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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
Jun. 30, 2018
Dec. 31, 2017
Jun. 30, 2017
Financial Assets:      
Cash and cash equivalents $ 84,717 $ 95,191 $ 75,391
Investment securities available for sale 1,290,015 1,413,081  
Derivative assets 10,543 10,101  
Preferred equity and mezzanine loan investments, carrying value 99,213 108,567  
Financial Liabilities      
Financing arrangements 1,179,961 1,276,918  
Subordinated debentures, carrying value 45,000 45,000  
Convertible notes, carrying value 129,738 128,749  
Distressed residential mortgage loans held in securitization trusts, carrying amount 105,851 121,791  
Distressed residential mortgage loans      
Financial Liabilities      
Distressed residential mortgage loans held in securitization trusts, carrying amount 105,900 121,800  
Distressed residential mortgage loans      
Financial Assets:      
Residential mortgage loans held in securitization trusts, net 184,700 209,700  
Financial Liabilities      
Distressed residential mortgage loans held in securitization trusts, carrying amount 290,600 331,500  
Equity Method Investments      
Financial Assets:      
Investment in unconsolidated entities, carrying value 8,519 8,320  
Investments in unconsolidated entities, estimated fair value 45,152 42,823  
Portfolio Investments      
Financial Liabilities      
Financing arrangements 1,179,961 1,276,918  
Residential collateralized debt obligations      
Financial Liabilities      
Secured debt, carrying value 62,198 70,308  
Multi-family collateralized debt obligations      
Financial Liabilities      
Secured debt, carrying value 8,838,841 9,189,459  
Residential mortgage loans, at fair value | Distressed residential mortgage loans      
Financial Assets:      
Residential mortgage loans held in securitization trusts, net 96,900 36,900  
Residential mortgage loans, at fair value | Second Mortgage      
Financial Assets:      
Residential mortgage loans held in securitization trusts, net 72,300 50,200  
Available-for-sale securities      
Financial Liabilities      
Investment securities, available for sale held in securitization trusts 50,134 47,922  
Level 1      
Financial Assets:      
Cash and cash equivalents 84,717 95,191  
Cash and cash equivalents, estimated fair value 84,717 95,191  
Level 3      
Financial Assets:      
Mortgage loans held for sale, net, carrying value 4,750 5,507  
Mortgage loans held for sale, net, estimated fair value 5,090 5,598  
Mortgage loans held for investment, carrying value 1,760 1,760  
Mortgage loans held for investment, estimated fair value 1,900 1,900  
Preferred equity and mezzanine loan investments, carrying value 176,741 138,920  
Preferred equity and mezzanine loan investments, estimated fair value 178,848 140,129  
Investment in unconsolidated entities, carrying value 53,671 51,143  
Investments in unconsolidated entities, estimated fair value 53,737 51,212  
Financial Liabilities      
Secured debt, carrying value 61,026 81,537  
Secured debt, estimated fair value 65,894 87,891  
Subordinated debentures, carrying value 45,000 45,000  
Subordinated debentures, estimated fair value 45,000 45,002  
Level 3 | Residential collateralized debt obligations      
Financial Liabilities      
Secured debt, carrying value 62,198 70,308  
Secured debt, estimated fair value 59,635 66,865  
Level 3 | Multi-family collateralized debt obligations      
Financial Liabilities      
Secured debt, carrying value 8,838,841 9,189,459  
Secured debt, estimated fair value 8,838,841 9,189,459  
Level 3 | Residential mortgage loans held in securitization trusts      
Financial Assets:      
Residential mortgage loans held in securitization trusts, net 66,047 73,820  
Residential mortgage loans held in securitization trusts, net, estimated fair value 65,118 72,131  
Level 3 | Distressed residential mortgage loans      
Financial Assets:      
Residential mortgage loans held in securitization trusts, net 290,645 331,464  
Residential mortgage loans held in securitization trusts, net, estimated fair value 292,592 334,765  
Level 3 | Residential mortgage loans, at fair value      
Financial Assets:      
Residential mortgage loans held in securitization trusts, net 169,197 87,153  
Residential mortgage loans held in securitization trusts, net, estimated fair value 169,197 87,153  
Level 3 | Multi-family loans held in securitization trusts      
Financial Assets:      
Residential mortgage loans held in securitization trusts, net 9,345,360 9,657,421  
Residential mortgage loans held in securitization trusts, net, estimated fair value 9,345,360 9,657,421  
Level 2      
Financial Assets:      
Derivative assets 10,543 10,101  
Financial Liabilities      
Convertible notes, carrying value 129,738 128,749  
Convertible notes, estimated fair value 137,338 140,060  
Level 2 | Portfolio Investments      
Financial Liabilities      
Financing arrangements 1,179,961 1,276,918  
Level 2 | Distressed residential mortgage loans      
Financial Liabilities      
Financing arrangements $ 192,233 $ 149,063