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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
INTEREST INCOME:    
Investment securities and other $ 16,258 $ 9,801
Total interest income 108,891 78,385
INTEREST EXPENSE:    
Investment securities and other 9,651 5,569
Total interest expense 89,139 64,467
NET INTEREST INCOME 19,752 13,918
OTHER INCOME (LOSS):    
(Provision for) recovery of loan losses (42) 188
Realized loss on investment securities and related hedges, net (3,423) (1,223)
Realized (loss) gain on distressed residential mortgage loans at carrying value, net (773) 11,971
Net loss on residential mortgage loans at fair value (166) 0
Unrealized gain on investment securities and related hedges, net 11,692 1,546
Unrealized gain on multi-family loans and debt held in securitization trusts, net 7,545 1,384
Income from operating real estate and real estate held for sale in consolidated variable interest entities 2,126 0
Other income 3,994 2,839
Total other income 20,953 16,705
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:    
General and administrative expenses 4,656 4,887
Base management and incentive fees 833 3,078
Expenses related to distressed residential mortgage loans 1,603 2,239
Expenses related to operating real estate and real estate held for sale in consolidated variable interest entities 1,606 0
Total general, administrative and operating expenses 8,698 10,204
INCOME FROM OPERATIONS BEFORE INCOME TAXES 32,007 20,419
Income tax (benefit) expense (79) 1,237
NET INCOME 32,086 19,182
Net income attributable to non-controlling interest in consolidated variable interest entities (2,468) 0
NET INCOME ATTRIBUTABLE TO COMPANY 29,618 19,182
Preferred stock dividends (5,925) (3,225)
NET INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS $ 23,693 $ 15,957
Basic earnings per common share (in dollars per share) $ 0.21 $ 0.14
Diluted earnings per common share (in dollars per share) $ 0.20 $ 0.14
Weighted average shares outstanding-basic (in shares) 112,018 111,721
Weighted average shares outstanding-diluted (in shares) 131,761 126,602
Convertible notes    
INTEREST EXPENSE:    
Interest expense $ 2,649 $ 1,975
Securitized debt    
INTEREST EXPENSE:    
Interest expense 1,330 2,115
Subordinated debentures    
INTEREST EXPENSE:    
Subordinated debentures 620 540
Multi-family loans held in securitization trusts    
INTEREST INCOME:    
Interest income 85,092 61,304
Residential mortgage loans    
INTEREST INCOME:    
Interest income 2,187 1,242
Distressed residential mortgage loans    
INTEREST INCOME:    
Interest income 5,354 6,038
Multi-family collateralized debt obligations    
INTEREST EXPENSE:    
Interest expense 74,478 53,932
Residential collateralized debt obligations    
INTEREST EXPENSE:    
Interest expense $ 411 $ 336