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Consolidated Statement of Cash Flows
$ in Thousands
 12 Months Ended
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Dec. 31, 2013
USD ($)
Cash flows provided by operating activities:      
Net income $ 103,256 $ 82,739 $ 52,485
Adjustments to reconcile net income to net cash provided by operating activities:      
Premium amortization and (discount accretion), net (11,211) (4,221) (5,721)
Amortization of deferred financing costs 2,992 1,979 866
Equity-based compensation 4,266 698 3,457
Unrealized gain (loss) on securities 17,408 (4,147) 3,065
Income from unconsolidated joint venture (3,480) 157 0
Foreign currency (gain) loss 5,192 4,038 0
Realized gain on derivative instruments (5,169) 0 0
Unrealized gain (loss) on derivative instruments 1,063 (4,070) (155)
Realized loss on sale of security 443 0 0
Changes in operating assets and liabilities:      
Accrued interest receivable, less purchased interest (30,220) (16,453) (9,488)
Other assets 120 500 (397)
Accounts payable and accrued expenses 1,405 5,205 1,280
Payable to related party 2,057 612 591
Net cash provided by operating activities 88,122 67,037 45,983
Cash flows used in investing activities:      
Proceeds from sale of securities available-for-sale 17,291 0 0
Proceeds from sale of securities at estimated fair value 6,338 0 0
Proceeds from sale of investment in unconsolidated joint venture 20,794 0 0
Fees received from commercial mortgage loans 0 0 280
Funding of securities at estimated fair value 0 (375,833) (134,389)
Funding of commercial mortgage loans (637,582) (403,983) (32,643)
Funding of subordinate loans (693,157) (402,336) (361,035)
Funding of unconsolidated joint venture (3,929) (39,477) 0
Funding of other assets (8) (1,258) 0
Funding of derivative instruments (327) 0 0
Proceeds from settlement of derivative instruments 5,169 0 0
Principal payments received on securities available-for-sale 32 16,053 186,138
Principal payments received on securities at estimated fair value 8,703 15,500 32,344
Principal payments received on securities, held-to-maturity 1,750 0 0
Principal payments received on commercial mortgage loans 105,618 105,501 18,117
Principal payments received on subordinate loans 242,898 194,050 118,771
Principal payments received on other assets $ 189 145 0
Principal payments received on repurchase agreements 0 6,598
Proceeds from sale of subordinate loans $ 135,345 4,950 0
Net cash used in investing activities (790,876) (886,688) (165,819)
Cash flows from financing activities:      
Proceeds from issuance of common stock 343,430 158,693 148,804
Proceeds from issuance of preferred stock 197,680 0 0
Repurchase of common stock (1,741) 0 0
Payment of offering costs (987) (389) (824)
Proceeds from repurchase agreement borrowings 778,675 567,192 182,218
Repayments of repurchase agreement borrowings (475,094) (147,032) (205,343)
Proceeds from issuance of convertible senior notes 0 256,970 0
Proceeds from participations sold 0 89,012 0
Repayments of participations sold (1,246) 0 0
Increase in restricted cash related to financing activities 0 0 (30,127)
Deferred financing costs (2,900) (9,006) (504)
Dividends on common stock (100,849) (67,804) (55,471)
Dividends on preferred stock (7,440) (7,440) (7,440)
Net cash provided by financing activities 729,528 840,196 31,313
Net increase (decrease) in cash and cash equivalents 26,774 20,545 (88,523)
Cash and cash equivalents, beginning of period 40,641 20,096 108,619
Cash and cash equivalents, end of period 67,415 40,641 20,096
Supplemental disclosure of cash flow information:      
Interest paid 43,209 18,132 2,809
Supplemental disclosure of non-cash financing activities:      
Offering costs payable 296 100 109
Dividend declared, not yet paid 37,828 21,018 17,227
Deferred financing costs, not yet paid 0 33 312
Participations sold 30,672 0 0
Supplemental disclosure of non-cash investing activities:      
Securities, held-to-maturity 0 154,283 0
Funding of subordinate loans $ 30,672 $ 0 $ 0