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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
INTEREST INCOME:      
Investment securities and other $ 68,518 $ 43,909 $ 33,696
Total interest income 455,799 366,087 319,306
INTEREST EXPENSE:      
Investment securities and other 44,050 25,344 17,764
Interest expense 377,071 308,101 254,668
NET INTEREST INCOME 78,728 57,986 64,638
OTHER INCOME (LOSS):      
(Provision for) recovery of loan losses (1,257) 1,739 838
Realized (loss) gain on investment securities and related hedges, net (11,758) 3,888 (3,645)
Realized (loss) gain on distressed residential mortgage loans at carrying value, net (623) 26,049 14,865
Net gain on distressed and other residential mortgage loans at fair value 8,702 1,678 0
Unrealized gain on investment securities and related hedges, net 11,104 1,955 7,070
Unrealized gain on multi-family loans and debt held in securitization trusts, net 37,581 18,872 3,032
Income from operating real estate and real estate held for sale in consolidated variable interest entities 6,163 7,280 0
Other income 16,568 13,552 19,078
Total other income 66,480 75,013 41,238
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:      
General and administrative expenses 22,868 18,357 15,246
Base management and incentive fees 5,366 4,517 9,261
Expenses related to distressed and other residential mortgage loans 8,908 8,746 10,714
Expenses related to operating real estate and real estate held for sale in consolidated variable interest entities 4,328 9,457 0
Total general, administrative and operating expenses 41,470 41,077 35,221
INCOME FROM OPERATIONS BEFORE INCOME TAXES 103,738 91,922 70,655
Income tax (benefit) expense (1,057) 3,355 3,095
NET INCOME 104,795 88,567 67,560
Net (income) loss attributable to non-controlling interest in consolidated variable interest entities (1,909) 3,413 (9)
NET INCOME ATTRIBUTABLE TO COMPANY 102,886 91,980 67,551
Preferred stock dividends (23,700) (15,660) (12,900)
NET INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS $ 79,186 $ 76,320 $ 54,651
Basic earnings per common share (in dollars per share) $ 0.62 $ 0.68 $ 0.50
Diluted earnings per common share (in dollars per share) $ 0.61 $ 0.66 $ 0.50
Weighted average shares outstanding-basic (in shares) 127,243 111,836 109,594
Weighted average shares outstanding-diluted (in shares) 147,450 130,343 109,594
Convertible notes      
INTEREST EXPENSE:      
Total interest expense $ 10,643 $ 9,852 $ 0
Securitized debt      
INTEREST EXPENSE:      
Total interest expense 4,754 7,481 11,044
Subordinated debentures      
INTEREST EXPENSE:      
Subordinated debentures 2,743 2,296 2,061
Multi-family loans held in securitization trusts      
INTEREST INCOME:      
Interest income 358,712 297,124 249,191
Distressed and other residential mortgage loans      
INTEREST INCOME:      
Interest income 28,569 25,054 36,419
Multi-family collateralized debt obligations, at fair value      
INTEREST EXPENSE:      
Total interest expense 313,102 261,665 222,553
Residential collateralized debt obligations      
INTEREST EXPENSE:      
Total interest expense $ 1,779 $ 1,463 $ 1,246