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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
INTEREST INCOME:      
Investment securities and other $ 43,909 $ 33,696 $ 36,320
Total interest income 366,087 319,306 336,768
INTEREST EXPENSE:      
Investment securities and other 25,344 17,764 13,737
Total interest expense 308,101 254,668 260,651
NET INTEREST INCOME 57,986 64,638 76,117
OTHER INCOME (LOSS):      
Recovery of (provision for) loan losses 1,739 838 (1,363)
Realized gain (loss) on investment securities and related hedges, net 3,888 (3,645) (4,617)
Gain on de-consolidation of multi-family loans held in securitization trust and multi-family collateralized debt obligations 0 0 1,483
Realized gain on distressed residential mortgage loans at carrying value, net 26,049 14,865 31,251
Net gain on residential mortgage loans at fair value 1,678 0 0
Unrealized gain (loss) on investment securities and related hedges, net 1,955 7,070 (2,641)
Unrealized gain on multi-family loans and debt held in securitization trusts, net 18,872 3,032 12,368
Income from operating real estate and real estate held for sale in consolidated variable interest entities 7,280 0 0
Other income 13,552 19,078 9,430
Total other income 75,013 41,238 45,911
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:      
General and administrative expenses 18,357 15,246 9,928
Base management and incentive fees 4,517 9,261 19,188
Expenses related to distressed residential mortgage loans 8,746 10,714 10,364
Expenses related to operating real estate and real estate held for sale in consolidated variable interest entities 9,457 0 0
Total general, administrative and operating expenses 41,077 35,221 39,480
INCOME FROM OPERATIONS BEFORE INCOME TAXES 91,922 70,655 82,548
Income tax expense 3,355 3,095 4,535
NET INCOME 88,567 67,560 78,013
Net loss (income) attributable to non-controlling interest in consolidated variable interest entities 3,413 (9)  
NET INCOME ATTRIBUTABLE TO COMPANY 91,980 67,551 78,013
Preferred stock dividends (15,660) (12,900) (10,990)
NET INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS $ 76,320 $ 54,651 $ 67,023
Basic earnings per common share (in dollars per share) $ 0.68 $ 0.50 $ 0.62
Diluted earnings per common share (in dollars per share) $ 0.66 $ 0.50 $ 0.62
Weighted average shares outstanding-basic (in shares) 111,836 109,594 108,399
Weighted average shares outstanding-diluted (in shares) 130,343 109,594 108,399
Convertible notes      
INTEREST EXPENSE:      
Interest expense $ 9,852 $ 0 $ 0
Securitized debt      
INTEREST EXPENSE:      
Interest expense 7,481 11,044 11,126
Subordinated debentures      
INTEREST EXPENSE:      
Subordinated debentures 2,296 2,061 1,881
Multi-family loans held in securitization trusts      
INTEREST INCOME:      
Interest income 297,124 249,191 257,417
Residential mortgage loans      
INTEREST INCOME:      
Interest income 6,117 3,770 3,728
Distressed residential mortgage loans      
INTEREST INCOME:      
Interest income 18,937 32,649 39,303
Multi-family collateralized debt obligations, at fair value      
INTEREST EXPENSE:      
Interest expense 261,665 222,553 232,971
Residential collateralized debt obligations      
INTEREST EXPENSE:      
Interest expense $ 1,463 $ 1,246 $ 936