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FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Values of Financial Instruments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Assets:    
Fair Value $ 2,416,966 $ 2,034,719
Liabilities:    
Debt obligations outstanding 1,260,755 1,431,665
Fair Value 4,271,538 4,198,379
Repurchase agreements - short term    
Liabilities:    
Outstanding Face Amount 1,224,942 1,331,603
Fair Value 1,224,942 1,331,603
Repurchase agreements - long term    
Liabilities:    
Outstanding Face Amount 35,814 100,062
Fair Value 35,814 100,062
Borrowings under credit agreement    
Liabilities:    
Outstanding Face Amount   11,000
Fair Value   11,000
Borrowings under credit and security agreement    
Liabilities:    
Outstanding Face Amount   46,750
Fair Value   46,750
Revolving credit facility    
Liabilities:    
Outstanding Face Amount   25,000
Fair Value   25,000
Mortgage loan financing    
Liabilities:    
Outstanding Face Amount 540,764 442,753
Fair Value 557,841 455,846
Borrowings from the FHLB    
Liabilities:    
Outstanding Face Amount 1,856,700 1,611,000
Fair Value 1,861,584 1,616,373
Senior unsecured notes    
Liabilities:    
Outstanding Face Amount 619,555 619,555
Fair Value 591,357 611,745
Mortgage loan receivables held for investment, at amortized cost    
Assets:    
Outstanding Face Amount 1,749,556 1,536,923
Fair Value 1,756,774 1,540,388
Mortgage loan receivables held for sale    
Assets:    
Outstanding Face Amount 571,638 417,955
Fair Value 582,277 421,991
FHLB stock    
Assets:    
Outstanding Face Amount 77,915 72,340
Fair Value 77,915 $ 72,340
Mortgage loan receivables    
Fair Value Assumptions:    
Period of short interest rate reset risk   30 days
Recurring    
Assets:    
Fair Value 2,410,038 $ 2,815,989
Recurring | Repurchase agreements - short term | Discounted Cash Flow    
Liabilities:    
Outstanding Face Amount 1,224,942 1,331,603
Amortized Cost Basis 1,224,942 1,331,603
Fair Value $ 1,224,942 $ 1,331,603
Fair Value Assumptions:    
Weighted average yield % 1.67% 1.32%
Weighted Average Remaining Maturity/Duration 5 months 4 days 2 months 23 days
Recurring | Repurchase agreements - long term | Discounted Cash Flow    
Liabilities:    
Outstanding Face Amount $ 35,814 $ 100,062
Amortized Cost Basis 35,813 100,062
Fair Value $ 35,814 $ 100,062
Fair Value Assumptions:    
Weighted average yield % 1.87% 1.89%
Weighted Average Remaining Maturity/Duration 1 year 4 months 24 days 1 year 7 months 2 days
Recurring | Borrowings under credit agreement | Discounted Cash Flow    
Liabilities:    
Outstanding Face Amount   $ 11,000
Amortized Cost Basis   11,000
Fair Value   $ 11,000
Fair Value Assumptions:    
Weighted average yield %   2.91%
Weighted Average Remaining Maturity/Duration   1 year 25 days
Recurring | Borrowings under credit and security agreement | Discounted Cash Flow    
Liabilities:    
Outstanding Face Amount   $ 46,750
Amortized Cost Basis   46,750
Fair Value   $ 46,750
Fair Value Assumptions:    
Weighted average yield %   2.01%
Weighted Average Remaining Maturity/Duration   1 year 9 months 7 days
Recurring | Revolving credit facility | Discounted Cash Flow    
Liabilities:    
Outstanding Face Amount   $ 25,000
Amortized Cost Basis   25,000
Fair Value   $ 25,000
Fair Value Assumptions:    
Weighted average yield %   3.66%
Weighted Average Remaining Maturity/Duration   2 years 1 month 13 days
Recurring | Mortgage loan financing | Discounted Cash Flow    
Liabilities:    
Outstanding Face Amount $ 540,764 $ 442,753
Amortized Cost Basis 544,663 447,410
Fair Value $ 557,841 $ 455,846
Fair Value Assumptions:    
Weighted average yield % 4.86% 4.85%
Weighted Average Remaining Maturity/Duration 7 years 11 months 4 days 8 years 5 months 19 days
Recurring | Borrowings from the FHLB | Discounted Cash Flow    
Liabilities:    
Outstanding Face Amount $ 1,856,700 $ 1,611,000
Amortized Cost Basis 1,856,700 1,611,000
Fair Value $ 1,861,584 $ 1,616,373
Fair Value Assumptions:    
Weighted average yield % 0.84% 0.79%
Weighted Average Remaining Maturity/Duration 1 year 5 months 1 day 2 years 18 days
Recurring | Senior unsecured notes | Broker quotations, pricing services    
Liabilities:    
Outstanding Face Amount $ 619,555 $ 619,555
Fair Value $ 591,357 $ 611,745
Fair Value Assumptions:    
Weighted average yield % 6.65% 6.65%
