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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash Flows from Operating Activities:    
Net income (loss) $ 102,414 $ (471,630)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Net amortization (accretion) 22,024 (7,622)
Realized (gains) losses, net (12,047) 148,852
Realized loss on de-consolidation of Consolidated K-Series 0 54,118
Unrealized (gains) losses, net (50,020) 293,908
Impairment of goodwill 0 25,222
Impairment of real estate under development in Consolidated VIEs 0 1,754
Income from preferred equity, mezzanine loan and equity investments (24,564) (15,234)
Distributions of income from preferred equity, mezzanine loan and equity investments 30,676 10,970
Stock based compensation expense, net 4,836 4,392
Changes in operating assets and liabilities:    
Other assets (2,178) 64,072
Other liabilities 2,650 (70,350)
Net cash provided by operating activities 73,791 38,452
Cash Flows from Investing Activities:    
Proceeds from sales of investment securities 115,398 1,445,196
Principal paydowns received on investment securities 30,541 145,234
Purchases of investment securities (24,926) (448,093)
Principal repayments received on preferred equity and mezzanine loan investments 35,500 7,576
Return of capital from equity investments 50,275 157
Funding of preferred equity, mezzanine loan and equity investments (320) (30,546)
Funding of joint venture investments in Consolidated VIEs (22,400) 0
Net payments made on derivative instruments settled during the period 0 (28,233)
Proceeds from sale of real estate owned 4,188 2,961
Cash received from initial consolidation of VIEs 2,723 0
Capital expenditures on operating real estate in Consolidated VIEs (2,727) 0
Distributions to non-controlling interest in Consolidated VIEs (13) 0
Purchases of other assets (44) (225)
Net cash provided by investing activities 42,909 2,023,782
Cash Flows from Financing Activities:    
Net payments made on repurchase agreements (66,141) (2,143,059)
Proceeds from issuance of unsecured debt 96,267 0
Proceeds from issuance of collateralized debt obligations, net 178,352 109,309
Common stock issuance, net 0 511,924
Dividends paid on common stock and dividend equivalents (75,735) (58,274)
Dividends paid on preferred stock (20,593) (10,175)
Payments made on and extinguishment of collateralized debt obligations (64,542) (3,745)
Payments made on Consolidated K-Series CDOs 0 (147,376)
Payments made on Consolidated SLST CDOs (68,314) (39,242)
Net cash used in financing activities (20,706) (1,780,638)
Net Increase in Cash, Cash Equivalents and Restricted Cash 95,994 281,596
Cash, Cash Equivalents and Restricted Cash - Beginning of Period 304,490 121,612
Cash, Cash Equivalents and Restricted Cash - End of Period 400,484 403,208
Supplemental Disclosure:    
Cash paid for interest 35,194 257,112
Cash paid for income taxes 6 1
Non-Cash Investment Activities:    
Transfer from residential loans to real estate owned 2,674 4,302
Cash, Cash Equivalents and Restricted Cash Reconciliation:    
Cash and cash equivalents 324,927 371,697
Restricted cash included in other assets 75,557 31,511
Total cash, cash equivalents, and restricted cash 400,484 403,208
Common Stock    
Non-Cash Financing Activities:    
Dividends declared on stock to be paid in subsequent period 37,942 18,887
Preferred Stock    
Non-Cash Financing Activities:    
Dividends declared on stock to be paid in subsequent period 10,296 20,593
Multi-family Loans Held In Consolidated K-Series    
Cash Flows from Investing Activities:    
Proceeds from sales resulting in de-consolidation of Consolidated K-Series 0 555,218
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 441,433 196,569
Proceeds from sales of residential loans 17,944 93,755
Purchases of residential loans (604,663) (155,583)
Multi-family Loans Held In Consolidated K-Series    
Cash Flows from Investing Activities:    
Principal repayments received on loans $ 0 $ 239,796