Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Operating activities:
Net loss	$ (105,064,000)	$ (109,186,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in unrealized gain on mortgage loans	129,689,000	114,154,000
Net realized gain on mortgage loans	(7,271,000)	(20,912,000)
Net realized gain on mortgage loans held for sale	(68,506,000)	(50,147,000)
Net realized gain on real estate	(40,763,000)	(68,526,000)
Real estate depreciation and amortization	29,979,000	7,641,000
Selling costs and impairment	23,334,000	38,433,000
Accretion of interest on re-performing mortgage loans	0	(72,000)
Share-based compensation	2,466,000	74,000
Amortization of deferred financing costs	4,452,000	6,781,000
Changes in operating assets and liabilities:
Accounts receivable, net	3,781,000	3,092,000
Related party receivables	0	2,180,000
Deferred leasing costs	(613,000)	(202,000)
Prepaid expenses and other assets	(788,000)	(1,210,000)
Accounts payable and accrued liabilities	4,359,000	7,791,000
Related party payables	(333,000)	5,489,000
Net cash used in operating activities	(25,278,000)	(64,620,000)
Investing activities:
Investment in real estate	(60,678,000)	(104,260,000)
Investment in renovations	(23,032,000)	(22,173,000)
Real estate tax advances	(2,776,000)	(7,246,000)
Mortgage loan resolutions and dispositions	462,704,000	485,840,000
Mortgage loan payments	5,690,000	11,433,000
Disposition of real estate	145,392,000	212,983,000
Net cash provided by investing activities	527,300,000	576,577,000
Financing activities:
Proceeds from exercise of stock options	184,000	51,000
Payment of tax withholdings on share-based compensation plan awards	(134,000)	(21,000)
Repurchase of common stock	(5,008,000)	(12,522,000)
Dividends on common stock	(16,088,000)	(22,037,000)
Repayments of other secured debt	(144,971,000)	(345,018,000)
Proceeds from repurchase and loan agreements	111,088,000	339,767,000
Repayments of repurchase and loan agreements	(370,028,000)	(360,524,000)
Payment of deferred financing costs	(4,421,000)	(6,097,000)
Net cash used in financing activities	(429,378,000)	(406,401,000)
Net increase in cash, cash equivalents and restricted cash	72,644,000	105,556,000
Cash, cash equivalents and restricted cash as of beginning of the period	129,223,000	137,268,000
Cash, cash equivalents and restricted cash as of beginning of the period	201,867,000	242,824,000
Supplemental disclosure of cash flow information:
Cash paid for interest	27,014,000	20,182,000
Income taxes paid	28,000	180,000
Seller financing of assets acquired	167,682,000	0
Transfer of mortgage loans to real estate owned, net	40,855,000	119,804,000
Transfer of mortgage loans at fair value to mortgage loans held for sale, net	408,213,000	103,115,000
Changes in accrued capital expenditures	1,014,000	(83,000)
Changes in receivables from mortgage loan resolutions and dispositions, payments and real estate tax advances to borrowers, net	472,000	(4,772,000)
Changes in receivables from real estate owned dispositions	(12,094,000)	9,339,000
Dividends declared but not paid	$ 8,195,000	$ 8,204,000