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CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Interest Income        
Residential loans $ 48,433 $ 54,974 $ 92,088 $ 134,410
Business purpose loans 70,323 53,419 134,511 106,073
Multifamily loans 4,860 4,870 9,646 45,042
Real estate securities 9,279 10,027 18,942 28,336
Other interest income 5,800 6,656 11,813 14,166
Total interest income 138,695 129,946 267,000 328,027
Interest Expense        
Short-term debt (11,195) (16,907) (18,968) (39,974)
Asset-backed securities issued (76,419) (65,304) (148,980) (165,802)
Long-term debt (20,451) (20,455) (42,669) (43,561)
Total interest expense (108,065) (102,666) (210,617) (249,337)
Net Interest Income 30,630 27,280 56,383 78,690
Non-interest Income (Loss)        
Mortgage banking activities, net 54,419 (5,982) 137,026 (34,884)
Investment fair value changes, net 49,480 152,228 94,567 (718,604)
Other income, net 2,126 1,165 5,969 4,093
Realized gains, net 8,384 25,965 11,100 29,817
Total non-interest income (loss), net 114,409 173,376 248,662 (719,578)
General and administrative expenses (40,594) (28,520) (84,145) (57,202)
Loan acquisition costs (3,748) (1,572) (7,307) (5,558)
Other expenses (3,985) (5,083) (8,081) (96,498)
Net Income (Loss) before (Provision for) Benefit from Income Taxes 96,712 165,481 205,512 (800,146)
(Provision for) benefit from income taxes (6,687) (37) (18,230) 22,192
Net Income (Loss) $ 90,025 $ 165,444 $ 187,282 $ (777,954)
Basic earnings (loss) per common share (in dollars per share) $ 0.77 $ 1.41 $ 1.61 $ (6.82)
Diluted earnings (loss) per common share (in dollars per share) $ 0.66 $ 1.00 $ 1.38 $ (6.82)
Basic weighted average shares outstanding (in shares) 112,921,070 114,383,289 112,337,984 114,229,928
Diluted weighted average shares outstanding (in shares) 141,761,084 147,099,079 141,139,212 114,229,928