Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Operating activities:
Net income (loss)	$ (185,454)	$ (228,028)	$ (46,005)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in unrealized gain on mortgage loans	190,856	195,909	(88,829)
Net realized gain on mortgage loans	(84,024)	(85,990)	(94,493)
Net realized gain on sales of real estate	(76,913)	(117,617)	(50,932)
Real estate depreciation and amortization	61,601	27,027	7,472
Selling costs and impairment	40,108	57,913	72,230
Accretion of interest on re-performing mortgage loans	0	(142)	(551)
Share-based compensation	4,139	1,287	184
Amortization of deferred financing costs and loan discounts	7,443	12,519	7,348
Losses resulting from natural disasters	6,021	0	0
Insurance recoveries related to natural disasters	(3,349)	0	0
Changes in operating assets and liabilities:
Accounts receivable, net	(2,024)	1,650	(22,551)
Related party receivables	0	2,180	15,311
Deferred leasing costs	(311)	(550)	(88)
Prepaid expenses and other assets	(4,564)	(3,980)	(42)
Accounts payable and accrued liabilities	(565)	19,423	16,627
Related party payables	(1,115)	5,266	(33,391)
Net cash used in operating activities	(48,151)	(113,133)	(217,710)
Investing activities:
Investment in real estate	(135,101)	(299,556)	(119,977)
Investment in renovations	(38,067)	(53,394)	(27,410)
Real estate tax advances	(4,233)	(23,479)	(29,862)
Mortgage loan resolutions and dispositions	527,195	543,099	468,111
Mortgage loan payments	7,238	22,870	26,206
Disposition of real estate	264,174	378,043	154,880
Investment in derivative financial instrument	0	(55)	0
Disposition of preferred stock of affiliate	0	0	18,000
Net cash provided by investing activities	621,206	567,528	489,948
Financing activities:
Proceeds from exercise of stock options	243	83	212
Payment of tax withholdings on share-based compensation plan awards	(138)	(24)	(102)
Repurchase of common stock	(5,165)	(21,538)	(24,983)
Dividends on common stock	(32,162)	(38,286)	(98,334)
Proceeds from issuance of other secured borrowings	0	0	220,931
Repayments of other secured borrowings	(144,971)	(361,544)	(54,823)
Proceeds from repurchase and loan agreements	112,317	793,392	347,077
Repayments of repurchase and loan agreements	(462,808)	(823,192)	(594,564)
Payment of deferred financing costs and loan discounts	(8,106)	(11,331)	(9,832)
Net cash used in financing activities	(540,790)	(462,440)	(214,418)
Net change in cash, cash equivalents and restricted cash	32,265	(8,045)	57,820
Cash, cash equivalents and restricted cash as of beginning of the period	129,223	137,268	79,448
Cash, cash equivalents and restricted cash as of end of the period	161,488	129,223	137,268
Supplemental disclosure of cash flow information:
Interest	52,885	39,838	47,286
Income taxes	28	180	52
Seller financing of assets acquired	401,211	489,259	0
Transfer of mortgage loans to real estate owned, net	40,436	206,987	470,221
Transfer of mortgage loans at fair value to mortgage loans held for sale	451,317	195,461	535,836
Change in accrued capital expenditures	2,245	(3,212)	(1,388)
Changes in receivables from mortgage loan dispositions, payments and real estate tax advances to borrowers, net	(6,152)	(4,945)	(592)
Changes in receivables from real estate owned dispositions	(13,456)	(4,377)	15,252
Dividends declared but not paid	$ 8,275	$ 8,341	$ 5,526