Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Operating activities:
Net loss	$ (48,686)	$ (105,064)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Net loss on real estate and mortgage loans	1,940	13,149
Depreciation and amortization	37,951	29,979
Impairment	9,718	23,334
Share-based compensation	680	2,466
Amortization of deferred financing costs	2,554	4,452
Casualty loss reversals, net	(520)	0
Insurance recoveries	(115)	0
Changes in operating assets and liabilities:
Accounts receivable, net	(1,216)	3,781
Prepaid expenses and other assets	(2,723)	(1,401)
Accounts payable and accrued liabilities	3,812	4,359
Payable to AAMC	101	(333)
Net cash provided by (used in) operating activities	3,496	(25,278)
Investing activities:
Investment in real estate	(6,701)	(60,678)
Investment in renovations	(16,520)	(23,032)
Payment of real estate tax advances	(154)	(2,776)
Proceeds from mortgage loan resolutions and dispositions	4,643	462,704
Receipt of mortgage loan payments	173	5,690
Proceeds from dispositions of real estate	62,118	145,392
Net cash provided by investing activities	43,559	527,300
Financing activities:
Proceeds from exercise of stock options	108	184
Payment of tax withholdings on share-based compensation plan awards	0	(134)
Repurchase of common stock	(240)	(5,008)
Dividends on common stock	(16,102)	(16,088)
Repayments of other secured debt	0	(144,971)
Proceeds from repurchase and loan agreements	0	111,088
Repayments of repurchase and loan agreements	(30,430)	(370,028)
Investment in interest rate cap derivative	936	0
Financing-related deposits	(11,259)	0
Payment of deferred financing costs	(945)	(4,421)
Net cash used in financing activities	(59,804)	(429,378)
Net change in cash, cash equivalents and restricted cash	(12,749)	72,644
Cash, cash equivalents and restricted cash as of beginning of the period	161,488	129,223
Cash, cash equivalents and restricted cash as of end of the period	148,739	201,867
Cash paid for:
Interest	29,970	27,014
Income taxes	58	28
Non-cash investing and financing transactions:
Seller financing of assets acquired	0	167,682
Transfer of mortgage loans to real estate owned, net	64	40,855
Transfer of mortgage loans at fair value to mortgage loans held for sale	0	408,213
Changes in accrued capital expenditures	183	1,014
Changes in receivables from mortgage loan resolutions and dispositions, payments and real estate tax advances to borrowers, net	628	472
Changes in receivables from real estate owned dispositions	(1,954)	(12,094)
Dividends declared but not paid	$ 8,383	$ 8,195