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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net income (loss) $ (14,061) $ 24,530
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
(Gain) loss on extinguishment/defeasance of debt (2,061) 1,070
Depreciation and amortization 10,009 10,227
Unrealized (gain) loss on derivative instruments (383) (2,491)
Unrealized (gain) loss on equity securities 533 (2,078)
Unrealized (gain) loss on Agency interest-only securities (76) (11)
Provision for loan losses 26,581 300
Impairment of real estate 0 1,350
Amortization of equity based compensation 14,026 11,292
Amortization of deferred financing costs included in interest expense 2,568 2,738
Amortization of premium on mortgage loan financing (309) (386)
Amortization of above- and below-market lease intangibles (660) (144)
Amortization of premium/(accretion) of discount and other fees on loans (3,924) (5,389)
Amortization of premium/(accretion) of discount and other fees on securities 431 (113)
Realized (gain) loss on sale of mortgage loan receivables held for sale (1,005) (7,079)
Realized (gain) loss on disposition of loan 51 0
Realized (gain) loss on securities (3,011) (2,865)
Realized (gain) loss on sale of real estate, net (10,529) (4)
Realized gain on sale of derivative instruments (125) (8)
Origination of mortgage loan receivables held for sale (212,805) (175,256)
Repayment of mortgage loan receivables held for sale 64 193
Proceeds from sales of mortgage loan receivables held for sale 189,359 159,424
(Income) loss from investments in unconsolidated joint ventures in excess of distributions received (441) (959)
Distributions from operations of investment in unconsolidated joint ventures 0 3,067
Deferred tax asset (liability) 12,037 3,139
Changes in operating assets and liabilities:    
Accrued interest receivable (2,165) 347
Other assets (13,731) 92
Accrued expenses and other liabilities (32,456) (42,869)
Net cash provided by (used in) operating activities (41,092) (22,034)
Cash flows from investing activities:    
Origination of mortgage loan receivables held for investment (313,936) (224,418)
Repayment of mortgage loan receivables held for investment 118,573 294,074
Purchases of real estate securities (438,423) (384,478)
Repayment of real estate securities 43,627 24,188
Basis recovery of Agency interest-only securities 1,880 3,333
Proceeds from sales of real estate securities 106,367 209,166
Purchases of real estate (6,239) (2,406)
Capital improvements of real estate (940) (907)
Proceeds from sale of real estate 11,160 1,688
Capital contributions and advances to investment in unconsolidated joint ventures 0 (56,424)
Capital distribution from investment in unconsolidated joint ventures 215 0
Capitalization of interest on investment in unconsolidated joint ventures 0 (142)
Purchase of FHLB stock 0 (3,704)
Purchase of derivative instruments (46) (159)
Sale of derivative instruments 297 50
Net cash provided by (used in) investing activities (477,465) (140,139)
Cash flows from financing activities:    
Deferred financing costs paid (12,186) (3,899)
Proceeds from borrowings under debt obligations 5,924,969 4,042,942
Repayment of borrowings under debt obligations (5,073,000) (3,765,720)
Cash dividends paid to Class A common shareholders (37,340) (72,150)
Reissuance of treasury stock 1 0
Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock (9,078) (7,985)
Purchase of treasury stock (1,206) 0
Issuance of common stock (1) 0
Net cash provided by (used in) financing activities 785,032 188,956
Net increase (decrease) in cash, cash equivalents and restricted cash 266,475 26,783
Cash, cash equivalents and restricted cash at beginning of period 355,746 98,450
Cash, cash equivalents and restricted cash at end of period 622,221 125,233
Supplemental information:    
Cash paid for interest, net of amounts capitalized 49,417 63,985
Cash paid (received) for income taxes (194) 1,102
Non-cash investing and financing activities:    
Securities and derivatives purchased, not settled 17 49,766
Securities and derivatives sold, not settled 1,383 5,514
Repayment in transit of mortgage loans receivable held for investment (other assets) 551 20,653
Settlement of mortgage loan receivable held for investment by real estate, net (21,586) (17,851)
Transfer from mortgage loans receivable held for sale to mortgage loans receivable held for investment, net, at amortized cost 0 15,504
Real estate acquired in settlement of mortgage loan receivable held for investment, net 21,535 17,851
Net settlement of sale of real estate, subject to debt - real estate (19,098) 0
Net settlement of sale of real estate, subject to debt - debt obligations 19,098 0
Exchange of noncontrolling interest for common stock 0 1,437
Increase in amount payable pursuant to tax receivable agreement 0 (11)
Dividends declared, not paid 38,256 1,409
Stock dividends 0 23,824
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows 622,221 125,233
Consolidated Joint Venture    
Cash flows from financing activities:    
Capital contributed by noncontrolling interests in consolidated joint ventures 303 77
Capital distributed to noncontrolling interests (3,296) (56)
Operating Partnership    
Cash flows from financing activities:    
Capital distributed to noncontrolling interests (4,134) (4,253)
Equity Securities    
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Unrealized (gain) loss on equity securities 533 (2,078)
Mutual Fund    
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Unrealized (gain) loss on equity securities $ 991 $ (151)