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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
INTEREST INCOME:      
Investment securities and other interest earning assets $ 67,472 $ 47,482 $ 29,968
Total interest income 694,614 455,799 366,087
INTEREST EXPENSE:      
Repurchase agreements and other interest bearing liabilities 90,821 44,050 25,344
Interest Expense 566,750 377,071 308,101
NET INTEREST INCOME 127,864 78,728 57,986
NON-INTEREST INCOME:      
Recovery of (provision for) loan losses 2,780   1,739
Recovery of (provision for) loan losses   (1,257)  
Realized gains (losses), net 32,642 (7,775) 31,656
Unrealized gains (losses), net 35,837 52,781 20,786
Loss on extinguishment of debt (2,857) 0 0
Income from operating real estate and real estate held for sale in consolidated variable interest entities 215 6,163 7,280
Other income 25,831 16,568 13,552
Total non-interest income 94,448 66,480 75,013
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:      
General and administrative expenses 35,131 22,868 18,357
Base management and incentive fees 1,235 5,366 4,517
Expenses, other operating 482 4,328 9,457
Total general, administrative and operating expenses 49,835 41,470 41,077
INCOME FROM OPERATIONS BEFORE INCOME TAXES 172,477 103,738 91,922
Income tax expense (benefit) (419) (1,057) 3,355
NET INCOME 172,896 104,795 88,567
Net loss (income) attributable to non-controlling interest in consolidated variable interest entities 840 (1,909) 3,413
NET INCOME ATTRIBUTABLE TO COMPANY 173,736 102,886 91,980
Preferred stock dividends 28,901 23,700 15,660
NET INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS $ 144,835 $ 79,186 $ 76,320
Basic earnings per common share (in dollars per share) $ 0.65 $ 0.62 $ 0.68
Diluted earnings per common share (in dollars per share) $ 0.64 $ 0.61 $ 0.66
Weighted average shares outstanding-basic (in shares) 221,380 127,243 111,836
Weighted average shares outstanding-diluted (in shares) 242,596 147,450 130,343
Convertible notes      
INTEREST EXPENSE:      
Interest expense $ 10,813 $ 10,643 $ 9,852
Subordinated debentures      
INTEREST EXPENSE:      
Subordinated debentures 2,865 2,743 2,296
Securitized debt      
INTEREST EXPENSE:      
Interest expense 742 4,754 7,481
Distressed and other residential mortgage loans      
INTEREST INCOME:      
Interest income 71,017 28,569 25,054
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:      
Expenses, other operating 12,987 8,908 8,746
Preferred equity and mezzanine loan investments      
INTEREST INCOME:      
Interest income 20,899 21,036 13,941
Multi-family loans held in securitization trusts      
INTEREST INCOME:      
Interest income 535,226 358,712 297,124
Residential collateralized debt obligations      
INTEREST EXPENSE:      
Interest expense 4,379 1,779 1,463
Multi-family collateralized debt obligations      
INTEREST EXPENSE:      
Interest expense $ 457,130 $ 313,102 $ 261,665