CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Cash Flows from Operating Activities:
Net income	$ 32,086	$ 19,182
Adjustments to reconcile net income to net cash provided by operating activities:
Net (accretion) amortization	(5,729)	1,123
Realized loss on investment securities and related hedges, net	3,423	1,223
Net loss (gain) on distressed residential mortgage and residential mortgage loans	939	(11,971)
Unrealized gain on investment securities and related hedges, net	(11,692)	(1,546)
Gain on sale of real estate held for sale in consolidated variable interest entities	(2,328)	0
Unrealized gain on loans and debt held in multi-family securitization trusts	(7,545)	(1,384)
Net decrease in loans held for sale	8	10
Provision for (recovery of) loan losses	42	(188)
Income from unconsolidated entity, preferred equity and mezzanine loan investments	(6,090)	(5,796)
Distributions of income from unconsolidated entity, preferred equity and mezzanine loan investments	3,926	3,170
Amortization of stock based compensation, net	387	40
Changes in operating assets and liabilities:
Receivables and other assets	117	(1,645)
Accrued expenses and other liabilities	(435)	4,903
Net cash provided by operating activities	7,109	7,121
Cash Flows from Investing Activities:
Cash received from initial consolidation of variable interest entities	0	112
Net proceeds from sale of real estate in consolidated variable interest entities	33,192	0
Proceeds from sales of investment securities	10,080	35,996
Purchases of investment securities	(60,321)	(58,925)
Purchases of other assets	(2)	(23)
Capital expenditures on operating real estate and real estate held for sale in consolidated variable interest entities	(46)	0
Funding of preferred equity, equity and mezzanine loan investments	(18,210)	(1,300)
Principal repayments received on preferred equity and mezzanine loan investments	3,871	479
Return of capital from unconsolidated entity investments	638	930
Net proceeds from other derivative instruments settled during the period	0	630
Principal paydowns on investment securities - available for sale	35,365	32,783
Proceeds from sale of real estate owned	943	1,615
Net cash provided by investing activities	36,313	42,064
Cash Flows from Financing Activities:
Net proceeds from (payments made on) financing arrangements	10,215	(90,854)
Proceeds from issuance of convertible notes	0	126,995
Common stock issuance, net	0	574
Payments made on mortgages and notes payable in consolidated variable interest entities	(25,565)	0
Proceeds from mortgages and notes payable in consolidated variable interest entities	505	0
Payments of secured debt	(11,753)	(11,662)
Net cash used in financing activities	(92,569)	(45,157)
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash	(49,147)	4,028
Cash, Cash Equivalents and Restricted Cash - Beginning of Period	115,450	139,530	$ 139,530
Cash, Cash Equivalents and Restricted Cash - End of Period	66,303	143,558	115,450
Supplemental Disclosure:
Cash paid for interest	103,316	71,332
Cash paid for income taxes	642	255
Non-Cash Investment Activities:
Sales of investment securities not yet settled	0	1,301
Purchase of investment securities not yet settled	0	141,894
Transfer from residential loans to real estate owned	1,992	2,357
Non-Cash Financing Activities:
Cash and cash equivalents	65,495	73,033	95,191
Restricted Cash and Cash Equivalents	808	70,525	$ 20,300
Multi-family collateralized debt obligations
Non-Cash Investment Activities:
Consolidation of multi-family collateralized debt obligations	0	1,472,073
Multi-family loans held in securitization trust
Non-Cash Investment Activities:
Consolidation of multi-family loans held in securitization trusts	0	1,537,526
Common Stock
Cash Flows from Financing Activities:
Dividends paid on stock	(22,382)	(26,754)
Non-Cash Financing Activities:
Dividends declared on stock to be paid in subsequent period	22,423	26,754
Preferred Stock
Cash Flows from Financing Activities:
Dividends paid on stock	(5,985)	(3,225)
Non-Cash Financing Activities:
Dividends declared on stock to be paid in subsequent period	5,925	3,225
Distressed residential mortgage loans
Cash Flows from Investing Activities:
Principal repayments received on loans	3,047	3,395
Purchases of residential mortgage loans and distressed residential mortgage loans	(15,966)	(18,129)
Distressed residential mortgage loans held in securitization trusts, net
Cash Flows from Investing Activities:
Principal repayments received on loans	9,288	73,477
Multi-family collateralized debt obligations
Cash Flows from Investing Activities:
Principal repayments received on loans	34,434	36,477
Multi-family loans held in securitization trust
Cash Flows from Investing Activities:
Purchases of residential mortgage loans and distressed residential mortgage loans	0	(65,453)
Residential collateralized debt obligations
Cash Flows from Financing Activities:
Payments of secured debt	(3,167)	(3,758)
Collateralized debt obligation
Cash Flows from Financing Activities:
Payments of secured debt	$ (34,437)	$ (36,473)

Increase/decrease carrying amounts of receivables due as of the balance sheet date from parties or arising from transactions not otherwise specified in the taxonomy. Sum of the carrying amount for an unclassified balance sheet date of expenditures made in advance of when the economic benefit of the cost will be realized, and which will be expensed in future periods with the passage of time or when a triggering event occurs and the carrying amount as of the balance sheet date of assets not otherwise specified in the taxonomy. Also includes assets not individually reported in the financial statements, or not separately disclosed in notes.

No definition available.