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CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Interest Income    
Residential loans $ 43,655 $ 79,436
Business purpose loans 64,188 52,654
Multifamily loans 4,786 40,172
Real estate securities 9,663 18,309
Other interest income 6,013 7,510
Total interest income 128,305 198,081
Interest Expense    
Short-term debt (7,773) (23,067)
Asset-backed securities issued (72,561) (100,498)
Long-term debt (22,218) (23,106)
Total interest expense (102,552) (146,671)
Net Interest Income 25,753 51,410
Non-interest Income (Loss)    
Mortgage banking activities, net 82,607 (28,902)
Investment fair value changes, net 45,087 (870,832)
Other income, net 3,843 2,928
Realized gains, net 2,716 3,852
Total non-interest income (loss), net 134,253 (892,954)
General and administrative expenses (43,551) (28,682)
Loan acquisition costs (3,559) (3,986)
Other expenses (4,096) (91,415)
Net Income (Loss) before (Provision for) Benefit from Income Taxes 108,800 (965,627)
(Provision for) benefit from income taxes (11,543) 22,229
Net Income (Loss) $ 97,257 $ (943,398)
Basic earnings (loss) per common share (in dollars per share) $ 0.84 $ (8.28)
Diluted earnings (loss) per common share (in dollars per share) $ 0.72 $ (8.28)
Basic weighted average shares outstanding (in shares) 112,276,842 114,076,568
Diluted weighted average shares outstanding (in shares) 141,039,285 114,076,568