A wave energy converter is provided which includes a nacelle having a starboard side and a port side axis, and housing a power take-off. The wave energy converter also includes at least one buoyancy member coupled to the nacelle, and a ballast tank coupled to the nacelle. The ballast tank, the at least one buoyancy member, and the nacelle, together form a first body, where the first body is coupled to the power take-off. The wave energy converter further includes a float and a drive arm forming a second body, where the second body is rotatably coupled to the first body about a coupling axis, and the second body is coupled to the power take-off. The second body is configured to rotate relative to the first body about the coupling axis within a radial span bounded by a proximal end of the float and a radially distal end of the float. According to one aspect, the first body has a center of mass and a center of buoyancy, and the coupling axis is offset from a line formed between the center of mass and the center of buoyancy of the first body. Methods for generating power with the wave energy converter are also provided.