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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
INTEREST INCOME:        
Investment securities and other interest earning assets $ 9,354 $ 17,503 $ 41,801 $ 48,173
Total interest income 45,358 179,602 303,941 494,842
INTEREST EXPENSE:        
Repurchase agreements and other interest bearing liabilities 5,341 23,540 34,321 66,749
Total interest expense 19,829 147,631 202,807 410,976
NET INTEREST INCOME 25,529 31,971 101,134 83,866
NON-INTEREST INCOME (LOSS):        
Recovery of loan losses 0 244 0 2,605
Realized (losses) gains, net (1,067) 6,102 (149,919) 32,556
Realized loss on de-consolidation of multi-family loans held in securitization trusts and multi-family collateralized debt obligations, net 0 0 (54,118) 0
Unrealized gains (losses), net 81,198 11,112 (212,711) 13,898
Impairment of goodwill 0 0 (25,222) 0
Loss on extinguishment of debt 0 0 0 (2,857)
Other income 10,397 3,938 14,910 14,620
Total non-interest income (loss) 90,528 21,396 (427,060) 60,822
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:        
General and administrative expenses 10,529 8,314 33,157 27,039
Operating expenses 2,895 3,974 8,225 10,287
Total general, administrative and operating expenses 13,424 12,288 41,382 37,326
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES 102,633 41,079 (367,308) 107,362
Income tax (benefit) expense (772) (187) 917 (247)
NET INCOME (LOSS) 103,405 41,266 (368,225) 107,609
Net (income) loss attributable to non-controlling interest in consolidated variable interest entities (1,764) 113 (704) 645
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY 101,641 41,379 (368,929) 108,254
Preferred stock dividends (10,297) (6,544) (30,890) (18,726)
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS $ 91,344 $ 34,835 $ (399,819) $ 89,528
Basic earnings (loss) per common share (in dollars per share) $ 0.24 $ 0.15 $ (1.08) $ 0.44
Diluted earnings (loss) per common share (in dollars per share) $ 0.23 $ 0.15 $ (1.08) $ 0.43
Weighted average shares outstanding-basic (in shares) 377,744 234,043 368,740 203,270
Weighted average shares outstanding-diluted (in shares) 399,709 255,537 368,740 224,745
Convertible notes        
INTEREST EXPENSE:        
Interest expense $ 2,759 $ 2,713 $ 8,234 $ 8,097
Subordinated debentures        
INTEREST EXPENSE:        
Subordinated debentures 483 711 1,714 2,185
Securitized debt        
INTEREST EXPENSE:        
Interest expense 1,524 0 1,994 742
Residential loans        
INTEREST INCOME:        
Interest income 30,704 16,776 94,424 46,266
Preferred equity and mezzanine loan investments        
INTEREST INCOME:        
Interest income 5,300 5,505 15,875 15,660
Multi-family loans held in securitization trusts        
INTEREST INCOME:        
Interest income 0 139,818 151,841 384,743
Residential collateralized debt obligations        
INTEREST EXPENSE:        
Interest expense 9,722 338 26,782 1,162
Multi-family collateralized debt obligations, at fair value        
INTEREST EXPENSE:        
Interest expense $ 0 $ 120,329 $ 129,762 $ 332,041