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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
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Financial Assets:      
Cash and cash equivalents $ 289,602 $ 293,183 $ 118,763
Equity investments 239,631 259,095  
Collateralized Debt Obligations [Abstract]      
Subordinated debentures 45,000 45,000  
Convertible notes 137,898 135,327  
Senior unsecured notes 96,704 0  
Mortgages payable on operating real estate 1,001,717    
Residential loan securitizations at amortized cost, net      
Collateralized Debt Obligations [Abstract]      
Collateralized debt obligations 682,802 569,323  
Residential loan securitizations at amortized cost, net | VIE, Primary Beneficiary      
Collateralized Debt Obligations [Abstract]      
Collateralized debt obligations 682,802 569,323  
Residential collateralized debt obligations, at fair value      
Collateralized Debt Obligations [Abstract]      
Collateralized debt obligations 839,419 1,054,335  
Residential collateralized debt obligations, at fair value | VIE, Primary Beneficiary      
Collateralized Debt Obligations [Abstract]      
Collateralized debt obligations 839,419 1,054,335  
Level 1      
Financial Assets:      
Cash and cash equivalents 289,602 293,183  
Cash and cash equivalents, estimated fair value 289,602 293,183  
Level 3      
Financial Assets:      
Equity investments 239,631 259,095  
Equity investments, estimated fair value 239,631 259,095  
Collateralized Debt Obligations [Abstract]      
Subordinated debentures 45,000 45,000  
Subordinated debentures, fair value 44,388 36,871  
Level 3 | Mortgages      
Collateralized Debt Obligations [Abstract]      
Mortgages payable on operating real estate 709,356 36,752  
Mortgages payable on operating real estate, fair value 712,112 36,752  
Level 3 | Residential loan securitizations at amortized cost, net      
Collateralized Debt Obligations [Abstract]      
Collateralized debt obligations 682,802 554,067  
Collateralized debt obligations, fair value 686,027 561,329  
Level 3 | Residential collateralized debt obligations, at fair value | VIE, Primary Beneficiary      
Collateralized Debt Obligations [Abstract]      
Collateralized debt obligations 839,419 1,054,335  
Collateralized debt obligations, fair value 839,419 1,054,335  
Level 3 | Residential loans      
Financial Assets:      
Residential loans, carrying value 3,575,601 3,049,166  
Residential mortgage loans at fair value 3,575,601 3,049,166  
Level 3 | Multi-family loans      
Financial Assets:      
Preferred equity and mezzanine loan investments 120,021 163,593  
Preferred equity and mezzanine loan investments, estimated fair value 120,021 163,593  
Level 2      
Financial Assets:      
Investment securities, available for sale 200,844 724,726  
Collateralized Debt Obligations [Abstract]      
Collateralized debt obligations 0 15,256  
Collateralized debt obligations, fair value 0 15,472  
Convertible notes 137,898 135,327  
Convertible debt, fair value 138,011 137,716  
Senior unsecured notes 96,704 0  
Senior unsecured notes, fair value 102,215 0  
Level 2 | Repurchase agreements      
Financial Liabilities:      
Repurchase agreements $ 554,259 $ 405,531