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FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Values of Financial Instruments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Assets:    
Fair Value $ 3,602,378 $ 2,452,785
Provision for loan losses (4,000) [1] (4,000)
Liabilities:    
Fair Value 4,414,782 3,940,704
Repurchase agreements - short-term    
Liabilities:    
Outstanding Face Amount 371,427 629,430
Fair Value 371,427 629,430
Repurchase agreements - long-term    
Liabilities:    
Outstanding Face Amount 101,983 477,756
Fair Value 101,983 477,756
Revolving credit facility    
Liabilities:    
Outstanding Face Amount   25,000
Fair Value   $ 25,000
Fair Value Assumptions:    
Period of short interest rate reset risk   30 days
Mortgage loan financing    
Liabilities:    
Outstanding Face Amount 692,394 $ 589,152
Fair Value 693,055 595,778
CLO debt    
Liabilities:    
Outstanding Face Amount 688,479  
Fair Value 688,479  
Participation Financing - Mortgage Loan Receivable    
Liabilities:    
Outstanding Face Amount 3,107  
Fair Value 3,107  
Borrowings from the FHLB    
Liabilities:    
Outstanding Face Amount 1,370,000 1,660,000
Fair Value 1,369,544 1,662,178
Senior unsecured notes    
Liabilities:    
Outstanding Face Amount 1,166,201 563,872
Fair Value 1,187,187 550,562
Mortgage loan receivables held for investment, net, at amortized cost    
Assets:    
Outstanding Face Amount 3,300,709 2,011,309
Fair Value $ 3,292,035 $ 2,018,973
Fair Value Assumptions:    
Period of short interest rate reset risk 30 days 30 days
Mortgage loan receivables held for sale    
Assets:    
Outstanding Face Amount $ 232,527 $ 360,518
Fair Value 236,428 359,897
FHLB stock    
Assets:    
Outstanding Face Amount 77,915 77,915
Fair Value 77,915 77,915
Recurring    
Assets:    
Fair Value 1,107,405 2,105,965
Recurring | Repurchase agreements - short-term | Discounted Cash Flow    
Liabilities:    
Outstanding Face Amount 371,427 629,430
Amortized Cost Basis 371,427 629,430
Fair Value $ 371,427 $ 629,430
Fair Value Assumptions:    
Weighted average yield % 3.19% 2.10%
Weighted Average Remaining Maturity/Duration 4 months 6 days 2 months 4 days
Recurring | Repurchase agreements - long-term | Discounted Cash Flow    
Liabilities:    
Outstanding Face Amount $ 101,983 $ 477,756
Amortized Cost Basis 101,983 477,756
Fair Value $ 101,983 $ 477,756
Fair Value Assumptions:    
Weighted average yield % 2.62% 2.00%
Weighted Average Remaining Maturity/Duration 2 years 7 months 20 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   1 month 13 days
Recurring | Mortgage loan financing | Discounted Cash Flow    
Liabilities:    
Outstanding Face Amount $ 692,394 $ 589,152
Amortized Cost Basis 692,696 590,106
Fair Value $ 693,055 $ 595,778
Fair Value Assumptions:    
Weighted average yield % 4.91% 4.85%
Weighted Average Remaining Maturity/Duration 6 years 9 months 21 days 7 years 1 month 24 days
Recurring | CLO debt | Discounted Cash Flow    
Liabilities:    
Outstanding Face Amount $ 688,479  
Amortized Cost Basis 688,479  
Fair Value $ 688,479  
Fair Value Assumptions:    
Weighted average yield % 3.40%  
Weighted Average Remaining Maturity/Duration 10 years 9 months 7 days  
Recurring | Participation Financing - Mortgage Loan Receivable | Discounted Cash Flow    
Liabilities:    
Outstanding Face Amount $ 3,107  
Amortized Cost Basis 3,107  
Fair Value $ 3,107  
Fair Value Assumptions:    
Weighted average yield % 17.00%  
Weighted Average Remaining Maturity/Duration 5 months 4 days  
Recurring | Borrowings from the FHLB | Discounted Cash Flow    
Liabilities:    
Outstanding Face Amount $ 1,370,000 $ 1,660,000
Amortized Cost Basis 1,370,000 1,660,000
Fair Value $ 1,369,544 $ 1,662,178
Fair Value Assumptions:    
Weighted average yield % 1.61% 1.12%
Weighted Average Remaining Maturity/Duration 2 years 5 months 26 days 2 years 5 months 1 day
Recurring | Senior unsecured notes | Broker quotations, pricing services    
Liabilities:    
Outstanding Face Amount $ 1,166,201 $ 563,872
Amortized Cost Basis 1,152,134 559,847
Fair Value $ 1,187,187 $ 550,562
Fair Value Assumptions:    
