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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash Flows from Operating Activities:      
Net income $ 88,567 $ 67,560 $ 78,013
Adjustments to reconcile net income to net cash provided by operating activities:      
Net amortization 197 7,648 542
Realized (gain) loss on investment securities and related hedges, net (3,888) 3,645 4,617
Net gain on distressed residential mortgage and residential mortgage loans (27,727) (14,865) (31,251)
Unrealized (gain) loss on investment securities and related hedges, net (1,955) (7,070) 2,641
Gain on de-consolidation of multi-family loans held in securitization trusts and multi-family collateralized debt obligations 0 0 (1,483)
Gain on remeasurement of existing membership interest in businesses acquired 0 (5,052) 0
Gain on bargain purchase on businesses acquired 0 (65) 0
Unrealized gain on loans and debt held in multi-family securitization trusts, net (18,872) (3,032) (12,368)
Net decrease in loans held for sale 34 432 323
(Recovery of) provision for loan losses (1,739) (838) 1,363
Income from unconsolidated entity, preferred equity and mezzanine loan investments (27,164) (22,202) (12,997)
Distributions of income from unconsolidated entity, preferred equity and mezzanine loan investments 20,870 15,801 9,827
Amortization of stock based compensation, net 1,632 514 983
Changes in operating assets and liabilities:      
Receivables and other assets (18,459) 6,756 10,945
Accrued expenses and other liabilities and accrued expenses, related parties 17,836 4,612 (14,819)
Net cash provided by operating activities 29,332 53,844 36,336
Cash Flows from Investing Activities:      
Acquisition of businesses, net of cash and restricted cash acquired 0 (28,447) 0
Cash received from initial consolidation of variable interest entities 112 0  
Proceeds from sales of investment securities 107,062 208,229 99,235
Purchases of investment securities (940,597) (423,175) (152,883)
Redemption (purchases) of FHLBI stock 0 5,445 (5,445)
Purchases of other assets (41) (103) (61)
Capital expenditures on operating real estate and real estate held for sale in consolidated variable interest entities (296) 0  
Funding of preferred equity, equity and mezzanine loan investments (61,814) (46,896) (58,215)
Principal repayments received on preferred equity and mezzanine loan investments 19,031 4,464 4,308
Return of capital from unconsolidated entity investments 25,940 10,940 0
Net proceeds (payments) from other derivative instruments settled during the period 4,572 (933) (5,766)
Principal paydowns on investment securities - available for sale 228,968 136,836 105,774
Proceeds from sale of real estate owned 7,026 2,131 1,044
Proceeds from sales of loans held in multi-family securitization trusts 0 0 65,587
Net cash (used in) provided by investing activities (430,688) 68,855 250,517
Cash Flows from Financing Activities:      
Proceeds from (payments made on) financing arrangements, net of FHLBI advances and payments 459,733 175,993 (99,011)
Proceeds from issuance of convertible notes 126,995 0 0
Proceeds from issuance of securitized debt 0 166,347 0
Common stock issuance, net 930 13,496 31,799
Preferred stock issuance, net 130,496 0 86,862
Payments made on mortgages and notes payable in consolidated variable interest entities (1,485) 0 0
Proceeds from mortgages and notes payable in consolidated variable interest entities 5,414 0  
Payments made on collateralized debt obligations (79,433) (126,018) (116,136)
Redemption of preferred equity 0 (16,255) 0
Net cash provided by (used in) financing activities 377,276 (65,911) (333,940)
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash (24,080) 56,788 (47,087)
Cash, Cash Equivalents and Restricted Cash - Beginning of Period 139,530 82,742 129,829
Cash, Cash Equivalents and Restricted Cash- End of Period 115,450 139,530 82,742
Supplemental Disclosure:      
Cash paid for interest 333,907 300,992 307,162
Cash paid for income taxes 3,952 4,061 4,922
Non-Cash Investment Activities:      
Purchase of investment securities not yet settled 0 148,015 227,969
Transfer from residential loans to real estate owned 7,228 8,892 2,579
Cash, Cash Equivalents and Restricted Cash Reconciliation:      
Total cash, cash equivalents, and restricted cash 139,530 82,742 129,829
Common Stock      
Cash Flows from Financing Activities:      
Dividends paid (93,872) (105,108) (113,318)
Preferred Stock      
Cash Flows from Financing Activities:      
Dividends paid (12,900) (12,900) (9,218)
Financing arrangements, residential mortgage loans      
Cash Flows from Investing Activities:      
Principal repayments received on loans 20,667 23,648 28,166
Purchases of residential mortgage loans and distressed residential mortgage loans (101,250) (82,167) (156,005)
Distressed residential mortgage loans held in securitization trusts (net)      
Cash Flows from Investing Activities:      
Principal repayments received on loans 224,915 122,552 238,798
Multi-family collateralized debt obligations      
Cash Flows from Investing Activities:      
Principal repayments received on loans 137,164 136,331 85,980
Purchases of residential mortgage loans and distressed residential mortgage loans (102,147) 0 0
Residential collateralized debt obligations      
Cash Flows from Financing Activities:      
Payments made on collateralized debt obligations (21,442) (25,152) (28,952)
Collateralized debt obligation      
Cash Flows from Financing Activities:      
Payments made on collateralized debt obligations (137,160) (136,314) (85,966)
Multi-family loans held in securitization trusts      
Non-Cash Investment Activities:      
Deconsolidation 0   1,075,529
Consolidation of multi-family loans held in securitization trusts 2,886,525 0 0
Multi-family collateralized debt obligations      
Non-Cash Investment Activities:      
Deconsolidation 0 0 1,009,942
Consolidation of multi-family collateralized debt obligations $ 2,784,377 $ 0 $ 0