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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Interest Income:      
Residential whole loans held at carrying value $ 243,980 $ 100,921 $ 36,187
MSR-related assets 52,647 28,420 24,830
Cash and cash equivalent investments 3,393 2,936 4,249
Other interest-earning assets 7,152 923 0
Interest Income 581,726 455,675 433,448
Interest Expense:      
Repurchase agreements 292,050 205,338 186,347
Other interest expense 40,306 26,848 10,794
Interest Expense 332,356 232,186 197,141
Net Interest Income 249,370 223,489 236,307
Other Income, net:      
Net gain on residential whole loans measured at fair value through earnings 158,330 137,619 90,045
Net realized gain on sales of residential mortgage securities 62,002 61,307 39,577
Net unrealized gain/(loss) on residential mortgage securities measured at fair value through earnings 7,080 (36,815) 27,709
Net loss on Swaps not designated as hedges for accounting purposes (16,500) (9,610) 0
Other, net 14,945 5,474 656
Other Income, net 225,857 157,975 157,987
Operating and Other Expense:      
Compensation and benefits 32,235 28,423 31,673
Other general and administrative expense 20,413 17,653 17,960
Loan servicing and other related operating expenses 44,462 33,587 22,268
Operating and Other Expense 97,110 79,663 71,901
Net Income 378,117 301,801 322,393
Less Preferred Stock Dividends 15,000 15,000 15,000
Net Income Available to Common Stock and Participating Securities $ 363,117 $ 286,801 $ 307,393
Basic Earnings per Common Share (in dollars per share) $ 0.80 $ 0.68 $ 0.79
Diluted Earnings per Common Share (in dollars per share) $ 0.79 $ 0.68 $ 0.79
Agency MBS      
Interest Income:      
Mortgage backed securities $ 55,901 $ 62,303 $ 65,355
Non-Agency MBS      
Interest Income:      
Mortgage backed securities 200,070 226,796 271,112
CRT securities      
Interest Income:      
Mortgage backed securities $ 18,583 $ 33,376 $ 31,715