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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
Mar. 31, 2020
Dec. 31, 2019
Mar. 31, 2019
Financial Assets:      
Cash and cash equivalents $ 172,513 $ 118,763 $ 65,359
Receivable for securities sold 213,585 0  
Investment securities available for sale 442,532 1,760,812  
Investment in unconsolidated entities, carrying value 211,965 189,965  
Preferred equity and mezzanine loan investments, carrying value 277,008 169,214  
Derivative assets 0 15,878  
Financial Liabilities      
Outstanding repurchase agreements 713,364 2,352,102  
Subordinated debentures, carrying value 45,000 45,000  
Convertible notes, carrying value 133,534 132,955  
Residential collateralized debt obligations      
Financial Liabilities      
Secured debt, carrying value 38,959 40,429  
Residential collateralized debt obligations, at fair value      
Financial Liabilities      
Secured debt, carrying value 1,034,992 1,052,829  
Level 1      
Financial Assets:      
Cash and cash equivalents 172,513 118,763  
Cash and cash equivalents, estimated fair value 172,513 118,763  
Receivable for securities sold 213,585 0  
Level 1 | Cash margin      
Financial Assets:      
Cash and cash equivalents 169,484 0  
Cash and cash equivalents, estimated fair value 169,484 0  
Level 2      
Financial Assets:      
Investment securities available for sale 887,308 2,006,140  
Derivative assets 0 15,878  
Financial Liabilities      
Convertible notes, carrying value 133,534 132,955  
Convertible notes, estimated fair value 76,794 140,865  
Level 2 | Portfolio Investments      
Financial Liabilities      
Outstanding repurchase agreements 1,428,124 3,105,416  
Level 3      
Financial Assets:      
Residential mortgage loans, at fair value 2,776,630    
Investment in unconsolidated entities, carrying value 211,965 189,965  
Investments in unconsolidated entities, estimated fair value 211,965 191,359  
Preferred equity and mezzanine loan investments, carrying value 179,292 180,045  
Preferred equity and mezzanine loan investments, estimated fair value 179,292 182,465  
Loans held for sale, net, carrying value 0 2,406  
Loans held for sale, net, estimated fair value 0 2,482  
Financial Liabilities      
Subordinated debentures, carrying value 45,000 45,000  
Subordinated debentures, estimated fair value 12,451 41,592  
Level 3 | Residential collateralized debt obligations      
Financial Liabilities      
Secured debt, carrying value 38,959 40,429  
Secured debt, estimated fair value 35,029 38,888  
Level 3 | Multi-family collateralized debt obligations, at fair value      
Financial Liabilities      
Secured debt, carrying value 0 16,724,451  
Secured debt, estimated fair value 0 16,724,451  
Level 3 | Residential collateralized debt obligations, at fair value      
Financial Liabilities      
Secured debt, carrying value 1,034,992 1,052,829  
Secured debt, estimated fair value 1,034,992 1,052,829  
Level 3 | Residential loans      
Financial Assets:      
Residential mortgage loans, at fair value 1,515,347 1,429,754  
Level 3 | Residential loans held in securitization trusts      
Financial Assets:      
Residential mortgage loans, at fair value 42,984 0  
Level 3 | Residential loans, net      
Financial Assets:      
Residential mortgage loans 0 202,756  
Residential mortgage loans, estimated fair value 0 208,471  
Level 3 | Multi-family loans held in securitization trusts, at fair value      
Financial Assets:      
Residential mortgage loans 0 17,816,746  
Residential mortgage loans, estimated fair value 0 17,816,746  
VIE, Primary Beneficiary | Level 3 | Residential collateralized debt obligations, at fair value      
Financial Liabilities      
Secured debt, carrying value 1,034,992    
VIE, Primary Beneficiary | Consolidated SLST      
Financial Liabilities      
Secured debt, carrying value 1,034,992 1,052,829  
VIE, Primary Beneficiary | Consolidated SLST | Level 3      
Financial Assets:      
Residential mortgage loans, at fair value $ 1,218,299 $ 1,328,886