Combined Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016		Sep. 30, 2015
Cash flows from operating activities:
Net income (loss)	$ 42,099		$ 89,458
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
(Gain) loss on extinguishment of debt	(5,382)		0
Depreciation and amortization	28,789		29,238
Unrealized (gain) loss on derivative instruments	6,273		8,407
Unrealized (gain) loss on Agency interest-only securities	(29)		639
Provision for loan losses	300		450
Amortization of equity based compensation	12,694		11,342
Amortization of deferred financing costs included in interest expense	5,935		4,167
Amortization of premium on mortgage loan financing	(660)		(678)
Amortization of above- and below-market lease intangibles	(115)		(201)
Amortization of premium/(accretion) of discount and other fees on loans	(6,515)		(8,584)
Amortization of premium/(accretion) of discount and other fees on securities	56,151		67,773
Realized gain on sale of mortgage loan receivables held for sale	(30,265)		(59,717)
Realized (gain) loss on real estate securities	(9,524)		(23,680)
Realized gain on sale of real estate, net	(15,616)		(21,347)
Realized gain on sale of derivative instruments	(24)		0
Origination and purchases of mortgage loan receivables held for sale	(887,164)		(1,781,355)
Repayment of mortgage loan receivables held for sale	1,161		1,613
Proceeds from sales of mortgage loan receivables held for sale	703,846		1,923,883
Income from investments in unconsolidated joint ventures in excess of distributions received	(485)		(580)
Distributions from operations of investment in unconsolidated joint ventures	1,017		294
Deferred tax asset	(6,263)		(1,588)
Changes in operating assets and liabilities:
Accrued interest receivable	(1,018)		2,438
Other assets	(12,224)		(4,278)
Accrued expenses and other liabilities	(21,718)		(31,443)
Net cash provided by (used in) operating activities	(138,737)		206,251
Cash flows from investing activities:
Reduction (addition) of cash collateral held by broker for derivatives	(11,839)		(4,877)
Purchase of derivative instruments	(73)		0
Sale of derivative instruments	49		0
Purchases of real estate securities	(837,190)		(578,299)
Repayment of real estate securities	307,847		142,680
Proceeds from sales of real estate securities	308,429		788,964
Purchase of FHLB stock	0		(7,984)
Sale of FHLB stock	0		2,409
Origination and purchases of mortgage loan receivables held for investment	(480,622)		(840,652)
Repayment of mortgage loan receivables held for investment	582,447		575,028
Reduction (addition) of cash collateral held by broker	5,153		(3,605)
Addition (reduction) of deposits received for loan originations	518		1,226
Escrow cash and title deposits included in other assets	(4,242)		(3,382)
Capital contributions to investment in unconsolidated joint ventures	0		(31,085)
Distributions received from investments in unconsolidated joint ventures in excess of income	49		3,747
Capitalization of interest on investment in unconsolidated joint ventures	(644)		(128)
Purchases of real estate	(50,252)		(166,763)
Capital improvements of real estate	(6,813)		(2,006)
Proceeds from sale of real estate	60,516	[1]	84,656
Net cash provided by (used in) investing activities	(126,667)		(40,071)
Cash flows from financing activities:
Deferred financing costs paid	(2,136)		(1,924)
Proceeds from borrowings under debt obligations	9,290,374		12,833,258
Repayment of borrowings under debt obligations	(8,960,397)		(12,790,584)
Cash dividends paid to Class A common shareholders	(67,166)		(39,934)
Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock	(786)		(4,885)
Purchase of treasury stock	(4,652)		0
Net cash provided by (used in) financing activities	216,138		(60,858)
Net increase (decrease) in cash	(49,266)		105,322
Cash and cash equivalents at beginning of period	108,959		76,218
Cash and cash equivalents at end of period	59,693		181,540
Supplemental information:
Cash paid for interest, net of amounts capitalized	93,732		90,565
Cash paid for income taxes	14,127		19,676
Non-cash investing and financing activities:
Securities and derivatives purchased, not settled	(16,151)		(2,012)
Origination of mortgage loans receivable held for investment	50,378		0
Repayment of mortgage loans receivable held for investment	(50,378)		0
Net settlement of sale of real estate, subject to debt - debt obligations	0		11,310
Exchange of noncontrolling interest for common stock	56,461		51,072
Change in deferred tax asset related to change in tax receivable agreement	(1,413)		1,615
Dividends declared, not paid	1,801		0
Stock dividends	64,100		0
Proceeds from sale of real estate related to prior year sales	(6,500)
Operating Partnership
Cash flows from financing activities:
Capital contributed by noncontrolling interests in operating partnership	250		0
Capital distributed to noncontrolling interests in operating partnership	(39,040)		(56,274)
Consolidated Joint Venture
Cash flows from financing activities:
Capital contributed by noncontrolling interests in operating partnership	0		74
Capital distributed to noncontrolling interests in operating partnership	$ (309)		$ (589)

[1] Includes cash proceeds received in the current year that relate to prior year sales of real estate of $6.5 million.