Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Cash flows from operating activities:
Net income/(loss)	$ (22,507)	$ 30,146
Adjustments to reconcile net income to net cash (used in)/provided by operating activities:
Premium amortization and (discount accretion), net	(2,542)	(1,169)
Accretion of deferred commitment fees	(2,219)	(1,488)
Amortization of deferred financing costs	1,403	1,335
Share-based compensation	500	55
Realized (gain)/loss from sale of real estate securities	0	1,060
Realized (gain)/loss from sale of other real estate investments	33	0
Realized (gain)/loss on swap terminations	(34,378)	0
Realized and unrealized gain/loss on real estate securities, trading	88,435	0
Unrealized (gain)/loss from commercial mortgage loans, held for sale	939	(479)
Unrealized (gain)/loss from derivative instruments	4,963	(2,109)
Unrealized (gain)/loss from other real estate investments	(4)	(6)
Depreciation and amortization	1,295	406
Provision/(benefit) for credit losses	(955)	(2,331)
Origination of commercial mortgage loans, held for sale	(150,300)	(166,360)
Proceeds from sale of commercial mortgage loans, held for sale	76,100	141,372
Changes in assets and liabilities:
Accrued interest receivable	7,542	308
Prepaid expenses and other assets	(5,807)	1,850
Accounts payable and accrued expenses	239	1,570
Due to affiliates	4,360	952
Interest payable	617	(664)
Net cash (used in)/provided by operating activities	(32,286)	4,448
Cash flows from investing activities:
Origination and purchase of commercial mortgage loans, held for investment	(636,465)	(520,849)
Principal repayments received on commercial mortgage loans, held for investment	330,130	52,800
Proceeds from (purchase)/sale of other real estate investments	2,045	0
Proceeds from sale/repayment of real estate securities	2,190,143	159,254
Principal collateral on mortgage investments	376,857	0
Proceeds from (purchase)/sale of derivative instruments	148	973
Net cash (used in)/provided by investing activities	2,262,858	(307,822)
Cash flows from financing activities:
Proceeds from issuances of redeemable convertible preferred stock	0	15,000
Common stock repurchases	0	(9,147)
Borrowings on collateralized loan obligations	960,000	573,125
Repayments of collateralized loan obligations	(235,139)	(119,425)
Borrowings on repurchase agreements - commercial mortgage loans	474,466	168,655
Repayments of repurchase agreements - commercial mortgage loans	(971,176)	(292,070)
Borrowings on repurchase agreements - real estate securities	11,937,334	168,550
Repayments of repurchase agreements - real estate securities	(14,401,577)	(267,106)
Proceeds from other financing and loan participation - commercial mortgage loans	2,296	2,638
Borrowings on unsecured debt	0	100,000
Repayments of unsecured debt	(50,000)	0
Payments of deferred financing costs	(3,595)	(3,944)
Cash collateral received on interest rate swaps	47,661	0
Proceeds from interest rate swap settlements	744	0
Distributions paid	(30,254)	(14,136)
Net cash (used in)/provided by financing activities:	(2,269,240)	322,140
Net change in cash, cash equivalents and restricted cash	(38,668)	18,766
Cash, cash equivalents and restricted cash, beginning of period	168,199	92,141	$ 92,141
Cash, cash equivalents and restricted cash, end of period	129,531	110,907	168,199
Supplemental disclosures of cash flow information:
Taxes paid	0	0
Interest paid	20,460	10,698
Supplemental disclosures of non - cash flow information:
Distributions payable	36,735	14,585	30,346
Common stock issued through distribution reinvestment plan	91	2,585
Real estate owned received in foreclosure	0	37,523
Reconciliation of cash, cash equivalents and restricted cash at end of period:
Cash and cash equivalents	117,064	99,099	154,929
Restricted cash	12,467	11,808	13,270
Cash, cash equivalents and restricted cash, end of period	$ 129,531	$ 110,907	$ 168,199