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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
Jun. 30, 2019
Dec. 31, 2018
Jun. 30, 2018
Financial Assets:      
Cash and cash equivalents $ 134,993 $ 103,724 $ 84,717
Investment securities available for sale 1,743,869 1,512,252  
Preferred equity and mezzanine loan investments, carrying value 135,845 114,821  
Derivative assets 14,047 10,263  
Financial Liabilities      
Outstanding repurchase agreements 1,843,815 1,543,577  
Subordinated debentures, carrying value 45,000 45,000  
Convertible notes, carrying value 131,839 130,762  
Residential collateralized debt obligations      
Financial Liabilities      
Secured debt, carrying value 45,280 53,040  
Multi-family collateralized debt obligations      
Financial Liabilities      
Secured debt, carrying value 13,772,726 11,022,248  
Level 1      
Financial Assets:      
Cash and cash equivalents 134,993 103,724  
Cash and cash equivalents, estimated fair value 134,993 103,724  
Level 3      
Financial Assets:      
Investment in unconsolidated entities, carrying value 166,148 73,466  
Investments in unconsolidated entities, estimated fair value 166,983 73,833  
Preferred equity and mezzanine loan investments, carrying value 191,387 165,555  
Preferred equity and mezzanine loan investments, estimated fair value 193,875 167,739  
Mortgage loans held for sale, net, carrying value 2,460 3,414  
Mortgage loans held for sale, net, estimated fair value 2,621 3,584  
Mortgage loans held for investment, carrying value 1,580 1,580  
Mortgage loans held for investment, estimated fair value 1,580 1,580  
Financial Liabilities      
Secured debt, carrying value 0 42,335  
Secured debt, estimated fair value 0 45,030  
Subordinated debentures, carrying value 45,000 45,000  
Subordinated debentures, estimated fair value 45,044 44,897  
Level 3 | Residential collateralized debt obligations      
Financial Liabilities      
Secured debt, carrying value 45,280 53,040  
Secured debt, estimated fair value 43,468 50,031  
Level 3 | Multi-family collateralized debt obligations      
Financial Liabilities      
Secured debt, carrying value 13,772,726 11,022,248  
Secured debt, estimated fair value 13,772,726 11,022,248  
Level 3 | Distressed and other residential mortgage loans, at fair value      
Financial Assets:      
Residential mortgage loans, carrying value 1,061,954 737,523  
Residential mortgage loans, estimated fair value 1,061,954 737,523  
Level 3 | Distressed residential mortgage loans      
Financial Assets:      
Residential mortgage loans, carrying value 218,094 285,261  
Residential mortgage loans, estimated fair value 221,615 289,376  
Level 3 | Multi-family loans held in securitization trusts      
Financial Assets:      
Residential mortgage loans, carrying value 14,573,925 11,679,847  
Residential mortgage loans, estimated fair value 14,573,925 11,679,847  
Level 2      
Financial Assets:      
Derivative assets 14,047 10,263  
Financial Liabilities      
Convertible notes, carrying value 131,839 130,762  
Convertible notes, estimated fair value 138,773 135,689  
Level 2 | Portfolio Investments      
Financial Liabilities      
Outstanding repurchase agreements $ 2,604,356 $ 2,131,505