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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
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Financial Assets:      
Cash and cash equivalents $ 293,183 $ 118,763 $ 103,724
Residential loans, carrying value 3,049,166 2,961,396  
Investment securities, available for sale 311,284 1,760,812  
Equity investments 259,095 189,965  
Derivative assets 0 15,878  
Financial Liabilities:      
Outstanding Borrowings   2,352,102  
Subordinated debentures 45,000 45,000  
Convertible notes 135,327 132,955  
Residential Collateralized Debt Obligations      
Financial Liabilities:      
Collateralized debt obligations, at fair value 569,323 40,429  
Residential Collateralized Debt Obligations | VIE, Primary Beneficiary      
Financial Liabilities:      
Collateralized debt obligations, at fair value 569,323 40,429  
Residential collateralized debt obligations, at fair value      
Financial Liabilities:      
Collateralized debt obligations, at fair value 1,054,335 17,777,280  
Residential collateralized debt obligations, at fair value | VIE, Primary Beneficiary      
Financial Liabilities:      
Collateralized debt obligations, at fair value 1,054,335 17,777,280  
Level 1      
Financial Assets:      
Cash and cash equivalents 293,183 118,763  
Cash and cash equivalents, estimated fair value 293,183 118,763  
Level 2      
Financial Assets:      
Investment securities, available for sale 724,726 2,006,140  
Derivative assets 0 15,878  
Financial Liabilities:      
Convertible notes 135,327 132,955  
Convertible debt, fair value 137,716 140,865  
Level 2 | Portfolio investments      
Financial Liabilities:      
Outstanding Borrowings 405,531 3,105,416  
Level 3      
Financial Assets:      
Preferred equity and mezzanine loan investments 163,593 180,045  
Preferred equity and mezzanine loan investments, estimated fair value 163,593 182,465  
Equity investments 259,095 189,965  
Equity investments, estimated fair value 259,095 191,359  
Mortgage loans held for sale, carrying amount 0 2,406  
Mortgage loans held for sale, estimated fair value 0 2,482  
Financial Liabilities:      
Collateralized debt obligations, at fair value 15,256 0  
Collateralized debt obligations, fair value 15,472 0  
Subordinated debentures 45,000 45,000  
Subordinated debentures, fair value 36,871 41,592  
Level 3 | Residential Collateralized Debt Obligations      
Financial Liabilities:      
Collateralized debt obligations, at fair value 554,067 40,429  
Collateralized debt obligations, fair value 561,329 38,888  
Level 3 | Multi Family Collateralized Debt Obligations      
Financial Liabilities:      
Collateralized debt obligations, at fair value 0 16,724,451  
Collateralized debt obligations, fair value 0 16,724,451  
Level 3 | Residential collateralized debt obligations, at fair value      
Financial Liabilities:      
Collateralized debt obligations, at fair value   1,052,829  
Collateralized debt obligations, fair value 1,054,335    
Level 3 | Residential collateralized debt obligations, at fair value | VIE, Primary Beneficiary      
Financial Liabilities:      
Collateralized debt obligations, at fair value 1,054,335    
Level 3 | Residential loans, at fair value      
Financial Assets:      
Residential loans, carrying value 3,049,166 2,758,640  
Residential mortgage loans at fair value 3,049,166 2,758,640  
Level 3 | Residential Mortgage Loans      
Financial Assets:      
Residential loans, carrying value 0 202,756  
Residential mortgage loans at fair value 0 208,471  
Level 3 | Multi-family loans held in securitization trusts      
Financial Assets:      
Residential loans, carrying value 0 17,816,746  
Residential mortgage loans at fair value $ 0 $ 17,816,746