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FAIR VALUE OF FINANCIAL INSTRUMENTS - Summary of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands		Mar. 31, 2019	Dec. 31, 2018
Assets:
Fair value of assets		$ 3,585,739	$ 3,564,681
Provision for loan losses	[1]	(18,200)	(17,900)
Liabilities:
Fair value of liabilities		4,748,031	4,401,295
Repurchase agreements - short-term
Liabilities:
Outstanding Face Amount		804,986	436,957
Fair value of liabilities		804,986	436,957
Repurchase agreements - long-term
Liabilities:
Outstanding Face Amount		225,096	226,728
Fair value of liabilities		225,096	226,728
Mortgage loan financing
Liabilities:
Outstanding Face Amount		734,319	738,825
Fair value of liabilities		740,221	735,662
CLO debt
Liabilities:
Outstanding Face Amount		497,334	601,543
Fair value of liabilities		497,334	601,543
Participation Financing - Mortgage Loan Receivable
Liabilities:
Outstanding Face Amount		2,393	2,453
Fair value of liabilities		2,393	2,453
Senior unsecured notes
Liabilities:
Outstanding Face Amount		1,166,201	1,166,201
Fair value of liabilities		1,167,074	1,111,288
Borrowings from the FHLB
Liabilities:
Outstanding Face Amount		1,291,449	1,286,000
Fair value of liabilities		1,295,087	1,286,664
Liability For Transfers Not Considered Sales
Liabilities:
Outstanding Face Amount		15,840
Fair value of liabilities		15,840
CMBS
Assets:
Outstanding Face Amount		12,188	12,210
Fair value of assets		11,662	11,306
CMBS interest-only
Assets:
Outstanding Face Amount		11,166	11,189
Fair value of assets		906	902
Mortgage loan receivables held for investment, net, at amortized cost
Assets:
Outstanding Face Amount		3,321,828	3,340,381
Fair value of assets		3,311,885	3,324,588
Mortgage loans transferred but not considered sold
Assets:
Outstanding Face Amount		15,350
Fair value of assets		15,504
Mortgage loan receivables held for sale
Assets:
Outstanding Face Amount		189,334	181,905
Fair value of assets		202,363	187,870
FHLB stock
Assets:
Outstanding Face Amount		61,619	57,915
Fair value of assets		61,619	57,915
Level 1
Assets:
Fair value of assets		0	0
Provision for loan losses		0	0
Liabilities:
Fair value of liabilities		0	0
Level 1 | Repurchase agreements - short-term
Liabilities:
Fair value of liabilities		0	0
Level 1 | Repurchase agreements - long-term
Liabilities:
Fair value of liabilities		0	0
Level 1 | Mortgage loan financing
Liabilities:
Fair value of liabilities		0	0
Level 1 | CLO debt
Liabilities:
Fair value of liabilities		0	0
Level 1 | Participation Financing - Mortgage Loan Receivable
Liabilities:
Fair value of liabilities		0	0
Level 1 | Senior unsecured notes
Liabilities:
Fair value of liabilities		0	0
Level 1 | Borrowings from the FHLB
Liabilities:
Fair value of liabilities		0	0
Level 1 | Liability For Transfers Not Considered Sales
Liabilities:
Fair value of liabilities		0
Level 1 | CMBS
Assets:
Fair value of assets		0	0
Level 1 | CMBS interest-only
Assets:
Fair value of assets		0	0
Level 1 | Mortgage loan receivables held for investment, net, at amortized cost
Assets:
Fair value of assets		0	0
Level 1 | Mortgage loans transferred but not considered sold
Assets:
Fair value of assets		0
Level 1 | Mortgage loan receivables held for sale
Assets:
Fair value of assets		0	0
Level 1 | FHLB stock
Assets:
Fair value of assets		0	0
Level 2
Assets:
Fair value of assets		0	0
Provision for loan losses		0	0
Liabilities:
Fair value of liabilities		0	0
Level 2 | Repurchase agreements - short-term
Liabilities:
Fair value of liabilities		0	0
Level 2 | Repurchase agreements - long-term
Liabilities:
Fair value of liabilities		0	0
Level 2 | Mortgage loan financing
Liabilities:
Fair value of liabilities		0	0
Level 2 | CLO debt
Liabilities:
Fair value of liabilities		0	0
Level 2 | Participation Financing - Mortgage Loan Receivable
Liabilities:
Fair value of liabilities		0	0
Level 2 | Senior unsecured notes
Liabilities:
Fair value of liabilities		0	0
Level 2 | Borrowings from the FHLB
Liabilities:
Fair value of liabilities		0	0
Level 2 | Liability For Transfers Not Considered Sales
Liabilities:
Fair value of liabilities		0
Level 2 | CMBS
Assets:
Fair value of assets		0	0
Level 2 | CMBS interest-only
Assets:
Fair value of assets		0	0
Level 2 | Mortgage loan receivables held for investment, net, at amortized cost
Assets:
Fair value of assets		0	0
Level 2 | Mortgage loans transferred but not considered sold
Assets:
Fair value of assets		0
Level 2 | Mortgage loan receivables held for sale
Assets:
Fair value of assets		0	0
Level 2 | FHLB stock
Assets:
Fair value of assets		0	0
Level 3
Assets:
Fair value of assets		3,585,739	3,564,681
Provision for loan losses		(18,200)	(17,900)
