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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Interest Income:        
Residential whole loans held at carrying value $ 64,226 $ 29,524 $ 171,725 $ 61,788
MSR-related assets 15,274 6,407 38,232 20,249
Cash and cash equivalent investments 903 754 2,703 2,348
Other interest-earning assets 1,679 0 4,272 0
Interest Income 142,721 117,432 428,608 322,931
Interest Expense:        
Repurchase agreements 74,240 50,881 220,939 142,832
Other interest expense 11,583 7,997 28,954 18,410
Interest Expense 85,823 58,878 249,893 161,242
Net Interest Income 56,898 58,554 178,715 161,689
Other Income, net:        
Net gain on residential whole loans measured at fair value through earnings 40,175 34,942 116,915 105,883
Net realized gain on sales of residential mortgage securities 17,708 16,415 50,027 32,661
Net unrealized (loss)/gain on residential mortgage securities measured at fair value through earnings (571) (8,545) 8,101 (11,776)
Net (loss)/gain on Swaps not designated as hedges for accounting purposes (929) 4,002 (17,267) 4,355
Other, net 6,046 1,545 12,684 5,902
Other Income, net 62,429 48,359 170,460 137,025
Operating and Other Expense:        
Compensation and benefits 7,920 6,868 24,315 20,654
Other general and administrative expense 5,022 4,155 15,601 13,569
Loan servicing and other related operating expenses 10,786 8,758 31,763 23,569
Operating and Other Expense 23,728 19,781 71,679 57,792
Net Income 95,599 87,132 277,496 240,922
Less Preferred Stock Dividends 3,750 3,750 11,250 11,250
Net Income Available to Common Stock and Participating Securities $ 91,849 $ 83,382 $ 266,246 $ 229,672
Basic Earnings per Common Share (usd per share) $ 0.20 $ 0.19 $ 0.59 $ 0.56
Diluted Earnings per Common Share (usd per share) $ 0.20 $ 0.19 $ 0.58 $ 0.56
Agency MBS        
Interest Income:        
Securities $ 11,806 $ 14,332 $ 45,521 $ 42,795
Non-Agency MBS        
Interest Income:        
Securities 44,582 58,667 150,610 169,812
CRT securities        
Interest Income:        
Securities $ 4,251 $ 7,748 $ 15,545 $ 25,939