Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash Flows from Operating Activities:
Net income	$ 16,951	$ 23,543
Adjustments to reconcile net income to net cash provided by operating activities:
Net amortization (accretion)	1,012	(1,226)
Realized gain on investment securities and related hedges, net	(1,266)	(1,124)
Realized gain on distressed residential mortgage loans	(5,548)	(676)
Unrealized loss on investment securities and related hedges, net	2,490	5,728
Gain on de-consolidation of multi-family loans held in securitization trusts and multi-family collateralized debt obligations	0	(1,483)
Unrealized gain on loans and debt held in multi-family securitization trusts	(818)	(13,628)
Net decrease in loans held for sale	151	4
(Recovery of) provision for loan losses	(645)	436
Income from investments in limited partnerships and limited liability companies	(4,366)	(2,920)
Distributions of income from investments in limited partnership and limited liability companies	6,119	2,302
Amortization of stock based compensation, net	253	174
Changes in operating assets and liabilities:
Receivables and other assets	4,339	(136)
Accrued expenses and other liabilities	(151)	(5,346)
Net cash provided by operating activities	18,521	5,648
Cash Flows from Investing Activities:
Restricted cash	(6,483)	1,534
Proceeds from sales of investment securities	58,875	0
Purchases of investment securities	(90,351)	0
Purchases of other assets	(2)	(4)
Funding of mezzanine loans, equity and preferred equity investments	0	(12,701)
Net proceeds on other derivative instruments settled during the period	1,418	1,165
Principal paydowns on investment securities - available for sale	24,427	11,618
Proceeds from sale of real estate owned	541	344
Proceeds from sales of loans held in multi-family securitization trusts	0	44,261
Net cash provided by investing activities	47,348	109,429
Cash Flows from Financing Activities:
Net Proceeds from (payments made on) financing arrangements, including FHLBI advances and payments	16,955	(32,945)
Common stock issuance (repurchases), net	(198)	20,839
Payments made on collateralized debt obligations	(33,717)	(32,755)
Net cash used in financing activities	(87,897)	(101,685)
Net (Decrease) Increase in Cash and Cash Equivalents	(22,028)	13,392
Cash and Cash Equivalents - Beginning of Period	61,959	75,598
Cash and Cash Equivalents - End of Period	39,931	88,990
Supplemental Disclosure:
Cash paid for interest	75,048	82,606
Cash paid for income taxes	807	1,180
Non-Cash Investment Activities:
Sales of investment securities not yet settled	1,858	19,373
Purchase of investment securities not yet settled	311,250	350,145
Deconsolidation of multi-family loans held in securitization trusts	0	1,075,529
Deconsolidation of multi-family collateralized debt obligations	0	1,031,268
Common Stock
Cash Flows from Financing Activities:
Dividends paid	(26,256)	(28,376)
Non-Cash Financing Activities:
Dividends declared on stock to be paid in subsequent period	26,258	29,147
Preferred Stock
Cash Flows from Financing Activities:
Dividends paid	(3,225)	(1,453)
Non-Cash Financing Activities:
Dividends declared on stock to be paid in subsequent period	3,225	1,453
Distressed Residential Mortgage Loans
Cash Flows from Investing Activities:
Principal repayments received on loans	6,421	6,776
Purchases of residential mortgage loans and distressed residential mortgage loans	(29,684)	0
Distressed residential mortgage loans held in securitization trust, (net)
Cash Flows from Investing Activities:
Principal repayments received on loans	47,441	36,643
Multi-family collateralized debt obligations, at fair value
Cash Flows from Investing Activities:
Principal repayments received on loans	34,745	19,793
Residential collateralized debt obligations
Cash Flows from Financing Activities:
Payments made on collateralized debt obligations	(6,715)	(7,205)
Collateralized Loan Obligation
Cash Flows from Financing Activities:
Payments made on collateralized debt obligations	$ (34,741)	$ (19,790)