Weighted Average Remaining Maturity/Duration 3 years 7 months 9 days 4 years 7 months 9 days
Recurring | Nonhedge derivatives    
Liabilities:    
Derivative liability face amount $ 374,200 $ 1,428,700
Fair Value 5,504 13,446
Recurring | Nonhedge derivatives | Counterparty quotations    
Liabilities:    
Derivative liability face amount 374,200 1,428,700
Fair Value $ 5,504 $ 13,446
Fair Value Assumptions:    
Weighted Average Remaining Maturity/Duration 3 years 5 months 1 day 1 year 4 months 27 days
Recurring | CMBS    
Assets:    
Outstanding Face Amount $ 1,972,492 $ 2,247,565
Fair Value 1,991,506 2,305,410
Recurring | CMBS | Internal model, third-party inputs    
Assets:    
Outstanding Face Amount 1,972,492 2,247,565
Amortized Cost Basis 1,994,928 2,277,995
Fair Value $ 1,991,506 $ 2,305,410
Fair Value Assumptions:    
Weighted average yield % 2.59% 2.60%
Weighted Average Remaining Maturity/Duration 3 years 1 month 24 days 4 years 2 months 23 days
Recurring | CMBS interest-only    
Assets:    
Outstanding Face Amount $ 7,436,379 $ 7,239,503
Fair Value 344,423 378,335
Recurring | CMBS interest-only | Internal model, third-party inputs    
Assets:    
Outstanding Face Amount 7,436,379 7,239,503
Amortized Cost Basis 348,222 376,085
Fair Value $ 344,423 $ 378,335
Fair Value Assumptions:    
Weighted average yield % 3.81% 4.88%
Weighted Average Remaining Maturity/Duration 3 years 4 months 2 days 3 years 5 months 12 days
Recurring | GNMA interest-only    
Assets:    
Outstanding Face Amount $ 632,175 $ 1,400,141
Fair Value 26,194 66,642
Recurring | GNMA interest-only | Internal model, third-party inputs    
Assets:    
Outstanding Face Amount 632,175 1,400,141
Amortized Cost Basis 28,311 67,544
Fair Value $ 26,194 $ 66,642
Fair Value Assumptions:    
Weighted average yield % 4.26% 5.90%
Weighted Average Remaining Maturity/Duration 5 years 2 months 19 days 4 years 6 months
Recurring | GN construction securities    
Assets:    
Outstanding Face Amount $ 27,091 $ 27,538
Fair Value 28,639 28,406
Recurring | GN construction securities | Internal model, third-party inputs    
Assets:    
Outstanding Face Amount 27,091 27,538
Amortized Cost Basis 27,581 28,178
Fair Value $ 28,639 $ 28,406
Fair Value Assumptions:    
Weighted average yield % 3.86% 3.56%
Weighted Average Remaining Maturity/Duration 9 years 3 months 29 days 9 years 5 months 1 day
Recurring | GN permanent securities    
Assets:    
Outstanding Face Amount $ 16,249 $ 36,232
Fair Value 16,455 36,773
Recurring | GN permanent securities | Internal model, third-party inputs    
Assets:    
Outstanding Face Amount 16,249 36,232
Amortized Cost Basis 16,685 36,515
Fair Value $ 16,455 $ 36,773
Fair Value Assumptions:    
Weighted average yield % 3.94% 4.94%
Weighted Average Remaining Maturity/Duration 5 years 5 months 4 days 1 year 3 months 25 days
Recurring | Mortgage loan receivables held for investment, at amortized cost | Discounted Cash Flow    
Assets:    
Outstanding Face Amount $ 1,749,556 $ 1,536,923
Amortized Cost Basis 1,738,645 1,521,053
Fair Value $ 1,756,774 $ 1,540,388
Fair Value Assumptions:    
Weighted average yield % 7.56% 7.33%
Weighted Average Remaining Maturity/Duration 1 year 4 months 17 days 1 year 11 months 15 days
Recurring | Mortgage loan receivables held for sale | Discounted Cash Flow    
Assets:    
Outstanding Face Amount $ 571,638 $ 417,955
Amortized Cost Basis 571,764 417,955
Fair Value $ 582,277 $ 421,991
Fair Value Assumptions:    
Weighted average yield % 4.56% 4.31%
Weighted Average Remaining Maturity/Duration 6 years 2 months 12 days 9 years 8 months 19 days
Recurring | FHLB stock | Put Value    
Assets:    
Outstanding Face Amount $ 77,915 $ 72,340
Amortized Cost Basis 77,915 72,340
Fair Value $ 77,915 $ 72,340
Fair Value Assumptions:    
Weighted average yield % 3.50% 3.50%
Recurring | Nonhedge derivatives    
Assets:    
Derivative asset face amount $ 868,700 $ 125,050
Fair Value 2,821 423
Recurring | Nonhedge derivatives | Counterparty quotations    
Assets:    
Derivative asset face amount 868,700 125,050
Fair Value $ 2,821 $ 423
Fair Value Assumptions:    
Weighted Average Remaining Maturity/Duration 8 months 8 days 3 years 5 months 12 days
Various Dates | Senior Unsecured Notes | Recurring | Senior unsecured notes | Broker quotations, pricing services    
Liabilities:    
Amortized Cost Basis $ 612,605 $ 610,129