fair value, net	79,430	1,568	[1]	202,329		4,945	[1]
Unrealized gains (losses) on senior notes, at fair value	9,135	0		16,485		0
Other, net	(31)	1,418	[1]	1,022		4,365	[1]
Total other income (loss)	(26,348)	6,128	[1]	(121,398)		32,066	[1]
Expenses
Base management fee to affiliate (Net of fee rebates)	3,950	3,675	[2]	12,206	[2]	10,308	[2]
Incentive Fee Expense	0	5,255		0		12,412
Other investment related expenses
Servicing expense	1,097	1,182		3,580		3,142
Debt issuance costs related to Other secured borrowings, at fair value	1,941	0		6,291		3,704
Debt issuance costs related to Senior notes, at fair value	0	0		3,615		0
Other	2,930	1,697		6,986		5,719
Professional fees	1,177	1,202		3,534		3,437
Compensation expense	1,508	1,554		5,328		4,386
Other expenses	1,860	1,682		5,592		4,893
Total expenses	14,463	16,247		47,132		48,001
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities	(4,299)	19,423		(58,263)		77,069
Income Tax Expense (Benefit)	(81)	(2,009)		(14,867)		3,149
Earnings (losses) from investments in unconsolidated entities	(25,513)	2,549		(54,284)		27,786
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total	(29,731)	23,981		(97,680)		101,706
Net income (loss) attributable to non-controlling interests	(264)	1,476		(1,075)		4,809
Dividends on preferred stock	3,823	1,941		11,468		5,822
Net Income (Loss) Attributable to Common Stockholders	$ (33,290)	$ 20,564		$ (108,073)		$ 91,075
Net Income (Loss) per Share of Common Stock:
Basic and Diluted (USD per share)	$ (0.55)	$ 0.41		$ (1.82)		$ 1.99

[1] Conformed to current period presentation.

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