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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash Flows from Operating Activities:    
Net (loss) income $ (80,059) $ 14,162
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Net amortization 2,311 7,744
Depreciation and amortization expense related to operating real estate 12,576 6,039
Realized losses (gains), net 10,533 (1,081)
Unrealized losses (gains), net 39,390 (32,851)
Gains (losses) on derivative instruments, net (49,211) 4,362
Gain on sale of real estate (134) 0
Realized loss on de-consolidation of multi-family loans held in securitization trusts and multi-family collateralized debt obligations, net (50) 0
Impairment of real estate 36,247 10,275
Loss on reclassification of disposal group 14,636 0
Loss (gain) on extinguishment of collateralized debt obligations and mortgages payable on real estate 692 (1,170)
Income from preferred equity, mezzanine loan and equity investments (604) (6,948)
Distributions of income from preferred equity, mezzanine loan and equity investments 3,886 4,209
Stock based compensation (benefit) expense, net (1,196) 50
Cash reclassified to assets of disposal group held for sale 3,061 1,708
Changes in operating assets and liabilities (5,208) (17,903)
Net cash used in operating activities (13,130) (11,404)
Cash Flows from Investing Activities:    
Principal paydowns received on investment securities 35,842 3,789
Purchases of investment securities (297,553) (106,146)
Return of capital from equity investments 5,000 4,902
Funding of preferred equity, mezzanine loan and equity investments (172) (21,948)
Net variation margin received (paid) for derivative instruments 34,441 (2,487)
Net payments received from derivative instruments 15,306 4,092
Net proceeds from sale of real estate 4,772 1,114
Proceeds from sale of joint venture equity investment in Consolidated VIE 50 0
Cash removed in de-consolidation of Consolidated VIE (1,150) 0
Purchases of and capital expenditures on real estate (5,988) (18,138)
Purchases of other assets (10) (34)
Net cash (used in) provided by investing activities (253,984) 57,065
Cash Flows from Financing Activities:    
Net proceeds received from repurchase agreements 39,711 50,055
Proceeds from issuance of collateralized debt obligations, net 500,543 0
Repurchases of common stock 0 (3,610)
Repurchases of preferred stock 0 (320)
Dividends paid on common stock and dividend equivalents (20,465) (37,659)
Dividends paid on preferred stock (10,420) (10,493)
Net distributions to non-controlling interests in Consolidated VIEs (304) (4,408)
Payments made on and extinguishment of collateralized debt obligations (170,085) (80,509)
Payments made on Consolidated SLST CDOs (12,506) (10,493)
Net proceeds received from mortgages payable on real estate 729 13,840
Net cash provided by (used in) financing activities 327,203 (83,597)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 60,089 (37,936)
Cash, Cash Equivalents and Restricted Cash - Beginning of Period 330,642 380,938
Cash, Cash Equivalents and Restricted Cash - End of Period 390,731 343,002
Supplemental Disclosure:    
Cash paid for interest 75,001 55,042
Cash refunds received for income taxes (145) 0
Non-Cash Investment Activities:    
De-consolidation of real estate held in Consolidated VIEs 193,168 0
De-consolidation of mortgages payable on real estate held in Consolidated VIEs 194,256 0
Transfer from residential loans to real estate owned 17,948 326
Transfer from residential loans to real estate, net 2,640 0
Non-Cash Financing Activities:    
Dividends declared on stock to be paid in subsequent period 30,101  
Cash, Cash Equivalents and Restricted Cash Reconciliation:    
Cash and cash equivalents 226,939 227,753
Restricted cash included in other assets 163,792 115,249
Total cash, cash equivalents, and restricted cash 390,731 343,002
Common Stock    
Non-Cash Financing Activities:    
Dividends declared on stock to be paid in subsequent period 19,647 38,644
Preferred Stock    
Non-Cash Financing Activities:    
Dividends declared on stock to be paid in subsequent period 10,454 10,484
Residential loans    
Cash Flows from Investing Activities:    
Principal repayments received on residential loans 230,260 279,089
Proceeds from sales of residential loans 28,912 166
Purchases of residential loans $ (303,694) $ (87,334)