Condensed Consolidated Statement of Operations - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Net Interest Income
Interest income		$ 52,108	$ 36,016
Interest expense		(22,090)	(17,618)
Total net interest income		30,018	18,398
Other Income (Loss)
Realized gains (losses) on securities and loans, net		12,260	(5,322)
Realized (gains) losses on financial derivatives, net		(12,406)	(11,570)
Realized gains (losses) on real estate owned, net		350	(58)
Unrealized gains (losses) on securities and loans, net		(133,738)	26,388
Unrealized gains (losses) on financial derivatives, net		(9,984)	(5,689)
Unrealized gains (losses) on real estate owned, net		(357)	(247)
Other, net		1,679	2,002
Total other income (loss)		(142,196)	5,504
Expenses
Base management fee to affiliate (Net of fee rebates)	[1]	2,443	1,722
Other investment related expenses
Servicing expense		2,531	2,393
Other		1,423	1,083
Professional fees		1,277	1,956
Compensation expense		788	1,072
Other expenses		1,752	985
Total expenses		10,214	9,211
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities		(122,392)	14,691
Income Tax Expense (Benefit)		(547)	0
Earnings (losses) from investments in unconsolidated entities		(6,497)	1,797
Net Income (Loss)		(128,342)	16,488
Net income (loss) attributable to non-controlling interests		(885)	1,080
Preferred Stock Dividends, Income Statement Impact		1,941	0
Net Income (Loss) Attributable to Common Stockholders		$ (129,398)	$ 15,408
Net Income (Loss) per Share of Common Stock:
Basic and Diluted (USD per share)		$ (3.04)	$ 0.52

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