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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash Flows from Operating Activities:    
Net (loss) income $ (368,225) $ 107,609
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Net amortization (accretion) 3,675 (35,948)
Realized losses (gains), net 149,919 (32,556)
Realized loss on de-consolidation of multi-family loans held in securitization trusts and multi-family collateralized debt obligations, net 54,118 0
Unrealized losses (gains), net 212,711 (13,898)
Impairment of goodwill 25,222 0
Gain on sale of real estate held for sale in consolidated variable interest entities 0 (1,580)
Impairment of real estate under development in consolidated variable interest entities 1,754 1,660
Loss on extinguishment of debt 0 2,857
Recovery of loan losses 0 (2,605)
Income from unconsolidated entity, preferred equity and mezzanine loan investments (30,963) (31,670)
Distributions of income from unconsolidated entity, preferred equity and mezzanine loan investments 17,285 18,861
Stock based compensation expense, net 7,567 4,079
Changes in operating assets and liabilities:    
Receivables and other assets 70,863 (21,393)
Accrued expenses and other liabilities (67,334) 30,962
Net cash provided by operating activities 76,592 26,378
Cash Flows from Investing Activities:    
Proceeds from sales of investment securities 1,815,369 97,951
Principal paydowns on investment securities available for sale 162,277 135,956
Purchases of investment securities (448,093) (563,441)
Principal repayments received on preferred equity and mezzanine loan investments 11,243 37,885
Return of capital from unconsolidated entity investments 17,432 13,378
Funding of preferred equity, equity and mezzanine loan investments (49,663) (147,383)
Net proceeds from sale of real estate held for sale in consolidated variable interest entities 0 3,587
Net payments made on other derivative instruments settled during the period (28,233) (52,598)
Proceeds from sale of real estate owned 3,791 2,035
Capital expenditures on real estate held for sale in consolidated variable interest entities 0 (128)
Purchases of other assets (431) (939)
Deposit for investment in a residential securitization 0 (66,000)
Net cash provided by (used in) investing activities 2,430,671 (601,840)
Cash Flows from Financing Activities:    
Net (payments made on) proceeds from repurchase agreements (2,434,447) 427,077
Proceeds from issuance of securitized debt, net 108,980 0
Proceeds from issuance of collateralized debt obligations, net 241,072 0
Common stock issuance, net 511,924 632,248
Preferred stock issuance, net 0 30,490
Dividends paid on common stock (77,161) (110,839)
Dividends paid on preferred stock (30,768) (18,107)
Payments made on mortgages and notes payable in consolidated variable interest entities 0 (3,087)
Payments made on residential collateralized debt obligations (76,030) (10,963)
Payments made on multi-family collateralized debt obligations (147,376) (368,107)
Payments made on and extinguishment of securitized debt (20,445) (45,557)
Net cash (used in) provided by financing activities (1,924,251) 533,155
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 583,012 (42,307)
Cash, Cash Equivalents and Restricted Cash - Beginning of Period 121,612 109,145
Cash, Cash Equivalents and Restricted Cash - End of Period 704,624 66,838
Supplemental Disclosure:    
Cash paid for interest 277,087 456,242
Cash paid for income taxes 1,521 21
Non-Cash Investment Activities:    
Transfer from residential loans to real estate owned 6,558 4,529
Non-Cash Financing Activities:    
Mortgages and notes payable assumed by purchaser of real estate held for sale in consolidated variable entities 0 27,260
Cash, Cash Equivalents and Restricted Cash Reconciliation:    
Total cash, cash equivalents, and restricted cash 704,624 66,838
Multi-family loans held in securitization trust    
Non-Cash Investment Activities:    
De-consolidation of multi-family loans held in securitization trusts and collateralized debt obligations 17,381,483 0
Consolidation of multi-family loans held in securitization trusts 0 3,795,606
Multi-family collateralized debt obligations, at fair value    
Non-Cash Investment Activities:    
De-consolidation of multi-family loans held in securitization trusts and collateralized debt obligations 16,612,093 0
Consolidation of multi-family collateralized debt obligations 0 3,633,525
Residential loans    
Cash Flows from Investing Activities:    
Principal repayments received on loans 307,522 119,325
Proceeds from sales of residential loans 93,755 71,969
Purchases of residential mortgage loans and multi-family loans held in securitization trusts (249,312) (460,167)
Multi-family Loans held in securitization trusts and multi-family collateralized debt obligations    
Cash Flows from Investing Activities:    
Net proceeds from sale of real estate held for sale in consolidated variable interest entities 555,218 0
Multi-family loans held in securitization trust    
Cash Flows from Investing Activities:    
Principal repayments received on loans 239,796 368,811
Investments held in multi-family securitized trusts    
Cash Flows from Investing Activities:    
Purchases of residential mortgage loans and multi-family loans held in securitization trusts $ 0 $ (162,081)