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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, 2021	Dec. 31, 2020	Mar. 31, 2020
Financial Assets:
Cash and cash equivalents	$ 290,977	$ 293,183	$ 172,513
Investment securities available for sale:	232,590	311,284
Equity Investments, carrying value	260,065	259,095
Financial Liabilities
Subordinated debentures, carrying value	45,000	45,000
Convertible notes, carrying value	135,954	135,327
Residential collateralized debt obligations
Financial Liabilities
Collateralized debt, carrying value	533,822	569,323
Collateralized Debt Obligations
Financial Liabilities
Collateralized debt, carrying value	992,288	1,054,335
Level 1
Financial Assets:
Cash and cash equivalents	290,977	293,183
Cash and cash equivalents, estimated fair value	290,977	293,183
Level 2
Financial Assets:
Investment securities available for sale:	596,295	724,726
Financial Liabilities
Convertible notes, carrying value	135,954	135,327
Convertible notes, estimated fair value	140,552	137,716
Level 2 | Portfolio Investments
Financial Liabilities
Outstanding repurchase agreements	537,049	405,531
Level 2 | Non-Agency RMBS Re-Securitization
Financial Liabilities
Collateralized debt, carrying value	0	15,256
Secured debt, estimated fair value	0	15,472
Level 3
Financial Assets:
Equity Investments, carrying value	260,065	259,095
Equity Investment, estimated fair value	260,065	259,095
Financial Liabilities
Subordinated debentures, carrying value	45,000	45,000
Subordinated debentures, estimated fair value	43,058	36,871
Level 3 | Residential collateralized debt obligations
Financial Liabilities
Collateralized debt, carrying value	533,822	554,067
Secured debt, estimated fair value	539,272	561,329
Level 3 | Collateralized Debt Obligations
Financial Liabilities
Collateralized debt, carrying value	992,288	1,054,335
Secured debt, estimated fair value	992,288	1,054,335
Level 3 | Residential loans
Financial Assets:
Residential loans	3,206,282	3,049,166
Residential mortgage loans, estimated fair value	3,206,282	3,049,166
Level 3 | Multi-family loans
Financial Assets:
Preferred equity and mezzanine loan investments, carrying value	151,836	163,593
Preferred equity and mezzanine loan investments, estimated fair value	$ 151,836	$ 163,593

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