Liabilities:
Fair value of liabilities		4,748,031	4,401,295
Level 3 | Repurchase agreements - short-term
Liabilities:
Fair value of liabilities		804,986	436,957
Level 3 | Repurchase agreements - long-term
Liabilities:
Fair value of liabilities		225,096	226,728
Level 3 | Mortgage loan financing
Liabilities:
Fair value of liabilities		740,221	735,662
Level 3 | CLO debt
Liabilities:
Fair value of liabilities		497,334	601,543
Level 3 | Participation Financing - Mortgage Loan Receivable
Liabilities:
Fair value of liabilities		2,393	2,453
Level 3 | Senior unsecured notes
Liabilities:
Fair value of liabilities		1,167,074	1,111,288
Level 3 | Borrowings from the FHLB
Liabilities:
Fair value of liabilities		1,295,087	1,286,664
Level 3 | Liability For Transfers Not Considered Sales
Liabilities:
Fair value of liabilities		15,840
Level 3 | CMBS
Assets:
Fair value of assets		11,662	11,306
Level 3 | CMBS interest-only
Assets:
Fair value of assets		906	902
Level 3 | Mortgage loan receivables held for investment, net, at amortized cost
Assets:
Fair value of assets		3,311,885	3,324,588
Level 3 | Mortgage loans transferred but not considered sold
Assets:
Fair value of assets		15,504
Level 3 | Mortgage loan receivables held for sale
Assets:
Fair value of assets		202,363	187,870
Level 3 | FHLB stock
Assets:
Fair value of assets		61,619	57,915
Recurring
Assets:
Fair value of assets		1,608,192	1,397,918
Recurring | Nonhedge derivatives
Liabilities:
Nonhedge derivative liabilities			605,871
Fair value of liabilities			975
Recurring | CMBS
Assets:
Outstanding Face Amount		1,463,281	1,246,609
Fair value of assets		1,469,978	1,241,334
Recurring | CMBS interest-only
Assets:
Outstanding Face Amount		2,425,377	2,362,747
Fair value of assets		52,664	54,789
Recurring | GNMA interest-only
Assets:
Outstanding Face Amount		123,684	135,932
Fair value of assets		2,491	2,648
Recurring | Agency securities
Assets:
Outstanding Face Amount		660	668
Fair value of assets		661	662
Recurring | GNMA permanent securities
Assets:
Outstanding Face Amount		32,346	32,633
Fair value of assets		33,006	33,064
Recurring | Corporate bonds
Assets:
Outstanding Face Amount		36,441	55,305
Fair value of assets		36,609	53,871
Recurring | Common Stock
Assets:
Fair value of assets		11,151	11,550
Recurring | Nonhedge derivatives
Assets:
Fair value of assets		1,632
Derivative Asset, Notional Amount		454,571
Recurring | Level 1
Assets:
Fair value of assets		11,151	11,550
Recurring | Level 1 | Nonhedge derivatives
Liabilities:
Fair value of liabilities			0
Recurring | Level 1 | CMBS
Assets:
Fair value of assets		0	0
Recurring | Level 1 | CMBS interest-only
Assets:
Fair value of assets		0	0
Recurring | Level 1 | GNMA interest-only
Assets:
Fair value of assets		0	0
Recurring | Level 1 | Agency securities
Assets:
Fair value of assets		0	0
Recurring | Level 1 | GNMA permanent securities
Assets:
Fair value of assets		0	0
Recurring | Level 1 | Corporate bonds
Assets:
Fair value of assets		0	0
Recurring | Level 1 | Common Stock
Assets:
Fair value of assets		11,151	11,550
Recurring | Level 1 | Nonhedge derivatives
Assets:
Fair value of assets		0
Recurring | Level 2
Assets:
Fair value of assets		1,632	0
Recurring | Level 2 | Nonhedge derivatives
Liabilities:
Fair value of liabilities			975
Recurring | Level 2 | CMBS
Assets:
Fair value of assets		0	0
Recurring | Level 2 | CMBS interest-only
Assets:
Fair value of assets		0	0
Recurring | Level 2 | GNMA interest-only
Assets:
Fair value of assets		0	0
Recurring | Level 2 | Agency securities
Assets:
Fair value of assets		0	0
Recurring | Level 2 | GNMA permanent securities
Assets:
Fair value of assets		0	0
Recurring | Level 2 | Corporate bonds
Assets:
Fair value of assets		0	0
Recurring | Level 2 | Nonhedge derivatives
Assets:
Fair value of assets		1,632
Recurring | Level 3
Assets:
Fair value of assets		1,595,409	1,386,368
Recurring | Level 3 | Nonhedge derivatives
Liabilities:
Fair value of liabilities			0
Recurring | Level 3 | CMBS
Assets:
Fair value of assets		1,469,978	1,241,334
Recurring | Level 3 | CMBS interest-only
Assets:
Fair value of assets		52,664	54,789
Recurring | Level 3 | GNMA interest-only
Assets:
Fair value of assets		2,491	2,648
Recurring | Level 3 | Agency securities
Assets:
Fair value of assets		661	662
Recurring | Level 3 | GNMA permanent securities
Assets:
Fair value of assets		33,006	33,064
Recurring | Level 3 | Corporate bonds
Assets:
Fair value of assets		36,609	$ 53,871
Recurring | Level 3 | Nonhedge derivatives
Assets:
Fair value of assets		$ 0
[1] Includes amounts relating to consolidated variable interest entities. See Note 3.

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