CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
INTEREST INCOME:
Investment securities and other	$ 36,390	$ 54,391	$ 46,646
Total interest income	336,838	378,847	291,727
INTEREST EXPENSE:
Interest expense	13,737	5,569	6,655
Subordinated debentures	1,881	1,859	1,878
Total interest expense	260,651	301,010	231,178
NET INTEREST INCOME	76,187	77,837	60,549
OTHER INCOME (LOSS):
Provision for loan losses	(1,363)	(1,939)	(1,262)
Impairment loss on investment securities	0	0	(225)
Realized (loss) gain on investment securities and related hedges, net	(4,617)	42,091	(10,719)
Gain on de-consolidation of multi-family loans held in securitization trust and multi-family collateralized debt obligations	1,483	0	0
Realized gain on distressed residential mortgage loans	31,251	14,380	1,600
Unrealized (loss) gain on investment securities and related hedges, net	(2,641)	(7,667)	5,464
Unrealized gain on multi-family loans and debt held in securitization trusts, net	12,368	56,931	31,495
Loss on extinguishment of debt	0	(3,397)	0
Other income (including $6,078, $3,261 and $439 from related parties, respectively)	9,360	4,809	2,709
Total other income (loss)	45,841	105,208	29,062
Base management and incentive fees (including $8,083, $14,799 and $3,360 to related parties, respectively)	19,188	24,530	8,133
Expenses related to distressed residential mortgage loans	10,364	6,429	3,868
Other general and administrative expenses (including $0, $80 and $698 to related parties, respectively)	9,928	9,500	7,916
Total general, administrative and other expenses	39,480	40,459	19,917
INCOME FROM OPERATIONS BEFORE INCOME TAXES	82,548	142,586	69,694
Income tax expense	4,535	6,395	739
NET INCOME	78,013	136,191	68,955
Preferred stock dividends	(10,990)	(5,812)	(3,568)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 67,023	$ 130,379	$ 65,387
Basic income per common share (in dollars per share)	$ 0.62	$ 1.48	$ 1.11
Diluted income per common share (in dollars per share)	$ 0.62	$ 1.48	$ 1.11
Weighted average shares outstanding-basic (in shares)	108,399	87,867	59,102
Weighted average shares outstanding-diluted (in shares)	108,399	87,867	59,102
Securitized debt
INTEREST EXPENSE:
Interest expense	$ 11,126	$ 16,762	$ 11,293
Multi-family loans held in securitization trusts
INTEREST INCOME:
Interest income	257,417	301,877	228,631
Residential mortgage loans held in securitization trusts
INTEREST INCOME:
Interest income	3,728	3,755	4,709
Distressed residential mortgage loans
INTEREST INCOME:
Interest income	39,303	18,824	11,741
Multi-family collateralized debt obligations
INTEREST EXPENSE:
Interest expense	232,971	275,916	210,229
Residential collateralized debt obligations
INTEREST EXPENSE:
Interest expense	$ 936	$ 904	$ 1,123