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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
INCOME        
Interest income $ 23,048 $ 23,171 $ 47,083 $ 50,059
Interest expense (8,830) (13,058) (19,134) (26,128)
Net interest income 14,218 10,113 27,949 23,931
Net increase in the net present value of expected cash flows [1] 4,733 4,862 10,249 151
Net interest income after the impact of changes in the net present value of expected cash flows 18,951 14,975 38,198 24,082
Income/(loss) from investments in affiliates 357 672 520 (440)
Other income 486 680 842 722
Total revenue, net 19,794 16,327 39,560 24,364
EXPENSE        
Related party expense – loan servicing fees 1,699 1,936 3,532 3,950
Related party expense – management fee 2,270 2,143 4,543 3,942
Professional fees 763 732 1,403 1,537
Real estate operating expenses 88 188 273 1,100
Fair value adjustment on put option liability 2,201 1,250 4,145 1,250
Other expense 1,375 1,140 2,679 2,062
Total expense 8,396 7,389 16,575 13,841
Loss on debt extinguishment 161 0 1,072 408
Income before provision for income taxes 11,237 8,938 21,913 10,115
Provision for income taxes (benefit) 67 120 101 (199)
Consolidated net income 11,170 8,818 21,812 10,314
Less: consolidated net (loss)/income attributable to the non-controlling interest (1,158) 735 531 1,831
Consolidated net income attributable to Company 12,328 8,083 21,281 8,483
Less: dividends on preferred stock 1,950 1,841 3,899 1,841
Consolidated net income attributable to common stockholders $ 10,378 $ 6,242 $ 17,382 $ 6,642
Basic earnings per common share (in dollars per share) $ 0.45 $ 0.27 $ 0.76 $ 0.29
Diluted earnings per common share (in dollars per share) $ 0.42 $ 0.27 $ 0.72 $ 0.29
Weighted average shares - basic (in shares) 22,825,804 22,808,943 22,821,416 22,439,648
Weighted average shares - diluted (in shares) 30,198,696 22,929,849 30,341,638 22,559,916
[1] Net increase in the net present value of expected cash flows represents the net decrease to the allowance for losses resulting from changes in actual and expected cash flows during the quarter. It represents the net present value of cash flow increases over incremental provision expense on the Mortgage loan and Beneficial interest portfolios. Such amounts are calculated at the pool level for Mortgage loans and at the security level for Beneficial interests, and are recorded in the period in which the change occurs.