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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash Flows from Operating Activities:      
Net (loss) income $ (340,649) $ 188,476 $ (288,243)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Net amortization 26,137 32,136 14,358
Depreciation and amortization expense related to operating real estate 126,824 19,250 386
Realized (gains) losses, net (27,549) (21,451) 148,058
Realized loss on de-consolidation of Consolidated K-Series 0 0 54,118
Unrealized losses (gains), net 321,081 (95,649) 160,161
Impairment of goodwill 0 0 25,222
(Gain) loss on sale of real estate (17,132) 157 0
Impairment of real estate 2,449 0 1,754
(Gain) loss on extinguishment of mortgages payable on real estate and collateralized debt obligations (2,214) 1,583 0
Income from preferred equity, mezzanine loan and equity investments (30,162) (54,507) (48,667)
Distributions of income from preferred equity, mezzanine loan and equity investments 49,832 62,375 24,430
Stock based compensation expense, net 11,895 10,239 9,922
Changes in operating assets and liabilities (28,729) (3,697) 9,256
Net cash provided by operating activities 91,783 138,912 110,755
Cash Flows from Investing Activities:      
Proceeds from sales of investment securities 85,437 432,585 1,820,194
Principal paydowns received on investment securities 24,680 143,996 189,732
Purchases of investment securities (24,879) (53,711) (586,640)
Principal repayments received on preferred equity and mezzanine loan investments 29,050 78,190 28,179
Return of capital from equity investments 60,055 123,138 17,432
Funding of preferred equity, mezzanine loan and equity investments (28,086) (145,143) (80,500)
Funding of joint venture investments in Consolidated VIEs (177,570) (261,162) 0
Proceeds from sales resulting in de-consolidation of Consolidated K-Series and sales of real estate held for sale in Consolidated VIE's 100,666 8,108 5,751
Net proceeds received from (payments made on) derivative instruments settled during the period 1,881 0 (28,233)
Cash received from initial consolidation of VIEs 6,897 27,907 327
Purchases of and capital expenditures on real estate (209,372) (46,059) (206)
Purchases of other assets (100) (98) (477)
Net cash (used in) provided by investing activities (508,775) (132,949) 2,117,883
Cash Flows from Financing Activities:      
Net proceeds received from (payments made on) repurchase agreements 179,033 146,852 (2,701,812)
Proceeds from issuance of senior unsecured notes, net 0 96,267 0
Proceeds from issuance of collateralized debt obligations, net 969,986 433,241 649,357
Common stock issuance, net 0 0 511,924
Repurchases of common stock (44,399) 0 0
Preferred stock issuance, net 0 210,738 0
Redemption of preferred stock 0 (183,447) 0
Dividends paid on common stock and dividend equivalents (151,753) (151,616) (105,492)
Dividends paid on preferred stock (41,404) (43,232) (41,065)
Repayment of convertible notes (138,000) 0 0
Net distributions to non-controlling interests in Consolidated VIEs (10,815) (81) 0
Redemptions of redeemable non-controlling interest in Consolidated VIE (2,015) 0 0
Payments made on and extinguishment of collateralized debt obligations (188,914) (323,045) (121,812)
Payments made on Consolidated K-Series CDOs 0 0 (147,376)
Payments made on Consolidated SLST CDOs (114,847) (160,762) (89,484)
Net proceeds received from mortgages payable on real estate 3,197 2,493 0
Net cash provided by (used in) financing activities 460,069 27,408 (2,045,760)
Net Increase in Cash, Cash Equivalents and Restricted Cash 43,077 33,371 182,878
Cash, Cash Equivalents and Restricted Cash - Beginning of Period 337,861 304,490 121,612
Cash, Cash Equivalents and Restricted Cash - End of Period 380,938 337,861 304,490
Supplemental Disclosure:      
Cash paid for interest 161,251 71,913 292,059
Cash paid for income taxes 2,674 296 1,521
Non-Cash Investment Activities:      
Consolidation of real estate held in Consolidated VIEs 664,437 926,756 50,481
Consolidation of mortgages payable on real estate held in Consolidated VIEs 524,217 669,647 36,752
Transfer from residential loans to real estate owned 18,858 4,133 8,509
Non-Cash Financing Activities:      
Dividends declared on stock to be paid in subsequent period 49,996 48,328  
Redemption of non-controlling interest by Consolidated VIE 0 3,420 0
Cash, Cash Equivalents and Restricted Cash Reconciliation:      
Cash and cash equivalents 244,718 289,602 293,183
Restricted cash included in other assets 136,220 48,259 11,307
Total cash, cash equivalents, and restricted cash 380,938 337,861 304,490
Common Stock      
Non-Cash Financing Activities:      
Dividends declared on stock to be paid in subsequent period 39,503 38,404 37,774
Preferred Stock      
Non-Cash Financing Activities:      
Dividends declared on stock to be paid in subsequent period 10,493 9,924 10,297
Multi-family loans      
Non-Cash Investment Activities:      
De-consolidation of multi-family loans held and CDOs, Consolidated K-Series 0 0 17,381,483
Multi-family loans      
Non-Cash Investment Activities:      
De-consolidation of multi-family loans held and CDOs, Consolidated K-Series 0 0 16,612,093
Residential loans      
Cash Flows from Investing Activities:      
Principal repayments received on loans 1,361,040 1,063,267 429,575
Proceeds from sales of residential loans 0 77,127 96,892
Purchases of residential loans and investments (1,738,474) (1,581,094) (569,157)
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 0 555,218
Multi-family loans      
Cash Flows from Investing Activities:      
Principal repayments received on loans $ 0 $ 0 $ 239,796