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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash Flows from Operating Activities:      
Net income (loss) $ 172,896 $ 104,795 $ 88,567
Adjustments to reconcile net income to net cash provided by operating activities:      
Net (accretion) amortization (55,629) (29,338) 197
Realized (gains) losses, net (32,642) 7,775 (31,656)
Unrealized (gains) losses, net (35,837) (52,781) (20,786)
Gain on sale of real estate held for sale in consolidated variable interest entities (1,580) (2,328) 0
Impairment of real estate under development in consolidated variable interest entities 1,872 2,764 0
Loss on extinguishment of debt 2,857 0 0
(Recovery of) provision for loan losses (2,780)   (1,739)
(Recovery of) provision for loan losses   1,257  
Income from unconsolidated entity, preferred equity and mezzanine loan investments (47,840) (37,922) (27,164)
Distributions of income from unconsolidated entity, preferred equity and mezzanine loan investments 24,848 29,358 20,870
Amortization of stock based compensation, net 5,367 2,582 1,632
Changes in operating assets and liabilities:      
Receivables and other assets (41,525) (12,471) (18,425)
Accrued expenses and other liabilities 45,094 10,486 17,836
Net cash provided by operating activities 35,101 24,177 29,332
Cash Flows from Investing Activities:      
Cash received from initial consolidation of variable interest entities 0 0 112
Net proceeds from sale of real estate held for sale in consolidated variable interest entities 3,587 33,192 0
Proceeds from sales of investment securities 97,951 26,899 107,062
Purchases of investment securities (753,734) (393,663) (940,597)
Purchases of other assets (991) (183) (41)
Capital expenditures on operating real estate and real estate held for sale in consolidated variable interest entities (128) (457) (296)
Funding of preferred equity, equity and mezzanine loan investments (163,883) (112,452) (61,814)
Principal repayments received on preferred equity and mezzanine loan investments 42,249 56,718 19,031
Return of capital from unconsolidated entity investments 13,617 14,973 25,940
Proceeds from mortgage loans held for investment 1,580   0
(Net payments made on) received from derivative instruments settled during the period (36,337) 747 (4,683)
Principal paydowns on investment securities - available for sale 227,397 234,438 228,968
Proceeds from sale of real estate owned 4,873 5,120 7,026
Purchases of residential mortgage loans and distressed residential mortgage loans (277,339) 0 0
Net cash used in investing activities (769,065) (642,474) (439,943)
Cash Flows from Financing Activities:      
Net proceeds from repurchase agreements 972,207 704,763 459,733
Proceeds from issuance of convertible notes 0 0 126,995
Common stock issuance, net 804,398 260,091 930
Preferred stock issuance, net 215,073 0 130,496
Dividends paid on common stock (163,364) (97,911) (93,872)
Dividends paid on preferred stock (24,651) (23,760) (12,900)
Payments made on mortgages and notes payable in consolidated variable interest entities (4,022) (27,067) (1,485)
Proceeds from mortgages and notes payable in consolidated variable interest entities 0 1,154 5,414
Payments made on residential collateralized debt obligations (15,578) (17,338) (21,442)
Payments made on multi-family collateralized debt obligations (992,075) (137,803) (137,160)
Extinguishment of and payments made on securitized debt (45,557) (40,882) (79,433)
Net cash provided by financing activities 746,431 621,247 377,276
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 12,467 2,950 (33,335)
Cash, Cash Equivalents and Restricted Cash - Beginning of Period 109,145 106,195 139,530
Cash, Cash Equivalents and Restricted Cash - End of Period 121,612 109,145 106,195
Supplemental Disclosure:      
Cash paid for interest 622,720 430,121 344,390
Cash paid for income taxes 21 1,711 3,952
Non-Cash Investment Activities:      
Transfer from residential loans to real estate owned 6,105 7,998 7,228
Non-Cash Financing Activities:      
Mortgages and notes payable assumed by purchaser of real estate held for sale in consolidated variable interest entities 27,260 0 0
Cash, Cash Equivalents and Restricted Cash Reconciliation:      
Total cash, cash equivalents, and restricted cash 121,612 106,195 139,530
Multi-family collateralized debt obligations      
Non-Cash Investment Activities:      
Consolidation of multi-family collateralized debt obligations 6,253,739 2,182,330 2,784,377
Multi-family loans held in securitization trusts      
Non-Cash Investment Activities:      
Consolidation of multi-family loans held in securitization trusts 6,599,974 2,294,544 2,886,525
Consolidation of residential mortgage loans held in securitization trust      
Non-Cash Investment Activities:      
Consolidation of multi-family loans held in securitization trusts 1,333,060 0 0
Consolidation of residential collateralized debt obligations      
Non-Cash Investment Activities:      
Consolidation of multi-family collateralized debt obligations 1,055,720 0 0
Distressed residential mortgage loans held in securitization trusts (net)      
Cash Flows from Investing Activities:      
Principal repayments received on loans 254,935 155,338 245,582
Multi-family collateralized debt obligations      
Cash Flows from Investing Activities:      
Principal repayments received on loans 992,912 137,820 137,164
Residential Mortgage Loans And Distressed Residential Mortgage Loans [Member]      
Cash Flows from Investing Activities:      
Purchases of residential mortgage loans and distressed residential mortgage loans (829,519) (688,750) (101,250)
Multi-family loans held in securitization trusts      
Cash Flows from Investing Activities:      
Purchases of residential mortgage loans and distressed residential mortgage loans $ (346,235) $ (112,214) $ (102,147)