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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
Sep. 30, 2021
Dec. 31, 2020
Sep. 30, 2020
Financial Assets:      
Cash and cash equivalents $ 408,785 $ 293,183 $ 649,822
Investment securities available for sale: 140,597 311,284  
Equity Investments, carrying value 255,014 259,095  
Financial Liabilities      
Subordinated debentures, carrying value 45,000 45,000  
Convertible notes, carrying value 137,240 135,327  
Senior unsecured notes, carrying value 96,540 0  
Mortgages payable on operating real estate, carrying value 486,786    
Residential collateralized debt obligations      
Financial Liabilities      
Collateralized debt, carrying value 710,102 569,323  
Residential Collateralized Debt Obligations, at Fair Value      
Financial Liabilities      
Collateralized debt, carrying value 904,976 1,054,335  
Level 1      
Financial Assets:      
Cash and cash equivalents 408,785 293,183  
Cash and cash equivalents, estimated fair value 408,785 293,183  
Level 2      
Financial Assets:      
Investment securities available for sale: 448,093 724,726  
Financial Liabilities      
Convertible notes, carrying value 137,240 135,327  
Convertible notes, estimated fair value 139,474 137,716  
Senior unsecured notes, carrying value 96,540 0  
Senior unsecured notes, estimated fair value 104,794 0  
Level 2 | Portfolio Investments      
Financial Liabilities      
Outstanding repurchase agreements 334,556 405,531  
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 255,014 259,095  
Equity Investment, estimated fair value 255,014 259,095  
Financial Liabilities      
Subordinated debentures, carrying value 45,000 45,000  
Subordinated debentures, estimated fair value 44,188 36,871  
Level 3 | Mortgage Note      
Financial Liabilities      
Mortgages payable on operating real estate, carrying value 200,720 36,752  
Mortgages payable on operating real estate, estimated fair value 200,720 36,752  
Level 3 | Residential collateralized debt obligations      
Financial Liabilities      
Collateralized debt, carrying value 710,102 554,067  
Secured debt, estimated fair value 714,176 561,329  
Level 3 | Residential Collateralized Debt Obligations, at Fair Value      
Financial Liabilities      
Collateralized debt, carrying value 904,976 1,054,335  
Secured debt, estimated fair value 904,976 1,054,335  
Level 3 | Residential loans      
Financial Assets:      
Residential loans 3,273,807 3,049,166  
Residential mortgage loans, estimated fair value 3,273,807 3,049,166  
Level 3 | Multi-family loans      
Financial Assets:      
Preferred equity and mezzanine loan investments, carrying value 119,812 163,593  
Preferred equity and mezzanine loan investments, estimated fair value $ 119,812 $ 163,593