CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
Jun. 30, 2018	Jun. 30, 2017
Cash Flows from Operating Activities:
Net income	$ 60,837	$ 31,030
Adjustments to reconcile net income to net cash provided by operating activities:
Net (accretion) amortization	(11,588)	1,323
Realized loss on investment securities and related hedges, net	12,076	109
Net gain on distressed residential mortgage and residential mortgage loans	(1,178)	(14,335)
Unrealized gain on investment securities and related hedges, net	(24,298)	(495)
Gain on sale of real estate held for sale in consolidated variable interest entities	(2,328)	0
Impairment of real estate under development in consolidated variable interest entities	2,091	0
Unrealized gain on loans and debt held in multi-family securitization trusts	(19,564)	(2,831)
Net decrease in loans held for sale	688	17
(Recovery of) provision for loan losses	(395)	112
Income from unconsolidated entity, preferred equity and mezzanine loan investments	(13,526)	(11,112)
Distributions of income from unconsolidated entity, preferred equity and mezzanine loan investments	8,340	6,554
Amortization of stock based compensation, net	1,211	694
Changes in operating assets and liabilities:
Receivables and other assets	(78)	(6,910)
Accrued expenses and other liabilities	(1,403)	6,652
Net cash provided by operating activities	10,885	10,808
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	26,899	46,740
Purchases of investment securities	(60,321)	(111,023)
Purchases of other assets	(35)	(23)
Capital expenditures on operating real estate and real estate held for sale in consolidated variable interest entities	(255)	(105)
Funding of preferred equity, equity and mezzanine loan investments	(45,532)	(11,122)
Principal repayments received on preferred equity and mezzanine loan investments	9,122	6,500
Return of capital from unconsolidated entity investments	1,246	3,083
Net proceeds from other derivative instruments settled during the period	13,662	2,850
Principal paydowns on investment securities - available for sale	120,508	132,826
Proceeds from sale of real estate owned	2,136	4,045
Net cash provided by investing activities	132,330	149,304
Cash Flows from Financing Activities:
Net payments made on financing arrangements	(54,120)	(134,350)
Proceeds from issuance of convertible notes	0	126,995
Common stock issuance, net	73,831	574
Payments made on mortgages and notes payable in consolidated variable interest entities	(25,673)	(116)
Proceeds from mortgages and notes payable in consolidated variable interest entities	1,058	2,795
Payments of secured debt	(21,351)	(50,075)
Net cash used in financing activities	(158,998)	(185,281)
Net Decrease in Cash, Cash Equivalents and Restricted Cash	(15,783)	(25,169)
Cash, Cash Equivalents and Restricted Cash - Beginning of Period	106,195	139,530
Cash, Cash Equivalents and Restricted Cash - End of Period	90,412	114,361
Supplemental Disclosure:
Cash paid for interest	204,174	153,121
Cash paid for income taxes	1,342	1,681
Non-Cash Investment Activities:
Sales of investment securities not yet settled	0	5,976
Purchase of investment securities not yet settled	0	172,557
Transfer from residential loans to real estate owned	3,558	4,142
Cash, Cash Equivalents and Restricted Cash Reconciliation:
Cash and cash equivalents	84,717	75,391
Restricted cash included in receivables and other assets	5,695	38,970
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	(44,805)	(49,123)
Non-Cash Financing Activities:
Dividends declared on stock to be paid in subsequent period	24,863	22,378
Preferred Stock
Cash Flows from Financing Activities:
Dividends paid on stock	(11,910)	(6,450)
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	7,831	8,857
Purchases of residential mortgage loans and distressed residential mortgage loans	(94,075)	(33,533)
Distressed residential mortgage loans held in securitization trusts, net
Cash Flows from Investing Activities:
Principal repayments received on loans	50,072	99,402
Multi-family collateralized debt obligations
Cash Flows from Investing Activities:
Principal repayments received on loans	67,880	66,148
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	(8,142)	(9,387)
Collateralized debt obligation
Cash Flows from Financing Activities:
Payments of secured debt	$ (67,886)	$ (66,144)

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.