Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018		Jun. 30, 2017
Cash flows from operating activities:
Net income (loss)	$ 111,365		$ 50,688
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
(Gain) loss on extinguishment of debt	69		54
Depreciation and amortization	21,479		18,717
Unrealized (gain) loss on derivative instruments	(2,340)		1,309
Unrealized (gain) loss on Agency interest-only securities	(313)		(457)
Unrealized (gain) loss on investment in mutual fund	(124)		(56)
Provision for loan losses	3,300		0
Amortization of equity based compensation	4,505		8,766
Amortization of deferred financing costs included in interest expense	4,984		3,954
Amortization of premium on mortgage loan financing	(499)		(454)
Amortization of above- and below-market lease intangibles	(940)		(173)
Accretion of premium on liability for transfers not considered sales	0		4
Amortization of premium/(accretion) of discount and other fees on loans	(8,942)		(4,539)
Amortization of premium/(accretion) of discount and other fees on securities	2,270		2,937
Realized (gain) loss on sale of mortgage loan receivables held for sale	(11,032)		(24,905)
Realized (gain) loss on real estate securities	2,342		(12,494)
Realized gain on sale of real estate, net	(32,637)		(4,563)
Realized gain on sale of derivative instruments	192		(39)
Origination of mortgage loan receivables held for sale	(764,948)		(564,492)
Repayment of mortgage loan receivables held for sale	286		1,184
Proceeds from sales of mortgage loan receivables held for sale	843,214	[1]	512,082
(Income) loss from investments in unconsolidated joint ventures in excess of distributions received	(65)		63
Deferred tax asset (liability)	1,483		(886)
Payments pursuant to tax receivable agreement	0		(230)
Changes in operating assets and liabilities:
Accrued interest receivable	(1,757)		(859)
Other assets	(793)		(2,639)
Accrued expenses and other liabilities	2,507		(6,273)
Net cash provided by (used in) operating activities	173,606		(23,301)
Cash flows from investing activities:
Purchase of derivative instruments	(205)		(199)
Sale of derivative instruments	114		0
Purchases of real estate securities	(199,135)		(150,451)
Repayment of real estate securities	56,707		81,747
Proceeds from sales of real estate securities	161,518		643,825
Origination of mortgage loan receivables held for investment	(914,489)		(563,392)
Purchases of mortgage loan receivables held for investment	0		(94,079)
Repayment of mortgage loan receivables held for investment	431,030		175,625
Basis recovery of Agency interest-only securities	10,453		33,739
Capital contributions to investment in unconsolidated joint ventures	370		0
Capital distribution from investment in unconsolidated joint ventures	1,250		0
Capitalization of interest on investment in unconsolidated joint ventures	(676)		(558)
Purchases of real estate	(114,184)		(182,038)
Capital improvements of real estate	(3,290)		(2,804)
Proceeds from sale of real estate	90,806		12,590
Net cash provided by (used in) investing activities	(480,471)		(45,995)
Cash flows from financing activities:
Deferred financing costs paid	(2,664)		(10,252)
Proceeds from borrowings under debt obligations	2,919,776		6,039,853
Repayment of borrowings under debt obligations	(2,588,483)		(5,783,325)
Cash dividends paid to Class A common shareholders	(91,220)		(73,911)
Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock	(837)		(13,258)
Net cash provided by (used in) financing activities	218,921		135,353
Net increase (decrease) in cash, cash equivalents and restricted cash	(87,944)		66,057
Cash, cash equivalents and restricted cash at beginning of period	182,683		89,428
Cash, cash equivalents and restricted cash at end of period	94,739		155,485
Supplemental information:
Cash paid for interest, net of amounts capitalized	87,675		60,631
Cash paid (received) for income taxes	6,266		821
Non-cash investing and financing activities:
Securities and derivatives purchased, not settled	(44,786)		(1,051)
Securities and derivatives sold, not settled	0		25,980
Repayment in transit of mortgage loans receivable held for investment	66,094		0
Transfer from mortgage loans receivable held for sale to mortgage loans receivable held for investment, at amortized cost	55,403		119,952
Proceeds from sale of real estate	638		0
Reduction in proceeds from sales of real estate	11,050		51,846
Assumption of debt obligations by real estate buyer	(11,050)		(51,846)
Exchange of noncontrolling interest for common stock	59,658		188,520
Change in deferred tax asset related to exchanges of noncontrolling interest for common stock	(226)		1,935
Increase in amount payable pursuant to tax receivable agreement	(86)		148
Rebalancing of ownership percentage between Company and Operating Partnership	652		(5,446)
Dividends declared, not paid	1,582		1,308
Stock dividends	0		17,319
Consolidated Joint Venture
Cash flows from financing activities:
Capital distributed to noncontrolling interests	(13,792)		(100)
Capital contributed by noncontrolling interests in consolidated joint ventures	5,040		5,309
Operating Partnership
Cash flows from financing activities:
Capital distributed to noncontrolling interests	$ (8,899)		$ (28,963)

[1] Includes cash proceeds received in the current year that relate to prior year sales of loans of $0.5 million.