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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
Mar. 31, 2022
Dec. 31, 2021
Mar. 31, 2021
Financial Assets:      
Cash and cash equivalents $ 303,762 $ 289,602 $ 290,977
Investment securities available for sale: 25,073 29,520  
Equity Investments, carrying value 225,300 239,631  
Financial Liabilities:      
Subordinated debentures, carrying value 45,000 45,000  
Convertible notes, carrying value 0 137,898  
Senior unsecured notes, carrying value 96,870 96,704  
Mortgages payable on operating real estate, carrying value 1,247,179    
Residential collateralized debt obligations      
Financial Liabilities:      
Collateralized debt, carrying value 1,143,855 682,802  
Consolidated SLST CDOs      
Financial Liabilities:      
Collateralized debt, carrying value 754,264 839,419  
Level 1      
Financial Assets:      
Cash and cash equivalents 303,762 289,602  
Cash and cash equivalents, estimated fair value 303,762 289,602  
Level 2      
Financial Assets:      
Investment securities available for sale: 145,780 200,844  
Financial Liabilities:      
Convertible notes, carrying value 0 137,898  
Convertible notes, estimated fair value 0 138,011  
Senior unsecured notes, carrying value 96,870 96,704  
Senior unsecured notes, estimated fair value 97,246 102,215  
Level 2 | Portfolio Investments      
Financial Liabilities:      
Outstanding repurchase agreements 927,049 554,259  
Level 3      
Financial Assets:      
Equity Investments, carrying value 225,300 239,631  
Equity Investment, estimated fair value 225,300 239,631  
Financial Liabilities:      
Subordinated debentures, carrying value 45,000 45,000  
Subordinated debentures, estimated fair value 44,448 44,388  
Level 3 | Mortgage Note      
Financial Liabilities:      
Mortgages payable on operating real estate, carrying value 1,083,371 709,356  
Mortgages payable on operating real estate, estimated fair value 1,079,742 712,112  
Level 3 | Residential collateralized debt obligations      
Financial Liabilities:      
Collateralized debt, carrying value 1,143,855 682,802  
Secured debt, estimated fair value 1,110,428 686,027  
Level 3 | Consolidated SLST CDOs      
Financial Liabilities:      
Collateralized debt, carrying value 754,264 839,419  
Secured debt, estimated fair value 754,264 839,419  
Level 3 | Residential loans      
Financial Assets:      
Residential loans 3,953,427 3,575,601  
Residential mortgage loans, estimated fair value 3,953,427 3,575,601  
Level 3 | Multi-family loans      
Financial Assets:      
Preferred equity and mezzanine loan investments, carrying value 110,208 120,021  
Preferred equity and mezzanine loan investments, estimated fair value $ 110,208 $ 120,021