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FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Values of Financial Instruments (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2017
Dec. 31, 2016
Assets:    
Fair Value $ 2,984,372 $ 2,452,785
Liabilities:    
Fair Value 4,399,236 3,940,704
Repurchase agreements - short term    
Liabilities:    
Outstanding Face Amount 549,892 629,430
Fair Value 549,892 629,430
Repurchase agreements - long term    
Liabilities:    
Outstanding Face Amount 489,464 477,756
Fair Value 489,464 477,756
Revolving credit facility    
Liabilities:    
Outstanding Face Amount 168,000 25,000
Fair Value $ 168,000 $ 25,000
Fair Value Assumptions:    
Period of short interest rate reset risk 30 days 30 days
Revolving credit facility | Discounted Cash Flow    
Liabilities:    
Outstanding Face Amount $ 168,000  
Amortized Cost Basis 168,000  
Fair Value $ 168,000  
Fair Value Assumptions:    
Weighted average yield % 6.50%  
Weighted Average Remaining Maturity/Duration 1 year 10 months 13 days  
Mortgage loan financing    
Liabilities:    
Outstanding Face Amount $ 589,152 $ 589,152
Fair Value 594,012 595,778
Mortgage Loan Receivable Financing    
Liabilities:    
Outstanding Face Amount 57,038 0
Fair Value 57,038 0
Borrowings from the FHLB    
Liabilities:    
Outstanding Face Amount 1,475,500 1,660,000
Fair Value 1,476,686 1,662,178
Senior unsecured notes    
Liabilities:    
Outstanding Face Amount 1,057,732 563,872
Fair Value 1,064,144 550,562
Mortgage loan receivables held for investment, at amortized cost    
Assets:    
Outstanding Face Amount 2,317,221 2,011,309
Fair Value $ 2,321,245 $ 2,014,973
Fair Value Assumptions:    
Period of short interest rate reset risk 30 days 30 days
Mortgage loan receivables held for sale    
Assets:    
Outstanding Face Amount $ 520,679 $ 360,518
Fair Value 585,212 359,897
FHLB stock    
Assets:    
Outstanding Face Amount 77,915 77,915
Fair Value 77,915 77,915
Recurring    
Assets:    
Fair Value 1,702,088 2,105,965
Recurring | Repurchase agreements - short term | Discounted Cash Flow    
Liabilities:    
Outstanding Face Amount 549,892 629,430
Amortized Cost Basis 549,892 629,430
Fair Value $ 549,892 $ 629,430
Fair Value Assumptions:    
Weighted average yield % 2.28% 2.10%
Weighted Average Remaining Maturity/Duration 3 days 5 days
Recurring | Repurchase agreements - long term | Discounted Cash Flow    
Liabilities:    
Outstanding Face Amount $ 489,464 $ 477,756
Amortized Cost Basis 489,464 477,756
Fair Value $ 489,464 $ 477,756
Fair Value Assumptions:    
Weighted average yield % 2.34% 2.00%
Weighted Average Remaining Maturity/Duration 1 year 6 months 21 days 1 year 8 months 12 days
Recurring | Revolving credit facility | Discounted Cash Flow    
Liabilities:    
Outstanding Face Amount   $ 25,000
Amortized Cost Basis   25,000
Fair Value   $ 25,000
Fair Value Assumptions:    
Weighted average yield %   3.16%
Weighted Average Remaining Maturity/Duration   3 days
Recurring | Mortgage loan financing | Discounted Cash Flow    
Liabilities:    
Outstanding Face Amount $ 589,152 $ 589,152
Amortized Cost Basis 589,217 590,106
Fair Value $ 594,012 $ 595,778
Fair Value Assumptions:    
Weighted average yield % 4.85% 4.85%
Weighted Average Remaining Maturity/Duration 6 years 10 months 24 days 7 years 1 month 24 days
Recurring | Mortgage Loan Receivable Financing | Sales Proceeds [Member]    
Liabilities:    
Outstanding Face Amount $ 57,038  
Amortized Cost Basis 57,038  
Fair Value 57,038  
Recurring | Borrowings from the FHLB | Discounted Cash Flow    
Liabilities:    
Outstanding Face Amount 1,475,500 $ 1,660,000
Amortized Cost Basis 1,475,500 1,660,000
Fair Value $ 1,476,686 $ 1,662,178
Fair Value Assumptions:    
Weighted average yield % 1.24% 1.12%
Weighted Average Remaining Maturity/Duration 2 years 7 months 20 days 2 years 5 months 1 day
Recurring | Senior unsecured notes | Broker quotations, pricing services    
Liabilities:    
Outstanding Face Amount $ 1,057,732 $ 563,872
Amortized Cost Basis 1,048,576 559,847
Fair Value $ 1,064,144 $ 550,562
Fair Value Assumptions:    
Weighted average yield % 5.99% 6.67%
