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REAL ESTATE SECURITIES - Securities by Remaining Maturity (Details) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]          
Within 1 year $ 612,682,000   $ 612,682,000   $ 612,752,000
1-5 years 1,620,503,000   1,620,503,000   1,260,381,000
5-10 years 459,348,000   459,348,000   533,604,000
After 10 years 7,677,000   7,677,000   480,000
Fair value of real estate securities 2,700,210,000   2,700,210,000   2,407,217,000
Other than temporary impairments included in consolidated statements of income 0 $ (900,000) (600,000) $ (1,400,000)  
CMBS          
Schedule of Available-for-sale Securities [Line Items]          
Within 1 year 612,680,000   612,680,000   610,526,000
1-5 years 1,259,668,000   1,259,668,000   891,752,000
5-10 years 429,932,000   429,932,000   489,228,000
After 10 years 0   0   0
Fair value of real estate securities 2,302,280,000   2,302,280,000   1,991,506,000
CMBS interest-only          
Schedule of Available-for-sale Securities [Line Items]          
Within 1 year 0   0   0
1-5 years 334,613,000   334,613,000   344,423,000
5-10 years 0   0   0
After 10 years 0   0   0
Fair value of real estate securities 334,613,000   334,613,000   344,423,000
GNMA interest-only          
Schedule of Available-for-sale Securities [Line Items]          
Within 1 year 2,000   2,000   6,000
1-5 years 19,540,000   19,540,000   17,159,000
5-10 years 1,138,000   1,138,000   8,549,000
After 10 years 153,000   153,000   480,000
Fair value of real estate securities 20,833,000   20,833,000   26,194,000
GNMA construction securities          
Schedule of Available-for-sale Securities [Line Items]          
Within 1 year         0
1-5 years         386,000
5-10 years         28,253,000
After 10 years         0
Fair value of real estate securities         28,639,000
GNMA permanent securities          
Schedule of Available-for-sale Securities [Line Items]          
Within 1 year 0   0   2,220,000
1-5 years 6,682,000   6,682,000   6,661,000
5-10 years 28,278,000   28,278,000   7,574,000
After 10 years 7,524,000   7,524,000   0
Fair value of real estate securities $ 42,484,000   $ 42,484,000   $ 16,455,000