Condensed Consolidated Statement of Operations - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net Interest Income
Interest income		$ 39,281	$ 38,547	$ 91,389	$ 74,563
Interest expense		(14,686)	(19,702)	(36,776)	(37,320)
Total net interest income		24,595	18,845	54,613	37,243
Other Income (Loss)
Realized gains (losses) on securities and loans, net		(16,040)	(1,505)	(3,780)	(6,827)
Realized (gains) losses on financial derivatives, net		(11,676)	(10,920)	(24,082)	(22,490)
Realized gains (losses) on real estate owned, net		(211)	98	139	40
Unrealized gains (losses) on securities and loans, net		44,112	18,487	(89,626)	44,875
Unrealized gains (losses) on financial derivatives, net		8,173	(4,921)	(1,811)	(10,610)
Unrealized gains (losses) on real estate owned, net		(228)	(266)	(584)	(513)
Other, net		(435)	1,808	1,243	3,810
Total other income (loss)		23,695	2,781	(118,501)	8,285
Expenses
Base management fee to affiliate (Net of fee rebates)	[1]	2,906	1,661	5,349	3,383
Other investment related expenses
Servicing expense		2,493	2,244	5,024	4,637
Debt issuance costs related to Other secured borrowings, at fair value		2,075	1,671	2,075	1,671
Other		707	1,238	2,130	2,321
Professional fees		1,333	1,178	2,610	3,134
Compensation expense		941	903	1,728	1,975
Other expenses		1,497	1,053	3,250	2,038
Total expenses		11,952	9,948	22,166	19,159
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities		36,338	11,678	(86,054)	26,369
Income Tax Expense (Benefit)		1,542	376	995	376
Earnings (losses) from investments in unconsolidated entities		5,643	2,354	(854)	4,151
Net Income (Loss)		40,439	13,656	(87,903)	30,144
Net income (loss) attributable to non-controlling interests		1,220	1,012	335	2,092
Preferred Stock Dividends, Income Statement Impact		1,941	0	3,882	0
Net Income (Loss) Attributable to Common Stockholders		$ 37,278	$ 12,644	$ (92,120)	$ 28,052
Net Income (Loss) per Share of Common Stock:
Basic and Diluted (USD per share)		$ 0.85	$ 0.43	$ (2.13)	$ 0.94

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