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Summary of Quarterly Results of Operations (Unaudited) | 12 Months Ended
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Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract] |
Summary of Quarterly Results of Operations (Unaudited) | Summary of Quarterly Results of Operations (Unaudited)
|  | 2020 Quarter Ended
(In Thousands, Except per Share Amounts) |  | March 31 |  | June 30 |  | September 30 |  | December 31
Interest income |  | $ | 145,460 |  |  | $ | 87,368 |  |  | $ | 66,080 |  |  | $ | 60,476 |
Interest expense |  | (83,759) |  |  | (87,991) |  |  | (55,964) |  |  | (41,044) |
Net interest income |  | 61,701 |  |  | (623) |  |  | 10,116 |  |  | 19,432 |
(Provision)/Reversal for credit and valuation losses on residential whole loans and other financial instruments |  | (150,711) |  |  | 85,377 |  |  | 27,244 |  |  | 15,709 |
Net Interest Income after Provision for Credit and Valuation Losses |  | (89,010) |  |  | 84,754 |  |  | 37,360 |  |  | 35,141 |
Net gain on residential whole loans measured at fair value through earnings |  | (52,760) |  |  | 20,320 |  |  | 76,871 |  |  | 49,782 |
Net realized gain on sales of residential mortgage securities and residential whole loans |  | (238,380) |  |  | 49,485 |  |  | 48 |  |  | — |
Other income |  | (499,623) |  |  | 6,552 |  |  | 292 |  |  | (18,708) |
Operating and other expense |  | (29,222) |  |  | (64,533) |  |  | (27,361) |  |  | (20,398) |
Net income |  | (908,995) |  |  | 96,578 |  |  | 87,210 |  |  | 45,817 |
Preferred stock dividends |  | (5,215) |  |  | (8,144) |  |  | (8,219) |  |  | (8,218) |
Net (loss)/ income available to common stock and participating securities |  | $ | (914,210) |  |  | $ | 88,434 |  |  | $ | 78,991 |  |  | $ | 37,599 |
(Loss)/Earnings per Common Share - Basic |  | $ | (2.02) |  |  | $ | 0.19 |  |  | $ | 0.17 |  |  | $ | 0.08 |
(Loss)/Earnings per Common Share - Diluted |  | $ | (2.02) |  |  | $ | 0.19 |  |  | $ | 0.17 |  |  | $ | 0.08 |
|  | 2019 Quarter Ended
(In Thousands, Except per Share Amounts) |  | March 31 |  | June 30 |  | September 30 |  | December 31
Interest income |  | $ | 140,952 |  |  | $ | 144,935 |  |  | $ | 142,721 |  |  | $ | 153,118 |
Interest expense |  | (79,026) |  |  | (85,044) |  |  | (85,823) |  |  | (82,463) |
Net interest income |  | 61,926 |  |  | 59,891 |  |  | 56,898 |  |  | 70,655 |
Provision for credit and valuation losses on residential whole loans and other financial instruments |  | (805) |  |  | (385) |  |  | (347) |  |  | (1,032) |
Net Interest Income after Provision for Credit and Valuation Losses |  | 61,121 |  |  | 59,506 |  |  | 56,551 |  |  | 69,623 |
Net gain on residential whole loans measured at fair value through earnings |  | 25,267 |  |  | 51,473 |  |  | 40,175 |  |  | 41,415 |
Net realized gain on sales of residential mortgage securities and residential whole loans |  | 24,609 |  |  | 7,710 |  |  | 17,708 |  |  | 11,975 |
Other income |  | 1,293 |  |  | (2,321) |  |  | 4,546 |  |  | 2,007 |
Operating and other expense |  | (23,433) |  |  | (23,328) |  |  | (23,381) |  |  | (24,399) |
Net income |  | 88,857 |  |  | 93,040 |  |  | 95,599 |  |  | 100,621 |
Preferred stock dividends |  | (3,750) |  |  | (3,750) |  |  | (3,750) |  |  | (3,750) |
Net income available to common stock and participating securities |  | $ | 85,107 |  |  | $ | 89,290 |  |  | $ | 91,849 |  |  | $ | 96,871 |
Earnings per Common Share - Basic and Diluted |  | $ | 0.19 |  |  | $ | 0.20 |  |  | $ | 0.20 |  |  | $ | 0.21 |

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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