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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Interest Income:        
Residential whole loans held at carrying value $ 57,879 $ 17,935 $ 107,499 $ 32,264
MSR-related assets 12,338 6,219 22,958 13,842
Cash and cash equivalent investments 1,036 685 1,800 1,594
Other interest-earning assets 1,287 0 2,593 0
Interest Income 144,935 101,747 285,887 205,499
Interest Expense:        
Repurchase agreements 75,890 46,234 146,699 91,951
Other interest expense 9,154 5,576 17,371 10,413
Interest Expense 85,044 51,810 164,070 102,364
Net Interest Income 59,891 49,937 121,817 103,135
Other Income, net:        
Net gain on residential whole loans measured at fair value through earnings 51,473 32,443 76,740 70,941
Net realized gain on sales of residential mortgage securities 7,710 7,429 32,319 16,246
Net unrealized gain/(loss) on residential mortgage securities measured at fair value through earnings 0 (2,351) 8,672 (3,231)
Net (loss)/gain on Swaps not designated as hedges for accounting purposes (7,394) 353 (16,338) 353
Other, net 5,073 3,132 6,638 4,357
Other Income, net 56,862 41,006 108,031 88,666
Operating and Other Expense:        
Compensation and benefits 7,841 7,038 16,395 13,786
Other general and administrative expense 5,934 5,582 10,579 9,414
Loan servicing and other related operating expenses 9,938 7,928 20,977 14,811
Operating and Other Expense 23,713 20,548 47,951 38,011
Net Income 93,040 70,395 181,897 153,790
Less Preferred Stock Dividends 3,750 3,750 7,500 7,500
Net Income Available to Common Stock and Participating Securities $ 89,290 $ 66,645 $ 174,397 $ 146,290
Basic Earnings per Common Share (usd per share) $ 0.20 $ 0.17 $ 0.39 $ 0.36
Diluted Earnings per Common Share (usd per share) $ 0.20 $ 0.17 $ 0.38 $ 0.36
Agency MBS        
Interest Income:        
Securities $ 15,274 $ 13,170 $ 33,715 $ 28,463
Non-Agency MBS | Non-Agency MBS        
Interest Income:        
Securities 52,027 55,043 106,028 111,145
CRT securities        
Interest Income:        
Securities $ 5,094 $ 8,695 $ 11,294 $ 18,191