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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash Flows from Operating Activities:      
Net (loss) income $ (288,243) $ 172,896 $ 104,795
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Net amortization (accretion) 14,744 (55,629) (29,338)
Realized losses (gains), net 148,058 (32,642) 7,775
Realized loss on de-consolidation of Consolidated K-Series 54,118 0 0
Unrealized losses (gains), net 160,161 (35,837) (52,781)
Impairment of goodwill 25,222 0 0
Gain on sale of real estate held for sale in Consolidated VIEs 0 (1,580) (2,328)
Impairment of real estate under development in Consolidated VIEs 1,754 1,872 2,764
Loss on extinguishment of collateralized debt obligations 0 2,857 0
(Recovery of) provision for loan losses 0 2,780 1,257
(Recovery of) provision for loan losses   2,780 1,257
Income from preferred equity, mezzanine loan and equity investments (48,667) (47,840) (37,922)
Distributions of income from preferred equity, mezzanine loan and equity investments 24,430 24,848 29,358
Stock based compensation expense, net 9,922 5,367 2,582
Changes in operating assets and liabilities:      
Other assets 66,076 (41,525) (12,471)
Other liabilities (56,820) 45,094 10,486
Net cash provided by operating activities 110,755 35,101 24,177
Cash Flows from Investing Activities:      
Proceeds from sales of investment securities 1,820,194 97,951 26,899
Principal paydowns received on investment securities 189,732 227,397 234,438
Purchases of investment securities (586,640) (753,734) (393,663)
Principal repayments received on preferred equity and mezzanine loan investments 28,179 42,249 56,718
Return of capital from equity investments 17,432 13,617 14,973
Funding of preferred equity, mezzanine loan and equity investments (80,500) (163,883) (112,452)
Net payments (made on) received from derivative instruments settled during the period (28,233) (36,337) 747
Proceeds from sale of real estate owned 5,751 4,873 5,120
Cash received from initial consolidation of VIEs 327 0 0
Net proceeds from sale of real estate held for sale in Consolidated VIEs 0 3,587 33,192
Capital expenditures on operating real estate and real estate held for sale in Consolidated VIEs (206) (128) (457)
Purchases of other assets (477) (991) (183)
Net cash provided by (used in) investing activities 2,117,883 (769,065) (642,474)
Cash Flows from Financing Activities:      
Net (payments made on) proceeds received from repurchase agreements (2,701,812) 972,207 704,763
Proceeds from issuance of collateralized debt obligations, net 649,357 0 0
Common stock issuance, net 511,924 804,398 260,091
Preferred stock issuance, net 0 215,073 0
Dividends paid on common stock (105,492) (163,364) (97,911)
Dividends paid on preferred stock (41,065) (24,651) (23,760)
Payments made on and extinguishment of collateralized debt obligations (121,812) (58,217) (58,220)
Payments made on Consolidated K-Series CDOs (147,376) (992,075) (137,803)
Payments made on Consolidated SLST CDOs (89,484) (2,918) 0
Payments made on mortgages and notes payable in Consolidated VIEs 0 (4,022) (27,067)
Proceeds received from mortgages and notes payable in Consolidated VIEs 0 0 1,154
Net cash (used in) provided by financing activities (2,045,760) 746,431 621,247
Net Increase in Cash, Cash Equivalents and Restricted Cash 182,878 12,467 2,950
Cash, Cash Equivalents and Restricted Cash - Beginning of Period 121,612 109,145 106,195
Cash, Cash Equivalents and Restricted Cash - End of Period 304,490 121,612 109,145
Supplemental Disclosure:      
Cash paid for interest 292,059 622,720 430,121
Cash paid for income taxes 1,521 21 1,711
Non-Cash Investment Activities:      
Transfer from residential loans to real estate owned 8,509 6,105 7,998
Non-Cash Financing Activities:      
Mortgages and notes payable assumed by purchaser of real estate held for sale in Consolidated VIEs 0 27,260 0
Cash, Cash Equivalents and Restricted Cash Reconciliation:      
Total cash, cash equivalents, and restricted cash 121,612 109,145 109,145
Multi-Family Loans Held in Securitization Trust      
Non-Cash Investment Activities:      
De-consolidation of multi-family loans held and CDOs, Consolidated K-Series 17,381,483 0 0
Consolidation of multi-family loans held in Consolidated K-Series 0 6,599,974 2,294,544
Multi Family Collateralized Debt Obligations      
Non-Cash Investment Activities:      
De-consolidation of multi-family loans held and CDOs, Consolidated K-Series 16,612,093 0 0
Consolidation of Consolidated K-Series CDOs 0 6,253,739 2,182,330
Residential Mortgage Loans Held in Securitization      
Non-Cash Investment Activities:      
Consolidation of multi-family loans held in Consolidated K-Series 0 1,333,060 0
Residential Collateralized Debt Obligations      
Non-Cash Investment Activities:      
Consolidation of Consolidated K-Series CDOs 0 1,055,720 0
Consolidated SLST      
Cash Flows from Investing Activities:      
Purchases of residential loans 0 (277,339) 0
Residential Mortgage Loans      
Cash Flows from Investing Activities:      
Purchases of residential loans (569,157) (829,519) (688,750)
Principal repayments received on loans 429,575 184,546 63,933
Proceeds from sales of residential loans 96,892 71,969 91,405
Multi-Family Loans Held in Securitization Trust      
Cash Flows from Investing Activities:      
Principal repayments received on loans 239,796 992,912 137,820
Consolidated K-Series      
Cash Flows from Investing Activities:      
Net proceeds from sale of real estate held for sale in Consolidated VIEs 555,218 0 0
Investments Held in Multi-family Securitized Trusts      
Cash Flows from Investing Activities:      
Purchases of residential loans $ 0 $ (346,235) $ (112,214)