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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash Flows from Operating Activities:      
Net income $ 104,795 $ 88,567 $ 67,560
Adjustments to reconcile net income to net cash provided by operating activities:      
Net (accretion) amortization (29,338) 197 7,648
Realized loss (gain) on investment securities and related hedges, net 11,758 (3,888) 3,645
Net gain on distressed residential mortgage loans at carrying value and distressed and other residential mortgage loans at fair value (8,079) (27,727) (14,865)
Unrealized gain on investment securities and related hedges, net (11,104) (1,955) (7,070)
Gain on sale of real estate held for sale in consolidated variable interest entities (2,328) 0 0
Impairment of real estate under development in consolidated variable interest entities 2,764 0 0
Gain on remeasurement of existing membership interest in businesses acquired 0 0 (5,052)
Gain on bargain purchase on businesses acquired 0 0 (65)
Unrealized gain on loans and debt held in multi-family securitization trusts, net (37,581) (18,872) (3,032)
Net decrease in loans held for sale 1,492 34 432
Provision for (recovery of) loan losses 1,257    
Provision for (recovery of) loan losses 1,257 (1,739) (838)
Income from unconsolidated entity, preferred equity and mezzanine loan investments (37,922) (27,164) (22,202)
Distributions of income from unconsolidated entity, preferred equity and mezzanine loan investments 29,358 20,870 15,801
Amortization of stock based compensation, net 2,582 1,632 514
Changes in operating assets and liabilities:      
Receivables and other assets (13,963) (18,459) 6,756
Accrued expenses and other liabilities and accrued expenses, related parties 10,486 17,836 4,612
Net cash provided by operating activities 24,177 29,332 53,844
Cash Flows from Investing Activities:      
Acquisition of businesses, net of cash and restricted cash acquired 0 0 (28,447)
Cash received from initial consolidation of variable interest entities 0 112 0
Net proceeds from sale of real estate in consolidated variable interest entities 33,192 0 0
Proceeds from sales of investment securities 26,899 107,062 208,229
Purchases of investment securities 393,663 940,597 423,175
Redemption of FHLBI stock 0 0 5,445
Purchases of other assets (183) (41) (103)
Capital expenditures on operating real estate and real estate held for sale in consolidated variable interest entities (457) (296) 0
Funding of preferred equity, equity and mezzanine loan investments (112,452) (61,814) (46,896)
Principal repayments received on preferred equity and mezzanine loan investments 56,718 19,031 4,464
Return of capital from unconsolidated entity investments 14,973 25,940 10,940
Net proceeds (payments) from other derivative instruments settled during the period 747 (4,683) (933)
Principal paydowns on investment securities - available for sale 234,438 228,968 136,836
Proceeds from sale of real estate owned 5,120 7,026 2,131
Net cash (used in) provided by investing activities (642,474) (439,943) 68,855
Cash Flows from Financing Activities:      
Proceeds from financing arrangements, net of FHLBI advances and payments 704,763 459,733 175,993
Proceeds from issuance of convertible notes 0 126,995 0
Proceeds from issuance of securitized debt 0 0 166,347
Common stock issuance, net 260,091 930 13,496
Preferred stock issuance, net 0 130,496 0
Payments made on mortgages and notes payable in consolidated variable interest entities (27,067) (1,485) 0
Proceeds from mortgages and notes payable in consolidated variable interest entities 1,154 5,414 0
Payments made on collateralized debt obligations (40,882) (79,433) (126,018)
Redemption of preferred equity 0 0 (16,255)
Net cash provided by (used in) financing activities 621,247 377,276 (65,911)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 2,950 (33,335) 56,788
Cash, Cash Equivalents and Restricted Cash - Beginning of Period 106,195 139,530 82,742
Cash, Cash Equivalents and Restricted Cash - End of Period 109,145 106,195 139,530
Supplemental Disclosure:      
Cash paid for interest 417,016 333,907 300,992
Cash paid for income taxes 1,711 3,952 4,061
Non-Cash Investment Activities:      
Purchase of investment securities not yet settled 0 0 148,015
Transfer from residential loans to real estate owned 7,998 7,228 8,892
Cash, Cash Equivalents and Restricted Cash Reconciliation:      
Total cash, cash equivalents, and restricted cash 106,195 139,530 82,742
Multi-family loans held in securitization trusts      
Non-Cash Investment Activities:      
Consolidation of multi-family loans held in securitization trusts 2,294,544 2,886,525 0
Multi-family collateralized debt obligations      
Non-Cash Investment Activities:      
Consolidation of multi-family collateralized debt obligations 2,182,330 2,784,377 0
Common Stock      
Cash Flows from Financing Activities:      
Dividends paid (97,911) (93,872) (105,108)
Preferred Stock      
Cash Flows from Financing Activities:      
Dividends paid (23,760) (12,900) (12,900)
Financing arrangements, residential mortgage loans      
Cash Flows from Investing Activities:      
Principal repayments received on loans 16,751 20,667 23,648
Purchases of distressed and other residential mortgage loans (688,750) (101,250) (82,167)
Distressed residential mortgage loans held in securitization trusts (net)      
Cash Flows from Investing Activities:      
Principal repayments received on loans 138,587 224,915 122,552
Multi-family collateralized debt obligations      
Cash Flows from Investing Activities:      
Principal repayments received on loans 137,820 137,164 136,331
Purchases of distressed and other residential mortgage loans (112,214) (102,147) 0
Residential collateralized debt obligations      
Cash Flows from Financing Activities:      
Payments made on collateralized debt obligations (17,338) (21,442) (25,152)
Collateralized debt obligation      
Cash Flows from Financing Activities:      
Payments made on collateralized debt obligations $ (137,803) $ (137,160) $ (136,314)