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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
INTEREST INCOME:    
Investment securities and other interest earning assets $ 15,316 $ 11,813
Total interest income 147,982 108,891
INTEREST EXPENSE:    
Repurchase agreements and other interest bearing liabilities 20,386 9,651
Total interest expense 121,779 89,139
NET INTEREST INCOME 26,203 19,752
OTHER INCOME (LOSS):    
Recovery of (provision for) loan losses 1,065  
Provision for loan losses   (42)
Realized gain (loss) on investment securities and related hedges, net 16,801 (3,423)
Realized gain (loss) on distressed and other residential mortgage loans at carrying value, net 2,079 (773)
Net gain (loss) on distressed and other residential mortgage loans at fair value 11,010 (166)
Unrealized (loss) gain on investment securities and related hedges, net (14,586) 11,692
Unrealized gain on multi-family loans and debt held in securitization trusts, net 9,410 7,545
Loss on extinguishment of debt (2,857) 0
Income from real estate held for sale in consolidated variable interest entities 215 2,126
Other income 7,728 3,994
Total other income 30,865 20,953
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:    
General and administrative expenses 8,187 4,656
Base management and incentive fees 723 833
Expenses related to distressed and other residential mortgage loans 3,252 1,603
Expenses related to real estate held for sale in consolidated variable interest entities 482 1,606
Total general, administrative and operating expenses 12,644 8,698
INCOME FROM OPERATIONS BEFORE INCOME TAXES 44,424 32,007
Income tax expense (benefit) 74 (79)
NET INCOME 44,350 32,086
Net income attributable to non-controlling interest in consolidated variable interest entities (211) (2,468)
NET INCOME ATTRIBUTABLE TO COMPANY 44,139 29,618
Preferred stock dividends (5,925) (5,925)
NET INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS $ 38,214 $ 23,693
Basic earnings per common share (in dollars per share) $ 0.22 $ 0.21
Diluted earnings per common share (in dollars per share) $ 0.21 $ 0.20
Weighted average shares outstanding-basic (in shares) 174,421 112,018
Weighted average shares outstanding-diluted (in shares) 194,970 131,761
Securitized debt    
INTEREST EXPENSE:    
Interest expense $ 742 $ 1,330
Subordinated debentures    
INTEREST EXPENSE:    
Subordinated debentures 741 620
Convertible notes    
INTEREST EXPENSE:    
Interest expense 2,691 2,649
Distressed and other residential mortgage loans    
INTEREST INCOME:    
Interest income 15,891 7,541
Preferred equity and mezzanine loan investments    
INTEREST INCOME:    
Interest income 5,007 4,445
Multi-family loans held in securitization trusts    
INTEREST INCOME:    
Interest income 111,768 85,092
Residential collateralized debt obligations    
INTEREST EXPENSE:    
Interest expense 422 411
Multi-family collateralized debt obligations    
INTEREST EXPENSE:    
Interest expense $ 96,797 $ 74,478