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Note 13 - Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

		Measured at Fair Value on a Recurring Basis at
		September 30, 2014																December 31, 2013

		Level 1				Level 2				Level 3				Total				Level 1				Level 2				Level 3				Total
Assets carried at fair value
Investment securities available for sale:
Agency RMBS		$	—			$	809,137			$	—			$	809,137			$	—			$	876,874			$	—			$	876,874
Non-Agency RMBS			—				2,040				—				2,040				—				2,361				—				2,361
CMBS			—				—				45,953				45,953
CLOs			—				35,121				—				35,121				—				33,208				—				33,208
Investment securities available for sale held in securitization trusts:
CMBS			—				—				38,379				38,379				—				—				92,578				92,578
Multi-family loans held in securitization trusts			—				—				8,303,169				8,303,169				—				—				8,111,022				8,111,022
Derivative assets:
TBA Securities			—				214,711				—				214,711				—				190,742				—				190,742
Options on U.S. Treasury futures			—				—				—				—				7				—				—				7
U.S. Treasury futures			—				—				—				—				3,257				—				—				3,257
Interest rate swap futures			476				—				—				476				238				—				—				238
Interest rate swaps			—				1,892				—				1,892				—				2,041				—				2,041
Swaptions			—				245				—				245				—				1,305				—				1,305
Total		$	476			$	1,063,146			$	8,387,501			$	9,451,123			$	3,502			$	1,106,531			$	8,203,600			$	9,313,633
Liabilities carried at fair value
Multi-family collateralized debt obligations		$	—			$	—			$	8,005,013			$	8,005,013			$	—			$	—			$	7,871,020			$	7,871,020
Derivative liabilities:
U.S. Treasury futures			49				—				—				49
Eurodollar futures			370				—				—				370				1,432				—				—				1,432
Total		$	419			$	—			$	8,005,013			$	8,005,432			$	1,432			$	—			$	7,871,020			$	7,872,452

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

		Nine Months Ended September 30,
		2014				2013
Balance at beginning of period		$	8,203,600			$	5,514,065
Total gains/(losses) (realized/unrealized)
Included in earnings ⁽¹⁾			267,236				(411,494	)
Included in other comprehensive income			11,653				11,227
Purchases/(Sales)			(41,442	)			1,700,865
Paydowns			(50,195	)			(59,341	)
Sale of real estate owned			(3,351	)			—
Balance at the end of period		$	8,387,501			$	6,755,322

⁽¹⁾

Amounts included in interest income from multi-family loans held in securitization trusts, unrealized gain on multi-family loans and debt held in securitization trusts, net and realized gain (loss) on investment securities and related hedges, net.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

		Nine Months Ended September 30,
		2014				2013
Balance at beginning of period		$	7,871,020			$	5,319,573
Total realized and unrealized gains/(losses)
Included in earnings ⁽¹⁾			187,536				(447,558	)
Included in other comprehensive income			—				—
Purchases			—				1,659,630
Paydowns			(53,543	)			(59,367	)
Balance at the end of period		$	8,005,013			$	6,472,278

⁽¹⁾

Amounts included in interest expense on multi-family collaterized debt obligations and unrealized gain on multi-family loans and debt held in securitization trusts, net.

Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Table Text Block]

		Three Months Ended								Nine Months Ended
		September 30,								September 30,

		2014				2013				2014				2013
Change in unrealized (losses)gains – assets		$	(56,122	)		$	(48,522	)		$	284,568			$	(377,169	)
Change in unrealized gains(losses) – liabilities			74,237				54,860				(241,508	)			399,539
Net change in unrealized gains included in earnings for assets and liabilities		$	18,115			$	6,338			$	43,060			$	22,370

Fair Value Measurements, Nonrecurring [Table Text Block]

		Assets Measured at Fair Value on a Non-Recurring Basis at
		September 30, 2014																December 31, 2013
		Level 1				Level 2				Level 3				Total				Level 1				Level 2				Level 3				Total
Residential Mortgage loans held in securitization trusts – impaired loans (net)		$	—			$	—			$	8,971			$	8,971			$	—			$	—			$	6,591			$	6,591
Real estate owned held in residential securitization trusts			—				—				669				669				—				—				1,108				1,108

Fair Value, Losses for Assets Measured on Nonrecurring Basis [Table Text Block]

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2014				2013				2014				2013
Residential mortgage loans held in securitization trusts – impaired loans (net)		$	(287	)		$	(39	)		$	(654	)		$	(568	)
Real estate owned held in residential securitization trusts			(50	)			(199	)			(103	)			(209	)

Fair Value, by Balance Sheet Grouping [Table Text Block]

			September 30, 2014								December 31, 2013
	Fair Value Hierarchy Level		Carrying Value				Estimated Fair Value				Carrying Value				Estimated Fair Value
Financial Assets:
Cash and cash equivalents	Level 1		$	28,513			$	28,513			$	31,798			$	31,798
Investment securities available for sale ⁽³⁾	Level 2 or 3			892,251				892,251				912,443				912,443
Investment securities available for sale, at fair value held in securitization trusts	Level 3			38,379				38,379				92,578				92,578
Residential mortgage loans held in securitization trusts (net)	Level 3			152,902				139,936				163,237				152,104
Distressed residential mortgage loans (net) ⁽¹⁾	Level 3			262,980				280,055				264,434				254,543
Multi-family loans held in securitization trusts	Level 3			8,303,169				8,303,169				8,111,022				8,111,022
Derivative assets	Level 1 or 2			217,234				217,324				197,590				197,590
Mortgage loans held for sale (net) ⁽²⁾	Level 3			2,486				2,481				2,496				2,595
First mortgage loans ⁽²⁾	Level 3			9,529				9,745				8,249				8,318
Mezzanine loan and equity investments ⁽²⁾	Level 3			29,557				29,786				21,568				21,812

Financial Liabilities:
Financing arrangements, portfolio investments	Level 2		$	627,881			$	627,881			$	791,125			$	791,125
Residential collateralized debt obligations	Level 3			148,298				136,937				158,410				151,910
Multi-family collateralized debt obligations	Level 3			8,005,013				8,005,013				7,871,020				7,871,020
Securitized debt	Level 3			237,413				247,658				304,964				311,535
Derivative liabilities	Level 1 or 2			419				419				1,432				1,432
Payable for securities purchased	Level 1			215,417				215,417				191,592				191,592
Subordinated debentures	Level 3			45,000				37,342				45,000				39,310

⁽¹⁾	Includes distressed residential mortgage loans held in securitization trusts with a carrying value amounting to approximately $247.2 million and $254.7 million at September 30, 2014 and December 31, 2013, respectively. Distressed residential mortgage loans with a carrying value amounting to approximately $15.8 million and $9.7 million are included in receivables and other assets in the accompanying condensed consolidated balance sheets at September 30, 2014 and December 31, 2013, respectively.
⁽²⁾	Included in receivables and other assets in the accompanying condensed consolidated balance sheets.
⁽³⁾	Includes $46.0 million of CMBS securities classified as level 3.

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References+ Details

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References+ Details

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References+ Details