Combined Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net income (loss)	$ (11,444)	$ 17,963
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
(Gain) loss on extinguishment of debt	(5,382)	0
Depreciation and amortization	9,802	9,723
Unrealized (gain) loss on derivative instruments	9,630	11,395
Unrealized (gain) loss on Agency interest-only securities	(660)	1,318
Provision for loan losses	150	150
Amortization of equity based compensation	3,464	3,139
Amortization of deferred financing costs included in interest expense	2,688	1,593
Amortization of premium on mortgage loan financing	(216)	(192)
Amortization of above- and below-market lease intangibles	(27)	405
Amortization of premium/(accretion) of discount and other fees on loans	(3,013)	(1,591)
Amortization of premium/(accretion) of discount and other fees on securities	18,958	22,082
Realized gain on sale of mortgage loan receivables held for sale	(7,830)	(30,027)
Realized (gain) loss on real estate securities	573	(12,150)
Realized gain on sale of real estate, net	(6,095)	(7,662)
Origination and purchases of mortgage loan receivables held for sale	(91,027)	(391,934)
Repayment of mortgage loan receivables held for sale	524	164
Proceeds from sales of mortgage loan receivables held for sale	316,766	589,169
Earnings on investment in unconsolidated joint ventures	(794)	(441)
Distributions from operations of investment in unconsolidated joint ventures	0	281
Deferred tax asset	(1,991)	1,563
Changes in operating assets and liabilities:
Accrued interest receivable	637	2,179
Other assets	(6,347)	(4,424)
Accrued expenses and other liabilities	(46,056)	(43,776)
Net cash provided by operating activities	182,310	168,927
Cash flows from investing activities:
Reduction (addition) of cash collateral held by broker for derivatives	(5,356)	(6,593)
Purchases of real estate securities	(218,837)	(243,635)
Repayment of real estate securities	36,136	72,982
Proceeds from sales of real estate securities	15,477	344,350
Origination and purchases of mortgage loan receivables held for investment	(49,735)	(378,042)
Repayment of mortgage loan receivables held for investment	218,410	125,531
Reduction (addition) of cash collateral held by broker	6,113	1,060
Addition (reduction) of deposits received for loan originations	(517)	(1,248)
Title deposits included in other assets	(940)	(8,756)
Capital contributions to investment in unconsolidated joint ventures	(59)	0
Distributions of return of capital from investment in unconsolidated joint ventures	0	3,372
Capitalization of interest on investment in unconsolidated joint ventures	(204)	0
Purchases of real estate	0	(103,262)
Capital improvements of real estate	(2,042)	(437)
Proceeds from sale of real estate	23,515	22,067
Net cash provided by (used in) investing activities	21,961	(172,611)
Cash flows from financing activities:
Deferred financing costs paid	(416)	(938)
Proceeds from borrowings under debt obligations	3,235,468	4,344,073
Repayment of borrowings under debt obligations	(3,414,355)	(4,314,529)
Cash dividends paid to Class A common shareholders	(33,020)	0
Capital contributed by noncontrolling interests in operating partnership	250	0
Capital distributed to noncontrolling interests in operating partnership	(12,937)	(13,735)
Capital contributed by noncontrolling interests in consolidated joint ventures	0	19
Capital distributed to noncontrolling interests in consolidated joint ventures	(104)	(185)
Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock	(786)	(3,780)
Purchase of treasury stock	(4,652)	0
Net cash provided by (used in) financing activities	(230,552)	10,925
Net increase (decrease) in cash	(26,281)	7,241
Cash and cash equivalents at beginning of period	108,959	76,218
Cash and cash equivalents at end of period	82,678	83,459
Supplemental information:
Cash paid for interest, net of amounts capitalized	37,683	35,929
Cash paid for income taxes	9,807	17,202
Non-cash investing and financing activities:
Securities purchased, not settled	(8,922)	(260)
Securities sold, not settled	0	25,987
Exchange of noncontrolling interest for common stock	28,328	0
Change in deferred tax asset related to change in tax receivable agreement	(772)	0
Dividends declared, not paid	826	0
Stock dividends	$ 64,100	$ 0