Condensed Consolidated Statement of Operations - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net Interest Income
Interest income		$ 43,075	$ 39,985	$ 134,463	$ 114,548
Interest expense		(12,937)	(19,954)	(49,713)	(57,275)
Total net interest income		30,138	20,031	84,750	57,273
Other Income (Loss)
Realized gains (losses) on securities and loans, net		1,446	3,368	(2,335)	(3,460)
Realized (gains) losses on financial derivatives, net		(1,620)	(9,360)	(25,702)	(31,850)
Realized gains (losses) on real estate owned, net		(18)	1,165	121	1,205
Unrealized gains (losses) on securities and loans, net		24,208	6,519	(65,418)	51,395
Unrealized gains (losses) on financial derivatives, net		(298)	1,473	(2,109)	(9,136)
Unrealized gains (losses) on real estate owned, net		122	(22)	(462)	(535)
Other, net		(2,747)	539	(1,503)	4,349
Total other income (loss)		21,093	3,682	(97,408)	11,968
Expenses
Base management fee to affiliate (Net of fee rebates)	[1]	2,981	1,942	8,330	5,324
Other investment related expenses
Servicing expense		2,379	1,940	7,402	6,578
Debt issuance costs related to Other secured borrowings, at fair value		0	0	2,075	1,671
Other		1,199	1,347	3,328	3,668
Professional fees		1,209	698	3,819	3,832
Compensation expense		1,085	712	2,813	2,687
Other expenses		1,625	1,156	4,876	3,194
Total expenses		10,478	7,795	32,643	26,954
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities		40,753	15,918	(45,301)	42,287
Income Tax Expense (Benefit)		2,494	2	3,490	378
Earnings (losses) from investments in unconsolidated entities		11,443	2,796	10,590	6,947
Net Income (Loss)		49,702	18,712	(38,201)	48,856
Net income (loss) attributable to non-controlling interests		1,559	1,419	1,894	3,511
Preferred Stock Dividends, Income Statement Impact		1,940	0	5,822	0
Net Income (Loss) Attributable to Common Stockholders		$ 46,203	$ 17,293	$ (45,917)	$ 45,345
Net Income (Loss) per Share of Common Stock:
Basic and Diluted (USD per share)		$ 1.06	$ 0.53	$ (1.06)	$ 1.47

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