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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Interest Income        
Residential loans $ 77,070 $ 63,265 $ 230,308 $ 169,010
Business purpose residential loans 5,446 1,445 12,231 1,445
Multifamily loans 36,829 5,578 94,134 5,578
Real estate securities 23,047 27,063 72,514 79,054
Other interest income 7,725 2,046 20,513 3,905
Total interest income 150,117 99,397 429,700 258,992
Interest Expense        
Short-term debt (24,239) (14,146) (70,732) (40,756)
Asset-backed securities issued (71,065) (27,421) (196,473) (55,171)
Long-term debt (21,300) (22,784) (64,895) (58,151)
Total interest expense (116,604) (64,351) (332,100) (154,078)
Net Interest Income 33,513 35,046 97,600 104,914
Non-interest Income        
Mortgage banking activities, net 9,515 11,224 40,984 48,396
Investment fair value changes, net 11,444 10,332 34,741 12,830
Other income, net 1,825 3,453 7,819 8,893
Realized gains, net 4,714 7,275 18,227 21,352
Total non-interest income, net 27,498 32,284 101,771 91,471
Operating expenses (26,815) (21,490) (76,229) (63,529)
Net Income before Provision for Income Taxes 34,196 45,840 123,142 132,856
Benefit from (provision for) income taxes 114 (4,919) (3,102) (12,343)
Net Income $ 34,310 $ 40,921 $ 120,040 $ 120,513
Basic earnings per common share (in dollars per share) $ 0.33 $ 0.49 $ 1.20 $ 1.51
Diluted earnings per common share (in dollars per share) $ 0.31 $ 0.42 $ 1.09 $ 1.30
Basic weighted average shares outstanding (in shares) 101,872,126 80,796,856 97,214,064 77,211,188
Diluted weighted average shares outstanding (in shares) 136,522,709 114,682,688 131,202,689 107,792,029