CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
Jun. 30, 2019	Jun. 30, 2018
Cash Flows from Operating Activities:
Net income	$ 66,342	$ 60,837
Adjustments to reconcile net income to net cash provided by operating activities:
Net accretion	(21,566)	(11,588)
Realized (gain) loss on investment securities and related hedges, net	(16,801)	12,270
Net gain on distressed and other residential mortgage	(27,414)	(1,372)
Unrealized loss (gain) on investment securities and related hedges, net	29,593	(24,298)
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	1,660	2,091
Loss on extinguishment of debt	2,857	0
Unrealized gain on loans and debt held in multi-family securitization trusts, net	(14,617)	(19,564)
Recovery of loan losses	(2,362)	(395)
Income from unconsolidated entity, preferred equity and mezzanine loan investments	(22,292)	(13,526)
Distributions of income from unconsolidated entity, preferred equity and mezzanine loan investments	12,706	8,340
Amortization of stock based compensation, net	2,792	1,211
Changes in operating assets and liabilities:
Receivables and other assets	(21,763)	610
Accrued expenses and other liabilities	19,410	(1,403)
Net cash provided by operating activities	6,965	10,885
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	26,899
Purchases of investment securities	(321,134)	(60,321)
Purchases of other assets	(923)	(35)
Capital expenditures on real estate held for sale in consolidated variable interest entities	(128)	(255)
Funding of preferred equity, equity and mezzanine loan investments	(130,004)	(45,532)
Principal repayments received on preferred equity and mezzanine loan investments	20,416	9,122
Return of capital from unconsolidated entity investments	639	1,246
(Net payments made on) received from other derivative instruments settled during the period	(33,377)	13,662
Principal paydowns on investment securities - available for sale	84,418	120,508
Proceeds from sale of real estate owned	1,266	2,136
Net cash (used in) provided by investing activities	(549,904)	132,330
Cash Flows from Financing Activities:
Net proceeds from (net payments made on) repurchase agreements	471,998	(54,120)
Common stock issuance, net	321,655	73,831
Preferred stock issuance, net	16,101	0
Payments made on mortgages and notes payable in consolidated variable interest entities	(36)	(25,673)
Proceeds from mortgages and notes payable in consolidated variable interest entities	0	1,058
Payments of secured debt	(45,557)	(21,351)
Net cash provided by (used in) financing activities	569,744	(158,998)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	26,805	(15,783)
Cash, Cash Equivalents and Restricted Cash - Beginning of Period	109,145	106,195
Cash, Cash Equivalents and Restricted Cash - End of Period	135,950	90,412
Supplemental Disclosure:
Cash paid for interest	294,817	204,174
Cash paid for income taxes	21	1,342
Non-Cash Investment Activities:
Sales of investment securities not yet settled	0	0
Purchase of investment securities not yet settled	3,132	0
Transfer from residential loans to real estate owned	2,368	3,558
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	106,195
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	(68,684)	(44,805)
Preferred Stock
Cash Flows from Financing Activities:
Dividends paid on stock	(11,850)	(11,910)
Distressed residential mortgage loans held in securitization trusts, net
Cash Flows from Investing Activities:
Principal repayments received on loans	144,228	57,903
Multi-family collateralized debt obligations
Cash Flows from Investing Activities:
Principal repayments received on loans	106,363	67,880
Distressed residential mortgage loans
Cash Flows from Investing Activities:
Purchases of residential mortgage loans and distressed residential mortgage loans	(380,454)	(94,075)
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	(7,792)	(8,142)
Collateralized debt obligation
Cash Flows from Financing Activities:
Payments of secured debt	$ (106,091)	$ (67,886)

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.