SEGMENT REPORTING (Details)	3 Months Ended
	Mar. 31, 2016 USD ($) segment	Mar. 31, 2015 USD ($)	Dec. 31, 2015 USD ($)
SEGMENT REPORTING
Number of reportable segments | segment	3
Interest income	$ 59,601,000	$ 56,383,000
Interest expense	(29,536,000)	(26,824,000)
Net interest income	30,065,000	29,559,000
Provision for loan losses	(150,000)	(150,000)
Net interest income after provision for loan losses	29,915,000	29,409,000
Operating lease income	19,294,000	19,147,000
Tenant recoveries	1,335,000	2,526,000
Sale of loans, net	7,830,000	30,027,000
Realized gain on securities	(573,000)	12,150,000
Unrealized gain (loss) on Agency interest-only securities	660,000	(1,318,000)
Realized gain on sale of real estate, net	6,095,000	7,662,000
Fee and other income	2,975,000	3,541,000
Net result from derivative transactions	(50,862,000)	(39,139,000)
Earnings from investment in unconsolidated joint ventures	794,000	441,000
Gain on extinguishment of debt	5,382,000	0
Nonoperating Income (Expense)	(7,070,000)	35,037,000
Salaries and employee benefits	(12,615,000)	(13,758,000)
Operating expenses	(6,295,000)	(8,803,000)
Real estate operating expenses	(5,719,000)	(9,372,000)
Real estate acquisition costs	0	(600,000)
Fee expense	(731,000)	(1,123,000)
Depreciation and amortization	(9,802,000)	(9,723,000)
Total costs and expenses	(35,162,000)	(43,379,000)
Tax (expense) benefit	873,000	(3,104,000)
Net income (loss)	(11,444,000)	17,963,000
Total assets	5,655,295,000		$ 5,895,212,000
Company’s investment in unconsolidated joint ventures	34,855,000		33,797,000
Investment in FHLB stock	77,915,000		77,915,000
Deferred tax assets	6,200,000
Operating Segment | Loans
SEGMENT REPORTING
Interest income	41,328,000	36,056,000
Interest expense	(6,151,000)	(5,422,000)
Net interest income	35,177,000	30,634,000
Provision for loan losses	(150,000)	(150,000)
Net interest income after provision for loan losses	35,027,000	30,484,000
Operating lease income	0	0
Tenant recoveries	0	0
Sale of loans, net	7,830,000	30,027,000
Realized gain on securities	0	0
Unrealized gain (loss) on Agency interest-only securities	0	0
Realized gain on sale of real estate, net	641,000	611,000
Fee and other income	1,805,000	1,484,000
Net result from derivative transactions	(16,125,000)	(13,950,000)
Earnings from investment in unconsolidated joint ventures	0	0
Gain on extinguishment of debt	0
Nonoperating Income (Expense)	(5,849,000)	18,172,000
Salaries and employee benefits	(1,500,000)	(2,800,000)
Operating expenses	0	69,000
Real estate operating expenses	0	0
Real estate acquisition costs		0
Fee expense	(436,000)	(891,000)
Depreciation and amortization	0	0
Total costs and expenses	(1,936,000)	(3,622,000)
Tax (expense) benefit	0	0
Net income (loss)	27,242,000	45,034,000
Total assets	1,926,164,000		2,310,409,000
Operating Segment | Securities
SEGMENT REPORTING
Interest income	18,256,000	20,321,000
Interest expense	(1,970,000)	(2,012,000)
Net interest income	16,286,000	18,309,000
Provision for loan losses	0	0
Net interest income after provision for loan losses	16,286,000	18,309,000
Operating lease income	0	0
Tenant recoveries	0	0
Sale of loans, net	0	0
Realized gain on securities	(573,000)	12,150,000
Unrealized gain (loss) on Agency interest-only securities	660,000	(1,318,000)
Realized gain on sale of real estate, net	0	0
Fee and other income	0	0
Net result from derivative transactions	(34,737,000)	(25,189,000)
Earnings from investment in unconsolidated joint ventures	0	0
