CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Consolidated net income	$ 32,496	$ 19,206
Adjustments to reconcile net income to net cash from operating activities
Stock-based compensation expense	979	650
Non-cash interest income accretion on mortgage loans	(15,495)	(22,765)
Interest and discount accretion on investment in debt securities	(8,159)	(5,074)
Discount accretion on investment in beneficial interests	(12,339)	(7,982)
Loss on sale of mortgage loans	0	705
Gain on refinancing of securitization trust 2017-D	(122)	0
Loss on debt extinguishment	1,072	661
Gain on sale of property held-for-sale	(572)	(957)
Gain on sale of securities	(201)	(145)
Depreciation of property	7	23
Impairment of real estate owned	170	1,155
Decrease in net present value of expected credit losses on loans	(9,148)	(2,902)
Credit loss expense on mortgage loans	757	794
Decrease in net present value of expected credit losses on beneficial interests	(4,779)	(1,688)
Credit loss expense on beneficial interests	440	570
Amortization of debt discount and prepaid financing costs	4,777	3,924
Undistributed (income)/loss from investment in affiliates	(610)	465
Fair value adjustment on put option liability	6,638	3,016
Other non-cash charges	(3)	0
Net change in operating assets and liabilities
Prepaid expenses and other assets	(8,759)	2,355
Receivable from Servicer	(2,373)	618
Accrued expenses, management fee payable, and other liabilities	12	1,316
Net cash from operating activities	(15,212)	(6,055)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of mortgage loans and related balances	(128,422)	(44,846)
Principal paydowns on mortgage loans	145,442	91,161
Proceeds from sale of mortgage loans	0	25,412
Proceeds from refinancing of securitization trust	125,975	0
Draws on small balance commercial loans	(10,366)	0
Purchase of securities	(286,461)	(144,682)
Principal and interest collection on debt securities	111,238	37,921
Proceeds from payoff and sale of securities	90,229	38,944
Proceeds from sale of property held-for-sale	5,835	9,101
Renovations and recovery costs of rental property and property held-for-sale	0	54
Distribution from affiliates	1,381	1,082
Net cash from investing activities	54,851	14,147
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from repurchase transactions	376,301	270,019
Repayments on repurchase transactions	(398,093)	(268,714)
Proceeds from origination of secured borrowings	391,028	114,534
Repayments on secured borrowings	(354,990)	(153,932)
Payment of prepaid financing costs	(7,339)	(1,861)
Purchase of bonds of non-controlling interest in subsidiaries	(5,887)	0
Repurchase of the Company's senior convertible notes	(7,463)	(10,481)
Proceeds from issuance of preferred stock and warrants, net of offering costs	0	124,976
Sale of common stock, net of offering costs	99	0
Sale of common stock pursuant to dividend reinvestment plan	166	86
Redemption of non-controlling interests in subsidiaries	(26,163)	0
Distribution to non-controlling interests	(325)	(227)
Issuance of non-controlling interests in subsidiaries	0	145
Dividends on common stock and preferred stock	(18,931)	(11,621)
Net cash from financing activities	(51,597)	62,924
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH HELD IN TRUST	(11,958)	71,016
CASH, CASH EQUIVALENTS AND CASH HELD IN TRUST, beginning of period	107,335	64,363
CASH, CASH EQUIVALENTS AND CASH HELD IN TRUST, end of period	95,377	135,379
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	22,151	32,511
Cash paid for income taxes	57	60
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	159,733	0
Non-cash adjustments to basis in mortgage loans	3,193	43
Unrealized gain/(loss) on available for sale securities, net of non-controlling interest and tax	3,043	(876)
Net transfer of loans to rental property or property held-for-sale	3,013	1,515
Issuance of common stock for compensation expense	979	650
Treasury stock received through distributions from investment in Manager	380	164
Issuance of common stock for dividends	0	7,097
Cash and cash equivalents	92,843	135,190
Cash held in trust	2,534	189
Total cash and cash equivalents and restricted cash shown on the consolidated statements of cash flows	$ 95,377	$ 135,379