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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash Flows from Operating Activities:    
Net income (loss) $ 50,799 $ (588,567)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Net amortization (accretion) 10,530 (14,500)
Realized (gains) losses, net (7,058) 147,918
Realized loss on de-consolidation of Consolidated K-Series 0 54,118
Unrealized (gains) losses, net (26,166) 396,780
Impairment of goodwill 0 25,222
Impairment of real estate under development in Consolidated VIEs 0 145
Income from preferred equity, mezzanine loan and equity investments (8,371) (5,920)
Distributions of income from preferred equity, mezzanine loan and equity investments 7,549 5,686
Stock based compensation expense, net 994 1,963
Changes in operating assets and liabilities:    
Other assets 6,100 (68,894)
Other liabilities 2,966 (71,572)
Net cash provided by operating activities 25,143 20,167
Cash Flows from Investing Activities:    
Proceeds from sales of investment securities 111,628 1,380,980
Principal paydowns received on investment securities 21,682 142,808
Purchases of investment securities (5,926) (448,093)
Principal repayments received on preferred equity and mezzanine loan investments 11,875 7,555
Return of capital from equity investments 0 157
Funding of preferred equity, mezzanine loan and equity investments (161) (30,546)
Funding of joint venture investment in Consolidated VIE (10,250) 0
Net payments made on derivative instruments settled during the period 0 (28,233)
Proceeds from sale of real estate owned 1,637 1,151
Cash received from initial consolidation of VIEs 1,751 0
Capital expenditures on operating real estate in Consolidated VIEs (827) 0
Distributions to non-controlling interest in Consolidated VIEs (3) 0
Purchases of other assets (18) (36)
Net cash (used in) provided by investing activities (28,512) 1,608,418
Cash Flows from Financing Activities:    
Net proceeds from (payments made on) repurchase agreements 130,748 (1,677,506)
Common stock issuance, net 0 511,924
Dividends paid on common stock and dividend equivalents (37,808) (58,274)
Dividends paid on preferred stock (10,297) (10,175)
Payments made on and extinguishment of collateralized debt obligations (35,834) (1,475)
Payments made on Consolidated K-Series CDOs 0 (147,376)
Payments made on Consolidated SLST CDOs (27,299) (21,208)
Net cash provided by (used in) financing activities 19,510 (1,404,090)
Net Increase in Cash, Cash Equivalents and Restricted Cash 16,141 224,495
Cash, Cash Equivalents and Restricted Cash - Beginning of Period 304,490 121,612
Cash, Cash Equivalents and Restricted Cash - End of Period 320,631 346,107
Supplemental Disclosure:    
Cash paid for interest 19,304 239,091
Cash paid for income taxes 2 1
Non-Cash Investment Activities:    
Sales of investment securities not yet settled 0 213,585
Transfer from residential loans to real estate owned 1,684 3,515
Cash, Cash Equivalents and Restricted Cash Reconciliation:    
Cash and cash equivalents 290,977 172,513
Total cash, cash equivalents, and restricted cash 320,631 346,107
Multi-family Loans Held In Consolidated K-Series    
Cash Flows from Investing Activities:    
Proceeds from sales resulting in de-consolidation of Consolidated K-Series 0 344,044
Non-Cash Investment Activities:    
De-consolidation of multi-family loans held in Consolidated K-Series and Consolidated K-Series CDOs 0 17,381,483
Consolidated K-Series    
Non-Cash Investment Activities:    
De-consolidation of multi-family loans held in Consolidated K-Series and Consolidated K-Series CDOs 0 16,612,093
Residential loans    
Cash Flows from Investing Activities:    
Principal repayments received on loans 180,750 102,696
Proceeds from sales of residential loans 6,633 49,960
Purchases of residential loans (347,283) (153,821)
Multi-family Loans Held In Consolidated K-Series    
Cash Flows from Investing Activities:    
Principal repayments received on loans $ 0 $ 239,796