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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash Flows from Operating Activities:    
Net income (loss) $ 153,596 $ (368,225)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Net amortization 35,489 3,675
Realized (gains) losses, net (20,361) 149,919
Realized loss on de-consolidation of Consolidated K-Series 0 54,118
Unrealized (gains) losses, net (80,157) 212,711
Impairment of goodwill 0 25,222
Impairment of real estate under development in Consolidated VIEs 0 1,754
Loss on extinguishment of collateralized debt obligations 1,583 0
Income from preferred equity, mezzanine loan and equity investments (36,144) (30,963)
Distributions of income from preferred equity, mezzanine loan and equity investments 37,469 17,285
Stock based compensation expense, net 7,145 7,567
Changes in operating assets and liabilities:    
Other assets (35,825) 70,863
Other liabilities 15,204 (67,334)
Net cash provided by operating activities 77,999 76,592
Cash Flows from Investing Activities:    
Proceeds from sales of investment securities 248,458 1,815,369
Principal paydowns received on investment securities 85,379 162,277
Purchases of investment securities (53,711) (448,093)
Principal repayments received on preferred equity and mezzanine loan investments 50,150 11,243
Return of capital from equity investments 50,275 17,432
Funding of preferred equity, mezzanine loan and equity investments (53,200) (49,663)
Funding of joint venture investments in Consolidated VIEs (65,195) 0
Net payments made on derivative instruments settled during the period 0 (28,233)
Proceeds from sale of real estate owned 6,185 3,791
Cash received from initial consolidation of VIEs 3,716 0
Purchases of and capital expenditures on operating real estate (13,466) 0
Distributions to non-controlling interest in Consolidated VIEs (24) 0
Purchases of other assets (88) (431)
Net cash provided by investing activities 109,494 2,430,671
Cash Flows from Financing Activities:    
Net payments made on repurchase agreements (72,498) (2,434,447)
Proceeds from issuance of senior unsecured notes, net 96,267 0
Proceeds from issuance of collateralized debt obligations, net 433,241 350,052
Common stock issuance, net 0 511,924
Preferred stock issuance, net 138,569 0
Redemption of preferred stock (104,545) 0
Dividends paid on common stock and dividend equivalents (113,676) (77,161)
Dividends paid on preferred stock (31,233) (30,768)
Payments made on and extinguishment of collateralized debt obligations (295,109) (33,197)
Payments made on Consolidated K-Series CDOs 0 (147,376)
Payments made on Consolidated SLST CDOs (113,834) (63,278)
Proceeds received from mortgages payable on operating real estate 1,518 0
Net cash used in financing activities (61,300) (1,924,251)
Net Increase in Cash, Cash Equivalents and Restricted Cash 126,193 583,012
Cash, Cash Equivalents and Restricted Cash - Beginning of Period 304,490 121,612
Cash, Cash Equivalents and Restricted Cash - End of Period 430,683 704,624
Supplemental Disclosure:    
Cash paid for interest 54,470 277,087
Cash paid for income taxes 6 1,521
Non-Cash Investment Activities:    
Transfer from residential loans to real estate owned 3,787 6,558
Non-Cash Financing Activities:    
Redemption of non-controlling interest by Consolidated VIE 3,420 0
Cash, Cash Equivalents and Restricted Cash Reconciliation:    
Cash and cash equivalents 408,785 649,822
Restricted cash included in other assets 21,898 54,802
Total cash, cash equivalents, and restricted cash 430,683 704,624
Common Stock    
Non-Cash Financing Activities:    
Dividends declared on stock to be paid in subsequent period 38,302 28,331
Preferred Stock    
Non-Cash Financing Activities:    
Dividends declared on stock to be paid in subsequent period 10,929 10,297
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 759,150 307,522
Proceeds from sales of residential loans 67,452 93,755
Purchases of residential loans (975,587) (249,312)
Multi-family Loans Held In Consolidated K-Series    
Cash Flows from Investing Activities:    
Principal repayments received on loans $ 0 $ 239,796