CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Consolidated net loss	$ (73,992)	$ (7,364)
Adjustments to reconcile net income to net cash from operating activities
Stock-based management termination fee and compensation expense	15,777	600
Mark to market on mortgage loans held-for-sale, net	47,307	0
Discount accretion on mortgage loans	(1,925)	(1,713)
Interest and discount accretion on investment in debt securities	(2,220)	(2,464)
Discount accretion on investment in beneficial interests	(736)	(2,057)
Loss on sale of mortgage loans	438	0
Gain on debt extinguishment	0	(47)
Gain on sale of real estate owned properties	(8)	(91)
Loss on sale of securities	0	2,974
Impairment of real estate owned	396	111
Credit loss expense on mortgage loans and beneficial interests	43	44
Net (increase)/decrease in the net present value of expected credit losses	4,230	(621)
Loss on loans and joint venture refinancing on beneficial interests	0	995
Amortization of debt discount and prepaid financing costs	1,278	845
Undistributed (income)/loss from investment in affiliates	(521)	98
Fair value adjustment on put option liability and warrants	1,353	1,622
Net change in operating assets and liabilities
Prepaid expenses and other assets	(1,220)	(6,405)
Receivable from servicer	3,738	(2,172)
Accrued expenses, management fee payable, and other liabilities	(2,164)	(1,160)
Net cash from operating activities	(8,226)	(16,805)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of mortgage loans and related balances	0	(604)
Principal paydowns on mortgage loans	13,489	21,482
Proceeds from sale of mortgage loans	50,132	0
Proceeds from refinancing and sale of securities available-for-sale and beneficial interests	0	29,413
Purchase of securities available-for-sale and beneficial interests	0	(16,335)
Principal and interest collection on debt securities available-for-sale and beneficial interests	21,801	17,721
Principal and interest collection on debt securities held-to-maturity	6,828	11,251
Proceeds from sale of property held-for-sale	222	1,052
Investment in equity method investments	0	(726)
Distribution from affiliates	221	252
Net cash from investing activities	92,693	63,506
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from repurchase transactions	33,235	13,376
Repayments on repurchase transactions	(54,941)	(40,578)
Repayments on secured borrowings	(11,833)	(12,963)
Repurchase of the Company's senior convertible notes	0	(952)
Sale of common stock, net of offering costs	0	2,427
Distribution to non-controlling interests	(9)	(34)
Dividends paid on common stock and preferred stock	(3,699)	(6,425)
Net cash from financing activities	(37,247)	(45,149)
NET CHANGE IN CASH AND CASH EQUIVALENTS	47,220	1,552
CASH AND CASH EQUIVALENTS, beginning of period	52,834	47,845
CASH AND CASH EQUIVALENTS, end of period	100,054	49,397
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	13,636	14,894
Cash paid for income taxes	2	215
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Net transfer of loans from mortgage held-for-investment, net to mortgage loans held-for-sale, net	411,814	0
Conversion of 2020 warrants for common shares	18,677	0
Common stock settled for management fee and compensation expense	15,777	600
Shares payable for preferred stock redemption	12,599	0
Issuance of 2024 warrants	2,734	0
Net transfer of loans to/(from) property held-for-sale	2,015	(169)
Amortization of unrealized loss on debt securities transferred to held-to-maturity	795	2,033
Other non-cash loan charges	671	0
Unrealized gain on available-for-sale securities	374	3,853
Transfer of debt securities from investments in securities available-for-sale to investments in securities held-to-maturity	$ 0	$ 83,022