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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
INTEREST INCOME:        
Investment securities and other interest earning assets $ 15,355 $ 12,128 $ 30,671 $ 23,940
Total interest income 167,258 107,723 315,240 216,614
INTEREST EXPENSE:        
Repurchase agreements and other interest bearing liabilities 22,823 10,477 43,209 20,127
Total interest expense 141,567 90,223 263,344 179,363
NET INTEREST INCOME 25,691 17,500 51,896 37,251
OTHER INCOME (LOSS):        
Recovery of loan losses 1,296 437 2,362 395
Realized (loss) gain on investment securities and related hedges, net 0 (8,847) 16,801 (12,270)
Realized gain on distressed and other residential mortgage loans at carrying value, net 2,054 2,214 4,133 1,442
Net gain (loss) on distressed and other residential mortgage loans at fair value 12,271 97 23,281 (70)
Unrealized (loss) gain on investment securities and related hedges, net (15,007) 12,606 (29,593) 24,298
Unrealized gain on multi-family loans and debt held in securitization trusts, net 5,207 12,019 14,617 19,564
Loss on extinguishment of debt 0 0 (2,857) 0
Income from real estate held for sale in consolidated variable interest entities 0 1,253 215 3,379
Other income 2,740 228 10,465 4,223
Total other income 8,561 20,007 39,424 40,961
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:        
General and administrative expenses 9,272 5,276 17,459 9,932
Base management and incentive fees 543 809 1,266 1,642
Expenses related to distressed and other residential mortgage loans 2,579 1,811 5,831 3,414
Expenses related to real estate held for sale in consolidated variable interest entities 0 873 482 2,479
Total general, administrative and operating expenses 12,394 8,769 25,038 17,467
INCOME FROM OPERATIONS BEFORE INCOME TAXES 21,858 28,738 66,282 60,745
Income tax benefit (134) (13) (60) (92)
NET INCOME 21,992 28,751 66,342 60,837
Net loss (income) attributable to non-controlling interest in consolidated variable interest entities 743 943 532 (1,526)
NET INCOME ATTRIBUTABLE TO COMPANY 22,735 29,694 66,874 59,311
Preferred stock dividends (6,257) (5,925) (12,182) (11,850)
NET INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS $ 16,478 $ 23,769 $ 54,692 $ 47,461
Basic earnings per common share (in dollars per share) $ 0.08 $ 0.21 $ 0.29 $ 0.42
Diluted earnings per common share (in dollars per share) $ 0.08 $ 0.20 $ 0.29 $ 0.40
Weighted average shares outstanding-basic (in shares) 200,691 115,211 187,628 113,623
Weighted average shares outstanding-diluted (in shares) 202,398 135,164 209,011 133,470
Convertible notes        
INTEREST EXPENSE:        
Interest expense $ 2,694 $ 2,652 $ 5,384 $ 5,301
Subordinated debentures        
INTEREST EXPENSE:        
Subordinated debentures 734 690 1,474 1,310
Securitized debt        
INTEREST EXPENSE:        
Interest expense 0 1,243 742 2,574
Distressed and other residential mortgage loans        
INTEREST INCOME:        
Interest income 13,598 5,104 29,489 12,645
Preferred equity and mezzanine loan investments        
INTEREST INCOME:        
Interest income 5,148 4,862 10,155 9,308
Multi-family loans held in securitization trusts        
INTEREST INCOME:        
Interest income 133,157 85,629 244,925 170,721
Residential collateralized debt obligations        
INTEREST EXPENSE:        
Interest expense 402 475 824 886
Multi-family collateralized debt obligations        
INTEREST EXPENSE:        
Interest expense $ 114,914 $ 74,686 $ 211,711 $ 149,165