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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Consolidated net income $ 10,314 $ 21,747
Adjustments to reconcile net income to net cash from operating activities    
Stock-based management fee and compensation expense 428 2,112
Non-cash interest income accretion on mortgage loans (16,230) (21,097)
Discount accretion on investment in debt securities and beneficial interests (7,822) (5,556)
Loss/(gain) on sale of mortgage loans [1] 705 (7,014)
Loss on debt extinguishment 408 182
Gain on sale of property held-for-sale (591) (121)
Gain on sale of securities 0 (8)
Depreciation of property 16 229
Impairment of real estate owned 1,000 1,001
Provision for credit losses on mortgage loans 597 239
Provision for credit losses on beneficial interests 184 0
Amortization of debt discount and prepaid financing costs 2,589 2,657
Undistributed loss/(income) from investment in affiliates 440 (718)
Accretion of put option liability 1,222 0
Net change in operating assets and liabilities    
Prepaid expenses and other assets (6,347) 424
Receivable from servicer 1,588 (3,881)
Accrued expenses, management fee payable, and other liabilities (1,267) 147
Net cash from operating activities (10,232) (9,951)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of mortgage loan pools and related balances (185) (97,899)
Acquisition of commercial loans (1,206) (18,449)
Principal paydowns on mortgage loans 60,812 63,595
Principal paydowns on debt securities held as investments 25,503 22,086
Proceeds from sale of mortgage loans 25,412 184,071
Draws on small balance commercial loans 0 (391)
Purchase of securities (61,306) (84,150)
Proceeds from sale of securities 0 39,635
Purchase of rental property 0 (4,600)
Proceeds from sale of property held-for-sale 7,319 8,010
Recovery costs of property held-for-sale 24 130
Renovations of rental property (17) 0
Distribution from affiliates 627 490
Net cash from investing activities 56,983 112,528
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from repurchase transactions 145,250 147,398
Repayments on repurchase transactions (159,329) (130,363)
Repayments on secured borrowings (44,478) (105,455)
Deferred financing costs (34) 0
Repurchase of senior convertible notes (8,176) 0
Proceeds from issuance of preferred stock and warrants, net of offering costs 124,977 0
Sale of common stock pursuant to dividend reinvestment plan 41 136
Distribution to non-controlling interests (150) (594)
Issuance of stock from subsidiary 145 0
Dividends on common stock and preferred stock (5,748) (13,119)
Net cash from financing activities 52,498 (101,997)
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH HELD IN TRUST 99,249 580
CASH, CASH EQUIVALENTS AND CASH HELD IN TRUST, beginning of period 64,363 55,170
CASH, CASH EQUIVALENTS AND CASH HELD IN TRUST, end of period 163,612 55,750
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest 22,810 28,234
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES    
Unrealized gain on available for sale securities, net of non-controlling interest and tax 5,213 1,107
Issuance of common stock for dividends paid 7,097 0
Net transfer of loans to rental property or property held-for-sale 912 9,826
Issuance of common stock for management fee and compensation expense 428 2,112
Treasury stock received through distributions from investment in Manager 94 82
Non-cash adjustments to basis in mortgage loans 35 21
Total cash and cash equivalents and restricted cash shown on the consolidated statements of cash flows $ 163,612 $ 55,750
[1] The Company sold no mortgage loans during the three months ended June 30, 2020. During the six months ended June 30, 2020, the Company sold 26 SBC mortgage loans with a carrying value of $26.1 million and UPB of $26.2 million for a loss of $0.7 million. Comparatively, during the three and six months ended June 30, 2019, the Company sold 962 loans with a carrying value of $176.9 million and UPB of $200.1 million for a gain of $7.0 million.