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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Consolidated net income $ 21,812 $ 10,314
Adjustments to reconcile net income to net cash from operating activities    
Stock-based compensation expense 668 428
Non-cash interest income accretion on mortgage loans (10,588) (16,230)
Interest and discount accretion on investment in debt securities (5,074) (2,718)
Discount accretion on investment in beneficial interests (8,213) (5,104)
Loss on sale of mortgage loans 0 705
Gain on refinancing of securitization trust 2017-D (122) 0
Loss on debt extinguishment 1,072 408
Gain on sale of property held-for-sale (197) (591)
Depreciation of property 6 16
Impairment of real estate owned 248 1,000
(Increase) decrease in net present value of expected loan cash flows (8,240) 94
Credit loss expense on mortgage loans 593 503
(Increase) in net present value of expected cash flows from beneficial interests (2,009) (245)
Credit loss expense on beneficial interests 355 429
Amortization of debt discount and prepaid financing costs 3,285 2,589
Undistributed (income)/loss from investment in affiliates (520) 440
Fair value adjustment on put option liability 4,145 1,250
Other non-cash loan charges 7 0
Net change in operating assets and liabilities    
Prepaid expenses and other assets (12,052) (6,347)
Receivable from Servicer (8,152) 1,588
Accrued expenses, management fee payable, and other liabilities 52 1,239
Net cash from operating activities (22,924) (10,232)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of mortgage loans and related balances (40,410) (1,391)
Principal paydowns on mortgage loans 102,178 60,812
Proceeds from sale of mortgage loans 0 25,412
Proceeds from refinancing of securitization trust 125,975 0
Proceeds from refinancing of securitization trust 0 145
Draws on small balance commercial loans (7,344) 0
Purchase of securities (231,555) (61,306)
Principal and interest collection on debt securities 35,533 25,503
Proceeds from sale of securities 20,612 0
Proceeds from sale of property held-for-sale 4,975 7,319
Renovations and recovery costs of rental property and property held-for-sale 0 7
Distribution from affiliates 961 627
Net cash from investing activities 10,925 56,983
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from repurchase transactions 243,631 145,250
Repayments on repurchase transactions (270,377) (159,329)
Proceeds from origination of secured borrowings 391,028 0
Repayments on secured borrowings (312,506) (44,478)
Payment of prepaid financing costs (7,303) (34)
Purchase of bonds of non-controlling interest in subsidiaries (5,887) 0
Repurchase of the Company's senior convertible notes (7,463) (8,176)
Proceeds from issuance of preferred stock and warrants, net of offering costs 0 124,977
Sale of common stock pursuant to dividend reinvestment plan 95 41
Redemption of non-controlling interests in subsidiaries (25,856) 0
Distribution to non-controlling interests (253) (150)
Dividends on common stock and preferred stock (12,125) (5,748)
Net cash from financing activities (7,016) 52,498
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH HELD IN TRUST (19,015) 99,249
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 88,320 163,612
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest 14,923 22,810
Cash paid for income taxes 57 0
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES    
Transfer of loans from mortgage held-for-investment, net to mortgage loans held-for-sale, net 131,719 0
Non-cash adjustments to basis in mortgage loans 3,193 35
Unrealized gain/(loss) on available for sale securities, net of non-controlling interest and tax 1,276 (5,213)
Net transfer of loans to rental property or property held-for-sale 1,274 912
Issuance of common stock for compensation expense 668 428
Treasury stock received through distributions from investment in Manager 246 94
Issuance of common stock for dividends 0 7,097
Transfer of loans from mortgage loans held-for-sale, net to mortgage held-for-investment, net 2,949 0
Cash and cash equivalents 88,134 163,422
Cash held in trust 186 190
Total cash and cash equivalents and restricted cash shown on the consolidated statements of cash flows $ 88,320 $ 163,612