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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
INTEREST INCOME:        
Investment securities and other interest earning assets $ 17,503 $ 11,147 $ 48,173 $ 35,087
Total interest income 179,602 110,249 494,842 326,863
INTEREST EXPENSE:        
Repurchase agreements and other interest bearing liabilities 23,540 10,548 66,749 30,673
Total interest expense 147,631 90,646 410,976 270,009
NET INTEREST INCOME 31,971 19,603 83,866 56,854
NON-INTEREST INCOME:        
Recovery of loan losses 244 840 2,605 1,235
Realized gains (losses), net 6,102 3,232 32,556 (7,228)
Unrealized gains (losses), net 11,112 14,094 13,898 57,518
Loss on extinguishment of debt 0 0 (2,857) 0
Income from real estate held for sale in consolidated variable interest entities 0 1,380 215 4,759
Other income 3,938 4,757 14,405 8,981
Total non-interest income 21,396 24,303 60,822 65,265
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:        
General and administrative expenses 8,345 6,196 25,804 16,129
Base management and incentive fees (31) 844 1,235 2,486
Expenses related to distressed and other residential mortgage loans 3,974 2,117 9,805 5,531
Expenses related to real estate held for sale in consolidated variable interest entities 0 755 482 3,234
Total general, administrative and operating expenses 12,288 9,912 37,326 27,380
INCOME FROM OPERATIONS BEFORE INCOME TAXES 41,079 33,994 107,362 94,739
Income tax benefit (187) (454) (247) (547)
NET INCOME 41,266 34,448 107,609 95,286
Net loss (income) attributable to non-controlling interest in consolidated variable interest entities 113 (475) 645 (2,001)
NET INCOME ATTRIBUTABLE TO COMPANY 41,379 33,973 108,254 93,285
Preferred stock dividends (6,544) (5,925) (18,726) (17,775)
NET INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS $ 34,835 $ 28,048 $ 89,528 $ 75,510
Basic earnings per common share (in dollars per share) $ 0.15 $ 0.21 $ 0.44 $ 0.63
Diluted earnings per common share (in dollars per share) $ 0.15 $ 0.20 $ 0.43 $ 0.60
Weighted average shares outstanding-basic (in shares) 234,043 132,413 203,270 119,955
Weighted average shares outstanding-diluted (in shares) 255,537 152,727 224,745 140,044
Convertible notes        
INTEREST EXPENSE:        
Interest expense $ 2,713 $ 2,669 $ 8,097 $ 7,971
Subordinated debentures        
INTEREST EXPENSE:        
Subordinated debentures 711 712 2,185 2,023
Securitized debt        
INTEREST EXPENSE:        
Interest expense 0 1,110 742 3,684
Distressed and other residential mortgage loans        
INTEREST INCOME:        
Interest income 16,776 6,770 46,266 19,415
Preferred equity and mezzanine loan investments        
INTEREST INCOME:        
Interest income 5,505 5,874 15,660 15,182
Multi-family loans held in securitization trusts        
INTEREST INCOME:        
Interest income 139,818 86,458 384,743 257,179
Residential collateralized debt obligations        
INTEREST EXPENSE:        
Interest expense 338 462 1,162 1,348
Multi-family collateralized debt obligations        
INTEREST EXPENSE:        
Interest expense $ 120,329 $ 75,145 $ 332,041 $ 224,310