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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Interest Income        
Residential loans $ 77,288 $ 55,514 $ 153,238 $ 105,745
Business purpose residential loans 3,996 0 6,785 0
Multifamily loans 35,917 0 57,305 0
Real estate securities 25,017 26,296 49,467 51,991
Other interest income 6,324 1,166 12,788 1,859
Total interest income 148,542 82,976 279,583 159,595
Interest Expense        
Short-term debt (24,275) (13,175) (46,493) (26,610)
Asset-backed securities issued (70,113) (16,349) (125,408) (27,750)
Long-term debt (21,832) (18,689) (43,595) (35,367)
Total interest expense (116,220) (48,213) (215,496) (89,727)
Net Interest Income 32,322 34,763 64,087 69,868
Non-interest Income        
Mortgage banking activities, net 19,160 10,596 31,469 37,172
Investment fair value changes, net 3,138 889 23,297 2,498
Other income, net 2,407 3,322 5,994 5,440
Realized gains, net 2,827 4,714 13,513 14,077
Total non-interest income, net 27,532 19,521 74,273 59,187
Operating expenses (26,255) (19,009) (49,414) (42,039)
Net Income before Provision for Income Taxes 33,599 35,275 88,946 87,016
Provision for income taxes (2,333) (2,528) (3,216) (7,424)
Net Income $ 31,266 $ 32,747 $ 85,730 $ 79,592
Basic earnings per common share (in dollars per share) $ 0.31 $ 0.42 $ 0.88 $ 1.02
Diluted earnings per common share (in dollars per share) $ 0.30 $ 0.38 $ 0.78 $ 0.88
Basic weighted average shares outstanding (in shares) 96,983,764 75,380,715 94,846,431 75,388,638
Diluted weighted average shares outstanding (in shares) 130,696,954 100,431,993 128,499,431 104,291,180