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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
Sep. 30, 2019
Dec. 31, 2018
Sep. 30, 2018
Financial Assets:      
Cash and cash equivalents $ 65,906 $ 103,724 $ 57,471
Investment securities available for sale 1,904,018 1,512,252  
Preferred equity and mezzanine loan investments, carrying value 205,642 114,821  
Derivative assets 20,673 10,263  
Financial Liabilities      
Outstanding repurchase agreements 1,823,910 1,543,577  
Subordinated debentures, carrying value 45,000 45,000  
Convertible notes, carrying value 132,395 130,762  
Residential collateralized debt obligations      
Financial Liabilities      
Secured debt, carrying value 42,119 53,040  
Multi-family collateralized debt obligations      
Financial Liabilities      
Secured debt, carrying value 14,978,199 11,022,248  
Level 1      
Financial Assets:      
Cash and cash equivalents 65,906 103,724  
Cash and cash equivalents, estimated fair value 65,906 103,724  
Level 3      
Financial Assets:      
Investment in unconsolidated entities, carrying value 168,933 73,466  
Investments in unconsolidated entities, estimated fair value 170,150 73,833  
Preferred equity and mezzanine loan investments, carrying value 178,997 165,555  
Preferred equity and mezzanine loan investments, estimated fair value 181,626 167,739  
Mortgage loans held for sale, net, carrying value 2,437 3,414  
Mortgage loans held for sale, net, estimated fair value 2,525 3,584  
Mortgage loans held for investment, carrying value 0 1,580  
Mortgage loans held for investment, estimated fair value 0 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 41,273 44,897  
Level 3 | Residential collateralized debt obligations      
Financial Liabilities      
Secured debt, carrying value 42,119 53,040  
Secured debt, estimated fair value 40,534 50,031  
Level 3 | Multi-family collateralized debt obligations      
Financial Liabilities      
Secured debt, carrying value 14,978,199 11,022,248  
Secured debt, estimated fair value 14,978,199 11,022,248  
Level 3 | Distressed and other residential mortgage loans, at fair value      
Financial Assets:      
Residential mortgage loans, carrying value 1,116,128 737,523  
Residential mortgage loans, estimated fair value 1,116,128 737,523  
Level 3 | Distressed residential mortgage loans      
Financial Assets:      
Residential mortgage loans, carrying value 210,466 285,261  
Residential mortgage loans, estimated fair value 213,398 289,376  
Level 3 | Multi-family loans held in securitization trusts      
Financial Assets:      
Residential mortgage loans, carrying value 15,863,264 11,679,847  
Residential mortgage loans, estimated fair value 15,863,264 11,679,847  
Level 2      
Financial Assets:      
Derivative assets 20,673 10,263  
Financial Liabilities      
Convertible notes, carrying value 132,395 130,762  
Convertible notes, estimated fair value 140,557 135,689  
Level 2 | Portfolio Investments      
Financial Liabilities      
Outstanding repurchase agreements $ 2,559,880 $ 2,131,505