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Summary of Quarterly Results of Operations (Unaudited)
 12 Months Ended
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 31June 30September 30December 31
Interest income$145,460 $87,368 $66,080 $60,476 
Interest expense(83,759)(87,991)(55,964)(41,044)
Net interest income61,701 (623)10,116 19,432 
(Provision)/Reversal for credit and valuation losses on residential whole loans and other financial instruments(150,711)85,377 27,244 15,709 
Net Interest Income after Provision for Credit and Valuation Losses(89,010)84,754 37,360 35,141 
Net gain on residential whole loans measured at fair value through earnings(52,760)20,320 76,871 49,782 
Net realized gain on sales of residential mortgage securities and residential whole loans(238,380)49,485 48 — 
Other income(499,623)6,552 292 (18,708)
Operating and other expense(29,222)(64,533)(27,361)(20,398)
Net income(908,995)96,578 87,210 45,817 
Preferred stock dividends(5,215)(8,144)(8,219)(8,218)
Net (loss)/ income available to common stock and participating securities$(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 31June 30September 30December 31
Interest income$140,952 $144,935 $142,721 $153,118 
Interest expense(79,026)(85,044)(85,823)(82,463)
Net interest income61,926 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 Losses61,121 59,506 56,551 69,623 
Net gain on residential whole loans measured at fair value through earnings25,267 51,473 40,175 41,415 
Net realized gain on sales of residential mortgage securities and residential whole loans24,609 7,710 17,708 11,975 
Other income1,293 (2,321)4,546 2,007 
Operating and other expense(23,433)(23,328)(23,381)(24,399)
Net income88,857 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