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REAL ESTATE SECURITIES - Securities by Remaining Maturity (Details) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]          
Within 1 year $ 509,276,000   $ 509,276,000   $ 612,752,000
1-5 years 1,633,997,000   1,633,997,000   1,260,381,000
5-10 years 499,779,000   499,779,000   533,604,000
After 10 years 7,907,000   7,907,000   480,000
Fair value of real estate securities 2,650,959,000   2,650,959,000   2,407,217,000
Other than temporary impairments included in consolidated statements of income 0 $ (200,000) (600,000) $ (1,600,000)  
CMBS          
Schedule of Available-for-sale Securities [Line Items]          
Within 1 year 508,575,000   508,575,000   610,526,000
1-5 years 1,262,248,000   1,262,248,000   891,752,000
5-10 years 470,570,000   470,570,000   489,228,000
After 10 years 0   0   0
Fair value of real estate securities 2,241,393,000   2,241,393,000   1,991,506,000
CMBS interest-only          
Schedule of Available-for-sale Securities [Line Items]          
Within 1 year 5,000   5,000   0
1-5 years 347,362,000   347,362,000   344,423,000
5-10 years 0   0   0
After 10 years 0   0   0
Fair value of real estate securities 347,367,000   347,367,000   344,423,000
GNMA interest-only          
Schedule of Available-for-sale Securities [Line Items]          
Within 1 year 5,000   5,000   6,000
1-5 years 18,072,000   18,072,000   17,159,000
5-10 years 1,099,000   1,099,000   8,549,000
After 10 years 180,000   180,000   480,000
Fair value of real estate securities 19,356,000   19,356,000   26,194,000
Agency securities          
Schedule of Available-for-sale Securities [Line Items]          
Within 1 year 0   0    
1-5 years 830,000   830,000    
5-10 years 0   0    
After 10 years 0   0    
Fair value of real estate securities 830,000   830,000    
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 691,000   691,000   2,220,000
1-5 years 5,485,000   5,485,000   6,661,000
5-10 years 28,110,000   28,110,000   7,574,000
After 10 years 7,727,000   7,727,000   0
Fair value of real estate securities $ 42,013,000   $ 42,013,000   $ 16,455,000