CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Interest income
Interest on bonds	$ 3,576	$ 9,430
Interest on loans and short-term investments	5,781	3,362
Total interest income	9,357	12,792
Asset related interest expense
Bond related debt	428	2,496
Non-bond related debt	213	61
Total interest expense	641	2,557
Net interest income	8,716	10,235
Non-interest income
Equity in income from unconsolidated funds and ventures	21,904	7,673
Net gains on bonds	28,606	21,875
Net gains on loans	489	311
Net gains on real estate and other investments	1,148	2,344
Net (losses) gains on derivatives	(3,723)	4,587
Net losses on extinguishment of liabilities	(30)	(14)
Other income	424	352
Non-interest income	48,818	37,128
Other expenses
Interest expense	5,774	4,528
Salaries and benefits	0	1,237
External management fees and reimbursable expenses	7,248	6,869
General and administrative	1,304	1,558
Professional fees	2,472	6,072
Impairments	0	388
Other expenses	233	1,033
Total other expenses	17,031	21,685
Net income from continuing operations before income taxes	40,503	25,678
Income tax expense	60,482	(32)
Net income from continuing operations	100,985	25,646
Net (loss) income from discontinued operations, net of tax	(8)	35,356
Net income	$ 100,977	$ 61,002
Basic income per common share:
Income from continuing operations	$ 17.18	$ 4.46
Income from discontinued operations		6.14
Income per common share	17.18	10.60
Diluted income per common share:
Income from continuing operations (in dollars per share)	17.18	4.25
Income from discontinued operations (in dollars per share)		5.85
Income per common share (in dollars per share)	$ 17.18	$ 10.10
Weighted-average common shares outstanding:
Basic (in shares)	5,877	5,753
Diluted (in shares)	5,877	6,037