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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	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Financial Assets:
Cash and cash equivalents	$ 324,927	$ 293,183	$ 371,697
Investment securities available for sale:	225,267	311,284
Equity Investments, carrying value	204,697	259,095
Financial Liabilities
Subordinated debentures, carrying value	45,000	45,000
Convertible notes, carrying value	136,586	135,327
Senior unsecured notes, carrying value	96,380	0
Residential collateralized debt obligations
Financial Liabilities
Collateralized debt, carrying value	683,724	569,323
Residential Collateralized Debt Obligations, at Fair Value
Financial Liabilities
Collateralized debt, carrying value	948,090	1,054,335
VIE, Primary Beneficiary | Residential collateralized debt obligations
Financial Liabilities
Collateralized debt, carrying value	683,724	569,323
VIE, Primary Beneficiary | Residential Collateralized Debt Obligations, at Fair Value
Financial Liabilities
Collateralized debt, carrying value	948,090	1,054,335
Level 1
Financial Assets:
Cash and cash equivalents	324,927	293,183
Cash and cash equivalents, estimated fair value	324,927	293,183
Level 2
Financial Assets:
Investment securities available for sale:	607,407	724,726
Financial Liabilities
Convertible notes, carrying value	136,586	135,327
Convertible notes, estimated fair value	140,416	137,716
Senior unsecured notes, carrying value	96,380	0
Senior unsecured notes, estimated fair value	103,045	0
Level 2 | Portfolio Investments
Financial Liabilities
Outstanding repurchase agreements	340,541	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	204,697	259,095
Equity Investment, estimated fair value	204,697	259,095
Financial Liabilities
Subordinated debentures, carrying value	45,000	45,000
Subordinated debentures, estimated fair value	42,615	36,871
Level 3 | Residential collateralized debt obligations
Financial Liabilities
Collateralized debt, carrying value	683,724	554,067
Secured debt, estimated fair value	688,491	561,329
Level 3 | Residential Collateralized Debt Obligations, at Fair Value
Financial Liabilities
Collateralized debt, carrying value	948,090	1,054,335
Secured debt, estimated fair value	948,090	1,054,335
Level 3 | Residential loans
Financial Assets:
Residential loans	3,202,743	3,049,166
Residential mortgage loans, estimated fair value	3,202,743	3,049,166
Level 3 | Multi-family loans
Financial Assets:
Preferred equity and mezzanine loan investments, carrying value	126,719	163,593
Preferred equity and mezzanine loan investments, estimated fair value	126,719	$ 163,593
Level 3 | VIE, Primary Beneficiary | Consolidated SLST | Residential Collateralized Debt Obligations, at Fair Value
Financial Liabilities
Collateralized debt, carrying value	$ 948,090

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