Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
ASSETS
Investment securities, available for sale, at fair value (including $41,490 and $40,734 held in securitization trusts as of March 31, 2016 and December 31, 2015, respectively and pledged securities of $645,267 and $639,683, as of March 31, 2016 and December 31, 2015, respectively)		$ 794,473	$ 765,454
Multi-family loans held in securitization trusts, at fair value		7,250,586	7,105,336
Derivative assets		288,925	228,775
Receivables for securities sold		1,858	0
Cash and cash equivalents		39,931	61,959
Receivables and other assets		226,369	215,808
Total Assets	[1]	9,252,944	9,056,242
Liabilities:
Outstanding Financing Arrangements		589,919	577,413
Securitized debt		83,471	116,541
Derivative liabilities		4,998	1,500
Payable for securities purchased		311,250	227,969
Accrued expenses and other liabilities		59,378	59,527
Subordinated debentures		45,000	45,000
Total liabilities	[1]	$ 8,377,936	$ 8,175,716
Commitments and Contingencies
Stockholders' Equity:
Common stock, $0.01 par value, 400,000,000 shares authorized, 109,409,236 and 109,401,721 shares issued and outstanding as of March 31, 2016 and December 31, 2015, respectively		$ 1,094	$ 1,094
Additional paid-in capital		734,664	734,610
Accumulated other comprehensive income (loss)		4,106	(2,854)
Accumulated deficit		(24,115)	(11,583)
Total stockholders' equity		875,008	880,526
Total Liabilities and Stockholders' Equity		9,252,944	9,056,242
Series B Preferred Stock
Stockholders' Equity:
Preferred stock, value		72,397	72,397
Series C Preferred Stock
Stockholders' Equity:
Preferred stock, value		86,862	86,862
Portfolio investments
Liabilities:
Outstanding Financing Arrangements		589,919	577,413
Distressed residential mortgage loans
Liabilities:
Outstanding Financing Arrangements		216,604	212,155
Residential collateralized debt obligations
Liabilities:
Collateralized debt obligations		110,023	116,710
Multi-family collateralized debt obligations, at fair value
Liabilities:
Collateralized debt obligations		6,957,293	6,818,901
Residential mortgage loans held in securitization trusts, net
ASSETS
Residential mortgage loans held in securitization trusts (net)		113,186	119,921
Distressed residential mortgage loans, net
ASSETS
Residential mortgage loans held in securitization trusts (net)		$ 537,616	$ 558,989

[1] Our condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of March 31, 2016 and December 31, 2015, assets of consolidated VIEs totaled $7,432,157 and $7,413,082, respectively, and the liabilities of consolidated VIEs totaled $7,175,369 and $7,077,175, respectively. See Note 7 for further discussion.