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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, 2018
Dec. 31, 2017
Dec. 31, 2016
Financial Assets:      
Cash and cash equivalents $ 103,724 $ 95,191 $ 83,554
Investment securities, available for sale, at fair value 1,512,252 1,413,081  
Derivative assets 10,263 10,101  
Mezzanine loan and preferred equity investments 114,821 108,567  
Financial Liabilities:      
Outstanding Borrowings 1,543,577 1,276,918  
Subordinated debentures 45,000 45,000  
Convertible notes 130,762 128,749  
Financing arrangements, portfolio investments      
Financial Liabilities:      
Outstanding Borrowings 1,543,577 1,276,918  
Residential collateralized debt obligations      
Financial Liabilities:      
Collateralized debt obligations 53,040 70,308  
Multi-family collateralized debt obligations, at fair value      
Financial Liabilities:      
Collateralized debt obligations 11,022,248 9,189,459  
Level 1      
Financial Assets:      
Cash and cash equivalents 103,724 95,191  
Cash and cash equivalents, estimated fair value 103,724 95,191  
Level 2      
Financial Assets:      
Derivative assets 10,263 10,101  
Financial Liabilities:      
Convertible notes 130,762 128,749  
Convertible debt, fair value 135,689 140,060  
Level 2 | Financing arrangements, portfolio investments      
Financial Liabilities:      
Outstanding Borrowings 1,543,577 1,276,918  
Level 2 | Distressed residential mortgage loans      
Financial Liabilities:      
Outstanding Borrowings 587,928 149,063  
Level 3      
Financial Assets:      
Mortgage loans held for sale (net) 3,414 5,507  
Mortgage loans held for sale, estimated fair value 3,584 5,598  
Mortgage loans held for investment 1,580 1,760  
Mortgage loans held for investment, estimated fair value 1,580 1,900  
Mezzanine loan and preferred equity investments 165,555 138,920  
Mezzanine loan and preferred equity investments, estimated fair value 167,739 140,129  
Investment in unconsolidated entities 73,466 51,143  
Investments in unconsolidated entities, estimated fair value 73,833 51,212  
Financial Liabilities:      
Collateralized debt obligations 42,335 81,537  
Collateralized debt obligations, fair value 45,030 87,891  
Subordinated debentures 45,000 45,000  
Subordinated debentures, fair value 44,897 45,002  
Level 3 | Residential collateralized debt obligations      
Financial Liabilities:      
Collateralized debt obligations 53,040 70,308  
Collateralized debt obligations, fair value 50,031 66,865  
Level 3 | Multi-family collateralized debt obligations, at fair value      
Financial Liabilities:      
Collateralized debt obligations 11,022,248 9,189,459  
Collateralized debt obligations, fair value 11,022,248 9,189,459  
Level 3 | Residential mortgage loans held in securitization trusts      
Financial Assets:      
Residential mortgage loans held in securitization 56,795 73,820  
Residential mortgage loans held in securitization, estimated fair value 56,497 72,131  
Level 3 | Distressed residential mortgage loans      
Financial Assets:      
Residential mortgage loans held in securitization 228,466 331,464  
Residential mortgage loans held in securitization, estimated fair value 232,879 334,765  
Level 3 | Distressed and other residential mortgage loans, at fair value      
Financial Assets:      
Residential mortgage loans held in securitization 737,523 87,153  
Residential mortgage loans held in securitization, estimated fair value 737,523 87,153  
Level 3 | Multi-family loans held in securitization trusts      
Financial Assets:      
Residential mortgage loans held in securitization 11,679,847 9,657,421  
Residential mortgage loans held in securitization, estimated fair value $ 11,679,847 $ 9,657,421