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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Interest Income:    
Residential whole loans held at carrying value $ 83,486 $ 49,620
MSR-related assets 14,207 10,620
Cash and cash equivalent investments 486 764
Other interest-earning assets 2,907 1,306
Interest Income 145,460 140,952
Interest Expense:    
Repurchase agreements 72,698 70,809
Other interest expense 11,061 8,217
Interest Expense 83,759 79,026
Net Interest Income 61,701 61,926
Provision for credit and valuation losses on residential whole loans and other financial instruments (150,827) (805)
Net Interest Income after Provision for Credit and Valuation Losses (89,126) 61,121
Other Income, net:    
Impairment and other losses on securities available-for-sale and other assets (419,651) 0
Net realized (loss)/gain on sales of residential mortgage securities and residential whole loans (238,380) 24,609
Net unrealized (loss)/gain on residential mortgage securities measured at fair value through earnings (77,961) 8,672
Net (loss)/gain on residential whole loans measured at fair value through earnings (52,760) 25,267
Net loss on Swaps not designated as hedges for accounting purposes (4,239) (8,944)
Other, net 2,228 1,565
Other (Loss)/Income, net (790,763) 51,169
Operating and Other Expense:    
Compensation and benefits 8,899 8,554
Other general and administrative expense 4,575 4,645
Loan servicing and other related operating expenses 11,164 10,234
Costs associated with restructuring/forbearance agreement 4,468 0
Operating and Other Expense 29,106 23,433
Net (Loss)/Income (908,995) 88,857
Less Preferred Stock Dividend Requirement 5,215 3,750
Net (Loss)/Income Available to Common Stock and Participating Securities $ (914,210) $ 85,107
Basic Earnings per Common Share (usd per share) $ (2.02) $ 0.19
Diluted Earnings per Common Share (usd per share) $ (2.02) $ 0.19
Non-Agency MBS    
Interest Income:    
Securities $ 32,551 $ 54,001
Agency MBS    
Interest Income:    
Securities 8,861 18,441
CRT securities    
Interest Income:    
Securities $ 2,962 $ 6,200