Weighted Average Remaining Maturity/Duration 3 years 6 months 25 days 2 years 9 months 21 days
Recurring | Nonhedge derivatives    
Liabilities:    
Derivative liability face amount $ 1,001,200 $ 100,400
Fair Value 4,207 3,446
Recurring | Nonhedge derivatives | Counterparty quotations    
Liabilities:    
Derivative liability face amount 1,001,200 100,400
Fair Value $ 4,207 $ 3,446
Fair Value Assumptions:    
Weighted Average Remaining Maturity/Duration 1 year 2 months 23 days 3 years 2 months 15 days
Recurring | CMBS    
Assets:    
Outstanding Face Amount $ 1,306,653 $ 1,676,680
Fair Value 1,325,250 1,701,395
Recurring | CMBS | Internal model, third-party inputs    
Assets:    
Outstanding Face Amount 1,306,653 1,676,680
Amortized Cost Basis 1,323,369 1,698,276
Fair Value $ 1,325,250 $ 1,701,395
Fair Value Assumptions:    
Weighted average yield % 2.72% 2.81%
Weighted Average Remaining Maturity/Duration 3 years 4 months 17 days 3 years 6 months 18 days
Recurring | CMBS interest-only    
Assets:    
Outstanding Face Amount $ 7,801,370 $ 8,160,458
Fair Value 320,865 342,171
Recurring | CMBS interest-only | Internal model, third-party inputs    
Assets:    
Outstanding Face Amount 7,801,370 8,160,458
Amortized Cost Basis 316,486 343,534
Fair Value $ 320,865 $ 342,171
Fair Value Assumptions:    
Weighted average yield % 3.58% 3.45%
Weighted Average Remaining Maturity/Duration 3 years 14 days 2 years 11 months 26 days
Recurring | GNMA interest-only    
Assets:    
Outstanding Face Amount $ 457,597 $ 478,577
Fair Value 15,625 16,821
Recurring | GNMA interest-only | Internal model, third-party inputs    
Assets:    
Outstanding Face Amount 457,597 478,577
Amortized Cost Basis 17,640 18,994
Fair Value $ 15,625 $ 16,821
Fair Value Assumptions:    
Weighted average yield % 4.47% 4.19%
Weighted Average Remaining Maturity/Duration 4 years 4 months 13 days 4 years 5 months 8 days
Recurring | Agency securities    
Assets:    
Outstanding Face Amount $ 760 $ 774
Fair Value 771 780
Recurring | Agency securities | Internal model, third-party inputs    
Assets:    
Outstanding Face Amount 760 774
Amortized Cost Basis 786 802
Fair Value $ 771 $ 780
Fair Value Assumptions:    
Weighted average yield % 1.90% 1.29%
Weighted Average Remaining Maturity/Duration 3 years 4 months 6 days 3 years 3 months 7 days
Recurring | GNMA permanent securities    
Assets:    
Outstanding Face Amount $ 38,029 $ 38,327
Fair Value 39,469 39,780
Recurring | GNMA permanent securities | Internal model, third-party inputs    
Assets:    
Outstanding Face Amount 38,029 38,327
Amortized Cost Basis 38,836 39,145
Fair Value $ 39,469 $ 39,780
Fair Value Assumptions:    
Weighted average yield % 3.69% 3.80%
Weighted Average Remaining Maturity/Duration 5 years 9 months 21 days 10 years 3 months 18 days
Recurring | Mortgage loan receivables held for investment, at amortized cost | Discounted Cash Flow    
Assets:    
Outstanding Face Amount $ 2,317,221 $ 2,011,309
Amortized Cost Basis 2,300,093 1,996,095
Fair Value $ 2,321,245 $ 2,014,973
Fair Value Assumptions:    
Weighted average yield % 6.93% 7.17%
Weighted Average Remaining Maturity/Duration 1 year 8 months 12 days 1 year 7 months 28 days
Recurring | Mortgage loan receivables held for sale | Internal model, third-party inputs    
Assets:    
Outstanding Face Amount $ 520,679 $ 360,518
Amortized Cost Basis 516,582 357,882
Fair Value $ 585,212 $ 359,897
Fair Value Assumptions:    
Weighted average yield % 5.06% 4.20%
Weighted Average Remaining Maturity/Duration 7 years 8 months 15 days 4 years 6 months 18 days
Recurring | FHLB stock | Put Value    
Assets:    
Outstanding Face Amount $ 77,915 $ 77,915
Amortized Cost Basis 77,915 77,915
Fair Value $ 77,915 $ 77,915
Fair Value Assumptions:    
Weighted average yield % 4.25% 4.25%
Recurring | Nonhedge derivatives    
Assets:    
Derivative asset face amount $ 97,100 $ 847,000
Fair Value 108 5,018
Recurring | Nonhedge derivatives | Counterparty quotations    
Assets:    
Derivative asset face amount 97,100 847,000
Fair Value $ 108 $ 5,018
Fair Value Assumptions:    
Weighted Average Remaining Maturity/Duration 13 days 7 days