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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
INTEREST INCOME:        
Investment securities and other $ 16,990 $ 10,199 $ 33,248 $ 20,000
Total interest income 107,723 93,981 216,614 172,366
INTEREST EXPENSE:        
Investment securities and other 10,477 5,805 20,127 11,374
Total interest expense 90,223 78,273 179,363 142,740
NET INTEREST INCOME 17,500 15,708 37,251 29,626
OTHER INCOME (LOSS):        
Recovery of (provision for) loan losses 437 (300) 395 (112)
Realized (loss) gain on investment securities and related hedges, net (8,654) 1,114 (12,076) (109)
Realized gain on distressed residential mortgage loans at carrying value, net 2,021 2,364 1,248 14,335
Net gain (loss) on residential mortgage loans at fair value 97 0 (70) 0
Unrealized gain (loss) on investment securities and related hedges, net 12,606 (1,051) 24,298 495
Unrealized gain on multi-family loans and debt held in securitization trusts, net 12,019 1,447 19,564 2,831
Income from operating real estate and real estate held for sale in consolidated variable interest entities 1,253 2,316 3,379 2,316
Other income 228 2,282 4,223 5,121
Total other income 20,007 8,172 40,961 24,877
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:        
General and administrative expenses 5,276 5,065 9,932 9,952
Base management and incentive fees 809 (109) 1,642 2,969
Expenses related to distressed residential mortgage loans 1,811 2,218 3,414 4,457
Expenses related to operating real estate and real estate held for sale in consolidated variable interest entities 873 4,415 2,479 4,415
Total general, administrative and operating expenses 8,769 11,589 17,467 21,793
INCOME FROM OPERATIONS BEFORE INCOME TAXES 28,738 12,291 60,745 32,710
Income tax (benefit) expense (13) 442 (92) 1,680
NET INCOME 28,751 11,849 60,837 31,030
Net loss (income) attributable to non-controlling interest in consolidated variable interest entities 943 2,487 (1,526) 2,487
NET INCOME ATTRIBUTABLE TO COMPANY 29,694 14,336 59,311 33,517
Preferred stock dividends (5,925) (3,225) (11,850) (6,450)
NET INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS $ 23,769 $ 11,111 $ 47,461 $ 27,067
Basic earnings per common share (in dollars per share) $ 0.21 $ 0.10 $ 0.42 $ 0.24
Diluted earnings per common share (in dollars per share) $ 0.20 $ 0.10 $ 0.40 $ 0.24
Weighted average shares outstanding-basic (in shares) 115,211 111,863 113,623 111,792
Weighted average shares outstanding-diluted (in shares) 135,164 111,863 133,470 111,792
Convertible notes        
INTEREST EXPENSE:        
Interest expense $ 2,652 $ 2,615 $ 5,301 $ 4,590
Securitized debt        
INTEREST EXPENSE:        
Interest expense 1,243 2,171 2,574 4,286
Subordinated debentures        
INTEREST EXPENSE:        
Subordinated debentures 690 570 1,310 1,110
Multi-family loans held in securitization trusts        
INTEREST INCOME:        
Interest income 85,629 75,752 170,721 137,056
Residential mortgage loans        
INTEREST INCOME:        
Interest income 2,384 1,365 4,571 2,607
Distressed residential mortgage loans        
INTEREST INCOME:        
Interest income 2,720 6,665 8,074 12,703
Multi-family collateralized debt obligations        
INTEREST EXPENSE:        
Interest expense 74,686 66,873 149,165 120,805
Residential collateralized debt obligations        
INTEREST EXPENSE:        
Interest expense $ 475 $ 239 $ 886 $ 575