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Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows provided by operating activities:    
Net income $ 76,016 $ 60,698
Adjustments to reconcile net income to net cash provided by operating activities:    
Premium amortization and (discount accretion), net (7,782) (3,018)
Amortization of deferred financing costs 2,219 1,252
Equity-based compensation 2,573 220
Unrealized (gain) loss on securities 5,916 (4,787)
Income from unconsolidated joint venture (511) 88
Foreign currency (gain) loss 1,703 2,623
Unrealized loss on derivative instruments 4,151 (1,933)
Realized loss on sale of security 443 0
Changes in operating assets and liabilities:    
Accrued interest receivable, less purchased interest (20,711) (16,521)
Other assets 396 200
Accounts payable and accrued expenses (3,202) 1,077
Payable to related party 860 565
Net cash provided by operating activities 62,071 40,464
Cash flows used in investing activities:    
Funding of securities at estimated fair value 0 (325,961)
Funding of commercial mortgage loans (483,090) (211,738)
Funding of subordinate loans (483,480) (353,386)
Funding of unconsolidated joint venture (3,929) (39,477)
Funding of other assets (8) (1,258)
Funding of derivative instruments (327) 0
Proceeds from sale of securities available-for-sale 17,291 0
Proceeds from sale of securities at estimated fair value 6,338 0
Proceeds from sale of investment in unconsolidated joint venture 20,794 0
Principal payments received on securities available-for-sale 0 15,289
Principal payments received on securities at estimated fair value 32 15,306
Principal payments received on securities, held-to-maturity 1,000 0
Principal payments received on commercial mortgage loans 41,479 666
Principal payments received on subordinate loans 146,775 117,003
Principal payments received on other assets 167 86
Proceeds from sale of commercial mortgage loans 0 4,950
Proceeds from sale of subordinate loans 52,612 0
Net cash used in investing activities (684,346) (778,520)
Cash flows from financing activities:    
Proceeds from issuance of preferred stock 197,680 0
Proceeds from issuance of common stock 343,430 158,693
Repurchase of common stock (1,741) 0
Payment of offering costs (956) (308)
Proceeds from repurchase agreement borrowings 553,214 441,391
Repayments of repurchase agreement borrowings (439,971) (105,658)
Proceeds from issuance of convertible senior notes 0 256,970
Proceeds from participations sold 30,484 89,012
Repayments of participations sold (733) 0
Payment of deferred financing costs (2,900) (8,846)
Dividends on common stock (71,135) (49,065)
Dividends on preferred stock (5,580) (5,580)
Net cash provided by financing activities 601,792 776,609
Net increase in cash and cash equivalents (20,483) 38,553
Cash and cash equivalents, beginning of period 40,641 20,096
Cash and cash equivalents, end of period 20,158 58,649
Supplemental disclosure of cash flow information:    
Interest paid 36,563 14,565
Supplemental disclosure of non-cash financing activities:    
Dividend declared, not yet paid 32,060 20,753
Deferred financing costs, not yet paid 0 213
Offering costs payable $ 325 $ 71