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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
Jan. 01, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Financial Assets:        
Cash and cash equivalents   $ 118,763 $ 103,724 $ 95,191
Investment securities, available for sale   2,006,140 1,512,252  
Investment in unconsolidated entities $ 107,477 189,965 73,466  
Mezzanine loan and preferred equity investments $ 3,620 169,214 114,821  
Derivative assets   15,878 10,263  
Financial Liabilities:        
Outstanding Borrowings   2,352,102 1,543,577  
Subordinated debentures   45,000 45,000  
Convertible notes   132,955 130,762  
Residential collateralized debt obligations        
Financial Liabilities:        
Collateralized debt obligations   40,429 53,040  
Residential collateralized debt obligations, at fair value        
Financial Liabilities:        
Collateralized debt obligations   1,052,829 0  
Level 1        
Financial Assets:        
Cash and cash equivalents   118,763 103,724  
Cash and cash equivalents, estimated fair value   118,763 103,724  
Level 2        
Financial Assets:        
Derivative assets   15,878 10,263  
Financial Liabilities:        
Convertible notes   132,955 130,762  
Convertible debt, fair value   140,865 135,689  
Level 2 | Portfolio investments        
Financial Liabilities:        
Outstanding Borrowings   3,105,416 2,131,505  
Level 3        
Financial Assets:        
Investment in unconsolidated entities   189,965 73,466  
Investments in unconsolidated entities, estimated fair value   191,359 73,833  
Mezzanine loan and preferred equity investments   180,045 165,555  
Mezzanine loan and preferred equity investments, estimated fair value   182,465 167,739  
Mortgage loans held for sale, carrying amount   2,406 3,414  
Mortgage loans held for sale, estimated fair value   2,482 3,584  
Mortgage loans held for investment   0 1,580  
Mortgage loans held for investment, estimated fair value   0 1,580  
Financial Liabilities:        
Collateralized debt obligations   0 42,335  
Collateralized debt obligations, fair value   0 45,030  
Subordinated debentures   45,000 45,000  
Subordinated debentures, fair value   41,592 44,897  
Level 3 | Residential collateralized debt obligations        
Financial Liabilities:        
Collateralized debt obligations   40,429 53,040  
Collateralized debt obligations, fair value   38,888 50,031  
Level 3 | Multi-Family CDOs        
Financial Liabilities:        
Collateralized debt obligations   16,724,451 11,022,248  
Collateralized debt obligations, fair value   16,724,451 11,022,248  
Level 3 | Residential collateralized debt obligations, at fair value        
Financial Liabilities:        
Collateralized debt obligations   1,052,829 0  
Collateralized debt obligations, fair value   1,052,829 0  
Level 3 | Distressed and other residential mortgage loans, at fair value        
Financial Assets:        
Distressed and other residential mortgage loans, net   1,429,754 737,523  
Residential mortgage loans held in securitization trust, at fair value   1,429,754 737,523  
Level 3 | Distressed residential mortgage loans        
Financial Assets:        
Distressed and other residential mortgage loans, net   202,756 285,261  
Residential mortgage loans held in securitization trust, at fair value   208,471 289,376  
Level 3 | Multi-family loans held in securitization trusts        
Financial Assets:        
Distressed and other residential mortgage loans, net   17,816,746 11,679,847  
Residential mortgage loans held in securitization trust, at fair value   17,816,746 11,679,847  
Level 3 | Residential mortgage loans held in securitization trusts        
Financial Assets:        
Distressed and other residential mortgage loans, net   1,328,886 0  
Residential mortgage loans held in securitization trust, at fair value   $ 1,328,886 $ 0