Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
INTEREST INCOME, NET
Interest income	$ 23,740	$ 27,109
Interest expense	16,941	10,170
NET INTEREST INCOME	6,799	16,939
REALIZED AND UNREALIZED GAINS (LOSSES), NET
Net realized gain (loss) on mortgage loans, derivative contracts, RMBS, and CMBS	(10,843)	26,416
Net unrealized gain (loss) on trading securities, mortgage loans, debt at fair value option (see Note 2), and derivative contracts	10,190	(80,181)
TOTAL REALIZED AND UNREALIZED GAINS (LOSSES), NET	(653)	(53,765)
EXPENSES
Operating expenses	2,204	3,784
Operating expenses incurred with affiliate	466	855
Due diligence and transaction costs	0	770
Stock compensation	541	871
Securitization costs	883	2,019
Management fee incurred with affiliate	1,522	1,873
Total operating expenses	5,616	10,172
INCOME (LOSS) BEFORE INCOME TAXES	530	(46,998)
Income tax benefit	0	(3,457)
NET INCOME (LOSS)	530	(43,541)
Preferred dividends	0	(4)
NET INCOME (LOSS) ALLOCABLE TO COMMON STOCKHOLDERS	530	(43,545)
Other comprehensive income (loss)	14,804	(12,987)
TOTAL COMPREHENSIVE INCOME (LOSS)	$ 15,334	$ (56,532)
Basic earnings (loss) per common share (USD per share)	$ 0.02	$ (1.77)
Diluted earnings (loss) per common share (USD per share)	$ 0.02	$ (1.77)
Weighted average number of common shares outstanding:
Basic (shares)	24,662,737	24,642,961
Diluted (shares)	24,925,357	24,642,961