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CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Interest Income        
Residential loans $ 65,047 $ 48,433 $ 130,250 $ 92,088
Business purpose loans 80,934 70,323 175,233 134,511
Multifamily loans 4,732 4,860 9,485 9,646
Real estate securities 7,828 9,279 23,783 18,942
Other interest income 8,914 5,800 18,104 11,813
Total interest income 167,455 138,695 356,855 267,000
Interest Expense        
Short-term debt (13,661) (11,195) (25,149) (18,968)
Asset-backed securities issued (88,859) (76,419) (194,554) (148,980)
Long-term debt (24,447) (20,451) (43,562) (42,669)
Total interest expense (126,967) (108,065) (263,265) (210,617)
Net Interest Income 40,488 30,630 93,590 56,383
Non-interest (Loss) Income        
Mortgage banking activities, net (30,017) 54,419 (13,702) 137,026
Investment fair value changes, net (87,972) 49,480 (94,092) 94,567
Other income, net 7,006 2,126 12,989 5,969
Realized gains, net 0 8,384 2,581 11,100
Total non-interest (loss) income, net (110,983) 114,409 (92,224) 248,662
General and administrative expenses (31,966) (40,594) (66,820) (84,145)
Loan acquisition costs (3,480) (3,748) (7,945) (7,307)
Other expenses (3,468) (3,985) (7,553) (8,081)
Net (Loss) Income before Benefit from (Provision for) Income Taxes (109,409) 96,712 (80,952) 205,512
Benefit from (provision for) income taxes 9,443 (6,687) 11,901 (18,230)
Net (Loss) Income $ (99,966) $ 90,025 $ (69,051) $ 187,282
Basic (loss) earnings per common share (in dollars per share) $ (0.85) $ 0.77 $ (0.60) $ 1.61
Diluted (loss) earnings per common share (in dollars per share) $ (0.85) $ 0.66 $ (0.60) $ 1.38
Basic weighted average shares outstanding (in shares) 119,660,173 112,921,070 119,771,554 112,337,984
Diluted weighted average shares outstanding (in shares) 119,660,173 141,761,084 119,771,554 141,139,212