Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
INTEREST INCOME:
Investment securities and other	$ 8,434	$ 11,344
Total interest income	81,626	88,985
INTEREST EXPENSE:
Interest expense	3,849	3,463
Subordinated debentures	501	460
Total interest expense	63,984	67,384
NET INTEREST INCOME	17,642	21,601
OTHER INCOME (LOSS):
Recovery (provision) for loan losses	645	(436)
Realized gain on investment securities and related hedges, net	1,266	1,124
Gain on de-consolidation of multi-family loans held in securitization trust and multi-family collateralized debt obligations	0	1,483
Realized gain on distressed residential mortgage loans	5,548	676
Unrealized loss on investment securities and related hedges, net	(2,490)	(5,728)
Unrealized gain on multi-family loans and debt held in securitization trusts, net	818	13,628
Other income	3,073	2,286
Total other income	8,860	13,033
Base management and incentive fees	3,526	6,870
Expenses related to distressed residential mortgage loans	3,194	1,884
Other general and administrative expenses	2,640	2,092
Total general, administrative and other expenses	9,360	10,846
INCOME FROM OPERATIONS BEFORE INCOME TAXES	17,142	23,788
Income tax expense	191	245
NET INCOME	16,951	23,543
Preferred stock dividends	(3,225)	(1,453)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 13,726	$ 22,090
Basic income per common share (in Dollars per share)	$ 0.13	$ 0.21
Diluted income per common share (in Dollars per share)	$ 0.13	$ 0.21
Weighted average shares outstanding-basic (in Shares)	109,402	105,488
Weighted average shares outstanding-diluted (in Shares)	109,402	105,488
Securitized debt
INTEREST EXPENSE:
Interest expense	$ 2,131	$ 3,127
Multi-family loans held in securitization trusts
INTEREST INCOME:
Interest income	63,532	66,300
Residential mortgage loans held in securitization trusts
INTEREST INCOME:
Interest income	837	1,180
Distressed residential mortgage loans
INTEREST INCOME:
Interest income	8,823	10,161
Multi-family collateralized debt obligations
INTEREST EXPENSE:
Interest expense	57,200	60,095
Residential collateralized debt obligations
INTEREST EXPENSE:
Interest expense	$ 303	$ 239