Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Operating activities:
Net (loss) income	$ (109,186)	$ 25,516
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Change in unrealized gain on mortgage loans	114,154	(103,343)
Net realized gain on mortgage loans	(20,912)	(34,654)
Net realized gain on sale of mortgage loans held for sale	(50,147)	(405)
Net realized gain on sale of real estate	(68,526)	(23,012)
Real estate depreciation and amortization	7,641	2,342
Selling costs and impairment	38,433	23,530
Accretion of interest on re-performing mortgage loans	(72)	(469)
Share-based compensation	74	93
Amortization of deferred financing costs	6,781	2,218
Changes in operating assets and liabilities:
Accounts receivable, net	3,092	4,214
Related party receivables	2,180	0
Deferred leasing costs	(202)	0
Prepaid expenses and other assets	(1,210)	(180)
Accounts payable and accrued liabilities	7,791	7,004
Related party payables	5,489	(22,407)
Net cash used in operating activities	(64,620)	(119,553)
Investing activities:
Investment in real estate	(104,260)	0
Investment in renovations	(22,173)	(11,001)
Real estate tax advances	(7,246)	(14,443)
Mortgage loan resolutions and dispositions	485,840	107,887
Mortgage loan payments	11,433	12,447
Disposition of real estate	212,983	70,916
Acquisition related deposits	0	(5,631)
Change in restricted cash	6,083	(5,177)
Net cash provided by investing activities	582,660	154,998
Financing activities:
Issuance of common stock, including stock option exercises	51	134
Payment of tax withholdings on exercise of stock options	(21)	(72)
Repurchases of common stock	(12,522)	0
Dividends on common stock	(22,037)	(36,038)
Proceeds from the issuance of other secured debt	0	221,691
Repayments of secured notes	(345,018)	(21,306)
Proceeds from repurchase agreement	339,767	109,683
Repayments of repurchase agreement	(360,524)	(298,078)
Payment of deferred financing costs	(6,097)	(7,123)
Net cash used in financing activities	(406,401)	(31,109)
Net increase in cash and cash equivalents	111,639	4,336
Cash and cash equivalents as of beginning of the period	116,702	66,166
Cash and cash equivalents as of end of the period	228,341	70,502
Supplemental disclosure of cash flow information:
Cash paid for interest	20,182	21,732
Income taxes paid	180	0
Transfer of mortgage loans to real estate owned, net	119,804	268,682
Transfer of mortgage loans at fair value to mortgage loans held for sale	103,115	0
Changes in accrued capital expenditures	(83)	(1,732)
Changes in receivables from mortgage loan resolutions and dispositions, payments and real estate tax advances to borrowers, net	(4,772)	36,359
Changes in receivables from real estate owned dispositions	9,339	1,369
Dividends declared but not paid	$ 8,204	$ 31,469