Condensed Consolidated Statement of Operations - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Net Interest Income
Interest income		$ 40,079	$ 52,108
Interest expense		(11,342)	(22,090)
Total net interest income		28,737	30,018
Other Income (Loss)
Realized gains (losses) on securities and loans, net		4,276	12,260
Realized (gains) losses on financial derivatives, net		5,795	(12,406)
Realized gains (losses) on real estate owned, net		61	350
Unrealized gains (losses) on securities and loans, net		(1,781)	(133,738)
Unrealized gains (losses) on financial derivatives, net		10,711	(9,984)
Unrealized gains (losses) on real estate owned, net		(792)	(357)
Other, net		1,960	1,679
Total other income (loss)		20,230	(142,196)
Expenses
Base management fee to affiliate (Net of fee rebates)	[1]	3,277	2,443
Other investment related expenses
Servicing expense		986	2,531
Debt issuance costs related to Other secured borrowings, at fair value		1,665	0
Other		2,204	1,423
Professional fees		1,198	1,277
Compensation expense		1,420	788
Other expenses		1,579	1,752
Total expenses		12,329	10,214
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities		36,638	(122,392)
Income Tax Expense (Benefit)		2,017	(547)
Earnings (losses) from investments in unconsolidated entities		6,635	(6,497)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total		41,256	(128,342)
Net income (loss) attributable to non-controlling interests		1,459	(885)
Dividends on preferred stock		1,941	1,941
Net Income (Loss) Attributable to Common Stockholders		$ 37,856	$ (129,398)
Net Income (Loss) per Share of Common Stock:
Basic and Diluted (USD per share)		$ 0.86	$ (3.04)

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