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Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
INTEREST INCOME:        
Investment securities and other $ 9,716 $ 8,587 $ 29,716 $ 25,612
Total interest income 91,382 79,525 263,748 240,917
INTEREST EXPENSE:        
Investment securities and other 5,759 4,598 17,132 12,409
Total interest expense 78,062 64,007 220,801 191,093
NET INTEREST INCOME 13,320 15,518 42,947 49,824
OTHER INCOME (LOSS):        
Recovery of (provision for) loan losses 563 (26) 452 661
Realized gain on investment securities and related hedges, net 4,059 2,306 3,951 5,333
Realized gain on distressed residential mortgage loans at carrying value, net 6,689 6,416 21,024 11,990
Net gain on residential mortgage loans at fair value 717 0 717 0
Unrealized gain (loss) on investment securities and related hedges, net 1,192 1,563 1,687 (1,594)
Unrealized gain on multi-family loans and debt held in securitization trusts, net 2,353 738 5,184 2,340
Income from operating real estate and real estate held for sale in consolidated variable interest entities 2,429 0 4,746 0
Other income 6,916 5,635 12,037 16,833
Total other income 24,918 16,632 49,798 35,563
Base management and incentive fees 1,386 1,453 4,355 7,958
Expenses related to distressed residential mortgage loans 2,225 2,398 6,682 8,332
Expenses related to operating real estate and real estate held for sale in consolidated variable interest entities 3,143 0 7,558 0
Other general and administrative expenses 4,242 4,854 14,196 11,711
Total general, administrative and operating expenses 10,996 8,705 32,791 28,001
INCOME FROM OPERATIONS BEFORE INCOME TAXES 27,242 23,445 59,954 57,386
Income tax expense 507 163 2,187 2,720
NET INCOME 26,735 23,282 57,767 54,666
Net loss (income) attributable to non-controlling interest in consolidated variable interest entities 1,110 (14) 3,597 (12)
NET INCOME ATTRIBUTABLE TO COMPANY 27,845 23,268 61,364 54,654
Preferred stock dividends (3,225) (3,225) (9,675) (9,675)
NET INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS $ 24,620 $ 20,043 $ 51,689 $ 44,979
Basic earnings per common share (in dollars per share) $ 0.22 $ 0.18 $ 0.46 $ 0.41
Diluted earnings per common share (in dollars per share) $ 0.21 $ 0.18 $ 0.45 $ 0.41
Weighted average shares outstanding-basic (in shares) 111,886 109,569 111,824 109,487
Weighted average shares outstanding-diluted (in shares) 131,580 109,569 129,931 109,487
Convertible notes        
INTEREST EXPENSE:        
Interest expense $ 2,630 $ 0 $ 7,220 $ 0
Securitized debt        
INTEREST EXPENSE:        
Interest expense 1,651 3,209 5,937 8,436
Subordinated debentures        
INTEREST EXPENSE:        
Subordinated debentures 589 519 1,699 1,528
Multi-family loans held in securitization trusts        
INTEREST INCOME:        
Interest income 76,186 62,126 213,242 187,427
Residential mortgage loans        
INTEREST INCOME:        
Interest income 1,556 947 4,163 2,705
Distressed residential mortgage loans        
INTEREST INCOME:        
Interest income 3,924 7,865 16,627 25,173
Multi-family collateralized debt obligations        
INTEREST EXPENSE:        
Interest expense 67,030 55,359 187,835 167,783
Residential collateralized debt obligations        
INTEREST EXPENSE:        
Interest expense $ 403 $ 322 $ 978 $ 937