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Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows provided by operating activities:    
Net income $ 18,616 $ 25,513
Adjustments to reconcile net income to net cash provided by operating activities:    
Premium amortization and (discount accretion), net (1,983) (2,162)
Amortization of deferred financing costs 907 684
Equity-based compensation (680) 996
Unrealized (gain) loss on securities 15,074 (3,409)
Income from unconsolidated joint venture (68) 0
Foreign currency (gain) loss 4,517 3,801
Realized gain on derivative instruments (6,083) 0
Unrealized loss on derivative instruments 1,380 3,044
Realized loss on sale of security 0 443
Changes in operating assets and liabilities:    
Accrued interest receivable, less purchased interest (16,717) (7,687)
Other assets 183 520
Accounts payable and accrued expenses (1,480) (4,433)
Payable to related party (68) 101
Net cash provided by operating activities 13,598 17,411
Cash flows used in investing activities:    
Funding of commercial mortgage loans (178,574) (103,888)
Funding of subordinate loans (27,600) (109,659)
Funding of unconsolidated joint venture 0 (3,929)
Proceeds on settlements of derivative instruments 6,083 0
Increase in collateral held related to investing activities 870 0
Increase in restricted cash related to financing activities (25,653) 0
Proceeds from sale of securities available-for-sale 0 17,291
Proceeds from sale of securities at estimated fair value 0 6,338
Proceeds from sale of investment in unconsolidated joint venture 0 20,794
Principal payments received on securities at estimated fair value 6,344 32
Principal payments received on securities, held-to-maturity 750 0
Principal payments received on commercial mortgage loans 14,824 727
Principal payments received on subordinate loans 19,829 666
Principal payments received on other assets 30 63
Net cash used in investing activities (183,097) (171,565)
Cash flows from financing activities:    
Proceeds from issuance of common stock 0 193,430
Payment of offering costs (43) (108)
Proceeds from repurchase agreement borrowings 230,425 136,730
Repayments of repurchase agreement borrowings (64,883) (183,491)
Proceeds from participations sold 0 30,484
Repayments of participations sold (507) 0
Payment of deferred financing costs (1,205) (2,330)
Dividends on common stock (31,742) (19,380)
Dividends on preferred stock (6,926) (1,860)
Net cash provided by financing activities 125,119 153,475
Net decrease in cash and cash equivalents (44,380) (679)
Cash and cash equivalents, beginning of period 67,415 40,641
Cash and cash equivalents, end of period 23,035 39,962
Supplemental disclosure of cash flow information:    
Interest paid 17,589 14,399
Supplemental disclosure of non-cash financing activities:    
Dividend declared, not yet paid 36,421 27,601
Offering costs payable $ 223 $ 207