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Fair Value of Financial Instruments - Carrying Value and Estimated Fair Value of the Company's Financial Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Financial Assets:      
Cash and cash equivalents $ 95,191 $ 83,554 $ 61,959
Investment securities available for sale 1,413,081 818,976  
Derivative assets 846 150,296  
Mezzanine loan and preferred equity investments 117,822 138,323  
Financial Liabilities:      
Outstanding Borrowings 1,276,918 773,142  
Derivative liabilities 0 498  
Subordinated debentures 45,000 45,000  
Convertible notes 128,749 0  
Distressed residential mortgage loans, net, held in securitization trusts 121,791 195,347  
Financing arrangements, portfolio investments      
Financial Liabilities:      
Outstanding Borrowings 1,276,918 773,142  
Residential collateralized debt obligations      
Financial Liabilities:      
Collateralized debt obligations 70,308 91,663  
Multi-family collateralized debt obligations, at fair value      
Financial Liabilities:      
Collateralized debt obligations 9,189,459 6,624,896  
Available-for-sale Securities      
Financial Assets:      
Investment securities held in securitization 47,922 43,897  
Distressed residential mortgage loans      
Financial Assets:      
Residential mortgage loans held in securitization 209,700 307,700  
Financial Liabilities:      
Distressed residential mortgage loans, net, held in securitization trusts 331,500 503,100  
Distressed residential mortgage loans | Residential mortgage loans, at fair value      
Financial Assets:      
Residential mortgage loans held in securitization 36,900    
Second mortgages | Residential mortgage loans, at fair value      
Financial Assets:      
Residential mortgage loans held in securitization 50,200 17,800  
Distressed residential mortgage loans held in securitization trusts (net)      
Financial Liabilities:      
Distressed residential mortgage loans, net, held in securitization trusts 121,800 195,300  
Level 1 or 2      
Financial Assets:      
Derivative assets 846 150,296  
Financial Liabilities:      
Derivative liabilities 0 498  
Level 1      
Financial Assets:      
Cash and cash equivalents 95,191 83,554  
Cash and cash equivalents, estimated fair value 95,191 83,554  
Financial Liabilities:      
Payables for securities purchased 0 148,015  
Payables for securities purchased, fair value 0 148,015  
Level 2      
Financial Liabilities:      
Convertible notes 128,749 0  
Convertible debt, fair value 140,060 0  
Level 2 | Financing arrangements, portfolio investments      
Financial Liabilities:      
Outstanding Borrowings 1,276,918 773,142  
Level 2 | Distressed residential mortgage loans      
Financial Liabilities:      
Outstanding Borrowings 149,063 192,419  
Level 3      
Financial Assets:      
Mortgage loans held for sale (net) 5,507 7,847  
Mortgage loans held for sale, estimated fair value 5,598 7,959  
Mortgage loans held for investment 1,760 19,529  
Mortgage loans held for investment, estimated fair value 1,900 19,641  
Mezzanine loan and preferred equity investments 138,920 100,150  
Mezzanine loan and preferred equity investments, estimated fair value 140,129 101,408  
Investment in unconsolidated entities 51,143 79,259  
Investments in unconsolidated entities, estimated fair value 51,212 79,390  
Financial Liabilities:      
Collateralized debt obligations 81,537 158,867  
Collateralized debt obligations, fair value 87,891 163,884  
Subordinated debentures 45,000 45,000  
Subordinated debentures, fair value 45,002 43,132  
Level 3 | Residential collateralized debt obligations      
Financial Liabilities:      
Collateralized debt obligations 70,308 91,663  
Collateralized debt obligations, fair value 66,865 85,568  
Level 3 | Multi-family collateralized debt obligations, at fair value      
Financial Liabilities:      
Collateralized debt obligations 9,189,459 6,624,896  
Collateralized debt obligations, fair value 9,189,459 6,624,896  
Level 3 | Residential mortgage loans, at fair value      
Financial Assets:      
Residential mortgage loans held in securitization 87,153 17,769  
Residential mortgage loans held in securitization, estimated fair value 87,153 17,769  
Level 3 | Residential mortgage loans held in securitization trusts      
Financial Assets:      
Residential mortgage loans held in securitization 73,820 95,144  
Residential mortgage loans held in securitization, estimated fair value 72,131 88,718  
Level 3 | Distressed residential mortgage loans      
Financial Assets:      
Residential mortgage loans held in securitization 331,464 503,094  
Residential mortgage loans held in securitization, estimated fair value 334,765 504,915  
Level 3 | Multi-family loans held in securitization trusts      
Financial Assets:      
Residential mortgage loans held in securitization 9,657,421 6,939,844  
Residential mortgage loans held in securitization, estimated fair value 9,657,421 6,939,844  
Equity Method Investments      
Financial Assets:      
Investment in unconsolidated entities 8,320 18,927  
Investments in unconsolidated entities, estimated fair value 42,823 60,332  
Fair Value, Measurements, Recurring      
Financial Assets:      
Investments in unconsolidated entities, estimated fair value 42,823 60,332  
Fair Value, Measurements, Recurring | Level 1      
Financial Assets:      
Investments in unconsolidated entities, estimated fair value 0 0  
Fair Value, Measurements, Recurring | Level 2      
Financial Assets:      
Investments in unconsolidated entities, estimated fair value 0 0  
Fair Value, Measurements, Recurring | Level 3      
Financial Assets:      
Investments in unconsolidated entities, estimated fair value 42,823 60,332  
U.S. Treasury securities      
Financial Assets:      
Investment securities available for sale $ 0 $ 2,887