CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
Mar. 31, 2019	Mar. 31, 2018
Cash Flows from Operating Activities:
Net income	$ 44,350	$ 32,086
Adjustments to reconcile net income to net cash provided by operating activities:
Net accretion	(10,463)	(5,729)
Realized (gain) loss on investment securities and related hedges, net	(16,801)	3,423
Net (gain) loss on distressed and other residential mortgage	(13,089)	939
Unrealized loss (gain) on investment securities and related hedges, net	14,586	(11,692)
Gain on sale of real estate held for sale in consolidated variable interest entities	(1,580)	(2,328)
Impairment of real estate under development in consolidated variable interest entities	936	0
Loss on extinguishment of debt	2,857	0
Unrealized gain on loans and debt held in multi-family securitization trusts	(9,410)	(7,545)
(Recovery of) provision for loan losses	(1,065)
Provision for Loan and Lease Losses		42
Income from unconsolidated entity, preferred equity and mezzanine loan investments	(13,108)	(6,090)
Distributions of income from unconsolidated entity, preferred equity and mezzanine loan investments	7,010	3,926
Amortization of stock based compensation, net	993	387
Changes in operating assets and liabilities:
Receivables and other assets	(15,499)	125
Accrued expenses and other liabilities	18,476	(435)
Net cash provided by operating activities	8,193	7,109
Cash Flows from Investing Activities:
Net proceeds from sale of real estate held for sale in consolidated variable interest entities	3,587	33,192
Proceeds from sales of investment securities	56,769	10,080
Purchases of investment securities	(136,265)	(60,321)
Purchases of other assets	(600)	(2)
Capital expenditures on real estate held for sale in consolidated variable interest entities	(128)	(46)
Funding of preferred equity, equity and mezzanine loan investments	(35,021)	(18,210)
Principal repayments received on preferred equity and mezzanine loan investments	12,316	3,871
Return of capital from unconsolidated entity investments	311	638
Net payments made on other derivative instruments settled during the period	(19,197)	0
Principal paydowns on investment securities - available for sale	37,642	35,365
Proceeds from sale of real estate owned	650	943
Net cash (used in) provided by investing activities	(253,383)	36,313
Cash Flows from Financing Activities:
Net proceeds from repurchase agreements	141,153	10,215
Common stock issuance, net	185,027	0
Payments made on mortgages and notes payable in consolidated variable interest entities	(36)	(25,565)
Proceeds from mortgages and notes payable in consolidated variable interest entities	0	505
Payments of secured debt	(45,557)	(11,753)
Net cash provided by (used in) financing activities	202,255	(92,569)
Net Decrease in Cash, Cash Equivalents and Restricted Cash	(42,935)	(49,147)
Cash, Cash Equivalents and Restricted Cash - Beginning of Period	109,145	115,450
Cash, Cash Equivalents and Restricted Cash - End of Period	66,210	66,303
Supplemental Disclosure:
Cash paid for interest	130,627	103,316
Cash paid for income taxes	7	642
Non-Cash Investment Activities:
Transfer from residential loans to real estate owned	1,841	1,992
Non-Cash Financing Activities:
Mortgages and notes payable assumed by purchaser of real estate held for sale in consolidated variable entities	27,260	0
Cash, Cash Equivalents and Restricted Cash Reconciliation:
Total cash, cash equivalents, and restricted cash	109,145	115,450
Multi-family collateralized debt obligations
Non-Cash Investment Activities:
Consolidation of multi-family collateralized debt obligations	2,324,639	0
Multi-family loans held in securitization trust
Non-Cash Investment Activities:
Consolidation of multi-family loans held in securitization trusts	2,426,210	0
Common Stock
Cash Flows from Financing Activities:
Dividends paid on stock	(31,118)	(22,382)
Preferred Stock
Cash Flows from Financing Activities:
Dividends paid on stock	(5,925)	(5,985)
Distressed residential mortgage loans
Cash Flows from Investing Activities:
Purchases of residential mortgage loans and distressed residential mortgage loans	(159,658)	(15,966)
Distressed residential mortgage loans held in securitization trusts, net
Cash Flows from Investing Activities:
Principal repayments received on loans	50,296	12,335
Multi-family collateralized debt obligations
Cash Flows from Investing Activities:
Principal repayments received on loans	37,485	34,434
Multi-family loans held in securitization trust
Cash Flows from Investing Activities:
Purchases of residential mortgage loans and distressed residential mortgage loans	(101,570)	0
Residential collateralized debt obligations
Cash Flows from Financing Activities:
Payments of secured debt	(3,808)	(3,167)
Collateralized debt obligation
Cash Flows from Financing Activities:
Payments of secured debt	$ (37,481)	$ (34,437)

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.