Gain on extinguishment of debt	0
Nonoperating Income (Expense)	(34,650,000)	(14,357,000)
Salaries and employee benefits	0	0
Operating expenses	0	0
Real estate operating expenses	0	0
Real estate acquisition costs		0
Fee expense	0	(2,000)
Depreciation and amortization	0	0
Total costs and expenses	0	(2,000)
Tax (expense) benefit	0	0
Net income (loss)	(18,364,000)	3,950,000
Total assets	2,598,874,000		2,407,217,000
Operating Segment | Real Estate
SEGMENT REPORTING
Interest income	0	0
Interest expense	(6,195,000)	(5,219,000)
Net interest income	(6,195,000)	(5,219,000)
Provision for loan losses	0	0
Net interest income after provision for loan losses	(6,195,000)	(5,219,000)
Operating lease income	19,294,000	19,147,000
Tenant recoveries	1,335,000	2,526,000
Sale of loans, net	0	0
Realized gain on securities	0	0
Unrealized gain (loss) on Agency interest-only securities	0	0
Realized gain on sale of real estate, net	5,454,000	7,051,000
Fee and other income	342,000	11,000
Net result from derivative transactions	0	0
Earnings from investment in unconsolidated joint ventures	(98,000)	339,000
Gain on extinguishment of debt	0
Nonoperating Income (Expense)	26,327,000	29,074,000
Salaries and employee benefits	0	0
Operating expenses	(422,000)	0
Real estate operating expenses	(5,719,000)	(9,372,000)
Real estate acquisition costs		(600,000)
Fee expense	(114,000)	(38,000)
Depreciation and amortization	(9,797,000)	(9,718,000)
Total costs and expenses	(16,052,000)	(19,728,000)
Tax (expense) benefit	0	0
Net income (loss)	4,080,000	4,127,000
Total assets	843,085,000		868,528,000
Corporate / Other
SEGMENT REPORTING
Interest income	17,000	6,000
Interest expense	(15,220,000)	(14,171,000)
Net interest income	(15,203,000)	(14,165,000)
Provision for loan losses	0	0
Net interest income after provision for loan losses	(15,203,000)	(14,165,000)
Operating lease income	0	0
Tenant recoveries	0	0
Sale of loans, net	0	0
Realized gain on securities	0	0
Unrealized gain (loss) on Agency interest-only securities	0	0
Realized gain on sale of real estate, net	0	0
Fee and other income	828,000	2,046,000
Net result from derivative transactions	0	0
Earnings from investment in unconsolidated joint ventures	892,000	102,000
Gain on extinguishment of debt	5,382,000
Nonoperating Income (Expense)	7,102,000	2,148,000
Salaries and employee benefits	(11,115,000)	(10,958,000)
Operating expenses	(5,873,000)	(8,872,000)
Real estate operating expenses	0	0
Real estate acquisition costs		0
Fee expense	(181,000)	(192,000)
Depreciation and amortization	(5,000)	(5,000)
Total costs and expenses	(17,174,000)	(20,027,000)
Tax (expense) benefit	873,000	(3,104,000)
Net income (loss)	(24,402,000)	(35,148,000)
Total assets	287,172,000		309,058,000
Investment in FHLB stock	77,900,000		77,900,000
Deferred tax assets	6,200,000		5,000,000
LCRIP I
SEGMENT REPORTING
Fee and other income	6,905	100,000
Earnings from investment in unconsolidated joint ventures	892,000	$ 102,000
Company’s investment in unconsolidated joint ventures	1,000,000		49,000
LCRIP I | Corporate / Other
SEGMENT REPORTING
Company’s investment in unconsolidated joint ventures	1,000,000		48,771
Real Estate Joint Ventures | Operating Segment
SEGMENT REPORTING
Company’s investment in unconsolidated joint ventures	33,900,000		33,700,000
Senior Unsecured Notes | Various Dates
SEGMENT REPORTING
Senior Notes	558,134,000
Senior Unsecured Notes | Various Dates | Corporate / Other
SEGMENT REPORTING
Senior Notes	$ 558,100,000		$ 612,600,000