CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
INCOME
Interest income		$ 23,054	$ 23,517	$ 70,137	$ 73,576
Interest expense		(8,609)	(11,727)	(27,743)	(37,855)
Net interest income		14,445	11,790	42,394	35,721
Net increase in the net present value of expected cash flows	[1]	3,678	4,440	13,927	4,591
Net interest income after the impact of changes in the net present value of expected credit losses		18,123	16,230	56,321	40,312
Income/(loss) from investments in affiliates		90	(25)	610	(465)
Other income		778	537	1,620	1,259
Total revenue, net		18,991	16,742	58,551	41,106
EXPENSE
Related party expense – loan servicing fees		1,743	1,848	5,275	5,798
Related party expense – management fee		2,292	2,264	6,835	6,206
Professional fees		526	576	1,929	2,113
Real estate operating expenses		(76)	173	197	1,273
Fair value adjustment on put option liability		2,493	1,766	6,638	3,016
Other expense		1,227	986	3,906	3,048
Total expense		8,205	7,613	24,780	21,454
Loss on debt extinguishment		0	253	1,072	661
Income before provision for income taxes		10,786	8,876	32,699	18,991
Provision for income taxes (benefit)		102	(16)	203	(215)
Consolidated net income		10,684	8,892	32,496	19,206
Less: consolidated net (loss)/income attributable to the non-controlling interest		(578)	1,662	(47)	3,493
Consolidated net income attributable to Company		11,262	7,230	32,543	15,713
Less: dividends on preferred stock		1,949	1,950	5,848	3,791
Consolidated net income attributable to common stockholders		$ 9,313	$ 5,280	$ 26,695	$ 11,922
Basic earnings per common share (in dollars per share)		$ 0.40	$ 0.23	$ 1.16	$ 0.53
Diluted earnings per common share (in dollars per share)		$ 0.38	$ 0.23	$ 1.10	$ 0.53
Weighted average shares - basic (in shares)		22,862,429	22,844,192	22,835,237	22,575,480
Weighted average shares - diluted (in shares)		30,407,649	22,989,616	30,286,613	22,575,480

[1] Net decrease in the net present value of expected credit losses represents the net decrease to the allowance resulting from changes in actual and expected cash flows during both the three and nine months ended September 30, 2021 and September 30, 2020, respectively. It represents the net increase of the present value of the expected cash flows in excess of contractual cash flows offset by any incremental provision expense on the Mortgage loan pools and Beneficial interests. The decrease is calculated at the pool level for Mortgage loans and at the security level for Beneficial interests. To the extent a pool or Beneficial interest has an associated allowance, the decrease in expected credit losses is recorded in the period in which the change occurs, otherwise it is recognized prospectively as an increase in yield.