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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash Flows from Operating Activities:      
Net income (loss) $ 188,476 $ (288,243) $ 172,896
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Net depreciation/amortization (accretion) 51,386 14,744 (55,629)
Realized (gains) losses, net (21,451) 148,058 (32,642)
Realized loss on de-consolidation of Consolidated K-Series 0 54,118 0
Unrealized (gains) losses, net (95,649) 160,161 (35,837)
Impairment of goodwill 0 25,222 0
Loss (gain) related to real estate held for sale 157 0 (1,580)
Impairment of real estate under development 0 1,754 1,872
Loss on extinguishment of collateralized debt obligations 1,583 0 2,857
Recovery of loan losses 0 0 (2,780)
Income from preferred equity, mezzanine loan and equity investments (54,507) (48,667) (47,840)
Distributions of income from preferred equity, mezzanine loan and equity investments 62,375 24,430 24,848
Stock based compensation expense, net 10,239 9,922 5,367
Changes in operating assets and liabilities:      
Other assets (30,212) 66,076 (41,525)
Other liabilities 26,515 (56,820) 45,094
Net cash provided by operating activities 138,912 110,755 35,101
Cash Flows from Investing Activities:      
Proceeds from sales of investment securities 432,585 1,820,194 97,951
Principal paydowns received on investment securities 143,996 189,732 227,397
Purchases of investment securities (53,711) (586,640) (753,734)
Principal repayments received on preferred equity and mezzanine loan investments 78,190 28,179 42,249
Return of capital from equity investments 123,138 17,432 13,617
Funding of preferred equity, mezzanine loan and equity investments (145,143) (80,500) (163,883)
Funding of joint venture investments in Consolidated VIEs (261,162) 0 0
Proceeds from sales resulting in de-consolidation of Consolidated K-Series and sales of real estate held for sale in Consolidated VIE's 0 0 3,587
Net payments made on derivative instruments settled during the period 0 (28,233) (36,337)
Proceeds from sale of real estate owned 8,108 5,751 4,873
Cash received from initial consolidation of VIEs 27,907 327 0
Purchases of and capital expenditures on real estate (46,059) (206) (128)
Distributions to non-controlling interest in Consolidated VIEs (81) 0 0
Purchases of other assets (98) (477) (991)
Net cash (used in) provided by investing activities (133,030) 2,117,883 (769,065)
Cash Flows from Financing Activities:      
Net proceeds received from (payments made on) repurchase agreements 146,852 (2,701,812) 972,207
Proceeds from issuance of senior unsecured notes, net 96,267 0 0
Proceeds from issuance of collateralized debt obligations, net 433,241 649,357 0
Common stock issuance, net 0 511,924 804,398
Preferred stock issuance, net 210,738 0 215,073
Redemption of preferred stock (183,447) 0 0
Dividends paid on common stock and dividend equivalents (151,616) (105,492) (163,364)
Dividends paid on preferred stock (43,232) (41,065) (24,651)
Payments made on and extinguishment of collateralized debt obligations (323,045) (121,812) (58,217)
Payments made on Consolidated K-Series CDOs 0 (147,376) (992,075)
Payments made on Consolidated SLST CDOs (160,762) (89,484) (2,918)
Net proceeds received from (payments made on) mortgages and notes payable in Consolidated VIEs 2,493 0 (4,022)
Net cash provided by (used in) financing activities 27,489 (2,045,760) 746,431
Net Increase in Cash, Cash Equivalents and Restricted Cash 33,371 182,878 12,467
Cash, Cash Equivalents and Restricted Cash - Beginning of Period 304,490 121,612 109,145
Cash, Cash Equivalents and Restricted Cash - End of Period 337,861 304,490 121,612
Supplemental Disclosure:      
Cash paid for interest 71,913 292,059 622,720
Cash paid for income taxes 296 1,521 21
Non-Cash Investment Activities:      
Consolidation of real estate held in Consolidated VIEs 926,756 50,481 0
Consolidation of mortgages payable on real estate held in Consolidated VIEs 669,647 36,752 0
Transfer from residential loans to real estate owned 4,133 8,509 6,105
Non-Cash Financing Activities:      
Redemption of non-controlling interest by Consolidated VIE 3,420 0 0
Mortgages and notes payable assumed by purchaser of real estate held for sale in Consolidated VIEs 0 0 27,260
Cash, Cash Equivalents and Restricted Cash Reconciliation:      
Cash and cash equivalents 289,602 293,183 118,763
Restricted cash included in other assets 48,259 11,307 2,849
Total cash, cash equivalents, and restricted cash 337,861 304,490 121,612
Common Stock      
Non-Cash Financing Activities:      
Dividends declared on stock to be paid in subsequent period 38,404 37,774 58,274
Preferred Stock      
Non-Cash Financing Activities:      
Dividends declared on stock to be paid in subsequent period 9,924 10,297 10,175
Multi-family loans      
Non-Cash Investment Activities:      
De-consolidation of multi-family loans held and CDOs, Consolidated K-Series 0 17,381,483 0
Consolidation of multi-family loans held in Consolidated K-Series 0 0 6,599,974
Multi-family loans      
Non-Cash Investment Activities:      
De-consolidation of multi-family loans held and CDOs, Consolidated K-Series 0 16,612,093 0
Consolidation of Consolidated K-Series CDOs 0 0 6,253,739
Residential Mortgage Loans Held in Securitization      
Non-Cash Investment Activities:      
Consolidation of multi-family loans held in Consolidated K-Series 0 0 1,333,060
Residential loan securitizations at amortized cost, net      
Non-Cash Investment Activities:      
Consolidation of Consolidated K-Series CDOs 0 0 1,055,720
Consolidated SLST      
Cash Flows from Investing Activities:      
Purchases of residential loans and investments 0 0 (277,339)
Residential loans      
Cash Flows from Investing Activities:      
Purchases of residential loans and investments (1,581,094) (569,157) (829,519)
Principal repayments received on loans 1,063,267 429,575 184,546
Proceeds from sales of residential loans 77,127 96,892 71,969
Consolidated K-Series      
Cash Flows from Investing Activities:      
Proceeds from sales resulting in de-consolidation of Consolidated K-Series and sales of real estate held for sale in Consolidated VIE's 0 555,218 0
Multi-family loans      
Cash Flows from Investing Activities:      
Principal repayments received on loans 0 239,796 992,912
Investments Held in Multi-family Securitized Trusts      
Cash Flows from Investing Activities:      
Purchases of residential loans and investments $ 0 $ 0 $ (346,235)