Weighted average yield % 5.39% 6.67%
Weighted Average Remaining Maturity/Duration 5 years 3 months 10 days 2 years 9 months 21 days
Recurring | Nonhedge derivatives    
Liabilities:    
Derivative liability face amount $ 54,160 $ 100,400
Fair Value 2,606 3,446
Recurring | Nonhedge derivatives | Counterparty quotations    
Liabilities:    
Derivative liability face amount 54,160 100,400
Fair Value $ 2,606 $ 3,446
Fair Value Assumptions:    
Weighted Average Remaining Maturity/Duration 2 years 5 months 8 days 3 years 2 months 15 days
Recurring | CMBS    
Assets:    
Outstanding Face Amount $ 945,167 $ 1,676,680
Fair Value 953,499 1,701,395
Recurring | CMBS | Internal model, third-party inputs    
Assets:    
Outstanding Face Amount 945,167 1,676,680
Amortized Cost Basis 954,397 1,698,276
Fair Value $ 953,499 $ 1,701,395
Fair Value Assumptions:    
Weighted average yield % 2.79% 2.81%
Weighted Average Remaining Maturity/Duration 2 years 10 months 20 days 3 years 6 months 18 days
Recurring | CMBS interest-only    
Assets:    
Outstanding Face Amount $ 3,140,297 $ 8,160,458
Fair Value 113,071 342,171
Recurring | CMBS interest-only | Internal model, third-party inputs    
Assets:    
Outstanding Face Amount 3,140,297 8,160,458
Amortized Cost Basis 112,609 343,534
Fair Value $ 113,071 $ 342,171
Fair Value Assumptions:    
Weighted average yield % 3.16% 3.45%
Weighted Average Remaining Maturity/Duration 3 years 29 days 2 years 11 months 26 days
Recurring | GNMA interest-only    
Assets:    
Outstanding Face Amount $ 172,916 $ 478,577
Fair Value 4,477 16,821
Recurring | GNMA interest-only | Internal model, third-party inputs    
Assets:    
Outstanding Face Amount 172,916 478,577
Amortized Cost Basis 5,245 18,994
Fair Value $ 4,477 $ 16,821
Fair Value Assumptions:    
Weighted average yield % 6.70% 4.19%
Weighted Average Remaining Maturity/Duration 4 years 2 months 4 days 4 years 5 months 8 days
Recurring | Agency securities    
Assets:    
Outstanding Face Amount $ 720 $ 774
Fair Value 728 780
Recurring | Agency securities | Internal model, third-party inputs    
Assets:    
Outstanding Face Amount 720 774
Amortized Cost Basis 743 802
Fair Value $ 728 $ 780
Fair Value Assumptions:    
Weighted average yield % 1.80% 1.29%
Weighted Average Remaining Maturity/Duration 2 years 11 months 8 days 3 years 3 months 7 days
Recurring | GNMA permanent securities    
Assets:    
Outstanding Face Amount $ 33,745 $ 38,327
Fair Value 34,742 39,780
Recurring | GNMA permanent securities | Internal model, third-party inputs    
Assets:    
Outstanding Face Amount 33,745 38,327
Amortized Cost Basis 34,386 39,145
Fair Value $ 34,742 $ 39,780
Fair Value Assumptions:    
Weighted average yield % 3.62% 3.80%
Weighted Average Remaining Maturity/Duration 5 years 7 months 27 days 10 years 3 months 18 days
Recurring | Mortgage loan receivables held for investment, net, at amortized cost    
Assets:    
Provision for loan losses $ (4,000) $ (4,000)
Recurring | Mortgage loan receivables held for investment, net, at amortized cost | Discounted Cash Flow    
Assets:    
Outstanding Face Amount 3,300,709 2,011,309
Amortized Cost Basis 3,282,462 2,000,095
Fair Value $ 3,292,035 $ 2,018,973
Fair Value Assumptions:    
Weighted average yield % 7.18% 7.17%
Weighted Average Remaining Maturity/Duration 1 year 7 months 9 days 1 year 7 months 27 days
Recurring | Mortgage loan receivables held for sale | Internal model, third-party inputs    
Assets:    
Outstanding Face Amount $ 232,527 $ 360,518
Amortized Cost Basis 230,180 357,882
Fair Value $ 236,428 $ 359,897
Fair Value Assumptions:    
Weighted average yield % 4.88% 4.20%
Weighted Average Remaining Maturity/Duration 8 years 2 months 1 day 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 $ 594,140 $ 847,000
Fair Value 888 5,018
Recurring | Nonhedge derivatives | Counterparty quotations    
Assets:    
Derivative asset face amount 594,140 847,000
Fair Value $ 888 $ 5,018
Fair Value Assumptions:    
Weighted Average Remaining Maturity/Duration 2 months 26 days 3 months
[1] Includes amounts relating to consolidated variable interest entities. See Note 3.